Differences Between COBIT and Agile IT Governance

After introducing the traditional IT governance frameworks, I would like to point out some differences between them and an agile approach. I’ll examine the COBIT model:

1. COBIT is a generally applicable and accepted standard for IT governance focused more on control, less on execution. Control, inherently induces the need for documentation and contract negotiation. Agile IT Governance, on the other hand, emphasizes execution and the collaboration between individuals to achieve execution. COBIT could be strengthened further by emphasizing the latter as much as the former.

2. COBIT requires that policies, plans and procedures that drive an IT process are documented, reviewed, maintained, approved, stored, communicated and used for training. This comprehensive documentation can be disastrous if the documented process is inherently flawed and cannot adapt to rapid changes in the business environment. Agile IT Governance emphasizes the need for working governance vs. comprehensive documentation on governance processes. COBIT could benefit from a balanced emphasis on just-enough process documentation for legal compliance and baseline business activity.

3. COBIT says to successfully deliver services to support the enterprise’s strategy, there should be a clear ownership of the requirements and deliverables. Of dozens of managers in a business unit, which individuals have the right level of subject matter expertise? Or the organizational relationships to enable clear ownership and direction of the requirements? The answers to these questions can vary widely depending on who you ask. COBIT could benefit from the consideration that identifying the wrong owner can lead to flawed governance. Agile IT governance mitigates this risk by focusing on identifying the right person who fits the role of “the owner” for the right stage of the project.

4. COBIT believes that processes and tools make enterprises quick to adapt. Processes and tools can only be as effective as the people who design them. Plus, they can be effective only for a specific period of time. Processes and tools often lack the ability to adapt to changing business environments. The emphasis on individuals and interactions help overcome these challenges because they allow teams to maneuver with agility, and adapt to the circumstances at that point in time. COBIT could benefit from consideration of Agile principles which emphasize individuals and interactions over tools and processes.

5. To satisfy business objectives, COBIT emphasizes complying with the laws, regulations and contractual arrangements to which the business process is subject. The emphasis is again on contract negotiation, not on collaboration. The word “contract” often awakens adversarial feelings and can lead to counter-productive behavior. While a framework for Agile IT Governance appreciates the value of contracts, it laments the fact that there is no mention of the word “collaboration” in COBIT.

It’s no longer a question of whether organizations should adopt an agile governance framework, but rather, why you think yours doesn’t already. What are your experiences with traditional governance frameworks? What is your opinion about an agile approach to governance?

Source by Adina Palade

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source http://blog.bigfinancial.co.uk/differences-between-cobit-and-agile-it-governance/

Medical Billing – NSF or UB-92

It is no longer a question in the medical billing community of what the best method of sending claims is. Electronic billing has numerous advantages over sending paper claims including ease of transmission, lower cost, faster turnaround time and a number of other advantages. But what about the type of electronic format? The main ones today are NSF 3.01 and UB-92. So what’s the difference and is one better than another? Which one should you use? Does it make a difference? Will using one format over another give you more headaches in the long run? In this installment, we’re going to discuss the basic differences between NSF 3.01 and UB-92, including the pluses and minuses of each.

The first thing that you need to know is that NSF 3.01 has been around a lot longer than UB-92. Back in the early days of electronic billing, it was the only option. Therefore, software manufacturers had to include it with their product if they were going to compete in the marketplace. Because of this and because everybody was creating their own NSF 3.01 package, each software manufacturer had to do the best job they possibly could. Because of this, NSF 3.01 was pretty much perfected. The only differences between the software packages was the interface for transmission. The specifications themselves were pretty solid.

Today, with the two formats available and NSF 3.01 no longer being the only choice, for a medical billing agency to switch over to UB-92, there had to be a good reason. Well, there were several.

For starters, because it was a relatively new format, the software was a lot cheaper than the software to send NSF 3.01 claims. For small medical billing agencies, this was a big plus, especially if they didn’t have a large client base. Also, the cost to process these claims was cheaper because the format itself wasn’t as popular and agencies were trying to get companies to use it. But there was a downside to all this.

Because UB-92 was new, there weren’t as many pieces of software to choose from. Most of them were also untested. The early failure rate of UB-92 transmission was great. The specifications were confusing and finding good programmers to create the code was not an easy task. So finding good software was very hard.

Another problem was that because UB-92 was new, not every carrier accepted claims in this format. In the early days only private carriers accepted claims in this format. Even today, not every carrier accepts UB-92 format as a transmission method. So if you are thinking of going with UB-92, you first better check to make sure that the insurance carrier you want to bill accepts claims in that format.

Today, the differences between NSF 3.01 and UB-92 are not quite as great. Yes, there are still insurance carriers that don’t accept UB-92 claims. But more carriers are taking them. The downside is that because UB-92 is becoming more popular, the cost has gone up since the early days. So the difference in cost between NSF 3.01 and UB-92 are not as great.

In the final analysis, it all comes down to what your budget is and who you want to send your bills to. In most cases, either NSF 3.01 or UB-92 will get the job done nicely.

Source by Michael Russell

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source http://blog.bigfinancial.co.uk/medical-billing-nsf-or-ub-92/

What Does Door to Door Service Mean?

Some terms in the shipping industry can be confusing for shippers to understand. Door to door delivery seems to be one of them. One of the biggest problems is that companies do not always see that door delivery means to the door, of the warehouse of course. They think that door can mean to their customer’s door which can be true only on a drop ship or direct ship, but they do not understand it to be door. So to clarify, Door to Door delivery means that the freight forwarding company will pick up the shipping container from your warehouse and bring it to the port. Then they gate it in and file the necessary paperwork and retrieve it on the other side to be brought to your consignee’s warehouse.

Since a door to door delivery means a through bill of lading that includes trucking, there will also be additional charges added on your bill of lading. Many times however, a through bill of lading will actually have lower freight rates than if you were using different shipping companies. This is definitely something to consider when trying determining if you will need a door delivery. Using separate companies means more interaction with shipping companies, but it also allows for closer managing so it will depend what is best for your company.

No matter which type of delivery you choose, it is important to know what all of your options are before shipping. Even just a small amount of legwork can save a lot of money in the end.

This type of delivery could be the best cargo shipping experience available. Start your shipping experience for door to door by submitting online your request for freight service. Requiring little more than a few keystrokes and clicks of your mouse, take advantage of this opportunity to indicate your cargo requirements and preferences in the form provided. Please make sure to indicate door to door service when signing up online and you will receive it.

When you detail all your requirements upfront, you can receive great options for door to-door. If you do not detail your requirements upfront, then you may not get the best door to door service that is appropriate and unique for your freight shipping experience. And make sure that you work with a trusted freight forwarder who can provide you with outstanding freight services that work for door to door.

Source by Steven Lerner

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source http://blog.bigfinancial.co.uk/what-does-door-to-door-service-mean/

The 7 P’s of Business Phone Etiquette

Etiquette is in essence about proper conduct and presenting yourself favourably. Demonstrating good etiquette is important if one seeks to be successful. An area in which this is essential is the business phone call.

Millions of business phone calls are made every hour and day. Business people that interact solely over the phone yet never meet still form strong opinions of one another. Practising good business phone etiquette helps encourage clear lines of communication, build rapport and avoid misunderstandings.

Most of us can recollect a phone call that left us feeling frustrated or irritated. How much of this could have been attributed to poor phone etiquette? Here we explore a few simple examples of areas within business phone etiquette that should be employed when making or receiving calls.

All successful business interaction needs preparation. The phone call is no exception. It is important to know who you are calling, the most convenient time to do so, the reason for your call and what you can do for them. Be structured, short and sharp.

If the caller is not known to the receiver it is important that the purpose of the call and the caller’s credentials are established immediately. A simple introduction followed by a sentence or two not only shows good phone etiquette but allows the receiver to set the forthcoming information within a context.

Particularise your intention behind the call. Do not assume the receiver understands why you are calling them and what you expect of them. Expand upon information and specify the purpose of the call.

Pass on information that the receiver will understand, appreciate and find useful. Waffling and speaking generically will lose attention and generally reflect poorly on the caller.

Good business phone etiquette demands professionalism at all times. When speaking to someone you do not know avoid informal speech or personal questions. Once a relationship has been built it is considered polite to enquire about weekends, children or other non-sensitive personal matters.

Privacy and security around furtive issues must always be borne in mind on the phone. If it is imperative that sensitive discussions take place over the phone, business etiquette requires that you confirm with the receiver whether this is appropriate.

Be patient. Demonstrating good business etiquette relies on your staying calm, cool and collected under pressure or when facing a testing situation. Your ability to stay patient earns respect and avoids rash actions or decisions.

Although there is much more to business phone etiquette than the above 7 P’s you will find they can go a long way in contributing to an improved understanding of how to use the phone effectively in the business world.

Source by Neil Payne

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source http://blog.bigfinancial.co.uk/the-7-ps-of-business-phone-etiquette/

The United States Silver Dollar Coin

On and off since the late seventeen-hundreds, the United States has produced a wide variety of dollar coins. Made of various metals at different points, including gold, silver, copper and nickel, they have been a popular denomination with both the general public and coin collectors alike. Without a doubt the most popular U.S. dollar coin is the silver dollar. For generations the silver dollar has held the interest of not only coin enthusiasts, but also those who invest in precious metals.

Generally speaking, silver dollars are made up of approximately 90% silver with an additional amount of copper added to give the coin added durability. As there was a short period of time when the content of silver in the coins was increased by a small amount in order to compete with foreign coins that had higher silver content. These coins were not generally considered to be circulating coins within the United States, and came to be known as Trade Dollars. During times of a shortage of the raw silver that was need to produce the coins, the amount of copper nickel used was increased to as much as 60% of the total content.

Silver dollars have been minted at six facilities including the mints in West Point, New York (W), Philadelphia, Pennsylvania, (P), New Orleans, Louisiana (O), Carson City, Nevada (CC), San Francisco, California (S) and Denver, Colorado (D).

In the history of United States coinage, it is interesting to note that silver was in many ways as valuable as gold, and was just as difficult to come by. This is the reason that you will find that the production numbers were quite limited due to the difficulty in obtaining silver. When the value of silver had risen to a point that it made the production of silver dollars financially impractical, a halt was placed on the production of the coins. This was the case between the years of 1804 up until 1836.

Production did not resume in full until the discovery in Nevada of the Comstock Lode in 1850. The finding of such a large deposit of silver hastened the production of silver coins within the United States. Eventually, even the massive deposits found in Nevada began to dwindle, causing another slow down in production until 1904. The silver melt of 1918 once again increased the availability of the raw materials needed, although even this was somewhat temporary in nature, as silver shortages seemed to come and go as the years went on.

The United States Mint began producing the American Silver Eagle coin in 1986, a coin that is 100% pure silver weighing in at one full troy ounce. Unlike previous silver dollars the silver eagle was not intended to be a circulating coin as the silver contents are valued at least nearly five times the coin’s face value, depending on market conditions. Many of today’s investors tend to purchase silver eagles as a hedge against the falling dollar value.

Source by James Kirkwood

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source http://blog.bigfinancial.co.uk/the-united-states-silver-dollar-coin/

How Business Firms Can Influence the Government In Making Favorable Monetary and Fiscal Policy

Monetary and fiscal policies are the two different tools taken by the authorities. Monetary policy is taken by the central bank of any country. And fiscal policy is taken by the government By nature two policies have different effect and implication. The economic condition, government vision etc influence in selecting what policy should be taken.

Basically the aim of those two policies is to promote and foster economic growth, increase the GDP, creating employment and over all make positive impact on the economy.Those policies are very much important and concerning matter for the business community. Business firms would be interested to expand their business and making larger investment if monetary and fiscal policy are in favor and keep interest of them.

The business firm can influence the government in the following ways to make favorable monetary and fiscal policy:

1. Collective bargaining:

Business communities sometimes arrange different trade shows, seminars and discussions where top government officials like finance minister, governor of the central bank are invited. On that meeting business communities can express their concern and try to convince in making certain policies. Sometime, delegates from the business community meet with prime minister, finance minister on this issue. This can be one way from which business can influence government

2. Private public partnership:

Business firms can offer government private public ownership in some industries. In doing this, government can save some capital that is shared by the private community. And another benefit of this, if government become partner then the policy will be in favor of the business sector. This concept is very much helpful if governmental policy is to boost up the economic growth and rapid industrialization.

3. Privately owned country service:

If the business sector (i.e. private firms) take initiative to do some country service like environmental clean up, waste management, and in return want some favor such as tax reduction on some specific business, it’s become another way to influence government in making favorable monetary and fiscal policy.

4. Creation of certain jobs and get privilege on any industry:

Creation of employment is another concern for the government. Government always tries to provide new job opportunities for the unemployed people and try to achieve higher employment in the country. Business firms also do business for profit motive. In doing this they need employees. If business firms assure the government that they will create certain new job opening in the market and wants to get some facilities for their business, then monetary and fiscal policy can go in favor of the business.

5. Assurance of incremental social responsibility:

Corporate social responsibility is another issue that business firms have to do in the global business world. Some issues like acid violence, dowry, tree plantation, awareness against some fatal disease etc. here business can help. In return they can demand government giving some facilities. Government thus makes some favorable monetary and fiscal policy.

Apart from the above issues there are something that business can influence government in making favorable monetary and fiscal policy. Those are quite unethical but it has existence in the modern world.

6. Bribe to the government officials:

Sometimes this unethical practice can be seen in some third world countries and even in some developed countries. Bribing the government officials business sometimes make favorable policies.

7. Forcing government by stop production, chaos:

Some times business firms can take negative actions like work stoppage, stop export etc to create government to give some facilities and make favorable monetary and fiscal policy.

Actually all the policies of the government trigger the benefit for the business sector. Business firm can influence the government in making those policies using the above discussed ways.

Source by Md. Masudur Rahman

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source http://blog.bigfinancial.co.uk/how-business-firms-can-influence-the-government-in-making-favorable-monetary-and-fiscal-policy/

Duties of Directors Under Cyprus Companies Law

Cyprus Companies Law (Cap. 113) provides that every private company shall have at least one director and every public company shall have at least two directors (s.170). Furthermore, every company must have a secretary and a sole director shall not be also secretary. However, in the case of a single-member private liability company the sole director can be also the company secretary (s.171).

According to section 174 of Cap.113, the acts of a director or manager are valid notwithstanding any defect which may afterwards be discovered in his/her appointment or qualification. Since directors have powers to take important decisions several duties are imposed on them so that to guarantee that the companies’ interests are well-protected.

Duties of Directors:

a. Fiduciary Duty

b. Duty to exercise skill and care

c. Statutory Duties

It should be clarified that there is no difference in principle between executive, non-executive or nominee directors. Have in mind that the duties owed by the Directors are owed to the company and not to individual shareholders.

Fiduciary Duty:

According to the Law, a Director owes a duty to the company to act in good faith in the best interests of the company. This duty is known as the ‘fiduciary duty’. In other words, the director is obliged to promote the profitability of the company and protect company’s interest.

The principal duty of the director is to act in the best interests of the company as a whole, and that is usually taken to denote the interest of shareholders both present and future.

In practice, the fiduciary duty can be explained as follows:

1. Directors shall act in good faith in what they consider to be the interests of the company.

2. Directors must act in accordance with company’s constitution, i.e. the memorandum of articles and association, and shall exercise their powers only for the purposes allowed by law.

3. Directors must not use company property, information or opportunity for their own or anyone else’s interest, unless allowed to by the company’s constitution or in particular cases where such use has been disclosed to the company in general meeting and the company has approved it.

4. Directors shall not agree to restrict their powers to exercise an independent judgement. Nevertheless, if they consider in good faith that this it is in the interests of the company for a transaction to be entered into, they may restrict their powers to exercise an independent judgement by agreeing to act in a precise way to attain this.

5. In case there is a conflict between directors’ interests or duties and the interests of the company, then directors are obliged to account to the company for any benefit they receive from the transaction. Nonetheless, directors are not obliged to account for the benefit if they are allowed to have that interest by company’s constitution, or the interest has been disclosed and approved by the company in general meeting.

6. Directors must act fairly as between the members of the company.

7. In the course of a winding up of a company it appears that directors continue to allow a company to incur credit even though they knew or ought to have known that the company had no reasonable prospect of paying, then following the sections 307 and 312 of Cap.113, they may become personally liable for that credit unless they can prove that they have taken every step, in order to minimise and/or eliminate the possible loss.

Duty to exercise skill and care:

The modern approach to the duty of care is defined in Re D’ Jan of London Limited [1993] B.C.C. 646, a leading English company law case related to directors’ duty of care. ‘The conduct of: a reasonably diligent person means a person having both (a) the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as carried out by that director in relation to the company, and (b) the general knowledge, skill and experience that that director has’.

However, the absence of clear authority makes it difficult to define exactly what the above definition entails. The first part of the definition indicates an ‘objective’ or a ‘benchmark’ test of what ‘the reasonable person’ might expect of a director in specific circumstances. The second part of the test requires that in case that particular director has a particular skill or level of experience, then he/she is obliged to exercise that particular skill in addition to the benchmark test.

Statutory Duties:

Directors have several statutory duties imposed by the Companies Law and other legislation, i.e. the Income Tax, VAT, Customs& Excise Legislation, Health and Safety, and Environmental legislation.

The statutory liabilities imposed under the Companies Law to directors regarding the company, its shareholder or to the public are:

· Register of Directors and Secretary (s. 192);

· Register of Directors interests (s. 187);

· Disclosure of payment for loss of office made in connection with transfer of shares in company (s.185);

· Disclosure of interests in contracts (s.191);

· Loans to directors (s. 188-189);

· Prospectus offers (s.31-.39);

· Pre-emption rights /Transfer of shares (s.71 – 82);

· Fraudulent trading (s.311);

· Profit and loss account and balance sheet (s.142);

· Falsification of books or destroying company documents (s.308);

· Duties antecedent to or in course of winding up (s.207, s. 213);

· Directors report and annual return (s.151);

· Financial Statement available for review and investigation (s 141);

Have in mind that:

Pursuant to Companies Law, breach of director’s duties is a criminal offence with penalties ranging from a default fine to two years imprisonment. Moreover, the directors are liable to personally compensate the company in respect of any loss caused by the breach of their duties. Regarding tax-related offences, directors may be liable for prosecution by the Inland Revenue or Customs& Excise Department.

Source by Michael Chambers

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source http://blog.bigfinancial.co.uk/duties-of-directors-under-cyprus-companies-law/

The Vending Machine Conundrum

The expected number of drinks vended per day and the layout of the business premises are the most important considerations when selecting a vending machine. Other factors are involved but these are a matter of personal preference rather than practical implications.

It is probably not worth investing in a hot drinks vending machine unless more than 25 cups of beverage are consumed per day. A small coffee machine, kettle or brewer would probably suffice.

Research has shown that a typical office worker will consume 3-4 cups of coffee or tea per day from a conveniently situated vending machine that is set at a fair and reasonable vend price. Consumption tends to increase to 5-6 cups a day when on ‘free-vend’. The number of drinks expected to be vended to visitors and customers should also be factored in.

The layout of the business’s premises is also important. Many companies prefer to have all their vending machines in one designated area. Some business may prefer to have smaller table top machines situated in more convenient positions throughout the office.

Modern drinks vending machines offer a fantastic range of beverages. Freshly brewed tea, coffee direct from the bean, luxury cappuccino, mocha and latte are all available. Machines that serve hot beverages made from only from instant ingredients can also be a viable alternative if there are budget constraints.

Other options include selecting the drink strength, extra sugar or a no-cup option so staff may use their own coffee mug. Many machines now offer large 12oz cups so the beverage is comparable in size and quality to drinks purchased at the local coffee shop. Most vending suppliers now offer drinks made from ethical and sustainable sources and this can be an important factor in determining which company to choose.

Most vending machines are available in a number of different colour schemes and many suppliers can offer bespoke graphics so that the machine matches the company decor or logo.

Typically, a vending machine is supplied on a lease rental basis and the company can set the vend price to subsidise, break-even or make a small profit depending on the price and quantity of drinks served.

Large businesses with many staff may be in the strong position of negotiating with a supplier so that all the vending equipment is installed, serviced and maintained free of charge. The vending operating company is responsible for filling, cleaning and servicing the machine as well as collecting the cash. Some deals for the larger user may even have the benefit of ‘cash-back’ deals as a percentage of revenue taken through the vending equipment.

A reputable vending supplier will always listen the requirements of the customer first before making a recommendation, rather than simply promoting the virtues of the latest equipment.

Source by Fenton Wayne

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source http://blog.bigfinancial.co.uk/the-vending-machine-conundrum/

Courier Hand-Delivery Service For Legal Documents

There are many reasons why someone might want a courier service to transport and hand-deliver legal documents. One would be that they need the documents to get their destination more quickly than the postal service or one of the big shippers like UPS could handle. If it needs to be there faster than overnight, then often a courier service is your only option. Another reason could be for the added security that the Chicago courier service provides over these other services. But just what added security measures do couriers put in place when handling sensitive documents?

One of the most important security measures is restricting the number of hands that the documents pass through en route to their destination. If you were sending legal documents via the postal service, even if they were sent via registered mail, they would still pass through scores of different people’s hands before they were delivered. Many Chicago courier services offer a service where one person is assigned to protect and transport the document, until they put it into the recipient’s hands.

If your purpose in sending the documents is to have the recipient sign them, you can usually find a Chicago delivery service that will provide the additional service of acting as a witness to the signing of the documents, and then bringing them back and hand-delivering them to you. In this case, there are literally only 3 sets of hands that touch the documents: Yours, the driver’s, and the person signing them. This greatly reduces the possibility for things to go awry. And in the unlikely circumstance that the documents did go missing, there would be a clear chain of custody that would show exactly where they had been.

When you choose to only do business with a Chicago courier service that has a hand-delivery service option for shipping important legal documents, you are ensuring that you avoid the kinds of hassles, finger-pointing, and litigation that can arise when documents get lost, compromised, or fall into the wrong hands. In addition, if the documents are a matter of your businesses life or death, you can often find a courier company that can take your documents via helicopter, and then return them to you the same way. In this way, you can sometimes get your documents across the city, signed, and back to you within minutes. This is truly the safest way to get your documents from point A to point B and back again.

Source by Zachary Malone

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source http://blog.bigfinancial.co.uk/courier-hand-delivery-service-for-legal-documents/

3 ERP Implementation Mistakes – How Your Company Can Avoid the Same Mistakes

For an inexperienced IT department, taking over ERP vendor screening and ERP software solutions implementation will typically be costly, time-consuming and highlights complicated problems.

For any modern business, getting your ERP solutions implementation right first time is an absolute necessity. If all goes well then you have got a solution which will improve productivity, increase employees efficiency, scale back costs, increase sales and supply your customers with current data and services. If all goes wrong… well, let’s take a glance at some in renowned cases of ERP solutions errors…

Sweet gone bitter

Back in 1999, Hershey’s Foods, a popular US sweet manufacturer, switched to an SAP ERP solution for their North American office. Sadly for Hershey’s they were inexperienced in ERP solutions implementation nonetheless had tried to go directly through the vendor. Unprepared for the adjustment period following the $112m ERP solution and CRM package implementation, they suddenly suffered a mysterious drawback with their wholesale and distribution ordering system. The result: Hershey’s were unable to deliver some key sweet lines to retailers in time for Halloween, a crucial date within the American confectionery calendar. the cost to the corporation was $100m in lost revenue and an 8% drop in stock price.

How to avoid an identical mistake:

Get some expertise on your side. A seasoned IT team, well versed within the best practices of ERP solution implementation would have accounted for a few teething problems and ensured that the system wasn’t rolled out before it had been ready and in any event not right before the most vital festive date in Hershey’s commercial calendar.

If you don’t have the expertise in-house then make certain you decide on an ERP supplier with the expertise and support team to manage these avertable pitfalls.

‘Just do it’ – not always the most effective recommendation

A year later and at the turn of the millennium, international sportswear company Nike shelled-out over $400m for a replacement ERP solutions system. What did this vast amount of cash get Nike? A total of $100m in lost sales, a 20% drop in share value and class action lawsuits coming out of their ears. Well what went wrong?

Combining an ERP module with CRM and supply chain management software system, Nike had tried to make a better breed of super-system. These multiple-vendor business systems are widespread within the US however (perhaps due to the Nike multiple vendor ERP example) haven’t really caught on within the United Kingdom yet. On such an enormous scale, and as we see within the case of Nike, it only takes one key call to go awry for the entire project to travel downhill very fast.

How to avoid identical mistakes:

Consider very carefully the pros and cons of choosing one integrated ERP solution vs a best of breed approach. It is perhaps worth foregoing some advanced options that add negligible business worth to make sure that you simply are operating closely and effectively with one trustworthy software system provider.

“just doing it’ with a group of so called best of breed software system suppliers isn’t the most effective approach. ‘ There was clear evidence of an absence of planning and testing within the Nike implementation thus make certain that there is real focus and time allowed for these key activities.

“For people who follow these things, we became a poster child for failed implementations.”- Quote from Nike’s vice president of global operations and technology Roland wolfram,

The perfect storm

Sometimes it’s not just one factor that causes issues, it’s numerous little things. when Hewlett Packard implemented a replacement ERP software solution in 2004, in contrast to Hershey’s, they had left teething time, and, in contrast to Nike, had planned the implementation to the nth degree. Instead, what hit HP was the perfect storm of issues: a fifth of orders not going through, a resultant server bottleneck occurred, and also a backlog of orders to be processed.

The company lost a whopping $160m in lost revenues and seriously damaged their name. Customers and company purchasers alike began to move to competitors.

“We had a series of tiny issues, none of which individually would have been too much to handle. But all together they created the perfect storm.”- Quote from the executive vice president of worldwide operations and CIO for Hewlett-Packard at the time, Gilles Bouchard.

How to avoid an identical mistake:

How are you able to avoid the same tornado of issues? The HP ERP disaster fell to poor software system testing and additionally their aftercare team not being ready to tackle multiple problems at once. Some could even argue that they clearly selected the wrong vendor given the quantity of issues that seemed built into their ERP system.

When selecting an ERP software system provider, make certain they have a good track record both at building the initial system and handling the post-implementation care. An ERP supplier who isn’t equipped to manage issues of their own creating can leave the door wide open to a perfect storm of issues.

Source by Sadie Hawkins

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source http://blog.bigfinancial.co.uk/3-erp-implementation-mistakes-how-your-company-can-avoid-the-same-mistakes/

The Trending Magazine Insert That Says Thank You

Have you ever been reading through a magazine and been blasted in the face by a pungent and odorous tang of cologne or perfume? Yes, me too. What’s worse is that I will literally bring the thing to my nose over and over, trying to figure out how the smell lasts so very long within the glossy paper. I end up smelling like the magazine all day. One good thing about that kind of magazine insert is that it is memorable. Almost everybody recognizes that experience. So, how do you replicate such a lasting impact with magazine handouts when you aren’t a cologne or perfume manufacturer?

The short answer is, Custom Screen Cleaners. With nearly 1/3 of the entire world population owning a smartphone of some kind, anything that caters to screens is already reaching your market in spades. Add your logo to a sticky microfiber phone cleaner that adheres to the back of a phone and you have a lasting branding impact that is not only useful but memorable too.

Custom Screen Cleaners have been a hit at trade shows for several years now, but a few magazine insert companies have thought to leverage the popular product. The reason they are a hit at trade shows is because the phone cleaner sits on a person’s phone or tablet for literally six months to a year and a half. Every single time the phone is out, which is roughly 150 times a day on average, your logo and information are being blasted around for all to see. Repeated impressions are key with hyper branding that works and this product does that. Once it leaves the magazine and sits on a phone, you are not simply lost on a coffee table, in between the pages. Your brand is also not lost in a drawer where a lot of cheap pens end up.

There are a few big players of screen cleaners out there. The thing to look for is where they are sourced. It’s best to find a company that doesn’t buy the cheap knock offs from China and rather, is US-based. The reason is that the cheap screen cleaners don’t stick very long, defeating the purpose of long-lasting hyper branding. As with other magazine inserts, look for the price breaks at larger quantities. Finally, many microfiber phone cleaner companies have good ties with production and printing companies, just in case you need to reassess your fulfillment side of things.

Thank your readers and your brand with something clients will love and keep on their phones.

Source by Jason Thomas

The post The Trending Magazine Insert That Says Thank You appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/the-trending-magazine-insert-that-says-thank-you/

The Business of Fashion: Uncovering the Market Segments of the Apparel Industry

The fashion industry does seem very small and saturated but that it is like an alternate universe when you get in. There are so many market segments to uncover and since there is the need to be clothed and the need to feel good when clothed, it keeps on becoming a thriving business to the rest of the world. If you are starting out a new label, knowing the industry and where you want to position the label are the crucial points to uncover to set your business as well as your products on the right direction. Let us start by identifying the unique market segments and what makes these segments unique and why you should put your business at that level.

As of the moment, there are around 5 market segments that are within the fashion industry. They are normally distinguished by levels, pricing and procedural nuances. These segments are haute couture, ready to wear, mass market, Eco fashion and niche fashions

Haute Couture

A label that is exclusive to fashions that are completely handmade or most of the procedures done by hand; of materials made of the most luxurious and laboriously concocted patterns and fabrics and presentations that are well beyond magical, Haute couture is the pinnacle of market segments selling to the richest women. The term is carelessly used by others when they are indeed made to measure companies. Haute couture is a label controlled strictly by Chambre Syndicale in Paris and only a select few houses are labeled as haute couture houses. The likes of Christian Dior, Chanel, Givenchy and Elie Saab have the rights to be called haute couture houses. The market can be called niche since it only caters to a very small, privileged people who can spend $20,000 on a suit to over $150,000 or more for an elaborate dress with embroidery. It requires an audience with the Chambre Syndicale so if you want to be a full blown couture house, you need to establish your brand and show point of view that can be refreshingly couture.

Ready to Wear

This started out in the 1960s as an alternative to haute couture. These are ready to purchase items that come in standard sizes. This is one of the biggest money makers of fashion companies and where they also put much of their efforts adverting and presenting. If couture is held twice a year, ready to wear can have several runs ranging from the conventional spring and summer fashions, pre-fall and resort plus other specialty lines for kids and even pets. It is a massive industry. Ready to wear comes in several sub sections including luxury ready to wear. Most couture houses have their own ready to wear lines that are less expensive than haute couture by a mile but still are very expensive. Then there is the diffusion line that is catered to a more hip audience but still range similarly in price. High street lines are often less costly.

Mass Market

This is where most people buy their products. If you are starting out, it would be great to begin here and then head up, or diversify. Mass market normally is sold at very convenient prices but can vary in influence like the more posh labels to department store clothing. Boutiques normally offer a broad range of fashions from working class, leisure, daily and glamour/evening looks. Young companies can either begin here or at ready to wear label, the latter is ideal for those who want to create a stronger commercial impression.

Eco fashion

This is a unique market that focuses mainly on environmentally conscious materials and processes. It takes a lot more creativity to transform the fashions and make them rally stylish but it pays off very well since there is an emerging market for people who like Eco friendly options especially for accessories.

Niche fashion

This is focused on a specific area such as undergarment, jewelry, hats or shoes. This is another great option and it is easier to sell or market to boutiques or set up online compared to pieces of clothing.

By understanding the aspects of fashion and its different segments, one can easily make a decision about the best options and ultimately plan the business and the future strategies.

Source by Mark P Spencer

The post The Business of Fashion: Uncovering the Market Segments of the Apparel Industry appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/the-business-of-fashion-uncovering-the-market-segments-of-the-apparel-industry/

The Benefits of Hand-held Metal Detectors

Hand-held Metal Detectors are designed to safeguard security-sensitive areas like schools, courtrooms, corrections facilities, sports events, businesses, nightclubs, bars and other public areas and events. They are used along with walk-through metal detectors. Construction crews and woodworkers also use hand-held metal detectors to find dangerous nails or other metallic debris in reclaimed building materials and trees.

A recent study proves that hand-held metal detectors are just as accurate as x-rays in finding coins and other metallic objects swallowed by children. They are cheaper and radiation-free, are usually lightweight, highly sensitive and require little maintenance. The special shape of the sensitive surface makes operation of the device easy, unlike portable metal detectors with ring transducers. They come with 9V batteries or rechargeable NiMH batteries.

Hand-held metal detectors are most commonly used for body searches for weapons in crowd control, and checking parcels and letters. Garret manufactures some of the best hand-held scanners in the world. The Garrett Enforcer G-2 is the smallest body scanner and sensitive enough to detect even the smallest of knives or guns. The most popular one is the Super Scanner. It can detect hatpins as small as one inch.

When hand-held detectors are switched on, a red signal pattern in transmitted from the coil to the ground. When the signal comes in contact with a metal, it interrupts the signal and the detector alerts the user with an audio signal and flashing lights. Hand held detectors are of various types — commercial, professional, all-purpose, beach, gold metal, relic metal and 2-box deep searchers.

Source by Damian Sofsian

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source http://blog.bigfinancial.co.uk/the-benefits-of-hand-held-metal-detectors/

Significant Problems Encountered in Implementing a New Strategy in a Business

”Strategy is defined as the determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out those goals” Chandler(1962)

Strategy is a process and could be considered in fewer than three stages. These are: strategic analysis; this is the stage where through analysis the strategist identifies the opportunities threats, strengths and weaknesses in the environment; the strategic formulation stage, where a choice is made and the strategy implementation stage is the stage where the strategy is translated into action.

Implementing a strategy or strategy implementation is defined as “the translation of strategy into organisational action through organisational structure and design, resource planning and the management of strategic change”.

Analysing the definition, it becomes obvious that strategy implementation is somewhat complex. Therefore, the successful implementation of a strategy would be how well the various components in carrying it out are successfully integrated and interact.

To identify significant problems encountered in implementing a new strategy in a business, a critical look at the components to be applied in implementing the strategy would be a good pointer. These are considered below: Organisational structure and design; and strategy implementation; translating the strategy into organisational action by using the structure of the organization will also be dependent on the type of structure in use in the organization. This is so because the needs of a multinational organization are different from those of a small business. It is also possible that the extent of devolution or centralisation can influence strategy implementation.

For example using a matrix structure which often takes the forms of product and geographical divisions or functional and divisional structures operating in tandem; the time taken for decisions to be made may be much longer than in more conventional structures. The organisational structure and design aspect of the strategy implementation deals with how the human resources in the organization are mobilised and organised to bring about the corporate strategy. The main significant problems encountered through the usage of organisational aspect in strategy implementation is the fact that most of the employees can leave the firm if they feel that they are being ‘used’ in actual fact if they are not motivated. This is particularly so where the CEO or senior management imposes the strategy on the employees.

Another problem encountered here is the way and manner information is passed down or up the ranks. If there is a blockage which impedes the flow of information processes it means that decisions would be made based on outdated or obsolete information. This can be solved by devolving the central command for easy flow of information among all rank and files especially in implementing a new strategy in a business. Recognition must be given to organisational structure and design’s set up where operational and strategic decisions are made, there should be compromise if implementing a new strategy will succeed in any business.

The next aspect in strategy implementation – resource planning sets out resources and competences need to be created. It deals with the identification of resources needed and how those resources will be deployed and controlled to create the competences needed to implement the strategies successfully. This resource configuration is dependent on: protecting unique resources i.e. where a strategy depends on the uniqueness of a particular resource such as patent; and it must be protected; by legal means; fitting resources together, (mix resources to create competence) business process re-engineering (to create a dynamic improvement in performance) and exploiting experience by learning and improving continuously to improve competence.

One of the major problems of strategy implementation as a result of resource planning is a failure to translate statements of strategic purpose, such as gaining market share into critical factors that will make the purpose achievable and ultimately achieved. This a critical success factor analysis can be pursue as a start in resource planning. For example a definite timetable might be needed for an organization trying to introduce, say a new product for Christmas. A detailed examination of the timing has to be done if production and its marketing would be a success; as well as the allocation of funds for this undertaking. The problem here is that due to the non-uniformity in the times needed for the various activities, it is difficult to know where to start.

Scholes et Johnson (1999) writes that the circularity of the problem is quite usual in developing a plan of action, and raises the question of where to start – with a market forecast, an available level of funds, a production-level constraint, or what? The answer is that it may not matter too much where the starting point is, since the plan will have to be reworked and readjusted several times. A useful guideline is to enter the problem through what appears to be the major change area. An organization planning new strategies of growth may well start with an assessment of market opportunity. Someone starting a new business may will begin with a realistic assessment of how much capital they might have available.

Critical path analysis is recommended for strategies which have detailed planning of implementation. Another problem envisaged is the conflict arising among departments on the allocation of funds especially where money is involved in the implementation of the new strategy.

The next component in the implementation stage of the strategy is the management of strategic change. It is widely accepted that strategic change builds on four underlying premises:

1.There is a clear view within an organization of the strategy to be followed.

2.Change will not occur unless there is a commitment to change

3.The approach to managing strategic change is likely to be context dependent.

4.Change must address the powerful influence of the paradigm and cultural web on, the strategy being followed by the organization.

There are two types of change – incremental change-which merely builds on the skills, routines and beliefs of those in the organization, so that change is efficient and likely to win their commitment, and transformational change – which requires the organization to change its paradigm over time. It could be a change in routine (”the way of doing things around here”. It could also be a change in strategy that will necessitate the change. Although the implementation of strategy concerns the changing aspect of organization structure, control systems and resource planning which does affect the day-to-day operations of members of the organization; people’s behaviours and perceptions may not have changed.

To effect a successful strategy implementation, management must also adopt appropriate styles to manage the change processes. For example, it there is a problem in managing change based on misinformation, or lack of information, education and communication style will be used. This involves the explanation of the reasons for and means of strategic change. Collaboration or participation involving those who will be affected by strategic change in the identification of strategic issues; intervention, direction and coercion styles.

Associated with management of strategic change is the problem of change management. It becomes absolutely difficult to manage the change which comes about as a result of the implementation. For example some managers will lose their position as a result of the change (delayering) others might be made redundant as a result of do upsizing others might still lose their job titles or position which they cherished most as a result of business process re-engineering. This will demotivate the staff and the organization may lose some competent staff. Others may have to be retrained to take up new positions or demoted if they are to remain in the organization. This kind of problem can be avoided if management adopts a participatory style of leadership and get the staff involve from the formulation to the implementation stages of the strategy.

In conclusion, it could be expedient to point out that just as there are numerous definitions of strategy, its implementation style might differ and so might its attendant problems and solutions. Nevertheless, since implementation involves the controlling of others behaviours and sometimes perceptions and culture, most problems would be human-related and probably possible solutions would be dependent on management style and behaviour of the leadership in terms of structure and availability and allocation of resources.

Source by John Whonderr-Arthur, Ph.D. Esq

The post Significant Problems Encountered in Implementing a New Strategy in a Business appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/significant-problems-encountered-in-implementing-a-new-strategy-in-a-business/

Importance of Postbox Rental

Receiving mails through a postbox is still very fashionable today not just for individuals faced with different kinds of needs but also for big companies and all kinds of businesses. In as much as the technological developments have been established, there are some mails which are better off being received through the physical mail addresses or the postbox. This is especially the best way of receiving mail privately when there is no urgency.

Renting a postbox therefore has proved to be of great importance. You will have the choice for the period you would like to rent the postbox. This option is very important since you will get the chance to receive an awaited mail and pay a good amount for the postbox before then leaving it. The categorized rental period also proves to be very helpful for individuals who are living in an area on a temporary basis since they will effectively enjoy the services of the post office for the exact period they will be within the locality.

Renting a postbox comes with different options for the different kinds of needs that people have out there. The most important thing is that you will be in a position to select the right postbox depending on your working situation or the mailing needs that you have. The most common types of postbox are personal, business and corporate which accommodate different numbers of named mail recipients. The rental charges for the postboxes are quite reasonable relating with the number of people as well as the period within which you will manage to enjoy the great postal services.

Renting a postbox will definitely provide you with the privacy that you need as far as the inbound mails are concerned and you will find it even more important if you are the kin of a person who travels a lot or is in a temporary residence within the area you are renting the postbox in. The boxes are also most important and effective for people operating business from their homes.

Together with the postbox, you have the chance to enjoy numerous other services from your postal service provider including shipping and packaging as well as the mailing. It makes it all possible to also send and receive packages within a reasonable time thereby providing the missing link between two parties or businesses. Always make sure that you are renting the most appropriate postbox to enjoy all the benefits coming with it.

Source by Albert Bond

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source http://blog.bigfinancial.co.uk/importance-of-postbox-rental/

Role of Banks in International Trade

It is impossible to be in international trade without involving your bank for all the services they provide such as advice on financial issues and the potential risks involved. It is true that one critical hurdle for SMEs is the lack of information on international trade processes, documentation and banking procedures necessary to carry on with business abroad. For result oriented and cost effective international trade, you will very definitely need access to accurate and timely information and a sound knowledge of banking.

Payment Options in International Trade

Quite obviously all payments in an international trade are made through bank either by way of wire transfer or check with the latter not being preferred for not being the quickest. The following are some of the common ways of payment modes in international trade.

1. Banker’s Draft is a cheaper option and easier to obtain but there is a risk of loss in transit. The only advantage it has against check is quicker credit that the exporter gets.

2. Letter of Credit. This international trade instrument is mutually convenient for both the parties. The exporter gets paid once he produces the copy of BoL (bill of lading) which he receives from the shipping company and the LoC, to the bank, regardless of whether the consignment as arrived at destination or not.

3. Wire transfer is by far the fastest and the cheapest option in which the importer will instruct his bank to transfer the amount to the exporter’s bank account. The first time, the transfer happens in about 10-15 days depending on the destination country and the routing bank. International wire transfers are made through intermediary banks/correspondent banks.

4. Although not in a big way, some China manufacturers accept Paypal for smaller amounts such as US$5,000 but require 3% extra to compensate for the charges. Paypal is the quickest and easiest mode of payment in international trade.

Banks that are serving international trade, understand the crucial role they are required to play. Many large banks maintain worldwide correspondents to provide quick delivery of actual currency, wired money or drafts. You may choose your bank for international trade account on the basis of whether the bank can extend advances against the account receivables. Bank may, however, require your account secured through export credit insurance provided by Export Import Bank of United States. Banks also let you enter into forward exchange contract with your bank and fix the amount of the foreign exchange you receive when you are dealing in convertible currencies. You need your bank to be with you as long as you are in international trade.

Tootoo.com

Source by Lau Yolanda

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source http://blog.bigfinancial.co.uk/role-of-banks-in-international-trade/

Planning For A Special Occasion

If you are planning a party, you may want to hire people to prepare the food. You should consider a wedding catering service or for a more casual event hire a BBQ catering company. There are some important considerations to think about prior to selecting a caterer and to choose the kind of food you want to feature on the menu for your guests.

Budget:

Budget is a very important factor to consider when you are planning for your special event. Weddings are really an expensive event, in which you have to keep in mind the costs. Choose the caterer which follows your budget and try to set the menu accordingly. It is really important to stay within your budget because you have many other things to consider as well.

Presentation of the event:

Apart from the food, take some time choosing the location of the event. If you are considering doing the event outside, you have to make the caterer aware that this is an obstacle that they will face. An outdoor environment can be beautiful but is tricky when attempting something like a sit down dinner. They might recommend that a buffet is best suited for this type of atmosphere. With some planning you can make sure that the food you choose is a perfect complement to the venue.

Food and drinks are not the only thing you must consider but also what type of dinnerware, glassware and flatware you will need for your party as well as tables and chairs. All of these things work together to make a cohesive theme or feel for your event. It is important that each of these things are selected and approved by you so that you can be sure the event remains true to your vision. A caterer can suggest places where you can rent such items or hire a planner who can take care of this for you.

Listen to the caterers suggestion:

Listen to caterers that you are interviewing. It is important that you take you time in choosing someone that you have complete confidence in. You should choose someone that you feel will not only deliver good food but that really understands that concept that you are trying to convey with the party. Once you have chosen the caterer, you should show your trust in them. They have experience and will guide you through the process. Also keep your opinion alive and share it with your caterer, maybe both of you can incorporate your ideas with whatever will work out for the best. For good planning, you have to communicate with them and let the professionals know what you expect and how you would like it. They may offer some good suggestions as to what to serve for your guests especially if some of them have special dietary needs.

Have Fun:

Whether it is a simple birthday party or a grand ball, it is important at some point to relax and enjoy yourself. Although the planning and execution of a great party is a big task, it should be a fun one as well.

Source by Stewart Wrighter

The post Planning For A Special Occasion appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/planning-for-a-special-occasion/

Make Concrete Blocks And Garden Ornaments – A Business Opportunity

Manufacturing concrete blocks and garden ornaments is an excellent business opportunity. You can start this business part time in your garage at very low cost. Using hand made molds, and simple production methods, you can make a wide variety of concrete products. The concrete block, used in so many different types of building projects, is a basic commodity of the building trade. You can turn out 100 cement blocks per day easily with hand made molds.

The top selling garden ornament is concrete bird baths. There is a huge demand and they sell readily. You can make a variety of these easily with hand made molds and you can sell them to local building supply or garden stores. Transporting these heavy items from a distant supplier is expensive. These businesses will be happy to find a local supplier who has low costs and competitive prices. With no transportation costs you can make an excellent profit from your work.

You can also make many other types of concrete garden ornaments and garden furniture from available plans. Vases, large and small, including ‘Ali Baba’ style vases, are easy to make without molds. You can learn the simple production methods quickly and make a wide variety of these. They are very popular decorative items for patios and gardens. Your basic business of concrete block making can be supplemented by these items. They are easy to produce and very profitable.

You can make many other types of garden ornaments from either hand made or commercial molds and you will find a ready sale for your products. By starting part time, in your garage, you eliminate all risk. Plywood and sheet metal are the only materials needed to make your cement block molds which makes starting cost low. The appropriate concrete mix is made from Portland cement, gravel, sand and water in the correct proportions. As your business builds you can decide to go full time when you are ready.

For volume production of concrete blocks you will need a concrete block making machine. Commercial models are available. They are quite expensive however. The other option is to build your own machine. Plans are available for an excellent machine made from sheet metal, used auto parts and a few odds and ends. You can build one of these at very low costand it can turn out all the blocks you will need very easily.

As business grows you will probably need to rent premises large enough for the racks needed to store your cement blocks for drying. You will also need a helper to move the blocks from the machine to the racks. At this stage however your business will make enough profits to more than justify the extra costs. You can start your own concrete product business on the proverbial shoestring. With hard work it will rapidly grow into a full time very profitable business. You can give up your job and be a full time concrete products manufacturer. The sky is the limit in this business. Demand never dies for concrete products and you can have an income you could only dream about while working at a job.

Source by John Mowatt

The post Make Concrete Blocks And Garden Ornaments – A Business Opportunity appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/make-concrete-blocks-and-garden-ornaments-a-business-opportunity/

The Difference Between Domestic Shipping And International Shipping

If you are looking to trade over long distances, but you have become confused by shipping costs, it is important that you try to take the time to understand them, so that you will know whether you are paying over the odds for the service you are getting, or whether you are getting the deal of a lifetime. In this informative article, I will discuss the differences between domestic shipping and international shipping, so that you will gain a deeper understanding of both concepts.

Domestic shipping is the term used to refer to the transportation of goods from one location in one country, to a different location in the same country. Domestic shipping can cover relatively short distances, such as the transportation of goods from one city to a neighboring city, or it could cover much greater distances, such as transporting goods from the East Coast to the West Coast. The term International Shipping is used to refer to the transportation of goods from one country to another country. Like with domestic shipping, the distances travelled in international shipping can vary hugely. Although goods may only be transported a few miles, from one border town to another, it is still international shipping. On the other hand, goods may be taken thousands of miles from the United States of America to the People’s Republic of China!

Whilst distance may play a part in shipping costs, it is not the “be all and end all” when it comes to working out costs. A longer domestic delivery will usually cost less than shorter international shipping, because of the other costs involved. When a package crosses a border, you will often have to pay additional costs, such as customs and excise fees. These are imposed by many countries to help to prevent the cost of foreign goods from crippling the local economy. Customs and excise costs often vary from country to country, meaning that it can often be cheaper to ship to a country which is further away, than it is to ship to one which is on your doorstep. This is because the government may have negotiated trade agreements with those countries in order to help to reduce cross-border trade fees.

The methods of shipping which are used for international and domestic shipping can also vary. Those who need international shipping will regularly choose ocean shipping or air freight shipping, whereas those who are doing domestic deliveries may choose to do their deliveries by road. That is not to say that international shipping cannot be done by road or domestic shipping cannot be done by plane, because these options are both available. It will often depend on the timeframe in which the delivery needs doing, and the location which the package needs to be shipped to. For example, if you choose to have something flown to its destination (in country) it will usually arrive much faster, however it is likely that it will cost more too. Flying would be impractical over short distances, so most people would choose road, if this was a consideration.

Source by Afshin Nejad

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source http://blog.bigfinancial.co.uk/the-difference-between-domestic-shipping-and-international-shipping/

How to Pack a Parcel to Send Abroad

Here’s how you can get your packaging right.

1. You’ll need to measure your item and ensure that you have the right size container for it. A cardboard box is usually ideal. Sometimes you’ll want something more substantial, like a flight case, or maybe a padded envelope inside a box or flight case will be required. Remember to allow for additional padding too when choosing the size of box.

2. If you regularly send and receive items from abroad, perhaps from your suppliers or customers, or other branches of your company, then you’ll want to make sure that you have plenty of suitable boxes so that you don’t risk damaging the items you’re sending. Cereal boxes can be used as part of the packaging, but ideally you’ll still need a sturdy box.

3. There’s a reason that flight cases are so called, and they’re popular for a reason. No matter whether you’re sending a guitar, a record collection, or product samples, you’ll be able to find a flight case that fits. Spending a bit of money on a flight case will be worth it, especially if the contents is valuable or fragile.

4. Padding is important, and when you consider that your parcel is going to be in a van, lorry, and in the hold of a plane, you’ll need to make sure that whatever you’re sending is well protected from any damage caused by travel and transport. Whilst you don’t expect any damage, you’ll be annoyed if your cargo is damaged due to poor packaging, or because you skimped on proper boxes.

5. Those people purchasing new items will expect the original packaging, however those purchasing in online auctions will sometimes be more understanding about wanting the original packaging. Retail packaging might add additional weight to the parcel, without offering substantial protection. You’ll either need to advise the buyer that they can have the item in its original packaging but it might cost more to send, and there could be a delay whilst you repack your parcel, or that you’ll send it without the original packaging.

6. Strapping an be used for larger parcels. You’ll want to make sure that seams and corners are well protected on lager parcels too. As your item is travelling abroad, you’ll want to make sure that it’s as well protected as possible.

7. Remembering to put your item in the middle of your box will help to ensure that it is at less risk of being damaged. Putting padding material all around it, will help to cushion and bumps the box may have on it’s journey.

8. Sending liquids presents it’s own challenge. You’ll need to make sure that the container the liquid is in is well sealed so that the liquid can’t escape from the lid, or the dispenser. Then the bottle will need to be placed carefully in a well padded box. Remember that other parcels could be damaged by your liquid if the item is not well packed.

9. As your parcel is going abroad, it’s a good idea to make sure that it’s well labelled in the language of the destination country. Just because you write that it’s fragile in English, doesn’t mean that those handling your package in other countries will understand and comply.

10. Remember to make a note of the tracking number, and give it to the recipient, so that they can track the parcel too. You’ll want to know when it has arrived, and so will they.

Now you know how to pack a parcel properly, what will you send abroad?

Source by M James

The post How to Pack a Parcel to Send Abroad appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/how-to-pack-a-parcel-to-send-abroad/

How To Create A "Client Getting" Direct Response Business Card

When you think of a business card, you probably imagine a professional looking glossy card with the standard business details like company logo, persons name, job title and their phone number.

Very bland, very boring, and the only people who will look at it twice, are those who just needed your phone number written down because they’d already been sold on using your services.

I would argue that the whole idea of a “Business Card” is to help get business… yet something has gone wrong along the way. They’ve turned into “contact cards” that certainly don’t work at getting any business.

You’ll see these exact same cards being handed out by the dozen at trade shows, seminars and any type of business congregation… with the hope that the receiver will be interested and will contact the giver for more information.

But why would they?

Why would anyone who has no idea who you are contact you because your card says that your name is “John Smith” and you’re a “Business Consultant” or whatever?…

Answer… They wouldn’t!

Instead of this ‘image rich, content poor’ business card, create an ‘image poor, content rich’ one.

You basically want to use all the real estate of the business card to create a “Direct Response” style card.

Here’s what it’ll need

1. Plain white background with black text
2. Big, attention grabbing headline
3. Explain what you can do for the client
4. Make an irresistible offer
5. Create a “call to action”
6. Use scarcity to create immediate action

Using these basic direct response strategies ensures that you’ll get a much higher response than you would with the standard business card layout.

Plus, hardly anybody does this, so your cards will stand out from the crowd. While everyone else is trying to add more colour, fancy fonts and pointless images, your plain looking direct response business card will get the attention.

Don’t use images unless they add to the message… and cram as much text in as you need. Don’t be afraid to make it small, because if people care about what you’re saying, they’ll squint to read it if they have to!

TIP: Instead of leaving the back of your business cards blank, spend a little extra and use the back for testimonials. Add at least one, along with photos of each testimonial giver.

Business cards are so cheap to create these days, and if you can have them working as their own sales force, why wouldn’t you design yours immediately and start to notice the difference this week!

Source by Dane Bergen

The post How To Create A "Client Getting" Direct Response Business Card appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/how-to-create-a-client-getting-direct-response-business-card/

Money is the Lifeblood of Your Business!

A business without enough money is like a human being without blood or a jet plane without fuel. It is an essential resource your business needs in order to achieve its fullest potential.

You can have the best ideas, a bunch of talented people, a great product and a potential market. However, without proper money management, none of your goals can materialize.

I have seen entrepreneurs doing great work, attracting lots of customers and delivering great value. However, because there was nobody paying close attention to the numbers, the business soon found itself having to close down.

All this could have been avoided if only the business owner understood and paid more attention to managing the cash flow of the company.

So, if money is such an important matter in a business, why do so many entrepreneurs neglect to spend enough time on it? There are three main reasons:

1) Ignorant About Money Unfortunately, very few people are trained in money management. Unless you studied finance or accounting in college, it is unlikely that you would have learned about smart money management strategies from your parents or from school, college or university.

2) Fear of Money With ignorance comes a fear of dealing with money. Many business owners I talk to have a fear of constantly tracking their sales revenue, costs and other financial numbers.

They get stressed up when they have to look at and deal with numbers. They get nervous when they see the bills that come in and more stressed when the sales revenue is not as rosy as projected. “I was never good at Math,” is the common excuse they usually give.

3) Procrastination

Finally, many business owners I know tend to place their finance and accounting matters as the last priority. They are always focused on making the product, providing the service, dealing with customers, selling their company or managing their people. “I have no time to do the books.” “I’ll do it later!”

As a result, their accounts are never up to date. They will only know their May sales, cost and profit figures in September! It is like a basketball team playing a match without being able to see the scoreboard until two weeks after the game!

Source by Adam Khoo

The post Money is the Lifeblood of Your Business! appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/money-is-the-lifeblood-of-your-business/

Data Processing Steps – How to Process Data Efficiently?

Data processing in simplest way, we can draw like this; DATA –> Processing on Data –> Converted to Information.

As we have seen above, data processing means a process of converting data into information. This processing is done through computers which accept raw data as input and provide information as output.

Data processing is very much helpful to most of the financial institutions, universities, publishing companies, different hospitals, oil and transportation organizations and pharmaceutical organizations. There are various kinds of data processing services are available in the market. Check processing, image processing, form processing, survey processing are some of them.

Data Processing Steps:

Collecting – First step is to collect the raw data which you want to process. From which data do you want information? This is first question before you start.

Sorting – Relevance of data is very important while processing the data. There are various irrelevant data which decrease the perfection of the information. So from the bunch of collected data, sorting is needed to get relevant output information. Data must be in proper categorization.

Bucketing – It is similar to ‘netting’ or ‘coding’. This step involves aligning the random data in particular structure. When data collected and sorted, it was not aligned properly. Random data can create problem while processing the data. Bucketing helps you to have the process smoothly.

Entering Data – If system is not having any data, what it process!! To process data, there must be data for the software. Entering organized data in to the software is required to get processed information at the end of whole process.

Cleansing – This step increase the quality of the processed data. In this step, quality controller validates the data. Data is double-checked to secure the faultless data processing. This cleansing helps you to process the data very efficiently and quickly.

Proper Formatting – Last but most important step to end the process very effectively is proper formatting. Without proper formatting, there is no meaning of data processing. Proper formatting is very much helpful to understand the data very easily and conclude the decision quickly.

Most of the well-known companies are following above mention steps to satisfy the clients’ needs.

Source by Bea Arthur

The post Data Processing Steps – How to Process Data Efficiently? appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/data-processing-steps-how-to-process-data-efficiently/

Work Platform Or Mezzanine?

Facility Managers are contacting material handling dealers and purchasing mezzanines for projects when in fact they should be purchasing work platforms. What is the difference you may ask?

Mezzanines are elevated steel structures typically built between two main stories of a building. They are primarily used for storage of goods and have personnel walking on top of them frequently to access the product. They support pallet racking, industrial shelving, cantilever racks, and generally any type of racking system in addition to general floor storage. They may also act as a second floor office if modular offices are installed on them. Typically, they have a pound per square foot requirement of 125 PSF. As such, mezzanines have certain codes designed just for them.

Work platforms are typically built to hold equipment in a manufacturing environment. This equipment is typically above the ground level. Some examples of these are broaching machine platforms, conveyor platforms, etc. Typically a person would access this platform for repair or cleaning purposes only. They are not accessed on a daily basis and their main purpose is to support equipment above ground level.

While mezzanines have specific minimum height clearances and stair width/length regulations, work platforms have clear exemptions from most of these. For example, a mezzanine requires 7 feet 6 inches clear underneath if people are working under it, and the same above it for people walking on it. Also, when installing any type of plastic shelving, gondola shelving or steel shelving, most fire marshals require a 12 inch chase between every 48 inch deep shelving unit.

In the case of a platform being used to support equipment, vessels, etc., the clear height above the equipment may be such that it clears the equipment and has sufficient clearance to accommodate repair or maintenance activities. There is no minimum requirement. The same applies to the clear height above the platform as long as the equipment has sufficient clearance to accommodate repair or maintenance activities. Platforms need not be 125 PSF if a lesser amount will suffice. (Less PSF, less steel, less cost).

One stairway is needed for platforms unless the common path of egress exceeds 75 feet, then a second one is needed. However, you can use spiral stairway, alternating tread stairways or an industrial ladder to achieve egress. Also, stairways for platforms need not be designed for handicap accessibility. When designing and building mezzanines for general storage, International Building Code (IBC) 2006 requires continuous handrails, extended handrails and a 3-rail handrail/kickplate system. Thus, typically it is less expensive to purchase a work platform than a mezzanine of the same size.

There are other smaller differences, but the bottom line is this: define the use of the space you plan on adding to your building, then work with a mezzanine professional to determine the right type of mezzanine or work platform. This would include the weight capacities, footings required (if needed), stairways, work surfaces, access gates and railings.

Source by David Easterbrook

The post Work Platform Or Mezzanine? appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/work-platform-or-mezzanine/

Standard Operating Procedures (SOPs) In the ERP Arena

Standard operating procedures (SOPs) are a set of instructions for any particular operation within an organization. These instructions map out all steps and activities of a process or procedure, which, when followed with care, should guarantee a particular expected outcome. In the ERP world SOP is often used alongside or interchangeably with the similar term “best practice approach.”  

The idea behind this is that people have been working with a particular set of guidelines which they have determined to be the best way possible to get a particular job done: filling out a customer receipt for example, or completing a sales order. While each company is different, some of the broader processes and methods can serve as a model for other organizations with similar functions that need to be performed.

There are many benefits to having SOPs in place within an organization. In the first place, in documenting any function within an organization, you commit collective or even individual knowledge into something tangible: a document. Written procedures and practices then become part of the corporate knowledge base, and are no longer limited to one particular individual or group. Routine training of new employees can be based on the SOPs, and tasks across the company can be standardized. Performance of and adherence to set guidelines can be enforced.

In an environment where regulatory compliance is a requirement and spot checking is in place (pharmaceuticals, medical devices, chemical plants, etc.), SOPs are a must. According to some literature, one of the most frequently reported problems identified in regulatory inspections is a lack of written SOPs and/or the failure to follow them. In a manufacturing environment, SOPs are also imperative in order to insure uniform results, effective quality control, and ultimately, traceability. SOPs are not static documents, however, and they need to be reviewed regularly and updated to assure that they are keeping up with any new working procedures, developments and/or regulatory requirements that are put in place. Changes to the SOPs should be documented.

On a corporate level, SOPs are all about improving your business – be it striving towards continuity, or putting into action best practices for the long run. In the process of documenting and putting SOPs in place, companies may even discover better ways to complete tasks.

When deciding on whether to invest in an ERP system, before moving over to a new system, while in the process of implementing or even re-evaluating the way you do business: take the time to think about SOPs. To get real value from your software and your implementation, insist on working with SOPs. Make sure that the system you are having installed can handle the way you do business. And make sure that things are documented. The people that are involved in the work itself OR their direct supervisors should be consulted when preparing SOPs. If your consultant tells you this is not necessary – beware. The people in the trenches of your establishment are the ones responsible for doing the work documented in the SOP. The greater their involvement, the greater their sense of ownership, the greater their investment and ultimately, the greater the likelihood that they will adhere to the SOPs. Where this is impractical, at the very least the SOPs should be “owned” by the supervisor.

SOPs are proven to work. They can help you streamline processes, enhance performance, improve customer service and, ultimately, boost business. Investment of time in creating and maintaining SOPs will be well spent. In today’s economy, companies need to make the most of the resources they have. In creating SOPs you are not only using your resources wisely, but you ensure that hard earned knowledge and experience is shared, becomes tangible and is transformed into a corporate commodity.

Source by Rebecca Haviv

The post Standard Operating Procedures (SOPs) In the ERP Arena appeared first on Big Financial BLOG.

source http://blog.bigfinancial.co.uk/standard-operating-procedures-sops-in-the-erp-arena/