Major Sources of Finance and Funding for SMEs

Major Sources of Finance and Funding for SMEs Introduction Small and medium-sized enterprises (SMEs) are the backbone of all economies and are a key source of economic growth, dynamism and flexibility in advanced industrialised countries, as well as in emerging and developing economies. SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country (OECD 2006). While not every small business turns into a multinational, they all face the same issue in their early days finding the funds to enable them to start and build up the business and test their product or service. This essay will be looking at the major sources of finance for SMEs and start ups, also will be looking at the advantages and disadvantages of this various sources. Furthermore I will be drawing from the lectures notes, seminars with different enterprise and other sources to identify these sources and their advantages and disadvantages. Funds are difficult to source for especially in this present period of recession. However, funds can be sources through various means each of which have it merit and demerits. The decision as to what source of finance will be the best will depend on, the cost of borrowing, the length of time the money will be need, what is the money for and ultimately whether the firm can payback. Burns (2007) The most important consideration in deciding the source of finance for SMEs is to strike a balance equity and debt and to make sure the source of finance suits the business. What differentiate (money borrowed) debt and equity are that financial institutions demand interest and capital repayments, but debts is usually held up against a business assets or personal properties of the owners. The sources of finance for start-ups and SMEs can be divided into two: internal which includes (personal savings, family and friends) and external includes (trade credit, venture capitals, business angle, hiring and leasing, bank loans, Factoring and invoice discounting, grant, bank overdraft). Internal sources: Personal savings, family and friends: this is often the starting point for most SMEs where the owner uses his/her savings to start up the business, may be later in the business others may be prepared help you out example the case of Amazon that was shown in class where his parents and friends helped at some point, also is the same for most of the entrepreneur brought on in the seminar. It should be noted that for family and friends the reason for funding should be known as some may give in turn to have share of the business which might not be explicit, in other to avoid these a written agreements would be a better option stating the basis of such funding. An advantage is that this shows that the owner has some level of confidence and commitment to the business enterprise and might make it easier to gain money from others. It costless form of finance, but there is higher risk of the money being lost since the entrepreneur idea might not be fully developed. External sources: Grants: Grants are often available from councils, local authorities, and other Government agencies for specific reasons. For example there may be plans by the government or council to revive or encourage the development of a sector or an area. Alternatively there are some institutions that helps entrepreneur to lunch new business. One disadvantage is that assess to grants can be competitive as some businesses are classified more important than others and it can be very difficult to locate an individual or organizations who will be willing to give funds for small business. An advantage is that most grants dont require payback and has no interest. Bank Overdraft: An overdraft is agreed sums which a customer can overdraw form his current account. Bank overdraft can be a good source of short-term finance to help a business with seasonal shortage of funds that does not require long-term solution. The charges varies and are linked to the bank rate. The advantage of overdraft is that it is always there when it is need and it is at no cost (however small fee are charged) it helps to maintain a good cash flow. Also it is quick to set-up when compared to a loan. Overdraft disadvantages. The interest rate on an overdraft can be quite high, especially for small firms where the risk to the bank that they might not get their money back is greater. In addition, the business is not allowed to exceed their overdraft limit. If they do, the bank might refuse to pay cheques to creditors and may hit the business with a hefty charge for exceeding the limit. Overdraft facilities can be re-negotiated but if this is tried too many times, it may be a signal to the bank that a business has not got control over its finances. Venture capitals (VCs): It is also known as private equity finance. This source is often most times used in the early stages (or a later stage depending on the type of VCs) of developing a new business, where the risk of failure is high but the possible earnings may well also be high. Venture capital dealings are, just about  £500,000 to  £10 million, or above. Venture capital most time provides second round financing after Business angels. Venture capitalists invest large sums of money in return for a share in the firms equity and also expect a good return on their investment. It should be noted that venture capitalists most times are firm or representative of a parent firm. One advantages of getting a VC are they provide large sum of finance and the significant expertise, contacts and experiences they have acquire while running other businesses. Furthermore successfully attracting a venture capital makes it sometimes easier to get others for further funding. Example of theses i s the Dragons Den. On the other hand disadvantage getting a deal with a venture capitalist may be a long and difficult process. As it will require drawing up a well detailed plan, financial projections which may require professional help or friends who have such knowledge, legal requirement may be needed on getting to the negotiation stage all of these services will have to be paid for whether or not the fund was secured. Also there is tendency for VCs to influence or take control of the business. Business Angels: Business angels (BAs) are also know as angle investors, they are rich individuals who invest in a potential high growth businesses in return for a share in the ownership of the business. They are typically involved at an early stage of the business. Some BAs invest as an individual, while others do as part of a group, or investment club. BAs often make their own skills, experience and contacts available to the company. BAs in general invest in businesses between  £10,000 and  £750,000 as individual and up to  £1,000,000 or more as a group. One advantage of BAs is that they often make an quick investment decisions, without complex assessments. (i.e. when it appeals to them or an area of interest) However, a professional and well prepared business plan will be needed to get their attention. Most BAs bring relevant experience, skill, time, and contacts they have built up overtime. Most BAs are committed and do everything within their power to make the business wor k. The disadvantage of BAs is that they are difficult to find and dont make investments very regularly, more time will be spent with the BAs rather with the business giving information, The entrepreneur may loss some level of control over the business, locating the right investors may be difficult, also there is tendencies for the BAs to want to stay in the business therefore becoming a â€Å"devil†. The British Business Angels Association (BBAA) is a good source of locating BA networks also they help in preparing and presentation of business proposals. Invoice Discounting and Invoice Factoring: This involves a company outsourcing its invoicing activities to an external organisation. It makes funds available in few days to the business base on the values of the outstanding invoices. Then process, It begins by the firm making sales, sending the invoice to the customer, sending a copy of the invoice to the factoring institution where necessary negotiations and investigations is carried out on the customer after which an agreed percentage of the invoice is paid by the factoring company, usually 70-80% within 24 hours. This service comes with a cost which include administration charges, interest, credit protection charges, etc. the major advantage of this source of finance is the quick availability of funds which can be channel into another aspect of the business, also with presence of many factoring companies, this makes prices competitive, further it makes preparation of financial planning and cash flow easier and smoother, it can be an efficient and cost effective was of sub contracting that area of the business which reduces the time spent chasing payment. It is also an opportunity to know the credit standing of your customers which can help in negotiating a better deal with your suppliers and customer. The down side is that the charges will imply a reduction in the profit margin, in addition it may limit the way business is done as the factoring company may want to vet your consumers. It may reduce the extent of borrowing as the invoice is not available as security, also some customer may prefer to deal directly with their suppliers. In the situation where the customer default the business has to pay also an additional fees may be charged. Trade credit: some businesses depend on the purchase of a product from other companies (suppliers) to run their enterprise. Trade credit is a case where a supplier gives out his product to a customer on credit expecting to pay at a later date. Most trade creditors allow for a period of 30 days or longer before payment are made, this can allow the business to use the funds in the short term to finance other things. This should be done with caution so as not to risk upsetting the supplier and put at risk the future working relationship of business. Advantages of Trade credit: By setting up trade credit it will require less money to start up a business, this can be really important to those who have little capital in starting up a business, also the ability to buy now and pay later, the business can purchase the item and sell them at a profit before payment are made. With this the business time to focus on other areas of the business like marketing etc rather than worry about paying the ir supplier. It also makes for improved cash flow and smooth operation for the business. Example of all these is the case of QPC as discussed in the seminar. The downside to trade credit is if the business fails to meet the deadline it may leads to poor credit history which might limit the business chances of securing funds elsewhere. Also it can be difficult to get trade credit as only firms with good credit history are given, however these can be difficult to build as a new business. Hire Purchase and Leasing: Hire purchase and leasing allows a business to acquire an asset without paying the full-price. The business will have the right to use the equipment for a period of time after which they can buy it at a reduced price or return it. These means is mostly used in the purchase of heavy equipment. Leasing an asset makes available some working capital that can be use in other areas of the business. In a lease, the business is paying for the use of an equipment or machinery but do not own it. A lease agreement on an equipment or machinery, for example, might mean that the firm pays out  £250 or more per month for a 3-4 year lease. At the end of the years, the equipment or machinery is returned to the owner. Some advantages of leasing equipment include, having and using an asset without having to pay the full cost up front, so cash can be diverted for other purpose. it gives the business access to a modern standard of equipment, which might be too costly to buy u pfront payments are spread over a long period of time., leases can be helpful to business which carries out short projects or needs equipment for short time as they dont have to buy such equipments out-rightly. With the payment based on the fixed period of time the equipment will be use and fixed monthly rental costs, this helps the business to budget for the future, forecast cash flow and plan effectively. It also reduces the cost of maintenance, as the leasing company will be responsible for that and carries the risk of the equipment if it breaks down. Capital allowance can be claim on the equipment. The asset can be purchased as a reduced price. Some disadvantages of leasing equipment: it can work out to be more expensive than if you buy the assets outright, Capital allowances may not be claimed on lease equipment less than five years in some cases seven years. Business can be stocked into inflexible medium or long-term agreements, which may be difficult to terminate. In the case of Adrian Lauchlan who got a big warehouse and later discovers it was too big but could not break the contract due to the length of time. Leasing contract can be complex to manage and can add to the management operation, businesses has to be VAT-registered to take out a leasing contract, the asset are not owned despite paying monthly for it. Bank Loans: Bank loans can be a couple of thousand to hundred thousands of pounds depending on the security and business prospects. A loan is an amount of money borrowed for a set period with aim of paying back at an agreed date. The repayment will depend on the size, length of the loan and the rate of interest. The terms and conditions of loan vary with providers and may be negotiable. Loan periods varies between 1 to 10 years, with some going up to 20 years, though each lender have a number of loan packages to suit various business needs. The riskier the business, the less likely to be able to borrow, and the higher the interest rate charged. This helps the bank to ensure that they are covered even if the risk does not pay off. Advantages of loans: Banks loan are reliable because the money is guaranteed throughout the agreed period generally three to ten years unless there is a breach of the loan conditions. If the loan will be use in the purchase of equipment it can be tied to th e lifetime of the equipment or other assets youre borrowing the money to pay for. Loans do not require giving up part of the business as of the case of an investor but the interest which serve as the cost must be paid. Some loans have fixed interest rates which are easy to calculate. Disadvantages of loans: Most loans are not flexible once the payment date are fixed also they have strict terms and conditions, there might be difficulty in making monthly repayment when customers done pay on time therefore causing cash flow problem. Most loans are secured against the business owners property or the asset of the business, but these properties will be at risk if the business defaults. Adrian Lauchlan almost lost his house due to low cash flow. Businesses are charged if the loans are paid before the end of the agreed period. In situation where more funds are borrowed than needed interest will be paid on fund not used. The bank will not be willing to increase the loan without an increase i n security. In conclusion, the essay has discussed some of the major sources of finance and also discusses their advantages and the disadvantages of this various sources, it should be noted that each firm or business should choose the most appropriate sources of finance that suits it mode of operation and kind of business. References http://www.entrepreneur.com/money/buyingandsellingabusinessmikehandelsman/article204238.html The OECD Policy briefing (2006); Financing SMEs and Entrepreneurs. Burns, P (2007), Entrepreneurship and small business 2nd edition, Palgrave, Basingstoke. http://ec.europa.eu/enterprise/newsroom/cf/newsbytheme.cfm?displayType=library=en http://www.lbangels.co.uk/downloads/Raising%20Business%20Angel%20Funding.pdf ACCA SME UNIT :Improving SME access to equity finance: http://www.accaglobal.com/pubs/general/activities/library/small_business/sme_policy/equity_investment.pdf Financing Innovations: InnoSupportTransfer Supporting Innovations in SME: http://www.innosupport.net/uploads/media/8_1_Sources_of_Finance_for_innovation.pdf Thorne.S (2007), sources of finance: http://www.eic-guide.co.uk/docs/src_finc.pdf Irwin.D Scott.J (2008) Barriers to raising bank finance faced by SMEs, Queens University Management School, Belfast. Fraser, S. (2005), Finance for Small and Medium Sized Enterprises: A Report on the 2004 UK Survey of SME Finances, Warwick Business School, Coventry.

Lucent Case Study

2. What financial statement adjustments will Lucent have to make to correct the revenue recognition problems announced in late 2000? Lucent recognized revenue when persuasive evidence of an agreement exists, delivery has occurred, the fee is fixed and determinable, and collection of the resulting receivable, including receivables of customers to which Lucent has provided customers financing, is probable.For sales generated from long-term contacts, primarily those related to customized network solutions and network build-outs, Lucent generally uses the percentage of completion method of accounting. After the incident that SEC forced Lucent to restate the its financial results leading its stock price to decline 8. 5% in 2000, Lucent now records the sales revenue when the customers buy the Timing of revenue recognition is a crucial part in revenue recognition. According to US GAAP, revenue should be recognized when it is realized/realizable and earned (FASB, 1984, Para. 83).However, a n umber of software firms recognized revenue prior to product delivery or service performance in the past, which potentially violated one or both of the conditions of the revenue recognition principle. In response, AICPA released Statement of Position (SOP) 91-1 in Dec. 1991, which stipulated that if collectability is probable, license revenue should be recognized upon delivery and service revenue should be recognized ratably over the service arrangement. The research question for this article is: How revenue recognition timing affects attributes of reported revenue?This question is interesting because: 1) revenue recognition timing is important in financial reporting and standard setters have devoted much attention, 2) very limited empirical research examining revenue recognition timing has been conducted, 3) software revenue recognition is unique as transfer of rights is achieved by license rather than on-the-spot sale of products. The main hypotheses for this article and their intu itions are: 1) Early revenue recognition increases the timeliness of reported revenue.Its intuition is: early revenue recognition better influences decisions by providing more timely information. 2) However, it will lead to greater uncertainty in reported revenue. Its intuition is: changes may not be foreseen at the time of contract signing. 3) Time-series predictability of revenue is lower under early revenue recognition. Its intuition is: early revenue recognition results in higher estimation error and therefore reduces the time-series predictability. Lucent Case Study 2. What financial statement adjustments will Lucent have to make to correct the revenue recognition problems announced in late 2000? Lucent recognized revenue when persuasive evidence of an agreement exists, delivery has occurred, the fee is fixed and determinable, and collection of the resulting receivable, including receivables of customers to which Lucent has provided customers financing, is probable.For sales generated from long-term contacts, primarily those related to customized network solutions and network build-outs, Lucent generally uses the percentage of completion method of accounting. After the incident that SEC forced Lucent to restate the its financial results leading its stock price to decline 8. 5% in 2000, Lucent now records the sales revenue when the customers buy the Timing of revenue recognition is a crucial part in revenue recognition. According to US GAAP, revenue should be recognized when it is realized/realizable and earned (FASB, 1984, Para. 83).However, a n umber of software firms recognized revenue prior to product delivery or service performance in the past, which potentially violated one or both of the conditions of the revenue recognition principle. In response, AICPA released Statement of Position (SOP) 91-1 in Dec. 1991, which stipulated that if collectability is probable, license revenue should be recognized upon delivery and service revenue should be recognized ratably over the service arrangement. The research question for this article is: How revenue recognition timing affects attributes of reported revenue?This question is interesting because: 1) revenue recognition timing is important in financial reporting and standard setters have devoted much attention, 2) very limited empirical research examining revenue recognition timing has been conducted, 3) software revenue recognition is unique as transfer of rights is achieved by license rather than on-the-spot sale of products. The main hypotheses for this article and their intu itions are: 1) Early revenue recognition increases the timeliness of reported revenue.Its intuition is: early revenue recognition better influences decisions by providing more timely information. 2) However, it will lead to greater uncertainty in reported revenue. Its intuition is: changes may not be foreseen at the time of contract signing. 3) Time-series predictability of revenue is lower under early revenue recognition. Its intuition is: early revenue recognition results in higher estimation error and therefore reduces the time-series predictability.

Quotes from Arthur Rimbauds Surrealist Writing

Jean Nicolas Arthur Rimbaud (1854 -1891) was a French writer and poet, best known for his surrealist writings, including Le Bateau Ivre (), Soleil et Chair (Sun and Flesh) and Saison dEnfer (Season in Hell). He published his first poem at the age of 16, but stopped writing altogether by the age of 21. Rimbauds writings contain references to the bohemian lifestyle he led when he lived in Paris, including his scandalous affair with the married poet Paul Verlaine. After several years of on-again, off-again, their relationship ended with Verlaine in jail for shooting Rimbaud in the wrist. It seems Rimbaud earned the nickname lenfant terrible which was bestowed on him by Paris society. Despite the turmoil and drama of his personal life, Rimbaud continued to write insightful, visionary poems that belied his young age during his time in Paris. After he abruptly ended his career as a poet, for reasons which are still unclear, Rimbaud traveled the world, traveling to England,  Germany and Italy, then enlisted in and deserted the Dutch army. His travels took him to Vienna, then to Egypt and Cyprus, Ethiopia and Yemen, becoming one of the first Europeans to visit that country. Verlaine edited and published Rimbauds Poesies completes after Rimbauds death from cancer. Although he only wrote for a brief period, Rimbaud has been a significant influence on French modern literature and art, as he strove through his writing to create an entirely new kind of creative language. Here are a few quotes from the translated work of Arthur Rimbaud: And again: No more gods! No more gods! Man is King, Man is God! - But the great Faith is Love! —Soleil et Chair (1870) But, truly, I have wept too much! The Dawns are heartbreaking. Every moon is atrocious and every sun bitter. —Le Bateau Ivre (1871) I am the slave of my baptism. Parents, you have caused my misfortune, and you have caused your own. —Saison dEnfer, Nuit de lEnfer (1874) Idle youth, enslaved to everything; by being too sensitive I have wasted my life. —Song of the Highest Tower (1872) Life is the farce which everyone has to perform. — Saison en Enfer, Mauvais Sang One evening I sat Beauty on my knees - And I found her bitter - And I reviled her. —Saison en Enfer, prologue. Only divine love bestows the keys of knowledge. — Une Saison en Enfer, Mauvais Sang The Sun, the hearth of affection and life, pours burning love on the delighted earth. —Soleil et Chair What a life! True life is elsewhere. We are not in the world. — Une Saison en Enfer: Nuit de L’Enfer

Importance Of A Good Transport System - 1503 Words

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The Characteristics Of Humans Are Not Solely Based On...

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As a child gets older, they begin to express different physical characteristics as predestined by their genes. An example of this would be when a fetus is developing in the womb; they go through a specific set of changes as predicated by their genetic makeup. There are few outside influences (with the exception of unfit prenatal care on the mother’s part) that can change or

Joseph Stalin Essay Free Essays

Stalin: Evaluation of His Leadership At the time, Stalin seemed like he was the greatest person on Earth. He made himself seem as if he was above everybody, both physically and mentally. After all of the revolts that were occurring in Russia, he just took over. We will write a custom essay sample on Joseph Stalin Essay or any similar topic only for you Order Now He went into power right after Lenin had died and took his place, over Trotsky who also wanted to rule over Russia. Well he didn’t and we can’t change that. All we can do is remember Stalin and remember all of the things he did to make people support him and his cause to industrialize Russia. Let’s talk a little but about how Russia was before Stalin came into power and changed up the whole game for Russia. As soon as the Czar of Russia (Nicholas II) was kicked off his throne, Russia’s peasant population came strong and in numbers. These peasants all set up something that was called the Provisional Government. The Provisional Government was formed in Petrograd, and was led first by Prince Georgy L’vov and then by socialist Alexander Kerensky, a prominent member of the Duma and a leader of the movement to unseat the Tsar. This government had really good intentions but they just couldn’t make it happen. And the fact that they made some not so smart choices doesn’t help too much either. The people of Russia wanted this government gone which launched the November Revolution led by Vladimir Lenin and the Bolsheviks. What they wanted to do was to gain freedom, land and political strength. And so they did; they overthrew the fragmented government and finally had accomplished what they set out to do. But just like the Provisional Government, the Bolshevik government was sure to fail too. This is where Stalin comes in; this is where he takes over. Joseph Stalin took over right after Lenin had died and in December 1924, Stalin declared himself the new Leader of the USSR and became the Dictator of Russia. Now at first, Stalin didn’t seem like such a bad guy. He actually seemed like someone who was going to bring Russia to their prime. Just look at Document One. He’s explaining to his people how far behind they really are compared to the rest of the world and that if they don’t do something soon, they’re done. All he wanted to do was fix Russia, to bring them out of their â€Å"hundred year lag† and to make them more powerful. That was the goal of his 5 Year Plan. Stalin had extremely high expectations for Russia now that he was in power, and he would do anything to achieve them. If you look at Document Two, you can see how high he set his expectations. And then again, if you look at Document Three, you could see the amount of success he had with both of his Five Year Plans. Production in some areas were increasing at a very rapid pace. He wanted to more than double the production that Russia was putting out. You can see how much better he wanted to make his country, but he would do anything for it. Joseph Stalin was a very determined man and he would do anything to get what he wanted. This is where his use of propaganda came in. What is propaganda? You can think of it as information that is spread for the purpose of promoting some cause. If you look at Document Ten, you can see how he was portrayed by many different artists. Well, the artists really didn’t have a choice but to portray him in a positive way. This is where you can finally see the â€Å"evil† side of Joseph Stalin. He used force to get what he wanted and many people didn’t see it. Eventually, his Five Year Plans backfired and really sent the peasants into an even deeper level of poverty. Not only did he send some of the peasants into even more poverty that they were already in, he even killed some of them or put them in work camps and starved them to death. (Document Seven). He wasn’t going to let anybody stand in his way and if they tried, he would kill them off just like that. So as you can see, once Stalin came into power, he really didn’t want to lose his command over the Russian country. He did anything he had do to keep power and although all his intentions seemed good, he was really a dictator who made things a lot worse for the lower class of Russia. It’s too bad that many people couldn’t do anything about it because he would kill off anybody that revolted against him. So although he was one of the most terrorizing rulers of Russia, nobody ever really knew because of all the things he did to hide his truly evil side. To the people, he remained pure and an amazing leader; but we all know about things he did to make himself seem that way. Sure, his intentions were good (industrialize Russia and catch up to the rest of the world), but all we can do is remember all of the methods he used to make people support him and his cause. How to cite Joseph Stalin Essay, Essays

Business Process Improvement Free Samples †MyAssignmenthelp.com

Question: Discuss about the Business Process Improvement Solutions. Answer: BPI recommendation An improvement is a tool used to implement solutions to a problem in an organization. This process involves identifying and selecting best solutions. Possible solutions aim at eliminating and reducing root causes, prevent recurring of problems and reduce differences in the problem. The process involves: Identifying solutions through data collection from customers. Selecting and prioritizing better solutions. This will enable achieve the goals of the organization Develop pilot studies to customers so that an error is ascertained early. Carry out a review of customer information and feedback for improvement. Provide recommendations and implementation (Ittelson, 2009, p. 123). The Supplies Limited should aim at delivering orders on time, making changes to customer information and reducing defects while delivering, customers expect the company to: Offer better customer service and delivery Provide real-time distribution of ordered items. Satisfy the clients needs in terms of products and services provided. Understand and prioritize customer needs. Reduce damages during delivery. In the process of satisfying these needs, the Supplies limited need to change in their process systems. They lack an efficient and quick process to enter data, change or analyze customer details in their systems. The main problem is that their systems are slow and much time is taken to retrieve customer information and customer orders from the system to enable get sufficient information. The Supplies Limited need to believe that from the experience they have with the current process they need to improve their processes as well as use new technologies. This will improve their performance in future (George, et al., 2005, p. 23). The organization should do the following to ensure that they improve service delivery: They should have BPI software. This will help reduce problems and save cost. This software will increase the speed of service and minimize possible errors. A good business process will help. All supplies limited need is to reduce costs of operation. When information is well organized and easily visualized it reduces chances of duplication and actions can be easily spotted possible corrections made (Montgomery, et al., 2007, p. 245). Improve BPI communication in the organization. An effective communication will reduce the number of emails shared between individuals. With a good and similar communication tool, information will reach out to all individuals easily and within a short period (Martin, 2014, p. 24). The organization should monitor the process frequently. They should maintain and update the systems frequently to reduce chances of errors. It is more cautious if the companies follow and check the process issues and make improvements where necessary. Account register is used to store customer information and therefore all you need supplies should ensure they have a secured and protected system. This will enable customers to come back for a service without encountering problems. Customer satisfaction is very important in any organization. Customers require the company to offer services on time and therefore it is the duty of the firm to ensure these needs are met. They have to attain this by listening to the customers. VOC is a method that enables managers to collect and analyze information about the needs of the customer. Customers needs differ and they expect different satisfaction from the organization. A good VOC will enable a company to understand the weaknesses of the process and find a possible solution to mitigate such issues. Through the VOC analysis alongside customer segmentation, it will be easy to minimize the complexity providing service to customers (Yang, 2005, p. 213). The business should have a good value stream mapping. This will enable them to monitor and control the flow of activities that are needed to deliver important services to customers. Important information is mapped on the system. The main purpose of VSM is identifying activities that have or do not have value to the customers but are required and those that are not important and need to be eliminated from the system. This is used to create AS-IS situation of the flow of information within the process. The company should visualize and identify opportunities for improvement and therefore VSM is used to improve future state of the process This company should have a better estimate of defects, errors, time and rework for them to develop a proper value stream mapping (Montgomery, 2010, p. 156). The Supplies limited need to validate its opportunities. They should identify the strength and opportunities that need improvement and have some value to the satisfaction of customers. This will enable them to increase the performance of supply chain of retail and industrial products. This is used to reduce product damages and improve delivery time of orders made. The organization should document a process map by use of SIPOC models. This will be used to verify scope and boundaries of information. This model provides a wider perspective of what is monitored and helps managers to define scope and boundaries of customer information. They confirm information of orders made and therefore a quick action is provided (Nave, 2002, p. 243). The Supplies limited should also have a better spaghetti diagram that is a visual diagram representing the path of activity or item in the process. They show the flow of customer information, people, and materials. They will help managers to identify queues and delays in the process and decide on better ideas for improvement. They are also able to identify areas that are congested and paths that have an overlap in order to brainstorm ways of improving workflow (Astin, 2012, p. 267). The Company should use brainstorming to make a clarification, generate ideas and review the real issues for reducing time defective when delivering orders. Managers will be able to generate ideas from the project team. Generating many ideas from different members will help decide a better idea to correct the problem. In brainstorming, individuals are granted an allowance of time to discuss and present their ideas. Managers can gather information then comment on them later. It is effective since it will give clear and consolidated ideas which represent the VOC. Summary table of BPI recommendation Issue Best practice Application Advantage Disadvantage Improving time BPI software Used in Supply chain to increase speed of delivery Reduce cost of defects Reduce time of delivery Expensive to install Order time improvement BPI communication Used by customers and organization to make and deliver orders Reduce delays Language barrier Security of customer information Account register Protect and store customer information Protect and allow changes of customer information Easily manipulated by unauthorized people if not protected Time management VOC Provides problem feedback for improvement Allows improvement Difficult to understand customers Control of system VSM Used to monitor and control flow of activities Easy to identify issues Difficult follow flow of activities Flow of information and action SIPOC model Used to define boundaries and scope of information shared Define required information only Difficult to install References Adlaf, E., Demers, A. Gliksman, L., 2005. Canadian campus survey, Canada: Eds. Astin, J., 2012. Stress-reduction through mindfulness meditation. Psychotherapy and Psychosomatics. 1 ed. Toronto: Adventure Works Press. Baer, R., 2003. Mindfulness training as a clinical intervention: a conceptual and empirical review.. Clinical Psychology and Scientific Practice,. Bishop, S., 2002. What do we really know about mindfulness-based stress reduction? Psychosomatic Medicine,. 2 ed. New York: Wiley. Boey, K., 2002. Development of the college stress scale. Journal of Applied Psychology. 1 ed. London: Palgrave. Field, A., 2009. Discovering Statistics using SPSS. London: SAGE publications.. London: SAGE. George, M., Rowlands, D., Price, M. Maxey, , 2005. The Lean Six Sigma Pocket Toolbox, McGraw-Hill, New York, NY.. New York: McGraw-Hill. Hahn, T., 2010. The miracle of mindfulness: An introduction to the practice of Induction. London: Sage. Ittelson, T., 2009. Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports, Second Edition. New Jersey: Career Press Inc.. Kabat, Z. J., 1990. Full catastrophe living: using the wisdom of your body and mind to face stress, pain and illness.. New York: Dell Publishing. Lazarus, R. S. Folkman, S., 1984. Stress, appraisal and coping. New York: Springer. Marcus, M., 2001. Mindfulness based meditation in a therapeutic community. Journal of Substance Use,, 15(26). Martin, J., 2014. Lean Six Sigma for Supply Chain Management: The 10-Step Solution Process, Second Edition. New York: McGraw Hill. Montgomery, D., 2010. Design and Analysis of Experiments. New Jersey: Wiley. Montgomery, D., Runger, G. Hubele, N., 2007. Engineering Statistics. New Jersey: Wiley. Nave, D., 2002. How to compare Six Sigma, Lean and Theory of Constraint, Quality Progress. NY: s.n. Palmer, A. Rodger, n.d. Mindfulness, stress and coping among university students.. Canadian Journal of Counselling. Shapirio, S., Carlson, L. Astin, J., 2006. Mechanisms of mindfulness.. Journal of Clinical Psychology,. T.N, H., 2015. The miracle of mindfulness: An introduction to the practice of meditation.. s.l.:s.n. Windle, M. Windle, R., 1996. problems and with academic functionig Coping strategies, drinking motives and stressful life events among middle adolescents: associations with emotional and behavioural problems and with academic functioning. Journal of Abnormal Psychology. Yang, K., 2005. Design for Six Sigma. New York: McGraw-Hill.