PROFESSIONAL SALESMANSHIP
PRODUCT KNOWLEDGE: THOROUGH KNOWLEDGE OF THE
Trust and Mutual Respect for Customers
TRUST AND MUTUAL RESPECT ARE FUNDAMENTAL PILLARS IN
ESTABLISHING AND MAINTAINING SUCCESSFUL CUSTOMER
RELATIONSHIPS. IN AN INCREASINGLY COMPETITIVE BUSINESS
ENVIRONMENT, WHERE CUSTOMERS HAVE A PLENTY OF OPTIONS,
EARNING AND SUSTAINING TRUST IS ESSENTIAL.
TRUST IS THE CORNERSTONE OF ANY ENDURING CUSTOMER-
BUSINESS RELATIONSHIP. CUSTOMERS ARE MORE LIKELY TO ENGAGE
WITH A BUSINESS, MAKE REPEAT PURCHASES AND BECOME BRAND
ADVOCATES IF THEY TRUST THE COMPANY. TRUST IMPLIES
RELIABILITY, TRANSPARENCY, AND ETHICAL CONDUCT.
MUTUAL RESPECT SIGNIFIES THE EQUITABLE TREATMENT OF
CUSTOMERS. IT INVOLVES VALUING THEIR OPINIONS,
UNDERSTANDING THEIR NEEDS, AND TREATING THEM WITH
DIGNITY. IT IS A TWO-WAY STREET WHERE BUSINESSES EXPECT
RESPECT FROM CUSTOMERS AND RECIPROCATE IT.
BUILDING TRUST:
A. CONSISTENCY: CONSISTENTLY DELIVERING ON PROMISES AND
PROVIDING HIGHQUALITY PRODUCTS OR SERVICES BUILDS TRUST
OVER TIME.
B. TRANSPARENCY: OPENLY COMMUNICATING PRICING, POLICIES,
AND PRACTICES FOSTERSTRUST AND PREVENTS SURPRISES.
C. CUSTOMER SUPPORT: RESPONSIVE AND EMPATHETIC CUSTOMER
SUPPORT DEMONSTRATES CARE FOR CUSTOMERS' CONCERNS.
D. ETHICAL PRACTICES: AVOIDING DECEPTIVE MARKETING AND
ENSURING ETHICAL BEHAVIOR ENHANCES TRUST.
EARNING MUTUAL RESPECT:
A. ACTIVE LISTENING: ATTENTIVELY LISTENING TO CUSTOMERS'
CONCERNS AND FEEDBACK SHOWS RESPECT FOR THEIR
VIEWPOINTS.
B. PERSONALIZATION: TAILORING INTERACTIONS AND SOLUTIONS
TO INDIVIDUAL CUSTOMER NEEDS DEMONSTRATES RESPECT FOR
THEIR UNIQUENESS.
C. EMPATHY: DISPLAYING EMPATHY TOWARDS CUSTOMERS'
CHALLENGES FOSTERS A SENSE OF RESPECT AND UNDERSTANDING.
EARNING TRUST IN SELLING: TRUST IS THE CURRENCY OF
SUCCESSFUL SALES. ESTABLISHING TRUST WITH POTENTIAL
CUSTOMERS IS CRITICAL FOR CLOSING DEALS AND MAINTAINING A
POSITIVE REPUTATION IN THE MARKET. THIS REPORT EXPLORES
STRATEGIES FOR EARNING TRUST IN THE SELLING PROCESS.
BUILDING TRUST IN SALES:
A. UNDERSTANDING CUSTOMER NEEDS: LISTENING ATTENTIVELY TO
CUSTOMERS' NEEDS AND OFFERING TAILORED SOLUTIONS SHOWS A
COMMITMENT TO THEIR INTERESTS OVER IMMEDIATE SALES GOALS.
B.
PRODUCT OR SERVICE BUILDS CONFIDENCE IN POTENTIAL BUYERS.
C. HONESTY: BEING TRANSPARENT ABOUT LIMITATIONS OR
POTENTIAL DRAWBACKS BUILDS TRUST AND CREDIBILITY.
D. TESTIMONIALS AND REFERENCES: PROVIDING EVIDENCE OF
SATISFIED CUSTOMERS THROUGH TESTIMONIALS AND REFERENCES
ENHANCES TRUST.
ETHICAL SELLING:
A. NO HIGH-PRESSURE TACTICS: AVOIDING AGGRESSIVE SALES
TACTICS THAT PRESSURE CUSTOMERS INTO UNWANTED PURCHASES
IS CRUCIAL FOR BUILDING TRUST.
B. TRANSPARENT PRICING: CLEARLY COMMUNICATING PRICING
AND AVOIDING HIDDEN FEES OR UNEXPECTED COSTS
DEMONSTRATES ETHICAL BEHAVIOR.
C. DATA PRIVACY: SAFEGUARDING CUSTOMER INFORMATION AND
RESPECTING PRIVACY LAWS BUILDS TRUST IN HANDLING SENSITIVE
DATA.
LONG-TERM PERSPECTIVE:
A. RELATIONSHIP BUILDING: PRIORITIZE BUILDING LONG-TERM
RELATIONSHIPS RATHER THAN FOCUSING SOLELY ON ONE-TIME
TRANSACTIONS.
B. FOLLOW-UP: CONTINUE TO PROVIDE SUPPORT AND CHECK IN
WITH CUSTOMERS EVEN AFTER THE SALE TO STRENGTHEN THE
RELATIONSHIP AND MAINTAIN TRUST.
TRUST IN SALES IS A PROSPECT OR CUSTOMER'S FIRM BELIEF THAT A
SALESPERSON IS CREDIBLE, RELIABLE, AND TRUTHFUL IN WHAT THEY
SAY, PROMISE, AND DO.
TO BUILD TRUST IN SELLING:
1. BE HONEST: ALWAYS PROVIDE ACCURATE INFORMATION ABOUT
YOUR PRODUCT OR SERVICE.
2. COMMUNICATE EFFECTIVELY: LISTEN TO YOUR CUSTOMERS'
NEEDS AND ADDRESS THEIR CONCERNS.
3. DELIVER ON PROMISES: ENSURE YOU FULFILL WHAT YOU
COMMIT TO, WHETHER IT'S DELIVERY TIMES OR QUALITY.
4. PROVIDE VALUE: SHOW CUSTOMERS HOW YOUR
PRODUCT/SERVICE BENEFITS THEM.
5. OFFER GREAT CUSTOMER SERVICE: BE RESPONSIVE AND HELPFUL
WHEN ADDRESSING INQUIRIES OR ISSUES.
6. BUILD A STRONG REPUTATION: POSITIVE REVIEWS AND
TESTIMONIALS CAN ENHANCE TRUST.
7. BE TRANSPARENT: BE OPEN ABOUT PRICING, POLICIES, AND ANY
POTENTIAL LIMITATIONS.
ETHICS ISSUES IN SELLING
SELLING ETHICS IS A SET OF POSITIVE ACTIVITIES A SELLER DOES FOR
HIS CUSTOMERS TO BENEFIT THEM ALONG WITH PROFIT TO HIM.
THE ETHICAL ACTIVITIES OF THE SELLER IN SELLING MAY INCLUDE
PROVIDING APPROPRIATE KNOWLEDGE, TREATING WITH RESPECT,
FAIRNESS, PROVIDING GOOD PRODUCTS, AND OTHER GOOD WORKS
FOR THE PROSPECTS.
ETHICAL ISSUES IN SELLING BRIBERY > BRIBERY IS DEFINED AS
MAKING MONEY, GIFTS, OR INDUCEMENTS IN EXCHANGE FOR A
SALE. THIS ACT IS UNETHICAL SINCE IT GOES AGAINST THE PRINCIPLE
OF FAIRNESS IN BUSINESS NEGOTIATIONS. BRIBES, ON THE OTHER
HAND, ARE A COMMON PRACTICE IN MANY COUNTRIES.
DECEPTION > A SALESPERSON’S GOAL IS TO GET A CUSTOMER TO
PLACE AN ORDER. HE/SHE BECOMES MORE TEMPTED IN THE
SITUATION AND MAY DECEIVE THE BUYER. MISLEADING THE BUYER
CAN TAKE SEVERAL FORMS, INCLUDING EXAGGERATION OF FACTS,
LYING ABOUT THE TRUTH, AND CONCEALING CRUCIAL FACTS ABOUT
THE PRODUCT WHILE APPEALING TO THE CUSTOMER.
THE HARD SELL > SOME SALESMEN ENGAGE IN AGGRESSIVE SELLING
TACTICS IN ORDER TO CLOSE A SALE QUICKLY. IN REALITY, THEY PUT
CLIENTS UNDER A LOT OF PRESSURE BY PROMISING
EXTRAORDINARY DISCOUNTS IF THEY BUY THEIR PRODUCTS LATER.
RECIPROCAL BUYING OCCURS WHEN A CLIENT AGREES TO BUY
FROM A SUPPLIER ONLY IF THE PROVIDER AGREES TO BUY
SOMETHING FROM THE CUSTOMER.
SLOTTING ALLOWANCES ARE WHEN A PRODUCER PAYS A CHARGE
TO A RETAILER IN RETURN FOR AN AGREEMENT TO POSITION A
PRODUCT ON THE STORE’S SHELVES. THE PRIMARY GOAL OF THE
MANUFACTURER IS TO ACHIEVE DISTRIBUTION AND INCREASE THE
POWER OF RETAILERS.
KNOWLEDGE BASES HELP BUILD TRUST AND RELATIONSHIPS
IN FACT, KNOWLEDGE BASES MAY BE QUITE USEFUL IN CREATING
POSITIVE CONNECTIONS ANBUILDING TRUST, PARTICULARLY IN
VARIOUS BUSINESSES FOCUSED ON THEIR CUSTOMER'SCHOICES.
THIS IS HOW:
1.HONESTY – IT CAN BUILD TRUST BECAUSE IT SHOWS THAT THERE
IS NOTHING TO HIDE.
2.CONSISTENCY – IT CAN GUARANTEE THAT EVERYONE HAS ACCESS
TO THE SAME CORRECT DATA BY PROVIDING A CENTRALIZED
SOURCE OF INFORMATION.
3.QUICK PROBLEM RESOLUTION - THIS EFFICIENT PROBLEM
RESOLUTION CAN LEAD TO GREATER SATISFACTION AND TRUST IN
THE ORGANIZATION'S CAPABILITIES.
4.REDUCED MISCOMMUNICATION - WHEN EVERYONE HAS ACCESS
TO THE SAME INFORMATION, THERE IS LESS ROOM FOR
MISUNDERSTANDINGS AND CONFLICTS.
5.PROMOTION - SHARING VALUABLE CONTENT CAN STRENGTHEN
THE BOND BETWEEN AN ORGANIZATION AND ITS CUSTOMERS OR
STAKEHOLDERS.
6.FEEDBACK AND IMPROVEMENT - THE PROCESS OF FEEDBACK CAN
SHOW A COMMITMENT TO CONTINUOUS IMPROVEMENT, WHICH
CAN INCREASE TRUST.
7.DATA SECURITY - USERS' TRUST IN THE COMPANY INCREASES
WHEN THEY BELIEVE THAT THEIR DATA IS SECURE AND MANAGED
ETHICALLY.
MANAGING SALES ETHICS
MANAGING SALES ETHICS IS ESSENTIAL FOR ANY ORGANIZATION TO
BUILD TRUST WITH CUSTOMERS, MAINTAIN A POSITIVE
REPUTATION, AND ENSURE LONG TERM SUCCESS.
ETHICAL BEHAVIOR IN SALES NOT ONLY BENEFITS THE COMPANY
BUT ALSO CREATES A POSITIVE EXPERIENCE FOR CUSTOMERS.
1.ESTABLISH CLEAR ETHICAL GUIDELINES -DEVELOP A WRITTEN
CODE OF ETHICS OR CONDUCT THAT OUTLINES THE ETHICAL
PRINCIPLES AND VALUES YOUR SALES TEAM SHOULD FOLLOW.
2.LEAD BY EXAMPLE -COMPANY LEADERS SHOULD CONSISTENTLY
DEMONSTRATE ETHICAL CONDUCT, AS THEIR ACTIONS SERVE AS A
MODEL FOR THE ENTIRE SALES TEAM.
3.CUSTOMER-CENTRIC FOCUS -ENCOURAGE YOUR SALES TEAM TO
PRIORITIZE THE BEST INTERESTS OF THE CUSTOMER OVER SHORT-
TERM GAINS.
4.TRANSPARENCY AND HONESTY -SALESPERSONS SHOULD GIVE
CUSTOMERS HONEST INFORMATION ABOUT GOODS AND SERVICES.
5.HANDLING CUSTOMER DATA RESPONSIBLY -ENSURE THAT
CUSTOMER DATA IS HANDLED WITH CARE AND IN COMPLIANCE
WITH DATA PRIVACY REGULATIONS.
6.CONFLICT RESOLUTION -ESTABLISH AN EXACT PROCEDURE FOR
RESOLVING ETHICAL CONFLICTS OR PROBLEMS.
7.REGULAR MONITORING AND AUDITS -CONDUCT REGULAR
AUDITS OF SALES ACTIVITIES TO IDENTIFY ANY POTENTIAL ETHICAL
ISSUES.
8.FEEDBACK MECHANISMS -USE THIS FEEDBACK TO MAKE
IMPROVEMENTS AND ADDRESS ETHICAL CONCERNS.
9.LEGAL COMPLIANCE -ENSURE THAT ALL SALES ACTIVITIES COMPLY
WITH APPLICABLE LAWS AND REGULATIONS.
10.CONSEQUENCES FOR UNETHICAL BEHAVIOR -CLEARLY DEFINE
THE CONSEQUENCES OF UNETHICAL BEHAVIOR AND ENFORCE
THESE CONSEQUENCES CONSISTENTLY.
SELLING TRENDS 2:
SIX RULES OF HIGH TRUST SELLING
RULE 1: TARGET
THE FIRST STEP IS A MARKETING NECESSITY: UNDERSTAND EXACTLY
WHAT THE PRODUCT/ SERVICE IS AND IDENTIFY THE SPECIFIC
MARKETS THAT CAN BEST USE IT.
RULE 2: CONTACT
THE FIRST STEP AFTER TARGETING A MARKET IS TO CONTACT THE
PROSPECTS IN A COST-EFFECTIVE AND PROFESSIONAL WAY.
RULE 3: EXPLORE
IN THIS STAGE OF THE COLLABORATIVE SALES PROCESS,
SALESPEOPLE CONVEY THE MESSAGE: “LET’S EXPLORE YOUR
BUSINESS SITUATION TO SEE IF THERE ARE NEEDS TO FULFILL OR
OPPORTUNITIES ON WHICH TO CAPITALIZE.”
RULE 4: COLLABORATE
IT IS AT THIS POINT, AFTER AN IN-DEPTH EXPLORATION OF A
PROSPECT’S SITUATION, THAT COLLABORATIVE SALESPEOPLE TALK
ABOUT THEIR PRODUCTS OR SERVICES. NATURALLY, THEY ARE
DISCUSSED IN THE CONTEXT OF PROSPECTS’ NEEDS OR
OPPORTUNITIES.
RULE 5: CONFIRM
KEEP IN MIND THAT, IN EVERY PHASE OF THE COLLABORATIVE
SELLING PROCESS, THE SALESPERSON AND PROSPECT HAVE
COMMUNICATED WELL. HIGH TRUST SALESPEOPLE MOVE ON TO
THE NEXT PHASE OF THE SALES PROCESS ONLY AFTER THEY HAVE
RECEIVED ASSURANCES THAT THEIR CUSTOMERS ARE IN
AGREEMENT WITH THEM ON EVERYTHING THAT HAS BEEN
DISCUSSED.
RULE 6: ASSURE
THIS PHASE OF THE COLLABORATIVE SALES PROCESS BEGINS
IMMEDIATELY AFTER THE SALE HAS BEEN CONFIRMED. HIGH TRUST
SALESPEOPLE KEEP IN TOUCH AFTER THE SALE. THEY COMMUNICATE
REGULARLY ABOUT DELIVERY DATES, INSTALLATION, TRAINING, AND
OTHER RELEVANT MATTERS.
Risk Management Standard X Framework
It is important to distinguish between a risk management standard
and a risk management framework. A risk management standard is
the combination of a description of the risk management process,
together with the recommended framework.
RISK MANAGEMENT STANDARDS
ISO 31000. Standard published by the International Standards
Organization (2018)
Institute of Risk Management (IRM). Standard produced jointly by
Airmic, Alarm and the IRM (2002)
COSO ERM cube Framework produced by the Committee of
Sponsoring Organizations of the Treadway Committee (2004)
CoCo (Criteria of Control) Framework produced by the Canadian
Institute of Chartered Accountants (1995)
The IRM Risk Management Process
One of the best-established and most widely used risk management
standards was produced by the IRM in 2002 in co-operation with
Airmic and Alarm. The IRM Standard is a high-level approach aimed
at non-risk-management specialists and it has been translated into
many languages.
RISK MANAGEMENT FRAMEWORK
RISK ARCHITECTURE STRATEGY PROTOCOL
In order to provide a simple explanation of the scope of the risk
management framework, the acronym risk, architecture, strategy
and protocols (RASP) have been developed.
ISO 31000 (2018)
ISO 31000:2018 is in the same format as the previous version of ISO
31000 dated 2009. The standard provides a statement of risk
management principles, as well as a description of the risk
management framework and process.
1. Risk management is an integral part of all organizational activities.
2. Structured and comprehensive approach is required.
3. Framework and processes should be customized and
proportionate.
4. Appropriate and timely involvement of stakeholders is necessary.
5. Risk management anticipates, detects, acknowledges and
responds to changes.
6. Risk management explicitly considers any limitations of available
information.
7. Human and cultural factors influence all aspects of risk
management.
8. Risk management is continually improved through learning and
experience.
Definition and scope of ‘Risk’
Some of the most significant organizational failures in recent times
have occurred when a strategy is selected that does not align with
the mission, vision and core values of an entity.
Scope of the context
ISO 31000 states that the first stage in the risk management process
is to establish the context. The former Australian Standard AS 4360
referred to context as having three components, these components
are the risk management context, internal context and external
context.
The three components of context may be considered as follows:
1. Risk management context has already been described as
the risk architecture, strategy and protocols or the risk
management framework within the organization.
Provide support for the risk management process within the
organization; and ensure that the outputs from the risk management
process are communicated to internal and external stakeholders.
2. Internal context refers to the organization itself, the
activities it undertakes, the range of skills and capabilities
available within the organization, and how it is structured.
The internal context concerns objectives, the capacity and
capabilities of the organization, as well as the business core
processes that are in place.
3. External context is the environment within which the
organization exists.
The external context is about stakeholder expectations, industry
regulations and regulators, the behavior of competitors and the
general economic environment within which the organization
operates.
External Context
For many organizations, the most important group of external
stakeholders will be customers.
Provides a detailed checklist of questions relating to the
development of a Riskiness index based on the structure of the FIRM
Risk Scorecard.
In evaluating the reputational component of the external context,
the following issues should be addressed:
 public perception of the industry sector in which the
organization operates;
 corporate social responsibility standards achieved by the
organization;
 governance standards and whether the sector is highly
regulated;
 quality of products or services and/or after-sales service
standards.
The marketplace component of the external environment, the
following issues should be addressed:
 level of revenue generation in the marketplace and return
on investment;
 presence of aggressive competitors and/or high customer
expectations;
 level of economic stability, including exposure to interest
rates and foreign exchange rates;
 complexity of the supply chain and volatility of raw
material costs;
Internal Context
There will be a range of internal stakeholders, but the most
important group will be the people on whom the organization
directly depends. This will include members of staff and people
providing services on an outsourced, contracted and/or supplier
basis.
In evaluating the financial component of the internal context, the
following issues should be addressed:
 availability of adequate funds to fulfill strategic plans;
 existence of robust procedures for correct allocation of
funds for investment;
 nature of internal financial control environment to prevent
fraud;
 availability of funds to meet historical and anticipated
future liabilities.
In evaluating the infrastructure component of the internal context,
the following issues should be
addressed:
 senior management structure and the nature of the risk
culture;
 availability of adequate people resources and people skills,
including intellectual property;
 availability of adequate physical assets to support
operational activities;
 information technology infrastructure sufficient to achieve
resilience and protect data;
Internal Context
The risk management context must contribute to the success of the
organization and be supportive of the delivery of stakeholder
expectations, both external and internal.
Designing a Risk Register
A risk register is defined in the ISO Guide 73 as the ‘document used
for recording risk management process for identified risks. The use of
risk registers has become established practice for many risk
managers. The purpose of the risk register is to form an agreed
record of the significant risks that have been identified.
Disadvantage associated with the use Risk Register
The danger that the information recorded in the risk register
will not be used in a dynamic way.
The risk register could become a static record of risk status,
rather than the risk action plan for the organization.
Risk index
A serious traffic accident involving the transport of fuel/explosives.
Likelihood – Low
Magnitude – High
Overall Rating – Medium
Risk Index
 Police emergency plans
 Highway Agency
 Agency plans
 Local authority emergency plan
 Company emergency response
 Liaison with the families of staff
 Notification to customers
Risk Silo - when risks are managed separately instead of in an
integrated way.
Future of Risk Management
Enterprise Risk Management
There is a need for organizations to integrate risk activities
 organizations have embraced the desire to take a broader throughout the whole of their organizations, rather than treating risk
approach to the practice of risk management. management activities as a separate management role that requires
separate management information.
 Various terms have been used to describe this broader
approach, including holistic, integrated, strategic and
enterprise-wide risk management.
PURCHASHING, INVENTORY AND PLANNING
ALTERNATIVE APPROACHES
What is Purchasing?
Changing face of Risk Management
Purchasing is the process a business or organization uses to acquire
Many new developments of risk management have appeared. goods or services to accomplish its goals. Although there are several
organizations that attempt to set standards in the purchasing
Enterprise Risk Management (ERM) - universally accepted process, processes can vary greatly between organizations.
terminology for the broad application of risk management across the

Whole organization.

Operational Risk Management

Examples of operat ional r isk include:

- Employee conduct and employee error.

- Breach of private data due to cybersecurity attacks.

- Technology risks tied to automation, robotics, and artificial

intelligence.

- Business processes and controls

- Physical events that can disrupt a business, such as natural 1. Maintain the quality and value of a company’s products - Quality
disasters. is essential to satisfy customers in order to retain their loyalty so that
they will be willing to buy in the future as well. Quality products
- Internal and external fraud make a significant impact on revenues in the long run. Quality is
what differentiates a company in a crammed market.
Managing Emerging Risk
2. Minimize cash tied-up inventory - The inventory cycle represents
Emerging risks can be divided into three categories, as follows: the time it takes for a company to acquire raw materials or inventory,
- New risks in known context t convert them into finished goods, and store them until they are sold.
During this stage, the company's cash is tied up in inventory.
- Known risks in new context;
3. Maintain the flow of inputs to maintain the flow of outputs -
- New risks in new context t. Supply chain management oversees and optimizes the processes of
acquiring inputs from suppliers (purchasing), converting those inputs
Managing Emerging Risk
into a finished product (production), and delivering those products
There are many emerging or developing risks that are not within the or outputs – to customers (fulfillment).
control of an individual organization, including:
4. Strengthen the organization’s competitive position - A way of
- climate change; strengthening a company´s market position in order to create and
sustain a competitive advantage is through narrowing its scope of
- sovereign debt; operations. This involves deciding which operations to perform
internally and which that can be performed better externally.
- national security;
Purchasing Process - Purchasing is the formal process of buying
- changing demographics.
goods and services. The purchasing process can vary from one
- local and international conflicts organization to another, but there are some common key elements.
The process usually starts with a demand or requirements – this
- pandemic could be for a physical part or a service.

- globalization

- technology

Understanding Supply Market
Supply Market assists procurement planning and on-going
management of supply arrangements by identifying structure of the
market, behaviors, supply chain, barriers to market entry,
environmental factors, ethical considerations, the buyer's value in
the market (Queensland Government)
What is a market supply?
Market supply is the total amount of an item producers are willing
and able to sell at different prices, over a given period of time e.g.
one month. Industry, a market supply curve is the horizontal
summation of all each individual firm's supply curves.
How do you analyze market supply?
5 Steps to a Supply Chain Market Analysis
1. Define your objectives, scope, and commodity profile. ... How to
define project scope.
Step 1: Define the goals. The first step of defining the project scope is
to define the end product or goals — also called “deliverables” — of
the project.
Step 2: Define potential obstacles - Obstacle, obstruction, hindrance,
impediment refer to something that interferes with or prevents
action or progress. An obstacle is something, material or
nonmaterial, that stands in the way of literal or figurative progress:
Lack of imagination is an obstacle to one's advancement.
Step 3: Identify necessary resources –
Tip #1: Know what work is required - Learn what job requirements
are, the kinds of job requirements you may see while you are job
searching and how to tell if you meet the job.
Tip #2: Plan in advance - To make all arrangements or preparations
that one will or might find necessary or useful in advance of
something happening. You need to plan ahead before you set off on
some weeks-long road trip. The leak in the coolant system could
have been catastrophic.
Tip #3: Confirm resource availability - Resource availability includes
information about what resources you can use on your project, when
they're available to you, and the conditions of their availability. Don't
forget that some resources, like consultants or training rooms, have
to be scheduled in advance, and they might only be available at
certain times.
Tip #4: Check their skills –
1. Reflect on your job description - The job description should
accurately reflect the duties and responsibilities of the position.
When well-written, it produces a realistic picture of a job.
2. Zero in on soft skills - The job description should accurately reflect
the duties and responsibilities of the position. When well-written, it
produces a realistic picture of a job.
3. Look at your performance reviews - Ideal for small and midsize
companies looking to reduce their HR expenditures, this option
allows you to outsource performance reviews.
4. Ask other people for feedback - Encourage the people you ask for
feedback to be helpful over nice. Let them know you are looking to
get the most out of their time and their honesty is.
5. Take an online behavior – Communicate appropriately. Use the
right language for your audience. You might write or speak to a
teacher
Tip #5: Remember to book - Learn how to use active reading to
remember more from books. The bibliography can also indicate the
tone and scope of a book.
Step 4: Provide a milestone schedule - The milestone schedule
provides an estimated timeline for the life of the project. The
schedule should include milestones for the planning, development,
construction, evaluation and reporting of the project's
implementation.
Step 5: List the stakeholders - A narrow mapping of a company's
stakeholders might identify the following stakeholders:
Employees - are primary internal stakeholders. Employees have
significant financial and time investments in the organization, and
play a defining role in the strategy, tactics, and operations the
organization carries out.
Communities - Stakeholders are people who affect or can be
affected by a business. Community stakeholders include
neighborhoods, community development groups, environmental
organizations, development organizations, citizen associations and
non-governmental organizations (NGOs)
Shareholders - are the owners of the company. However, for a
community company this means that they own their shares on
behalf of and in trust for the community. They have to act and make
decisions in a way which reflects the community's interest
Creditors - Creditors include suppliers, bond holders, and banks.
Employees are stakeholders because their continued employment is
tied to the continued success of the company.
Investors - are internal stakeholders who are significantly impacted
by the associated concern and its performance. If, for example, a
venture capital firm.
Government - can also be considered a major stakeholder in a
business, as they collect taxes from the company (corporate income
taxes), as well as from all the people it employs (payroll taxes) and
from other spending the company incurs (sales taxes).
Customers - are actually stakeholders of a business, in that they are
impacted by the quality of service/products and their value. For
example, passengers traveling on an airplane literally have their lives
in the company's hands when flying with the airline.
Owners - And stakeholders are not necessarily owners. Stakeholders
include all individuals and groups who have an interest in the
organization, including employees, customers or clients, vendors,
donors and funders, and other organizations. So, all owners are
stakeholders, but not all stakeholders are owners.

2. Research the market and pricing structure for your commodity -
appeal to your target market. Research your existing costs. Your fixed
costs may include the base cost of goods, rent, wages (for full and
part -
3. Conduct in-depth supplier analysis – Supplier evaluation criteria:
A look at the key factors in conducting a ... This also offers an
opportunity to review the supplier's quality control.
What is Inventory?
Inventory or stock refers to the goods and materials that a business
holds for the ultimate goal of resale, production or utilization.
Inventory management is a discipline primarily about specifying the
shape and placement of stocked goods.
What is inventory in business?
Inventory refers to all the items, goods, merchandise, and materials
held by a business for selling in the market to earn a profit. Example:
If a newspaper vendor uses a vehicle to deliver newspapers to the
customers, only the newspaper will be considered inventory. The
vehicle will be treated as an asset.
What is the main purpose of inventory?
The purpose of the inventory is to provide a buffer between
production and sales, smoothing out the flow of goods and ensuring
that products are available when customers order them. To achieve
this goal, companies must carefully manage their inventory levels,
investing in an appropriate system if necessary.
What is inventory and its importance in business?
Inventory is the raw materials, components and finished goods a
company sells or uses in production. Accounting considers inventory
an asset. Accountants use the information about stock levels to
record the correct valuations on the balance sheet.
What is included in business inventory?
Inventory refers to a company's goods and products that are ready to
sell, along with the raw materials that are used to produce them.
Inventory can be categorized in three different ways, including raw
materials, work-in-progress, and finished goods.
What are the benefits of inventory?
What are the advantages of inventory management?
• Improves Accuracy - Real-time inventory tracking helps you
improve inventory management and ensures that you have optimal
stock available to fulfill orders.
• Reduces costs - Inventory management software can lower your
storage costs by applying the economic order quantity (EOQ)
formula to your business. This formula accounts for storage costs
and helps you determine the ideal time to reorder product so you
don't have to pay more for storage than is absolutely necessary.
• Saves Time - This is important for two reasons: first, it helps you
keep track of what you have so you can order more when necessary;
and second, it helps you avoid running out of stock and losing
business. There are a few different ways to manage inventory. One
popular method is called “just in time” (JIT) inventory management.
• Improves Business Planning - It will help you steer your business
as you start and grow. Think of a business plan as a GPS to get your
business going. A good business plan guides you through each stage
of starting and managing your business. You'll use your business plan
like a GPS for how to structure, run, and grow your new business
• Improves Customer Service - Principles of good customer service.
Listening, understanding your customer's needs, thanking the
customer and promoting a positive, helpful and friendly environment
will ensure they leave with a great impression. A happy customer will
return often and is likely to spend more.
What is the purpose of inventory?
The purpose of inventory in business can be broken down into
several key aspects, including facilitating production and sales,
managing cash flow, and minimizing the risk of stockouts.
What is your inventory in accounting?
Inventory refers to all the items, goods, merchandise, and materials
held by a business for selling in the market to earn a profit. Example:
If a newspaper vendor uses a vehicle to deliver newspapers to the
customers, only the newspaper will be considered inventory. The
vehicle will be treated as an asset.
How do you describe inventory items?
Inventory refers to all the items, goods, merchandise, and materials
held by a business for selling in the market to earn a profit. Example:
If a newspaper vendor uses a vehicle to deliver newspapers to the
customers, only the newspaper will be considered inventory. The
vehicle will be treated as an asset.
What is the nature and importance of inventory?
Inventory represents finished and unfinished goods which have not
yet been sold by a company. Inventories are maintained as buffers to
meet uncertainties in demand, supply, and movements of goods.
These holdings are recorded in an accounting system. Inventory
Template: Example of inventory template.