Month: May 2018

How To Pick The Right Financial Advisors

What a difference a decade makes! Not long ago, everyone who invested in stocks seemed to win big. Investors watched their portfolios grow exponentially, and retirement seemed secure. The economy was so strong even the country’s best financial advisers were left wondering if they’d have a job.

But alas, the economy went into recession. Those early retirement dreams became a less realistic option. These days we need to know about yields, rates of return, and, dare we say, risk!

That leaves many people feeling pressured and over their heads. This is where businesses can step in to help their employees decide how and where to invest their money.

Where Do I Start?

That depends on what you want the financial advisers to do. Do you want help with estate planning, or is it your child’s college fund? What about advice on which stocks to pick or how to withdrawal cash from retirement funds without draining your account? Determining where to start depends on your desired outcome, and the good news is financial advisers come with many specialties.

Once you decide what you need, ask people that you trust for referrals. Seek out someone you don’t mind divulging personal financial information to.

Next, find out what your potential advisor did before becoming an advisor. Was he/she a math expert who majored in statistics at college? Do they have an advanced degree in accounting or business? The answer to these types of questions can tell you a lot about the Ivory Tower experience someone may have, and whether it’s relevant enough for your trust. You want someone with good character, much like you would in choosing a good doctor or lawyer.

How Do Financial Advisers Charge?

Many people are intimidated by costs but have no idea what they are. This is normal, and there are many ways in which an advisor might charge you.

Charging you a commission on products (or stocks) bought and sold is the most typical form of remuneration. Some, however, might charge a flat fee or yearly retainer, or a combination thereof. The best advice: do some comparison-shopping just as you would for a vehicle or any other significant purchase.

State Registered Advisors Must Be Licensed

Those who give advice on how someone should invest their money should be registered with the state in which they practice. For instance, in Washington State, all financial advisors must register with the Washington State Department of Financial Institutions in order to practice. Check with your state to see what the requirements are, and be sure to check for prerequisites pertaining to admission, such as testing and education.

You can also check the state records for complaints: legal judgments, bankruptcies, criminal charges, and government orders. All of this information is kept on file by the state and are available to the public.

Choosing from a pool of knowledgeable professionals can be a tricky business, but it can be simplified by following a few basic rules, and, more importantly, by using a little common sense.

Article Source: http://EzineArticles.com/9153124

The Financial Business Model: 5 Keys to Long-Term Success

Why do so many businesses fail to make profits and achieve their financial goals? The answer is simple because many business owners simply ignore one or more of the 5 keys to financial success. Many businesses are making sales but are not profitable. Learn how to fortify your business model and set your company up for success. Developing a financial business model provides a clear picture of your company’s financial history as well as your company’s financial future. Working from a financial business model will help to prepare your company to make better decisions for the company in the future. And analyzing your finances on a regular basis will provide you with the financial success you are seeking to achieve. Get ready to gain more flexibility and financial freedom in your company with the keys to success.

Key #1) Don’t Go It Alone
Mismanagement of finances is not reserved for start-up companies but for all businesses. Many business owners are able to produce and sell their products and services but are not able to manage their finances. If you are not able to determine where you have been you will not know where you are going. Accountants and bookkeepers are able to assist your company with establishing a financial foundation and making predictions surrounding your financial future.

Key #2) Review Historical Data
By developing a financial history of your company’s finances provides you with valuable lessons for the present that will guide you into a more profitable future. Reviewing financial history helps you to know what to do and what not to do in your business. Compiling historical financial data can help your bookkeeper or accountant to assess the reasons for your success or failure.

Key #3) Project Sales and Costs
Once you have completed the second key it will set you on the trajectory to be able to project the sales and costs. Projecting sales and costs without historical data can be challenging but not impossible. Projections for your company are not a process that begins at the start-up phase, it is an on-going process to help determine areas of growth and change. Costs are always easier to project than sales. However, sales should not be your main focus but rather on the company being profitable!

Key #4) Develop Financial Statements
Financial statements are the framework for the accounting cycle. In other words, the income statement, the balance sheet, and the statement of cash flows provide a picture of how well your company is doing financially. Financial statements structure all financial data in a manner that is easy to understand and should be prepared with accuracy. These statements assist you with assessing financial performance and determining key business decisions.

Key #5) Assess and Implementation of Changes
This is the final piece in the financial business model. Once all of the first four keys have been established you will be able to assess your company’s financial position and implement changes where it is necessary to ensure financial growth and success. Tying it all together the financial statements will reflect your company’s historic information and decisions can be made about the future from that data.

The financial business model provides clear information to assist you in making sound financial decisions that can promote long-term success. Applying these five keys to your business will set your company on the path to achieving your goals and turning profits!

Article Source: http://EzineArticles.com/9469967

7 Ways To Make Shipper-Carrier Relationships Better

Freight services are very important and load boards work great at connecting shippers with carriers. But the relationship between carrier and shippers ought to be good for the process to work out smoothly and be a win-win kind of a process. Fortunately, there are so many ways that can help improve the relationship between these two important people in the business. With stronger relationships, a reliable carrier network is maintained. By giving attention to carrier concerns, it is possible to build collaborative partnerships that are long lasting.

As a shipper, there are a few things that you can do to maintain a good relationship with your carrier.

1. Work for the good of everyone involved. This can be done by working with the carrier in determining which freights and lanes work the best. By working in conjunction with the carrier, then it is possible for profitability to be added to the network. It solidifies the relationship.

2. Honor commitment to the carriers. It is only when you honor your commitments to the carrier they will be able to honor theirs to you. Considering that carrier will usually base service price on data provided, then it is of importance that only accurate data should be provided. You should also ensure that you ship in tonnages and lanes that you say you will.

3. Be generous. This is in terms of the sharing opportunities that arise. When you bring new opportunities first to your carrier partner, then everybody will end up benefiting from an equitable agreement.

4. Start off with a plan. One of the best ways of avoiding a rocky start that could ruin an otherwise good relationship is to make sure that you start every new partnership with a plan. Allow a considerable amount of time for the carrier to get their system up and even train to take on new lanes and freights.

5. Avail all relevant data. The data that you provide during bidding process will largely determine how prepares the carrier is with regards to freight characteristics and location or even seasonal changes in terms of volume. It is therefore very important that you provide freight characteristic percentages and also monthly volume in addition to tonnage data and lane data that you give.

6. Keep communication lines open. Reviewing performance metrics, options and new services are always a good way of strengthening relationships. As a shipper consider holding regular meetings with carriers to discuss what matters most to the business. Using such meetings, you can come up with strategies to reduce costs and improve the business. Working together and communicating on a regular basis only solidifies the shipper-carrier relationship.

7. Embrace technology. In the same manner you expect real-time data on your shipments from your carriers you should make it equally easy for the carriers to transfer the data that you need. Choose programming options that offer them an accurate and smooth system of transferring the data that you need. There are so many technological tools that you can choose to make improvements to the business and relationship.

Loadboards are very helpful to both shippers and carriers and you can actually use some load boards free to find freight or carriers. You can actually even find relevant funding from some of the boards.

Article Source: http://EzineArticles.com/9524058