RESPOND TO THESE STUDENTS POST
Social media can help advance your career depending on what your career you are in or going towards. I see a lot of post on Facebook and Instagram about people advertising what they do for instance nails, eyelashes, and custom made t-shirts. I believe that if social media is used properly and safely it could help market your business and helps even more when people post the work you did and ad a tag with your name on it. There will always be competition around everything but if used correctly you can accomplish many things using social media. I have yet to use LinkedIn so I wouldn’t have much to say about it and using it other than what I have heard from my friend and co-workers and according to them it has helped them with pursuing the career advancement they have wanted.
Social media might hurt you as well if someone post bad comments on work you might have done or where not satisfied with the customer service they received while the communicated with you or when they did business with you.
From sort of a personal experience that involved my daughter, she had a hair braiding salon. She would post pictures of some of her clients on Facebook and instagram to try and gain more of a client list. In the beginning her business sky rocketed and she was doing well. People would share their hair dos and recommend her services, her client list went from 10 people to well over 75 people in a 2 month period. So using those two social media platforms helped her business in a great way. After a while her business started to decline due to fraud, people were using her photos as if they belonged to them and was made up fraudulent pages using their phones number, so when they thought they were calling my daughter they were actually calling the competitors and stole a lot of her business, so what turned out to be good advertising turned out to be a bad idea. My daughter found a way to rectify the problem , but she no longer uses social media as a form of advertising her business.. So social media platforms can help with advancement in business but there are consequences that are attached.
One of the first management strategies that comes to mind when trying to retain or increase cash is examining expenses. There are other means to increase cash, but cutting expenses has a direct and immediate effect on the amount of cash on hand. If a company can make the same amount of money and spend less while doing it, that means more in the bank. It is part of the reason why my company started to heavily push 5S in our branch. In addition to the safety aspect of it, the team was trained to start to seek out ways to reduce/eliminate wastes around the company. This change in mindset made people begin to examine all of their processes and habits, which begin to make people more productive and attentive to getting things done in a more efficient manner. This caused a downturn in expenses related to overtime, electricity, cleaning supplies, and other consumables. Those found dollars made it possible for many of our team members to keep their jobs during these times. It also helped to permanently change some of our processes that will prevent us from falling back into previous bad habits.
In businesses and in today’s current climate especially, one way to retain cash is to cut or delay expenses. In our company, we cut back on hiring cleaning companies and instead delegated cleaning duties to employees. We also cut back on hiring an outside detailing company to detail cars and instead hired an in house detailer. In the salon my wife works in, they also cut expenses by letting go of their cleaning company, they delayed their magazine subscriptions and paused the snack/beverage options offered to clients (for sanitary purposes but also to cut costs). This management strategy is easily able to transfer into our personal lives as the easiest way to manage our cash reserves and cash flow is to cut unnecessary expenses. I remember reading about the Dave Ramsey method and it starts by cutting any unnecessary and frivolous spending and instead using this to decrease and pay off debts faster. When my wife and I wanted to target paying down debts and overall increase our cash reserves, we started by taking a look at where our money was going (eating out, paying for cable even though we were never home to watch it, etc.) and started by cutting these expenses out.
Respond to the following in a minimum of 175 words:
- Discuss a management strategy used to retain or increase cash. Share an example of a time when you’ve used a similar strategy in your personal finances. How are the applications of these strategies similar or different for businesses and individuals?