广州奥美财务培训
O&M Guangzhou Finance Training
Finance Training
Objectives of the training:-
K – Knowledge
How do we make money / lose money
What is the cost / profit standard
Industry
O&M
What can you do to help improve our
profitability
Finance Training
S – Skill
How do you know your client’s profitability - capacity plan, analysis of contribution margin
A – Attitude
We are businessman / businesswoman
Everyone has a role in helping the company
profitable
Finance discipline is part of our profession
The Business
Make Money for Today
Our business by its nature is Short-term
我们生意的特质是相当短期的
I’m not talking about brand building ...…rather how business decisions need to be made
这里指的不是品牌的建立，而是指在我们的营运
中各种管理决策如何形成。
Make Money for Today
Clients come and go, reduce/cut budgets with little to
no notice
客户来来去去，删减预算的动作突如其来。
Billing cuts in the 4th qtr mean we are effectively
working for free
在第四季删减预算意味著我们的工作是免费的
We do not manufacture a product, our capital is
our people
我们并不制造产品，我们的资产就是人
Employees come and go ( high turn-over )
员工也是来来去去的
Make Money for Today
Constantly changing business landscape does not
allow us to accept under-performing operations
面对著如此大的变化，不获利的营运是无法被接受
Service businesses are expected to show consistent earnings growth.
服务性的公司必须要有持续获利的成长
创业的精神
The Entrepreneurial Approach
Entrepreneurial Approach
If it was your business, you would not:
如果这是你的公司，你一定不会∶
be satisfied just getting by ... you want to make money!
因损益平衡而满意，
Pay people to sit and wait for new revenues
让你的员工坐著等新生意上门
negotiate contracts that were unprofitable
接受无法获利的合约
Entrepreneurial Approach
invest in training employees who leave for better opportunities
投资於训练员工，他们却离开去寻找更好的机会。
make long-term binding financial commitments
that are not supported by income …
做一些长期财务的承诺，而却是没有收入的支持。
provide services to the client which the client would
not pay for
免费提供服务给客户。
Running The Business
The Basics for Running this Business
Keep Overhead Low! 降低营运成本
Negotiate flexibility
争取弹性
Leverage price advantage where possible
运用“量”的优势
Don’t build administrative empires
不要形成管理官僚系统
Accountability
会计责任
Accountability
MANAGEMENT ACCOUNTING is more important to management than Statutory accounting?
对管理者而言，管理会计更重要
Improvement in the financial ratios requires a true understanding of how we are performing financially
on each client.
要在财务上有所改善，必须深入了解每一个客户的获利情况
You can’t expect an account person to be responsible with the office’s profit margin but
You can make him responsible for his acct.
业务人员对其经营的客户是否获利有重要的责任
Accounting for Time 有关时间成本
The heart of Client Profitability
客户获利分析的核心
Must get all employees to recognize its importance
所有的员工必须认知其重要性
Time reporting must be accurate and complete
日报表要完整及准时
Accounting for Time 有关时间成本
Methods
Time Sheets 日报表的填写
Time Allocations 工作时间的分配
Summarized Data is the key
资料汇总是关键
Make people accountable for time
大家必须对工作时间负责
Account Managers
业务经理人
Dept Managers (Creative, Production,etc)
部门主管
Accounting for Costs 成本
Costs fall into Three Categories:
成本可分为三大类
Chargeable to Client 可向客户收费
Not Chargeable to Client 不可向客户收费
Overhead 营运成本
Every $ we spend should be categorized in one of these buckets
花每一笔钱时，评估一下属於哪一种成本
Chargeable to Client 可向客户收费的成本
Basically these are:
Direct Staff Costs
直接工作人员成本
Out of Pocket Expenses
外付费用
Direct Staff is the key to being profitable
直接工作人员成本是影响客户获利的关键
Should be based on a resource plan which delivers profitability
应发展 -- 人员资源分配计划，并考虑对获利的影响
Resource Plan needs to be modified for changes in revenue
当营收改变时，资源分配计划应随之调整
Chargeable to Client 可向客户收费的成本
Out of Pocket: Let the contract be your guide
外付费用∶依合约行事
Get client to agree in advance
事前取得客户的同意
Spend client’s money like it was your own
花客户的钱，像花自己的钱
Not Chargeable to Client 不可向客户收取之的成本
Keep these to the absolute minimum
尽量控制
Need to ask yourself:
确实了解其必要性
If the client won’t pay for it, is it
necessary!
Overhead 营运成本
Everything we do which is not directly related to a client’s business is Overhead.
与经营客户不直接相关的
Establishment (leased premises) 例如∶房租
Gen’l Management, Finance, IT, Secretaries, etc
例如∶管理、财务、电脑人员...等
Office costs, IT Costs, legal, insurance, etc.
办公设备...等
If the clients won’t pay for this, the goal is to be as efficient as possible.
如何在营运成本各项上增加效率
Standard Costs vs Allocated Costs 标准成本与分配成本
Standard Costs assigns a $ value to each hour of time an individual works
每个人工作的单位小时成本标准成本
If an employee works beyond the standard work week, his standard cost could exceed what he actually gets paid
Allocated Costs takes the exact amount that an employee gets paid and allocates that over the hours actually worked
分配成本员工的总成本除以实际工作小时数
The compilation of allocated cost should always tie back to the accounting profit
Used for Client Profitability reported to OMW
Standard Costs vs Allocated Costs 标准成本与分配成本
Example:-
Monthly salaries : 1,600
Standard monthly working hours : 160
Hourly rate : 10
Actual working hours : 200
Standard cost : 200hrs * 10/hr = 2,000
Allocated cost : still at 1,600
If we use allocated cost as a basis to charge client, then we under-bill the client by 400
Why Bother with Standard Costs 标准成本
It is a valuable tool in understanding resource management
是了解资源管理的重要工具
provides valuable information which can help support client contract negotiations
提供与客户沟通合约条件时的重要资讯
Enables you to set standards, for each employee, manager and account有助於设立标准
Enables performance comparisons:
有助於评估绩效
Employee utilization 员工产能利用率
Performance vs staffing plan 绩效与人员聘用计划
Billable/Non-Billable performance: ind, dept, office
可收费的成本与不可收费的成本
Who Should be Accountable 这些是谁的责任
Accountability needs to reach everyone
每一个人的责任
Everyone should be evaluated against established standards for utilization
针对已设立的标准作个别评估
Department managers need to be responsible for
their reports
部门主管要监督评估的确实性
Account managers need to be responsible for
业务经理人员
Client profitability (more to come) 客户获利率
Performance vs resource plan 绩效与资源分配计划
Accuracy of revenue forecast 实际与预估的收入
All out of pocket costs 所有的外付成本
Accounting Firm Model 会计师事务所模式
The Professional service firms (Lawyers and Accountants), live by standard cost
专业的服务业，依标准成本收费
Each Staff member is accountable for his own
每个员工要对以下负责
Chargeable hours 可收费的工作小时数
Utilization rate 产能利用率
Each Staff member reports to a department manager who is accountable for his group’s performance in the above two areas
Each department manager is responsible for his own and group performance 部门责任制
如何善用科技
Use Technology for Profit
Technology
We have all failed as Businessmen in this area
在这个领域，我们大部分表现不佳
Everything we do in business should be based on cost / reward or ROI (Return on Investment)
所有的决策应依据投资/报酬分析
When was the last time you submitted a ROI calculation for IT?
是否针对IT的投资作ROI分析？
The reason that we don’t do it, is because it is difficult to quantify
我们没有做的原因是因为量化的困难度高？
Technology
So if we don’t do ROI, what should we do before we invest?
如果我们无法作ROI，投资前该如何评估？
Prepare an informal ROI
Will the equipment make us more efficient
这些技术、设备是否会增加我们的效率？
Can we save headcount
能否帮助我们降低员工人数？
Can we get more done with the same people
让我们在既有的员工基础上作更多事？
Can we give the client something better, that they will pay for
能否提供给客户更好的服务，而且他们乐於付费的？
What will it cost us if we don’t get the equipment
如果我们不投资，我们要付出的代价是什麽？
Technology
Quantify the value of the items just discussed and compare that to the costs
尝试把投资带来的好处量化并与成本比较
Payback should be fast 1 or 2 years at most
Figure out how to pay for equipment with
思考如何支付这项投资
additional revenue from clients
是否有更多的收入
cost savings
成本的节省
or create competitive advantage which adds value to the agency (justify : be critical)
因为价值的提升造成竞争优势，而有额外的资源
Technology
We shouldn’t just buy equipment to keep up, We need to have the equipment make us better more profitable.
设备的投资不是只为赶上潮流，而是要让我们获利情况改善。
Financial Model
Financial Model
The Traditional P&L: 传统的盈亏分析
Billings 营业额
Revenue 收入（减退营业税，文化税和 Mindshare 所占的收入）
Staff Costs 员工成本
Establishment Costs 办公室成本（租金,装修折旧）
Personal Costs 个人成本（出差,培训）
Commercial Costs 商业成本（业务推广）
Office / IT costs 办公费用成本（通讯,文具等）
Finance & General 一般管理人员成本
Overhead Allocation 区域成本（摊分总部费用）
Operating Profit 营运获利
Financial Model
Example to Revenue Conversion
Year 2000 1999 Difference
Revenue 1,300 1,000 300
Op profit 200 100 100
Revenue conversion 100/300 * 100% = 33.3%
Financial Model
In the Agency, we have learned that efficient and productive office should earn margins of 25%-30% before bonus and O/H.
在获利要求上，25%-30%是一个标准
The way we get to these margins are different in each market due to:
各市场在下列之成本结构不同，所以获利要求也可能有些调整。
Costs of Staff (ExPats, Social taxes, salaries)
Costs of Real estate
Market cost of doing business ( keeping up with standards in the market)
P&L Model - Unit
Expected Office margin before bonus and O/H should be 25% - 30%:
Revenue 1,000
Staff Costs (pre-bonus) 470 47% (Tgt 45%)
Establishment Costs 70 7%
All Other Costs 190 19%
Pft bef. Bonus & O/H 270 27%
O/H 70 7%
Profit before Bonus 200 20%
Client Profitability
Client Profitability - Accountability 客户获利率
Account Managers can not influence entire P&L.
业务经理人无法影响全公司的盈亏
Account managers are responsible for:
但他(她)可对下列元素有所责任∶
Revenues 收入
Staffing on the account 服务於客户的人员成本
Out-of-Pocket costs 外付成本(与服务客户相关的)
Contribution Profit = Revenues - Direct staff - Direct
Other Costs (out-of-pocket)
What should we know ?
Direct Staff Costs (直接人员成本): represent the cost of people directly related to the revenue being generated. This should include Creative, Account Management, Production, and any other individuals who work directly on the account. Target should be 75%-80% of S/R%
与产出收入有直接关系的人员
Direct Other Costs (其他直接成本): are basically all out-of-pocket costs not reimbursed by the client. Mainly T&E, presentation costs, research, etc.
与服务客户有关的外付成本，且无法向客户收取的
What should we know?
Contribution Profit : represents Revenues less Direct Staff & Direct Other Cost
Contribution Margin % : Contribution Pft / Revenue Target should be 60%
Local Overhead (本地营运成本): represents all of the costs of running an office which can not be directly attributed to a client.与服务客户非直接相关的办公室营运成本(allocated on Direct staff)
These include : Indirect Staff: General Management, Finance, Back office, Administrative staff, etc
Establishment; Insurance, Legal, Training and all other costs of doing business not directly attributable to clients
What should we know?
Regional , OMW, Client Overhead (区域性/全球客户营运成本) : this is the o/h associated with running the regions, OMW and central client teams (allocated based on revenues)
Operating Profit (营运利润): Contribution Profit less Local O/H and Reg/OMW/WCS O/H
The 20% Model - (Regional)
What is an appropriate Contribution Margin?
To earn a 20% Operating Profit Margin contribution should be at least 57.5% as follows:
Revenue 1,000
Direct Staff Costs 375 37.5%
Direct Other 50 5%
Contribution Profit 575 57.5%
Local O/H 340 34%
Reg/OMW/WCS O/H 35 3.5%
Operating Profit 200 20%
Contribution Margin %
Under 20% Model we should be looking for a Contribution margin near 60%
When we are doing our resource plans, any client projected at lower margins need to challenged
作资源分配计划时，客户contribution margin未达要求标准，我们应检讨∶
Do we need to re-negotiate compensation?
合约条件是否合理？
Are we over-servicing the revenues?
服务成本与收入是否成比例？
Are our out-of-pocket costs necessary?
外付成本的必要性？
How can we restructure account team?
是否要改变服务小组结构？
WPP Group
WPP Group
Publicly traded on the UK and US stock exchanges
在美国、英国公开上市
Our owners / shareholders expect us to deliver continued growth in profits based on revenue growth with competitive margins
股东的期望∶
不断增加的利润
持续的成长
获利率符合市场竞争
OMW represents about 33% of the revenues and about 35% of operating profits
奥美集团在WPP的贡献∶
收入∶33%
利润∶35%
1998 Competitive Performance
Revenue Growth Total
Operating Margin % (including Equity)
Operating Profit Growth
WPP Group Expectation WPP 集团的目标
WPP is compared with Omnicom and IPG
Their goal is to be the leader in the group
希望成为领导者
Currently they are slightly behind in margin, but just a year or two away
目前在利润的表现上尚有些微差距，但相距不远
They appear to be slipping in the revenue race
在收入的成长上差异较大
So what do they expect from OMW
在这样的目标下，对奥美集团的期望
15% Organic Profit Growth
利润的成长率∶15%
Margin Improvement of 1% vs prior year. Greater improvement when revenue growth exceeds 5% 获利率每年增加1%或收入增加5%
Staff Cost to Revenue% improvement of 1% or more if S/R% exceed 58%
人员成本占收入比率每年降低1%
或更多如已超过58%
Revenue conversion of above budget / target revenues at 30% or better
收入转为利润率至少30%
Flexibility in cost base
在成本上要有弹性
OMW Targets
Planning Overview 财务计划
Projecting and Controlling our current operating results is the key to our success
如何作好的预估加上好的控制是成功的关键
Identify trends before they happen
对会发生的事能更早预见
Plan for inherent risk in our revenue stream
对影响收入的风险早作计划
Create a cost base which can react to changes in revenue
发展可对应收入改变的费用计
Investment must become profitable quickly
投资必须尽快获利
Increasing revenues should not be safety net which covers for weak cost control
增加的收入不应只是弥补费用的超支
OMW - 2000 Target Approach 奥美全球如何决定各公司之目标
Look at each region to determine how to allocate profit target
先决定各区域之利润目标
Factors considered include:
考量因素包括
Expected revenue growth in region
成长空间
Recovery / Under-performing units
是否有绩效不如理想之事业单位
current margin levels
目前利润产出
Known opportunities in markets/clients
已知之成长机会点
stage in units life-cycle
各事业单位之发展阶段
P&L Model - Unit
Expected Office margin before bonus and O/H should be 25% - 30%:
Revenue 1,000
Staff Costs (pre-bonus) 470 47% (Tgt 45%)
Establishment Costs 70 7%
All Other Costs 190 19%
Pft bef. Bonus & O/H 270 27%
O/H 70 7%
Profit before Bonus 200 20%
Budgeting
Budget - OMW Expectations 如何作预算
Revenues are identified by client
先确认个别客户的预期收入
Bottoms-up staffing plans are prepared to support a minimum return on each client
在设定的客户获利标准下，决定可支持的服务人员成本
All central office costs are reviewed for efficiency and waste is eliminated
跨公司的成本谨慎评估
Budget - OMW Expectations 如何作预算
Plans are developed to reduce excess capacity identified above
尽量减少产能的浪费
Zero-based cost build-up (not just prior year +x%)
由零开始成本预估
Certain costs such as: salary & headcount increases, freelance and T&E are variable and give office some room to operate
营运的弹性∶薪资及人数在必要时可增加，外部资源的利用、差旅应酬视为变动成本
Budget - OMW Expectations
What do we look at:
一些特别值得注意的项目
Year on Year movement in cost
逐年成本的改变
Impact of unusual / extraordinary items
特别事件成本对当年的影响
Phasing
分阶段企划的必要性
especially staffing which does not match revenue timing
Office expectations vs Market projections
整体市场的状况
Revenue Growth 市场的成长
Cost Inflation 成本的上升
Salary Increases 薪资水平的上升
Budget - OMW Expectations
Budgets are submitted meeting both regional and worldwide expectations for:
预算力求在下列项目上达到标准∶
Revenue Growth
收入成长
Profit Growth
利润成长
Margin Improvement
利润率之改善
S/R% improvement
人员成本率之改善
Productivity Improvement (Revenue/ Head)
生产力之改善
Budgeting - The Process
The region will receive a target expectation from OMW which is based on:
WPP Objectives
Market revenue growth expectations
Stage of business cycle (recovery vs mature)
Current margins and ratios
The RFD should discuss these expectations with each unit and build budgets to meet the target
The Budget 财务预算
Start with a clean piece of paper
一切从零开始
Sit down with account people to get revenue estimates by client
预估每一个客户的收入
Build a resource plan for each client
根据收入规划服务人员
The Budget 财务预算
Determine what non-revenue generating costs are necessary to run the office
预估非产出收入的相关成本
Finish Bottoms -up Budget without looking at your actual cost base
由下往上的算出全部成本及收入
Determine whether Bottoms-up budget meets expectation
检视结果是否能达到目标
The Budget
Compare Bottoms-up Budget with the office’s real cost base
把由下往上算出的成本与实际成本作比较
Identify over-capacity / excess costs
找出差异点
Develop action plan to eliminate over-capacity / excess costs
拟定计划来降低差异点
Commit to a Final Budget 完成预算
Meets OMW Target expectations
Eliminates unproductive costs
Flexible to changes in revenues
( MUST BE DELIVERED ! )
Does Final Budget Show 最後的预算是否符合下列标准
At least 15% profit Growth (bef. PY extraordinary)
利润成长15%以上
Margin improvement of 1% for revenue growth of 5% or less, greater improvement for higher revenue growth or lower margins.
获利率至少比去年增加1%
S/R% improvement of at least 1%
人员成本比收入比率降低1%
Revenue Conversion vs 1998 of 30%+
收入转成利润比率30%以上
Productivity Improvement of at least 5%
生产力改善至少5%
Revenue per Head
Profit per Head
OMW Issues - Forecasting 预算的重要性
OMW is a portfolio of about 160 reporting units in just about 50 countries
奥美在全球50多个国家，有160多个事业单位
If every office misses forecast by 2-3% we will and have over/under-state consolidated profits by up to $5 million.
每个事业单位在预算达成上不足2-3%，会造成整体美金5百万利润之下降
Forecasting - Units
We need accurate forecast from each unit
Since there is always a degree of risk in our business, units should forecast their most likely scenario (unless advised otherwise).
At a top-line level each FD should supply their RFD with the following forecast and commentary
Best Case
Most Likely (submitted forecast )
Worst Case
Indicate cost flexibility to cover ups/downs
Summary 总结
Targets, Budget and Forecast enable us to understand where the business is headed
作预算让我们知道公司营运的情况如何
We need accurate Budgets and Forecast which should be Zero-Based
作预算力求准确，最好用由零开始作预算方式
We need to react quickly and decisively to changes in revenues
当收入改变时，我们要果断快速的应变
Summary 总结
Need to educate management and staff that we are entering a new world and not everything will remain constant
管理人员和员工都应该认知现在的生意环境变化甚快
Manage staff expectations
有效地管理员工期望
Exercise
Client specific:
Business terms -- Comment on existing terms, highlight those unfavorable to us
Contribution profit -- Room for improvement
Risks in 2000 budget -- Contingency plan
Opportunity -- How to maximize
General:
3 things you will do to enhance our finance discipline
What other financial information will be helpful
What kind of help do you need from the senior
management
THANKS !
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