Archive for November, 2010

Do you have integrity?

November 29, 2010

You ask, what is Integrity?  According to www.dictionary.com, Integrity is: 

  1. adherence to moral and ethical principles; soundness of moral character; honesty.
  2. the state of being whole, entire, or undiminished.
  3. a sound, unimpaired, or perfect condition.

Integrity means to keep doing what you know is the right thing to do regardless of the consequences, doing what is right when no one is looking, going the extra mile or beyond the call of duty, ultimately knowing that God sees everything even if you think nobody else see’s or cares.  It can be difficult to find people of integrity, because so many people make mediocre compromises, don’t do the right thing even when they know to do so, don’t strive for excellence in all they do, will not be honest at all costs, lack of doing what they would want or think someone should do to/with them if the rolls were reversed.  They consider the consequences and let that make their decision.  At work, such people take every shortcut possible in order to finish the task as quickly as possible, make them look good in spite of the shortcuts they took in the process, or be dishonest hoping to achieve greater results. Whatever you do now, even if it is hidden from others, will be brought out into the open and made public.  God is faithful and His word is true, He is not mocked.

If you are wondering what integrity would be in a given situation in what you do or what you say, consider whether or not you’d be willing to do it in front of your boss, your teacher, your parents, or your pastor. If you have to hide what you’re doing to feel comfortable with it or wouldn’t want them to know what you really said, then that is a good sign it isn’t being said or done with integrity. 

May I encourage you today to have integrity!

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Quotes

November 25, 2010

“Happiness does not come from doing easy work but from the afterglow of satisfaction that comes after the achievement of a difficult task that demanded our best.”  -Theodore Isacc Rubin

What is Cash Flow? – Part 2

November 22, 2010

Analyzing Your Cash Flow

The sooner you learn how to manage your cash flow, the better your chances for survival. Furthermore, you will be able to protect your company’s short-term reputation as well as position it for long-term success.

The first step toward taking control of your company’s cash flow is to set up a business budget and compare what you feel are reasonable expenses to what you have actually spent.  Set goals for how you are going to control this.  The second step is to analyze the components that affect the timing of your cash inflows and outflows. A thorough analysis of these components will reveal problem areas that lead to cash flow gaps in your business. Narrowing, or even closing these gaps, is the key to cash flow management.

Some of the more important components to examine are:

  • Accounts receivable: Accounts receivable represent sales that have not yet been collected in the form of cash. An accounts receivable is created when you sell something to a customer in return for his or her promise to pay at a later date. The longer it takes for your customers to pay on their accounts, the more negative the effect on your cash flow.
  • Credit terms: Credit terms are the time limits you set for your customers’ promise to pay for their purchases. Credit terms affect the timing of your cash inflows. A simple way to improve cash flow is to get customers to pay their bills more quickly.
  • Credit policy: A credit policy is the blueprint you use when deciding to extend credit to a customer. The correct credit policy – neither too strict nor too generous – is crucial for a healthy cash flow.
  • Inventory: Inventory describes the extra merchandise or supplies your business keeps on hand to meet the demands of customers. An excessive amount of inventory hurts your cash flow by using up money that could be used for other cash outflows. Too many business owners buy inventory based on hopes and dreams instead of what they can realistically sell. Keep your inventory as low as possible.
  • Accounts payable and cash flow: Accounts payable are amounts you owe to your suppliers that are payable some time in the near future (near = 30 to 90 days). Without payables and trade credit, you’d have to pay for all goods and services at the time you purchase them. For optimum cash flow management, examine your payables schedule.

Some cash flow gaps are created intentionally. For example, a business may purchase extra inventory to take advantage of quantity discounts, accelerate cash outflows to take advantage of significant trade discounts, or spend extra cash to expand its line of business.

Monitoring and managing your cash flow is important for the vitality of your business. The first signs of financial woe appear in your cash flow statement, giving you time to recognize a forthcoming problem and plan a strategy to deal with it. Furthermore, with periodic cash flow analysis, you can head off those unpleasant financial glitches by recognizing which aspects of your business have the potential to cause cash flow gaps.

Remember without a business budget in place, it is hard to manage expenses and plan your cash flow structure of your business.

Quotes

November 18, 2010

“Every young man would do well to remember that all successful business stands on the foundation of morality.”  -Henry Ward Beecher

What is Cash Flow? – Part 1

November 15, 2010

Cash Flow is the Pulse of Your Business

Do you know the pulse of  your business? The realistic fact is that many small business owners do not fully understand their cash flow statement. This is shocking, given that all businesses essentially run on cash, and cash flow is the lifeblood of your business.

Some business experts even say that a healthy cash flow is more important than your business’s ability to deliver its goods and services! That’s hard to swallow, but consider this: if you fail to satisfy a customer and lose that customer’s business, you can always work harder to please the next customer. But if you fail to have enough cash to pay your suppliers, creditors, or employees, you’re out of business!

What Is Cash Flow?

Cash flow, simply defined, is the movement of money in and out of your business; these movements are called inflow and outflow. Inflows for your business primarily come from the sale of goods or services to your clients or customers. The inflow only occurs when you make a cash sale or collect on receivables, however. Other examples of cash inflows are borrowed funds, income derived from sales of assets, and investment income from interest.

Outflows for your business are generally the result of paying expenses. Examples of cash outflows include employee wages, purchasing inventory or supplies, purchasing fixed assets, operating costs, paying back loans, and paying taxes.

Cash Flow Versus Profit

Profit and cash flow are two entirely different concepts, each with entirely different results. The concept of profit is somewhat broad and only looks at income and expenses over a certain period, say a quarter or fiscal year. Profit is a useful figure for calculating your taxes and reporting to the IRS and for an assessment in the bottom line of your business.  Cash flow, on the other hand, is a more dynamic tool focusing on the day-to-day operations of a business. It is concerned with the movement of money in and out of a business. But more important, it is concerned with the times at which the movement of the money takes place so that you are able to manage all this effectively and efficiently.

Quotes

November 11, 2010

“Effort only fully releases its reward after a person refuses to quit.”   -Napoleon Hill

Quotes

November 9, 2010

“If you don’t drive your business, you will be driven out of business.”  -B C Forbes

Process of converting NDC Numbers

November 8, 2010

NDC Format Conversion

National Drug Codes (abbreviated as NDC#s) are provided in an 10 or 11-digit numeric format, usually seen in a various formats from 4-4-2, 5-3-2, or 5-4-1.  An example would be: 99999-9999-99. Providers must convert the 10-digit NDCs to 11 digits for all electronic claim submissions.  Below is the conversion chart. 
 
 
Use the following methodology to convert 10-digit NDCs to 11-digit NDCs:
If 10-digit NDC format is:  Then add a zero (0) in: Report NDC as:       

4-4-2 9999-9999-99                   1st position 09999-9999-99                   09999999999                      

5-3-2 99999-999-99                 6th position  99999-0999-99 99999099999                      

5-4-1 99999-9999-9                   10th position  99999-9999-09                   99999999909            

Quotes

November 8, 2010

“The worst anyone can say is no.”  – Pete Ferrazzi

Webinar: Networking Secrets for Thriving in Totally Screwed-Up Times

November 7, 2010

This webinar was presented by Keith Ferrazzi on Thursday, November 4th, 2010.  I listened to it and then re-listened to the call and took notes.  These are my takeaway’s from the session.

The worst anyone can do is say no.  -Pete Ferrazzi

Relationship as the Number 1 key to your success.  Where is your people plan? 

1. Focus:  Set specific goals.  Have clarity around your goals:  what you need to know and what to do.

2. Target:  Who are the individuals who can help you achieve these goals? Organize, prioritize, and manage this.

3. Define:  What you can do for other people and te most important relationships.

4. Alignment:  Invite people around you that care, have respect, your permission to influence. Build a few key people out there to help you kick butt and have your back.  Align your brand.

5. Outreach:  Clear strategy for pinging and outreach. You need: intimacy, candor, accountability, and generosity.

6. Renew:  Constantly growing and being better, expand.

You can’t think your way into a different way of ACTING.  You can act your way into a new way of THINKING.

It takes small doses of change.  Start with your mindset, the basic ways you think about ways to your success.  Develope your skill set: networking, preparing, meeting, expanding.  Tell Your Story:  pre-judge (it starts by how you judge yourself and others), passions, dreams, struggles, and habits.  What do you do that holds you back?  Ask for HELP!!!

Shinning Eyes

November 5, 2010

The conductor of an orchestra doesn’t make a sound.  He depends on his power to make other people powerful.  Awaken possibility in other people.  Look at their eyes, if their eyes are shinning you are communicating.  If not, ask:  Who am I being that my players eyes are not shinning?  It is not about wealth and power…but about how many shinning eyes are around me.  Watch this clip by Benjamin Zander.

Quotes

November 4, 2010

“Effective leadership is putting first things first. Effective management is discipline, carrying it out.”   -Stephen Covey

Speech: What is Success?

November 3, 2010

Success = the favorable or prosperous outcome of something attempted or endeavored

If success was just about information – everyone would be successful.  Information is just stuff until you take it and apply it in action.  If you believe success happens without challenge, you are naïve.  Your biggest challenge is your greatest opportunity.  You have to take action to make the opportunity happen.   How you cope with the challenges differentiates the average person from the excellent.  Do you want to be average or do you want to be excellent?

Average = typical, common, ordinary, normal

Excellent = possessing outstanding quality, remarkably good, extraordinary, superior

“That you may approve things that are excellent; that you may be sincere and without offense till the day of Christ.”  Philippians 1:10

Don’t wish it was easier, wish you were better.  Make it your purpose and take the time to prepare.  Get educated in the areas where you need to know more.  You must learn to do better…to get better, you must work at it.

You need to have a picture of what success looks like to you.  “Without a vision, you will parish.” Proverbs 29:18.  The problem is you & you are the solution.  Take charge and fix it.  Be intentional and aim at your goals with focus.  Any person working towards a goal is a success…because he knows what he is doing and why.  If you don’t know what you are working towards, you are unsuccessful. 95% of people are not successful because they do not have goals.  Success is a result of small incremental steps.

You need to ingrain in your spirit and brain who you are.  You become what you think about most of the time.  Believe in yourself because God believes in you!

In the book: “You’ll See It When You Believe It” by Wayne Dyer, he said that if you get up in the morning expecting to have a bad day, you’ll rarely disappoint yourself. He said, “Stop complaining! Differentiate yourself from your competition. Don’t be a duck. Be an eagle. Ducks quack and complain. Eagles soar above the crowd.”

Persevere not just 100x’s, but over, and over, and over and over.  Never give up!

REVIEW steps to success:

  1. Get information and apply it.
  2. Remember your biggest challenge is your greatest opportunity.
  3. Strive for excellence.
  4. Purpose to be different.
  5. Have a vision.  Remain focused.
  6. Believe in yourself.
  7. Soar like an eagle.
  8. Never give up.

[Speech given by Misty Gilbert @Cowtown Netweavers MeetUp 11.03.2010.  Watch video of Success Speech taped by Charla Arnold – THANKS Charla, I had no clue you were going to do this for me!]

What are NDC Numbers?

November 1, 2010

The National Drug Code (NDC) is a unique product identifier used in the United States for drugs intended for human use. The Drug Listing Act of 1972 requires registered drug establishments to provide the Food and Drug Administration (FDA) with a current list of all drugs manufactured, prepared, propagated, compounded, or processed by it for commercial distribution. Drug products are identified and reported using the NDC.

The National Drug Code is a unique 10-digit, 3-segment numeric identifier assigned to each medication listed under Section 510 of the U.S. Federal Food, Drug, and Cosmetic Act. The segments identifies the labeler or vendor, product (within the scope of the labeler), and trade package (of this product).

  • The first segment, the labeler code, is 4 or 5 digits long and assigned by the Food and Drug Administration (FDA) upon submission of a Labeler Code Request. A labeler is any firm that manufactures, repacks or distributes a drug product.
  • The second segment, the product segment, is 3 or 4 digits long and identifies a specific strength, dosage form, and formulation for a particular firm.
  • The third segment, the package segment, is 1 or 2 digits long and identifies package forms and sizes. In very exceptional cases, product and package segments have contained characters other than digits.

While the labeler code is assigned by the FDA, both the product and package segments are assigned by the labeler. While in the past labelers may have had the opportunity to re-assign old no longer used product codes to new products, according to the new FDA validation procedures, once an NDC code is assigned to one product (defined by key properties including active ingredients, strength, and dosage form) it cannot be later re-assigned to a different product.  NDC codes exist in one of the following groupings of digits into segments: 4-4-2, 5-3-2, or 5-4-1, but all NDC codes have 10 digits.  This is the format in which the NDC must be submitted by labelers since mandatory electronic listing was established in June of 2009.