Monthly Archives: August 2017

Advantages of Time Management

Time management is an important aspect of life, be it work, study or during leisure time. It sounds obvious but there are a number of advantages of time management, and can end up saving a lot of time in the long run.The first of the advantages of time management is to be found in the time that is gained. Scheduling and planning activities can remove a lot of wasted time. If you consider how much time is wasted waiting around for people to be ready for a meeting, a meal or some other activity, then time management could gain you hours at a time.

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Many people believe that one of the main advantages of time management is that a lot of stress and anxiety can be removed from daily life. Knowing what has to be achieved and by when is a great comfort to lots of individuals.Another of the advantages of time management is that many people find it a great motivating tool. People often lack a desire to start a task without having a plan in front of them. Many people find that be creating individual deadlines for part of an overall task they actually have a reason to start a project. The advantages of time management therefore extend in to removing the desire to avoid a project or a particular deadline. When a piece of work can be planned ahead it is often possible to build in time to review that work. This can eliminate a lot of rushing and also can allow for any mistakes to be resolved before the work is submitted.Time management is a very personal thing and so it should be possible for everyone to plan anything needed in their life. This means that it should also be flexible enough to change as circumstances change. Some people will only plan their work, and let their free time go with the flow, and some people will plan their whole life.

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Most people like the discipline that time management can instill although at the same time some people can take it too far. Taken to the extreme, where the whole life is planned, can lead to a lack of spontaneity and people can then be accused of having no fun, although this does depend on the individuals involved.In most cases everyone can use the advantages of time management to make time for other things.

Advantages Of Time Management – Action Chasing

OverviewWhat are the advantages of time management? Exactly how many times do you land up tracking down information that you will need to achieve a task. Wouldn’t it be lovely if you could ask for the article people would like at the final minute and it would actually be ready just when you need it? Not super early but just in time. I can easily hear you all exclaiming, ‘no chance’, ‘it’s just wishful thinking’.It is simple in this situation to believe the other individual is incompetent, not a team man or totally idle. Just why should it be the other guy’s negligence? Take a proactive attitude and see precisely how you can affect the position.Let’s explore a few straightforward techniques that can serve to prevent this frustration.Deadlines:Don’t leave steps to the last minute yourself. Give the job time some ‘slack’, so that you get the important information you require in advance of when you need it. The timing should be in discussion with the person providing it. It is no good trying to get the important information way ahead of time when you need it just in time. Endeavoring to obtain details too early might be unfeasible, or the material that you do get could potentially change ahead of the time that you use it.

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Mistakes in communication:Make completely sure that the detail you need is unmistakable and agreed. Put it in writing and challenge the person if they are satisfied with the request, completely understand it or have any concerns. Exactly why do you require it and in what format? This practice is not so that people will have a person to punish in the future. A lot of requests for information are sought way in advance of a required deadline. If you don’t record it, for the person supplying the important information, it may become not so clear as the due date arrives.Diary reminder:Don’t make the mistake that others will manage their schedule as efficiently as you. Put a prompt in your diary to chase up the action. This lets people to keep abreast of development and forms a reminder to the person producing the important information.Act on continued culprits:Some people, with the best motives, will continuously appear to be too late at supplying details. Discover why. Be proactive, don’t merely presume it is a one-off. If you determine the reason and fix the problem it will be better for everybody down the road. If a person affects you with their unsatisfactory time management they will almost certainly be doing the exact same to other people. Will they require coaching in the advantages of time management themselves? Do they report to another manager that you can speak to? Strive to solve an issue to the advantage of all before thinking about any form of punitive route.

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Meetings:In a comparable vein, people not showing up on schedule for meetings may be really irritating. Adjust the approaches above to look at improvement. This is a lot more appropriate for business meetings with one to three people. For larger meetings this is less effective. The concept that individuals will attend a meeting unless they tell you differently does not usually hold up. As earlier determine the problem and respond in the correct fashion.

Business Finance Funding Advice and Commercial Financing Help

The Working Capital Journal is one of several commercial financing resources which should be reviewed regularly by small business owners to assist in keeping up with the imposing difficulties posed by rapid changes in the business finance funding climate. As noted below, there have been some surprising actions taken by lenders as a direct result of recent financial uncertainties. The increasingly complex and confusing environment for working capital finance is likely to produce several unexpected challenges for commercial borrowers.The working capital finance industry has primarily been operating on a regional and local basis for many years. In response to cost-cutting that has permeated many industries, there has been a consolidation that has resulted in fewer effective commercial lenders throughout the United States. Most business owners have been understandably confused about what this might mean for the future of their commercial financing efforts, especially because this has happened in a relatively short period of time.

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Of course, for some time there have been ongoing complex problems for commercial borrowers to avoid when seeking commercial loans. But what has produced a new set of business finance funding problems is that we appear to be entering a period which will be characterized by even more uncertainties in the economy. Previous rules and standards for commercial financing and working capital finance are likely to increasingly change quickly, with little advance notice by business lenders.Business owners should make an extended effort to understand what is happening and what to do about it due to this realization that substantial changes are likely throughout the United States in the near future for commercial finance funding. At the forefront of these efforts should be a review of what actions commercial lenders have already taken in recent months. The Working Capital Journal is one prominent example of a free public resource that will facilitate a better understanding of the responses by business lenders to recent economic circumstances.By publicizing actions taken by commercial lenders, this will contribute to these two goals, both of which are likely to be helpful to typical business owners: (1) To highlight controversial bank-lender tactics with a view toward reducing or eliminating questionable lending practices. (2) To help business owners prepare for commercial finance funding changes. To assist in this effort, sources such as The Working Capital Journal are encouraging business owners to report and describe their own experiences so that they can be shared with a broader audience that might benefit from the information. Some of the most significant commercial financing changes reported so far by commercial borrowers involve working capital loans, commercial construction financing and credit card financing. A notable situation of concern is that predatory lending practices by credit card issuers have been reported by many business owners. Some specific businesses such as restaurants are having an especially difficult time in surviving recently because they have been excluded from obtaining any new business financing by many banks.

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One of the few recent bright spots in business finance funding, as noted in The Working Capital Journal, has been the continuing ability of business owners to obtain working capital quickly by business cash advance programs. For most businesses accepting credit cards, this commercial financing approach should be actively considered. Business cash advances are literally saving the day for many small business owners because most banks appear to be doing a terrible job of providing commercial loans and other working capital finance help in the midst of recent financial and economic uncertainties. For example, as noted above, restaurants are virtually unable to currently obtain commercial finance funding from most banks. Fortunately, restaurants accepting credit cards are in a good position to obtain needed cash from credit card receivables financing and merchant cash advances.

7 Critical Business Financing Mistakes

Avoiding the top 7 business financing mistakes is a key component in business survival.If you start committing these business financing mistakes too often, you will greatly reduce any chance you have for longer term business success.The key is to understand the causes and significance of each so that you’re in a position to make better decisions.>>> Business Financing Mistakes (1) – No Monthly Bookkeeping.Regardless of the size of your business, inaccurate record keeping creates all sorts of issues relating to cash flow, planning, and business decision making.While everything has a cost, bookkeeping services are dirt cheap compared to most other costs a business will incur.And once a bookkeeping process gets established, the cost usually goes down or becomes more cost effective as there is no wasted effort in recording all the business activity.By itself, this one mistake tends to lead to all the others in one way or another and should be avoided at all costs.>>> Business Financing Mistakes (2) – No Projected Cash Flow.No meaningful bookkeeping creates a lack of knowing where you’ve been. No projected cash flow creates a lack of knowing where you’re going.Without keeping score, businesses tend to stray further and further away from their targets and wait for a crisis that forces a change in monthly spending habits.Even if you have a projected cash flow, it needs to be realistic.A certain level of conservatism needs to be present, or it will become meaningless in very short order.

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>>> Business Financing Mistakes (3) – Inadequate Working CapitalNo amount of record keeping will help you if you don’t have enough working capital to properly operate the business.That’s why its important to accurately create a cash flow forecast before you even start up, acquire, or expand a business.Too often the working capital component is completely ignored with the primary focus going towards capital asset investments.When this happens, the cash flow crunch is usually felt quickly as there is insufficient funds to properly manage through the normal sales cycle.>>> Business Financing Mistakes (4) – Poor Payment Management.Unless you have meaningful working capital, forecasting, and bookkeeping in place, you’re likely going to have cash management problems.The result is the need to stretch out and defer payments that have come due.This can be the very edge of the slippery slope.I mean, if you don’t find out what’s causing the cash flow problem in the first place, stretching out payments may only help you dig a deeper hole.The primary targets are government remittances, trade payables, and credit card payments.>>> Business Financing Mistakes (5) – Poor Credit ManagementThere can be severe credit consequences to deferring payments for both short periods of time and indefinite periods of time.First, late payments of credit cards are probably the most common ways in which both businesses and individuals destroy their credit.Second, NSF checks are also recorded through business credit reports and are another form of black mark.Third, if you put off a payment too long, a creditor could file a judgement against you further damaging your credit.Fourth, when you apply for future credit, being behind with government payments can result in an automatic turndown by many lenders.It gets worse.Each time you apply for credit, credit inquiries are listed on your credit report.This can cause two additional problems.First, multiple inquiries can reduce you overall credit rating or score.Second, lenders tend to be less willing to grant credit to a business that has a multitude of inquiries on its credit report.If you do get into situations where you’re short cash for a finite period of time, make sure you proactively discuss the situation with your creditors and negotiate repayment arrangements that you can both live with and that won’t jeopardize your credit.>>> Business Financing Mistakes (6) – No Recorded ProfitabilityFor startups, the most important thing you can do from a financing point of view is get profitable as fast as possible.Most lenders must see at least one year of profitable financial statements before they will consider lending funds based on the strength of the business.Before short term profitability is demonstrated, business financing is based primary on personal credit and net worth.For existing businesses, historical results need to show profitability to acquire additional capital.The measurement of this ability to repay is based on the net income recorded for the business by a third party accredited accountant.

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In many cases, businesses work with their accountants to reduce business tax as much as possible but also destroy or restrict their ability to borrow in the process when the business net income is insufficient to service any additional debt.>>> Business Financing Mistakes (7) – No Financing StrategyA proper financing strategy creates 1) the financing required to support the present and future cash flows of the business, 2) the debt repayment schedule that the cash flow can service, and 3) the contingency funding necessary to address unplanned or unique business needs.This sounds good in principle, but does not tend to be well practiced.Why?Because financing is largely an unplanned and after the fact event.It seems once everything else is figured out, then a business will try to locate financing.There are many reasons for this including: entrepreneurs are more marketing oriented, people believe financing is easy to secure when they need it, the short term impact of putting off financial issues are not as immediate as other things, and so on.Regardless of the reason, the lack of a workable financing strategy is indeed a mistake.However, a meaningful financing strategy is not likely to exist if one or more of the other 6 mistakes are present.This reinforces the point that all mistakes listed are intertwined and when more than one is made, the effect of the negative result can become compounded.

Functions of Business Finance

Strength and soundness of business depends on the availability of finance and competency with which it is used. The abundance of finance can do wonders and its scarcity can ruin even a well established business. Finance increases the strength and viability of business. It increases the resistance capacity of a business to face losses and economic depression. It is just like a lubricant, the more it is applied to the business, the quickly the business will move. Following headings explain the importance of finance to business:(1) Initiating Business: Finance is the first and fore most requirement of every business. It is the starting point of every business, industrial project etc. Whether you start a sole proprietary concern, a partnership firm, a company or a charity institution, you need ample amount of finance. It is equally important for profit seeking and non-profit activities. It is equally important for a multinational organization and for a free dispensary.(2) Purchase of Assets: Finance is needed to purchase all sorts of assets. Even if credit is available some down payment is to be made. Mostly finance is needed at the start of business for the purchase of fixed assets. These fixed assets consume a large amount of initial investment of the entrepreneur, so he may face liquidity difficulty in running day to day affairs of the business.

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(3) Initial Losses: No business attains high profit on the first day of commencement. Some losses are normal before the business reaches its full capacity and generate enough revenue to match cost. Finance is necessary so that these initial losses can be sustained and business can be allowed to progress gradually.(4) Professional Services: Certain business need services of specialized personnel. Such personnel have rich experience in specialized fields and they can provide useful guidance to make business profitable. Nevertheless these services are costly. Finance is always needed so that services of such professional consultants can be hired.(5) Development: Business is always exposed to change. New innovations and emergence of new technologies replaces old techniques out of market. So in order to remain in the market, it is needed to keep the business well equipped with all emerging tools and techniques. This required finance. New technology is always expensive as it is better than others. So finance is needed to purchase new equipment and keep the business running.(6) Information Technology: Information technology has now changed the geography of the business battle field. The home markets have now extended virtually to other comers of the world. The whole world can be your customer or competitor. To face such a fierce competition, IT is needed. Skills and competency in IT can perform miracles. But finance is again the decisive factor. It is very much needed to incorporate expensive IT products in the business.(7) Media War: The advertisement and promotion have now become a vital elements for the success of business. The way a businessman approaches a customer and convinces him to purchase his product has become more important than the quality of product. With advertisement on International media, a businessman can reach the minds of millions of people around the globe. However, advertisement is a luxury which every business can’t afford. Huge finance is required to meet advertisement expenses.(8) Resource Management: Finance is very essential for efficient resource management. Resources here include capital and human resources. Maintenance of plant and equipment and training of employees all need finance. Establishment of new industrial units, expansion of plant capacity, hiring of well learned skilful laborers – all
these factors can lead to huge revenue but at the first place they need finance to start with.

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(9) Stock Investments: These investments are those which are made to hold ample stock of raw materials in hand. Bulk purchase of raw materials is profitable in a sense that purchase discount can be attained and there is no danger of production halts. So companies most often hold huge amount of stocks and raw materials. But such an investment can be made only if a company has sufficient capital or finance to carry out its daily operation easily besides holding huge stock.(10) Combating Risks: Everything is exposed to one or more risks. A business is also exposed to variety of risks. These risks include natural hazards, burden of any huge liability, loss of market or brand name etc. Finance is needed to make business powerful, so that it can sustain occasional losses and liabilities.

3 Advantages of Time Management That You May Not Have Thought Of

When most people talk about time management, they talk about being able to the most important tasks done and such and while these are some great advantages of time management, there are many other advantages that most people miss or don’t even know of!Here’s a look at 3 very powerful advantages of time management that most people miss but are incredibly important in personal growth and development.1. Increased ability to relax and remain stress freeWhile time management is a difficult habit to cultivate, the good news about time management is that it will help you get rid of a lot of your stress. When you learn how to manage your time effectively and put those time management principles into practice, you will feel less stressed out about all your goals and priorities.

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This works because unfinished tasks and commitments create a nagging feeling and when we fail to take care of them, they eat up the level of balance and harmony in our bodies.So one of the quickest ways to reduce stress is to become good at managing your time and getting tasks done!2. Increased harmony in relationshipsI hope you’ve realized by now that a stress free you leads to a happier and healthier relationship. You see, when we are stressed out about work, the upcoming deadlines etc, it is easy to blow up on our family and friends even for the littlest things.This creates stress and dissatisfaction in relationships. Which is why you need to look at how you’re spending your time in the office and what kind of stress or problems you’re bringing home. And, it’s impossible to disconnect from the office if you don’t practice good time management skills at work!

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3. Increased self confidenceIncreased self confidence comes from knowing that you know how to do something. And, when you learn to manage your time, when you can see that you have the ability to handle the stress of your demanding job, when you see that you have the skill sets to advance in your career you’ll gain self confidence.The only way to see that you’ve got the skill sets to advance and you have the right talent for the job is to see the positive results you can bring to the job – which is only possible if you learn how to manage your time and become highly productive at work.

Understanding Small Business Finance

If you are an entrepreneur, then you know that there is always a need for small business finance to keep things going. Being able to get the money that is needed for your business means that you need to make several financial and non-financial considerations.Firstly, before you search for funding for your business, it is important to know what type of financing required. Would the business need debt financing (a loan for running your business) or equity financing (money that is taken from savings or investors)?Small business finance through debt financing means taking loans from credit unions, banks and other traditional financial institutions. Among the loans that are available are short-term loans which must be repaid, with interest, within a specific period of time. Such loans may be termed as demand loans as the lender can call in the loan for repayment any time. Small business finance longer debt loans are normally used for financing assets like renovations or investments in equipment.

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There are many businesses that make use of lines of credit as a source of small business finance. They make arrangements with lending institutions for a set amount of available credit that they can draw upon when need arises. Lines of credit allows businesses to use the cash when they need it and they only need to pay back the amount that has been used and interest is paid on the outstanding balance of the line of credit. Numerous lending institutions offer credit cards as a means of small business financing. These cards are used by establishments to finance their operating expenses. But, credit cards can be expensive because of the interest rates. The cards are ideal for use if the balance is paid in full monthly.Small business finance through equity is normally used in a limited manner. Informal source of equity funding includes friends and family; while the formal sources include venture capitalists. Venture capitalists generally have a considerable pool of resources that allow them to finance ventures and participate in some of the more crucial decisions in the business. However, these capitalists conduct studies before making the decision to provide funding.

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There is also some equity small business finance that are received from people who are called as “angel investors”. These are normally people who have deep pockets and are willing to provide funding.Different types of small business finance helps to increase the chance of the business to become successful.