Profitable Way #1. Making Better Asset Purchase Decisions for Your Company
Cost Benefit Analysis is very useful when deciding between competing financial outcomes. Do we purchase this new asset or that one? Do we proceed with this investment in new technology or continue as normal? Is it time to replace an ageing asset yet, or should it be kept longer?
Profitable Way #2. Making Better Asset Purchase Recommendations for Your Clients.
All the comments above relate just as much to you as to your clients- even more so, since there may be repercussions if your recommendations are flawed.
Think of the benefits to the business if you can show your clients a proven easy-to-understand system used by many governments and large corporations world-wide for making better financial decisions.
This methodology will withstand external scrutiny - it has done so many times in the past.
Profitable Way #3. Audit Client's Cost Benefit Methodology.
Another separate opportunity is for you to offer to ?audit? your clients' project development plans and spreadsheets for mathematical correctness as well as the validity and strength of their assumptions.
Large companies will appreciate an objective review of their project methodology. It can add weight to their funding applications also.
Profitable Way #4. Consulting to Clients on How to Spend their Scarce Investment Capital on Competing Projects.
Cost Benefit Analysis is very useful in ranking projects based on their Benefit Cost Ratio results. The project with the highest Benefit Cost Ratio should be authorised first since it will increase the company's value the most (all other things being equal).
Profitable Way #5. Offer These Services to Charities
Not-for-Profits and Charities need to show their stakeholders/shareholders that their financial decisions are based on proven principles. They may not have sufficient spare funds to undertake this analysis themselves. However, you could offer to audit and consult in the area of Cost Benefit Analysis, gratis, in return for some acknowledgement in their Annual Reports.
Profitable Way #6. Implement this Method Across Client Companies
Once you learn the principles of Cost Benefit Analysis you will appreciate that most companies would benefit from an ?across the board? implementation of this method. This could mean extensive training and developing an implementation strategy. More business opportunities for you.
Profitable Way #7. Advertise Cost Benefit Analysis Services in Newsletters and Client Correspondence.
This service can help in setting your company apart from your competitors. Why not advertise this expertise in your newspaper advertisements?
Profitable Way #8. Training in Cost Benefit Analysis
Running training programs in Cost Benefit Analysis for many invited clients can lead to further business, both in implementation and other consulting work.
Profitable Way #9. Offer to Prepare Cost Benefit Analyses for Client Funding Proposals.
Cost Benefit Analysis is a powerful tool that can clearly show the benefits contained in the new proposal compared to the ?do nothing? or other competing options. It can also show how soon the project will move from a net cost to net benefit position. Other measures of payback can still be included for reference purposes such as Payback, Internal Rate of Return and Net Present Value. It clearly shows the benefits received for each $ of cost expended.
You need an idea (may be a product that you want to sell), shop in a prime location depending on your product or service type (if not a chain of shops), proper decoration, display and advertisement to attract customers and others (employees, telephone, delivery vehicle etc.).
I think you can imagine the amount of investment necessary to complete the whole process. And then you will have to wait for the customers. I hope you can also imagine the risk involved with such a huge investment. What if the business does not click?
Let's look at the scenario from a different perspective. What if we can eliminate monitory investment from the whole process? If we can do so, it will certainly reduce the risk factors to almost zero. But, is it possible?
Yes. It is possible. You can start a website or a blog and take your business online. If you would like to reduce the investment amount to zero you can start a free blog offered by Wordpress or Blogger and click start your business (just follow the simple steps in those websites). You will be amazed to see that almost everyone of your target market is available online. Starting your online business with a free blog is a great idea as when you get some success, you can buy a domain and space and start the real business.
However, there is a small catch ? starting a blog or website does not mean that you will get a lot of customers from day one. You will find a lot of websites or blogs that are offering the same service and taking away your prospective customers.
To fight with them you need to have some understanding about why and how people are getting into those websites. To understand the route, you need to know something about keywords.
What are keywords? They are single or a group of words that your target audience may use to find your service. For example, if I am looking for SEO services in Florida, I might type Florida SEO in the search box of Google or Yahoo (search engines) to find related websites. And if your site is there in the list (provided in the search engine result page), I will click and go to your website. Trend shows that people do not normally browse beyond first three result pages to get the required information or services. That means your chances to get more visitors depends on your rank in the result pages for targeted keywords.
Does it sound tough? Hold on, the process is very simple. You only need some information on why search engines rank certain pages high along with a lot of common sense.
Search engines have automated crawlers and they index all the pages on the web. Thus, when you search for something, the search engines provide you the most relevant result from their index.
Now how search engines decide, which page is more relevant for a specific keyword?
Major search engines have their specific algorithms to calculate relevancy of a webpage. The algorithm mainly counts the density of keywords in a page (how many times those words are used) along with incoming links (the number of website or blogs linking to you).
Thus, if your blog or site has enough keywords (3 to 7% is good ? anything more may be tagged as spam and may be banned by search engines) along with good number of links from relevant and trusted web pages, it will rank high in the result page.
You may consult a local SEO company to improve search engine rank of your website for more business.
Both Bruce Hokin & Markus Skupeika are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Bruce Hokin has sinced written about articles on various topics from Health, Certified Public Accountants and Personal Finance. Bruce Hokin is an experienced accountant (FCPA) specializing in Cost Benefit Analysis. You can find more of his in-depth FREE articles, FREE Newsletter and e-zines at his website. To sign up for his downloadable Cost Benefit Analysis training program. Bruce Hokin's top article generates over 5400 views. to your Favourites.
Markus Skupeika has sinced written about articles on various topics from Computers and The Internet, Wrinkles and Car Accidents. Dominate first page of Google by creating a monopoly. Find out how and your SEO questions online. Need SEO services, try leading. Markus Skupeika's top article generates over 60500 views. to your Favourites.