How to Choose Different Freight Services For Transportation

Most people have no idea how huge quantities of cargo is transported from one country to another. But this is no secret to freight forwarding agents who plan and execute every little detail. They investigate and plan the safest, fastest and cheapest routes for your shipment. They negotiate contracts, transportation, handling costs, customs and everything that may be necessary to deliver your cargo quickly and safely to its final destination.

With so many freight forwarding companies offering their service, it is not easy to choose one. Every company looks attractive, but not all of them deliver what they promise. As a result, delays, damages, loss and hassles at customs are common. Therefore, you should choose a company with a proven track record only. Important indicators of their excellence and reliability are:

· Possession of a valid license: Every freight forwarding company must be in possession of a valid license issued by the concerned government agency to provide their services. Any company or agent that doesn't have a license is either a fraudster or an incompetent startup.

· Credibility in the industry: Good freight companies are well known in the industry and recommended by their customers. If a lot of customers trust a freight forwarding company and use its services regularly, then you can also trust the company.

· Alliance with transport agencies: Freight forwarding requires a cooperation of a lot of people and not just in one city or country. A good company has works in alliance with many transport agencies to ensure smooth and timely pickup and delivery of cargo.

· Insurance options: No matter how carefully cargoes are handled, the chances of damages, loss and theft are always there on a long distance haul. The only to protect your cargo is through insurance. A good freight company offers its customers several insurance options to provide the best protection.

· Variety of container types: The size and capacity of containers offered by a freight company are important as they determine the volume of your cargo and the costs. Having access to several different types of containers in terms of size and capacity gives you greater flexibility and helps you save money.

· Loading services: Freight forwarding companies offer three main types of cargo loading services: warehouse loading, live loading and drop off. Warehouse loading means company takes the responsibility of packing and loading your cargo after you transfer it to the port. Live loading means you are have to pack and load your cargo into the container provided by the company at your location. Drop off means the shipping company delivers the container to your location a few to several days ahead of schedule.

· Delivery services and time: Delivery services and time of delivery are important since you want your cargo to reach the recipient in one piece and on time. You should check out what delivery services they offer before signing up.

Cargo tracking tools: Most freight forwarding companies these days have online cargo tracking services that let you know exactly where your cargo is on the way. Any company that doesn't provide a cargo tracking tool should be left out of your shopping list.


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The Role & Characteristics of a Good Digital Agency In Business

In order to ensure the success of an online marketing strategy, it is important to select the right digital agency. No matter it's about giving improvement to your SEO techniques, or developing it's a Facebook app or a new site, it is necessary to consider who you will work with. Here are some pointers that can help you determine a good digital agency that can do wonders for your business.

Has Its Own Team of Professionals

When a work is done in-house, you can expect it to be controlled properly by the professionals handling it. If an agency outsources work, the progress of the project can slow down due to communication issues. In fact, problems could also occur in case you wish to change something on the project. Additionally, in-house teams at a digital agency are expected to have total awareness of the overall project they are working on.

Offers Relevant and Quality Portfolio

For sure you would want a digital agency that can give you strong work samples from their previous clients. In fact, this agency should also have a portfolio of projects that is relevant to yours. By being able to check portfolios, you will be able to know if the skills of the agency's workforce are matched with your needs. For instance, if you wish to make a Facebook app, you should look for the agency that has the experience in developing such app.

Provides Extra Services

The services offered by a reliable digital agency are not limited to the time frame of the project you have requested. This agency should make sure that it establishes a good relationship with you being their customer. Usually, it will offer you trainings on maintaining a new venture, making follow-ups to give you technical support and offering some project code warranty.

Makes a Reliable Contact

As it is likely for internet marketing to have complications, it is imperative to pick an agency that has a project manager assigned to cater to your project needs. With this, you have a person to stay in contact with who can inform you of what exactly is going on with your project. A lot of digital agencies will have their upper-level managers giving the pitch and handing the project to a lower-level manager. You can straightforwardly ask who you must be working with.

Possesses the Best Technology

In maintaining a competitive advantage online, it is essential to follow security standards and the choice of the right agency can do the trick. This agency is expected to have the best technology that can deal with all issues in your project and make sure that progress is stable. You can ask the agency about their technology and why they prefer to use it over others. A reliable agency can surely give you the right answer.

Want to get high quality digital solutions? Visit Digital Agency Bristol office and have your digital problems solved by their professionals.


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Why You Need a Bookkeeper in Your Business Having 4 Reasons

If you have a business, it's paramount that you hire a bookkeeper. Here are four reasons why you need a bookkeeper in your business.

1. Saves you time

Bookkeepers keep books for a living therefore they are more efficient than you hence they do a task much faster that you would. In addition, when you hire a bookkeeper, you have more time to look for more customers and to seal more business deals, which increases your business profits.

Other than having more time for your business, when you hire a bookkeeper, you tend to have more time for your family and friends. This strengthens your relationship with your family and friends which makes you more emotionally stable.

2. It eliminates stress
When you hire a bookkeeper, you don't have to worry of spending countless hours trying to balance books of accounts. Among other things, a bookkeeper will track checks and other income, keep track of receivables, balance the business checkbook, follow up with billing and any collection activities, generate and maintain accurate financial statements, and pay employees.

If you are responsible of all these tasks, in addition to the day-to-day running of the business, you will be truly stressed which will interfere with your productivity; therefore, the best way to go about it is to give the responsibilities to a bookkeeper. Since bookkeeping is the area of specialization a bookkeeper, the bookkeeper won't be as stressed as you would.

3. Financial advice

Not only is the bookkeeper trained to generate and maintain books of accounts. In most instances, bookkeepers are usually knowledgeable about financial matters; therefore, you tend to gain from their knowledge. If there are problems in your business, a professional bookkeeper will notify you about the problem and give you ways to mitigate it.

Due to the advice given by the bookkeeper, you will gain more knowledge at a cheaper price compared to when you would have gone to a consultant who would have charged you exorbitant prices.

4. Keep track of your business transactions

Being unaware of how your business is performing is like driving a car while blindfolded-you always don't know where you are going. This is very tragic in business. A bookkeeper will compile all your business records and over time, you will have a data showing the status of your business.

From the data, you will tell if your business is matching ahead, mark timing or matching backwards. Other than knowing the status of you business, you also have data to present to rending institutions in case you need a loan for your business.

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Benefits of Automated Timekeeping Systems

Many companies throughout the United States use automated timekeeping services to keep track of when their employees clock in and out. Companies and employers in many different industries can use automated timekeeping; including hotels, restaurants, banks, medical offices, retail stores, construction, property management, and manufacturing. This service provides many benefits to employers, including reducing payroll error, increasing the profits of the business or company, reducing employee dishonesty, saving time, and increasing employee accountability.

One of the main benefits of automated timekeeping is that it reduces human error. Studies show that the rate of human error in time card preparation is between 1 and 8 percent. This can lead to significant losses by the employer, especially in a large company or corporation that employs many different workers and employees. A company with more employees will have a correspondingly higher number of payroll errors, which leads to more losses by the company if employees are accidentally paid too much money due to erroneous time cards. Therefore, in addition to reducing human error, automated timekeeping also helps a company maximize its profits and avoid losses.

Additionally, an automated payroll system will increase employee accountability. When employees are automatically clocked in and out, they will not be able to alter their clock-in and clock-out times. If employees are also required to clock in and out for breaks, a review of employee data will also show which employees take breaks that are too long or too frequent. Supervisors will therefore have more visibility of their employees' habits and will be able to identify the employees that are habitually coming in late, leaving early, or taking too many breaks.

Management or human resources personnel can then hold such employees accountable for their actions, either by reprimanding them or by firing them if they have committed a large number of such infractions. Additionally, the knowledge that a company has an automated payroll system will likely help ensure that employees come in on time, don't take excessive breaks, and stay for the entirety of their shifts. It will also cut down on the number of employees that fraudulently alter their clock-in and clock-out data, which will cut down on employee dishonesty.

An automated payroll system will also save time. When payroll data is entered manually by reviewing each employee's time card and inputting the data contained on it, it takes a great deal of time to do. This is especially true if a company employs many people. Companies may have to hire additional employees in order to input all of the payroll data before each pay period. An automated timekeeping system will save time because the data does not need to be inputted manually. Automated payroll systems can also save money because the employer will not have to hire additional employees to input the payroll data.

Is your business seeking automated timekeeping? Portland business owners can find information at http://www.portlandpayroll.com.

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Benefits Of Team Building Work in Sales Marketing

Benefits Of Team Building Work in Sales  Marketing:

As a sales team leader, you will always want to make suer you are doing what you can to increase productivity within your team and to get results. If you are looking to grow your company, the beginning of that growth depends on the ability of your sales team to work together and start creating a reputation for success within your market, and to start working together as a whole in order to start meeting and exceeding your goals. Motivating a leading a sales team can be hard, but you will find that with proper team building you can find your team will be more trusting of one another and that they will be better able to reach the level of success you know they can reach.

First, keep in mind that team building is about fostering the relationships and building a sense of trust and community within you team. It is not about treating everyone on the team the same or treating the team as a unit. You are leading individual people with individual needs towards the same goals and so that they can develop the same mind set. A key component to building trust within your team is open communication.

A great way to utilize team building efforts in a professional setting is to have a very open and candid conversation with your team about your goals and how you work together as a team. Make sure that you write down the main discoveries you have made from this conversation so everyone on the team can have a copy of the notes from this exercise. Talk openly about your strengths and weaknesses as a team and the strengths and weaknesses of the individuals on your team. This will help build trust within you team and help you identify the areas where your team can improve. By asking other team members to point out the strengths of different individuals within the group; you will start building professional bonds that can help your team focus on reaching their goals.

Setting goals and benchmarks is also important. Make sure they are written out in a clear manner and displayed somewhere, where everyone on the team can see them. Before setting goals everyone on the team should have a say in what the goals should be so everyone feels as though they are working to meet a team effort. Provide rewards to the team as a whole when they meet these goals so that your entire group can feel as though they worked together as a unit to get to where they want to be professionally. Team building can be possible in a professional sales environment as long as you work on playing to the strengths of your members and keep the environment positive.


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Benefits Of Chat forum Sites to Improve Your Business Marketing Style

Every businessman wants to have a successful and well-known carrier in the market especially that there are many rivals in this field. Nowadays, most of them are already marketing their products in the internet. Marketing is the language used by businessmen to show to their clients on how much their passion and love to their services. As part of online marketing, there are tools that are used to have a successful conversation with the customers which is using chat sites.

Chat sites provide a forum for individuals to negotiate about important matters especially on business ventures. Chat rooms have many uses including online marketing. It is an essential tool to keep in touch with the clients who wants to avail with the services offered. Through chat forums, the owners as well as the clients can have a two way communication to have a further understanding with the product. It is also good since it can be used to share your message with the targeted prospects so that you can have a profit. Chat sites include Facebook, Twitter, Skype or even chatting in WordPress would do.

What are the Proper Ways in Using Chat Sites?

• Use topics that are appealing to the senses of the clients.

For your customer to be interested, use meaningful topics. You should ask questions that can trigger your business. You should incorporate the important details in the process of the discussion.

• You should give your customers an incentive for further job with them.

If you wanted for the customers to still purchase a product or services from your good company, provide them with a list of contact numbers or email addresses so that they can contact you immediately.

• You should link your chat room to your social media applications.

For you to have a wide range of customers, you should create wall posts in your social media accounts in line with your business. Try to put relative pictures or videos to support your detail so that clients will become interested.

• Lastly, you should have a back up to always monitor your chat room.

Two heads are better than one, so for you to keep in track with your chat room have an active team to entertain each clients. In that way, you can merely entertain the questions so that they would feel that someone is really listening to their concerns.

How to Improve Your Marketing with Chat Sites?

• Chat rooms can eliminate sign up blockers.

It is really a big help because sign up blockers can cause big disturbance and can even consume your time closing it. Without this, you can generate the information faster according to your will in serving the clients.

• Chat sites can improve customer satisfaction.

Many wants to visit an establishment but they can't because maybe they had a lot of work to do at home or in an office. With the help of chat rooms, they are already able to direct their questions about the product that they wanted to avail. Because of chat sites, customers are given much value and a more comfortable consultation.

• It gives the business a chance to have faster product enhancements.

This is the main goal of business ventures, to have a fast and quick enhancements on the products. Why? It is because the different comments of the viewers could add up to the ideas of the team that will help them in improving their products.

If you are a person who wanted to start up a business or you are already veterans on that field, you must see to it to organize well your plans so that you can achieve the success that you dreamed of. Don't forget to include in your plans to have chat rooms to spend a quality time with your clients. Act now and choose the right live chat room package for your business.



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What Benefits For Use A Live Answering Service For Your Business

 Your customers and clients are your top priority. Without them, your business would not exist. In order to maintain a strong relationship with your customers, it is essential that you provide them with the best customer service possible, and then make sure they have access to continuous customer support. There are some situations, however, where providing access to live services 24/7 may not seem possible. While automated messaging systems and self-service systems can sometimes assist you in enabling your customers to access certain services, they are typically impersonal and frustrating for consumers. A live answering service may be just the solution you need in order to ensure that your customers' or clients' needs are addressed.Is an answering service right for you?
When determining if your business would benefit from employing the services of a live operator answering service, there are a few factors that you may wish to take into consideration.

• Does your business offer a type of product or service that customers might use during non-business hours? Products and services like internet, telephone, various types of computer software, utilities, automobile towing or road side repair are good examples of the types of products that may require a more immediate response than what an automated system can provide.


• Are you a start-up company? In many cases, newer companies do not possess the ability to provide continuous telephone monitoring due to financial reasons or lack of available employees.


• Do you have products to sell? An automated system does not have the ability to give customers the personal attention they desire when considering the purchase of a new product. Press one to purchase is not exactly a good sales tactic.


• Have you ever missed an important call? Have you failed to respond to a call in a timely manner because you didn't receive the proper information in time? Do you anticipate this ever happening? While it is true that some customer calls can be addressed with the use of an automated system, many cannot. The use of a live answering service ensures that your calls are processed as they should be so that you never miss an opportunity to provide your customers with the service they deserve again.

What are the benefits of using a live answering service?
A live answering service is typically managed from a call center where various types of call center representatives are employed. Regardless of the type of business you operate, there are a number of benefits to hiring a live answering service.

• If your business requires that call center representatives possess special technical knowledge or training, it's important to remember that many call centers offer the services of trained professionals. Additionally, they often provide the opportunity for their employees to receive specialized training so that they can become fluent in their knowledge of your specific products or services.


• Time and time again we hear that common complaint about the automated customer service systems that so often frustrate customers. Not only are these services impersonal, but they rarely address the needs of customers. The use of a live answering service ensures that your customers or clients feel that they have received personalized service that successfully addresses their own unique needs or concerns.


• When sales are involved, the use of a live answering service can be essential. The trained answering service representative can not only provide answers about specific products or services that an automated system cannot, but he or she can often use personalized techniques that encourage sales.

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Ten Important Points in a Preliminary Invention Evaluation

Here are 10 points to use to evaluate whether or not your idea is worth pursuing.

1. The product has the "wow" factor. When you have a product that does great things or meets important needs it will resonate with people. When you first thought of the idea, did your eyes open wide and did you say, "Yes this is it, I've got a great idea."
2. People agree with your premise. Brad Young, the inventor of BandZ, an ear muff with built in headphones had the premise that people find it annoying to have to deal with both a hat and headphones in the fall. Do people agree with you premise? You need to ask at least 10 people and have five agree to believe you have a great idea.
3. The product offers a total solution. Cutting the number of products required for an activity from three to two isn't all that impressive in the market, but you hit pay dirt when you cut the products needed to just one.
4. The product targets people with passion. Everyone is passionate about something and you want people you are targeting to be passionate about your type of product. When people care about a product category, they evaluate it closely, read trade magazines, go to trade shows, visit web sites and talk to like-minded enthusiasts. All that interest makes it easier for inventors to inexpensively reach their prospects.
5. The product relates to an emerging market. When the scrapbook industry started, dozens of inventors and new product entrepreneurs were able to introduce their product because there was a shortage of products to buy. That is not the case anymore, there are many established companies and the market is tough for a new inventor. Inventors have a great chance any time a market is emerging.
6. The product targets new trends in an existing market. This is similar to number 5, but it is in an established product. When golfers switched from pull carts to push carts, there were many opportunities for inventors, both for the carts themselves and for accessories such as cup holders, umbrella holders and baskets to hold supplies. I highly recommend that inventors choose one or two areas where they have a high degree of interest and the track emerging product categories and new trends. By tracking their passion, inventors will often find a winning product.
7. The product offers few technical challenges. Inventors can and do introduce technically difficult products, but this type of invention requires more money, more time and more expertise than most inventors have. Simpler products, like Rollerblades, are far easier to introduce for the average inventor.
8. Targeted customers can easily find the products. Products are easy to find when prospects can find them at specialty stores and catalogs. This is why inventors do well with kitchen products. There are many small stores that are relatively easy to sell to, and stores that prospective customers probably visit every three months or so. Eventually most inventors want to be in mass merchants, but typically they don't have the money or product success to land in a mass merchant right away. So the key is to have a specialty chain of stores, or some popular web sites or catalogs to sell an unproven product.
9. The product conveys its major benefits quickly. Complex packaging, promotion and advertising are all expensive. But they are required when a product is difficult to understand. People should be able to understand your product immediately, within two seconds and without any explanation from you if you are going to succeed. Besides consumers, both retail stores and distributors are turned off by a product they just don't understand.
10. The product avoids competitors with category dominating companies. You don't want to try and compete with Rubbermaid, they dominate the market. These companies have broad product lines and get premium shelf space and they are not above complaining about any space given to a pipsqueak inventor trying to get started. If the dominating company likes your idea, they will try to figure out a way to get around your patents, and they will have lots of resources to come after with you.

This evaluation helps you decide if your product is worth developing further. This helps you decide if you should invest in a patent and prototype and spend three to twelve months developing your idea.

Don Debelak is a well-known invention expert who has worked with new products and inventions for over 25 years and is the author of four of the best-known invention books of the last 15 years. Don runs the One Stop Invention Shop, http://onestopinventionshop.net, with a team of expert associates. The One Stop Invention Shop provides great service along with lots of free information to help inventors.
Don Debelak is also a registered patent agent and offers a variety of patent services through http://patentsbydondebelak.com. Don offers free 15 minute consultation to new clients.

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What To Look For A Corporate Party Planning Companies

There are many decisions to make when hiring corporate party planners. Budget is a consideration, but what are more important are the outstanding qualities a professional event planning company must have. The most important qualities needed are flexibility, people skills, organization, passion, and time management, yet there are many more.

Planners need to be flexible. Things will always change without warning. A planner needs to be able to think on their feet and react quickly to situations. They also need to be responsible regardless of what is going right or wrong. The success of the event is the planner's responsibility. They have to coordinate responsibilities and manage teams simultaneously.

Communication is a big component of appropriately planning an event. Ideas and vision need to be openly shared with the team. Communication needs to be respectful to all involved in the planning, no matter their title or rank.

Talking down to any person creates a bad atmosphere that is not conducive to accomplishing an event. Every person on a team has their part, and it leads to the success of an event. Criticism should be accepted by planning leaders and they need to be open to new ideas by team members and the company that hires them.

A planner needs to listen and understand what the hiring company is looking to achieve with their event. They also need to be able to convey the concept they are cooking up when selecting and negotiating deals with vendors.

Constant communication with the hiring company is also important. They need to stay updated on what is going on with the event planning, what the costs are, and any ideas or changes that will be made.

Excellent time management is a big requirement. The planner needs to have the ability to coordinate themselves and the scheduling of an entire team that will be helping with the event. The method is planning, re-planning, and scheduling.

Being resourceful is a very important quality in a party planner. They need to have a lot of experience in order to have the ability to creatively fix problems in real time. It can be as simple as needing a piece of tape or as complicated as redoing an entire decor section. Planners need to be resourceful and use what is available at the time.

This includes the ability to pool together individuals needed to get the job done. Passion is important in order to overcome the problems that will always occur while planning. Passion also gives planners the ability to overcome obstacles even if there is no easy solution. This is something innate in a planner that cannot be taught.

Jointly maintaining a strong will and a level head is another important aspect of a party planner. They need to carry out their vision and push the people around them to act in a timely fashion to accomplish it. Problems and issues should be resolved quickly.

Planners need to be able to remain calm when things go wrong. The team should look to the lead party planner for all aspects of the event. They need a strong leaders, not an uncertain one that makes rash decisions because the pressure gets to them and causes them to perform poorly.

An event planner needs to be able to be an expert contract negotiator with venues and vendors. There are to keys to an event - satisfaction and budget. A great event with superior satisfaction is unsuccessful if it goes way over budget. This means a planner needs to be able to barter with vendors in order to get the lowest rental price available to meet the budget needs.

James Event Productions is a leading event production firm in Southern California, providing a full range of event services for companies, non-profits, schools and organizations. They have produced over 14,000 successful events in our 25 years in the event planning business and pride themselves on taking care of every detail - from planning to execution. There are truly no limits to what a James Event can be. They provide insurance, guarantee safety, are professionally trained, have an alcohol license, and own exclusive private locations for all kinds parties to take place. They can host corporate events, picnics, school events and carnivals, and non-profit events. Visit their website at http://jamesevents.com/.

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Uses of Centrifuges Devices In Clinical Field

Centrifuges are essential devices for all clinical and research laboratories. This lab equipment serves to separate sample components of different densities in an efficient manner. High speed centrifugal force is used to separate the mixtures and liquids. Modern centrifuges come in a variety of models and capacities and equipped with advanced features such as heating, refrigeration, robotic control and more.

Applications of Laboratory Centrifuges

Medical laboratories utilize centrifuges to analyze blood samples and other substances of different densities. Depending on the specific gravity of the components, the materials are separated into individual components using high speed centrifugal force. This operation leads to the heavy particles of components settling at the bottom and lighter particles rising towards the top. Some of the major applications of this lab equipment are as follows:

    Clinical and research laboratories use this device mainly to analyze blood plasma and serum by spinning the sample tubes for a specified period of time.

    High speed centrifuges are mostly used in blood banks. They are used to separate various components of blood such as plasma, serum, platelets for direct transfusion. In most cases, patients admitted in hospitals or emergency rooms will be in urgent need of different components of blood.

    Another important application of laboratory centrifuge is related to urinalysis. It is used to segregate the different components of human urine. The procedure involves spinning the urine down in a separate tube and examining the resulting material via a microscope.

Centrifuges are basically made of plastic or metal and are compact in design. The bottom part is built to ensure stable operation. They also function at two different speeds - low and high and are timer controlled. Having timer is a convenient option especially when the uses include long time hours for separation of ingredients.

Popular Models of Centrifuges

Leading manufacturers offer floor-standing and bench top centrifuge models. It is important for laboratories to consider certain factors such as performance requirements, laboratory space and budget requirements before selecting a specific model. Some of the popular models wide in demand are - Myfuge Centrifuge, C5 Centrifuge, Octafuge Plus Centrifuge, M24 24-place Hematocrit Centrifuge, Octafuge Plus 220V Centrifuge and more. Most of these lab equipment models offer advanced features such as angled head rotor, blue LED power indicator light, Suction-cupped feet to prevent slipping, auto-off 30-minute timer with bell, and more.

Reliable lab equipment supplier for purchase

Find a reliable lab equipment supplier offering popular models of centrifuges. Locate an online equipment store to buy products suiting your individual requirements. Reliable dealers provide both new and recertified centrifuges at cost-effective rates. Such dealers also provide timely and efficient equipment installation, repair and maintenance support.

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Tips For Planning A Successful Corporate Event

Tips For Planning A Successful Corporate Event:

Planning a huge corporate event is a daunting task. Whether an employee was just assigned it for the first time, or they are the company's official event planner, it is never easy to throw the perfect event. There a few basic tips to follow when planning an event. No matter what the situation, it can be more beneficial to hire professional corporate event planners.

First, there needs to be a theme. This will set the tone of the event and give a planner a starting point when picking the food, music, decor, and more. It must be appropriate for the crowd that will be in attendance. A planning company can give great advice on an appropriate theme, and can take off with the rest of the event planning once a theme is giving.

A preliminary budget must be set. Determine how much can be spent on food, entertainment, rentals, and other additions. Compare this price to a professional planning company's fees. If a pro company can fit into the company budget, it will be much easier and cheaper to go through the company as opposed to handling little details individually.

Appointments must be made to view locations and meet vendors if the planner does not hire a professional planning company. Rental costs must be discussed, along with what is included in the fees. Figure out the hours available with the rental and when a team can come in to set up decor and other things like food and music.

Figure out if the venue provides a caterer. If not, meet with caterers. Some venues require the clients to bring in outside security. This prevents liability and party crashers. A licensed bartender needs to be hired if the venue does not provide one. Find out if any decorations are supplied or if others must be provided. The same goes for plates, cups, and silverware.

Finalize a menu and determine the timing and manner of serving. This means choosing between a buffet and a plated meal. This also means choosing an appetizer or dessert bar. Exact details and timing need to be figured out. Contracts need to be signed with the caterer and other vendors involved in the event. Make sure a copy is received for company files.

After all the vendors are chosen, a to-do list must be made. Details that are time sensitive must be put on this list, such as buying decorations that match the theme and sending out invitations in a timely manner. Create a countdown and stay on top of the details. The week before, the list needs to be attached to the hand and triple checked.

There are many tiny details that are easy to forget. It can also be hard to manage the event when in attendance. Taking on event planning is very stressful and can take away from employee's work. This is why hiring an event planner that does corporate events professionally can be a huge time saver and stress reliever.

A professional planning company knows every detail that needs to be accomplished. They are experienced in crisis management so any last minute problems that arise can be easily rectified. When an employee has to plan, these problems can be hard to resolve in a timely manner.

Another huge benefit of a professional company is their contacts. Finding vendors that do not have hidden charges or missing services can be tricky. Booking them on the same day can also be difficult. Professional event planners will have a rolodex of contacts. They will make sure all areas are covered with these vendors and can also get businesses a cheaper rental rate.

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The Role Of Carbonless Forms to Save Paper, Time and Money For The Most Successful Businesses

The Role Of  Carbonless Forms to Save Paper, Time and Money
Carbonless forms, or NCR forms are increasingly the most popular choice for businesses who want to save time, money and paper. This amazing paper gives companies all over the world the ability to make excellent quality copies of business information, without additional expense or wasted time.

For many companies, their internal systems require the sharing of vital business data. This data needs to be duplicated and sent to various departments within the company. While much of this can be done with computer systems, there is still a very real need for paper records, and this is where NCR paper comes in.

NCR paper, or 2 part paper, can be used to make perfect copies of the vital business data that needs to be preserved and passed on. Because the paper is so inexpensive and robust, and the copies are so accurate and long lasting, it is a trusted method of making duplicates, much more reliable than the old fashioned carbon paper.

Not so long ago, carbon paper was the main choice for copying data. It produced copies, but often the carbon copies smudged, and over time the copy would become faint and hard to read. The copy paper was often flimsy too. NCR paper deals with all these issues by providing companies with strong paper, durable copies and a very cheap alternative.

Another reason NCR forms are so popular is because they can be printed with the company logos and information, making them bespoke. Now companies can have their invoices, orders, sales sheets and requisition forms done with logos and all the detail they need.

Now the new NCR forms can be printed out too, and they come in 2, 2, and 4 parts so companies can have the flexibility and choice they require. For some companies the need for NCR forms is a money saving exercise. Printing additional copies of documents on a laser or inkjet printer can be a costly exercise, especially if hundreds of copies are being made every day. The additional cost can build up to significant amounts of money over the course of one financial year. These savings are helping companies to streamline their paper usage, cut down on wastage and reduce their overheads and stationery costs.

The NCR forms also save time. They do not require the work of employees having to duplicate the same information over and over again. The information is entered once, printed and the copies are made simultaneously. The savings companies have made, in terms of staff time, have been huge.

This method allows companies to make and keep perfect copies of their vital business information. It is easy to store, robust,and will not fade or get damaged over time if it is stored correctly.

Companies using this type of duplication find they are able to function better, with error free flows of communication between departments and huge savings on time and expense.

The majority of companies choose to have their NCR forms custom designed. They look extremely professional and add an air of high quality to the company. This is particularly important of certain copies are being sent to customers. Image is so important and companies want to know they are sending their customers good quality, valuable information.

If you are considering how your company can make efficient and accurate copies without spending too much time or money, you should consider NCR forms.

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The Role & Duty Of A Business Analyst

The Role & Duty Of A Business Analyst:

A business qualification can open a large number of doors to in your professional life. In business, there is an ever-expanding variety of job roles that mean there are now more options than ever. In this article, I am going to examine the role of a business analyst and explain exactly what their job role is, what they do on a day to day basis and also answer some frequently asked questions.

The role of a business analyst is ever changing and ever expanding; it can vary greatly depending on the organisation that you work for as well as the current project being worked on. Generally speaking, a business analyst acts as the liaison between people with business problems and technologically oriented people with the knowledge to create automated solutions to these problems. The role of a business analyst really integral to any project team as they are the individuals that are tasked with understanding specific business needs, determining and documenting accurate requirements and finally presenting these findings in a way that is agreeable to all stakeholders involved in the project.

This may still sound a little woolly so we can break it down a little further to examine the type of things that they spend their days doing.

Investigation is a big part of the job role. They need to understand the goals and issues of a particular project or scenario. A lot of this is done by asking questions, the rest is done by more traditional research methods such as conducting interviews and looking at secondary research.

As you might have guessed, business analysts also spend a lot of time performing analysis. Most of this will be analysis of data that has been personally collected. The purpose of this is to identify any emerging patterns or trends. The idea behind this is that these patterns and trends will then form the basis of your solution or resolution of a particular project.

Communication is also a huge part of a business analyst's day-to-day activity. This is more than just speaking to people, mind you. Business analysts are expected to pick up on both verbal and non-verbal messages, encourage open communication between stakeholders and communicate any findings to those that will be responsible for building the final solution to a project.

Documentation of findings is a time consuming but absolutely necessary part of a business analyst's job role. Without documentation, there would be no accurate record of their analyses or the things learnt and observed from them.

Evaluation is the final step in the process and it's an important one if you're a business analyst. It is in this step when the final solution is selected and put into action. At this point, the business analyst must present any meaningful findings, as well as offer his or her opinions on the best course of action moving forward; although ultimately the final decision may not lie with them. After this, advice will need to be offered on the best way to implement this strategy.

Having read the above, it should give you some idea of the qualities needed to be successful in business analysis. The most prominent ones are communication skills, a love for data, information and analysis and a passion for the industry that you're working in.

In the UK, they have an average salary of £47,500 so it is a potentially very lucrative role to get into. As well as that, it is an interesting and varied role, which is an added bonus.

Thanks for reading.

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The Importance of Hiring an Event Planner In Business

The Importance of Hiring an Event Planner In Business:
Orange County is home to a multitude of Fortune 500 companies. There are also international business headquarters in the area. This means that any corporate event that is to be planned in the area needs to have a wow factor. This is hard to accomplish by assigning employees party planning tasks. This is why it is important to hire event planners in Orange County.

Companies may try to avoid hiring an event planner. They think that assigning employees certain tasks to pull off a corporate party will be enough to get the job done. However, there are many tiny details that can be forgotten when a non-professional is planning an event. It can also be hard for employees to coordinate with each other.

Putting all the work on one employee is not an option either. It will seriously detract from the work of employees if they take time out to plan an event, which can ultimately hurt the company's tasks and processes.

There is also more than just getting the job done. There needs to be an impact, an impressive factor that makes people remember that event. It is an opportunity to represent the company in the most positive and generous way possible. The opportunity needs to be taken advantage of.

Professional planners can also organize a spectacular event in less time than in house employees can, since they will be balancing their work duties and event planning. They have the experience to get the job done in a timely and cost effective manner without breaking a sweat. Employees will be stressed out and may end up disgruntled at the end of planning.

Event planners have a huge rolodex of contacts for venues and vendors. They will consult with management and figure out exactly what the company is looking for and what the budget is. From there, they will flip through the rolodex and find the best vendors for that vision and price.

Another benefit of event planners is they have deals made with certain vendors in their list. Since they are constantly planning events, they partner with vendors and give each other business. This means they can secure lower rental rates and free extras that employees could not do on their own. Hiring an event planner can actually be a cost effective option.

Event planners have extensive knowledge and wisdom gained from the experience of years of planning events and parties. Planners know the latest trends, newest venues, hottest colors, budget-saving secrets, and details that companies often look over when they only plan a couple of events annually.

No matter how well an event is planned, there will always be problems that occur up the last minute. Employees will not be able to handle these problems in the best way. It can also cause stress and possible undesirable scenes at the party. An event planner has years of experience that give them the ability to quickly react to and solve problems that come up at last minute.

Guest should not be aware that there is any problem going on behind the scenes. Employees may not be well adept and covering up those issues. A planner knows who to call and how to remedy the situation quickly. Planners resolve with their resources to keep the event on track.

A planner is an extension of the company. They do all the heavy lifting for the event so employees can enjoy the event as they are meant to. A planner allows all employees to network effectively and make favorable impressions. They get to know the company throughout planning in order to accurately represent them.

James Event Productions is a leading event production firm in Southern California, providing a full range of event services for companies, non-profits, schools and organizations. They have produced over 14,000 successful events in our 25 years in the event planning business and pride themselves on taking care of every detail - from planning to execution. There are truly no limits to what a James Event can be. They provide insurance, guarantee safety, are professionally trained, have an alcohol license, and own exclusive private locations for all kinds parties to take place. They can host corporate events, picnics, school events and carnivals, and non-profit events.

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The Importance & A Guide to ECommerce Packaging

Importance of Packaging:
The modern logistics system is the lifeline of almost every business on this planet. And this lifeline depends on the quality of packaging for the goods to reach its destination in one piece. Proper care and precaution is necessary to make sure the cargo is able to handle the stress of the journey. Just transporting goods from one end to another is not enough to compete in today's modern logistical services. Customers want their precious orders wrapped in sturdy packaging, which will guarantee a product's safety.

Characteristics of good packaging:
Packaging for any business model should involve the following:

1. Durability:
The material in which you are packaging a product should be durable. The external packaging material should be able to withstand the wear and tear of the journey and the handling personnel. If your outer packaging is durable, you can be sure that your cargo will reach your destination intact. Make sure that you use packaging that is structurally strong.

2. Weather resistant:
The packaging material should be able to handle all types of weather, normal or extreme. As the content has to travel great distances across various climate conditions, your courier package material should be weather resistant. It should not tear itself or become brittle in adverse weather conditions. Even more care should be taken when you are couriering edible items across geographies. Weather resistant materials will ensure that your customers will get their precious cargo in one piece and in good condition. Most of the logistics companies already have standardized quality weather resistant packaging.

3. Confidentiality:
As far as possible, you should avoid shipping confidential and sensitive cargo and data over the usual courier service. The chances of risk and misplacement are greater if you don't enforce proper security mechanisms. Many courier services provide specialized services only for confidential and sensitive cargo and data. Adequate security measures are put in place while in transit. These firms normally charge a premium for their services and it is worth the money.

4. Special care:
Some items require special care when packaging. Items like electronics and gadgets are of top priority. Additional focus on sealing should also be maintained.

A. Electrical items
Electrical items usually require special bubble filled wrapping materials. The bubbles are intended to protect the items from damage in an unintentional drop. As these items are very expensive and easy to break; they often need careful handling, packaging and transport. Established logistics service companies, as part of their courier offerings, have specialized bubbled filled covers.

B. Sealing
Even the strongest packaging materials fail due to lack of proper sealing. Every business should ensure that all the all the open areas in a package box are tight and adequately sealed. In case of doubts over structural integrity, you can even reseal the package multiple times.

For Example:
Imagine you have packed your electrical gift in a bubble wrapped package box, but did not seal it tightly. How will you feel when the content drops off in between transit?

Most of the above tips are the norm in an established logistical service company. Ensure you deliver your package for transport after following the above tips.

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Important Reasons For Hire A Digital Agency To Promote A Business

Important Reasons For Hire A Digital Agency To Promote A Business:


For many people, the digital agency concept could be a new thing. This is an internet company that is helpful for businesses that need help while they are putting their business online. Here are some of the reasons why businesses should get the services of a digital agency instead of hiring three companies that offer separate online services.

Cohesion of Business

In terms of the World Wide Web, a lot of businesses will take advantage of web designing, online marketing and web development services if they have the right budget. These services are offered by three different agencies that deal with everything related to a website or advertising campaigns. Through the help of a digital agency, a business will get all three services in one. A project manager will be assigned to the business to supervise all of the website's aspects together with its marketing and design. With this, the business does not have to waste a lot of time in communicating with three separate agencies.

Message Organization

Every business needs to have its own concept, message and logo as they want their customers to recognize them. With a digital agency, its message will be sent directly to a single agency. This will minimize possible confusions on the part of those who will make the message heard. This is because regular meetings will be held by the project manager together with the designer of the website, advertising team and developer ensuring that the core of the business is portrayed throughout its internet activities.

Search Engine Optimization

Any digital agency is expected to offer search engine optimization. With search engines utilizing complex algorithms in deciding the site that must be shown to internet users, it is important for companies to ensure that they will have optimized websites. This will guarantee the visibility of their business over the web. Optimizing a website is quite complicated and this can only be done by professionals. A digital agency has its own search engine optimization specialist who will assist a business in ensuring good website performance.

Getting the services of a digital agency over three different companies is beneficial for businesses in many ways especially in terms of internet strategy and website management. You can contact an agency now so that you will know what exactly must be done for your business online. For sure, you do not want to mess up with your business techniques as you try to give them to three agencies that offer separate services.

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How to Find the Right Manufacturer For Business

How to Find the Right Manufacturer For Business:

Unless you plan on manufacturing your product yourself, or plan on licensing your product, you will need to find a quality manufacturer to handle production of your product. So whether you are contract manufacturing, private-label selling, or forming partnerships, you will need to find someone who can cheaply and effectively make your product. Of all the inquiries I get from inventors, finding a manufacturer is probably the inquiry I get first.

Step 1. Be sure you know the production term for your product. For example, is it extruded plastic, thermoset plastic, machined, stamped and a host of other terms that distinguish different ways to make products. You will have trouble finding the right manufacturer without being able to describe the production process accurately. If you don't know the process name itself try contacting these groups:

    Your local inventors club, which you can find on the Inventor's Digest website. These groups typically have monthly meetings and they often have protoypers or other engineers who attend who can help you understand the process needed to make your product.
    Your local SCORE (Service Corps of Retired Executives) organization. This organization typically has several retired plant engineers or related people that can help recognize the type of production you need to make your product.
    Your local small business development center. If your local group can't identify the process they normally can direct you to someone who can.

Step 2. Find potential manufacturers. I found the best ways to do this are by:

    Check the MacRae's Bluebook which lists manufacturers by state by category.
    Check the Thomas Register which also list manufacturer by category.
    Look for trade associations for the industry which will typically have a membership directory. For example do an Internet search for plastic injection molding manufacturing trade associations. Most of the time you find a trade group that most of the manufacturers belong too. If that doesn't work you can also search for trade shows for your type of manufacturing. These are typically run by the trade association, where you will find a member directory. If those tactics don't work, you can also check at larger libraries in your area who might have the Book of Associations to find the right group for your product.

Step 3. Shortcut - Rather than contacting companies and evaluate whether or not they could make your product, I've found it useful to contact instead companies that make the equipment needed to make your product. For example, if your product requires injection molding equipment, contact manufacturers of injection molding equipment and ask the salesperson there to recommend people in your area that have the right type of equipment. You can also tell the person that you are looking for companies that would produce small run. The salespeople selling the equipment you need a manufacturer to own often give you the best list of manufactures to contact.

Step 4. Call companies, see if they can produce your product and get an estimate for small and medium volume production appropriate for your part. If could be an order of 500 and 2500 parts for one product, and 50 to 5,000 for another. This way you can see if the companies might be a good fit for you. Don't be discouraged if companies don't want to quote you. Just keep calling till you find one that wants your business.

Step 5. Try to determine if a manufacturer has an underused plant. Every manufacturer has overhead, or fixed, costs (i.e. salaries, rent, and phone bills) that they need to pass on to the products they produce. So the fewer products they produce, the higher overhead cost per product. Usually these will be the manufacturer that can offer you the shortest lead time to fill your order.

Now it may seem that you will want a manufacturer that is running their plant near capacity to have the lowest overhead cost per product, but what is good in finding a manufacturer with an underutilized plant is that they will want your business and should be willing to make concessions. For instance, if you can have extended terms for the first six months to a year you will need much less operating capital. Or you could get whatever start up costs they have amortized, which mean that for the first run of your product, the start up costs are spread out on each product produced as a small fee. All of these concessions can make a big difference for an underfinanced inventor.

Step 6. Consider the manufacturer's financial status. While you want a manufacturer with an underused plant to offer you concessions, you don't want a company that is about to go bankrupt. Request a financial statement from all of your potential manufacturers. Then find an experienced business person to review this document with you. If the company is in financial trouble, it is probably too risky for you to produce your product with them.

So in a manufacturer you want to find a plant with all of the right equipment that is not running near capacity, but not so slow that they are in financial trouble. This may seem difficult to ascertain, but by following the above steps you should be able to find out all of this information from them. Don't be shy in calling companies, they usually tell you much more than you would expect.

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How POS Systems Help You Make More Money

We all know how multi-dimensional and multi-faceted POS systems are! Either of us is equally aware of the way point of sale systems have revolutionized the retail sector and the business operations that it entails. A more educated approach towards the overall application of the POS systems on your business moves and operations will only result into something far more fruitful and profitable in terms with your business.

Whether you handle one location or many, whether you do it online or within the physical confines, either you have some business operations outsourced and some inbound you can really train your POS system (literally!) to maneuver operations and manage processes in a very professional and human error-free way. Today, POS systems have had a seamless integration of many business extensions into it. Keeping records to accepting payments to tracking consumer habits every possible business operation done right away from one multi-functional business asset.

1. POS systems have made possible faster, more reliable checkouts for retail and hospitality industries. Since, they are so multi-functional and diverse in the operations rendered by them they cause less manpower to be employed simultaneously. As a result, you shell out less monthly and, probably, spend peanuts over the periodical maintenance of those POS systems. Studies have directly interlinked faster checkouts to happier customers. Happier customers obviously translate into loyal customers, creating a solid fan base.

2. POS systems have been the most helpful in the inventory tracking and management area of a retail store. As opposed to those paper-driven tracking days, POS systems make it absolutely conducive not just for the store manager or retail owner but to the environment as well by keeping a digital record of the sales events. Digital data suffers next to nil tampering and can be effectively reproduced anytime anywhere. Paper costs, maintenance costs, extra space costs all eliminated.

3. When you've tracked your inventory well you are, by default, in a discerning position to infer a lot from the sales track and inventory levels. Obviously, it becomes easy to gauge which item has had the most sales and which hasn't, whether your inventory levels match up to your sales executed or no and effective re-filling of those inventory items. This way you spend less on not-so-required items and keep a thorough check over your inventory to evade any hidden losses.

4. Now POS systems are in a better way to track and understand a particular customer's buying habits. Loyalty programs keep a sales record with respect to a particular customer and know what the customer usually opts for, or even his likes/ dislikes. Likewise, based on their shopping credit, extra points can be allotted to them for redeeming it later. POS systems instantly update to discounts, promotional codes and any other such activities thereof deployed by the retailer. So at the checkout points, the items are effectively bought off.

5. And the fifth way POS systems make you earn more money is by the online integration. Now almost every other store has an online interface for the customers to buy their desired items from the comforts of their own bedroom. Online POS integration makes order placements, payment transfers and effective follow back with the customer more easy and successful. Apart from your physical store, an online shopping portal, of course, is an extra source of revenue generation without the added costs of space and maintenance.

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4 Steps to Better Inventory Management and Control In Your Small Business

Inventory - A Bad or Good Word?

The word "Inventory", according to Merriam-Webster, is simply defined as a list of goods that are in a place, such as a business location or warehouse. But many business owners know that inventory can be a vastly more complex resource to manage and control successfully. Companies often over-invest in inventory for the sole purpose of ensuring that they are not "out of stock" when a customer wants to buy, or a manufacturing operation needs to build, products offered for sale.

Cash - The Finite Resource

Over time, in addition to tying up valuable cash resources, poor inventory management often results in companies having too much of inventory they do not need, and not enough of that which they do need. This often results in purchasing more inventory in response to immediate requirements, without considering the wisdom or necessity of purchasing inventory on an emergency basis. For instance, it is not uncommon for purchases of materials to be made, when the company already has the materials in stock. In environments with challenging inventory management problems, the company often does not know exactly what inventory is in the building, or the warehouse people can't find the inventory they are trying to pick. This is a common problem with many variations, all of which are usually a waste of time and resources.

Persistent overbuying is often followed by under-utilization, devaluation and eventual obsolescence of inventory the company probably should not have purchased in the first place. Eventually, many companies find they have so much cash tied up in useless inventory providing no "return on investment", that other parts of the business begin to suffer cash resource shortages. While this pattern does not apply to every business with inventory, it is certainly a familiar story to many small and medium businesses, especially those that are struggling, or go out of business due to cash flow issues.

The Quick Fix

Many business owners, faced with greater awareness of inventory management problems, immediately begin searching for, and acquiring, quick-fix solutions. They often hire more people; purchase limited-function inventory control or bar coding software; fire suppliers and hire new ones; and issue edicts about maximum inventory spending levels, all with the laudable goal of quickly fixing inventory management issues. But acquiring a solution before understanding the problem is a bit like buying shoes before knowing the required shoe size. Likewise, the probability of actually solving inventory control problems successfully with this approach are about the same as getting the right shoe size in such a scenario... about 1 in 10.

Cause & Effect

Before diving into inventory management solutions, it is important to have a thorough understanding of the causes and effects of inventory control issues within the business. Here is a step-by-step approach toward framing inventory problems in relatively simple, manageable increments. The results of these information gathering steps (which should be formally documented) can later be used as input when evaluating and prioritizing potential remedies to inventory management and control issues.

Discovery Mission

There will be a temptation to try and solve problems as they are encountered and discussed in these steps. But the key objective in this phase is to gather and quantify information, not to deliver solutions. That will come later, once a full understanding of inventory-related issues and requirements have been thoroughly discovered and vetted.

The 4 Steps

Here are 4 steps that can be undertaken immediately by companies ready to improve their inventory management and control practices:

1. Defining the Problems

The first step involves creating a list of inventory problems by department. This is a bold step, because it involves asking employees and managers the question: "what's wrong with this picture?". But even though they might not talk about it openly (without a little coaxing), employees are often the best source of information regarding what works and what doesn't within small companies. There may be a temptation for managers to "fill in the blanks" on behalf of their employees, or marginalize their input altogether. While it is certainly the owner's prerogative to decide how to proceed in this area, the best information comes from the people who actually execute the work on a daily basis in each department.

So, the best approach is to call a meeting (or meetings), bring a yellow pad, ask employees how inventory control problems affect day-to-day operations, and write down everything they say. Depending on the industry served by the company, feedback such as the following will not be uncommon:

Sales - "We're losing deals because we can't deliver what the customer is buying".

Marketing - "Our promotions are ineffective because customers get excited about, and take action on specials, only to find the products we're promoting aren't available."

Purchasing - "We're spending a fortune on freight because we buy so much inventory on an emergency basis. We also routinely have suppliers drop-ship parts we actually have in stock, because the service techs can't find the parts they need before they leave for the customer site."

Warehouse - "We never know what we have and what we don't have, so we often think we can fill an order completely, only to find out at the last minute that we can't, because of unanticipated inventory shortages. That requires us to start the pick/pack/ship process over again so the shipping paperwork is correct."

Manufacturing - "Our production plans are always a mess, because we'll plan and begin a production run, only to have to take the run offline because we're missing a critical raw material. This stopping and starting of production jobs is killing us in unproductive labor cost and diminished productivity".

Accounting - "Our invoices a getting paid more slowly because we partial-ship most of our orders, and our customers have to take extra steps to reconcile multiple shipments against their purchase orders. Too often, our invoices wind up in the customer's research pile, instead of being processed smoothly and quickly".

2. Quantifying Inventory Management Problems

This step involves quantifying and applying a dollar value to the inventory management problems outlined in Step 1. It's a more challenging step, but it has to be done, and the results will help prioritize issues and (down the road) measure the value of potential solutions against the cost of the problems. It will also provide a reality-check against management's perception of how inventory issues are really affecting the company. Relevant questions to employees might include the following:

Sales - "How many deals have we lost in the last 90 days due to stock-outs, and what is the dollar value of those losses?".

Marketing - "How many promotions have missed their targets because of delivery problems, and what is the value of those promotions?".

Purchasing - "How much have we spent on emergency freight shipments due to raw material or finished goods shortages?".

Warehouse - "How many orders are we unable to ship on time, and complete because of finished goods or packaging material shortages?"

Manufacturing - "How many production runs have been pulled offline because of unexpected raw material shortages? What is the value of labor and equipment downtime due to production interruptions relating to inventory shortages? How is our production capacity being impacted by inventory-related issues, and what is the value of that impact?".

Accounting - "How are payment delays relating to inventory shortages affecting aged receivables, and what is the value of those payment delays?".

3. Calculating Inventory Turnover Ratio

Although there are variations for different industries, the inventory turnover (or "turn") ratio provides a key indicator as to how quickly inventory is being utilized or sold over time. Inventory turnover is the number of times inventory is sold or otherwise consumed (i.e. used in manufacturing) relative to cost of goods sold for a particular accounting period.

Optimal Inventory Turn Ratios are usually unique to specific industries and the nature of products being sold. For instance, high value inventory such as real estate properties or expensive medical equipment may not move (or turn) as quickly as products characterized by lower dollar values and higher demand per capita. Still, Inventory Turn Ratio is an important metric for any company investing in inventory.

The most common calculation for Inventory Turn Ratio involves two variables: Cost of Goods Sold, and Average Inventory Carrying Cost, both measured during a common reporting period. For instance, in order to calculate the Inventory Turn Ratio for an annual period, the total Cost of Goods Sold (from the Profit and Loss Statement) for that annual period should be determined first. Then, a calculation of the Average Inventory Carrying Cost per month should be made. This can be accomplished by averaging the Inventory Asset value on the balance sheet for each month in the same reporting period as the Cost of Goods Sold value from above.

The actual Inventory Turn Ratio calculation is then: Cost of Goods Sold ÷ Average (monthly) Inventory Carrying Cost for the same reporting period. For example, if a company wants to calculate the Inventory Turn Ratio for the year 2012, the numbers might look like this:

2012 Cost of Goods Sold $2,156,000

÷

2012 Avg Monthly Inventory Carrying Cost 310,000

=

2012 Inventory Turnover Ratio 6.96

Preliminary Indicators

We will address how to analyze the results of this calculation more thoroughly in another article, but here are some general guidelines to consider:

Low Ratio - A low inventory turn ratio (say, under 5) may indicate inventory overinvestment, reduced demand for certain raw materials in manufacturing (perhaps due to redesigned products), or not enough sales relative to the average inventory carrying cost.

High Ratio - An excessively high ratio (over 17) may indicate that the company is not keeping enough stock on hand to meet demand, possibly spending excessively on emergency shipping costs or drop-ship fees, or simply failing to meet its delivery obligations due to inadequate raw material, finished goods or packaging inventory levels.

4. Valuating Devalued Inventory

As a final step in the initial investigation and quantification of inventory management problems, it's time to take a realistic look at the lost value associated with obsolete, slow moving and scrap inventory. This involves calculating (or estimating, if necessary) the difference between the amounts originally paid for the devalued inventory still on-hand, versus the present value of the same inventory.

For a business owner, this can be a painful assessment to make, because it essentially measures dollars "flushed down the drain" as a result of poor inventory management and control practices. But it should also serve as a catalyst for making changes that will be positive for the company, now and in the future. As with most other aspects of managing a small business, owners must be willing to face reality in order to solve the company's management and control problems.

As a word of caution, it is very important that the company's CPA or tax advisor be consulted before making adjustments to the inventory carrying cost reflected on the company's balance sheet. There may be a tax implication (positive or negative) that will need to be handled properly. But there's no harm in determining the value lost from obsolete, slow moving and scrap inventory. In fact, it's a key indicator that owners committed to change will want to measure and understand the nature of.

Understanding and quantifying inventory management issues thoroughly is an important first step toward positive change and improved use of the company's capital resources (specifically, cash and inventory), and most importantly, people. It helps owners, managers and employees become more knowledgeable about inventory control challenges, and prioritize which inventory management issues need to be addressed first. It also sets the stage for better inventory management and control practices that will benefit the entire company in many ways, both tangible and intangible.

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