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Time Pressured, Overloaded with Information and media outlets, and now Osamaed, Americans need to work and live more efficiently and exhuberantly than ever. How can you improve your business or learn to keep your company competitive in a short period of time? Take one to 1 1/2 hours to read: Big Brands, Big Trouble. It gets right to the point in offering the best advice for companies that want to grow and prosper, or at the very least, maintain their market share. There is no flowery language, textbook talk, academic lingo-only solid strategies based on years of experience working admidst the most well-known brands. Trout is not afraid to point out the mistakes of companies who spend millions of dollars on marketing programs and research yet move no further along in market share or stock value. See what happened to companies that were once on the Fortune 500 list but are now part of some amorphous holding company or conglomerate. What lessons can be learned from their mistakes? Easy to read, with a touch of humor, Big Brands Big Trouble provides concrete business strategies and actionable plans for the most busy among us. Jack Trout's intelligence and marketing savvy cuts through all jargon and provides the best business advice anyone working with any brand will need.
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The book also includes a glossary of accounting terms which is insulting. If you are an accountant purchasing this book you should already know them hands down or seek a refund from the institution of higher learning that gave you your education in accounting or ask your state accountancy board to revoke your CPA certificate.
This book is full of checklists and numerous discussions of what to do but rarely gets to "How" as the outside of the back cover states. While the information is useful it is again generic to any business and not specific to accounting.
The author bets to death the value of using Microsoft products (to the exclusion of others) and goes though a litany of the things that Microsoft uses/provides. I am certified by Microsoft in almost all the things that the author mentions in the beginning of his book and I found the authors marketing plug for Microsoft quite humorous but also very wrong. The author almost gave the impression that he is "in bed" with Microsoft and may even be a Microsoft Certified Solution Provider himself but never really states his relationship to Microsoft. This diatribe should have been in an appendix and not part of the main body of the book.
Another grating plug is the constant mention of the Accounting Guild that the author is involved with. It would have been far more professional to discuss this at length in an appendix rather than constantly marketing it to his readers by repetitive mention of it in the text. One more grate was his constant mention of the Goldmine software for tracking clients without explaining why he thinks it is the best and what is his involvement with it and more importantly why he mentions no other PIM software when he goes though a many page discussion of the various software packages available. It makes me very suspicious.
Also unless you are a firm with at least two or more accountants, two or more marketing people, two or more sales people and the accompanying support staff you are reading the wrong book. You will also have no life.
The author implicating states that unless you are dealing with businesses that are $500,000 to $10,000,000 you are not dealing with a small to medium sized business nor are you one yourself. What a grave insult to small business in general.
I am not attempting to slam the author at a personal level in my review but having read the third edition I am left with the begging question as to what was so wrong with the first two that there is in fact a third edition. After all I was the one that paid for it and I feel that I was stung and strongly so.
This book is basically a written seminar on how to build, market and sell your (any) business accompanied with numerous plugs for the authors products (at least it smells like it). The author did not follow his own advice....be honest with your clients.
I also found his web site for the Accounting Guild inactive and email is not there.
If you are looking for a book to help you build your accounting business this is not it unless you have $$$$$$ capital and staff to do so. The book is definitely not intended for the true small business person.
Save your money.
The caveat here is this. Mr. Fox discusses Arthur Anderson a great deal in this book when referring to ways consulting is performed and how to sell clients. In addition, he refers to his own "Accounting Guild." Unfortunately, the web site for this guild no longer exists, his Yahoo message board is inactive and he does not answer email requesting information on solvency of his own business. Although I am reading this book 3 years after it was published I find it disturbing that the book is still in print yet very out of date and no longer factually correct. i.e Offering services in the Accounting Guild.
It would be nice to at least get an explanation or have the book removed as a valid and complete source, which it no longer is.
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The thrust of the book is to look at the phases a market can go through and to develop an approach for trading the phase now in evidence. Sweeneys also present concepts for turning a loss generated by a phase change into a profitable reversal. This concept builds on the authors' other work, Maximum Adverse Excursion. The concepts are fully explained and a methodology is used to illustrate each. The authors are careful to note that the method used may not be what they use and may not be optimum, but rather is presented for illustrative purposes.
At the outset I thought this work appropriate for only intermediate and experienced traders. Now I'm not so sure. Beginning traders, if they go back to this work from time to time, may be able to save themselves some time and grief.
I certainly recommend the book; I am uncertain whether I should post five stars or only four.
ron davis,CMT
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Miller also pens that "management at any level in an art", a statement that many would disagree with and should give some insights as to what the 10th grade, babble-filled prose is all about. For a management book, especially one for $..., I was expecting a more technical approach to managing - theories and illustrations also combined with charts and math, two aspects that are completely vacant in the textbook.
There is a general sense of the grim reality of the hospitality industry that I was relieved to see (two stars). There's mention of the low pay, hard work, and long hours that will inevitably come with the job, and the book maintains that thought throughout. Overall however, it's too much money, and too much time, for reading what I already know.
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The second two parts, which deal with actual valuation techniques, are very verbose, but lacking in organization and depth. This half assumes that you are already familiar with concepts such as WACC, Free Cash Flows, and other accounting and valuation terms. Although several valuation techniques are indeed discussed, by no means is the list comprehensive. Furthermore, no systematic approach to deriving or explaining the formulas is available, and often, terms not introduced earlier are used.
On the positive side, however, the book makes easy reading and focuses on a more practical, rather than academic or theoretical, discussion of valuation.
This book may not provide much value to a serious student of valuation. Furthermore, I do not believe it will make an ideal reference for the experienced professional either. At best, it will make a good second reference for a graduate level course in valuation.
In light of recent corporate shenanigans with off-balance sheet products, it is unforgiveable that this book doesn't address how lack of value can be disguised using off-balance sheet products. Total return swaps, an off-balance sheet financing tool, isn't discussed, and credit derivatives, another off-balance sheet tool aren't even discussed. For coverage of these topics and offshore vehicles, read "Credit Derivatives" by Tavakoli.