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This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
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The 321st Ippankai Free Zoom Meeting - Managing to Increase Profits, Cash on Hand, and How ?.
● Hosted by : One Flag Society Entrepreneurs ・ Free small business support group. Free study group on the 3rd Saturday evening of every month at 6pm on Zoom. www.hitohatak
●Date and Time : August 17, 6pm ~ 8 : 30pm
●Registration : Interested entrepreneurs ・ Smol business owners welcome.
Participation fee ・ Registration fee, all free.
Imagination Garden hitohatakai@gmail.com 323-377-5530
Zoom invitations will be sent out on August 15.
Please feel free to apply even if you are not a member of Ichibagakkai.
● Companies go out of business because they don't have money to pay their bills. They do not go out of business because they are in the red or because they have too much debt. The reason for bankruptcy is that there is no money on hand to pay the bills and no loans can be obtained. However, such a situation does not come suddenly one day, but it occurs through the accumulation of daily activities.
Increasing cash on hand is the first step in management. Remember, relying on cash flow always carries the risk of bankruptcy.
●Aggregating cash reserves is only possible when sales generate profits. This requires a highly profitable management structure. Such management is necessary for stable and growing management.
●The balance sheet shows the movement of money as a result of the business's traditional activities, and money in the financial statements is recorded as assets in the form of cash ・ deposits ・ accounts receivable ・ inventory ・ firearms ・ bonds and stock certificates, etc.
● The B/S tells us that the best way to increase cash on hand is to keep cash on hand without converting it into other assets. For example, sales should be collected in cash as much as possible, unnecessary inventory should not be carried, large fixtures should be leased or rented rather than bought, and you should not invest in stocks or other assets that are beyond your control, but fully reinvest in your business vise.
● There is an urgent need to review the profit and loss statement for each fiscal year in order to change conventional management patterns that result in cash shortages. Profits generate cash on hand, so the focus should be on drastically reducing expenses in the general and administrative expenses section of the financial statements.
The next thing to review is the cost of goods. It is necessary to reduce costs by negotiating with suppliers to lower prices or by changing suppliers. At the same time, raising prices and not selling at a discount can be an effective way to increase profit margins.
In addition, it is necessary to consider the possibility of earning cash as miscellaneous income in areas not shown on the B/S or P/L.
●The important thing in management is how money is spent ・ and utilized. It is called investment or expense. If we approach expenses with this idea in mind, we can understand the importance of how to use expenses. In other words, the idea of cost reduction is not to reduce unnecessary costs uniformly, but to understand that the best use of expenses is the way to generate profit. This is the key to generating profit and keeping more cash on hand.
● Seven key points for reducing unnecessary expenses and establishing a highly profitable structure :
① Efficient management through selection and concentration until the business foundation is solid
( Withdrawal from unprofitable departments ・ Large-scale reduction of inventory
Labor costs ・ Reduce sales promotion costs )
② Create a system to keep current customers and make them repeat customers ( Keep current customers ➡ Repeat customers ➡ Increase cost per customer )
③ Create a system to increase productivity of employees ( The problem is not a shortage of labor but unproductive personnel )
④ Create a structure that can attract customers even at high prices ( Branding and cheap sales through accumulation of results and word of mouth
・ Eliminate discounting )
⑤ Outsourcing ・ Use of outsourcing ( Self-containment is the biggest cause of cost increase )
⑥ Best-selling products ・ Reinvestment in services ( The place where money is made )
⑦ New products ・ Developing new services ( Now is not forever , Working towards the future
is the only way to create the future )
● Profit generating management
●This time, we would like to learn from Minako Steel CPA about this area.
●Please join us if you are struggling with cycling, challenging growth, or want to establish stable management first.
***************************************************************************************
Theme : Those who want to increase profit more
Those who want to increase cash on hand !
Guest : Minako Steele Taxation for Managers ・ CPA specializing in accounting
**************************************** ************************************************
See you on Zoom.
- [Registrant]射手園
- [Language]日本語
- [Location]Gardena, Ca
- Posted : 2024/08/11
- Published : 2024/08/11
- Changed : 2024/08/14
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