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Learn From The US Military & Improve Your Bottom Line
Learn From The US Military & Improve Your Bottom Line
Over at Service Untitled, Doug makes the point that managers should be given autonomy within their organizations to meet customers needs. If he is talking about empowering your frontline managers, Im in total agreement. Thats something Ive been advocating for the nearly three years Ive been blogging on customer service issues.
I once watched a desk clerk at a Four Seasons Hotel comp a guests bill because the guests spouse complained of a less than clean room. She specifically mentioned cobwebs in their room as well as several other faults. The clerk didnt blink; he didnt flinch, he didnt look for his supervisor. He immediately comped the room. Now thats giving your staff autonomy, or as I call it, empowerment.
I enjoy reading history and over the last few months Ive read Michael Kordas Ike, and David Halberstams, The Coldest Winter. In both books the authors point out that an important strength of the American military was the willingness of company, platoon, and squad leaders to improvise when the situation demanded it. The Germans, Japanese, Chinese and North Koreans were unable to do that with disastrous (for them) results. The Marines call this adapt and improvise.
Business owners and leaders should encourage this same competency in their own frontline managers and staff. As long as the employees know what their limits are, they should be empowered to bend the rules in order to keep a customer.
But Glenn, you say, What if they give away the store? Thats not a problem in the military. They have their marching orders, but they also know they can adapt and improvise. Its up to you, the senior managers/owners, to give your employees clear parameters beyond which they cant go.
Some of the advantages of empowerment are:
Employees enjoy being empowered which is reflected in increased productivity and reduced turnover
Complaints are often stopped dead in their tracks wowing the customer and turning the customer into an advocate for that business.
Employees dont have to pass the complaint up the chain freeing supervisors for other duties
An the real benefit to you is more experienced employees whose increased productivity increases your bottom line.
Empower your employees, but as Doug says, hold them responsible for their actions. That includes rewarding and recognizing them for their successes.
Regards,
Glenn
An empowered organization is one in which individuals have the knowledge, skill, desire, and opportunity to personally succeed in a way that leads to collective organizational success.
Stephen Covey, Principle-centered Leadership as quoted at the Quotationspage.com
Disagreement With Business Buyer: How to Adjust Earnings for Owners Salary
Disagreement With Business Buyer: How to Adjust Earnings for Owners Salary
We are representing a company that is for sale, and a few days ago I received the following about that company:
Ney,
I decided to pass on this business. The reason is following:
I do not agree with your adding back full owners salary of $120K and car expenses of $14K. Owners salary is entirely addable only in case of absentee ownership. Correctly it shall be normalized by replacing by market managers compensation. Compensation of $120K seems for me market. As well manager shall have company car. So here we have $135K deducted from SDCF.
You forgot to deduct CapEx ( expected capital expenditures). I may expect correct CapEx for such company as $100-150K. So in total we have reduction of about $250K Such company, worth max 2x multiple of last year or $xxMM.
I understand anyone passing on buying a business for any number of reasons. But a couple of things about this email I couldnt let go.
Adding back owners salary to Sellers Discretionary Earnings (SDE) has nothing whatsoever to do with absentee ownership. It is the definition of SDE. You always add-back owners salary. I think the gentleman was getting SDE confused with Discounted Cash Flow. It is confusing, because many brokers use the term Sellers Discretionary Cash Flow SDCF and SDE interchangeably. Really they are not, because SDE is not a true cash flow number. There is an effort by the IBBA (www.ibba.org) and IBA (www.go-iba.org) to get all brokers and M&A advisors to use the terms SDE (or just DE) instead of SDCF or SCF.
It is important to understand that what is used in many valuations of small/medium sized businesses and what is posted on the business-for-sale websites is SDE. None of the companies listed on bizben.com, bizbuysell.com, etc. should include owners salary or managers salary, unless they state otherwise. If some did and some didnt, we would lose the ability to compare similar companies.
CapEx is also not included, although this is some argument that can made to include this expenditure. Why not included? Because SDE is a term used for small to medium sized businesses where the market approach to valuation is typically used. Since managers salary and CapEx are subjective, and honestly many brokers have a hard time coming up with consistent values for these, they are left out.
There are done deal databases such as Bizcomps, BVMarketdata and others that business appraisers use to statistically compare companies. If some brokers included owners salary if a business were absentee ownership (in their opinion) and others did not, you could not compare them. Same with CapEx. If a business was a heavy consumer of equipment, then this would naturally appear as a low multiple when comparing done deal data. This does break down sometimes when there isnt a lot of data. Also, if a company has not historically kept up with equipment purchases (i.e. run down equipment), there should be an adjustment for this.
You can include a managers salary, but this is called EBITDA. It is a different number and different definition than SDE. Certainly, you can not apply a rule-of-thumb SDE multiple to EBITDA as this gentleman appears to have done. It doesnt make sense.
You can also include CapEx, but this is typically included when doing free cash flow and discounted cash flow analysis, which is called the Income approach to valuation. Certainly these are valid things to do. In fact, I wrote previously about a valuation program, BVX, that I use that takes managers salary and CapEx into account, then calculates a business value based on the expected ROI of the buyer.
In the end, this buyer also questioned whether the earnings level of the company was sustainable, and in his conservative view that alone was sufficient means to pass on the opportunity. Which was fine. However after some email exchanges I was still unable to convince him about managers salary and SDE. Oh well, I tried.
The ins and outs of tax rebates
The ins and outs of tax rebates
Home » Business Tips » The ins and outs of tax rebates
June 24, 2016 Frank Bullock Business Tips
Obtaining a tax refund is something that the majority of citizens can benefit from, if they follow the instructions and fill in the documents necessary. Although, most people have an idea of what applying for a tax rebate involves, sometime they might face difficulties and are not fully aware of all the tax deductions they can benefit from. Using a tax rebate calculator 2016 has become extremely popular lately, because it gives you the possibility of knowing exactly what amount of money you are entitled to. If you are struggling to understand the ins and outs of tax rebates, then you should learn a few things that might help you out.
Obtaining a free estimate
Those who have not applied for a tax return before or are relatively new to the subject, are not quite sure how the entire process goes nor how much money they can receive. If you are interested in receiving an estimate, then you should know that nowadays you can receive the information you require just by using a calculator or a software. There are some websites, such as TaxReturned.co.uk, that can offer you a free estimate on your taxes, regardless if you are working in the healthcare domain, as a teacher or chef or you own a business.
Collect your documents and file your taxes as early as possible
If you wish to receive your refund as soon as possible, then the best you can do is collect your documents early and file your taxes on time. Although, tax planning is certainly not a fun thing to do, requiring some effort and stress, it is always best to take care of this matter at a convenient time.
Tax audits
Tax audits have caused some inconvenience to taxpayers along the years. Even if most citizen can be called in for an audit, you should know that those with higher incomes are more exposed to the chance of an audit. However, you should be certain that all your documents are in order, to prevent any legal complications.
Tax deadline
Although the deadline for filling taxes is usually the same each year, you should make the time to keep yourself informed throughout the year, and thus prevent the possibility of not applying on time, or losing your tax refund. The deadline might also vary depending on the industry you are working in. If you do not desire to be one of the many last minute tax fillers, then at the beginning of each year, find out the exact deadlines.
There are numerous situations where you can apply for a tax rebate and a wide variety of tax deduction you probably do not know anything about. Whether you are interested in applying for a healthcare, a teacher or a pilot tax refund, it is imperative to know what paperwork to fill and what information to include. If you want to be certain that you will receive the amount of money you are entitled to, you can look for an online platform that can provide you with a free estimate, by giving you access to a tax rebate calculator.
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Tricks to organise the best Christmas party for your employees
Tricks to organise the best Christmas party for your employees
Home » Business Ideas » Tricks to organise the best Christmas party for your employees
September 21, 2016 Frank Bullock Business Ideas
As a business manager or owner, you should get involved in organising the Christmas party for your employees, because this is the simplest way to show them that you appreciate their effort. Yes you can charge someone with the job, but you should keep in touch with the person, and ask them from time to time about the status of the preparations, and if you can do something to help them. Also, you have to be the one who makes the decisions, at the end of the day, because you can state the budget of the party. If you want to plan a unique office Christmas party Melbourne, you should consider hiring the services of some corporate entertainment companies, because they have experience in the domain, and they can help you amaze your employees.
Hire corporate entertainers
The first thing you have to do after deciding upon the date of your event, is to get in touch with a company that provides corporate entertainment services, and see what options they can offer you when it comes to organising your party. If you want to offer them a unique experience, you can opt for a reptile encounter, which means that some unique animals guests would come at the party and the employees have the possibility not only to admire them, but also to touch them. You do not have to worry that you bring wild animals in the office, because these ones are hand tame animals, which are accustomed with people around. You can ask the company to bring different species, because some people do not ever have the possibility to see these animals in real life, so they would take it as an opportunity, and they would be grateful to you.
Ask about food preferences when it comes to menu
In case you decide to organise the event in a restaurant, you would have to choose from some standard menus, but if you organise it in your office, you would have to discuss with the catering company and see what options you have. You have to consider in this case the dietary needs for your employees, because some of them might have certain allergies, and you have to be sure that you do not include those ingredients in the dishes you order.
Plan a gift giving activity
Do not forget that you plan this party because Christmas is close, so you should not skip and organise a gift giving activity. You can offer gifts to all your employees, or if you want to organise a more interactive activity, you can play Secret Santa. If you are opting for this type of activity, you should set a budget, and make sure employees know it. Also, you have the possibility to organise a group charity donation for a local orphanage. You are the one who should decide upon the gift giving type of activity, but do not forget to plan it, because it is essential for a successful Christmas party.
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Medical Claims Processing From Home
| Who We Are We are a local marketing and sales agency that help small/medium sized businesses and Start up. Established for over 10 years, our clients vary in size and cover a wide variety of business sectors. we see ourselves as active members of the local community helping local businesses by providing a variety of field marketing, btl marketing , door to door marketing, brand promotion, social media marketing, telemarketing, web and printed based marketing materials. Pune Office537/1, 2nd floor, above patil hospital , near Abhishek Hotel, Jondhale Chowk, Laxmi Road, Sadashiv Peth, Pune, Maharashtra 411030 Mumbai OfficeSHOP NO 10, Shoppers Point, SV Rd, NEXT TO HOTEL, MOTI MAHAL, Andheri West, Mumbai, Maharashtra 400047 |  |
Medical Claims Processing From Home
Medical Claims Processing From Home
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Medical claims processing is really a good business. Medical billers aid doctors and other medical establishments to make their service convenient. They give their service by transmitting insurance claims immediately to the insurance company.
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If you are interested in any medical aspect, you can start a business medical claims processing at your home.Nowadays, consulting with a doctor personally does not just engage a regular visit anymore. There is now the new medical practice that most doctors make use of. This includes the filing forms, processing and paying. Policies include what kind of insurance company will be required. Other doctors require filing out the claim forms for them. Then, after that, you can get a bill. If you are a medical claims processor, you need to undergo the red tape in order to acquire the claim process issued by the insurance company. Make sure that the insurance forms are accurately and appropriately filled out. In order to start a business medical claims processing, you should first consider some important points. Below are the best and effective factors that you will need in building the said business.
How Can I Start?
If you have interest in the line of medicine and health industry and planning to build a particular business, then medical claims processing is the best for you. In order to process claims, it is important to know all about insurance regarding health. So, serious research is needed. You can search in internet and look for some health insurance businesses. Remember, claims can be complicated and tricky depending on the type of insurance company you are dealing with. So, you should know all information about the process. Focus on their policies and their strategies.
Capital for the Business
If you are starting a medical claims processing business at your home, you may probably need a computer with internet, claims manuals, a copier, and a printer. You will need a gadget that will help you to communicate with many customers. You can buy innovative manuals that contain information about that medical insurance industry. The importance of manuals is they discuss about the particular industry insurance rules and regulations that need to be acquired from other insurance industries. In addition to that, consider the budget for the other equipments and important supplies that you will possibly needed.
Consider Your Skills
One of the main important requirements to be successful in this business is the ability to completely comply with the health business policies. In case there are conflicts with the claims, dealing with someone at the business can be useless. So, the major requirement is having the competitive communication skills, of course, combined with respect and patience. In addition to that, you must have enough knowledge about health insurance company. Another good skill is knowing and understanding the medical terminology and coding process.
Market Your Business
Once you established a business like this, you will be expecting to work with hospitals and doctors offices in order to assist and help them from the difficulty processing the claims of their patients. So, to give your service to other hospitals and some medical establishments, you should have proper marketing strategies. You can use websites and media like TV and radio advertisements.
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2 sNtombifikile said on November 25, 2014Am a qualified educator in South Africa, in Durban province.Bhavna Singh said on February 22, 2016Hi I am from Durban and want to start up a business for processing medical claims. I need to register a company that would meet the requirement of the medical board, should i need a C.C or a PTY Ltd? i do understand that there is no more C.C’s. How can you assist me? (All the above fields are required.)
Medical Claims Processing From Home
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Portable Shower Trailer Business
| Who We Are We are a local marketing and sales agency that help small/medium sized businesses and Start up. Established for over 10 years, our clients vary in size and cover a wide variety of business sectors. we see ourselves as active members of the local community helping local businesses by providing a variety of field marketing, btl marketing , door to door marketing, brand promotion, social media marketing, telemarketing, web and printed based marketing materials. Pune Office537/1, 2nd floor, above patil hospital , near Abhishek Hotel, Jondhale Chowk, Laxmi Road, Sadashiv Peth, Pune, Maharashtra 411030 Mumbai OfficeSHOP NO 10, Shoppers Point, SV Rd, NEXT TO HOTEL, MOTI MAHAL, Andheri West, Mumbai, Maharashtra 400047 | |
Portable Shower Trailer Business
Portable Shower Trailer Business
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Portable shower trailer business is a new wave of sanitary related venture common in some parts of the world. This is not just excellent in promoting sanitary but is also a nice opportunity for you to earn acceptable range of income.
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If you consider this as your possible business in the future, there are features of portable shower trailer business that you have to learn.In order to succeed in any business type, it is always an advantage to learn your chosen business deeper. In the case of portable shower trailer business, there is a lot of information that you must be aware of first. This information is concerned about the features of the equipment that you will use.
Standard Portable Toilets
Portable toilets that you can use in your portable shower trailer business come now in variety of features. The standard portable toilet is suited for those who want to enter construction business project. These types of portable toilet facilities come with a door that can be locked in order to provide privacy to its user. In addition to that, this also contains toilet paper, paper towels, soap and seat covers. As you notice, some of its features are still in touch with the typical features that you can observe in ordinary shower.
Deluxe Restroom – Flushing
If you are finding a little bit modernized from the standard portable toilets, you can select the Deluxe Restroom Flushing. Being ahead from the typical portable toilets is very evident by just simply reading its name. Particularly, the flushing here is enclosed with a pump action that is self-contained. This is used alternatively from the toilet sets holding tanks of the other portable toilet designs. There are a lot of modified amenities that this features. These are:
Dispensed soap
Toilet paper
Paper towel
Cold and hot running water
Stylish walls
ADA Compliant Portable Toilet
You can also consider getting ADA Compliant Portable Toilet for your portable shower trailer business. There are times that customers of the portable toilet trailer business are disabled. This is the perfect type of toilet amenities for them. The safety features of these are superb. They are built with support parts for weak occupants. Generally, the features of the ADA Compliant Portable Toilet are abided with the rules and regulations of the Americans with Disabilities Act. Because of this, not only security but the assurance of convenient utilization of the facility is guaranteed.
VIP Self Contained Units
The ADA Compliant Portable Toilet is the type of toilet which offers one of a kind experience to its occupants. This is very much apparent from the name of the portable toilet facility. The ADA Compliant Portable Toilet is self-contained and has a lot of desirable features in store to its user. These features are paper baskets for wastes, paper towels, lightning mirror, sink with fresh water as well as proclaim toilet. This cost a little bit higher but is very promising in terms of equipment satisfaction.
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How to Start a Scrap Gold Business
| Who We Are We are a local marketing and sales agency that help small/medium sized businesses and Start up. Established for over 10 years, our clients vary in size and cover a wide variety of business sectors. we see ourselves as active members of the local community helping local businesses by providing a variety of field marketing, btl marketing , door to door marketing, brand promotion, social media marketing, telemarketing, web and printed based marketing materials. Pune Office537/1, 2nd floor, above patil hospital , near Abhishek Hotel, Jondhale Chowk, Laxmi Road, Sadashiv Peth, Pune, Maharashtra 411030 Mumbai OfficeSHOP NO 10, Shoppers Point, SV Rd, NEXT TO HOTEL, MOTI MAHAL, Andheri West, Mumbai, Maharashtra 400047 | |
How to Start a Scrap Gold Business
How to Start a Scrap Gold Business
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: For some scrapping gold would provide any benefit for their lives but there are ways to gain income from this job. You can even start your own scrap gold business and eventually become one of the successful business owners in the market these days.
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The only thing that you should do is to learn how to start it.Learning the Process of Scrapping
Before you earn income from a scrap gold business, ask yourself if you know how it is being done. There are only few people that know how to carefully scrap gold especially from electronic devices as well as other industrial materials that are already broken. Used and unfashionable jewelries are the best things to scrap gold and it is also much easier to earn income for these materials. By using the right tools you can scrap gold from different materials. However, to make things more ideal learn the process from the expert. You dont want to waste your time starting a business that you dont know how to operate.
Establishing the Business
When you have learned the process of scrapping, you will probably want to earn income right away but it can only be possible if you will settle it in the right place. Though scrap gold business can be established at home it is still advisable to start it in a new place where it is exposed in the public. This would be great in promoting your business wherein if the people see your business they will be the one that will visit it. However, make sure to choose a place where there are only few competitors, so that your chance of acquiring more clients is high. If you can find a place that is near a department store or large establishment it would be great.
Choosing the Items to Scrap
Choose only those that can still have a high value when scrapped. There may be a lot of items that can be scrapped but not all can be sold at a high amount. Accept only those that have a better value in the market because it will be the only way that you will gain income. Do not get easily blinded with its cheap value when you buy an item to be scraped because it might be counterfeit.
Buying and Selling Gold
As an owner of scrap gold business, you must learn to know the difference of the fake gold from the real one. It is essential to identify these two types so that you wont become a victim of those who are selling fake jewelries. Set a requirement to the things that you are going to buy before scraping it. If you can find a client that loves to collect gold or someone who sells jewelries, it will be a great help in your business.
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How to Start a Scrap Gold Business
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How to Start a Circle K Franchise
| Who We Are We are a local marketing and sales agency that help small/medium sized businesses and Start up. Established for over 10 years, our clients vary in size and cover a wide variety of business sectors. we see ourselves as active members of the local community helping local businesses by providing a variety of field marketing, btl marketing , door to door marketing, brand promotion, social media marketing, telemarketing, web and printed based marketing materials. Pune Office537/1, 2nd floor, above patil hospital , near Abhishek Hotel, Jondhale Chowk, Laxmi Road, Sadashiv Peth, Pune, Maharashtra 411030 Mumbai OfficeSHOP NO 10, Shoppers Point, SV Rd, NEXT TO HOTEL, MOTI MAHAL, Andheri West, Mumbai, Maharashtra 400047 | |
How to Start a Circle K Franchise
How to Start a Circle K Franchise
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Having one of the best convenience store franchises is most likely to be best business venture compared to other companies in the US. Choosing a Circle K franchise can be financially rewarding specially for business-minded people.
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Circle K started operations in 1951 in Texas when a think-tank, Fred Hervey, acquired the first three stores then later turning into an international success by engaging in a memorandum of agreement with a Japanese company.Its popularity among American consumers played a vital role in Circle Ks success. To date, the company now has over 10,000 franchises in the Southern and Western United States. The company also has operations in six other countries, making Circle K as one of the lucrative business ventures.
With an all-time high in franchise growth, it is relatively easy to acquire one franchise of Circle K. Those who possessed extraordinary skills in business are urged by the company to handling more than 3 franchises. It can either be on-hand or home based business management, as long as the applicant can handle the load.
Territorial exclusivity is also available to businessman who wanted to monopolize transaction in his/her area. Around $161,000 to $1.4 million are needed to establish a single franchise. This does not cover the franchising fee of $15,000. Upon signing a deal with the company, a franchisee is required to handle the business for 10-years. So, it is necessary for individuals to be commitment-oriented. However, the company does not allow absentee ownership.
Circle K management said that this franchise is relatively cheaper than other franchises in the market today. The company also said that their royalty fee, costing about 4 percent of the annual profit, is also much cheaper than its competitors.
Other qualification requirements covered before contract signing is the regular financial check, which includes assets liquidation and background check for first time owners. Financial assistance from banks is also allowed by the company.
Records showed that more than 15 percent of the companys franchisees own more than one unit. This is mainly because of the efficient production and service of Circle K. In one franchise store, 10-15 staff/employees are needed to run the whole operation.
Multiple training programs will be available for the new franchise owners and his/her staff. This training is a top-class in the food industry. Customer satisfaction is always first in Circle K. These training programs are available in the company headquarters which will cover around two weeks. Another 2 weeks will be dedicated to training inside the actual store to familiarize the staff.
Advertising will also be available for each franchise holder. These are either by newsletters, toll-free hotlines, grand opening, and internet access. Another marketing strategy being employed by the company is the Co-op advertising to lower cost in each advertisement the company produce.
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How to Open a Cruise Travel Agency
How to Open a Cruise Travel Agency
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Since travelling is a common hobby nowadays, starting a cruise travel agency can be a nice business for you.
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This can provide you with unlimited financial sources needed in experiencing a lucrative life.Even if starting a cruise travel agency is one of the most promising options of businesses nowadays, it is important for you to know some tips on how you can start this form of venture. By simply knowing these things, you can run the business properly.
Register Your Business
Just like what you need to do in other kinds of business, you need to register your agency first. There are some requirements being required depending on the state where you live and where you want to open your business. Usually, you need to secure business permit, insurance and other requirements imposed. Without having your business registered, you cannot open your business in the future. When you register your business, you will also be asked to decide if you want a home travel or referral travel agency. See to it to think about this matter.
Become a Member of Travelling Organizations
Once you have registered your business, the next thing you need to do is to become a member of some traveling organizations such as International Air Transport Association (IATA), National Association of Commissioned Travel Agents (NACTA), American Society of Travel Agents (ASTA) and many more. The good thing about being a member of these agencies is that other members can provide you the assistance and the help you need in acquiring customers. Though some organizations might require you to pay for membership fee, this is just a very small investment that you do not need to worry about.
Introduce Your Business to Travel Companies
Offer business plan to some huge companies. This is one of the best ways for you to spot the customers you need for your business. Make sure that you present complete information on the business plan you have. If needed, you should discuss this to companies you want to work with. If you are successful in explaining your business plan to your possible customers, you can get the chance to deal with a company that can help you gather more customers. If you are confident with your own marketing skill, you can solely spot the customers for your business.
Close Deals with Contracts
If you have successfully searched for a host travel agency, the next thing you need to do is to make a contract with them. This serves as the proof that you have closed a business plan with them. Under the contract, it should state that you act as middle supplier of the traveling services. Of course, you have to make sure that the contract is well-understood by both parties. This is very important in order to avoid possible conflicts in the future.
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