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Budgets! There I've said it. For some the most hated and feared word in business. But it doesn't have to be that way. As a matter of fact, a well thought out and constructed budget can be the small business owners best friend. After all, a budget is just a laid out plan to produce profits and profits is what we are all after. Instead of feeling overwhelmed by looking at a 13 column budget spreadsheet with rows and rows of expenses, just break it down into it's simplest terms: Revenue - Expenses = Profits Looking at it this way, we see there are only two things to control, work on or even worry about, revenue and expenses. The only way to increase profits is to increase revenue or reduce expenses. Our jobs, as business owners of course, is to do both thus accelerating our profits. I know this is business 101, the very basics and sounds so simple but you'd be surprised how many businesses today don't operate on a budget. Please take the time, or call me for help on this, and write down a simple budget of all of your revenue streams and every single expense you have on a monthly basis. If you still don't grasp the concept then have your accountant or tax preparer show you how. Once you have everything written down you use this as a guide to manage your profits. How can we reduce communications costs (phone bill)? Is our graphics printer the best we can do or is it time to get competitive bids (printing expenses)? Can we refinance a business loan to reduce monthly interest expenses? Line by line you look at your expenses and see if there is any thing you can do to reduce them. Don't forget your revenue streams too. Is there something or some service you sell that could handle a price increase? Is there a new product or service you can introduce to bring in more revenue. Focus on growing revenue and look at each of those expenses line by line and you may be surprised at how much profit you can squeeze out of your existing operation.
To listen to the interview, click on this MP3 file link DISCUSSION: Interview Time Index (MM:SS) and Topic Eileen, you have a promising history of significant impact and contribution to society, the community, education, research and the ICT industry as an undergraduate. Thank you for sharing your experiences and insights with our audience. :00:43: :01:40: :02:20: :04:02: :05:27: :06:08: :07:34: :08:27: :09:09: :09:41: :10:54: :11:45: :12:11: :14:12: :14:45: :15:38: :16:12: :17:07: :20:21: :20:53: Eileen’s Profile:Eileen Chen is a junior studying within the College of Information Sciences and Technology at the Pennsylvania State University at University Park Main Campus. She is also in the Schreyer Honors College. She expects to earn a Bachelor of Science degree in May of 2013 with a major in the option of Integration and Application in Information Sciences and Technology and a minor in Supply Chain and Information Sciences and Technology. She received the David Suarez Memorial Scholarship (a remembrance from his colleagues at Deloitte Consulting/Deloitte & Touche), the Dipple Trustee Scholarship, the Raytheon IST Scholarship, and the Delta Gamma Lamp of Knowledge as well as achieved Deans List all semesters. Eileen worked as a teaching intern for an introductory Java course during the Fall 2011 semester and a computer lab consultant for Penn State ITS Lab Consulting. She recently joined Dr. Brian H. Cameron, the Executive Director for the Center of Enterprise Architecture in the College of Information Sciences and Technology and the founding president of the Federation for Enterprise Architecture Professional Organizations (FEAPO), as a research assistant. She is currently working with FEAPO and the Communications Committee. She also assisted Dr. Cameron in preparing for the Center for EA at Penn State Meeting, which she attended in October 2011. While learning about the innovative subject of enterprise architecture, she is also gathering research for her honors thesis. Learning in the classroom and work environment is important to Eileen, but she also values the knowledge she gains outside her coursework. She is passionate about giving back to the community, and her main focus is bettering the quality of life for children. She currently serves as a Technology Captain for the Penn State IFC/Panhellenic Dance Marathon, affectionately referred to as THON. As the largest student-run philanthropy, THON raised $9.56 million in 2011 benefitting the fight against pediatric cancer. Eileen also serves as Administrator and Website Chair for Bee House, a special interest organization with the sole purpose of fundraising for THON. Her sorority, Delta Gamma, in which she serves as the Director for Electronic Communications, also fundraises for THON and other philanthropies. In addition to THON, she has participated in the LeaderShape Institute, the General Electric Student Leadership Conference, Role of a Resident Assistant Course, the National Collegiate Honor Society, Be Engaged House (a leadership and service special living option), and intramural volleyball. Article Index: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 |
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