Do Not Scrap It! Find the Scrap and Make Money Instead

Do you know which scrap metal pays the most? Well, if you know the price, then you can get a handsome price for it. When people realize the value of a few specific metals, then they put all their concentration in collecting those metals. However, you must not just look for particulars. The best is to take them all and get something magical out of the one you thought was less important. So, the next time you find people discriminating scraps, you will understand how much money they are leaving in the curb just like that. Here is an unofficial list of the scrap that can fetch you money. It will give you an idea on what kinds of scrap you should sell.

Items

1. Stoves

2. Lamps

3. Water Heaters

4. Toasters

5. Batteries of all kinds

6. Air Conditioner

7. Lawn Mowers

8. Tire and basketball rims

9. Pet cages

10. Cabinets

11. Ironing boards

12. Strollers and Shovels

Other items from which you can extract metals include: Music instruments, metal drums, television, computer, screws, nails and bolts and so on. From the following list you can understand that there is money even in the small things. Now that you know, you need to find places where scrap is easily available. The street is waiting for you, so collect as much as you can.

The few places where you can find scrap:

1. Kitchen – An excellent source indeed! Look for those old cooking pans, spoons, cookie sheets, copper pots and the likes.

2. Living Room – Television, lamp bases, window frames – aren’t these some of the common things that we see in a living room?

3. Bathroom – This room too has a number of things like dryers, washers, plumbing pipes and etcetera. If you like to deck up your bathroom, then you must also have a nice collection of bathroom fixtures. These can definitely yield a fair price.

4. Garden and Attic – Both these places are a storehouse of junk and you never know how much money they can bring forth. Iron railing, swing sets, rusty metal table, old metal chair, broken appliances, ornaments and other accessories which you do not use any longer.

5. Garage – Last but not the least is the garage. You can refer the garage of your house as the treasure trove of scrap metal. There are a number of things in these places that are in one word “precious” in monetary terms.

What are you waiting for? Get your hands dirty now and strike a good scrap deal at a nearby junkyard!

Catering To A Wide Range Of Industries

The company that is engaged in the manufacture of precision turned parts produce the parts with diameters in the range 2mm – 35mm. The parts are made out of different materials such as stainless steel, mild steel, aluminium, brass, bronze and plastic. These companies ensure the best quality products and they offer to supply custom parts against orders placed by the customers. They follow strict procedural norms at all stages of the production to inspect the quality of the product. They manufacture automotive components, components for house appliances, fittings, connectors, etc. They make use of the latest technology to ensure the supply of high quality products on time at reasonable prices. They would have employed highly qualified and experienced engineers and skilled craftsmen who are committed to cater to the needs of each and every customer. The production team has the expertise to develop the final product right from the basic concept. In order to make quality products in the most cost-effective way, the company works with their customers also.

The customer service team of the company that manufactures precision turned parts coordinates with every individual customer to know their requirements and assures to meet their requirements in the most cost-effective ways. The management of the company is committed to provide 100% safety and the best working conditions to all the employees. They provide the most advanced manufacturing facilities. They follow a healthy procedure for the manufacture which is smoke-free as well as non-hazardous. Some of them are committed to implement and adhere to ‘Green’ practices. Materials like oil, metal parts and minerals are recycled. The company entrusts various other processes related to their production such as plating, grinding and heat treatment with sub-contractors who assure quality and the best customer service. They have a very efficient system to monitor the shipping of finished goods and also they closely monitor the inventory levels.

The aluminium components manufactured by the company are used for numerous applications owing to its strength, light weight and elasticity. The aluminium components are also known for their conductivity and resistance to corrosion. The components made from various grades of brass and copper are used in various applications including plumbing and sub sea operations. The stainless steel parts are used by various industries like Oil and Gas, Petrochemicals, medical and surgical instruments and brewing. The plastic components manufactured by these companies are used for many industrial applications. The various types of industries that are served by these companies include Oil, Chemicals, Energy, Locomotives, Automotive, Electronics, environmental engineering, Marine, Food and Beverage, Defense, Medical devices, Scientific research equipment, pumps, valves and many others.

Best Accounts Payable Processing Practices

When it comes to working in accounts payable, there are a dozen things that can happen to cause a good day to become a bad one – and these things are often actions that took but a second or two to happen. These mistakes often occur not because of a lack of training or due to faulty practices but often because people are unaware of ways to improve the work situation.

Thankfully, there are many actions that can be taken to ensure that your business is using the best accounts payable processing practices available. By doing this, you can minimize the risk and exposure that result from not having a totally secure system and effective recovery process. While there are many different steps you can take, one of the most important things is that you track a number of elements in the accounts payable processing department.

· Keep up with the number of invoices that come into the accounts payable department in given period of time. The larger your company the more of these there will be. Tracking these will give you a baseline and make it easier to track other items within your department.

· How many invoices are processes as a percentage of the total number of invoices during a specific amount of time. Tracking this helps measure how effectively and efficiently your department is getting the work done. If you feel that the work being done is not enough, then sit back and determine what can be done to make your department more efficient.

· Pay attention to the rate of wrong payments as a percentage of total payments. You need to be aware of any over or under charges. Using a HER program can minimize occurrences such as these.

· Figure out how much it is costing you per invoice processed. Be sure to note things such as software costs, IT support, hardware, and any other types of overhead. There are a number tools that can help you be effective and yet still keep the bottom line in the black.

· Track how many invoices are electronic versus paper. It is cheaper to process an electronic invoice than a paper one. In addition, the electronic invoices require less time to process. Hence, the more electronic processing and information storage is a better way to improve your budget and work efficiency.

Having the best accounts payable processing steps in place, you can be certain that you are doing all you can to protect your business. Talk to a team of business management specialist and learn how you can begin to better protect your company.

Preparing for Cyberspace

While cyber security is an important issue for boards, it has not always been top of mind. Because a major corporation like Equifax had a breach in its IT system, many companies are rethinking how to secure cyber security.

Boards around the world are examining the Equifax case to determine how to best secure their organizations valuable information stored in their IT systems. So who is responsible? Since the CEO has stepped down, it is apparent he was being held accountable. However, where was the board of directors?

In today’s world of cyberspace, corporate boards have to think about more than governance, CEO compensation and strategy.

As it stands, it is in the board’s best interest to ensure the company is not exposed to debilitating risks. Companies have workplace safety standards and sexual harassment policies to mitigate lawsuits. They even have disaster recovery plans in the event of natural disasters or occurrences like the World Trade Center plane crash. These plans and policies are in place to keep business running smoothly and perpetually. It protects customers and employees.

However, with sophisticated computer hackers around the world, it is no news that computer systems and valuable information can be breached and stolen. There are hackers who breach computer systems as a business. They ask for ransom in the amount of tens of millions of dollars. If it is not paid, they threaten to release the companies secure information, which sometimes could contain private email communication from top executives.

While many enterprises as large as Equifax may have disaster recovery plans for their physical operation, they may not have the same plan for cyber breach. The disaster recovery policies would include immediate action steps based on size of the breach, who made the breach, what information was taken, were company smart phones breached, what to communicate to employees, the public and shareholders as well as other important factors.

In some cases, it may make sense to inform the FBI. In other cases, it may be better to pay the ransom. The challenge with calling the FBI is that the hackers could be in countries like Russia. In Russia, the FBI may not pursue them. Why? Because the Russian government is always looking for good hackers. If the FBI exposes the hackers in Russia, the government may hire them, which can present long-term problems for the US. When it comes to paying ransom, it’s tricky. If you pay, they may hack you again as though you are an ATM machine. If you don’t pay, they may expose confidential information. These are also the kinds of challenges that directly involve the board.

What’s most important is that the board is talking about cyber security before there is a problem. There should be constant audits of the cyber security system to mitigate any risks. In addition, as a board, they should hold the CEO accountable for that security. Furthermore, there should be clear policies to guide the board and the executive team on how to handle the various moving parts in a delicate situation. Boards with disaster recovery plans and high accountability with the CEO are more likely to be forward thinking about cyber vulnerabilities and proactive about updating the security system.

Make More Sales By Being Contrary

Here’s something I’ve been playing with, and my results have been pretty good, too.

A few months ago a friend was launching a big product with lots of cash prizes for the top affiliates. I knew there would be tons of affiliate competition, with every affiliate trying to out-do the others with bigger and better bonuses.

How to compete?

I decided not to.

Instead, I thought about what every affiliate’s bonus pages would look like: Highly polished, slick, professional, lots of graphics, videos, etc.

Odds are they would all start to look very much alike, right?

So I thought… what if I did something different?

What if my page looked like something you might get in the mail – black and white sales letter, using the Courier typewriter font, very old-school looking…

And what if, instead of a highly polished professional photo of myself, I used one where I just woke up? Or one where I just finished exercising, or just finished the yard work?

In other words, I looked like the guy next door and not some slick marketer.

Taking this thinking to the next level, I decided I didn’t want to spend time or money on creating a bonus. Everyone else was doing that, so why should I?

Instead, I would hold a live class. The homework would be to go over the program before class. Then in class we would implement, step-by-step, what was in the program. And I would record the whole thing, so people could just follow along.

In case you’re wondering – it worked beautifully. My sales were a very decent 5 figure number, and my commissions were half that plus bonuses.

And one more thing – I cheated, too. I had my virtual assistant run the class for me. She got to learn some great new skills, and I put less than 2 hours into the entire project.

The takeaway: When you have a lot of competition, it’s time to stop directly competing and find another way.

If they are using tons of graphics and slick videos, you go with a 1980’s black and white typewriter look.

If they are offering bonus packages filled with 5, 10 or 20 products, you offer no products (I offered hold-your-hand training, which in my opinion is worth far more anyway.)

You get the idea.

Do you know what would work even better than that?

MAILING the actual letter. Yup. Talk about old school. If you collect real addresses of your BUYERS, you might consider doing this on big ticket items.

I know marketers who do this. They are few and far between, and they are KILLING it. They only mail to buyers, which greatly improves their conversions. They use a service to send out the mailers for them. And they make more on one of these mailings than most successful marketers earn in 6 months.

Which brings me to my second idea… if you don’t already have the mailing addresses for your buyers, start collecting those now.

When you have a sizable portion of them (at least 200, preferably 500) approach a marketer with a product your list would love. Make sure there is plenty of profit in that product. Take the sales letter, adapt it to a black and white mailer (cheap to produce) and send it to your buyers.

See what happens. Tweak, rinse and repeat.

You can easily DOUBLE your income using this method.

Know why? Again, because it’s contrary. It’s different. Almost no one is doing it.

Your customer gets maybe a half dozen pieces of mail in a day. Two are bills. Two are sales flyers from local businesses. One is a catalog.

And then there’s that mysterious white envelope. Yeah, it’s going to get opened. Yes, it’s going to get read.

The Alternative Investment Fund Regulations

What is an Alternative Investment Fund (AIF)

AIF is an Alternative Investment Fund Regulations privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors. AIF may be in the form of a trust or a company or a limited liability partnership or a body corporate.

Why AIF

AIF Regulations endeavor to extend the perimeter of regulation to unregulated funds with a view to ensuring systemic stability, increasing market efficiency, encouraging the formation of new capital and consumer protection.

Who are not covered

Currently, the AIF Regulations do not apply to mutual funds, collective investment schemes, family trusts, ESOP and other employee welfare trusts, holding companies, special purpose vehicles, funds managed by securitisation or reconstruction companies and any such pool of funds which is directly regulated by any other regulator in India.

Categories of AIFs

An AIF needs to seek registration broadly under one of the 3 categories –

Category I AIF: The following are covered under Category I

1. Funds investing in start-up or early stage ventures or social ventures or SMEs or infrastructure

2. Other sectors or areas which the government or regulators consider as socially or economically desirable including the Venture Capital Funds

3. AIFs with positive spillover effects on the economy, for which certain incentives or concessions might be considered by SEBI or Government of India or other regulators in India

Category II AIF: The following are covered under Category II

1. AIFs for which no specific incentives or concessions are given by the government or any other Regulator

2. Which shall not undertake leverage other than to meet day-to-day operational requirements as permitted in these Regulations

3. Which shall include Private Equity Funds, Debt Funds, Fund of Funds and such other funds that are not classified as category I or III

Category III AIF: The following get covered under Category III

1. The AIFs including hedge funds which trade with a view to making short term returns;

2. Which employ diverse or complex trading strategies

3. Which may employ leverage including through investment in listed or unlisted derivatives

Applicability of AIF Regulations to Real Estate Funds

After knowing what an AIF is and its broad categories, we analyse whether AIF Regulations are applicable to the Real Estate Funds

Firstly AIF has to seek registration under AIF Regulations under one of the three categories stated above. Therefore if a Fund does not fall under any of the three categories stated above, then it will not seek the registration with SEBI.

If we look at the Category 1, registration is required by funds which invest in start-up or early stage ventures or social ventures or SMEs or infrastructure

If we look at the definition of infrastructure, Explanation to Regulation 2 (m) states that Infrastructure shall be as defined by the Government of India from time to time.

And in the normal parlance, the term typically refers to the technical structures that support a society, such as roads, water supply, sewers, electrical grids,

telecommunications, and so forth, and can be defined as “the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions.

Therefore infrastructure does not include the real estate or construction activity since this activity deals in investing in land, developing the land by way of construction of flats, townships and other residential and commercial projects.

But if the real estate fund carries on certain projects for a social purpose like purchasing land for charity etc.; then the fund may be covered under social venture funds.

The clause further states that ‘or other sectors or areas which the government or regulators consider as socially or economically desirable and such other Alternative Investment Funds as may be specified;’

The AIF Regulations have been notified just a few days back and till date, no other AIF funds have been specified in the Category 1 by the Government. Further what the government or regulators consider as socially and economically viable is a very broad concept. However, till the Government specifically comes out with specific inclusions under Category 1; a Real Estate Fund will not be covered under Category 1 and therefore would not require Registration.

Further, the clause also states that – Alternative Investment Funds which are generally perceived to have positive spillover effects on economy and for which the Board or Government of India or other regulators in India might consider providing incentives or concessions will bee included

By adding these lines to the Category 1, SEBI has made the category 1 very vague and open to dispute and litigations since what SEBI intends with positive spillover effects on the economy is not defined or clarified. Different people or organizations may have a different opinion on this which would lead to unnecessary litigations and hardships to business owners. However, till any clarity comes on this, the business owners need to take a cautious approach to the decision of seeking Registration under AIF Regulations.

Category II AIF

Now we examine whether a Real Estate Fund falls under the Category II AIF

If we look at the funds covered by Category II above, they

1. Shall not fall in Category I and III

2. Shall not undertake leverage or borrowing other than to meet day-to- day operational requirements and as permitted by these regulations;

3. Shall be funded such as private equity funds or debt funds for which no specific incentives or concessions are given by the government or any other Regulator

For Real Estate Fund under Category I, we notice that at present it does not fall under Category I and it also does not fall under Category III since these are basically hedge funds. Further, no specific incentives or concessions are given by the Government to the Real Estate Sector. Therefore if we look at the applicability of Real Estate Fund under Category II, these funds may fall under the Category II AIFs if they do not take leverage or borrowing except for short-term requirements.

Impact of AIF on the Real Estate Funds

Under these Regulations, the minimum investment amount has to be Rs 1 crore from each investor. Therefore attracting the funds from the investors would become tough for the real estate funds, who used to raise amounts as less as INR 1 million from the investors. Now they would need to find high-value investors though this is not the only challenge that lies ahead for those raising domestic corpuses. They now also have to invest 2.5% of the corpus or Rs 5 crore, whichever is lower, to ensure that the managing company’s risk is aligned with that of the investor. Moreover, a single investment in a company or a project cannot exceed 25% of the entire corpus.

Further a Real Estate Fund registered in the form of an LLP also would be covered under the AIF Regulations. In an LLP Structure, since the investors are also partners, the risk to the rights of the investors being misused is very minimum. Therefore applying the AIF Regulations to the LLP Structure would reduce the flexibility available to such a Structure.

Conclusion

If we look at the AIF Regulations from a short term perspective, in light of the difficult fund raising environment today, the higher ticket size for investors could potentially throw up some challenges and could in a manner constrict the growth of the asset class, but clearly, in the long run, these regulations appear to have an element of maturity to play a pivotal role in the development and shaping up of the future of alternate asset class in India. It is also clear that alternative investments are more sophisticated and risky as compared to investments in equity and debt and till market matures it is advisable that only HNIs and well informed investors make an investment in this asset class and once the market matures it is made open to all. In the long run, we may see more investments in the Alternative asset class (in terms of quantum and maturity) due to the increased investor confidence in these funds.

The Secret of Successful Negotiation

Your best work is done before you get to the negotiation table.

The area of negotiation that most affects the outcome is the part you have most control over – the preparation. Research has shown that the best prepared negotiator is the one most likely to get the best outcome.

Preparation that gives you a head start on your opponent can be achieved by anyone willing to spend the time. Here’s nine factors you should prepare.

1. Know the ‘pie’ – fixed or variable

‘Fixed pie’ negotiations are those where the only way I can get a better outcome is to get you to accept a lesser outcome. These never result in a win-win outcome. ‘Growing the pie’ negotiations include variables that creative negotiators use to create high perceived value for the other side at little cost to them. Thinking creatively can even allow you to turn a fixed pie into a variable one. Perhaps the asset (a motor vehicle) is fixed, but you could add variables like payment terms, advanced servicing. The salary might be fixed, but flexibility of hours could add significant value for some candidates.

2. Know the impact

Will the outcome of this negotiation impact on any other current or possible future negotiations with the other party? You don’t want to compromise any negotiations going on now or set precedents that might disadvantage you at some time in the future.

3. Know which side is under the most time pressure

The side under the most time pressure has the greatest incentive to be flexible and may be prepared to give more as the deadline gets closer. If the other side is under the most pressure, your advantage grows daily. If the time pressure is on you, be aware this is a weakness and that if the other side becomes aware of it they will use it.

4. Know the relationship

Is this a one-off negotiation or are there likely to be future dealings? Is the relationship important to you? If the answer is yes, is it important enough for you to be more generous with your offer(s)? If the answer is no, will this change your approach and tactics?

5. Know the other side

Is their negotiation style primarily competitive or cooperative? How likely are they to try to bluff? If you haven’t negotiated with them before, is there someone else you know who has that you can talk to? Is there anything you can find out about them that they might not expect you to know? Anything you can do to compromise their confidence in their preparation is a useful tactical tool.

6. Know what they know

Research yourself. Find out what they know about you. Don’t let them spring any surprises on you.

7. Know some accepted authorities

Facts and figures are so often misrepresented in negotiations, nobody takes the other side’s word. Try to find some authorities that you will both accept as reference points.

8. Know your ‘negotiable’

Build a list of all the negotiating issues you are prepared to bring to the table. Priorities them. Try to build a similar prioritized list for the other side. Issues which appear lower on your list but higher on theirs are the ones that you will get most value for when bargaining. Determine what will be your starting point and your bottom limit. Be as precise as you can.

If you cannot priorities a list for the other side in your preparation, try to determine their priorities in your preamble discussion with them before you start putting offers on the table. If appropriate, try to have a pre-negotiation discussion with them where no one would be making any commitments; you would just be getting to understand each other better to help you create the highest-value offers.

9. Know your alternatives

The side who is most able to walk away from a negotiation will negotiate strongest. You can only do this if you have an equivalent alternative to negotiate with. If you don’t, and this party is your best or only option, then do you have a Plan B to offer them if all else fails?

All the latest studies have shown that preparation and planning are the keys to success in negotiation. Sides that prepare and know precisely their goals in a negation always do better than those who go in ‘hoping for the best’. Those who set specific timelines do better than those who are more flexible. Many things happen in a negotiation that you don’t have control over; but your preparation is not one of them. Everyone is busy; but using that as an excuse is a mistake. Walk in best prepared – and walk out most satisfied.

Designing Your Best Work Life

Many people in the corporate world start off with the intention to only work the standard hours yet somewhere along the way, they become completely consumed by a never-ending To Do list. Suddenly they find themselves leading a life that is based on trying to survive rather than thrive. This constantly switched-on mode can start to wear thin very quickly and wear them down just as fast.

I have worked in the corporate world for over 22 years as a consultant for various large companies. I was soon spending so much time and effort in the workplace jumping through hoops and doing whatever it took to climb the corporate ladder that my personal well-being began to suffer greatly.

Each time I planned a well-deserved break, I found myself getting sick. My body soon stopped running on the adrenaline high of corporate life, and my immune systems began operating at critically low levels. Somewhere along the way I had lost my connection to the reason why I was working so hard.

Today I run a successful business that still requires dedication and commitment, but my physical, mental and emotional state is nowhere near where it as when I was in the corporate world. What I learn from this experience is that there is no point having a great job with matching salary if all you are able to do at the end of the day is collapse onto your couch.

So here are my four steps to reconnecting with what is important to you and designing a work schedule that works for you.

STEP 1: CHANGE THE WAY YOU THINK
Breaking your thought pattern is the first step towards designing your best work schedule. There is so much social pressure to be part of the rat race, and you should analyze whether succumbing to this thought pattern is working for you. Ask yourself these questions:

Are you willing to live on the edge?
Are you willing to substitute happiness for monetary gain?
Do you want to leave behind a legacy?
Do you want to travel and work from wherever you are in the world?

Your answers will form the basis of your blueprint of your ideal work life.

STEP 2: THINK LATERALLY
You have your own unique abilities. Learn how to make them work for you. If you are an accountant and you are crushed with deadlines at the end of each quarter, then plan your life in a way that allows you to work hard during those times and keep normal work hours for the remainder of the year.

The Internet has made traditional jobs much more flexible. If you are a teacher and do not want to be tied to a classroom then consider online teaching. A computer and an Internet connection is all you need. You can design your life around your workload so that you are only working the number of hours you want. Remember, this is your life and you call the shots.

STEP 3: SCHEDULE IN WHAT REALLY COUNTS
There was a time a couple of years ago when I did not schedule a break for 15 months and ended up severely ill. So before you schedule anything else into your calendar, make sure you schedule what really counts first. This includes events that will make a positive difference in your life such as:

Time for yourself to unwind, relax and recharge.
Vacation time. Long breaks should be a minimum of two weeks twice yearly and mini breaks such as weekends away should be scheduled every two months. Studies show that people are more likely to remain happy when they schedule in frequent short holidays than infrequent longer ones.
Family time and date nights.
Time with friends. Schedule the next catch up in before the night is over so that it does not get lost in the work life.

STEP 4: START SMALL AND SLOW
Start the ball rolling slowly so you can easily notice things gaining momentum as you make your schedule work for you. For instance, you could set a goal of winning 10 clients and turning away any extras because you know you do not want to dedicate more hours to work. Dedication to your personal wellbeing and who you are as a person instead is what will guide you towards creating a schedule that works for you rather than against you.

Why to Choose a Lead Generation Service?

Lead generation is a critical component of online sales and a proven strategy for an organization’s profitability.

Firms generate around 60% of more sales with the process of online lead generation than traditional methods of marketing.

A reputed service provider offers a wide range of online marketing services, including search engine optimization, paid search, email marketing, social media, telemarketing and traditional mailing. There are three main parameters to consider while planning an online sales strategy for an organization.

Tracking

Tracking the performance of a lead is essential to map its progress towards making a sale. After the initial contact with a potential lead, service providers track its performance in order to instigate to turn it into a buyer and help in achieving the sales target of an organization.

Outsourcing firms empower entrepreneurs to track a lead’s behavior, for instance, how likely they are to buy from an enterprise or what kind of response do they give to sales professionals during follow-ups. Service providers increase the chances of making a sale by mailing or calling the leads just when they need it.

Reporting

Enterprises that want to outsource an online marketing service rather than doing it in-house, can take the help of service providers. These vendors do a proper analysis and provide reports of the progress of a marketing or sales campaign to an organization. This helps in exploring the strengths and improvement areas of engaging prospective customers online.

Help & Support

Organizations strive to make productive sales. By implementing effective marketing techniques entrepreneurs can do so efficiently. With a quality sales mechanism, service providers bring new customers on-board, while entrepreneurs focus on serving existing customers better.

Some of the popular ways of generating leads today are via:

  1. Banner Ads
  2. Pay-per-Click (PPC) campaigns
  3. Viral videos

Out of all, although PPC ads might generate immediate results, though, organizations need to spend continuous money on this to fetch desired results. Apart from the ongoing expenses, the quality of leads generated from PPC tends to be lower than those generated from other organic channels.

There are plenty of people who want to buy what enterprises are selling. The problem is finding those customers and letting them know about the service offerings of an enterprise.

A good marketing service helps an entrepreneur to connect with its potential customers in order to make maximum sales. Most marketers target people who are already thinking of buying a product or a service. This is done by using online research and marketing techniques.

Being one of the most popular ways of online marketing, lead generation enables businesses to:

  • Regulate pricing on a per lead basis
  • Select the product or service entrepreneurs wish to offer to its prospects
  • Choose the geographical area which interests an organization
  • Control the number of leads an organization wants to receive per month (it helps in budgeting)

How To Keep Your Manufacturing Business Safe And Productive

There are many types of manufacturing facilities that must be operated according to standards to ensure they are safe. Depending on the types of products manufactured, there are always risks associated with the operation. Every manufacturing facility needs a well-planned risk management strategy to address the different situations that occur as a result of the manufacturing process. Although this will help reduce risk a great deal, there is never a guarantee that accidents cannot occur. Manufacturing insurance is designed to give manufacturing companies the protection they need when the precautions they take aren’t enough.

The reason that many manufacturing facilities fail to reach their maximum productivity level is their lack of understanding that productivity and safety are dependent on each other. Putting a risk management strategy in place and having appropriate manufacturing insurance will result in their keeping safety incidents to a minimum and having financial coverage when incidents do occur.

Creating an Effective Risk Management Strategy

Just as different manufacturing businesses operate differently, they also have a different approach to risk management. Those who have successfully implemented risk management into their operation to make it more productive and safe are likely to start by assessing the likelihood of diverse events for assets and operating procedures and then continue with assessing the impact of these adverse events. Next, they will rank the risk for adverse events in these areas and then create a closed loop process to mitigate the risk in each area. This basic structure incorporates identification, quantification and mitigation.

Backing up Your Strategy with Manufacturing Insurance

Nearly every manufacturer needs insurance regardless of the products they make. There are laws imposed on the need for manufacturers to carry insurance that may vary on a state-by-state level. Even in those situations where the rules and regulations are limited, manufacturers should consider their risk potential when determine the degree of manufacturing insurance they need to protect them. Insurance can cover the cost of equipment repairs and replacement, damage to the facilities, or for medical liability in case employees are injured on the job.

General liability is a type of insurance that protects the manufacturer when an injury takes place on their property and they are found to be at fault. Lawsuits can be devastating to your business if you do not have the protection you need to cover any losses that may be awarded. General liability should be the basic part of your coverage that is included in addition to that which applies to your specific risks.

Value of Insurance Your Business

When accidents occur, it can have an impact on your manufacturing business at any level. Loss of equipment or employees can lead to downtime that has a significant impact on your bottom line. Lawsuits or excessive damage to the facility could cause you to lose your business altogether. Understanding your risk and having the manufacturing insurance to cover your losses can often be the difference between a business that fails and one that is both safe and productive.