Invoice factoring refers to the practice where smaller companies sell invoices in order to receive money today. IN this case they do not have to wait for a credit period of 30, 60, or 90 days. Thus by selling invoices smaller companies do not create debt. This practice of invoice factoring is basically used as a finance management tool. This practice of invoice factoring is usually adopted to avoid any loans or giving any collateral against availing any loan. The fee for invoice factoring is paid in terms of discount. This discount can ranger anywhere between 2.5% to 7%. As a result of invoice factoring the smaller companies avoid exhibiting any loans on their balance sheets plus they also do not have to pay any interest for the money taken. This results in better profit figures. Various agencies also help small companies in invoice factoring. These agencies set up the company with the right factor for a particular factoring situation. If someone has an invoice or any receivable to be factored then these agencies come out to help in the same.These agencies help the manufacturers, distributors, importers, exporters, wholesalers, contractors, suppliers etc equivocally. They also help truckers in construction invoice factoring. These agencies help to locate best factor for a particular situation within the area or can also help to choose from nationwide factoring companies to avail the best rates. They usually customized solution as per the clients need. To avail the services of such companies firstly a form needs to be filled out stating the type of receivables and other details required for invoice factoring. Then these companies approach the probable paying parties that avail invoice factoring. Some of these agencies assume the risk in the deal for non-recourse factoring where the client is not required to pay back.There are different types of companies with different types of rates for factoring. Any invoices or receivables to the amount of $100,000 can be factored immediately. The average rate payable for discount in such cases is 2-5%. Some agencies specialize for a certain category of invoice factoring. For example, some agencies indulge only in invoice factoring for medical industry. Some agencies, which cater to small and medium businesses for invoice factoring, create invoices online and receive immediate funding. They usually give a 24 hours turnaround. Other types of agencies also give funds to small businesses for their day to day operations against collateral of their invoice or purchase order. These kinds of agencies also buy mortgage notes, structured settlement annuity or medical receivables.
It seems that every manufacturing company is now trying to adapt the Lean Philosophy, invented and mastered by Toyota Corporation. Lean manufacturing has also spilled over into non manufacturing industries. Unfortunately, many companies dont completely understand the true meaning of Lean Manufacturing. Lean Manufacturing, simply put, is continuously improving your processes to eliminate waste. This sounds simple, but many companies will fail to become truly Lean because they dont have an environment to implement and maintain Lean.Most people believe Lean is just a set of tools (One Piece Flow, JIT, Kan-Ban, 5S, Six-Sigma, Kaizen Teams, Push / Pull Systems, etc.) that can be used to cut waste. However, Lean is not only a set of tools, it is a culture. If a company has severe issues with employee turnover, employee morale, product quality, product delivery, equipment uptime, plant housekeeping, etc., it will be extremely difficult to shift the employees to a new way of thinking and conducting business. In other words, if your employees are in constant fire fighting mode, they will not be able to properly implement Lean.Fix the obvious problems firstTo prepare for Lean, you must fix the obvious problems first. Many times employers will know exactly what the problems and solutions are. They just dont have the time, resources, or incentive to fix them. If you have an automobile that is constantly breaking down because of a bad transmission, then fix it! Repair or replace the transmission. Do not implement a Lean Strategy to fix the car. Just fix it. Lean is not used to fix broken processes. Lean is used to continuously improve working processes to eliminate waste. When all the obvious problems are fixed on that vehicle, its then time to fine tune it to become more efficient. Its time to look at ways to cut waste (cost) to ultimately save money!A Word about Six-SigmaSome companies now mandate that Six-Sigma be used to fix problems. Unfortunately, Six-Sigma isnt always used correctly. Six-Sigma is intended to solve complex problems that have numerous variables that cause variation in a process, which ultimately cause defects. Six-Sigma uses statistics to systematically identify what the different variables are doing in the process and points to potential solutions. It eliminates guessing as to whats causing the variations. Again, fix the obvious problems first. Many problems dont have to be analyzed to detect solutions. In many instances, the solutions are obvious: i.e., If the light bulb is blown, then, change the light bulb.Value Your PeopleSociety generally refers to companies as entities. We speak of IBM, GM, and Microsoft as entities; however, they are really groups of people. GM doesnt build cars, the employees of GM build cars.To develop that culture as successfully as Toyota Corporation has, companies must first realize that they have to develop, nurture and value their employees. In order to build a culture of people wanting to continuously improve, people have to be engaged in their jobs. They have to feel valued by the company. They have to feel they are noticed and rewarded for their contributions. Ultimately, the company has to value having low employee turnover to create consistency. A company with high employee turnover cannot maintain a successful Lean environment.To foster this type of environment in todays business world isnt easy. There is low loyalty between U.S. companies and their employees for a variety of reasons. Some companies look at employees as an expense rather that an asset that can be easily cut. If employees of a company do not feel the company values them, they will find other jobs. With todays business world, its difficult to implement a long term Lean strategy. Yes, a company can dictate to its employees to use Lean tools to cut waste, however, to sustain that ideology long term require an engaged, loyal, consistent, work force.Develop and Retain Strong LeadersGood managers are coaches, poor managers are dictators. A good manager will believe in the team concept where every member of the team is important and his/her opinions are valued. A good manager will value his/her employees and realize that for him/her to be successful, the team has to be successful. A poor manger will dictate to his/her employees, which creates havoc! A good, efficient, business unit with high employee morale will fall apart within weeks if a poor manager has taken over. Poor managers fail because they dont have strong leadership skills. They lack people skills, communication skills, decision making skills, and delegation skills necessary to develop and maintain effective teams. A strong leader must sell the Lean Strategy and realize that ultimately the employees as a team are the ones to make it happen.Think and act World Class (even if not there yet!)To become Lean is to become World Class. When walking into a facility that has an unclean, unorganized work environment, one knows he/she havent walked into a World Class facility. There is no need to look at the productivity numbers to determine whether or not the facility is World Class. If a plant is World Class, it looks World Class as soon as you walk into the door.A Lean facility is thoroughly organized. Every process is clearly defined via standards. Production is operated via very clear Visual Management. A true World Class facility has the discipline to sustain organization. Outside auditors, potential customers and employees will be turned off if the work environment isnt clean and organized. Keeping a work area clean and organized is simple; however, many companies overlook this simple task.Make Decisions Based on Logic and Not PoliticsMost of the time decisions made senior management are implemented without questioning regardless if the decisions make sense or not. Too many times, decisions are made by senior management without them fully understanding the process and issues. Lower-level managers ultimately implement ideas and strategies that are not based on logic but politics. They will implement ideas even if they themselves do not believe in them. This can create numerous problems which makes implementing Lean Strategies difficult.Decisions should be made throughout the organization through effective communication. Senior management should not just mandate, but sell their ideas and be open to questioning and suggestions from lower-level managers. Senior management should fully understand the issues and processes by effectively communicating with the managers at the different levels. Major decisions whenever possible should be made as a team vs. an individual.
The responsibility of organising team building events is a huge task for anyone. Everything has to be planned and implemented with sheer precision. In addition to that, team building objectives would need to be incorporated into most activities. This is why the goal of the event must first be identified prior to the planning process. Once thats done, it would be best to run a research on the various team building activities that will achieve the intended objectives of the organisation. Browsing through websites such as http://www.chillisauce.co.uk/corporate-events will give you with an idea on the type of activities you can run.Your next step is to pick a venue that has the necessary facilities to run your team building activities. It may be a good idea to go through the list of locations approved by your corporation before you start making enquiries. This way, you wont waste any of your time considering venues that will not be accepted. You can also cross check with your colleagues for referrals, as they will possess first-hand experience on the service levels and facilities of the places that you are thinking about.As a teambuilding event planner, one of your core responsibilities is to create a balance between meeting organisational objectives and boosting of employee morale. One of the ways to do this is to encourage interaction amongst participants, through the activities and games that will be implemented. Holistic participation would be your ultimate goal, which is why these games should be made appropriate for everyone. Utilising activity evaluation models such as Kirkpatricks Learning Model will help you decide if an activity is enjoyable, educational, and applicable while improving performance. Depending on the event objective, there will be many activity options for you to choose from, such as ice-breaker exercises, leadership and management activities and observation and awareness exercises.Finally, its good to make a last-minute list of the tasks that you need to sort out a few days before the event date. For instance, you may need to confirm the number of team building participants with the venue or resort and make a list of the equipment needed for the event. Ultimately, precision in all of these details would be essential for your success as an event organiser.
Would you like to make money by starting your own home-based business? People choose to work from home for several reasons including the desire to stay home with their children, the need for extra income, or simply being dissatisfied with their current job. A home-based business will provide you with an exciting way to make money and be your own boss. Numerous opportunities are available to internet marketers. When starting your home-based business you should develop a business plan and research your options thoroughly. Making wise decisions and following your business plan each step of the way can help you in creating a steady stream of income. Operating a home-based business will require hard work and effort. You will not become wealthy over night. It will take determination to succeed as an internet marketer. The amount of money you make will be directly related to the amount of work you are willing to do. When making your business plan, include both short and long term goals. Determine how you will achieve those goals and put your plan into action. Affiliate programs are excellent home-based business programs and there are numerous other internet marketing offers that will create steady income if you are willing to make the effort. Some of these opportunities may require an initial investment from you and others are advertised as free. Research all internet marketing opportunities carefully to make sure you understand the terms and conditions. As an internet marketer, you will have to distinguish yourself from the competition if you want to succeed. You should know your target audience and know your competition even better. Do not let self-doubt stop you from accomplishing your goals. Every successful internet marketer gives their business the very best effort possible. Hard work and determination will make your home-based business a success and provide you with a steady stream of income. Starting a home-based business is one of the most exciting and challenging endeavors you will ever undertake. A sound business plan and the will to succeed will set you apart from the competition. Choose the products or services you provide carefully. Make certain your services will be needed over the long term and make customer service your top priority. A loyal customer base is the key to the success or failure of your home-based business. A home-based business is an excellent way to gain independence and financial freedom. A sound business plan and a strong work ethic are all it takes to succeed.Your Business Plan Will Become Your PartnerAre you planning to start a new business? Or are you considering expanding your current business and require a bank loan or investment from outsiders? If you are going to look for an investment of capital it is quite likely that you will be required to have a business plan. If you are starting a business, despite the work involved, a business plan can prepare you for the obstacles ahead and help ensure your success. A business plan is something that many small businesses fail to create; however, many business owners are adamant that having a written business plan is one of the keys to their present success. Creating a business plan forces you to contemplate possible obstacles to your business and prepares you to find solutions that will help you to overcome them. To find investors or get a bank loan, they will want to see that you have the experience or resources to run the business. They will want to see your projected income as well as your suggested repayment plan already laid out. Taking the time to do this is not only important for them, but it gives you a measuring tool to verify if your business is growing properly. You can gage your success on how close to the plan your business has actually performed. Perhaps you'll do worse, or perhaps you'll do better, either way it helps you determine how well your business is getting on. If you have never seen a business plan before you may be concerned that is too difficult a proposition for you to manage on your own. While there are services available where you can hire someone to write a business plan for you, depending on your needs it may be wise to familiarize yourself with a business plan's layout. This will not only help you to provide the necessary information, but may encourage you to try your own hand at it. There's a free tool at www.bdc.ca which will assist you in creating a business plan. Some of the topics you will be required to explain are your Market, Customer, Competition, Marketing Plan, and Research & Development along with financial forecasts. You may consider hiring someone to help you with your financial sheets after completing the written part of the Business Plan. Your Business Plan will become your guide and silent business partner - indicating where you need to improve and helping you stay one step ahead of your competition. Make it a priority to have this crucial road map for your business.
Of the 4,158 colleges and universities in the United States, only 35 offer sales curricula. Nevertheless, more than 50% of the 1.3 million college graduates in 2007 will become professional sellers on the first day of their employment. Yet, turnover rates, attrition and failure in-the-field for these young salespeople are astounding. The question is why? Obviously, there is a dearth of effective sales training programs in the educational marketplace. Salespeople are simply not being properly equipped or prepared for their jobs. Ifas Huthwaite contendssales is a science, then it can be learned. But in order to be learned, it must first be properly taught. Perhaps a far more compelling reason why sales training matters is illustrated in the chart below, which details the breakdown of factors impacting sales success. Branding strategy, pricing, product positioning and the competitive landscape all contribute to producing sales results. While other issues exist, their cumulative effect is minimal and as such these are designated as etc. The largest slice of the piethe piece that actually differentiates companies in a commoditized worldis sales skills. In an increasingly homogenized marketplace, the brass ring goes to sellers who differentiate themselves in the sales processthose who know that success has more to do with how you sell than what you sell. Sales leaders and L&D specialists have little if any impact on branding, pricing and product strategiesand neither group can influence the market forces that define the competitive landscape. But they can and do have a direct and profound impact on the skills of their salespeople. Sales force effectiveness is entirely within their control. In an environment where product features and brand identity are no longer enough to close the deal, sales skills are the primary engine of differentiation, value creation and profit margin growth in the new millennium.