Casual Articles - Business

Collect Your Past Due Receivables - How Accountability and Responsibility Will Bring in the Cash
You know that cash is and always will be king. One of the biggest drains on small business cash flow is often out of control past due accounts receivable. I have seen business owners try to tackle the problem by cutting off any new credit and thus running themselves straight out of business. There is an easier way.You can instantly begin to collect more of your past due receivables by making it a priority. Most small businesses that I come across have a haphazard method of collecting receivables in the best of scenarios. In the worst cases, their collections are non-existent.The very first thing you should do in your business is put someone in charge of collections. Now, it can be an existing employee who takes on an extra duty or if your receivables are large enough and collection would be lucrative enough, you can even hire someone to fill a full-time position. That will be up to you and to the size and severity of your problem.However, a funny thing happens when you put someone in charge. Someone who will be judged and evaluated at least partially on how well they perform this function. All of a sudden, collecting your past dues becomes a priority. You see, your employees take their cue from you. If you constantly complain about your past dues, but do little to alleviate the problem, they will understand that it is not a priority for you, otherwise you would take steps to improve the situation. By giving someone responsibility and holding them accountable, you have just demonstrated in no uncertain terms that collection of past dues IS a priority.In addition, you'll want to set specific targets and goals for improvement in the amount of collections. You'll want to have regular meetings to discuss progress and plans for the future. In order to be taken seriously, you'll need to have at least weekly meetings, if not more often. These need not be long, drawn out time wasters just for the sake of having a meeting, they can be short, sweet and to the point. Where were you at the last meeting, where are you now, what or who are you having particular problems with and how should we address those problems. Give them responsibility and hold them accountable.Certainly, you will want to give your employee some training, some guidelines, scripts and letter templates, but once you have given him/her some training, you'll see an instant improvement in your cash flow plight. What was once a low priority is now a high priority. You'll be amazed at what these simple steps can do

mer President and Chairman of the E.D. Smith board believes that once the group grows, it is difficult to ensure that everyone can participate meaningfully so hierarchical forces are more likely to come into play. Rather than frank discussion, in larger groups one is more likely to see posturing and politicking. Some companies in our study tempted by the values of inclusion, brought in groups of thirty or more to their strategy reviews. These discussions were inhibited and people came away feeling the exercise had been more of a show than a real dialogue about critical business issues.

HRM - McDonald's
In this article I will discuss the human resource strategy of McDonald’s. The company is the leader in the fast food industry and it proves that the strategy the company chosen is right and efficient. All the details about employment in McDonald’s will be reviewed in this article. McDonald's began in the USA in the USA in 1995 with one restaurant. McDonald's is now the largest and fastest growing Quick Service restaurant in the world. From New York to Newcastle the Golden Arches have become a universal symbol for McDonald's.McDonalds opened its first store in the UK on 1974 in Woolwich, London and by the year 2000, it started to operate over 1000 restaurants. The human resource management of McDonald's covers a variety of activities. The term human resource management? Has largely replaced the old-fashioned word personnel? Which was used in the past. Human resources management within McDonald'sThe key to human resources management is that it is seen as a strategic concern for McDonald's. Rather than being simply a specialised function (as a personnel management used to be), it is a concern for all managers.Managers across McDonald's are being given responsibilities for selecting, motivating, developing and evaluating employees. All managers are therefore taking on human resource responsibilities. Employees are the most important resources in McDonald's, particularly in creating a competitive edge.The types of work covered by human resource management in McDonald's are as follows:A policy-making role ?establishing major policies that cover the place and importance of people in McDonald's.A welfare role, concerned with looking after people at McDonald's and their needs.A supporting role, concerned with helping other managers to develop their work.A bargaining and negotiating role, concerned with acting as an intermediary between different groups and interests.An administrative role, concerned with the payment of wages the supervision implementation of health and safety laws, etc.Human resources planning Like all businesses, McDonald's require the assistance of staff to carry out the daily activities related to the nature of the organisation. The people are all-important members of staff to McDonald's and fulfil a key role in its operation. McDonald's would not be successful without of sophisticated technology, human beings are responsible for setting up correctly, pressing the right buttons and repairing it if it malfunct

The goal of long - term planning is not to strategize but; to prepare key minds to make sound decisions.

Background.
Most companies invest a significant amount of time and effort in a formal annual strategic planning process but, many executives see little benefit from the investment. One manager told us, "our planning process is like a primitive tribal ritual; there is a lot of dancing, waving of feathers and beating of drums. No one is exactly sure why we do it but, there is an almost mystical hope that something good will come out of it." Another said, "it's like the old communist system. We pretend to make strategy and they pretend to follow it."

Management thinker Henry Mintzberg has gone so far as to label the phrase Strategic Planning an oxymoron. He notes that real strategy is made informally, in hallway conversations, in working groups and in quiet moments of reflection on long plane flights, even on the golf course but, rarely in the panelled conference rooms where formal planning meetings are held.

Our research on strategic planning supports Mr. Mintzberg's observation. We found that few truly strategic decisions are made in the context of a formal process. We also found that when approached with the right goal in mind, formal planning need not be a waste of time and can in fact, be a real source of competitive advantage. Companies that achieved success used strategic planning not to generate strategic plans but as a learning tool to create "prepared minds" within their management teams.

A former senior executive at GE Capital explained the logic of such thinking. Business is often unpredictable. Two competitors merge, another develops a new technology, the government issues new regulations and market demand swings in a different direction. It is often during these real time developments that a company's most important strategic decisions are made. Too often however, companies react poorly under the pressure because they are not well prepared for these unpredictable events. Discussions among top managers are often based more on opinion than fact, and the subsequent decisions end up being based on gut instinct rather than thoughtful analysis. GE Capital however, believes it gains a competitive advantage by following a disciplined strategy process that focuses on preparing it for the uncertainties ahead.

As our analysis makes clear, real strategy is made in real time. It follows then the goal of a formal strategic planning process is to make sure that key decision makers have a solid understanding of the business, share a common fact base and agree on important assumptions. These elements of the prepared mind serve as a foundation upon which good strategic decisions can be made throughout the year. One of the most important ways of building that foundation is by getting the central elements of the process right.

How to create prepared minds?
Most strategic planning processes are built around a set of annual or other time period meetings in which the chief executive officer and senior corporate team review the strategies of the company's business units or divisions. The chief executive and top team typically meet separately to discuss corporate strategy as well.

We found the key to transforming these review meetings from "dog and pony" shows into effective vehicles for learning was to view them not as reviews by the chief executive but as conversations. The difference is that a conversation is a two way street in which participants learn from and challenge on another. The goal is for everyone to leave the room much better informed than when they went in. Achieving that outcome requires a lot of preparation by all the participants.

Who should attend reviews?
At the E.D. Smith Company in Canada, they believe real conversations take place in groups of three to ten people, no more. E.D. Smith simply do not believe that effective results will be achieved in large groups for both logistical and political reasons. Llewellyn Smith, the former President and Chairman of the E.D. Smith board believes that once the group grows, it is difficult to ensure that everyone can participate meaningfully so hierarchical forces are more likely to come into play. Rather than frank discussion, in larger groups one is more likely to see posturing and politicking. Some companies in our study tempted by the values of inclusion, brought in groups of thirty or more to their strategy reviews. These discussions were inhibited and people came away feeling the exercise had been more of a show than a real dialogue about critical business issues.

Medical Billing - GX0 Record Fields 24 Through 27
Medical billing of oxygen claims is not for the mentally challenged. Medical billers should really be paid a lot more money than they are, but that is not the focus of this article. Our focus is to try to make heads or tails out of one of the most complex records in the medical billing industry, which is the GX0 record. In this segment, we resume our discussion of this record with field number 24.GX0 field 24, positions 218 - 225, is the date tests performed. Honestly, this is a very poorly worded field. What tests? Well, you'll have to read the manual to figure this out, but in brief, this is the date that the arterial blood gas and oxygen saturation tests were performed. Under normal conditions, these tests are performed at the same time. But things happen. In the case where you have two different dates, consult with your carrier to find out which date to use. Trust me, it will happen. The date itself can be transmitted in either yyyymmdd or mmddyyyy format, depending on the requirements of the carrier. Again, check your manual.GX0 field 25, positions 226 - 258, is the entity performing the oximetry testing. This field tells the carrier the name of the entity who performed the ABG and/or oximetry tests. To properly fill out this field, please see the general instructions in your manual for "NAME 2" entry.GX0 field 26, position 259, is the test conditions field. This is another one of those fields where the name doesn't tell us much of anything. This field tells the carrier the condition of the patient when the tests were given. The valid responses are 1 for at rest, 2 for exercising and 3 for sleeping. This is a required field and cannot be left blank.GX0 field 27, positions 260 - 262, is the clinical findings field. This field tells the carrier if certain conditions existed when doing the tests. These are as follows:If the patient's arterial PO2 is over 55 mm Hg and under 60 mm Hg.If the patient's oxygen saturation is over 88%.If either of these is true then the field is transmitted with a Y. If not, then the field is filled with an N. If it doesn't apply then the field is left blank.Okay, it gets more complicated. As you can see, it is a 3 character field. The reason is because you can have up to three responses. Position 1 is if the patient has dependent edema due to congestive heart failure. Position 2 is if the patient has pulmonary hypertension as shown by either a gated blood pool, or direct pulmonary artery pressure measuremen

ere formal planning meetings are held.

CeMAP Training in 2007
Most people considering CeMAP training are looking at the CeMAP qualification as the key to a new career in the mortgage industry. With this in mind, it is vital to understand the state of the mortgage industry and career prospects in the industry once the CeMAP training is completed. A recent article in the trade magazine Mortgage Introducer explores this subject.For those looking at CeMAP training the news is good as nearly two thirds of Building Society CEO’s think that building society mortgage lending will increase in 2007 when compared with the 2006 figures. This means that there is likely to be a continued growth in the amount of mortgage business undertaken in 2007, and this is likely to lead to an ever greater need for CeMAP trained mortgage advisers.When comparing CeMAP training with other possible routes to a new occupation, the market growth situation has to be a vital factor in deciding whether CeMAP training is suitable for you. In comparison with most other markets, CeMAP training does provide the gateway into a career which has shown year on year growth consistently, and there is no indication that this trend is likely to end.Even if the mortgage market stabilises and grows at a slower rate, then there is still such a shortage of CeMAP trained advisers such that the job market for anyone freshly qualified through CeMAP training is likely to continue to be very buoyant. Add to this the fact that many existing mortgage advisers are approaching, or indeed have already reached, retirement age, and the opportunities for those embarking on CeMAP training are very good.When looking at CeMAP training, it can be very beneficial to maintain an open mind regarding possible future employment. By doing this, and keeping a close eye on the career opportunities that present themselves during the training period, the CeMAP trainee can build a more comprehensive picture of the precise career course that appeals to him or her. Whilst it is obviously good to have goals during the CeMAP training period, this flexibility of outlook will enable the newly qualified CeMAP trainee to make the most of the opportunities that are presented once he or she has qualified.Finally, to ensure that you have the best possible opportunities once qualified, it is important to undertake comprehensive and thorough CeMAP training, and not to attempt to qualify in the ridiculously short time that some of the so called crash courses are now quoting. It is vital for your future career that your training is com

table events. Discussions among top managers are often based more on opinion than fact, and the subsequent decisions end up being based on gut instinct rather than thoughtful analysis. GE Capital however, believes it gains a competitive advantage by following a disciplined strategy process that focuses on preparing it for the uncertainties ahead.

Urban Wear Trends Mean Retail Profits
The urban wear market is picking up steam, as its appeal spreads beyond the confines of the urban market.Spreading due to the popularity of rap music, rap inspired video games, and films featuring rap artists, the urban wear market has been steadily rising.Many retailers have been trying to increase their sales by tapping into this lucrative market.While the urban wear market does present many compelling opportunities to make money, retailers need to be aware of the fickle nature of the market.For instance, brands gain and lose their popularity in relation to the level of popularity of the rap performers that market the brand.In other words, for a retailer to carefully decide which urban brands to stock, he needs to keep track of the popularity of the musicians who wear and promote the clothing.By reading hip hop magazines, and following media reports, retailers can gage which urban brands are experiencing demand, and which are experiencing a diminishing level of popularity.For example, when 50 Cent, a well known rap artist, appeared in a major film his clothing line experienced a strong level of demand.On the flip side, FUBU saw a strong drop in demand for its clothing line due to the lack of a popular rap musician promoting its clothing line.Other brands such as Ecko have been more aggressive in developing lines inspired by well known rappers, as they did with 50 Cent.But all of this can be meaningless to a retailer unless he knows which rappers are considered to be in the spotlight.The best way to conduct this research is through an ongoing online search using news sources and rap related forums.

he chief executive officer and senior corporate team review the strategies of the company's business units or divisions. The chief executive and top team typically meet separately to discuss corporate strategy as well.

Online Direct Debit: Increasing Business-Decreasing Risk
Since the beginning of E-Commerce, credit cards have ruled! Overwhelmingly, online, Visa and MasterCard are the most accepted forms of payment by web based businesses. Unfortunately - outside of the US - most cultures are not credit card (Visa/MasterCard) centric. Research shows that if you are a web-based merchant accepting Visa & Mastercard as your primary payment mechanism - you are losing potential revenues of 30% to 60%.......Further, based on studies in both the US and Internationally, offline spending trends show that debit transactions are rapidly becoming the preferred payment method around the world: For the US in 2003, there were 15.6 billion debit transactions compared to 8.3 billion in 2000. The number of debit card transactions grew at an annual rate of 23.5 percent. (Federal Reserve Payments Study, December 2004) Visa Europe’s 282 million cardholders increased their total card numbers by 20.2 per cent in 2004, with card sales rising by 17.1 per cent to exceed USD 1 trillion for the first time. (The Independent, Nov 08 2005) Of Visa’s three card types (credit, debit and prepaid), debit has grown most strongly in the past two years, at about 15 per cent annually, or almost three times as fast as credit. (The Independent, Nov 08 2005)Globally, the trend by consumers is to pay for purchases with direct debit over credit cards, because a direct debit transaction gives the consumer better control over their spending, and in the long run - costs the consumer less since there are no finance charges to pay. Direct Debit transactions are pulled out of the customer’s account in real time, meaning that unlike a check - there is virtually no chance of insufficient funds.Online Direct Debit is very new but rapidly growing in popularity with both merchants and consumers alike. For merchants, it is much safer than ACH or EChecks as the funds are transferred from the buyer’s bank account immediately - there is virtually no risk of reversal once the transaction is approved. For the customer, it is fast and easy, taking no longer than a credit card transaction. It is also very safe as no sensitive details are stored by the merchant or the processor.? From the Merchant’s perspective - online direct debit is as close as you can get to a cash transaction!Look for Online Direct Debit to become the preferred payment method by both merchants and customers in the near future as this payment solut

In reality, there are only two essential participants in a business unit strategy review; the chief executive officer and the business unit leader. Everyone else is discretionary and should be included only if he or she is truly a decision maker. The number of decision makers varies from company to company but typically includes the corporate chief financial officer, the group executive that the business unit reports to, the head of human resources, one or two senior corporate executives and two to three senior members of the business unit team. The corporate head of strategy also usually attends as the person responsible for making sure the conversation is effective. Thus, the total number of participants can be kept to between five and ten, with twelve as the maximum. People will fight to be included in these meetings but, other forums can be set up to keep them informed and get their buy in.

How long should reviews be?
It's not possible to have an in depth strategy discussion about a significant business in less than a day. There are simply too many topics to cover such as customers, competitors, technology, regulation, risks, investments, market segmentation, resources and more. Spending less time in these areas prevents the careful poking and prodding of issues required to get the full benefit from the effort. It may sound like a lot to commit a full day to each major business unit, but most chief executives we interviewed said they wanted to spend about a third of their time on strategy.

Given two hundred and fourty working days in a year, that leaves eighty days to devote to strategy. In that context, it seems reasonable to expect the chief executive to spend ten to thirty days in intensive, well - prepared strategy discussions. As one Emerson Electric executive told us, "At first I resented the Emerson process because it was such a large commitment of time, but then after a few cycles I realized it was making me and my team better managers. The process of preparing for it and the meetings themselves made us realize things about our business we wouldn't have found out in any other way." Former chief executive Charles F. Knight said that "more than half my time each year is blocked out strictly for planning," a commitment to strategy that has been carried on by his successor, David Farr.

Where should planning meetings be held?
It is best to hold planning meetings off site. Holding the meetings off site will minimise the distractions of day - to - day business at corporate headquarters, allow participants to focus on the task at hand and allow for free time for participants to caucus in an environment free of the daily challenges.

What should be discussed?
Many companies combine their strategy reviews with a discussion of budgets and financial targets. That is a big mistake. When the two are combined, the discussion is dominated by a focus on the numbers and short-term issues; long term strategy questions receive only cursory attention. Likewise, if there is no other forum in which to discuss the financials, they will inevitably come up in the strategy meetings. Ideally, companies should have two clearly demarcated meetings: one full day on business - unit strategy and another meeting at a different time of the year to set financial targets. The two should then be linked with a common, rolling three to five year financial plan that ties together strategic initiatives with budgets and financial targets. Such strategic linking is crucial.

Focus on long term trends, opportunities, challenges and decisions are crucial. In businesses where decisions have a long lifetime and are difficult to reverse, such as aerospace or telecommunications, long term might mean five to ten years. In those where commitments have a shorter life, such as software or consumer goods, it might mean two to four years.

The discussion should focus on questions over the appropriate time horizon such as: What are our aspirations? What are the critical trends regarding customers, competitors, technology and regulation? How is our business model performing and how will it likely evolve? What are the key challenges and opportunities we face? What capabilities do we need to build for the future? What are the key risks and uncertainties we face? What can we do to ensure our adaptability, flexibility and profitability?

How should the conversation be conducted?
The main purpose of the discussions is to chal

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Medical transcription is slowly turning into a mainstream profession. The publics' awareness of the gains of medical treatment has meant more documentation work for hospitals and medical offices. This is where medical transcription comes into the picture. Today, hospitals and medical professionals are constantly looking for competent professionals to look after the patients' records.

Never in history have more home business entrepreneurs launched more new businesses!

The manufacturing industry could take a clue from savvy Internet Marketers in the way they develop exclusive leads from a large pool of prospects. Two successful components are a well planned SEO Strategy and the use of VoIP Web Conference Technology.

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