#Immediacy on speech making

Unless the quantities are large, and significantly better terms can be obtained ...

Unless the quantities are large, and significantly better terms can be obtained elsewhere,- it is better to stick to local suppliers for these goods It is an inexpensive way of building up goodwill in the local community and may create business for you.

In business terms, this is called reciprocity; in everyday terms it is called 'you scratch my back and I'll scratch yours': Raw materials and components warrant a lot of attention in most manufacturing businesses. Not only are they likely to be a significant item of expenditure, but faults may< cause difficulties during your manufacturing process or give rise to complaints from your customers. Have you found satisfactory suppliers for all important items? Do you still have any quality or delivery problems? Goods for sale represent the biggest single item of expenditure in many businesses and thus deserve a lot of attention. Your buying policy must be firmly based on your business strategy.

Are you selling high-quality goods at a reasonable price, or are you selling run-of-the-mill articles as cheaply as possible? Do you aim to keep a wide range in stock at all times, or concentrate on a limited range of fast-selling items? Are you competing mainly on price, or do you provide certain services, eg customer' advice, free delivery, free installation? Your buying policy should also reflect your customers' buying habits. If you want to build up a group of regular customers who look to you as the 'natural' place to buy certain goods, then you must build up a group of regular suppliers. If you aim to, provide quickly those items not in stock, and then you must find suppliers who provide a similar service.

If you rely on attracting, casual customers by large discounts, you must find sources of low-price goods. Most entrepreneurs start with low stocks, partly of necessity because cash is scarce, and partly to minimize the risk of buying the wrong materials.

As the business grows, stocks usually increase, partly as the cash becomes available and partly in response to customer demand. Sometimes stocks grow for another reason, however, as the volume of slow-moving and unsalable goods increases. This is a fatal mistake.

Not only do such goods represent money which you could well do with, but they tie up space, facilities and staff time: You must be absolutely ruthless in clearing out such Materials. At least once a year you must dispose completely of all dead stock for the best price you can get, however low that may be. The Inland Revenue bears part of the loss, since it is offset against profits, and you have the immediate use of the cash and storage space.

You probably also do a lot of good for your image among both- customers and staff. Your own time One of the major resources in your business is your own time. This is often the barrier to further expansion of the firm, and we wonder if there are any readers who have never said, 'Oh, for a few more hours in the day.' You may think you know how you spend your time at present.

This is probably untrue but don't take my word for it. Try this little experiment.

Write down on a piece of paper the activities on which you spend most of your time, and add a further item for 'other activities'. Put against each the percentage of your time that you spend on that activity and put the paper in a drawer. Now keep detailed records for a week using a technique called activity sampling. Take a sheet of paper for each day, mark the time at quarter-hour intervals down the left-hand side, and rule a column- for each of your selected activities, plus an extra one for 'other activities'. Every quarter of an hour or thereabouts put a tick under the heading for what you are doing at that moment. At the end of each day, count the number of ticks under each heading; then total 'them for the week and calculate the percentage of the total for each activity.

If the result of this experiment tallies with your estimate, then you are one of those rare individuals who really do know how he spends his time. You are more likely to be surprised and perhaps disappointed.

Indeed, in my own case, we had to do a second run ...

Indeed, in my own case, we had to do a second run with a different set of headings to break down t... read more

If not, you will find it helpful to let a management, website ...

If not, you will find it helpful to let a management, website from the library which deals with staff-report writing. Writing comments in response to a stereotyped... read more

As a result of this, what action do you think you should ...

As a result of this, what action do you think you should take? Increasing your Sales The simplest way to make more money from your business is o increase your sales turnover simple,