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Tag: management

Cost management is key to business profitability

Cost management is key to business profitability

Business
An understanding of cost behavior not only helps cost management as such but also supports strategic and tactical decision-making across the entire spectrum of business operations. Projects, processes and regular operations can all benefit from cost management, leading to overall business performance improvement. Cost Analysis for Decision Support Information When cost accounting started during the industrialization era, the emphasis was on finding the direct costs of making a product or providing a service to help in setting prices. Establishment costs such as rent and administrative expenses tended to be ignored and had to be recovered through the high margins in the selling prices. Emphasis then turned to ascertaining the "full" cost of producing something. Complex and labo...
Economics and personal finance – Tips if lost job during COVID-19 pandemic

Economics and personal finance – Tips if lost job during COVID-19 pandemic

Career
Economics and personal finance - It may be cruel, but it is not illegal. Being fired, laid off, or just having the company close its doors during the COVID-19 pandemic is not new, and is, unfortunately, becoming more common. Everyone around seems to be in dilemma, except for those to whom the present condition is just another drain on diminishing resources and loss of dignity. Practical Steps to Dealing With the Loss of Job and Loss of Dignity First of all, with respect to economics and personal finance, stop playing the "what if" game. It's doubtful any employee could have truly predicted when the axe would fall. Stop blaming yourself and/or others. It's a waste of personal energy and time when efforts need to be conserved for the rocky road ahead. No sugar plum coating here – t...
Financial wealth management and business planning

Financial wealth management and business planning

Business
Financial wealth management - When an entrepreneur decides to start a small business, the first step is to write effective financial wealth management and business plan. If the business owner wants to attract investors or needs a loan to get started, it is essential. The plan should be comprehensive and cover all aspects. This article looks at the different aspects as well as where the future entrepreneur can get help to write a successful business plan. Strategic Planning and the Business Plan The business plans or financial wealth management is a means of strategically planning for the strengths and weaknesses of the business. It’s important that the entrepreneur have a good understanding of the business. By strategically planning, financial wealth management and taking an unbi...
Integrated wealth management: Business information, effective business management

Integrated wealth management: Business information, effective business management

Business
Integrated wealth management - Along with scientific, technology & medical and education/training information, business information delivery has been transformed by the Web. Business information consists mainly of market research reports for different industries/regions, company information including credit and financial info, economic analyses of countries and industries and news on developments of business interest. How is Business Information Used? As discussed in the article on business strategy development, strategy formulation depends heavily on gathering information about external environment, market trends, competitors, technology developments, and prospective customers and their plans. All these come under business information. Business information also includes marke...
Money management and good relationship for young couples

Money management and good relationship for young couples

Lifestyle
How do young adults manage money? How do you handle finances in a relationship? Every new relationship is full of hope and love. Unfortunately, these two are not enough to sustain a relationship. True, talking about money can be uncomfortable, especially for partners in a new relationship. But if both partners are in for the long haul, they do need to communicate clearly with each other about money management. The following suggestions may be useful for new, young couples to manage financial problems. Financial planning for newly married couples Very often, partners in a relationship do not share the same attitude towards spending, saving, budgeting and investing. And arguments revolving around financial issues can break a relationship quite easily. That’s why it’s important f...