Category Archives: Business

Simple tips to live frugally

Now, the human basic need increasingly diverse. When in the old time, the basic human need just foood, clothes, and residents. But now is not just that three things. For example, gadget (laptop, smartphone) people who live in this era, surely need smartphone. It is make people easily to do their activities. Then, if you need suddenly charge, the best solution for you is visit it is provide the service loan that will suit for your sudden needs. The requirements is simple, the loan also fast to liquid. So what are you waiting for? Just immediately visit now. Surely you will not regret.

You know right that laptop, gadget and many others is so important. It also can get many information easily. Just open the internet, then all information that they need can accepted. This is happen, because the development of information and technology that increase. All activities can doing more easy with using the technologies that exist now. Beside of that, the cost to fulfill human need also increase. If you can’t mange finance well, so you will get difficult to life. Surely, you will fell that your salary is not enough to meet your monthly fee. It is better for you to not wasteful. you should learn to live frugally. if you live frugally, then you can use the money with more helpful. You also can set aside some of the money to saving. so, when you need charges suddenly, you already have savings. Frugal is not stingy or do not want to use the money to fulfill the human need. Frugal is make a spending limit, just for the needs that actually needed. Frugal is the efficiency of spending that meet with the needs.

Here the simple tips to live frugally. The first tips, make a monthly plan. You should make a shopping plan at the beginning of the months. The spending that not regulated or unplanned can make your finance out without control. The spending plan will help you be more efficient. This method is effective to knowing the financial position that you have. The second tips, make a list for all things that will to buy. You must make a detail list for things, make sure just buy the things that really needed. Do not buy something that just you want. It’s better to buy something that meet with needs. The third tips, take advantage of discount. Take advantage of the discounts when you are shopping for a product or goods. This will make your expenses do not get out much. The best timing to hunt discount are when, The end of the year, the opening of a new store or a new product launch is the right. You can also search for products and goods during the season. at the time, the goods would normally be sold cheaply than usual. With this method you can save some money by that discount. The last tips, make an own meal. Make or cook your own food make you can more frugal. You do not need to go to restaurant or cafe. Buying food from restaurant is spend much money. When you cook the food by your self, than you can be more frugal right. There are some tips to live frugally.



Tips to Make a Business Introduction

A business organization is made up of several different parties, and it is essential for all these parties to interact with each other on a recurring basis. As a result of this, it is necessary for all of these various parties to know each other well, and get introduced as and when the time arises. The various parties that are involved in this continuous process are employers and employees from a business organization, the suppliers and vendors of this organization, the clients and customers of this organization, and people from other business organizations that are in synergy or close contact with this particular company as well.

Each different scenario will require different people to interact with each other, and hence they will all need to be introduced to one another at some point in time. There are many rules and guidelines that need to be adhered to when these introductions are being made, and the manner in which these introductions are made will determine the nature of the relationship between the different parties. For instance, introducing two prospective clients to each other will be a very different process as compared to introducing an individual’s secretary to another person in the organization.

Rules for Making Business Introductions

As a result of these differences, it is impossible to state how each introduction must take place. There are also instances when an individual from an organization will be making a presentation to a large gathering, and in this scenario, he will need to introduce himself and his business to everyone that is present there at that moment. In certain other cases, one party may have to write an introduction letter to another party, and in this letter / email, he will have to introduce his business in the right manner as well. Here are some general rules that should be followed.

  • One should always start by stating the name of the organization first and then giving a brief insight into the history of the company.
  • If the company has recently won a prestigious award or title, that fact should be stated as well.
  • One should not delve too much into the financials of the company, but a small piece of information about a healthy financial state may prove beneficial.
  • The major sectors where the company functions must also be mentioned.
  • The primary focus is to inform the people gathered what the company does and how well it is doing it, and the person making the introduction should provide basic details about the same.
  • Lastly, all the people who are gathered must be thanked for their presence and they should be reassured that their relationship with the company will be fruitful.

These tips will come in handy when the business is being introduced to a single person, or to a group of people. Another instance when business introductions and effective business communication comes into play, is when two people are being introduced to each other. Here are some general rules and guidelines to follow in such a scenario.

  • The name and the title of each individual is first made known to each other.
  • Then further information is exchanged about both the business organizations and the relationship that they share.
  • Subsequently, the purpose of the introduction is revealed, and the mutual benefits that both the parties will receive with this interaction, are then stressed upon.
  • This introduction must be simple and brief, and delving into unnecessary details should be avoided.
  • Both the parties should then be allowed to strike a conversation and take it from there, and the person who made the introduction should only speak when spoken to.

In cases when a business letter is being transcribed, certain other things also come into the picture. Effective written business communication is an art that is picked up over time and with experience, since there are many subtle things that the writer needs to pay attention to. At the end of the day, successful business introductions are the first step towards fostering positive business relationships, and this is something that needs to be paid close attention to.

Successful Business Intelligence Strategy

Business intelligence, per se, is information collected by a business in order to increase its understanding of itself. A little odd? Why would a business want to understand itself? Well, the business needs to understand itself, so that the business can perform better and can use its resources optimally.

So how does a business go about acquainting itself with itself? It generates a warehouse of information regarding its performance and policies in the past. This helps the business to perform better in the future. Like, in case of a certain market shift, the company can refer to its database and find out how it performed, the last time, a similar shift occurred. This may provide added support for the planning.

Business Performance Management
BPM is another extremely important strategy that almost all companies follow for BIS. BPM consists of a basic module. All the activities and policies of the company are based on this module. It is the foundation of the business framework and as such it is also like the pillar of the business practices. BPM of the business is often responsible for a company’s reputation. This is because, the BPM, ordinarily, remains constant for fairly long periods of time. It also helps the employees have a certain level of confidence and feeling of stability.

Online Analytical Processing basically stores all the information about the company. Then, it analyzes it and when a certain query is fed in to it, it provides as accurate an answer as possible. It can provide pure facts about the past, and can make plausible predictions about the future. OLAP has been of massive help to organizations in times of sudden market inflations. It has also helped many organizations prepare for times of recession to a certain extent. The vital aspects of OLAP are, data mining, text mining, analytics and predictive analytics.

In this system, the cost, cycle time, productivity, or quality of a specific process or method is compared to that of another organization that is similar in industry and universally accepted as best practice standard. Like, any IT company would, probably, benchmark Microsoft. In case the disparity of scale is too high, proportional ratings can be used. It is more like having an ambition to perform like a certain “big brother” of the industry. In order to achieve that, you need to have certain practices that need to match it as well. Benchmarking is a concept that individuals use in all walks of life. Not a very difficult concept to follow, right?

Organizations have to basically depend on their own resources in order to sustain market changes and internal instabilities, if any. The main corporate social responsibility of any organization is employee compensation. As such, it is essential to have sustainable and consistent growth, so that all the employees stay motivated enough to help any strategy of the organization to work well and to its capacity’s fullest!

Tips for Effective Meetings

Businesses and firms are replete with business deals and transactions. In fact, this is something that makes a business such an interesting and dynamic entity. Most of these deals, as we all know, are not accomplished without meetings; it could be very primary or a very high-profile one, involving business tycoons in a merger. Regardless of the nature of the meeting, the key is to be impeccably prepared for it. Even though meetings are a part of routine for innumerable professionals, sometimes, a lack of application ruins their effectiveness. Hence, here is an elucidation of some effective meeting guidelines that will surely help you out.

Effective Techniques for Business Meetings

To Meet or Not to Meet
Prioritizing is a fundamental aspect of having meetings. If you can communicate an issue or information through a report, or via an e-mail, you might not even require conducting a meeting. Ask yourself, whether the issue or information to be shared, is worth the meeting. Reserve it for an extremely critical issue. If at all you are skeptical about whether the meeting would be a smooth sail and how to go about it, hire a professional meeting facilitator. He/she would make it certain that the meeting goes well.

Do your Homework
Before you have a meeting, decide upon the aim and the purpose of it. You should be absolutely clear about the things you want to achieve at the end of it. Write down specifically about your goals and have no scope for ambiguity. Make it a point to keep it so crystal clear and simple that even if another person reads it and does the talking, he/she should be able to understand it.

Take Charge
Once you are at the helm of affairs, there is no way out. You have to stick to your task and ensure that the things go well. It could happen that you go for the meeting, and you have absolutely no idea about what you are going to say, or have no written agenda. But you have to face it; you cannot walk away. Make an agenda while the meeting progresses. Make a note of the important issues and determine the most important of them.

No Mission Impossible
After you take charge, do not let the issue go unresolved. Finish the issue at hand and then proceed to the other. Do not just discuss on an issue and leave it at that; plan a course of action. Till you do that, pursue the task. This is basic business etiquette.

Agendas and All
After you have set goals, you have to set an effective agenda. You cannot just go there and be blank, right? So, it is essential to prepare if you want it to go smoothly; otherwise, you will get stuck thinking about what all are you going to speak about. Having a meeting without an agenda is similar to cooking a dish without knowing the ingredients. Agendas are an inevitable aspect of any kind of business communication. After you have prepared the agenda, make sure that you send it to all those who are going to be a part of the meeting.

The Agenda Reigns Supreme
Once you are in a meeting, focusing on it and planning the agenda are very important. Avoid diverting from the agenda and dabbling into useless topics. It is always better to concentrate on the business at hand; it will save yours and the others’ time, as well.

The Good, Bad and the Ugly
Determine upfront who are going to prove valuable for your meeting. Invite only those who can contribute constructively to it. You do not want drowsy, non-contributing people to spoil it. Therefore, ask only those to come, who can help you achieve what you want from that meeting.

Time is Money
If a crucial issue has to be decided upon, allot a specific time for that. Do not let the decision hang around for ages. Decide upon a time frame for the final decision on an issue, corresponding to its importance. Unnecessary rambling on an inconsequential issue will create boredom and disinterest.

Out With It
Finally, give others a chance to speak out their mind. Pass on the gavel – give the participants an opportunity to reflect and express their views.

Finally, a very crucial thing in a meeting is to stay calm and put the point across clearly. For that, it goes without saying that you need to be confident; it is all about confidence and how you present your views.

How to Effective Business Communication

Effective business communication can be defined as a well-organized and schemed process of sharing business ideas, proposals, information, facts and/or reports within an organization or outside it to achieve a predetermined goal. In other words, it is the flow of messages within a business house among its employees and with its customers, clients, etc., ensuring its smooth running.

Why Do We Need It

Many of us have faced the situation where our families and friends applaud and encourage our ideas, but fail to sell them to corporate houses or professional organizations. They just don’t seem to be as enthusiastic and sure of it as us. It is just not enough to breed a brilliant business proposal in our minds, but to be able to express it in words or writing that would make people ponder over it and convince them to accept and buy it.

The Purpose

The purpose of an effective information transmission is summarized below.

  • To express one’s thoughts better so that it is well-conceived by others
  • To create a positive rapport among colleagues and seniors that imparts a good impression
  • To communicate better with subordinates which helps to motivate and guide them and extract maximum output
  • To maintain good relations with suppliers, vendors, financiers and other organizations, etc. that prove advantageous in future
  • To reach out to the customers effectively which in turn churns profit

The Types

Before we further get to enhancing one’s communication skills, it is important to understand its types which are as follows:

Internal Form of Communication
Communication within the organizational structure of a corporate company is called internal communication. It is a factor that cannot be compromised upon if you want to ensure a successful business.

Modes to achieve it
Print: Memos, in-house newsletters, fliers, magazines or leaflets can be used according to the business needs.
Electronic: PowerPoint presentations, video conferences, telephone, fax, emails or even Internet messengers can be used for in-house communication.

Personal Communication: Regular meetings, conferences, brainstorming sessions or even informal chats can be considered as effective communication tools at a workplace.

It can be further classified into three categories:

  • Upward Communication: It is defined as communication within the organization that flows from a lower hierarchy to the higher. Subordinates passing information to their senior is an example of upward communication.
  • Downward Communication: It is defined as communication that flows from the higher hierarchy to the lower.
  • Seniors sharing information with their subordinates is an example of downward communication.
  • Horizontal Communication: Communication within peer groups or employees of the same rank/designation can be termed as horizontal communication.

External Form of Communication
Exchange of information with the people outside the organization can be termed as external form of communication. It involves transmission of messages to clients, investors, or any other organization, which is directly or indirectly related to the performance of your business.

Some Skills/Techniques Required

For a business to run successfully and maintain its growth, it is important to emphasize on the way it communicates to its customers as well as within its organizational structure. Some of the skills required for an effective expression of business ideas are:

  • Understanding the target audience: This is the first step towards communicating in a business environment where the information, mode and tone, language etc., of communicating varies with the people it has to be done with.
  • Listening: It is important to understand that communication is a bidirectional process that not only requires one to talk but listen to the ideas, thoughts, queries of others which can generate inputs that enhance the business.
  • Time management: In today’s world, time is the most precious thing which once lost cannot be retrieved; hence, we should respect others’ time and give and take useful information in an effective manner within the stipulated time.
  • Preparation: One should understand the target audience and make sure that he/she is well prepared for a business or client meeting which imparts a positive impact on the listeners and they tend to take the speaker more seriously.
  • Innovativeness: A person should try various new formats and innovative ways to communicate with their customers or subordinates to keep them enthusiastic and coming back for more.
  • Effective research: Before an important meeting or presentation it is mandatory to check the facts, figures, statistics and other details to be talked about, and keep oneself updated about the current trends and reports.
  • Responsiveness: It is important to be responsive to problems and complaints that your clients, customers and financiers face, and cater to their needs and issues effectively and on time.

Modes to achieve it

  • Advertising: Advertising is perhaps a very crucial mode of communication as far as the clients of the company are concerned. It could be in any form – prints, video or audio and are used effectively to communicate messages to the clients/customers. Advertising your products/services can help you to reassure your existing clients as well as give you a chance to attract new customers.
  • Official Website: Maintaining an official website has become mandatory for business houses which pass information on current happenings, history, contact details and other vital details to the general masses.
  • Press Release and Interviews: Mass media plays an important role in projecting a company’s image to the public. Business houses can make best use of mass media to make important announcements or share their business growth for increasing their popularity.

Quick Tips

Here are few tips that would surely help you to communicate better in your professional setup.

  • Be well-informed about the venue and time of a business meeting and check for the schedule again before the main event.
  • Be confident while addressing the listeners, as for them to have faith in your ideas, you should have it too and present them without any doubts or confusion.
  • Be concise and precise while communicating as it ensures you are to-the-point and brief, because no one has the patience to read 100 lines of information which could have been dealt in just 30.
  • Avoid jargon as it hampers the flow of communication between people who are new or unaware of specific and typical business terms.
  • Be polite while facing questions and interruptions rather than responding with a rude or angry gesture which can put off people.
  • Make an eye contact with your listeners and make them feel comfortable while communicating with them, so they pay attention to you happily.
  • Use real life examples and personal experiences so that listeners can relate to your ideas and thoughts better.
  • When communicating in writing, make sure the matter written is free of errors like spellings, grammar, punctuation, etc., and is clear and easily readable.
  • And finally, keep it simple and professional, be it any form of communication so that the customers, clients, financiers, etc., feel that your services is worth their money and take you and your work seriously.

Feel free to share your good/bad experiences in a professional environment where good or poor expression of thoughts made the difference.

Tips on How to Find a Good Business Partner

Starting a new business is a huge and demanding responsibility, especially in the beginning. Having someone to share the burden, encourage and just be there in the low times is a great blessing. That’s where a business partner comes into play. While it is a great idea to have a business partner as a sounding board for you, it is worth remembering that your choice will greatly affect the success or failure of your business venture. So, before deciding on a business partnership, see whether you really need one and more importantly, determine your ability to flow with another person.

Tips for Choosing the Right Business Partner

If you think that having a business partner is what you and your business needs, here are some tips for you while choosing ‘the’ business partner for you.

  • Background Check: Make a thorough check of the potential partner on personal and professional levels. It will give you a better idea on what kind of person you are going to be dealing with. A personal background check will help you to know how he/she handles relationships and a professional background check will reveal his/her professional and business credibility and work place relationships.
  • Personal Stability: It is good to have a partner who is not struggling with pressing personal issues. If he/she is stressed out on the personal front, it is likely that he/she will not be able give 100% input required for a new business venture. Personal financial stability will ensure that the potential partner is more interested in making the business grow than in making money. It will also decrease the temptation to swindle money off your back.
  • Vision and Objective: Your partner should be someone who believes in your pipeline dream. He/she should be able to envision your business venture the way you see it a few years from now. Objectives are the short-term benchmarks you have for the business and your partner should share them.
  • Business Compatibility: While it is good to partner with someone having a different field of business expertise, it is not advisable to have incompatible business differences. The leadership styles and business dealing methods should be compatible, not necessarily be the same. You should be able to have a good working relationship with your partner, which is impossible if you are going to be at loggerheads for basic business codes and ideals.
  • Complementary Skills: For the business you are starting out with, you may not be having all the required skills. Even if you did, you might not be able to give full justice to all the components at all times. So, it will be more profitable and beneficial to have someone with complementary skills and different area of expertise as a partner. This will broaden your business scope and take a load of burden off your shoulders.
  • Contribution: There are less chances of a partner pulling out or being indifferent to business development if he/she has made a substantial contribution for the start-up, financially. Where this is not possible, the contribution could be in terms of resources (location, infrastructure) or a strong business network.
  • Ethics and Integrity: A person who is ethical in his/her actions and carries himself/herself with integrity in life’s every aspect, will not leave you high and dry without a valid reason. Also, such a person will be easier to trust and will inspire respect.
  • Exit Strategy: Though it sounds pessimistic to think about failure when starting a new business, it can’t be denied that every business is not guaranteed to succeed. Just as it is better to be prepared for a fall before falling off a cliff, it is better to have an exit strategy in place before reaching an impasse. One reason to do this is because, if you were to face a failure, you and your partner are not going to be clear-minded then, like you are now. Any plan you make now will be unbiased and well-thought. For an exit strategy, first decide on how far into debt you are willing to go to save a business. Then come to an agreement on how you will dissolve the business partnership if your business fails despite all the efforts you put in.
  • Rain Check for Worst Case Scenario: Some other seemingly pessimistic scenarios you should be prepared for are, a partner’s sudden ill health, pull out or circumstances due to which he/she will be unable to continue in the business venture. These things should be made explicit so that one partner is not left stranded alone with the entire business responsibility. Debt, divorce or death are other things you should be prepared for, to avoid having unwanted and unfit business partners in the form of creditors, divorced spouse or inheritor.
  • Personal Attributes and Beliefs: Choose a partner whose personal attributes you like (even if they are not a part of your personality) and though it is not mandatory to have a partner who believes in the same things that you do, it is beneficial to partner with someone whose beliefs you would at least not look down upon.

Questions to Ask a Potential Business Partner

It takes years, often a lifetime, to truly understand a person but still there is never a surety that you know someone inside out. To help you judge a potential candidate and lay a solid foundation for a lasting and successful partnership, there are a few questions you need to get a clear and satisfactory answer for.

  • What method of compensation does he/she expect and what will be fair?
  • What are his/her expectations from the business venture – is it just a want or a need?
  • What to do with profit – share or reinvest?
  • How to manage stress and business lows?
  • What are his/her strengths and weaknesses?
  • What are his/her boundaries and limitations?
  • What is his/her tolerance level?
  • To what length is he/she willing to go to make the business venture and partnership a success?
  • What is his/her contingency plan if the venture or partnership fails?
  • In case of stalemate, who will have the last say and how should it be determined?

What Makes a Good Business Partnership

Every good and successful partnership has some common, tried and tested hallmarks. Making them a part of your business partnership is coming one step closer to success.

  • Common Ambition and Goals: Being motivated in the same way for common goals, plays a very important role in the success of a good partnership.
  • Dedication and Commitment: When partners in business are equally dedicated and committed to a vision, it becomes relatively easier to overcome business lows and personal disagreements.
  • Open Communication: Straightforward, truthful and timely communication in a partnership leaves little room for misunderstandings to fester and thus, makes partnerships a success.
  • Well-defined Roles: Knowing what is expected of each partner avoids confusions, appropriates responsibility of business decisions correctly and facilitates smooth functioning of a partnership.
  • Mutual Trust and Respect: Honesty and clarity in business dealings of everyone in a business partnerships increases the mutual trust and respect, while the partnership becomes a joy and solace.
  • Regular Review and Assessment: Regular reviews of business goals and partnership status along with assessment of what the partnership has contributed to the overall business development, is essential for the health of a good business.
  • Effective Conflict Resolving Tactics: Settling disagreements amicably or reaching a consensus are two things that are needed to steer clear from rifts and ugly conflicts.
  • Right Attitude and Personality: There is little room for ego clashes and wrong, disruptive attitudes in a good partnership.
  • Mutual Understanding and Support: A good partnership is characterized by the ability of the business partners to understand each other and being a pillar of support in tough times, despite the differences among them.
  • Written, Legal Contract: Even if you trust your partner, put every little thing you decide and come to an agreement about, as a written clause in a legally binding contract. This is especially applicable in case of family members, close friends and relatives with whom we intend to make ‘undisclosed promises’. If these hidden expectations are not met (which is what usually happens) it turns business partnerships and personal relationships, bitter. Another advantage of a partnership agreement is that it increases the liability of fall out of a business partnership.

Being part of a good business partnership, while making a successful business, takes a lot of effort, and a wrong choice of partner will be harmful for your business as well as stressful for you. So it becomes imperative that the choice of a partner should be prudent and one which you will not have to regret even if, unfortunately, your business fails. On the brighter side, there are quite a number of successful partnerships in the business world, which can be wonderful sources of inspiration for you.

Help to Discover Your Business Online

Making the content to promote a business online is now known to everyone, but the question is how?

Mostly the customers come through the search engines and social platform but only in the case when your business is promoted highly. In order to promote getting listed under the available Business, Directory Sites is important. It is a quick method to advertise your business and the free / paid version gives a support to this technique.

Getting your business discovered easily online through the business directory submission require a few simple techniques. They are the SEO rules, online advertisement and campaigns, SEM, referral links and using the affiliate tools.

Almost of the all marketing professionals take the support of the business directories website and is proved successful too. Why not? After all, it’s a promotion without any investment.

A few things to note:

  • Selecting the site:

From the available 1000’s of online advertising sites the selecting the best submission sites are quite typical. It is because it makes one’s business visibility increase not only on the internet but locally too. The free tools help in submitting the business details and adding all the business information from services to contact.

  • Short listing:

There is an option in front of you while listing that is – would you like to target the international or the domestic market? For it first prepare a list and then classify the listing then post in the relevant business directories available.

  • Check before listing:

Before submission, you should know what the things that should be checked are?

–          Check whether there is no duplicate posting of the site, it can result in spam.

–          Create a similar copy differentiating the services and list in the multiple directories.

–          The contact details must be properly and accurately posted.

You can easily look in the search engines like Google, Yahoo or Bing for the list of the free submission directory sites with a high ranking.

  • Real target:

The main motto behind the submission is to target more users. Once quality content with relevant keywords is made you need to post it in various blog directories that will help to index your web page in the search engines. The web directory sites also improve the SEO results.

When a website gets listed as a generic business, service provider then it means it is accepted by the listing site.  Beside traffic estimation, the social media popularity is also gained. Checking the ranking of the site is also beneficial before making any submission.

effective Marketing Strategies

Organizations spend so much of their time, effort and money on coming up with them, the answer is quite simple. The aim of any business is to generate profits, and marketing strategies do exactly that – they help generate more business and revenue. They are devised not only with regards to selling and promoting a product, but also about the kind of customer service that the organizations will provide. Below is a list of some of the most successful tactics, which businesses have been implementing in today’s modern, competitive business scenario, to earn revenues and to keep the competition at bay.

Effective Marketing Strategies

Build Relationships
People are very important in business, whether they are customers, suppliers, or employees of the organization.
It is necessary to form relationships with one’s customers so that they come again to make repeat purchases.
Relationships need to be built with employees as well so that the organization has a positive word of mouth in the market.

Differentiate from Competition
One of the most successful of marketing techniques is to create your own identity, which is totally different from the rest of the competitors.
A good way to do that is to stay ahead of the competition by offering innovative, technologically-advanced products.
For this, a business’ market research should be very strong, so that change is anticipated in advance and action taken accordingly.

Create Advertising Campaign
The advertising campaign should be such that it highlights all the advantages and strengths that a company’s product and services have over the one’s offered by competition.
The unique selling point, also known as USP of the business, can be something like an excellent after sales service or a guarantee period, which is much longer than what is offered by competition.
This should be creatively stressed upon in the advertising campaigns.

Offer New Products and Schemes
This is one of the most effective and commonly-used tactic by many businesses today – new products as well as new schemes are offered to customers from time to time.
When a business introduces new products in the market, its customer base increases as new customers purchase this product.
At the same time, when old customers see some new innovative features in the latest product, they make further purchases too.
This increases the sales volume as well as revenue for the business.
Another way to increase sales, is to offer some new schemes during the festival and holiday seasons, such as one product at fifty percent discount on another one, especially if the business has some unsold stock of goods lying beforehand.

Implementation of the Strategies
The strategy that is set should be very realistic and measurable. It should also be applicable for a very long time.
For proper strategy implementation, measurable goals should be set.
Goals can be defined in monetary terms, such as doubling the sales revenue in six months.
Once the goals are set, a strategy that sets the business apart from competition should be devised and implemented at the right time in the market.

Proper formulation as well as appropriate implementation of strategies is equally important for them to be truly successful. This however does not end here. Post their implementation, measuring how successful they have been in generating revenue and sales, helps in the formulation of strategies for the next year.

How to Debt Management Techniques

The main reason why so many people today find themselves in debt is due to rampant usage of credit cards! Yes, it’s true. Credit cards offer the convenience of buying the goods today and paying for them later. This convenience has been misused by our generation beyond belief.

Debt is a dreaded word! Once you fall in it, it takes a lot of planning and perseverance on your part to get yourself out. It would take some really good finance management techniques to bail yourself out of this unwanted situation.

Make a Monthly Budget and Stick to it
It’s very important that you make a budget every month, listing all your income and necessary expenses. Then, there is always some unnecessary expenditures that you can certainly do without. For instance, buying new clothes and cosmetics even when you have a cupboard full of them, taking a yearly membership of a gym when you do not even go there once a week etc. So the first advice is to eliminate all unnecessary expenditures, prepare a monthly budget, and stick to it.

Become a Smart Shopper
When you set out for shopping, make use of coupons wherever you can. Shopping from second hand stores, shopping for things online, and buying from discounted stores are some of the ways to reduce spending, which will keep in check any further additions to your debt.

Negotiate for Lower Interest Rates
Negotiate with the creditors, be it banks or private lenders, to lower your interest rates or the amount due. A good way to negotiate, provided you have the money, is to offer them a lump sum, which is lesser than the amount you own, all at once. Sometimes the creditors may agree to this arrangement, if they feel that they might lose out on the entire money you owe them.

Take Help from Consumer Credit Counseling Service (CCCS)
Get in touch with CCCS for debt reduction assistance. They have certain eligibility criteria which you have to meet first. After that, they will negotiate with your bank to lower the interest rate on the credit card. The CCCS will pay your credit card company and you in turn will have to pay them some predetermined amount at regular intervals.

Use Cash for Payments and Keep Only One Credit Card
Wherever possible, use cash for payments. This will ensure that you only buy things for which you have money available. Reduce your credit card usage to the minimum. One of the best tips here is to keep only one credit card and give up the rest. This way, you won’t have to keep a track of multiple due dates for bill payment, and this will keep the tendency to default on payments due to bad memory, under check.

Consolidate your Liabilities
With debt consolidation, you can transfer all your overdue finances from various credit cards, to one single card. This will lower the overall interest rate that you pay on the bills, and at the same time, will save you the headache of keeping track of a number of credit cards, their due dates, and due amounts.

Take a Second Job!
If you are finding paying off your bills a bit difficult due to low income, supplement it by taking up a second part-time job. Internet has opened up many avenues for earning some good, extra income from the convenience of your home.

One of the major benefits of debt management is that if your finances are sorted out, you will be able to lead a very stress-free and happy life. Finally, once you have got your finances in order, spend wisely and inculcate the habit of saving. This will keep you from falling into the vicious cycle of debt again.

Tips to Account Reconciliation

The process of account reconciliation is used when the transactions are recorded using the double entry system. In a double entry bookkeeping system, a single transaction has effects of debit and credit. These two effects can be cross-confirmed by tallying the account. Owing to this, all the accounts, if recorded properly, have balancing figures at the end of the month or year (or whenever the account closes).

For carrying out the verification and comparison of your accounting records and of the bank statement or credit and debit card statements, it is important that you collect all your deposit and payment slips or receipts. On comparison, you will come to know whether the transactions on your slips tally with the bank statement or not. The most important thing that people tend to forget is including deposits or payments that have been made but not cleared, towards the end of the month.

If you find that there are bank errors, deduct or add them to the ending balance. If your calculations do not tally with the bank statement, inform the bank about the mistake, so that the bank can prepare a reconciliation statement of its own. You may even have to omit a wrong entry for payment or add a posting which you may have forgotten. Inaccurate deposits and deductions need to be corrected. You may also check for bank charges like account handling fees. You will also have to add any kind of interest earned on the deposits.

What is Account Reconciliation?

Nowadays, this term mostly refers to what we know as bank reconciliation. The term account reconciliation has a deeper meaning. It refers to the tallying of two sets of transactions. For example, after you use your credit card, you receive a receipt that you stack away. After you receive the monthly bill from your credit card company, you compare it with your stack of receipts. This is known as account reconciliation and if the reconciliation is regarding your bank account, it is referred to as bank reconciliation. Reconciliation is done by companies and individuals alike. The only difference is that companies use accounting software for this purpose (considering the size of the transactions) while individuals need to do it manually.

The comparison of the two (accounting records and bank statement) is done in order to find the outstanding records and to correct errors. It is also carried out to find how many transactions went unrecorded in the previous accounting period.

What are the Steps for Account Reconciliation?

  • First, gather all the relevant accounting information. This includes, updating your checkbook, getting a bank statement and gathering all your ATM withdrawal slips together.
  • Jot down the last balancing figure from the bank statement. Deduct the bank charges from the balance of your bank account. Compare the deposit slips with your bank statement. If there are any checks (deposits) that have not been cleared or approved in the statement before the last day of the month, add the amounts to the balancing figure. You can also add to the balancing figure, any kind of interest that is due, but not received. This final balancing figure is also termed as the ‘running’ balance.
  • In this step, start comparing your payment receipts with that of the bank statement. Compare the ATM withdrawal slips, the checks paid and the payments that are due but have not yet been passed by the bank. Take the sum total of all the amounts of the payments and withdrawals and subtract it from the running balance. Note down any monthly bills that are deducted directly from your bank account. Deduct the same from the running figure. For example, if your electricity bill is directly deducted from your bank account, then reduce its amount from your running balance. Once you are done with the deductions, the balance amount that you have should tally with the total balance in your bank statement.
  • Make a comparison of the amounts in your check register and bank statement. If the balance of the bank statement and running figure does not tally, there is some error. Use a calculator and find out the error in the ending balance of the checkbook register, beginning from the end of the last month’s statement. Next, confirm all the payments and withdrawals (those that have been cleared or not cleared). Use your payment and withdrawal slips, while doing so. You will come to know whether the transactions on your slips tally with the bank statement or not. If it is not tallying, re-check the amounts.


It is recommended that you prepare an account reconciliation statement every month. You will find it difficult to prepare one initially, however, with practice you will be able to master it. Here are some useful tips for making an account reconciliation statement.

Always maintain a record of all your debit and credit transactions in your check register.

There are chances that you record a payment of $15 as $51, for instance. Hence, be careful while writing the numbers.

Check if you have mistakenly added a transaction twice.

Check if you have mistakenly cleared any item or missed clearing an item.

Whenever you visit the ATM, collect the printed slip of the transaction and put it aside safely. Continue collecting the printed slips for every transaction, till the end of the month.

Collect the deposit slips of checks and stack them sequentially.

You may also check if you have recorded a deposit as payment or vice versa.

Whenever you hand out a check, make it a point to record it in the checkbook register (the one that is attached to your checkbook).

Today, many banks have online reconciliation forms. Also, there are many financial software which enable easy reconciliation of accounts. The process of account reconciliation will not only assist you in keeping a tab on your transactions but will also help you in managing your money effectively.