Actual for You - Business

Finding and Securing a Sponsor For Your Meeting or Event
A good amount of time and effort will be required to secure appropriate sponsorship for your meeting or corporate event. This being the case, it is important to start your planning process early. Beginning this process as much as 18 months in advance of a planned meeting date is not unrealistic.You may want to consider aligning potential sponsorships with your corporate vision, values, strategy, brand promise and reputation.Where to look for sponsorshipYour strongest prospects are going to be the people you do business with. When you are ready to make contact do so by going through the person who manages your vendor account.Once they have put you in touch with the person within their organization to approach, focus first on building a relationship. Become a friend before asking for funding. Have a plan in place for getting to know your prospective sponsor.In this plan you should clearly state what you have to offer, how the sponsorship will be implemented and what is in it for the sponsor.There are three key areas to focus on when evaluating your sponsorship. The first area is being in agreement on all aspects of the sponsorship. The second area is implementing the sponsorship and the third and final area is measuring satisfaction and performance.Reaching AgreementGet to know your potential sponsor. Develop an understanding of your prospective sponsor’s business goals and primary audience – what they are looking for. All partners involved should be clear about objectives, roles and expectations. A contract should be drawn up allowing ample time to deliver on all promises. Focus your efforts on desired outcomes and event audience needs and benefits.ImplementationDevelop an audience-centric sponsorship policy with your sponsor's input. Develop an action plan for fulfilling all obligations. Follow a clearly defined risk management policy. Encourage your sponsor to work closely with your event organizing committee. Offer visibility in advertisements, printed material and press releases. Incorporate your sponsor’s logo into promotional material to their satisfaction. Look for ways to leverage your sponsor's name and association with your organization. Provide your sponsor with regular updates. Spend quality time with your sponsor.MeasurementMeasure what matters most to your sponsor and their key stakeholders. Ask your sponsor if they were pleased with the value they received. Thank your sponsor both personally and publicly (at the event) for their contribution. Produce a summary report, measuring and evaluating results against plan. Share feedba

e two biggest operating costs for any airline are – labor costs (approx 40%) followed by fuel costs (approx 18%). Some other ways that Southwest is able to keep their operational costs low is - flying point-to-point routes, choosing secondary (smaller) airports, carrying consistent aircrafts, maintaining high aircraft utilization, encouraging e-ticketing etc.

Labor Costs

Need Help With Your Business? Now Business Coaching Is On The Internet
You may have heard about how business coaches can come in and meet with the management of a business and lead it success, and perhaps you even considered hiring a business coach yourself. But all the trekking back and forth to seminars and classes made it unfeasible or impossible, so you put it off, and time passed. Thankfully, we live in a digitized and connected world, so now you can sign up for online business coaching and attend classes, meet with your mentor, and improve your business from wherever you connect to the Internet.Online business coaching works similar to the way that normal business coaching works, except that everything occurs on the web. There are classes and group discussion seminars, which are conducted through chat rooms. While in these discussion sessions, attendees of the seminar will talk about different business problems, all the while with the business coach monitoring and adding his opinion.If you would like to discuss your situation with a business coach privately, you can do so one-on-one via private chat, email, or even video-chat. Just like face-to-face business coaching, online business coaching helps business leaders succeed by meeting their goals for their companies and for their lives. And unlike some face-to-face business coaching services, online business coaching is available more or less on demand, so the management of a business can sign up its workers for business coaching to be done from employee's offices at work, or self motivated individuals can sign up at their own leisure.Some of the end results of business coaching include achieving a better balance between work and home, a deeper comprehension of how to meet one's goals in both, increased efficiency, and improved time management.If you would like to sign up for business coaching online, you can do a web search and see what sort of hits you get. Remember that it is always wise to check with the Better Business Bureau about any company that you are going to work with, and business coaches are no exception. And treat business coach selection like you would any employees: check references and qualifications, and make sure that they are what they claim.If done right a business coach can be a great asset to your business. They can provide the support and mentoring needed to get your business to the next level. Take your time in selecting the business coach that will know your type of business and be able to understand the ways that you operate your business.It is also important not to look for the least expensive business coach available, or the most expensive. Don't use price as your determining factor, instead use experience in your field as the best determining factor for a coach bein

Background:

Southwest Airlines is the largest airline measured by number of passengers carried each year within the United States. It is also known as a ‘discount airline’ compared with its large rivals in the industry. Rollin King and Herb Kelleher founded Southwest Airlines on June 18, 1971. Its first flights were from Love Field in Dallas to Houston and San Antonio, short hops with no-frills service and a simple fare structure. The airline began with one simple strategy: “If you get your passengers to their destinations when they want to get there, on time, at the lowest possible fares, and make darn sure they have a good time doing it, people will fly your airline.” This approach has been the key to Southwest’s success. Currently, Southwest serves about 60 cities (in 31 states) with 71 million total passengers carried (in 2004) and with a total operating revenue of $6.5 billion. Southwest is traded publicly under the symbol “LUV” on NYSE.

Facts:

* The first major airline to fly a single type of aircraft (Boeing 737s)

* The first major airline to offer ticketless travel system wide including a frequent flier program based on number of trips and not number of miles flown.

* The first airline to offer a profit-sharing program to its Employees (instituted in 1973).

* The first major airline to develop a Web site and offer online booking. In 2001, about 40 percent ($2.1 billion) of its passenger revenue was generated through online bookings at www.southwest.com. Southwest's cost per booking via the Internet is about $1, compared to a cost per booking through travel agents of $6 to $8.

Key competitive advantages:

* Low Operational costs / High Operational Efficiency

* Award winning customer service

* Human Resource practices / Work culture

Operations Analysis – Competitive Dimensions:

Southwest clearly has a distinct advantage compared to other airlines in the industry by executing an effective and efficient operations strategy that forms an important pillar of its overall corporate strategy. Given below are some competitive dimensions that will be studied in this paper.

1. Operational Costs and Efficiency

2. Customer Service

3. Employee/Labor Relations

4. Technology

1. Operational Costs and Efficiency

After all, the airline industry overall is in shambles. But, how does Southwest Airlines stay profitable? Southwest Airlines has the lowest costs and strongest balance sheet in its industry, according to its chairman Kelleher. The two biggest operating costs for any airline are – labor costs (approx 40%) followed by fuel costs (approx 18%). Some other ways that Southwest is able to keep their operational costs low is - flying point-to-point routes, choosing secondary (smaller) airports, carrying consistent aircrafts, maintaining high aircraft utilization, encouraging e-ticketing etc.

Labor Costs

Who's Afraid of Large Companies?
Whenever a company becomes dominant in its sector, many of its competitors cry foul. In a free economy that company has more than likely reached this position because it has simply outperformed its rivals. Good luck, I say. Although it goes against the grain, I recognise that there would come a point - a point, that is, when dominance turns to monopoly - when the authorities may need to clip the wings of such a successful company. However, this must surely be a last resort. I am convinced that European countries have got this wrong.The bar is too low. The alarms bells ring far too early. There is too much state interference in the running of market sectors when such interference can often lead to long term imbalances and a tendency to stifle innovation.I don't think we should be resentful, or feel threatened when a company becomes large. When this happens it always throws out new opportunities. For instance, a big company is usually an unwieldy company. The board is usually aware of this and fights against it, but it happens all the same. Why? This is because such companies take advantage of their size by streamlining their business. This brings economies of scale, but also means that change is more expensive. When a new product comes on the market, or a new way of selling a product, large companies may take a long time to adapt. Smaller, nippier companies will take up the slack and win the prize, leaving the lumbering giant puffing and struggling to keep up.Another opportunity is customer service. As companies grow, they put more barriers up between themselves and their customers. If you ring your local store run by Joe, you will probably speak with Joe. If he is busy he would ring you back. If you try to ring your local store run by a large corporation, you are more likely to be put through to a national call centre, asked for your customer id, your zip code, put on hold for 3 minutes and had the telephone call recorded. As soon as a company starts to treat its customers like that then a gap in the market has just appeared. Large companies are rude. They treat their customers as cattle, only fit to be sold to and nothing else.Whatever it is that a large company sells, whether it is a product or a service, they will not resist the temptation to rationalise their product range. They will prune out low profit offers and major on the high profit ones.So, a customer walks into a supermarket and can't find that duck liver pate that she so loves. She asks the assistant why the product is not available to be met by a shrug of the shoulders, or, if she is lucky, a page out of the manual "how to tell a customer the Duck Pate is not economical for us to sell". Now, a gap i

doing it, people will fly your airline.” This approach has been the key to Southwest’s success. Currently, Southwest serves about 60 cities (in 31 states) with 71 million total passengers carried (in 2004) and with a total operating revenue of $6.5 billion. Southwest is traded publicly under the symbol “LUV” on NYSE.

Facts:

* The first major airline to fly a single type of aircraft (Boeing 737s)

* The first major airline to offer ticketless travel system wide including a frequent flier program based on number of trips and not number of miles flown.

* The first airline to offer a profit-sharing program to its Employees (instituted in 1973).

Key competitive advantages:

* Low Operational costs / High Operational Efficiency

* Award winning customer service

* Human Resource practices / Work culture

Operations Analysis – Competitive Dimensions:

1. Operational Costs and Efficiency

2. Customer Service

3. Employee/Labor Relations

4. Technology

1. Operational Costs and Efficiency

Labor Costs

Output Management To Centrally Manage Electronic Distribution Of Paychecks To Different Location
Are you running your payroll in-house to save the cost of an outside provider? If you are a supermarket or retail chain or a smaller enterprise with a few outlets then you will be familiar with the challenges of safe and timely distribution of payroll checks. If you distribute them physically it is a costly and sometimes unreliable exercise resulting in employee disappointment or increased cost for the company to prevent potential mishaps.Payroll in the US is significantly different to payroll in Europe, where all employees have bank accounts and over 90% of the payroll is transferred directly from the employer’s to the employee’s bank account. A large percentage of US factory and supermarket workers do not have a bank account and require cash or a check, which they will cash with a check cashing place for a fee of 1% to 2%. This is why employers are often forced to pay by check on payday.Making things more complicated for US employers is that mostly employees get paid every two weeks, to assist them in their cash management. In Europe more than 98% are paid once a month. In Europe only day laborers and building workers are paid daily but usually once a week.Once an organization is using a particular payroll software it is often difficult to change to another system or simply impossible without a large cost factor.These days, it is almost the standard that remote locations of almost any size organization will have a permanent Internet connection, allowing fast data transfer between headquarters and the remote location, a cost efficient electronic solution to the problem should be possible.The common denominator for all payroll systems, running on Windows, Apple or Unix type workstations is that the checks will ultimately be printed to a Network Printer. This is where state-of-the-art printer output management software can be employed to deliver the check to the remote site and print it on demand, or better on identification of the person allowed to print the checks at the remote site.Another more sophisticated and more automated way is to have the printer and the check stock in a lockbox and the actual employees identify themselves, at the check printer, to receive their check. Here corporate ID cards and biometric information can be combined to ensure the right person collects the check. Also as the check gets delivered directly to the employee there is no cost for envelopes or logistics to have envelopes available for the check run.This is one way to solve this issue and requires printer output management software that allows the print job to be put into a print queue where it remains until the person with the correct authority identifies on the printer, which may b

oyees (instituted in 1973).

Key competitive advantages:

* Low Operational costs / High Operational Efficiency

* Award winning customer service

* Human Resource practices / Work culture

Operations Analysis – Competitive Dimensions:

1. Operational Costs and Efficiency

2. Customer Service

3. Employee/Labor Relations

4. Technology

1. Operational Costs and Efficiency

Labor Costs

Incorporate
A natural person is one who is born in a land and enjoys the civil rights of the society where he or she is living. Before the industrial revolution, man depended on farms and crafts for a living. The advent of the industrial revolution and the discovery of new lands opened up opportunities for new ways of living. One struggled hard, ventured to form new businesses, employed people and succeeded in the business. Very often, these businesses failed, and the profits or debts were borne by the individual. Furthermore, society had to find to way to regulate these businesses.These businesses were registered as separate legal entities and enjoyed certain rights as bestowed by the society. They were registered as partnership, proprietorship and corporations. Proprietorship and partnership were limited by the number of people and unlimited liability. Corporations held a greater number of people and limited liability.The word ‘corporation’ is derived from the Latin root ‘corpus’ meaning group of bodies. The businesses founded became a legal entity separate from the founders. There are corporations, limited liability companies (LLC) and non-profit organizations like churches. Even though corporations are founded by a group, it is the corporation that does transactions with the government, other corporations and individuals. The founders have liabilities only to the extent of their investments.The main benefits to the corporation are limited liability and perpetual lifetime. The corporation lives or continues as a legal entity even after the founders are gone, giving it stability. Furthermore, the corporation enjoys benefits in the form of tax deductions and concessions. Corporations are entrepreneurial in nature. According to an estimate, there were 22.5 million corporations in the United States in 2002. Ninety-nine percent of these corporations are small in nature employing fewer than 500 people.

ared to other airlines in the industry by executing an effective and efficient operations strategy that forms an important pillar of its overall corporate strategy. Given below are some competitive dimensions that will be studied in this paper.

1. Operational Costs and Efficiency

2. Customer Service

3. Employee/Labor Relations

4. Technology

1. Operational Costs and Efficiency

Labor Costs

Increase Profits and Improve Productivity in Your Business by Using the Internet
Internet use is increasing rapidly and is revolutionizing the way business is done. New businesses and business models are emerging, customer behavior and expectations are changing, and more customers, suppliers and competitors are going online.This presents substantial challenges and opportunities for all businesses. To survive and prosper in this global and competitive environment, businesses must embrace the Internet and use it to transform their business.The Internet can be used in many areas of a business to increase revenue, reduce costs and improve productivity. The Internet is not just about sending and receiving email and setting up a website. There is so much more and the capabilities increase every day.Businesses should be using the Internet to:1. ConnectThe Internet enables businesses to connect people, businesses and systems, quickly, easily and cheaply. This makes it cheaper and easier to transact and provide information. This improves customer service, lowers operating costs and delivers efficiencies through automation, self-service, collaboration, communication and access to online services and on-demand software.2. TransactThe Internet enables business to transact online. For sellers the Internet provides the ability to sell online, automatically process online sales and accept payments online. For purchasers the Internet provides the ability to research, purchase and make payments online. This provides significant benefits to both sellers and buyers.3. OutsourceThe Internet has made outsourcing easier, cheaper and more accessible for small and medium businesses by providing a mechanism to integrate and access systems, transfer data, share and access information, communicate and collaborate. The benefits of outsourcing are large, including lower costs, access to specialist skills and services and more time to focus on core business activities.4. DigitizeThe Internet enables businesses to transfer and access digital information quicker, cheaper and more efficiently than paper documents. This reduces paper flows, lowers operating costs, speeds up business process, improves customer service and makes it easier to store and search for information.5. CommunicateThe Internet provides multiple ways for a business to communicate more cheaply, effectively and efficiently. These include email, online fax services, instant messaging, blogs, webcasts and podcasts.6. CollaborateThe Internet enables information and documents to be stored in a central location and then shared, accessed and updated by multiple users fro

Labor Costs

The labor costs for Southwest typically accounts for about 37% of its operating costs. Perhaps the most critical element of the successful low-fare airline business model is achieving significantly higher labor productivity. According to a recent HBS Case Study, southwest airlines is the “most heavily unionized” US airline (about 81% of its employees belong to an union) and its salary rates are considered to be at or above average compared to the US airline industry. The low-fare carrier labor advantage is in much more flexible work rules that allow cross-utilization of virtually all employees (except where disallowed by licensing and safety standards). Such cross-utilization and a long-standing culture of cooperation among labor groups translate into lower unit labor costs. At Southwest in 4th quarter 2000, total labor expense per available seat mile (ASM) was more than 25% below that of United and American, and 58% less than US Airways.

Carriers like Southwest have a tremendous cost advantage over network airlines simply because their workforce generates more output per employee. In a study in 2001, the productivity of Southwest employees was over 45% higher than at American and United, despite the substantially longer flight lengths and larger average aircraft size of these network carriers. Therefore by its relentless pursuit for lowest labor costs, Southwest is able to positively impact its bottom line revenues.

Fuel Costs

Fuel costs is the second-largest expense for airlines after labor and accounts for about 18 percent of the carrier's operating costs. Airlines that want to prevent huge swings in operating expenses and bottom line profitability choose to hedge fuel prices. If airlines can control the cost of fuel, they can more accurately estimate budgets and forecast earnings. With growing competition and air travel becoming a commodity business, being competitive on price was key to any airline’s survival and success. It became hard to pass higher fuel costs on to passengers by raising ticket prices due to the highly competitive nature of the industry.

Southwest has been able to successfully implement its fuel hedging strategy to save on fuel expenses in a big way and has the largest hedging position among other carriers. In the second quarter of 2005, Southwest’s unit costs fell by 3.5% despite a 25% increase in jet fuel costs. During Fiscal year 2003, Southwest had much lower fuel expense (0.012 per ASM) compared to the other airlines with the exception of JetBlue as illustrated in exhibit 1 below. In 2005, 85 per cent of the airline’s fuel needs has been hedged at $26 per barrel. World oil prices in August 2005 reached $68 per barrel. In the second quarter of 2005 alone, Southwest achieved fuel savings of $196 million. The state of the industry also

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Whether you keep track with a pencil and a pocket notebook, a PDA, create a spreadsheet, or use one of several software packages, keeping track of every penny coming and going will transform your finances and build your financial acumen faster than any ten books on the subject.

A recent survey of the reliability of scheduling in the sea freight industry has revealed worrying results...

The mini CNC machine gives the manufacturer a way to reduce cycle time. The mini CNC machine helps the manufacturer to avoid a long void between the end of one operation and the start of the next operation. The manufacturer who decides to purchase a mini CNC machine has chosen to apply the principles of cycle time to the area of production machinery.

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