Fernald Business Association

Archive for the ‘Negotiation’ Category

The “Third Quarter 2009: The Economy and Small Business,” states the U.S. economic recovery began in the third quarter of 2009 as real gross domestic product grew an annualized 3.5 percent.But when it comes to small to medium sized businesses, they are still not out of the woods, and in order to survive many business owners have turned to strategies like invoice factoring. The SBA report says that public expenditures showed signs of growth, especially the first-time homebuyers’ credit and the “cash for clunkers” auto rebates programs. Real consumption rose at a 3.4 percent annual rate. A strong growth showed in real private fixed investment, real imports, as well as real exports. Perhaps this was due to the overall strengthening of the economy worldwide.

Highlights from this report mention the fact that manufacturing output rebounded and industrial production increased an annualized 11.7 percent. In addition, the U.S. unemployment rate rose to 9.8 percent in September 2009. Nonfarm payroll jobs that were lost since December 2007 are at 7.1 million.It appears as if every economic sector has experienced net job losses except for health services and education. Nonfarm labor productivity increased at a 9.5 percent annual interest rate in the third quarter.

The SBA lending went up dramatically, with lending volume up $247 million and 504 loans up $305 million from June to September. However, the number of venture capital deals slipped, but dollar volume rose from earlier in the year. Inflationary pressures remained modest as consumer prices were up an annualized 2.5 percent, with the core inflation rate, excluding food and energy prices, at around 1.3 percent.

The bottom line is that many small to medium-sized businesses are still struggling to survive and stay in business. That is why single invoice factoring to be a popular new tactic allowing companies to factor one invoice at a time. Invoice factoring benefits businesses that do not get paid for 30 to 60 or 90 days by advancing up to 90 percent against invoices. Accounts receivable factoring is not a loan rather it is the purchase of financial assets, or receivables, from a factoring company.

Accounts receivable factoring is different from traditional bank loans in that bank loans involve two parties, while factoring involves three parties. Typically, a bank will base its decisions on a company’s credit worthiness, whereas factoring is based on the value of the receivables. With invoice factoring there are no minimums, no maximums, no long-term commitments and no lengthy application processes. Factors look at the creditworthiness of the client’s customers and can fund within as little as 24 hours.

Decide whether to tender or not.

Duplicate the required number of copies.

Produce a tender timescale diary.

Safely store two copies for the tender response.

Read the tender document and send off for any relevant reference documents stated in the document.

Log the date of request for this documentation and ensure its speedy receipt.

Decide what team of experts in required to complete the tender.

Circulate reference documentation on receipt.

Call an initial meeting of the tender team.

Formation of Tender Team

This may include input from your design, production, finance, legal, commercial and sales personnel. It is important to include any sales personnel who have knowledge of the client; they are likely to appreciate from their past contact, any requirements the client feels are important. These may not be obvious from, or even stated in, the tender document, but when addressed in your tender are likely to be positively considered. This sets your bid above those of your competitors.

First Tender Team Meeting

The initial meeting agenda:

Read through the tender documents.

Reconsider decision to tender.

Assign different aspects of the tender to appropriate personnel present.

Denote clearly on each copy who is responsible for each item.

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