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Managing your staff’s home-career balance

One big issue in the workplace these days is attaining balance between work and family life. And this goes not only for employees and rank-and-file staff, but also for management and company executives. In most cases, it doesn’t really make much of a difference whether one is in a large company, or running a small business. Companies have come to realize that they have to work out schemes by which employees can balance their careers with their personal lives.

At first, it may not be clear enough, but after a closer look, it rings true that the best employee is the happy employee. Productivity is best when employees are able to focus on the tasks at hand, and not when they’re worried about domestic and personal issues.

Large companies, with established human resources departments, usually come up with company programmes that espouse such a balance. However, whether programmes like these successful would depend on various factors.

Tips on raising credit management awareness

Business solutions experts reveal that over 10,000 businesses fail every year because of late payments. It is for this reason that the Better Payment Practice Group has embarked on a campaign, the goal of which is to advise businesses to be more alert in noticing signs of a credit management policy that’s about to fail so as not to meet failure with the company they have failed and ultimately throw away the efforts that were exerted in forming the company.

Here are some signs/warning signals that would mean the credit management policy of a business is in dire need of improvement:

• If a business oftentimes reaches or exceeds a bank’s limit for credit facilities, the best option is to review the company’s asset management policies and credit management
• If debtors always pay invoices outside the credit period agreed upon then the collection methods must be reviewed and improved.
• Good payers that slack off in payments may mean that the business’ collection system is also being ineffective look into this and improve as necessity dictates.
• Excuses that affect work may be a sign that the customer may have discovered the laxity of the credit system. Fix the system as needed.
• If the supplier suddenly discontinues its bills payment a point will be reached where the business will exceed the credit limit and supplies are stopped.
• The company’s credit insurance or the formulation of an effective internal system to assess credit risk can be a helpful way of protecting a company. This is particularly effective especially there is a heavy reliance on another business or has a collection of customers who have vulnerabilities with regards to cash flow.

A few reminders in keeping a good profit margin

Regardless of what the original goal or motivation was for setting up a business it is a given that a business exists to make money. A business that generates insufficient revenue will obviously fail. With business solutions experts saying that one-third of new businesses fail within three years, it really drives home the point that managing profit margin levels is an important consideration for business owners.

What businesses charge for their products or service plays a huge role on the profitability and success of a business. Too much and a business loses customers, too little and profits will be to low to maintain operations. Striking a perfect balance between profit and price is the key to success. Here are some things company formation professionals would usually advice business owners in order to achieve this balance:

Reduction of operating costs – Try to find out if there are certain areas in your business that can still operate smoothly with reduced operating costs.

Look at the supplier base – Determine if the business is paying an external supplier for a service that could be done internally without sacrificing quality.

Look at the expenditures – An internal audit of costs will help in identifying possible problem areas.

Negotiate with suppliers – Suppliers may give your business perks and discounts if you ask for it. Also try to buy in bulk to get a cheaper price.

Look at the competition – look at your supplier’s competitors, they might offer better rates

Give incentives – offer rewards and bonuses to employees/staff who surpass sales targets, and also give incentives to customers who bring in new clients.