Managing Resources Flashcards
Accounting techniques
My company is based on ‘CASH ACCOUNTING’ ie what has actually been received and gone out.
This provides an accurate picture of my accounts.
How are the accounts managed?
Day to day accounts are managed by me & supported with an ONLINE ACCOUNTING PROGRAMME.
- Accounts are SUPPORTED by a chartered accountant to ensure compliance.
Budgeting techniques?
Check CASH FLOW ON A REGULAR BASIS.
I manage to retain EXISTING REPEAT CLIENTS.
There are fixed costs/overheads which have to be covered every month to run the company.
COMPANY BUDGETS are assessed MONTHLY to take into account any additional costs, such as new marketing, large one-off purchases.
I run a LIQUID BUSINESS, providing access to funds in time of need
Forecasting techniques
New instructions are listed out every week on the OFFICE BOARD & in EXCEL, to gauge income stream.
How do I manage consultant costs?
These are generally one off costs that are built into fee structure & payment structures are often on a ‘paid once completed basis’.
Financial surplus always retained in case of delayed payments, which is possible as I’ve been trading for so many years.
Do I have a system for managing projects?
Yes, I have a PROJECTS LIST that is reviewed regularly with my consultants, also in EXCEL.
Setting personal objectives
I have a business plan is progress where;
- I am in the process of changing company name slightly to improve my algorithms on the web.
- I have been updating my online present for work in a particular sector that I believe has further opportunities.
- investing some of the company profits in real estate.
- Maintaining personal contact with some high end clients.
What are business Resources ?
- Financial Resources, to help business grow.
- Physical Resources, tangible assets that the business uses to produce products & services etc.
- Intellectual Resources, (intangible) such as brands, patents, copyrights, partnerships.
Typical Marketing strategy for business
Local marketing is important to business, such as online presence, magazines & local business guides.
Networking groups and professional contacts
Always REVIEW GEOGRAPHICS of clients and change advertising as needed.
Do I have Technical Resources?
I use a combination of free online resources & my own books and digital library of information
How do NJC Quotes work after sending out?
They are followed up for instructions or discuss any variations or why job went to another party?
