Great Companies use standards to support their Corporate Social Responsibility (CSR) initiatives and drive towards Triple Bottom Line (TBL) accounting.

May 7th, 2019

A company that is socially responsible is one that actively contributes to the welfare of society in addition to their profit driving activities which also makes them a company that supports TBL accounting.

 

Todays post is from Ron Southard, CEO at SafeSourcing.

I originally wrote this post eight years ago. However when earnings calls take place or some  recent factor like trade with China impact our markets, it is all that anyone reports on. I listen to lots of earnings calls. It is not very often that an analyst asks about progress in these areas. What are your TBL results and how do you report them?

Contributions to the welfare of society can come in many forms such as supporting the arts, further education, give to social welfare agencies, supporting community-building initiatives, reducing pollution, and the other charitable causes. Businesses that adopt socially responsible directives help to allow government agencies to minimize their involvement with the corporation. Reporting on these advances as well as their financial progress is TBL in its most pure form.

One way that  companies can add  to their  social consciousness is to try and use Certified Reference Materials or (CRM’s) which are ‘controls’ or standards used to check the quality and traceability of products. Requiring these standards prior to purchasing products indicates a lot about companies commitment to its stakeholders which includes its consumers and those associated with them. It also mitigates risk should recalls occur as a result of harm.

As an example, a reference standard for a unit of measurement is an artifact that embodies the quantity of interest in a way that ties its value to the reference base. At the highest level, a primary reference standard is assigned a value by direct comparison with the reference base.

A primary standard is usually under jurisdiction of a national standards body such as the ISO or The International Organization for Standardization which is an international standard -setting body composed of representatives from various national standards organizations. Relative to an example of a primary standard, you might refer to the Future ISO 26000 standard on social responsibility published as Draft International Standard which ties very nicely to this post.

If you’d like to learn more about our SafeSoureIt™  Global Supplier Database with over 427,000  suppliers and the certifications they support, please contact SafeSourcing.

We look forward to and appreciate your comments.

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Redefining heroics

May 2nd, 2019

When we only praise the activities that few people can do, we discourage the every-day excellence we can all achieve.

 

Today’s post is from our  SafeSourcing Archives.

Dale Carnegie advised us in 1934 that we should be Hearty in our approbation, and lavish in our praise. And we are, of the people who save the baby from the burning building, divert tragedy, or run ultra-marathons. These individuals do deserve our admiration to an extent, but we need to be careful not to overemphasize the more visible accomplishments to the extent that we de-incentivize the small wins.

If management is pushing productivity through an organization, leadership is pulling from in front. But leadership doesn’t have to be 1 man or woman pulling an entire organization up the mountain. It takes a chain of linked individuals, each pulling everyone forward in great and small things to create success across an organization. However, the culture of the optimal organization is not to point to the top rungs and say be THAT guy, because we don’t need 2 CEO’s, we need people who take ownership and create value in every position of the company. But how many times have we had people go above and beyond in the small things that had a profound impact on our personal or professional life and never given them the praise they deserved? Or worse, how has it effected you when someone only gives marginal or poor effort, because the tasks they’re working on aren’t praised in their organization no matter how well they are done?

When we make leadership into something bigger than ourselves, we give ourselves an excuse to not take responsibility for the profound ways our actions affect other people. We all have had experiences where someone’s small act has had a profound impact in our lives, for good or bad. Don’t forget to praise their investment in you or your organization, or learn from their mistakes.

For more information on how SafeSourcing can assist your team in being a savings hero for your ortanization, or on our Risk Free trial program, please contact a SafeSourcing Customer Service Representative. We have an entire customer services team waiting to assist you today.

We look forward to your comments.

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Avoiding “change blindness”

May 1st, 2019

The trade-off between focus, and awareness

 

Today’s post is from our  SafeSourcing Archives.

Let’s test how well you can focus on detailed activities. Copy and paste into your address bar, or click the following link: https://youtu.be/Ahg6qcgoay4[1]

How did you do? There are several versions of this type of video, but of course the point of them all is to illustrate our ability to miss the obvious when we are more focused on specific tasks. Perhaps you can relate to more common errors of oversight:

Have you ever been made aware after the fact, that you completely missed a detail about a project you were working on, which should have been totally obvious? Have you ever read over a document five times, only to discover a major error on the sixth read through? Stared at the same computer screen for months before noticing an assortment of buttons that could have made life easier?

Our minds have a bandwidth limitation, often described as being approximately 1.6 conversations at a time (including the one going on in your head)[2]. Focusing on one complex task, requires us to tune out certain others in order to fully process that task. One of the first researchers to call attention to this phenomenon was Dr. Marc Green, who once said “Inattentional blindness is not a mental aberration; it is the norm. Conscious perception is the abnormality”.[3] So there are benefits to our ability to tune everything else out and focus on one task, and there are benefits to being aware of a wide scope of inputs as well. Working Memory[4], the type of intelligence associated with your short-term bandwidth, is uncertain as to if it is static or malleable. So how can we make the most of both sides of our concentration capabilities?

Situationally prioritize your focus – There’s a reason why they say the best way to remember names is to not focus on what you are saying when being introduced to someone new. Knowing what you know now about what you do or don’t notice and remember based on how you’re thinking, you can apply the right strategy for each situation. When you are working on detailed, technical, or financial activities, you probably need to tune everything else out and laser focus. When you are evaluating a new project, finalizing work, or observing a new environment, you probably need to tune yourself out, and take in your surroundings.

Practice “open observing” – Look at all content twice: The first time looking for whatever you were specifically trying to focus on to accomplish the task, the second time not looking for anything in particular, letting the full scope of your capabilities be your frame of reference instead of the specific thing you are being asked for.

For more information on how SafeSourcing can assist your team with this process or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative. We have an entire customer services team waiting to assist you today.

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[1] This link leads to content and views not controlled, approved or condoned by SafeSourcing Inc. User views at their own risk.

[2] “Avoiding common RFP mistakes: SafeSourcing Blog.” 2015. 15 Dec. 2015 <http://blog.safesourcing.com/2015/07/30/avoiding-common-rfp-mistakes/>

[3] “Visual Expert Human Factors: Inattentional Blindness …” 2002. 15 Dec. 2015 <http://www.visualexpert.com/Resources/inattentionalblindness.html>

[4] “Working memory definition – MedicineNet – Health and …” 2005. 15 Dec. 2015 <http://www.medicinenet.com/script/main/art.asp?articlekey=7143>

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Procuring Your Proprietary Product- Part 2

April 25th, 2019

How You CAN Take Your Proprietary Product Out To Market

 

 

Today’s post is written by Heather Powell, Director of Major Accounts and Special Projects at SafeSourcing Inc.

In this series, the author will work to educate you on how you CAN take your proprietary product out to market. While there are many confusing words associated with proprietary products; such as trade secrets, non-disclosure agreements, trademarking, and many more. The author will break down the meanings and how many of them are in place to protect you and your product.

According to the Merriam-Webster definition proprietary means “something that is used, produced, or marketed under exclusive legal right of the inventor or maker”. It takes patience, dedication and years of hard work to build a proprietary product, especially in a foodservice program, that customers can trust, but not all creators have the patience, desire or aptitude to take on the commitment required.

There are many ways creators make a proprietary product, out of necessity or to satisfy the need of many people. Those who create proprietary foods may start with a family recipe or create something from scratch and family and friends encourage the creator to market the item. Many items come to mind as a food product that is proprietary; Kentucky Fried Chicken famous blend of 11 herbs and spices breading, McDonald’s special sauce, and Oscar Mayer Bologna are just a few of many hundreds of thousands of proprietary products.

It is possible to take your proprietary products out to market for new manufacturers, co-packing needs, or to get better market rates on your ingredients or materials needed for your product. In the next series of procuring your proprietary product, the author will define and discuss the importance of trade-marking.

SafeSourcing can assist you in exploring your procurement solutions for your proprietary product on our “Risk Free” trial program for RFPs and RFQs, please contact a SafeSourcing Customer Service Representative.  We have an entire customer services team waiting to assist you today.

We look forward to your comments.

 

 

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Retail Store Fixtures

April 24th, 2019

Surprisingly, over the past five years, the Retail Store Fixture Dealers industry has grown by 5.5%

 

 

Today’s post is written by Ivy Ray, Senior Procurement Specialist at SafeSourcing Inc.

Over the past five years, the Retail Store Fixture Dealers industry has grown by 5.5% to reach revenue of $5 billion in 2018. In the same timeframe, the number of businesses has declined by -0.6% and the number of employees has grown by 1.4%.

With the closing of some major retailers, like Toys R Us and Sears, you would think that the opposite would be true, with the used retail fixtures flooding the market from these closed stores. Higher disposable income and stronger consumer confidence is expected to boost retail sales, and increase the demand for retail fixtures. This is also due to brick and mortar retailers reinventing themselves to stay a step ahead of the online retailers.

Visual merchandising is key to staying relevant. Store planning, design, and visual effects are important for attracting customers and enticing them to make purchases. I personally prefer buying online because it is usually cheaper, and I save myself the hassle of making a trip to the mall. I also end up purchasing more than I intended, proving that clever merchandising does what it is designed to do. Some customers still prefer to touch and try on things before buying, which is why in-store shopping remains the most popular buying option, followed by websites and then mobile apps.

The Retail Store Fixture Dealers industry primarily acquires retail store fixtures from manufacturers and resells them to retail industries. The industry includes a wide variety of products, such as showcases and counters; gondola store shelving; glass, wood and plastic displays; display racks; gridwall; slatwall and accessories; forms and mannequins; sign holders; and food and jewelry displays.

For more information on how SafeSourcing can assist you in exploring your procurement solutions for your business or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative.  We have an entire customer services team waiting to assist you today.

We look forward to your comments.

References….………………………………………….

https://www.ibisworld.com/industry-trends/specialized-market-research-reports/specialist-engineering-infrastructure-contractors/construction-building-services/retail-store-fixture-dealers.html>

 

 

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Pressure Washing Benefits

April 19th, 2019

When do I need to hire a professional pressure washing company?

 

Today’s post is by Troy Lowe; Vice President of Development at SafeSourcing.

Have you noticed a green tinted staining on the outside of your home or business? If so, you may not know that this could be mold or mildew. This is a very common occurrence if you have vinyl siding. Dirt can accumulate on the siding and this can lead to the mildewing because mildew feeds on dust and dirt. If your home or building is close to trees it may also cause mildewing as well. Another reason for the mildew or mold is excessive moisture or lack of sunlight. Because of this you may notice that the staining may only occur on certain areas of the structure and not the entire surface. Removing the mildew can be very simple to do. One of the most common ways to remove the staining is to have the area pressure washed. There are companies that specialize in pressure washing and can do an excellent job of removing the stains. You can also choose to pressure wash the area yourself. Pressure washers can be purchased from many common retailers and are fairly inexpensive. Deciding to do this can save you money but there are some hazards of doing it yourself. Having the pressure set to high can cause water to seep into the walls of your existing structure causing mold to grow within the structure. So if this is something that you decide to do yourself, make sure to research and read all documentation before beginning the job. Below are other things to be aware of when pressure washing your structure:

  • Risk of electrical shock
  • High pressure water can cause serious injuries to skin
  • Strong spray can throw small objects
  • Water seeping into the attic
  • Siding loosened or damaged
  • Damage to windows and screens
  • Accidental Removal of paint
  • Accidental Removal of mortal between bricks
  • Damages to surfaces

Whether you plan to clean the structure yourself, or hire a company, feel free to contact SafeSourcing.   We can gather all the necessary information for you and help you decide which one meets your needs.  If you would like more information on how SafeSourcing can help you, please contact a SafeSourcing Customer Service representative.  We have an entire team ready to assist you today.

 

 

 

 

 

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Feel the Hype!

April 18th, 2019

What gets you hyped?

 

 

Today’s blog is by Margaret Stewart, Manager of HR and Administration.

There are a lot of things happening now that have people excited. From first ever pictures of a black hole, upcoming movies and television, your recent money savings or accomplishments, $100m Fortnight championship, to your upcoming holiday plans, there is so much to help you feel the hype. Let us take a moment and appreciate all the work that made these things happen.

Hype: A simple picture, one that would not be recognizable before, has made headlines because it is the first of its kind – an actual picture of a black hole. Not only is it amazing to see and confirms Einstein’s theory of general relativity, but astounding when we consider the efforts put forth to make it happen. Thousands of hours of work, hundreds of thousands of computer codes, millions of light years between us, yet it can and has been observed and photographed. ​

Hype: What’s new to watch? Feel the hype because the final season of Game of Thrones is here and so is the final Avengers: End Game along with other movies in the Marvel Cinematic Universe. On top of that, there are many other highly anticipated movies and series, like the live action Dumbo movie, a return of The Twilight Zone, and Stranger Things. These exciting shows have been in the works for quite a while the time has finally arrived that we can reap the rewards of the hard work of so many.

Hype: If you get hyped when you save money, then here’s news for you. Using a procurement partner, like SafeSourcing, can save you even more. In fact, those who use SafeSourcing typically see 10x ROI. Not only can you save money, but you can get the quality and service you really want from people you may not have known existed. You can feel the hype and see the savings, and SafeSourcing can do the work for you. We will work with your procurement department, buyers, and finance people to help get the results that we can all feel excited about.

For more information on how SafeSourcing can help in your procurement efforts, or on our Risk Free trial program, please contact a SafeSourcing Customer Service Representative. We have an entire team ready to assist you today.

 

 

 

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Part II of II. Are reverse auctions a good tool to use in the retail distribution cost plus arena?

April 16th, 2019

Yesterday in part I of this post we discussed why cost plus distributors felt that reverse auctions were not necessarily appropriate for their companies.

 

Todays post is by Ron Southard, CEO at SafeSourcing

Yesterdays post reviewed why and how this author felt that reverse auctions were potentially good for both the distributor and the retailer alike. So just what is cost plus?

According to Wikipedia  Cost-plus pricing is a pricing method used by companies. It is used primarily because it is easy to calculate and requires little information. There are several varieties, but the common thread in all of them is that one first calculates the cost of the product, and then includes an additional amount to represent profit. It is a way for companies to calculate how much profit they will make. Cost-plus pricing is often used on government contracts, and has been criticized as promoting wasteful expenditures.

Once unit level cost has been established for the distribution of products it’s easy to turn that into a percentage and add it to the price of a product coming up with a distributed unit price or category price. The most important part of this pricing exercise for the distributor is to get the distribution costs correct. This can include price of storage, freight, length of travel, driver cost and any number of other costs. This is an area where a distributor can lose a lot of money if they are not very careful.

So, are revere auctions a tool that can help distribution companies?  The answer is a clear yes both above and below the gross margin line. If you like to know more please contact me at ronsouthard@safesourcing.com.

We look forward to and appreciate your comments.

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Part I of II. Are reverse auctions a good tool to use in the retail distribution cost plus arena?

April 15th, 2019

If your distributor is using cost plus pricing are they getting you the best possible price for the products you are buying? Probably not! But they could be.

 

Todays post is by Ron Southard, CEO at SafeSourcing

A lot of distributors have told this author that reverse auctions don’t apply to them because they use the cost plus model and as such they just add their price or profit margin on top of the contract price with their source to drive their distributed price.

The fallacy in this thinking is that it may make buyers and category managers lazy in their approach to driving margin within the categories that they manage. This results in a higher price to the retailers they distribute to and ultimately to the consumer or their customers customer. A worst case scenario is that the consumer stops shopping at their customer’s store which reduces overall volume and further increases prices by not meeting volume incentives. It’s a slipper slope.

Off course this argument is relatively easy to overcome when we get around to discussing capital goods and expense related products and services area. These areas have an impact on the distributor’s net profit. And I’m sure that many of you will agree that just because one says they are a cost plus provider does not necessarily mean it’s true in the most pure sense of the definition.

Check back tomorrow and we’ll review what the real definition of cost plus is in part II.

We look forward to and appreciate your comments.

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April 9th, 2019

Spelling names correctly goes a long way.

 

 

Today’s post is by Gayl Southard, Administrative Consultant at SafeSourcing, Inc.

People don’t just dislike having their given names misspelled, they often have feelings of rejection when the person who does the misspelling is a relative, friend, teacher or a business associate. Although my first name is common, the spelling is not. In fact, I have only met one person that spelled their name like mine. If you know people well enough to address them by name, please have the courtesy to learn how to spell their name.

The White House press office misspelled the British Prime Minister Theresa May’s name three times. One error referenced a “bilateral meeting” between Trump and “Teresa May”. Teresa May is a former soft porn star and model. That was a huge gaffe.

It is important to check for grammar and spelling errors for three reasons:

  1. It limits the chances that your message will be misunderstood or misinterpreted.
  2. It reflects your credibility, intelligence and reliability.
  3. It indicates that you care about how you do business.

Spelling mistakes can cost millions of dollars in lost sales. A single spelling mistake can can cut online sales in half, according to William Dutton, Director of the Oxford Internet Institute at Oxford University. There seems to be more tolerance with informal parts of the internet, such as Facebook, towards grammar and spelling. Although Spellcheck is a valuable tool, it does not catch homophones (words that sound alike, but are spelled differently, and have completely different meanings). It can automatically change the spelling of new or unusual words, such as names to a word that is more easily recognized, without your permission,

There are four tips to observe when sending important business correspondence:

  1. Slow Down. Never send anything without proofreading it first.
  2. Don’t Multitask. Your brain refocuses each time you switch to a new activity.
  3. Get a Second Pair of Eyes. Have a colleague review your work.
  4. Double Check Facts, Names, and Industry Terminology. Spelling someone’s name correctly is extremely important because a name is part of one’s identity. Messing up relevant information can be interpreted as disrespect, and makes you look unprofessional. It also represents the lack of attention to detail, which can negatively affect the relationship between two parties.

“We are human and therefore bound to make mistakes. But your business reputation is too important to lose out over poor spelling. Try to be as accurate as possible when corresponding with clients, customers and colleagues. Your reputation (and ultimately your bottom line) may depend on it.”1

For more information on how SafeSourcing can help in your procurement efforts, or on our Risk Free trial program, please contact a SafeSourcing Customer Service Representative. We have an entire team ready to assist you today.

References………………

  1. Jessica Robinson, Michigan Mobility Institute, Entrepreneur.com/article/288812, 4/5/2019

 

 

 

 

 

 

 

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