Best in Class Finance Functions For Police Forces

Background

Police funding has risen by £4.8 billion and 77 per cent (39 per cent in real terms) since 1997. However the days where forces have enjoyed such levels of funding are over.

Chief Constables and senior management recognize that the annual cycle of looking for efficiencies year-on-year is not sustainable, and will not address the cash shortfall in years to come.
Facing slower funding growth and real cash deficits in their budgets, the Police Service must adopt innovative strategies which generate the productivity and efficiency gains needed to deliver high quality policing to the public.

The step-change in performance required to meet this challenge will only be achieved if the police service fully embraces effective resource management and makes efficient and productive use of its technology, partnerships and people.

The finance function has an essential role to play in addressing these challenges and supporting Forces’ objectives economically and efficiently.

Challenge

Police Forces tend to nurture a divisional and departmental culture rather than a corporate one, with individual procurement activities that do not exploit economies of scale. This is in part the result of over a decade of devolving functions from the center to the.divisions.

In order to reduce costs, improve efficiency and mitigate against the threat of “top down” mandatory, centrally-driven initiatives, Police Forces need to set up a corporate back office and induce behavioral change. This change must involve compliance with a corporate culture rather than a series of silos running through the organization.

Developing a Best in Class Finance Function

Traditionally finance functions within Police Forces have focused on transactional processing with only limited support for management information and business decision support. With a renewed focus on efficiencies, there is now a pressing need for finance departments to transform in order to add greater value to the force but with minimal costs.

1) Aligning to Force Strategy

As Police Forces need finance to function, it is imperative that finance and operations are closely aligned. This collaboration can be very powerful and help deliver significant improvements to a Force, but in order to achieve this model, there are many barriers to overcome. Finance Directors must look at whether their Force is ready for this collaboration, but more importantly, they must consider whether the Force itself can survive without it.

Finance requires a clear vision that centers around its role as a balanced business partner. However to achieve this vision a huge effort is required from the bottom up to understand the significant complexity in underlying systems and processes and to devise a way forward that can work for that particular organization.

The success of any change management program is dependent on its execution. Change is difficult and costly to execute correctly, and often, Police Forces lack the relevant experience to achieve such change. Although finance directors are required to hold appropriate professional qualifications (as opposed to being former police officers as was the case a few years ago) many have progressed within the Public Sector with limited opportunities for learning from and interaction with best in class methodologies. In addition cultural issues around self-preservation can present barriers to change.

Whilst it is relatively easy to get the message of finance transformation across, securing commitment to embark on bold change can be tough. Business cases often lack the quality required to drive through change and even where they are of exceptional quality senior police officers often lack the commercial awareness to trust them.

2) Supporting Force Decisions

Many Finance Directors are keen to develop their finance functions. The challenge they face is convincing the rest of the Force that the finance function can add value – by devoting more time and effort to financial analysis and providing senior management with the tools to understand the financial implications of major strategic decisions.

Maintaining Financial Controls and Managing Risk

Sarbanes Oxley, International Financial Reporting Standards (IFRS), Basel II and Individual Capital Assessments (ICA) have all put financial controls and reporting under the spotlight in the private sector. This in turn is increasing the spotlight on financial controls in the public sector.

A ‘Best in Class’ Police Force finance function will not just have the minimum controls to meet the regulatory requirements but will evaluate how the legislation and regulations that the finance function are required to comply with, can be leveraged to provide value to the organization. Providing strategic information that will enable the force to meet its objectives is a key task for a leading finance function.

3) Value to the Force

The drive for development over the last decade or so, has moved decision making to the Divisions and has led to an increase in costs in the finance function. Through utilizing a number of initiatives in a program of transformation, a Force can leverage up to 40% of savings on the cost of finance together with improving the responsiveness of finance teams and the quality of financial information. These initiatives include:

Centralization

By centralizing the finance function, a Police Force can create centers of excellence where industry best practice can be developed and shared. This will not only re-empower the department, creating greater independence and objectivity in assessing projects and performance, but also lead to more consistent management information and a higher degree of control. A Police Force can also develop a business partner group to act as strategic liaisons to departments and divisions. The business partners would, for example, advise on how the departmental and divisional commanders can meet the budget in future months instead of merely advising that the budget has been missed for the previous month.

With the mundane number crunching being performed in a shared service center, finance professionals will find they now have time to act as business partners to divisions and departments and focus on the strategic issues.

The cultural impact on the departments and divisional commanders should not be underestimated. Commanders will be concerned that:

o Their budgets will be centralized
o Workloads would increase
o There will be limited access to finance individuals
o There will not be on site support

However, if the centralized shared service center is designed appropriately none of the above should apply. In fact from centralization under a best practice model, leaders should accrue the following benefits:

o Strategic advice provided by business partners
o Increased flexibility
o Improved management information
o Faster transactions
o Reduced number of unresolved queries
o Greater clarity on service and cost of provision
o Forum for finance to be strategically aligned to the needs of the Force

A Force that moves from a de-centralized to a centralized system should try and ensure that the finance function does not lose touch with the Chief Constable and Divisional Commanders. Forces need to have a robust business case for finance transformation combined with a governance structure that spans operational, tactical and strategic requirements. There is a risk that potential benefits of implementing such a change may not be realized if the program is not carefully managed. Investment is needed to create a successful centralized finance function. Typically the future potential benefits of greater visibility and control, consistent processes, standardized management information, economies of scale, long-term cost savings and an empowered group of proud finance professionals, should outweigh those initial costs.

To reduce the commercial, operational and capability risks, the finance functions can be completely outsourced or partially outsourced to third parties. This will provide guaranteed cost benefits and may provide the opportunity to leverage relationships with vendors that provide best practice processes.

Process Efficiencies

Typically for Police Forces the focus on development has developed a silo based culture with disparate processes. As a result significant opportunities exist for standardization and simplification of processes which provide scalability, reduce manual effort and deliver business benefit. From simply rationalizing processes, a force can typically accrue a 40% reduction in the number of processes. An example of this is the use of electronic bank statements instead of using the manual bank statement for bank reconciliation and accounts receivable processes. This would save considerable effort that is involved in analyzing the data, moving the data onto different spreadsheet and inputting the data into the financial systems.

Organizations that possess a silo operating model tend to have significant inefficiencies and duplication in their processes, for example in HR and Payroll. This is largely due to the teams involved meeting their own goals but not aligning to the corporate objectives of an organization. Police Forces have a number of independent teams that are reliant on one another for data with finance in departments, divisions and headquarters sending and receiving information from each other as well as from the rest of the Force. The silo model leads to ineffective data being received by the teams that then have to carry out additional work to obtain the information required.

Whilst the argument for development has been well made in the context of moving decision making closer to operational service delivery, the added cost in terms of resources, duplication and misaligned processes has rarely featured in the debate. In the current financial climate these costs need to be recognized.

Culture

Within transactional processes, a leading finance function will set up targets for staff members on a daily basis. This target setting is an element of the metric based culture that leading finance functions develop. If the appropriate metrics of productivity and quality are applied and when these targets are challenging but not impossible, this is proven to result in improvements to productivity and quality.

A ‘Best in Class’ finance function in Police Forces will have a service focused culture, with the primary objectives of providing a high level of satisfaction for its customers (departments, divisions, employees & suppliers). A ‘Best in Class’ finance function will measure customer satisfaction on a timely basis through a metric based approach. This will be combined with a team wide focus on process improvement, with process owners, that will not necessarily be the team leads, owning force-wide improvement to each of the finance processes.

Organizational Improvements

Organizational structures within Police Forces are typically made up of supervisors leading teams of one to four team members. Through centralizing and consolidating the finance function, an opportunity exists to increase the span of control to best practice levels of 6 to 8 team members to one team lead / supervisor. By adjusting the organizational structure and increasing the span of control, Police Forces can accrue significant cashable benefit from a reduction in the number of team leads and team leads can accrue better management experience from managing larger teams.

Technology Enabled Improvements

There are a significant number of technology improvements that a Police Force could implement to help develop a ‘Best in Class’ finance function.

These include:

A) Scanning and workflow

Through adopting a scanning and workflow solution to replace manual processes, improved visibility, transparency and efficiencies can be reaped.

B) Call logging, tracking and workflow tool

Police Forces generally have a number of individuals responding to internal and supplier queries. These queries are neither logged nor tracked. The consequence of this is dual:

o Queries consume considerable effort within a particular finance team. There is a high risk of duplicated effort from the lack of logging of queries. For example, a query could be responded to for 30 minutes by person A in the finance team. Due to this query not being logged, if the individual that raised the query called up again and spoke to a different person then just for one additional question, this could take up to 20 minutes to ensure that the background was appropriately explained.

o Queries can have numerous interfaces with the business. An unresolved query can be responded against by up to four separate teams with considerable delay in providing a clear answer for the supplier.

The implementation of a call logging, tracking and workflow tool to document, measure and close internal and supplier queries combined with the set up of a central queries team, would significantly reduce the effort involved in responding to queries within the finance departments and divisions, as well as within the actual divisions and departments, and procurement.

C) Database solution

Throughout finance departments there are a significant number of spreadsheets utilized prior to input into the financial system. There is a tendency to transfer information manually from one spreadsheet to another to meet the needs of different teams.

Replacing the spreadsheets with a database solution would rationalize the number of inputs and lead to effort savings for the front line Police Officers as well as Police Staff.

D) Customize reports

In obtaining management information from the financial systems, police staff run a series of reports, import these into excel, use lookups to match the data and implement pivots to illustrate the data as required. There is significant manual effort that is involved in carrying out this work. Through customizing reports the outputs from the financial system can be set up to provide the data in the formats required through the click of a button. This would have the benefit of reduced effort and improved motivation for team members that previously carried out these mundane tasks.

In designing, procuring and implementing new technology enabling tools, a Police Force will face a number of challenges including investment approval; IT capacity; capability; and procurement.

These challenges can be mitigated through partnering with a third party service company with whom the investment can be shared, the skills can be provided and the procurement cycle can be minimized.

Conclusion

It is clear that cultural, process and technology change is required if police forces are to deliver both sustainable efficiencies and high quality services. In an environment where for the first time forces face real cash deficits and face having to reduce police officer and support staff numbers whilst maintaining current performance levels the current finance delivery models requires new thinking.

While there a number of barriers to be overcome in achieving a best in class finance function, it won’t be long before such a decision becomes mandatory. Those who are ahead of the curve will inevitably find themselves in a stronger position.

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CNC Turning Center Financing For Limited Budgets

Wondering how to meet equipment requirements under limited budget constraints? Here’s how. Financing facilities are being resorted to by businesses of all scales in order to smooth sail through stages ranging from take off to enlargement of the concerned enterprise. CNC or computer numerical controlled equipment, playing an important role in bringing about radical transformations to a business has become the call of the day.

A CNC turning center cutter accurately cuts out the required shape of any mechanical part by outlining the circumference of the object. Not only does the CNC turning center enable creating and shaping mechanical parts but it being computer regulated, speeds up the entire process as well, giving the business an important edge. Thus, revolutionizing the manufacturing industry.

The rate of cuts per minute and the quality and ability of its execution on bigger objects are the two chief determinants of its cost structure. This occurrence of a possible upward stretch on the cost of acquiring the required equipment on lease, makes a large number of businesses turn to CNC turning center financing.

Elaborate and intricate designs are created with ease on the use of the CNC machining center. Its ability to skillfully handle extreme angles and shapes with unchallengeable accuracy results in a considerable cost reduction. This in turn augments profits, making it highly beneficial for a company to acquire this CNC apparatus.

The design behind the CNC turning center involves a two dimensional slicing procedure both from the inside as well as from the outside. The machine first cuts the material placed on the lathe. Through this repetitive process of cutting and chopping, one sees how the machine conforms to the decided upon stipulations concerning shape and size. Thus any part remaining consistent in shape can be repeatedly replicated with complete accuracy by this machine. Being computer regulated ensures this consistency which is needed when specifications are required to be maintained.

The computer reduces manual labor by a considerable amount by faultlessly carrying out data fed into it. The significant pocket pinch has however highly impressive compensating benefits. The high initial expenditure is neutralized by the hike in production making it a perfect place to venture your money in.

The machine’s software involves the application of new techniques, putting the CNC equipment up on a pedestal. The efficiency and accuracy that is achieved in the cutting process completely justifies the high prices. Though it is definitely moneys worth, this may be quite a staggering amount for newly set up enterprises to cough up at the initial stages when it is low on initial capital. This should not be a reason to lose hope however thanks to the very convenient form of debt provision – the CNC turning center financing services.

The guaranteed future returns from the intimidating initial investment should push companies to obtain and benefit from the financial solutions provided by the CNC turning centre financing.

If breaking old standards of performance to reach higher and higher levels of success is what you are looking for, you know what to invest in! Forget manual cutting and let the CNC equipment do it all and see your company grow.

An Elemental Guide to Shopping Center Financing

Since we haven’t fully recovered from the credit slump, finding shopping center financing through banks is getting to be quite a challenge, especially when banks have been denying credit middle of the process in some cases. However, do know that while getting a loan for shopping center might seem like an uphill battle, it is possible. And this holds true for various types of shopping retail centers such as strip centers, retail centers, super malls, regional malls, and so on.

There are instances that credit worthy borrowers with good financials and experience are getting turned down in their loan applications for retail center financing, and it wouldn’t be out of place to say that a number of deserving candidates get left out, simply because they haven’t used the right approach. Remember that looking for a shopping center loan can be difficult, and seeking professional help would certainly not be out of place. After all, owing large loan amounts, the relatively high interest rates and closing costs can leave the borrower in need of help.

Factors to be considered at the Onset:

While running a shopping/retail center can be quite profitable and rewarding, it is important that you consider various aspects before you even look for shopping center financing or retail center financing. Even though the investment will be significant, take into account costs that will be incurred otherwise, and these would include costs for tenant improvements, Leasing commission if the property has vacancy, repairs, insurance, taxes, and advertising. Ensure that the building codes have been adhered to and that all the required permits are in place. You also need to delve into factors such as location, project viability; and only then should you think about the type of loan.

The Loan Size:

Large balance loans start at $1M and can go up to $4M, and loans less than $1M but higher can $400,000 come under small balance loans. SBA financing for owner user retail center, is available up to $4M, and in both cases a down payment of around 25% should be expected. Note that in case of SBA loans; the down payment would come down to around 10%. Additionally, while large balance loans come with fixed rate and variable rate interest options, the small balance loans only offers the fixed rate option.

Hong Kong International Finance Centre Building

Within the myriad of skyscrapers and soaring buildings distributed on the islands, the International Finance Centre is the tallest building in Hong Kong. The International Finance Centre, which is branded as “IFC”, is an integrated commercial development on the famous waterfront area of Hong Kong’s Central District.

To be the tallest building in Hong Kong is of course, an international prestige, and the sheer size and height makes it a very prominent landmark on the Island. The International Finance Centre boasts of grandeur and splendor as it stands out from all the other tall buildings in the city.

IFC basically consists of two skyscrapers. Tower One consists of the IFC mall and the forty-storey Four Seasons Hotel Hong Kong. The 88 storey Tower Two International Finance Centre is the tallest building in Hong Kong, usurping the place that was once occupied by the infamous Central Plaza.

The complex was developed by a consortium lead by Sun Hung Kai Properties & MTR Corporation. In addition, the Airport Express Station Central is directly beneath it, providing more convenient transportation especially for traveling businessmen.

The One International Finance Centre was completed in 1998 and opened in 1999. Its height is 210 meters, has a 38-storey building with a four-floor trading, 18 high speed passenger lifts in 4 zones, and comprises 784,000 square feet, or approximately 72,850 square meters. The building currently accommodates approximately 5,000 people.

Of the two skyscrapers that make up the International Finance Center building, the Two International Finance Centre is the tallest building in the city. It was designed by Cesar Pelli and completed in 2003. Its height measures approximately at 415 meters. It has 88 storeys, which is an extremely auspicious number for the Cantonese culture.

True to its name it contains twenty-two high-ceiling trading floors. The Monetary Authority (HKMA) is located at the 55th floor. The whole complex is equipped with state of the art telecommunications, raised floors for flexible cabling management, and nearly column-free floor plans. The building expects to accommodate up to 15,000 people, when all offices and floors are fully occupied.

Due to Cantonese culture and beliefs, the 88 storeys of the building may not be exactly eighty-eight (88). Why? Because of superstitious reasons, “taboo floors” like 14 and 24 are omitted because these numbers, according to Cantonese culture, sound like “definitely die” and “easy to die” respectively.

The top floor of the Two IFC is only slightly higher than Hong Kong city’s landmark, the Peak. Two IFC is the third tallest building in the Greater China region and the 6th tallest office building in the world.

Fitness And Exercise Equipment Financing

Fitness and exercise equipment pieces are inevitable in a gym or fitness center. There are various types of equipment like treadmill, exercise bike etc which are generally expensive. Thus, fitness and exercise equipment financing is called for quite often.

Treadmill is the most important equipment for any gym or fitness center. It helps to burn excessive fat and to give the body a proper shape. It is versatile equipment which can serve useful for different weights of people. Nowadays treadmills come with specialized features like heart rate monitors, computers, fans etc. These extra features add to the cost of the equipment and so fitness and exercise equipment financing is the best way to acquire treadmills.

Rowing machine provides the best ways to work the entire body. It helps build muscles and also burn calories. Since it offers number of benefits, it is quite expensive. Many gym owners therefore find it wise to go for financing to purchase this equipment.

Weight machines play a vital role in fitness centers and health clubs. It is very simple to learn the techniques to operate these machines. The users find it a comfortable to use these weight machines within a few days. Due to their special features, they cost more and so fitness and exercise equipment financing is the best option to buy it.

Exercise bikes are perfect for doing cardiac work outs. They help in toning and strengthening leg muscles. They have comfortable seating which helps reduce stress. In fact exercise bikes are one of the pain free work outs. Hence they are desirable by many gym owners. However they are extremely expensive and so many gym or fitness center owners look for exercise bike financing to acquire sophisticated and well-enhanced exercise bikes.

Stepper machine is very easy to operate and it helps strengthening the leg muscles. People can do the work out easily with the stepper machine by watching TV or enjoying their favorite music. It occupies less space and so it is often desirable by owners of gyms and fitness centers which operate in limited space. For those who want to acquire number of stepper machines, fitness and exercise equipment financing is the best option.

Gym rack system helps to strengthen the entire body. They are durable and versatile. Hence they are quite pricey and gym rack system financing is often preferred by gym owners to acquire them.

Elliptical machine is perfect for doing cardiac work outs without any injury or pain. It helps to reduce the stress of the body to do the work outs. Since it has numerous benefits, it is expensive and financing fitness and exercise equipment is often desirable.

There are some reliable financing companies that have vast experience in the field of equipment financing. They can understand the need of sophisticated fitness equipment in a gym or health club. Hence they offer financial assistance at low interest rates. They do not call for tedious procedures and a simple online application is enough to get the desired amount. Hence many gym owners find it wise to go for fitness and exercise equipment financing.

How To Look Professional Online

There are billions of people who are using internet for professional purposes. It is called online reputation management. No matter what field of work you are in, online content is powerful in making and marring the image of a person. Though no specific rules define professional behavior online but it is advisable to follow some basic steps in order to look more like an expert and less like an amateur. Here is a guide to help you put your best foot forward on the Web-

The best stands out

The internet does not filter out items you don’t want other people to see. If somebody key in your name into Google then it will deliver the most relevant results. So, load the web with professional content that reflects well on your name.

Maintain your reputation

Your privacy and reputation should be taken care of. This process is time consuming but try to dedicate some time to find out and remove dubious content. For e.g. If your friend an objectionable photo on Facebook, try and remove the tag yourself. Make sure, no questionable content should be available related to you on web. Though it is virtually impossible to entirely remove the content once published online but your best option is to keep negative materials from ever hitting the web at the first place.

Protect personal information

Protecting password and other vital information is of supreme importance on the web. If anyone gets access to your account, it may ruin things beyond repair. People get victims of identity theft, sometimes financial resources get stolen and other times computers are hacked. So, the password should not be easy-to-guess thing. Keep on monitoring all accounts on daily basis.

Branding is must

Maintaining online reputation is not just being safe about your data but think of your online reputation as a product that needs to be marketed continuously. Creating a business fan page on Facebook, joining professional sites like LinkedIn, writing a blog are some of the effective ways to manage your professional presence. It will be great if colleagues and clients review your services or goods. Honest reviews are powerful. Never forget smart web surfers can quickly spot fake reviews. Try to be consistent with messages and profiles. While writing content, make sure you use the same logos, slogan and even fonts. When anybody offers criticism, respond amicably and figure out the solution to solve the problem.

Cash your expertise

It is important to be online to pump up your reputation in unlimited ways. There is no better way to present yourself as a well-rounded, trustworthy professional than blogging about a topic that interest you. This initiative will help you establish as an expert on a relevant subject. Even you are not among world’s top experts but putting a thought and value into online content is always appreciated.

The internet memory is accurate

Internet never forgets. If you put write anything online, it is there forever. So be cautious and vigilant what you are feeding it. Not everyone is happy with the internet’s long memory but your vigilance is your best protection.

Impact of Smart Technology on Data Entry Processes

With evolving smart technologies, the entire process of rendering data entry services has become way easier. Smart technologies are now helping businesses strategically and economically by generating data from every possible source including mobile phones, industrial equipment, smart accessories and personal computers.

Data entry services are considered to be “smart” on their responsiveness with respect to the incoming data. Businesses are looking for effective ways to manage data for obtaining better value and supporting their ultimate objectives.

Smart technologies tend to engage people and various smart devices with the related business, for better processing and collection of data from designated sources. For supporting and coping with the current evolution of such technologies, processes are being constantly renewed.

There are various smart applications that enhance data analytics processes and make them even better. These include Cloud Computing, Internet of Things, Smart Data and Machine Learning.

Need of Smart Technology
Data entry services, when offered with smart technologies provide real-time data processing, thus improving business’s economic growth and providing a business-friendly option with efficient data management.

When looking for a suitable smart app for your business, you should always consult a data entry outsourcing company.

Nowadays, businesses are striving for more innovative strategies while incorporating these smart apps.

It eradicates the need of paper documents.
It provides innovation with a customer-centered approach.
These technologies are all industry-oriented, providing accurate results
These are scalable and easy-to-adopt.
They work even better with unorganized data volumes.

Collection of Data via Smart Technologies
Smart technologies assist in collecting and assembling data through:

Intelligent Capture replacing template-based data extraction with an efficient capturing module and natural language understanding.
Mobile Data Entry for collecting data on various mobile devices, enabling smart data entry services.
Robotic Process Automation (RPA) providing the latest smart recognition technology for improved data processing.

Data Alteration through Smart Technologies
For better use of these technologies, data entry services and methodologies are continuously being reshaped and revised, allowing organizations to take competitive advantage, along with enhancing cost-efficiency and security of business operations.

Smart technologies include Artificial Intelligence, Machine Learning, Internet of Things have now replaced manual processes that are more time-consuming, providing lesser room for human errors.

Let’s talk about a few of these technologies:

Artificial Intelligence and Machine Learning are more responsive and secure when it comes to managing any repetitive task, recognizing various patterns and enhancing the accuracy level.
For expanding number of data sources and creating a connection between people, internet, devices and businesses, IOT (Internet of Things) is used extensively these days.
From cloud computing services based on data entry services, businesses can derive benefit and manage the complexity of their data infrastructure.

Effect of Intelligent Technologies
Smart technologies are drastically casting a positive impact over data entry services and rendering a friendlier approach, providing benefits in the following ways:

Better and more composed process, leading to reduction of human errors.
It has become faster and more efficient with easy management of data in bulk and from different sources like paper forms, scanned images and much more.
Streamlining the business operations and changing the perception of businesses to deal with data management projects.
Increasing the potential to scale data entry processes and utilize innovative techniques.
Enhancing the ability of businesses to manage remote projects more effectively and receive client data irrespective of network availability.

With data entry services supported by smart technologies, you can better achieve your business goals with an efficient management and processing of data.

Understanding the Importance of Residual Income

This article is aimed at explaining the importance of building residual income and also to explain the need for individuals to leverage network marketing business model if their dreams are to gain financial and time freedom. So, even if you presently work a job or business, it is needful that you pay attention to network marketing so as to develop residual or passive income over time.

The commonest way that people define residual income is “income earned while sleeping”. Is it really possible to earn income while, all the while, you are asleep? This may sound strange to some people but, yes, it is possible.

The importance of residual income in a man’s life finds expressions in the statement of the billionaire investor, Warren Buffet, in which he stated that “if you don’t find a way to make money while you sleep, you will work till you die”.

Residual income is a concept that many ignore without understanding that their future well-being is dependent on it. And with what result? With damaging consequences.

By going to work every workday and receiving a salary at the end of the month, you’re simply exchanging time with money. Your salary is not residual. If your work stops, your income stops automatically.

Let me explain residual income with the following example.

Imagine two men in a village. Both have to walk a mile every day to a river to get water for their families. After a month, one man starts working on building an underground pipeline to connect the river to his house. For an entire year, he expends extra energy working on his pipeline. When he finishes, he has the source of the water directly to his house, while the other person continues to visit the river.

Residual income is like building a pipeline to connect water from the source to your house so that you don’t always have to go to the river.

In that short example, you will notice that it took some time for the pipeline to be constructed. But having done that, the man continued to enjoy water supply effortlessly.

However, the second man who failed to take the same initiative had to continue to visit the river for his water supply. What will happen if he becomes indisposed? He and his family will stay without water and suffer its consequences.

There exist many business initiatives that you can leverage in your effort to build residual income. But I do recommend network marketing, or MLM as some would like to call it, due to the fact that it doesn’t requre a tonne of investment capital to set up.

A lot has been said about network marketing by various network marketing professionals but many still feign ignorance about it.

The reasons people WON’T take a look at network marketing is NOT:

• because they don’t have the money.

• because the opportunity or business isn’t good.

• because they are worried about being scammed.

• because the profit margins aren’t high enough.

• because the demand for the product isn’t wide enough.

• because they need to ask their spouses first.

• because they need a night to sleep on it.

• because they need more time to research the company.

• because they need to get on the phone with you to join.

• because they have to ask other people on Facebook to see if you’re a good sponsor.

• because they need to see your bank account to prove the results.

• because they don’t believe in it.

The real reason they don’t join network marketing business opportunity is that they have been conditioned by society to be consumers of goods and not producers.

.They have been conditioned to buy “education” but not to buy knowledge.

.They have been conditioned to have a “job” but not to own a “business”.

.They have been conditioned to be workers but not to be their own bosses.

.They are non-thinkers instead of go getters

.They are intimidated by anything that challenges them.

That is what this is really about. It’s about people who are so afraid of learning, and stepping out of their comfort zones and being paralyzed by their fears.

It’s about being comfortable and caring what other people might think. It’s about their family thinking they are FAILURES if they do anything besides just having a JOB.

If you’re working presently, understand that you are only exchanging your time and effort for the pay cheque you receive at the end of the month. That’s okay though but by going to work every day, you are not building residual income which is the pipeline that will enable you to get water supply without having to go to the river.

Why It Pays to Have a Multiple Quote Website

Why it is necessary to get a reliable insurance company in today’s world: there are certain straightforward trademarks of all insurance companies, through which we can distinctly differentiate between them.

Go through the reviews of well-reputed and creditable resources which can assure you that the insurer you are opting for works for your benefit and secured contentment.
Shop around for comparison because there might be companies in market providing premium policies at a dirt-cheap rate, but many a times those companies aren’t legitimate. So, go through policy details and settle for that particular insurer who facilitates all coverage without cutting down the market rate to 50% but at the same time is comparatively cheaper.
Lastly, consider experience as the most important trait of the insurance company. Check their expertise in the field you are concerned about, and if their issue of license has a greater number of years in terms of longevity, then go for it without hesitation.

Categories of coverage: A cobweb of insurance companies is present, offering insurance for multiple categories like:

Insurance for Cars: Two things every car owner should keep in mind while selecting the insurer:

While liability insurance is over-priced, the common policies are quite cheaper in comparison and some other policies are dependent upon the model of your car.
Never allow lapsing of the policy you are paying for.

Insurance for Homes: The most fundamental and common homeowner insurance policies cover at least four of the following criteria:

Coverage that shields your home.
Coverage that protects other liabilities.
Coverage that guards personal properties.
Coverage for the surplus living cost one has to pay in life.
Coverage for undone properties.

Insurance for Health: In this resilient economic condition that we are living in, there is one insurance policy called HDHPs or Catastrophic Health Insurance policy on which every consumer is banking for fortification in emergency situations.

Life Insurance: Points to be noted when investing in life insurance premiums:

Check your financial service aids from which your family can draw.
Write down a rough description of all your long-term financial requirements.

For some companies, there isn’t one particular website for all the information on these categories. Hence, digging through multiple sites and reading along the lines of criteria for multi-categories of policies is tedious and difficult.

So, for all the purposes mentioned above, you need a website which contains concise and updated information on multiple insurance quotes.

The kind of information available on multiple quotes websites: The procedure for proper operation of the websites varies, but the end result remains the same, which includes the following:

They are equipped to present us with the perfect coverage plan according to the basic details about us and our personal requirements.
Easy comparison of multiple insurance quotes so that every doubt is clarified and we choose the optimum and ultimate plan for our own benefits in terms of long term protection.
Based on the range of rates that we have set for us, we get both variety and reliability in the form of information proffered by these websites.

Webinars – A Guide to Creating The Perfect Webinars

With the ever-increasing technology in today’s world, the demand for high speed information is at an all-time high, and along with this, the modes of information delivery are also increasing a lot more. With this increase has come a powerful new medium known as Webinars. The term for a Webinar is a “Web Seminar”, which a live-streamed video conference that can be used for businesses and their employees over long distances, which can also be used for online video interviews and related services. Businesses that use this tool can boost productivity and efficiency, as it can cut down travel time and costs and allow issues and tasks to be solved quickly. In this guide, we will explain exactly what needs to be used to make a webinar work correctly, allowing you to break out into the crowd.

As stated above, a webinar is a tool used for live conferencing. This is not just limited to business meetings, but can also extend to business interviews, school and college interviews, marketing a product and even general Q&A’s. However, using this tool can prove to be difficult for those who have no general idea where to start from, and with little to no experience, things could lead to be sloppy and unappealing for viewers which can lower traffic and interest. In order to make sure the experience is a pleasurable one, you will need to know a number of things that will help you expand your knowledge in the field of webinars. In this entry, we will be focusing on a specific aspect of webinars, which is marketing a product, item, or service to a particular audience or demographic.

As a first, arguably the most important aspect of hosting a Webinar is the equipment being used. It should be obvious, but a lot of people will quickly lose interest if the video quality is poor, as viewers will not want to spend their time trying to figure out what exactly it is they’re looking at, quickly prompting them to be annoyed. The next item that may lead them to be just as disgruntled is the general audio quality. If the audio is choppy and inaudible, it will most likely render them unable to hear the opposing party, causing issues and possibly resulting in miscommunication. These issues can usually be resolved by simply acquiring a faster internet connection, as these can be the result of poor connection between both ends. However, if the issue still persists after this, it is more often than not a result of low-quality equipment, and it may be wise to invest in an external microphone and a High Definition camera.

Next, maintain a connection. When it comes to creating webinars, you are constantly competing for someone’s attention. This is why it’s important to make sure your content is both relevant to what the viewer is looking for, and just as important to make the webinars fun and entertaining as to make sure you keep the potential customer hooked in. On average, a general video viewers attention span only lasts ten minutes in, however with marketing webinars, it is an even smaller window. On average, you have only ten seconds hook in a viewer’s attention and maintain it, as more often than not, if this attention is not held they will simply move on to the next appealing product that is being offered. This first ten seconds is crucial and critical. Start out with a relevant and relate-able joke, as a humorous tone will help draw in a viewer.

Finally, learn to keep it real. As stated in the previous entry, it can pay off to maintain a connection and relate with your viewers. This is to make sure you can hook in as much potential customers as possible. The more viewers there are, the more attention your webinars will draw, in turn, bringing even more viewers and creating an upward spiral of success. A good way to do this is being your webinars by introducing yourself with a real life story that will help our viewers to relate to you. By doing this, it shows that you are also a real and relate-able person, prompting viewers to be even more interested in your offers. You can also use the advantage of analytics as a tool. By inputting real life statistics into your webinars, this shows your viewers that you aren’t simply trying to sell than item, but you are showing them a crowd of other customers that also believe they need this item. This can trigger a response in your viewers that lead them to be even more interested.