At a high level there are only two ways to grow a business: increase sales and decrease costs. Here's a simple management tip that will save you a lot of wasted effort. Before you start looking at the details of each method, you should understand the layout of a simple profit and loss statement and some basic terms your senior management team is very familiar with. These are the measurements that matter to business leaders.The Bottom Line...more
Sales is all about helping customers shop for and get what they need or want. It places focus on finding leads, converting leads, and closing the deal. Once those three things are done, all you need to do is deliver the product. So if sales minded people are focused on these 3 things, why separate the sales and orders functions within a business?The fact is many businesses, big and small, combine the sales and orders functions under one...more
The more efficiently you can fill orders the more money you get to keep from each sale. If you sell an extra $10 product you may only get to keep $1 or $2 after you finish paying for the product, warehouses, salaries, etc. But if you can find a way to do something for $10 less than you're doing it now you get to keep the whole $10. This is one of the basic views of business from an operations, or orders fulfillment perspective. It is commonly broken down into four main steps:1. Sell a product or service2. Source the parts and labor3. Build the product or prepare the service4. Deliver the product or service to the customerThe end goal is to provide a solution that the customer is happy with so you can collect payment.SellThe selling stage of the fulfillment cycle is lead generation, conversion and closing all rolled into one. From the perspective of the operations team (the team that needs to deliver whatever the sales team has sold, or fulfill the order) a sale is what gets the cycle started. SourceSourcing is the activity of gathering together all of the raw materials and labor required to fulfill the order. The sourcing team is responsible for purchasing raw materials such as...more
A "Deed in Lieu of Foreclosure" is when a lender accepts a deed to the homeowner's property in foreclosure instead of continuing the foreclosure process and incurring more expenses to get the deed anyway. However, this does not mean the homeowner is no longer responsible for a loan deficit if the lender sells the home for less money than is...more
A secured loan is a loan that is available to homeowners, and this is because these loans are secured against the home. With equity levels rising steeply over recent years, secured loans have become a popular, affordable, and effective way for many homeowners to raise money, and the finance raised through this type of loan can be used for one of a...more
According to officials from the Office of Fair Trading many people may be paying way over the odds for their credit card borrowing, and the lenders that provide these cards could be raking in around £400 million every year simply because of the confusion that they cause amongst borrowers with their small print.Officials from the OFT have said that the confusing small print, which tends to be filled with financial jargon and technical terms that the lay person would not really understand, is resulting in many spenders paying out more than they need to for the privilege of using a credit card. The OFT is now trying to help consumers to avoid cards such as these.In a recent report the Oft has revealed a number of steps that it plans to take in order to help consumers to avoid rip off credit cards. These steps include making car providers use a section on statements to provide honest and transparent information about charges, setting up a price comparison site for consumers to use, and banning the use of small print filled with complicated jargon.In order to try and get the best card without getting ripped off consumers will be able to use the OFT's online facility to punch in details...more
It is important that you do your homework before you make an application for a loan, as this will not only help to ensure affordability for you, but could also help to speed up the whole process, enabling you to get the loan you need without any...more
Many of us take our bank accounts for granted these days but it is important to remember that bank accounts are not available to everyone, and these accounts are vital in helping most of us to run our day to day finances. There are a number of...more
If you are a homeowner in the UK and you are looking to borrow money for one of a wide range of purposes, then you can enjoy an added advantage compared to non-homeowners, and this is the ability to use your home as security. Your home can act as a...more
Over the past few years secured loans have become increasingly popular amongst homeowners in the UK, and this rising popularity has been partly fuelled by rising property prices, which have left homeowners with higher levels of equity in their homes....more
Over recent months getting credit has become increasingly difficult for many people, as the effects of the credit crunch in the UK have resulted in far tighter credit conditions, with many lenders increasing stringency when it comes to their lending...more
Credit cards offer a high level of security and flexibility to customers, and this is why so many people use their credit cards for day to day purchases as well as for special purchases. However, in order to make the most of your credit card you need...more
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