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  • Re-accounting the company's financial problem

    Re-accounting the company's financial problem


    Many entrepreneurs who build businesses die because of a financial problem. Money, money all donated to spend money. Whereas a business only lives long when it is built up of assets. Just offering to the real estate, it only takes about two or three years to burn, they can't rise again. And one of the loopholes that leads to that mistake in corporate financial management is that business people forget the step: re-accounting the company's financial problems. Together with Phuc Finance, analyze and dissect those shortcomings in the article below.

    1. Current situation of corporate financial management

    In many times I talked to a businessman, telling Phuc how his brother's business would develop. I asked again: You calculate and give me these numbers. Only when you fall back is no data. All financial spending records, sales figures, and results when you put money into investments such as running ads, ... are not available. Even some people only record each money customers owe, the rest do not record all the expenditures for it properly, or after a time recalculate and analyze the numbers.

    A brother I know, currently studying for a master's degree in Australia, majoring in Business Analysis, means business analysis. That's enough to see the importance of analyzing business numbers in corporate governance. Professional businesses are they have a team, only specializing in accurately synthesizing the correct numbers and analyzing dissection, see if done right, from those numbers to see where the business is missing, direction What is next, how to reduce money in any category, how to spend it, ...

    Yet, I do not know how many business people, who do not record data, do not review data to see where their business systems are strong, where they spend money, where is effective, and where is strong to focus on. . Doing business without recalculating results to continue on the right track is like a blindfold on Highway 1A.

    2. Record all revenues and expenditures of the enterprise

    One of the dangers of not recording, not recording the expenses of the business, is money poured into assets without knowing, money is lost without knowing. For businesses to take off and change, the first important thing is that business people must know how to pour money in to build up assets.

    Here's an example: When you start a business system, you will pour money into buying a set of furniture for a beautiful, beautiful seat. Or you will spend money on building a website that attracts thousands of people every day to care about your brand. Disclose to you, my first business deal with a group of friends was to deploy in the first way. Money spent, but never created property, because it literally didn't bring money back. What should I do with a set of tables and chairs to bring home money? There is a website that can replace dozens of counselors.

    Want to identify those things, see where the cash flow is going, you must re-write them together, see if each spending item has made money or not, if not, cut it. There are no excuses. When I was working, there were many branches that kept proposing to do events, 5 million one in half a day, they had to eat up to 4.7 million, because I worked as Marekting out of total, I knew the items to spend. standy only. But they declared to the accountant to 5 million, drawing out the reason, in the end, the sales did not. There are people who don't make money from customers, just hide money from business owners. But if the business owner does not carefully manage the expenses, carefully analyzing the expenses is right away, right in his own dying business. So, you definitely need, an ant will not pass the eye, even the smallest cash flow must also be recorded, to calculate, to synthesize.

    3. The numbers to consider and calculate

    1. Profitability of expenses

    Expenditure in businesses and business is completely different from spending in consumption. If you spend in consumption, you buy the mistress of the house as losing money. You go to the market to buy a bunch of vegetables, the fish will eat it on the stomach. Money spent is all. In business spending, if only you have to pay money. If you spend money on wedding photos, you run out of money. But also spending money on the company's product photoshoots it takes money. If spending but not making money, it means spending on property already, it is spending in the wrong direction. To become an effective business person, it is necessary to have a habit of spending each expense.

    Please record each expense, even the smallest. Then after a while, a month, a quarter, a year, reevaluate how much profit that expense brings. If the expenses do not bring in profits, consider whether the person in charge has cheated. Because you have to spend money in a business. If the person in charge is not involved, it proves that chi is in the wrong direction, and adjusts the chi in the other direction. This must be very careful whether someone did it wrong, or if you were wrong.

    Once I set a direction, assigned an employee to do it. Forever no results. The employee even told me the way to do it was wrong. But I do not believe it because I have tried it and right. I let the employee off. And hand-made in that direction again, still with positive results. If I believed the employee's words, my business would have lost efficiency. It's life like that. Only numbers can give us accurate results, tell us what is right, what is wrong, and do not be foolish to hear from the human tongue.

    If you don't have any money, you can save it. If you don't, you will cut it. No explanation, presentation, no reason. Having to spend on business is to make money. Let's practice that habit.

    2. See which expenses bring about the most profit

    The truth is, up to 80% of expenses make only 20% of profits. And only 20% of expenses generate 80% of profits. The duty of the business person to find out 20% of the expenses that make up to 80% of that profit and focus on, and promote. And gradually cut off all those ineffective or ineffective expenses.

    You know, I am an extremely strong person in finance, strong in investing, and also strong in cutting unnecessary expenses. As with this moneycoach.vn system, I cut it all, leaving only 20% of the most effective expenses. By doing so, you will enjoy super profits. Business, not much, not just much. Just spend your money and spend your time on 20% of the things that make up to 80% of the profits.

    From there you see:

    - 20% of the products generate the most profit but focus on promoting Marketing.

    - 20% of customers who generate the most sales but focus on care

    - 20% of the media have the highest sales but focus on investing money to build stronger

    The remaining 80% is transferred to technology. As for myself, I only support the top 20% of paying customers directly. The rest of the people who do not pay, or bring in low sales, I use the technology and products to support them. But if I myself take the time, support 1 hour for each person, then they don't buy my products, I take what I live for and take care of my family. It is, in fact, and business is where there is no place for affection or respect, it is a game of numbers. That's why you just try it, I see not messing with anyone. Whoever transfers money, I always support. Who is wondering, I invite you to read the web, let the web support them.

    And countless other numbers you calculate to serve the performance evaluation of your business and the whole system. Keep in mind: Only numbers tell you what's the truth. Even if it's the wrong number, it tells you: I am corrected!

     

    Conclusion

    As business people, we are not just aggressive in marketing, selling and making money. But we must also be conscious of protecting money. Where it is not finished is done. Whatever we spend, we have to spend time on it. But business people time more precious than gold. Using the wrong time in the wrong direction is dead. Like if you spend too much time with customers that bring in little or no sales for you, then your business hangs in no time.

    Hope you will be aware and practice the habit of recording all financial and business expenses. And practice calculating and evaluating the effectiveness of each expense to get the right direction. By the way, Phuc Finance gives you a record file of expenses in business finance. This is the file I still use and have calculated the important financial numbers that greatly affect the business development.

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