Importance of Acquiring Knowledge in Business

Knowledge is a resource referred to as knowledge capital or intellectual capital in a business. It is the essential element that allows businesses to operate in the market sector. The knowledge of the organization is within the human capital of the organization. Despite the rapid global changes, knowledge addresses key issues that can lead to successful management within organizations and can be used as leverage in collective bargaining of existing knowledge and creating new ones.

Understanding customers’ needs and the business environment is a huge interface of information. If a market research is done, then the knowledge of the market can be integrated to the target clients specifically in developing new products/ services and improving existing ones.

Having knowledgeable staff sets the business on a competitive edge because it helps the business run more smoothly and efficiently. For example, knowing customers’ needs and feedback to develop products or services to ensure that their needs are met.

Moreover, monitoring and reporting the changes in the business world is also needed. Knowledge in building networks by professional associations and trading partners can provide an easy way to find out what the competitors are doing and to see the latest innovations in the market sector. Making product research and development is a vital source of knowledge that can help in retaining competitive edge.

Furthermore, using knowledge more effectively can improve goods/services offered. It can increase customer satisfaction. Knowledge of the market can result better awareness of what customers want and what the staff require. Knowledge or information sharing can also improve staff productivity.

In order to manage the utilization of knowledge, there is a need to build a culture in which knowledge is valued across the business to retain the competitive advantage and understand the characteristics of the target market.

Knowledge of the business can help entrepreneurs evaluate and understand the needs of potential customers and develop products/ services that meet customer satisfaction since possible customers show different behavior patterns and preferences such as brand loyalty and the like.

Through knowledge acquisition, business supply chain management is visible everywhere and anywhere. It leads to faster growth and development. It also impacts the competitive advantage and become strategically important to understand knowledge transfer in a more predetermined fashion. The sustainability of organization depends largely on the acquisition of knowledge with a continuous learning process.

Hence, knowledge is vital to any organization because it empowers entrepreneurs to take informed decisions, improve services, produce better marketing decisions and increase profitability.

Source by Rosemarie Sumalinog Gonzales

Techniques Used By An Advertising Agency In Modern Times

In the modern world, with the rapid growth in technology, brands, lifestyle, etc., it is very important to sell and promote the products and services of your business effectively. The traditional methods of television, radio and newspaper are just not enough, anymore. The creative minds of modern day advertisers have to be quick, smart and efficient. They have created new ways and have gone above and beyond the old traditional ways. These days, any advertising agency provides all the services and uses specialized techniques, to promote your brand adequately.

Some of the latest techniques used by these advertisers are as follows:

Consumer Advertising – This technique is informative as well as persuasive in nature. It is used by a full service advertising agency, to advertise the FMCG (Fast moving consumer goods). This technique is used in every medium like T.V., radio, newspaper, internet, etc. Consumer ads are done to pull in the customers who buy products like soaps, shampoos, biscuits etc., on a regular basis.

Industrial Advertising – The manufactures and distributors of industrial products demand for this technique to target industrial buyers. Products like plant and machinery, fabricated machine parts, raw materials, etc., can be promoted. Industrial advertisements are seen on trade publications, and attracts factory owners and businessmen, on a large scale.

Financial Advertising – This technique is used by the financial industry to advertise financial products like bank loans, mutual funds, shares, etc. These type of advertisements are seen in newspapers, magazines, theaters, and now-a-days, outdoor advertising is also used. Financial advertisements are not only issued by the advertisers, but also by the banks. This type of advertising educates the audience on any financial matters.

Political Advertising – This technique is used by politicians to gain votes. It is specially done on mass media, and generally targets the common man. It is a new trend of gaining votes by the political parties. The demand for this political advertisements are high, especially around the time of elections. This technique is a challenge to agencies, as they have to think of an ad campaign carefully, keeping in mind the sentiments of the people of that area.

These are the various techniques in which the product is advertised by any creative ad agency. There are many other techniques to advertise products, according to the category that they belong to, like lifestyle, B2B, classifieds, retails, etc. These techniques are used in the present competitive markets to target the appropriate audience and increase the sales of products and services for your business.

Source by Jason Danial Rego

Pros and Cons of a Child Model Agency

Whatever your child has the ability to be the next Adriana Lima depends on whether a parent has the confidence to take the leap of faith and enable their child to pursue a career in modeling. Although it's good to start young and enroll in a child model agency, there are hard choices to make.

Cons First

Let's start with the cons! Then, shall we? Firstly, modeling is like any other job, requiring time, sacrifice, patience, and discipline; Hard to ask from adults, and harder to ask from a child.

Children in their formative years are very active, constantly want to run and play, and rarely have any affinity for posing patently in a studio. But this is only a con if a child does not like modeling, or in worse cases forced into the industry. Remember this always, looking good alone is not enough. Anyone who wants to excel in modeling must have a good personality and work attitude as well. Here, parents should only enroll a child into a modeling agency if he / she has the aptitude for modeling or loves the job.

Modeling has assignments throughout the day and you may get an important job during office hours. A child must be dedicated to going for a shoot after school, and a parent may have to request for time-off to send the kid to the assignment. It requires sacrifice to make it work. This then drives home the reason why a child must want to become a model at their own will.

There are many fake artists and scam agencies out there to exploit hopeful parents and families who want to see their kid become a famous model.

Key indicators of fake agencies include :

• Located in suspicious areas

• Guarantee you a job on the first day (Professional agencies know this process takes time)

• Call you for an appointment after office hours or odd timings

• Do not require a portfolio or contract (All good clients are attracted by your portfolio.

Pros

If the child has a vibrant personality, photogenic face and has aspirations of being a successful model, then modeling can be a very big pro. Kids, who become good models, do so because they like the perks of the work such as fame and attention.

A good kid model agency will have an extensive network of contacts, and your child might get exposed to big names and companies at a very young age. It presents a good opportunity to network, socialize and progress rapidly in later stages of a child's career.

When the child hits their prime (teenage / youth) years, they can out beat their competition with more than just looks, but with a significant experience in the industry. It's always hard to tell if a kid wants to pursue modeling long-term, but if that is the case in future, acquiring experience from young matters.

Traveling is a possibility when joining a big modeling agency dealing with overseas clients and contacts. A family can use this opportunity to travel together while being the support for the child in their modeling endeavor.

A child filled with passion for modeling is sure to excel in it. As wise Confucius once said, "If you do what you love you never have to work a day in your life". Modeling can complement a child's development by giving them confidence with their physical body and instilling good work ethical and values. If there's a child shows interest parents should not hesitate to create a new talent in the modeling world.

Source by Rachel Evan

5 Things A Start Up Business Should Not Do

At Watt Media, we often consult small business owners on the best ways to convey a professional image. Many start-up business owners don’t realize the signals they give off that make it obvious that they are a small one-person business. Here are 5 things NOT to do that just scream, “I am a one-person business”:

1. Don’t have kids screaming in the background during a phone conversation. Have a home-based business? Many of the most successful businesses started that way, but nothing will make you look more “small time” than making it so obvious. (same goes for barking dogs!)

2. Don’t use a cell phone. Does your business phone number ring to a cell phone? Calls breaking up, echo – it’s obvious to people you’re on a cell phone. If being a one-person business is not something you want to promote, use a land line.

3. Don’t answer your phone, “Hello?” Nothing screams “small time” more than answering your phone with a mere, “Hello.” You’re running a business – answer with your business name!

4. Don’t have a personal voice-mail outgoing message. What do customers hear when you’re not there? If you use your home phone line for business, they will hear your home answering machine – talk about small time! Same with your cell phone – “Hi, this is John, leave me a message…” – small time!! Invest in a separate phone line and leave an outgoing message with your company name. Better yet, get someone else to record it for you!

5. Don’t have business cards with no address. You know what I think to myself when I go to a networking event and am handed a business card with no address listed? I think, “Small time!” Don’t want to use your home address? Get a P.O. Box – for a little extra, you can get one that looks like a real address, such as the ones at The UPS Store.

Source by Amir Watynski

How Much Money Do You Need To Start A Staffing Agency

How much money does it really take to start your own staffing agency?

I have known some that have started with less than $10,000. I have also seen other companies have deep, deep pocket and begin With over $250,000. Depending on your goals and your particular Niche will determine how much money you need to start your business.

I can say for certain that I am a living testament of starting my own medical staffing agency with less than $2,000. I had my own office, I had my own computer, I had my own toll free number, I had a corporate mailing address, I even had my own marketing material.

I was able to do payroll and I was able to find contracts with less than $2,000 of startup capital. Nothing, and I mean nothing was left to chance. I had a limited budget and I was able to get the business.

The kind of services I offered was radiology staffing at first. I wanted To move into nursing staffing and then respiratory staffing, but was only limited by time and not so much money.

The Breakdown

I first secured my business license by checking online for name I wanted to use. Making sure your business domain name is available will prevent any future headaches. Once I secured my business domain name I paid for my business name in the city. ($150.00)

I opened my bank account and ordered some simple checks, nothing fancy, I just wanted to make sure I had a way to pay for whatever comes up with my business. ($25.00)

I then went online and found an online toll free service, this service was able to be linked with my email account. Anytime someone called, the message was routed to my email account. It became a virtual office that allowed me to look larger than I really was. ($30.00)

I then secured a “Suite”, more like a P.O.Box. I used the UPS Store, I am not promoting this company but felt they provided what I needed at the time. ($50.00)

I used a free online resource to grab some free business cards. I was given 500 cards for the price of shipping and handling. The business cards where simple, but they did the job. ($5.00)

I also managed to secure my liability insurance as well as workman’s comp. There are a few tricks of the trade to manage this cost, but for the most part it was affordable. ($300)

I wanted to keep it simple and simple is what I did. I used my existing excel spreadsheet to keep tracks of my clients and staff. It was not hard at first being that I was small. My idea was that as I grew and made money, I then would be able to use funds from the business to continue to grow and acquire things I needed.

My first action to acquire my first contract was so simple, yet I actually Make money today teaching people my finding clients techniques. It was so easy that nobody saw me coming. Not literally, but metaphorically.

You are waiting to find out what I actually did, well, I cant share all my secrets in this short article, but what I can say is confidence played a huge role in me getting contracts quickly with virtually no marketing budget.

Source by Roy Vera

The One Thing Collection Agencies Do not Want You to Know

Closed Border States are great for people that owe money to live in because a lot of collection agencies can never call you or contact you in any way.

The exceptions to this are commercial accounts and if the collection agency that is trying to collect a debt from you has a license in the same state that you are located in.

How this works to your advantage is that if the collection agency that is trying to collect a debt from you that does not have a license in your state they are not going to be able to put anything on your credit report at all. Let me explain why …. The Fair Debt Collection Practices Act and the Fair Credit Reporting Acts state that you have to notify the debtor (that's you) in writing that you have 30 days to dispute the validity of a debt in writing or the Debt will be assumed valid. Since a collection agency is not allowed to contact you when you live in a Closed Border State they can not send that to you and even if you were not in a Closed Border State when you made the debt you still have it removed .

To do this you are going to need to dispute your bill. Let me make this clear up front this does not make the debt go away, but it does get it off of your credit report. If you live in a Closed Border State and owe money to a collection agency that does not have a license in your state (most agencies do not have licenses in multiple states but a few do) what you need to do is get the mailing Address of the collection agency that is reporting it to your credit report. Along with the address you are going to need to get your account number, reference number, or file number. That's all the information you are going to need and can get it in one very quick phone call it will be quick and painless. Now that you have all your account information you're going to send them a written letter of dispute. Now in this dispute you are going to want to specifically state in it that "if you can not validate this debt I want it removed from my credit report immediately."

Now the real beauty about being in a closed border state is that you can still contact the collection agency any time you want about anything on your account and they can not contact you back even when you tell them to call you back they still by law can not call You. What you do is send the dispute letter to the collection agency with your demand on it that it be removed from your credit, then call them on the phone every couple of days just to check and see if they got it off of your credit report Or not.

Below is a list of all of the Closed Border States

Alaska
Arizona
Colorado
Connecticut
Delaware
Hawaii
Idaho
Mississippi
New Jersey
New York *
North Carolina
North Dakota
Maine
Maryland
Massachusetts
Minnesota
Oregon
Tennessee
Texas
Utah
Washington
West Virginia

* New York is not statewide it is in Buffalo and New York City you will need to check your Attorney General to know for absolutely sure.

-Don-

Source by Donald G Wilson

Principles of Accounting and Accounting Assumptions

In the modem world no business can afford to remain secretive because various parties such as creditors, employees, taxation authorities, investors, public and government etc., are interested to know about the affairs of the business. Affairs of the business can be studied mainly by consulting final accounts and the balance sheet of the particular business. Final accounts and the balance sheet are end products of book-keeping. Because of the importance of these statements it became necessary for the accountants to develop some principles, concepts and conventions which may be regarded as fundamentals of accounting. Such fundamentals having wide acceptance give reliability and creditability to the financial statements prepared by the accountants. The need for ‘generally accepted accounting principles’ arises for two reasons: First, to be logical and consistent in recording the transactions and second, to conform to, the established practices and procedures.

There is no agreement among the accountants as regards the basic concepts of accounting. There is no uniformity in generally accepted accounting principles (GAPP). The terms-axioms, assumptions, conventions, concepts, generalizations, methods, rules, doctrines, techniques, postulates, standards and canons are used freely and inconsistently in the same sense.

Principles

“A general law or rule, adopted or professed as a guide to action, a settled ground or basis of conduct or practice.” This definition given by dictionaries comes nearest to describing what most accountants mean by the word ‘Principle’. Care should be taken to make it clear that as applied to accounting practice, the world principle, does not connote a rule for which there can be no deviation. An accounting principle is not a principle in the sense that it admits of no conflict with other principles.

Postulates

Mean to assume without proof, to take for granted or positive consent, a position assumed as self- evident. Postulates are assumptions but they are not arbitrary deliberate assumptions but generally recognized assumptions which reflect the judgment of ‘facts’ or trend or events, assumptions which have been borne out in past by facts supposed by legal institutions making them enforceable to some extent.

Doctrines

Mean principles of belief: what the scriptures teach on any subject. It refer to an established principle propagated by a teacher which is followed in strict faith. But in accounting practice, no such doctrine need be adhered to but the word denotes the general principles or policies to be followed.

Axiom

Denotes a statement of truth which cannot be questioned by anyone.

Standards

Refer to the basis expected in accounting practice, under different circumstances. In Indian context, the Institute of Chartered Accountants of India (ICAI) constituted an Accounting Standards Board on 21st April, 1977. The main function of ASB is to formulate accounting standards taking into consideration the applicable laws, customs, usages and business environment.

Accounting Assumptions

The International Accounting Standards Committee (lASC) as well as the Institute of Chartered Accountants of India (ICAI) treat (vide IAS-I & AS-I) the following as the fundamental accounting assumptions:

(1) Going concern

In the ordinary course, accounting assumes that the business will continue to exist and carry on its operations for an indefinite period in the future. The entity is assumed to remain in operation sufficiently long to carry out its objects and plans. The values attached to the assets will be on the basis of its current worth. The assumption is that the fixed assets are not intended for re-sale. Therefore, it may be contended that a balance sheet which is prepared on the basis of record of facts on historical costs cannot show the true or real worth of the concern at a particular date. The underlying principle there is that the earning power and not the cost is the basis for valuing a continuing business. The business is to continue indefinitely and the financial and accounting policies are followed to maintain the continuity of the business unit.

(2) Consistency

There should be uniformity in accounting processes and policies from one period to another. Material changes, if any, should be disclosed even though there is improvement in technique. A change of method from one period to another will affect the result of the trading materially. Only when the accounting procedures are adhered to consistently from year to year the results disclosed in the financial statements will be uniform and comparable.

(3) Accrual

Accounting attempts to recognize non-cash events and circumstances as they occur. Accrual is concerned with expected future cash receipts and payments: it is the accounting process of recognizing assets, liabilities or income for amounts expected to be received or paid in future. Common examples of accruals include purchases and sales of goods or services on credit, interest, rent (not yet paid), wages and salaries, taxes. Thus, we make record of all expenses and incomes relating to the accounting period whether actual cash has been disbursed or received or not. If a fundamental accounting assumption (i.e. Going concern, consistency and accrual) is not followed (in the preparation of financial statements) the fact should be disclosed. [AS-I para 27].

Source by Anil Kumar Gupta

What Are the Key Differences Between Forensic Accounting and Traditional Accounting?

Here’re some of the best known differences between a Forensic accounting and Traditional Accounting in a glance;

1. A very obvious and discrete key difference which one can identify between a traditional auditor VS a forensic accountant is that :

The former is someone who checks the math accuracy in the accounting department while the latter is someone whom are looking behind these financial numbers find out what’s not quite right.

2. The second differentiation is the “investigative intuition”.

Intuition refers to the gut instinct which one may have to guide you to the appropriate direction as of where your investigation should start from. This is not text book earned, but rather something which can be earned through massive experiences. Most of the time, no investigation intuition is found nor required in the traditional accounting scope.

3. Traditional auditing is a process of auditing others’ work to determine if they have followed the documented official policies, procedures and practices of the company. The determination is based on evidence. It is a matter of fact and not merely a matter of opinion. This kind of audits is required by financial intermediaries and the government depending on circumstances.

4. Traditional auditing focus on error identification and prevention. Prevention is the result of an effective internal control system. The auditor reviews the effectiveness of the internal control system by sampling transactions of some agreeable percentage. Materiality is the accounting way of designating the importance of a transaction or an event.

5. Traditional Auditors use statistics to determine the probability that material errors will or will not be identified and the possibility of its happening. This is a concern since only a sample of transactions and events will be reviewed. The system of internal control is evaluated. It is argued that If the internal control system is deemed to be highly effective, then material errors are not probable.

6. Traditional auditors typically adhere to the generally accepted auditing standards (GAAS) as promulgated by the Public Company Accounting Oversight Board (PCAOB). External auditors are typically reviewing whether an organization is following GAAP. GAAP are promulgated by the Financial Accounting Standards Board (FASB) .This denotes that means that auditors are affected by all three of these organizations and must stay current with old, new and changing standards and principles issued by all three of these organizations.

7. Instead, forensic accountants use physical evidence, testimonial evidence, documentary evidence and demonstrative evidence to help identifying suspect and culprits.

8. For Forensic Accounting, any type of evidence can be used as information, be it documentary paper, a computer video or audio. However, it requires an expert to interpret the evidence and present it. Demonstrative evidence is not actual evidence. It is just an aid to understanding just like a model of a body part or pictures or other devices are used to help clarify the facts.

9. Forensic Accountant is often asked to serve as an expert witness for a lawsuit or criminal case in a court, the forensic accountant needs to have applied reliable principles and methods to sufficient facts or data. The expert witness is a recognized specialist relative to the principles and methods applied to the sufficient facts or data.

10. A forensic accountant typically need to possess the expertise and skills in these 2 fields : Private investigator and Accountings are what specifically required to be a great forensic accountant. On the other hand, there is no such requirement in the traditional accounting space.

Source by Elaine Ee Lee