“Using penalties definitely works, in the short term. But it is myopic and ineffective in the long term,” Manrodt said. Manrodt recommends that firms looking to reduce cost in the buyer-supplier relationship should consider using a highly collaborative sourcing business model – such as Vested – which operates with a “What’s in it for We” mindset using transparency and shared risk/shared reward economics to align interests.
Starting your own business is a risky venture. It takes determination, good planning and follow-through as well as a good financial backing at the start. It can be fraught with difficulty in the first few years, and it takes a lot of hours of work especially at the beginning. Working with a family member can be very rewarding, but it can also become a nightmare if not handled properly. No matter what happens to the business, you will still be related afterwards. It is important to be extra careful when working together. Instead of putting undue stress on your relationship with your partner and family member, you can set up your family business with proper legal steps.
The best way to protect yourself, your business and your partner is to make sure that all parties sit down and agree to written legal documents when forming a business. Work as if the family member is a non-related partner and get everything in writing including investment, income and inheritance. Because you are family members, it is easy to say that you do not need legal protection, but it is hard to predict how people will behave in the future. A binding legal agreement gives both parties equal protection, and will make it easier to divide any responsibilities throughout your partnership.
You are bound to have disagreements over the course of your partnership, and while most of those will be worked out in discussions, it is possible that some won’t. A legal agreement can help keep those disagreements to the business and away from family matters. It is also possible that your family will have a falling out which can affect the business, and the agreement will help constrain those issues. If you don’t, you will imbue your family business with a lack of professionalism, which is bad for business.
Family businesses can fall apart when it comes to inheritance. Many businesses do not plan for what happens when the primary owners are no longer able to work. Heirs may not be interested in the business or they may fight over who gets the various responsibilities or income. By formalizing inheritance upfront when creating a business, you can avoid these issues when you decide to retire.
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Whether you work for yourself, for a small business or in a large corporation, often the type of personal computer you use is up to you. Depending on what type of work you do, you may already have a preference for a type of computer. If you are just starting out in business, selecting a computer that will stand up to daily wear and tear, travel easily and have the memory and speed you need is an important choice. Here are some considerations when selecting your next personal computer.
Working at home has become more popular as Wi-Fi and internet access has improved. If you work at home exclusively or part-time, having a computer that is easy to carry and set up just about anywhere is an important factor in choosing a computer. Some business people find a standard desktop in their office and a laptop or tablet for mobile use is an ideal pairing. If you need a full computer, but prefer a tablet experience, Microsoft Surface Pro computers are a good choice. They are tablets that have the full capacity of a regular laptop, including the ability to download full versions of programs such as Microsoft Word or Excel using a separate drive. You can get an optional keyboard to attach to these computers.
If you prefer a laptop or netbook, you can find computers in a range of prices depending on how much memory you want and processor speed. Several companies offer affordable choices such as Dell. Dell will give you pretty much anything you need in a laptop customized to your usage. The MacBook comes in several options including a new thin version that only weighs 2 lbs. When making your selection, think about where you will use the computer, how much memory you use regularly with your programs and how much you will carry your computer or tablet from place to place.
If you work in your office exclusively, then you will most likely prefer a desktop computer. The same factors of memory and speed apply here. However, you are not limited to working with a small screen; therefore you can select computers with larger monitors. You can also find keyboards that are more ergonomic to use if you sit at a desk for several hours a day. Depending on if you work with visual components or data, your monitor can be a big factor in your selection. The iMac comes with different monitor sizes with superb retina displays for great image editing and production. If you prefer a PC, you can find a lot of choices in all-in-one packages such as the Lenovo Ideacentre AIO 300-23ISU, HP Pavilion AIO 23-q251 or Dell Inspiron 24 i7459-7070BLK. Or you can build your own computer set up from preferred components.