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Add You - Using a Letter of Credit
Last issue, I talked about increasing your Brand Love-- meaning to increase the affection that prospects and customers feel toward your business.Why?Because increasing "affection" will build relationships. Those relationships, if made strong enough by increased Brand Love, build a bridge for prospects to be
To solve this situation you can go to the bank and ask them to create a le
The holidays will soon be here and many retail-based businesses are preparing for the increased sales traffic by using call detail records and a call accounting system to predict staffing needs and to prepare sales reps for the coming profitable season.By monitoring inbound and outbound calling trends, a business
Let’s say that you own a widget distribution company. Let’s also say that your good customer provides you with a very large purchase order for widgets. Since you distribute (rather than manufacture) widgets, you’ll need to place an order with your widget supplier to be able to fulfill the order. In this case, you want to use a new widget supplier that is located in Asia and does not know much about your company.
Your first step is to try to buy widgets from your Asian supplier. Now you have an interesting situation. Your supplier is very likely to ask for cash up front or some guaranteed form of payment before manufacturing and delivering the widgets. You, on the other hand, will want to pay upon receipt, or better yet, ask for 30-day payment terms (meaning, you pay 30 days after receipt). As you can see, both parties are trying to limit their risk.
To solve this situation you can go to the bank and ask them to create a let
In our age of ever-expanding communication possibilities, researchers have been drawn to answer the question of which communication mode is most likely to lend itself to successful negotiation. Although the answer is undetermined, Face-to-face communication has been proven to have a greater possibility of alleviat
Let’s say that you own a widget distribution company. Let’s also say that your good customer provides you with a very large purchase order for widgets. Since you distribute (rather than manufacture) widgets, you’ll need to place an order with your widget supplier to be able to fulfill the order. In this case, you want to use a new widget supplier that is located in Asia and does not know much about your company.
Your first step is to try to buy widgets from your Asian supplier. Now you have an interesting situation. Your supplier is very likely to ask for cash up front or some guaranteed form of payment before manufacturing and delivering the widgets. You, on the other hand, will want to pay upon receipt, or better yet, ask for 30-day payment terms (meaning, you pay 30 days after receipt). As you can see, both parties are trying to limit their risk.
To solve this situation you can go to the bank and ask them to create a le
Negotiation is a process of trying to arrive at a mutually agreeable conclusion about something. It could be a sales situation; it could be a behavioral contract; it could be a cease fire. Negotiation is basically an agreement. What makes negotiation’s time consuming is that each party involved often has numerous needs t
Your first step is to try to buy widgets from your Asian supplier. Now you have an interesting situation. Your supplier is very likely to ask for cash up front or some guaranteed form of payment before manufacturing and delivering the widgets. You, on the other hand, will want to pay upon receipt, or better yet, ask for 30-day payment terms (meaning, you pay 30 days after receipt). As you can see, both parties are trying to limit their risk.
To solve this situation you can go to the bank and ask them to create a le
It pays to please customers, because they will choose them over competitors even if they have to pay more to obtain their products or services. The following statistics show that companies can charge more for excellent service:1. Most customers will spend at least 10 percent more for the same product with better
To solve this situation you can go to the bank and ask them to create a le
Knowing the differences in managerial practices in different countries is interesting. There are, for example, great differences among mangers in the United States as opposed to other countries. With the increasing investment of foreign firms in the United States, the syllabus of business finance is giving more attention
To solve this situation you can go to the bank and ask them to create a letter of credit for this transaction. The letter of credit stipulates that your supplier will be paid by the bank, if they comply with the terms of the L/C. Usually, to comply with a letter of credit, documentary evidence that proves delivery of a quality product per the agreement needs to be provided.
Now your supplier can go ahead and deliver the widgets, knowing that he will be paid if he delivers according to the agreement.
As you can see, this protects your supplier, and the letter of credit also protects you, because it ensures that the supplier is paid only if he complies with the agreement. Although letters of credit come in a number of flavors, in general they tend to guarantee payment by the issuing bank, which gives suppliers a level of comfort.
Of course, once funds are paid to your supplier you will need to pay the bank. Usually, banks will ask that you have a line of credit (or similar financing) so that they can satisfy payment for the LC from that account. Unfo
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