Thursday, December 15, 2011

How to Protect Your Business during the Holidays

Holidays are the best time for businesses to attract more customers and generate increased sales and profit. However, it may also be a time for unexpected situations and impulsive decisions. In order for your business to keep intact during this season, you need to follow some guidelines.

Concentrate on Customer Service

When you know how to deal with your clients like Terry Powell, you’ll earn their trust and loyalty. That will allow you to earn a constant stream of revenue as people come back to your business for their next purchase. Always be equipped with ideas and tips that you can give to your customers. These simple gestures can add value to the commodity you are marketing, thus improving your recall among your customers.

Take Safety Precautions to Prevent Accidents and Injuries

During the holidays, people tend to be more careless when shopping. That’s why accidents and injuries happen. Being a concerned entrepreneur, you must think of ways to keep your clients safe when they shop. 

Maximize Security

Shoplifters and burglars are more active during the holidays. Therefore, you must give a 101% on security. If possible, install security cameras and burglar alarms to protect your shop from being robbed. If not, you can hire security personnel that will safe keep your franchise. 

All in all, the holidays are also a time to feel positive about the things we do, so make the most out of it and take the time to enjoy the little blessings of life.

Thursday, December 8, 2011

Bookkeeping for Business Start-ups

The term bookkeeping is often mistaken with accounting. People confuse the two terms for each other, as they are related and go hand in hand. Accounting has an extensive scope, which includes analyzing and interpreting transactions and events with regards to the people and history involved. 

Bookkeeping is part of accounting. It is the first phase of accounting wherein all financial transactions are systematically recorded, either in journals, petty cash books, ledgers or daybooks. This is done by a bookkeeper. After which, the accountant transfers all the records from the bookkeeper to the balance sheet and income statement. 

Thursday, December 1, 2011

How to survive a Financial Crisis

Financial problems are detrimental to both the economy and the small business industry. Most countries have experienced the wrath of the "global economic depression," and that's why governments are trying to find ways and strategies to combat this economic downtrend.

For the most part, let's talk about how an ordinary person can avoid suffering from the effect of this global crisis.

Here are some effective and time-tested ways to avoid a financial crisis:

1. SAVE your money - It is easier said than done, and it takes a lot of self-constraint. But we all have to be practical and wise at times like this, and it is better to have some cash stashed for economic downtimes.  If you're working, at least save a bit of money from your monthly paycheck and deposit it in the bank.

2. Try using PUBLIC TRANSPORT - Gas prices are fluctuating right now, and this idea probably crossed your mind at one point. If you plan to buy a car, opt for one that is fuel-efficient. It would also do you good to consider walking over short distances. That would be good for your health and the environment – it’s just like hitting two birds with one stone.

3. Focus on buying NECESSITIES – This is where being practically hits hardest. Just buy necessities that you are constantly in need of, like a carton of milk, bread, eggs etc, and if possible buy that in bulk.

4. Educate your family about the economic crisis and how they can help ease financial burdens - This can be fun, and you can be surprised by your children’s reaction. It would be like a team effort.

5. Learn to simplify your life - Cut or reduce the use of credit cards, if you have any. Credit cards can tempt you to buy things you do not need, and even one can drain your income.

6.  Educate your children about the value of money - Inculcating good values in children at an early age can help them practice good financial management when they get older.

There is no reason for anyone to suffer financial problems. But in the face of the economic crisis, it's high time to become wiser in making financial decisions. These are just some ways to avoid falling into a financial crisis. Terry Powell, IFA, CFE Founder and CEO of FranchisEsource Brands International, has a lot of ideas regarding financial management. He is one of the experts in economic and financial control, and his ideas can be beneficial for small business owners out there.


Thursday, November 24, 2011

The Evolution of Business and Trade

The things we have and do today have a history, and some of these originated long ago. The telephone was invented during the 1870s by Alexander Graham Bell. As time progressed, the telephone was developed to become smaller, more efficient and more powerful. Now we have mobile phones which are capable of browsing the internet, playing music, and managing minor tasks.  Its evolution made it easier for man to communicate. But a more interesting topic is how business and trade began, and we will discuss its history briefly here.

Business and trade began in the ancient times when nomads traveled to different places. Because they did not know how to generate resources for themselves, they relied on what nature provided them. However, this was not enough, and the need for basic necessity increased for them. This lead to the discovery of clothes and body ornaments which were considered as “luxurious goods.” Skills were developed in weaving, metal craft, pottery and sculpting. The products of these skills became commodities which paid for in gold, silver or copper. Others exchanged the products for wool, ceramics, spices, iron, semi-precious stones, livestock, textiles and many more. People exchanged the commodities they had to acquire other commodities which they needed or wanted. Others learned to speak different languages in order to cross distant lands through caravans. Camels were used for long travel across lands, and shipping trade routes to Asia, Africa and Europe were established. 

The start of trade triggered the advancement of the business industry. As time changed, new ways were found for marketing and selling products. Until now, the field of trade and business is experiencing vast and rapid changes. Trading was a mark of cultural awareness, social bonding, and economic success during the nomadic period. In some ways, the same can be said today.  Business experts like Terry Powell are aware of the history of business and trade. That knowledge has helped them in understanding the ins and outs of the field. Entrepreneurs who are just starting would do well to emulate these experts in their pursuit of success.

Thursday, November 17, 2011

Social Networking: Strangers No More

When a person is interested in somebody, an intrinsic urge to find out more about that specific person arises. But back in the days, people found it difficult to acquire information about a particular person, regardless of whether that person is a famous celebrity or the object of another’s affection. 

Now with the introduction of social networking sites, connecting with other people has become so much easier. These days, almost everyone has at least one social networking account in Facebook, Twitter or MySpace. Through these accounts, people provide personal information, upload pictures, and post updates about themselves for the public to see.

In fact, the most popular celebrities today have their own pages and personal accounts in social networking sites. Fans can subscribe to these celebrities’ accounts and be constantly updated with live feeds. People who have connected social media accounts can also acquire live updates from each other.

One fine example of a social networking site is Facebook. It is very interactive and accessible. You can browse a person’s profile and view the information therein. Facebook also allows you to keep in touch with your loved ones, family and friends. 

Moreover, you can now meet different people through social networking sites. Gone are the times when you had to meet someone personally in order make them your acquaintance. Through social networking sites, getting to know someone can be done instantly. Terry Powell points out that "poking" has become the new handshake. Basically, making friends and renewing old ties is easier.  

Social networking has somehow shaped the lives of people today. It would be difficult to imagine how life would be without social networking. The internet and social networking sites will continue to grow and prosper. Social networking will become more interactive and, accordingly, people will share a very strong relationship with each other.

Thursday, November 10, 2011

Businesses that can survive any Economy!

During these trying times, when almost all the economies in the world are struggling, starting your own business seems impossible and unthinkable. But starting a business just depends on one's mindset and determination. If you are confident and are willing to take the risks, why don't you go for it? According to Terry Powell, Founder and CEO of FranchisEsource Brands International, always start with a great idea and hire the most capable people.

Thursday, November 3, 2011

Consumerism Explained Through A Shopaholic


Have you ever felt the urge to buy an iPhone, a PS3 or an iPad? Was there a time when you bought a piece of clothing impulsively? If you’ve watched Confessions of a Shopaholic, you will understand what I’m saying. The lead character Rebecca had to use all her credit cards in order to satiate her craving to shop. She needed to find a job because her debts were steadily increasing. 

Consumerism isn’t bad. It can even be beneficial to the economy, as it helps generate cash flow. However, compulsive buying is detrimental. Some people do not know how to control their urge to shop, just as how Rebecca repeatedly bought expensive things she didn’t really need. 

She wanted to become a fashion editor, but instead ended up as a column writer at Successful Savings. And the problem was she didn’t know anything about saving up. 

There is always a positive and negative side to what we do. It’s just a matter using ideas the right way. Terry Powell can give advice on how one’s personal and psychological growth can affect one’s future.