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Whether you’re in the process of identifying or implementing a vendor management solution (VMS), taking a best practices approach to contingent workforce management can help organizations better manage their temporary, consultative and professional services workforce.
Partnering with a vendor that understands your business goals, company culture and what you’re trying to achieve is as important as having the right technology in place to measure and optimize results.
Show support from executive leadership – Communicate to vendors that executive leadership is driving the program and where it fits into business goals. Define the scope of implementation to create shared understanding – Whether you’re proceeding with a phased approach or taking an accelerated path to implementation, make sure the vendor community knows your intent. Make it known that compliance is not optional – Communicate that the program is mandatory and that all vendors must comply. Discuss measurable program objectives – Share with vendors the strategic optimization quality improvements you’re looking for, such as how you plan to achieve risk mitigation or what your objective is from a cost containment or rationalization perspective.
Standardize contracts by primary service segment – Terms and conditions will differ between an administrative and technical provider. Determine a clear pricing strategy – Decide if the pricing strategy will be based on a set mark-up or geographic rate card.
Institute consistent funding and vendor payment terms – Whether you choose to fund your program as a percentage of spend, share the burden with the vendor community or fully fund the program, be consistent. Get a rate commitment from vendors– If you don’t define terms upfront, you may experience vendors stating they misunderstood the engagement or have another reason they need to raise your rate. Put performance guarantees in place – If a one week performance guarantee is built into the contract, be sure to also define what happens when it doesn’t work out.
Establish an NPC – A National Primary Contract centralizes control and eliminates finger-pointing or work requirements “falling through the cracks”. The contingent workforce’s role in many enterprises has evolved significantly in recent years, with subcontractors, specialty firms and just-in-time solutions for both commoditized and highly skilled labor playing a larger role in day-to-day enterprise activities. The opinions expressed by guest authors do not necessarily reflect the positions of Staffing Industry Analysts. Dine For Success: Business Dining EtiquetteBy Wellness MedimanageYou would all agree that most of us indulge in less than ideal behavior when dining in private or at home but dining elegantly should be your second nature when you are out for a business lunch.
Business dining is an important part of the business world yet it is the most overlooked aspect. Your table manners reflect your personality if you constantly make faux pas while dining, this could have a negative impact on your career or business.
However, if your busy schedule does not permit you to accept the invitation thank the person for the invitation, offer an appropriate and specific reason and politely decline the invitation. Always start with small talks and never jump to the business discussion from the beginning.

If you drop your spoon or fork under the table, do not dive under the table to retrieve it. After you have finished the meal place your spoon and fork together with the tines facing upwards. Always use the dining experience to promote a relationship rather than as an attempt to make a business deal.
As usual, you come up with amazing writeup, this is very well written, to the point and crisp. The profits of a company do not always reflect how much cash is on hand for daily operations.  Ensuring that all contracts include great profit margins does not ensure that your cash flow will be smooth. Compare the totals of these two and you can see in an instant just where you stand in terms of survival. Inventory refers to goods for sale, which is not cash on hand.  You have to determine if you have too much inventory; or, on the other hand, do you run out often, creating potential lost sales? I hope this post de-mystifies a bit of the financial process for you and your business, and helps you set a path to healthy growth. Continuing this series about Stress-Free Ways to Manage Your Small Business Cash Flow, I’ll return to the subject of Small Business Finances 101 now and then. This entry was posted in Small Business Finance and tagged balance sheet, small business cash flow, small business cash flow Dallas Fort Worth, small business financing, small business financing Dallas Fort Worth, small business funding, working capital formula.
Every business should have a start up basis, depending on the field that are going to be in direct of fulfilling subject to detain most of the information. This includes implementing technology and communicating expectations on how vendors should work with the technology and operational processes to meet your business objectives. Whether that’s cost control, mitigating risk or achieving compliance, improving operational efficiencies can help organizations leverage the contingent and services procurement workforce as a strategic component of the overall human capital management strategy and allows organizations to better manage spend, compliance, risk and efficiency. This boosts adoption and engagement because vendors understand the organization’s commitment to the program. If you don’t communicate that it’s a mandated program, some vendors will perceive it as optional, making it harder to get to a steady-state.
By setting expectations at the forefront, you’ll eliminate back channel conversations, rogue spending and work-around processes.
As you work with vendors, have some basic agreements that ask them to execute based on the segment of business.
Geographic-based rate cards are the best way to measure competitive pricing strategy, but mark-ups are sometimes necessary if you don’t have data or full visibility into rates.
Information gets shared between vendors and not having consistency can create additional challenges.

Put a stake in the ground and enforce that vendors live with the rates they committed to at the time of engagement. This is especially helpful when working with a vendor organization that has multiple branches.
Effectively managing this growing number of workers – who have many advantages from a management standpoint but also unique challenges and reporting needs – requires an in-depth and consistent approach. Whether it is business over brunch with the boss or power lunch with your team or dinner with a prospective client you need to make sure that you behave appropriately. The general thumb rule to be followed is that the senior most person on the table pays the bill. The totals for these may be large, but this still doesn’t mean your cash flow is healthy, or that you’ll meet payroll and bills this month. It’s not always easy to grasp this stuff, though, so please feel free to contact me for more information.
If you do proceed with mark-ups, reserve the right to implement geographic rate cards at some point in the future. Likewise, when establishing insurance obligations, make sure everyone has the same requirement. A single point of contact increases accountability and puts the onus on the NPC to manage their organization.
Avoid ordering the most extravagant items on the menu, or foods which are messy or difficult to consume. Topics like sports, movies, family, travel, music, traffic, weather are good conversation starters.
In case someone other than the senior has organized the affair, then ideally they should take charge of the bill. And what’s more, often businesses don’t know where they stand financially or what to expect in terms of cash flow. Compare this with your own company Balance Sheet to get a feel for the different indicators.

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