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Managing the Bottom Line

Managing a business is not as simple as one might think it is. As a matter of fact, in order for your business to succeed, one must exert extra effort. Also, you must always monitor the current condition of your business. In order to know how well your business is doing is by monitoring the monetary flow of your business. When we say “monetary flow” or more known by many as “cash flow”, it represents the entire gross sales and revenues. Also, you must always keep track of your net income or “net profit” so as to know how to enhance the performance of your business.One of the essential factors in making your business successful is by creating a financial scheme and periodically checking its status against certain particulars that will pop up monthly. If certain problems are encountered, it is essential that you must solve the problems immediately. Listed below are some of the actions that you must take so that your business will run smoothly and for it to succeed eventually:

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Design a financial scheme. Estimate the profit that you expect to earn on a monthly basis and calculate your expenses.Also, bear in mind that the profits that you have lost can not be recovered. Once businessmen assess their estimated calculations to the actual calculations and discover that the profits are much lower than they expect it would be or the expenses are higher than projected, they would normally decide to “make it up later”. The truth is that, on each month or months when the projections are either too low or too high – low for profit and high for expenses -, that month is gone and can not be regained.Take immediate action. In an event when the profit or revenues are much lower that the projection, take immediate actions by increasing efforts in the sales and marketing aspects. Better yet, it is essential that you find means to raise your rates. Cut your overhead costs if you think that they are too high. Most of the businesses these days do that in order to become more profitable.

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Be “money wise”. It is very important that you must consider various consequences before spending. If you are taking into consideration another business expense – this includes the marketing and sales aspect of the business -, it is important that you must assess the increased profits that you projected against the expense before you proceed.Measure the success of your business based on its profits not on its revenue. Remember, the success of a business is not based on how much money you are bringing in monthly if the expenses of your business are much higher. This is one of the main causes why numerous businesses these days have gone bankrupt.

Management Style and the Bottom Line

Quite often, human behavior is imitative. We learn how to act by mimicking others’ actions. In the workplace, most bosses manage as they’ve been managed.Imitation may be the sincerest form of flattery; however, some of our role models aren’t necessarily ideal role models. Learned behavior, which is often subconscious and automatic, can seriously undermine efforts to succeed in business.According to research, management style can either benefit or decimate the bottom line. One particular study I recently read found that a negative management style is linked to high turnover. For small businesses, high employee turnover is quite costly and a genuine problem that affects profitability.

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Study authors discovered that managers who provide a supportive and considerate work environment experience significantly lower turnover rates than their counterparts, who operate from a traditional management paradigm, treating workers as disposable resources.An ineffective management style is a common source of small business inefficiency, which inhibits success.Is your management style positive or negative, or somewhere in between? Do you inspire and motivate workers to do their very best, or are you inadvertently de-motivating and disempowering employees?MANAGEMENT STYLE RATERLow 1 2 3 4 5 High1. Do you communicate openly with your employees, ensuring everyone is “in the loop?”2. Would your employees describe you as accessible and approachable?3. Would your employees say you have a good understanding of the problems they face in their jobs?4. Would your employees describe you as flexible?5. Would you help out an employee if he or she had a serious personal problem?6. Do you routinely cross-train workers?7. Do you foster a culture of cooperation within your workplace?8. Do you personally praise workers when they’ve done a good job?9. Do you provide workers with meaningful training?10. Do you ensure workers have adequate resources to perform their jobs?

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Scoring Guide1-15:You operate from a traditional management paradigm. To you, workers are a disposable resource or mere cogs. Expect high turnover and reduced profits if you fail to change your perspective.16-39:You exhibit a mixed management style. You are traditional in many ways, yet in some circumstances you use an enlightened approach in dealing with workers. Shifting your traditional behaviors will reduce turnover and improve your bottom line.40-50:You are an enlightened small business manager. You are adept at handling process and leveraging people. Your approach will lead to efficient management of your small business operation.

The Frontline Equals the Bottom Line

Most of us have heard the expression, “The frontline equals the bottom line,” as it pertains to a company’s employees. It means that as far as the customer is concerned, a company’s frontline employees ARE the company. After all, rarely do customers come in contact with the executives of an organization. Those frontline employees are truly the face of the organization. But as leaders, do we perform in a way that is consistent with the frontline equals the bottom line philosophy? In many cases, I think the answer is no.I was thinking about this issue recently while eating in a T.G.I. Friday’s restaurant. As I was observing the employees, the reality of the frontline equals the bottom line really hit me. These servers, bussers, bartenders, etc. are the most important people in the company. I knew this intellectually (I’ve talked about it for years), but the trueness of it hit me at that moment. These employees are typically the lowest paid in the organization, treated as expendable, often treated in a condescending manner, and yet they are the most important people in the company. If these employees fail in their duties, it makes no difference how smart the Sr. VP of Marketing is. The transaction between the customer and the company (the frontline employee) can easily crash and burn if that frontline employee doesn’t do his or her job well. This is true in restaurants, hospitals, banks, grocery stores or any other industry/organization. Executives can call in sick, but if the truck drivers for a distribution center don’t show up one day, now there is a situation. When they do their jobs with pride and enthusiasm, the likelihood of company success is exponentially increased. When they do their jobs with boredom and skepticism, the greatest technology systems in the world won’t help.

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We should treat our frontline employees like the stars that they are. We should honor them for the work that they do because they are the ones that make the world turn. All of our strategies, visions, and corporate goals are only as good as the execution of those plans; and execution ultimately comes down to frontline people doing things. Theirs is the most honest work of all. The customer was either happy or she wasn’t, the delivery happened on time or it didn’t, the cooler was either stocked or not, the food was either hot or it wasn’t. Frontline employees don’t need a report in a binder to know how things are going. The score is real time for them.I think what is missing in business today is knowing the importance of the frontline at a gut level. Most of us know that we should say the frontline is the bottom line, but I don’t think it often shines through in our actions. If it did, we would be having pizza parties regularly, pitching in to help when things are busy, taking employees to lunch regularly to ask what can be improved. We would hold celebrations all the time. We would say thank you at every opportunity. Think about those times in your personal life when you were grateful for something that someone did. I mean truly grateful. Remember how sincere and heartfelt your appreciation was toward that person? Can you remember the last time you showed that level of appreciation to an employee or group of employees in your organization?The need to be appreciated is one of the strongest needs of all. When employees work hard all day, doing the real work of the company, being treated with honor isn’t too much to ask. Asking me to clock in and clock out says something about how you feel about my honor. Giving keys for the supply cabinet only to managers and above says something about how you feel about my honor. Having a lavish holiday party for the executive team while giving me a $2 tree ornament says something about how you feel about my contributions. Walking by the reception desk, the loading dock, or the stockroom without acknowledging employees, taking a moment to see how things are going, or just saying thanks, are all behaviors that tell employees what management really thinks. Is it any wonder that most studies show employee engagement is abysmally low?

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My wife and I used to have a housekeeper, Val, who cleaned our house once a week. She was truly an excellent housekeeper and cleaned even the hardest to reach areas. Debbie (my wife) sincerely appreciated the extra effort and always showed her appreciation. My wife and Val became good friends. One time Val mentioned that although she cleaned a lot of houses, Debbie was the only one who appreciated those extra touches and actually showed appreciation. What is important to note is that Debbie didn’t say thank you to get Val to do the extras. Debbie thanked Val because she did the extras. Val, however, said that she wanted to do more because of the appreciation. It was simply a sincere cycle of performance and appreciation. Saying thank you to people who work hard is simply the right thing to do. And usually when we do the right thing, we get the right thing in return. Not always, but usually.You know who the frontline employees are in your own organization. I challenge you to take a hard look at the level of appreciation that you show those frontline employees.Something to think about: Do your employees know you appreciate them? How do they know you appreciate them

The Bottom Line in Managing a Retail Shopping Center Successfully

In managing a retail shopping center the issues and tasks to understand are many. The right person with the right experience should be selected for the property management position. Errors or strategic mistakes are likely to have a major impact on property performance and tenant trade. That will then have a flow through effect to the rental structure and the vacancy rate.The bottom line on managing a retail property is that the right tenants must be chosen for the mix. It is difficult for a property to fail if the right tenants have been chosen and well located within the property. Every tenant should be selected on their match to the customer and the location within the existing tenant mix.Certainly a retail property is a fine balance of a number of key factors, but the best property in the right location still requires the correct tenants. The tenant profile will attract more customers to the property over time, and that is exactly what a top retail property requires. Better levels of trade help the tenants thrive and that has a flow through to the landlord’s rental rates and recoveries.

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So how do you know what the customer is looking for by way of tenant services and goods? In simple terms you should get a market survey undertaken of customers and their shopping interests. Here are some considerations for that:Determine the primary market from which the customer will be drawn. A full 80% of business should come from this precinct. Get some maps of the roads and highways around the property; look at the roads and understand how and why people would stop in at the property for goods and services.
If you are managing the property now, you can undertake a survey on site over a number of days of the week. You can also spread that process over a few weeks so you are capturing the complete shopping habits of all the people that visit the property.
If the property is new or still to be constructed, then you should to do a marketing survey by ‘door knocking’ the area locally.
What is the demographic of the local area? Is it made up of predominantly young families, middle ‘nesters’, or older retirees? Will your property need to adjust to the different profiles? How will that impact the tenant mix?
Review the competing properties through the town or suburb. You will find that they have factors of tenant mix, vacancies, rental, and customer profile that will be useful in your property consideration. Look for the strengths and weaknesses in those other properties and then understand how they could have an impact on your property location.

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Shopping centers are vibrant and busy properties to manage. On that basis you should select the right people for your team and ensure that they are managing the property to the needs and profile of the community. Match the tenants in the tenant mix to that equation.

Health Advantages Of Different Vitamins

The health pack, skincare products and usana vitamins are highly in demand as these are of world class quality and satisfying the users’ need effectively. As we all know that vitamins are a key component for a perfect immune system. Meanwhile, these have a significant ability to complete the biochemical processes occurring in the body continually. And if you are lady and developing fetus inside you, it is needless to say, vitamin supplements are a must to take in protecting both. These vitamins provide you protection against any infections and diseases.
One of the popular brands in vitamin supplements is USANA. No doubt, pregnancy is an assailable time in a woman’s life. The mother need to care herself with proper diet and routine medical checkups. And when it comes to nutritionally demanding phase, these USANA vitamin supplements just serve the purpose accurately.
Here is the list of USANA Vitamins, which are recommendable during pregnancy:
Along with knowing about the USANA supplements, it is also important to consider about prenatal care. During this stage, following are some of the important prenatal vitamins and minerals a woman should consume:
1.Iron: to increase the blood volume, thereby meeting nutritional demands of placenta and fetus.
2.Calcium: to make the bone and teeth formation strong.
3.Iodine: to make the sound functioning of thyroid
4.Selenium: to boost the muscle strength.
5.Zinc: for strengthen of immune system.
6.Vitamin B6: generally known as pyridoxine, is an important coenzyme in the biosynthesis of the neurotransmitters GABA, serotonin and dopamine.
Allthese vitamins and minerals are supplemented in USANA products. Now, here is the detail of these products:
1.USANA Essentials: the supplement consists of powerful antioxidants that meet the guidelines for potency and uniformity, set by United States Pharmacopeia. The main ingredient of this is olive fruit extract. The product has been passed by the United States Recommended Dietary Allowances as an effective dietary supplement.
2.USANA SoyaMax: the supplement is a better alternative to animal proteins. One can consume it to maintain the right balance of cholesterol.
3.USANA Calcium Plus: calcium, magnesium, vitamin D and silicon are the main ingredients of this vitamin supplement. All of these are ideal in promoting a healthy bone health and growth.
4.USANA BioMega: you can get the rich source of omega 3 essential fatty acids with this product and can ensure a strong cardiovascular health. Additionally, it provides healthy neural and bone growth properties. The best part is, it is devoid of any heavy metals, hence is safe to be consumed.
Although, these entire vitamin supplements are safe to use, but one should take with doctor prescription as the effect varies from body to body.