|
2006
Profit Mastery Workshops for Jewelers
Newsletter
Archives
Business
Resource
Services
|
| In
This Issue... |
- Article:
Bookkeeping
fraud true story
- Coach's
Corner:
There
are goals, & then there are BHAGS!
- Tip of the Month:
P&L
spring makeover
|
|
|
 Bookkeeping
fraud true story:
Let his pain be your gain
A couple of months ago, we ran a story on the 13 Red Flags to Bookkeeping Fraud. Since then several people have told
me their stories of internal theft. Several shared that they realized only after the fact that several of the red
flags we listed were present.
Recently, one of our retail clients agreed to share his story in the hopes that it will help you from experiencing the same
situation in your company. The client, whom I'll call Eric, recently held a large sales
event as part of a location move. As is typical during a big sale, things got hectic. "There was lots of cash
coming in, and so many cash transactions that we couldn't run them all through the computer system," said
Eric. "Our
bookkeeper was counting the cash daily, reconciling sales and then going down to the bank to deposit the money."
continued
|
 |
 There are goals, and
then there are BHAGS!
For this month's coaches corner I'd like to share a story about setting goals. But not just any goal, a BHAG, or Big Hairy Audacious Goal (an expression invented by Jim Collins in his excellent business book "Built to Last").
|
|
Our own BRS facilitator, business coach and uber
athlete, Urs Koenig, has set a BHAG for himself for 2006: Competing solo in the
Race Across America
(RAAM). continued
|
|
Tip of
the Month: P&L Spring Makeover
Last
month's tip "Debit or Credit?" was
contributed by
Jamie Peghiny, Southborough Jewelers
|
Give your P&L a spring makeover. I can't tell you how many Profit and Loss statements I've
seen that have about a million different expenses listed in alphabetical
order - in dollar amount only. What's that tell you?
Instead, think about consolidating some of those expenses and grouping them into like categories, such as salaries and benefits, marketing expenses,
admin, etc.
In addition to the dollars, in the next column over, have the expense amount listed as
a percentage of sales. Called a common-sized statement, it helps you see when an
expense is increasing as a percentage, and not just going up because your sales are
increasing. Important to know if you want to watch those creepers. You still might not
like what's on the bottom line, but at least you'll have a better idea of what's
driving it!
|
Profit
Mastery Performance Groups for
Pharmacy Owners and
Jewelers
There's still room in our 2006 Profit Mastery Workshops and Plus Day series
for Jewelers. Check out the calendar for dates and locations. These will be
the only dates available this year, so don't miss out!
Proven
to improve your bottom line, BRS Profit Mastery Groups
work! Our members are taking their businesses to a new
level. Get peer support, focused meetings, and
help in making and keeping goals. Find out if you're
ready by taking our Profit Mastery assessment
right now…
|
|
Profit Mastery
Workshops for
Business Owners
Over 97% of the people who attend our workshops say they've
substantially increased their understanding of the health, strengths and
weaknesses of their companies. Change the way you manage your
business, increase your cash flow, and find profits you never knew
existed.
|
Pharmacy
Owners
Calendar
of Events
|
Other
Business Owners
Seminar Schedule
|
Jewelers
Calendar of Events
|
| |
|
 FIT
Software Like having a trusted
financial advisor at your fingertips – 24x7.
Let FIT do the "what-if" so you won't do
the "if only." Get your fully functional
evaluation version here.
|
|
Take
the guesswork out of pricing your products.
With this Profit Finder
wheel, you select a target profit margin and it
automatically helps you find the right price every
time. $10 purchase
|
|
Road Map to
Success -
Great Management Tool!
We've taken our Road Map, enlarged (22x28) and
laminated it so you can write on it over and over again.
At only $26.95, it's a great investment.
More
Info | Purchase
|
|
Feel
free to forward this newsletter to your colleagues.
© 2006
Business Resource Services
Business
Resource Services respects your privacy and does not give out or
sell
our subscribers' names and/or email addresses.
ISSN 1553-0558
|
|
|
