Daily Archives: December 5, 2016

Archive of posts published in the specified Day

Dec
5

Internet Business Success – The Number One Culprit To Not Achieving It

Are you just starting on the internet business world? If you are, then you must at least know what are the things you should avoid and what are the important things you must also know about in order to succeed in this business.

I am about to talk to you regarding one very important thing that you need to be aware of or maybe consider real seriously in order for you to achieve the muchought after dream of internet business success.

You Need To Be Single Minded And Level Headed

The first thing you should be aware about if you are to start doing business online is your very own mindset. So what about your mindset? I want to point to you the importance of being single minded. To put it in a more appropriate term, you need to appreciate being simple especially with the way you look at things.

The internet itself is based on technology, for a non-techie guy like me or you, wanting to understand the core technology behind the existence and the entire operation of the internet is becoming a bit complicated. It is the same principle with internet business, you do not have to understand or become expert in every aspect of it. Doing so will make it extremely complicated for you. Therefore, let the web designers be expert in building websites, let writers become expert at writing, let internet marketers be expert in marketing, and so on …

Keep a simple mind and know that you want to establish a business – this should be your main goal. So, all you need is a product or some kind of service to offer, promote that and make money off it. It's that simple.

If you need to learn the basics from all these different aspects, then by all means do so. However, remember that you do not need to become an expert in all areas. Know what you got to learn and then focus in your goal of growing the business and making money off it. Soon you will realize that things just grow naturally by themselves without you making things look so complicated like many others do.

A lot of the starting wannabe online entrepreneurs are not really aware of this one big mistake of trying to make things seem complicated way more than they should really be only. So keep things simple, focus on the big picture of establishing your business and making money. Do not worry too much on the details. Let the natural flow of things happen as you take one small but firm step at a time. …

Dec
5

25 Examples of Finance Key Performance Indicators (KPI s) for Small Business

Key Performance Indicators (KPI s) help businesses of all sizes from a small business or SME to a much larger company or organisation define and measure progress toward business goals.

KPI s are quantifiable measurements, agreed at the outset, that reflect the critical success factors of a business or organisation. They will differ from business to business.

KPI s are a critical tool in helping to ensure a business is focused on achieving its desired goals.

There are many examples of KPI s but it is important to recognize that they will vary from business to business and will depend on the specific objectives of a business at a given point.

Finance related examples of KPI s may include any of the following 25 examples of KPI s which is not an exhaustive list:

  • Accounts Receivable Collection Period
  • Cash Flow Return on Investments (CFROI)
  • Cost Income Ratio
  • Cost per payslip issued
  • Creditor days
  • Cycle time to process payroll
  • Cycle time to resolve an invoice error
  • Debtor days
  • Direct costs
  • EBIT
  • Fixed costs
  • Gearing
  • Invoicing processing costs
  • Number of invoices outstanding
  • Number of overdue invoices
  • Percentage of bad debts against invoiced revenue
  • Percentage of financial reports issued on time
  • Percentage of invoices disputed
  • Percentage of invoices under query
  • Profit per customer
  • Profit per employee (FTE)
  • Profit per product
  • Profit per project
  • Return on capital employed (ROCE)
  • Return on Equity (ROE)

There are literally hundreds of KPI s that may or may not be applicable to your enterprise. The key is to identify the ones that a critical to the success of your enterprise.

KPI s are a very valuable performance management tool for sole traders and SMEs through to larger companies and international organisations. Sadly, the need for the use of KPI s is not as understood as it should be in SMEs so therefore are not used as often as they should be.

Small business or SME owners need not be afraid to embrace the use of Key Performance Indicators as there are a number of business to business consultant resources that are there to help a SME develop and identify a dashboard of the most relevant KPIs for their operations so that there is a true understanding of what drives the underlying profit performance which therefore increases the likelihood that an owner will be successful in meeting the stated goals and objectives for that enterprise. Knowledge is power as they say and monitoring KPI s provides that vital knowledge.…