Find Hidden Money For Your Business Through Revenue Recovery

If you’re searching for ways to increase your bottom line, starting a new venture or going after a new business opportunity might not be the answer. Your small business could have hidden money through overcharges that you’re not aware of – and revenue recovery may be the answer.

Did you know that businesses lose approximately $250 billion per year through inefficient billing systems and practices? More than 80% of all businesses are overcharged annually without their knowledge! Your home business or small business could very well be within this percentage.

Don’t become a victim of poor business management. Good business economics comes from smart management. Knowing about overcharges and how to prevent them will greatly improve your business finance management today and for the future.

What are Overcharges?

Overcharges are additional charges that you may have paid unawares on certain types of bills. These “additional” charges are often accounting or typing mistakes, hidden fees that you were not informed about, or even fees tacked onto bills by a dishonest company. There are many types of overcharges. Here are just a few that are common with businesses.

Workers Comp Overcharges

If you have workers compensation issues at your workplace, then you may also have mistakes that are costing you money each year. These mistakes are often discovered in payrolls, experience modifications, classifications, or NCCI rules applications. There may also be insurance company overcharges. These “mistakes” can cost your company thousands of dollars per year if not caught in time.

Telecom Overcharges

Some studies show that almost 80% of telephone bills contain errors that cost American businesses millions of dollars per year. Telecom overcharges have become a major problem because of the variety of telecom services offered today. Many corporate businesses and franchises must keep up with long distance calling and toll-free calls, cell phones, answering services, telemarketers, and customer service calls. It’s no wonder telecom overcharges are so common.

Telephone bills have become so complicated to read that many ignore the details and just write a check for the bill! What’s the result? Businesses lose hard-earned money.

Income Tax Overcharges

Businesses can also lose money through income tax overpayments. This can occur whether it’s an individual who owns a small home-based business or a small business owner with 5 to 100 employees. The IRS rules change almost every year, so keeping up with income taxes can be a difficult task – even for a financial consultant or accountant!

Tax overcharges can and do occur every year for individuals and business owners. What many don’t realize is that these overcharges can turn into hefty refunds if submitted to the IRS as amended tax returns. Your business could have tax overcharges waiting to be claimed!

Rent, Leases and Utilities

Other areas where overcharges can occur are with business offices or building rent, leases, or utilities. In cases where the landlord includes utilities with your rent or lease agreement, he may be getting a discount on utilities, but charging you, the tenant, full price. Therefore, you might possibly negotiate a better rate if this is found to be true. This could result in tremendous savings every month for your business.

Revenue Recovery Solutions

There are many ways to investigate and recover lost revenue; however, it can be very time-consuming to audit all of your business information and bills each month. Luckily, there are many companies such as AmCorp Management that specialize in revenue recovery. They keep up with business news and investigate your bills for you to find overcharges and recover them for you. They provide business services that save you time so you can test new business ideas and possibly increase your bottom line each year through revenue recovery.

The Conceptualization Of Innovation: Differentiating One Term From The Other

The word innovation may pertain to both incremental and radical changes to processes, products, or services. Solving a problem is often its unspoken goal. It also became an important topic in the different fields of study. It is discussed in business, economics, sociology, engineering, and technology. Innovation is also a major key in economy. The factors which are leading to innovation are considered crucial by most policy makers.

In business, government policy, and economics, they considered “something new” as things that are substantially different rather than insignificant change. Take for instance, a change in economics means increase in product value, producer value, or customer value. Innovations are created to improve something that already exists. Later on, its succession can lead to a lot of innovations that can help in the economic growth.

In the context of an organization, innovation is associated to the growth and performance on improving efficiency, quality, productivity, market share, competitive positioning, and others. It includes innovations in organizations such as universities, local governments, and hospitals.

Although innovation usually adds value, it can also have destructive or negative effects. Thus it changes or clears away old practices and old forms of an organization. If certain organization is not subjected to effective innovation then it might be destroyed by the new process.

Innovation is conceptualized in different contexts variety. It can be done to the things associated with commerce, technology, economic development, policy construction and social systems. The conceptualization approaches in innovation are incorporated in a wider range. Innovation is defined by scholars as an introduction of something useful and new. Like for example introducing new techniques, methods, practices, or altered or new services and products.

The conceptualization also helps in determining if the usage of the word is appropriate or not. Some people might confuse the word innovation with invention which is also defined as creation of new equipments or tools. Well, take note that enhancements of many services and products are appropriately called as improvements.

Creativity and change are also used as substitutes for innovation. It does not necessarily lose the meaning of the word. It is because most business literature today associated the innovation concepts with value extraction, operational execution, and value creation. In this case, it cannot be called an innovation until it was successfully implemented and makes profit or money on the idea. Even if these notions are closely linked to innovations, still it is not easy to extract important innovation concepts.

Creativity is involved in the process of innovation however the word is not identical. Creative ideas are only used to make tangible and specific differences in the areas wherein innovations occur. The idea should be translated into actions which make genuine differences. Examples are altered processes in businesses or changes in services and products.

There is another emerging approach which considered innovations as “actions being done”. It can be called as innovation when an individual uses a particular invention or existing tools that are used in a new way to change anything related to organizing people, works, and way of life. The invention mentioned here is being viewed as concepts, other things which facilitate the action, or physical devices. In this approach, it does not matter whether the act of innovation succeeds or not.

The Evidence Based Approach To Business Coaching

In order to coach successfully, you need to employ tried and tested coaching methods and tools. You can achieve the desired results and performance in the workplace with established coaching techniques. Coaching techniques help to achieve organizational behavior changes, which in turn can prove to be beneficial for the employees and employers. Organizational behavior comprises of professional abilities and personal behavior, influenced by several aspects of human nature like beliefs, traditions, values, attitude and thoughts. Hence, to implement efficient and effective executive coaching, professional coaching methodology, complemented with scientific practices is the perfect solution.

An evidence-based approach not only provides a solid platform, but also serves as a guideline for business coaches to perform satisfactorily. Hence, many coaches and coaching services use proven evidence based coaching techniques and tools. Applying the time tested coaching practices help in building a relationship of trust and sincerity with the client. Scientifically proven coaching methods not only give an insight as to how the techniques work, but also provide a precise comprehensive picture. They help to maintain transparency and confidence within the coaching institution.

Quite contrary to the common belief, coaching does not deal with psychotherapy, instead it comprises of the several aspects of professional disciplines. Coaches need to employ different scientifically proven models and techniques to achieve the desired results. The use of the GROW model is very common in organizational coaching. Adopting the outdated and unproven coaching models and techniques is a waste of time, since they do not yield successful results. A coaching model that correctly measures the changes in growth is the apt choice for successful organizational coaching.

To be able to achieve your goal as a coach, you need to carefully choose coaching models and implement only those coaching techniques that are capable of enhancing performances and will yield the desired results. In order to be successful as a business coach, you have to be aware of how to adapt the coaching models and techniques, to assist your coachees to develop positive behavior changes like self-awareness, understanding and development of business skills. Hence, business firms should always hire skilled and trained coaches. The hiring of unqualified coaches can prove to be a disastrous decision for the company in the long run. Ill-trained coaches not only aggravate the problems already existent, but also prove to be a financial drain on the client resources. Coaching is not a mechanical process. You need to have thorough knowledge of the coaching tools and scientific techniques that will help you to assist people in overcoming their drawbacks.

As a coach you need to apply the various disciplines of psychology, business, economics and politics, so that you can determine factors like motivation and personal values. However, this does not mean that a coach needs to be a psychiatrist. You simply need to have a substantial understanding of the psychological tools and the capability of being able to use them for the benefit of the workforce.

The best solution is to receive training from qualified and reputed coaches, on how to use the organizational behavior coaching models and psychological tools effectively and efficiently. If you want to excel as an executive coach, you should have the ability to interpret various aspects of personal and professional behavior and translate them effectively into an action plan so as to develop positive organizational behavioral changes.