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Member You - Can Finance Really Become a Strategic Partner to the Business?
Pain is something we try to avoid as much as possible unless you are a masochist, champion or millionaire in the making.To have more requires becoming more and becoming more requires growth. Talk to any serious athlete or body builder. They will tell you that most of their workout is just going through the motions. Yes, it keeps them in shape and playing at the same level but it’s the last curl, push-up or set of exercises that creates the results. The same holds true for your business.You can tell a champion in any industry or walk of life. They have no interest in maintaining the status quo. When they set their goals it is always for more than they produced the year before. They understand that if you are not moving forward, you are moving backwards. And for a champion that is unacceptable.To move forward requires doing more than you are doing right now. You are going to have to endure some kind of pain to grow bigger than you are. That is why it is called growing pains.The pain could come from making five more calls when you would rather go for a drink with your co-workers. It could come in the form of taking leadership or sales training on a weekend instead of a game of golf. It might show up as missing "Desperate Whatevers" or the la
There are several different forms of business organizations available. This refers to the legal arrangements of the business. The form you choose for your business is the form that best suits your purposes. There are different legal and tax implications of each. The three forms are sole proprietor, partnership and corporation.A sole proprietor is an individual who is in business for himself. He supplies all of the skill, knowledge and capital for the business. He performs all of the business functions associated with the business. He receives all of the profit which is taxed at individual income tax rates. He also bears all of the liability. There is no distinction between his personal assets and the assets of the business.A partnership is when two people go into business together. They supply all of the capital and skill and knowledge. They perform all of the business functions. They share the profits and liabilities. The profits of the partnership are taxed at individual income tax rates. As with the sole proprietorship, there is no distinction between the assets of the business and the assets of its partners. This means that each partner is responsible for the business debts of the other partner.A corporation is owned by its stockho
Given the time, money and effort spent, you may be a bit demoralized and even speculating that the finance-business chasm cannot be crossed. Paradoxically, the link between finance and the business has been under finance's proverbial nose for some time - resource allocation. A serious concerted effort to optimize an organization's resource allocation ultimately enables finance to develop the bridge between finance and strategy. This discipline known as corporate portfolio management works to actively manage the company's resource allocation as a portfolio of discretionary investments. All companies allocate their resources - very few optimize their resource allocation. Finance is uniquely positioned to enable this because they sit at the nexus of information and data required to undertake a corporate portfolio management effort. (Note: Corporate portfolio management is often referred to by different terms so as a point of re
1) If we accept that every business must have a mailing list. To me this is fundamental. The new business with one customer has a mailing list of one plus prospects?That list is a means of communicating with the customer, verbally or in writing. Failure to communicate could mean losing the most valuable asset of the business, so your potential customers are just as important.Cherish your customer(s) and grow your mailing list to consist of customers, lapsed customers, potential customers (qualified prospects), prospects and possibly new leads.You can tailor your communications to the whole list or segments of the list. Learn how to grow and manage your list.2) How do we grow the list? One of the most profitable ways is to use classifieds advertisements.Classified advertising is best used to build a list of qualified prospects. A qualified prospect has been turned from a prospect (someone who may have a need for your product or service) to someone who has an identified need for your product or service.Because they have responded to your advertising efforts they have indicated a possible need. Use classifieds to offer a free catalogue, booklet or report relative to your product or service.3) Generally you can sell anyt
Given the time, money and effort spent, you may be a bit demoralized and even speculating that the finance-business chasm cannot be crossed. Paradoxically, the link between finance and the business has been under finance's proverbial nose for some time - resource allocation. A serious concerted effort to optimize an organization's resource allocation ultimately enables finance to develop the bridge between finance and strategy. This discipline known as corporate portfolio management works to actively manage the company's resource allocation as a portfolio of discretionary investments. All companies allocate their resources - very few optimize their resource allocation. Finance is uniquely positioned to enable this because they sit at the nexus of information and data required to undertake a corporate portfolio management effort. (Note: Corporate portfolio management is often referred to by different terms so as a point of r
Selling chocolate is a delicious way to raise funds if you only need to raise a little. Silent auctions are known to bring in bigger bucks, but they are exhausting to plan and prepare for. Black-tie affairs with celebrity performers are always a hit, but require an enormous amount of up-front funding. Cruises, on the other hand, give your organization the ability to bring in large amounts of proceeds without all the work.Fundraising cruises are becoming more and more popular because they give nonprofits the ability to generate greater interest, increase donor giving and have more fun. In addition, cruise agencies that specialize in fundraising cruises generally offer the services of an account manager or liaison with the cruise line who aids in planning and preparing for the tour. This leaves your staff free to enjoy the cruise as much as the donors who are attending.Generate Greater InterestComing up with fresh ideas on an annual basis quickly becomes tiresome. Yet, those fresh ideas are absolutely vital to attract the interest of new donors and keep the interest of loyal, repeat donors. If interest in your events wanes, so does your funding for the upcoming year.With fundraising cruises, you have the world to choose from. Most c
Given the time, money and effort spent, you may be a bit demoralized and even speculating that the finance-business chasm cannot be crossed. Paradoxically, the link between finance and the business has been under finance's proverbial nose for some time - resource allocation. A serious concerted effort to optimize an organization's resource allocation ultimately enables finance to develop the bridge between finance and strategy. This discipline known as corporate portfolio management works to actively manage the company's resource allocation as a portfolio of discretionary investments. All companies allocate their resources - very few optimize their resource allocation. Finance is uniquely positioned to enable this because they sit at the nexus of information and data required to undertake a corporate portfolio management effort. (Note: Corporate portfolio management is often referred to by different terms so as a point of r
As an insurance agent, you should have a professional business card that will work with you. Since you basically have to ask the client to trust you with their insurance needs, it would be best that you come off very reliable on the first moment you meet them. Business cards have been used for so long especially in the business community. They are considered to be very important and their benefits are very valuable. This is the reason why you should really pay attention to the business card design you choose.To convey professionalism, your business card should be simple. The information contained should be presented in a very organized manner. It would be really helpful if your business card includes your full name, telephone number, email address and the name of the company you represent. You can add a logo to make the business card more official. Aside from these, your business card can contain a statement or quotation that can relate to your profession as an insurance agent and make it distinct in a subtle way.Color business cards are great if you only use colors that are not too unprofessional looking like red, pink, orange and other bright colors. These colors would distract from the information that is contained in the business card. It would be
There are two ways to successfully market a window painting business. One is through seasonal advertising and the other is through marketing during non season times. Both avenues have merit and can prove to be financially rewarding especially if the focus combines both.The easiest way to approach your business is to begin by focusing on the seasons. Retailers recognize the importance of taking advantage of the higher traffic produced by special occasions, and are willing to spend their marketing dollars to further expose themselves to potential customers. An entrepreneur owning a window painting business could do very well exposing their clients at this time. The major holiday season by far is Christmas. Traffic count is at an all time high, and selling this type of product is relatively simple as it adds to the already apparent excitement in the air. Other seasons to consider are Easter, Valentine’s Day, Back to School and Halloween. Approaching your client with bright, colorful graphics would certainly entice them into creating the desire to be recognized by drive by traffic. Adding seasonal phrases with eye catching fonts is also a great graphic design idea that will produce results very quickly.It is important to remember the clients ne
From Resource Allocation to Strategy
First, it is worth understanding the tie between resource allocation and strategy - they are the same. Where you allocate your resources is your strategy. PowerPoint presentations, speeches by senior leadership, strategy bullets nicely framed on a wall, etc. are all interesting and potentially useful, but they are not your organization's strategy. For instance, if your stated corporate strategy is to have the most engaged and loyal customers (this sounds good, right?), but you allocate all your investment dollars to acquiring new customers, your strategy is actually around customer acquisition. This is a very simple example but clearly demonstrates the dichotomy that can and often exists between a stated and real strategy.
A great article entitled "How Managers' Everyday Decisions Create - or Destroy - Your Company's Strategy" that recently appeared in the Harvard Business Review (February 2007) nicely articulated the connection between resource a
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