Tag Archives: Finance

Selecting The Most Profitable Franchises to Own

Franchises photo

Photo by Dr Stephen Dann

When it comes to choosing the most profitable franchises to own, you have to first identify your passion. Your passion should earn you money and a good reputation. Of course, you have to do a lot of research, spend time and put forth a lot of effort when starting a franchise, but your efforts will be paid off if you choose sensibly. Very quickly, you should have more money than what you started with. Therefore, when you analyze the returns of Franchise Number A and Franchise Number B, you obviously go for the Franchise that gives you the maximum returns.

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You could also seek the help of a franchise owner and ask him if owning such and such a business is profitable. You could ask him how much he makes in a year and whether his total revenue has been increasing or decreasing. There are business magazines that give accurate and honest analysis of the businesses that are profitable and those that are not. The businesses are usually rated on the following counts:

  • Number of years in business
  • Profits incurred
  • Financial strength
  • Initial costs
  • Growth chart, etc.

It may be that the franchise you have an interest in does not fare well on the list.

Restaurant based franchises are quite common as they make a lot of money. There are certainly some winning ideas when it comes to having a restaurant marketing strategy. There are professionals who will help you with this because the strategy should rake in new customers. Online marketing is the most important restaurant marketing strategy because more than 80% of the customers actually check out different restaurants before even thinking of dining in them.

If you are looking to start a franchise, then do a study of the company’s financial growth over a certain period of years. Then you have to qualify for becoming a franchisee with that company. The ROI on the most profitable franchises to own may not seem encouraging in the first year, but it could be the subsequent year.

Teaching Finance For Non-Financial Managers

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Each organization has its own funds. Be it a school, a hospital, a prestigious company, or even down to the smallest convenience store has fund. Funds literally mean a supply of money, stock, or resources that are set aside for a purpose. There should be an accounting of what goes in and out of an organization to properly keep track of the funding.

Funds when not handled properly can turn into a messy business. Your company may be on the verge of bankruptcy and you don’t even know it because you take bookkeeping or accounting for your costs and merits for granted. You may have been spending more than what you are earning.

This is why teaching finance for non-financial managers is an integral part of the success of a business. How can one have a leadership that gets results when one does not even know how to budget?

Finance is the act of managing funds. It often includes saving money and often lending out money. There are different areas of finance namely business finance, personal finance, and public finance. Finance deals with time, risks, and money and how they are related to each other. It also deals with where and how the money is spent and also how the funds are budgeted. There should be money set aside for savings or for storage at the bank and some are left for any expenses needed by the company.

Accounting of funds should be handled by a specialist especially if the company is a large one. A group of specialists would be better so that if something slips by one, the others can recheck it. More brains at work equals to lesser time spent and lesser mistakes.

The accountants or the ones that handle the funds should not only be the ones who should learn about proper funding. Lessons should be taught on finance for non-financial managers so that they would learn the kind of leadership that gets results. Managers should not just think of how to spend money but also how to save it. For example electricity that isn’t in use should be turned off or excess paper should be recycled. Just because a company is not yours does not mean you need not care about its expenses.

Leaders should set out an example to the members of the organization. They should be the role models that the members can look up to.

Financial Dashboard – Everything You Need to Know

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Financial declaration reports are required in organizations. They reveal the budgetary position of an organization at a given time. Then again, old fashioned financial reports like balance sheets and profit statements are made in a limited length of time in most cases in a year, or month. Though these records are valuable they cannot be employed to watch the monetary situation of a corporation on a regular basis. There’s effective financial reporting software which could do this: the financial performance dashboard.

A dashboard utilizes visual representations of economic numbers in forms of graphs, bars, lines and pictures to indicate the economic status of the business within a glimpse. Anybody within the firm may easily have an understanding of the report as a result of pictures so communication is upgraded.

Since the dashboard may be frequently developed in daily or weekly basis, the management can become aware about any economical complications in the business at once. Suitable corrections may well then be exercised to enhance the circumstance for the organization’s profit. If mistakes are not discovered as soon as possible, the situation may exacerbate and could position the corporation in a major tactical and fiscal downside in the future.

Several monetary scams that included enormous titles in economic field lately are caused by counterfeit routines. They have put a great deal of uncertainties within the brains of the public about the dependability of financial reports produced by corporations for their shareholders. Openness in all of the stages of transactions is expected by stock investors first, just before they’re able to totally have confidence in the business. A particular approach to assist in this end is simply by utilizing executive dashboard reports. Investors simply don’t have confidence in statistical information; but they may gain more confidence with pictures and graphics they can understand.
Undeniably, dashboard reporting is becoming popular in primary firms. The truth is there are numerous dashboard computer programs marketed in the industry today. Each of them enhances a better way of offering the data and much easier management use. In summary, a financial dashboard is really a strong reporting instrument that could present your corporation great advantages which might result in gains in the long term.

Productivity Improvement Measures For Individuals

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Each individual has it within themselves to make their own productivity improvement gains. This implies being able to increase their outputs for the same amount of work. Here I’ll show you four ways how this can be done.

You will naturally work much more productively if your skills are being applied correctly. This means using the right tools to start off with, the right processes to do your work effectively and being able to collaborate with the right individuals. All of this will contribute to increasing the outputs and quality of your work. One example of this in software is where the Google marketing strategy to try and index all of the worlds data feeds down to how each individuals time is applied to working on key goals. Collaboration is essential for this to be productively done.

Real productivity improvement gains can also be achieved by improving your knowledge. Whether this is through on-the-job training or getting external training/mentoring then any improvement in technical or soft skills can increase your output quantities and quality. In larger companies this often means applying training across teams and instilling an environment within which knowledge and know-how should be shared amongst employees.

Your individual motivation to work is a crucial factor to your own happiness and productivity. This is not simply relates to the financial rewards you can expect to get but also to any sort of non financial elements such as recognition by your colleagues, the sense of working on creative or beneficial projects, etc. the key is understanding what your motivations are and then making the most of them.

Lastly, the environment within which you work plays a key role in how your morale and motivation are affected. The better your environment, the harder you will work. This means surrounding yourself with clean, safe environments that are well lit.

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