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Actual for You - Beyond Marketing: Bringing Your Brand to Life
What is PO Financing?Are you a distributor, reseller or wholesaler of goods? As a distributor, your biggest accomplishment – getting a very large order – can turn into a nightmare if you don’t have the financial resources to deliver it. Why? Because if you don’t fulfill the order, you risk losing your client.But there is a simple solution to this problem, and you won’t find it at your local bank. It’s called PO financing. PO financing provides you with the necessary financing to buy the goods from your suppliers, deliver them to your customers and close the sale.And you can use PO financing even if your company doesn’t have credit. How? By using your purchase order from a strong customer (or the government) as collateral. It’s an ideal tool that can help a company grow past its current financial limitations.Let examine a sample PO financing transaction. It usually has 6 steps:You get a PO from your clientThe po financing company pays your suppliers at guides how your company operates is the first step to reinforcing your brand among your workforce. The prestigious Ritz Carlton Hotel Company is an excellent example. They have created the following five “Gold Standards” for their business operations that reinforce the brand and detail an employee’s role in delivering on this brand:
- A vision to revolutionize hospitality in America by creating a luxury setting for guests and a credo that states the company’s commitment to the genuine care and comfort of its guests.
- A motto that exemplifies the level of service for its guests: We are ladies and gentlemen serving ladies and gentlemen.
- Three Steps of Service:
- A warm and sincere greeting that uses t
Ideal or Real Food Cost in the Restaurant BusinessMost culinary schools today are still teaching their students how to compute the wrong food cost. Granted the math is right, but the dollars involved are hurting the bottom line of our restaurants. The problem arises from the separation of percentage points and dollars.Banks Use Dollars, not Percentage Points
One thing I am quite sure of is that banks do not accept percentage points as deposits, believe me I’ve tried! For some reason the teller just looked at me dumbfounded then just started chuckling. Matter of fact she had so much fun with it she showed the teller next to her who responded in much the same manor. I didn’t find the humor in it since I had bills to pay, product to buy, and employees wanting their cash too. To rectify the situation I cowered to the pressure and made out a revised deposit slip using their required dollar standard.So if you can’t deposit percentage points why do most restaurants use this as their key focus g Imagine you are about to embark on a trip of a lifetime. You’ve received brochures for a luxury resort. The rooms are lavish; the grounds impeccable. Photos of the restaurant’s signature dishes look delectable. You’re sold.You go to the hotel. The room is musty and a tad dirty. The food is barely passable. Service is brusque and spotty at best. When you complain to management, you’re met with indifference, or worse, silence. You leave disillusioned and disgusted. For all the resort’s slick marketing, they’ve fallen woefully short. Branding goes well beyond marketing. It will not be successful without ensuring that all aspects of your business reflect and support your intended brand. One of your most valuable assets—your people—must be well-trained in articulating and delivering on your brand. This step is particularly important for service organizations that don’t have concrete products. Their offerings are soft assets like knowledge, experience and people. When employees don’t deliver the brand, it can be the kiss of death for a business. Don’t believe me? Visit a hotel review web site like TripAdvisor.com. Peruse travelers’ comments and you’ll likely come across more than a few who cite poor customer service for their negative hotel reviews. Conversely, employees who represent the brand flawlessly and consistently can propel a business to stardom. Brand: The Sum of All Its Parts Despite what many believe, brand isn’t about your logo, tagline and glossy brochure. Instead, a strong brand integrates multiple components, all of them necessary, including customer interactions, employee communications, corporate philosophy and advertising/marketing efforts. Your brand extends to your employees, customers, the media and even the general public as the above story illustrates. If these components don’t consistently reinforce your brand, customers will become dissatisfied. The negative impact of their perception, should they voice their opinions to other potential customers or even the media, could have a ripple effect on your business. This can erode your brand equity and create misperceptions about your company in the market, that in turn could lead prospective customers, employees and investors to pass on your organization. On the other hand, brand consistency throughout all levels of the organization helps drive an organization to grow and prosper. Strong brands can drive an increase in sales. The company is better suited to attract and retain the best employees. Vendors can see value in your brand and look to establish partnerships with your business, while investors will see the business and your brand equity as a valuable commodity. Branding Through Your Employees Your employees are one of the most critical touch points for your customer. Here are several steps to ensure that they are representing your brand in the best light possible.
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