Developing Financial Projections

PUBLIC COMPANY MANAGEMENT SERVICES WHITE PAPER Developing Financial Projections for NonFinance People This White Paper gives you the tools to answer the two most important questions any business must ask: â€Å"Are you financially prepared to begin? Are we able to sustain ourselves? † You’ll learn: †¢ What’s on financial statements and how they get there †¢ How to develop and understand income statements †¢ How to set up and read balance sheets †¢ How to use common formulas to evaluate cash flow †¢ How to create a budget using standard guidelines †¢ How to read and evaluate income projections †¢How to develop your own financial projections through a â€Å"fill in the blanks† approach† †¢ How to accurately determine the value of your idea or business This memorandum is provided by Public Company Management Services for educational purposes only and is not intended and should not be construed as legal advice. 200 4  © Public Company Management Services 5770 El Camino Road. Las Vegas, NV 89118 Phone: (702) 222-9076 http://www. pubcowhitepapers. com http://www. pcms-team. com http://www. foreigncompanylisting. com http://www. gopublictoday. com A Budget and Financial Worksheet OverviewManagers must ask, ‘is the business financially prepared to begin/continue’? Understanding basic budgeting guidelines, income projection statements, balance sheets and common formulas to evaluate cash flow help ensure successful operations. This financial knowledge significantly impacts a company’s short term and long term success. START-UP BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel (costs prior to opening) legal/professional fees occupancy licenses/permits equipment insurance supplies advertising/promotions salaries/wages accounting income utilities payroll expensesAn operating budget is prepared when you are actu ally ready to open for business. The operating budget will reflect your priorities in terms of how you spend your money, the expenses you will incur and how you will meet those expenses (income). Your operating budget also should include money to cover the first three to six months of operation. It should allow for the following expenses. OPERATING BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel insurance rent depreciation loan payments advertising/promotions legal/accounting miscellaneous expenses supplies payroll expenses Developing Projections www. publiccompanywhitepapers. om 14001 May 20,2003 †¢ †¢ †¢ †¢ †¢ salaries/wages utilities dues/subscriptions/fees taxes repairs/maintenance Other questions that you will need to consider are: †¢ What type of accounting system will your use? Is it a single entry or dual entry system? †¢ What are your sales and profit goals for the coming year? If a franchis e, will the franchisor set your sales and profit goals? Or, will he or she expect you to reach and retain a certain sales level and profit margin? †¢ What financial projections will you need to include in your business plan? †¢ What kind of inventory control system will you use?Sample balance sheets, income projections (profit and loss statements) and cash flow statements are included below along with detailed instructions for completing same. INCOME PROJECTION STATEMENT †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Total net sales (revenues) Costs of sales Gross profit Gross profit margin Controllable expenses Salaries/wages Payroll expenses Legal/accounting Advertising Automobile Office supplies Dues/Subscriptions Utilities Miscellaneous Total controllable expenses Fixed expenses Rent Depreciation Utilities Insurance License/pe rmits Loan payments Miscellaneous †¢ Total fixed expenses Total expenses Net profit (loss) before taxes Taxes †¢ Net profit (loss) after taxes INSTRUCTIONS FOR INCOME PROJECTIONS STATEMENT The income projections (profit and loss) statement is valuable as both a planning tool and a key management tool to help control business operations. It enables you to develop a preview of the amount of income generated each month and for the business year, based on reasonable predictions of monthly levels of sales, costs and expenses. As monthly or quarterly projections are developed and entered into the income projections statement, they can serve as definite goals for controlling the business operation.As actual operating results become known each month, they should be recorded for comparison with the monthly projections. A completed income statement allows you to compare actual figures with projections and to take steps to correct any problems. Industry Percentage In the industry per centage column, enter the percentages of total sales (revenues) that are standard for your industry, which are derived by dividing Costs/expenses items x 100% These percentages can be obtained from various sources, such as trade associations, accountants or banks.Industry figures serve as a useful bench mark against which to compare cost and expense estimates that you develop for your firm. Compare the figures in the industry percentage column to those in the annual percentage column. Total Net Sales (Revenues) Determine the total number of units of consulting service you realistically expect to sell each period (per month or quarter) in each area of your business at the prices you expect to get. Use this step to create the projections to review your pricing practices. †¢ Exclude any revenue that is not strictly related to the business. Cost of SalesThe key to calculating your cost of sales is that you do not overlook any costs that you have incurred. Calculate cost of sales of all services used to determine total net sales. Do not overlook transportation or travel costs if you’re working at a distance. Also include all direct labor. Gross Profit Subtract the total cost of sales from the total net sales to obtain gross profit. Gross Profit Margin The gross profit is expressed as a percentage of total sales (revenues). It is calculated by dividing gross profits by total net sales Controllable (also known as Variable) Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Salary expenses-Base pay plus overtime.Payroll expenses-Include paid vacations, sick leave, health insurance, unemployment insurance and social security taxes – may or may not be applicable. Outside services-Include costs of subcontracts, overflow work and special or one-time services. Supplies-Services and items purchased for use in the business. Repair and maintenance-Regular maintenance and repair. Advertising-Include desired sales volume and classified d irectory advertising expenses. Car delivery and travel-Include charges if personal car is used in business, including parking, tools, buying trips, etc. Accounting and legal-Outside professional services.Fixed Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ Rent-List only real estate used in business. Depreciation-Amortization of capital assets like computers. Utilities-Water, heat, light, etc. Insurance-Fire or liability on property or products. Include workers' compensation. Loan repayments-Interest on outstanding loans. Miscellaneous-Unspecified; small expenditures without separate accounts. Net Profit (loss) (before taxes) †¢ Subtract total expenses from gross profit. †¢ Taxes – Include inventory and sales tax, excise tax, real estate tax, etc. Net Profit (loss) (after taxes) †¢ Subtract taxes from net profit (before taxes) Annual Total – For each of the sales and expense items in your income projection statement, add all the monthly or quarterly figures across the table and put the result in the annual total column. Annual Percentage †¢ Calculate the annual percentage by dividing Annual total x 100% Sample BALANCE SHEET Assets Current assets Cash $_______ Petty cash $_______ Accounts receivable $_______ Inventory $_______ Short-term investment $_______ Prepaid expenses $_______ Long-term investment $_______ Fixed assets Land $_______ Buildings $_______ Improvements $_______ Equipment $_______ Furniture $_______ Automobile/vehicles $_______Other assets †¢ †¢ †¢ †¢ 1. $_______ 2. $_______ 3. $_______ 4. $_______ †¢ Total assets $______ Liabilities Current Liabilities Accounts payable $______ Notes payable $______ Interest payable $______ Taxes payable Federal income tax $______ State income tax $______ Self-employment tax $______ Sales tax (SBE) $______ Property tax $______ Payroll accrual $______ Long-term liabilities Notes payable $______ Total liabilities $______ Net worth (owner equity) $______ Proprietorship or Partnership (name's) equity $_____ (name's) equity $_____ or †¢ Corporation Capital stock $_____ Surplus paid in $_____ Retained earnings $_____Total net worth $_____ †¢ Total liabilities and †¢ total net worth $_____ (Total assets will always equal total liabilities and total net worth) _______________________________________________ INSTRUCTIONS FOR BALANCE SHEET Figures used to compile the balance sheet are taken from the previous and current balance sheet as well as the current income statement. The income statement is usually attached to the balance sheet. The following text covers the essential elements of the balance sheet. At the top of the page fill in the legal name of the business, the type of statement and the day, month and year. AssetsList anything of value that is owned or legally due the business. Total assets include all net values. These are the amounts derived when you subtract depreciation and amortization from th e original costs of acquiring the assets. Current Assets †¢ †¢ †¢ †¢ †¢ †¢ Cash-List cash and resources that can be converted into cash within 12 months of the date of the balance sheet (or during one established cycle of operation). Include money on hand and demand deposits in the bank, e. g. , checking accounts and regular savings accounts. Petty cash-If your business has a fund for small miscellaneous expenditures, include the total here.Accounts receivable-The amounts due from customers in payment for merchandise or services. Inventory-Includes raw materials on hand, work in progress and all finished goods, either manufactured or purchased for resale. Short-term investments-Also called temporary investments or marketable securities, these include interest- or dividend-yielding holdings expected to be converted into cash within a year. List stocks and bonds, certificates of deposit and time-deposit savings accounts at either their cost or market valu e, whichever is less. Prepaid expenses-Goods, benefits or services a business buys or rents in advance.Examples are office supplies, insurance protection and floor space. Long-term Investments Also called long-term assets, these are holdings the business intends to keep for at least a year and that typically yield interest or dividends. Included are stocks, bonds and savings accounts earmarked for special purposes. Fixed Assets Also called plant and equipment. Includes all resources a business owns or acquires for use in operations and not intended for resale. Fixed assets may be leased. Depending on the leasing arrangements, both the value and the liability of the leased property may need to be listed on the balance sheet. Land-List original purchase price without allowances for market value. †¢ Buildings †¢ Improvements †¢ Equipment †¢ Furniture an Computers †¢ Automobile/vehicles Liabilities Current Liabilities List all debts, monetary obligations and cla ims payable within 12 months or within one cycle of operation. Typically they include the following: †¢ Accounts payable-Amounts owed to suppliers for goods and services purchased in connection with business operations. †¢ Notes payable-The balance of principal due to pay off short-term debt for borrowed funds. Also includes the current amount due of total balance on notes whose terms exceed 12 months. Interest payable-Any accrued fees due for use of both short- and long-term borrowed capital and credit extended to the business. †¢ Taxes payable-Amounts estimated by an accountant to have been incurred during the accounting period. †¢ Payroll accrual-Salaries and wages currently owed. Long-term Liabilities Notes payable-List notes, contract payments or mortgage payments due over a period exceeding 12 months or one cycle of operation. They are listed by outstanding balance less the current position due. Net worth Also called owner's equity, net worth is the claim o f the owner(s) on the assets of the business.In a proprietorship or partnership, equity is each owner's original investment plus any earnings after withdrawals. Total Liabilities and Net Worth The sum of these two amounts must always match that for total assets. __________________________________________________ MONTHLY CASH FLOW PROJECTION 1. Cash on hand (beginning month) 2. Cash receipts †¢ †¢ †¢ †¢ †¢ (a) Cash sales (b) Collections from credit accounts (c) Loan or other cash injections (specify) 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (Before cash out) (1+3) 5. Cash paid out †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ a) purchases (merchandise) (b) Gross wages (excludes withdrawals) (c) Payroll expenses (taxes, etc. ) (d) Outside services (e) Supplies (office and operating) (f) Repairs and maintenance (g) Advertising (h) Car, delivery and travel (i) Accounting and legal (j) Rent (k) Telephone (l) Utilities (m) Insurance (n) Taxes (real estate, etc. ) (o) Interest (p) Other expenses (specify each) (q) Miscellaneous (unspecified) (r) Subtotal (s) Loan principal payment †¢ †¢ †¢ †¢ †¢ †¢ (t) Capital purchases (specify) (u) Other start-up costs (v) Reserve and/or escrow (specify) (w) Owner's withdrawal 6. Total cash paid out (5a through 5w) . Cash position (end of month) (4 minus 6) †¢ †¢ Essential operating data (non-cash flow information) †¢ A. Sales volume (dollars) †¢ B. Accounts receivable †¢ (end on month) †¢ C. Bad debt (end of †¢ month) †¢ D. Inventory on hand (end †¢ of month) †¢ E. Accounts payable (end †¢ of month) INSTRUCTIONS FOR MONTHLY CASH FLOW PROJECTION †¢ †¢ †¢ †¢ †¢ †¢ 1. Cash on hand (beginning of month) — Cash on hand same as (7), Cash position, pervious month 2. Cash receipts†¢ (a) Cash sales-All cash sales. Omit credit sales unless cash is actually received †¢ (b) Gross wages (including withdrawals)-Amount to be expected from all accounts. (c) Loan or other cash injection-Indicate here all cash injections not shown in 2(a) or 2(b) above. 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (before cash out)(1+3) 5. Cash paid out †¢ (a) Purchases (merchandise)–Merchandise for resale or for use in product (paid for in current month). †¢ (b) Gross wages (including withdrawals)-Base pay plus overtime (if any) †¢ (c) Payroll expenses (taxes, etc. )– Include paid vacations, paid sick leave, health insurance, unemployment insurance, (this might be 10 to 45% of 5(b)) †¢ (d) Outside services-This could include outside labor and/or material for pecialized or overflow work, including subcontracting †¢ (e) Supplies (office and operating)–Items purchased for use in the bu siness (not for resale) †¢ (f) Repairs and maintenance-Include periodic large expenditures such as painting or decorating †¢ (g) Advertising-This amount should be adequate to maintain sales volume †¢ (h) Car, delivery and travel-If personal car is used, charge in this column, include parking †¢ (i) Accounting and legal-Outside services, including, for example, bookkeeping †¢ (j) Rent-Real estate only (See 5(p) for other rentals) †¢ (k) Telephone †¢ (l) Utilities-Water, heat, light and/or power (m) Insurance-Coverage on business property and products (fire, liability); also worker's compensation, fidelity, etc. Exclude executive life (include in 5(w)) †¢ (n) Taxes (real estate, etc. )– Plus inventory tax, sales tax, excise tax, if applicable †¢ (o) Interest-Remember to add interest on loan as it is injected (See 2 © above) †¢ (p) Other expenses (specify each) _________________________________________ _________________________ ____________ Unexpected expenditures may be included here as a safety factor________________________________________ Equipment expenses during the month should be included ere (non-capital equipment)__________________________ When equipment is rented or leased, record payments here †¢ (q) Miscellaneous (unspecified)–Small expenditures for which separate accounts would be practical †¢ (r) Subtotal-This subtotal indicates cash out for op †¢ (s) Loan principal payment-Include payment on all loans, including vehicle and equipment purchases on time payment †¢ (t) Capital purchases (specify)–Nonexpensed (depreciable) expenditures such as equipment, building purchases on time payment †¢ (u) Other start-up costs-Expenses incurred prior to first month projection and paid for after startup (v) Reserve and/or escrow (specify)– Example: insurance, tax or equipment escrow to reduce impact of large periodic payments †¢ (w) Owner's withdrawals-Sho uld include payment for such things as owner's income tax, social security, health insurance, executive life insurance premiums, etc. †¢ 6. Total cash paid out (5a through 5w) †¢ 7. Cash position (end on month) (4 minus 6)-Enter this amount in (1) Cash on hand following monthEssential operating data (non-cash flow information)-This is basic information necessary for proper planning and for proper cash flow projection.Also with this data, the cash flow can be evolved and shown in the above form. †¢ A. Sales volume (dollars)–This is a very important figure and should be estimated carefully, taking into account size of facility and employee output as well as realistic †¢ †¢ †¢ †¢ †¢ anticipated sales (actual sales, not orders received). B. Accounts receivable (end of month)-Previous unpaid credit sales plus current month's credit sales, less amounts received current month (deduct â€Å"C† below) C.Bad debt (end on month)– Bad debts should be subtracted from (B) in the month anticipated D. Inventory on hand (end on month)– Last month's inventory plus merchandise received and/or manufactured current month minus amount sold current month E. Accounts payable (end of month) Previous month's payable plus current month's payable minus amount paid during month. F. Depreciation-Established by your accountant, or value of all your equipment divided by useful life (in months) as allowed by Internal Revenue Service Developing Financial Projections PUBLIC COMPANY MANAGEMENT SERVICES WHITE PAPER Developing Financial Projections for NonFinance People This White Paper gives you the tools to answer the two most important questions any business must ask: â€Å"Are you financially prepared to begin? Are we able to sustain ourselves? † You’ll learn: †¢ What’s on financial statements and how they get there †¢ How to develop and understand income statements †¢ How to set up and read balance sheets †¢ How to use common formulas to evaluate cash flow †¢ How to create a budget using standard guidelines †¢ How to read and evaluate income projections †¢How to develop your own financial projections through a â€Å"fill in the blanks† approach† †¢ How to accurately determine the value of your idea or business This memorandum is provided by Public Company Management Services for educational purposes only and is not intended and should not be construed as legal advice. 200 4  © Public Company Management Services 5770 El Camino Road. Las Vegas, NV 89118 Phone: (702) 222-9076 http://www. pubcowhitepapers. com http://www. pcms-team. com http://www. foreigncompanylisting. com http://www. gopublictoday. com A Budget and Financial Worksheet OverviewManagers must ask, ‘is the business financially prepared to begin/continue’? Understanding basic budgeting guidelines, income projection statements, balance sheets and common formulas to evaluate cash flow help ensure successful operations. This financial knowledge significantly impacts a company’s short term and long term success. START-UP BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel (costs prior to opening) legal/professional fees occupancy licenses/permits equipment insurance supplies advertising/promotions salaries/wages accounting income utilities payroll expensesAn operating budget is prepared when you are actu ally ready to open for business. The operating budget will reflect your priorities in terms of how you spend your money, the expenses you will incur and how you will meet those expenses (income). Your operating budget also should include money to cover the first three to six months of operation. It should allow for the following expenses. OPERATING BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel insurance rent depreciation loan payments advertising/promotions legal/accounting miscellaneous expenses supplies payroll expenses Developing Projections www. publiccompanywhitepapers. om 14001 May 20,2003 †¢ †¢ †¢ †¢ †¢ salaries/wages utilities dues/subscriptions/fees taxes repairs/maintenance Other questions that you will need to consider are: †¢ What type of accounting system will your use? Is it a single entry or dual entry system? †¢ What are your sales and profit goals for the coming year? If a franchis e, will the franchisor set your sales and profit goals? Or, will he or she expect you to reach and retain a certain sales level and profit margin? †¢ What financial projections will you need to include in your business plan? †¢ What kind of inventory control system will you use?Sample balance sheets, income projections (profit and loss statements) and cash flow statements are included below along with detailed instructions for completing same. INCOME PROJECTION STATEMENT †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Total net sales (revenues) Costs of sales Gross profit Gross profit margin Controllable expenses Salaries/wages Payroll expenses Legal/accounting Advertising Automobile Office supplies Dues/Subscriptions Utilities Miscellaneous Total controllable expenses Fixed expenses Rent Depreciation Utilities Insurance License/pe rmits Loan payments Miscellaneous †¢ Total fixed expenses Total expenses Net profit (loss) before taxes Taxes †¢ Net profit (loss) after taxes INSTRUCTIONS FOR INCOME PROJECTIONS STATEMENT The income projections (profit and loss) statement is valuable as both a planning tool and a key management tool to help control business operations. It enables you to develop a preview of the amount of income generated each month and for the business year, based on reasonable predictions of monthly levels of sales, costs and expenses. As monthly or quarterly projections are developed and entered into the income projections statement, they can serve as definite goals for controlling the business operation.As actual operating results become known each month, they should be recorded for comparison with the monthly projections. A completed income statement allows you to compare actual figures with projections and to take steps to correct any problems. Industry Percentage In the industry per centage column, enter the percentages of total sales (revenues) that are standard for your industry, which are derived by dividing Costs/expenses items x 100% These percentages can be obtained from various sources, such as trade associations, accountants or banks.Industry figures serve as a useful bench mark against which to compare cost and expense estimates that you develop for your firm. Compare the figures in the industry percentage column to those in the annual percentage column. Total Net Sales (Revenues) Determine the total number of units of consulting service you realistically expect to sell each period (per month or quarter) in each area of your business at the prices you expect to get. Use this step to create the projections to review your pricing practices. †¢ Exclude any revenue that is not strictly related to the business. Cost of SalesThe key to calculating your cost of sales is that you do not overlook any costs that you have incurred. Calculate cost of sales of all services used to determine total net sales. Do not overlook transportation or travel costs if you’re working at a distance. Also include all direct labor. Gross Profit Subtract the total cost of sales from the total net sales to obtain gross profit. Gross Profit Margin The gross profit is expressed as a percentage of total sales (revenues). It is calculated by dividing gross profits by total net sales Controllable (also known as Variable) Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Salary expenses-Base pay plus overtime.Payroll expenses-Include paid vacations, sick leave, health insurance, unemployment insurance and social security taxes – may or may not be applicable. Outside services-Include costs of subcontracts, overflow work and special or one-time services. Supplies-Services and items purchased for use in the business. Repair and maintenance-Regular maintenance and repair. Advertising-Include desired sales volume and classified d irectory advertising expenses. Car delivery and travel-Include charges if personal car is used in business, including parking, tools, buying trips, etc. Accounting and legal-Outside professional services.Fixed Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ Rent-List only real estate used in business. Depreciation-Amortization of capital assets like computers. Utilities-Water, heat, light, etc. Insurance-Fire or liability on property or products. Include workers' compensation. Loan repayments-Interest on outstanding loans. Miscellaneous-Unspecified; small expenditures without separate accounts. Net Profit (loss) (before taxes) †¢ Subtract total expenses from gross profit. †¢ Taxes – Include inventory and sales tax, excise tax, real estate tax, etc. Net Profit (loss) (after taxes) †¢ Subtract taxes from net profit (before taxes) Annual Total – For each of the sales and expense items in your income projection statement, add all the monthly or quarterly figures across the table and put the result in the annual total column. Annual Percentage †¢ Calculate the annual percentage by dividing Annual total x 100% Sample BALANCE SHEET Assets Current assets Cash $_______ Petty cash $_______ Accounts receivable $_______ Inventory $_______ Short-term investment $_______ Prepaid expenses $_______ Long-term investment $_______ Fixed assets Land $_______ Buildings $_______ Improvements $_______ Equipment $_______ Furniture $_______ Automobile/vehicles $_______Other assets †¢ †¢ †¢ †¢ 1. $_______ 2. $_______ 3. $_______ 4. $_______ †¢ Total assets $______ Liabilities Current Liabilities Accounts payable $______ Notes payable $______ Interest payable $______ Taxes payable Federal income tax $______ State income tax $______ Self-employment tax $______ Sales tax (SBE) $______ Property tax $______ Payroll accrual $______ Long-term liabilities Notes payable $______ Total liabilities $______ Net worth (owner equity) $______ Proprietorship or Partnership (name's) equity $_____ (name's) equity $_____ or †¢ Corporation Capital stock $_____ Surplus paid in $_____ Retained earnings $_____Total net worth $_____ †¢ Total liabilities and †¢ total net worth $_____ (Total assets will always equal total liabilities and total net worth) _______________________________________________ INSTRUCTIONS FOR BALANCE SHEET Figures used to compile the balance sheet are taken from the previous and current balance sheet as well as the current income statement. The income statement is usually attached to the balance sheet. The following text covers the essential elements of the balance sheet. At the top of the page fill in the legal name of the business, the type of statement and the day, month and year. AssetsList anything of value that is owned or legally due the business. Total assets include all net values. These are the amounts derived when you subtract depreciation and amortization from th e original costs of acquiring the assets. Current Assets †¢ †¢ †¢ †¢ †¢ †¢ Cash-List cash and resources that can be converted into cash within 12 months of the date of the balance sheet (or during one established cycle of operation). Include money on hand and demand deposits in the bank, e. g. , checking accounts and regular savings accounts. Petty cash-If your business has a fund for small miscellaneous expenditures, include the total here.Accounts receivable-The amounts due from customers in payment for merchandise or services. Inventory-Includes raw materials on hand, work in progress and all finished goods, either manufactured or purchased for resale. Short-term investments-Also called temporary investments or marketable securities, these include interest- or dividend-yielding holdings expected to be converted into cash within a year. List stocks and bonds, certificates of deposit and time-deposit savings accounts at either their cost or market valu e, whichever is less. Prepaid expenses-Goods, benefits or services a business buys or rents in advance.Examples are office supplies, insurance protection and floor space. Long-term Investments Also called long-term assets, these are holdings the business intends to keep for at least a year and that typically yield interest or dividends. Included are stocks, bonds and savings accounts earmarked for special purposes. Fixed Assets Also called plant and equipment. Includes all resources a business owns or acquires for use in operations and not intended for resale. Fixed assets may be leased. Depending on the leasing arrangements, both the value and the liability of the leased property may need to be listed on the balance sheet. Land-List original purchase price without allowances for market value. †¢ Buildings †¢ Improvements †¢ Equipment †¢ Furniture an Computers †¢ Automobile/vehicles Liabilities Current Liabilities List all debts, monetary obligations and cla ims payable within 12 months or within one cycle of operation. Typically they include the following: †¢ Accounts payable-Amounts owed to suppliers for goods and services purchased in connection with business operations. †¢ Notes payable-The balance of principal due to pay off short-term debt for borrowed funds. Also includes the current amount due of total balance on notes whose terms exceed 12 months. Interest payable-Any accrued fees due for use of both short- and long-term borrowed capital and credit extended to the business. †¢ Taxes payable-Amounts estimated by an accountant to have been incurred during the accounting period. †¢ Payroll accrual-Salaries and wages currently owed. Long-term Liabilities Notes payable-List notes, contract payments or mortgage payments due over a period exceeding 12 months or one cycle of operation. They are listed by outstanding balance less the current position due. Net worth Also called owner's equity, net worth is the claim o f the owner(s) on the assets of the business.In a proprietorship or partnership, equity is each owner's original investment plus any earnings after withdrawals. Total Liabilities and Net Worth The sum of these two amounts must always match that for total assets. __________________________________________________ MONTHLY CASH FLOW PROJECTION 1. Cash on hand (beginning month) 2. Cash receipts †¢ †¢ †¢ †¢ †¢ (a) Cash sales (b) Collections from credit accounts (c) Loan or other cash injections (specify) 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (Before cash out) (1+3) 5. Cash paid out †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ a) purchases (merchandise) (b) Gross wages (excludes withdrawals) (c) Payroll expenses (taxes, etc. ) (d) Outside services (e) Supplies (office and operating) (f) Repairs and maintenance (g) Advertising (h) Car, delivery and travel (i) Accounting and legal (j) Rent (k) Telephone (l) Utilities (m) Insurance (n) Taxes (real estate, etc. ) (o) Interest (p) Other expenses (specify each) (q) Miscellaneous (unspecified) (r) Subtotal (s) Loan principal payment †¢ †¢ †¢ †¢ †¢ †¢ (t) Capital purchases (specify) (u) Other start-up costs (v) Reserve and/or escrow (specify) (w) Owner's withdrawal 6. Total cash paid out (5a through 5w) . Cash position (end of month) (4 minus 6) †¢ †¢ Essential operating data (non-cash flow information) †¢ A. Sales volume (dollars) †¢ B. Accounts receivable †¢ (end on month) †¢ C. Bad debt (end of †¢ month) †¢ D. Inventory on hand (end †¢ of month) †¢ E. Accounts payable (end †¢ of month) INSTRUCTIONS FOR MONTHLY CASH FLOW PROJECTION †¢ †¢ †¢ †¢ †¢ †¢ 1. Cash on hand (beginning of month) — Cash on hand same as (7), Cash position, pervious month 2. Cash receipts†¢ (a) Cash sales-All cash sales. Omit credit sales unless cash is actually received †¢ (b) Gross wages (including withdrawals)-Amount to be expected from all accounts. (c) Loan or other cash injection-Indicate here all cash injections not shown in 2(a) or 2(b) above. 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (before cash out)(1+3) 5. Cash paid out †¢ (a) Purchases (merchandise)–Merchandise for resale or for use in product (paid for in current month). †¢ (b) Gross wages (including withdrawals)-Base pay plus overtime (if any) †¢ (c) Payroll expenses (taxes, etc. )– Include paid vacations, paid sick leave, health insurance, unemployment insurance, (this might be 10 to 45% of 5(b)) †¢ (d) Outside services-This could include outside labor and/or material for pecialized or overflow work, including subcontracting †¢ (e) Supplies (office and operating)–Items purchased for use in the bu siness (not for resale) †¢ (f) Repairs and maintenance-Include periodic large expenditures such as painting or decorating †¢ (g) Advertising-This amount should be adequate to maintain sales volume †¢ (h) Car, delivery and travel-If personal car is used, charge in this column, include parking †¢ (i) Accounting and legal-Outside services, including, for example, bookkeeping †¢ (j) Rent-Real estate only (See 5(p) for other rentals) †¢ (k) Telephone †¢ (l) Utilities-Water, heat, light and/or power (m) Insurance-Coverage on business property and products (fire, liability); also worker's compensation, fidelity, etc. Exclude executive life (include in 5(w)) †¢ (n) Taxes (real estate, etc. )– Plus inventory tax, sales tax, excise tax, if applicable †¢ (o) Interest-Remember to add interest on loan as it is injected (See 2 © above) †¢ (p) Other expenses (specify each) _________________________________________ _________________________ ____________ Unexpected expenditures may be included here as a safety factor________________________________________ Equipment expenses during the month should be included ere (non-capital equipment)__________________________ When equipment is rented or leased, record payments here †¢ (q) Miscellaneous (unspecified)–Small expenditures for which separate accounts would be practical †¢ (r) Subtotal-This subtotal indicates cash out for op †¢ (s) Loan principal payment-Include payment on all loans, including vehicle and equipment purchases on time payment †¢ (t) Capital purchases (specify)–Nonexpensed (depreciable) expenditures such as equipment, building purchases on time payment †¢ (u) Other start-up costs-Expenses incurred prior to first month projection and paid for after startup (v) Reserve and/or escrow (specify)– Example: insurance, tax or equipment escrow to reduce impact of large periodic payments †¢ (w) Owner's withdrawals-Sho uld include payment for such things as owner's income tax, social security, health insurance, executive life insurance premiums, etc. †¢ 6. Total cash paid out (5a through 5w) †¢ 7. Cash position (end on month) (4 minus 6)-Enter this amount in (1) Cash on hand following monthEssential operating data (non-cash flow information)-This is basic information necessary for proper planning and for proper cash flow projection.Also with this data, the cash flow can be evolved and shown in the above form. †¢ A. Sales volume (dollars)–This is a very important figure and should be estimated carefully, taking into account size of facility and employee output as well as realistic †¢ †¢ †¢ †¢ †¢ anticipated sales (actual sales, not orders received). B. Accounts receivable (end of month)-Previous unpaid credit sales plus current month's credit sales, less amounts received current month (deduct â€Å"C† below) C.Bad debt (end on month)– Bad debts should be subtracted from (B) in the month anticipated D. Inventory on hand (end on month)– Last month's inventory plus merchandise received and/or manufactured current month minus amount sold current month E. Accounts payable (end of month) Previous month's payable plus current month's payable minus amount paid during month. F. Depreciation-Established by your accountant, or value of all your equipment divided by useful life (in months) as allowed by Internal Revenue Service

International Financial Policies Essay

International Financial Policies determine how firms in international market work because if respective governments of the countries put restrictions on doing trade, it may be relatively difficult to trade. One of the most important advantages of international financial policies is the fact that such policies often get the backing of the government therefore international firms find it relatively easy to have access to different resources besides availing different types of concessions in duties and taxes. On the other side, due to such international financial policies, international firms may have to work with relatively inefficient organizations due to contractual requirements. Most of the countries often attempt to bring in public owned entities to work with international firms therefore given the traditional bureaucratic inefficiencies of such public institutions, resources may not be efficiently utilized and firms may not be achieving their strategic objectives in real term. Trade Agreements The trade agreements are formed based on the assumptions that the countries attempt to take advantage of their relative comparative advantage. Trade Agreements are often formed between two or more countries to agree together to offer certain trade concessions to each other. Trade agreements are often formed at the government level and countries to the agreement often offer tax concessions, duty rebates, removal of trade quotas etc so that trade integration can take place and countries can actually benefit from the comparative advantages of each other. Trade Agreements have greater influence on the financial management policies because if favorable, trade agreements can relatively save lot of costs i. e. duty and tax concessions, lower interest rates etc. for the firms therefore they really have to devise policies which can allow them to manage their financial resources in most efficient manner.

Succubus on Top CHAPTER 2

â€Å"Bastien,† I breathed, still disbelieving. â€Å"Bastien!† I threw my arms around him, and he lifted me up like I weighed nothing, twirling me around. When he gently set me back on my feet, he looked down at me fondly, his handsome face cracking into a grin. Until I saw it, I hadn't realized how much I'd missed that smile. â€Å"You look exactly the same,† I noted, taking in the curling black hair that touched his shoulders, the eyes so dark a chocolate brown they almost looked black as well. Unlike me, he liked to wear the shape he'd been born with, the body from his mortal days. His skin was the color of the mochas I consumed regularly, smooth and lovely. His nose had been broken when he was human, but he never bothered to shape-shift the signs away. It didn't detract from his looks any; in fact, it sort of gave him a dashing scoundrel persona. â€Å"And you, as usual, look completely different. What are you calling yourself these days?† His voice carried a faint British accent leftover from many years spent in London after leaving the slave plantations of Haiti. He kept that accent and the French expressions of his childhood only for effect; when he chose to, he could speak American English as flawlessly as I could. â€Å"Georgina.† â€Å"Georgina? Not Josephine or Hiroko?† â€Å"Georgina,† I reiterated. â€Å"Very well then, Georgina. Let me see you. Turn around.† I spun around, like a model, letting him get the full effect of this body. When I faced him again, he nodded with approval. â€Å"Exquisite – not that I'd expect any less from you. Short, just like every other one, but the curves are in all the right spots, and the coloring is very nice.† He leaned closer to me, studying my face with a professional eye. â€Å"The eyes I especially like. Catlike. How long have you been wearing this one?† â€Å"Fifteen years.† â€Å"Barely broken in.† â€Å"Well,† observed Hugh dryly, â€Å"it sort of depends on how you define ‘broken in.'† Bastien and I both turned, remembering we had an audience. The other immortals watched with bemusement, the poker game momentarily forgotten. Bastien turned on a high-beam smile and crossed the room in a few quick strides. â€Å"Bastien Moreau.† He extended a polite hand to Hugh, every inch of him polished and deferential. Incubi, after all, have just as good a sense of customer service and public relations as succubi. â€Å"It's a pleasure to meet you.† He made equally polite introductions with the rest of the group, pausing momentarily when he reached Carter. A brief flicker of surprise in Bastien's dark eyes was the only other indication that he found an angel in our midst odd. Otherwise, his surface charm remained perfect as he smiled and shook Carter's hand. Although clearly surprised at Bastien's presence, Peter stood up dutifully. â€Å"Have a seat. You want a drink?† â€Å"Thank you. You're too kind. Bourbon on ice, please. And thank you for allowing me to show up so unexpectedly. You have a stunning home.† The vampire nodded, mollified at someone finally appreciating his hospitality. I, however, had other concerns and wondered what had caused the incubus to â€Å"show up so unexpectedly.† I suddenly remembered Jerome's taunting surprise. â€Å"Jerome knows you're here, doesn't he?† â€Å"Of course. Long since arranged.† Our kind could not cross into another's territory without making arrangements with the local supervisor. For a group that had allegedly rebelled against the system, we had a staggering amount of rules, regulations, and paperwork. We made the 1RS look juvenile. â€Å"He told me where to find you tonight.† â€Å"And you're here because†¦?† He flung a playful arm around me. â€Å"You're pushy. No â€Å"Hello, how are you†? Can't I just stop by to see an old friend?† â€Å"Not in this business.† â€Å"How long have you known Georgina?† asked Hugh, shifting his solidly built body into a more comfortable sitting position. Bastien turned thoughtful. â€Å"I don't know. How long has it been? Ages?† â€Å"You have to be a little more specific than that,† I reminded him, my mind slipping back to a London of long ago, recalling rough-hewn streets redolent with the scent of horses and unwashed humans. â€Å"Early seventeenth century?† He nodded, and I let my tone turn teasing. â€Å"Mostly I just remember how green you were.† â€Å"I have no idea what you're talking about.† â€Å"Whatever. I taught you everything you know. â€Å" â€Å"Ah, older women.† Bastien glanced around at the others, shrugging his shoulders with feigned haplessness. â€Å"Always so sure of themselves.† â€Å"So, explain how this works,† Cody urged eagerly, young eyes on Bastien. â€Å"You're like the male equivalent of Georgina, right? You shape-shift and everything?† Having been an immortal for less than ten years, Cody was always learning something new about us. I realized he'd probably never even met an incubus before. â€Å"Well, there's really no equivalent for Fleur , but yes, something like that.† I think he preferred calling me Fleur because it was easier than trying to remember the names I kept acquiring over the years. â€Å"So you seduce women?† pushed Cody. â€Å"Exactly.† â€Å"Wow. That must actually be hard.† â€Å"It's not so – wait a minute,† I said. â€Å"What are you implying over there? What's this â€Å"actually† business?† â€Å"Well, he's got a point,† insisted Peter, handing Bastien the drink. â€Å"It's not like your job's all that difficult, Georgina. By comparison, I mean.† â€Å"My job's very difficult!† â€Å"What, getting men to have sex with a beautiful woman?† Hugh shook his head. â€Å"That's not hard. That's not even remedial.† I looked at them incredulously. â€Å"It's not like I can just jump into bed with anyone. I have to get quality guys.† â€Å"Yeah, as of a month ago maybe.† Bastien shot me a sharp look at that remark, but I was too annoyed to acknowledge it. â€Å"Hey, I just won an award, you know. Got the certificate and everything. And anyway, contrary to your pathetic love lives, not all guys will immediately give in to sex. It takes work.† â€Å"What, like horns and a whip?† suggested Peter slyly, referring to a particularly embarrassing incident from my past. â€Å"That's different. He wanted it.† â€Å"They all want it. That's the point.† Hugh turned to Bastien reverentially. â€Å"How do you do it? Got any pointers you can share with the rest of us?† â€Å"Several lifetimes' worth,† chuckled Bastien, still watching me. â€Å"Those are trade secrets, I'm afraid. Although, really, in Fleur ‘s defense, the techniques are the same for both of us. You should have been paying more attention to her. â€Å" â€Å"Low-cut necklines aren't exactly a trade secret.† â€Å"Much more to it than that, my friend. Especially with Georgina. She's one of the best.† Hugh and the vampires looked at me as though they'd never noticed me before, apparently attempting to figure out if what Bastien said was true. â€Å"No need to start that up,† I pointed out hastily. â€Å"Come on, weren't you just bragging about how you taught me everything I know? You and I used to run some good rackets back in the day.† â€Å"What kind of rackets?† asked Peter. When I wouldn't answer, Bastien merely shrugged. â€Å"Oh, you know. The kind that require a partner. â€Å" Cody's eyes widened. â€Å"Like†¦group sex?† â€Å"No!† I protested, unable to stay silent at that. Not that it wasn't in my curriculum vitae. â€Å"Partnerships to suck somebody in. Play husband and wife. Or brother and sister. Or†¦or†¦whatever it takes to nail your mark.† Bastien nodded along with me. â€Å"Men really like the thrill of winning over someone's beautiful young wife. Women too, for that matter. The forbidden always has a certain allure to it.† â€Å"Wow.† Cody and the others pondered this new development and tried probing us a bit more for details. Bastien, sensing my reluctance to elaborate about the past, gave vague answers, and conversation soon drifted to other topics – as well as to Peter's amazing dinner. It wasn't Met good, but maybe the company had biased me. â€Å"Are you going to tell me what's going on?† I murmured to the incubus later, as our group finally rose from the table and began making motions to leave. I was dying to know what could have drawn him here and earned Jerome's approval. Hell's denizens could take vacations, but this smacked of business. Bastien patted me on the back, giving me his trademark grin. â€Å"In good time, my sweet. Is there somewhere we can talk?† â€Å"Sure. I'll take you back to my place. You can meet my cat.† When Bastien left me to once again thank Peter for dinner, Carter strolled over. â€Å"Are you seeing Seth soon?† â€Å"Later tonight.† Seeing his amused expression, I scowled. â€Å"Just get it over with, okay?† â€Å"Get what over with?† â€Å"The part where you tell me how stupid it is to try to have a serious relationship with a mortal.† The mirth faded from his face. â€Å"I don't think it's stupid.† I studied him, waiting for the punch line. â€Å"Everyone else does.† â€Å"Does Seth? Do you?† I looked away, thinking about Seth. That funny, distracted look on his face when inspiration seized him. His goofy T-shirt collection. The exquisite way he could capture the world on paper. How warm his hand was when it slid into mine. The way I just couldn't stay away from him, despite the million reasons that said I should. Suddenly, caught in Carter's penetrating eyes, something inside of me let loose. I hated how the angel could do this to me. â€Å"Sometimes I do. Sometimes I look at him†¦and I remember how it was when I kissed him and felt that love. It makes me want that back. I want to feel it again. I want to return it. Other times, though†¦other times, I'm so scared. I listen to these guys†¦and to Jerome†¦and then the doubts gnaw at me. I can't get them out of my head. We've been sleeping together, you know. Literally. It hasn't been a problem so far, but sometimes I lie awake watching him, thinking this can't last. The longer it does†¦I feel like†¦like I'm standing on a high wire, with Seth at one end and me at the other. We're trying to reach each other, but one misstep, one breeze, one side-glance, and I'll fall over the edge. And keep falling and falling.† I took in a shaking breath when I finished. Carter leaned toward me and brushed the hair away from the side of my face. â€Å"Don't look down then,† he whispered. Bastien had returned, catching the end of my soliloquy. â€Å"Who's Seth?† he wanted to know later, once we were back at my apartment. â€Å"Long story.† Yet I found myself spilling it anyway. Of course, telling Bastien about Seth meant telling him about a lot of other things too. Like a recent encounter with Jerome's half-human, half-angel son – a stunningly beautiful man with a twisted sense of social justice who had been on a semipsychotic mission to make other immortals pay for the shoddy treatment of him and his kind. The fact that he had been a good dancer and a phenomenal lover had not really been enough to make up for his wanton killing of lesser immortals and subsequent attempt on Carter. That, of course, led me to next explain how Seth had witnessed the inevitable showdown and had been injured when I kissed him to get an emergency fix of energy. Jerome had wanted to erase Seth's memory of the whole event, as well as the writer's love for me. I had begged the demon not to, finally getting him to agree when I offered to devote all of my efforts back to seducing and corrupting decent men like a good little succubus should. Horatio's visit had been the ultimate testimony to my â€Å"new and improved† self. Bastien, sprawling on my sofa, listened thoughtfully and frowned when I finished. â€Å"What do you mean? Why weren't you going after decent ones already?† â€Å"I got tired of it. Didn't like hurting them.† â€Å"So what? You were going after bad ones?† I nodded. He shook his head, knowing as well as I did how little life energy an ignoble mortal yielded compared to a good one. â€Å"Poor Fleur . What a miserable existence that must have been.† I gave him a bittersweet smile. â€Å"I think you're the first person that's ever sounded more sympathetic than incredulous. Most people think I'm idiotic for getting by like that.† â€Å"It's a pain, yes,† Bastien agreed, â€Å"and requires more frequent fixes, but hardly idiotic. You don't think I have days when I feel the same way? When I just want to throw my hands up and leave decent women alone?† â€Å"Why don't you?† â€Å"Not our lot. You and I are glorified prostitutes – courtesans, if you want to be more genteel, but it's all the same thing. Switching to bad ones won't change our fates. Won't even do anything in the long run, really, except relieve our guilt a bit, and even that relief doesn't last forever. â€Å" â€Å"Christ. You aren't really making me feel better.† â€Å"Sorry.† â€Å"No, no, it's okay. Whatever. I mean, it's nice to have someone to talk to about this. No one else – none of the other immortals – really get it. â€Å" He snorted. â€Å"Of course they don't. How could they?† My silence agreed for me, and Bastien gave me a kindly look. â€Å"Not that your friends weren't nice. Are there other immortals in the city you can talk to? Any succubi or incubi?† â€Å"A few more vampires and minor demons, but that's it. They're less social than the ones I run with. I have some good mortal friends too. Still. They're not the same either.† I smiled gently. â€Å"They're not you. I've missed you.† Bastien tousled my hair, earning a critical glance from my cat Aubrey. â€Å"I've missed you too.† â€Å"So will you tell me what's going on now?† His serious mien turned jovial. â€Å"Not sure what you're going to think about it, now that I've heard all of this.† â€Å"Try me.† Sliding off the couch, Bastien settled next to me so we could speak face-to-face. â€Å"You ever heard of Dana Dailey?† â€Å"I live on this planet, don't I? She's always my first choice when I'm driving in my car and feel like listening to some highly commercial, conservative rhetoric.† I didn't make any attempt to hide my disdain. In addition to touting worn-out family values, radio host Dana Dailey also enjoyed working thinly veiled racist, homophobic, and even sexist insinuations into her talk show. I couldn't stand her. â€Å"I imagine that mood strikes you quite a bit. Did you know she's Seattle based?† â€Å"Of course. It's a wonder she hasn't dragged down the property value. â€Å" â€Å"Funny you should mention that. A house in her neighborhood just came up for sale.† â€Å"So?† â€Å"So, our employers have purchased it.† â€Å"What?† Grinning, knowing he had me hooked, Bastien leaned in eagerly. â€Å"Pay attention, Fleur , because here's the good part. We got wind of some rumors concerning Mrs. Dailey's ex-pool boy in San Diego. He claims to have been ‘romantically involved' with her.† I racked my brain, recalling a promotional picture I'd seen of her and her politician husband on a billboard. â€Å"Have you seen Mr. Dailey? I'd opt for a pool boy too. What became of the rumors?† â€Å"Oh, you know. The same thing that always happens to rumors with no proof. They faded away; nothing happened.† I waited expectantly. â€Å"Okay, and the house fits in how?† â€Å"Well, like you said, her husband's no prize. Of course, she isn't going to get divorced or anything, not when it could potentially tarnish his political future and her whole prissy, on-air family-values campaign. But†¦the naughty streak is still there. If she's strayed once, I bet she could be lured into doing it again.† I groaned as the pieces fell together. â€Å"Like with a handsome, debonair neighbor?† â€Å"Debonair? Really, you're too kind.† â€Å"So what happens after that?† â€Å"Then we just let the evidence do its work.† â€Å"Evidence?† â€Å"Well, yeah. We're not going to go the way of the pool boy. When I manage to lure the illustrious Mrs. Dailey into physical pleasures surpassing her wildest dreams, there'll be a camera rolling. We're going to record this for posterity, then go to the press. Full exposure, full takedown. No more radio empire preaching to the masses to return to pure, decent ways. Even her husband's political campaign will be marred, thus opening the door for some liberal upstart to take his place and help get this area back into the corrupt rut it so desperately longs for. â€Å" â€Å"Gee, it's all so neat.† He eyed me. â€Å"You doubt the plan's brilliance?† â€Å"I don't know. I appreciate the ballsy factor here, but I think this is kind of out-there, even for you. I can't imagine Dana Dailey,ll go down so easily.† â€Å"Leave the going down to me.† â€Å"Your ego's out of control.† He laughed and pulled me to him. His arms felt good around me. Familiar. Reassuring. â€Å"Admit it. That's why you love me. â€Å" â€Å"Yeah, you're like the brother I never had. One that doesn't set my hair on fire. â€Å" His eyes sparkled wickedly. â€Å"And once again, you've jumped ahead of me. I want you to see me in action on this – not to mention keep me company while I'm in town. You've got to come visit – as Mitch's sister.† â€Å"Who?† Bastien suddenly stood up and shape-shifted. The familiar features morphed, leaving no trace of the rakish incubus I knew. Six-two and broad-shouldered, he now had dark blond hair and sky blue eyes, his face only just losing its pretty boy aspect and giving way to the sizzling promise of an experienced, confident man in his early thirties. When he smiled, those perfect teeth lit up a room. He winked at me. â€Å"Mitch Hunter,† he explained in a suave, movie-star voice. No accent now. â€Å"You got an equally cheesy title to go with that? ‘Mitch Hunter, MD' or ‘Mitch Hunter, Private Investigator?' Seems appropriate.† â€Å"Nah. I'm a consultant, of course. Everyone's favorite nondescript yet well-paid white-collar job.† â€Å"You look like you need a golf club in one hand and a burger flipper in the other.† â€Å"Tease all you want, but Dana won't be able to resist this. Now† – he gestured for me to stand up – â€Å"let's see what you can do.† â€Å"Are you joking?† â€Å"Do I look like I'm joking? If you're going to come visit me, you've got to put on some family resemblance.† I rolled my eyes and stood up. After a moment's study of his features, I shape-shifted my petite body into a taller, more athletic one with long blond hair. He scrutinized me, then shook his head. â€Å"Too pretty.† â€Å"What? This is perfect.† â€Å"That body's unreal. No one looks that good. My God woman, that ass.† â€Å"Oh, come on. You don't think Special Agent Mitch Hunter's sister isn't the type to spend two hours a day on a stair-climber?† Bastien grunted. â€Å"You've got a point there. At least lose some of the hair. These suburban types go for boring and practical.† â€Å"Yeah, but I'm not suburban. I'm your hipper, more stylish – â€Å" Someone knocked at my door. He glanced at me questioningly. â€Å"Oh! It's Seth.† I changed back to my normal body, and Bastien did the same. I opened the door. Seth Mortensen, best-selling author and professional introvert, stood outside my apartment. Clad in a Frogger T-shirt and corduroy jacket, he seemed to have forgotten to brush his hair again. It was messy and brown with a faint coppery cast, mirrored in the perpetual five o'clock shadow across his lower face. His lips turned up in a smile upon seeing me, and I couldn't help but briefly ponder how soft and kissable they looked. â€Å"Hey,† I said. â€Å"Hey.† Despite whatever attraction burned between us, the engine of our conversation always took a little while to turn over. I led him inside, and his expression faltered a bit when he saw Bastien. â€Å"Oh. Hi.† â€Å"Hello,† boomed Bastien, extending his hand. â€Å"Bastien Moreau.† â€Å"Seth Mortensen.† â€Å"A pleasure. I've heard all about you. Your books are fabulous. I mean, I've never read any of them – just don't have the time for that anymore – but I'm sure they're magnifique.† â€Å"Um, thanks.† â€Å"Bastien is an old friend,† I explained. â€Å"He's going to be in town for a while on†¦business.† Seth nodded, and silence dropped in between all of us like a fourth companion. Finally, Bastien cleared his throat. I could see from his face that he was already losing interest, dismissing Seth as too quiet and unexciting. The incubus craved action. â€Å"Well, I should take off. I don't want to interrupt your plans.† â€Å"What are you going to do?† I asked. â€Å"You can't have any plans of your own yet. â€Å" He winked. â€Å"I'll improvise.† I gave him a knowing look. Ruffling my hair again, he embraced me and kissed each of my cheeks. â€Å"I'll be in touch, Fleur . Make sure you keep an eye on the news.† â€Å"I'll never leave my television.† Bastien gave Seth a friendly nod. â€Å"Nice meeting you.† When the incubus was gone, Seth asked, â€Å"When you say ‘old friend,' are we talking, like†¦since the Ice Age?† â€Å"No. Of course not.† â€Å"Oh.† â€Å"It's only been about four hundred years.† â€Å"Ah. Yes. Only four hundred.† A wry expression spread over his face. â€Å"Being with you is a continual experiment in perspective. Among other things.† He considered. â€Å"So what is he? Werewolf? Demigod?† â€Å"Nothing so exciting. He's an incubus. You must have heard of those.† Seth nodded, frowning. â€Å"Sure. Like a succubus only†¦he has to go after women to survive?† I nodded. â€Å"Wow. For all eternity. Wow.† His eyebrows shot up as true wonder played over his face. â€Å"That's got to be†¦wow. That's really rough.† My eyes narrowed. â€Å"Don't even start down that road.† Bastien had said he didn't want to interrupt our plans, but we didn't really have any, short of spending the evening together. I suppose most couples, running out of options, could have resorted to sex or at least making out, but the nature of our relationship required a full itinerary. We mustered some ideas. â€Å"You want to rent a movie?† I offered. â€Å"I've got some coupons.† We ended up renting Gladiator, at which time I discovered Horatio's free rental coupons had expired long ago. â€Å"That son of a bitch!† â€Å"Who?† asked Seth. But of course I couldn't explain. Fucking demons. Back home, Seth and I snuggled on my couch as we watched, warm and close yet still safe from any detrimental succubus effects. He listened with bemusement as I pointed out historical inaccuracies, most of which involved how much dirtier and smellier the Roman Empire had been. When it finished, we turned off the television and sat together in the dark. Seth stroked the side of my face, sifting through the strands of my hair and occasionally brushing my cheek with his fingers. A small gesture, yet when that was all you could do with another person, it became startlingly erotic. I looked up at him. I knew what I saw when I studied him. He was everything I could want and everything I couldn't have. The steady, loving companion I'd pined for all these years. I wondered what he saw with me. The expression he wore now seemed fond. Admiring. And a little sad. â€Å"But thy eternal summer shall not fade Nor lose possession of that fair ow,st; Nor shall Death brag thou wand,rest in his shade, When in eternal lines to time thou grow,st; So long as men can breathe or eyes can see, So long lives this, and this gives life to thee. â€Å" â€Å"Sonnet Eighteen,† I murmured, thinking he recited beautifully. Hell, forget his recitation skills. How many guys in this age of instant messaging even knew Shakespeare anymore? His amused little half-smile played over his face. â€Å"Clever and beautiful. How could any man settle for a mortal woman?† â€Å"Easily,† I returned. My friends' misgivings suddenly loomed up in me. â€Å"You could, you know.† He blinked, and his rapt look faded, giving way to exasperation. â€Å"Oh. Not this discussion again.† â€Å"I'm serious – â€Å" â€Å"And so am I. I don't want to be with anyone else right now. I've told you that a hundred times. Why do we keep talking about this?† â€Å"Because you know we can't – â€Å" â€Å"Nobuts.Give me some credit for being able to control myself. Besides, I'm not with you for sex. You know that. I'm with you to be with you.† â€Å"How can that be enough?† It never had been for any other man I'd known. â€Å"Because†¦because†¦Ã¢â‚¬  He tipped my chin up with his hand, the emotion in those eyes making my insides melt. â€Å"Because being with you feels so right†¦like it's always been meant to be. You make me believe in a higher power for once in my life.† I closed my eyes and put my head on his chest. I could hear his heart beating. He wrapped me to him, his embrace warm and solid, and I felt like I couldn't get close enough to him. Probably I should have let the discussion go then, but one more thing was still on my mind tonight. After all, I had a gold-embossed certificate sitting on my counter. â€Å"Even if you can control yourself†¦even if you can stay celibate, you know I won't be.† The words hurt coming out, but my mouth's control switch didn't always function so well. Besides, I didn't want anything standing between us. â€Å"I don't care.† But I felt his hold on me stiffen a little. â€Å"Seth, you will – â€Å" â€Å"Thetis, I don't care. It doesn't matter. Nothing matters except what happens between you and me.† The fierceness in his voice – a contrast to his normal placidity – thrilled me, but it was not that that made me give up the argument. It was the word â€Å"Thetis.† Thetis. Thetis the shape-shifting goddess. The shape-shifter wooed and won by a steadfast mortal. Seth had coined the name for me when he learned I was a succubus, when he'd first insinuated that my infernal standing was not a deterrent. I pulled him closer. Don't look down. We went to bed shortly thereafter, Aubrey snuggling up at our feet. The feel of Seth's body curled by mine under the covers was tantalizing, a cruel whisper of the restrictions around us. I sighed and tried to think of something other than how nice he felt or how great it would be if he slid his hand up my shirt. I grinned as a most unsexual sentiment came to mind. â€Å"I want pancakes.† â€Å"What? Right now?† â€Å"No. For breakfast.† â€Å"Oh.† He yawned. â€Å"You'd better get up early then.† â€Å"Me? I'm not going to make them.† â€Å"Yeah?† His sleepy voice carried mock sympathy. â€Å"Who's going to make them for you then?† â€Å"You are.† It was a well-known fact – at least to Seth and me – that he made the best pancakes known to mankind. They always came out perfect, light and fluffy. Through some kitchen magic, he even managed to put smiley faces on them when he made them for me. Once he'd even puta Gon one. I'd assumed it was for my name, but later, he'd sworn it stood for â€Å"goddess.† â€Å"Am I?† His lips brushed my earlobe; his breath was warm against my skin. â€Å"You think I'm going to make you pancakes? Is that how you think it's going to be?† â€Å"You're so good at,† I whined. â€Å"Besides, if you do, I'll sit on the counter in a short robe while you cook.† Oops. Maybe pancakes could become sexual after all. His soft laughter segued into another yawn. â€Å"Oh. Well then.† He kissed my ear again. â€Å"Maybe I'll make you pancakes. â€Å" His breathing grew slow and regular, the tension in his body easing. Soon he slept, not troubled or tempted in the least by having me in his arms. I sighed again. He was right; he did have self-control. If he could do this, surely I could too. I closed my eyes and waited for exhaustion to take over. Fortunately, it didn't waste any time; staying up late will do that to you. Maybe that was the real key to sleeping chastely. I woke up in his arms hours later, hearing the ever-so-faint sounds of bad seventies music drifting through the wall. One of my neighbors felt the need to do aerobics to the Bee Gees every day around lunchtime. Certifiable insanity. Wait. Lunchtime? I sat bolt upright, panic jolting me into full consciousness as I assessed the situation. My bed. Seth sprawled beside me. The full roar of traffic outside. Clear, winter sunlight pouring through the window – a lot of sunlight. Fearing the worst, I looked at the nearest clock. It was 12:03. Groaning silently, I groped on the floor for my cell phone, wondering why no one had yet called me in to work. Looking at the phone's display, I realized I'd turned the ringer off during the movie. Seven new voice mail messages, the phone read. So much for pancakes. Tossing the phone back down, I looked over at Seth, the cuteness of him in a T-shirt and flannel boxers momentarily allaying my frustration. I shook him, wishing I could just crawl back under the covers with him. â€Å"Wake up. I've got to go.† He blinked up at me drowsily, further increasing his appeal. Aubrey wore a similar look. â€Å"Huh? Too†¦early.† â€Å"Not that early. I'm late for work.† He stared at me blankly for a few seconds and then sat up nearly as rapidly as I had. â€Å"Oh. Oh man.† â€Å"It's all right. Let's go.† He disappeared into the bathroom, and I shape-shifted my appearance once more, turning the pajamas into a red sweater and black skirt, my loose hair into a neat bun. I hated doing this so often, much preferring to rifle through my own closet. Shape-shifting also burned through my energy stash that much more quickly, requiring more frequent victims. Unfortunately, time-crunches call for certain sacrifices. When Seth returned, he did a double take at my appearance and shook his head. â€Å"Still can't get used to that.† I expected him to go home and sleep, but he went with me to the bookstore. Its coffee shop was his favorite place to write. As we walked into Emerald City Books andCafe,I breathed a sigh of relief that neither my manager Paige nor Warren, the store owner, appeared to be around. Still, business had already opened for the day without me, and my chipper, morning-people coworkers made it impossible to sneak in without notice. â€Å"Hey, Georgina! Hi Seth!† â€Å"Georgina and Seth are here!† â€Å"Good morning, Georgina! Good morning, Seth!† Seth left to take up his writing station upstairs, and I made my way to the back offices. All of them were dark, which I found odd. No managers at all. Someone should have opened before me. I flipped on the light in my own office. I was so fixated on figuring out what was going on that the demon took me completely by surprise. Red-skinned and multihorned, he leapt out at me, waving his arms and making unintelligible grunting sounds. I yelped and dropped the things I'd been carrying, recoiling. A moment later, my senses returned, and I walked over and smacked him on the side of the head as hard as I could.

Business and Corporate Level Strategies for Honda Motors Company Assignment - 4

Business and Corporate Level Strategies for Honda Motors Company - Assignment Example This paper illustrates that Honda started looking for new markets outside of Japan only a few years after it was founded. The founder believed that the company should always maintain an international viewpoint, looking at the rest of the world as the potential market base and factory footprint. As such, Honda, unlike its competitors, looks to localize rather than globalizing. This means that it allows its subsidiaries all over the globe to function as autonomous companies that design and produce vehicles and motorcycles according to local conditions and consumer needs. Honda is not a top-down organization that is controlled by the headquarters. Honda combines engineering, design, and manufacturing in each large company in the countries with its subsidiaries whereas other companies tend to keep research and design close to home where they are managed by executives who do not understand local circumstances and preferences. Honda has embraced the idea of paradox as a means of promoting critical thinking and re-assessing common wisdom and to shape new responses to ingrained expectations. The company prides itself on a knowledge-rich organization and putting the demand on its workers at all levels to engage in strategic thinking which is crucial towards its success. Honda holds the daily meeting with the employees, Waigaya, as the meetings are referred as to where decisions either large or small are re-evaluated and re-assessed to find the best tactical solutions to challenges both present and imminent. Honda, unlike other companies, does not rely on using robots and alternative automation as a means of retaining productivity and minimizing costs. The company only engages robots in areas that are considered dangerous and unsafe for human beings. The presence of machines de-motivates the workers and therefore disengages their enthusiasm for the job. Innovation according to Honda also is reduced when robots and machines are engaged rather than human involvement. That level of technology is set to a limit that the machines can achieve as compared to human creativity that is not limited like that of the machines. This is a good enough reason to appreciate that the capability of the mind of humans supersedes that of the machines, especially in creativity and improvement.

Scenario Essay Example | Topics and Well Written Essays - 250 words

Scenario - Essay Example Furthermore, it forces one side to feel oppressed and correct, while the other feels guilt. Bringing up such tension simples show how racism is easy to rekindle and divisive even in its resolutions. In Ms. Williams’ place, I would present situations in foreign countries that show the devastating results not only of racism, but of counter-racism. More important than simply raising awareness about how racism has subsided nation-wide is to show the damage cause when groups do exactly what the students are doing—coming together as a race to stand against, rather than unite with, another. I would show immediately the most basic case, which is how anti-Semitism developed in Nazi Germany as a result to a pro-white movement. This would illustrate how too much pride in one’s own race can devastate. I would go on to give them harsh realities of genocide. One example is the Armenian genocide committed by Turkey, where European people suffered at the hands of another race. I would also mention that blacks in Africa are not only the oppressed, as they were in 20th Century America, but also have been violently oppressive. In the end, this would give the students a dose of reality rather than idealism. It would be a warning that conflicts have no victors, and that racism divides can divide into even smaller grudges which can end not only in hurt but in shocking loss of human life. This would be a lesson for all, and it would end with a reminder of why America gives us opportunity to live together—because our fathers and grandfathers managed to come to

Principles of the Law of Negligence Essay Example | Topics and Well Written Essays - 1000 words

Principles of the Law of Negligence - Essay Example The plaintiff argued that the defendant’s negligence (snail infested beer) caused her grievous emotional harm (shock) and extreme gastroenteritis. In her argument, she argued that the manufacturer was liable because he had manufactured beer that was meant for the consumption by the general public and which led to her illness. In fact, the bottle was labelled under his name, thus proving ownership of the beer and its contents. In addition, the beer was sealed before consumption meaning that the contents of the bottle (ginger beer and the snail) could be traced directly to Stevenson. Therefore, the defendant had a duty of care to Donoghue because she was directly harmed by his actions and the defendant should have had a check mechanism in place to ensure that the ginger beer was safe for public consumption. Since Stevenson failed to do this, he was liable for negligence. The plaintiff was unsuccessful in trial but her case was appealed in the House of Lords where it was ruled in her favor on grounds of the neighbor principle. In his judgement, Lord Atkins asserted that one should take reasonable care to ensure that one’s actions do not harm their neighbor.In short, one should not intentionally harm their neighbor in foresight, as they will be found to be negligent for any grievous harm inflicted on their neighbors due to their actions/ omissions. In this case, neighbors refer to people who are foreseeably affected in reasonable degree by a person’s omissions or actions.

Compare and contrast Manifest Destiny and Zionism as ideological Essay

Compare and contrast Manifest Destiny and Zionism as ideological forces - Essay Example The Manifest destiny was the pinnacle for America’s outward expansionism movement which was fueled by many factors. Between 1801 and 1861, exploration was encouraged as America underwent vast territorial expansion and settlement. Thus, westward migration was influenced by geography and economic opportunity. Prior to the Civil War, most industrialization in America was in the North; however, the equipment produced in the North had an impact on the farming society in the South. One of the most significant factors that contributed to the development expansion of the United States was the fertile land that was available in the South. The large plantations in the south gave the rise to slave labor was the fertile farmland in the Midwest enabled United States to accomplish several things. First of all, the invention of Eli Whitney’s cotton gin initiated the rise to slave labor in the rich land that extended beyond from Carolina to Texas, which expanded the United States borde r. The fertile land gave boosted the American economy, which contributed to development of United States. Another key element that enabled USA to expand was the variety of minerals that were abundant westwards. California In order to implement the notion of Manifest Destiny, the innovation of â€Å"white man’s burden† was heavily utilized. Clearly, it was the responsibility of America to tame these â€Å"savages† who were devil worshippers. However, the true cause of expansionism relied on many factors. The country was new and with the advent of industrialization, became a monster that was fueled by innovation, capital, and labor. The country wanted to dominate internationally and show the world the brute power of railroads it possessed. The idea of the Manifest destiny also sprouted from racism in which the white race had to prevail itself as the dominant race. Since God had given the white race the elite title, it was upon the

Breastfeeding for the First Time Mother Essay Example | Topics and Well Written Essays - 1750 words

Breastfeeding for the First Time Mother - Essay Example hat are Health care professionals (fellow nurses etc.), English speaking, have delivered their first baby, and are postpartum in an inpatient hospital unit. They will be mothers that have requested a course and are coming of their own free will. Availability of resources has been a major issue for educators, as lack of resources often causes ineffective outcomes. However, in order to deliver classes efficiently, there will be need of various resources. In specific, during the classes, I will be focusing significantly in utilizing the tools of information technology that will enable me in achieving the objectives for this course in an efficient and interactive manner. Additionally, it will be a lot easier to inform the audience about different aspects of breastfeeding, and especially first-time breastfeeding through equipments such as multimedia projector that will be the fundamental support in delivering content of the course adequately and significantly. It will allow me to show pictures and power point presentations from a computer and actively engage the audience with the information. Besides a multimedia projector, a dry erase board is another resourceful tool that will allow on the spot discussions and noting down of r elevant points during the class. Using secondary research methodology to acquire quality resources from the library and from the internet will be very beneficial for me in delivering the class effectively, as well as for the audience to understand the matter appropriately. Specifically, the internet will allow me to acquire pictures and videos that will facilitate me in delivering the information to mothers that will not be in my reach through the medium of language. Sources from the internet that I plan to utilize are the International Board of Lactation Consultant Examiners (IBLCE, 2010) resource page, as well as the La Leche League (LLLI, 2010) resource page on their respective websites. From these websites, one gold standard reference -

Millionaire Essay Example | Topics and Well Written Essays - 250 words

Millionaire - Essay Example So why would I would need all that extra money right? In my case, I would most likely keep five million of the money to invest and insure my future with then the remaining amount would be divided among my charitable causes such as animal welfare and student scholarships. I would most likely donate two million of the remaining amount to the Society for the Prevention of Cruelty to Animals. The other two million I would use to start a scholarship foundation in the name of my beloved grandfather who took good care of me when I was little and in need of a father image. The remaining one million I would be something like my discretionary fund, ready for small donation to any worthy cause that I might come across during my lifetime. The money is not something that I will allow to rule my life. Rather, I will make sure to enjoy the money that I set aside for myself while I use the rest of it to make a difference in this world. I would definitely make a career change for myself because then I could help other people by providing them with jobs that are badly needed in our economy today. That is the lesson that I learned from Bill Gates and the way he handles his billions and that is how I shall use the money as well. Money can either turn a person evil or kind, I will choose to be kind and humanitarian in every way that I can

Healthy Lifestyle Essay Example | Topics and Well Written Essays - 750 words

Healthy Lifestyle - Essay Example It is then that if we are doing well on all fronts including diet, the issue of losing some pounds is only a few steps away. The food that we eat and drink plays a huge role in our general state of health. Our physical composition and outlook depends in a large measure on what we eat and drink. It is our food intake that determines our nutrition content. We cannot expect to gorge on cakes and chocolates and stay slim. In the same way, it is not possible to reduce weight without making certain changes in the dietary order. For those aspiring to lose weight it is necessary to increase the consumption of fruit and vegetables. Conversely, it is necessary to reduce our intake of non-vegetables. It is also mandatory to keep away from smoking and alcohol for the sake of good health. What is your diet Are you satisfied with your diet Are there changes that you feel are necessary in order to reduce weight Do you have the will and responsibility to go through the process of change The answer to these questions will determine your ability to reduce your weight. No other species of life has as much problem as human beings when it comes to sports and exercise. In the animal and birds kingdom there is a distinct order where might is right. Each species has a group leader and those who fail to respect and obey are swiftly taught a lesson in obedience. In the society of human beings, there are other issues with ... Development and maintaining good personality is easy to some. But it is not so easy to the vast majority who prefer to live a mediocre lifestyle rather than undergo rigorous regimen of sports and exercises that helps build good personality. When I talk of sports and exercises, I do not mean that you play and workout till you drop on your bed breathless. Consult your doctor. Get the advise of a good trainer. Make sure that you start on the right note. And once you have started, keep at it sufficiently enough until you have achieved your goal. Having achieved your goal, you may have to continue your workout so that you maintain your health and figure. While on the subject, it is important to remember that we concentrate on breathing and stretching exercises. Aerobics promote the good feeling of a body toned and activated properly along with decrease in weight. (Be a Healthy Person) Education Other than dietary controls, sports and exercises, it is education of the mind that brings about a good personality. A person may have completed graduation but still needs to specialize in some field. If she has specialized in some field, she may still want to attend some training or introductory workshop. The human brain is capable of doing a lot more than what it is doing at the moment. Conclusion Well begun is half-done! In the physical realm, it is important to remember that half-hearted efforts will only yield inadequate results. One has to devote time and energy to bring about change. Once the change is achieved, it has to be maintained with regular workouts. Achieving the result is only half of the matter. The other half consists of maintaining the figure. For this purpose, one must be prepared to stick to the regimen of sports and exercises one has undertaken.

Four Basic Funtions of Management in Business Management Essay Example for Free

Four Basic Funtions of Management in Business Management Essay Every organization, regardless of size, has developed and implemented its own management concepts in order for it to run smoothly and accomplish the vision, goal, and objective, the company has set forth. The basic functions of management can be broken down into four different areas, allowing the organization to handle the strategic, tactical, and operational decisions (Sanjau, 2007). The four functions of management are essential to building strong teams and stronger organization. Common to all managers, the four functions are planning, organizing, leading, and controlling (Pakhare, 2007). A good manager is able to accomplish all four functions both effectively and efficiently (Bateman Snell, 2009). At Triumph, planning is the foundation in which all management decisions regarding the company will be based upon. The management teams will utilize the planning function to assess the status of the company today, as well as in the upcoming future. Once the management team has an agreed upon plan, and the company’s mission has been established, the team must determine how the desired results will be achieved. The next objective is to establish a goal and the strategies to achieve the goals set forth. After setting the goal the next step the management team will accomplish is to create a time line to complete the objective. The organizing function for the team at Triumph is to formulate the activities, which will include the accounting department, sales department and supply chain involved in helping reach the goal that has been set forth. Once all the different departments are set, it is up to the management team to departmentalize the process and create smaller groups to achieve the goals and objectives. Once the departments create their own teams a clear organizational structure is drawn and all employees are made aware of whom they are accountable too to help reach the goal of the company. Once the departmental teams are in place, the management team can help direct, communicate, motivate and assist the staff in meeting the company’s goals and objectives. At Triumph the management team will have open discussion with departmental teams to create and build positive working environment. In this process the employees feel as though they are part of the decision making and will ultimately help the company reach the desired goals and objectives. The final stage of the four functions of management is to control or establish the performance standard of the company’s objective (Bateman Snell, 2009). In this stage management keeps a close watch to make sure that all teams are on track to complete the goals and objectives that have been set forth and within the timeline. If at this point, it appears that one of the team’s seems to be off track then management will step in and help guide or make any necessary changes. The managers at Triumph know that ignoring any of the four functions can result in the failure of the company. Without using the planning stage first to make sure that all objectives are met and then organizing the plan and leading or motivating the team will result in not obtaining the objective or goal of the company. Managers at Triumph know that the final stage of creating an effective and productive team, one must control the budget, departments and cost efficiency of the work implemented to achieve the objectives. According to Barnes (2008), â€Å"if one can master the four management functions of planning, organizing, leading, and coordinating of resources, their opportunities are endless†

Organizational Culture, Reengineering Services Process, and HR Organization Description Essay Example for Free

Organizational Culture, Reengineering Services Process, and HR Organization Description Essay Magneti Marelli Holding S. p. A. , a division of Fiat, is headquartered in Corbetta, Italy, and is an international manufacturer that designs, produces, and supplies high-tech automotive components. The primary product range is engine control systems for gasoline and diesel engines. Magneti Marelli is currently present in five continents and 18 countries (Fiat, 2010). To create a more consistent environment in the global process, World Class Manufacturing (WCM) has been implemented in all Fiat manufacturing companies. World Class Manufacturing is an international methodology for the organization of the manufacturing cycle to manage plants in accordance with the best standards. The application of WCM principles and methods resulted in logistics and quality and significant cost reductions. Fiat’s manufacturing structure has become increasingly efficient and flexible and has enabled the company to gain a competitive edge. Strategy Description For several years, the Fiat Group has been working to develop into a global manufacturing entity with the highest standards. The implementation of World Class Manufacturing addresses all aspects of the organization including environmental, health and safety, quality, maintenance, cost and logistic issues from the standpoint of continuous improvement. The entire process revolves around the methodical identification and decrease or elimination of waste through application of standardized techniques and tools and involves everyone in the company. WCM recognizes that employee involvement and empowerment are critical to attaining continuous improvement in all fundamentals of the manufacturing system. Organizational development occurs predominantly through employee involvement. World Class companies invest relatively more in their worker relationships and offer appreciably more training. For program achievement, Human Resources needs to be a business strategic partner and a key member of the management team overseeing and providing operational leadership (Entrepreneur, 1996). Strategy Application The key to developing and maintaining a workforce capable of supporting World Class Manufacturing is to cultivate an atmosphere of employee engagement and team building. Developing a skilled and flexible workforce creates value for external customers. To sustain a talented labor force, Human Resources initiatives involve recruitment and hiring; performance management; employee development and training; leadership development and training; team building; and safety and health programs (Scondanibbio, 2010). By recruiting and retaining top talent by identifying skill gaps and focus training as characterized by WCM, turnover and absenteeism rates are lowered and productivity and efficiency from workers increases. Training employees provides the chance to take ownership of their daily activities. Working in teams and cross-functional training increases efficiency and eliminates clutter and confusion on the plant floor. One section of World Class Manufacturing is People Development (Scondanibbio, 2010). HR provides team facilitation, leadership, and direction guidance in meeting instructional needs. The second activity in leading and managing change involves creating a vision that depicts the core values and purpose that guide the organization. It provides a worthwhile direction for designing, implementing, and assessing needed organizational changes. HR Professionals must sustain the change momentum through to completion by providing resources for change, developing new competencies and skills, and reinforcing new behaviors. Strategy Implications Organizational change involves moving from the known to the unknown which can impact worker competencies and coping abilities. Human Resources must prepare the workforce by meeting instructional needs. The second activity in leading and managing change involves creating readiness for change and overcoming resistance to change. This requires HR to be both the constant and supporter in the middle of the turmoil of change. The organization looks to HR to provide needed structures, processes and approaches to support change management and to ensure the efforts deliver results (Belilos, 1997). World Class Manufacturing has defined key principles that define the organization and inspires doing things better and improving quality, delivery, cost, and customer satisfaction. It is important to understand exactly what waste is and where it exists. For each identified waste, a strategy is prepared so performance and quality are improved. The identical process is also applied to human errors and gap analysis. Specific training models are designed applicable to the need. As the phrase indicates, World Class Manufacturing enhances an organization to be a global leader in performance and quality. Human Resources should have a clear understanding of the value of metrics and continuous measurement as the key to achieving sustainable efficiency and effectiveness. Using these outcomes, HR will have a thorough focus on talent and performance management to establish an integrated workforce management system that is closely aligned to the business needs and brand.

Sun Zi Art Of War And The Organization Marketing Essay

Sun Zi Art Of War And The Organization Marketing Essay Sun Zis famous Chinese literature is  The Art of War,  the oldest existing military piece in the world and often considered as the best one. This book has age of over 2400 years old and proves that the tactics use for successful warfare and have not changed over time. It is a rather short book of approximately 6000 Chinese characters that covered the principles of human behavior and rules of conduct for military leaders. It is divided into thirteen chapters, with each chapter treating a different topic, such as attacking with fire, the nine battlegrounds and so on. The Art of War  has been practiced for thousands of years by the Chinese and it will continue to be. This book has widely influenced on Chinese and Japanese military for many years. For example, it was the source for Mao Tse-tungs strategies and tactics on rural of China. After that, The Art of War  has been popular in the West as well the in the early twentieth century due to the translation of English version. Until now, the strategies and principles are using widely in business worldwide as well. The main idea of  The Art of War  is effective military strategy. Sun Zi emphasizes the importance of understanding the current situation before engaging in warfare. The tactics that he used vary on every war. He thought that the result of the war will be either the survival or the destruction of the nation. Every step must be well designed and all depend on the advantages of the citizens. All warfare is based on the belief that to be victorious you must thoroughly know yourself and your enemy, deception, adaption of the current conditions, the leadership of the general and uses of spies. Although specific wartime situations are sometimes mentioned in the book, they are treated generally. For example, Sun Zi discusses tactics to win the war rather than the history of him in winning the war. This is how The Art of War  usable in many different situations. 1. 2 INTRODUCTION OF TOSHIBA COMPANY Toshiba Corporation is one of Japans oldest and largest producers of consumer and industrial electric products. The company also ranks as the worlds largest manufacturer of DRAM (dynamic random access memory) computer chips. Toshiba, a family of over 200 consolidated and affiliated businesses, is one of Japans second-tier  keiretsu  or conglomerates. These corporate groups are linked through history and tradition, as well as cross-shareholdings, interlocking directorates, and personal contacts. With a history that dates back to the nineteenth century and a product line that extends from semiconductors to nuclear power plants, Toshiba has played an active role in Japans rise to the forefront of international business. Toshiba was formed through the 1939 union of two manufacturers of electrical equipment, Shibaura Seisakusho Works and Tokyo Electric Company, Ltd. While Toshiba Malaysia was founded on 19 April 1977, it gives us high quality of audio visual and home appliances products. The audio visual products include LCD TVs, plasma TVs, colour CRT TVs, DVD players and HD-DVD players while the home appliances products include refrigerators, washing machines, rice cookers and electric pots. Toshiba Malaysia provides us with the leading technologically innovative products such as Meta Brain Pro technology. At the meantime, they provide us product with excellence functionality, reliability, durability and environmentally friendly features as outlined in their basic commitment, Committed to People, Committed to the Future. In year 2006, Toshiba was awarded Gold Award by Reader Digest Malaysia for being the trusted brand in 2 categories, LCD TVs and washing machines. Rapid economic growth in developing countries and sluggish growth in the developed world have led to major changes in economic and industrial paradigms in the 21st century. To succeed in crowded global competition transcending national borders, Toshiba continues to focus on restructuring businesses to reinforce their earnings base while seeking to transform its overall business structure by targeting growth sectors and emerging businesses. The aim is to become an even stronger global contender by pursuing the concentration and selection approach while creating world-first and world No. 1 products and services that are cost-competitive and captivate customers. 2. CONTENTS 2. 1 CHAPTER 3: STRATEGIC ATTACKS From Chapter 3 in Sun Zis Art of War, Sun Zi stated that He who knows the other side (the enemy) and knows himself will not be defeated in a hundred battles. Organization should know their strength and focus on their strength in order to win in the competition. At the same time, they should try to exploit competitors weakness and strength. Some principle must keep in mind are to yield the enemy does not use hard attack and to conquer other country does not use prolonged strategy. The principle to win in the battle is based on well-planned strategies and the understanding of our enemy. By direct attack on competitors weakness, it helps the organization to win the battle without causing injuries. For example, Malaysia Airlines ticket is pricy and this becomes a weakness for them. Air Asia uses this weakness and provides low fare to people. As a result, Air Asia is able to attract lots of people to purchase their ticket instead of Malaysia Airline. Besides, Air Asia also promotes a 10 cent Air Fare to compete Malaysia Airlines low fare promotion. In competitive market, every organization is facing uncertainty that nobody will always be a win ner. They need to stay flexible to creates a better life cycle. Capturing an entire section intact is a better strategy; destroying it is a weaker option. The above statement by Sun Zi, means that before entering to a new market, local culture need to be understand first. The customer needs then need to be analyzed. These two factors are crucial success factors for organization. Meanwhile, the origin elements are maintained there. Besides, organization need to know own core value in the market so that they can enter the market successfully. For example, KFC which is the largest fast-food chain in Malaysia and Brunei, serving world famous Original Recipe fried chicken which contains secret blend of 11 herbs and spices. Apart from serving finger-licking good food, KFC continuously aim for high quality and are committed to ensure food safety by stringent control to maintain our standards. Sun Zi said He who is able to unite himself with his officers and men as one mind, spirit and purpose will win. The above statement is one of the ways to predict victories. This simply means that the company and all its employees need to be united in order to achieve their mission and vision. For example, Coca-cola company, which is the worlds largest beverage company and also the No.1 provider of sparkling beverages, ready-to-drink coffees, and juices. With an enduring environment to building sustainable communities, Coca Cola is focused on initiatives that reduce our environmental footprint, create a safe, inclusive work environment for their associates and enhance the economic development of the communities. The Coca-Cola Company is committed to upholding fundamental principles of international human and workplace rights everywhere they do business. 2. 2 CHAPTER 4: DISPOSITION OF THE ARMY Throughout our research and findings, there are some theories from Chapter 4 in Sun Zis Art of War are applied by different organizations. Hence the concept like the need to build an invincible defense as a deterrent against any overly ambitious enemy is related in business strategies. Sun Zi said: In ancient times, those who were skilful in warfare ensured that they would not be defeated and when waited for opportunities to defect the enemy. The statement above which applied in business world simply means that to enhance our strength and be able to change and adapt to changing market nowadays. This is especially for the leader or top management who must have a prediction on future market trend so that organization can grow and control the market only if the implementation is in the right timing. Future development and improvement are the most important elements to let organization grow. For example, Apple Inc which has launched a few products in the market such as i-Phone, i-Pod and i-Pad. Apple Inc did very well in enhancing their strength in the market which not just following the market trend, Apple Inc creating the trend which brings growth and profit to the organization. Those who are skilful in warfare can ensure that they will not be defeated by the enemy, but will not be able to ensure victory over the enemy. In business application, all products have their own life cycle. Moreover, creative, innovative and continuous improvement enable origin product to continue its life span and sales. This indicates that old products will eventually be replaced. A firm must do some innovative changes on existing product to extend the product life cycle and increase number of customers. McDonalds did this by keep updating its menu. After a certain period, it will come out with new products and this attracts existing and new consumers too. The seasonal products such as Prosperity Burger that introduced during Chinese New Year only and Grilled Chicken Burger (GCB) that sold for limited period were the innovations of McDonalds. As stated by Sun Zi, Those who cannot win must defend; those who can win must attack. Defend when ones forces are inadequate; attack when ones forces are abundant. This stresses on the importance in taking initiative to prepare ourselves in battles. Those who cannot win must prepare their defense while those who are capable of winning must strike first. In this case, Digi has to come out with various pricing strategy to compete with the other telecommunication companies included Celcom and Maxis. Thus Digi came out with price strategies in which new plans such as the latest Easy plan that allow users to send SMS and make free calls to three of his or her friends which make Digi Easy plan more attractive compare to other telecommunication companies. Hence, Digi will be able to compete and gain their market whenever a telecommunication company provides a lower rate services. 2. 3 CHAPTER 7: MILITARY MANOEUVRES Sun Zi states that An army without sufficient food and grain will die. This quotation in business perspective means that profit as a food and grain which is the most important for the organization to survive. If an organization cannot obtain good profit and income, it will be difficult to survive in the market for long period of time. Since the capital is the basic condition to start a business, the organizer should be ensured that the financial rolling is sufficient in order to operate their business and to use in urgent moment. If the organizer doesnt have the sufficient back up of capital to support the business, the organization may face bankruptcy situation or merge with other organization. For example, Lehman Brothers Holdings was a global financial services firm and was the fourth largest investment bank in the USA before declaring bankruptcy in 2008. The businesses of the organization included investment banking, equity and fixed-income sales and trading, investment management, private equity and private banking. However, the organization went b ankrupt in 2008 due to the subprime mortgage crisis. In addition, malfeasance and short-selling allegations also cause the organization went bankrupt. The organization already had the financial problem initially but the addition problems have happened one after another. Eventually, the organization did not have sufficient capital to cover the problems. Hence, the organization forced to declare bankruptcy in 2008 and some businesses of the organization forced to sell to other organizations such as Barclays. In summary, money is the most important property for the organization to operate, maintain the business and help to cover some financial problems sometimes. 3. DISCUSSIONS 3. 1 CHAPTHER 1: DETIALED ASSESSMENT AND PLANNING Sun Zi said: The conduct of war is a matter of vital importance to the nation. It is a matter of life and death to the country, the people and the ruler. It is a road either to prosperity or to being destroyed. Therefore, it is a subject which must not be neglected. Initial planning and assessment are essential. There are five constant factors to consider, namely, moral influence, the weather, terrain, generalship and doctrine and law. Compare with those of the enemy. Then one will get a clearer view of the situation and assess ones chances of victory. Moral influence means policies which will make the people fiercely loyal to the ruler. They will follow him even to death. Weather refers to the contrasting changes of day and night and the four seasons of the battleground. Terrain assesses the route and its condition whether it is far, dangerous with open ground or with narrow passes. The ground can determine defeat or victory. Generalship of a commander refers to his qualities of wisdom, sincerity, benevolence, courage and discipline. Doctrine and law refer to army organization and control. This is to ensure that roads are maintained in order that supplies may reach the army and military expenditure is controlled. There are also seven other considerations to compare with the enemy. This can determine the outcome of the war .They are (1) the moral influence of the ruler over his subjects (2) the capability of the generals (3) better ability to take advantage of weather and terrain (4) who has better effective and efficient execution of orders (5) whose army is better equipped and larger (6) the training level of the army (7) the administration of rewards and punishment. The final strategy is to pretend in order to deceive the enemy. Attack when he is least prepared. Plan well before attacking. If the odds are highly against you, wait for another time. Similarly in business, in order to succeed, the company has to consider the following factors (1) the ability of the employer to motivate everyone to work towards the companys goals (2) the capabilities of the managers to lead the team (3) the ability to adapt to government regulations and market conditions (4) whether the business systems of the company can be improved so that there will be increased efficiency (5) the technology available to the staff in order to improve productivity (6)the training given to staff and their level of skills acquired (7) the administration of rewards and punishment. 3. 2 CHAPTER 5: FORCES When forces are concentrated to attack the enemy, it must be like solid stones hurled against eggs. This quotation is applying the principle of using strengths to strike weaknesses. Firstly, creative and innovation is one of the important principles to compete with competitors in the same market. For instance, there are many challenge and competitive in the market of electronic devices such as Toshiba, Sony, Mitsubishi and so on. However, Toshiba is more innovative and spend more time in research and develop the technologies. As a result, a lot of new technologies that were the first in the world or the first in Japan such as the first Japanese word processor, the first 3D LCD TV which not requiring dedicated glasses in the world, etc. Secondly, the organization should change their form, culture, structure, product base or others when there are any changes happen. For instance, Toshiba pioneered the development of electrical equipment in Japan. However, the organization entered new fields which are medical equipment and radio devices when the Great Kanto Earthquake of 1923 happened. Many employees of the organization were lost in this earthquake. Therefore, the vice-president of the organization decided to start new field. Thirdly, changes have to follow the trend. If an organization can create the trend, the possibility to win will be high. For example, more and more multimedia such as movie requires 3D effect nowadays. Hence, Toshiba invents the first 3D LCD TV which not requiring dedicated glasses in the world. Other competitors such as Sony also manufacture the 3D LCD TV to occupy the market. In summary, Toshiba creates the trend of 3D LCD TV and win the market due to the requiring dedicated glasses would not be worn. Lastly, the organizations have to analyze their strength and weaknesses all the time when compete with others. For instance, Toshiba has established the corporate research and development center to improve production technology maintain high qualities and creates new products. The corporate research and development center can analyze the strength and weaknesses of the organization in order to manufacture higher quality products and hence the products of the organization can be competed with other organizations in the intense market. As a result, higher profits can be obtained by the organization. 3. 3 CHAPTHER 6: WEAKNESSES AND STRENGTHS Toshiba applied the many theories from Sun Zis Art of War in implementing and deploying its business strategies which similar to our business world today. Our business world today is in a changing environment. Sun Zis Art of War helps the organization adapts in uncertainty and changing environment. Therefore, we have identified few theories from Sun Zis Art of War that can be applied by Toshiba into their business. Firstly, in Chapter 6 of the Art of War, Sun Zi provides some very interesting and fascinating concepts that are relevant in business world. For example, concepts like first mover advantage, to dictate rather than be dictated, to achieve relative superiority, to be flexible and to manage change and uncertainty. In addition, Sun Zi also explains how your opportunities come from the openings in the environment caused by the relative weakness of your competitors in a given area. Sun Zi said: Those who arrive first at the battleground will have sufficient time to rest and prepare against the enemy and Those who arrive late at the battleground will have to rush into battle when they are already exhausted. According to the quotation above, Sun Zi has pointed out the meaning of early bird get the first worm. In business world, it can be meant by it is better to be first than it is to be better. In current market, there is no more battle for the product but the perceptions of product. Besides, the timing of launching a product is important. By being the first to enter the market a product or service, a firm may need to capture greatest market share. Toshiba created the first mover category when its company produced Japans first electric fan, refrigerators, washing machines, electric vacuum cleaner and electric rice cookers. This allows Toshiba to strengthen their position in this market and handle the competitions from rivals after that. Being the worlds 9th largest integrated manufacturer of electric and electronic equipment, Toshiba already have support from their loyal customers and they are already well known when their rival enter this market. Superiority or strength in number means that enemy will have to prepare against you. This statement stated by Sun Zi means that by having large forces or allies working together with us, our enemy will have fear. In business world, the more partners we have in the business means that the more stable we are in the marketplace. Hence, our competitors will have to prepare a lot of strategies in order to defeat us or to replace our place in the market. Therefore, it is always better to form partners with other company into becoming partner and not afraid in competing with completers in business world. So, it is clear that why Yahoo announced a brand new partnership with  Toshiba  to feature Yahoo Connected TV on several models of Toshibas latest 46-55 HDTVs. This is because with Toshiba, users can enjoy Yahoo Connected TV on TVs. Sun Zi said: Thus, the expert in offence attacks places where the enemy does not know how to defend. and The expert in defence protects places where the enemy does not know how to attack. In business world, we always set for highly innovation to create the marketing advantages. We just continue produce products which are strengthen and will gain profit in the market, but have to do some innovation or improvement on it in order to enhance its position in the market. For low profile products, we may make some changes and let it enter a new market but must in a niche market. Hence the concept we should keep in mind is that we should understand very well about our competitors product strength and weakness so that we can attack accordingly to survive in competitive business world. As well as developing pioneering technology for its own products, Toshiba invented the DVD, the TFT screen and the lithium ion battery in addition to designing the graphics processor for the Sony Playstation II.  The launch of the Qosmio series in 2004 saw Toshiba demonstrating once again its position as a market innovator. Toshiba embraced the market for digitally converged products for home a nd personal entertainment, by launching the first notebook to offer instant-on TV/DVD functionality.   4. RECOMMENDATIONS Toshiba as nations one of the leading companies in manufacturer of computer and accessories, electrical appliances, electrics and electronics held the responsibility to continuously serve the customers and cater their needs and demands that grows over a period of time. This is necessary for Toshiba to emerge as the top manufacturer in the country and to outlast many competitors in the market. The quality exist should not limit to the products produced but must extend to the services provided. Such practicing will ensure Toshiba is recognized being capable of inventing valued products and offering the best services which others yet to make available. Therefore, to achieve such objective in the future, Toshiba needs to make consideration on the issue that required some improvement where necessary. The following are few suggestions which Toshiba can implement. To start with, Toshiba might introduce a detailed job assessment and evaluation. The evaluation must comprise in term of product manufacture and services. Sun Zi said: To manage a large force is similar to managing a small force. It is a matter of organization and structure. A group consist of a leader and few members can be assigned to the departments exist in the company to assess the employees performances. The team should not only scout on the way they carry out their job but at the same time, list the problems and challenges that the employees encounter while performing their job. If the trouble discovered is with the working environment, equipment or system, then the team should report to the unit responsible to solve the issue raised to the ground. However, if the problem is rise from the employee itself, whether the particular employee is lack of skills and training or is not competence enough for the job, then a replacement or further training is necessary. Through this approach, the company is able to deal any management issues effectively in relatively shorter time. One of the important aspects of business is the customer. As manufacture of electrical related goods, Toshibas job does not end at point of selling the products to the customer, but the real job begins when customer need the assistants of the manufacturer. So, to shorten the gap between the customer and the manufacturer, Toshiba probably can organize a session with customers in many regions yet more frequently. This session is expected to take place in any events such as electrical fair, PC fair or independently organized Toshiba fair. This session is aimed to listen to the customers complaints, products reviews, expectations, suggestions and feedbacks. This creates a better understanding between the customer and the company, the appointed staff able to hear from the customer itself, which later can be redirected to the company for better outcome. According to Sun Zi, An army without sufficient stockpiles and reserves will not survive. The organization culture is also an asset or a weapon to compete in the market. Customers always TRUST the big company which have good reputation and corporate culture. Advertising is very crucial for the information and the message to reach the intended customers. In Sun Zis Art of War, Communicating ground refers to markets that are equally accessible to both of you and your competitor. There are no natural barriers to entry and it is not difficult to get the consumers attention as they are not committed to any one product. Therefore, definite advertising strategies are needed to market the goods or the services. Toshiba may have utilized all known methods to publicize, from pamphlets to online advertisements but that does not guarantees the information has reached to and comprehends by everyone. So to maximize the spread of the info, the company may come up with advertisement in different languages, widely from printed materials to online sources. Those who are unaware of Toshibas products and services will now have a brief news and latest update about the company. Those who are skillful in warfare can ensure that they will not be defeated by the enemy, but will not be able to ensure victory over the enemy. This is Sun Zis quote from the Sun Zis Art of War which simply means those who understand and recognize their own as well as their competitors strength and weakness will not suffer a lost or bankruptcy. Once any feedback from customers is received, the company can review it to find out any flaws or weakness in their products or services right away. Once the defect is indentified, immediate action must exercise to tackle the issue. Next, improving on own weakness is not sufficient to stay longer in the market but identify others flaw and work on it, will secure a stable position on the long run. If Toshiba is the first to solve the flaw in other competitors product in term of structure, design, capability and function, then Toshiba will be noticed and become word of mouth that indirectly advertise Toshiba. 5. CONCLUSION This assignment helps us to emphasize on application of The Art of War in today business war. The studies of Sun Zi have proved to be useful until today since many companies applied the theories from the Sun Zi Art of War in their management. For instance, different strategies can be used by the company to beat their competitors in the niche market. Sun Zi Art of war is important because it helps organization to adapt in changing and we need to be flexible to changes in order to survive. Besides, we have to take suitable actions so that we can adapt the environment because inappropriate actions can lead us to failure. Through this assignment, there are several key success factors of Toshiba Company. First of all, innovative of Toshiba invented wide range of products such electrical applicants, computers, TV and more that win the customers long term supports. As Toshiba scope of services and products can offer many varieties so they are able to dominate different ventures in the market. Also, Toshiba are leading the market for years because of good management skill and strong structure of the company. Well communication between the top level management and lower manage including the first line staff enable them to be clear about their missions and visions of the company. This will stimulate passionate behavior of the staffs in their working life. Furthermore, the quality of the products is also one of the key factors of success in Toshiba Company. Toshiba has invested resources on research and development that gives improvement on their current products and technologies accordingly. So, Toshiba could not be easily attacked by competitors and always ahead of them. Committed to People, Committed to the Future, is one of the slogan of the company. This shows that they emphasize on the services to the customer which meet the customer needs. As a conclusion, Toshiba is one of the leading manufacturers in Malaysia. They offer variety of high technology of products to satisfy customers need in a more convenient way. Moreover, Toshiba Company implements Sun Zi Art of War strategies to make its management more effective and efficient. Thus, Sun Zi Art of War is very useful in todays business world to success.