Posted On: Feb 24,2021

Birth of a New Product or Company

"As you sow, so shall you reap" - As the saying goes; every product ever built, every company ever founded has a series of activities that go hand in hand. Let us know the steps for the origin and establishment of a new product and eventually its company. 1. Epiphany /Idea 2. Out-sketch 3. Plan 4. Resource Collection 5. Prototype Creation 6. Execution 1. Epiphany: An idea can come from anywhere and anytime, we just need to be observant enough. Sometimes necessity, sometimes wanting to make the existing better or sometimes passion creates an idea. Observation is the key. 2. Out-sketch: Once the idea is popped, one should sketch the needs to achieve it. It can be raw material, land, workers, capital, budgeting, etc. Jot it down. 3. Plan: Planning might take some of your time, but it does save a lot of time and efforts that one will need to take later if he/she does not plan. So is with the product. Before execution, plan each and every step to be taken to achieve the end result. 4. Resource Collection: Collection of resources is a vital step without which execution is impossible. Land, labor, capital and entrepreneur are the most important resources that all the businesses require. 5. Prototype Creation: A prototype of the product must first be made and tested before making the finished goods. This helps in tracking down the errors than can happen and the modifications that are needed to avoid the errors leading to saving huge loss of time, efforts and money that might be required if required quality is not achieved later. 6. Execution: This is the last step to realizing our dream product. It should be done keeping in mind all the past errors and modifications to obtain the best results. ------------------------------------------------------------------------------------------------------------------------ Hope you enjoyed reading & the article was a value addition for you. We will be back with another exciting business blog soon! How B2B Debt collection works? Debt collection is a very tedious process. Not as easy as it sounds. Not at all! If you are too lenient to debtors, you may incur great losses. On the other side, being too strict might hamper the relationship between you and your debtors. Thus, it’s best to outsource the debt-collection process to agencies like ours i.e. RIZ BUSINESS SOLUTIONS; so that we play your game and you sit back and focus on your business. Let us walk you through the steps involved. (1) Payment Demand: At first, the agency tries sending reminders and politely requests the debtor to clear their debts. If this doesn't go to success, they can initiate the legal collection process by sending a demand letter. The demand letter contains following contents: Name and business of both the creditor and the debtor Debt collection notice with details about due payments Information about the debt A timeline within which the debtor should clear their debt, and a notice that failure to do so shall be the beginning of a litigation process. (2) Litigation on debt recovery: If the above process doesn't go fruitful, the next step to tackle such debtors is to take law in hand; a minor step at first. Here the agency initiates an official debt recovery process by filing a small claims court case. Albeit, this is often enough to compel the debtor to pay. (3) Repeated Contacting and investigation: To some arrogant debtors who don't co-ordinate during the above process, this process will be applied. Here repeated calls, trying to get in direct touch with debtors to know the reason for delay and insisting on payment is done. Certain investigation tactics are also used to get to know about the debtor's whereabouts, income, hidden money, etc. It is done to facilitate negotiation with the debtor. It is an extremely cumbersome and complicated process with a lot of risks and law coming in picture. So it is best to handover such tasks to a well experienced and well trusted agency like us (RIZ BUSINESS SOLUTIONS) to rest assure that debt collection flow goes in a calm and secured manner. ------------------------------------------------------------------------------------------------------------------------------- We will catch up with other such fact filled blogs soon. Thank you. Cash Flows in World Trade When sales are high, the company's fame rises gradually. It is often that one goes to cloud nine enjoying the success. But what brings them down is either their negligence or lack of awareness in the aspects of cash flow, revenue inflow, inventory to manage more customers, increased transaction costs, more employees, increased compliance requirements, etc. Knowing these aspects, it becomes very crucial when dealing in the fields of business. You may eventually learn all these but time waits for none. At such times, it becomes inevitable to look out for comparatively easier and economical means to resolve this entire process of cash flow management. At that time, RIZ Business Solutions comes to your mind. Here at RIZ, we take up the entire responsibility of all the cash flow management along with other issues, sort them out legally and assure you the best service in the sense that we will be collecting the margin, only after you receive the profit from our work. Yes you heard it right! We will collect our fees only after you are in profit from our work of debt collection and other cash flow management tasks assigned. We are completely digitized too, in the sense that we work even during all sorts of lockdowns, letting you stay relaxed and focus on the development of your business firms. We are globally the most Successful Debt-Collection team with 90% success rate, the figure speaks larger than words to prove our efficiency. You can be rest assured handing over tasks to us and stay focused on growing your business. We are well renowned in B2B AND B2C transactions, legally stable and thereby working at our best for your benefits. A major task for growing businesses is handling an increasing number of invoices and managing accounts receivables. With our expertise and well equipped team, you shall happily hand over your burden to us and we shall promise you to successfully complete such tasks efficiently. Who could ask for more? For any such Debt Collection, Credit Consultancy, etc. get connected to RIZ Business Solutions. We will be happy to help you out with your business development.