The procure-to-pay process followed by many middle-market companies today is anything but efficient. Typically, the process starts with a requisition and then proceeds to a purchase order, invoice and eventually a payment, either by check or electronically using the Automated Clearing House (ACH). This process may be justified for the purchase...
Since we last wrote about big data over a year ago, the topic has been getting a lot of media attention. It seems like businesses of all sizes and in all industries are figuring out how to use data mining techniques to tap into big data and use...
Most people learn more from their mistakes than they do from their successes. Sure, success is great, and nobody goes into a new venture with the goal of failure. But with the right mindset, we can learn valuable lessons from our failures and mistakes that we can put to...
Many Los Angeles and Southern California business owners and entrepreneurs spend a lot of time and money travelling to meet with customers, prospects, vendors and others. In fact, travel is an accepted expense that’s considered to be just a part of doing business for many companies — and a...
Over the past few months, many Los Angeles and Southern California business owners and entrepreneurs have been warily watching developments on the other side of the world in China. In late June, China’s stock market began falling as its red-hot economy started to cool down. This affected other stock...
It has become the most anticipated question in the financial press over the summer: When is the Federal Reserve going to raise interest rates? Ever since the Fed started sending signals that an increase in interest rates is a matter of when, not if, speculation has run rampant concerning...
Most Los Angeles and Southern California business owners and entrepreneurs are familiar with the 80/20 rule. Also known as the Pareto principle, this rule states that for many events, 80 percent of the results come from 20 percent of the participants. This principle was originally identified by Vilfredo Pareto...
At the height of the Cold War back in the 1980s, President Ronald Reagan used a term that described his views regarding U.S.-Soviet relations and missile disarmament: “Trust, but verify.” Los Angeles and Southern California business owners and entrepreneurs would do well to take these words to heart when...
With much fanfare, Apple Inc. has announced that it will soon release its latest gotta-have gadget for Apple enthusiasts: the Apple Watch. Since Apple was founded in 1976 by Steve Jobs, the company has perfected the art of creating and then announcing new tech gadgets that it positions as...
With the digital revolution that has occurred in recent years and the growing use of scanners and email, Los Angeles and Southern California business owners and entrepreneurs are now creating and sharing more business documents in electronic formats like PDFs. While there are many potential benefits of creating and...