KEYS TO ERECTING AN EFFECTIVE ORGANIZATIONAL STRUCTURE An organizational structure is the pattern or arrangement of jobs and groups of jobs within an organization. This pattern pertains to both reporting and operational relationships, provided they have some degree of permanence. The individual elements of an organizational structure typically include a...
Management
HOW TO SET AN INVENTORY STRATEGY An inventory is a detailed, itemized list or record of goods and materials in a company’s possession. The main components of inventory are cycle stock: the order quantity or lot size received from the plant or vendor; in-transit stock: inventory in shipment from the...
THE IMPORTANCE OF INDUSTRY ANALYSIS Industry analysis is a tool that facilitates a company’s understanding of its position relative to other companies that produce similar products or services. Understanding the forces at work in the overall industry is an important component of effective strategic planning. Industry analysis enables business owners...
HOW A FACTOR COMPANY CAN BE A USEFUL SOURCE OF FUNDS FOR SMALL BUSINESS OWNERS Factoring is a form of financing in which a business sells its receivables to a third party or “factor company” at a discounted price. Under this arrangement, the factor agrees to provide financing and other...
KEY ELEMENTS OF DEBT COLLECTION PROCESS Debt collection is the practice of obtaining payments from customers for purchases that have been made on credit. Devising and maintaining an efficient and effective system for collecting on overdue accounts should be a priority from every business. But many companies fail to give...
GUIDELINES FOR DETERMINING FACILITY LAYOUT AND DESIGN Facility layout and design is an important component of a business’s overall operations, both in terms of maximizing the effectiveness of production processes and meeting employee needs and/or desires. Facility layout is the physical arrangement of everything needed for the product or service,...
WHY CREATING A DISASTER AND RECOVERY PLAN IS RIGHT FOR BUSINESS Business owners are strongly encouraged to make contingency plans for responding to and recovering from disasters that may befall them. Analysts note that disasters, whether they take the form of floods, corporate espionage, fire, health pandemic, or power outages,...
STEPS TO OBTAINING CREDIT APPROVALS FROM LENDERS Many businesses must rely on loans or other forms of credit to finance day to day purchases or long-term investments in facilities and equipment. Credit is one of the foundations of the any economy, and businesses must obtain credit in order to compete....
WHEN SECURING A BUILDING CONTRACTOR BECOMES INEVITABLE Many successful businesses eventually decide to expand their operations by purchasing, leasing, or building a new facility. In some instances, the business in question relocates its entire operation in the new facility. In other cases, the business may use the new facility to...
ADDRESSING TEMPORARY CASH FLOW PROBLEMS IN TROUBLED TIMES Cash management is a broad term that refers to the collection, concentration, and disbursement of cash. It encompasses a company’s level of liquidity, its management of cash balance, and its short-term investment strategies. In some ways, managing cash flow is the...
