Article Online: Business Management

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24 June 2009

Are You Throwing Away Free Information That Can Set You Apart From Your Competition?

By Andrew Carter

The Author of the most practical business book - Secrets To Retail Riches – provides the following article on the most effective way to Educate yourself on your industry and your business. For more information on how best to generate far more income for your business whilst working less then you are actually doing now, go to www.specialtyshopsuccess.com

Education

It is vitally important that your knowledge remain up to date with the products you sell and the industry you are in. It is this knowledge that makes the difference between you and your competitors. It is what helps sell you and your business in the selling process. It allows you to remain competitive even with a higher price structure.

I was very fortunate in that I had been looking at various marketing systems for a long time before I started my business. I ended up investing heavily in books on systems and techniques. I traveled interstate to complete a short course on it, knowing how vitally important it is to get that part right for my business to succeed.

Realizing my general business knowledge was lacking, I completed a small business management course and then started my business.

I was lucky that I had the time to do these things. Once in business, spare time is a rare commodity. Once you are in business it is very difficult to find time to do the courses I did.

I took all the information I had read and used and discovered through trial and error. What worked well and could be used in any business, I kept and refined. What didn’t work (and that was most of it) I left out. How did I know what worked? By testing and measuring at every stage.

Even when I was in business and had very limited spare time, I continued reading any marketing books I could get my hands on. I continued reading all magazines and journals associated with the industry I was in. I made the time to keep myself up to date and educated – and you must do the same.

What resources are available? –

I am always amazed by the number of businesses that receive information literature from suppliers and just throw it away stating that they never have time to read it. Here they have a condensed, concise easy to read format that tells them what they need to know about a new product - and they threw it away!

Any information that comes from the manufacturer or supplier is valuable. I know some of you look upon this as propaganda – overstated claims about what the product can actually do, but remember any advertising they do about the product will be based on these claims.

You need to be aware of the claims and any factual inaccuracies within them - this may mean having to test the product for yourself.

If you are not already doing it, next time you place an order for a new product, let them know you want one item for yourself to test and use for in store demonstration. Ask if you can get a reduced price for that item. Usually you can.

Internet – if you know of any regional or world forums where people discuss this type of topic, you will need to occasionally glance at the posts there. I know many people who post on these forums are self professed ‘experts’ who don’t actually know much at all, but looking at any complaints they make, gives you an idea of what complaints you may get from some of your customers and you can be adequately prepared for them.

Customers – you have regular customers, some you know reasonably well – or at least you know they have reasonable knowledge about the product. Ask them! Don’t ever be afraid to ask your customers what they think. The feedback can be invaluable.

The cost of education is ALWAYS cheaper then the price of ignorance.

I can help you with that and every aspect of your business through my step by step, hand holding mentoring program. If you would like more information about this, go to www.SpecialtyShopSuccess.com

At this site you can access over $2,000 of bonuses for FREE to help you and your business.

© Andrew Carter 2008 – not to be reproduced without including the Authors Bio with the article.

About the Author: Andrew Carter - the Author of the business book Secrets To Retail Riches, is a Business building and marketing specialist who shows retail businesses how to recession proof their Business, with proven techniques that are easy to implement and highly effective and generate more income for less effort. For more information go to http://www.SpecialtyShopSuccess.com

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=266618&ca=Business+Management

The Importance Of Measuring Training Roi

By Sam Miller

Many companies spend a good fortune on training to increase productivity, enhance employee retention and reduce waste. Of course, they want to make sure that the return on investment on training pays off. Training should be measurable in order to determine effective ROI.

Companies offer training to their superiors, employees, clients and even suppliers. This can be conducted through outside training firms, an in-house training department or a combination of both. Training costs include payment of trainers, payment of participants for off-work time and expenses for travel and accommodation.

Managers and employees must drop their work hours to attend training sessions. The company is not only paying them even without rendering work, but it can also lose productivity or sales in the absence of their personnel. Moreover, the company may have to shoulder travel and lodging costs for off-site training.

When measuring training ROI, the company must measure the estimated productivity loss, hourly rate, training costs and other expenses related to the activity. An important factor in measuring training ROI is defining training goals. To measure training ROI, measure the amount of money made before and after the training, in which such an improvement should be compared with the training cost.

In many instances, there may be no measurable goals for a training session. This usually applies to trainings for managers, in which measuring the results of this type of training can be very difficult. However, if the goal of the training is to boost employee productivity, it is important to determine metrics before and after the training to determine training effectiveness. Training costs can then be compared with the profits’ real improvement to determine training ROI.

For instance, the specific goal of safety training may be to reduce the rate of accidents. You ca create statistics to verify its training effectiveness. When training customers, on the other hand, a good way to determine training effectiveness is reducing service calls. Maintenance costs for a service call staff and repairs may be compared with the costs incurred for training the customers. There are some companies that are using service calls as a way of generating revenue. This is usually a short-term method of making money. If a customer is required to make service calls and send in the product for repairs, then s/he may switch to another competitor. A quality, user-friendly product is a surefire way to establish repeat business with customers.

In addition, measuring training ROI from suppliers can be done through the improvement in the quality of products and services provided for. This will lead to a quantifiable reduction of product and service problems as well as enhanced quality of the end products.

Bottom line, companies offer training in order to boost productivity which is important in order to yield more profit and ensure company success. Training investment consists of training costs and time spent by the employees from their work. Measurement of the effect on the firm’s profits and real improvements before and after training and comparison with the training costs can help determine the company’s return on investment.

About the Author: If you are interested in training roi, check this web-site to learn more about training kpi.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=240840&ca=Business+Management

20 June 2009

The Most Important Lesson You Will Learn in Business

By Andrew Carter

The Author of the most practical business book - Secrets To Retail Riches – provides the following article on knowing how to get exactly what you want from your business!

Why did I get started in this business?

This question is not as simple to answer as it may first appear, so really take your time to think about it. Be very specific in your answer. It does not matter how long the answer ends up being.

Most likely your answer will cover these points –

Ø To be my own boss.

Ø To work less.

Ø To earn more money.

Ø To do the things the way I think they should be done.

Ø To have more time off.

And that’s great – except that none of these cover the end goal. I’ll come back to this shortly.

You have probably found that your business is the boss of you! It has you working harder and longer than you had ever worked before and usually for less pay! You are a slave to your customers, your bank manager, your suppliers and others. You have less time off then ever before!

If you follow my mentoring program, you should already be turning that situation around. You should have efficient and effective systems in place for all aspects of your business. You should have, or be looking at getting, the right staff and training them in these systems to work in the business, while you continue to work on the business.

Through great marketing and value adding to your products, you are attracting more customers and getting them to buy, through your selling strategies and your USP and guarantee.

That’s great – but you still don’t have the end goal in mind.

You need to determine exactly what it is you wish you could do with your time.

Write this question down –

What is my number one passion?

For some of you, it might be your business – Great! For others it may be spending time with the family or being able to see the grand children. For others it will be traveling the world. For others it would be indulging in their hobby for most of the week and just relaxing for the rest of it.

If you didn’t have to go to work each day what would you rather be doing? Write that down under the question ‘what is my number one passion?’

The most important lesson you will learn -

You need to look at your business simply as a wealth creation vehicle. It is a means to make the money you need and give you the time off you need, to do all the things you really want to do.

And that’s it! – A very simple statement but a revelation to most business owners

The entire focus of my mentoring program is to put in place all that is needed, for you to step out of your business – that is not be involved in its running at all – and be making more money then you are now, so you can go and do the things you really want to do!

But I can’t get you there if you don’t know what it is you want and where it is you want to go. That’s why you need to have the end in mind.

So what is the end goal for you? Some of you will actually want to keep working in your business until retirement. That’s fine, but when is retirement? Is it 45 years old, 55, 60, 65, 70? And then what? What do you expect to do after that? More importantly what happens to the business after that?

Some people just expect they will sell their business. Some want to leave it for their children to run. Most have never really thought about it.

Selling is the best alternative. It’s your opportunity to really cash out. It gives you a large lump sum to enjoy your retirement.

Even if you have thought about leaving your business to your children or other family members, you really need to carefully consider several factors. Is it something they really want – or is it just something you hope they’ll want?

What changes in the industry could affect the business in the future and is that likely to make your business a liability and not an asset to the people you leave it to?

So now go back to the 2 questions you have written down and their answers. Now it’s time to get serious and really nail this properly.

Keeping in mind everything you have just read, answer these 4 questions as thoroughly as possible –

1. What do I really want from my business?

2. When do I want to retire from my business?

3. What do I want to do when I retire?

4. How will I fund that?

This will keep you focussed on where you want to be, which will determine which actions you need to take in your business to get you there.

I can help you with that and every aspect of your business through my step by step, hand holding mentoring program.

At this site you can access over $2,000 of bonuses for FREE to help you and your business.

About the Author: Andrew Carter - the Author of the business book Secrets To Retail Riches, is a Business building and marketing specialist who shows retail businesses how to recession proof their Business, with proven techniques that are easy to implement and highly effective and generate more income for less effort. For more information go to http://www.SpecialtyShopSuccess.com

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=268286&ca=Business+Management

10 June 2009

Achieving High Performance by Transforming Sales Operations

By Kevin Bandy

The drive to achieve high performance through sustained top-line growth is dominating the strategic agenda of most global companies today, and that has placed an even more intense focus on the productivity of sales organizations. Many corporate leaders have been trying to meet the challenge to generate growth and improve sales effectiveness by focusing on process improvements, cost reductions, sales tools and training however for most, sales results are not paying back the investment in improvement initiatives.

Our research and experience points to the fact that many companies are devoting inadequate attention and resources to their sales operations – the processes, infrastructure and administrative support that underpin everything a sales organization and its people do. If they are to achieve and sustain high performance, companies must focus their sales effectiveness programs more pointedly at the transformation of their sales operations.

Why is the operational dimension so critical to achieving high performance through sales effectiveness? Operations serves as the vital two-way conduit between the customer and the rest of the organization. It’s the essential layer that enables activities such as placing the order and working with finance, accounting and legal. It’s directly responsible for managing the enterprise through the sales person to the customer, as well as from the customer to the sales person and back into the enterprise.

Unfortunately, back-office cost reductions have left sales organizations gasping for air from an operational perspective: Not enough hours in the day to meet sales quotas; too much time spent on administrative tasks and not enough time spent actually selling. The cost-reduction squeeze on the sales organization and/or back office functions has simply inflated the amount of administrative time spent by the sales force, leaving less breathing room for sales discussions with customers.

Accenture believes that a transformation initiative with the goal of driving high performance through reengineered sales operations should proceed according to the following general steps:

• Diagnose current sales and operations spending and capabilities – Companies often have inadequate visibility into how much they are spending on sales operations because the various related activities are splintered across other functions such as finance, IT and supply chain. Executives see the budget numbers at the aggregate level, but may not adequately understand where spending is redundant or broken at the process level.

• Consider “core” vs. “context” processes – A critical step in getting a handle on the operations needed to support a sales team is to consider what we call “core” sales operations activities versus those more appropriately considered as “context”. Core functions such as the sales advisory role, customer solution support, contract initiation and reporting should be retained. Context activities such as quotes, credit approvals, contract development and order management can be done effectively and at less cost by pulling them out into a shared service center.

• Tailoring a set of sales operations transformational programs to strategic goals and existing capabilities –companies can then design a transformational program right for them. Whether or not a company chooses a shared services or outsourcing solution as part of sales operations transformation, companies will still reap the benefits of standardized, modularized and consistent processes.

• Achieving high performance in a complex selling environment – high performance businesses know how to transform simultaneously along two dimensions: They can improve their company’s ability to meet short-term quarterly expectations, even as they are re-engineering on the fly to support future plans.

Transforming sales operations can result in improved sales performance and increased margin optimization. Companies can realize comprehensive benefits by improving sales operations: reduced expenses, an increased rate of sales, more repeat sales and improved margin optimization.

About the Author: Accenture's Electronics & High-tech industry group offers management consulting, technology-strategy and implementation services to all segments of this exceptionally dynamic industry. Read the full article on Achieving High Performance by Transforming Sales Operations . Send an email to Patty Crawford if you would like one of our pricing specialists to meet with you.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=260985&ca=Business+Management

Keeping Score With Marketing ROI

By Sam Miller

Today, an increasing number of marketers and company executives see the need to determine marketing ROI for their marketing investments.

Marketing Return of Investment (ROI) or Return on Marketing Investment is a metric that would optimize marketing spending both short and long-term. It is widely acknowledged that higher ROMI or ROI would mean effectiveness of marketing strategy, increase in revenue and improved market and profit share. There are two types of ROMI that can be used, short-term ROMI and long-term ROMI. The first type is used as an index to measure revenue in terms of dollars, contribution margin, and market share against every dollar spent for marketing activities.

The determination of this type of ROMI is simple but it can be very useful in supporting decisions regarding the marketing mix. The long-term ROMI, on the other hand, can be used to assess certain intangible concerns of marketing effectiveness like increased purchase intent and increased brand awareness. ROMI is now used an important tool by some of the biggest corporations worldwide in balancing business operations and marketing investments. For these organizations, the ROMI metric is treated as a scientific basis of allocating budget and in making business priorities. The short-term ROMI, in particular, is used to identify and distinguish which investments are productive and which are unnecessary. Long-term ROMI, meanwhile, are commonly used by managers to support strategic plans and future marketing investments.

Measuring ROI in marketing spending is not as easy as it seems. For one, managers should be able to identify which data or information is needed to compute this metric. Fortunately, advancement of technology has paved way to the creation of various business intelligence tools that make such a task more convenient. Moreover, the cost of these tools is no longer as high as it once was. Affordable business intelligent tools, in fact, are already widely available for small-scale business organizations to use. These tools help company executives gain a more in-depth insight about how the target market and the customers respond to the marketing activities launched.

One of the primary reasons for the increasing use of ROMI or marketing ROI is the need of company executives to know just where they need to allocate their marketing and sales investments. For these people, this metric helps them identify the boundaries of both marketing and sales. Moreover, this sophisticated measure also helps company executives make decisions that would help them deal with tighter competition and slower industry growth as well as high customer creation or acquisition costs.

With these new ROI business tools, it becomes easier for company executives to provide marketing support where it is necessary. These tools function as scorecards that will quantify sales success through marketing activities and investments. Aside from tracking sales, marketing ROI tools can also be used to generate more excitement from the customer base as well as managers. One of the companies that have gained much benefit from using the marketing ROI or ROMI metric is Microsoft Corporation. With the use of certain ROI tools, company executives were able to assess the efficiency of their marketing arm, the McCann Worldgroup.

About the Author: If you are interested in marketing roi, check this web-site to learn more about marketing scorecard.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=241740&ca=Business+Management

Leveraging Sales & Marketing To Maximize The Value Of Mergers & Acquisitions

By Kevin Bandy

Revenue growth continues to be a key goal of C-Suite executives with many turning to mergers and acquisitions to support their strategic agendas. While the acquirer’s top-line traditionally benefits from revenue growth in the first year after acquisition, few companies have been able to achieve sustained increases in revenue growth in the subsequent years.

One example of companies’ inability to get back to pre-merger revenue growth rates is the acquisition made by an established leader in the outsourcing arena of a fast-growing start up. On paper, this deal should have changed the industry dynamics and created a “one-stop-shop” for outsourcing deals, generating additional revenue for the combined company.

In reality, two years after the deal announcement, the acquirer was struggling to stay competitive after posting a significant year-end loss and with its stock price falling. The acquirer admitted to having underestimated the complexity of taking on a large number of new contracts in a short period of time and miscalculating the cost of executing them.

This,combined with the loss of confidence in the new organization, led to negative sales growth for the first time in the company’s history and a decrease in sales growth from around 16 percent

growth two years before the deal to around -1 percent sales growth two years after the deal.

There are numerous reasons for these growth challenges. Chief among them is a tendency among acquirers to become inwardly focused on integrating their new acquisitions, and they lose sight of the need to retain and grow their customer bases. All customers will be impacted by a merger. The key is to understand how. A clear strategy that focuses on reducing customer disruption, communicating changes timely and accurately, and developing robust retention programs for profitable customers, is essential to successfully managing customer expectations. The benefits are well worth it. Companies can experience:

• Satisfactory retention rates for customers and employees.

• Market stability

• Informed customers who act predictably during the integration.

• High level of excitement on the part of the customer that can lead to even greater loyalty.

Successful companies use mergers as an opportunity to discover untapped revenue potential by optimizing cross-selling and rationalizing channels, products, pricing and overall marketing efforts. This can be done if companies understand their new pool of customers – their segmentation, preferences and behaviors.

Not only are customers at risk during integration, maintaining high-performing employees could also be at risk if staff retention is not managed properly. To help reduce these risks, company executives must also win the hearts and minds of client-facing employees, leveraging them to keep customers at ease. In addition to a motivated salesforce, the right tools and messages to communicate with customers can be crucial in maintaining and growing the customer base throughout the integration plans. Engaging leaders from both organizations, developing fair and effective financial incentive plans, and creating and clearly communicating the integration plan are also key to successful integrations.

Companies that put the customer first, successfully equip employees with the right tools and messages and mine their customer databases to drive profitability can succeed at generating post-close revenue growth. Accenture has been involved in up to 400 M&A deals over the past five years and is a leader in providing sales and marketing support. Given our experience, we understand what it takes to help increase the growth opportunities of mergers and acquisitions.

About the Author: Accenture's Electronics & High-tech industry group offers management consulting, technology-strategy and implementation services to all segments of this exceptionally dynamic industry. Read the full article on Leveraging Sales & Marketing to Maximize the Value of Mergers & Acquisitions . Send an email to Patty Crawford if you would like one of our pricing specialists to meet with you.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=260983&ca=Business+Management

09 June 2009

The Development Of The Loan Scorecard

By Sam Miller

KPIs or key performance indicators are important to have in just about any industry. This is because these KPIs greatly assist in determining the overall performance of any company. In the industry of banking, KPIs are also very much needed in determining the particular level of performance of the bank in question. The KPIs here can be financial or non-financial. Whatever type of KPIs used, the important thing here is that they should suit the strategies, objectives, and the organizational framework of the bank in question. Also, if there is one thing to know about KPIs in the bank industry, it is that they can vary from one financial institution to another. This is because the management approaches undertaken by these banks can also vary.

The bank is a financial institution that is very reliable when it comes to funding loans. In fact, a lot of people turn to banks to apply for loans and such. This is precisely why banks also have to formulate for themselves loan scorecards that they can use, to ensure the effectiveness of banks in funding loans. But just like any other scorecard, there are aspects to consider when developing a loan scorecard. This way, the resultant scorecard will be as balanced as it should be. Here are some of the things to consider when developing the loan scorecard.

By Sam Miller

KPIs or key performance indicators are important to have in just about any industry. This is because these KPIs greatly assist in determining the overall performance of any company. In the industry of banking, KPIs are also very much needed in determining the particular level of performance of the bank in question. The KPIs here can be financial or non-financial. Whatever type of KPIs used, the important thing here is that they should suit the strategies, objectives, and the organizational framework of the bank in question. Also, if there is one thing to know about KPIs in the bank industry, it is that they can vary from one financial institution to another. This is because the management approaches undertaken by these banks can also vary.

The bank is a financial institution that is very reliable when it comes to funding loans. In fact, a lot of people turn to banks to apply for loans and such. This is precisely why banks also have to formulate for themselves loan scorecards that they can use, to ensure the effectiveness of banks in funding loans. But just like any other scorecard, there are aspects to consider when developing a loan scorecard. This way, the resultant scorecard will be as balanced as it should be. Here are some of the things to consider when developing the loan scorecard.

The first aspect involves the bank’s liquidity ratios. It is actually recommended to consider the settlement of one or two of the liquidity ratios. There are actually twelve in all. With the settlement of just one or two, dealing with these liquidity issues can then be made easier. This is very important because these liquidity issues actually affect the overall performance of the bank. Thus, this should be considered when developing the loan scorecard.

The second aspect should involve the bank’s uninvested funds. When the bank’s reserve requirements have been taken out of the equation, it is actually the bank’s uninvested funds that help quantify the performance of the bank’s funding state. This measurement is very much needed when considering the institution’s funding, especially when undergoing certain investments.

The third aspect involves the development of what is known as a loan commitment table as well. The table should contain the beginning period of existing loans, the new loans, the funded commitments at present, and the ending balance of the existing and new loans. The development of a loan commitment table shows strong indications on the future obligations as well as the movement of the bank itself. There should also be average rates included for each of the categories. The average rates will show the prospect just how they would affect the upcoming loan gains.

A graph of loans outstanding should also be demonstrated. The following categories should be included in the graph: the beginning of the phase, the newly funded loans, the principal reductions, and the total ending loans. These categories give strong indication on how loan activities are going. The loan portfolio’s average rate at both the period’s beginning and end should also be inspected. This way, profitability information can be shown.

These are just some of the aspects that should be considered when developing the loan scorecard. This way, profitability can be maximized in all aspects.

About the Author: If you are interested in loan scorecard, check this web-site to learn more about loan metric.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=241738&ca=Business+Management

01 June 2009

Six Reasons to Work With a Virtual Assistant

By Katie Gutierrez

Working with a virtual assistant is an increasingly popular solution for business owners and entrepreneurs. Virtual Assistants, or VAs as they are also called, are support professionals who telecommute from their home offices. They can provide assistance with anything from the most fundamental level administrative tasks and duties, to more advanced functions like project management, editing, or bookkeeping. Many small business owners are choosing to use virtual assistant services, and we’ve identified the top six reasons why:

1.Geography is no longer an issue. You can work with person best suited to your needs, regardless of location. Working with a virtual assistant who possesses the exact skill set, industry knowledge, and work style you need is much more effective that hiring a partially qualified person who happens to live nearby. The time it takes your new assistant to become acclimated to your business is reduced, allowing the individual to meet your desired goals quickly and accurately. This benefit allows you to increase your income and grow your business in much less time.

2.Virtual assistants are paid only for the number of hours you need. Because virtual assistants only “clock in” when they are working on your projects, you will not pay for time during their breaks or other downtime. In most situations, you would not need to guarantee to utilize a specific amount of hours per week. Just delegate work as needed, and pay only for the actual time it takes to complete the tasks.

3.You will no longer need to establish a work station or purchase expensive equipment for your assistant. Virtual assistants have fully functioning home offices. Your work space will remain yours, and there is no need to share your office and furnish computers, telecommunications devices, or office supplies.

4.Virtual assistants can function as well, and sometimes better than an onsite assistant can. With today’s technology, sharing files, calendars, and email with a remote assistant is easy. Phone calls can be routed to your assistant, and you can work with that person as smoothly as if they were sitting at a desk next to yours. VAs have the ability to complete work efficiently, without all of the distractions that often occur in a busy office environment.

5.No need to worry about workers compensation, payroll taxes, or other costs associated with hiring an employee. Virtual assistants are independent contractors who are able to manage several clients and tasks. They pay their own taxes, which means more cost savings for you.

6.Virtual Assistants are professionals committed to your success, rather than employees looking for the next job. The livelihood of virtual assistants depends on their relationship with you and results for your company. Most are looking for long term working relationships and are committed to giving you their best. VAs succeed when their clients succeed. That is a quality that all business owners desire in an assistant.

There are fewer things that can make such a positive impact on the bottom line of a business and the sanity of a business owner than working with a virtual assistant. If you are looking for a way to receive assistance in a cost effective and flexible manner, give virtual assistance a try.

About the Author: Katie Gutierrez is the CEO of Assistant Match, a company that matches busy people with the right virtual assistant. She teaches busy professionals how to work with VAs to increase income. Assistant Match was recommended on NBC’s Today Show. For more information, visit http://www.AssistantMatch.com.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=310490&ca=Business+Management

Surprising Salary Trends For 2009

By Elizabeth Rice, SPHR

In the midst of a slumping national economy, ever-increasing gas prices, and a looming election, “uncertain” is perhaps an understatement for the way many companies feel about creating their budgets for the year ahead. Just as unsure are their employees, many of whom are preparing for year-end reviews and wondering how current economic conditions will affect planned wage adjustments and/or merit increases.

Despite doom and gloom forecasts, however, recent research uncovers some interesting trends for employee wages in 2009.

Good News for Employees

Employees nervously awaiting news of budget cuts and cancelled raises can breathe a (temporary) sigh of relief. Several recent surveys by leading research firms all point to the same conclusion: despite the economic slowdown, U.S. employers on the whole plan to keep wage increases steady for 2009. A survey by Watson Wyatt Worldwide revealed that employers plan to give workers pay raises averaging 3.5 percent during 2009. Likewise, WorldatWork’s annual Salary Budget Survey predicted an average 3.9 percent planned increase in salary budgets, and Business and Legal Reports 2009 Annual Pay Budget Survey indicated an overall 3.71 percent planned merit increase for the coming year.

Employees should not expect pay raises to be distributed evenly across the board, however. Performance still plays a key role in determining employee rewards. Findings in all three surveys indicated that while most employees can anticipate a wage increase for 2009, those found to be performing exceptionally well can expect a much higher increase (between 4.4 and 6 percent), while employees performing below expectations will likely receive an increase of 2 percent or less.

Overall, the findings of these surveys seem to indicate that in spite of the economic slowdown, the labor market is relatively stable. Watson Wyatt Worldwide even hints that these planned wage increases may function as a form of economic stimulus. According to the company’s global director of strategic rewards consulting Laura Sejen, while “the economy is no doubt taking its toll on workers, their 2009 merit increases appear safe – at least for now. Employees will view holding merit increase budgets steady as a positive sign that will help them offset inflation and higher energy and food costs.”

Why Employers Should Pay Attention

Companies developing budgets for the year ahead must pay close attention to these forecasts, and then assess whether or not they run the risk of losing key employees by failing to provide pay increases in line with those of their competitors. Companies who do not plan to keep up with the average pay increase may need to examine alternative means of rewarding employees in order to maintain a competitive workplace and ensure employee productivity and retention.

According to Anne Ruddy, president of World at Work, “pay increases are only one way an organization attracts and retains talent regardless of the overall economy. Organizations continually evaluate the attractiveness of their entire rewards package and develop new programs accordingly. They are investing in other areas of total rewards, such as employee development, training, and work-life balance.” Such alternative rewards may include additional vacation time, telecommuting options, or increased medical and dental benefits.

What About Contingency Plans?

While most companies appear to be building increased wages into their budgets for 2009, many must also develop contingency plans in order to withstand the possibility of further economic decline. For many organizations, layoffs and hiring and/or salary freezes are among the top contingency activities in place, according to Watson Wyatt. As companies evaluate their organizational staffing structures, they may face the troubling predicament of finding a way to lower overhead costs through layoffs while minimizing the effects these activities will have on production efficiency.

For employers facing layoffs and hiring freezes, utilizing contractor services through an employer of record may provide a cost-effective solution for maintaining productivity. Employers in the midst of a hiring freeze but in need of additional staff can hire contract workers through an employer of record service, minimizing the hidden costs of in-house hiring, workers compensation, payroll taxes, and insurances. When freezes are lifted, employers can then bring these contract employees on staff full time, or may choose to end the assignment without the risk of paying high unemployment costs.

About the Author: Elizabeth Rice, SPHR, is the President of Innovative Employee Solutions, a San Diego-based company specializing in payroll and HR administrative services for the contingent workforce. Ms. Rice has more than 20 years of experience in HR and executive management.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=310412&ca=Business+Management

31 May 2009

Practice Management Software

By Adam Douglas

Those who manage medical offices are constant targets of campaigns, with pamphlets and mailings, from those who produce "new and improved" software systems for recordkeeping and billing. The manager of your office wouldn't have to try very hard to come up with a stack of these. Regardless of how much of it there is, though, you have to review the available options and choose the system which gives you and your colleagues the greatest flexibility.

Acquiring a new practice management software can either be to the benefit or the detriment of your operations. One negative can be employee training time, and another is the potential cost of the program. Remember, though, that there is a potential increase in patient satisfaction with every part of your operation, including waiting times, billing and cooperative information sharing practices in your network. You will also find fewer accounts becoming past due, and your collection costs will be lowered.

Putting new practice management software into practice will mean that your staff will have to be trained on your new system. This can be the most expensive part of the process, as you may need to call in more staff or even schedule overtime for training for members of your existing staff. The savings from the new software's efficiency will more than compensate for the additional manpower costs during training periods.

Your customers' satisfaction will be greatly improved when your patients enter and exit their appointments in a timely fashion. The right software programs can make this a reality for your office. It is also possible for two doctors in a practice to share patient information in this way.

Your patients will be pleased when they see that you can cancel, rearrange or change an appointment in a timely way. Your practice management software will make your patients see that their doctors are focused on them, rather than only on themselves. Scheduling that is properly managed will make proper use of a every minute of a doctor's time with a patient. The doctors will have more hours that are billable, and they will be able to keep patients. Patients who are happy will be less likely to be delinquent on their billing, and as a result, fewer accounts will be given to collection agencies because of non-payment.

Most important in choosing your practice management software is doing the research on your options. You will be able to make the decision that is right for you by understanding what you expect.

A medical office needs practice management software in order to run in an organized way. It takes time to put the system into practice, and you may have to invest further in payroll. The staff that uses the system will have to be trained, but once the system is working, the whole office will benefit from it. Your customers will be more satisfied when their appointments are scheduled more efficiently. Doctors who share the same practice will be able to use the system to share information, thereby saving their time and focusing all their efforts on the patient. Your office manager undoubtedly is constantly receiving offers of different software systems. Invest in the one that suits your practice best.

About the Author: For more great Business Management Articles, please visit us at Business Advice

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Big Changes in Indirect Channels - Bring New Opportunities to Achieve High Performance

By Kevin Bandy

A major storm is brewing in high-tech sales. Today’s customers are interested in complete business solutions rather than product features. This new focus is forcing vendors in many industries to become more reliant on the indirect channel to generate their future growth. Meanwhile, distributors and resellers are turning to services solutions to enhance their margin potential. What’s needed now is a new approach that allows vendors to not only ride out the storm but outrun their competitors. Here are the five moves that vendors and channel players can make now to best position themselves to achieve high performance:

1. Build trust –. To build trust – and to rebuild it – it is essential to make things simple yet comprehensive. Many companies are effectively leveraging technology to create such simplicity. Vendors must also work harder to collaborate with their channel partners. Successful channel programs owe much of their success to the fact that they were designed by the channel partners in concert with the vendors. Trust can be fostered by starting small and scaling fast. A series of quick wins can help build trust early on in the relationship.

2. Develop collaborative services - Vendors that want to drive the most effective channel partner relationships will have to upgrade their offers to present a differentiated combination of product, software, service and financing. In some cases, the offer may include a specific solution provided by the partner. The value proposition often may expand beyond the development and selling of the bundles and include codelivery platforms for serving customers. The codelivery distribution model requires collaborative models that integrate the strengths and weaknesses of all parties and provide an infrastructure that can be leveraged by all players.

3. Drive clarity of who gives what – and who gets what - It is important to properly segment partners with differentiated value propositions. Leading vendors are spending the time to effectively profile, segment and package unique value propositions. Their segmentation models reflect the volume potential of different partners as well as their competencies and specializations. Organizations also need to craft offerings that transcend basic pricing and discount characteristics.

4. Improving channel ROI – To properly manage channel returns, it is vital to establish visibility of cost and performance in all aspects of channel programs. The key enablers include:

a) A clear understanding of the economic models for each channel model;

b) Integrating infrastructures that not only facilitate the sales and delivery process but also provide access to performance information; and

c) Establishing governance structures that are integrated internally.

5.Focus on strategy to action at speed – Strategy to action at speed requires:

a) Access to scalable infrastructure, especially in emerging countries;

b) The ability to quickly test and pilot various concepts; and

c) Building the automation needed to facilitate the level of collaboration required between vendors, customers and channel partners.

We firmly believe that vendors searching to achieve high performance must act now to help ensure that their channel programs are as sturdy and effective as they can be. The perfect storm is brewing now. Better to be prepared to take advantage of the opportunities it will provide than to be picking through the debris in a few years’ time.

About the Author: Accenture's Electronics & High-tech industry group offers management consulting, technology-strategy and implementation services to all segments of this exceptionally dynamic industry. Read the full article on Big Changes in Indirect Channels to Achieve High Performance . Send an email to Patty Crawford if you would like one of our pricing specialists to meet with you.

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29 May 2009

Setting Up A Waiting Room

By Megan Cherry

No matter what service your provide, you'll find that if you need a waiting room, you need to put some thoughts into its design. A waiting room can determine the mood of your client when they actually get to see you, so make sure that you find them in good spirits. A waiting room is a lot more than just a few chairs and a few old magazines, so make sure that your clients don't feel so bored and antsy when they are waiting to see you. Take a look at a couple of the tips below to get you started.

1. Entryway organization

The first thing that your clients will usually see is the entryway where they can hang their coats, so take some time to make sure that it is well-organized and comfortable. A long row of coat hooks is a good way to start this; it will take up less space than an hanging rack, and you'll find that they add a great wood accent to the area. Make sure that your entryway is clearly visible from the waiting room and the receptionist's area, so that your clients an your employees can keep an eye on the coats that have been left there.

2. Magazines

Rotate your magazines out regularly; nothing gives a waiting room a grim or dismal air the way that a stack of tattered magazines will, so take some time to make sure that you display any reading material that you have around attractively in a rack. Think about getting a few subscriptions to entertainment or family magazines, and try to focus them on what your industry is; if you have a lot of children coming through, think about making sure that there are parenting magazines available. You may also be interested in putting out some “airport fiction,” that is, fiction that is very light and readable.

3. A small play area is essential if you are going to be seeing children at all. It will keep the children from becoming nervous our anxious, and you will find that it allows their parents or guardians to prepare any paperwork that they need to without worrying about entertaining their children. Make sure that the toys and equipment you get from this area are easy to clean with a wet wipe, and that there are no small parts to go missing or get swallowed.

4. Lighting

Remember that lighting does a great deal for the mood of your clients, and if at all possible, make sure that their waiting area has a lot of access to natural light. If this is not possible, make sure that your waiting area has strong lighting available. Keep the light as “clear” as possible; avoid light that is yellowed because it will create a very tired feel, and make your patients as well as your staff feel drowsy and uncommunicative.

Think about how important your waiting rom is to your practice and take some time to make sure that it is something that your clients don't mind waiting in!

About the Author: Megan Cherry writes for http://www.pegandrail.com If you are looking for a high quality well made coat rack step in and check us out, we manufacture a complete line of wall mounted coat hooks from a shaker peg style coat rack to a modern wooden peg racks with brass hooks or satin nickel for the brushed stainless steel look we even have a very modern looking hand rub white lacquer finish.

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26 May 2009

Examples Of Successful Employee Incentive Programs

By Mario Churchill

In order to help ensure a well maintained business or workplace, it is very important that the business keep the morale of the workers at a high level and ensure that everyone is as content and happy as possible. This will help to improve the productivity of the business, and this works to make sure that not only is the business successful, but that the workers are happy. Everyone wins. However, some companies and businesses may be unsure of how to go about increasing the morale and thus the productivity of their workers. As a result, they may not be able to have the type of workplace that they desire, in which things run smoothly and with little negative reactions. To these business owners, it may be helpful and beneficial to consider different employee incentive programs that are being used successfully by other businesses as a mean through which the company is maintaining an effective and positive environment. There are a number of different options, and by reviewing other examples a business owner may be able to decide if a particular program would work for them or whether it makes them creative enough to come up with different ideas that would aid their company and workers. Some promotions and programs will be acceptable for certain companies and not for others. Because of this, it is very important that the business owner carefully think about whether or not the investment will help or hinder their specific and individualized company or workplace.

One of the most sincere forms of appreciation is when the boss takes the time to thank individuals for specific things that they have done that day or that week. It is cost effective, and will help to make co-workers feel valued and important. By taking the time to acknowledge an individual, the owner does not just recognize that goals were met, but that a particular individual had a hand in what was accomplished and is appreciated because of that. In order to generate more well-rounded employees, it can be helpful to have programs that work to reward individuals that do community service projects outside of work. Some employee incentive programs can do work in order to increase the relationship and communication practices between the employees. They can range, but some successful examples include a dinner out, without relation to work, once a month.

There can also be lunch meetings once a week in which individuals are able to get to know each other better and relate to one another in a more informal atmosphere. Time off certificates for perfect attendance by an employee can also be a helpful incentive program that will help the company to function with more efficiency since individuals will be more inclined to call in for time off. Birthday programs in which a present is given to the employee on the day or week of their birthday can also help an employee to feel more appreciated in general. These employee incentive programs are just the start. There are many more examples that can be considered or created. Keeping a well run company also includes having successful employee incentive programs where there is an emphasis put on appreciating the individuals that help the company to be as successful as it is.

About the Author: Mario Churchill is a freelance author and has written many articles on various subjects. For more information on sales incentives or employee incentives checkout his websites.

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24 May 2009

The Five C’s In Credit Evaluation

By Sam Miller

Individuals and business that want to obtain or request for credit would have to undergo a process of evaluation before given the approval for a loan. The process called credit evaluation can take time and always involves an end, either an approval for a loan or rejection.

Before a potential debtor wants to obtain credit for a loan, he must make evaluations on certain areas. There are five C’s involved in credit evaluation. They are: character, credit report, capacity, cash flow, and collateral.

The character of a potential debtor is an important consideration used by lenders in loan grant. A thorough check of the lifestyle of the potential debtor can be undertaken on the part of the lender during the investigation. Nevertheless, the lender may also have to consider first impression as a criterion.

The character of a person applying for a loan is a big factor to the decision for loan approval. A person with a sound financial objective is likely to be granted a loan quickly and more possibly than an individual who is in bad shape, not just on the financial facet, but also on other aspects.

Credit history is another important factor considered by lenders in their decision to grant and approve loan applications. The credit report is a record of an individual’s past borrowing and reimbursing transactions. It also includes information about late payments and bankruptcy.

Credit rating can be a part of the credit history of an individual. It is the rating of credit reputation or creditworthiness of an individual. Businesses also have their own credit ratings. The credit rating and report are significant to businesses in their intention to apply for a business line of credit.

The credit score is also an important scoring system of an individual borrower. The score shows the worthiness of an individual borrower for a credit.

For an individual borrower to earn the nods of several lenders, he has to build his credit history. The credit report is an important record of information to a lender. If the credit report does not contain substantial details of borrowing and repaying transactions, it is unlikely for an individual to be granted with a loan, unless the lender has certain conditions.

A credit report can be tarnished. A credit score can be at its low. When these things happen to your credit background, it is unlikely for you to earn the approval of the lender for a loan. However, if your cash flow is good, there is a possibility for you to be granted a loan.

Lenders may also have to check the liquidity of an individual. This can be done by checking the bank statements of an individual borrower. In the case of businesses, lenders may have to obtain a copy of the audited financial statements.

The financial statements of businesses and bank statements can be utilized to show the capacity of a borrower to settle and repay a line of credit. The capacity of the borrower to pay a loan is determined during credit evaluation and approval.

Meanwhile, the collateral is a common term in credit. A lender seeks for security whenever the borrower defaults the loan payment. If no collateral is presented as security for a loan, it is likely that the lender will give the borrower a high-interest rate loan.

Credit evaluation is a process taken by the lender with the participation of the loan applicant. If you want to undergo this process, it is important to make substantial preparation so you are more likely to obtain a loan quickly and less expensively.

About the Author: If you are interested in credit evaluation, check this web-site to learn more about credit kpi.

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19 May 2009

The Basics Of Supply Chain Metrics

By Sam Miller

Managing your supply chain is indeed an essential in any business setting. This is because if you can manage your supply chain efficiently, then you can enjoy a lot of advantages amongst the tough competition pitted against your business. What’s more, with effective supply chain management, you can improve customer satisfaction because the process ensures the fast and quality delivery of goods to your customers. Thus, it is very important to make sure all aspects of the supply chain are in working order. The only way to do this is to implement supply chain metrics.

Technological advancements have certainly paid off, especially with the introduction of RFID tags. These tags are actually used to track shipments and pallets electronically. What’s more, with the help of RFID tags, the management system of both stocks and orders is made more efficient. These tags make it very easy to track individual shipments in just about any part of the supply chain. Data is also maintained efficiently, especially when it pertains to serial codes, quantity, description, and information on the product itself. When you combine RFID data with the information you can get from barcodes, then you will have a lot of information at your hands. You may think this is a good thing when it comes to developing supply chain metrics, but it actually is not. Having all of these data and information will just add to the extraneous variables in the equation. It would then be difficult to accurately measure what you intend to measure in the first place. This can very well bring information overload for the management staff, which should be avoided because managers already have a lot to process to begin with. Bombarding them with all these data would just make things more complicated. Remember that less is more when you are delving into the field of metrics. This is according to Pareto’s Principle, which states that 80% of the benefits you enjoy from any process actually come from just 20% of the activity as a whole. Thus, it is important to determine the appropriate metrics to use when measuring the efficiency and performance of your supply chain.

You just may hear of scorecards containing as many as 20 to 30 metrics at a time. Yes, this is indeed common in a lot of companies all over the world. The sad thing here is that most of these companies do not really know that the main reason why their supply chain metrics are not fulfilling the very purpose they exist in the first place is the fact that they are just too many in number. With these many metrics, you can easily find the interpretation of a particular metric going against that of another metric.

Having just the essentials for your supply chain metrics will definitely go a long, long way for you. If you are not too sure which particular metrics you should include, do not worry. There are several websites that offer quality information that you can use. Also, there are templates that you can use. Just make sure to go with the metrics that are indeed relevant for your company.

About the Author: If you are interested in supply chain metrics, check this web-site to learn more about supply chain kpi.

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15 May 2009

The Significance Of The Balanced Scorecard Template

By Sam Miller

A lot of professionals have certainly been questioning the effectiveness of the balanced scorecard in the business sector. Some of them have shared personal experiences that can attest to its effectiveness. Others, however, do not believe that a balanced scorecard template should be in order, to smoothen out the path towards corporate success and growth. These people claim that the balanced scorecard is just another tool that gets you thinking for a while. Yes, just for a while. Because in the end, this tool would end up just like the other forgotten tools that were once introduced in the business sector at one point or another.

To determine whether or not this tool is indeed an important one for the promotion of corporate growth and success, it is important to fully grasp just what the balanced scorecard is all about. Let us say that you are the proprietor of a coffee shop, and you are just starting out in the business. All loose ends have been tied, and you are set to operate amidst your bustling city. As the proprietor, you will surely have certain goals and objectives in mind for your business, and these may be laid out in the mission and vision of your coffee shop itself. Now, as the first few years go by, you just might get all tangled up in your efforts to stabilize your shop’s performance amidst stiff competition. It then becomes easy to lose perspective on the corporate goals and objectives you once plotted. With the help of a balanced scorecard, you won’t lose sight of these goals and objectives at all.

In its most basic form, the balanced scorecard actually has a number of metrics or areas of measurement that are plotted. Being areas of measurement, these are quantifiable aspects that help in determining where your business currently is at its pace towards achieving corporate goals and objectives. Of course, the metrics plotted on the scorecard itself would have to be very aligned with the goals and objectives. Otherwise, these metrics would defeat the very purpose they sought to fulfill in the first place. There are several metrics that can be plotted on your very own scorecard. You have to remember that there are no two businesses that have the same goals and objectives at hand. That is, unless these companies are sister companies of sorts in the same industry. However, even if these companies belong to the same industry, they would still have different goals and objectives that they would want to achieve. Thus, it is only understandable that these businesses would be using different sets of metrics on their balanced scorecards as well.

Yes, the balanced scorecard is indeed one of the very important tools in the business sector. By having your own scorecard, you would not just have a constant reminder of the progress of your business against corporate goals and objectives. You would also have an effective means of determining certain problems in your business. With this handy, you can also come up with efficient solutions for these problems faster. Thus, it is indeed recommended that a balanced scorecard template be developed for businesses worldwide.

About the Author: If you are interested in balanced scorecard template, check this web-site to learn more about kpi template.

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14 May 2009

Should Employers Use MySpace, Facebook or LinkedIn to Screen Candidates and Make Hiring Decisions? Background Screening Expert Explains the Dangers to Avoid

By Kevin Connell

Social and professional networking sites have become enormously popular ways to connect with friends and colleagues. MySpace™ has 73 million American users, Facebook™ has 36 million U.S. members and LinkedIn™ has 17 million members.

As a result, social networking sites present a tempting source of information for employers. 60 to 70 percent of hiring managers are currently doing online background checks of prospective candidates, often before they contact them for an initial interview.

But screening candidates by reading their online profiles presents numerous legal and ethical challenges for businesses, recruiters and hiring managers.

Employers who choose to use these and other social networking sites, such as Twitter™, must use care to avoid attaining and using information in a discriminatory way. They need to ensure that they are in compliance and do not break privacy laws, as well as be sure that the information obtained is accurate.

The leading social networking sites

* MySpace is a popular international social networking website offering an interactive, user-submitted network of friends, personal profiles, blogs, groups, photos, music and videos for teens and adults. It’s owned by Fox Interactive Media, which is owned by News Corporation.

* Facebook was founded by Mark Zuckerberg while he was still a student at Harvard Univerity. Users can join networks organized by city, school, workplace and region to connect and interact with others. Website membership was initially only available to Harvard students, but now has more than 80 million active users worldwide.

* LinkedIn is a site mainly used for professional networking. The purpose of the site is to allow registered users to maintain a list of contact details of people they know and trust in business. The people in the list are called Connections. Users can invite anyone to become a connection.

Pitfalls of using social and professional networking sites to screen job candidates

Some employers may feel that they should take advantage of the “free” information that is available on these sites. Before employers use information obtained from these sites they need to consider:

• The use of personal information

• Accessibility issues

• Accuracy of information

• Privacy compliance

It is important that hiring managers not discriminate against a candidate because they included something strange on a social network website. Many candidates post indiscreet photos or share too much information about their religious and political beliefs, sexual preferences, age, marital status or unusual hobbies in their profiles. However, it’s illegal for employers to consider these factors when making their hiring decisions.

“Pretexting” is another risk to avoid. Employers should never set up a fake identity in order to join a candidate’s friends’ network and gain access to their information. In addition, it’s often difficult to determine if you’re reading the profile of the job applicant or someone else with a similar name.

The best practice is to perform an Internet search on a candidate only after a conditional job offer is made, and only if you disclose that you will be doing an online background check.

Consequences of misusing the information on social and professional networking websites include discrimination lawsuits and claims of invasion of privacy from job applicants.

A safer alternative

For an affordable, safer way to vet potential employees, it’s best to rely on a professional pre-employment screening firm. These firms offer unbiased and accurate employee information screens for:

• Employment

• Criminal Records

• Driving Records

• Drug Testing

• Social Security Number

• Worker’s Compensation

• Licenses & Credentials

• Education

• Credit Profile

Any information on an applicant’s background needs to be handled in a legal and confidential manner. The reality is that Human Resources or a business owner will not have the time to weed out the good from the bad information obtained through social and professional networking websites. Even if they had the time, they may not know what information is allowed under the law.

Social and professional networking websites may be useful to gain a better understanding of who the applicant is, but should not be relied upon to make a sound hiring decision.

In order to avoid privacy violation and discrimination claims, experts recommend getting the assistance of a professional and experienced employment screening firm.

About the Author: For a free report on “The Business Guide to Background Checks,” go to http://www.accuscreen.com/freeguide. Kevin Connell has 15 years experience as founder/CEO of Accu-Screen, Inc., which specializes in pre-employment background screening. Contact him at kevinconnell@accuscreen.com or 1-800-689-2228.

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13 May 2009

Key Performance Indicators: Objectively Evaluate Call Center Performance

By Sam Miller

Call centers are customer service centers that receive and transmit multiple requests by telephone (and also usually by email and other online channels). These were originally introduced as extensions of telecommunications services especially for large companies with customer support needs. They provide an effective, streamlined way of providing consumers with customer and/or technical support. Many companies, including telemarketing companies, mail-order companies, and even computer dealers use call centers to provide customer support.

Typically, call centers handle fairly high volumes of both inbound and outbound calls. Inbound calls consist of consumers phoning in for inquiries, and to ask for product or service support. These calls are forwarded to skilled support staff employees, who then help to resolve the issue as quickly and easily as possible. Outbound calls, on the other hand, are usually company telemarketers promoting the company’s products and services to customers via telephone.

Dealing with customers directly is of course a very sensitive matter, and every company strives to put its best foot forward with its call centers. These centers represent, after all, one of the company’s fronts or faces to the public. Careful management is required, and this is usually performed using KPI’s and benchmarking.

This can help avoid the common complaints of customers about call centers, which include non-expert operators, poorly trained agents unable to process simple requests, long waiting times due to automated queues, scripted agents, and so on. Benchmarking is closely related to the KPI concept, and basically aims to reform an organization from the ground up by making use of new, possibly more effective practices and methods. This presupposes, of course, a working way to evaluate performance, which is exactly what KPI’s are useful for.

Some of the more obvious and common key performance indicators for call centers include the average amount of time that a call takes to resolve, or what is known as AHT (average handling time). This combines the average time that a caller waits on hold and the average time that a caller spends talking with the agent (ATT, average talk time). Other possible measures (or metrics) include the percentage of successfully resolved calls, the number of calls per hour per agent, and many more.

Careful monitoring of these indicators can help managers to build up a complete and objective picture of a call center’s performance. Specific indicators may also point to areas of the most shortcomings, which would require immediate action. It should be mentioned here that these are only sample indicators; each particular case might come with its own set of useful key performance indicators. Thorough analysis and careful selection are key to the successful application of the KPI system.

A successful call center is an invaluable asset to any company. It can ease the communication flow between customer and company. It can greatly improve customer retention and satisfaction. It can even help to resolve emerging customer service issues before they get out of hand. The proper use of KPI’s to evaluate call center performance, and thus to make the necessary management decisions, can transform mediocre centers into stellar assets.

About the Author: If you are interested in evaluate call center performance, check this web-site to learn more about check test.

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06 May 2009

Customer Relationship Management: Everything Old is New Again

By Douglas Luchansky

In an age when the platitude “The customer is always right” has morphed into the more alarming maxim “An unhappy customer can blog about it”, Customer Relationship Management would seem to be getting a new spin. The reasoning goes like this: the internet has forever changed our world and we must change the way we do business as a result. We must treat the marketplace as a conversation, we must speak in an authentic voice, engage the customer as a partner. We must listen to the customer and give him what he genuinely wants, and not just what we have to sell. The alarm has been sounded – our customers can talk to each other, we can’t hide behind our corporate firewalls.

These are all valid points. It can’t be denied that the Internet has changed our world forever. The interesting thing is, the idea of the marketplace as a one-way conversation, where you can hide from your customer after you sell them a bad product, is a very modern one. It can be argued that on some level, the Internet is taking us back to an earlier time, where news travelled fast, where everybody knew everybody else’s business, and the marketplace was in fact where you went for conversation, as well as a colorful rug, and perhaps some exotic spices. The Internet has made the world a smaller place, and small is the new big.

What has changed is the way the conversation takes place, and the speed with which the news, good or bad, travels. Today’s customers, for better or worse, have a lot of options available to them. You can’t ship it today? Click – I’ll find someone who can. You don’t have it in blue? Click – I’ll find someone who does. Likewise, if today’s customer is curious about what other people think about what you have to sell, another few clicks will usually lead him to a review or a forum where other consumers can speak freely and volubly about every aspect of your product and service. The challenge is to build customer loyalty and brand awareness in a marketplace full of itchy mouse fingers.

But let’s suppose none of this is news to you. You’ve read The Cluetrain Manifesto. You know about the social customer. Frankly, you don’t believe in some vast conspiracy on the part of American business to swindle and defraud the consumer. Quality and value win the day, always have, always will, whether the consumer gets to the marketplace by camel or Firefox. The fact of the matter is, you engage in conversations, real conversations, with your customers every day. You know that you are not invisible, and no business can survive for long that doesn’t listen to its customers. You know that Customer Relationship Management is not just about getting new customers, it’s about keeping the old ones. What you are looking for is new and better ways to tend the delicate flower of customer loyalty while aggressively cultivating new ground. Consumers want more transparency; you want to give it to them without compromising confidentiality. If news travels fast, then information sharing needs to be instantaneous. This not only gives everyone in your organization a complete, up-to-date view of all customer interactions, it empowers your employees to deal knowledgeably with your customers, leading to a high quality customer experience.

Customer Relationship Management (CRM) software has kept pace with the demands of the new (old) marketplace, and is absolutely indispensable no matter how large or small your organization is. There are Web-based applications that can be accessed on-demand through the internet; there are also applications that can be implemented on-site. These might be standalone applications, or you might want them to integrate with existing back-office applications. Either way, CRM software has many benefits, from thorough contact management to sophisticated forecasting and reporting. Come to work every day and see a list of activities that you can prioritize. Analyze and organize your sales opportunities. Manage each prospect through a sales cycle. Quickly resolve customer questions, issues and requests with advanced tracking and resolution tools. CRM software can expand your reach and improve your communication with your company’s lifeblood – the customer.

At ACI we are experts on the Sage ACT! and CRM Saleslogix product line. If you need help selecting a CRM solution, email me at solutions@ACIconsulting.com or visit us at www.ACIconsulting.com. I’ll put our team to work on it!

About the Author: Douglas Luchansky is the President of ACI Consulting, a reseller for ERP related software and services such as Sage CRM Saleslogix.

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02 May 2009

Product Run KPI’s

By Sam Miller

"If you can't measure it, you can't manage it" is a maxim that many managers nowadays take to heart. This signals a more scientific and objective approach to management, in contrast with the personality-based, subjective management of the past. The necessary measurements are usually done by making use of the concept of KPI's, or key performance indicators.

KPI's are measurable, well-defined quantities that are selected in order to describe a particular aspect of (usually) an organization's performance. That is, these KPI's are benchmarks that indicate the health and prosperity (or otherwise) of an organization with respect to some particular aspect.

This rather general concept subsumes the earlier indicators which were mostly focused on the financial aspect or business side of things. In the past, most management approaches, if they measured anything at all, usually only measured parameters such as profits and costs, leaning heavily towards the economics of the business. Key performance indicators nowadays come not only from the financial aspect, but also from such aspects as training, customer service, and even product runs. Hence the use of KPI's allow for the objective treatment and management not only of money matters, but of virtually any aspect of the business, as long as the appropriate indicators are chosen.

A product run is a long process, with many different possible key performance indicators at each stage. The product run is usually conceptualized in terms of a product life cycle or PLC, which consists of four stages: introduction, growth, maturity, and decline. This is a general cycle that may not apply to some particular cases, but it is still a good starting point for management.

In the introduction stage, the product is new, and is only beginning to come into the market. Key performance indicators here would look at how the product is received, and how effectively it is advertised and promoted. It would also be important to monitor the manufacture and supply chain of the product, to ensure that it is capable of future growth.

In the growth stage, the focus of the indicators subtly shifts. There is now a movement towards broadening the customer base, and hence the KPI's must follow suit. Initial customer response becomes important to gauge, in order to determine which demographics are most receptive.

The next stage is maturity. Here, the focus becomes maintaining a foothold on the market share obtained during the growth stage. So the product itself must be analyzed and improved, if necessary, in order to deal with emerging competition. The indicators to be monitored would then revolve around comparisons of the product with its competitors, as well as possible innovations on the existing product.

The last stage is the decline, and is where the firm must make an important decision - to continue or discontinue the product. To this end, the key performance indicators are sales figures and manufacturing costs. If the costs outweigh sales, then it might mean that the product's life is over.

As seen in these simple examples, the KPI concept is very useful and flexible. Selecting the right product run KPI's can ensure a fruitful, well-managed product run.

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