Education: Undergraduate degrees, biology and chemistry, Butler University; MBA, Temple University First job: Microbiologist What is the greatest business lesson you’ve learned?
You have to have good people working for you. You need to hire and put in place the best people you can for the job, not only in terms of their knowledge but in their ability to work well with other parts of the team. When we look at how we grow, it always relates to the team, and the biggest failure is when people can’t adapt to that. It hurts the entire result.
How do you measure success?
For a public company, you can only measure that in terms of how well you’ve rewarded your unit holders, and you do that with higher unit prices and higher distributions to them. That is the ultimate measure of success for the company.
What is an important thing to remember about setting goals?
People talk a lot about setting goals, and I think you have to measure them and hold people accountable for the goals they set.
Fretz on delegating responsibility: You hire good people, make them accountable for their areas of responsibility, measure their success and reward them. I’m not there to do their jobs.
Everybody is there to make the company successful and they all have their roles to play..
“Working in teams is not a natural phenomenon. We are raised in a society that values individualism, winning and ‘being the best.’ Families and schools reinforce the same,” says Sunita Iyengar, vice president of the Clinical Division of Devon Consulting, a professional staffing firm serving the IT and clinical trial industries.
“Work environments fail to support teamwork because they tend to nurture individuals working on personal goals for personal gain. Typically, goal-setting, performance appraisal and reward systems single out the achievements of individual employees. People identify career paths as being individual road maps to get to their goals.”
Smart Business spoke with Iyengar about building effective and dynamic teams.
What is successful teamwork?
Teamwork is not an event nor is it an end goal in itself. It is one of the strategies available to leaders to improve business results and profitability, and it has to stem from management philosophy and culture.
Fostering teamwork is building a work culture that values collaboration. For teams to be successful, they need two vital components, namely ‘shared vision/goals’ and ‘shared outcomes/fate.’ Both are critical to build successful teams.
What is the best way to assemble an efficient business team?
Team performance is a function of team motivation and team capability. Leaders establish the need, context and pace for team performance.
In order to create share purpose, leaders have to communicate the purpose of the team and convey why the team is better equipped to outperform the individuals of the team.
Leaders also set expectations of behavior from the team members. This includes standards for communication, collaboration and flexibility among team members.
Leaders also have to model behavior and sustain the team by supporting it with resources, time, recognition and rewards. Finally, leaders emphasize and value team performance over individual performance.
And to build team capability, it is imperative to hire the right people, both for attitude and skill. Heterogeneous teams are richer in experiences, cultures, backgrounds, thoughts and ideas.
What steps need to be taken to build and maintain successful teams?
Often, team building is identified with the team retreating to an off-work facility, maybe rock climbing or completing a rope course. While the group exercises may enhance fun and interaction in the team, their long-term impact on team performance is minimal. Successful teams seek fun as an intrinsic part of work and view teamwork as something that is done every day.
Since team focus is on performance, individuals are both accountable for their performance and to each other. Performance-driven cultures thrive on learning and experimentation and do not penalize failure. Even when there is a failure, the focus is on learning and improvement rather than assigning blame and holding individuals responsible.
Teamwork does not negate conflict, it promotes positive conflict. Effective teams appreciate positive conflict and respect the differences and diverse opinions that individuals introduce.
Companies should invest in training and enhancing skills of team members, especially decision-making skills, interpersonal skills and leadership skills.
Finally, meetings are important. Daily five-minute stand-up meetings review the day’s priorities and cheer the team on. Weekly and monthly review of progress will enhance communication and encourage improvement. Weekly and monthly meetings are also good forums to have icebreakers and small fun exercises where individuals on the team can get to know each other. Sponsor group events, trips to restaurants, sporting events, and potlucks. Celebrate success publicly as a team.
Is someone in charge of a team or is it autonomous?
All teams have leaders. A self-managed team is one where people work together in their own ways toward a common goal. The team does its own work scheduling, training, rewards and recognition.
However, even self-managed teams have leaders. The role of the leader may be more involved and tactical at the beginning. When teams mature, the role of the leader will become more focused on context, such as removing the barriers for team performance, channeling and directing energies.
People do not have to like each other to work well together as members of a team. It is definitely a bonus, but not necessary. Respect of each other’s strengths and knowledge is more important, and fosters learning from peers.
SUNITA IYENGAR is vice president of the Clinical Division of Devon Consulting, a professional staffing firm serving. Reach her at (610) 964-5749 or email@example.com.
“Listening is the key, listening and understanding what’s going on, being attentive and careful about what’s happening on the competition side but keeping an eye on where we want to be focusing,” says Alarcon, general manager of XRT North America.
The strategy has paid off as the North American division of XRT Inc. a financial and treasury management solution and service company took home more than $8 million in 2005, with worldwide revenue of $55.5 million.
Smart Business spoke with Alarcon about what he looks for in employees, and why he says they need interests outside the workplace.
What qualities do you look for in employees?
It’s the ability to focus and commit to causes and purposes. Employees who can really show that they have purpose in life that they pursue and they’re consistent and they deliver on it.
We are in business because there is a purpose we want to serve. There’s nothing worse than an employee who doesn’t know what he or she wants to do and never has any purpose.
Look for people who have guts and people who have other purposes in life other than work. They have strong drive, but work is not the only thing they are worried about.
These people have to have the ingredients of being able to dedicate themselves to a purpose and be motivated to the purpose. That is my role and the role of all managers to cultivate this motivation. But they have to have the ingredients.
Why is it important for employees to have outside interests?
You can’t do a good job if you work 24/7. You need to be very creative in this business. You need to work smart. You can’t be smart if you’re tired, or out of steam.
You want people who are fresh when they come in. Clients feel that. They want to work with people who work fresh. They have fresh ideas, they are dynamic, they move, they change quickly, they adapt to changes, they can respond quickly, and you can’t achieve that with people who are not taking time to reflect.
How do you delegate work to employees?
It’s being demanding when it’s time to be demanding and, at the same time, being able to give people time when it’s time to give them time. You want to make sure you best use your resources and teams.
You don’t want some people overloaded with task and others with nothing to do. You want people to learn, be flexible, be contributive and take on new things. You want people who are willing to learn and contribute and help.
You don’t want certain skills that are limited to one person. Then you start building in the organization crucial risk, and it’s just not productive. There’s too much pressure on them, and they can’t take vacation without having 10 messages on their cell phone.
It’s very important for the interest of both the employee and the organization that knowledge is being shared. You can find ways to not rely on just these people and to distribute the work much better. You need to work smart.
How would you advise leaders to adjust to change?
Change is a mentality. I remember my old days when I started to work where change was really seen as, by senior level management, I’m talking 20 years ago, as a massive transformation exercise.
In some cases, you have to do a massive transformation of an organization. But to avoid to those massive transformations, sometimes it just makes better sense for organizations to be adaptive and change on an ongoing basis.
It’s every day taking the pulse of how we are doing and making changes all the time.
How important is it to take risks?
Risk is part of success. If you just stay and do the same thing as everybody else, you’re not going to be successful. You have to take some risk in terms of things you have looked at as being a risk that you can afford to take.
You have to measure it. This is part of the day-to-day life of a business, measuring what is at stake, and then feeling this is the right thing to do at this point. Then you do it. But, as you perform, you measure the results, and you are able to change.
This is also part of the things you are considering when you make the decision. If I need to change, what will be the cost?
How do you emotionally rebound from a failure?
If you have encountered success in your life, you know you had to fail first before you got there. Very few people really encounter success without signs of failure or moments of depression.
It’s very hard to make things happen. It’s very hard to really encounter success. People just don’t realize how much is involved with building success for a business. They don’t understand what people go through to reach the point of being a successful business.
A kid who is ready to go give it a try and is not afraid to fail will succeed. People who are afraid of failing, their probability of success is very low.
You have to live with failure. Usually when you succeed, you succeed where the majority of people think you will fail.
How to reach: XRT, www.xrt.com or (610) 290-0300
From making decisions that positively affect a company’s bottom line to decisions that affect overall employee morale, managers have more diverse responsibilities than ever before. In order to retain quality employees and create a strong growth pattern for the company, numerous components of management must be addressed, says Elden Monday, state vice president for University of Phoenix’s three local campuses in Pennsylvania.
Smart Business spoke with Monday about the important role solid organizational management skills play in creating effective and efficient business strategies that ensure profitability, accountability and growth.
What are the most critical factors in strong organizational management?
Safeguarding the flow and function of business should be every manager’s top priority. Additionally, it is management’s responsibility to effectively communicate the company’s goals to employees. To ensure managerial excellence and efficiency, three key components should always be taken into consideration: communication, management skills and leadership.
Communicating goals and successes, offering constructive feedback, and persuading clients and employees on a number of issues are communication situations that managers face daily. Clear and concise articulation in these circumstances assists employees in making decisions that will positively impact both themselves and their companies.
Fundamental management skills are imperative in today’s business world. The ability to think critically and pro-actively, solve problems, effectively manage projects, build superior teams and multi-task provides a solid managerial foundation.
In addition, good managers can become leaders with clearly defined ideas for the future. By outlining long-term business visions and becoming the driving force to achieve goals, good leaders will inspire others to accept the business’ goals as their own. They achieve them through delegation and follow-through.
How can business owners take steps to create well-organized companies?
Superior management performance can be achieved through personal dedication and a commitment to education. Continuing education offers a way for up-and-comers to learn new skills, sharpen existing skills, and stay informed of current business trends. There are a myriad of ways managers can stay educated, from degree programs and formal training to workshops and published materials.
Education is crucial to keeping on top of managerial situations. Leaders with a strong educational background generally have exceptional critical-thinking skills, work effectively in teams, and communicate well with others. Colleges and universities that emphasize real-world experience as part of the learning goals help students clearly bridge theory to practical application. In this setting, students can practice skills necessary to become better managers in a safe environment through simulations, case studies and other real-world examples.
What business trends should corporate leaders understand?
With the dynamic nature of business, managers need to be continually aware of important trends that are affecting business today, such as market changes, company culture changes, globalization and compressed or alternative work weeks.
As people relocate nationally and internationally, the market is constantly adjusting. Who is your target market? How will you effectively reach that market? By answering these questions and staffing accordingly, managers will be poised for success.
While looking at staffing, managers should take note that there is a new generation entering the work force, and their needs and ideals can differ greatly from those of the baby boomers who are now approaching retirement. Re-evaluating the needs of staff members might necessitate an adjustment of your organization’s culture.
As electronic commerce grows ever more popular and globalization creates smaller communities, you will need to be aware of what effects technology and the world market will have on your company and its employees.
And finally, with employees looking for work/life balance, compressed or alternative work weeks are gaining in popularity. Telecommuting and working from satellite offices minimize face-to-face interactions among your employees, and between your employees and clients. Look at this challenge as an opportunity to create nontraditional relationships within your organization through interactions outside the confines of the traditional workplace, such as teambuilding activities.
ELDEN MONDAY is state vice president for the Pennsylvania campuses of University of Phoenix, a national leader in higher education for working adults, offering both campus-based and online programs. Reach Monday at firstname.lastname@example.org or by phone at (610) 989-0880, ext. 1131. Additional information also is available at www.phoenix.edu/philadelphia.
“There’s a level there you need to maintain on all three accounts,” Shapiro says.
The CEO of SteelSalvor, an online vehicle to auction off prime excess, secondary and aged steel, joined the company in 2003, three years after Scott Dawson cooked up the idea for the Web site. Total revenue for 2005 was $22 million, rising from $11 million in 2004.
Smart Business spoke with Shapiro about creating an open work environment and how to find the right employees.
How do you communicate vision and message to employees?
We’re pretty open here. I make our goals very clear. We make it very, very clear what the vision is. It’s part of the hiring process.
If (the employee’s) determination level is not parallel to yours, if you’re running at 100 mph and they’re running at 30, it’s just not going to happen. So we make our financial goals available. We do an annual budget and we do a monthly budget, and we report the success or failure of our budgets.
We’re very candid where our strengths and weaknesses are. We let people know where we stand. I probably tell them more than they need to know.
Can that honesty be a downfall?
I guess it could be. If you’re in a company that is experiencing a slowdown in business and somebody misinterprets what you’re saying, they can be concerned about the job-security thing. But I would say if you communicate clearly, generally it’s a very positive thing.
You don’t want to alarm people. At the end of the day, everyone is figuring out how they can support themselves. ... If you communicate clearly, it’s a huge advantage to the company. And the people take ownership of it.
How do you keep employees motivated?
You need to make your expectations clear. Most people like to be held accountable, but they want to know what the expectations are.
They want structure. They want to be motivated. They want to be in a comfortable work environment. They want to be compensated.
In a general term, there’s financial motivation. You pay people a fair salary and you reward them when they outperform. And then there’s emotional support and emotional guidance. All of that needs to be in a structured environment where people know what it is that you expect.
Which is more important to success, financial rewards or emotional support?
If you’re an abusive employer, then you’re not going to keep people. If people are being compensated well, they endure much more emotional stress.
If you love them to death but pay them like crap, they might say, ‘Scott, you’re the greatest guy in the world, but I can’t pay my heating bill.’ I see it at every level.
If people are compensated well, their tolerance for emotional treatment would be more wide-ranging. You need to pay people fairly, and then you have a little bit more latitude. And you want to provide a real good working environment.
How would you advise a CEO to grow his or her company?
There’s clearly more than one way to do it. There have been lots of people that are very successful that have done things in a variety of ways.
But, if you look for common threads, you need to understand your strengths and weaknesses. You need to be unbelievably focused, and you have to have the ability to hire and maintain great people
What qualities do you look for in an employee?
Before I would hire anybody, I’d have to get a sense of their integrity. I can’t hire people I don’t trust. Assuming you overcome that obstacle, then you start looking at what I consider to be professional skills.
You need to be smart and you need to be hard-working, but there are a lot of smart, hard-working people out there. You need a level of determination and a willingness to create value. What is it that you do that is meaningful to your customers?
Whether it’s your staff, whether it’s your customers on the outside or whether it’s your boss, you have to be able to be valuable.
How has balancing your personal and professional lives made you a better worker?
As you get older, your ability to concentrate for extended periods of time, it becomes more challenging. When I was (younger), I would work all day. In my world today, I have many other things that are as or more important in my life.
When I’m here, I crank it out really hard. You learn how to do it. You figure out what your priorities are. You recognize your own mortality. It comes with experience.
What advice would you give a new CEO who wants to succeed?
It sounds trite, but stay true to your dreams and hire great people.
HOW TO REACH: SteelSalvor, www.steelsalvor.com
Smart Business sat down with Doug Shaffer, senior managing director of PNC Capital Markets LLC, to learn more about one financing alternative, dividend recapitalizations.
What is a recapitalization?
Recapitalizations involve the infusion of capital and, potentially, certain parties taking money out of the company. In a leveraged recapitalization, a company takes on debt with the purpose of either paying a large dividend or repurchasing shares. Recapitalization financing is an important liquidity tool that can enable a business owner to achieve personal net worth diversification and liquidity while preserving the business and protecting the jobs of employees.
Why should a middle-market company consider a recapitalization?
Often, middle-market business owners have the bulk of their personal net worth tied up in one asset: the company. Many business owners and management teams eventually reach a crossroads. Should they take on outside financing to fund future growth? Should the shareholders diversify their personal net worth by selling stock in their business to provide liquidity and enhance their financial security? If they do so, will they have to give up the operating control that made their companies successful in the first place?
Business owners may use recapitalization financing to fund partial distributions or to facilitate ownership transitions and help execute succession plans to the next generation or to management. It is also an alternative to the outright selling of the company or taking the company public.
In today’s world of Sarbanes-Oxley requirements, keeping the company private may be a strategic goal, and a recapitalization is a financing vehicle to provide the capital to assist management in achieving their business objectives.
What are the advantages of a ‘recap’?
By using debt financing to pay a dividend to shareholders, business owners are effectively reducing the risk of having a significant portion of their wealth invested in the company while retaining ownership control. Leveraged recaps may not be suited to every situation, but if the circumstances are right, they can provide a viable and valuable alternative to wrestling with the decision of whether to sell a company.
What cautions should a company consider with a recapitalization?
As a company takes on additional debt, it is important to recognize that future cash flow needs to service the debt may conflict with capital expenditure requirements. Additionally, a more levered balance sheet may reduce the flexibility to make opportunistic investments. Despite these considerations, recapitalizations have become quite prevalent in today’s market and are an attractive alternative for a business owner wishing to convert some of the value in the business to cash without actually selling the company.
When is a company a candidate for a recapitalization?
A few of the key attributes that a company must have to provide for a successful recap include a strong management team, a history of growth and profitability, realistic growth opportunities, a leading market position or a defensible market niche, predictable/stable cash flows and an un-levered balance sheet.
How is a recapitalization financed?
Financing for recapitalizations can be obtained from a variety of sources, including the bank market and the public and private financial markets. The decision regarding the type and level of financing to be obtained involves the careful review of a number of questions.
- What is the size of the company?
- How much debt can the company’s assets reasonably support?
- How much debt can be reasonably supported by the company’s cash flow?
- What level of leverage are the owners comfortable with?
What is the role of a financial adviser?
First and foremost, seek the counsel of a financial adviser well-versed in these transactions. The help of a trusted financial adviser is important when reviewing the above questions and deciding on which sources of capital to tap for financing.
A trusted adviser will provide the financial expertise to help a company’s owners achieve their strategic business goals, such as acquisitions or expansion plans, as well as personal goals, such as diversification of wealth.
This was prepared for general information purposes only and is not intended as specific advice or recommendations. Any reliance upon this information is solely and exclusively at your own risk.
DOUG SHAFFER is senior managing director of PNC Capital Markets LLC. Reach him at (412) 762-4336 or email@example.com.
Bachelor’s degree, University of Scranton; juris doctor, Villanova University.
What is the greatest business lesson you’ve learned?
To persevere. When all of the odds seem to be against what you want to do, keep at it and persevere.
But I’ve also learned the corollary: When five people tell you you’re drunk, you should go home and go to sleep no matter how good you feel. In other words, if what you are pursuing seems completely correct to you, but a number of people whose judgment you respect tell you you’re nuts, then you’re probably nuts.
Whom do you admire most in business?
My father [Jim Papada Jr.]. He had a small business. He was a very creative and imaginative guy who wanted to be an engineer when he was younger, but it was the Depression and the family had no money.
So he used his wits and imagination and worked like hell, and he taught me the value of hard work and perseverance.
Merritt Cole, partner in the business department of White and Williams LLP in Philadelphia, says that the SEC is focusing on three main areas of disclosure: compensation and perks paid within the last three years; holdings of stock options and other kinds of equity incentives that can provide a gain in the future; and retirement, change-in-control and other post-employment payments. The bottom line? Expect to see more detailed disclosure in the future.
Smart Business spoke with Cole about the proposed expanded disclosure laws and what they mean to corporations and their shareholders.
What in your opinion prompted the SEC to expand executive compensation laws?
The SEC felt that shareholders were not getting adequate information regarding executive compensation, including perks, retirement and post-termination benefits. Plus, a number of high-profile individuals had made splashes in the news, such as when Jack Welch retired from GE and information came out about what many perceived to be extraordinary retirement benefits.
In the instances of executives at Tyco International and Enron, there was significant public and regulatory concern about what was being paid, who knew about it and how compensation decisions were made.
There has been concern that the compensation committees of some companies have not been given full information concerning executive compensation and benefits, including forgiveness of loans, in understandable form and that the methods by which some of the committees determined executive compensation and benefits were not always adequate.
What do you think is the SEC’s ultimate goal of expanding these laws?
As SEC chairman Chris Cox has said, the SEC’s goal is ‘wage clarity, not wage controls.’ The new rules are intended to provide investors with a more complete picture of the compensation and benefits earned by a public company’s highest-paid executive officers, including the CEO and CFO. The new disclosures include new total compensation tabular information, a new retirement plan payments-and-benefits table and a new director compensation table. The SEC wants not only to improve the compensation information available to shareholders, but to require that public companies disclose in greater detail how their compensation committees actually make decisions. In short, the SEC wants more transparency. By means of these disclosures, the SEC hopes to improve the performance of compensation committees.
At what point does such disclosure become too personal?
One of the new rules would require a change in the reporting of stock ownership by executive officers. The SEC proposes to require disclosure of the pledge of stock as collateral for loans or other obligations. I don’t know if there is a benefit to disclosing pledges of stock where, for example, the amount of stock pledged is only a small part of the executive’s holdings.
Are these new laws going to be good or bad for business?
On one hand, the new disclosure requirements will increase the amount of work management, compensation committees and their professional advisers will have to do to prepare this expanded disclosure. The resources and budgets of smaller companies are already stretched thin as a result of the compliance efforts necessitated by Sarbanes-Oxley, and I am concerned that the new rules some of which are very technical will add to their burdens.
In addition, I am troubled by one of the new disclosure requirements in particular. The SEC has proposed to expand the disclosure to include the compensation of certain highly compensated individuals who are not executive officers (without naming them). These might include insurance or software salesmen and others whose compensation is primarily commission-based. This type of disclosure could harm companies competitively and cause problems among employees. Companies in the entertainment industries, where nonexecutives often have very complicated compensation packages, might find it difficult to determine how to comply with this requirement.
On the other hand, expanded disclosure should increase investor confidence. Right now, many shareholders are unhappy because of the perceived abuses of a relatively few bad apples. Increased disclosure will encourage compensation committees to be more thoughtful and more thorough. Increased investor confidence strengthens our capital markets, and that’s what disclosure rules are intended to accomplish. But the devil is in the details. We’ll have to see exactly what the new rules ultimately require when they are in final form.
MERRITT COLE is a partner in the business department of White and Williams LLP in Philadelphia. Reach him at (215) 864-7018.
How do you change the culture of a company? It’s a big challenge, because it takes an awful lot of time.
Sometimes companies actually write down core values that dictate the culture and sometimes they don’t, but they still exist. We were in a culture that was pretty ingrained. The first thing you’ve got to do is publish what your new culture is going to be. And once you publish that, as the CEO, you have to talk about it, and you have to practice it. You have to embody all those core values that you create as an organization.
If you publish core values and you never talk about them again, they’re not really worthwhile. It’s important that you communicate those and you talk them into existence.
Patience is an important virtue to have, and one that I’m not that great at. I don’t always take enough time to really reflect on how much progress we’ve made as a company.
I’m constantly driving for the next change, because I think if you don’t have that attitude, unless you’re in an industry that’s not going to change, you leave yourself susceptible to mediocrity.
Get input, but be decisive.
I’m a very inclusive manager. I don’t sit in a room and make decisions myself and put out some dictum that we’ve got to do X, Y or Z.
I typically include the people who would either be impacted by the decision or have great input into the decision before I make it. I’m a relatively communicative person, everything from formal or informal one-on-one meetings to formal, bi-weekly staff meetings where the purpose is to share information and drive to solve problems.
I also think I’m very decisive, and in a leadership role, you’ve got to be very decisive. At least make a decision. Waiting for other things to happen before making a decision can kill a business.
Invest in your employees.
When you hire somebody, it’s important to try to ferret out in the hiring process what is important to that person. I take a lot of pride in trying to understand the goals of everyone who works for me. And it’s not only my job, it’s my responsibility to help them achieve those goals.
You can either hire somebody with a ton of experience or you can hire somebody with a lot of talent. I’m a guy with a strong preference for hiring somebody with talent versus the experience.
If you hire somebody who’s got a lot of talent, you need to invest in that talent. So if they’re weak in the finance side, you invest time in them attending a seminar or something like that.
Other things I look for when hiring is conviction in their thoughts and ideas. I don’t want somebody who will work for me who is loyal to me and that’s it, who will just say yes to me. I’m looking for people who are convicted in their ideas, but at the end of the day, when we make a decision, that they are committed to that decision, as well.
Hire a high-powered team.
You’ve got to really invest in that team, personal investment, long-term investment all of those kinds of things that will enrich that person in their job. Once you have the solid team behind you, you’ve got to entrust those people to make the right decisions. And then let them make mistakes and let them make successes and create successes. Trust your people. That’s really the key to everything.
Be a flexible employer.
Companies are often faced with certain constraints they have to deal with. In terms of compensation, you have constraints; in terms of relocation, you have constraints.
One of the things I take a lot of pride in is that we are an extremely flexible employer. I can’t tell you how many different people have the ability to work out of their house. And I think it goes back to the old axiom: People just want to be treated fairly. If you trust people and you treat them fairly, you’ll get paid that back in spades.
Get everyone on the same page.
Execution against your direction is the most critical thing that can either direct your success or direct your failure.
I’ve had some great successes in a lot of different arenas. Right now, I have probably the best team I’ve ever had in my entire experience here. But that’s not always been the case.
I’ve had some people who had poor execution on their behalf and in pretty critical roles. Execution is the one thing that can either create success or create failure for a company.
Part of my management style is you sit down and agree to what the path is. You put together an action plan. You agree to what needs to be done, who needs to do it, and when it’s due.
And then you track that formally, and then you track, ‘Is it due, is it done or is it not complete?’ Adding some formality to that process helps you manage that process, and having it in writing makes sure everybody understands the same concept.
How to reach: Strategic Distribution Inc., www.sdi.com or (215) 633-1900