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The Romans were the first civilization to sell promissory notes at a discount, beginning the industry of factoring. America was built largely on the possibilities of factoring, when colonial businesses were factored by Europeans willing to invest cash in exchange for the promise of large returns, and government bonds also use the same principles applied by businesses when they engage in invoice factoring.Invoice factoring is, at its simplest, the sale of the right to coll...

What Is Invoice Factoring And Invoice Discounting?

What Is Invoice Factoring And Invoice Discounting?The Romans were the first civilization to sell promissory notes at a discount, beginning the industry of factoring. America was built largely on the possibilities of factoring, when colonial businesses were factored by Europeans willing to invest cash in exchange for the promise of large returns, and government bonds also use the same principles applied by businesses when they engage in invoice factoring.Invoice factoring is, at its simplest, the sale of the right to collect cash owed on your outstanding invoices. Most businesses engage in invoice factoring when they need cash up front quickly, or when they have customers that are slow to pay and don't have the resources to build an accounts collections department. Though some companies are large and established enough to get accounts receivable financing through a regular bank, it can be handy to have access to invoice factoring companies as well.Most businesses use invoice factoring to get fast cash. In the intense and fast paced business environment of today, ready cash can be invaluable. With the sale of your invoice futures, you can get the cash today you need to capture customers that will move your business forward.Invoice factoring is not a loan; rather, it's an outright sale of an asset. Another way of looking at it is as a cash advance: you give up a certain portion of the money you expect to receive in the future in exchange for ready cash today. While some businesses purchase invoices outright, others give you a down payment toward the invoice, paying you the balance less their fee when they receive payment from the customer. One of the best things about invoice factoring is that your credit has no bearing on whether you are approved; instead, your customer's credit qualifies the invoice for factoring.Many different industries take advantage of invoice factoring, including:* Transportation* Manufacturers* Distributors* Wholesalers* Staffing and consulting firms* Telecommunications companies* Service providersBecause ready cash is so important in their business, industries that are heavily vested in human services and need to be able to meet payroll are among the best able to leverage invoice factoring. However, any business that generates at least ten thousand dollars in accounts receivable should be able to use invoice factoring, provided they've acquired creditworthy customers.Other situations that might make invoice factoring a wise choice for you include: * A young company with creditworthy customers, but not sufficient credit history for your own business to be considered creditworthy by banks* A company with the necessity of taking advantage of new, time-limited sales and profit opportunities, but inadequate cash flow currently to do so* Companies with income, credit, or tax problems* Companies that have filed for bankruptcy, but that stand to turn a profit* Companies that are growing too rapidly for ready capital to keep up with business needs* Companies poised to grow very soon but do not want to incur debt* Companies that are growing rapidly, but do not have good enough credit to take out bank loans.* Start-up companies with no capital base currently* Companies with seasonal sales patterns or uneven sales patterns

5 Great Reasons To Hire A Telecommuter

5 Great Reasons To Hire A Telecommuter

How would you like to hire someone that is more motivated and more qualified to do the work and costs you less than your average employee? No, I am not talking about hiring someone illegally. You can accomplish this simply by employing a telecommuter. Lets take a look at 5 very good reasons, why it makes sense for you to consider telecommuting from an employers perspective.1) Less OverheadHow much is all this office space, furniture, computer equipment along with your IT department to maintain them, utility bills etc. costing you? Telecommuters do not require any of the above, which will cut your overhead cost tremendously. Telecommuters use their own office, their own equipment from computers to paperclips; use their own power, phone and Internet connection. If their computer acts up, its up to them to get it up and running again.2) Less Benefits To PayMost telecommuters are independent contractors. You do not have to provide for health care, workmans compensation or paid vacation. Consider the tax benefits as well; there is no employer portion of federal and state tax to pay.3) Hire Experts When NeededDo you need someone to write the occasional press release and maybe come up with a revision to your brochure every once in a while? Instead of hiring someone fulltime as your marketing person, consider outsourcing the tasks to a freelance telecommuter. You will pay per project, or hire your freelancer for a few hours per month, instead of creating a marketing position. Freelancers give even small businesses the opportunity to hire an expert for almost any task. 4) On Demand WorkDo you expect a temporary increase in your workload, be it seasonal, or because you just landed a large project? Why not pick up a few telecommuters for the task instead of working with inexperienced temps, or hiring in-office personnel that you may not need three months down the road. Telecommuters combine the flexibility of temps with the on-the-job experience of permanent employees. You get the best of both worlds.5) More Motivated WorkersTelecommuters have a very good reason why they want to work from home. Whether that reason is being able to stay home with the kids, a disability, or avoiding a long commute, being able to work from home makes them happy. As you well know, happy employees are more motivated, dont count the minutes until they can leave the office and overall get more work done. If you havent already done so, I encourage you to give telecommuter a try the next time you need a highly motivated, experienced worker, but arent in a position to create a permanent onsite position. Once you have experienced all the benefits a telecommuter brings to your organization, you may even consider converting even more positions to telecommuting.

How Does Human Resource Management in the Workspace Effect Me?

How Does Human Resource Management in the Workspace Effect Me?

How often do you find yourself saying: "I wish I knew how to learn more about this topic"Well, we were listening! And this article is the result. Today human resources management is opening up new horizons in many different offices around not only the United States, but the world. The reason for this is simply supply and demand. More savvy business owners even of smaller companies, have understood the value of hiring professionals with experience working in HR. By doing so, and having HR representatives, companies have learned the importance of solid communication with their workforceThe fact is that Human Resource Management exists just for this purpose to bridge the gap between staff and upper management. In doing so, compromises have been attained which preclude the need for unions or outside arbitration, and thus provide the services that employees feel is their right to have A company which is not so progressive, on the other hand, neglects HR and the philosophy that goes with it. The result is, employees abandon any thought of fidelity towards their employer in favor of businesses that reward their service in greater ways. Examples of this begin at the most basic level of appreciation. Certificates of recognition awarded on a monthly, bi-yearly, or even yearly basis, for instance, are all that many employees wish. Now, pay close attention. What you're about to read will help you save hours of frustrating, wasted hunting, and let you hone in on some of the best material on this subject!Of course, on a more pecuniary basis, more constant raises whether structured and awarded based on time and/or merit, are always welcomed. Likewise, health benefits are probably the second most important factor, besides these well-earned raises. The HR department is very often responsible for such aspects in the workspace. Yet, this is only the tip of the iceberg. Surely, the aforementioned has been a part of the American workspace for decades. What staff in HR try to instill are programs and emotional support that make employees feel a part of a winning, caring team even a family. This has been actualized by programs such as after-work softball and bowling leagues, on-site day care, free fitness memberships, and even after hours bar hopping and social events with the office staff and the boss. At work, people in HR have implemented office parties where before there were none, office pools, after-hour bingo (for charity or just for fun), and other such activities that create a cohesion within a workforce that makes it extremely difficult for an employee to ever consider leaving. It is just this feeling that managers and owners are looking for and why HR is so important. This field is open to able-minded people of numerous backgrounds. There is training and certification which is available either in the office or at a local college. A fast growing field, the opportunities are currently expanding rapidly. Not only do people working in Human Resources enrich others, but they also benefit their own well-being in knowing that their job truly makes a difference in others' lives.So, what did you think about this article? Please drop us a quick note to share your thoughts and comments on it.For further information, be sure to check out the numerous resources available online on this topic.

How to Reach a Person When You Phone

How to Reach a Person When You Phone

Companies are trying to save money by transferring their work to you, the customer. For example, when you phone a business, you'll most likely encounter some sort of answering system. These systems cause you to waste time in a labyrinth of menus or they insult you by asking you to converse with a robot.Here's how to reach a person (or avoid wasting time).1) Try other paths. Respond to system queries by pressing O, OO, O#, or O*. Or, call back and do not press any buttons. The system may assume that you called from a rotary phone and transfer you to an operator. Call other extensions until you reach someone and then ask to be transferred. Be creative. For example, I was able to reach a person at a major phone company (lets call them ZZZ) by calling the telephone operator and asking to speak with someone in customer service. (That is, I pressed O instead of dialing the direct number.)2) Complain. Mail the letter that you composed while on hold. Calmly and briefly describe your experience to the customer service representative. (e.g., "I just waited on hold for two hours and was disconnected three times.")3) Support good companies. Reward courteous service with your business. For example, I switched from ZZZ to another long distance phone carrier.4) Work on other tasks. While on hold, read magazines, balance your checkbook, file papers, write a complaint, or search the web for other companies. Purchase a hands-free headset so you can work with both hands.5) Keep calm. After spending hours pressing buttons, repeating answers to a robots questions, and being disconnected, you may feel mad enough to yell at the person who (finally) answers. Instead, talk about the issue that you called about. This always helps you get what you want.Final thought: If your business uses an automated system to answer the phone, make sure that it really helps make your business more profitable.

Recruiting Software VS CRM (Customer Relationship Management)

What is CRM? If I buy CRM software will I be a better recruiter?Should recruiting software have CRM features? Do "recruiting software" vendors include CRM in their product?I think CRM is a lot of smoke created by some very good marketing people who could sell ice to Eskimos.A common definition for CRM is The process of using information to find, secure and keep customers. The people, events, and questions associated with marketing, sales, and service. Yikes! I thought that is what recruiting is?Why am I on such a soap box? Because I talk to about 50 different recruiters and recruitment firm owners a week and every once in a while I get asked does this software contain CRM. A few years back when the question was asked I was at a loss for words. I had no idea what they were talking about. I was terribly concerned that after 25 years in the recruiting industry putting in 10 hours a day seven days a week I had completely missed something and an entire process went right over my head.So I went to work reading and studying everything I could find on CRM and came to the conclusion that CRM and recruiting software are one and the same. If your recruiting software does not have the characteristics defined by CRM then you do not have recruiting software. First of all, who are the customers of an executive recruiter? Candidates and clients are! As any recruiter knows the product of a recruiter is also the customer, the candidate, one unique characteristic of the recruiting industry.Lets go back to that CRM definition above. The process of using information to find, secure and keep customers. Your recruiting software must be used to find and track candidates and clients. Once found the software has to keep them available to you through periodic contact. Next, The people, events and questions associated with marketing, sales and service. Ok, if your recruiting software cannot help you market to different demographics of clients and candidates then why are you using it? What are you using to market to clients and candidates? Do you have a separate system for this? Do you have a separate database for marketing to clients, a separate database for marketing to candidates? Do candidates sometimes become clients? Do clients sometimes become candidates? Is candidate John Smith repeated in the client Database and then again in a separate marketing system? How silly these questions are! If you answer yes to any of the above I suggest you reconsider your whole approach to recruiting.And if you have this separation how in the world are you ever going to keep track of the events and questions? Perhaps if they are all separate I can sell you business idiot consolidation software that will pull all these desperate systems together for you.So I will answer the leading questions. If I buy CRM software will I be a better recruiter? No, because youre an idiot for having recruiting software that is not also CRM. Should recruiting software have CRM features? Of course, CRM and staffing software. executive search software are one and the same thing. Do "staffing software. executive search software" vendors include CRM in their product? Yes, if they dont they are not a staffing software. executive search software vendor.

Workforce Management Policies to Keep Skilled People

You might be able to attract people with high value skills through a well-presented ad. However, to keep them with you, your organization must have put in place workforce management policies that make these people want to continue with the organization.The policies must fit in with the organization and the place where it is located. If the policies are incompatible with the existing organization and place, they are likely to remain just book policies that will not be implemented in their true spirit.We look at some standard "workforce management" policies that can create an environment that make people want to remain with you.Organizational Culture: We mentioned how the organizational environment affects the policies that can be implemented in their true spirit in an organization. You could consider creating an environment that would facilitate the development of your workforce into a cohesive team of achievers. Basically, what you try to do is to create an organizational culture where people tend to help each other rather than blame or hinder each other.Induction Training: Help new employees to quickly become a productive member of your team through an effective induction process. Introduce them to other team members and help them absorb your organizational culture, and to become familiar with the ways of working in your organization.Clear Goals and Roles: Develop job descriptions that indicate clearly what team role each employee should seek to play, and what goals the person should seek to achieve.Goals Aligned to Higher Level Goals: Carefully align employee goals with the team goals, which are aligned with successively higher level goals culminating in overall company goals. That way, the employee would find it easy to contribute in a meaningful manner, and be rewarded accordingly.Work Environment: Arrange workstations, facilities and tools that help employees perform without undue stress. Uncomfortable workstations, high noise levels, having to find needed tools yourself, and so on are stressful and make employees look for better places to work in.Credible Performance Measurement and Reward Structure: One of the best motivating factors is being recognized and rewarded for good performance. The performance must be measured in a way that the employee can understand clearly. Good performance, which can also be measured in terms of contribution to team effectiveness, should be rewarded consistently and without discrimination.Skills and Career Development Options: Each employee should be able to develop his or her skill, and a career development path should be open for his or her progress in the organization. A certification program can add to the attractiveness.An Effective Mentoring Program: A mentoring program that helps each employee achieve personal and company objectives should supplement the above. The mentor would try to help the employee meet company expectations in a way that also meets personal expectations. ConclusionCarefully developed workforce management policies that would fit in with the organization and the place where it is located could pay high dividends. Your organization would then find it easier to attract the right kind of people, with the right skill set that you need. More importantly, you would find it possible to retain these skilled employees in your organization.We looked at standard workforce management policies that can help you develop a highly motivated workforce in your organization.

Summary

The Romans were the first civilization to sell promissory notes at a discount, beginning the industry of factoring. America was built largely on the possibilities of factoring, when colonial businesses were factored by Europeans willing to invest cash in exchange for the promise of large returns, and government bonds also use the same principles applied by businesses when they engage in invoice factoring.Invoice factoring is, at its simplest, the sale of the right to coll...