3 Tools to Avoid GSM (Obsolete) Inventory

Rick Pay

Obsolete inventory is one of the largest components of inventory cost and often is larger and more costly than executives are willing to admit. Many suggest optimistically (and often sheepishly) that there is no such thing as obsolete inventory because it will sell someday. I have developed a new three-letter acronym for this to go along with JIT, RAW, WIP and FGI. It is “GSM” for “Glacially Slow Moving”! Studies related to inventory cost and inventory reduction prove that obsolete inventory does in fact exist, along with the warehouses, containers and trailers to hold it. Warehouse personnel will express how frustrated they are because the inventory takes up prime bin locations and gets counted, recounted and moved many times during its life. Most companies are busy searching for ways to return, sell, give or throw away obsolete inventory, but the important question isn’t how to get rid of it, but how to avoid it in the first place.

Why Failure Is Not About Losing

Steve Rosvold

The word “failure” has a stigma attached to it I believe should be challenged.

Failure is a noun defined by the Merriam-Webster dictionary as:

omission of occurrence or performance
lack of success
a falling short
one that has failed

Accounting and Finance for Non Accounting and Finance Managers

CFO.University and Steve Rosvold

Share this transcript and the video that goes with it with your non accounting/finance staff to help grow their financial acumen. This will have the impact of turbocharging your team’s engine without adding any cost.

Hi, it’s Steve from CFO.University. Welcome to our brief course ‘Accounting and Finance for non Accounting and Finance Professionals’. Our goal today is to teach you some key points about these professions. With finance being the universal language of business, we believe this is a great professional growth opportunity for you. Enjoy the learning filled journey you are about to embark on.

The Perfect Pair – Bankers and Cash

Rick Pay

A good banker has your best interests at heart and can be a key advisor to your business. Not only do commercial lenders provide lines of credit and short term cash flow, but they can also offer import/export cash management and protection assistance, cash for expansion and growth, and advice and counsel about a number of issues related to your business. Of course bankers can’t tell you how to run your business and they walk a fine line to keep the regulators happy, but most mid-market bankers I know are excited to help their clients in any way they can.