Best Expense Management Solution By Thinking Outside The Box

This is how not to handle expense management in your business. Whilst a substantial part of managing expenses can be compartmentalized into how people make claims, and how those claims are processed, there are times when you’d benefit from thinking outside the box.

To illustrate the point, I’m going to look at telephones, the way your business uses them, and the way changing that can be part of an expense management strategy. Many years ago, in another life, I asked a senior manager how much he spent on line rental and calls for the fax machines in his business. He didn’t know, and asked his secretary to being in the relevant invoices.

She appeared carrying two large ring binders. Looking at them, he asked her for just the fax machine invoices. She pointed at the binders. “Those are the fax machine invoices,” she said.

He had no idea at the scale of the costs involved, and we immediately set about reducing them. And there’s the lesson: Show me any cost you’re not controlling, and I’ll show you an unnecessary expense.

Of course, fax machines are consigned to history with quill pens and carbon paper, but let’s stick with telephones; we still use those. Here are some areas in which you might be spending too much for mobiles, (and here’s the important part) without being aware of it.

1. Data roaming: Set up a company policy that it should be turned off except for short periods to allow emails to be delivered or sent, rather than being on 24/7. Data roaming charges can be high, and can mount significantly if you have a large number of employees travelling

2. Use one company: Don’t have a series of providers. Restricting services to just one allows you to negotiate better deals for new handsets and connectivity

3. Go for VOIP: For office phones there are lots of ways to use the internet to make calls, giving the traditional desktop phone a new lease of life. VOIP stands for Voice Over Internet Protocol, and means there’s no need to have a traditional phone contract, so long as you have good broadband connectivity. Providers of phone systems like this will usually deal with you on a rolling monthly contract, and their systems are extremely, so you can add or subtract handsets almost at will.

4. Be careful with perks. If employees are able to use company phones for personal use (and we’re back to mobiles here), then that permission should be restricted. OK, make short personal calls, but talking for hours to an aunt in Australia, or streaming a box set to a hotel room in Berlin could soon set you back a considerable – and unwelcome – amount.

5. Don’t leave legacies. When an employee leaves the company, make sure to cancel or transfer their part of the phone number, and don’t toss the handset into the back of a drawer. Re-use it, or send it for recycling _ once you’ve cleared any company data from it.

More than just number reduction

Consider the benefits that come alongside mobile phone use, and blurring the distinction between company and private life. When you’ve automated your expenses by implementing a solution based on business expense management software using an app, everyone’s going to need a phone so they can use your system.

Allowing an employee to make personal calls, to that agreed cost limit, might have a payback in loyalty. It might mean they’re more amenable to taking a work-related call out of hours, as part of a bit of give and take – but make sure that you track the benefit so that all the necessary tax is paid. There’s no future in saving money by cheating the taxman.

Applying this kind of thinking to all aspects of your business can make a significant difference to your bottom line, and be a useful ally to your business expense management software.

The Ways to Improve Fundraising

Donor management is never easy no matter how easy it may seem; there is always some information that you will need to get and some that you will need to impart in order to learn some of the best ways of it.

In the many things about donor management the one that counts to be the most important of all is improving fundraising and getting into the skills of it all for the best results. Here in this article are the ways you need to follow and imbibe to improve the fundraising program for your nonprofit or church.

1. Be Transparent with Your Donors – Though this might seem like an obvious point, it is usually the one that is most ignored, and the most important of all. What is important about transparency is your donors being able to trust you with all – from your plans to our ideas and ideologies. Also, this is an important point to note because only when they trust you will they be able to steward their money well and you must be able to show them you are doing so. By ‘transparent’ we mean both financial and program transparency.

Financial Transparency: You might not be considering financial transparency to be an important point but this should definitely be on your list of important things. It is considered important to release a note time to time which would show how you are allocating your funds, but your donors are not going to sit and read through that long document. Make sure you give your donors an easy way to digest how you are investing their money. Create a graph, chart, infographic etc. And if it looks like you spent more in say, fundraising, than expected, explain why. Your donors love your mission and giving them a peek behind the curtain creates a sense of belonging and teamwork.
Program Transparency: Program transparency is all about the IMPACT. If you can show your donors the impact their money has made in changing the lives of those you’re serving or where the money has impacted, you can be sure you’ve done your thing right. Create annual reports showing the graphs of how far you’ve come with the support, meanwhile mentioning exactly where you want more changes and where you’re striving to achieve more.

2. Optimize our Donor Experience – Your donors shouldn’t be there for just one years or only a period of time, and that is possible only if you manage to optimize the donor experience convincing them that there are things that’ll help you stay in contact for more than one donation period. Try personalization (which definitely does no longer mean just hey and the first name); it is always recommended to stay in touch with the donors through emails, letters and phone calls. You can segment based on last gift amount, last gift date, a specific campaign – anything. And then create fundraising messaging around each category.

3. Audit Your Systems – Thought this is not important? Wrong!!! One of the most important points to be considered to improve fundraising is to audit your system – audit on your end – use the right set of tool and the right techniques. Keep the audit impartial and keep it clear – this will help you understanding how far you’ve come with your fundraising program and exactly how far you will be able to go with it.

Fundraising for churches, charities and non profits is the thing that does the most benefit and an increase in the finds over a stipulated period of time is exactly what they’re striving for. It is therefore recommended that you use these set of tips mentioned above and create a draft accordingly of you new ideas and plans for an increase in the funds.

The Alternative Investment Fund Regulations

What is an Alternative Investment Fund (AIF)

AIF is an Alternative Investment Fund Regulations privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors. AIF may be in the form of a trust or a company or a limited liability partnership or a body corporate.

Why AIF

AIF Regulations endeavor to extend the perimeter of regulation to unregulated funds with a view to ensuring systemic stability, increasing market efficiency, encouraging the formation of new capital and consumer protection.

Who are not covered

Currently, the AIF Regulations do not apply to mutual funds, collective investment schemes, family trusts, ESOP and other employee welfare trusts, holding companies, special purpose vehicles, funds managed by securitisation or reconstruction companies and any such pool of funds which is directly regulated by any other regulator in India.

Categories of AIFs

An AIF needs to seek registration broadly under one of the 3 categories –

Category I AIF: The following are covered under Category I

1. Funds investing in start-up or early stage ventures or social ventures or SMEs or infrastructure

2. Other sectors or areas which the government or regulators consider as socially or economically desirable including the Venture Capital Funds

3. AIFs with positive spillover effects on the economy, for which certain incentives or concessions might be considered by SEBI or Government of India or other regulators in India

Category II AIF: The following are covered under Category II

1. AIFs for which no specific incentives or concessions are given by the government or any other Regulator

2. Which shall not undertake leverage other than to meet day-to-day operational requirements as permitted in these Regulations

3. Which shall include Private Equity Funds, Debt Funds, Fund of Funds and such other funds that are not classified as category I or III

Category III AIF: The following get covered under Category III

1. The AIFs including hedge funds which trade with a view to making short term returns;

2. Which employ diverse or complex trading strategies

3. Which may employ leverage including through investment in listed or unlisted derivatives

Applicability of AIF Regulations to Real Estate Funds

After knowing what an AIF is and its broad categories, we analyse whether AIF Regulations are applicable to the Real Estate Funds

Firstly AIF has to seek registration under AIF Regulations under one of the three categories stated above. Therefore if a Fund does not fall under any of the three categories stated above, then it will not seek the registration with SEBI.

If we look at the Category 1, registration is required by funds which invest in start-up or early stage ventures or social ventures or SMEs or infrastructure

If we look at the definition of infrastructure, Explanation to Regulation 2 (m) states that Infrastructure shall be as defined by the Government of India from time to time.

And in the normal parlance, the term typically refers to the technical structures that support a society, such as roads, water supply, sewers, electrical grids,

telecommunications, and so forth, and can be defined as “the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions.

Therefore infrastructure does not include the real estate or construction activity since this activity deals in investing in land, developing the land by way of construction of flats, townships and other residential and commercial projects.

But if the real estate fund carries on certain projects for a social purpose like purchasing land for charity etc.; then the fund may be covered under social venture funds.

The clause further states that ‘or other sectors or areas which the government or regulators consider as socially or economically desirable and such other Alternative Investment Funds as may be specified;’

The AIF Regulations have been notified just a few days back and till date, no other AIF funds have been specified in the Category 1 by the Government. Further what the government or regulators consider as socially and economically viable is a very broad concept. However, till the Government specifically comes out with specific inclusions under Category 1; a Real Estate Fund will not be covered under Category 1 and therefore would not require Registration.

Further, the clause also states that – Alternative Investment Funds which are generally perceived to have positive spillover effects on economy and for which the Board or Government of India or other regulators in India might consider providing incentives or concessions will bee included

By adding these lines to the Category 1, SEBI has made the category 1 very vague and open to dispute and litigations since what SEBI intends with positive spillover effects on the economy is not defined or clarified. Different people or organizations may have a different opinion on this which would lead to unnecessary litigations and hardships to business owners. However, till any clarity comes on this, the business owners need to take a cautious approach to the decision of seeking Registration under AIF Regulations.

Category II AIF

Now we examine whether a Real Estate Fund falls under the Category II AIF

If we look at the funds covered by Category II above, they

1. Shall not fall in Category I and III

2. Shall not undertake leverage or borrowing other than to meet day-to- day operational requirements and as permitted by these regulations;

3. Shall be funded such as private equity funds or debt funds for which no specific incentives or concessions are given by the government or any other Regulator

For Real Estate Fund under Category I, we notice that at present it does not fall under Category I and it also does not fall under Category III since these are basically hedge funds. Further, no specific incentives or concessions are given by the Government to the Real Estate Sector. Therefore if we look at the applicability of Real Estate Fund under Category II, these funds may fall under the Category II AIFs if they do not take leverage or borrowing except for short-term requirements.

Impact of AIF on the Real Estate Funds

Under these Regulations, the minimum investment amount has to be Rs 1 crore from each investor. Therefore attracting the funds from the investors would become tough for the real estate funds, who used to raise amounts as less as INR 1 million from the investors. Now they would need to find high-value investors though this is not the only challenge that lies ahead for those raising domestic corpuses. They now also have to invest 2.5% of the corpus or Rs 5 crore, whichever is lower, to ensure that the managing company’s risk is aligned with that of the investor. Moreover, a single investment in a company or a project cannot exceed 25% of the entire corpus.

Further a Real Estate Fund registered in the form of an LLP also would be covered under the AIF Regulations. In an LLP Structure, since the investors are also partners, the risk to the rights of the investors being misused is very minimum. Therefore applying the AIF Regulations to the LLP Structure would reduce the flexibility available to such a Structure.

Conclusion

If we look at the AIF Regulations from a short term perspective, in light of the difficult fund raising environment today, the higher ticket size for investors could potentially throw up some challenges and could in a manner constrict the growth of the asset class, but clearly, in the long run, these regulations appear to have an element of maturity to play a pivotal role in the development and shaping up of the future of alternate asset class in India. It is also clear that alternative investments are more sophisticated and risky as compared to investments in equity and debt and till market matures it is advisable that only HNIs and well informed investors make an investment in this asset class and once the market matures it is made open to all. In the long run, we may see more investments in the Alternative asset class (in terms of quantum and maturity) due to the increased investor confidence in these funds.

Cutting Costs Without Reducing Your Team

One of the things that many businesses around the world are notorious for is layoffs of their workers when they have to cut costs. It appears as though the least required asset for these companies is their workers. As brutal as it may sound, many businesses reduce their team sizes to reduce their costs every day. It is quite surprising because there are in fact dozens of different ways for businesses, especially small ones, to cut their costs without sending their employees home. Not to mention, small businesses aren’t in the best position to terminate their employees when they are already struggling with growth and expansion.

Let us first look at the circumstances and reasons why small businesses resort to firing their employees and terminating their contracts.

Reasons Why Businesses Terminate Their Employees

Your Employee’s Performance is below Requirements

The biggest and probably the most valid reason for firing an employee is when they are not able to perform according to the set targets. Despite this being a valid reason, you should always follow the complete procedure and let go of your employee most ethically and professionally possible. Tell them that they also have the right to quit a company when a company does not pay them as promised and vice versa.

Your Employee Isn’t Honest

You have noticed that your employee is not honest. They try to spend time doing nothing behind your back and are interested in things that they should not be concerned with. It is a risk to have such a worker working at the company.

Your Employee Is Having a Hard Time Assimilating

One of the reasons why many employees are not able to give their best is because they can’t fit in the culture of your workplace. It’s either their religious, personal or moral beliefs that don’t let them feel being a part of the team.

Your Employee Doesn’t Care

Believe it or not, some employees don’t care about the rules and regulations of your workplace and being at a professional place. They bully people around them, try to act pretentious, are not punctual and do not pay any attention to the dress code policy.

Your Employees Cost You Too Much

This is quite an oxymoronic situation where the people who bring you business are the ones costing you money. Sometimes, companies become financially weak, and the only way they have to reduce their costs is firing employees. This helps them save money on employee compensation, bonuses, and incentives.

Is Employee Termination the Only Way to Cut Costs?

Not at all! There are many other ways for companies to reduce their costs without letting go of their employees. Here are some.

Negotiations with Vendors and Suppliers

You can look into your current list of suppliers and vendors and look for opportunities to reduce costs. You have to realize that there are group purchasing organizations developed specifically for this purpose. Furthermore, there are online search engines designed specifically for businesses where you can find other businesses that can help you reduce your costs.

Buy in Bulk

One simple way to reduce your costs is to purchase in bulk. Whether you are buying products or subscribing to software or online platform services, bulk purchases will always help you reduce your costs. As a business, you are subscribed to dozens of different online services and buy various items on a monthly or weekly basis. Buy them for several months or a complete year to save your costs.

Reduce Lavish Expenses for Now

It is amazing that businesses offer their employees with refreshments, coffee, and teas for free, but there is a time when you can do this with ease. Until and unless you have reached a point where affording such luxuries do not bother you at all, do not introduce them.

Invest in the Right Technology

Whether you are buying an electric generator for your office, bulbs and lights, ceiling fans, air conditioning units or machinery, you must invest in latest and energy-efficient technology.

Market Wisely

Marketing can suck a lot of your capital out of business depending on the type of marketing you are doing. However, it will be rewarding for you if you use analytical data to narrow down only the marketing campaigns that are lucrative for your business. Spend on them and keep away from spending on marketing efforts that have not yielded any good results.

Similarly, you can find many other ways to reduce your costs without sending your employees home.

Risks Associated with Firing Your Employees

While firing your employees should be the last thing on your list of methods to cut costs, you must also know the many risks that come with employee termination. Here are a few.

Sharing of Company Secrets with Competitors

When employees are not happy with your decision of firing them, they may not care about what action you can take against them. They may go for interviews with your competitors and share your trade secrets. This can be a big set-back for you if your competitor decides to take advantage of the situation.

Lawsuits

When employees believe they have been fired based on unreasonable grounds, they may try to take you to court. If any wrongful termination is proved, it can be expensive for your company. Always be sure to complete the procedure of termination or make sure the termination is justified.

Attack on Brand Image through Social Media

Today, people have a voice, and some people are ready to listen to their voice. Social networking platforms are great places for employees to discredit your brand and slander your image if they believe they were terminated by you wrongfully.

Bad Performance of Existing Employees

It does not matter how much you care about your employees. They may have a stronger connection among themselves than they have with you. Therefore, when you terminate an employee and cause some dissention among the ranks.

So, it is highly recommended that you consider the many other ways of cutting costs for your small business before choosing to terminate your employees.

Maintaining Healthy Relationship With Office Colleagues

As an employee, you will be spending maximum hours of a day at the workplace. In a professional world, as contacts expand, it is equally important to build a good relationships with co-workers. Since company environment will always be a mix of people from various backgrounds, getting along with all of them can seem a herculean task. Employers today want individuals who are good at building relationships, communicating efficiently and gel well with the team. Here are ways using which you can build healthy relationships with colleagues and develop better association with them.

Learn more about your colleagues

Get to know more about your colleagues by asking them about their dreams and values. You can have open conversations with them during coffee breaks and learn about their background, knowledge or skills they own. Observe what type of conversations they prefer and encourage sharing of new ideas in the group. Invite them for a team lunch or an outing to build the right camaraderie and foster relationships.

Have mutual respect

When you are working in a team, allow every member to share his/her thoughts on a particular topic. It shows that their opinions are given the same value as much as of others. This facilitates creativity among the members and helps to build strong relations right from the root as a courtesy is expected to be followed.

Communicate effectively

Be professionally honest and positive when you talk to others. Even if you are pressing a point during discussion, be ready to listen to what others want to say as they might bring out a different perspective on the topic. Never have a ‘know it all’ attitude or be arrogant in front of co-workers. Also, if you have initiated a discussion, encourage others to participate in it.

Be a helper

It might happen that a colleague is staying beyond the work hours or showing up early to complete a project. You can try to help him/her in ways that are possible without jeopardizing your own assigned task. If you are a giver, then there will be greater chances of receiving help when faced with a problem. This is one of the most appreciated qualities in an employee and goes a long way in building successful relations.

Avoid being part of a group

One should try to mingle with all employees at the workplace rather than sticking to only people who fall in your age group. Do not be consistently with people who are in your vicinity or have similar interests. Try to branch out to various employees and get on a comfort level with them. In this way, you can learn more from experiences and avoid being biased. As a result, you will not feel alienated in unexpected situations.

Become trustworthy

When you start working in an organization, you are expected to deliver projects on time and even meet critical deadlines. At such times, how you manage responsibilities and handle targets would be important. You can try collaborating with other colleagues who have expertise on that subject for help. However, if due to certain circumstances you are unable to meet the target, or will be missing the completion date, communicate the same to the concerned person along with a valid reason.

Show appreciation

If you have received help from other to accomplish a task, do not forget to thank that person and give him/her due credits. Praising your colleague and speaking positive things about him/her can go a long way in building healthy relationship with fellow workers.

Connecting with your co-workers and building healthy relationships with them bring out the best in you and also give job satisfaction. Maintain a polite and cheerful attitude at the workplace. If you are on friendly terms with your colleagues in the office, then it acts as a support system, which can help in boosting your performance.

The Secret of Successful Negotiation

Your best work is done before you get to the negotiation table.

The area of negotiation that most affects the outcome is the part you have most control over – the preparation. Research has shown that the best prepared negotiator is the one most likely to get the best outcome.

Preparation that gives you a head start on your opponent can be achieved by anyone willing to spend the time. Here’s nine factors you should prepare.

1. Know the ‘pie’ – fixed or variable

‘Fixed pie’ negotiations are those where the only way I can get a better outcome is to get you to accept a lesser outcome. These never result in a win-win outcome. ‘Growing the pie’ negotiations include variables that creative negotiators use to create high perceived value for the other side at little cost to them. Thinking creatively can even allow you to turn a fixed pie into a variable one. Perhaps the asset (a motor vehicle) is fixed, but you could add variables like payment terms, advanced servicing. The salary might be fixed, but flexibility of hours could add significant value for some candidates.

2. Know the impact

Will the outcome of this negotiation impact on any other current or possible future negotiations with the other party? You don’t want to compromise any negotiations going on now or set precedents that might disadvantage you at some time in the future.

3. Know which side is under the most time pressure

The side under the most time pressure has the greatest incentive to be flexible and may be prepared to give more as the deadline gets closer. If the other side is under the most pressure, your advantage grows daily. If the time pressure is on you, be aware this is a weakness and that if the other side becomes aware of it they will use it.

4. Know the relationship

Is this a one-off negotiation or are there likely to be future dealings? Is the relationship important to you? If the answer is yes, is it important enough for you to be more generous with your offer(s)? If the answer is no, will this change your approach and tactics?

5. Know the other side

Is their negotiation style primarily competitive or cooperative? How likely are they to try to bluff? If you haven’t negotiated with them before, is there someone else you know who has that you can talk to? Is there anything you can find out about them that they might not expect you to know? Anything you can do to compromise their confidence in their preparation is a useful tactical tool.

6. Know what they know

Research yourself. Find out what they know about you. Don’t let them spring any surprises on you.

7. Know some accepted authorities

Facts and figures are so often misrepresented in negotiations, nobody takes the other side’s word. Try to find some authorities that you will both accept as reference points.

8. Know your ‘negotiable’

Build a list of all the negotiating issues you are prepared to bring to the table. Priorities them. Try to build a similar prioritized list for the other side. Issues which appear lower on your list but higher on theirs are the ones that you will get most value for when bargaining. Determine what will be your starting point and your bottom limit. Be as precise as you can.

If you cannot priorities a list for the other side in your preparation, try to determine their priorities in your preamble discussion with them before you start putting offers on the table. If appropriate, try to have a pre-negotiation discussion with them where no one would be making any commitments; you would just be getting to understand each other better to help you create the highest-value offers.

9. Know your alternatives

The side who is most able to walk away from a negotiation will negotiate strongest. You can only do this if you have an equivalent alternative to negotiate with. If you don’t, and this party is your best or only option, then do you have a Plan B to offer them if all else fails?

All the latest studies have shown that preparation and planning are the keys to success in negotiation. Sides that prepare and know precisely their goals in a negation always do better than those who go in ‘hoping for the best’. Those who set specific timelines do better than those who are more flexible. Many things happen in a negotiation that you don’t have control over; but your preparation is not one of them. Everyone is busy; but using that as an excuse is a mistake. Walk in best prepared – and walk out most satisfied.

Your Business Need A Sales Funnel

It may sound obvious but often a business will forget the fact that the only way to make money is to get customers to buy. And the best way to get customers to buy is to have am effective sales funnel.

A sales funnel is set of steps where you guide a prospect through a series of communications that results in them buying from you.

But what happens after that first sale is made? Existing customers are the people who are most likely to buy from you again.

How Does A Sales Funnel Work?

At the top of the funnel, you offer something for free in return for getting a prospect’s contact information. This could be a report, checklist, video or eBook. Then you begin marketing, following up with emails and other communications to attempt to make a sale.

Throughout your sales funnel process, you should have several offers that complement each other. For instance, before you buy a car, you take it for a free test drive. If you like the car and buy it, the salesman doesn’t just hand you the keys and then vanish. You’re offered extended auto warranties, enhancements like upholstery and wheel options.

After a couple of months the salesperson will contact you to see if you’re happy with your new car, and let you know about a discount or sale going on.In the future, you’ll be contacted with opportunities to trade in your vehicle and the sales process goes on and on.

How Many Levels In The Sales Funnel Process?

As you can see from the example above, there can be many different levels in a sales funnel. A one level funnel is where after a customer buys from you, you move onto the next prospect.

But this a critical error.

It costs 6 to 7 times more to get a new customer than keep an existing one. It makes sense to market to someone who has already purchased one of your products, rather than try to convince new people to buy your services. An existing customer already knows you and your business. If they have received excellent value from you once, they’ll be more prepared to spend money with you again, rather than somebody who has never heard of you.

There is no “ideal number” of sales funnel levels. Each business, product and service is different. Just make sure you are continuously providing your prospects and customers opportunities to improve their lives or solve their problems with future purchases from you.

Human Resource Practices

What we have in the prevailing marketplace in today’s economy is the effort that has been made by some well-recognized companies, among them, the Fortune 500 companies based in the United States, who have come to take note of the contribution of their human resource department towards the success of their organizations, SHRM. This has led to the creation of human resource practices by HR department, that motivate its members to continuously being proactive in looking at the business organization, as it engages its employees to determine how they can be supported in strengthening the company’s strategic policies.

A business organization’s human resource practices coupled with its policies are very important in the creation and maintenance of a work culture that is meant to reward, support and then create the expectation for the employees to be consistent in the performance of their work and provision of services. The ultimate goal is the achievement of an optimum customer satisfaction, which at the end leads to a satisfactory financial outcome that create a tremendous success for the company involved, SHRM.

Human resource professionals have been traditionally aligned with administration and finance, tasked with paperwork and far removed from where decisions are made in C-suite level leaders. It has been acknowledged in today’s organizations the value of employees as a key resource, therefore are embracing HR as a key strategic partner with organizational leaders. The new role being given to HR is behind the drive to have companies invest more in advanced technologies that will enable them to manage the workforce, in order to allow HR to spend more time in making valuable contributions.

It has been found based on an audit of Fortune 500 companies that having an HR executive officer among the company’s executive leaderships lead to high performance. In the audit, it was made clear the impact of having Chief HR Officer in the C-suite, which is that the companies with CHRO are averaging 105 percent more profit than their industry peers that do not have one.

Having a chief human resource officer at the C-suite conference table means that the person with the title is able to bring to the table issues affecting the HR department that could not have been possible were the person not there. So the CHRO presence is able to make the argument of the impact of having human resource on the company’s bottom line, the value it brings to the company’s strategic decision making process, and also the need for the company to create HR that is high performance and is involve in the learning and development of its employees, and also the need for an effective technological solutions.

According to some of the Fortune 500 companies audited, the CHRO in those companies embraced the use of customer analysis, proactive talent management as human resource practices. Some of the human resource practices policies enacted that directly lead to high performance in those companies include the exposure of HR risks, like the need to retain key talent in the company’s annual reports and instituting the continuous review of goals and performance throughout the year, particularly:

When the company involve identify risks in their annual reports, the company performs better when compare with peers that do not identify risk in their key financial and market metrics like return on assets (55%), operating profit (by 95%) and earning per share (by 54%).

The organizations that review its employees performance throughout the year are likely to continuously meet its quarterly financial expectation, and show a better average compound annual growth rate (CAGR) when they are compared to their peers that only review performance on an annual basis.

Organizations that have a higher part of its goals aligned and completed does better than its industry peers in key financial metrics, such as quarterly financial estimates, operating profit, earning per share, and price-earnings ratio.

Having a CHRO has proven to have a link to a company’s bottom line, demonstrating the vital correlation between effective talent management and business performance. There are many companies that are very successful in today’s marketplace because they have been able to institutionalized human resource practices platform that put forward an advanced, connected HCM solutions that manage an entire employee life cycle; starting from recruitment to retirement- taking the role from being transnational to strategic, also predictive.

Catering Equipment for Year End Functions

It’s that time of the year when holiday cheer is in the air and companies are in full steam with planning their year-end functions. That means they are actively looking for a venue that will make their function a special one. They want to ensure that the venue looks good, food tastes great, and that all the facilities are there to make for a convenient and fun evening. Therefore, it is time for you to prepare your venue for the busy season ahead.

For small to large year-end functions you will need the following catering equipment.

· Robot Coupe Combo Food Processor. Food preparation is usually the lengthiest part of the cooking process. The Robot Coupe Combo Food Processor will enable you to automatically cut, slice, and grate vegetables thus saving you valuable time.

· Anvil Potato Peeler. If you’re serving hundreds of guests you’re going to have to peel a lot of potatoes. The Anvil Potato Peeler is a robust unit that automatically peels 12 kilograms of potatoes in 2 minutes.

· Chafing Dishes. For large numbers of guests, it can be challenging to keep a lot of food warm. They are also beautifully designed with a polished finish. This is a great way to keep food heated while it is waiting to be served.

· Bussing and Transport Carts. You’re going to need to clear up the dishes from at least 10 guest tables if you have a hundred guests. A bussing and transport cart will allow the waiters to quickly clear the tables and move the dishes to the kitchen. This will also minimize breakages.

· Water Jugs. Placing a jug of water and a jug of juice on each guest table will make them feel welcome.

· Dinnerware. For catering purposes you will need more than enough dinnerware such as plates, side plates, cups, and saucers. Also make sure you have drinks, wine, and champagne glasses. If you are serving a hundred people, ensure that you have dinnerware for 110 people. The additional amount of catering equipment is a contingency for any eventuality with breakages or damages.

· Urns. Once guests have had their meal they may want to enjoy a cup of hot coffee or tea. Having a coffee/tea station with an urn filled with hot water will keep your guests satisfied.

· Scotsman Ice Machine. A lot of cool drinks and alcoholic drinks are usually served at year-end functions so the demand for ice is very high. You will need to provide ice for hundreds of guests and their multiple drinks. An ice machine constantly makes ice on demand so you won’t run out of ice mid function.

· Commercial Refrigeration. You will need to keep a lot of drinks cold throughout the function so make sure that you have a refrigerator that can accommodate all the drinks.

The Strategies to Empower Your Call Center Business

Running an operationally efficient call center that delivers a high-quality customer experience can be a difficult objective to achieve. Consumers are becoming increasingly know-how and their expectations for quality customer service and support is steadily growing. Most corporations may see a contact center as an added expense but as you weigh things down, you find that a call center is a necessity for your business to thrive. It is quite a task to systematically deliver excellent customer service while cutting down additional costs. This may seem intimidating, but it is definitely possible to transform your contact center into a profit-producing asset. But it is difficult to handle a call center with the upper level of customers’ satisfaction.

Here, I am going to represent some ideas of specific strategies to empower your call center business to get the high level of customer satisfaction which will affect your sales graph positively.

Support social media:

While the phone remains at the heart of customer contact centers. There is an increasing need to effectively manage data from multiple channels thanks to the exponential rise in social networks like Twitter and Facebook. This requires solutions that have both the intelligence and flexibility to adapt changing market and consumer needs.

Social media has empowered consumers to become broadcasters or journalists, so speedy and flexible customer service is critical. A complaint sent via Twitter that is left unanswered could spread internationally overnight.

Empower your employee:

Employees are the main factor of a call center who have to communicate with customers directly. We can say that the employees are the heart of a company. So, enable your employees to make their own recommendations on improvements, after all, they are much closer to the working procedure than senior management.

A focused call center can help a brand realize its goal whether that be higher levels of customer satisfaction, more revenue per customer or driving increases in sales. Establishing the right policies and working practices can empower call center employees to support the brand and the business.

Refining Your Customer Service Strategy:

Your customer care center will work in tandem with your call center software to create synergies in your customer service department. One of the biggest advantages of this software is its ability to collaborate with your customer history. For instance, say you get calls from a long time customer on a monthly basis. Call center software can be set to display “screen pops,” which allow the agent instant information as soon as the call is answered, reducing call times and customer satisfaction. Screen pops can be customized but most commonly will include customer purchase and return data on every inbound call.

It doesn’t matter if you are making inbound or outbound phone calls providing customers and prospective clients with the right answers, faster can really streamline your sales efforts.

Know your customer:

Understanding the demographics of your customers is a key first step toward determining which tools and approaches will best help you achieve your business objectives. For example, tech-savvy customers will likely expect to connect with you through more technical channels, such as online forms, chat sessions, or social media drove community-based solutions. Less tech-savvy customers, on the other hand, may require more traditional, higher-touch solutions, such as phone, fax, or email.