Hospitality Sales & Management International


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Principles of Sales Management

When taking on a sales management position, there are three essential levels you must recognize are a part of being a manager. Working on polishing your skill in these separate levels will help you in becoming a well-rounded manager that can take on any job duty and handle them with ease. These principles of management are crucial if you would like to be viewed as a person of good integrity, work ethic and communicative with fellow workers. These three levels for being a high-quality manager are as follows: Technical Skill, Human Skill, and Conceptual Skill and the necessary functions of a manager are planning, organizing, directing and controlling.

Technical skill is the ability to process the technical side of a job or part of your work. Proficiency in the technical knowledge of your job and company is critical if your job requires you to be more “hands on” with your work. Many managers find themselves less educated on the technical side of the job than the rest of their employees and upon losing their managerial position they are forced to come to the reality that there are far more people educated in technical work than they are and slowly fall down the ladder. In order to not let this happen, you must stay up to date with the technical aspects of your job in order to assure your bosses and your company that you are the right person for the position.

Human skill is the power to communicate to your fellow co-workers. This is a skill that 99% of all companies look for in a manager because if you do not possess the ability to correspond with other employees then you will not work out in a manager position. You must be a “people person” in order to hold a job as a manager because on a daily basis you will be working with various other associates and you will need to know how to hold conversations and help your employees. Learning how to effectively communicate with people is a key principle of management that you will need in order to be successful in your position.

Conceptual skills involve the formulation of ideas and concepts. Managers that have great conceptual skills generally possess the power to create innovative ideas and deliver abstract theories. This form of management will give your company the edge it needs against its competitors if you can formulate groundbreaking concepts for your company that will push them ahead of the competition.

Managers also have duties no matter what their skill level is. These responsibilities include planning, organizing, directing and controlling. These functions are necessary when working as a manager in any level you are performing in. You might view your principles of management as the separate skill levels or the basic duties of a manager. Whichever you hold as the most important, you must also keep in account that a great manager will possess all of these skills and be a vital asset to their company.

Fixed Rate Home Equity Loan

As the owner of your own home, you have a very important resource available to help you weather many financial storms including the current global credit crunch. With the credit crunch in the news on a daily basis, it’s a good time to take a look at the equity tide up in your biggest asset – your home. A home equity loan or home equity line of credit (HELOC) is a loan, which is basically granted using your house’s value as collateral. The size of the loan will depend on the difference between your current mortgage value and the current value of your home.

A fixed rate home equity loan is a great way of freeing extra cash which you can use for a variety of purposes including debt consolidation, wealth creation through good sound investment of capital, education, home improvement etc.

But before you decide on a fixed rate home equity loan or on a variable rate home equity loan its best to compare the pro’s and cons of each type so that you can make the right decision for you.

With your home equity loan being one of the biggest long term financial decisions you’ll make, its best to get the decision right from the very beginning. Getting it wrong could literally cost you thousands.

The question is whether to consider fixed rate home equity loan or a variable rate home equity loan.

Fixed Rate home equity loan

A fixed rate home equity loan is a loan where the interest and thus the repayment are fixed at a certain interest rate for a certain period. The period varies but can be anything from two to five years to the length of the loan. The pros of a fixed rate home equity loan are:

They provide certainty with regards to payments
You can budget easily if you sign up for a fixed rate mortgage
Even if the interest rate climbs, your payments remain constant

Cons of a fixed rate home equity loan include:

Your payments do not decrease if the rate decreases
You cannot take advantage of market up and downs
Initial rates on the fixed rate mortgages are usually higher than variable rate deals.

A fixed rate home equity loan can help to cap your payments and they make it easier to budget. The best time to take advantage of a fixed rate home equity loan is when the rates dip a little. You can then refinance your home equity loan with fixed rate home equity loan and take advantage of the fact that rates will climb.

Variable Rate home equity loan

As opposed to fixed rate home equity loan, the interest on a variable rate home equity loan changes all the time. This means that when interest rates climb, so does your home equity loan repayment.

The pros of this type of home equity loan is that if rates fall, so does your repayments, but unlike fixed rate home equity loan, it is very difficult to budget for payments which fluctuate. This type does however allow you to take advantage of changing market conditions.

If the current rates are high, then its best to go for a variable interest rate loan and then once the rates fall, to try to change it to fixed rate home equity loan.

For more information please visit http://www.low-rate-payday-equity-home-loans.com for more information

Improving Sales Productivity Begins and Ends with the Sales Manager

So you want to improve your sales team’s performance.

There are so many places to try and squeeze additional performance improvements out of your team. The question is…where do you start?

Do you start with better tools like Sales Force Automation (SFA) or Customer Relationship Management (CRM)? Maybe implementing opportunity, account, and territory management methodologies would work. How about improving sales skills? You could train them in value/relationship/consultative/collaborative/strategic selling or negotiation. The truth is if your company is weak in any of these areas you could experience improved performance by addressing them head on.

I can hear some of you groaning already. I know you invested thousands, or hundreds of thousands of dollars to implement new tools, processes, methods, and training before, but it didn’t stick or you got marginal returns on investments.

Sales Productivity Secret #1

No matter what you choose to improve, if you don’t focus on the Sales Managers first the improvement initiatives will only deliver short term results.

The Sales Managers are the key to sustainable performance improvement.

Why?

Because they are responsible for hiring, training, developing, directing, planing, coaching, communicating expectations, measuring success, and managing change on a daily basis. This is where the rubber meets the road!

I have worked with hundreds of Sales Managers from small businesses to fortune 100 companies over the last 5 years and the vast majority of them were great salespeople that got promoted to Sales Manager. Most of them have spent years struggling to develop the heart of a manager. Most have developed their management systems and skills through trial and error or imitating previous managers.

Each quarter brings constant pressure to hit the numbers and each year the pressure mounts as their companys’ raise the bar. Sooner or later the relentless drive to bring in the numbers causes the Sales Manager to fall back on what they know created success for them in the past. Instead of leading and developing the sales team they become “super closers” that get the job done by setting the pace, directing activities and closing sales.

So what’s wrong with that?

If your company does not require the sales manager to carry a book of business (they have a personal quota or list of accounts to call on) then they are doing the salesperson’s job. The very skills that made the Sales Manager such a great Salesperson are the obstacles to developing an Elite High-Performance team.

The Sales Manager’s role should be to develop a management system that continuously improves the performance of themselves, the team and the individual sales professionals, in addition to managing the business.

Retail Accounting: the Best Way to Simplify Accounting Tasks

People, who are concerned with any kind of mercantile activity, need to have basic knowledge of accounting. Retails shops are one of the busiest placed, where accounting transaction takes place very rapidly, hence, people, who handle accounting functions in any retail shop should be efficient enough to monitor and record these transactions. Cash flow is the basic of every accounting system and efficiency of any accounting system depends on how the accountant record and report the cash flow. Since retail shops deals with immeasurable cash transactions, quick and efficient maintenance of transactions is must. People, who manage accounting records in any retail shop deal with thousands of financial entries everyday, hence, a slight mistake made by them can affect the complete accounting statement for the day. And tallying such records may take extra hours and can influence the smooth processing of accounting data. To avoid flaws in accounting record the retail shop owner either needs to hire extra and efficient employees or outsource retail accounting task to an external accounting firm. Both the options can enable the shop owner to maintain flawless accounting records and can allow him or her to be rest assured about accuracy and accountability.

Question that comes in every mind that what retail accounting is so completed? However, answer is simple and outlines the number of entries and business transactions per day. Handling cash transaction is tougher than handling online or bank transactions and cash collection in retail accounting is tallied with accounts on daily basis. In such a situation, mislay of a single rupee can take hours in totaling and can make the entire process more complicated and time consuming. Perhaps, complexity and sensitivity are the reasons that are increasing the tendency of hiring accounting services among retail shop owners.

Retail accounting one way or another carries messy dealings that presents a big challenge for professionals, who handle such accounting tasks. Hiring accounting services from outside provides the retail shop owner with a convenient option to keep an eye on daily sales plus stock available. Since numerous products are launched everyday, retails shopkeepers face a lot of problems in managing their accounts, as every product comes with different scheme and offer and keeping their record enhances the accounting burden. Well managed accounting data helps a retail shopkeeper in getting detailed information about sale of every individual product.

However, retail accounting is complicated and hassle some task but it can be simpler by outsourcing some of its portion of any accounting firm. Firms that offer accounting help for retails shops make it possible through highly qualified accounting professionals; hence, it can be assumed that mistakes will not occur. Computerized accounting systems can also be used for making this task hassle some, as computerized procedures can be handled without putting extra efforts and human resource. People, who are facing accounting flaws everyday, need to ponder over any solution, as regular mistakes in accounting records can affect their financial position in long run.

Financial Accounting ACG2021 Spring 2008 SFCC Chapter 2 Crosson
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