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Accounts receivable factoring is the sale of part or all of a debt that someone owes to your company. When companies purchase a debt through accounts receivable factoring, they pay for your invoice at a discount. They then collect the debt directly from the company who owes you money. Accounts receivable factoring is distinct from using your accounts receivable as loan collateral because you are outright selling some or all of your receivable to a factor, such as a bank o...

Stimulate Company Growth Using Accounts Receivable Factoring

Stimulate Company Growth Using Accounts Receivable FactoringAccounts receivable factoring is the sale of part or all of a debt that someone owes to your company. When companies purchase a debt through accounts receivable factoring, they pay for your invoice at a discount. They then collect the debt directly from the company who owes you money. Accounts receivable factoring is distinct from using your accounts receivable as loan collateral because you are outright selling some or all of your receivable to a factor, such as a bank or insurance company, at a discount. You don't collect the debt owed to you from that account anymore, but you also don't have to worry about loan repayments. Accounts receivable factoring makes up about a third of all financing secured by American companies using accounts receivable and inventory as collateral; it's not an uncommon practice. And accounts receivable factoring can help you get large orders that you otherwise wouldn't be able to manage.Consider the following scenario: you have ten thousand dollars in cash on hand, most of which is currently earmarked for payroll or debt payment. As a relatively new company, you don't have credit enough to use your accounts receivable as collateral for a loan. A large new account becomes available, and you bid on it and win. The problem is, you only have a workforce of fifteen people, and the new contract requires you to staff it with twenty people, purchase several new computers, and find space for the new staff to work out of. And you must do this immediately.Your ten thousand dollars isn't enough to do this, and you can't get a loan. But you can engage in accounts receivable factoring, sell your current receivables at a small discount, and have the cash immediately on hand to hire the staff, rent the space, and purchase your necessary equipment.Another possibility - you have a large amount owed to you as in accounts receivable, but one company is paying much too slowly, despite the penalties for late payment. You can sell your not-past-due accounts receivable to an accounts receivable factoring agent in order to maintain your cash flow, and with penalties for late payment applied to the other company, you will probably break even. Using Accounts Receivable Factoring WiselyWhen you sell part of or all of an account to an accounts receivable factoring company, try to get a personal recommendation for the company from a trusted associate: another company's officer, a trusted friend, a bank, etc. If you can't, at the very least ensure your accounts receivable factoring agreement states exact conditions, charges, and procedures for the purchase of your accounts receivable. And don't use accounts receivable factoring just as a way to get ready cash. Accounts receivable factoring can help you determine whether your payment terms are overly generous, whether the companies to whom you're extending credit are credit worthy, and whether your collections arrangements are adequate for your business. When you speak to the agent arranging your accounts receivable factoring, be it a broker or the actual funder, ask about these things. Accounts receivable factoring companies are interested in long-term ongoing relationships with companies, and will be happy to help you ensure your procedures and information concerning accounts receivable are adequate for your needs.You should never use accounts receivable factoring for debts you suspect won't ever be paid. Again, you want to develop long-term relationships with accounts receivable factoring companies; they can help your company grow for a long time into the future. But if you sell them accounts they can't collect on, you can be certain they won't work with you again, and they may share that information with other accounts receivable factoring companies as well.

Electronic Logistics - The Money Saving Solutions

Electronic Logistics - The Money Saving Solutions

The concept of conventional logistics covers all activities relating to the procurement, transport, transhipment and storage of goods. Logistics as generally understood is concerned particularly with material flow (raw materials, interim and final products), but also involves providing companies with services and information.Nowadays the development of electronic information and communication technologies affects all spheres of life. Naturally, it influences significantly economic life, including logistics. As a result, nowadays it is possible to speak about electronic logistics as extremely perspective field for further development.On researching the problem of electronic logistics, it is primarily necessary to dwell upon the methods that are traditionally used in the related researches. Basically, it is possible to use phone inquiry, face-to-face interviews with companies implementing electronic logistics in their business. Also it is possible to interview management consultants and IT suppliers.Obviously, nowadays electronic information and communication technologies are widely used in the field of logistics. As a rule, it is widely used in buying and selling transactions, as well as material follow transactions. It is necessary to point out that logistics services providers use electronic logistics wider than companies operating in the field of manufacturing and trade.In the current a situation, the advantages of electronic logistics are evident since it creates new operating models that provides a company with a competitive advantage compared to the companies using conventional logistics. It also permits to develop efficient management of larger entities and correct information in constantly changing market situation.Nonetheless, it is necessary to emphasize that electronic logistics is a relatively new field and it makes its first steps in the contemporary business. In such a situation, certain obstacles and challenges, the companies implementing electronic logistics face, are quite natural. Among these obstacles and challenges may be singled out the following: scarce financial resources for investments, lack of capabilities of network parties, lack of standards, challenges in integrating inter-company information systems.However, electronic logistics is still quite popular due to the perspective of business process re-engineering skills, since it provides the possibility to use technologies to support business processes.Thus, electronic logistics is a very perspective field that needs further research in order to provide better opportunities to its proper implementing and wide use.

Top Tips For Keeping Your Employees Safe

Top Tips For Keeping Your Employees Safe

It doesnt matter whether you have 5 employees or 500, an employers responsibility is to ensure that employees have a safe environment in which to work. This includes both the day-to-day processes carried out at your premises, and the general safety and welfare of the people who work for you.Theres a fine line between using security measures to keep your staff safe, and invading their privacy. Thats why, before you implement safety measures, you should always check that youre complying with the relevant local and national legislation.Shift workersMany manufacturing companies and some service companies, such as call centres, are operating 24 hours per day. This means that staff members are often either starting or finishing their shift late at night or early in the morning. These are times when employees entering or leaving the building are particularly at risk, and could benefit from: Good exterior lighting Keypad-controlled entry Security staff presence Monitored CCTV systems Panic buttonsMeasures like these are all designed to help shift workers feel more comfortable both inside and outside the building.9-5 workersIts just as important that those employees who work normal office hours feel safe inside the building. During the day, most offices have a reception area, which visitors have to go through before they can enter the business. To control access, many companies use visitor passes. This not only helps employees to recognise a visitor to the company, but it also means that in the event of fire, or evacuation for some other reason, the visitor can be accounted for.Equally, CCTV cameras can have a role to play throughout the day. Watching communal areas and exterior areas as well as monitoring the entrances and exits can help the business to prevent a crime or trespass in plenty of time.Safe workers are usually more productive workers, so by spending a little time and money making sure that your building and its people are protected, you could be doing a favour for your business.

Outdoor Team Building Activities

Outdoor Team Building Activities

Outdoor team building activities are one enjoyable way to strengthen your companys communication skills and cooperative working abilities, while reducing stress and taking a well-deserved break from the office. There are lots of structured activities to choose from that are both recreational and targeted towards building these essentials for successful working relationships. Outdoor activities can take a wide variety of forms including treasure hunts, sporting events, simple games, wilderness adventures, and much more. These activities are designed to encourage critical thinking and problem solving skills, foster good communication and group interaction, and demonstrate each individuals ability to contribute to the greater whole. In addition to the benefits you will receive as a team learning to work together toward common goals, getting out for some fresh air and exercise will almost certainly be well received.Although certain types of outdoor activities will be more challenging than others, "team building" exercises tend to be designed to ensure a safe, rewarding and enjoyable experience for everyone. Activities provided by professional consultants are generally customized to suit your particular organization, and are usually flexible enough to even be moved indoors in case of bad weather. Take some time to evaluate what kinds of activities might be best enjoyed by your team, or give them a selection to choose from in order to maximize their participation in their team building experience.The advantages of team building activities are many, and the benefits are intended to last beyond the day, to improve morale and teamwork when you return to the office as well. Getting to know one another in a different environment and enjoying some humorous and successful experiences together helps relieve tensions, builds mutual appreciation and understanding, and helps team members feel like part of a unified whole. Team building activities can be used at any stage of an organizations development, from providing icebreakers for new recruits, helping a new division get to know one another, or providing some much needed revitalization for your seasoned people who could use a morale boost. Your team may enjoy the experience so much that they decide to make a habit of it, and organize bowling nights, a softball team, or get a group membership at a fitness center. The possibilities are wide open. Professional consultants who specialize in corporate organization and team building can provide many valuable and fun activities to improve your companys productivity or enhance a specific teams performance. Begin by browsing some of the services that are advertised online to get an idea of the many ways you can approach teambuilding. There is definitely something for everyone, and the gains are immeasurable. Make an investment in your people, and enjoy a work environment that is both more harmonious and productive.

The 3 Secrets of Team Motivation

Do you want a highly motivated team who don't take time offwork, don't keep looking for other jobs and make a positivecontribution to your business? If the answer is "yes," then there are three steps you needto take with each member of your team.Step 1 - Spend some quality timeI didn't say "quantity time" I said "quality time." One ortwo minutes of quality time on a regular basis are far moreproductive than a one hour review every year. You need to get to know each member of your team better andthey need to get to know you.This will help you build a positive relationship with each team member. You'll gain a much better understanding ofthem and how they're handling the job. It will also give the impression that you care about theindividual and show that you're there to help with problems both personal and business.Spending quality time will encourage opinions and ideas toflow from them and allows you to explain the company'smission. It gives them a feeling of being in on things whichis a huge motivator. It will also help you build an "early warning system" of anyproblems both business and personal.Finally, it builds team spirit and morale.Step 2 - Give feedback and coachYou need to regularly tell each member of your team whenthey're doing well and when not so well. I read some recent research that suggested 65% of employees in the US received no recognition at work in the past year.My experience tells me that it's much the same throughout the world and much worse in some countries.Some managers still believe - "why should I praise peoplewhen they're only doing what they're paid to do."If you want a happy and motivated team then you need to tell them when they're doing well.It's also important to tell people when they're notperforming well. There are too many managers who eitherignore poor behaviour or come down on the person like a ton of bricks. There are particular ways to give feedback and coachand they're described in detail in the book - How to getMore Sales by Motivating Your Team.Step 3 - Be a believerWe're now getting into the area of "Empowerment" which wasfirst introduced in the 1980's and became a bit of amanagement buzzword. However, I believe that it's one of themost promising but least understood concepts in teammotivation today.I'm a fairly down to earth practical sort of person(probably comes from my engineering background). I'm not biginto motivation theories unless I can see the benefits forme - I see a great deal of benefit for managers and teamleaders in Empowerment. Empowerment is about utilising the knowledge, skill,experience and motivation power that's already within yourpeople. The majority of people in teams and organisationsthroughout the world are severely underutilised. Your teamhave probably more to offer in terms of skill, knowledge andexperience.Put this to the test right away - implement these steps,motivate your team and achieve your business goals.

Business Team Building - What Is It?

Simply put, a team is a group of people working towards a common goal. Therefore, Business Team Building is a process that enables a group of people in a business environment to reach their goals using the team resources. It refers to the selection and motivation of your staff towards your organizations development and establishing a team feeling among them. There are several factors that contribute to business team building:Clarifying the team goals Identifying issues which hamper the team from reaching its goals Addressing issues, removing the obstructions, and enabling the goals to be achievedThe primary skills required for business "team building" are identifying and recognizing the right issues, and dealing with them in an appropriate manner. Our personal and business lives are increasingly involved with people of various cultures and diverse backgrounds and we are expected to get along with them instantly. Therefore, there is a need to adapt to these changes as swiftly as possible. Business team building can also take a different form depending on the size and nature of the team. Business Team Building The EnvironmentIn a business where the composition of the team continuously changes, such as in a project environment, business team building would entail developing the skills of individuals to become effective team members. There is a need to change the skills and abilities of an individual to operate efficiently with the team, assimilate properly with the team or within multiple teams. In an environment where the team membership is unchanging, such as in a management team, the relations between the team members have a bearing on the performance of the team. If a team member leaves or another joins, it greatly affects the dynamics of the team and there is a need to foster healthy relationships between them. Business Team Building Vital to Your SuccessThe key to the success of any business is an effective teamwork. The more cohesive a team, and the more harmonious the team environment in which people work together, the better the results you achieve. A fractured business team is a serious handicap for any organization. Business team building is vital for success because it is not natural for people to come together in a new group and hit it off immediately. Business team building starts with a common vision and a common goal, leading to functioning together to promote the best qualities of each member of the business team. Business team building involves in making the team members to stop thinking of themselves as competitors. Some of the advantages of business team building are:Implementing complex plans and strategies as work is split into different areas of responsibility, enabling the team to tackle complex problems efficiently as a group than as individuals.Networking together, the business team can come up with creative solutions. Brainstorming leads to solutions that would probably not evolve singly. Business team building is a necessity because teams are more enduring than individuals are. If one person of the team leaves, it may make the project difficult for some time, but will not cripple it.

Summary

Accounts receivable factoring is the sale of part or all of a debt that someone owes to your company. When companies purchase a debt through accounts receivable factoring, they pay for your invoice at a discount. They then collect the debt directly from the company who owes you money. Accounts receivable factoring is distinct from using your accounts receivable as loan collateral because you are outright selling some or all of your receivable to a factor, such as a bank o...