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Author: mandmweb

WHY THE FINANCIAL NEWS MEDIA CAN COST YOU MONEY!

The communication innovations we have around us today like the internet, financial newspapers, and special interest television channels focused on investing like CNBC are a high speed pipeline of nonsensical chatter. All these sources of information mean that there is no shortage of media people trying to answer our questions about the stock market and specific stocks. You have to remember that the news media are constantly competing to survive against other stuff you can watch. If they don’t always sound like they know exactly what is going on then you won’t watch their presentations. If you don’t tune into their show then their ratings go down. If their ratings go down they get fired and their show gets cancelled. This means that financial journalists are in the business of finding great stories and sounding like authorities no matter what. The stock market is a great place for them to dig up news ‘scoops’ to feed to the public. They don’t really check their facts very well and sometimes not at all. This means that if some insider wants to feed you a line of bull manure then all they have to do is maintain good connections with financial journalists, sponsor an investment show, or outright buy an investing TV channel like Jack Welch the CEO of GE did when he set up CNBC. What a great way for...

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Five Steps to Create a Budget for your Small Business

How I hate budgets! Every time an accountant told me to put together a budget for my company, my response was – “When I get the time I will!” I just never seem to get the time. For several years when I first started my company I never paid attention to a budget. I knew if I made money by looking at my financial statements and that was good enough for me. Also, every time I tried to put something together I never compared my actual financials to the budget numbers I created. Two years ago, I decided to take a different approach. I developed a forecast for a quarter of what I expected income and expenses to be. I came up with the figures based on the previous year’s actual numbers. It was easy to look at last year and just add a percentage increase to the numbers. Then I took the time to review once a month the forecast with where we were at that point. By using this system of creating a forecast and comparing that to actual financials on a monthly basis I was able to focus on income areas that were falling behind and stop expenses that I didn’t need to make. I am an avid fan of informational products. I buy thousands of dollars every month. With the forecast in place I caught...

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15 Steps On How To Welcome Your New Employees

Looking after a new employee during their first few weeks at work can mean the difference between their success and failure as employees as well as your success and failure as an employer, manager or supervisor. Proper orientation determines how fast the new employee can be productive and efficient in his or her new job while giving you a good opportunity to make your new employee an efficient part of your team. Below are 15 suggestions that will help you deal with your new employees during their first few weeks to help make sure that they get started on the right track. 1. Have a induction policy for welcoming and training new employees. Don’t just leave it to whoever is available. Human resources should cover the HR side of the induction with a trainer (if you have one) or a senior manager or supervisor covering the more hands on part of the job. Either way the following is a minimum of what is required. 2. Give your employee a warm welcome. Don’t just point them to the area they work and let them get on with it. Nothing makes a new employee feel comfortable more than a warm welcome. 3. Give them a brief description about your role as a supervisor. Knowing who’s in charge and what you expect from them will make them more comfortable with you as...

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How To Finance Your Small Business

If you have a great business idea or plan, or you would like to expand your existing business, don’t let a lack of funds stop you in your tracks. There is a wide variety of financing available for small businesses. Let’s take a look at the financing opportunities that small business entrepreneurs can take advantage of. While the financing sources comprise diverse institutions, such as banks, government sources, venture capitalist and “angel” investors, it is useful to look at what all lenders, regardless of category, want when they loan money or invest in a business enterprise. When you seek...

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How Much Are You Worth: Consulting Fees

How much is your time and expertise worth? Its the age old challenge for consultants: how much do I bill my clients? Sadly, there is no set in stone answer, however, here are some tips that will help you establish your rates. First, lets look at your client’s needs. Why are they hiring an outside consultant, when they have employees? There are several reasons why your client is interested in hiring you as a consultant: a) third party opinion – employees know where their bread is buttered, so they are less inclined to go against the current direction of...

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