Starting Your Model Car Collection With Style

It is a human desire to embrace speed and drape themselves in style. When looking at this through the acts of human nature, purchasing luxurious homes, fast cars and wearing bling is what makes us feel we belong. In many homes however, affording the fancy clothes and the fast cars is more of a financial dream than it would be a reality.

If this sounds like you and you have champagne tastes on a Pepsi diet, then there is a solution. For those who like the fast cars and the nice things in life, collecting model cars is a solution that can fit into your budget. When it comes to model cars, Porsche diecast models are possibly the first in the series you should collect.

When it comes to collecting model cars, we are allowing ourselves to expand our imagination as well as hold on to a piece of our dreams. Even though we can’t in most cases afford to purchase and maintain a Porsche, purchasing Porsche model cars is the next best thing.

Creating a collection

When it comes to these and other cars, it all comes down to creating a collection. When we put together a collection of different objects such as cars, we can tailor our likes and passions into a specific set. For example, is you like a specific year of model car you can focus on those. If you prefer a specific manufacturer, size, colour and more, all of these can be addressed when working on your model car collection.

Sharing your collection

Sharing your collection is a great way to enjoy your collection. When sharing your collection, you can do a wide range of different things. First of all you can create a room that is filled with what you collect. Your Porsche diecast models can be displayed on shelves, in glass cases and even placed in scenes that depict a great moment in your life or accentuate the model.

Telling stories

Most collectors will have a reason for their collection. The majority of people will want to tell stories of their past. For men, it is all about helping their dads work on similar cars when they were younger. For women, it may be a remembrance of their brothers or boyfriends who had one of these cars or even their own favourite car. Telling stories is a great way to have a visual to add to these stories as well as a constant reminder of pleasant events.

Benefit Of Having Good And Timely Financial Report

While there are numerous benefits of having accurate and timely financial reports, we have identified few key benefits of financial statements.
1. Understanding the Financial Status of Your Business
The complete financial status of your business can be presented in a quality financial statement. The three main financial statements are the balance sheet, the income statement and the cash flow statement. The balance sheet reflects the owner’s equity after the liabilities are subtracted from the assets. The income statement which is also known as the profit and loss statement shows the profit derived from income over a defined period of time. A cash flow statement is a valuable tool for showing if there is enough cash coming in to pay for the operations of the business. A cash flow can be projected out over several months. The Income Statement shows how the restaurant and hotel perform over a period of time (i.e. a week, month or year). It takes all restaurant and hotel expenses into account, from prepaid expenses to expenses paid in the future. Overall, the Income Statement tells the operator if the business is making a profit. From there, the operator can begin making changes in policy and implementing strategies that will help the restaurant achieve its goals. Should new sales programs be implemented? Does food cost in line with menu prices? Is the restaurant hitting its budgets? Can the owner(s) make distributions to the partners? These are some of the key questions that need to be addressed. The basic formula for an Income Statement is:
Sales – Cost of Goods Sold – Expenses = Profit/Loss
The Income Statement is everyone’s favorite financial statement to review because it reveals the nature of the restaurants and hotel success. Restaurant and Hotel financial statements should be broken down into the following categories:
• Sales/room revenue
• Salaries
• Employee Benefits
• Controllable
• Occupancy
• General and Administrative
• Depreciation
• Interest
• Other Income

If sales and expenses are broken down into specific categories, the operator can easily compare and analyze his or her restaurant and hotel to industry standard percentages. Timely financial reporting will help to control the cost of goods sold like beverage cost food cost
The health of a restaurant and hotel can be analyzed from the Balance Sheet at any point in time (i.e. today, last month or tomorrow). The Balance Sheet allows operators to forecast short and long-term cash flow. As important as it is to review the Balance Sheet, few restaurants ever bother to prepare it. By checking the accuracy of the Balance Sheet, an operator can ensure the accuracy of the Income Statement. The Balance Sheet lists all the assets, liabilities and equity of the restaurant. The formula for the Balance Sheet is:
Assets = Liabilities + Equity
In the simplest terms, assets are what the business owns such as equipment, inventory or cash. Liabilities are what the business owes such as vendor bills, loans, notes, and leases. Even a gift certificate is a liability because the restaurant owes someone a meal at a future date. Equity is the ownership of the business.
It is important that assets and liabilities are properly classified on the Balance Sheet. To get a clearer picture of the business, an operator should break down the Balance Sheet into subcategories. The breakdown is explained as follows:
• Current Assets: assets with the life less than a year (i.e. cash, credit card receivables, inventory and prepaid expenses).
• Fixed Assets: assets with a life greater than a year that directly attributes to producing revenue (i.e. equipment, computers, furniture and leasehold improvements).
• Other Assets: assets with a life longer than a year that is not directly involved in the production of revenue (i.e. security deposits, trademarks and artwork).
Liabilities require a similar classification and are broken down as follows:
• Current Liabilities: debts due within one year (i.e. accounts payable, accrued expenses, short-term loans and even gift certificates).
• Long-Term Liabilities: debts due that extend beyond one year (i.e. notes payable or long-term leases).
There is so much information to be gained from the Balance Sheet. For example, a restaurant and hoteliers that have large debts may have major cash flow problems. Identifying the current debts from the long-term debts on the Balance Sheet help determine the short and long-term cash needs, as well as the business potential success. Restaurateurs and hoteliers who take on large debts upon opening could be shooting themselves in the foot. The restaurant may show large profits based on the Income Statement, but the restaurant may not have money because it is paying out the outstanding debt (which is revealed in the Balance Sheet).
Most restaurants and hotels are set up as Partnerships or Sub Chapter S corporations, they have to explain all business expenses and income to all partner.
2. Sales Pattern
Financial statements reveal how much a restaurant owner and hoteliers earns per year in sales. The sales may fluctuate, but financial planners should be able to identify a pattern over years of sales figures. For example, the restaurant owner and hoteliers may have a pattern of increased sales when a new product is released. The sales may drop after a year or so of being on the market. This is beneficial, as it shows potential and sales patterns so executives know to expect a drop in sales.
3. Financial Statements Will Help Prepare A Budget And Make Financial Decisions
Timely financial reporting will help you prepare a budget and make an easy way to take the financial decisions to grow the business.
4. Improved financial management
Timely financial reporting helps you to examine and correct any weaknesses in your financial systems. Improved financial management allows you to focus on current financial matters and develop future plans.
5. Better resource management
Due to timely frame financial report the restaurant owners and hoteliers will get accurate numbers of resources, therefore, they can use optimum use of all resources.
6. PERFORMANCE EVALUATION
Under this type of accounting practice, Business Owners may assess the performance of the Employees in the financial performance of the business.

3 Types of Loyalty Programs for Businesses

There are three levels of loyalty programs you can implement:

1) Basic

2) Intermediate

3) Advanced

Let’s look at each of them individually.

Basic

Just about as simple as it gets for both the business and the customers. A basic program is great for places that want to promote one or two main products or services. All you need is some type of record for purchases, like a small card. The point here is to drive repeat business, make the customers get used to buying from you. You just need to train the people who interact with these customers to offer upsells and additional products.

These types of programs work great for shops that sell products like coffee, donuts, burgers, and hot dogs. If you have a business that provides a simple service, like rug cleaning, lawn mowing, or pet grooming – anything where a client might use your service on a fairly regular basis – you could also set up a basic loyalty program.

The program is a simple equation: pay for X number of products/services, get the next one free. The salesperson just has to ask if the customer has a membership card. If not, they provide them with one, and mark the card to show a purchase. When the customer’s card is completely marked, the salesperson takes the card and gives the customer the donut/cleaning/whatever for free, along with a new, unmarked card.

Instead of a physical card, you could also invest in producing an app people can download onto their smartphone. This obviously is more of an upfront expense for most businesses, but depending on how fast you go through cards, it might be more cost effective over time.

Pros: Low cost, ease of setup, and immediacy are the three main pros for starting a Basic loyalty program. If you put it together yourself, you could start a basic program for about $20 (500 cards and a small ink stamp). Spend more money for overnight printing, and you could start your basic program tomorrow.

Cons: You’ll be relying almost entirely on your point-of-contact salespeople for everything – promoting the program and driving additional sales. You also get absolutely no information about the individuals in your program, so you cannot make customized offers. You have no contact info for your customers, so there’s no way to get in touch with them and either ask them questions (“What else can we offer you?”) or give them information (“We’ll be carrying red widgets starting next week.”).

Intermediate

These take a little effort and cost to set up, but aren’t that difficult. Most loyalty programs I’ve seen fall into this category. The main tools used here are –

1) A list with personal information (first name and email address, at minimum) from each customer

2) A contact mechanism, like an email autoresponder, or text message sending system (SMS)

3) A series of automated messages

4) Offers – discounts, buy X get more free, etc.

These programs take a little more planning, a little more time, and a little more money. Your costs in time and money will depend on how complex you want to make your program, and what you want to get out of it. You can have people self-register for the program, and then have the program make offers to members and dole out rewards (like discount coupons, etc.) automatically. Or you can make the system behind the program more complex, and segment your members into groups and sub-groups, providing each segment with different offers and rewards. If you reward people for their loyalty, they are more likely to reward you with detailed information, like important dates (birth date, anniversary, and so forth), physical addresses, and shopping preferences.

Intermediate loyalty programs can help you expand the purchasing decisions of the members, allowing you to suggest related products and services. If they know, like and trust you, they are much more likely to buy additional products and services from you than to go looking elsewhere.

Pros: Most intermediate programs can be highly automated. With just a few minutes each week, a single person can examine the statistics generated by the program, and make minor tweaks to improve the process. Most of the cost in labor and money comes upfront, and allows you to almost “set it and forget it.” The person managing the system only has to spend major time when the system parts change, or when adding new complexities like additional products, services, or list segments. Because of the moderate amount of personal information you can acquire, you’re able to offer higher-profit products and services at the right times to the right list members.

Cons: Someone has to understand the program, and be in charge of managing it behind the scenes. They’re in charge of training point-of-contact people on what to expect from program members, like coupons and so forth. They also need to regularly read the data the system generates, interpret it, and make decisions based on that information. Learning all this can take considerable time and effort at the beginning. While intermediate programs do not have to be super-expensive, a decent system is far from free.

Advanced

By their nature, advanced loyalty programs are much more complex, much more expensive, and require a recurring investment of time by a team of people. However, most advanced systems track a tremendous amount of information, and the data provided by these programs can help you almost micro-promote to each member. A lot of membership programs run by major corporations are advanced systems. Wegman’s – a major grocery chain on the East Coast of the US – knows what its members shop for down to the individual SKUs, and their automated system can offer coupons for items the customer has shopped for in the past. I regularly get the same type of coupons from BJ’s Wholesale Club. Advanced systems can offer promotions via printed coupons sent through the mail, via SMS messages sent to a member’s phone, or even through custom apps that members use to shop. A truly advanced system will know how often you make purchases, the quality of products and services you prefer, the brands, the individual items. It will be able to offer you incentives based on important dates like holidays and birthdays. They can tell how much time you spend shopping, and prompt you to come in when they haven’t seen you in a while. The more information your membership program tracks, the more you can do with that information – including aggregating it and selling it to third parties. But that’s a whole other discussion!

Pros: Tons of information, depending on how much info you collect and how complex you make the collection system. The more information you collect, the more granular you can make your promotions. Offer a discount not just on widgets, but on yellow left-handed widgets; or to people in a certain zip code who get their lawns cut only on Thursdays. Track your costs, schedule needed supplies down to the hour, plan for increased profits.

Cons: Expensive investment. Set-up costs in time and human resources are much higher than either of the other categories. Tracking the system, as well as interpreting and using generated data usually takes a team of people, and is an ongoing investment. The more data points you track, the more the program parts need to be tweaked.