November, 2017

Tips On Running A Liquor Store

Posted by Timotea Corderoon November 20, 2017

Running a liquor store is always a very profitable business as most people like to drink alcohol. Of course I don’t necessarily mean the hard liquor but at least when it comes to wine a lot of people seem to consume it on a daily basis. Although this is true running liquor stores it is not as simple as stocking up on the famous brands and opening shop. There is a lot more to it than that and a lot of people only find this out the hard way a couple of months into running the store. That is the worst possible situation that you can be in. Through the course of this article I shall impart on you some tips that may be useful to make sure that you don’t experience a situation like that.

One of the first things that you need to make sure is that your licensee is always up to date. Don’t wait till you are right on top of the expiration date to renew it, make sure you do so months ahead. It would be in your best interests to do so. You should also buy on wholesale, at least the types and brands that you can. Of course when it comes to craft beer training and all you can’t exactly buy in bulk but try to buy in large quantities as possible as that should generally garner you a discount. Essentially when stocking up always try to see what the best deal you can get is.

Speaking of stocking up don’t just randomly stock up on what you think the popular brands are. That is irrelevant, what you buy needs to depend on the tastes of your customers. As such it is good advice to check your sales record and see what you sell the most of and stock up more on those brands. In addition to that if you have something that other stores don’t have you are likely to get more customers. As such go for craft beet events in Hong Kong and such that take place to find new brands you may be able to use to draw in more customers.

This is a very competitive business so if you want to rake in a good profit you need to be able to offer something that the other liquor stores in the area don’t offer, and I don’t mean just more brands as I mentioned above. You need to give incentives for customers to come to your store. For an example you should offer discounts on bulk purchases. You also need to market yourself pretty well. One of the best ways to do that in this day and age is to have a website for your store with everything you have on offer. All in all it’s a lot of work to run a successful liquor store but if you out in the right amount of time and effort you can really rake in a good profit.

Importance Of The Accounting Department Of A Company

Posted by Timotea Corderoon November 2, 2017

Conducting a business is by no means a simple process. In fact, this process includes many different tasks that help gain the final and ultimate objective of the organization. In order to ensure that the activities of the company will be running smoothly, there will be various departments handling their specific duties. These departments would be accounting, human resource management, logistics, marketing etc. Therefore, ensuring that all processes are taken care of in an accurate manner is highly important. Out of the aforementioned departments, the accounting department of a company holds a great responsibility. Here you will discover why it is considered of much greater importance than others in an organization.

To keep up with the law

Your business may e considered your own. Yet, every business is a legal entity in the world and therefore will be required to be in line with the rules and regulations enforced by the relevant authorities. In order to keep up with the law, good accounting and finance practices will be a great practice. If you are able to maintain this in your organization, the company will be automatically regarded as an entity that obeys the law.

Make budgets

In order to have a strategic view on the company’s future and be prepared to whatever comes your way, it is important to make budgets that will be effective and appropriate. In order to do so, the accounting department of the company is liable to make all required estimation for audit service Hong Kong activities, future plans, day to day expenses and the major expenses of the company. Therefore, this responsibility is one that should be performed in the discussed department of a company.

Strategy development

As mentioned earlier, strategy development is a part of the future plan for any company. If you wish to achieve your ultimate goal, it is important that you have a long term view on your company. In order to do this, you will certainly need the assistance of many individuals like the great corporate restructuring advisory, managers, and employees and most importantly of the accounting department. As they carry records of past transactions, analyzing future expectations will be much simpler.

Performance analysis

Once again, as this department contains all monetary transaction records of the organization, performance analysis, profit records, losses etc will be analyzed through their information. By looking at these specific numbers, you will be able to determine the position of the company in the market on the current date. Therefore, giving the necessary importance to this department is the duty of all organizations.