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Precise Measures - Business Tips & Consumer Insight

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Leveraging Your Contacts to Gain New Business

Business networking is more than setting up meetings and encountering new people. It’s a unique way of bringing in a regular supply of business, through leveraging your personal and business contacts, and building ongoing relationships; it’s the most effective low-cost marketing technique for creating new opportunities, gaining referrals, and advertising yourself to decision makers.

It is important to network with a plan in mind, be proactive, and focus on business growth through a strategy that provides a mutual benefit for you and your new potential contact. Being mentally prepared is imperative, not everyone whom you meet will help you meet your goals, but you can reap the rewards from many undiscovered opportunities.

Know what events are beneficial to your company; sometimes it’s about who you know, when gaining new business! Be prepared and know what specific requirements are needed from the event. Besides being appropriately dressed for the occasion, be approachable with a candid introduction or elevator speech that tells the perfect story of selling you and your business in 30 seconds. Share pertinent information that is useful to each new individual, be positive, be different, and be memorable. Those qualities lead to a meeting, and a positive return on investment from your business cards. Lastly, always remember to follow up to seal the deal!

The PMC Team

 


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Overcoming Your Marketing Barriers

Increasing the demand & supply for your products or services should be a pivotal discipline for your managerial team. Your marketing strategy builds the bridge between your business, its stakeholders, and your customers. Knowing your business needs, communicating and matching those objectives to the wants or needs of your customers is half the battle.

Tips to Breakthrough your Marketing Barriers: Break through
1. Focus on What You Offer

While increasing your brand awareness, it’s too risky to second guess on if what you offer is meeting the interests of your customers. This is part of your marketing communication, how you effectively provide information about your business, and what you offer as you target your ideal customers.

2. The Request for Information

This requires your organization to learn from others. Learn where your customer’s interest lie, how they perceive value, satisfaction, what is desirable, and how you relay your message to them.

Failure to address both of these concerns, causes a weakness within your marketing communication, ultimately leaving the unique role of properly marketing your business unchallenged or recognized.

“Sell a solid Marketing Strategy and Customers Will Buy”, is a Rule of thumb and a vital part of your Marketing Communication.

The PMC Team


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Money Talks ~ How Adding Value Can Improve your Cash Flow

Besides exceptional brand awareness, customer service and satisfaction, there are other important factors that keep your customers coming back for more! Adding value to your offerings can make the difference between what your current and potential customers are willing to pay, in addition to improving the cost of producing your products and services.

Aside from competitive pricing, economic value is based on what customers perceive to be valuable, depending on their individual needs; it can be industry specific and may vary depending on your competitors. Your customers may be willing to pay a premium for your products and services, based on their individual benefit in what your company offers. Although you may offer a low price, the dollars may not roll in, due to your competitor’s advantage in adding more value.

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If your cash flow looks uncertain, here are a few strategies to help your bottom line:

  1. Become a Low-Cost Leader – It increases your company’s cash by becoming the industry’s lowest cost provider. This technique can improve utilization of capacity and resources, improve your operations and reduce your input cost of production.
  2. Provide the Best Cost – It increases your company’s cash through a combination of offering a lower cost and unique value. Customer satisfaction will increase your cash flow when your customers perceive value in your product or service, which you offer at a more competitive price.
  3. Product or Service Differentiation – This increases your company’s cash through providing unique value that surpasses your competition, other than offering a low price. This technique is based on the supply and demand of your customer’s needs, which is what you can use to leverage your uniqueness.

The PMC Team


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6 Questions To Help Your Teen With Better Money Management

There are many advantages to working during high school, which positively impact your adolescent’s future that you maybe overlooking. Working during high school increases the chance for your teen to gain skills, learn organization, responsibility, time management…..and more!! In order for your teen to become financially stable, it is beneficial for them to possess inner motivation, a strong work ethic, and have great control of their spending. Here are six questions your teen should as themselves in order to manage their money better!

 


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Small Business Accounting Tips Every Business Owner Should Know

As an owner, you should consistently ask yourself how well are your accounting goals working each month and have you effectively monitored your performance? A successful owner will have a business to-do list; bookkeeping and accounting should be an integral part.

Having a degree is not a pre-requisite for running a business. Rather than spending time on tedious accounting, most business owners focus more of their attention on what got them into business in the first place. Don’t let improper bookkeeping and inaccurate records affect your compliance or shut your doors. This year, lets set accounting goals to put your business in a profitable direction!

First, its best to have an understanding of how the three most important qualities of accounting affect your business.

Contact-UsAccounting provides a clear picture of how well your business operates currently or in the past to the users of the information, such as decision makers and investor.

 

Blog-1It measures pervasive constraints, such as the benefits or costs of new product or service lines, investment projects, or purchases.

 

Think digitalIt increases the user’s ability to make useful decisions, strategic changes, and accurately forecast future performance based on the reliability of your financial data. Depending on your business, every accounting cycle varies. Your financial information is a reflection of how well you maintain your accounting cycle on a consistent basis, and how you set your previous goals.

In order to set the proper bookkeeping and accounting goals, you must have a thorough understanding of the Accounting Cycle, make your goals relevant, reliable, and measurable according to GAAP or IFRS accounting Standards. In addition, important metrics should be set to monitor your progress, based on your industry

The Accounting Cycle is the sequence of accounting procedures completed during each accounting period and includes:

  • Recording Transactions
    • Identifying and Analyzing Business Transactions
    • Recording Journal Entries
    • Posting to the Ledger
    • Unadjusted Trial Balance
  • Recording Journal Entries
    • Adjusting Entries
    • Adjusted Trial Balance
  • Financial Statements
  • Closing Entries.

Internal controls, and a durable bookkeeping system or robust accounting software can help to alleviate the hassle of maintaining outdated templates, plus save you time. As a businessperson, you want to be able to gauge your profit or loss, revenue and expense accounts, and bank reconciliations from cycle to cycle in order to achieve the highest level of accuracy with your financial reporting.

The PMC Team


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New Year, New Goals, New You ~ New Brand!

The new year is coming! It’s time to make some concrete plans in the right direction, have an exceptional year, and improve your current situation, with a better you and outlook on the future. 2016 is the right time to show what advancements you envision for your personal life and brand, while taking your career to the next level. Your next level is dependent upon your personal brand, so let your positive personality shine through!

You wonder how you do this or what steps do you take to analyze your new year with a plan that actually works? To enhance your personal brand and bring your objectives to fruition, here are six steps for taking action starting with 2016:

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  1. Analyze and determine your current situation – that means everything!
  2. Develop short-term and long-term goals – this is the most important step. Setting the right goals guide your future down the right road to success.
  3. Develop alternative plans of action for each goal.
  4. Evaluate your alternatives – you definitely want to focus your actions in the areas that provide the most positive outcomes. Your personal brand takes work!
  5. Structure your plan and put it in motion – at this point you are ready to go; time to get started!!!!  2016’s approaching, so it’s the perfect time to incorporate your New Year’s resolutions into your personal branding and business plans.
  6. Re-evaluate and revise your plan – around this time next year you should re-evaluate how much of a great year you’ve had; it may need to be revised, but the right goals will help in determining your success and lighten the planning process!

Start your New Year off with a twist! Let people see what’s new and amazing about you; they deserve it…..and have a Happy New Year! Make it a great one!

The PMC Team


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Enhancing Your Growth Strategy

Every business has an expectation to grow their profits and sales at some point or another. Growth depends on your financial situation, in addition to the market and the economic conditions that affect your industry. Your growth also depends on certain factors such as entry barriers and market penetration, expansion and reducing the associated risk of your new product or service, acquisition and speed to market, in addition to diversification and developing new capabilities.

If you’re entering into a new market, you want to consider the key players competing within your new prospective industry. What type of competitor are they, are they dominating the market with a lock on suppliers and do they have the capabilities to meet all customer demands? Dominating those areas creates a barrier, making it harder for you to penetrate your new segment.

If you have saturated your current market,  selling more of your current offerings may be costly. You may want to consider selling them in a new market to increase your sales or provide new options to your current customers that have a need for them; researching current or prospective markets will help in providing new product or service ideas that benefit all of your customers. Consumer needs change often, along with technology, economic conditions and industry regulations. It is best to stay ahead of the game with new features and added value that exceeds your competitors to increase retention and loyalty.

Forecasting your strategy is important and the certainty of your future cash flows are necessary for its success. The right acquisition can increase your cash flow potential, expand your resources, networks, and capabilities through new employees, intellectual capital, and an enhanced supply chain.

Diversification is the key to a sustainable competitive advantage. Remaining a step ahead of your competition keeps your current customers coming back for more, while helping you gain the new customers within your new innovative strategy. If you are a start-up, your strategy should include penetrating new markets at a low cost. A question you and your team should keep in mind, is it more riskier to sell from your current item list or is it more beneficial to expand into new markets with new products or services that differentiate you from the rest? That may require new skills and the right team players to assist in developing the new capabilities to bring your growth strategy to fruition.

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The PMC Team


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Are You Bankable ~ What Does Your Cash Flow Tell Lenders About Your Business

As a business owner, your cash flow is a significant indicator of your company’s financial health and cash position from one period to the next. Managing the cash inflows and outflows within your operating, investing, and financing activities are very important for making sound decisions. Lenders assess your cash flow statement to observe the changes within those inflows and outflows to rate your ability in repaying your potential loan. Your business must be able to present stable or positive cash flows for at least three to five consecutive years.  The obligation to make your loan payments on an ongoing basis restricts your free cash flow to invest in growing your business and provides insight on the flexibility of your future cash flows, if there is an emergency.

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For many companies accounting is a top issue, and preparing sound financial statements can be problematic. Balance sheet accounts and elements of the income statement are used by banks to access their risk. It is important to stay current on all payments, invoices, and tax liabilities to prevent any setbacks within the loan process.

Besides your profitability, the 5 Cs of credit are key in determining whether your business is bankable:

  • Character (credit history) – a subjective measure of your willingness and ability to repay the loan, based on your personal credit history, (FICO) score and credit report, which provides the names of lenders that have extended credit to you, types of credit you have, your payment history, and your personal financial strength as a means to help understand how reliable you have been in repaying past your past debts.
  • Capital – is a measure of the borrower’s investment in the business such as initial cash infusion, retained earnings, or other assets of the business owner. Your personal investment is what can make your business more favorable.
  • Capacity – determines your financial capacity to manage repaying your loan, based on the historical cash flows, debt service coverage, and debt to income Ratio generated by the business.
  • Conditions – a measure of the environmental and economic conditions that may affect your company’s ability to repay your loan.
  • Collateral – lenders can secure your loan by the value of assets such as buildings, automobiles, equipment, CDs, or savings accounts ect. to help in determining their lending decision; they must have some recourse in case you default on your loan.

The PMC Team


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Which Face Belongs to Your Customer – Customer Measures to Assess your Image and Reputation

How does your customers really think of you? This is a question that every business owner should know the answer to, from their customer’s perspective! How was their experience in your establishment and overall, did your level of service leave them with the best impression? Customer Relationship Management is a way to synchronize your sales revenue, marketing, and customer service to interactions with your current and future customers. One or a few happy customers out of many should never be enough.

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There are customer metrics you can use to provide insight on how effectively you’re penetrating your market. If your customers are satisfied, they will be loyal, help increase your market share, and ease the work it takes in improving your brand image. Below are the four customer metrics that will help you gage your overall market share and reputation:

 

  1. Customer satisfaction – The number one way to see if customers are happy with your products or services is to simply ask for feedback! A quick survey regarding their experience or a few verbal questions about their level of satisfaction can go a long way! Customer satisfaction metrics bring to light their perception on your business’ overall quality and reliability.
  2. Competitive Pricing – Your price communicates your level of value to your customers. Your cost of goods or services should be considered in calculating that value to them. Your compeitive pricing analysis should also be measured against your competitors to assess if you’re providing the right value for a the right price.
  3. Customer referals – Happy customers tell their friends about how good their experience was with your company. Referals are an opportunity for new business from a customer reference or recommendation to their peers. Customer referrals are free leads; if you’re not considering referrals, you’re missing out on significant value.
  4. Customer Retention – This is often thought of as being synonomous with customer loyalty. Customer retention is about keeping your current customers, while customer loyalty is about building the long-term relationship through monitoring churn rates and cohort analysis.

The PMC Team


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The Multi-Dimensional Thinker ~ Are You Effectively Concentrating on Your Company’s Resources!

You may be wondering what a multi-dimensional thinker is and how becoming one will help your business. Einstein was a multi-dimensional thinker and strongly believed in the concept. This way of thinking uses mental or sensory imagery rather than words, sentences, or internal dialogue.  As we all know, the greatest entrepreneurs and leaders are visionaries. A clear vision is like watching a movie out of your ideas, you can see a vivid picture of your thoughts much faster than verbal thoughts.

You may assume multi-dimensional thinking is synonymous with multi-thinking, but they are somewhat different.  Multi-dimensional thinkers are innovative, which is an attribute some multi-thinkers do not have. A Multi-thinker is when one thinks about many things at once, and is still able to function while making sense. It is different from multitasking, because multitasking is doing many things at once. Although we believe it may be easy to multi-task for the proper output or anticipated outcome, you may not get your desired result, without being able to properly input the right ideas or think each task clearly through, while using a single-minded thought process.

Multi-thinkers always weigh the alternatives and keep a plan b, unlike the single-minded thinker; the multi-dimensional thinker utilizes the characteristics of both multi-thinking and multi-tasking. They are able to assess and make clear decisions about each idea, delegate and implement those task into action not only at the same time, but efficiently implement and distribute those task with the least amount of their resources at the proper times.

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Multi-Dimensional Thinkers are able to visually think, and cope with the intensity of building their organizational capital. Below are three resources that are not only the foundation of a successful company, they also have a strong impact on your revenue, profits, and cost:

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  1. Financial Capital – are the different monetary sources a company can use to implement its strategy. Innovative thinkers create the proper strategy and implement their financial resources properly to meet goals, cut cost, or expand through investment. The sources of financial capital range from equity, leases, loans and more.

 

 

 

 

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  1. Physical Capital – are your tangible assets and physical technology. Successful companies understand that technology rapidly changes and is driven by innovation, the proper equipment is necessary to meet the desired capacity needs of your customers, and location is a key factor in business. Multi-dimensional thinkers are able to properly implement the proper hardware and software technology, chose the proper equipment for efficient operations, and position themselves in the right geographic locations for reaching their target market segments and accomplishing their greatest ROI.

 

 

 

 

 

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  1. Human Capital – represents the cohesiveness of your company’s cross-functional relationships, intelligence, experience, and training; it also provides insight on the judgment of each individual worker of your company. A sound strategy aligned with your vision, and the processes that build your organizational capital, will show you the proper amount of resources needed to invest, whether in training or                                                                       hiring the most qualified staff to meet your goals.

The PMC Team


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