Should I use a Franchise/Business Broker in My Search? What About a Franchise Consultant? Finding the perfect franchise or business opportunity can be a daunting task -- there are literally thousands from which to choose and all (according to their web sites) are the opportunity of a lifetime. You can get help in your search for the perfect franchise or business opportunity in the form of franchise/business brokers and franchise consultants. They can help identify opportunities that fit your needs and goals, decrease your research time, and guide you through the process. Expert advice can be invaluable, especially if this is your first time (which is why Franchise Genius is here). Having said that, it's really important to know your consultant's business model. Their ultimate goal is to sell you a business. Manage them properly and you'll both be happy in the end.
Franchise/Business Brokers Franchise/Business Brokers are very much like real estate agents. They list businesses for sale, promote the business to generate qualified leads, and help the business owner set an appropriate price. They represent, at least initially, the business owner. While they may have several businesses listed at any given time, giving you more choice and leeway, they receive a commission when they sell a business. There are several benefits to the experience and expertise of a broker. First, they learn about you and your needs, presenting opportunities that match your lifestyle, interests, and financial goals. This can narrow the search considerably, saving you time and money.
Second, they can be excellent information resources, providing names of franchise attorneys, area demographics, and key contacts within an industry. Tapping into their Rolodex can help you in many ways both during the process and down the road. Keep in mind that the ultimate goal of a franchise broker is to sell a business. Most are very good at finding a balance between the needs of owners and prospects, but be aware that the sooner you sign, and preferably with a business that they have listed, the sooner they make their commission. Franchise Consultants Franchise consultants offer many of the same services as brokers, though business brokers, by definition, will help you purchase an existing business. Consultants, by contrast, can help you evaluate any business opportunity, particularly franchises, whether it is currently operating or not.
Franchise consultants are more likely to be paid on a fee-basis rather than a commission. They are more like a purchaser's representative, helping you to narrow your search, ask the right questions of the right people, and helping you evaluate your franchise agreement. A consultant should have an understanding of the reputation of a franchise system within its industry and help you to ask the right questions so that you get an understanding too. They can also help you with financing options and navigating the waters of signing with a franchise company. Hiring an independent expert can be a good move for anyone looking to own a franchise or purchase an existing business. It's a big decision, one with risks and, for most, first-time/one-time purchasing skills (a single-unit operator with no experience only has to go through the real estate process one time).
Their experience can speed your time to market and therefore help you recuperate your costs sooner. They can also offer you more choices, tailored to your needs and goals. To get the most out of your external expertise, you need to manage them like you would any other employee. Be clear in your goals, set expectations and time lines, and focus on what is important to you, not necessarily what is most expeditious for them. The result should be less work for you and a more rewarding fit with your new business.
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Should I use a Franchise/Business Broker in My Search? What About a Franchise Consultant? Finding the perfect franchise or business opportunity can be a daunting task -- there are literally thousands from which to choose and all (according to their web sites) are the opportunity of a lifetime. You can get help in your search for the perfect franchise or business opportunity in the form of franchise/business brokers and franchise consultants. They can help identify opportunities that fit your needs and goals, decrease your research time, and guide you through the process. Expert advice can be invaluable, especially if this is your first time (which is why Franchise Genius is here). Having said that, it's really important to know your consultant's business model. Their ultimate goal is to sell you a business. Manage them properly and you'll both be happy in the end.
Purchasing and running a franchise business can be an excellent option for many people with an entrepreneurial spirit. These types of businesses provide a way to actually go into business for yourself, but not by yourself. They take much of the guess work out of operating a company. Still, there are many questions to be answered when considering whether or not purchasing one of these ventures is right for you. This is where seeking the aid of a franchise consultant can help.
What is a franchise consultant?
Basically, franchise consultants help negotiate deals between franchisors and potential buyers. These advisors provide benefits to both the parent companies, as well as to prospective buyers. For the potential buyer, the consultant can help refer you to opportunities specifically geared toward your own personal interests and desires. For the franchisor, the consultant can help by referring both appropriate and qualified prospects.
Creating Your Profile
One of the first things a franchise consultant will do is to assemble a detailed profile for any and all prospective businesses. This profile is compiled in order to match the franchisee with the most suitable business opportunities and will consist of the client's experience, interests, goals, financial situation, qualifications, and any other information that will enable the advisor to find the most suitable opportunities for that particular buyer. Candidates are questioned at length to determine what type of businesses they are interested in and to determine what types of businesses best fit their profile.
What are the advantages to using a consultant?
A qualified and trusted franchise consultant can be your greatest resource when deciding to delve into this branch of the business world. These expert counselors provide expertise and guidance throughout the entire process. They can help you decide whether or not you yourself should consider purchasing a franchise, and, should you decide to purchase one, how to go about doing it. An experienced specialist will help you understand the pros and cons of owning your own business, and can recommend opportunities based on your own personal lifestyle and business goals.
In addition, franchise consultants can provide you with education pertaining to the various types of ownership, investment options, costs, fees, financing options, training, etc. Another advantage to using a business mentor is the fact that an experienced guide will initiate communication with franchisor company representatives, allowing you to get your foot in the door. From this point, your advisor will provide you with ongoing support throughout the entire transaction and will answer any questions you may have.
Everyone thinks that they are good at organizing things, and organizing an event is no exception. It's only when people really face the difficulties of organizing an event in such a way that everything runs smoothly without hiccups that the real challenges become apparent. There is the venue to book of course, and then the seating arrangements, and then catering on top of that. When all this is taken into consideration, it makes sense to hire a professional to do the job.
The first thing is that a professional event manager will understand exactly what type of venue needs to be booked, and will probably be able to negotiate a good rate into the bargain. The choice of venue is crucial for the success of the event, and it is here that hiring a professional will really prove worthwhile.
The next thing is the seating arrangements, and the general handling of the guests or delegates. This is a huge job in itself, and without the proper organizational skills, he whole thing can quickly turn into a disaster. This is why a professional conference planner will usually use some kind of planning software in order to make sure that all the seating arrangements, and any smaller events that need to take place, will happen at the right time.
Last but not least is the catering. A professional planner will probably have a list of trusted caterers who can be relied on to provide catering to a high standard, taking a lot of the guesswork out of the decision.
It should be obvious that when planning any kind of event a professional can do the job better than anyone, and using one is the only route to take.
Does your organization need data integration? Can direct marketers in your company access ALL of their marketing data to run counts, pull marketing campaign lists, perform profile analyses or ROI reports? Find out if you need to integrate your marketing data.
1. If you think your customers Millie Joan Smith, Daisy Jane Smith, and Billy Joe Jim Bob Smith are the same person&your data ain’t integrated.
2. If contacting individuals, households, residences or unique businesses is done via the “blanket approach”, you’re at the wrong picnic and& your data ain’t integrated.
3. &your data ain’t integrated.
4. If email, snail mail, and voicemail aren’t included with female, male and opened email&your data ain’t integrated.
5. If you think firmographics is the latest new exercise trend&your data ain’t integrated.
6. If you think integrating your website data is something only Mr. Spock can do&your data ain’t integrated.
7. If you give 3 different people the same criteria for a record count, and you get 5 different answers&your data ain’t integrated.
8. If you think churn only applies to the dairy industry&your data ain’t integrated.
9. If you think modeling is used to find good looking customers&your data ain’t integrated.
10. When you take your car in for maintenance, and think, “wow, that reminds me, I need to do some database maintenance too”& your data ain’t integrated.
We hope you’re laughing. Or at least smiling. But in the real world, data integration is no laughing matter. For direct marketers and IT personnel alike, trying to obtain and integrate all of the data needed for direct marketing campaigns is serious, and often, difficult, business. And, For instance, let’s say you wanted to send a direct mail campaign, followed up by an email campaign, to non-responders. The basic criteria for list selection might consist of a few suppressions, geographic area, transactional data/behavior, and number of marketing touches (to manage fatigue), with the mailing to occur at a household level, and the emailing to occur at a unique email address level. On the surface, this sounds like a straightforward, normal, and intuitive direct marketing campaign. But what about the underlying data to support the campaign? Is the necessary data available and integrated? If not, what will it take to get the data ready? Is the data integration part of the marketing campaign, or is the data ready prior to the campaign, as should be the case? Data integration is indeed no laughing matter. For the selection criteria above, it is likely that the data needed to execute the campaign exists in two or three disparate places within the typical organization, and possibly in as many as five or six different places.
Proper integration of pertinent marketing data to effectively and efficiently conduct direct marketing campaigns is essential, and foundational, to the success of specific direct marketing campaigns and to the ongoing viability of an organization’s entire direct marketing program. The following types of data, while not all encompassing, are typical of the integrated data that an organization needs for direct marketing:
· Customer and/or prospect data
· Multi-channel contact data, i.e., postal address, email address, phone number, etc.
· Transactional data and dates (RFM)
· Multi-level managed data, i.e., individual, household, residence, unique business, unique email address, etc.
· Attributes of customers or prospects, such as interests, preferences, or affinities (can be self-reported or appended)
· Demographic/lifestyle data
· Segmentation data
· Predictive model data
· Campaign history
· Marketing touch tracking
· Suppression data (opt-out)
· Derived data such as region or categorizations of other data elements
The above list is a good starting point, but it does not address how the data is supposed to be combined when it is integrated. Routines and processes should be built to standardize, validate, and correct data, and items such as address standardization and merge/purge need to be performed on the data. For instance, what are the business rules for an active customer if they were active, went to inactive, and are now active again? Should this type of customer be considered the same as a customer who was always active? This is just one example of potentially dozens or even hundreds of business rules that need to be considered when integrating data.
It would take several articles to provide detail on how to integrate data—in fact, books are written on the subject, and no two organizations are exactly alike. But the first step is recognizing the need for data integration, and then having a discussion, or series of discussions, between marketing and IT to talk about the data that is needed, is available, and how to obtain and assemble it. In some organizations, depending on scope, this could be done on an ad-hoc project basis, but the data will typically become outdated quickly. It is ideal if Marketing and IT can work together to build an ongoing process and database to capture and integrate the data; in some cases, depending on an organization’s needs, outsourcing, or partially outsourcing, to a database marketing vendor may be the best option. The bottom line is that data integration is essential—scope, complexity, and cost are all important factors in determining what and how to integrate—each organization needs to determine what is best given all of these factors.
This article is not a step-by-step lesson on how to make $1 million dollars with a few hundred, like I did. The hundreds of free articles on the website I write for explain this. This article shows you that it can be done. It's not just a pipe dream.
Starting an online product sales business is something I have a lot of good experience in. From 2005-2007, I sold over $9 million in products which included fashion jewelry, sunglasses, and handbags. I started the business in early 2004 with a $500 investment and grew it from there. Many reading this will think it's impossible to turn $500 into million's of dollars in sales within a year, because they've never been able to do it. Most of the vendors I met at trade shows didn't believe it either, until I placed $50,000 monthly orders with them.
The entire concept is very simple. The way it always works for me is to get a great product or service, market it well, then reinvest a good portion the profits into more good marketing. The first month of my fashion jewelry accessory business, I made $9,000 with the $500 initial investment. The next month I made $30,000 when I reinvested the $9,000, then made $80,000 with that $30,000. This went on until I averaged around $300,000 a month in sales the final year before I sold the business. Note: My articles on this website explain in detail exactly how I did this and how you can too.
Less than 1% of all companies out there will ever see this type of business growth. That's because they either don't believe in marketing their products or don't know how. The other main reason is the business owner is living on most of the profits and doesn't have enough money to reinvest in marketing or expand then business. Here's an example of what happens many times. A business owner is making $10,000 a month with a side business in addition to his day job. After a few month's he quits his day job and starts living off of the $10,000 a month. Now he doesn't have enough money left over to increase his marketing, offer a bigger selection of products or services, and everything else that goes with expanding and improving a business. So the business owner's sales stay at $10,000 a month. Some might say, "What's wrong with that?" The problem is there's no money left to save for a rainy day. What happens if three months of bad sales occur? The whole business could be lost almost overnight. And businesses that don't improve and expand don't go up in sales, they go down. It's only a matter of time before competition comes in and that $10,000 decreases down to $8,000, then $6,000, etc.
The key for you to be able to achieve the same results I have is to keep your expenses as low as possible, constantly introduce great new products or services, and most importantly, reinvest your profits into good marketing that yields profitable results. If you can do this, the growth potential for your company is unlimited all the way up to everyone in the world being a potential customer for your company. Once you build your sales into the millions, you have the funds for national and worldwide television commercials. Now everyone in the world "is" a potential customer! Most big corporations started small. These examples aren't online businesses, but in case you didn't know, KFC, McDonald's, Walmart, Coke, UPS all started out as very small, one store, private companies, then used the same principles you'll find on this website to turn basically nothing into hundreds of millions of dollars. Then into billions of dollars!
That's right, who else wants a successful direct sales business? It is possible for anyone that has a strong desire to run the own business. You just have to decide that is what you want and take the steps to make it happen. True, direct sales sounds like work. But, it is work with really significant rewards.
Online business models are abundant. Choose what works for you. It really depends a lot on what you want your home business to become. Do you want to make a few bucks a month or a full time executive level income?
I choose a direct sales business model. I balked at first at the high ticket items, but soon realized that they can be easier to promote than less expensive items. And they certainly have the reward of a bigger paycheck for each transaction.
So, what is a direct sales business model? It means you sell the product directly to the customer for a great commission. When you handle it properly it can be very effective at bringing in the most amount of income in the least amount of time. For example a $2000 product would pay you a $1,000 commission and a $9,000 product could pay you a $4,000 commission.
If marketed correctly you can leverage your business to work when you playing golf or at the park with your family.
But steer clear of someone trying to sell you a business that claims no work and no selling required. Everything comes with effort. Don't make the mistake of falling into a hype zone and jumping into every great new business that finds its way into your inbox. Pick one and stay focused.
Yet, it will still need your research and careful attention to find one with a good track record. Ideally most top producers prefer their company to have a good reputation, a high ticket item and stock option plan(a big bonus). The company must also have an effective, easy to learn marketing system with legitimate support. Remember, the marketing system is your tool to advertise your product or business without spending 6-12 months learning it all on your own. So research, make your decision, and take action!
Here are some of the advantages I looked for that are available with a direct sale business model:
1. Fast progress to a high level income (within 6-12 months)
2. High level of residual income.
3. Low risk
4. Low cost overhead expenses
5. Low start up costs
6. Access to Stock Option Plans
7. Easy access to information about the company
8. A built-in life-long support and training system
9. A user oriented education about how to develop and manage your your rock solid business
A direct sales approach requires a much lower sales volume to produce higher consistent cash flow. The commissions are not diluted among the other reps as they are in MLMs.
I really did walk out on a successful insurance career after 11 years. Though it gave me over $100k /year income, I was using up so much time and losing so much of life, I knew there had to be a better way. With a direct sales business, you can avoid some big issues that cause most "would be" entrepreneurs" to call-it-quits.
Reports can be a vital way of recording certain events or findings so that others can read them, and as such it is essential that you create a good structure to work to if you want to write the best report you possibly can.
So what makes a report meaningful? How can you be sure you are writing something that will be worthwhile to other people, who may not know or be aware of any of the circumstances which have led to the report being written in the first place?
Meaningful reports can be categorized as those which take various types of data from several sources. The person writing the report then evaluates it all and relates it to others by writing a report which draws all the different aspects of the subject together in a way which can be easily understood by anyone who reads it.
This can obviously be quite a complex process, which is why it's worth sketching out a rough plan before you start writing, in order to make the actual writing process easier.
First of all, ask yourself what the purpose of the report is. Do you need to come to some kind of conclusion, or are you simply relating a certain chain of events? If you are reviewing an event or occurrence then you will need to gather all the data you have and organise it into its proper order before you start writing. You may need to separate out the positive from the negative and make notes on their effect on the business as a whole, for example.
Brevity is essential when it comes to the writing process itself, and this is where your groundwork will come in handy, as you will have organized a structure to stick to already, and marshalled all the information that needs to be included in its proper place. A meaningful report is not a long report; rather it is a report which takes the most important facts from all the material you have available and uses them to get your point across.
Bear in mind that when you finish writing your report, you have not finished it completely as yet. Editing is just as important as the writing if you want to create a meaningful report which stands up well to scrutiny. You can often strike out many unnecessary words during the editing process, and make what you have written already far clearer for the reader to understand and digest.
Pay attention to your structure on the page as well. Breaking your report up into easy to read chunks with suitable headings helps people to navigate through the report and makes it easier for you to write a meaningful report too, since you can concentrate on keeping the essential information in each section, rather than wandering off the point.
Finally you should always scan through your report to ensure you have not written anything in a vague or misleading manner. The point of any kind of report is to convey information in a solid and well presented way, so be sure to check through it and revise it several times before finishing.
Creating and regulating your own business can be quite an enormous task and requires a lot of your time and persistent effort. For many people, a personal business does not operate automatically but rather takes a lot of knowledge and experience in order to be successful and obtain sufficient profit. Some people lack this necessary knowledge and must quickly find ways that will educate them on the basics of running your own online business.
There are many different ways that you can obtain sufficient knowledge about owning a personal business. Many people search the Internet and read hundreds of online articles to learn about the facts and steps of a successful make money business opportunity. This can definitely help you, but some people do not enjoy reading all of the time and sometimes fail to retain everything that they read.
One of the best ways for you to get help personally and financially to start make money business opportunities is by getting to know someone who has a lot of experience and knowledge concerning this specific subject. This person can be your personal mentor to whom you can go with business related questions and concerns. It is always good to have a person much wiser than you who you can consult with and get expert advice from.
The first step then is to actually find the person who can be your dedicated mentor. This person should be easily accessible and also have enough free time to help you with all of your needs. The best place to find such a mentor is within your own social or family networks.
A friend or family member is probably the best mentor to have because you both already know each other and can be completely open and honest. If you cannot find a reasonable mentor within these networks, then you can find someone through the use of the Internet or other business owners. You could even go to business conventions in your area and meet someone who can help you.
Another important part about finding and selecting a business mentor is to pick someone who belongs to your specific niche. For example, if you own a sports related business then you will want to pick someone who knows quite a bit about sports in the business world. These people need to know all about the latest trends in your specific field and should be able to provide much needed facts to back up your questions and actions.
Once you have located a personal mentor for your business, you should setup a weekly meeting with this person where you can discuss the affairs of your business and ask crucial questions. The more often that you meet with your business mentor, then the more successful you will be in running your own business. Make sure that the timetable is established early on, so that you do not have to worry about it in the future.
To enable a person or company to host a website or other web based product, a web hosting company is required. The service they provide is normally chargeable, for obvious reasons but it is possible for personal websites to be hosted for free. Digital files like websites, videos and programs for instance are stored on a web host server sometimes called a data center where they can be retrieved by anyone who wishes to view the slide or video footage for example.
People first starting out with free hosting should consider if having a free package is what they need because although these supply almost everything needed to create and host a site, they are not a match for a service that is paid. Free web hosting will not allow a huge mount of storage space so for those people that require sub-domains, upgraded email facilities and increased storage that a paid service is needed. Paid hosting packages vary enormously so don't be surprised about the difference in prices; the best thing to do is sit down and work out exactly what your primary requirements are and then check out one of these hosting comparison websites.
Initially, the majority of users decide on paying for a shared server with their hosting company. Once you are comfortable with the service level then it might be worth upgrading to a dedicated server. However, all this is academic if you haven't registered a domain name that you can use in conjunction with the web hosting and to send your files to. A file is anything that is stored on the server and can include images, documents, programs, video or audio files, in fact anything that can be stored digitally; prices for storage continue to fall so limits are constantly rising.
Another advantage of web hosting and your own domain name is that email addresses will include your own domain name and not that of those free providers such as Google, Yahoo and MSN to name a few of the thousands of providers whose services can be used. If you have a business presence online you cannot afford to have another company's name at the end of your own e.g. www.yourcompanyname.hostingcompany.com when it should really look like this: www.yourcompanyname.com. Another problem to consider is called bandwidth which is essentially how much digital data is being transferred using your domain name and will affect the cost of the hosting package, this needs to be considered carefully.
Problems will occur in the form of an inaccessible website if the bandwidth is exceeded so if the web host cannot provide the bandwidth you require you will need to use another company. Remember, everything that is stored and can be accessed on your site has a bandwidth, even the website itself so if your site contains images, MP3 tracks and video clips for example, your bandwidth allocation will be used up even faster. In almost every case it is a wise decision to use a web hosting company and not consider using your own computer as a host due to the risks, especially for those unfamiliar with internet security.
Successful businesses will generally start out small and grow as their revenue stream increases. This financial growth leads to a need for expansion into a larger space and sometimes a corporate relocation to another town, city, state or country. When the time comes to make a move like this there are a number of factors to consider.
The first factor of course should be your employees. They are the reason why you are where you are and it's important to reward their efforts and loyalty. Before making a decision on corporate relocation the issue of your workforce must be addressed.
Are you moving close enough to your present location where you can retain all of your employees? If not, is there a potential personnel pool at the new location and what will it cost to rehire and train new people? Can the corporation sustain the dual expense of severance for your current workers and recruiting of new ones?
Many opt for corporate relocation to other countries because labor is so much cheaper. This is particularly true for manufacturing companies in the United States who have found it more cost effective to produce a product in Central or South America and import it into the United States.
If you're planning on making a move like that you'll need to consult with professionals who are familiar with international corporate relocation.
Once you have determined where you are going and what you're going to do about employees you need to look at your corporate structure and identity.
If you are incorporated in the United States you have to have a business agent with an address in the state of incorporation in order to claim that state as your physical home base. Your move out of state might require you to restructure your corporation to comply with the laws of the new location.
Consulting with legal and financial professionals ahead of time on this issue can save you on taxes and penalties down the line. If you are moving out of the country you may want to maintain a U.S. address or you may want to incorporate in your new location. Check out the pros and cons of each.
Once personnel and financial issues have been resolved there is the matter of a moving or shipping company to do the physical portion of you corporate relocation. Most established corporations have valuable equipment that is just as essential to their success as their employees are.
Do your research when it comes to choosing a mover. It's recommended that you find someone with an established track record of success that has knowledge and experience in either short or long distance moves. If this is an international corporate relocation find someone who knows the ins and outs of international shipping.
Do your homework and ask questions. Your company is your livelihood and it deserves to be in the right hands.
To determine what seems to be causing issues with the order-cycles in every business establishment involved with marketing goods-perishable or non-perishable-it is important for transportation analysis to be conducted. This study aims to measure associated costs to the freight business that hampers the delivery of stocks. In many major industries, the most common problem that shoos customers away is the absence of the product itself-commonly referred to as out of stock. This happens because freight and cargo are facing several barriers and roadblocks-pun unintended-that keep them from distributing goods in a timely manner.
In the United States, there are several groups dedicated to this kind of endeavor, one of which is the Strategic Freight Transportation Analysis or SFTA. The aim of this is to extensively gather data and use these data to improve freight movement. This study aims to maximize existing roads for usage of freight and analyze choke points that severely impair the movement of cargo and goods. This is also aimed at analyzing effectiveness of costs and at checking if a possible partnership between the government and the private sector can be made to meet its goals.
Among the many studies conducted, the most important is the analysis of the point of origin and the final destination of the cargo. This provides a rough sketch of what seems to be causing the delays in freight deliveries. This involves not only goods but also resources, such as minerals and mining products. Also called an OD study, origin and destination study focuses on surveys from trucks to find out key points on freight movements. Once these data are gathered, extensive action plans may be made. This includes interview sessions and surveys to truck drivers, reaching about 28,000 participants or more. The study is focused on a state-wide basis to ensure accuracy of targeted data and not confuse it with the truck and freight movements of other states.
The numbers obtained in this study will then translate to adequate roads and correct road plans by the government. This issue, when addressed, will certainly alleviate the growing concerns of companies and will improve business logistics in terms of service delivery. Other than this, it is a fact that all databases will lapse. What used to be accurate information before is no longer accurate now. Therefore, inaccurate numbers used will significantly impact decisions made and these decisions are going to wreak havoc on the freight industry. There is a necessity-which everyone acknowledges--for data analysis to be accurate and updated.
As a final result, a study and analysis of origin and destination not only affects businesses but also private citizens. Private citizens will be assured that there will be safe roads for them. Other than being safe, the roads will be efficient in terms of structure.
As a final note, the only persons allowed to do a freight movement analysis are professional Civil Engineers. This is to ensure that all people involved in the study are reliable and independent. After all, a transportation analysis and its results or the roads built based on its findings will last for more than 50 years.
When it comes to discussing supply chain ROI or supply chain return on investment, the usual practice companies undertake is to use three years for its calculation. Aside from that period of three years, there are also a number of major factors to consider. The first ever factor to consider cost savings. It makes absolute sense to include this as one of the major factors since every proprietor would have to find ways and means to garner as much savings as possible, especially in the operations of any business.
It is a must to measure any increase in productivity, since with this increase comes more revenue and profit as well. Thus, it is also recommended to remember the sources of revenue at all times. This way, proprietors can also find ways and means to cut costs, for this can also add to more savings. Also, where there's cost cutting, there is also immediate ROIs. Aside from these factors, proprietors also have to keep in mind events and activities that can bring about future savings.
One unfortunate fact to keep in mind here is that it is not as easy as it may seem to study a business's ROI from the supply chain perspective. It is actually a lot more complicated, contrary to popular belief of a lot of businessmen in the professional realm. The very implementation of the supply chain's structure itself is very difficult already. Thus, it would only be understandable that the whole process of studying the results of any investment made in the supply chain would take time. Many businesses assume that just a period of six months can already bring modest returns of investment. This is not true at all. This is just one of the many unrealistic expectations a lot of people make when it comes to the supply chain. A more realistic period of time to expect modest supply chain ROI is actually a year or even longer. This is all the more reason why it is better to allot a period of three years for a business's supply chain ROI.
This is not the only realistic expectation that proprietors would have to modify at all. There are so many more expectations, and all would have to be modified and made as realistic as needed. One of these expectations pertains to benefits, and another pertains to the whole duration that the project will be implemented. Also, a practical guide is needed for proper monitoring and measuring of logistic operations. Logistic operations is very much needed to accurately determine just how much the whole project will return after the whole investment. Business applications pertaining to planning, forecasting, and modeling should also be implemented.
Aside from these, it is also important to measure customer relationships, so that businesses can maximize their resources into optimizing these relationships. After all, customers are the lifeline of any existing business. Warehousing, order management, inventory, material management with logistics, manufacturing, and so many more aspects should be measured and monitored closely as well.
All of these are just some of the many aspects and factors to consider for proprietors to effectively study supply chain ROI, so that they can maximize their returns in the long run.
If you are searching for a performance management job, then you are definitely on the right track. There are a number of companies that are offering high-level positions, and you just might find one that suits your credentials and qualifications the most.
But you have to bear in mind that just about all performance management jobs do come with serious job requirement. You have to understand that these positions are very much related to the management of the organization's performance as a whole. This means that you will have direct access to activities, events, and programs that the company will undertake, and these in turn will have direct effects on the progress and performance of the company-whether this is in the positive or the negative light. Thus, you have to be very sure that you are indeed qualified to take on the different job tasks and responsibilities that come with performance management positions. By qualifications and credentials, do not limit yourself to just the diploma or the degree that you hold. You also have to have enough background and work experience before you do take on any performance management job. As such, these jobs are more often than not of higher level, thus, there will be more in-depth procedures to look out for.
Enough said, let us now move on to the different performance management job titles that are quite in demand today. One of these positions is Technology Enablement / Manager / Finance and Performance Management. There are so many responsibilities that come with the job; the bulk of which would tackle on the following areas: Finance Strategy, Financial Accounting and Reporting, Performance Management and Measurement, Data Warehousing Features, Enterprise Technology Expense Reduction, Reference Data Management, Enterprise Data Management, and Statutory Reporting Systems Functionality.
Another position is the Manager of Shared Services for Finance and Performance Management. A Bachelor's degree in Accounting, Finance, or any other business related discipline is required for this position. If you have a business related Masters degree, then so much the better. Experience is very much needed here for most companies require a minimum of five years' worth of experience in a consulting environment. Moreover, it is a plus if your previous work environment focused on operations improvement or finance improvement for clients of financial services. Experience with the conceptualization, development, and the implementation of both internal and external controls is a definite plus for the position. Of course, since you will be handling performance management here, then both oral and written communication skills should be of excellent level.
From these job specifications and responsibilities, it is so clear how work experience is a definite plus in the industry. Thus, when you are considering applying for a performance management job, you have to take extra care in preparing your credentials and such. You have to remember that most of these jobs belong to higher level management already, so if you do not have work experience panned out for yourself, then you should take more time to weigh your decision here. But if you do have the credentials and the needed work experience under your belt, then go ahead and apply for the position you are interested in.
For many people who want to be in business for themselves it is not the pressure of running their own small business or business franchise that keeps them from taking the next step. It's the cost of purchasing that business or franchise, and then maintaining the initial investments required to run a business before profits overtake the cost. Typical trends in small business indicate that the first two years of a small business can be the hardest, and sometimes it takes until the third year of a new business to realize the profits that truly make being in business worth it. That time period between starting a new business and realization of profits can be greatly reduced by considering buying into a franchise.
Often times because of the success of a proven business model and a recognizable name and product the franchise market can reach productivity much faster. There is still a sizable cost involved in purchasing a franchise however and even low-cost options might still be out of reach for the entrepreneur. Especially if the desire to be own a business comes from a need to increase financial standing, coming up with the net worth and initial investments required by franchises can be difficult. Luckily there are many financing and loan options that are available to the franchisee. Many franchises themselves have partnerships with third party franchise lenders and some even offer financial assistance directly. There are some basic steps that can help the soon to be franchise owner acquire the loan and financing that allows them to go into business for themselves.
The first type of financing that many franchise and small business owners find themselves in need of is invoice financing. Especially in the volatile economic status of a newly purchased franchise, cash flow is extremely important. When a service or product is provided to the customer an invoice must be issued. Typically the customer then has between 30 and 90 days to make a payment on that invoice. That could mean an entire financial quarter between the service actually provided and the cash flow that service represents. Many new businesses simply do not have the financial depth and stability to operate for three months without any cash flow. That's why there are invoice-financing options. Decision Finance, the leading invoice finance provider, is one particular company that allows a business owner to receive payment in advance within 24 hours of issuing an invoice. Naturally there is a financing fee, but the ability to access the funds for the service provided 29 days earlier can often times allow a business to move forward and provide more products and services than initially able to in the early phases of the companies development.
Typically a business that deals in high volumes of sales, inventories, and products needs to have a certain amount of credit to purchase inventory. This coincides with a need for overdraft protection. It allows a small business franchise the ability to purchase the products, supplies, and advertising they need without being dependent on cash flow to provide all of the up front costs of operation the business. Finding a loan for overdraft protection has become much simpler in the UK and where many financial assistance programs were previously offered to only select large stable businesses, the small franchise owner is now able to access many of these programs as well. Since an overdraft protection loan or inventory credit account is an unsecured type of loan it is most likely that a business owner will secure this type of financing from a financial institution that they have developed a good business relationship with. It may be difficult to receive this type of protection initially from a new financial institution and other financial loan methods may need to be sought out.
For the individual that has already found the particular franchise or business for sale that they desire a commercial mortgage is probably the type of loan needed to finance property or land. Much like a residential mortgage this will be secured through a financial institution that provides mortgages and interest rates, repayment terms, and prepayment penalties are critical in the feasibility and affordability of the loan. It's imperative for the franchise owner when finding a loan to consider what the likely hood of moving to a new location, or re-selling the property will be when thinking about the different types of commercial mortgages available.
Finally when developing a successful franchise opportunity many business owners need to purchase or acquire an expensive piece of equipment or machinery. Leasing products can sometimes allow the franchise owner to acquire what they need without acquiring legal title. There are many different types of asset based lending which is a form of secured financing, and some will allow you the option of re-leasing a new piece of equipment when the term has expired. Other styles of leasing or asset based lending will have an ownership buyout or purchase price after the term of the lease providing legal ownership of the equipment.
Some franchises refer their owners to a preferred financing institution. For certain types of loans that are more risk based, or unsecured, the franchise in question may have a financial institution that they have established a relationship with. In those cases finding out how the name of the franchise that customers recognize also is a name that financial institutions recognize provides even more benefit to choosing the franchise route. Other franchises such as the Yellowtom franchise, which is a web franchise offering local loyalty coupons and bonuses to members, offers direct financing as a part of their franchise opportunity. Whether it's to get off the ground, or to run and maintain a new business the financing options are out there for small business and franchise owners. Understand relationships, what a particular franchise offers, and what type of financial needs are required for a specific franchise and product are the keys to know where to go for the type of loan that will allow each business to experience profitability.
Do you ever think that your particular business has become too successful? Of course not, anyone who is successful in business desires nothing less than success out of their business. But there are times when the business of doing business becomes overwhelming because the demand for services and products has exceeded the ability of a local business to provide for an ever-growing customer base. Perhaps it's time to consider franchising. Franchising your business is a great way to continue in the success and growth of your particular business beyond your personal capability to oversee and run that business. If you have people asking if your business is for sale, or if you provide franchise opportunities, then it's definitely time to consider whether or not franchising is the right move for your business. If so, here are the steps that are necessary to make sure that you franchise in the right way.
Step 1 - Branding
Your franchise needs to be branded. When people look at a business for sale, the biggest draw to buying into a franchise rather than starting a new business is the value that comes from recognizable branding. If you have a good logo, quality name, and reliable service that is associated with your brand and your product, then not only will customers buy it, but franchisees will buy it, too. Spend the time and money it takes to brand your business well so that it will recognizable and desirable.
Step 2 - System
When someone looks for a franchise opportunity, usually they desire to own their own business but are looking for a business plan or model that is proven to work. When deciding to franchise it is imperative that you develop the system that franchisees will follow. This is important for two reasons, the first is that you want your future franchise owners to succeed for themselves and you want them to appreciate being a part of your franchise. The second reason is that you want to make sure that your franchise owners are not giving your business a bad name. By providing a system that represents you and your business well, you allow everyone involved in your business opportunity to provide a unified business model that customers will appreciate.
Step 3 - The Support Service
Franchise investors are looking for business for sale because they want assistance. If they had it all figured out for themselves they would be running their own business, not looking for a franchise for sale. It is critical that just as you work to maintain customer service and support with your customers that you develop and maintain service and support with future franchise owners. The number one priority for most franchisees is that the franchiser provides extensive training on how to run the franchise and ongoing support throughout the course of the business to ensure them that they will not be left alone.
Step 4 - The Financial Arrangements
You want your franchise to be a good value. Something that people will want to invest in and feel like they are going to profit from being a part of your business. You also want to make it clear that your business is to be taken seriously, and there is an element of personal investment and risk involved in not putting everything you have into running a franchise. It's important to understand the agreement you will have between franchise owners, what costs you will charge, what percentage of profits or fees will be paid to you to maintain service, support, supply, etc.
Step 5 - Recruiting Franchisees
So you've decided to franchise? That's not going to mean much if there is no one that wants to purchase a franchise from you. Franchising is a whole new level of sales and marketing. There are a variety of websites that provide matching services and lead generation for franchisers. Decide what fees you are willing to pay, what costs you can dedicate to advertising and recruiting and find a way to promote your business. You now have two things to sell, the product or service you provide to your customers, and the business as a profitable venture for your franchisees.
Step 6 - Becoming a Franchiser
Now that you are ready to actually franchise there are a few more steps to take. Seek expert advice from the British Franchise Association. It's invaluable in providing a wealth of unbiased step-by-step information for potential franchisers. Research the market to ensure that products and services are competitive, valuable, and desired in multiple areas. Test the franchise in the form of a pilot operation lasting at least 12 months or longer. The pilot scheme should be undertaken at more than one location in order to test the concept in differing geographical and economical areas. Establish a central management core. This will probably mean turning over your original business to competent successors so that you can focus on managing your operation as a whole. Finally, develop marketing, sales, and advertising strategies to promote the franchise network.
Step 7 - Join the BFA
Once you are a franchiser, join the British Franchise Association. The benefits of membership are many including: Publish recognition and credibility, increased public awareness of member franchises through BFA pr and publications, inclusion on the BFA website, national and regional forums and training, assistance with international development of member franchise networks and much more.
If you have understood the value of becoming a franchise operation, it means that you understand the importance of networks and business coming together and sharing information and helpful tactics. The BFA is a great association that provides many small business owners with ways to become large franchise providers. Not only will you experience growth and success as a franchise owner and operator, but you are also providing countless others through your franchise the chance to fulfill their dreams of becoming small business owners themselves.
One sees a great many differences between Japanese and Americans in not only the approach to leading and managing in the work environment directly but in the approach to business as a process. These differences are underscored in the approach to cell manufacturing. In the Japanese model, the workers are involved in the cell operation and in producing the highest-quality product possible. They are expected to get it right the first time, but they are not expected to address (and culturally would not think to address) the way business decisions are made concerning the company vision or how the company is organized and run. They would not make any suggestions regarding human resources operations.
American workers have a distinctly different experience. The American worker feels very free to ask questions about how the company is being run, to suggest improvements in the company vision, and to speak out on the quality of management. This last thought is particularly interesting, as it addresses the core difference between Westerners (epitomized by Americans), and Easterners (epitomized by the Japanese). It is the democratic nature of Westerners in general, and Americans in particular, considered against the Confucianism culture of Asians in general, and for this argument, the Japanese, that marks the dividing line for this whole argument.
To take note of a current development, the performance of the Japanese in the international business community is troubled by the changing demographics of the Japanese population, and it is evident that similar social ills are now troubling the American economy. The aging population, troubled real estate market, and a weakened banking program are very disconcerting issues for the professional and academic community.
Is there a measurable problem with the methods in general due to the cultural differences? The problem is not as significant as was first observed, as a result of some cultural shifting over the last ten or fifteen years. The Japanese at first did not seem interested in hiring Western managers for the plants they were relocating to Western nations. They wanted basically to utilize Western workers under Japanese management. They hadn't considered the cultural differences between Japanese workers and Western workers. This had some unusual and obviously unintended outcomes.
Workers who had once felt free to argue with managers about process were now rebuffed, and didn't respect their new managers. After some time, the Japanese did add some leaders, supervisors, and low-level managers, with shadow Japanese managers. Their approach evolved to the point where they have plants with local leaders who report to their Japanese corporate leadership.
But does this mean the continuous improvement theory is discredited? Does it mean that the well established kaizen theory is being re-examined? No more than any management theory is discredited. Rather, quality management is being re-examined all the time. All theories go through periods of fad-like popularity, and all reach a point of reexamination. Academicians and business managers will constantly want to determine whether there is a better way to get the best quality and the right product the first time, with the least effort and resource requirements.
There are certainly different approaches in how to manufacture a product, and how to lead workers to manufacture that product. But ultimately, the goal is to get the highest-quality product with the least effort. The Japanese are culturally different from the Americans, as both are coming to recognize. They are figuring out how to get to the crucial end result in spite of those differences. The monitoring processes they will use will have some similarities to their predecessors, but they will grow and evolve as well.
Succeeding in life depends on taking right decisions at critical moments. You life could be ruined if you are not capable of taking the right decisions at important points of your life.
If you are managing a big company your decisions could not only affect you, but your colleagues, your employers, your customers and your suppliers. If you are a general, your decision could mean life and death to many people. There are examples of poor decisions in war which have resulted in thousands of people losing their lives.
Decision making is a crucial part of any business. All relevant information has to be collected before arriving at any decision. There are various aids that would help you to take right decisions.
But it has to be understood that there is a certain amount of risk involved in taking any decision. At times it is possible that the decision may not be right. It is not fair to criticize the decision maker, if the decision backfires. If every one plays safe and is not prepared to take any risk, the business will be adversely affected.
There are various types of decisions that have to be taken in running a business. Some decisions have to be taken on a routine basis. They can be called as standard decisions.
Some decisions will have to be taken in situations that are new and can be called non standard decisions.
Also certain strategic decisions will have taken, like timing the launch of a new product or opening a new branch.
Some short term decisions involving operations need to be taken. It is important to take decisions quickly. Procrastination might mean irreparable loss to the company or business.
At times hard decisions have to be taken like firing an employee. Even though you may not like do so, it has to be done in the interests of the company.
When ever you take an important decision all alternatives have to be examined and the final decision has to be arrived at. Sometimes lateral thinking or out of the box thinking would help you arrive at an unconventional decision.
Financial investments are measured through metrics for investment banking performance. This is a way of gauging if a financial undertaking is worth the risk and the effort. There is no point of providing inputs if the output is not satisfactory and if it does not meet certain specifications of what needs to be achieved.
Depending on the investment, there are several Key Performance Indicators that one may look at before arriving to a conclusion whether the financial investment is earning or losing money. One of these things is the return of investment of ROI. To compute this, the total amount of investment should be subtracted from the incremental earnings or profits. The difference will then be divided by the investment to get the percentage. To be more accurate in the calculation, data analysis must also be used. Numbers that will show sales, outgoing funds, expenses, and such will give an analyst a clearer view on whether there is substantial return on investment or not.
Another metric used is the years the investment was active. This will help individuals or businesses know what return they want to calculate. It is not wise to make judgment for the feasibility of an investment if it was just active for one month. Therefore, there should be a substantial amount of data to be studied. The ideal number of data points to be compared or used in an analysis is 20 data points. This means that the results of an investment should be measure for a minimum of 20 weeks, or 20 months, or even 20 years. Only then will an analyst see the causal effects of actions taken and how these things can be corrected in an objective way.
Always take note that measuring the financial performance of a company should be data driven. Just because the company did not earn does not mean it should be closed. Action plans and decisions should never be based on assumptions. All of them should be backed up by numbers and data since numbers do not lie. With this, people will not be fired or blamed because of poor logic and unwarranted assumptions and politically motivated intentions.
Another performance indicator of an investment is yield. The yield should be calculated in percentage and this will show an investor how much his investment has made in profit. If the investor has a certain target in mind, what he has to do is to divide target by the yield percentage, to find out how much he needs to add to his investment. For example, an investor has $1,000,000 in investment to the bank and he wants to measure its performance. After a month, he received a profit of $100,000. His yield percentage is 10%. If his target profit is $150,000, this means he is short of $50,000.
To determine how much investment should be added, he should divide by $150,000 by 10. The result is $150,000. This means he has to invest $150,000 to get the profit he wants, in order to get a substantial result of his metrics for investment banking performance.
Are you trying to improve your time management skills? Or do you intend to improve your overall personal effectiveness? Do you miss some key details into your personality? In this article, we’ll talk about time management skills and how it can be increased in our day-to-day life.
In today’s competitive world, having good time management skills are really important to achieve maximum success and productivity in the work place it is essential that we understand how we use our time at work. Like many things in life, we take time for granted and give little thought to it until we no longer have enough of it.
Usually, we all have the same amount of time each day but we all implement it differently in our lives and make the effective use of them. It is very true that maintaining an efficient work schedule plays a vital role in formulation of the effective time saving habits that we can use to dramatically increase the productivity.
Time management skills are those skills and abilities that help you to recognize and solve personal time management problems. The purpose of time management activity is to put out the true potential that you can do to improve those skills.
When you learn to manage your time and skill, probably is that you’ll be able to control of your time and life. In addition, a person can learn to improve energy levels and minimizing the stress level. It further helps in registering the progress and better co-ordination & concentration in the activities. With good time management skill, a person will be in position to maintain equilibrium between the work, personal, and family lives. You have enough flexibility to respond to surprises or new opportunities.
There are so many ways through which time management skills can be improved to a great extent. Pick up the right way which can help you to manage your time well.
By: Terry H Hill
An economic downturn is a phase of the business cycle in which the economy as a whole is in decline.This phase basically marks the end of the period of growth in the business cycle. Economic downturns are characterized by decreased levels of consumer purchases (especially of durable goods) and, subsequently, reduced levels of production by businesses.
While economic downturns are admittedly difficult, and are formidable obstacles to small businesses that are trying to survive and grow, an economic downturn can open up opportunities. A well-managed company can realize the opportunity to gain market share by taking customers away from their competitors. Resourceful entrepreneurs capture the available opportunities, from an economic downturn, by developing alternate methods of doing business that were never implemented during a prior growth period.
The challenge of successfully navigating your business through an economic downturn lies in the realignment of your business with current economic realities. Specifically, you, as the business owner, need to renew a focus on your core clients/customers, reduce your operating expenses, conserve cash, and manage more proactively, rather than reactively, is paramount.
Here are best practices that will help you to successfully navigate your business through an economic downturn:
The primary goal of any business owner is to survive the current economic downturn and to develop a leaner, more cost-effective and more efficient operation. The secondary goal is to grow the business even during this current economic downturn.
• Conserve cash.
• Protect assets.
• Reduce costs.
• Improve efficiencies.
• Grow customer base.
• Do not panic… History shows that economic downturns do not last forever. Remain calm and act in a rational manner as you refocus your attention on resizing your company to the current economic conditions.
• Focus on what YOU can control… Don’t let the media's rhetoric concerning recessions and economic slowdown deter you from achieving business success. It´s a trap! Why? Because the condition of the economy is beyond your control. Surviving economic downturns requires a focus on what you can control, i.e. your relevant business activities.
• Communicate, communicate, and communicate! Beware of the pitfall of trying to do too much on your own. It is a difficult task indeed to survive and to grow your business solely with your own efforts. Solicit ideas and seek the help of other people (your employees, suppliers, lenders, customers, and advisors). Communicate honestly and consistently. Effective two-way communication is the key.
• Negotiate, negotiate, and negotiate! The value of a strong negotiation skill set cannot be overstated. Negotiating better deals and contracts is an absolute must for realigning and resizing your company to the current economic conditions. The key to success is not only knowing how to develop a win-win approach in negotiations with all parties, but also keeping in mind the fact that you want a favorable outcome for yourself too.
Recommended Best Practice Activities:
The Nuts and Bolts… The following list of recommended best practice activities is critical for your business' survival and for its growth during an economic downturn. The actual financial health of your particular business, at the outset of the economic downturn, will dictate the priority and urgency of the implementation of the following best practice activities.
1. Diligently monitor your cash flow: Forecast your cash flow monthly to ensure that expenses and planned expenditures are in line with accounts receivable. Include cash flow statements into your monthly financial reporting. Project cash requirements three-to- six months in advance. The key is to know how to monitor, protect, control, and put cash to work.
2. Carefully convert your inventories: Convert excess, obsolete, and slow-moving inventory items into cash. Consider returning excess and slow-moving items back to the suppliers. Close-out or inventory reduction sales work well to resize your inventory. Also, consider narrowing your product offerings. Well-timed order placement helps to reduce excess inventory levels and occasional material shortages. The key is to reduce the amount of your inventory without losing sales.
3. Timely collection of your accounts receivable: This asset should be converted to cash as quickly as possible. Offer prompt payment discounts to encourage timely payments. Make changes in the terms of sale for slow paying customers (i.e. changing net 30 day terms to COD). Invoicing is an important part of your cash flow management. The first rule of invoicing is to do it as soon as possible after products are shipped and/or after services are delivered. Place an emphasis on reducing billing errors. Most customers delay payments because an invoice had errors, and therefore, will not pay until they receive a corrected copy. Email or fax your invoices to save on mailing time. Post the payments that you have received and make deposits more frequently. The key is to develop an efficient collection system that generates timely payments and one that gives you advance warning of problems.
4. Re-focus your attention on your existing clients/customers: Make customer satisfaction your priority. A regular review of your customers' buying history and frequency of purchases can reveal some interesting facts about your customers' buying habits. Consider signing long-term contracts with your core clients/customers which will add to your security. Offer a discount for upfront cash payments. The key is to do what it takes to keep your current customers loyal.
5. Re-negotiate with your suppliers, lenders, and landlord:
i) Suppliers: Always keep your negotiations on the level of need, saying that your company has reviewed its cost structure and has determined that it needs to lower supplier costs. . Tell the supplier that you value the relationship you have developed, but that you need to receive a cost reduction immediately. Ask your supplier for a lower material price, a longer payment cycle, and the elimination of finance charges. Also, see if you can buy material from them on a consignment basis. In return for their price concessions, be willing to agree to a long-term contract. Explore the idea of bartering as a form of payment.
ii) Lenders: Everything in business finance is negotiable and your relationship with a bank is no exception. The first step to successful renegotiations is to convince your lenders that you can ultimately pay off the renegotiated loan. You must point out to your lenders why it would be in their best interest to agree to a new arrangement. Showing them your business plan and your action plan that includes your cost-savings initiatives, along with "the how" and "the when" of the implementation of your plan is the best way to achieve this goal. Explain to them that you will need their cooperation to insure that you can survive, as well as, grow your business during the economic downturn. Negotiated items include: the rate of interest, the required security to cover the loan, and the beginning date for repayment. A beginning date for repayment could be immediate, within several months or as long as a year. The key is to realize that your lender will work with you, but that frequent and continual communications with them is critical.
iii) Landlord: Meet with your landlord. Explain your need to have them extend the term of your lease at a reduced cost. Make sure you have a clause in the lease agreement that entitles you to have the right to sublet any or all of the leased space.
6. Re-evaluate your staffing requirements: This is a very critical area. Salaries/wages are a major expense of doing business. Therefore, any reduction in the hours worked through work schedule changes, short-term layoffs or permanent layoffs has an immediate cost saving benefit. Most companies ramped up hiring new employees in the good times, only to find that they are currently overstaffed due to slow sales during the economic downturn. In terms of down-sizing your staff, be very careful not to reduce your staff to a level that forces you to skimp on customer service and quality. Consider the use of part-timers or the current trend of outsourcing certain functions to independent contractors.
7. Shop for better insurances rates: Get quotations from other insurance agents for comparable coverage to determine whether or not your present insurance carrier is competitive. Also, consider revising your coverage to reduce premium costs. The key is to have the right balance-to be adequately insured, but not under or over insured.
8. Re-evaluate your advertising: Contrary to the other cost-cutting initiatives, evaluate the possibility of increasing your advertising expenditures.
According to Wikipedia, recruitment refers to sourcing, screening and selecting candidates suitable for job openings. Companies use a variety of methods to recruit job applicants. They can work with recruitment agencies, headhunt promising prospects, use online job boards, or recruit in-house.
Online recruitment agencies are big news in the employment industry. According to the Wall Street Journal, 73% of recruiters use online recruitment facilities. They serve two main functions, they host job boards so that companies who join up can post vacancies, and they maintain a pool of CVs or resumes that crop up when members search for new recruits. Good online recruitment companies are indispensable in helping companies find applicants that are most likely to meet their standards.
There are numerous pros and cons involved in making use of an online recruitment agency or job board, for both the recruiter and the recruited.
On the pro side, online agencies save companies time and money in setting up a recruitment process. They direct only relevant applications to the company concerned, so that they don't have to waste time trawling through unsuitable candidates.
Wikipedia says that online recruitment agencies are likely to attract only those who are serious about their job hunt, and not those who are merely waiting for something better to come along. But there is no reason why passive seekers can't create profiles simply to test the waters. Many people sign up to job boards to get an idea of their marketability, and only when they are pleasantly surprised, do they get serious.
Quintcareers.com lists some pros and cons of using job boards for applicants. They say that big job boards are a great place to start an online job search, for those who haven't narrowed their criteria down yet, which counters the view expressed in Wikipedia. They also say that job boards are particularly helpful if you're looking for something local, but not that good if you're looking for something outside of your region. Companies are more likely to respond to local applications than those from across the country or even abroad.
An important con for companies to consider is that no matter how carefully the agency screens applicants, they will still get their fair share of chancers and nutcases. Screening online is tricky. The process is more impersonal and anonymous than face-to-face recruitment, and can mask a multitude of sins. An online recruitment agency can, however, ensure that these encounters are kept to a minimum.
The cons for applicants include rigid CV formats, limiting your ability to stand out from the crowd. Quintessential Careers recommends that you combat this by using important industry related keywords. They also warn that many employment agencies use job boards, so that you're not actually applying directly to the job advertised. Instead you're sending your details to an agency that will simply keep you on record or reject you out of hand. There is also the chance that you'll be applying for positions that have already been filled as some companies can be lax in letting the agency know when positions have been filled. One way to counter this is to simply check the date that the job was posted. Anything older than a month is probably out of date.
Lastly, by posting your CV online you risk being caught by the company that currently employs you. They could then ensure that your hunt assumes more serious proportions as they use the agency to advertise your soon to be vacated position.
All things considered, the pros of using an online recruitment agency outweigh the cons for all parties concerned, thanks largely to their indisputable convenience.
Because employers want to minimize turnover and reduce liability risks, many companies now obtain information about a potential employee and their past before they hire them. Due to advances in technology made during recent years, it is no longer a hardship for employers to access background information on someone that they may consider hiring. Conducting background checks has become much more commonplace, and nowadays this procedure is often a routine part of the pre-employment screening process. Finding a licensed private investigator to perform pre-employment background checks is now as simple as accessing the internet itself. However, one caveat: you should always verify that you are using a licensed professional to conduct the employment screening for you. Beware of unlicensed information brokers who claim to offer cheap, instant background checks. They are doing nothing more than using search engines and old records, which often return nothing more than outdated and incomplete information.
Basic background checks generally provide information on the subject including criminal history, court records, address history, phone numbers, and drivers license information. Upon reviewing the report results, the employer can make sure that the candidate has been truthful on their written application, and ask questions about any discrepancies. This in itself can give the interviewer insight into how honest the candidate is and can bring to light any application information that has been falsified. Making sure that the applicant has not been convicted of a crime is often a main motive for conducting a pre-employment background check. If the job involves handling money or working with the public (especially if the person will be in contact with children), it is imperative to know that the candidate does not have a criminal history before a job is offered to them.
More detailed background checks can also be obtained that include employment history, education information, corporate affiliations, professional licenses, real property owned, and other asset information. Many investigation agencies can customize background checks to meet the specific needs of their clients. Background checks can vary from being very basic to being extremely in-depth and comprehensive. Employers will often want to find out about someone's personal reliability and stability. In these instances, they may choose to conduct a credit check in addition to conducting a basic background check.
While the policy of conducting background checks on potential employees is on the rise in corporate America, background checks are also being conducted more frequently by individuals who plan on hiring someone to do work in their home. Homeowners are conducting more and more background checks on people hired to perform work in their homes, especially if the person will be around children or given access to their home in their absence. Nannies, contractors, landscapers, house sitters, and handy men are a few examples of workers who are often "checked out" prior to being contracted for a job. To take it a step further, many independent contractors will even sometimes order background checks on themselves, so that they can show them to potential customers in order to put their minds at ease prior to hiring them.
Gone are the days when jobs were offered over a short personal interview and a handshake. With lawsuits abounding on issues ranging from sexual harassment to discrimination, corporate risk management has becoming a serious concern to human resource managers. Many corporations now consider the cost of conducting pre-employment background checks a necessary investment in order to reduce the chance of making a bad hiring choice that could come back to haunt them later. Companies who conduct background reports know that the price of running such a report is small when compared to the losses sustained by others who do not follow the same precautionary procedures. Millions of dollars are lost yearly by companies who invest time, training, and valuable company resources in employees who would not have been hired to begin with, if the company would have done their due diligence by conducting a pre-employment background check.
Management of human resource provides solution that connects the people, processes and knowledge essential for an organization. For employees, centrally managed human resource administration, enables organizations in streamline processes, increase access to information, and reduce HR-related paperwork and costs. For this companies has been outsourcing Hr services and the offshore company handles it by efficiently. Managers who are on Hr positions handle it efficiently through knowledge of rules and regulations.
HR Services are a portal solution based on the skills and experience and designed to get employees, from the corner office to the shop floor, more involved in the HR process. These Service provides capabilities of employees to communicate, share documents, timeliness records and access policies, procedures and other HR-related information.
Users also have an access to seven work flow request types, including vacation requests and expense claim approvals. Therefore, those employees easily locate information, initiate, and manage processes in real time.
The self-service aspect of the system also deflects repetitive inquiries regarding benefits, holidays, etc., freeing HR staff to focus on more strategic activities that gives proper satisfaction to our human resource.
This is a cost-effective strategy for an organization and manager. Employee Self Service Portal enables businesses to roll out specific administrative functionality to all employees in a cost conscious manner, enabling them to centralize human resource management and achieve greater efficiency throughout the organization. That has the potential for a company to grab the opportunity in an organization.
Therefore, many sites provide the organization streamlining your administrative processes and providing outsourcing human resource and development of the workforce. So that, big amount of money could be saved to certain extent. By outsourcing Hr services to India, the company would developed it marketing concern and concentrate on the core business to develop the potential work more easily.
“Winners take time to relish their work, knowing that scaling the mountain is what makes the view from the top so exhilarating.”
- Denis Waitley
Such memorable quotes are often found on the walls of office cubicles, or even in the lounge or cafeteria, simply to motivate employeesHowever, in today’s world, this is not enough to retain your workforce.
Many people believe motivation is the driving force behind an action. This is probably the simplest explanation. Motivation can be considered as a feeling inside that encourages a certain action. Some managers still try to get their work done by simply bullying the staff. They call it ‘motivation - a stimulus to their employees to work hard!’ … That’s a surefire formula to lose the game. Instead, try out the following 6 ways to encourage your team in the right manner.
1. What motivates you? First of all think about what inspires you to work. Make a note of all those things that are important to you in your working life. If you have come a long way in your career, you must have carried along from your early days some things that motivated you as well as others that did the opposite. Check them out once. It might give you some ideas on how to go about motivating your current team.
2. What motivates your people? Motivation is a complex area. It’s different for each individual as each person has got a different reason to work. Some might love the work they are assigned to do. Some might like change, challenge and diverse problems to solve. Others may wish for greater status, higher pay, better working conditions and flexible benefits.
It simply means you can’t take up a common policy to motivate and retain your entire workforce. Find out individually what your employees want most from their jobs by asking them in performance appraisals, attitude surveys, e-mails or informal conversations.
3. Monetary incentives: That being said, regardless of the various reasons to go to work, compensation is a common denominator.
Therefore, make sure you give enough importance to monetary benefits, by paying what your employees deserve. Healthy pay packages not only attract efficient people, but also motivate them to work better everyday. And it is a fact that your other motivational tactics work only when people are happy with their earnings on the job.
4. Recognize and reward hard work Monday Morning Leadership: 8 Mentoring Sessions You Can't Afford to Miss : This is indeed a motivation to people who work for love and thus always give their hundred percent. Research reveals that nothing inspires them to work harder than a public pat on the back. Added to that, your appreciation motivates others to give their best shot so that they are also recognized among their peers.
5. Growth and development: As an important employee motivational factor, you can also consider giving opportunities to your people to grow in their work domain. Provide them with education and training; occasionally allow them to sit in high-level meetings; and empower them to take some decisions.
6. Make it a fun place to work in: Add some fun to the daily grind. Small things like birthday parties for your employees, a team dinner to celebrate a special achievement, installing a games room on the premises…there are loads of options.
Undertaking any project, whether in-house or in partnership with a professional services firm, entails risk. Project risk is defined as any area of concern that could prevent a project from achieving all of its benefits. Project risk requires careful management and involves identification, assessment, and mitigation.
It is important at the beginning of any project to go through the risk identification process. Not all project risks are obvious. When identifying risks, look for areas in the project that are based on:
1. insufficient or unreliable data,
2. insufficient preparation,
3. inadequate resources, or
4. lack of control.
Some areas to pay close attention to are:
" Requirements identification
" Involvement of project sponsorship
" Level of project management experience
" Third-party involvement
" Political/cultural environment
" Change control procedures and management
" Complexity of the technology
Risk identification is only the first step. Risks need to be assessed to quantify and prioritize them according to their impact on the project. Keep in mind significant professional judgment is required during the assessment process to quantify the magnitude of potential negative impact and to develop risk control measures. The assessment process should determine the (1) likelihood of the risk occurring, (2) range of outcomes, (3) estimated timing of the risk, and (4) the frequency with which it will occur. It should also determine the warning signs of the risk that will forecast that the occurrence of the risk is imminent. The prioritized risks provide the basis for establishing Project Success Factors (PSFs). Specific action plans are developed to address each PSF. For example, assume that required key policy changes are a high risk. An action plan must be developed to:
" Focus on thorough and frequent communications
" Implement a steering committee structure
" Obtain strong support for the project team from executive management
" Stress the benefits of the project
" Identify training needs early
Once risks have been identified and assessed, mitigation plans should be developed. The plans document what the response will be when a risk event occurs. Keep in mind a mitigation plan might be to do nothing to mitigate the risk. The need is to accept that a risk exists and be prepared to deal with the consequences when and if it happens. This type of action plan typically applies to low priority/minimal project impact risks. A mitigation plan should outline Plan B for the project area impacted by the risk. Knowing what Plan B is prior to having to execute it will greatly reduce the probability of increasing the negative impact of the risk event or causing other unknown risks to occur.
The future of your company depends on your ability to develop talent! The question is... are companies headed in that direction? I was recently in deep conversation with one of my mentors. He said, "Employees these days have no loyalty to the companies they work for. This new generation of employees does not think about that stuff. For this reason, many companies today are less focused on developing their people. Many of these companies expect employees to invest in developing themselves."
So, should the talent development initiative lie with the company or with the individual? The answer is both! The more you develop your people, the more they will invest in developing themselves!
Here are seven areas for developing a talent management program for employees:
1. Core Values - Establishing core values allows the team to rally around an established set of guidelines that align goals, thoughts, and behaviors.
2. Motivational Forces - Finding out what motivates each individual team member is critical to understanding what drives them toward success. In addition, it helps to determine each individual's role on the team.
3. Career Path - Most employees will look for advancement opportunities or added responsibilities. Although that desire may not be immediate for all, many employees will begin to look for opportunities when they feel they've mastered their current role.
4. Gap Analysis - Once direction and career goals are established, we must understand the key skill-sets required to get there. Everyone has strengths and weaknesses. We must build on the strengths while fixing the weaknesses that are "deal breakers."
5. Informal Leadership - As the culture begins to develop around the principles listed above, informal leaders will begin to emerge. The culture will strengthen around peer-to-peer accountability and a desire for continuous improvement.
6. Individual Development Plans - Now that we've established a strong foundation, managers and directors must follow-up with individual development plans that will strengthen and enhance each employee's ability to proactively contribute to the direction of the team.
7. Leadership Development Program - Implementing a formalized leadership development program will allow select team members to work in a group to enhance their skills and establish themselves as the strongest potential candidates for future management and executive roles.
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.