Work-life balance as a Finance Executive Serangoon is a term used for the idea that an individual needs time for both work and other aspects of life (personal interests, family and leisure activities).
Our schedules are getting busier than ever before, which often causes our work or our personal lives to suffer. The compounding stress of Finance Executive Serangoon from never-ending workday is damaging. It can hurt relationships, health and overall happiness.
The Basics of Customer-Centric Selling
The best work-life balance is different for each of us because we all have different lives and different priorities. Work-life balance doesn’t mean an equal balance. There is no perfect balance you should be striving for. At the core of work-life balance is meaningful daily Achievement and Enjoyment.
When employees feel a greater sense of control and ownership over their own lives, they tend to have better relationship with management and tend to feel more motivated and less stressed out at work, which in turn increases company productivity and reduces conflicts.
Companies that encourage work-life balance have become very attractive to workers. These companies also tend to enjoy higher employee retention rates and more loyalty. Promoting balance is beneficial to both employees and companies.
Even though the traditional mom and pop retail shops have been getting a lot of attention in recent times, it is the trend of Specialty Stores [Modern Trade Retail Chains] that is really taking off. The Specialty Stores promise big business to the FMCG companies, all thanks to the ever changing attitude of majority of consumers who prefer to shop from specialized stores like Wal-Mart, Spencers, Reliance Retail, Big Bazaar and many more when compared to the stand-alone stores.
Attesting to the fact that consumers have changed their buying perspectives does not make things easier for the FMCG companies. This focus shift has also made the consumer behavior more volatile. An attractive TVC, schemes that work on a buy some get some free model, discounts offered, or a fall in price is enough for the consumer to choose a brand. In a situation as fragile and fickle as this, tracking the sales till the consumption level is very critical for strategic decision making.
Why Specialty Stores are capturing all the Attention of FMCG Industry?
Specialty Stores are the bulk buyers of fast moving & over-the-counter (OTC) products. With thousands of prospective consumers visiting these stores daily, and the evident fact that such products are better exposed and have higher probability of getting sold in small time-frame due to very competitive cost, Specialty Stores have emerged as the hub of attention by sales and marketing strategists of FMCG companies.
Leveraging IT is not an alien concept to majority of the FMCG players, but that often stops till the National Distributors, Stock Keeping Units, or at maximum, the distributor / micro distributor level. To track the ever-changing consumer buying behavior, it is essential to traverse down till the Tertiary level or till a level when the product reaches the hands of the consumers.
In a hypothetical example where the manufacturer of a healthcare product like a disinfectant has a robust method in place, may be a top-notch ERP, to track its Primary product movement and product sale from manufacturer to C & F agent and distributor simultaneously. Some companies also track the secondary level sales from distributor to the sub-distributors; but the last and the most crucial level loses its significance due to multiple challenges in data collection and touch-points. With little knowledge on how consumers are behaving to this disinfectant, the continuous production of the product can come out as a major loss to the manufacturer.
Tracking Sales at Tertiary Level hence becomes one of the key criterions in analyzing:
- Consumer buying behavior
- Production Planning
- Strategies in the distribution channels & route plan
- Limitations in consumer knowledge that influence decisions
- Product Packaging plan
- How consumer motivation and product development decision strategies co-relate
- How manufacturers can adapt and improve their marketing campaigns and strategies to reach the consumer more effectively
Tracking the sales manually at any given level is not possible. Unlike the sale of home appliances or electronic items that is relatively slow, the FMCG products sell quickly and in great numbers. They also have varied product categories & SKUs which make it impossible for the FMCG manufacturer to tap the data. Automating the process becomes a mandate; with companies like CalvinKare, Britannia, India Pistons, etc. already cashing on this IT advancement.
Tertiary Sales is a great criteria for knowing the consumer buying behavior, which inadvertently also acts as product testimonial. Drawing inference from the same example of a disinfectant, a sudden drop in its sale at the tertiary level will help you analyze the reasons- and when you know the "reasons", there is nothing stopping you from improving your sales.
There are many ways employers can promote work-life balance in office, some of which are: company outings, offering remote working and flexible hours, providing good health coverage, encouraging employee education.
The Role of the Purchasing Manager
Empowering employees like Finance Executive Serangoon to take control over their work and home lives can have a profound impact on their job satisfaction and performance, enabling companies to achieve success. Achieving work-life balance is a daily challenge. It can be tough to make time for family, friends, community participation, spirituality, personal growth, self-care, and other personal activities, in addition to the demands of the workplace.
How should the practice of business continuity evolve to manage the threats and opportunities faced by organizations today and in the future?
Business resilience is the ability an organization has to quickly adapt to disruptions while maintaining continuous business operations and safeguarding people. The CulturalManagement provides experts to partner with your organization and develop a comprehensive emergency preparedness and disaster management program.
We select our store locations. We select our staff. We select the merchandise to carry; and along those lines, we select our vendors. Selecting the correct vendors - in addition to managing these vendors during the selection process and beyond - can often be the difference between making your store profitable or simply providing real estate for the vendors to sell their goods. It is time to manage your vendors!
So... raise your hand if you have ever conducted a thorough Request For Proposal (RFP) process for you vendors. Anyone? In truth, not many have to the extent that you evaluate multiple vendors, creating competition for space in your store. How you manage the RFP process can and will set the tone for all your go-forward vendors. A well-thought out process to vendor selection, can provide real opportunities for you in the following areas:
Rebates: Did you know that vendors offer rebates based on product placement; rack allowances; product movement and other considerations? In some cases, the vendor receives manufacturing rebates that you need to ensure are passed onto you. The RFP Process ensures you identify and capture your fair share.
Incentives: The vendor is in your store for one thing - to sell their product. Meeting the goals of the vendors should only be achieved if they are aligned with your goals. What types of incentives do you vendors provide you in order to meet that goal? Work with the vendor to establish incentives for each party that foster alignment.
Deliveries: You pay for delivery whether you believe that or not. Manage the amount of deliveries to your store on a weekly basis so that you have enough inventory on hand, but not so much that you are paying full-load delivery fees for partial deliveries. You may want to consider adjustments based on seasonality.
Never Out of Basics: All stores carry that "MUST HAVE" product that you can never be out of - ever! Identify your "must have" products and ensure that you and your vendor have a clear understanding on the ramifications if any of these products are ever out of stock. Build in financial penalties for the vendor if you are shorted product on your core offerings.
Marketing: Identify programs and investments that your vendor partner will make in advertising and promoting their products. These should be managed in concert with your overall marketing of your store and determined jointly with the vendor to ensure their financial obligation, as well as timing.
Payment Terms: Standard policy is net 30 days, but have you inquired about discounts if you pay earlier? In some cases, the squeaky wheel gets the oil and if you are in a position to negotiate more favorable payment terms, do so.
Product Returns: Have you established a specific contractual obligation on product or damaged returns? Re-slotting fees and other incremental mark-ups by your vendor with regard to returned products could eat away at your gross profit. In addition, now is the time to establish the process for replacing damaged products.
Contract Terms: How long are you committed to this vendor and what are the "out clauses" in the contract should a better vendor come along? The best place to negotiate this is during the RFP process when the vendor is hungry for your business.
Mark-Ups: Every product you purchase comes with a corresponding markup - or the manufacturer/vendor profit. Most of these markups are determined by a category of products as opposed by the product SKU. Knowing your industry markup ranges by category will better prepare you in establishing the best cost structure for your product acquisition.
Conducting a thorough RFP Process is critical for establishing not only your pricing structure with your vendors but also in developing the process in which business is conducted. Remember, vendors are in YOUR store and it is up to you to determine the roles that each of them play. If you do not take control of your vendors from the onset, you will face an uphill battle within your own store. Or as Winston Churchill once said, "he who fails to plan is planning to fail."
When a Finance Executive Serangoon spends the majority of its days on work-related activities and feel as if they are neglecting other important components of their lives, stress and unhappiness result. Thus, you must learn to draw a clear line between your personal and work time and set clear expectations with your colleagues.