How Corporations Encourage Individuals to Pay Up

Corporation income and revenue often depends upon whether or not other individuals pay for certain goods and services. With such a heavy reliance upon other individuals, it is important to implement some type of system that will entice them to pay their bills on time or even earlier than they need to.

Here is a look at some ways corporations have encouraged clients to pay debts in a timely manner.

Buyer Incentives

Many corporations will team up with other corporations to offer buyer incentives to individuals who borrowed items on credit. Corporations will only offer these incentives to individuals who pay off what they owe on time or earlier than they needed to. This allows the corporation to receive the money that is owed to them and bring in some form of income to the corporation.

Some examples of buyer incentive programs include offering discounts on a payday loan service, free products or services to other retailers, or even discounts on products on the individual’s next purchase.

Credit Incentives

Many times buyers will want to purchase more and more of a certain product. However, the corporation cannot know if the individual plans on paying them back or not. A great way to encourage them to pay them back on time and get what they want in the future is to offer a credit incentive. Credit incentives can include increased lines of credit, a special line of credit with bonus offers or even access to certain products or services that might be more expensive.

Using these incentive programs help corporations receive the money that is owed to them.

Filed Under: Corporation Tagged With: , ,

Managing Corporate Crises

For any business, whether a Fortune 500 corporation or a small business looking to expand, having the necessary infrastructure in place to handle a potential crisis is imperative. Doing so can protect company image in the event of an emergency and ultimately preserve profits. Adequate handling of a crisis situation protects a company and its employees in the event of an emergency. Hiring, training and managing crisis professionals is also an option to protect bottom line results.

Crisis can be viewed in two ways: as a situation that can make, or break, a manager. Crisis often tests managers to their limits. The first step in managing corporate crises is to recognize the problem and define the crisis accurately. By facing the reality of the situation, managers can position themselves for future success. A major component in successfully navigating crisis is also a high level of resilience.

In the first stage of a problem it may be easy to mistake the symptoms of the situation for the actual root cause. Moving too fast into a situation may lead to underestimating the depth of the problem, misjudging its root cause and creating a more serious problem for one’s organization. Good managers recognize, address and own the problems that arise and work to position their organizations in such a way that they are more powerful after the crisis than they were before it.

The best managers are those who use crisis to transform themselves, their organizations, and their industries to better compete in the long term. Good managers remain focused on the task at hand and seize the opportunity of a downturn to reshape the market in which they are competing. The best managers, and the most successful organizations, invest in themselves during the downturns and always look for ways to add to the bottom line.

Filed Under: Corporation Tagged With: , ,

Persuasion in the Workplace: The Elaboration Likelihood Model

When hiring, training and managing employees in today’s uncertain workplace, it’s often easy for managers to miss signs of decreasing employee morale. A decrease in workplace morale can have serious long-term effects on the productivity of a company and its employees. Many leading managers understand that by gaining the trust and support of their employees that business operations run smoother and profits are often higher. However persuading employees to support new ideas and initiatives is not an easy task. Workplace behaviors and attitudes have been studied by psychologists to better understand how humans react to and support processes of persuasion.

One of the more popular models of persuasion is the Elaboration Likelihood Model. This model states that people are motivated to do the right thing, but the amount of energy an individual will expel to evaluate a situation will vary with the individual and the situation. Elaboration, or the extent to which a person thinks about issue-relevant arguments contained in a message, can range from none to detailed consideration of every argument.

According to the Elaboration Likelihood Model, there are two routes to persuasion: the Central Route and the Peripheral Route. The key to persuasion is to identify the route that will be taken by the target and to enhance or decrease elaboration accordingly. The Central Route to persuasion occurs when motivation is high and the ability to scrutinize issue-relevant arguments is strong. The Peripheral Route to persuasion occurs when motivation is low and the ability to scrutinize issue-relevant arguments is weak. As motivation and the ability to process arguments increases, a strong argument—based on relevancy, plausibility and novelty—becomes more important in order to create change.

Filed Under: Employees Tagged With: , ,

Business Office Gift Exchange

Business Office Gift Exchange

1. Gift Exchange

Your office is celebrating and holiday spirit has arrived on the job. You’ve searched the Employee Guidebook but can’t find anything that gives suggestions on how to decline participation with or without good cause. If you decide to push forward you are now in search of a gift for a business colleague. Hopefully a budget has been set and you are okay with it.

2. Gift Ideas

You reserve the right to keep the gift simple and impersonal or you can get into the spirit of giving and find out what your co-worker likes. Studying taste is a skill that isn’t terribly hard to master. Check out the pens they use and what they eat for lunch. Gift baskets are good ideas and if they are personalized it makes them even more special. You don’t have to go overboard set a limit and stay within those guidelines. Don’t get too personal with your gift. Inappropriate items might include lingerie, perfume, and sex toys. Yes we have to go there. Keep it professional and tasteful. Pen sets and artwork appropriate for an office setting are nice touches.

3. Gift Giving Anxiety

The art of gift giving has a special spirit even in a business environment. We all like being appreciated for our efforts and having a good time. Work is what we do to earn a living, living and loving which includes giving, is what we do to when we enjoy life. Any anxiety you still feel towards finding the perfect or least a functionally acceptable gift can be released. As a last and final resort, and only if you must resort to the every handy gift card. This last minute effort will be appreciated and works if you are in a pinch for time. Not the most creative idea but it works. Have fun with the gift you give and the one you receive.

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Filed Under: Small Business Tagged With: , ,

Overcoming Business Slumps

Overcoming Business Slumps

1. Learn the Lesson and Move On

Rainy days and grey skies don’t last always. Climbing out from a slump in business can teach valuable lessons and give you a new start. Times are rough, business up and down and you can’t always get a read. Your last investment felt like a good idea at the time. If you possessed a magic ball you could have predicted the outcome. Not to worry there are nuggets of wisdom to pull out of the lesson. Take time to evaluate your decision what it cost, how you could have handled it differently. Log that information away for later. You won’t be likely to repeat the same mistake twice if you look back at what could have worked better.

2. Repackage the Dream

Sometimes we simply need to look at our mission and marketing efforts from a different angle to determine how we can turn our slump back into profits. Timing can be everything about right on par with location. Understanding what time of the year is best noted for what your business offers will guide you in the right direction. This should be a working list of resources, timelines, and deadlines that can help put you back in the game.

3. Self Care

Be good to yourself during this up and down time in your life. Your business is no doubt very close to your heart. Stress kills and worry over profit loss and the keeping your doors open when business is slow are real concerns. Remember to eat, sleep, and exercise properly. Talking about concerns with someone you trust is also important. You may be inclined to keep up a front like that portrays that all is well. In time this too wears on you emotionally and physical. So head off the boogie man and fears that say you can’t do it. Renew, restore, and believe that your business is meant to thrive. Thoughts become things.

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Filed Under: Small Business Tagged With: , ,

Tips for Trainers

Tips for Trainers

1. Know your Audience

Well prepared trainers have a working knowledge of their audience. Time is usually of the essence and material has to be covered with enough information and resources to supply factual information when filling out the evaluation form.

2. Be Prepared

Arrive early if the room isn’t set up to your specifications start delegating.  Your room should be well lit with enough outlets to handle multi-media presentations. The room should be comfortable enough so that it isn’t frigid or scorching hot. Your presentation materials should be laid out and within reach. If you have copies that need passing enlist the services of the first person to arrive. People generally don’t mind lending a hand especially if they are early.

3. Start and End on Time

Be courteous by starting and ending your training on time. Provide an agenda outlining activities for the day. Be sure and list break times and the lunch schedule. Copies should be over in number  rather than under to avoid interruptions for copy runs. Check your audio visual equipment ensuring that your presentation will in fact start when you press play. Your presentation can be on anything business and should hold the attention of your training class. Even dry material can become interesting with a good trainer.

4. Wrapping Things Up

Before your training concludes for the day make sure and circulate an evaluation tool that gives you sufficient documentation on learning outcomes and next steps for your business.  A  short but well thought out evaluation form can garner responses that serve as consultant tips. Hiring a consultant to review your training efforts can put help with forecasting efforts for your business.

Take care with sign in sheets and other contact information. Make sure and ask if people mind being called or receiving email on future trainings. An exit door prize for a randomly selected participant can end your training with a warm–fuzzy.

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Filed Under: Small Business, Training Tagged With: , ,

Business Attire for Men

Business Attire for Men

1. Dressing for Success

Business attire for men should consist of suits in blues, blacks, and grays, button down shirts with collars, ties of varying colors, and good shoes. This list is a good starting point for new hires. Shoes may really make the man and well crafted pair is worth the cost.

2. Cleaning Bills

Maintenance is part of upkeep for your wardrobe.  Dry cleaning your suits and better pieces will help to preserve their life. Laundering your work shirts frequently taking care to remove stubborn sweat stains around the collar and wrist areas will also help to save your shirts. Clipping coupons can save on dry cleaning bills. A wardrobe cleaning line item may not have been added to your budget, but you will need to keep clean clothes. Invest in good iron to quickly knock wrinkles out.

3. Grooming

Hair styles are personal and a great of display of self expression. Depending on your line of business you may have to meet requirements for hair. Length, style and sometimes color are things that employers can suggest and expect. Check with the Human Resource department if you have questions.

4. Tattoos and Body Piercings

Body art includes piercings and tattoos.  In some business fields body art is totally acceptable for employees. In more traditional companies a visible piercing may get you written up and even fired. Companies maintain the right to enforce dress codes. Before you get the tattoo of your favorite rock star permanently inked on your neck consider your career goals.

5. Casual Days

Casual Days are the days you are allowed to lose your suit and tie dressing down for work. This is a fantastic idea. Employees feel more relaxed even though they are still at work. Dress is about self expression but don’t go crazy. Keep it professional no see through shirts, or skinny jeans guys. Save that for the club. Casual Days allow you to come to work in relaxed pants and a less formal shirt. Check with your supervisor before wearing denim or tennis shoes.

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Filed Under: Business Costs Tagged With: , ,

Business Attire For Women

Business Attire for Women

1. Business Attire Staples

Business attire for women doesn’t have to be boring or predictable. Business ware staples should include blues, blacks, and grays. Classic hem lines in skirts and good fabrics never go out of style. Invest in slacks with a good feel and a lining. Manufactures have been cutting back on quality to increase profits, but you can still insist on quality items.

2. Wardrobe on a Budget

As a new hire in a professional environment your wardrobe should consist of a few suits, dress slacks, blazers, and tops that you can mix and match creating more outfits. On-line companies offer super sales on all things clothing and accessories often at deeper discounts than the mall.

3. Good Shoes

If you’re going to splurge on something take care to remember your feet. Quality shoes cost a bit more but are better for your feet and back in the long run. Work shoes should be sturdy, comfortable, and yes should also have a look that you love. Scuffs and scratches are easily maintained adding to your polished look.

4. Must Haves

Your business work attire should include at least two black sweaters of varying lengths, a tailored white button down shirt, black dress slacks and one good suit that you feel good in. Jewelry should be understated if worn for work less really is more sometimes.

5. Casual Days

Casual dress days vary by business. A rule of thumb is to watch and take notes as the latest hire. Err on the side of caution if you’re usually in a suit you can safely tone down to pants and a modest top. A jacket ensures that you are still professional even though you’re dressed down. If you have to ask it probably isn’t a good idea to wear that item to work.

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Filed Under: Small Business Tagged With: , ,

Small Business Training Resources

Small Business Training Resources

1.  Training

Up to date training can transform your Small Business. Finding low cost or free training programs that offer ways to improve your bottom line and grow your business. Savvy business owners including those new to the process can utilize resources. Training programs vary in length and topic. Taking the time to tap into available resources can be a wise business decision.

2.  Locating Resources

A computer with a good Internet can quickly plug you into programs and resources in your region. Most professional organization have web sites offering valuable and free information at your fingertips.

3. Libraries still offer the best source of face-to-face free information. Librarians share information freely and they love helping patrons’ fact find. Books, periodicals, and professional journals all offer tips on businesses success. Most libraries have inter-library loan services which means, if they don’t have your needed books on site they can order it for you.

4. Government Job Boards

Government Job Boards can be found both on-line and at State affiliated offices. An on-going roster of training programs is offered for both business owners and job seekers. Checking sites often and keeping professional documents updated will help in landing training seat. These gems also lead you directly to professional development offerings including training programs for professional development and continuing education units.

5. Community Based Agencies/Non-profits

Community based organizations receive funding to meet the needs of the community. As a community member you can business owners and those wanting to learn more about business can find good resources from a variety of local communities for free or nominal cost.

6. Word of Mouth

Don’t forget to you use your personal contact list to find resources. Church, work, and civic engagement contacts can all be used successfully to get find about business opportunities.  Social networking can be a good use of time benefiting your business and training endeavors.

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Filed Under: Business Costs Tagged With: , ,

Creating Workplace Change through the Reinforcement Approach

Persuading a client or employee to get on board with a new policy or change is often one of the most difficult tasks for any manager in business today. Numerous studies have shown the destruction that can result within a business if employee support, consumer trust and overall workplace morale is lost. Due to the increasing importance of teamwork in today’s corporate environment, many managers are looking to understand the psychology behind persuasion and how best to get all parties on board.

One such theory that touches on the importance of workplace persuasion is the Reinforcement Approach. According to this approach, persuasion occurs through a chain of responses. Three conditions must be met in order to persuade someone. In order to create workplace change you must get your audience to pay attention to the message, comprehend the message, and finally accept the message. When all three of these criteria are met, change can be created. To be effective, a persuader must stimulate the target to mentally rehearse the message and provide an incentive for the audience to adopt the proposed change.

The Reinforcement Approach lays out three ways to accomplish persuasion. To get someone to pay attention to the message, one must be cognizant of both the primacy and recency effects, which show that an audience will pay most attention to the messages at the beginning and the end of a presentation. To ensure comprehension, both oral and written communication can be effective tools. Complicated messages are better comprehended when using written communication while simpler messages and better comprehended through oral communication. Finally, to get your audience to accept the message, the approach introduces fear appeal as an effective tool to create motivation. However, if used improperly, fear appeal may make an audience defensive and averse to the message.

Filed Under: Investment Tagged With: , ,
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