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Archive for the ‘Entrepreneur’ Category
What is a Share
Montag, August 24th, 2009Different types of budgets in a business
Dienstag, Mai 20th, 2008Different types of budgets help the organisation monitor and control different aspects of the business. It helps to coordinate allocations of resources, expenses monitored and rates of production forecasted for future growth. The main types of budgets in an organisation are:
Sales/Revenue budget- It shows the amount of money that flows into the business at any point in time, then number of units (products or services) that would be sold and at what price they would be sold at. This information could help the organisation e.g. in hiring more staff to handle the expected rise in sales.
Production budget- It shows the current levels of stock and rate of production. It would also take note in the seasonal fluctuations in the sales budget to meet current demand. This could help the organisation maximise their storage and logistics and lower costs associated in these areas.
Cash budgets- This budget monitors the cash flows in the business, and the cash reserves. The main reason for monitoring this budget could be to make sure that the organisation is always at a position to pay its current liabilities and ensure there is no shortage of cash for operational expenses and day to day running of the organisation.
Purchases budget- A purchases budget records and controls the raw materials the organisation buys. It takes into account the production budget and matches the raw materials that would be required to keep inline with the rate of production.
Expenses budget- An expense budget is sub divied into 3 boroad catogeries,i.e.:Marketing,Sales and Financial. As sales grow or there is a new marketing campaign this is the budget that would monitor and controll the expenses that relates to these activities.This would simplify the cost ratio analisis.
Capital budget- A capital budget would accommodate the expense in buying a captal intensive asset, and example of an item that belongs to the capital budget could be a new delivert truck or an additional wharehouse.
Entrepreneur : Things to do to Reduce Stress
Dienstag, Mai 6th, 2008Running your own business can be both rewarding and fun. But it does not end there. Alongside all the joys and the rewards are pressures that make doing business very stressful.
For many entrepreneurs, the most common source of stress is the workload. As people would say, “If you want to become successful, you have to work extra hours”. This is particularly what is happening on many entrepreneurs. They work harder and longer. And the pressure is different if you are running your own business than working 40 hours a week.
Stress also mounts up because of several tasks related to work added by the responsibilities at home. Usually, moms have tasks at work, at the same time, have to do chores at home. Further task is contributed by the responsibilities to her kids.
Another stressor is the financial aspect of the business. Seldom to we see businesses without dept. Most of them have certain amount of loan somewhere that needs to be paid. This causes great stress on the part of the entrepreneur; balancing of funds and converting all the expenses into income. Getting back the investment quickly adds stress to entrepreneur as well.
Entrepreneur has to make decisions correctly and quickly. And for those who are only beginning to introduce themselves to this kind of environment, it may be very stressful.
All these contribute to the problem of an entrepreneur. To reduce the stress from these, here are some things you can do:
Start at your desk – Clutters can contribute to the present stress you are experiencing. So before doing something today, make sure that you clean up all the mess and put away the things that do not have to be on your desk. A clean desk will be more pleasant to work on.
Device a system – Daily planners will make things easier for you. If you have lots of things to do, do not intent to finish them all at the same time. Make a schedule when to do this and when to do that. Thinking the all the tasks that need to be done will not solve your problem. Do them one at a time. In this way, you will certainly accomplish one after another.
Multiply yourself – If you think you cannot do an enormous task on your own, hire people who can help you. Remember that one good trait of a successful entrepreneur is he knows when to seek help. Two heads are better than one and four hands are better than two right?
Make a business plan – Everyday, you are tasked with several things to do. In order to get things organized, it would be better to make a plan and stick to that plan. This will keep you on track and prevent you from doing things that you don’t need to do. Remember that time is crucial in running your own business. Time means money so better make the most out of every second that passes. Make sure that you know where you are heading at with the plan you have devised.
Designate tasks – You cannot do everything. But even if you do, you cannot make it efficiently. Why? Because you are too occupied with the thought that you have so many things to do. Make sure that you designate tasks to the right person. In this way, things would not be so hard and things will be done fast.
Learn the business everyday – As days progresses, you will surely have some rises and falls. These are called experiences. Learn something from these experiences so that the next time you encounter the same thing, you would know what to do. In this way, you will avoid the same mistake you have done before.
And finally… relax – Stressing too much will not do any good to you. What you should do is to relax. This will let you think properly. Remember that you are making crucial decisions every now and then and you cannot make correct decision if you are always tensed. Take time to breathe and take time to clear your mind from all the worries in front of you. Soon enough, you are back on track better and livelier.
