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How Much Is Too Much Inventory?

How Much Is Too Much Inventory?

One thing I know is that business owners love their inventory.  Every consulting engagement I enter into always begins with a tour of the operation.  I see how the work flows through the office administration, into the production areas, and out to the customer.  The ins and outs of the business are exposed with the hope that inefficiencies can be identified.

Each owner self identifies areas of their operation they envision as the “killers of cash flow.”  They point to their invoicing and collection process, or the low billable hour employee utilization rate.  Rarely do they identify their warehouse as a problem.  In fact, it’s just the opposite.  They stand in the door with pride beaming from their eyes and point to the vast amount of options they have for their customers.  Then they say things like: “We have the best selection. Or you can’t sell it if you don’t have it.”

The Best of Finovate Spring 2014

The Best of Finovate Spring 2014

After a short flight to Silicon Valley, we donned our bright orange vests and joined the greatest minds in financial technology. We saw everything from eye-scanning identity verification to instant approval for car loans to making payments with Google glass. All of these companies were creating phenomenal disruptions, but from our experience, launching a successful innovation is so much more than a great idea – it takes drive, focus, creativity and commitment. After 67 seven-minute presentations over the span of two days, here are the top presenters that had all of these characteristics.

You're a Boring Banker

You're a Boring Banker

Nine out of ten lenders walk into a prospect meeting without knowing anything about the business. Their mode of operation is solely focused on trying to secure new clients by building rapport – they are what we call surface bankers. Their standard procedure for approaching new business includes looking up a NAICS code, visiting the manufacturer and utilizing various analysis tools. But they are missing a pivotal step – business acumen with a touch of enthusiasm!