Thursday, May 31, 2012

What Is EBITDA And Why Is It Important

EBITDA is an acronym for earnings before interest, tax, depreciation and amortization. Investors, owners, business managers need to understand profitability. While it may be possible to understand profitability for a business, they would also like to benchmark against trends, other companies in the same industry, different geographical areas etc. Each company is structured differently. This makes profitability ratios difficult to compare. To enable comparisons, therefore, EBITDA has evolved. Each business structure may be different. Let us see what impact these differences will have on the profitability.

The capital invested in any two businesses may not be the same. Some businesses have more owned capital and others may have more of debt. Interest is paid on debt. So while one business may not have interest expense, the other might have interest expense. This has nothing to do with profitability from operations. The interest expense is eliminated to enable a fair comparison.

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The tax structure of any two businesses may not be the same. The tax structure depends on a number of factors such as the ownership structure, geographical location, incentives provided by various levels of the government for different businesses. A fair comparison may not take place unless impact of all these items is eliminated.

Each business may also have different levels of automation. Automation requires more of capital expenditure that will also require a higher level of depreciation expense. The age of the business also determines the depreciation expense. Older capital equipment might have a lower level of spend and therefore lower depreciation. There are various intangibles that a company may have on its Balance sheet such a goodwill etc. Goodwill needs to be estimated and amortized once a year. This might result in swings in profitability between different companies and also between different years for the same business.

Therefore, while comparing profitability, it makes sense to eliminate the impact of these items that could be due to a non - operational reason. EBITDA serves his purpose.

What Is EBITDA And Why Is It Important

Easwar has an extensive knowledge of issues related to currency,exchange,taxes,cost savings ideas and loves to write about it. For additional resources please visit http://www.improveprofitsnow.blogspot.com

Send an email to costreduction@aweber.com to get your copy of "16 quick wins to improve your bottom line in 90 days"

Monday, May 28, 2012

Dialogue vs. Discussion

Have you ever sat in a meeting where everyone is busy giving their point of view and trying to prove why they are right? Where no one is actually listening or trying to understand other individuals' points of view. The alternative meeting format is where everyone listens to and agrees with the meeting leader. No one contributes or adds ideas, they are just compliant.

In my experience most meeting are either one or the other. But when you think about it, what is the point of most meetings? Meetings are usually held to make decisions. The outcome that most people would want from the meeting is that the BEST decision is made, not that any decision is made, or another sub-committee is formed but that a decision that delivers results is made. Then we move on.

\"business Management\"

So as we hustle from meeting to meeting being very busy, achieving nothing in the way of measurable results, we land up with yet another sub-committee. All because we have lost the art of dialogue. So, the question is; what is the difference between dialogue and discussion?

DISCUSSION - Discussion is the way that most people communicate. During discussion we present our ideas and everyone analyzes and dissects them from their different points of view. The purpose of discussion, though, it to make sure you win, or that your point of view is the one that is accepted. During the discussion you will support your idea and give your points more strongly until, eventually, others agree with you. You want to prove that you are right, and the most knowledgeable, as does everyone else in the discussion. Great! With everyone trying to win the argument, no decision is ever made and we eventually need to form a sub-committee to decide. Or the CEO, or team leader, uses his or her divine autocratic right and decides for the team.

DIALOGUE - Dialogue on the other hand is an exploration of ideas. It is not a new form of communication but is the way the ancient Greeks and many so called 'primitive' societies are seen to explore ideas. During dialogue everyone works together contributing towards the idea. Remember the team is greater than the sum of the parts; therefore more is achieved from the dialogue as each person's ideas add to the last. In a dialogue no one is trying to win. They are trying to learn and create. They suspend their individual assumptions and explore ideas and issues. It is a free flow of ideas where participants continue to think and watch themselves think. The great physicists Heisenberg, Pauli, Einstein and Bohr described the conversations they had with each other. As we know from history their conversations (dialogue) changed traditional physics because what they could achieve as a group exceeded what each could do as individuals. Interesting? So who is 'primitive' now?

How do you get your team to dialogue? There are 3 conditions needed:

You are closer to achieving dialogue when your team meetings are filled with questions. Questions indicate an attempt at understanding. Sit back in your next meeting and see how often a question is asked. No questions = no dialogue.

Teams can enter dialogue if everyone knows what is expected of them in advance and if they truly want the results created through dialogue. Dialogue is playful conversation and everyone must be willing to play with new ideas. Who says you can't have fun and grow at the same time?

I hope you can achieve dialogue in your teams. Since we became aware of the difference and have been trying to practice dialogue we have really had some amazing insights into our business and what we do. We have achieved a whole level of new understandings.

Who knows, maybe there is something amazing that your company could achieve if you all just put your heads together. 1 + 1 = 3 makes a lot of sense!

Dialogue vs. Discussion

GRAEME NICHOL, President, Arcturus Advisors.

http://www.arcturusadvisors.com/

Graeme Nichol has worked on 4 continents and in 117 unique businesses gaining experience in manufacturing, transportation, agriculture, communications, banking, direct marketing, consumer goods and retail amongst others. He has significant management experience and consulting experience, including Business strategy, project management, change management, big six consulting, team productivity, business productivity and quality improvement, ERP implementations.

Arcturus Advisors works with businesses and teams that are struggling to formulate a strategic plan that delivers bottom line results. Using tried and tested planning systems that have achieved results internationally for 20 years we ensure that you transform your business through focus, alignment and accountability.

Wednesday, May 23, 2012

The Different Types of Management Jobs

What is it about management jobs that people are always aspiring towards? Is it the perks that come with the position, such as an attractive pay package, discounts (where applicable), power of authority, challenging goals to reach etc? Whatever the reasons maybe behind people desiring the role of an authoritarian-type role in any business, it is one thing to desire a role and another to actually fulfil the demands of a manager.

For people keen on taking on management jobs will need to take into consideration the varying roles management positions take on. Take for instance management in the retail industry, this role may be very customer-centred and may require plenty of customer interaction, communication amongst people and of course managing staff so that they reach target sales. However, within the retail industry there are different managerial roles for instance assistance managers, duty managers, deputy area managers, area managers and regional managers. Each role is a step up from the other and requires a lot of retail experience for people to move up in the career ladder.

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Management within the healthcare industry would be different to that of the retail industry. Healthcare management is an extremely demanding job and requires extensive knowledge of everything medical related. Things like hospital management requires the manager to be on top form when managing staff, keeping on top of medical supplies, working within budgets, monitoring hospital care and patient care, dealing with patient issues, dealing with legal issues, administrating hospitals and healthcare networks, and leadership of healthcare professionals. This is just one aspect of healthcare management and could encompass much more than what is stated above.

Other management jobs could be in a standard corporate environment, whereby the role could be to draw up plans, manage projects, reach to target goals, forecast the financial market in the future, scope competitive companies, predict the target market direction, coming up with marketing strategies and more. Depending on the management jobs you are interested in it could take you a matter of months or years to reach to that level.

The key thing to remember is for you to show tenacity, motivation, working to your own initiative, expert knowledge of the field you intend work in and plenty of experience from working within that industry. People tend not to take on a role without having prior experience in the field that they are going to work in, otherwise they will be faced with a big surprise. Some may be able to take on a completely new role and pick things up quickly without any supervision however not everybody are as gifted and talented as this.

The fact remains for a person to work in a managerial role without having worked in the company they are applying for, they will need to present a resume that exhibits many years of experience as well as in-depth knowledge of the industry. Most employers will not take the risk of hiring an inexperienced person unless they impress them so much on the day of the interview and can demonstrate a high level of intelligence!

The Different Types of Management Jobs

Gino Hitshopi is an expert on obtaining management jobs having had experience working as a retail manager. For more information visit http://www.prismrec.co.uk/

Sunday, May 20, 2012

How To Select The Right Photography School

If you are like many, you have an interest in developing the background and skills necessary to enter the field of photography as career. And what a great career it can be. There is nothing more gratifying than creating a powerful image with your camera and a keen eye. Of course, in order to achieve your goal it is important that you get the right photographic education along with effective coaching and mentoring. With the right education, lots of hard work, and many hours of practice you will soon have the title of professional photographer.

Just like any school you will need to do your research to make sure that the photography school you select will best meet your individual needs. This article is intended to provide you several of the key areas that you should take into consideration as you begin to research good photography schools. After all it is your time and money so you owe it to yourself to make a well educated selection.

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In choosing a photography school you should start by looking at the big picture. The selection of a photography school must be aligned with your specific career goals. As with any business field photography presents many opportunities in a wide range of categories. For example, you may have an interest in portrait photography, product advertising, or sports photography. At this point you may be focused more on the general aspects of photography and if so that is okay. But, if you have an area of interest it is worth your investment in time to determine the areas of specialization your short list of photography schools may have to offer. It would also be beneficial if your school of choice provides courses in general business in addition to the photography classes. This will aid you as you move from student to professional status.

I am sure you already know this but I will say it any way. Professional photography is more than point-and-shoot method for making a living. It requires an attention to detail and a wide range of skills including mathematics, business management, marketing and more. So make sure that the photography school you select can provide you the knowledge you need in the area of general business education too. Since many photographers eventually go into business on their own you will find these to be extremely valuable survival skills that will lend to your success.

It is always wise to inquire about the size of the class as well as the ratio of students to teacher. To many people in photography class can really be a hindrance toward proper learning. And it will also prohibit the instructor from providing effective hands-on supervision to each of the students.

Another skill area that should be considered is in the area of computers and you should determine if the photography school of choice provides learning in this area as well. A good photography school needs to have courses on basic computer use as well as more advance courses for those who have an interest in expanding their knowledge of digital photography as well as specialty software used for creating a digital darkroom. Since the field of photography is a very competitive it is imperative that you gain education and knowledge in this area as well.

Lastly, keep in mind that any education will have a price tag associated with it. So unless you just happen to have all of your photography education funding in hand it is worth while to determine if the schools provide scholarships or other forms of financial assistance for their students. Also keep in mind that you will more than likely need to invest in some of your own photography equipment. So I would recommend that you ask for a listing of equipment that the photography school offers to their students as well as a listing of equipment that you need to buy. This will aid you in determining the total cost of your education.

Hopefully, these recommendations will help you build your list of investigation questions so that you can make a wise and well educated decision. Choosing the right school is just as important as having a good view of where you want to go. And the right school is the best way to help you get there.

To Your Success as a Professional Photographer!

How To Select The Right Photography School

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Friday, May 18, 2012

Why You Should Get Digital Business Cards

We live in the Internet age where a majority of our personal and business activities depend on computers and electronic devices. This digital life is what lead to the creating of the electronic calling card. The eBusiness card started as a novelty to become a necessary business networking tool.

What is a Digital Business Card?

Business

These modern contact cards can now be sent and received electronically via wirelessly using tools, e-mail, internet, SMS, or by Bluetooth instead of using paper as a medium.

What are the Types of Digital Business Cards?

There are four main types of business cards; Phone contact cards, e-mail based business cards, social networking sites as business cards, and tools and applications such as Pokens or the iPhone used to exchange business card data.

The Phone calling card and the e-mail based digital contact card are quite interchangeable as you can send e-mail through phone now and you can also e-mail using your phone. The main difference is that phone-based digital calling cards operates from your phone and makes use of SMS or Bluetooth functions while E-mail based digital calling cards, operates from your e-mail account.

Examples of Phone-based digital contact cards are Contxts, TxtID and DUB. Contxts lets you send and receive calling cards via SMS, while TxtID is a service that works by having the other party text your username to a six digit number and where they will receive your contact info via SMS. To use DUB contact cards, an account must first be created on their website, thereafter you can then have it sent to other users by email or SMS, simply by sending a text message to the DUB site. These services start with free program options, but usually offer paid services that allow you to access more function or send and receive more digital calling cards.

For E-mail based visiting cards, companies such as Drop Card and Weavemet offer such services. Both of the companies offers services that works similar to Contxts and TxtID where you create a profile on their site, text the e-mail address to a dropcard number and your contact will receive your contact card in their e-mail.

The third type is using your social networking profiles such as Facebook, LinkedIn and Google profiles as contact cards. There is also a service that aggregates all your social network profiles like MyNameIsE which is a site that collects all of your social profiles into a virtual calling card that can be accessed via mobile web.

The last category of digital visiting card are devices such as iPhone apps or Pokens that you use with other people with the same devices where the device trades the contact information. Some of these apps specialize on contact data entry. Examples of these iPhone apps are vCard and BeamME.

What is the Advantage of a Digital Business Card?

Digital business cards offer a lot of advantages, here are some of them:

It's easier to create. Since digital business cards do not really require any aesthetic styling, you do not have to worry about designing one. The person you give it to will not lose it since digital calling cards cannot get lost or left behind because your contact will always have it in their email-account, phone, or other web based contact sharing account.

It's eco-friendly. Digital contact cards do not require paper so you will be helping the environment if when you use electronic business cards.

It's efficient. When handed a paper calling card, most people scan it or enter the data on their phones or computers, but if your calling card is already given digitally, the recipient will not need to go through the hassle of encoding it anymore.

As mentioned earlier, digital calling cards are often asked for, especially since most people use internet phones and iPhones where providing digital contact cards are more handy for these tech savvy people. It is really useful to get yourself a digital calling card in order to stay connected whether for personal use or for business purposes.

Why You Should Get Digital Business Cards

For resources and information about digital business cards as well as good old traditional paper business cards, check out BusinessCardDesignIdeas.com. You're sure to find useful tips, tricks, tutorials and inspiration to help you create your own business card.

Friday, May 4, 2012

3 Effective Tools to Help Your Business Team Chemistry and Improve Your Overall Success

There are many tools available on the Internet that many people forget to use or just don't know about that are going to help them build team chemistry and improve their overall success. I'm going to be identifying three effective tools that you can utilize in order to build your team chemistry and increase the success that you are having in your business.

#1 Skype

Business

This is a very powerful instant messaging software that you can utilize to communicate with your team and actually make yourself available at any given time for them to contact you. One of the many downfalls of the Internet and how business is done is that many people are never able to reach other people in their business that are part of their team from other countries. But by utilizing Skype you're going to be able to put yourself out there and make sure that they know that you are available to help them at any given time.

#2 Autoresponder

An autoresponder is a very powerful tool that allows you to stay in touch with your team sending them e-mails automatically so they can know exactly what to do when they first get started. If you are serious about having success in your business then you invest into getting an autoresponder because is a very powerful tool that will help you increase your results.

#3 Go To Meeting

This is probably the best one of the three because is a software that allows you to have online meetings with your whole team in order to direct them and show them new ways of promoting the business. The cool thing about this is that it can be very interactive and people feel more like a team by being in there.

3 Effective Tools to Help Your Business Team Chemistry and Improve Your Overall Success

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