In: Business
Credit For Customers Doesn’t Have To Be Hard. Read these 6 Tips

The increasing competition in the market has forced businesses to find new ways to attract customers. So, E-Commerce businesses look for several tactics that can attract new clients and encourage existing clients to buy more products. However, it’s not as easy as it sounds. To provide customers with what they are looking for, and maintaining customer service is a difficult task. Providing credit for the customer is one of the ways you can attract new customers and encourage your existing customers to purchase more.

Moreover, you can reduce cart abandonment on your platform. Providing credit to your customers is like a sales tool. You don’t need to actually provide credit but use it as a way to get a competitive advantage in the market and attract more customers. You can use a third-party customer financing option. Providing credit to your customer should not be a difficult task. You can use the simple tips to ensure credit for customers.

Here Is The List Of Simple Tips That You Can Implement For Providing Customer Financing

Start small: If it’s your first time providing credit to your customers and you have a small business, begin by providing credit in a small amount. You can start with around $500 to 1000 depending upon the type of industry you are dealing with. One of the biggest mistakes that small business owners make as beginners is providing huge credits. You can take advantage of customer financing by starting with the small financing options. This way you can avoid taking huge risks with the customers and build a credit history with small products. You can also provide retail consumer financing on your best-selling products.

Decide on the type of financing: When you consider customer financing, you need to know what model you are going to use. Whether you are using third-party customer financing or you are going to provide it yourself. When you are retail customer financing yourself, you might need a different department to handle this. You will have to analyze credit reports, offer credits, then track customers till you receive your payment. Moreover, you need to keep a check on bad debts. However, with third-party financing with an accelerated insight platform, the financer will perform all those activities. They will charge a fee every time a customer opts for financing on your platform.

Choose the right financing provider: When you choose third-party customer financing, make sure your finance provider is right for your business. Choosing a customer financing provider for your company is highly important. You need to select a finance provider that can provide different options at the point of sale for your customers. Moreover, the financer should be able to collaborate with your business. Your target audience should be able to take advantage of that service.

Credit check: Depending on the type of industry you are working in and the size of your business you can conduct a credit check on your customer. Before providing them credit to ensure that they will repay. As long as you are comfortable checking their credit report you should extend the customer financing. Whether it’s a product-based business or service-based business providing credit to customers can be risky. So whenever you are planning to provide customer Finance your first concern should be a credit check.

Tips To Offer Credit To Customers In A New Way - Lemon Law

Advertise: Whenever you are planning to offer credit to customers, make sure you advertise your customer financing to your target audience. Until your target audience knows that you are providing customer financing, on what products you are providing customer financing. They are not going to make purchases or take advantage of your customer services.

Integrated financing options across all your sales channels: Irrespective of the type of Financing you opt for, you need to add a payment option of customer financing at all your sales channels. It means if you are providing credit for customers you need to add this option at all your point of sales systems. Your online and offline customers should be able to incorporate this option in the checkout process. The best POS finance system can make it easy to integrate with POS and e-commerce platforms. That will help you streamline your checkout process for your POS system. Moreover, it will help you keep all your sales data in one place. You can integrate your finance options at different places including in-store point of sales systems, website check-out, or online product pages.

Conclusion: Providing customer financing is one of the great ways to attract more customers and build your existing loyal customer base. However, it can be risky. You need to understand all the pros and cons of providing credit to your customers. Using a third-party customer financing is one of the best ways to take advantage of this feature.

In: Business
Mistakes To Avoid If You’re Renting An Apartment For The First Time

Before you rent your first apartment, it’s important to know what to expect. There are many mistakes you can make when renting your first apartment. A lot of people make these mistakes because they don’t know what to do or how to do it. In this post, we’ll go over some tips on how to avoid common pitfalls that renters make when renting their apartments for rent in Houston TX.

Not Studying the Area

You should also take a close look at the neighborhood. Your apartment is only as good as the area in which it’s located, so you’ll want to make sure that what you’re looking for will be available before making any decisions about where to live. Ask yourself these questions:

  • Is this place safe? Can I feel comfortable walking around alone at night?
  • What types of people live here? Do they seem friendly or unfriendly? Do I feel comfortable with them around me?
  • Would I like to live here for years to come? If not, what can I do about it right now?

Not Having Enough Money Saved Up

You should be prepared to show that you have enough money saved up to cover your first month’s rent and security deposit, plus a few months’ rent in case you can’t find a job. If possible, it’s also helpful to know that these additional expenses are covered:

  • A security deposit
  • The first month’s rent (if not paid in advance)
  • Last month’s rent for the previous tenant

Forgoing Renters Insurance

It’s important to have renters insurance. This type of policy will cover your personal belongings if they are damaged or stolen, as well as pay for costs associated with living elsewhere in the event that your apartment is no longer habitable.

The cost of renting an apartment in today’s competitive housing market can be prohibitively expensive, so it’s wise to protect yourself from potential financial losses if something happens to your home or its contents.

Moving in Without Reading the Lease Thoroughly

When you’re renting an apartment for the first time, it can be tempting to skip over the fine print of your lease agreement. Don’t do it! As important as it is to read through your lease before you sign it, this step is especially crucial if you’re a young person who doesn’t know much about renting.

A good landlord will want to make sure that his tenants understand what they’re signing up for. If he knows exactly what kind of people he rents to and how much he will have to work with them in order for them not to give him any trouble during their stay, then he’ll be able to better protect himself from future problems (such as evictions or unpaid rent).

Forgetting To Check Reviews Of The Landlord Or Property Manager

One of the most common mistakes that renters make is not reading reviews of the landlord or property manager. If you’re reading reviews, make sure to look for patterns—if several people are complaining about something, in particular, that’s a good sign to look for another place.

15 Dos and 5 Don'ts of Moving into Your First Apartment

On the other hand, if several people are praising a landlord or property manager for doing one small thing well, don’t assume they’re perfect and give them your business just because they seem nice.

Skipping Requesting Repairs Or Not Following Up On Them Properly

As a tenant, you have the right to request repairs from your landlord. You should always do this in writing and send it by certified mail to prove the notice was received.

If you need to make a repair request, be sure to include as much detail as possible about what needs fixing and why it needs fixing. Be sure to document everything that needs to be repaired with photos or video, if possible. This way, if your landlord tries to deny your requests or takes too long addressing them, you’ll have evidence of their negligence or lackadaisical attitude toward their responsibilities as an owner/landlord of residential property.

Conclusion

The most important thing to keep in mind when renting is that it’s a process. You’re not just going to find the perfect place on the first try, but if you work with your landlord and are patient, you’ll find something that works for you. The tips we’ve given here will help you avoid some common mistakes when apartment hunting so that your search can go smoothly.

In: Business
Key Questions to Ask Your Ivalua Consultant

The process of hiring consultants can be a little confusing. Whether you’ve hired hundreds of consultants or you’re working on your very first hiring, it’s important to know what questions to ask in order to ensure you’re getting the help you need. 

That’s why we’ve written today’s article. We’re going to walk you through the process of getting any kind of consultant, including an Ivalua consultant, and what questions you should be sure to ask them. 

By the time you’re done with this article, you’ll be fully prepared to ask any consultant, whether they specialize in Ivalua or not, the key questions that will help ensure you’re getting the help you need. Let’s get started.

What Exactly is a Consultant and What do They Do?

If we’re going to make sure you know how to ask the right questions when hiring a consultant, it’s important that we start with the basics. So, what exactly is a consultant? A consultant is an expert in their field who provides advice and guidance to businesses or organizations. 

They’re usually hired on a short-term basis to help with specific projects or problems. There are many different types of consultants, each with their own area of expertise. 

Here are some of the most common types of consultants: 

  • Management consultants: 
    • These consultants help businesses improve their organizational structure, efficiency, and profitability. 
  • Marketing consultants: 
    • Marketing consultants help businesses develop and implement marketing strategies. 
  • Financial consultants: 
    • Financial consultants provide advice on matters related to money and finance, such as investments, tax planning, and risk management. 
  • IT consultants: 
    • IT consultants advise companies on how to use technology to achieve their business goals. 
  • HR Consultants: 
    • HR Consultants advise organizations on employee relations, recruitment, and training.

Really, if you need help with anything in your business, there’s probably a consultant out there who can help. That’s why it’s important to know how to choose the right consultant for your needs, which we will cover in the next section.

Finding a Good Consultant

Knowing how to find a good consultant is just as important as knowing what questions to ask them. After all, if you don’t hire a good consultant in the first place, it won’t matter how many questions you ask – you’re not going to get the help you need. 

There are a few things you should keep in mind when looking for a consultant. First, make sure you hire someone who is an expert in the specific area you need help with. There’s no point in hiring a marketing consultant if what you really need is help with your financials. 

Second, look for someone with experience. A consultant who has been working in their field for years is likely to be much more effective than someone who is just starting out. Third, make sure you hire someone who is a good fit for your company culture. 

You want to make sure that the consultant you hire will be compatible with your company’s values and way of doing things. Finally, don’t forget to check references! Any reputable consultant should be able to provide references from past clients who can attest to their success. 

Once you’ve kept all of these things in mind and narrowed down your search, it’s time to start interviewing potential consultants. This is where those questions we mentioned earlier come in. Asking the right questions during the interview process is essential to hiring a good consultant. 

Here are some of the key questions you should ask: 

  • What is your area of expertise? 
  • What do you know about source-to-pay?
  • What kind of experience do you have? 
  • Can you provide references from past clients? 
  • How do you think you can help our company? 
  • What is your approach to consulting? 
  • How do you handle conflict? 
  • What are your rates? 
  • When would you be available to start? 

Asking these questions will help you get a better sense of who the consultant is, what they can do for your company, and whether or not they’re a good fit. 

In addition to asking the consultant these questions, it’s also a good idea to ask around about them. Talk to other businesses in your industry and see if they’ve used the consultant before. If so, how did they like working with them? Would they recommend them? 

How (and Why) to Become an Independent Consultant

You can also look for online reviews of the consultant. What do other people have to say about their experience working with them? Are there any red flags that come up repeatedly? 

Doing your research before hiring a consultant is essential to making sure you hire someone who is reputable and who will do a good job. 

Of course, even if you do all of this research and ask all the right questions, there’s always a chance that things could still go wrong. If, after hiring a consultant, you find that they’re not a good fit for your company or they’re not doing a good job, don’t be afraid to let them go. 

It’s always better to cut your losses and start over than to keep working with someone who isn’t giving you the results you need. 

Questions Specifically Meant for an Ivalua Consultant

Now, there are some industry-specific questions that you should be sure to ask if you’re hiring an Ivalua consultant. Ivalua is a software company that provides cloud-based spend management solutions. 

If you’re not familiar with Ivalua, here’s a quick overview of what they do: 

Ivalua’s software helps companies manage their spending in several different ways. It can help companies track their spending, identify areas where they’re overspending, and negotiate better prices with suppliers. 

It can also help companies manage contracts and compliance with regulations. In short, Ivalua’s software is designed to help companies save money and improve their bottom line. 

If you’re thinking about hiring an Ivalua consultant, there are a few specific questions you should ask them. 

First, find out how much experience they have with the Ivalua software. The more experience they have, the better equipped they’ll be to help you get the most out of the software. 

Second, ask them about specific projects they’ve worked on in the past and what kind of results they were able to achieve for their clients. This will give you a good idea of what to expect if you hire them. 

Third, find out what kind of training they’ve had. Ivalua offers certification courses that consultants can take to become more familiar with the software. The more training a consultant has, the better equipped they’ll be to help you. 

Fourth, ask them about their approach to consulting. Do they take a hands-on approach or do they prefer to let you figure things out on your own? Depending on your needs, you might prefer one approach over the other. 

Fifth, ask them about their rates. Ivalua consultants usually charge by the hour, so be sure to find out how much they charge and whether or not they’re willing to negotiate on price. 

Finally, ask them when they’re available to start. You’ll want to make sure that they’re available when you need them and that there won’t be any scheduling conflicts.

Asking these questions will help you get a better sense of who the consultant is and what they can do for you. 

But there are also some technical questions you should be sure to ask as well. Here are some examples of technical questions you might want to ask an Ivalua consultant: 

  • How well do you know the Ivalua software? 
  • What features of the Ivalua software do you think will be most beneficial for our company? 
  • How do you think the Ivalua software can help us save money? 
  • What kind of results have you been able to achieve for other clients? 
  • How familiar are you with the Ivalua certification process? 
  • How much does your consulting services cost? 
  • When would you be available to start working with us? 

Asking these questions will help you get a better sense of the consultant’s technical abilities and whether or not they’re a good fit for your needs. 

In addition to asking the consultant these questions, it’s also a good idea to ask around about them. Talk to other businesses in your industry and see if they’ve used the consultant before. If so, how did they like working with them? Would they recommend them? 

You can also look for online reviews of the consultant. What do other people have to say about their experience working with them? Are there any red flags that come up repeatedly? Doing your research before hiring a consultant is essential to making sure you hire someone who is reputable and who will do a good job.

Finding a Good Fit

Using a consultant can change the entire way that you approach your workflow in a good way. That’s why it’s important to find a good one and take the time it requires to do such a thing. If you’re considering hiring a consultant for anything, make sure that you take your time and do your research before committing to anything. 

In: Business
Three Business Structures to Choose From

Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. The business structure you choose affects everything from day-to-day operations to taxes and how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protection and benefits.

Review Common Business Structures

Sole Ownership

A sole proprietorship is easy to set up and gives you complete control over your business. You are automatically considered a sole proprietor if you run a business but do not register as another type of business.

Individuals do not create a separate business entity. This means that your business assets and liabilities are not separate from your personal assets and liabilities. You can be personally liable for the debts and obligations of the business. Sole proprietors are still able to acquire a trade name. It can also be hard to get money because you can’t sell stock and banks are hesitant to lend to sole proprietors. A sole proprietorship can be a good option for low-risk businesses and owners who want to test their business idea before creating a more formal business.

The Most Preferable Business Structure to Choose - Tweak Your Biz

Partnership

Partnerships are the simplest structure for two or more people to jointly own a business. There are two common types of partnerships: limited partnerships (LPs) and limited liability companies (LLPs).

Limited partnerships have only one general partner with unlimited liability and all other partners have limited liability. Limited partners also tend to have limited control over the company, which is documented in the articles of association. Profits are reflected in personal tax returns, and a general partner must also pay self-employment taxes.

Limited liability companies are similar to limited partnerships, but they provide limited liability to each owner. An LLP protects each partner from debts owed to the partnership, it is not responsible for the actions of other partners. Partnerships can be a good option for businesses with multiple owners, professional groups (such as lawyers), and groups that want to test their business idea before forming a more formal business.

Limited Liability Company (LLC)

An LLC allows you to enjoy the benefits of both corporate and partnership business structure.

While an LLC protects you from personal liability in most cases, your personal assets such as your vehicle, home, and savings accounts will not be at risk if your LLC faces bankruptcy or lawsuits.

In: Business
What a Small Business Coach Can Do for Your Business?

Business Coach Brings Value To The Business Owner

A small business coach could bring value to the business owner. The coach can bring their personal characteristics to the coaching session to help the company reach its potential. The practice of coaching is widespread in sports events, but is not as common for business, despite the similarities between the business and competitive settings in which athletes and entrepreneurs operate. The business coaches provide the business owners the tips to business success helping them to proper their business.

The guiding principles that guide how coaching is based include respect for each other, a personalized approach, and the commitment of both parties. Like the owner of a business must respect their coach, the coach has to respect the business owner. An environment that is respectful allows the open exchange of ideas and open communication. A personalized approach means that the coach needs to adapt the method of coaching to suit the specific requirements of the person coaching them, taking note of their life situations in general.

It is not a universal application, but rather an intervention that helps the person coach towards their desired goal at whatever position they’re at. The commitment to the process demands that the business owner and coach prioritize coaching by setting aside time to carry out the necessary preparations and then executing follow-up actions after the event.

The Coaches Must Assume A Leading Responsibility

Although both parties must adhere to the guidelines but coaches are the ones that must assume a leading responsibility in discussing and deciding on the rules that will guide an effective intervention. Additionally, it is the off for the coach to observe the process and plan an appointment to discuss any unexpected obstacles as soon as they occur. For instance, in the case where an owner of a business fails to show up for the coaching session, it must be reported as a concern by the coach.

What is a Small Business Coach - 2022 Guide - Revenues & Profits

Boost In Personal Performance

The research suggests that individuals learn through various methods. Some learn by reading, others through hearing, while others learn by experiencing. A trainer who has a range of methods of teaching will most likely succeed in transferring knowledge to the owner of the business. The main thing an owner of a business wants from coaching is a boost in personal performance which will result in an overall improvement in the business. No matter what business sector or the subject of coaching, which can be a variety of aspects of business, the business owner is looking to become more motivated to attain more effective outcomes.

The characteristics that make an excellent coach are those you might remember from your favorite teacher: demanding but loving, disciplined yet capable of adjusting, and knowledgeable, but not arrogance, simply wanting to pass on their knowledge to you so you can utilize it in a productive manner for your company.

Coaching Should Be In A Structured Method

In charge of the coaching process, the coach has to approach coaching in a structured method. This includes determining which business owners truly want, writing a plan that includes timelines and targets, and monitoring the progress while the coaching takes place. It must be evident by the tracking that the coaching is producing results. It is crucial to record the entire process. Even the record of progress can serve as an incentive for better performance.

Most business owners operate on their own while others have a limited amount of workers for whom they’re the boss. In contrast to other, contacts small business coach will provide listening and support as well as impartial advice that is invaluable for the business owner.

In: Business
How The Success Of Business Could Be Improved In Various Ways

Get Success By Making Remarks On Other Business

Simply build relationships and connections with other business. The success for your business could be increased that way. You should hope to remark on different sites. You will locate that numerous business remark on your posts and some of them may even prescribe that you read their substance. This is fine and in spite of the fact that it’s actually spamming, it’s alright to disregard in the event that they are obliging about it. Truth be told, in the event that you set aside the opportunity to peruse their post and to influence your very own remark, you to will build up an association that could point consistent followers of that business towards yours.

Promote You Specialty In The Most Effective Way

This is little scale stuff however, and just extremely advantageous in case you’re simply beginning and are upbeat to do the legwork in the event that it implies a couple of additional individuals who will read your substance. You will show signs of improvement come about in the event that you post on surely understood websites. Simply ensure that those web journals are in your specialty, and ensure you don’t spam a connection to your business excessively.

Gather The Networks To Promote Your Specialty

One Amazing Way to Boost Your Business in 2022 | Grow Your Business!

You ought to likewise search for networks that cover your specialty, from message sheets to Facebook gatherings and everything else you can discover. Much of the time you will be permitted to present a connection on your business in your mark, and in all cases you ought to have the capacity to talk about your business in strings or visits. You won’t generally get “do follow” joins; and these are in reality difficult to find nowadays when you utilize those strategies. Be that as it may, it’s tied in with putting your business before individuals who take after your specialty. Furthermore, you’ll see that the more specialties of hiring professional business coach and it is the more probable for the betterment of your business.

Have Strong And Unique Substance

This may sound little scale. Be that as it may, one follower can complete a ton, particularly in the event that you have strong, unique substance. One individual can share to several their online associations. What’s more, if only twelve of those companions do likewise, and twelve of every one of their companion do likewise, at that point you’ve put your business in.

In: Business
How 8 Things Will Change The Way You Approach App For Movers

Movers help others to move easily and conveniently. However, at times, they require some assistance too. Having an app to keep track of the packages and the like can come in handy. Developing an app for movers will allow you to deliver a seamless experience to your customers. Moreover, these days, people want to do everything on the go. They do not like waiting for things to get done. As a result, having an app that allows them to organize things on the go will certainly improve the customer experience you deliver. 

In today’s world, the dominance and prevalence of technology cannot be ignored. It is used in all spheres of life from the healthcare industry to the educational industry. As such, operating a business without technology seems to be inefficient. Integrating technology into all working fields has become a necessity rather than an option. This applies to the movers’ industry as well. If you want to improve your services, you must use technology. 

8 Best Tips For Approaching Apps For Movers 

Designing a good and easy-to-use app can help your customers move without any hassle. Apps that can solve their issues easily will also increase your business’s profitability. As such, having the following features in your app for movers is a must. 

Research Your Industry

There are millions of other movers and packers companies out there vying for the attention of the same audience as you. Chances are that they already have an app that enables them to deliver a good customer experience. Researching the moving service app in your industry can help you determine which features make it better and which features weaken it. This information will help design your app. 

Design Your Strategy 

To create a handy and efficient app, you must determine your objectives. What are the goals you want to accomplish for your target audience through the app? Understanding the issues of your customers can help you design a functional strategy. It will also enable you to add all the key features to the app. 

Customer Relationship Management 

You must focus on delivering a good customer experience and once you’re able to do the same, your ROI will increase too. Using the CRM app, you can gain real-time insights into customer data which you can leverage to boost your business performance. 

Take Security Measures 

At times, your app may have to collect some sensitive information from the users. Once they submit the information, the privacy and security of their information become your responsibility. Therefore, the app must be supported by a robust privacy policy. Many packers and movers app developers initially neglect this part and realize its importance later on. However, it is important to ensure that you focus on adding security features to your app as early as possible.

9,369 Movers Photos - Free & Royalty-Free Stock Photos from Dreamstime

In-app Chat

Having an AI-power chat platform in the app can come in handy. When people are moving, they always have many queries, and having a platform where they can address their queries and gain responses instantly will keep them satisfied. Any issues related to the moving process can be solved through this platform.  You can also provide many tips and suggestions to the clients while moving. 

Live Tracking 

Tracking the vehicle that is shipping the goods in real-time is imperative. This allows you to keep a track of the goods and allows the customers to keep track of the same too. This will help them be relieved that their goods are arriving safely. Your moving service app needs to have a live tracking feature so that both you and your customers can have peace of mind.

Vehicle Performance Analysis 

You must also check how the vehicle you are using to ship the goods is performing. A lot of the efficiency of delivering the goods depends on the shipping vehicle. As a result, performance analytics will allow fleet operators to understand how the equipment is performing during the operations. This also allows them to detect issues in the vehicle beforehand and prevent the same to increase efficiency. 

Marketing The App

Having an effective marketing strategy for your app is essential. Unless you market your app, people won’t be able to be aware of its existence. Almost all people search for services on search engines and if your app doesn’t show up there, your customers won’t be aware of the same. Hence, you have to put some effort into paid promotions and search engine marketing to increase the awareness and visibility of your app. 

Final Thoughts 

Following all the tips mentioned above can help you design an efficient app for movers that will come in handy for your customers. With the world being more app-oriented, developing an easy-to-use app will make things convenient for you and your clients too.

In: Business
Key Secrets to a Great Source-to-Pay Strategy

One of the best things a company can do to get the most out of their source-to-pay process is to hire an SAP Ariba consultant to help them establish a platform that will not only help them to optimize their spending habits but also source the best vendors that are available for the needs of the company. Beyond hiring a consultant the only alternative is if the company has an expert guru on board that will help them to get the most out of every cent that comes into and goes out of the company.

The Art of Source-to-Pay

Businesses depend on the way that their finances flow in and out of the company. If the company is spending more money than it is bringing in, there is a huge problem. Of course, companies that make less than they spend do not last long.

The structure of the procurement process of any company has the power to make or break the entire establishment. The process between finding and obtaining worthy sources through getting the goods or services and paying for them can be optimized and tweaked in one direction or another to better direct spending and buying.

One of the best ways to gain incredible sources is to allow powerful software to sift through tons of data and find the very best sources possible for the company.

Sourcing is not an easy task because it takes a lot of energy and time to search through available sources and compare the best to the best. However, when the element of artificial intelligence and powerful software comes into the picture, everything gets done faster and more efficiently.

The source-to-pay process does not have to be daunting and unpleasant. Software that uses the internet and the resources available to it in order to discover, compare, contact, and intimate contracts is ever-evolving and makes business much easier.

The Aspect of Planning

One of the largest mistakes that companies make is that they fail to plan their entire source-to-pay process before it takes place. Whether it is a monthly cycle, bi-monthly, or even weekly, there is no reason to not take a little while to pause and look at the whole process so that anybody can see where there are ways to improve or ways to cut down on costs and raise efficiency.

Whether or not there is a software platform involved with the procurement department, the humans of the company should all be on the same page and understand what is really going on with the spending practices of the business.

When the company takes time to plan out the entire operation they can sit down and get a clear vision of:

  • Existing sources
  • Potential for better sources
  • Excess spending
  • Good spending
  • Potential investment opportunities

When a team of thinkers gets together and looks at a plan, each person will have their own vision of how the steps of the process should take place.  Planning things out gives the team an opportunity to learn each other’s points of view and possibly learn from differing opinions.

Source and Vendor Management

Discovering great sources, then being able to manage those sources is a lot of work. One of the best ways to maximize the efficiency of a company is to get reliable sources that offer deals and incentives. Between getting price cuts and obtaining high-quality goods and services the potential for the success of the business greatly increases.

For example, if the company is paying full price for an item that it sells, or offers in packages to clients – or whatever – but a vendor makes a deal that if the company buys 100 of that same item there will be a 15% discount and a 30% discount if they buy over 1,000. Something along those lines.

Jermaine Kwok » OPTIS Consulting

If the company is already going to buy that item and has the capacity to purchase it in bulk, there is no reason not to take advantage of a 15% or even 30% discount.

Now, if 15 of the vendors offer the same deal, or something similar, but there are time constraints and expiration dates, how does one keep track of all of it?

Using high-tech software that is equipped with vendor management capabilities gives the company the upper hand when it comes to staying on track with offers, specials, contractual agreements, and every other type of situation that has to do with specific sources.

The days of paper ledgers and huge filing cabinets are pretty much over. A software platform that is built to take care of the procurement issues of a company will have the kind of functionality it takes to run a large business with potentially millions of clients.

Keeping Options Open

One of the worst things a company can do is close doors to future opportunities. Of course, in the instance of straight-out theft or deception, there is no choice but to cut ties with a source or a vendor, but because of minor differences, there is only a need for a break or a time out.

In addition to keeping the communication lines open for potential vendors, it is always a great idea to continue to search for better sources with better prices and deals for future reference. The reason why contracts have expiration dates on them is so that both parties do have an option to leave the contract if they want to.

When it comes time to renew a contract, if you have a better source available for your needs it is beneficial to the business to go for the source that offers the most benefits to the company. Personal ties and sentimental connections are not good for business.

Continually searching for, and reaching out to potential sources is not only a good investment of time for the business but for the future of the business as well.

Fundamentals of Spending

The four basic steps for all companies that wish to have successful source-to-pay processes are:

  • Planning
  • Sourcing
  • Buying
  • Paying

Although this may seem like it’s missing something, this is actually the barebones recipe for success. We already discussed how important it is to plan out the process for each cycle. We talked about the importance of quality sources. Once these two are underway it will be time to make the orders and pay for the goods, services, or both goods and services.

The part about this that is most beneficial to the business is that once the contracts have been established and the deals have been agreed upon the savings start. However, it is most important to monitor every step of the buying process so that you make sure that the prices that were agreed upon in the contracts are being honored at the time of checkout.

One of the biggest mistakes a company can make is to underestimate the power of communication. When everybody involved with the buying and ordering and paying for goods and services is aware of any sales, deals, specials, and price drops because of a vendor special everybody can know where the savings are happening.

If a company promises to sell an item at a lowered price but does not tell the rest of the company that the deal was made, nobody knows that there is a deal, and the purchaser ends up paying full price. It is important to make sure that the pricing matches the pricing of the deal, or the business could end up losing a lot of money and not even be aware of it until it is too late.

In: Business
How 10 Things Will Change The Way You Approach Customer Service Excellence

Customer Service. It’s a game-changer faster than you can say, “happy customer.” Having excellent, caring customer service and support lets your customers know that you are more than just another faceless company.

We’ll teach you everything from core principles that are at the heart of Customer Service Excellence to specific steps like project management for your customer support representatives.

Here are ten things that will change the way you approach CS.

Doing A Good Job Is The Key Element In All Work.

Employees are customers, too, making your organization an attractive place to work.

An integral part of customer service excellence is knowing what motivates your customers and employees. Doing a good job is the key element in all work.

Employees are Customers Too.

You may have a set of standards for your customers, but are you paying attention to your employees? While they represent the company they work for, they’re also consumers themselves. They deserve to be treated well as much as anyone else.

What’s more, employee satisfaction is directly related to customer satisfaction. If an employee cares about his job and the company he works for, he will be happier and more effective in dealing with clients.

If you want your employees to go above and beyond for your customers, you must take care of them first. Here are some ways you can keep everyone happy:

Know what Motivates your Customers and Employees.

Your customers want to feel as if they are valued, and your employees want to feel as if they are respected.

How do you know what motivates your customers? You ask them. Yes, a company needs to have surveys and focus groups, but nothing beats the personal touch of reaching out to a few clients yourself. The best way to do this is through phone calls or face-to-face meetings.

Make your Organization an Attractive place to Work.

Why? Because research has shown that organizations that are attractive places to work have better business results. In addition, five separate meta-analysis studies have shown a relationship between attractiveness and the following outcomes: productivity, profitability, competition, retention, and customer attraction.

Create a Culture of Learning, change, and Improvement.

As you go through the training exercise, make sure to apply the learnings to your own life. Make a plan for applying what you’ve learned at work and in your personal life. There is no one right way or one right moment to start creating a culture of learning, change, and improvement, but there are some things that can help you get started:

  • Create a vision for improvement.
  • Create an environment where people feel able to speak freely about change.
  • Create an environment where people feel comfortable sharing their ideas about how things could be better.
  • Don’t force people to change; support them as they do it themselves.

Why Customer Service is Important: 16 Data-Backed Facts to Know

Keep a Customer focus Program Active all the Time.

Ensure that your employees know that focusing on customers is important to keep them happy and satisfied. It’s easy to get sidetracked when other things are demanding attention, but keeping your focus on what customers want will help you stay in business much longer than worrying about some minor detail that has no impact on how customers think of your company.

So, you can make customer service easy, maintainable, and scalable using the latest technology implementations.

Find a way to Measure Results.

Any serious manager knows that you can’t improve what you can’t measure. The same is true for customer service excellence. If you want to get better, you have to find a way to monitor your performance and track your progress against measurable targets, such as consistently meeting client expectations and resolving problems with minimal effort.

It may take some time to gather the necessary data and implement the best practices that support measurement, but it’s well worth it in the long run. A recent study by McKinsey found that companies with strong cultures of measurement are twice as likely to be in the top quartile of financial performance within their industries as those without such cultures.

Create Accountability by tying Compensation to Results.

Create accountability by tying compensation to results. In your customer service department, nothing says “I don’t care about what you do here” more than giving raises to everyone or punishing people for poor performance.

Instead, tie compensation directly to performance results. Use incentives and rewards that are attractive, meaningful, and easy to understand. Rewarding outstanding employees with a company logo pen or keychain isn’t going to cut it.

Set goals. Do not be Afraid of failure; Use Failures As Learning Experiences.

SMART is an acronym that can help guide your goal-setting efforts: Specific, Measurable, Attainable, Realistic, and Timely. Goals should be specific to you and your team and align with the organization’s broader objectives. Set individual goals for each team member and then set team goals based on what everyone needs to accomplish to reach the department’s goal.

Conclusion

These ten things will make customer service a memorable experience for your customer when implemented. Using the way you approach customer service, your employees and company will achieve customer satisfaction. It is a positive experience that goes far beyond just answering questions and helping them with technical issues. Be sure to consider these—your clients (and their wallets) will thank you.

 

In: Business
What is Coupa Procurement?

One of the best ways to learn about your investment is to hire a Coupa consultant to guide you through the implementation process. If you have made the choice to transform your procurement capabilities beyond what you could ever imagine, welcome to the Coupa family. Prepared to be impressed.

Coupa Procurement

Coupa is a cloud-based SaaS program that was developed to assist businesses of any scale with their spend management structure. In order to maximize every penny that comes in and goes out of the business, it is important to know where the best opportunities for savings are, and what best way there is to spend at any given moment. Procurement is only one small part of the capabilities of the platform.

Between sourcing, forecasting, and managing vendors there is a lot of room for error when the entire structure is based on one human’s perspective of the spending outline. The Coupa platform can introduce the company to a broad view of potential sources, investment opportunities, and management strategies.

Beyond the typical structure of a procure-to-pay process, the Coupa platform helps the entire process, from source to pay to be as effective and efficient as possible based on the needs of the company.

The Source-to-Pay Solution

When it comes to the element of source-to-pay there is no doubt that a company has to have the best practices possible for the needs of the establishment. Since every organization is unique, there will be a unique process for each company. Standard, best practices do not work for businesses that require a technique that is beyond “standard.”

Although procurement is a word that is used generally to explain a certain procedure in a business that has to do with buying and spending, sourcing is the overall base of the operation. Without quality sources, a business will have issues.

The basic steps for a practical source-to-pay endeavor are:

  1. Planning
  2. Sourcing
  3. Buying
  4. Paying

Although every company will vary, these four essential steps can bring the structure of the purchasing department to its optimal potential if they are done correctly.

In the planning stage of every procurement cycle, there is a need for everybody that is involved in the purchasing department to visually inspect the inner workings of each step and see where they can be improved or left alone.

The Coupa platform simplifies the planning step because all of the pertinent information is right there at the fingertips of the people that make the financial decisions for the company. What this means is that there can be less time and energy spent on the planning phase of the process because the entire layout of the process will already be available for all to see.

Strategic Sourcing

Strategic sourcing is one of the most important factors for the health of a company. When it comes to spending in an effective way, if the sources are out of line, the entire company can suffer from it.

Some of the factors that qualify for a great source are:

  • Price of goods or services
  • Ability to offer great deals
  • Reliability of source
  • Availability of goods or services from the vendor
  • Potential for ROI

The difference between manual sourcing and sourcing through the Coupa platform is that Coupa has the ability to seek out and compare some of the best matches of sources for a company based on certain parameters and needs.

For example, if the company needs a certain type of filter for a piece of equipment the software can search for sources that carry the filter type, the prices that many vendors offer it for, the availability of the filter, and the track record of success of the vendors that supply the filter.

On an even larger scale, the platform can search through millions of vendors that offer goods and services varying from baby clothes to gutter cleaning…and everything in between. With the help of artificial intelligence, the best of the best sources can be located, listed, and compared to each other. The decision to go with any of the vendors can be made by the platform, or by the administrators, based on the settings of the software.

Press Kit | Coupa Cloud Platform for Business Spend | Travel and Expense Management, Procurement, and Invoicing

Digital Transformation Integration

Most of the businesses that are thriving today are in existence simply because they did not fail to transform their practices from the physical realm to the digital realm. The way that the world is shifting from analog to digital it is easy to see that in order to keep up with the times, people need to convert to a digital platform, at least on some type of level.

The Coupa platform is equipped with a structure that can easily integrate with other existing programs. Whether a company is just starting out on its digital transformation journey or has been implementing technology for a long time in order to get the highest value of the Coupa implementation, Coupa makes it simple to interchange technologies and work effortlessly throughout various platforms.

Accounts Payable Automation

With the Coupa platform, it is possible to turn the old way of accounts payable into a new and improved version that automatically invokes paying and processing of spend. It is possible to cut out excess time and energy that could be used in other places by automating expense report reconciliations without using people and resources to generate them.

In the event that a company receives early payment discounts, the software can locate the dates, accommodate the payment and get the discounts with every payment resulting in maximum savings and value.

Since Coupa is such a comprehensive application once it is implemented and dialed in there is not much room left for any errors. An error-free solution that delivers automatic processing is a critical tool in the success of a business.

Spend Management

The way that a company spends its money can either pull the business underwater or raise it above other businesses. Spending money can result in great losses or establish great gains. The way that the procurement element of Coupa works is that it allows each step of the procurement process to be examined and optimized for the best results.

Although there are probably millions of skilled and experienced procurement professionals that absolutely are good at what they do, there is no comparison to an application that is programmed to find and implement solutions that are most beneficial for the bottom line of any company.

  • See spending trends
  • See potential opportunities
  • See potential failures
  • Forecast spending opportunities

By optimizing a spending strategy that saves money and brings more money back, the Coupa platform is a sure way to build revenue for the company and ensure larger returns in the future.

Conclusion

Coupa implementation is, by far, the most comprehensive strategy that a company can set forth for the success of every dollar spent. Procurement is only a part of the whole. Coupa gives a great view of the entire company on a level that is easy to see and understand.

By bringing each aspect of the company into one central platform that issues alerts, generates reports, suggests vendors, shows downfalls and opportunities all in one place everybody that is involved with the spending element of the company can see exactly what is going on with finances, and where the finances can be cut back, or further invested upon. Coupa procurement is the best solution a company can provide its company for optimum health and effective spending practices.