Cost accounting is about calculating the total cost involved in the process of production. In a nutshell: “What it costs to create one widget!” Estimating the accurate cost of products is critical for profitable operations. A business must know which products are profitable and which ones are not, and this can be ascertained only when it has estimated the correct cost of each product. Key Objectives of Cost Accounting Cost finding Cost planning and controlling Cost analysis for managerial decision Six Advantages of Cost Accounting Helps in cost control Helps in decision making Guides in price fixation Helps in cost reduction [...]
Stop doing things that are wasting 50% of your marketing dollars by establishing key performance indicators!
Client Working as a freelance Personal Training and Group Fitness Instructor sounds like it could be liberating, interesting and a good-paying job. But the truth is, like any independent contractor, there are business issues that have to be considered, before you take your first class or train a client. Dean Turner was a full-time chef and fitness enthusiast before he decided to take a chance and work for himself in an industry he loved. Problem Dean knew he needed to learn how to run a small business and decided to start by talking to his Accountant. It was a given that [...]
Request an appointment today! How a personal trainer transformed her business and increased her income. Claire is a personal trainer with 20 years of industry experience. Her personal training business was a great success. There were many gyms competing in the area; but she had the clever idea, many years ago, to focus on a niche market of training pre- and post-natal women. Problem Twelve months ago, Claire decided to take the leap and grow her business. She opened a second location. Since that decision, Claire has been working long hours and, despite her hard work, her net [...]
Running a business without a business plan is like rock climbing blindfolded. Your chances of making it successfully to the top are slim. And the process will surely be a death-defying one. A business plan is a step-by-step guide to running your business and creating a product or service that will make it successful in the marketplace. You and your business plan must be flexible. Your plan will need to be adjusted periodically depending on opportunities in the marketplace, the current health of your business etc. Every business should have a plan. It may be formal or informal, it does [...]
In any business there are three core activities. It is important to understand three areas of business operations Marketing Sales Servicing It is important to analyze the effect of budgeted dollars, and how it affects your net income. Putting all of your effort into one of the three legs of the stool means money rolls off the table.
n optometry practice had been trading for over 20 years under a previous owner’s name as their business brand. The business offered a broad range of optometry services in line with most mainstream optometry practices. CHALLENGE The business did not stand out in the marketplace. With increased competition, the business was seeing sales decline and the need for discounts to compete within the market. This strategy was not sustainable. The business sought the advice of its Accountant to see if they could reposition the business and enable them to escape the price-cutting cycle. ACCOUNTANT’S ROLE The Accountant surveyed existing customers [...]
There are many ways to market your business, and the key to maximizing your efforts and marketing spend is to inject variety in your marketing plan. The following are four tips on how you can diversify your marketing to increase market reach and impact. Revitalize Your Business Branding If your brand hasn’t had a makeover in many years, it may be time for a new look. This can be one of the most creative and fun aspects of your marketing plan, but it should not be left to amateurs. Remember, your brand is the cornerstone of your marketing. Work with [...]
Failure is part of the business profit. Colin Dunn explains how to take risks without betting your whole business.
Do you spend any time working on your business? Or do you spend all of your time in your business?