Saturday, April 18, 2015

What Is Good Corporate Governance?


Good corporate governance refers to methods, laws and policies that direct, control and administers important functions of a corporation. Principal stakeholders and board of directors within the corporation are the ones who manage the principal corporation. Good corporate governance ensures the goals of the management stays within the lines of agreement of the stakeholders. Most people think there is no difference between stakeholders and shareholders in a corporation however, there is a difference and that is why it's important to manage things correctly. While working toward maximizing shareholders value and fairness, good corporate governance system ensures their rights are protected at all times. Since Enron and WorldCom were such failures for big business, corporate governance has reinforced its protection considerably. Stakeholders and shareholders alike are driven to improve corporate governance, although some of these changes come from federal mandates. What most stakeholders want is concise information with a clear and feasible link to overall business strategy.

Corporate efficiency is shaped by good corporate governance and strengthens employment stability, retirement security, and the endowments of orphanages, hospitals and universities. Good corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as, the board, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which the company objectives are set, and the means of attaining those objectives and monitoring performance. Good corporate governance is about promoting corporate fairness, transparency and accountability.

Because there seems to be so many definitions about good corporate governance I picked one definition and tried to explain it to the best I can. Businesses need to be controlled and directed, because most corporations are pretty large, good corporate governance tells which groups of people are to do what. Board managers, stakeholders, and shareholders each have a say in the rules and procedures of the company. This gives structure to the company and ensures each group is watching the other to keep things in line and keeps everybody honest. This also ensures the company will prosper because each group has to maintain certain strength in order for everything to work like a well oiled machine. If one group goes down, the other groups help restore it back to running the way it's suppose to. If one group fails then eventually all groups fail and then nobody prospers.


Corporate governance is the system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as, the board, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which the company objectives are set, and the means of attaining those objectives and monitoring performance", OECD April 1999. OECD's definition is consistent with the one presented by Cadbury [1992, page 15].

The Next Vital Step: You Need A Marketing Plan


Many people include their marketing plan as a section in their business plan. Really, though, marketing is important enough that it deserves a plan of its own, separate from the technical details of the business. Here's what your marketing plan should include.

Your Marketing Strategy.

It might sound silly, but it's good to get the core of your marketing plan written down, just so people can see what the rest of your plan is aiming at. Keeping your strategy in mind can also be good when you receive offers to place ads here, there and everywhere – you can ask yourself whether it really fits in with your overall strategy.

Your Competitors.

You should have a list of everyone in your area who could be considered to be a competitor, followed by how you plan to differentiate yourself from them.

Advertising.

Your marketing plan should contain a comprehensive list of all the advertising you plan to undertake. This includes a website, advertising in newspapers, leaflets, and so on. For each method of advertising you should list an estimated cost, and the number of customers you expect the advertising to bring in. This allows you to work out your 'cost of acquisition', which is how much you need to spend on advertising to bring in a customer. The market works out so that this will be more for higher-end customers, and less for lower-end ones.

Pricing.

Your marketing plan should also list all of the pricing policies you plan to have, as well as any special offers that you think will be good. That doesn't mean that you can't make up new offers later, but it's still good to have some on the plan for the long-term.

An Example.

The Catering & Cake Co.: Marketing Plan.

Strategy: Our marketing strategy will be to advertise sufficiently that we will be the first company coming to mind when catering is needed in the Anytown/Othertown area. Marketing will be especially targeted towards people arranging weddings and people planning corporate events, so we will always be looking out for new ways to reach these customers. We will not repeat any marketing effort where the COA proves to be more than 20% of the profit those customers provide.

Competitors: In the Anytown area, the established catering companies are Cathy's Catering and Funfoods. Cathy's Catering mainly cater for low-end corporate events, while Funfoods specialise in food for children's parties. Our position in the middle-market means that we would be unlikely to provide children's birthday cakes, and could provide a higher-quality alternative to Cathy's Catering for corporate customers.

The company that we believe would be our main competitor is Luxury Food and Cakes, based in the Othertown area. They serve the same kinds of food we plan to, and to similar events. However, we differentiate ourselves from them by offering our food at far lower prices. While they use more expensive ingredients, our taste tests have shown that most consumers are unable to tell in blind taste tests which food cost more. Offering mostly indistinguishable quality at a lower price gives us a powerful way to move in on Luxury's customers.

Advertising (in order of decreasing cost-effectiveness):
Leafleting. $0.01 printing per leaflet, 10,000 leaflets, plus delivery at $100 = $200. Projected 50 customers. COA $4.
Local newspaper. $500 per half page, run once monthly. Projected 100 customers, COA $5.
Corporate mailshots. $0.10 printing per mail, 100 mails, plus delivery at $20 = $30. Projected 3 customers, COA $10 (however, customers are high-value).
'Weddings' magazine. $200 quarter page, quarterly. Projected 20 customers, COA $10.

Pricing:
Basic catering: cost + 50%.
Deluxe catering: cost + 70%.
Cake: cost + 100%.
Large cake: cost + 80%.
Personalised cake (large only): cost + 120%.

Special Offers: Business is slower in winter than in summer, so there are special winter deals. For example, we plan to offer 'every third person free' on basic catering to give extra value for corporate functions in the winter months (November, December, January, February). There will also be a 'free champagne' offer with the deluxe catering in these months.

Sunday, March 29, 2015

Commercial Secured Loans – Ideal finance for your business | UHY Dawgen Chartered Accountants Blog

Commercial Secured Loans – Ideal finance for your business | UHY Dawgen Chartered Accountants Blo0g

A perfect combination of discipline, hard work and proper training can take your business to new heights helping you in accomplishing the desired success. Discipline is needed in every area in an organisation ranging from managing the employees, maintaining the environment of the organization, coordinating the work in the organisation or thefinance.
Maintaining discipline in the field of finance is the primary function of every businessman. It is truly said that money moves the world around. And the same applies to the world of business. Every business needs adequate finance for its smoother running and managing it is a tough task. Need for funds may arise anytime in a business, in such circumstances, commercial secured loans can be the best source of finance for the Jamaican business.
Commercial secured loans as the name indicate are tailored for businessmen who need funds for commercial purpose. These loans are very flexible and come in variety of structure to meet the diverse needs of the Jamaican businesses.
An important feature of commercial secured loans is that the borrower needs to put a security against the loan. Any of these – commercial property, equipments, invoices or order books can work as collateral against the loan.
Big as well as small business projects can be financed with commercial secured loan. These loans are multi-purpose loan and can be put to diverse uses namely the purchase of business premises, expansion, residential and commercial investment or property development and for many other commercial purposes.
Commercial secured loans provide affordable and effective solution to access the required capital. Loan terms attached with commercial secured loans are usually longer ranging from 10 to 30 years. Borrowers with commercial secured loans get an opportunity to withdraw an amount ranging from $75,000 to $35 million depending on your business trading history, borrower’s Credit rating, industry type and the collateral kept as a security against the loan. Some lenders can also provide you the loan of even a higher amount if they find your financial status worth.

Wednesday, March 25, 2015

Accountants & Auditors in Kingston , Jamaica

UHY Dawgen Chartered Accountants  is a professional service firm providing audit, accounting, tax and business advisory services in Jamaica .We share our clients’ aspirations and staff are approachable and down-to-earth individuals, delivering customised, innovative and practical solutions to help you make the right business decisions.

Services and client teams are tailored to suit the culture of each client including publicly listed corporations, large and medium-sized companies, privately owned businesses, not-for-profit and public organisations.

Our firm offers specialist sector and country knowledge tohigh quality professional standards. Our commitment to quality is one of UHY Dawgen’s main values – because it is so important to us, we strive to achieve this in everything we do.

UHY Dawgen has the depth and breadth to help your business compete effectively and successfully locally, internationally or cross-border. Our drive for professionalism, quality, integrity and innovation combined with global reach has realised substantial growth for clients since 2002.

UHY Dawgen offers an exceptional competitive advantage – national capabilities enhanced by global resources and attentive personal service. Our people pride themselves on their ability to combine local knowledge with regional, national and international skill sets.

We provide ongoing cross-border assistance through our cohesive international network, UHY international.  With over 240 offices in every major financial centre around the world, we can introduce you to commercially focused audit, accounting and tax professionals who can provide ongoing advisory services to your new overseas operation.

Our Membership in UHY allows us to share experiences and know-how with more than 7,000 professionals in the world, to organize multidisciplinary work teams for transnational operations . The UHY network ensures that wherever you are and whatever the business you want to do UHY Dawgen will be able to help you achieve your business objective effectively.
Our network of  Jamaica offices (Kingston, Ocho Rios, Montego Bay and Mandeville) ensures that we can provide a local service backed by the expertise of a major national practice.
Our Offices in Kingston are located at :
Head Office:Unit 34,Winchester Business Centre
15 Hope Road, Kingston 10
Tel:876-9084007/7542074/9064827
Fax:876-7540380
International No.USA:937-7-DAWGEN (937-7-329436)
Branch Offices:
Kingston:
Oxford House, 2nd Floor ,6 Oxford Road,Kingston 6
Telephone:876-9263562-4 Fax:876-9291300

Accountants & Auditors in St. Ann, Jamaica

UHY Dawgen Chartered Accountants  is a professional service firm providing audit, accounting, tax and business advisory services in Jamaica .We share our clients’ aspirations and staff are approachable and down-to-earth individuals, delivering customised, innovative and practical solutions to help you make the right business decisions.

Services and client teams are tailored to suit the culture of each client including publicly listed corporations, large and medium-sized companies, privately owned businesses, not-for-profit and public organisations.

Our firm offers specialist sector and country knowledge tohigh quality professional standards. Our commitment to quality is one of UHY Dawgen’s main values – because it is so important to us, we strive to achieve this in everything we do.

UHY Dawgen has the depth and breadth to help your business compete effectively and successfully locally, internationally or cross-border. Our drive for professionalism, quality, integrity and innovation combined with global reach has realised substantial growth for clients since 2002.

UHY Dawgen offers an exceptional competitive advantage – national capabilities enhanced by global resources and attentive personal service. Our people pride themselves on their ability to combine local knowledge with regional, national and international skill sets.

We provide ongoing cross-border assistance through our cohesive international network, UHY international.  With over 240 offices in every major financial centre around the world, we can introduce you to commercially focused audit, accounting and tax professionals who can provide ongoing advisory services to your new overseas operation.

Our Membership in UHY allows us to share experiences and know-how with more than 7,000 professionals in the world, to organize multidisciplinary work teams for transnational operations . The UHY network ensures that wherever you are and whatever the business you want to do UHY Dawgen will be able to help you achieve your business objective effectively.

Our network of  Jamaica offices (Kingston, Ocho Rios, Montego Bay and Mandeville) ensures that we can provide a local service backed by the expertise of a major national practice.
Our Office in St. Ann is located at:
Ocho Rios-101B Main Street, St. Ann
Telephone: 974-5373/9748772 Fax:876-7540380

Accountants & Auditors in Mandeville , Jamaica

UHY Dawgen Chartered Accountants  is a professional service firm providing audit, accounting, tax and business advisory services in Jamaica .We share our clients’ aspirations and staff are approachable and down-to-earth individuals, delivering customised, innovative and practical solutions to help you make the right business decisions.

Services and client teams are tailored to suit the culture of each client including publicly listed corporations, large and medium-sized companies, privately owned businesses, not-for-profit and public organisations.

Our firm offers specialist sector and country knowledge tohigh quality professional standards. Our commitment to quality is one of UHY Dawgen’s main values – because it is so important to us, we strive to achieve this in everything we do.

UHY Dawgen has the depth and breadth to help your business compete effectively and successfully locally, internationally or cross-border. Our drive for professionalism, quality, integrity and innovation combined with global reach has realised substantial growth for clients since 2002.

UHY Dawgen offers an exceptional competitive advantage – national capabilities enhanced by global resources and attentive personal service. Our people pride themselves on their ability to combine local knowledge with regional, national and international skill sets.
We provide ongoing cross-border assistance through our cohesive international network, UHY international.  With over 240 offices in every major financial centre around the world, we can introduce you to commercially focused audit, accounting and tax professionals who can provide ongoing advisory services to your new overseas operation.

Our Membership in UHY allows us to share experiences and know-how with more than 7,000 professionals in the world, to organize multidisciplinary work teams for transnational operations . The UHY network ensures that wherever you are and whatever the business you want to do UHY Dawgen will be able to help you achieve your business objective effectively. 

Our network of  Jamaica offices (Kingston, Ocho Rios, Montego Bay and Mandeville) ensures that we can provide a local service backed by the expertise of a major national practice.
Our Office in Mandeville is located at:
Mandeville-Shop 2B, Caledonia Mall,Calendonia Road, Manchester
Telephone: 962-6369 Fax: 754-0380