Controlling The Financial Performance Of Your Business

There are numerous factors which impact on the performance and viability of your business. It is therefore imperative that you monitor and control your financial performance. Debt control and budgeting are two elements of this, and of particular importance is your business cash flow.

Many profitable businesses have gone under due to a lack of attention to their cash flow; they have insufficient cash available to pay their bills. Thus, you must plan and control your cash flow in order to effectively manage your business.

Some strategies that may assist in this include:

* Increasing the speed of cash receipts by good debt control strategies

* Avoiding excessive stock holdings by managing stock levels and obtaining reliable, prompt suppliers

* Planning the purchase of equipment and other capital expenditure for periods when surplus funds exist

* Planning to have sufficient reserves to carry your business through the inevitable periods when unexpected expenses are incurred

* Avoiding excessive investment in plant, equipment and other fixed assets which may leave too little working capital available (particularly in periods of falling prices, declining sales or increasing interest rates)

* Avoiding over borrowing as this may place a strain on working capital, loans still have to be repaid even if revenue is decreasing

* Maintain adequate working capital to fund the growth as increasing sales also means increasing costs, your working capital requirements therefore, need to be continually reviewed

* Delaying outgoings by taking advantage of the credit terms offered by your suppliers and paying when it suits your cash flow

* Reducing outgoings by taking advantage of discounts when appropriate and working capital permits

* And most importantly, regularly comparing your actual cash flows to your budgeted cash flows, analysing the differences, and taking action based on this analysis

Subscribe to the UMACS Business Zone fortnightly newsletter which gives you great tools, tips and ideas on how to manage and grow your business. Subscribe now and receive a FREE e-book “Relationships that Show the Health of Your Business”. www.umacs-business-solutions.com/umacs-business-zone.html

Useful Phrases For Doing Business In English

When it comes to English for business youll find there are a number of expressions that you probably wont encounter in casual speech. Here are five expressions that you might hear if you are going to a business meeting or you are in a business situation.

1. Manage expectations

To manage expectations means to ensure that the client has realistic expectations. For example, a company may take an order to deliver a certain amount of products. The client, who does not know how long it takes to manufacture and prepare a product might expect in a week. When you manage their expectations you make sure they know exactly how long it will take and what to expect. In this way, the client is not disappointed, and you are not under increased pressure from an unhappy client.

Example: We need to manage their expectations so they know they will not get delivery of the product before April.

Anyone who has to deal directly with clients will need to know how to manage expectations.

2. At the 11th hour

If you do something, or deliver something at the 11th hour then you are doing it at the last minute. If you had two weeks to write a report but you leave it until the last minute, you are doing it at the 11th hour.

Example: Jane always delivers her reports at the 11th hour. One day she will miss the deadline if she is not careful.

A company might finish a project at the 11th hour, or an individual can finish a task at the 11th hour.

3. The lion’s share

The lions share is the largest share. If you are talking about a competitor and the fact that they have the lions share of the market, then they have most of the business.

Example: Martins have the lions share of the market as they make 80 percent of the sales. We need to increase our efforts to increase our market share.

This is phrase is generally used when referring to companies or organisations.

4. Dot your i’s and cross your t’s
If you are told to dot your is and cross you ts you are being told to make sure you get all the details right. You have to check and recheck your information to make sure that the end result is perfect.

Example: This project could bring in 2 million dollars in sales so make sure you dot your is and cross your ts. We need to make sure everything goes smoothly.

A manager or director will use this expression to ensure employees and other colleagues are careful when preparing the project.

5. Get your foot in the door

To get your foot in the door means to get an introduction to someone or something. You can get your foot in the door of a company by getting an introduction to the director or by selling a small amount of product to a company. If you do well and make a good impression, you can go on to increase your involvement with the client or the company.

Example: Make sure they agree to trial our latest products so that you can get your foot in the door. If they like it we can introduce the rest of our product line to them.

Both individuals and businesses can get their foot in the door.

Choosing A Pre Employment Sales Personality Test Or Sales Aptitude Test To Hire Top Sales Executives

Hiring managers have long known that it takes more than just personality or psychology alone to close the sale. An old style pre employment test, sales aptitude test or sales personality test may be inadequate in helping you hire Top Sales Executives or great Regional Sales Managers. Testing for Total Sales Ability ™ is the best solution, and businesses interested in hiring great sales people or regional sales managers can now receive 10 FREE Sales Assessment Tests from Dan Joy, Inc.

As a business executive or business owner, how can you tell which of your job applicants can really sell? Use Sales Assessment Testing to find out. Here’s what you need to know about Pre-Employment Tests or Sales Assessment Tests if you are interested in hiring a Top Sales Executive or a great Regional Sales Manager:

A. Sales Personality Testing is not enough:

Testing for sales personality alone is not enough. Would you select a doctor just because they had a good personality but no skills, ability or experience? Similarly, using a sales personality test to predict sales potential often results in disappointment. Many sales personality tests look at a person’s outwardly style of doing things, but there may be no real link to actual sales performance. A personality based sales assessment test may help determine a personality type, but may not help determine whether someone can actually sell. Testing for Total Sales Ability ™ is the key, and presently there is only one pre-employment sales test which provides that, as explained later in this article. You can also use The JOY Tests ™ of Total Sales Ability ™ to test your current salespeople for promotion, retention or sales training purposes.

B. Sales Aptitude Testing is not enough:

Similarly, pre employment sales assessment testing based on a person’s sales aptitude alone is not sufficient. Many pre employment sales aptitude tests look at a person’s psyche or internal motivations for doing things, but there may be no absolute link to actual sales performance. One may have the right sales aptitude or Sales Psychology but if the actual Sales Ability is missing, they probably won’t make much headway in selling. Moreover, a pre-employment sales aptitude test may not take actual selling techniques (learnt by real world sales experience) into account. The JOY Tests ™ of Total Sales Ability ™ can help where many others cannot.

C. Sales Skills Testing is not enough:

The mental component of selling is critically important. So, Sales Skills Assessment alone is not enough. Having the sales skills but no drive or motivation wouldn’t suffice. One must test for more than just a job applicant’s selling skills. Moreover, business methods and sales tools are constantly evolving. The sales approach which used to work a few years ago may not work today. You need a well-rounded pre-employment test of sales ability which keeps up with the changes in the ways that contemporary business is conducted. In other words, you need a pre-employment sales test which is thorough, up to date and well rounded, like the one recommended later in this article.

D. Lack of Sales Call Reluctance is not enough:

Just Sales Call Reluctance testing by itself is not enough. There are people who can call relentlessly but never close. Closing the sale requires proper sales techniques and sales abilities too, not just a lack of sales call reluctance. Total Sales Ability ™ testing like that offered by Dan Joy, Inc., can be a huge asset for you when trying to hire a great Sales Executive — Salesman or Saleswoman, or a good Regional Sales Manager.

E. Our Recommendation — Assessment of Total Sales Ability ™ is the Best:

The JOY Tests ™ of Total Sales Ability ™ can help reduce subjectivity and guesswork, and help employers make more objective hiring, promotion or retention decisions. They go above and beyond the old style Pre Employment Sales Personality Tests and Pre Employment Sales Aptitude Tests, by testing for Total Sales Ability ™ instead: http://www.danjoy.com/

A hiring mistake can be costly. The JOY Tests ™ of Total Sales Ability ™ can help employers and recruiters immensely by testing for sales prospecting ability, objection handling ability, sales closing ability, personality, psychology and more — a total of up to 50+ sub competencies, traits and advanced selling techniques critical to sales success.

They can be used as pre employment sales tests to test Business Development professionals at different career levels, e.g., a Sales Person (Salesman or Saleswoman), Sales Manager, Sales Director or VP of Sales & Marketing. The JOY Sales Tests ™ may also be used to identify and quantify Sales Training needs to help you bridge certain sales training gaps or correct certain sales skills deficiencies in your current sales team. Thus, you may also use The JOY Tests ™ of Total Sales Ability ™ to test your current salespeople for promotion, retention or sales training purposes.

The 10 major areas of ability tested by the potent JOY Sales Tests ™ are:

1. Sales Prospecting (Leads Generation) Ability.

2. Appointment Setting, Cold Calling, Rapport and Presentation Ability.

3. Objection Handling and Negotiating Ability.

4. Sales CLOSING Ability and Asking for Payment/Deposit.

5. Cementing the Sale (Re-assuring the Client), and Ability to Get Referrals.

6. Computer / Internet / Email / CRM and Sales Tools Ability.

7. Miscellaneous Crucial Sales & Marketing Abilities
(Various Secondary Factors — Personality, Psychology, Skills, Aptitude, Ethics, etc.)

8. Sales Team Recruitment Ability.

9. Sales Team Management / Leadership / Motivation Ability.

10. Advertising, Marketing and Public Relations Ability.

So, how can employers tell which job applicants can sell? They can start with 10 FREE Sales Assessment Test units (Screening Tests) at http://www.danjoy.com/

Forever Living Review The Truth About Forever Living…

Famous for being the planets largest grower of aloe vera plants, Forever Living is an international multilevel marketing company that has been in existence for 25 years. Well, apart from being the planets biggest grower of aloe vera, they are the worlds largest bee keeper as well, since they also market natural-based products from the bee hive. The company is headquartered in Scottsdale, Arizona, and from reading a number of Forever Living reviews online, I found out that the company continues to have a large and loyal base of followers in the US and overseas.

Pioneers In Marketing High-quality Aloe Vera Products

Formed in 1978 by Rex Maughn and Karl Jensen, the company is best known for marketing aloe vera-based products, ranging from nutritional supplements to cosmetics and skin care items. Their acquisition of Aloe vera of America in the 1980s gave them a lot of headway in marketing and promoting their products. Apart from marketing aloe and bee hive-based products, the company has expanded its product range and now offers an assortment of herbal supplements, as well as air and water filtration systems.

How Distributors earn Their Profits?

In the companys business opportunity plan, distributors are mainly part-time agents who sell the products in person, or online. These independent distributors get their commissions from their personal sales, as well as from the products sold by their recruits, or downlines, which theyve brought into the company. Those who wish to earn considerable income need to devote a large amount of time and effort in recruiting a sizable number of distributors.

On its official web site, the company gives three reasons on why you should be a distributor. First, this allows you to start your own home-based business. Second, it allows you to sponsor friends, family, co-workers or business associates, and get commissions if they sell or buy the products. Fourth, as an independent distributor, youll be able to buy the companys products at a hefty discount, and then sell them for a 40 or 50 percent profit.

Apart From Profits, Distributors Get Juicy Bonuses

Aside from earning from your personal sales and the commissions from the sales of your recruits, you can also avail of what is called a group volume bonus, which will depend on the number of people who sign up under your organization or team, as your sponsor or recruit.

This means that the more individuals you recruit, and the higher their sales volumes, the more bonuses and commissions shall you get. This goes to show that the earning potentials are truly high, and it will all depend on how you entice prospects, as well as on how you motivate them to increase sales.

Based on reading the other Forever Living reviews on the internet, the company now has over four million distributors located in 44 countries. Their product offerings have expanded from just marketing aloe vera and bee hive products, and now range from daily care, skin care and cosmetics, health and nutrition, and even animal health and care products. The companys marketing plan has been tried and tested, and is sure to offer success to those who faithfully follow the business philosophy.

Organized Retail Industry In India – Swot Analysis

OVERVIEW

Retail Industry in India, contributing over 10 per cent to the country’s GDP and accounting for around 8 per cent of the employment, is the largest among all the industries. Over the years, it has come forth as one of the most dynamic and fast paced industries. http://www.bharatbook.com/market-research-reports/retail-market-research-report/organized-retail-industry-in-india-swot-analysis.html

More than 95 per cent of the Indian retail sector falls in the unorganized sector category. Organized retail is expected to grow from 5-6 per cent to 14-18 per cent of the total retail market by 2015.

Organized retail sector’s penetration level is 85 per cent in US, 80 per cent in France, 66 per cent in Japan, 20 per cent in China and, merely 5-6 per cent in India. This confirms that India is at an early stage of evolution in the organized retail space and has a huge growth potential.

SCOPE OF THE REPORT

Industry at a glance Contains a study of the major internal and external factors affecting the industry in the form of a SWOT framework

REASONS TO BUY

Gain insight into the industry in terms of the opportunities and threats that will augment and restrict its growth Get knowledge about the forte of the industry which will help it to ride in the lead OVERVIEW SWOT ANALYSIS 1.1Strength 1.1.1Increasing middle class 1.1.2 Technology 1.1.3 Low cost of operations 1.2 Weakness 1.2.1 Low conversion level 1.2.2 Shortage of skilled manpower 1.2.3 Lack of Industry Status 1.2.4 Supply chain 1.2.5 Policy induced barriers 1.3 Opportunities 1.3.1 Rural Retail 1.3.2 Tier II and Tier III cities 1.3.3 Specialty Retail 1.3.4 Disposable Income 1.4 Threats 1.4.1 Unorganized Retail 1.4.2 Complex taxation system 1.4.3 Macro economic factors 1.4.5 Real Estate Issues 1.4.6 Competition

LIST OF FIGURES

Figure 1 Middle class households (mn, 2012- 2026E) Figure 2 Labor cost per person ($ p.a, Asian countries) Figure 3 City wise retail penetration (%, 2006-2011) Figure 4 Per capita income (INR, 2006-2015E) Figure 5 Lease rentals (% of sales, 2005-2010) For more information kindly visit : Organized Retail Industry In India – Swot Analysis

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