The Language of Business Adminstration: Finance 101

June 9th, 2011 by Trey

Businesspeople need to verse themselves in the “language of business.” This language is defined as the languages of finance and accounting. Only those who actually pursue a business degree for business administration or go to a business administration school are ever officially taught this language, but any business owner who wishes to be successful must be well versed in this way of speaking, as it is the universal way that businesspeople speak to each other.

Basically, if you are going to own a business, you must speak like you have a business degree. The basic form of this language of business administration is the balance sheet. Business owners must, in order to obtain resources from others, prepare their balance sheet. Listed on the balance sheet are assets, or things owned; and liabilities, or things owed. Net worth, or equity, is assets minus liabilities. A balance sheet is named as such because both sides must remain in balance with each other for the balance sheet to be valid.

The speaker then goes over some of the basic terms that one would learn in a business administration school and why businesspeople must use these terms instead of their possibly simpler synonyms. The speaker then shows a sample balance sheet with assets and liabilities and some of the sub headings under each of these major headings.

What Business Administrators and Managers Can Learn

All of this information is used by business professionals to communicate about their business. You can start learning this langauge by getting your degree in business administration and management. Start your college search at US College Search or find us on Facebook and Twitter as well. To learn how to get a degree in Business Administration and Management or Business go to US College Search. Then you can Search For Colleges By State or go to the Business Administration and Management hub under Search By Degree.

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The Business of Eating Out

June 9th, 2011 by Clifford

If you are thinking about going into the restaurant business, you may not be studying what is best for a restaurant or café to thrive in the current marketplace. Instead of going into cooking or restaurant management, a business administration degree may be more helpful. Restaurants, at their heart, are businesses. A business degree awarded by a reputable business college will help you start your own restaurant or operate a restaurant armed with all of the knowledge required to succeed.

Some of what you will learn at business school includes marketing and analysis of customer trends. This is important in discovering what foods and beverages you should sell and what your customers are willing to buy. If you want to run a coffee shop, it is important to know that the average transaction is $8.43. However, the average transaction at some of the most successful coffee shops is much lower. At Starbucks it is only $7.01. Dunkin’ Donuts can only boast $5.53. Seattle’s Best is $5.23. In total, the average person spends $14.40 per month at a coffee shop.

Fast food is another story. The average person makes 5.2 fast food purchases per month. The average transaction is $10.05. Again, the average is much lower at the most successful businesses. McDonald’s average is only $7.06. At Burger King, the average is $7.56. A&W has managed to bring in an average of $18.96. The average per month for all fast food restaurants is over $51.

At regular restaurants, the average dinner costs $28.47. The average person eats dinner at a restaurant 6 times per month. The slowest month for restaurants is December, while the busiest month is March. The average amount spent at restaurants per month comes to $172.27.

What Business Administrators and Managers Can Learn

All of this information is used by business professionals to grow their brand and expand sales. It’s just a matter of learning how when you are getting your degree in business administration and management. Start your college search at US College Search or find us on Facebook and Twitter as well. To learn how to get a degree in Business Administration and Management or Business go to US College Search. Then you can Search For Colleges By State or go to the Business Administration and Management hub under Search By Degree.

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Business Manager’s Strategies for Learning From Mistakes

June 9th, 2011 by Clifford

As smart as a given person and their coworkers might be, there is simply no way to make people infallible. The keys to success in dealing with failure, according to professors at business administration schools everywhere, lie in understanding the mistake itself and how it might be fixed.

From the first few moments after realization that a mistake has occurred, it is vital to avoid the so-called “blame game” at all costs. Those with a business degree know that one of the most inefficient ways to handle mistakes is to focus on who is at fault as opposed to the real cause of the mistake, and how it might be averted in the future. In fact, many business administration professionals put failure in a positive light, seeing it as an opportunity for employees to grow and evolve.

Also important in the process of analyzing and fixing mistakes is the responsiveness of management in a given business administration setting. It is up to both the individual employee who garnered the skills to mitigate potential problems through experience or schooling (particularly a business degree), and the manager, who must be reachable and proactive in identifying and solving potential problems.

In managing mistakes, it is helpful to remember that failures of almost all magnitudes – from a small contractual breach one might read about in a case study at business administration school to ones that could be potentially life threatening for employees – are solved through similar processes. By handling the small mistakes in a manner that encourages communication and improvement, one is better equipped to mitigate the failures that are larger in size and scope.

What Business Administrators and Managers Can Learn

In a business administration school, students learn these strategies and more. A business degree can open doors to a variety of interesting occupations. Start your college search at US College Search or find us on Facebook and Twitter as well. To learn how to get a degree in Business Administration and Management or Business go to US College Search. Then you can Search For Colleges By State or go to the Business Administration and Management hub under Search By Degree.

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What Capitalism and Business Managers Can Learn from the NFL

May 31st, 2011 by Clifford

Although it may not seem like professional football has anything in common with the world of business administration, there are certain similarities that business leaders can look at in order to improve on the functioning of the business world. It doesn’t take a business degree to apply much of the common sense advice developed on the gridiron.

The connection between professional football and business administration and management can be seen in the relationship between businesses and investors. Although there are plenty of real statistics available for businesses based on output and profitability, investors often make their decisions on whether to fund a company based on where they see the company years down the road. This, in turn, drives stock prices. Similarly, while professional football players play real games with measurable outputs (i.e., goals), many people bet on professional football games based on their expectation of whether one team or another will beat the “spread,” the expected point difference between two teams.

What does this mean for business professionals and students of a business administration school? One point is that while professional football strictly divorces playing sports from betting on sports, there is no such equivalent in the business world. The reason for this separation in the sports world is that conflating betting and playing sports creates an incentive for players to play games only to beat the “spread,” or even to throw games. Similarly, stock options given to CEOs mean that there may be an incentive to keep the stock price artificially inflated, regardless of the effect on the overall health of the company.

What Business Administrators and Managers Can Learn

In a business administration school, students are learning how to make comparisons like this every day, which can break new ground in how businesses operate. A business degree can open doors to a variety of interesting occupations. Start your college search at US College Search or find us on Facebook and Twitter as well. To learn how to get a degree in Business Administration and Management or Business go to US College Search. Then you can Search For Colleges By State or go to the Business Administration and Management hub under Search By Degree.

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Finance: What Business Administrators and Managers Need to Know

May 31st, 2011 by Clifford

Joe Knight, co-owner of the Business Literacy Institute and coauthor of the Financial Intelligence book series, shares his unique approach on teaching finance and shares valuable information for students pursuing a Business Administration and Management degree in this brief video course. His particular approach focuses on how to get information to the financial people who need to know how the numbers affect them without focusing on traditional “credit/debit” scenarios but rather in real world terms.

Business Management Approach

His comprehensive and digestible approach stems from his direct experience working with actual employees and manufacturing managers who might not possess the interest in the complete financial analysis but who receive a direct benefit in understanding concepts such as gross profit per hour.

Joe also offers an analysis on the many moving parts in a business and how cash and credit markets in current economic conditions continue to affect small business owners. Joe Knight’s unique perspective on current and future trends is especially beneficial for individuals studying business administration or attending a business administration college. Here individuals will also learn how financial transparency has become an important feature in the business and finance world, not only from an investor standpoint but from an ethical standpoint as well.

Do you understand the problems facing business administrators and managers? Then US College Search is where you should start your search and guess what? We are on Facebook and Twitter as well. To learn how to get a degree in Business Administration and Management or Business go to US College Search. Then you can “Search For Colleges By State” or go to the Business Administration and Management hub under Search By Degree.

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History of Management and Business Administration

May 26th, 2011 by Clifford

For centuries, successful businesses have leaned on the strength of great managers and strong business administrators: men and women who have risen up to lead the way through the planning, organizing, and controlling of the never-ending stream of challenges in the life of business. Business itself has changed tremendously over the course of history, and our modern economy presents many new and unique circumstances. The need for a great business manager, however, remains the same.

Earning a business degree from an accredited business administration college or online business college opens a doorway to this world, leading you to the managerial secrets that history has gathered together. Learn the scientific management concepts of Frederick Taylor and Henry Ford: assigning specific work roles, studying the use of time and motion, reducing employee laziness for improved productivity, and Ford’s game-changing concept of the production line. Develop familiarity with the administrative theory of Henri Faylor and his Fourteen Universal Principles of Organization, including Organizational Efficiency, Unity of Command, and Division of Labor. Strengthen skills in building a managerial bureaucracy that defies the word’s red-tape reputation, using rational authority and accountability, a clear hierarchy of authority, and a streamlined approach to keeping decisions in writing to create a model of efficiency. Focus on respect for workers rights through the study of major figures like Mary Follett, learning how happy employees working in cohesive groups maintain the highest levels of productivity.

Owning the wealth of knowledge that history has to provide is just one advantage to seeking out your degree in business administration, and your search for the business administration college or school that fits you begins here. Is it time for you to begin your business degree? Go to US College Search and look for the Business Administration degree.

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The Five Competitive Forces For Business Administrators To Know

May 25th, 2011 by Clifford

Harvard professor Michael Porter discusses his theory of the “Five Competitive Forces that Shape Strategy.” When taught in business school, the concept of competition is construed too narrowly by many business leaders, who think in terms only of direct competition when in reality there are many other threats to one’s market position and profitability.

The college professor, Porter states that aside from direct competition, the four other competitive forces that have an impact on a business’s strategy are: pressure from customers to lower prices; suppliers who are constantly trying to drive up the cost of supplying a given company or business; potential new entrants to an industry, which helps to drive prices down; and alternative industries, which also helps to bring down the prices that a business can charge its customers. All of these strategies have to be kept in mind when thinking about a career in business, business administration, or marketing.

Porter explains that his model can be applied to any industry to uncover the true sources of profitability, as well as trends in the industry that can be used to maintain competitive business advantage. As an example, Porter discusses the airline industry, which he sees as one of the least profitable industries in the world. Using Porter’s model, the reasons for this low profitability are clear. In addition to the fierce competition between airlines, these companies also face competitive forces in the form of “low barriers to entry,” which means that it is easy for small airlines to get started. There is also the fact that customers will use trains, cars, or buses when flying gets too expensive, and that the industry’s unionized labor supply can make it very difficult to cut company costs.

While these underlying competitive forces can seem difficult to understand for outside observers, a business administration degree can provide more understanding of how and why businesses do the things they do. To find the right business administration college go to US College Search and search for Business Administration and Management Degree.

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