What are Financial Reports?

Financial reports are the periodic reports of information on financial statements of a company, including its financial position and performance, for the use of management or an external party. The four primary financial reports in business are the balance sheet, income statement, cash flow statement, and statement of shareholders’ equity.

The Purpose of Financial Reports

Financial reports have two primary purposes:

They assist management in effective decision making regarding the objectives of the company and its overall strategies. The information provided by the reports can help the management to determine the strengths and weakness along with the financial health of the company.

They deliver important information about the financial condition and undertakings of the company to its investors along with its shareholders, consumers, analysts and government regulators.

Limitations of Old Financial Reporting Systems

The greatest limitation of old financial reporting systems is that they are highly vulnerable to both accidental human error and intentional manipulation of stats and figures to distort economic performance. (more…)

Well! Starting a business is not an easy task Dude. There is a lot you are not fully aware of you are going to face and are not well prepared in the start to handle it. Small business encountered many problems in the race of management and growth in the market. Well don’t worry because in this article we will discuss the common faced challenges and their solutions.

1-Do you have Enough Financial Resources?

The biggest mistake for new business is expecting an instant profit. Young and impatient entrepreneur start new business with little money and start dreaming of earning big. Well that’s not actually happens in the start. It is necessary to understand that you cannot have a sure shot success in your first try. Usually business experts advise not to expect significant profit for at least two years.  So be patient and start slowly and ensure that you have enough money resources to sustain for at least two years.

2-Have you Prepared a Proper Business Plan?

What is the type of your business? What is the strategy you are going to implement and how? Many new entrepreneurs are so excited about starting up their very own business that they fail to plan out a proper business strategy. You need to create a detailed and systematic plan for your business which determines your financial resources, a roadmap to follow, market exploration and research of the competition. It is actually a complete track of your investment in the business.

3- Do you Have any Marketing Strategy?

Marketing is the backbone of any business. Along with a business plan you need a strategic market plan to take over the competition. You need to have a clear idea about your target marketplace and your competitors you can plan how to invest for promotion and advertising and which medium should be better for it. Market analysis give you an idea about the worth and cost of your product or services.

4- Do you have Enough Knowledge of the Industry you are Going to Enter?

Oh Yeah! This is one of the major mistakes made by new entrepreneurs. It is necessary to have some knowledge of the industry you are going to keep pace in and about the competitors, latest trends, target costumers, marketing and advertisement as well as financial resources management know-how. Before your startup do a proper research and take guidance from other business owners because if you start your business without the required knowledge and skills you are going to end up with a huge loss.

5-Are you Using Latest Tools for your Business Growth?

New business owner who sticks to the old rules and do not go for the innovative trends and culture and cannot think outside the box. Your Business plan should have flexibility to accustomed new technology drifts. Just always ready to embrace the innovation. Tell your team member the importance of innovation and how much it is beneficial for them to adopt it.

It is my brand! This is what every brand owner wish to hear from their customers.

Brand Loyalty is a word in the world of business that reflects a profound relationship between the customers and a brand. When a brand meets the expectations of the customers and they feel value added they not only become a permanent customer but also advocate your brand in their community.

For example we all know that Apple one of the leading brands in smartphones has acquired a loyal following which has played a huge role in its success worldwide. It has gained such a confidence that once customers used their gadget found it difficult to switch to others popping in the market because of their high promising standard of innovation.

Well I my self is a Fan of Apple they revolutionize the phone industry every time they launch a new product. That is something begins from the inside out. Loyalty doesn’t come so easily.

Loyal customers are no doubt an asset for your business and this brand loyalty develops when a brand acknowledges the customers identity.

New Era and Brand Loyalty

Now a days there is an increasing practice of brand attachment and the aim is to discover the universal truth about the drivers of loyalty . Because of an increasing demand for companies to offer unique, genuine and appealing product these efforts are becoming particularly important. In this era of modern communication and social media interaction ignorance could wreck the brand loyalty and its sales.

Company History Matters!

Loyalty encompasses company history. People get inspired by the stories of origin and struggle. A Research that had been conducted at Harvard University shows that these feelings of sympathy increase loyalty. A company that ventures an underdog’s journey full of passion and determination produces higher level of customer loyalty than companies with mainstream personality.

For example Baskin Robins have shared a detailed history of their origin that how the two owners started with the idea of an innovative ice-cream from 1945 during the World War II for their fellow troops.

Keys to Brand Loyalty

Be Crystal Clear in your vision and mission. Your transparency is a major factor that will influence your customers. Build Relationships by embracing social media and internet. Talk people directly and ask what exactly they expect from your company. Check who and how many are behind your logo so that you can target them in future for further production sales.

Inspire through your vision. Spread a message that will capture your customer’s mind as well as emotion to remain loyal to your brand. If you show the passion and dedication to your company the people will be okay to overlook the odds and anomalies.

Once you succeeded in creating brand loyalty people won’t switch to other brands even the offers are made at low prices and it will keep your revenue and market share at the top. You will then definitely come to know that why brand loyalty is a priority in business world.

You got an email.

Internet tips and tricks are taking over the marketing strategies. Email marketing is one of the swarming tips to poke your customers for your sales and promotions. Through emails you can target a large audience in a short period of time and can receive an immediate response of your action. But there is a problem. Usually people don’t know how to make their emails eye catching to drag the attention of the readers?

Catchy Subject Line

New email notification only show sender‘s name and a subject line so to read the full content you need to click on it. So first and foremost technique to implement in your email marketing is to use a subject line that will compel its receiver to open it to discover what it is about. Your Subject line is like a hook you are going to tangle in your reader’s mind.

Start With Greetings

• Hello!
• Hope you are enjoying your day.
• Good Morning Dear.

Don’t just take a start with the subject of your email. Warm greetings matter a lot. Always start your email with some kind and affectionate words so that the receiver can pay attention to your message.

Send a Welcome Email First  

Before sending your promotional email first take a start with a welcome email to introduce the customer about your work. A good welcome email will impact the customers to take interest in your next emails. Give them queries to think about like “How are you running a business in this digital era without any business intelligence tool?”

Ask them about their interest 

People like to share their work and their experience with other. In your email inquire them about their personal profiles like where do they live, what is the type of their business, what are their interests , what are their buying preferences  so that you can have an idea about their privileges regarding your product or services. Send them forms to fill and checklist to mark about their ideas relevant to the use of the product you want to sell them.

Use images and Banners

Image is something that cannot be ignored. Readers at least once must look at the graphical fascination in the content.  So add an image or banner of your product with a line or slogan that will look like an ultimate solution they are looking for their problem.

Avoid Spammy Content

Be careful! Inappropriate emails go straight to the spam folder and you lose the customer.  So you should avoid such content and wordings that will lead your email to spam.  Don’t use misleading subject line, chaotic html code and bad links of sites having bad repute.

Do not annoy with Bulk Emails

Oh no you are blocked. Well people get irritated if you keep interrupting them again and again and you may get blocked.  Take a break! Send email simultaneously with a proper timing gap. Don’t send email in the off hours. Do send reminder emails but they must not be sending on such basis that customers get disturbed and take a side.

Email marketing is an art. If you are able to conquer it your revenue is just a click away. Hope my article will help you to refine yours emails. Have a good day!