How To Make Employee Engagement Survey Efficiently Work For Your Business

The United Kingdom boasts of having the biggest economies worldwide. However, it is likewise suffering from below average employee engagement because there are some studies showing that 1 out of 3 workers are engaged.

Based on the latest statistics from Aon Hewitt, such trend has begun to lean toward improved engagement. For most organizations, this development is a great opportunity to increase engagement in the workforce as well as establish a culture where employees can fee fulfilled, positive, focused, and energized to perform better work.

Among the initial steps to make this happen according to Personal Group is to create a better employee engagement survey. This traditional practice acted as a check the box activity in the past couple of  years. But today it is time to make the engagement survey work positively for you and your team.

Developing A Better And Effective Employee Engagement Survey

Choose custom over generic - To use a standard employee engagement survey your employees must answer and submit year after year is the conventional procedure. The problem with generic surveys is that it can't ask questions that are timely, applicable, and aligned with the strategy of your company. It is very important for you to take time to create an employee engagement survey that is attuned to the values and needs of your organization. Doing this will also help you get relevant insights regarding the employees' engagement state and what you must do about it.

Check out relevant channels - Bear in mind that the traditional employee engagement survey is not just the way to measure individual or team engagement at work. Today, you can use different platforms in order to make the process more effective and to help facilitate easier data analysis. And since plenty of workers are now comfortable with utilizing smartphone and web-based programmes, most people will be more inclined to join in various engagement initiatives that the company is offering.

Continuously develop awareness - Most companies spend a lot on employee services but such investment often goes to waste due to the fact that employees do not fully understand the offers. If you are planning to roll out an employee engagement platform, consider arranging for face-to-face consultations to make sure that employees will know about  the offers as well as how they can get access to those.

The survey must be treated as a conversation - Your employees have taken enough time to share their feelings and thoughts in the survey. Hence, it is your duty to show that you are indeed listening. You must study and analyze the feedback you received. Learn from their opinions. And most importantly, take the best actions to establish meaningful change as well as show them that you value their contribution.

Tips In Choosing The Most Reliable Food Logistics Company

Every food business considers the importance of logistics. This is a crucial element to prevent food products from getting rotten or spoiled that customers won’t be able to consume. For business owners who run a grocery or mini mart, choosing the right logistics for all their stocks is like saving their money. They prevent the risk of having canned or boxed products from nearing the expiration date.

The best food logistics companies, however, can help you avoid these issues that can cost your business a fortune and reputation. Below is a list of characteristics that you need to look for to make sure you get a run for your investment (business):

1. Track record of food handling. A lot of logistics companies can claim they have experience in food logistics. To make sure that the logistics provider is not hitting around the bushes, find out how many transactions the company has handled and for how many years. It wouldn’t hurt to find out how many satisfied customers the company serves in the food industry and the different kinds of food products they have managed or handled.

2. Temperature integrity check on the food supplies.  This is an important characteristic to look for if you are consistently ordering or sending temperature-sensitive food products. Even the slightest change in the temperature can turn some food items such as fruits, vegetables, and produce into something that isn’t appropriate to consume for guests. As such, make sure the logistics company utilizes only the best technology that can track and sustain the right temperature before and during transit of the products.  

3. Compliance and rules. When you are in the food business, you wouldn’t want to have food or products that customer won’t buy because they have a short shelf span. It is therefore important to work with a logistics company that can help maximise your ordered products’ shelf life. They should pay attention to your specific requirements as well as the code and expiration dates and other details about your products so that all your efforts and investments won’t go to waste.

4. Lower supply chain costs. Marketing and delivering food products is a low-margin business. To fully maximize profit, costs have to be minimized and this involves making your food logistics operation as lean and efficient as possible. The logistics company you choose must be able to demonstrate how they can keep that per-case cost as low as possible while still ensuring smooth and efficient warehouse and transportation operations.

Source: Al-Futtaim Logistics is a top choice of corporate leaders and is considered to be one of the world's best food logistics companies these days.

Why You Need to Manage Your Working Capital and Cash Flow

If you’re a business owner, it’s important for you to appreciate the importance of having working capital. This is the money that your business uses to function. Without it or without enough of it, then you’ll soon have to shut down your business. Even if your business seems thriving, it is bound to fail if it lacks the ability to settle its short-term debts on time. For this reason, it’s imperative that you know how to manage your working capital and cash flow.

Most of the time, working capital management strategies involve taking out a loan and using the money to finance the business growth and development. Of course, to be eligible for loans, your business’s credit worthiness needs to be investigated. If it turns out to be good, then financial institutions will be inclined to lend you money.

Credit worthiness is based on two main factors: what you have for collateral and how liquid your business is. These are reflected in your bookkeeping. They’re determined by looking at the difference between your assets and liabilities. This shows how capable you are of paying off a loan. Assets include cash, inventory, accounts receivable, as well as marketable securities. Liabilities, on the other hand, are accrued expenses, accounts payable, and near-term portion of loan due.

The relationship between your assets and liabilities should be managed well to make sure that you can continue your operation with sufficient cash flow to take care of your expenses and short-term debts. If you’re able to easily convert assets into cash, then you know that you’re managing your assets and liabilities just fine. As expected, having more assets than liabilities means better liquidity.

Nonetheless, it can’t be helped in many situations that there are periods when a business is doing fine but is cash poor. That’s just the nature of the business cycle. You start out with cash, which buys raw materials, which is then converted into product, which is then sold assigning you an account receivable, which should eventually turn into cash again. It goes without saying that you want a short business cycle.

Oftentimes, the way to free up your working capital and cash flow is to take out a loan or find another funding or finance option. If you want to expand or if further investment is necessary for timely growth, getting a loan will allow you to free up your cash.

Smart management of your business’s money contributes greatly to your chances of success. For this reason, make sure that you always have working capital and that your cash flow is consistent. Check this to know more about working capital and cash flow.

What Business Owners Should Know About A Bank Guarantee Letter

Banks can offer various services and solutions to struggling businesses. In addition to providing loans, corporate credit cards, and other financing solutions, the right bank can also offer services that will enable entrepreneurs to conduct business with more confidence, even in instances where relationships have yet to be established. One of these solutions comes in the form of bank guarantee letters.

A bank guarantee letter or a standby letter of credit can enable you to negotiate terms with both buyers and suppliers by offering them protection from non-compliance with contract terms. This letter can also take care of your financial needs at the same time.

Benefits Of Securing A Bank Guarantee Letter
 
Businesses can enjoy various advantages when they have a bank guarantee letter. These benefits include the following:

• The letter does not guarantee the performance of a commitment, but it takes over a payment obligation for non-compliance with a commitment undertaken under an agreement

• It can reduce any commercial risk since the payment is provided by the guarantor bank

• A bank guarantee letter offers protection against the risk of non-performance or non-payment

• It represents an assurance of the good intentions of the party whose obligations are guaranteed

Types Of Bank Guarantees
 

Guarantees offered by banks are divided into three main categories: financial, non-financial, and standby letters of credit.

A financial guarantee’s primary function is as a substitute for cash deposits with your suppliers. This type effectively frees up your working capital and secures you advantageous contract terms.

The second category, which are non-financial guarantees, usually involves opening up tender opportunities (or tender guarantees), negotiating better contract terms (performance and warranty guarantees), and securing up-front payment (advance payment guarantees).

Lastly, standby letters of credit are the alternative when it comes to buyers and suppliers that aren’t comfortable with guarantees.

Common Kinds Of Guarantees Offered By Banks

Banks will offer more specific kinds of guarantees, which include the following:

Tender – This guarantee ensures the merit of the offer and the trustworthiness of the tenderer. It also provides assurance that the purchaser will receive payment of a determined amount (a percentage of the offer) upon request should the tenderer be under any of the situations listed in the guarantee.

Advance payment - This type of guarantee ensures that there is refund of the amount paid in advance by the purchaser in case of non-performance by the seller.

Payment - This takes care of your payment obligations under certain agreements. With this guarantee, financial benefits will be given to the seller, hence, allowing you to negotiate better terms for yourself like reduced costs, longer payment term, etc.

Performance – This type of guarantee is good until the delivery of the order or services, guaranteeing payment of a percentage of the contract value, upon request of the purchaser, should contractual obligations be unfulfilled.

Repayment of loans – This guarantee enables the requester to receive banking services for subsidiaries and affiliates in other countries.

Learn more about bank guarantee letters and the benefits they offer here.

Tips In Making Aquarium Set Up Tasks Easier

As of now, aquariums are the most popular items installed in houses to make it more appealing. Apart from colourful fishes, aquariums can also improve the ambiance of your home. Not to mention, they can also make living spaces more luxurious.

However, in order to achieve these benefits, it is important that you set up aquariums properly and efficiently. To help you, below are some tips in making aquarium set up tasks easier.

Choose aquarium designs that can match your house

One of the best ways to make aquarium set up tasks easier is to look for aquarium designs that can match your house. Of course, you can find ready-made aquariums in numerous stores. But, if you wish to install aquariums more efficiently, it is best to opt for bespoke aquariums. Luckily, there are reliable companies that offer such service.

Purchase aquarium items from reliable stores

It is also important that you purchase aquarium items from reliable stores. Surely, you may find some items in hardware stores. However, there are cases when these items will not fit your aquarium. Not to mention, there are also instances when you need to modify the item to fit properly. By getting items from reliable aquarium stores, you can reduce your installation tasks.

Seek for professional help

Finally, it is also best that you seek for professional help. Some aquarium stores offer installation services to ensure that aquariums are safely and properly installed to avoid accidents, which can affect your well-being and the fishes.

With all these, individuals can make their houses more appealing by setting up the right aquarium. Know tips in setting up aquariums on this site.

Australian Manufacturing Trends And Technology That Local Businesses Should Optimise

Australia is home to one of the busiest and wealthiest economies all over the world. Entrepreneurs know that in this country, the potential for profit is remarkably high. But this goes hand in hand with fierce competition as well. Companies here though can rely greatly on the most innovative technological solutions available to be assured that they stand out from any competition.

Australian manufacturers, in particular, should leverage available technologies and trends in order to keep pace with their competitors. Local manufacturing companies face steep competition with overseas manufacturers since the latter are able to offer clients lower overhead costs. These competitors also have the distinct advantage of being accessible to global centres as well.

Trends And Technology In The Australian Manufacturing Sector

For Australian manufacturers, there is no better time than now to look into other areas where they can make substantial gains.  The use of software that can enable managers to make timely and well-informed decisions is only one way of leveraging helpful technology today.

 

Below are some noteworthy Australian manufacturing trends and technology that have emerged that local business owners should know about:

• ERP. Enterprise Resource Planning or ERP refers to a suite of applications designed to integrate several functions and processes of a business into one coherent platform. This enables a company to streamline its processes and give decision-makers real-time access to relevant information.

• The Cloud. Various cloud applications have enabled a lot of Australian manufacturers to  veer away from decentralisation. Through this platform, various locations can gain access to key information and resources while keeping operation costs at bay.

• CRM. Customer relation management software has long been used by local companies. But with the advent of new developments such as social networking, companies are now seeing the other benefits offered by this type of software. One such benefit this technological tool offers is the use of social media listening capability in order to correctly identify customers and engage with them.

• Incorporation of manufacturing and supply chain management.  Manufacturers today are able to reap several benefits that boost competitiveness due to the integration of manufacturing practices and systems with supply chain management systems. Key benefits manufacturing firms can get from this solution include shorter cycle times, faster order fulfilment, and lowered distribution costs.

• Lean manufacturing. Lastly, lean manufacturing was first introduced in Australia in the nineties as a means to effectively limit waste and keep non-essential expenditures at bay. However, it was only recently that manufacturers have learned to take full advantage of what it has to offer with the use of ERP.

By Shawn Wallace, a long-time business analyst, with additional info regarding Australian manufacturing trends from www.avonlealabels.com.au.