Many business owners would be surprised by how much money they lose to suppliers each year, simply by not monitoring the suppliers' billing statements. Often the money is not lost by paying the supplier a fair price for a product or service; rather, it is lost from billing errors, high supplier pricing, price changes, and at times, paying for unnecessary items.
Due to availability of time and the multiple responsibilities the business owner is face with, the business owner can be blind to all the places money can leak out. If you don't know where the money leaks from then it's almost impossible to fix it. Finding these losses may not create a huge savings but will certainly help to increase your bottom line.
Below is a list of the more common areas where suppliers-related losses occur.
1. Telecommunications services - A company's phone service often represents the third largest expense. Phone bills are often written in Chinese, thus making it difficult to find the overcharges, or incorrect charges. But it is well worth the effort to review the bills carefully. Also keep in mind, because this industry is so competitive, and prices are always changing, check the statement monthly to make sure your providers are giving you the best price possible.
2. Utilities costs - often can be a high expense, depending on the type of industry you are in. As a past owner of rental properties, I recall reviewing these bills very carefully. Utilities companies are known for charging you, based on the previous year's usage which often is not reflective of the current year's consumption.
3. Banking Services - Banks are renowned for promoting free checking; but take it from me! Read the fine print! Usually this offer is for a limited period of time, and requires a balance minimum, and a transaction maximum. Once you exceed them, then the fees start coming. Banks are also constantly adjusting these products. So request an account review with your banker twice a year, so that they can place you in the right product.
4. Health care costs - can easily represent the largest service expense for many businesses. It is not uncommon to find a 5-10% savings on your bill by simply reviewing carefully and removing some services that you are being billed for but don't need. Often price increases in health care may not reflect actual market conditions but simply a carrier passing on administrative costs to you. If that is the case, shop around and try to get a better deal. A 5% savings in healthcare cost can mean another salary.
5. Taxes - are often over paid by companies trying to be honest when filing taxes. Most states offer tax credits that some companies are not taking advantage of. Some examples include cost of training, hiring and research, to name a few. Sit down with your accountant at least twice a year to review your situation.
6. Freight and Carrier costs - Here is an expense that sometimes is overlooked. Review your monthly statement and ask your carrier how you can lower your freight costs.
Regardless of the type of business you own, it is critical that you stay on top of these expenses. You may want to delegate the job of reviewing the statements to someone else, and then have that person present the information to you. The reality of today's business environment truly requires that you closely monitor all of your expenses. The money you save over time may well be the determining factor whether you stay in business or not.
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There are plenty of aspects of any vending machine business that you will need to pay attention to. One that you may not have given much thought until now is how you will move them. They aren't going to just appear where you have secured locations so knowing the right way to move them is going to save you problems personally and with your vending machines.
It is never a good idea to try to move one on your own. They are just too heavy and too unpredictable to safely do so. You should be able to find at least one other person who can dedicate some time to help you do it the safest way possible. Once most vending machines are in place they will stay there for a long time so this isn't something you will need to schedule on a regular basis.
It will take at least two people to be able to move one. There are a variety of different tools you can use to make the process easier. A dolly can slip underneath of a vending machine. This device has wheels so you can tip the vending machine back and move it. Make sure you take the time to secure the straps around it for safety as well.
I often see vending machines laid down in the back of pickup trucks. Getting them into the place is often a hard chore though. A good idea is to lean the vending machine against the pickup. Gentle lift the bottom so it can slide inside. You do want to lay something like cardboard on the bottom of the bed of the truck though. This way you won't scratch it or the vending machine.
Some trucks are equipped with a hydraulic lift which can be very useful for transporting vending machines. You simply slide it onto the lift, start the movement, and lift it up to the location on the truck where you want it. Then you can slide it back or lay it down depending on how you wish to transport it. You can do the reverse to easily get the vending machine out of the vehicle.
You may be able to remove yourself from the entire process though if you can find an affordable moving company in your area. Many of the smaller ones have the time to do small jobs like that for local people. They also have their own equipment so that will help if you haven't invested in anything yet to help you with moving the vending machines. Make sure you know the price they will charge though before the vending machine is moved so you don't end up with more of an expense than you had anticipated.
It can be hard work to move vending machines so make sure you have a good plan in place. It is best to only do it in good weather. You don't need issues like slippery surfaces to affect what you are attempting to do. It is often the shape and weight of vending machines that can make them difficult to maneuver. Make sure you only move them while empty too so they will be lighter.
In addition to keeping everyone safe while moving vending machines, you need to ensure that the machines are well cared for. You don't want them to get scarred up while being moved. You also don't want them to be dropped or broken as that means you will have costly repairs. It will also delay the time it is going to take for your vending machine to start making money for you.
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There are literally thousands of business opportunities to choose from, many of which are a complete waste of time or even worse they are a downright scam. My motto when looking for new business propositions is to assume that it is a scam until it is proven otherwise, I never give the benefit of doubt. Why should I, it is my time, effort and money that will be utilized in whatever opportunities I chose to get involved in.
Simple steps which will give away the scammers game:
If they mention the words easy or make ridiculous claims like you can make $500 in 20 minutes, it's a scam.
Ask for the names and contact details of 10 people that are involved in there business. You must then go and talk to these people and find out more.
Take a close look at how you actually make money out of the opportunity, whether you can understand how it works, do the company make outlandish claims as to how much money you will be making.
If it is some sort of winning gambling system it's clearly a scam, they do not exist.
If you are expected to recruit other people to make money, do not waste one second considering this type of system, it is clearly a scam.
Very few MLM type systems actually work, for more than a handful of people.
Be wary of any vague claims that the company makes or claims which they cannot back up with evidence. I
Always do a thorough Google search and find out as much as you can about the company.
By following the above advise, you will ultimately find business opportunities that will offer what you are looking for, and that is the potential to make money.
My advices is always take your time, and do as much research as possible, then go and do so some more research, I think you get the picture! If something looks too good to be true, it usually is. There is no such thing as easy money, if you are looking to get involved in a business opportunity you have got to be prepared to put the necessary time and effort into making it a success.
Businesses depend on meetings to make decisions, solve problems and share information, but getting the right people in the room is only the beginning of being able to work together effectively. If you find yourself wasting valuable time in seemingly pointless meetings or find that the intelligent and experienced people you have brought together do not deliver the results you expected, then it is worth considering a different approach.
Cocreative problem solving is a facilitated approach to complex problem solving that guides and supports participants through the process of integrating facts, opinions, values, hypotheses and questions into a collectively inspired solution. We are taught to solve problems by breaking them down into smaller components and consensus is highly prized. But does this deliver the best solution and what happens to the original objective along the way. This lacks creativity and is rarely satisfactory or successful in providing sustainable solutions to complex or difficult problems. Can you really deliver on expectations with a lowest common denominator approach to problem-solving?
Cocreative problem solving facilitates the emergence of solutions that are not obtainable through logical/cognitive thinking alone, by bringing into the process insights, intuition and knowledge that is usually only accessible in other contexts. Trust and a shift in perspective are critical to a cocreative problem solving process. It is always assumed that the participants have all the necessary skills and knowledge and all good ideas and approaches are considered. The role of the facilitator is to create a mutually supportive environment in which ideas can be generated and challenged through deepening levels of questioning and reflection.
Cocreated solutions are just as efficient, productive and profitable as reductive solutions, but will have the advantage of motivating participants and incorporating meaning and values. It is a whole system process, rather than the left-brained (logical and analytical) processes we have tended towards since the industrial revolution and is the result of decades of study into the behaviours and attributes of knowledge-building communities.
Cocreative problem solving can be used in any situation in which a group of people are willing to work together and can achieve rapid results from new and functionally diverse teams. It can be exciting, fun, challenging and altogether more satisfying than the usual process. However, if there are significant trust issues within the group we would advise that these are addressed first.
Yolanda Dolling helps businesses reduce costs and increase sales through partnership and collaboration.
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In 1993 Mobil rated last on profitability in its industry, with a return on capital employed of 6%. In 1995 and for the following four years it rated first in profitability within its industry, with ROCE up to 16%. Similarly, Cigna Insurance was losing $1 million a day in 1993, but within two years it was in the top quartile of profitability in its industry. In 1998 it was able to sell its Property and Casualty division for $3 billion. Another great success story is that of Saatchi & Saatchi. They increased shareholder value from $500m in 1997 to $2.5b in 2000. These companies are among a number of legendary turnaround success stories quoted by Norton and Kaplan, authors of the Balanced Scorecard.
These companies attribute at least part of their success to having implemented the Balanced Scorecard. Developed in the early 1990s by Norton and Kaplan, this valuation methodology ensures appropriate strategic focus on three value disciplines viz, customer intimacy, operational excellence and innovation & learning, through a defined set of metrics. In the Balanced Scorecard these value disciplines are presented as three perspectives: Customer, Internal, Learning & Growth. A final dimension, the Financial perspective, records the commercial outcome of the value created in the other three perspectives.
At a conceptual level, the Balanced Scorecard methodology is logical, simple and elegant. It asks the following: What skills and innovative capabilities are needed to drive operational excellence to a level that the value proposition for my customer becomes so compelling that the company meets its growth and revenue targets in a sustainable fashion?
Looking at the success stories, and considering the simplicity of the methodology, the notion "the holy grail of business management" comes to mind. However, according to Norton, the overall success rate is not all that high. Norton explains that only about 15% of scorecard initiatives can be counted as sterling successes; on 64% the jury is still out and 21% are outright failures. These statistics certainly raise a few questions.
Is it perhaps that the methodology is not as simple as it seems on the surface or is it a case of horses for courses? Could it be that the methodology is fundamentally flawed and the success stories are incidental to the scorecard?
In our experience the simplicity of the model is its own worst enemy. The conceptual simplicity of the model belies the strategic clarity and analytical rigor required to deliver a scorecard that produces the results quoted above.
Companies attend a conference, read the book and, voila - out pops a scorecard. On investigation we find over-and-over again that such scorecards are merely a restatement of the old or current strategy using the scorecard format. Unfortunately, these initiatives invariably fail to deliver a Cigna or Saatchi & Saatchi level performance improvement and the business executives become more jaded and write off another fad.
To quote an overused but relevant truism, the level of thinking that got us into this mess is not the level of thinking that will get us out of it. This is exactly why the scorecard starts with the Innovation & Growth perspective: What skills are required to enable us to achieve our goals?
Now if the team lacked "it" to start with and nothing has changed in the composition of the team, drawing up a scorecard is merely displacement activity. It would be a leap of faith to think that a scorecard such as this will change anything while all else remains as before. A fundamental rethink, with an infusion of strategic talent, offers a much more plausible plan of attack.
A well-designed scorecard addresses two fundamental business issues that often hamper sustained performance, which are internal integration and external adaptation. Such a scorecard will seek to realign the company with its market and customers and so drive renewal of talent. This is the foundation of the learning and adaptive organisation. Clear cause-and-effect linkages between the strategic objectives assist in communicating the strategy and so create alignment in the company. Metrics must be focused on the desired outcome as opposed to measuring activity.
Taking all the old chestnuts out of the cupboard, dusting them off and regurgitating the strategy into a scorecard is a waste of time and disservice to a great concept. A facilitated, short and highly focused intervention will ensure early success in implementing a scorecard.
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Shopping for a franchise is easy if you know what you are doing. You can choose between radio adverts, newspaper adverts, personal recommendation, Internet, or visit a franchise exhibition. Attending a franchise exhibition allows you to view and compare a variety of franchise possibilities. Keep in mind that exhibitors primarily want to sell their franchise systems. Before you attend, research what type of franchise best suits your investment limitations, experience, and goals.
Do not be pushed into making a rash decision. Here are some useful tips for you to consider in helping you decide which franchise is best for you:
Investment Capital:
An exhibitor may tell you how much you can afford to invest or that you can't afford to pass up this opportunity. Before beginning to explore investment options, consider the amount you feel comfortable investing and the maximum amount you can afford.
Right Franchise:
An exhibitor may attempt to convince you that an opportunity is perfect for you. Only you can make that determination. Consider the industry that interests you before selecting a specific franchise system. If the industry does not appeal to you or you are not suited to work in that industry, do not allow an exhibitor to convince you otherwise.
Compare Deals:
Visit several franchise exhibitors engaged in the type of industry that appeals to you. Listen to the exhibitors' presentations and discussions with other interested consumers. Exhibitors may offer you prizes, free samples, or free dinners if you attend a promotional meeting later that day to discuss the franchise in greater detail. Do not feel compelled to attend. Rather, consider these meetings as one way to acquire more information and to ask additional questions. Be prepared to walk away from any promotion if the franchise does not suit your needs.
Verify Claimed Earning:
Some franchisors may tell you how much you can earn if you invest in their franchise system or how current franchisees in their system are performing. Make sure you ask for and obtain written substantiation for any income projections, or income or profit claims. If the franchisor does not have the required substantiation, or refuses to provide it to you, consider its claims to be suspect.
Do Not Be Rushed:
You may be told that the franchisor's offering is limited, that there is only one territory left, or that this is a one-time reduced franchise sales price. Do not feel pressured to make any commitment. Legitimate franchisors expect you to compare deals. A good deal today should be available tomorrow
Check Documentation:
Do not sign any contract or make any payment until you have the opportunity to investigate the franchisor's offering thoroughly Study the disclosure document. Because investing in a franchise can entail a significant investment, you should have a lawyer review the disclosure document and franchise contract and have an accountant review the company's financial disclosures.
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There are many reasons that someone initially decides that it's time to begin a small business or purchase a franchise. It can be very financially freeing to have additional income on the side, for some the desire to work at home and escape a commute or a cubicle is the driving force behind the decision to begin something new. Whether it's a way to invest funds into a safe and profitable sector, or simply a passion for a service or product that the new business opportunity will provide one of the most important things in preparing to start a new franchise business is understanding what options are available and which options have the largest potential for success. There are many different kinds of small business opportunities and franchises for sale, but those options can be narrowed down considerably by asking two critical questions that help determine what type of small business opportunity is the right fit.
#1 What is the financial commitment to the franchise, liquid capital, total investment, and overhead cost?
Knowing what costs a small business is going to encounter is the biggest part of researching a franchise opportunity and the most important thing to figure out before any decisions are actually made about beginning a franchise business. Most providers, contractors, employees are going to need payment immediately or in advance for their services, while income from a new franchise or small business can be slow and in most cases will take at least 30-90 days to see any cash flow actually come out of a new business. With this in mind, the total amount of liquid capital available to a new franchise owner must be calculated carefully and understood so that the level of investment and commitment matches the financial requirements to make the franchise a success. For example if a franchise owner has a total liquid capital to invest in a new franchise business of $50,000, there needs to be a careful examination of what the costs will be of purchasing a "low-cost" franchise.
A Liberty Weight Loss franchise may appeal to the investor and advertises that their franchise requires a liquid capital of $46,000-$100,000. And while it's true that the franchise can be run starting as low as $46,509, an investor with only $50,000 to spend on their investment will encounter extreme stress and an inability to purchase and provide marketing, promotional materials, discounts, and even basic equipment needed to make running their own franchise comfortable and successful. It's much wiser to not shoot for the limit, but rather to find a franchise that is closer to the low to mid range of liquid capital available and use the additional finances available to insure success and satisfaction to all those involved in the initial phases of beginning a franchise. Something such as CompuChild which is a franchise that teaches basic computer skills and typing in a classroom format to children requires a liquid capital of $20,000, which leaves the investor with plenty of extra capital to use to pay contractors, suppliers, and market their business without needing to see revenue first in order to promote and maintain the new business.
#2 What is the skill set, type of franchise, service, or product that the franchise owner is capable to provide and competent to lead?
The second most critical thing that needs to be answered about a franchise is what type of franchise will it be. Because a DVDNow kiosk franchise fits the right price; range for an investor does not necessarily mean that DVDNow franchises are the perfect fit. There may not be a passion for the video rental business, there may not be a desire to service machines, or a desire to be in a relational business might not be met in a kiosk service style franchise business. It's important to know that within every price range for investors there are multiple franchise opportunities and the most successful franchises are those that are run by businessmen and women who understand the product or service that they are providing and are passionate about that franchise. Even with a more specific desire for a franchise like being able to work at home, there are many franchise that are home based businesses. Working from home doesn't mean the franchise is limited to internet based tech services, though there are many of those available. It can also be businesses such as Stay at Home, which is a business that is operated from a home and provides in home care and services for customers that are elderly or homebound. There are tutoring centers like Mathnasium, and community building franchises like Virtuoso music, which teaches music lessons in homes and coordinates community events, concerts, and recitals. All of these franchise opportunities are home based, and each one fills a different niche and requires different skills and passions to operate.
Knowing what the cost will be of a franchise, and not just the advertised cost but the actually day to day operating costs will help narrow the choice to businesses that are affordable and likely to succeed within the financial limits of the investor. And combining that knowledge with the knowledge of what type of service or product the franchise owner is capable to deliver can help focus the choices even more to the type of franchise opportunity that will have greater and greater chances of being a successful business. Being able to work from home and run that small business well can provide all of the things that franchise owner's dream of when deciding to start their own businesses. The chances of achieving that greatly increase when time and care is put into researching the franchise beforehand with the same passion and care that will eventually go into running that successful business.
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There are many reasons that someone initially decides that it's time to begin a small business or purchase a franchise. It can be very financially freeing to have additional income on the side, for some the desire to work at home and escape a commute or a cubicle is the driving force behind the decision to begin something new. Whether it's a way to invest funds into a safe and profitable sector, or simply a passion for a service or product that the new business opportunity will provide one of the most important things in preparing to start a new franchise business is understanding what options are available and which options have the largest potential for success. There are many different kinds of small business opportunities and franchises for sale, but those options can be narrowed down considerably by asking two critical questions that help determine what type of small business opportunity is the right fit.
#1 What is the financial commitment to the franchise, liquid capital, total investment, and overhead cost?
Knowing what costs a small business is going to encounter is the biggest part of researching a franchise opportunity and the most important thing to figure out before any decisions are actually made about beginning a franchise business. Most providers, contractors, employees are going to need payment immediately or in advance for their services, while income from a new franchise or small business can be slow and in most cases will take at least 30-90 days to see any cash flow actually come out of a new business. With this in mind, the total amount of liquid capital available to a new franchise owner must be calculated carefully and understood so that the level of investment and commitment matches the financial requirements to make the franchise a success. For example if a franchise owner has a total liquid capital to invest in a new franchise business of $50,000, there needs to be a careful examination of what the costs will be of purchasing a "low-cost" franchise.
A Liberty Weight Loss franchise may appeal to the investor and advertises that their franchise requires a liquid capital of $46,000-$100,000. And while it's true that the franchise can be run starting as low as $46,509, an investor with only $50,000 to spend on their investment will encounter extreme stress and an inability to purchase and provide marketing, promotional materials, discounts, and even basic equipment needed to make running their own franchise comfortable and successful. It's much wiser to not shoot for the limit, but rather to find a franchise that is closer to the low to mid range of liquid capital available and use the additional finances available to insure success and satisfaction to all those involved in the initial phases of beginning a franchise. Something such as CompuChild which is a franchise that teaches basic computer skills and typing in a classroom format to children requires a liquid capital of $20,000, which leaves the investor with plenty of extra capital to use to pay contractors, suppliers, and market their business without needing to see revenue first in order to promote and maintain the new business.
#2 What is the skill set, type of franchise, service, or product that the franchise owner is capable to provide and competent to lead?
The second most critical thing that needs to be answered about a franchise is what type of franchise will it be. Because a DVDNow kiosk franchise fits the right price; range for an investor does not necessarily mean that DVDNow franchises are the perfect fit. There may not be a passion for the video rental business, there may not be a desire to service machines, or a desire to be in a relational business might not be met in a kiosk service style franchise business. It's important to know that within every price range for investors there are multiple franchise opportunities and the most successful franchises are those that are run by businessmen and women who understand the product or service that they are providing and are passionate about that franchise. Even with a more specific desire for a franchise like being able to work at home, there are many franchise that are home based businesses. Working from home doesn't mean the franchise is limited to internet based tech services, though there are many of those available. It can also be businesses such as Stay at Home, which is a business that is operated from a home and provides in home care and services for customers that are elderly or homebound. There are tutoring centers like Mathnasium, and community building franchises like Virtuoso music, which teaches music lessons in homes and coordinates community events, concerts, and recitals. All of these franchise opportunities are home based, and each one fills a different niche and requires different skills and passions to operate.
Knowing what the cost will be of a franchise, and not just the advertised cost but the actually day to day operating costs will help narrow the choice to businesses that are affordable and likely to succeed within the financial limits of the investor. And combining that knowledge with the knowledge of what type of service or product the franchise owner is capable to deliver can help focus the choices even more to the type of franchise opportunity that will have greater and greater chances of being a successful business. Being able to work from home and run that small business well can provide all of the things that franchise owner's dream of when deciding to start their own businesses. The chances of achieving that greatly increase when time and care is put into researching the franchise beforehand with the same passion and care that will eventually go into running that successful business.
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If you are serious about achieving success as a Direct Marketer or Product Developer, start by answering these questions.
Thirteen Questions
1. What is my goal this year? Be specific. Instead of answering, "Make a lot of money," come up with an answer based on your personal reality. For example, your answer might be, "Learn enough about running a subscription website that I can generate at least £2000 a month income from membership fee's alone."
2. What are the 'models of success' of others who have reached this goal? It helps a great deal to identify other product developers or companies that have attained the goal you are trying to achieve. Look at what they are doing, and how they are doing it. See what works for them, and what hasn't worked. Try to find a 'model' you can use as your guideline.
3. What is my strategy for reaching my goal? After you have identified your goal and a few models of success, it's time to start formulating your own strategy. Avoid the mistake of trying to 'over complicate' your strategy. Keep it simple, with as few steps as needed. Adapt your strategy to meet your own skills, schedule, and budget.
4. What tools or skills will I need to acquire to reach my goal? With most projects, you'll need to acquire some additional skills, equipment and tools. You'll want to identify most of these before you start - as doing so will help you understand the budgetary needs and time requirements. With some goals, you may find the skills and equipment needed are beyond your budget or learning level - a good time to find out is before you start the project.
5. What is my timetable? Before starting a project is is a good idea to develop a long term and short term timetable. The long term timetable should have specific 'accomplish by' dates leading to the final goal. The short term timetable should be more detailed and cover the acquisition of tools, learning of skills, development of test projects, etc.
6. Is this within my budget/where do I get funding? Almost all projects have costs, some quite considerable. Before starting the project, ask yourself how will you fund the project until it becomes self-sustaining. In some cases, the costs will be low or spread out enough that funding won't be a problem. In other situations, funding requirements are immediate and you will need a certain amount of cash before you can start. Determine your needs early on, and find a source of funding (perhaps income from other projects) before you start.
7. Will working toward this goal have a negative impact on my health, family relationships, or economic condition? In some cases, you can choose a goal so ambitious that trying to achieve it will have a negative impact on your health or family relationships. I can think of no instance where it would be wise to endanger your health or the relationship with your spouse or children to achieve a business related goal.
8. What will I do if this fails? It is always a good idea to have a backup plan. In my case, I generally take on projects where even if the project fails, what I learn while doing the project is usually worth the effort. For example, if I decide to produce a DVD on a specific topic, and the DVD fails to generate revenue, the experience of acquiring the tools and learning to produce a DVD gives me a huge head start on the next DVD I decide to produce.
On the other hand, if I have invested all my time and resources to producing a single product and have 'bet my house' on its success, I better have a backup plan should it fail. The same goes with all projects or goals. Have a backup plan if it fails (because 70% of projects do fail).
9. Is this a realistic goal for me? Is the goal you set for yourself so ambitious that you have no chance of reaching it? Does it fit in with your skills and interests? Does the goal reflect long term desires, or is it coloured by immediate problems in your life not related to long term realities? Are there more obvious goals which you should be trying to achieve first? Keep in mind that it usually takes time and strategy to achieve desirable goals. So don't feel pressured to accomplish everything at once.
10. Where do I start? If you get this far, the next question should be 'where do I start?' In most cases, the place to start is to try to get first hand experience in doing what you want to achieve. If possible, attend a workshop where you can learn the basics from someone who has already done what you want to do. Or get a part time job at a business that does what you want to do. Getting first hand experience (either a workshop or job) can give you a huge jump toward learning what you need to know, what tools you need to acquire, and what skills you'll need.
11. What do I do next? This is a question you will repeat often throughout the project. As you complete each phase, you'll have to ask yourself, 'What do I do next?' In most cases, projects are a sequential learning process. What you learn in the previous phase, you apply in the next phase, where you learn more. But as each phase ends, you need to have a good idea of what you need to do next. (Check out your model of success . . . what steps did they follow?)
12. Where do I need to make changes? The further you get into a project, the more you learn about what can and can't be done (within your budget and skills). As you learn more, you'll discover ways to improve the project by eliminating some steps and adding others. This 'Where do I need to make changes?' question is one you'll ask often, and allows you to adapt your project to changes in your environment.
One Final Question
13. When will I know I'm done? The product development business is one of stepping stones. Each project you take on generally leads to another project using skills and tools you acquired with earlier projects. Often before you complete one project, you'll have a good idea what your next project should be. While individual projects do reach an end point, rarely will your product development endeavour be 'complete'. You'll almost always have a number of projects in mind - just waiting for you to free up some time.
I know I have ;-)
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Line of Sight Management is a term that describes how a Manager "sees" and reacts to Events that happen in daily Operations. Events refer to anything that occurs in daily operations, whether or not a response is required. Line of Sight refers to how a Manager takes in Information about that event and then initiates a Response. It's the "Information" and the "Response" we will be addressing today.
How a Manager "sees" the event is very important in Line of Sight Management. You need to have several information flows that deliver news and information so you can form a Response that takes place in time, is relevant and has impact.
Let's talk about how information is collected. Relying constantly on one source will bring you eventually to a precipice called "The Cliff of Believe It or Not." If you have ever faced this dilemma you know what I am talking about. Suddenly the source you have always counted on is sounding doubtful and dubious. "The KiLLer D's."
And you have to initiate a course of action. This is not the time to start to develop a new Best Buddy relationship with Bob in accounting.
Some information flows you may want to develop if you have not already.
1. MBWA information. This is the information you gather when you practice Manage By Walking Around on a daily basis.
2. OM information. You get this information from talking with Other Managers.
3. CTY information. This is information that the Customer Told You.
4. IC information. This is information from Incidental Contact with other people not necessarily in your field.
5. YGI information. This is information from Your Gut Instinct. This information requires development by you for you.
Sharing is the name of this game. The more you Share, the more you get back. Using all of your information resources is the Managers responsibility to yourself and your staff. It's the first step in Line of Sight Management.
The second is the Response. It's the end result of you processing the information you have received and coming to a reasonable course of action that is in Response to the information and circumstances. It is not in spite of or in lieu of.
Responses are judged by several factors.
1. Is the Response Reasonable?
2. Is the Response the result of clear thinking on the facts and specifics?
3. Is the Response Timely?
4. Is the Response truly Executable?
5. Is the Response Effective?
The term" Line of Sight" really refers to the awareness of the Manager, their ability to gather information and formulate a reasonable Response to the situation. Good Managers know this. Great Managers develop this. Outstanding Managers Take Action and Implement this.
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One of the definitions of stress is, "the state of bodily or mental tension resulting from factors that tend to alter an existing equilibrium." Stress is an integral part of modern day business. Stress could have a negative impact on your physical and mental ability. The body has the ability to cope up with stress. When stress becomes prolonged and stress becomes psychological it becomes a problem.
Prolonged stress results in increased anxiety. It decreases your concentration. It would also make you prone to minor illnesses. Different people may react differently to stress. It may cause some people to eat more. It may also make people less communicative. Some others may lose their appetite due to stress. It may also cause irritability and poor judgment.
Stress may make some people aggressive. It may also make the person who is subject to stress to seek advice of others to get out of such a condition.
There are ways and means to reduce stress. Take a break even if it is for half an hour. Talk to people who are jovial and funny. If you can forget the cause of your worry and laugh for a few minutes it would be a great stress buster. Get some people to assist you, delegate responsibility.
Don't ever overwork. Learn to relax and take time off from work. If you have a huge work load, just looking at the work load may cause stress. Break into small pieces.
Socializing, just talking to friends and taking the family out, could be some of great stress busters. Exercise could also be an excellent stress reliever. Don't take drugs to reduce stress. These drugs could be addictive.
I have seen people think of the worst scenario situations. They think of the worst that can happen to them. They come to the conclusion that they can handle such a situation, the stress tends to dissipate.
It is extremely important in life to have the right kind of friends. Friends should be optimistic and who can make you confidant. There no better way to feel better than talking to a good friend for some time.
If you still feel that your job is still stressful, you should try to change your job.
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Today, outsourcing is the word often heard in the world of business. Outsourcing is something that affected the way people run their businesses in the whole world. So, what is it about outsourcing that created so much change in the business world?
Outsourcing is a simple agreement with a third party to perform a service for a company. Outsourcing today is utilized by many companies by paying an outsourcing company to handle a part of the company’s function. This is done in order to save money in terms of cheaper services provided by outsourcing companies, better or equal quality in work, and also to unburden the company resources for other important functions to let the company grow.
Outsourcing services have begun with the data processing industry. However, because many companies are now realizing the full potential of outsourcing services, more and more services are being outsourced, such as call centers, tele-messaging, help desk, and others.
Think of Company A as the parent company and Company B as the provider of outsourcing services. Imagine that Company A needs a call center in order for their clients have a way to contact them. However, Company A doesn’t have the necessary funds to start an in-house call center or it proved to be too expensive and can drain their company’s funds. So, Company A seeks the services of Company B by outsourcing their call center to Company B. Company B has all the necessary equipments and manpower to handle the job that Company A requires. In exchange for Company B’s services, Company A will pay a specific amount to Company B every month.
This is basically how outsourcing works. Because the provider of outsourcing services is usually in developing countries, the rate for its services is relatively cheaper and offers the same or even better quality. Because of this, large companies that needs a call center or any other functions that are not really important for the company but needs it anyway, tend to rely on outsourcing in order to get it done.
Outsourcing is a very cheap way to get the company’s work done. Outsourcing can also free the company’s resources and focus more on the growth and the strategy of the company to expand or grow.
These are the main advantages of outsourcing. Here are some of the different jobs that companies are now considering to outsource in order for their company focus more on important matters, Data Analysis, Information Technology, Research Process, Engineering Design, Help Desks.
These are just five of the many factors in business that are being outsourced today. So, if you have something in your company that needs to be done but your company doesn’t have the manpower or the technology for it, you can consider outsourcing as one of the best business solutions you can ever consider.
With outsourcing, you will see that your company will become more efficient and more productive than ever before.
Outsourcing is the perfect solution for your company. With outsourcing, you can get the job done at a very cheap rate, and make your company and its resources focus more on important factors. Just make sure that the outsourcing company you hire is competent enough and hires competent and qualified professionals in order to get the best quality.
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If Microsoft succeeds in the takeover of Yahoo, what will that mean for business architecture of the new company?
Microsoft is a unique company -- like so many others you would say -- but the uniqueness of MS lies in its legacy power. An example will make this clear. If you surf to the Microsoft Site for the annual report (1) you are offered this report. Now comes a unique MS feature. You can download this report but it is not in pdf -- everybody would agree that pdf is the STANDARD format for offering an annual report.
Instead. Microsoft offers the report in .doc (Word) format (Yahoo offers the report in both PDF and HTML).
What this indicates about the business architecture of the company leaves no questions: "We have set the standard and others have to keep on following us."
But the world changed and the possible takeover of Yahoo can be read as a catching-up with the markets, that have moved into another direction.
Possibility one: there is no change. Microsoft and Yahoo remain separate entities but yahoo profits are consolidated with those of Microsoft. Minor changes are needed and are concentrated in the head-quarters.
Yahoo's mission is "to connect people" The Annual report opens with a feature of the Flickr application in which the word "Yahoo" is spelled by consecutive photo's.
From the annual we read about the customer-centric culture and capabilities. "we have organized our services around audience segments ... rather than around products."
This shows a main difference with the organization of MS that is centered around product-groups (Microsoft business division, entertainment division are all product centered units. With a traditional (development) structure: product development, distribution, marketing and sales, etc.
On a very high level, the business architecture of both companies offer the theoretical possibilities of business synergies. MS could be seen as a software company with some search and community services (80/20) Yahoo is the other way around a company with some software developing parts and a dominating search and community service (20/80). The advertisement market is what both have in common and where both compete with Google.
Possibility two: Yahoo is bought only to get rid of the competition. But this is not very likely, it could even harm the image of Microsoft.
Any other option is some kind of an integration of both companies. The shown resistance of Yahoo is understandable, because a of the mentioned differences between both organizations. The biggest challenge is the required cooperation of employees with such a different background. The questions has practical implications on the level of the search-engine. What will happen to these search-engines: will they integrate into one new back-end search-engine with two (yahoo, Live) front-ends? And which system is superior?
That is what takeover is often about: which overall system are we going to use on a corporate level. It a discussion that will take quite a lot of time. In the mean time internet Years go by...
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Many customers use their rent to own business opportunity to help establish credit for home ownership and help acquire a credit-worthy status. In fact, brokers and lenders around the country are beginning to use alternative scoring systems that factor in non-traditional scoring reports from national bureaus then mix in information that includes regular payment histories such as rent-to-own payments.
Rent-to-own fills a valuable economic niche in the marketplace and research indicates that RTO is used by a wide variety of consumers-from college students and military personnel to those who must relocate often or those who simply want the latest and greatest wide-screen TV for the big game this weekend. Yes, you pay more for rent-to-own. You pay more because you get more from the transaction. And in today's economy, market dynamics are driving rent-to-own prices down while keeping the same valuable services retail cannot provide.
Because the rent-to-own agreement is only valid for the payment at hand, the customer can change the terms and payments at any time for any reason. The customer is never obligated to make the next payment and can return the product at any time for any reason. This payment flexibility and no-obligation is the cornerstone of the rent-to-own industry and its popularity with millions of customers.
The growth of rent-to-own public companies and independent dealers is fueling competition in the marketplace creating many more payment options for the rent-to-own consumer. Many companies are offering three to six month rental agreement ownership options that are lowering rent-to-own prices. Again, the customer chooses the payment options and can change it at any time for any reason very easily with rto online. If a customer chooses a fewer number of payments, the rent-to-own price is significantly lower and is competitive to retail. If the customer chooses a higher number of payments, the total cost will be more than retail. At the end of each rental agreement, the customer can either terminate the agreement without any cost or obligation, renew the contract by making another advance rental payment, change the rental agreement terms with a different payment or execute his or her early purchase option to obtain ownership of the product. Rentals can be for one week, two weeks or one month at a time. If the rental agreement is renewed a prescribed number of times-usually a total period of 12 to 24 months-the customer obtains ownership of the item.
At every rental agreement, the customer is told in writing and orally the total dollar amount and number of rental payments he or she will have made by the time ownership is an option. These consumer disclosures are mandated by 47 state rent-to-own laws. The overwhelming majority of customers do not pursue the ownership option. Approximately 75 percent return the rented item within the first four months or exercise the early purchase option; fewer than 25 percent rent long enough to own the item. If the customer returns the product during payments, the customer can re-instate his or her payment history within a specific time period governed by state law. Many rent-to-own companies offer lifetime reinstatement rights through their rent to own web sites. Because renters pay as they go, and no credit is extended, credit reports on customers are not obtained and no debt is incurred. Previously rented items are refurbished and re-rented at reduced rates.
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You might not know it, but strategic partnerships abound. Think about your own life. Are you married? Committed to a significant other? If so, you are living in a form of a strategic partnership. Both individuals bring something to the relationship that the other values and sees as being beneficial. It's similar in business. A strategic partnership should be a relationship in which both parties bring something to the relationship that each considers a valuable asset.
When you decide you're ready to take the leap into a strategic relationship, contact your potential strategic partner and go out for a brainstorming session. Decide if you think the relationship will benefit both of you and how. Spell out how each of you thinks the relationship will work, and who is responsible for doing what and when. Strategic partnerships can become a source of discontent if things are not clearly outlined in the beginning. Sometimes, there are people who say they're looking for a strategic partnership, but they're really only in it for what they can get out of it.
A strategic partnership is just that - a partnership in which each party brings something to the table and is willing to work to make sure the other partner is satisfied in the relationship. A strategic partnership can either be like a great marriage or a marriage gone badly; either way, it will take work and a commitment on the part of each business involved.
Just like you don't want to rush into marriage, you probably don't want to rush into a strategic partnership. Date for a while. Try a couple of projects before you commit to a long-term relationship. Make sure the other party is as committed to the relationship as you are and is willing to do their share. The great thing about a strategic partnership is that, hopefully, you'll be partnering with someone who has a different set of strengths than you do. Learning to capitalize on each other's strengths and minimize each other's weaknesses is one of the reasons strategic partnerships are so valuable. Like a marriage, you can learn to work together when you've found the right strategic partner.
Be creative when you think about potential strategic partnerships. Do you do pedicures? How about partnering with a person who sells sandals or women's clothing? Are you a make up artist? How about partnering with an image consultant? Or having the image consultant partner with a tailor? One cosmetic consultant creatively partnered with a travel agent because she had a product line that would take a normal bag of makeup and reduce it to 4 purse size pieces for the woman who traveled. There are no limits to strategic partner opportunities when you begin to think about who touches a market that is similar to yours.
As in any relationship, you may hit a few bumps in the road, but if you've done your homework and chosen someone who is like-minded in their philosophy, you will be able to weather the storm and make your partnership work for you.
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We live in a very busy world when it comes to business and competition, and today’s business owner is always looking for ways to get word of their services out to the public. The problem with many traditional methods of marketing, of course, is that they are very expensive and take a big chunk out of your bottom line. Smaller businesses in operation today are exploring many different ways of advertising their services, and one method that works very well is the use of self designed post cards.
Say what you want to say!
Many businesses have used post cards as an advertising/reminder technique for a while now; one need only think of how you remembered that last visit to the dentist. The problem with the approach in the past has been that the post cards available, the ones actually sent out to the public, are quite often generic. Many clients may receive the same cards, and some may receive the same card as the last time. You may have even found that the sayings or pictures on the post cards that you are sent, or that you send out, become a little bit mundane or trite.
The way to address these issues is through originality. Eliminate the “seen that” factor by designing your own post cards for your business. Nothing beats an original idea in the minds of clients; in fact, one of the chief goals of marketing companies is to come up with ideas which will stick in the heads of as many customers as possible, and originality is the surest way to do so.
Beyond even originality, you will probably find that with a self designed post card you are able to place the information you want on the card, in the way you think it should appear. Generic post cards can’t contain all the information relevant to your business, simply because they aren’t original. When you design your own post cards, you can make sure that you have your contact information added so that it blends seamlessly with the rest of the presentation.
When it comes to advertising, let your creative juices flow with the use of a self-designed post card. You’ll get a lot of good attention from clients, and they will appreciate the work! Also remember, these postcards will pass through a number of hands before they reach their final destination, so you just may be getting additional business headed your way.
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Throwing a company picnic involves more than just setting a date, hiring a caterer, and choosing a location. Yes, that's the list of basics if you just want a routinely boring event. Your company picnic offers the opportunity to do more than provide some food in a relaxing atmosphere. To get more from your picnic, there are a few things that must happen before the big event.
Goals of Your Company Picnic
First, let's decide what you want to accomplish with the company picnic... do you just want to say thanks to your employees, give employees the chance to get to know each other on a personal basis, to honor an employee, or to celebrate a company event. If you know what you want to accomplish, before you begin to plan your picnic you'll be much more likely to create the atmosphere required to get the desired actions.
Once you know what you want to accomplish choosing the theme for your company picnic becomes much easier. The theme of your company picnic can be centered on the season, a holiday, or it can be company related, such as a new acquisition, or increased performance, or whatever positive event has occurred within the company. Your imagination is the only limit when choosing themes.
Let's say your goal is to provide time for your employees to get to know each other in a more personal way. Team events are a great way to evoke open communication and build unity. Friendly competition gives your employees a chance to be in the limelight and gather support from co-workers. So be sure to include a team event at your picnic.
Location
Choosing the location also plays an important role. Using the previous example, the attendees are much more likely to converse and enjoy each others company if they are in one specific location. Let's say you have decided to hold the company picnic at a local park. Rather than just say come to the park and lunch will be served at twelve. Set times for specific events, like slow pitch softball beginning at 10:30, trail walk for the kids at 11:15, volleyball game at 1:00.
Choosing activities and entertainment for your company picnic also needs to revolve around the theme and your underlying goals. In addition, you need to be sure to keep the needs and tastes of those attending in mind as you plan this aspect of your company picnic. Planning for employees only, versus employees and family results in different types of agendas, so make sure to include activities for every age group within the crowd. Allow sufficient time to give your attendees advance notice before the company picnic, so they can include your event in their plans. Make sure everyone attending knows the schedule of events and what's happening before the day of the event. This helps everyone be able to prepare and bring any necessary items.
Add the "Bling" to Your Company Picnic
Next it is time to add the "bling". To make your company picnic shine, get creative. Banners, balloons and other decorations add a sense of festivity. Music and entertainment are other components to add to the zest of the picnic.
Giving prizes also adds excitement to a company picnic. Holding a drawing for prizes serves more than one function. These prizes create a sense of employee appreciation. They will also ensure that attendees of the picnic linger and socialize.
Planning, scheduling, and finding providers for food, beverages, entertainment, and music can be time consuming. Finding and meeting with a host of providers and coordinating everything can sometimes be time consuming and put a strain the budget. Often it is easier to contact event planners and compare prices and services.
Using an event planner reduces the time involved and also ensures no detail is omitted. Event planners will assist you with every aspect of your company picnic...even suggesting company picnic ideas. All you need to do is set the specifics of what you want and they will take care of the rest. Everything is be included- food, beverages, activities, entertainment and music.
It is a good idea to confirm everything relating to the picnic plans at least two weeks prior to the event. This allows enough time to solve any problem issues without rush or panic. Even of you have chosen to use an event planner, you still want to make contact to ensure everything is going as scheduled.
Effectively planning your company picnic will create a day of fun and relaxation. Great food, fun activities, good prizes, and hopefully sunny weather along with your creative ideas all comes together for a memorable event. Ready, set...plan and enjoy!
Ok, we know that the game industry is possibly one of the single most fun industries to be involved with. There's just a constant stream of energy, creativity and just plain cool stuff that comes out of the people involved in it at all levels. However, I'd like to share some lessons I learned during my 4 years as a indie studio owner. No, you never saw anything we did or have ever heard of us. You will sometime in the next 5 years, but right now you wouldn't know us. My rules are written specifically for the game industry, but much of what I say here I think is very applicable to any and all businesses.
So take this experience and advice for what it is worth to you. A lot of what you'll read here is my own personal philosophy on business and the industry, and I'm sure it's not going to be ground breaking stuff since there have been so many successful people that have come out and started talking about this stuff. I am, however, hoping that it will add something to the thought process of the person out there that wants to run their own shop.
So let's get right into my list of rules.
My first rule is to Breed Success In Your Employees. Ok, what does that mean? This is something I hold very dear to my own business philosophy, which is why I listed it first. Challenge your people to grow. Challenge them to find ways to improve their lifestyle without depending on you and your checkbook. In my organization, I give weekly classes on success mindset training as well as content training on investing and business. I WANT my employees to become millionaires on their own. I WANT them to be able to quit and retire if they so choose.
Why would I possibly want that? It is simply because I want people that are on my team because they're passionate about what we're doing, not because I'm paying them. People that are successful and don't have the stress of their bills hanging over their head and the heads of their family members are happier, more energetic, more positive, and generally much more productive. Plus fostering that entrepreneurial spirit within them will make them more confident and they'll be more willing to share ideas that could make your project even better than it already is. Teach them how to find freedom and you'll build a team of truly passionate members, which will absolutely translate into the final product.
My second rule is Don't Burn the Fire Too Hot. Ok, it's absolutely a reality that in any creative industry, whether it's games or movies, you're going to have a "crunch time" period as the delivery date approaches. It's just going to happen. However, don't push your people too hard too quickly. If you're cracking the whip and your employees are working 55-60 hour weeks all the time, you're going to annihilate any chance of success you may have had.
People cannot work those conditions indefinitely. Once they've hit that eight hours, it's time to call it a day. In fact, if you keep pushing them to ten hour days, you're going to find yourself REGRESSING in the project rather than finding progress. People that are fatigued and burning out make way more mistakes and ultimately the quality suffers in a major way. If you treat them fairly under normal circumstances, they won't complain or burn out when the project is really on the line.
Third, Create a Rich Environment. Listen, working in a cubicle SUCKS. I know it does, I've done it. Your work area is vitally important and you want to make sure that you're building one that nurtures creativity and stimulation. I've always loved Pixar's approach to their project environments. Sure, they have cubicles and such, but Pixar goes to great lengths to create a fantastic environment internally for their people. So take the initiative and put the money into making a really cool environment. Something related to your project, and do it special for each project. Too many people overlook this and think it'd be too expensive, but the returns you'll get from your people in their attitude and creativity will more than make up for it.
Fourth, Study Your Subject Hands-On. This is another area that Pixar is a fantastic example. How can you expect a 3D modeler to make a proper sword if they've never held one? How can you expect your environment team to create a beautiful ocean environment if they've never been in one? Take money and invest it into hands-on education. Whatever it is, somehow get your people into the moment of what you're trying to do. If you're making a World War I flight combat game, go find somewhere that gives bi-plane rides. If you're working on some kind of fantasy RPG, take a trip to a museum or have a sword smith visit the office and let them handle the real deal. The details that will come out from these experiences may not appear visually to you or to them, but the end result will feel much more authentic and the attention to detail will get noticed.
Fifth, Protect Your Company's Reputation. This is HUGE. Never let anyone come out and make your business look bad publicly. You need to counter and rebut all accusations that might make others look at your company askance. Your reputation is everything. Remember, every single person working under the name of your studio is tied to its reputation. If someone comes out and makes a public claim that hurts your reputation, it hurts the reputation of every person under your roof. Defend it and defend them. That's one of your main jobs as a leader. Stand up for your people, they'll absolutely respect it and it's just the right thing to do.
So these are five of my rules. Like I said, there is nothing breathtaking or revolutionary here, just some basic, solid guidelines that I use in all of my business endeavors. Whether it is my online businesses or my game studio, those are values that I hold very close and are a road map that guides everything I do. Take it for what it's worth.
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You might not know it, but strategic partnerships abound. Think about your own life. Are you married? Committed to a significant other? If so, you are living in a form of a strategic partnership. Both individuals bring something to the relationship that the other values and sees as being beneficial. It's similar in business. A strategic partnership should be a relationship in which both parties bring something to the relationship that each considers a valuable asset.
When you decide you're ready to take the leap into a strategic relationship, contact your potential strategic partner and go out for a brainstorming session. Decide if you think the relationship will benefit both of you and how. Spell out how each of you thinks the relationship will work, and who is responsible for doing what and when. Strategic partnerships can become a source of discontent if things are not clearly outlined in the beginning. Sometimes, there are people who say they're looking for a strategic partnership, but they're really only in it for what they can get out of it.
A strategic partnership is just that - a partnership in which each party brings something to the table and is willing to work to make sure the other partner is satisfied in the relationship. A strategic partnership can either be like a great marriage or a marriage gone badly; either way, it will take work and a commitment on the part of each business involved.
Just like you don't want to rush into marriage, you probably don't want to rush into a strategic partnership. Date for a while. Try a couple of projects before you commit to a long-term relationship. Make sure the other party is as committed to the relationship as you are and is willing to do their share. The great thing about a strategic partnership is that, hopefully, you'll be partnering with someone who has a different set of strengths than you do. Learning to capitalize on each other's strengths and minimize each other's weaknesses is one of the reasons strategic partnerships are so valuable. Like a marriage, you can learn to work together when you've found the right strategic partner.
Be creative when you think about potential strategic partnerships. Do you do pedicures? How about partnering with a person who sells sandals or women's clothing? Are you a make up artist? How about partnering with an image consultant? Or having the image consultant partner with a tailor? One cosmetic consultant creatively partnered with a travel agent because she had a product line that would take a normal bag of makeup and reduce it to 4 purse size pieces for the woman who traveled. There are no limits to strategic partner opportunities when you begin to think about who touches a market that is similar to yours.
As in any relationship, you may hit a few bumps in the road, but if you've done your homework and chosen someone who is like-minded in their philosophy, you will be able to weather the storm and make your partnership work for you.
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Hiring the right people for the job is an essential part of the success of your business. Identifying a suitable candidate is just the beginning of the process. Before you offer the job, it is important to conduct a thorough background check on the person you are hiring.
Surveys show that:
* More than 30% of applicants overstate degrees, certifications, previous responsibilities and job titles.
* About one-third of all submitted applications contain at least one fabrication.
* About 8% of applicants provide false criminal records.
* About 13% of applicants fabricate their reasons for leaving their earlier jobs.
In the worst case scenario, hiring the wrong person can lead your company into facing a negligent hiring lawsuit. Your company will have to pay for the mistakes of a new employee if you did not perform a pre-employment check. This can not only be an expensive mistake in terms of money, it can also cost you your hard-earned credibility. That is why it is important to invest in a reliable and elaborate pre-employment background check and discover valid facts regarding your future employee before you hire.
Pre employment background checks offer the employer an opportunity to verify the information provided by the candidate in their resume. Background checks do more than confirm degrees, certifications and dates of attendance. An extensive pre employment background search delves into various aspects of the applicant’s history including:
* Name, address and character report
* Social security trace
* Federal and civil court history
* State driving record
* County, state and federal criminal record checks
* Professional license verification
* l-9 employment eligibility verification
* Education and prior employment confirmation
* Reference checks
Most companies outsource pre-employment checks to a reputed background checking company. This has many advantages; cost reduction is just one of them. An experienced outsider will give you accurate, bias-free information. In addition, a professional company will be able to guide you through state and federal regulations as well as the legalities involved in background screening. However, the most important reason to hire a third-party to conduct the background search is the legal immunity it gives your company in case something goes wrong.
Clearly, the days when a few reference checks or a couple of phone calls sufficed to screen employees are well and truly gone. What with corporate scandals, workplace violence and escalating security concerns rearing their troublesome heads, pre-employment background checks are no longer a luxury; they have become a necessity for the survival and well-being of your business.
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Not having enough time is a common problem that many people suffer from. You may feel stressed and frustrated because you’re constantly chasing the clock trying to get everything done. Don’t you sometimes wish that you could have a bit more time? Although there are only 24 hours in a day, instead of wishing for more time, how about identifying where you can save some time. Here are two strategies so that you can free up some of your time, leaving you able to accomplish more towards your goals and perhaps enjoy some leisure time.
1. Eliminate the time wasters in your day. Although you may have lots to get done each day, its surprisingly easy to get caught up in activities that actually waste your time. Some tasks can appear to be important and unless they are completely in alignment with the goals you want to achieve, I suggest that you question their necessity. There's also the time wasters such as drawn out telephone calls, interruptions as people just drop by for some help. Many people also find it difficult to stay focused on their tasks or they lack direction so waste quite a bit of time jumping from one thing to another. As there are many different time wasters and different ones affect different people, I invite you to identify specifically what wastes your time and eliminate it. Even if you just pick one time waster for now, you can work in eliminating others later.
2. Set a time limit for each task. Tasks often take longer to complete than they need to and setting a realistic but slightly tight time limit can really help you to work more productively. I'm sure you can think of times when a task has taken ages and yet if you'd set yourself a time limit on it, I bet you know that you could have got it done and done well in that time. Tasks that are allowed an indefinite amount of time often take far too long, robbing you of your precious time. Time that could be spent more productively or enjoyably. Give each task a realistic time limit, set an alarm and then put 100% of yourself into completing the task in that time.
So, now you have two time management strategies here that could easily save you lots of time each and every day. I encourage you to put at least one of these into action today. Just imagine how good you will feel with a bit more time to enjoy.
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Strategic marketing is an excellent means of propelling your business to the next level of revenues. Indeed, the adage, "no man is an island" is particularly applicable in strategic marketing; the more islands you align yourself with, the greater your network, and the more powerful your revenue earning potential.
Yes indeed, we all know that strategic marketing is powerful. But how can you create an effective strategic marketing plan? Strategic marketing is a term that is thrown around casually and frequently, but how many people actually know how to execute a successful strategic marketing plan? In this article, I shall happily walk you through the steps of incorporating strategic marketing into your business arsenal.
Step 1: Understand your target customer base
The fundamental goal of strategic marketing is to utilize each other's strengths to reach a larger audience base ' perhaps one that would not be available to the individual companies without the strategic marketing endeavour. Evaluate your current base of customers, and envision your ideal future mix of clients. Based upon this analysis, you should then consider which companies already possess the client base that you desire. Or, what company would be able to work with you in order to help you both obtain a client base that was individually out of reach.
Step 2: Evaluate what your customers need
When you think of your business from the customer's perspective, it is often quite different than yours. Instead of evaluating what products would be easy for you to sell to them ' consider what products your customers need. This will help you find a strategic marketing partnership that can fulfil what customers' needs. In addition, look at the bigger scope. If you are trying to reach a larger audience base, what type of packaged advertising would be most compelling to their needs? For example, if you are an accounting firm, then would your clients possibly also need legal service? A successful strategic marketing plan is based upon clients' needs.
Step 3: Analyze the marketing tools to use
Marketing avenues abound, meaning that you can carefully pick and choose which marketing tools you use. Will you use offline, online, and/or word-of-mouth advertising? Decide if you want to create email marketing, PPC, or blog campaigns. Will you collaborate together on publishing articles, or perhaps split a booth at your industry trade show? Would you sponsor an industry event together, or perhaps publish a white paper jointly? The options for traditional and creative marketing are endless. It is important to create a strategic marketing campaign that will highlight the strengths of both companies ' and most effectively reach the target audience.
Step 4: Implementation!
Once you have laid the groundwork for the strategic marketing plan, it is time to implement the excitement! Working together with a partner can open up significant more doors, in both revenues and market share exposure. Make sure that your plan is well thought out, and that you both are on the same page, and you will be ready to push the "go" button on an endeavour that can take your business earnings to the next level.
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Customer satisfaction is crucial to customer loyalty, positive word of mouth, and return on investment--this is a given. We also know first call resolution (one and done) is the #1 driver for customer satisfaction with best practices reported at 86%.
However, this means that 14% of your customers are contacting you more than once (even more than twice or three times) to resolve their issues! This not only frustrates your CSRs and yourselves, but your customers as well. Repeat calls are costly not only to operations and the bottom line, but they negatively impact customer satisfaction as well as employee productivity.
Here's some questions to ponder.
* How do you define first call resolution?
* And how do you--if you do--calculate it?
What gets measured gets managed, and what gets managed gets better.
In a recent study (Ascent Group) more than 90% of companies measuring first call resolution reported improvement in their performance. Another study reported a dramatic fall in call volume identifying that a minimum of 20% of all calls were repeat calls from customers needing an answer or help they didn't get. Further, that the absence of first call resolution was found to account for a minimum of 30% of a call center's operational costs!
In another study released recently (CFI Group) reports that (yet again) first call resolution has the most impact on customer satisfaction, and therefore, their loyalty and likelihood to recommend. In this study, across all industries measured, almost a fifth of all callers hung up with their issue unresolved. Of those customers who didn't have their issue resolved, 68% are at risk of defection (43% said they'd definitely defect; 25% weren't sure).
The bottom line: Invest in your people--give them the training, the tools, and the authority to get their job done right the first time.
We're finding that quite a number of centers do not measure FCR, and for those that do, there is still no standard for this measurement.
Following are additional questions to ask yourself:
* What percentage of your customer's concerns and/or questions are handled on first contact?
* How frequently do your customers contact you?
* Do you/can you identify repeat calls?
* Do you/can you segment responses by call type?
* Do you ask your customers if their concern was resolved, and how many contacts this required?
The more you can drill down your data, the more actionable and accurate the outcome.
Of course, the best measurement of FCR lives with your customers. So go to the source. Find out if they think their issues and/or questions are being resolved on the first contact. Your metrics alone, although quantifiable, are indirect and are only approximations of customer opinion and could easily be overstated. Many times the customer's view is lower than these measurements.
From an Ascent Group Study (2003), the four primary ways of measuring FCR were:
34% Call statistics calculations (internal measure)
26% Agent-driven call logging or tick sheet (internal measure)
15% Call monitoring (internal determination)
25% Customer satisfaction surveys (external measure)
Your front lines are the interface with customer's issues. One of the foremost methods to boost customer satisfaction and improve FCR is to consistently and ongoing train your people in world class customer service skills.
The bottom line once again: Invest in your people--give them the training, the tools, and the authority to get their job done right the first time.
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Consider your management of irresistible forces as a competitive tool for creating product and service differentiating strategies. Early in the use of this process, your competitive thinking will tend to be pretty primitive. You'll probably only consider the opportunity to arrive first with a better solution to the irresistible force circumstance.
By continually working through the irresistible force management process, you can expand your success through preemptive adaptations. As a result, other organizations delay their response or even take the wrong path, increasing the likelihood that they become confused and misdirected in responding.
What About the Other Guy?
After several turns through the irresistible force management process have helped improve your organization's thinking and approach to irresistible forces, you can turn your attention to analyzing how irresistible forces are affecting your competition. You'll discover that some irresistible forces work better to your advantage than to others, and vice versa.
Consider that today companies in many industries subscribe to the strategy that they should consolidate to achieve cost advantages. In actuality, it's rare that two or more diverse organizations can combine to create one that is more effective. By recognizing this circumstance, you are likely to be able to circumvent such a narrowly preoccupied set of competitors as they grapple with the very significant problems of mismatched organizations consolidating.
For example, in 1998 Compaq, the personal computer industry leader, acquired Digital Equipment, the minicomputer industry leader. Compaq's concept was to use Digital's established relationships with companies and software vendors to add more value through retail channels and through value-added resellers.
Dell meanwhile pursued its focus on direct selling effectiveness and value-added for customers. The irresistible force of consolidation among large companies in all industries favored Dell more than Compaq.
Dell could respond much faster and at a much lower price to the need for creating a uniform computing environment within the constantly consolidating large companies. Compaq only gains an advantage if Dell fails to expand its service and flexibility to the full world scale of these customer organizations.
In addition, when Compaq acquired Digital Equipment, the impact of this consolidation irresistible force directly benefited Dell in another way. Many computer consulting organizations and accounting firms favored working with a personal computer supplier who didn't compete with them in systems solutions as Digital Equipment did. Consequently, Dell used its relationships with these consulting organizations to expand its ability to adapt to the emerging worldwide needs of these consolidating computer customers.
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Many irresistible forces may conspire to retard your company's repetitive use to create better results. If you allow that slowdown to occur, you increase the likelihood of having one breakthrough that you cannot follow promptly with another.
You'll be tempted, in particular, to shorten up your training efforts in order to get more gains from your early insights. However, you need to follow Dell's example and choose controlled growth.
Moving forward more slowly will allow you to continue to develop and exploit new irresistible forces and shifts in old ones, plus add insights into how to create proprietary advantages for yourselves.
What concrete incentives for repeating the process of irresistible force management does your organization need?
Since you would like to extend the benefit of repeating the process in many different ways, you'll probably have to provide financial incentives for each person to learn and expand the use of irresistible force management. You can use the context of a management-by-objectives formulation and link the financial incentive to the effectiveness of each person in particular and the entire business in general. Another approach is to make promotions and raises contingent, at least in part, on the individual's performance in learning and supporting others in learning how best to use and repeat irresistible force management.
How can you create a structure to make it easy for your company to repeat the process and learn from the experience?
A company intranet or formal, paper-based sharing method will facilitate communication, sharing of insights, and learning from past experiences. An important element for establishing and maintaining this structure is seeking constant feedback on how to make this sharing more helpful, faster and easier to use, and less expensive.
How can you best involve those who are non-employee stakeholders?
In some cases, you may already have a way of communicating and sharing ideas with these individuals and organizations. You'll usually find that these mechanisms are too simple and infrequent to accommodate the opportunities of working together on irresistible force management.
A good way to begin finding a better mechanism is by describing your organization's experiences with the process to these stakeholders. At the same time, you can propose some initial experiments for working together in areas of obvious common interest.
For example, Dell, in the wake of the Compaq acquisition of Digital Equipment, could have teamed with the computer consultants it provides equipment to for bidding situations. The teams could have created one-on-one studies of how best to serve the newly-consolidating customer companies, following their acquisitions and mergers.
Based on such experiments, you'll need to propose expanded involvement with you stakeholders. With experience, you can build on what worked well and improve on what did not.
How should you measure how well your enterprise has done in locating, anticipating, adapting to, and creating changed irresistible forces?
You should certainly set up an internal capability to monitor and evaluate your effectiveness. But you should also set up a more objective, third-party-based mechanism to track how you have done. To the extent possible, you should base such measurements on independently testable information, rather than on subjective impressions. Almost everyone feels that he or she is doing an outstanding job, so this bias can trip you up if you are not careful.
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Whether or not to open a franchise is a major decision. Like any other venture, the 1st step in deciding if you want to proceed is to assess your reasons for going into the business. If you want a change, you should examine your decision prior to investing time and energy because operating a franchise business requires more than simply a need for a change.
Purchasing a franchise like any other business requires a total commitment of your time, energy and financial resources. If you are not ready to invest these things into your franchise, then you should reconsider. Unlike some Home Business possibilities, such as a multi-level marketing or networking marketing business, a franchise requires a substantial amount of start up capital and dedication since there are often employees, lease issues and infrastructure concerns unlike some other business systems. It is certainly not the most expensive kind of business to start either; it is closer to the middle. A big part of making an informed decision about whether or not to buy a franchise is to know all of the responsibilities the franchisor is legally obligated to fulfill. You get an established product or service, technical and managerial aid, quality control standards and opportunities for growth.
Learn as much as you can about the particular franchise that you are interested in and the franchisor's obligations prior to entering a purchase agreement.
Prior to jumping into this type of business, consider that running your own franchise may require working 15 hour-plus workdays, six or seven days a week, and possibly holidays as well. On a positive note, some entrepreneurs decide on a franchise over certain other new business ventures simply because it provides easy access to an established product, reduces many of the risks involved in opening a new business and there is often a built in National Advertising campaign already tested and in place.
Note that the FTC requires that a lengthy disclosure document, in addition to financial statements, be given to franchisees before purchasing the franchise.
Stuart Ross is a true expert when it comes to recognising the best home based business opportunities available on the internet.
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One of the best ways to see if a franchise you're considering will be a good fit for you is to talk to existing franchise owners. You can usually find a list of current and previous franchisees in the Uniform Franchise Circular Offering (UFOC) which the franchisor should provide you with copy.
Just start calling the people on the list. Tell them that you're interested in purchasing a franchise and would like to talk to them about the experience with the company. Some will speak with you right then, others will call you back, some you won't speak to at all.
Asking them the following them the following questions will ive you a good starting point in determining if the franchise right for you.
1. How long have you had your business?
2. Is your business growing as planned?
3. Was the training the franchisor provided helpful in getting you business off the ground?
4. Is the franchisor responsive to your needs?
5. Have there been any problems you didn't anticipate?
6. What conflicts (if any) do/did you have with the franchisor?
7. Has your experience proved that the investment and cost information in the UFOC are realisiic?
8. Were there any hidden expenses?
9. What is the biggest downside you have found with this business?
10. Tell me about a typical day running your business.
11. Knowing what you know now, would you make this investment again?
This should give you a general idea whether this franchise will be the right one for you. It will also give you an idea of how the franchisees feel about the business.
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Franchising is a popular method of establishing yourself in business but it is not for everyone. It is a fast growing area in Australia and worth investigating but investigating is the word. To establish yourself in business you do need to be passionate about it whether it is your own idea or in the case of most franchises someone else's idea.
Can you really imagine yourself taking on a fast food place, a coffee shop a lawn mowing business or whatever else is in the market? Nothing is easy. It just sounds that way. Businesses of any kind are usually 24/7 affairs. If you aren't actually there at the place of business, you are ordering, doing paperwork or worrying. Make sure it is what you want to do for several years at least and perhaps for the rest of your life.
You need to find out a lot about the proposed franchise. Has it been in operation for a long time, or is it relatively new? How much competition is there and what would your territory be? A franchise is a big investment. How does it compare in return with other investments available in the market? The world of the franchise seems to be rather like quicksand. Before you sign any agreement have it checked out by a solicitor. Not the one that arranged your house transfer or advised you on your will but someone who is an expert on franchise law. The Law Society or a consultancy firm should be able to give you advice on this matter.
You will need the same kind of franchise knowing solicitor to advise you if it is your own business that you dream of franchising. Just having a very successful business that you hope to expand is not enough. It will take a considerable amount of money and energy even to go into the research and development aspect of trying to spread your business.
Market research is the first step. Is your business really unique or are there a number of similar concepts? How are these businesses going as well? Are you the most successful? Is your idea likely to be as popular in another suburb or is there something about your particular situation that has caused you to hope it could take off?
To market a franchise concept will need re-packaging of the whole deal in a legal, promotional and advertising way. You can't sell an idea unless you can present it like a package to the buyer. A whole concept may need equipment and furnishings, copyright recipes and slogans. Put some feelers out to the selling franchise market and see just what others are offering. This will give you an idea about what you will need to do. There is no doubt that franchising in Australia is about to make a great leap forward as it is now one of the fastest growing segments in our business world. But if you want to take part in it tread carefully.
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The olden day’s proverb Haste makes waste is becoming meaningless these days. All the work is done hastily. There is no time to waste waiting. This is applicable even for getting loans. There is literally no time for any person to apply for loans and linger for days together for the loans to be sanctioned. People opt for some simple and fast ways to get the loans. The current markets have every way possible to satisfy the clients from all the angles and of course they do it for their profits also.
Though there are many ways to get loans from the banks, modern pay day loans are the most commonly used way to get quicker loans. Pay day loans also known as pay check advance or advance pay day is an instant way to get a loan as the credit checks are not done before lending money. These loans these are available in retail lending and internet lending for easy accessibility for the clients.
Normally the loan amount is less for a small period of time. The amount could range from $50 to $150 for a period of two to three weeks. The key factor in determining the loan is the interest rate for this principal amount. Since the loan period is less, the interest rate is high for pay day loans. Analysing the interest calculated by the firm prior to getting loan from the company can help to save a lot of money and nerves.
The pay day loans concentrate only on the client’s bank information, his occupation and in the identification proof rather than asking for the credit details to lend the loan. The pay day loan lenders are only interested in confirming the repayment of the money lended. The amount of money that can be borrowed depends on the above details furnished by the client. Once the details satisfy the pay day loan company the loan amount can be obtained the same day.
The client has to deposit a post dated cheque for the repayment of the loan which includes the principal amount along with the interest amount before the loan acquisition. This confirms the loan repayment. If the repayment is not possible on the date the client had mentioned, then a fine for non repayment of the loan and the fees has to be paid by the client which is very exhaustive.
In order to prevent any such calamities, the person has to perform a complete ground work on the interest rates and the fees calculated by the pay day loan companies. The easiest and most effective way of calculating the interest is by calculating the APR (Annual percentage rate) of the pay day loan company. By multiplying the number of pay periods with the pay day loan fees can give the approximate number of times the interest has to be paid to the company before finalising the principal amount. This value can serve as a tool to decide whether to take the loan from that company.
Pay day loans are more useful for the lower and middle class people who are self employed. Very low interest rate loans are widely available which are very easily accessible to all. Online pay day loans have made it very easy to apply and quicker and easier to process. There are many finance companies that are available online, on the internet that does the online transactions. These companies provide pay day loans when the client provides the last few months bank statement to the company as a proof of his income.
Pay day loan can be a complete rescue when some amount is needed in emergency. Pay day loans are the bless in disguise when the amount is repaid to the company in time. On the other hand if one fails to repay the amount in time it can shatter ones nerves with the amount of fine plus the interest plus the fees. It can be mind boggling. Proper analysis of the interest rate and APR can serve to help save the unwanted money wastage.
There are some companies that can have maximum pay outs. Some companies also give pay day loans for a longer period of time but most of them give loans for a shorter period. The amount of money that a company can loan not only depends on the client’s job profile but also depends on every individual company as well. Some company can loan a great sum while some can loan a comparatively lesser amount. A company’s profile also needs attention while planning to take pay day loan. Thumb rule is that more interest has to be paid when a good sum of money is taken as a loan. Some online approved companies also give a good sum of loan to the needy.
Smart clients can take the current cut throat competition among the instant pay day loan companies, to choose the best firm offering loans with a low interest rate. Many companies are easily available offering loans at a low interest.
Some online loan lenders like the My easy cash company can directly deposit up to $1500 in to your bank account even with out any credit checks done. My pay day loan firm is also currently extending lending hands for pay day loans. The National pay day company extends loan from as little as $100 to $600 as per the client’s need. A minimum amount is taken as the fee for the loan.(can be 25% of the amount that was taken as a loan) Some companies like the responsible lending company offers loan amount of minimum $500. These companies take a post dated cheque which includes the principal amount and the fees from the client for the loan repayment.
The best and easy way to get fast pay day loans with a less interest is determined by the APR of the company and the maximum amount the company can extend as loan to the client. All the ground work if carefully done can in turn help to prevent any future confusion at the time of repayment of loans.
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