Welcome, I’m Gary Patterson. Let’s talk about the impact of accounts payable terms on your cash conversion cycle and your cost of goods. Simply said, the longer terms you give people on accounts payable, the slower that cash cycle works because the definition says you get ready to start something and it ends when the cash comes in so if you add ten days to the cash conversion cycle by changing those payable terms, you’ve impacted yourself and someone says oh, but I don’t see how that would impact cost of goods sold, well let me tell you this one, if you don’t do this right and you sort of decide to stretch your vendors a little, they’re going to start charging you more so the cost of the product goes up, hence the part that talks about it’s costing you on cost of goods sold. So the balance is do what it takes to optimally register how to do this, when to do it and the opportunity is that properly applied, credit can increase your sales and your profitability. Thank you.
How to Manage the Global Business Plan
Welcome, I’m Gary Patterson, the fiscal doctor. Today, we’re going to talk about how the global business plan. Think of this simply as global operations require some different changes from if the situation that if you only operated in one country and what are the biggest issues in this? The first one is just the issue of to what extent do you standardize across the globe as a whole versus where do you say there are differences we need to make sure of to meet ethnic cultural different situations. The second item becomes our friends at the Internal Revenue Service because pricing between entities transfer pricing and taxes are always huge and the third issue on this one becomes the issue of how will you do the really best you can on marketing because if you had 50 marketing programs for 50 countries, not very effective. So balance between what you need to do globally because the up side in the opportunity is that the US is only a small part of the world. Thank you for joining us today.
http://smallbusiness.chron.com/manage-global-business-plan-78095.html
Investors: Growth Companies Excellence Expert – Gary W. Patterson
Record Re-certified by Alan Weiss’s Society for Advancement of Consulting® (SAC)
East Greenwich, RI – Society for Advancement of Consulting® LLC (SAC) awarded Gary W. Patterson, Enterprise Risk Management (ERM) expert and speaker, an infrequently granted distinction of being re-certified for the seventh year as a “Board Approved” member in his specialty as Trusted Adviser for Growth Companies. Re-certification signifies that Patterson has the highest continuous record of professional performance over an extended period of time as measured by SAC. To this end, Patterson has adhered to the ethics pledge of the organization and has provided client proof attesting to exceptional performance in his area of consulting. SAC was founded by Alan Weiss (Ph.D.), a consultant whose unparalleled reputation has advanced the prestige and standing of the consulting industry.
Fewer than five percent of SAC members are granted Board Approval, which represents a distinguished membership of fewer than five percent of all practicing consultants nationwide. Board Approval is granted only after detailed client evidence is received and reviewed. SAC’s CEO Weiss comments, “We already have as our membership the most elite consultants practicing in the world. To achieve this still higher level of performance in addition to our entry requirements is quite impressive. Clients who hire Board Approved SAC members have the assurance that they are working with the ‘best of the best.’ ”
About Society for Advancement of Consulting® LLC SAC is an international association of distinguished consultants who meet the following criteria: validated proof of high performance in their areas of expertise; successful completion of client engagements; testimonials from client executives; high income over a prolonged period; minimum of 25 clients; and adherence to the highest code of professional ethics. SAC members interact as an international community to advance the profession and consulting techniques in compliance to a strict code of professional conduct. To learn more about SAC, go to www.consultingsociety.com.
About Gary W. Patterson Gary W. Patterson, president & CEO of FiscalDoctor®, helps leaders uncover blindspots to assure profits and make the best decision. He has helped over 200 companies spanning supply chain, high tech, transportation, construction, and service industries. Patterson is a renowned speaker on growth, strategy, ORM, ERM, risk analysis, and leadership.
He authored Million Dollar Blind Spots: 20/20 Vision for Financial Growth , “Stick Out Your Balance Sheet and Cough: Best Practices for Long-Term Business Health”, The-Fiscal-Fitness-System-Understanding Balance Sheets, Income Statements, and Cash Flow”. For more information, visit his website at www.fiscaldoctor.com and his “free” fiscal fitness test at www.fiscaldoctor.com/fiscaltest.html call 678-319-4739.
© 2014 Gary W. Patterson. All rights reserved. ###
What Is a Corporate Buyout?
A corporate buyout has a few key elements, like having strategic and operational objectives. Find out about a corporate buyout with help from an experienced financial professional in this free video clip.
http://smallbusiness.chron.com/corporate-buyout-76726.html
Examples of Bad Inventory Processes
Courtesy of Chron
Bad inventory processes include storage rooms that aren’t very clean. Find out about examples of bad inventory processes with help from an experienced business professional in this free video clip.
http://smallbusiness.chron.com/examples-bad-inventory-processes-79898.html
What Is the Basic Purpose of Supply Chain Management?
Welcome, I’m Gary Patterson. Let’s talk about what is the basic element of supply chain management. Simplicity example I’ll say is everyone has got a Smart phone, you’d like it to work and you’d like it to keep working at least for the life of your Telecom contract. So the first thing we’ve got to do is that supply chain has to get the right materials at the right place at the right time so they can manufacture it so they can do a quality job at a price that lets them keep giving us a reasonable deal on the phone. Because when you don’t do this, the other issue is if the manufacturer and supplier doesn’t make enough profit to keep innovating, all of a sudden they start cutting corners and our phone doesn’t work as well. Apply this phone issue to any issue whatever you make or manufacture, you want their supply chain to do the proper job, get the right people in place, the right time, the right materials and do a good job of maintaining service. When that happens, everyone is happy and our Smart phones work and we like the next new Smart phone that comes out. Thank you.
http://smallbusiness.chron.com/basic-purpose-supply-chain-management-78098.html