Bill.com

Bill.com INTRODUCTIONMartin: Hi, today we are in the Bill.com office in Palo Alto with Rene. René, who are you and what do you do?René: Hi, well my names René Lacerte, Im the founder and CEO of Bill.com. Prior this I started a company called PayCycle, which did online payroll for small businesses. We grew that to about 100.000 businesses and sold that to Intuit. Im a fourth generation entrepreneur, learned from dad and granddad that cash is king, you got to stretch out the payables and pull the receivables. And the way I came up with Bill.com, which I havent told you yet what we do, is that I was trying to do exactly what dad and grand dad taught me when I was running PayCycle, and there were no tools to help me do it, so we help businesses automate their payables, automate their receivables, and ultimately we give them freedom, so they can actually focus on the real things that are important for their business. So, by automating the payables and receivables, and all the workflow around it , all the payments and all the transactions, syncing that with all the applications that they work with, it removes the tremendous burden from them and really helps them grow their business. So, we hear that all the time.Martin: What did your dad teach you?René: Dad taught me so many things. At the core of dad was, he just, he never gave up. My dad just, he was born with a disability, he had four fingers on his left hand and two on his right, and he, nobody teach him to play the piano, so he thought himself. And there are all sorts of examples like that were, he was a fabulous musician, he was playing trumpet when he was a kid, and he moved to piano. And one year, in 1977, Chuck Mangione came out with a song called Feels so good and he heard it on the radio, and he just went out, and he brought over it, he was playing it the next day, and the sound was just as good as Chuck. But, if you apply that personal stuff, thats the way he was at work. He just never gave up, like he was pers istent. If he was passionate about something, if he really believed in it, he was just persistent and just focused and he just delivered, he just really focused at. When you care about something it is worth fighting for. And you dont listen to the detractors, you just kind of focus on what you know youre capable of and you just do it. So, thats probably the most important lesson that Ive learned. Ive learned lots of tactile things about how important it is to manage your cash flow and how important it is to have, obviously, good benefits for your employees. But all that stuff, really, at the core, building a product and starting a company, you just got to persevere and actually focus and get it done.Martin: Great. Remembers me of the book Poor dad, rich dad. How did you come up of idea of Bill.com?René: With Bill.com, I was running the day-to-day at PayCycle, I had been a product manager at Intuit where it actually worked on consumer bill payment for Intuit, and I was finding that all the paperwork that was coming, we got a check run every Friday, I just couldnt manage it. It was, I was unhappy, I was angry, I was kind of frustrated that all this paper stuff came to my desk and yet, I didnt have all the answers I needed to make decisions. So, when youre making payment decision, this goes back to what dad and grand dad thought, which was to stretch out the payables, and to pull on receivables, you need information, you need context, you need a lot of content to actually make a decision. What does the contract say, when did I pay them last, what do my employees say, does my marketing head believe this is a good expense or not? Maybe I want to ask them why they did this, because I might want to learn whats going on in the business. All those questions require collaboration. And so, I just was kind of fixating on the fact that none of the tools that I had either built or looked at competitively add in to it, allowed me to actually do what I needed to do. It didnt allow me to collaborate with the people, which would be the employees, the customers, the vendors, the accountants. It didnt allow me to collaborate with the documents. Everything from a source document all the way up to the clear check image. It didnt allow me to collaborate with my accounting system or my banking system, so I can have secure disaster-proof, so to speak, backup office capabilities. I didnt have any of that functionality out there, so I started thinking about it, its like You know, this cloud thing is pretty collaborative. I bet you, I can kind of think about, how I can actually make the transaction go from payables to receivables and back, without having to do any data entry on either side. So thats kind of how I started thinking about it, and realize there was an opportunity to give people the right access at the right time with the right information using the cloud, which will allow for all that mundane paperwork that people have, will allow that to disappear.Ma rtin: And how did you make your first product version reality? Did you hire some kind of developers helping you for this, did you raise money upfront or finally after youve had the prototype, how did it work?René: I was fortunate that we had, because of the success of PayCycle, I was able to raise money fairly easily, from existing investors in PayCycle, they just wanted to put some money in. But, and I would recommend this, I did this at PayCycle, I did it at Bill.com, and Ill do that in the next startup. You can do the prototype fairly easily, and no technology, in fact. Our original prototype was, I would walk down to the businesses that we signed up, I would actually take their bills for them, I would scan them, I would actually than attach that to email, en route for other people to approve. I would then take care of printing the checks or moving the money electronically, I would do all that stuff manually so that we could learn what we needed to build out in the system with t he engineers. So, it didnt actually take much money to get an alpha version out. But it did take, it does take time to build payment company. Thats not easy work, to manage and build payment companies.Martin: So it was more hard to really understand where the pain point is, but not developing the first prototype and solution?René: Well, the pain point, I would say that, what was hard was actually to learn how to scale the solution. Understanding the pain point was actually something I knew, just from running a business at PayCycle, and then getting to the prototype was fairly easy. And then we knew what features we needed to build, to actually enable that pain point to go away. And so, then it was Ok, how do you build a scalable system that enables those features? And thats been hard, thats what weve been doing for seven years.BUSINESS MODEL OF BILL.COMMartin: René, lets talk about the business model. How does the business model work right now, can you walk us through, from a cust omers perspective?René: The customers, we have multiple types of products. We have accounts payable automation tool, we have an accounts receivable automation tool. So customers come to us for one or either both of those, and when they come in there is a software subscription model, where they need to pay us for the, basically a license per user and it depends on the license fee, it depends on the complexity of the business. So, the more complex the business is, the more sophisticated their accounting software is, the more sophisticated their needs are, the more expensive the product is. But that price ranges anywhere from $29 a month all the way up to, I think $79 a month. And then, we have transaction fees. So, every time we enable a customer to fulfill a transaction, whether its paying their vender or collecting their receivable, we charge a $1.49 for any paper transactions and $.49 for any electronic transactions. Theres other fees, but those are the dominant transaction fees t hat we have and what we find is that customers quickly get on the system and then theyre able to really save a ton of money. Our customers tell us they save anywhere from 50 to 75% of the time and they get paid 2-3 times faster. So, the ROI is actually very, very high and they see that, and they get that, so the building of the business model seems to be one of the simpler problems for us to solve.Martin: The old payment process of paying your suppliers, from my understanding works like this, that in a small company, the accounting department collects all the, lets say, the contracts that are that you made to list the suppliers, so you know when to pay them, what are the DPOs and payment dates. And then, the managing director also signs them, Ok, this one, please pay it or This one, maybe we should negotiate the price, etc. This is what I would call the old model. How does your model work and improve this kind of process?René: The model that we have is, I guess at the core of any b usiness transaction is, its kind of obvious, but collaboration. Businesses collaborate with the people, the systems and the documents, so, what you just said, theres actually fair bit of collaboration there. What we do is we digitize everything, so that collaboration becomes instantaneous. So, I can collaborate with my phone, I can actually look at the bill and see the exact same digital copy that youre looking at, and at the same time given. And as soon as you approve it, it can then go to me to approve, if you have a question about it saying Hey, René, Im not really sure that this is exactly what we said than I can make a note and reply back why it is or why it changed, whatever. So, that instant ability of work flow, built into all the transactions, and also providing auto trail, so you can see who has looked at something and if theyve approved it and if its been initiated for payment, and all that good stuff. That type of systemic integration makes for a lot simpler collaborati on tool, with all the people who you work with, as well as all the documents. When I, the reason I started the company is at PayCycle weve had one big filing cabinet with all the vendor and customer records in it, so two people are the key, the general counselor and myself. So, I would go back to, I would be paying the bill or looking for an invoice to collect on, I get back to the cabinet and I open up the filing cabinet and I go and put out the file that should have the contract in it Im looking for, open it up and itd be empty. Because somebody else needed to look at it and havent replaced it. And now we have to run around the office and say Where is that copy of contract? Nobody had it, right? So, the document should be centralized and it should be tied to the transactional staff because, from the financial perspective, the managing director, the CEO, the owner of the business, the controller or CFO, whoever it is whos signing the check, they need access to that data quickly, an d thats what we do.Martin: Whos digitizing the contracts then? Is it the company, your client, or is it you that are supporting them, are you digitizing this content?René: Its mostly them. The reason I say mostly is that we give our customers the ability to fax a document in. So, that creates a digital copy. So, every customer gets their own fax number, every customer gets their own email address. So venders or customers, anybody can just email a document in to that particular address, anybody can fax a document into that fax number. And in addition, you can take a picture with the phone and send it in that way, or upload it from a file on your machine. So, all the documents come in that way, and then, once theyre in, then we start the work flow, we do the data entry if you ask us to, we start the payment processing, we have all the security and all the trails that I talked about.Martin: Hows the inter-connection between Bill.com and typical accounting systems, like SAP and Oracle? Is there some kind of automation link between them?René: The accounting systems that we primarily work with would be Intuit, Quickbooks, Quickbooks Align, Intacct, NetSuite, Xero, we do have customers using us with Mas 90, Great Plains. I dont think we have anybody with Oracle or SAP, it does tend to be much, much larger companies, kind of Fortune 2000, and in the United States there are 6 million businesses with employees, 6 million employers, and that kind of tends to be our focus. And they tend to use these first five that Ive mentioned. So, our believe is that the accounting software is tremendous tool that gives you the data and the ledger and the reporting that you need about how to look at and analyze your business. But when it comes to actually understanding your payables and receivables, they dont have the process work flow that we have. So, we are a tool that works side by side with the accounting system. And so we have partnerships and integrations with each of those ap plications, and our customers typically will sync the data from the accounting software into Bill.com, in the initial day or whatever, and they will take over all the list items to customers, to vendors, chartered accounts, the expense categories, all that stuff will come over. And then from there, once they put the documents in, they can categorize it in Bill.com and then we just sync back and forth. If they add a vendor it goes over to Quickbooks, if they add a customer it goes over All that stuff just automatically gets integrated and synced in a seamless fashion, so the customer doesnt have to worry about their books being accurate. So, accountancy, heres one of the things accountancy loves, is that they can actually have their clients involved in Bill.com, but not necessarily involved in the accounting software, which is where they can kind of make mistakes.Martin: René, your domain is, I think, too good to be true. How did you get that?René: Little bit lucky. The CTO, Eric, had a friend Marc Benioff, from Salesforce, and Mark Benioff owned the url. And so, Mark had stayed connected to Eric and, after about year of working here had kind of asked Eric a little bit more about what we are doing. When we heard what we were doing he was like You know, Ive got a url that might be appropriate. And so we talked, and we talked about the business and, as a friend he did us a favor and sold it to us. It was good.CORPORATE STRATEGYMartin: Ok, lets talk about the corporate strategy. What do you think is the competitive advantage of Bill.com over other software as a service companies that might also stream the accounting process, or payables and receivables process?René: I think the core advantage that we have, the primary challenge that there is in building what weve done, is that the reason, the name was a good save way, so the reason I ended up buying Bill.com. Originally the company was Cashview, which in some ways is more descriptive about what we actually do, but Bill.com is too good to pass up, because Bill.com represents two sides of the same point: the payables and the receivables process, and thats like, if you think about a quarter, theres head, theres tails, but its a quarter. So, were two sides of the same coin, its the transaction that businesses use to communicate and transact across. That transaction, if you really want to make it electronic, if you really want to create the collaboration for asset, you need to both do the payables part, you need to do the receivables part, you need to create collaborative tools for customers and vendors, you need to create the payments that need to happen back and forth, you need to sync with either type off the accounting system, if youre on Quickbooks and Im on Intacct, if youre on NetSuite and Im on Xero, all that stuff just needs to kind of go together, and so at our core, weve always had a data model that represents that it is built, the transaction is either payable or receivable, but it s actually both at the same time. Thats one of the bigger barriers to entry, the other barrier to entry is money moving, when one of the few companies actually does the money moving and actually processes the transactions and manages the fraud risk and the credit risk and all the things that come with money movement. And that is really, really hard stuff to do and, in this particularly regulatory environment. Since 2008, in United States its gotten a lot harder to do those activities and so, we have a lot more cost and expense that we are putting into the system, kind of managing working with others, and thats not something that I think most startups should be doing, because its actually fairly expensive and fairly risky.Martin: And did you think of moving towards supplier, management and towards trade receivables management, or debtor managers, in terms of selecting the right debtors or suppliers, managing them, building this kind of database?René: We believe that the network that we have, that connects customers and vendors together, the payables-receivables connection, ultimately does create supplier network, if you will. But its going to be different from the Aribas or Its going to be different from that, because of that we think that most businesses, you can look in the US, right, in the US, the top 4.000 companies in US create 70% of the consumer bills. So, consumers only have to talk to 4.000 companies to be able to get everything electronic. Its much simpler from when you think about the 29 million businesses that the US has. So, we believe that the network that needs to, that will solve the problem, is going to be one that creates some transparency, no matter your size. And so I think thats, its just a different way of approaching the problem. So, we havent gone after, go get the top 4.000 billers, and, which is, Aribas kind of got the top 1.000, and then it gotten out through all their network, its a great strategy, but I think ours is to say Lets m ake sure this works for anybody and anyone at any time.MARKET DEVELOPMENTMartin: Lets talk about market development. In the payment industry, the SaaS, and accounting industry. So, what kind of interest can you identify specifically, related to the accounting department?René: I think one of the things that Im seeing, theres kind of three big trends in general.There is big data.There is social or collaboration is what I think it translates into business world, and thenTheres electronic payments.And, obviously, we play in all of those. Ive talked about those words that Whats interesting is this, when we first, when I did PayCycle, when it was internet payroll solution, we did not think of it as a cloud solution, we did not call it the SaaS solution, we did not think of it as the benefits that that environment really provided from a customer perspective. There were benefits for us from a company building owner: faster development times, better ability to kind of fix bugs. And now, whe n we think about the cloud, it is kind of sharing this phrase I use, its sharing the right data with the right person at the right time. And allowing people to collaborate across all of that, and thats kind of a trend that were seeing, is that businesses want that, the CEO or the owner wants to be able to pay a bill in a taxi cab in New York City, or a woman who owns the business wants to be able to pay a bill while shes picking up the kids, or the dad wants to be able to pay the bill or invoice a customer while hes at the soccer game. Whatever the stereotypical role that you come up with, they want to be able to do this activity from anywhere, and that activity is very different from when you think about the finances of what did I spend on this, this and that. And so, its kind of, its the instant real-time nature that business demands, all business owners are being placed on a day, which is business never stops, youre always connected. It is that phrase that Ive heard many times i n the Valley, or maybe not many but I use it many times, which is the news is looser, but the leash is longer. Thats what the internet has done for us. Were always connected. Youve always got that leash. But I got a lot bigger rope around my neck, so Im not going to hang myself, but Im always connected. And so, I think that enablement of technology is driving what businesses expect from their financial applications. They want that freedom and flexibility, because everything else they do to run their business can be done from anywhere, so I think that is driving a big need in the accounting space, in the finance space, and so you cant make a decision about paying a bill unless you got all the filing cabinets at your fingertips. There is a, one of my first demos I did for the demo conference in 2007, I got up on stage and had a tool belt around my waist. And the tool belt, on the tool belt I had calibers with paper hanging off, like a whole rim of paper all the way around my waist, an d they were all bills and invoices. And the comment I made was like If you wanted to have all the paper and the invoices, to be able to pay your bills anywhere, this is what you would have to do. Nobodys going to do this, right? You want to be able to do it on the phone.Martin: Should look very funny.René: Yes. It was a good video, it was fun.ADVICE TO ENTREPRENEURS FROM RENÉ LACERTE In Palo Alto (CA), we meet founder and CEO of Bill.com, René Lacerte. He shares his story how Bill.com was founded and how the current business model works, as well as what the current plans for near future, and some advice for young entrepreneurs.The transcript of the interview is below.INTRODUCTIONMartin: Hi, today we are in the Bill.com office in Palo Alto with Rene. René, who are you and what do you do?René: Hi, well my names René Lacerte, Im the founder and CEO of Bill.com. Prior this I started a company called PayCycle, which did online payroll for small businesses. We grew that to about 100.000 businesses and sold that to Intuit. Im a fourth generation entrepreneur, learned from dad and granddad that cash is king, you got to stretch out the payables and pull the receivables. And the way I came up with Bill.com, which I havent told you yet what we do, is that I was trying to do exactly what dad and grand dad taught me when I was running PayCycle, and there were no tools to help me do it, so we help businesses automate their payables, automate their receivables, and ultimately we give them freedom, so they can actually focus on the real things that are important for their business. So, by automating the payables and receivables, and all the workflow around it, all the payments and all the transactions, syncing that with all the applications that they work with, it removes the tremendous burden from them and really helps them grow their business. So, we hear that all the time.Martin: What did your dad teach you?René: Dad taught me so many things. At the core of dad was, he just, he never gave up. My dad just, he was born with a disability, he had four fingers on his left hand and two on his right, and he, nobody teach him to play the piano, so he thought himself. And there are all sorts of examples like that were, he was a fabulous musician, he was playing trumpet when he was a kid, and he moved to piano. And one year, in 1977, Chuck Mangione came out with a song called Feels so good and he heard it on the radio, and he just went out, and he brought over it, he was playing it the next day, and the sound was just as good as Chuck. But, if you apply that personal stuff, thats the way he was at work. He just never gave up, like he was persistent. If he was passionate about something, if he really believed in it, he was just persistent and just focused and he just delivered, he just really focused at. When you care about something it is worth fighting for. And you dont listen to the detractors, you just kind of focus on what you know youre capable of and you just do it. So, thats probably the most important lesson that Ive learned. Ive learned lots of tactile things about how important it is to manage your cash flow and how important it is to have, obviously, good benefits for your employees. But all that stuff, really, at the core, building a product and starting a company, you just got to persevere and actually focus and get it don e.Martin: Great. Remembers me of the book Poor dad, rich dad. How did you come up of idea of Bill.com?René: With Bill.com, I was running the day-to-day at PayCycle, I had been a product manager at Intuit where it actually worked on consumer bill payment for Intuit, and I was finding that all the paperwork that was coming, we got a check run every Friday, I just couldnt manage it. It was, I was unhappy, I was angry, I was kind of frustrated that all this paper stuff came to my desk and yet, I didnt have all the answers I needed to make decisions. So, when youre making payment decision, this goes back to what dad and grand dad thought, which was to stretch out the payables, and to pull on receivables, you need information, you need context, you need a lot of content to actually make a decision. What does the contract say, when did I pay them last, what do my employees say, does my marketing head believe this is a good expense or not? Maybe I want to ask them why they did this, becaus e I might want to learn whats going on in the business. All those questions require collaboration. And so, I just was kind of fixating on the fact that none of the tools that I had either built or looked at competitively add in to it, allowed me to actually do what I needed to do. It didnt allow me to collaborate with the people, which would be the employees, the customers, the vendors, the accountants. It didnt allow me to collaborate with the documents. Everything from a source document all the way up to the clear check image. It didnt allow me to collaborate with my accounting system or my banking system, so I can have secure disaster-proof, so to speak, backup office capabilities. I didnt have any of that functionality out there, so I started thinking about it, its like You know, this cloud thing is pretty collaborative. I bet you, I can kind of think about, how I can actually make the transaction go from payables to receivables and back, without having to do any data entry on e ither side. So thats kind of how I started thinking about it, and realize there was an opportunity to give people the right access at the right time with the right information using the cloud, which will allow for all that mundane paperwork that people have, will allow that to disappear.Martin: And how did you make your first product version reality? Did you hire some kind of developers helping you for this, did you raise money upfront or finally after youve had the prototype, how did it work?René: I was fortunate that we had, because of the success of PayCycle, I was able to raise money fairly easily, from existing investors in PayCycle, they just wanted to put some money in. But, and I would recommend this, I did this at PayCycle, I did it at Bill.com, and Ill do that in the next startup. You can do the prototype fairly easily, and no technology, in fact. Our original prototype was, I would walk down to the businesses that we signed up, I would actually take their bills for them, I would scan them, I would actually than attach that to email, en route for other people to approve. I would then take care of printing the checks or moving the money electronically, I would do all that stuff manually so that we could learn what we needed to build out in the system with the engineers. So, it didnt actually take much money to get an alpha version out. But it did take, it does take time to build payment company. Thats not easy work, to manage and build payment companies.Martin: So it was more hard to really understand where the pain point is, but not developing the first prototype and solution?René: Well, the pain point, I would say that, what was hard was actually to learn how to scale the solution. Understanding the pain point was actually something I knew, just from running a business at PayCycle, and then getting to the prototype was fairly easy. And then we knew what features we needed to build, to actually enable that pain point to go away. And so, then it was Ok, how do you build a scalable system that enables those features? And thats been hard, thats what weve been doing for seven years.BUSINESS MODEL OF BILL.COMMartin: René, lets talk about the business model. How does the business model work right now, can you walk us through, from a customers perspective?René: The customers, we have multiple types of products. We have accounts payable automation tool, we have an accounts receivable automation tool. So customers come to us for one or either both of those, and when they come in there is a software subscription model, where they need to pay us for the, basically a license per user and it depends on the license fee, it depends on the complexity of the business. So, the more complex the business is, the more sophisticated their accounting software is, the more sophisticated their needs are, the more expensive the product is. But that price ranges anywhere from $29 a month all the way up to, I think $79 a month. And then, we have trans action fees. So, every time we enable a customer to fulfill a transaction, whether its paying their vender or collecting their receivable, we charge a $1.49 for any paper transactions and $.49 for any electronic transactions. Theres other fees, but those are the dominant transaction fees that we have and what we find is that customers quickly get on the system and then theyre able to really save a ton of money. Our customers tell us they save anywhere from 50 to 75% of the time and they get paid 2-3 times faster. So, the ROI is actually very, very high and they see that, and they get that, so the building of the business model seems to be one of the simpler problems for us to solve.Martin: The old payment process of paying your suppliers, from my understanding works like this, that in a small company, the accounting department collects all the, lets say, the contracts that are that you made to list the suppliers, so you know when to pay them, what are the DPOs and payment dates. And then, the managing director also signs them, Ok, this one, please pay it or This one, maybe we should negotiate the price, etc. This is what I would call the old model. How does your model work and improve this kind of process?René: The model that we have is, I guess at the core of any business transaction is, its kind of obvious, but collaboration. Businesses collaborate with the people, the systems and the documents, so, what you just said, theres actually fair bit of collaboration there. What we do is we digitize everything, so that collaboration becomes instantaneous. So, I can collaborate with my phone, I can actually look at the bill and see the exact same digital copy that youre looking at, and at the same time given. And as soon as you approve it, it can then go to me to approve, if you have a question about it saying Hey, René, Im not really sure that this is exactly what we said than I can make a note and reply back why it is or why it changed, whatever. So, that instan t ability of work flow, built into all the transactions, and also providing auto trail, so you can see who has looked at something and if theyve approved it and if its been initiated for payment, and all that good stuff. That type of systemic integration makes for a lot simpler collaboration tool, with all the people who you work with, as well as all the documents. When I, the reason I started the company is at PayCycle weve had one big filing cabinet with all the vendor and customer records in it, so two people are the key, the general counselor and myself. So, I would go back to, I would be paying the bill or looking for an invoice to collect on, I get back to the cabinet and I open up the filing cabinet and I go and put out the file that should have the contract in it Im looking for, open it up and itd be empty. Because somebody else needed to look at it and havent replaced it. And now we have to run around the office and say Where is that copy of contract? Nobody had it, right? So, the document should be centralized and it should be tied to the transactional staff because, from the financial perspective, the managing director, the CEO, the owner of the business, the controller or CFO, whoever it is whos signing the check, they need access to that data quickly, and thats what we do.Martin: Whos digitizing the contracts then? Is it the company, your client, or is it you that are supporting them, are you digitizing this content?René: Its mostly them. The reason I say mostly is that we give our customers the ability to fax a document in. So, that creates a digital copy. So, every customer gets their own fax number, every customer gets their own email address. So venders or customers, anybody can just email a document in to that particular address, anybody can fax a document into that fax number. And in addition, you can take a picture with the phone and send it in that way, or upload it from a file on your machine. So, all the documents come in that way, and then, once theyre in, then we start the work flow, we do the data entry if you ask us to, we start the payment processing, we have all the security and all the trails that I talked about.Martin: Hows the inter-connection between Bill.com and typical accounting systems, like SAP and Oracle? Is there some kind of automation link between them?René: The accounting systems that we primarily work with would be Intuit, Quickbooks, Quickbooks Align, Intacct, NetSuite, Xero, we do have customers using us with Mas 90, Great Plains. I dont think we have anybody with Oracle or SAP, it does tend to be much, much larger companies, kind of Fortune 2000, and in the United States there are 6 million businesses with employees, 6 million employers, and that kind of tends to be our focus. And they tend to use these first five that Ive mentioned. So, our believe is that the accounting software is tremendous tool that gives you the data and the ledger and the reporting that you need about how to look at and analyze your business. But when it comes to actually understanding your payables and receivables, they dont have the process work flow that we have. So, we are a tool that works side by side with the accounting system. And so we have partnerships and integrations with each of those applications, and our customers typically will sync the data from the accounting software into Bill.com, in the initial day or whatever, and they will take over all the list items to customers, to vendors, chartered accounts, the expense categories, all that stuff will come over. And then from there, once they put the documents in, they can categorize it in Bill.com and then we just sync back and forth. If they add a vendor it goes over to Quickbooks, if they add a customer it goes over All that stuff just automatically gets integrated and synced in a seamless fashion, so the customer doesnt have to worry about their books being accurate. So, accountancy, heres one of the things accountancy loves, is that they can actually have their clients involved in Bill.com, but not necessarily involved in the accounting software, which is where they can kind of make mistakes.Martin: René, your domain is, I think, too good to be true. How did you get that?René: Little bit lucky. The CTO, Eric, had a friend Marc Benioff, from Salesforce, and Mark Benioff owned the url. And so, Mark had stayed connected to Eric and, after about year of working here had kind of asked Eric a little bit more about what we are doing. When we heard what we were doing he was like You know, Ive got a url that might be appropriate. And so we talked, and we talked about the business and, as a friend he did us a favor and sold it to us. It was good.CORPORATE STRATEGYMartin: Ok, lets talk about the corporate strategy. What do you think is the competitive advantage of Bill.com over other software as a service companies that might also stream the accounting process, or payables and receivables process?René: I think th e core advantage that we have, the primary challenge that there is in building what weve done, is that the reason, the name was a good save way, so the reason I ended up buying Bill.com. Originally the company was Cashview, which in some ways is more descriptive about what we actually do, but Bill.com is too good to pass up, because Bill.com represents two sides of the same point: the payables and the receivables process, and thats like, if you think about a quarter, theres head, theres tails, but its a quarter. So, were two sides of the same coin, its the transaction that businesses use to communicate and transact across. That transaction, if you really want to make it electronic, if you really want to create the collaboration for asset, you need to both do the payables part, you need to do the receivables part, you need to create collaborative tools for customers and vendors, you need to create the payments that need to happen back and forth, you need to sync with either type off the accounting system, if youre on Quickbooks and Im on Intacct, if youre on NetSuite and Im on Xero, all that stuff just needs to kind of go together, and so at our core, weve always had a data model that represents that it is built, the transaction is either payable or receivable, but its actually both at the same time. Thats one of the bigger barriers to entry, the other barrier to entry is money moving, when one of the few companies actually does the money moving and actually processes the transactions and manages the fraud risk and the credit risk and all the things that come with money movement. And that is really, really hard stuff to do and, in this particularly regulatory environment. Since 2008, in United States its gotten a lot harder to do those activities and so, we have a lot more cost and expense that we are putting into the system, kind of managing working with others, and thats not something that I think most startups should be doing, because its actually fairly exp ensive and fairly risky.Martin: And did you think of moving towards supplier, management and towards trade receivables management, or debtor managers, in terms of selecting the right debtors or suppliers, managing them, building this kind of database?René: We believe that the network that we have, that connects customers and vendors together, the payables-receivables connection, ultimately does create supplier network, if you will. But its going to be different from the Aribas or Its going to be different from that, because of that we think that most businesses, you can look in the US, right, in the US, the top 4.000 companies in US create 70% of the consumer bills. So, consumers only have to talk to 4.000 companies to be able to get everything electronic. Its much simpler from when you think about the 29 million businesses that the US has. So, we believe that the network that needs to, that will solve the problem, is going to be one that creates some transparency, no matter your s ize. And so I think thats, its just a different way of approaching the problem. So, we havent gone after, go get the top 4.000 billers, and, which is, Aribas kind of got the top 1.000, and then it gotten out through all their network, its a great strategy, but I think ours is to say Lets make sure this works for anybody and anyone at any time.MARKET DEVELOPMENTMartin: Lets talk about market development. In the payment industry, the SaaS, and accounting industry. So, what kind of interest can you identify specifically, related to the accounting department?René: I think one of the things that Im seeing, theres kind of three big trends in general.There is big data.There is social or collaboration is what I think it translates into business world, and thenTheres electronic payments.And, obviously, we play in all of those. Ive talked about those words that Whats interesting is this, when we first, when I did PayCycle, when it was internet payroll solution, we did not think of it as a cl oud solution, we did not call it the SaaS solution, we did not think of it as the benefits that that environment really provided from a customer perspective. There were benefits for us from a company building owner: faster development times, better ability to kind of fix bugs. And now, when we think about the cloud, it is kind of sharing this phrase I use, its sharing the right data with the right person at the right time. And allowing people to collaborate across all of that, and thats kind of a trend that were seeing, is that businesses want that, the CEO or the owner wants to be able to pay a bill in a taxi cab in New York City, or a woman who owns the business wants to be able to pay a bill while shes picking up the kids, or the dad wants to be able to pay the bill or invoice a customer while hes at the soccer game. Whatever the stereotypical role that you come up with, they want to be able to do this activity from anywhere, and that activity is very different from when you thin k about the finances of what did I spend on this, this and that. And so, its kind of, its the instant real-time nature that business demands, all business owners are being placed on a day, which is business never stops, youre always connected. It is that phrase that Ive heard many times in the Valley, or maybe not many but I use it many times, which is the news is looser, but the leash is longer. Thats what the internet has done for us. Were always connected. Youve always got that leash. But I got a lot bigger rope around my neck, so Im not going to hang myself, but Im always connected. And so, I think that enablement of technology is driving what businesses expect from their financial applications. They want that freedom and flexibility, because everything else they do to run their business can be done from anywhere, so I think that is driving a big need in the accounting space, in the finance space, and so you cant make a decision about paying a bill unless you got all the filing cabinets at your fingertips. There is a, one of my first demos I did for the demo conference in 2007, I got up on stage and had a tool belt around my waist. And the tool belt, on the tool belt I had calibers with paper hanging off, like a whole rim of paper all the way around my waist, and they were all bills and invoices. And the comment I made was like If you wanted to have all the paper and the invoices, to be able to pay your bills anywhere, this is what you would have to do. Nobodys going to do this, right? You want to be able to do it on the phone.Martin: Should look very funny.René: Yes. It was a good video, it was fun.ADVICE TO ENTREPRENEURS FROM RENÉ LACERTEMartin: René, your dad thought us so much about how to start a company and how to become successful entrepreneur. What do you teach your two boys so they become entrepreneurs if they want?René: Its a great question. I think one of the things that we failed at, and actually all these studies in the US about this, whi ch is dinner table conversations are probably the most important thing for successful child, to become a successful adult. And so, when you come home, what do you talk about at the dinner table? Everybody talks about their day. So, I share very openly with the kids all the good stuff and all the bad stuff about running a company, and I explain it so they understand it. So, if Im having a challenge hiring somebody, I talk about why this role is important, what would this person do for the company, what Im looking for, how I evaluate the person, whereve they been, all that type of stuff, we kind of get into that so they can potentially learn about the people side of business. If Im evaluating how to organize the company, Ill go through the organizational structure of the company. If Im evaluating the product feature, well talk about Hey, I got this new idea, this is what Im thinking about and then Ill ask questions,.. So, I think, and my dad did this with me, this is a really importan t thing, where no matter what you it, it might be why you see actors kids often times become actors, and businessmens kids often times become businessmen. Thats kind of an interesting way to kind of sugar that learning, so theres no one thing, other than as Im learning, Im sharing that with the kids. So they get to learn a little bit of something, and that dinner table MBA, as I call it, I think is one of the more valuable, educational experiences that our kids can have.Martin: I understood this kind of educational practice that you are doing, and for some people who are not privileged to have an entrepreneur as their daddy, what kind of advice would you give them for starting a company?René: Well, the first thing is that its always harder than you thought or think. Its always harder, and so just back to the first question you asked me, which is you got to pursue it. If you believe in what youre doing, you have to keep doing it, you cant let somebody else tell you: No, its not righ t.That said, you should always validate, so if you think about the examples I gave, both at PayCycle and here, at PayCycle I did a payroll by hand, I filled out forms by hand, but for the customers, their experience was, they got a complete internet experience. They can email me the hours, I would then create the paychecks and I would deliver to their door. Because I didn’t have the ability to just send it through email at that point. But they got that experience. And when I could see A-ha, that solved the pain point, then I knew it was worth investing. So, there are ways to kind of prototype, start out, make sure that your customers value the pain points that youre solving before you invest, and I would recommend that.The other that I always tell people is really, you cannot underestimate the value of the network that you have. Do not be afraid to tap into it and ask, people can always say no. And, kind of an add-on to that is focus on developing board of advisors or board of dir ectors or something, that you have to be accountable for. Everybody always think, its interesting, but always think, you know, being your own business, and less, being your own boss must be great. I am not my own boss. I work for the people above me, I work for people below me. Im the guy in the middle that has people all around me that I need to work with, and theyre all telling me what to do. And now, I get to set the course, but Im listening to all of them and Im trying to make sure theyre all satisfied and, if you dont have that accountability, then its actually very easy to say Well, you know, I said I was going to get this product research done by next month. Three months go by and you havent done it. But if you have a board meeting, and you have a board meeting in six weeks, where you have to report on the product research, guess what? Youll get the product research done by six weeks amount. So, I would recommend that, theres probably more ideas, but those three tips seem lik e the ones that I focus most when I tell other entrepreneurs.Martin: René, thank you very much for your time.René: Thank you.Martin: And the next time you want to start a company or, even better, want your kids to start a company, talk to your kids and educate them on a dinner table. Thank you very much.

Nurse Staffing Levels Essays - 632 Words

The project made use of the Nursing Teamwork Survey. This study design was meant to measure teamwork as demonstrated by nurses in patients’ settings. The national teamwork survey concentrates on the teamwork demonstrated by the nurses in their work The nursing teamwork survey is a 33 item questionnaire that finds information from the hospitals’’ staffs concerning the teamwork portrayed among the nurses. Through teamwork, it is expected that there will be an increase in the quality of work and service delivery. The 33-item questionnaire had a Likert type scale that helped in the estimation of the teamwork among nurses by placing them between â€Å"always† and â€Å"rarely† (Kalisch Lee, 2011, p. 84). The nursing teamwork survey used literature†¦show more content†¦85). In addition, the survey used workers who interacted with the nurses on a daily basis and this could have influenced the information, given that the workers may have establish ed a strong connection with the nurses. One of the external threats that were present during the survey is the patients’ condition, which could have influenced the work of the nurses. Since there are different conditions of patients, one of these could have influenced patient cases, teamwork and hence the study was not considerate enough. In addition, the study failed to integrate the participation of the nurses and instead focused on other staffs (Kalisch Lee, 2011, p. 86). This could have triggered any negative relationships between the selected staffs and the nurses. The sample size was large enough since it brought together 2,545 nurses, from different nursing units. In addition, the selection of four different hospitals ensured that there was no bias and that any similarity in research findings could be considered as part of the study’s objectives (Brewer, 2006, p. 650). The sample is not a representative of the population. The number of different groups of nurses was not equal. Registered nurses had the biggest number and this made the research biased towards them (Kalisch Lee, 2011, p. 86). To represent the entire population, the differentShow MoreRelatedProblems Associated With Low Nurse Staffing Levels2296 Words   |  10 PagesIntroduction Staffing shortfalls in the medical community have been noted since the turn of the century (Coss, 2009). There are not enough professionals being adequately trained to handle the increased demand for complex health care (Stock, McDermott, McDermott, 2014). Many hospitals experience nursing shortfalls due to this shortage. However, some purposely choose to reduce staff, presumably in an effort to reduce operating costs. The proposed research study implements a mixed method approachRead MoreProblems Associated With Low Nurse Staffing Levels2237 Words   |  9 PagesIntroduction Staffing shortfalls in the medical community have been noted since the turn of the century (Coss, 2009). There are not enough professionals being adequately trained to handle the increased demand for complex health care (Stock, McDermott, McDermott, 2014). Many hospitals experience nursing shortfalls due to this shortage. However, some shortfalls result from the hospital s inability to financially maintain adequate staffing. Hospital management is forced to make difficult operatingRead MoreNurse Staffing Levels Should Be Mandated By Law Across The United States1901 Words   |  8 Pagesthe past decade, nurse-patient ratios have been a widely controversial debate as to whether it should be mandated by law across the United States. Studies have shown nurse-staffing levels are a critical component of determining patient outcomes (Hertel, 2012). Advocates supporting minimum staffing levels argue that it can ensure better quality care, better working conditions, positive patient outcom es and improved rates of nursing retention. Those opposing minimum staffing levels argue that it wouldRead MoreNurse Staffing And Patient Safety1381 Words   |  6 PagesNurse Staffing Issues Relation to Patient Safety Susan Wilson Foundations of Nursing April 13, 2016 Nurse Staffing Issues Relation to Patient Safety Introduction: Patient safety is one of the top priorities for health care organizations. Numerous conversations and evidence bases research have been conducted, with the aim of pinpointing factors that can be controlled to improve and preserve patient safety. This essay will explore one area that health organizations can controlRead MoreRn, Icu1277 Words   |  6 PagesHospital Nurse Staffing and Quality of Care Keli Feathler, RN Grand Canyon University NRS 433v Nora Bazydlo RN MSN October 29, 2011 Introduction Does the issue of nurse staffing have an effect on quality of patient care? This study addresses the topic of nurse staffing, which includes nurses (RN and LPN) and nurse’s aides. Research in Action: Agency for Healthcare Research and Quality (AHRQ) presents the study â€Å"Hospital Nurse Staffing and Quality of Care†. Nurse staffingRead MoreImproving Safe Staffing For Nurses1321 Words   |  6 PagesThe priority issue is safe staffing for nurses working in hospitals. This issue is a priority because many times nurses are overwhelmed with his or her patient load and cannot provide safe, effective patient care. With such a heavy emphasis on patient outcomes and patient satisfaction, more attention should be dedicated to this issue. Research studies consistently find that whenever there is high patient-nurse ratio it negatively impacts patient safety. A great number of studies have demonstratedRead MoreNursing Productivity1002 Words   |  5 PagesNurse Staf fing Plans Ratios Background Identifying and maintaining the appropriate number and mix of nursing staff is critical to the delivery of quality patient care. Numerous studies reveal an association between higher levels of experienced RN staffing land lower rates of adverse patient outcomes. 42 Code of Federal Regulations (42CFR 482.23(b) requires hospitals certified to participate in Medicare to have adequate numbers of licensed registered nurses, licensed practical (vocational) nursesRead MoreHealth Care Policy : Patient Safety1230 Words   |  5 Pages Policy Priority Issue- Safe Staffing Candice Davis Chamberlain College of Nursing NR 506: Health Care Policy 05/21/2017 Patient Safety- Safe Staffing Patient safety is defined as the prevention of harm to patients, and is the number one priority in healthcare facilities. All healthcare facilities have policies in place to keep patients as safe as possible. These policies can include anything from preventing infection to education. Every facility will have different policies in place, thusRead MoreNurse Staffing : An Integral Part Of The Health Care System1396 Words   |  6 Pagesthe value of adequate nurse staffing. An inadequate nurse staffing levels remain in a continuous debate. Nurses nationwide report that hospital nurse staffing levels are inadequate to provide safe and effective patient care. The Francis report published on 6th February 2013 examined the causes of failings in care at Mid Staffordshire NHS Foundation Trust between 2005-2009 and now calls for rethink on minimum staffing levels (Calkin, 2013). The data indicates that poor nurse-to-patient ratios leadRead MoreNursing Staff Practices For Developing And Executing Valid And Reliable Staffing Essay1361 Words   |  6 Pagesand encourage nurses to be involved in improving patient outcomes. Furthermore, the recommendations encourage continued evaluation of the effectiveness of staffing and calls on health care organizations to step up to the plate and help in pushing for these changes. (Page, 2008) One professional organization that has been stepping up to the plate in regards to this issue is the American Nurses Association (ANA) and its Constituent State Nurses Associations (C/SNA). The American Nurses Association

The Mouse Party Example

Essays on The Mouse Party Coursework The Mouse Party The Mouse Party Introduction The apparent of tiredness depicted by the mouse sitting on a couch in the interactive module made me select heroin. Statistics show that the total number of people using heroin worldwide is about 9.2 million (Heroin Statistics - Facts About Heroin Addiction, Use Death - Drug-Free World, n.d.)DiscussionMorphine, which is a natural extract of the poppy plant, is used to prepare heroin. After synthesization, the heroin drug appears as a brown or a white powdered substance (DrugFacts: Heroin, 2014). Upon entry into the brain, the heroin is reconverted back to morphine that binds itself to opioid receptors. The opioid receptors for pain and reward are the ones affected. The receptors control automatic life processes such as arousal and respiration. The overdose caused by heroin intake suppresses breathing. The result is a decrease in the supply of oxygen to the brain. The user then develops a condition known as hypoxia. Hypoxia causes neurolog ical and psychological effects and eventual brain damage. The behavioral changes observed include skin flushing, clouded mental functioning and euphoria. There are various ways of combating heroin addiction, which include self-help groups, preventive measures, medication and behavioral therapies (DrugFacts: Heroin, 2014). Vicodin, Methadone, Buprenorphine and OxyContin are some of the drugs which are medicated for heroin treatment. Some of the most effective behavioral therapy approaches include cognitive-behavioral therapy and contingency management. In the event, that both behavioral and medication methods have failed in helping a heroin addict, then rehabilitation becomes the next option.Conclusion Heroin is a very addictive substance to the user and as such, can be very costly. Since the purchase of heroin is very expensive, I prefer the preventive methods of combating cocaine addiction rather than the medication and behavioral therapies.Reference ListDrugFacts: Heroin. (2014, O ctober 1). Retrieved February 27, 2015, from http://www.drugabuse.gov/publications/drugfacts/heroinHeroin Statistics - Facts About Heroin Addiction, Use Death - Drug-Free World. (n.d.). Retrieved February 27, 2015, from http://www.drugfreeworld.org/drugfacts/heroin/international-statistics.htmlMouse Party. (n.d.). Retrieved February 27, 2015, from http://learn.genetics.utah.edu/content/addiction/mouse/

Public Company and Patagonia Free Essays

string(141) " Patagonia used a much different marketing approach than its competitors, using less than 1% of its sales towards marketing and advertising\." As resources and commodity’s decrease, it is harder and harder to make a difference in the world today. Patagonia continues to work hard to do their part with the resources that are available. Patagonia is a privately held outdoor clothing company based out of Ventura, California that generates yearly sales of approximately $540 million. We will write a custom essay sample on Public Company and Patagonia or any similar topic only for you Order Now Patagonia has developed outdoor apparel that is marketed towards outdoor sports, travel and every day wear. The company integrates Its core values into every product that it produces. They are known for their innovative designs, and environmental responsibility. Its high integrity and commitment to the environment has placed Patagonia on the Deciphers Institute’s â€Å"WorldS Most Ethical Companies† list for SIX consecutive years since the list was first developed In 2007 (Unknown, WOMEN Honorees, 2012). This case analysis will examine the history of Patagonia, and Its business philosophy. Patagonians business model will be evaluated as well as the captured cost and value of the company. Next, we will examine Patagonians environmental position and its sustainability. The product lifestyle initiative will be analyzed and how well it worked for the company. Patagonians financial statements are important to determine the success of the company’s financial goals. Lastly, I will share some lessons that I learned from Patagonia and this case study. History Patagonia was started from one entrepreneur’s passion. Hypochondriac, founder of Patagonia, developed a passion for rock climbing. In 1953 his passions brought him west to the San Fernando Valley in California, where he became an expert at climbing. He knew that he couldn’t explore his passion of climbing the way he wanted to because of limited appropriate climbing gear available. The only available climbing ear were pitons, which are metal spikes that were driven Into cracks or seams In the rocks. Pitons are left In the rock, meaning that a long climb could require hundreds of these tools. After frustration, and financial hardship, Schoolyard became Inspired after meeting a Swiss climber that had crafted his own set of iron pitons. He turned pitons that were stronger than what was currently on the market. Word of Cinnabar’s invention spread, and he began selling his pitons out of the back of his car for $1. 50 each. Although the hobby was enough to support him, he often lived on less than a dollar day. Drifting along the California coast, climbing in Yosemite, and surfing in Baja, Cinchonas was happy with his lifestyle. By 1966 Cinchonas decided to partner with Tom and Doreen Frost to create Cinchonas Equipment. They quickly became the largest supplier in the United States. For nearly a decade Cinchonas and Frost made improvements on nearly every climbing tool. Tom and Doreen worked with Cinchonas â€Å"Just to pay the bills†. In 1972 Cinchonas Equipment added an outdoor apparel line called â€Å"Patagonia†. Patagonia grew very quickly. Cinchonas and his wife Melinda knew they wanted to sell items that would have a minimal impact on he environment. So they made many decisions in their business approach that would help the environment such as using organic cotton to make t-shirts. Soon after the establishment of Patagonia, it became its own company, no longer under the ownership of Cinchonas equipment. However, like many start-up companies, Patagonia tried to expand too quickly. Growing its sales from $20 million to $100 million as well as expanding its services into Japan and Europe. This wide-scale expansion placed Patagonia into a dire financial situation. The recession that took place in the ass’s forced the company to lay off about 20% of its staff. Patagonia continued to grow despite some of the financial troubles that they faced (Reinhardt, Cascade’s, Hymn, 2010). Cinchonas did not allow the recession or the financial troubles of the company to stop his vision for Patagonia. Instead, he chose to go in a more sustainable direction. The company switched to the more expensive organic cotton in 1996, a risky business move considering it increased the firm’s supply costs. However, no other company was producing clothes with organic cotton. He invested in other sustainable materials and decided to make products more durable. This session a risky move because companies often rely on consumers coming back to get replacement products. Plausibly, the more durable the product, the less customers will need to purchase for replacement. However, the exact opposite occurred: consumers were more willing to do business with Patagonia due to its environmental consciousness and the fact that they could trust Patagonians products to last a long time. Connoisseurship’s on Business Cinchonas used Patagonia as an experiment to â€Å"challenge conventional wisdom and present a new style of responsible business† (McAllen, 2011). He wanted to stay way from the traditional way of doing business, and focused his efforts on â€Å"doing the right thing†, rather than on profits. Doing the right thing for Cinchonas meant ensuring that every decision that was made regarding the business, was environmentally sound and responsible. One decision that he made was to no longer use anti-odor technology because it was not safe for the environment. The competition Patagonians products were comparable to those of their competitors. Other stores in the industry such as North Face, Marmot Mountain, and Mountain Hardware, all shared the same interest of selling outdoor apparel. However, because of quality, environmental impact, and innovation, Patagonia is able to charge more for their and some of the top outdoor sportswear companies in the industry during 2009. Patagonians gross profit margin for 2010 was 52. 6%. Whereas the average gross profit margin of the other five companies (Columbia Sportswear, V. F. Corporation, Nikkei, and Timberland) was $44. 95%. Not to mention Patagonians 12- month Net Income Growth for 2010 was 42. 5%, which was substantially higher than the average net income growth of its competitors at 26. 525% (Reinhardt, Cascade’s, Hymn, 2010, p. 12). This goes to show that despite the company’s more expensive product, consumers were willing to pay more for higher quality, and items that were environmentally safe. Marketing isn’t that important Patagonia used a much different marketing approach than its competitors, using less than 1% of its sales towards marketing and advertising. You read "Public Company and Patagonia" in category "Papers" They have strengthened their brand based upon their environmental commitment, and â€Å"profit sharing with environmental causes† (Alienist Door-Near, 2012). As social media becomes more popular, and ads are now a part of what one sees when scrolling down their timeline, any companies get free advertising. The company took advantage of this and used it as an outlet to communicate to consumers and the public. Although it would have given them possibly some advantage, Patagonia did not use its environmental stance as part of their marketing tool. However they educated the public on the impact that their company had on the environment. Doing so attracted more consumers. Patagonia uses its website not Just for selling outdoor apparel but also as an educational tool about the environment, and the products that the company uses in its production. The type of information that Patagonia put on their website shows that the company has taken their business very serious and that they are aware of their environmental responsibility. They use the website not Just to sell the items, but to showcase that they items that are produced show corporate responsibility. In addition to the information on their website, Patagonia at times did put out ads for their company. The advertisements were usually very short and included educational messages. They believe that it is more important to show people useful information that will help enhance their lives. In a recent interview Patagonia UP Joy Howard stated that their position is to â€Å"solve problems in the world,† and that advertising is the â€Å"dead last thing† to the company (McAllen, 2011). This goes to show that the company is more focused on the environmental sustainability than on profitability. Educating consumers about what they are buying and how it affects the environment, sells the product itself. Exhibit Use of organically grown cotton Patagonians concern for the environment also caused them to decide to use organic cotton in their clothing. They wanted to continue to follow their mission tenement of â€Å"Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis† (Unknown, Company Info, n. D. ). Cotton is one of the world’s most insect dependent crops, therefore causing a risk to the environment because of the pesticides that are used. In 1996 Patagonia switched apparel to 100% organic cotton products. They already had clothing that was made with conventional cotton, and made up about 20% of the company’s sales, but switching to organic cotton was a risk that they were willing to take. Patagonia was not the first company to use organic cotton. The decision to clothing companies decided to cancel their organic cotton line, so it was perfect timing for Patagonia to drop their line. Although initially Patagonia found success in introducing its organic cotton products, they also faced some challenges. Because of the items and styles that were unavailable for production using organic cotton and because some of the suppliers refused to switch to organic cotton citing â€Å"lack of supplier alternatives and skepticism about the market potential†, Patagonia had to decrease its product line in order to stay in line with the 100% organic cotton initiative that they made. Due to the increased price for organic cotton, the company’s costs increased. Product costs increased 25-30% with the use of the organic cotton. Organic cotton had a drastic decline in production, therefore costs were higher than normal. In addition, Patagonia struggled to maintain the quality of its product, once they switched. With cotton products making up more than 20% of the company’s sales (Reinhardt, Cascade’s, Hymn, 2010), they were forced to get it right, and to make their product desirable enough to sell. Business Model: Does it really work? A business model is a model that is designed for the successful operation of the equines, identifying customer base, revenue sources, products and details of financing. Patagonia seems to have a business model that has helped the company be very successful and remain relevant amongst its customers and competitors. They have stayed true to their core values which is to provide quality, integrity, and environmentalism. Since the start- up of Patagonia, they have never operated under conventionalism, and has continued to stand out from every other outdoor apparel chain. Focusing more on environmental sustainability and social responsibility rather Han profits, Patagonia has become the worldwide leader of environmentally responsible business. They have continued to remain innovative in their approach to doing business, as well as in the product development and marketing. Creating and Capturing Value Achieving Growth, being Profitable, and minimizing ecological expenses are somewhat contradictory goals but somehow Patagonia has been very successful at achieving these goals. Their business model is based on making minimum environmental impact but creating products that have create value, without compromising the company’s capital. In order to stand apart from competition, Patagonia has effectively positioned itself as a supplier of superior quality products and has continued to commit itself to minimize its impact on the environment, once again staying true to its core values, and mission statement. On the supply side of the business the company uses activities and relationships along the value chain that provide the finished goods and create value. The company has been able to create value by creating integrity in its product and product’s performance. The company shows confidence in the product that they create, by offering warranties and as well s the promise to provide replacement products when items become too worn. They also creates value by using only quality materials such as organic cotton when manufacturing its products. They have also created value by influencing the customer’s experience. Patagonians uses catalogs that don’t focus so much on selling their product as other companies do, but the catalogs are informational in nature regarding the environment (Wang, 2010). Patagonia also only works with suppliers responsibility, therefore never compromising the value of the company or its products. Patagonia has also created a social and psychological factor through their advertising, educational messages, donations, and campaigns. This has helped the company capture value because the company differentiated themselves from its competitors and other apparel companies, and it gave consumers the willingness to purchase a product with quality despite the fact that their apparel was more expensive than its competitors. The fact that Patagonia cares about the environment, and customers feel that they can trust their product, consumers are willing to pay more for Patagonians products. Sustainable future Patagonians business model is not one that is begging for consumers to come in a arches their product on an impulse. In fact their model is designed to do the exact opposite. In 2004 Hypochondriac, wrote in a black Friday ad â€Å"Don’t buy this shirt, unless you need it† (Exhibit 1). This statement was not made because Cinchonas doesn’t want his items to sell, or doesn’t want the business, he made the statement because he wants his consumers to make responsible decisions that will have a positive effect on the environment. He helps consumers make those smarter decisions by producing items that last longer and that do not need to be replaced as often. Patagonians Environmental Position Patagonians business model supports environmental position in that the company makes a deliberate attempt to focus more on the products that they sell rather than on the profits that they make. They do so by launching such initiatives as their Product Lifestyle Initiative where they encourage consumers to reduce, repair, reuse, and recycle their Patagonia purchased products. This particular initiative does not focus on profit, it actually costs the company more money, however, they choose to stay focused on acting environmentally responsible, and not causing unnecessary harm to the environment. For the most part, Patagonia has used the same business model since it opens its doors in 1972. Their focus has always been the same, â€Å"inspire and implement solutions to the environmental crisis† (Unknown, Environmental and Social Responsibility, n. D. Over the last 40 years, Patagonia has become a leader in the industry have implemented many environmental and social initiatives such as; using only organic cotton in its cotton products since 1996; redefining corporate transparency through its Footprint Chronicle† website – documenting what is working in the supply chain, what’s not, and steps the company is doing to address TTS challenges; launching its Common Threads Partnership, which invites customers to take mutual responsibilit y for the entire life cycle of the company’s products through the 5 Or’s: reduce, repair, reuse, recycle and remained; becoming the first brand member of the blessing@ system; being one of the first California companies to switch to wind energy upon deregulation and adding on-site solar energy systems; being the first company in California to incorporate as a benefit corporation launching $20 Million Change, a fund to help like-minded responsible start-up companies; and Becoming one of he first U. S. Outdoor apparel companies to introduce Fair Trade Certified†* garments (for fall 2014). (Elks, 2013) resources to help the environment and still maintain its integrity as well as follow its mission statement. They have continued to remain as the leading outdoor apparel company with more than $600 million revenue in 2013. Patagonia has not slowed down. Their business model has worked for them over the last 40 years. As times continue to change and other retailers pick up on Patagonians business practices, such as being more environmentally conscience, the use of organically grown cotton, he product differentiation threatens the sustainability of Patagonians business model. Other retailers offering a similar product as Patagonia, affects their gross profit margin, therefore causing Patagonia to continue evolve and spend more money to create product differentiation within their organization. Patagonians business model does place some pressure on their environmental stance and could cause some conflict in providing high quality products. Although consumers are willing to purchase products from Patagonia at a high price, with initiatives such as the Product Life Cycle, consumers are purchasing less, and Patagonia will overall have more overhead, due the repairs that they are offering their consumers. If consumers aren’t buying as often, it will be difficult for Patagonia to continue to purchase the high quality materials that they use to produce their garments. Product Lifestyle Initiative: â€Å"Reduce, Repair, Reuse, and Recycle† The Product Lifestyle Initiative was a plan by Patagonia to help customers to buy only what they really needed, and encourage them to reduce their consumption. Patagonia would promise to provide their customers with high quality garments, and roved a guarantee that would allow customers to have their items repaired if anything ever happened to them as many times as needed. Once the products are no longer wanted, the customers are asked to â€Å"facilitate its reuse† (Reinhardt, Cascade’s, Hymn, 2010). The store planned on doing this by creating an online swap meet. Once all options were exhausted and there is no longer use for the product, customers are asked to recycle their items with Patagonia. In planning for this initiative to take off, the executives acknowledged many obstacles that would hinder the success of the initiative. Analysis of the Initiative As Patagonia stays focused on doing their part to not cause unnecessary harm to the environment and plans to reach and maintain 10% annual growth in sales other a five year timeshare, starting in 2010, their Product Lifestyle initiative would likely hinder the type of above average growth that they are seeking. The initiative is expected to cost $60,000 over the course of the first year of implementation (Reinhardt, Cascade’s, Hymn, 2010). Although that amount is very small compared to the amount of profit the company makes, sales would drop and cost of labor would increase. Patagonia is one of the only companies that offers to fix damaged items for customers. Through the Product Lifestyle Initiative, they will repair products from other brands, and â€Å"encourage customers to limit their consumption to only essential products,† (Reinhardt, Cascade’s, Hymn, 2010, p. 8). The Product Lifestyle Initiative however, it seems as though it will cost more to implement and maintain the initiative, than revenue that will be generated from the initiative. The initiative will cause a higher rate of product returns, and new team members will need to be hired in order to create a repair department or use a third-party vendor. In 2010 the company was insignificantly staffed to handle the existing returns. In order to accommodate the increase of returns, the stores were told to provide replacement products in order to reduce wait times. Furthermore, in order to increase â€Å"the percentage of recyclable products from 65% of products in June 2010 to 90% in spring 2011† investment in research and development would have to increase (Reinhardt, Cascade’s, Hymn, 2010). All of the things that are involved in this portion of the initiative cost more money for the company, but it does not mean that there would be more profit. The initiative does not seem to generate any venue. Although Patagonia focuses more on the environmental footprint than on profits, realistically, in order for them to stay in business and continue to grow at a steady rate, it is not beneficial for them to implement initiative that cost a more than they will be able to bring in. The replacement portion of the initiative could increase revenue for the company. Since Patagonia is willing to allow customers to bring in garments purchased from other retailers for repair, they could charge those customers a small fee. Customers who purchased their products directly from Patagonia and are able to provide a except or some proof of purchase, could get their products repaired for free. For customers who own Patagonia products, but bought them from other sources such as used clothing stores, could still bring in their garments for repair, but at a small fee. The initiative would have no affect on the way that customers purchase products in the store nor customer behavior, but it could potentially have a negative effect on the business if implemented. Although implementing the initiative will promote responsible behavior for customers and the company, it may do more harm than good to gross profit margin. If the company is serious about continuing to grow the company 10% over the five year time frame, they would want to think about how they can implement initiatives that not only help maintain their environmental position, but also that increase their profit. Has Patagonia been successful in achieving its goal of profit? Although Patagonia spends most of its efforts focusing on its environmental responsibility, in order to remain in business and profitable they must also set financial goals. While focusing on their environmental responsibility, they set a goal to increase sales by 10% annually. Patagonia has been successful at achieving this goal. For 2011 fiscal year, Patagonia reported annual sales of $417 million. During the 2012 fiscal year Patagonia recorded its best year financially. They increased their sells by 30% earning $543 million (Shannon, 2013). As of 2012 Patagonia has doubled its revenue and tripled its profits since 2008 (Martin, 2012). They continue to perform financially although not at a consistent rate. However they have come very close to their sales goals each year and some years far exceeding that goal. Patagonia has done many things to continue to remain competitive in the outdoors apparel industry. In 2010 Patagonia Cost of goods sold and the company’s sales have not been truly consistent, but they remain successful in their efforts. Although Patagonia has a history of doing well financially, Yves Chicagoan admitted in 2012 that he did not expect the company to continue to grow at the same rate as other retailers are catching on and trying to adopt some of their philosophy. Richard Jeff, a retail and apparel expert, says that Patagonia â€Å"is doing things incrementally better† (Martin, 2012). Which means that the competition is lurking closely behind. As Meany’s catch on to their philosophy, Patagonia will need to be more innovative in its approach in order to continue to grow at a steady rate. What if Patagonia were publicly traded? Some of the most successful organizations are publicly traded. Companies that are publicly traded allow the market to determine the value of the company through daily stock market trading (Unknown, Public Company, 2014). Publicly traded companies have less control over the organization structure and must answer to shareholders’ on certain decisions. They also give less control to the owner and company founders. Patagonia has an organization structure that is different than any other organization out there. The structure of the organization allows the company to focus on environmental awareness as opposed to profits as most companies. If Patagonia were publicly traded, the dynamic of the organization would be completely different. Being a private company, Patagonia is not required to report to stockholders or gain their approval in any way. This is one of the biggest advantages for Patagonia and their business structure. If Patagonia were publicly traded they would have to change the organization Truckee to focus more on the profit, as shareholder’s would have an interest in the company, and would want to ensure that they are able to profit from any decisions that are made regarding the organization. The decision to use only organically grown cotton may not have been approved had Patagonia been publicly traded, because to shareholder’s they could see it as a potential risk. They are able to take on greater risk because there is no one to tell them that they can’t. As a publicly traded company Patagonia and its founder would have much less control over the business structure, ND every decision would be about how to gain profit. Publicly traded companies have many pressures on them including how quickly the company is expected to grow. The business model would not focus on being responsible. Not to mention as a private company, Patagonia is not required to make their financial information public, as publicly traded companies are. With sales growth reaching an average of 6% each year, and the company closely reaching their sales growth goal of 10% the current strategy works very well for Patagonia. The decision to utilize organic grown cotton in its garments, has been very successful. Patagonia has been innovative and works diligently to stay ahead in sales as well as it environmental operations. Being a private company has allowed Patagonians decision-makers to not only focus on what they want, but also on what is best for the company. Patagonians market strategy, though exceedingly bold, is sustainable in the sense that eccentric ideas have become their norm. In Cinnabar’s book Let My People Go Surfing, he said, â€Å"it’s okay to be eccentric, as long as you are The sustainability of Patagonia also falls in line with the sustainability of the planet. There are many companies that can learn from Patagonians business model forever in order to remain successful it would be difficult for some of the top retailers to remain competitive in the market should they change and adopt Patagonians practices. Patagonia has built their business and brand around a philosophy instead of around products. Their business strategy has driven up sales to 6% and continues to offer high-quality premier garments. Patagonians business model being much different than its competitors, leaves room for continued growth and innovative ideas. Would other firms choose to follow Patagonians environmental practice? Although Patagonia has been successful in its business approach and environmental practice, it would be difficult for already established firms to successfully fully take on Patagonians environmental practices. All things being equal, if Nikkei and Patagonia were to share their practices, they would reach a Nash equilibrium. Lessons Learned Patagonia continues to focus on the environment and making a difference one step at a time. This action is commendable, especially because they are not following the norm for the industry. With the success of Patagonia I have learned that in order to be successful, you must also do what you are passionate about, and allow everything else to fall into place. That is what Cinchonas did with Patagonia. He was passionate about the environment and the affect that his decisions had on it. Although he wasn’t as focused on profits as other organizations, he was able to follow his passion and have the most successful outdoor apparel company in the country. The type of passion that Yves Cinchonas has for the environment and Patagonia can definitely be applied to many aspects in life. How to cite Public Company and Patagonia, Papers

Vladimir and Estragon live Essay Example

Vladimir and Estragon live Paper Furthermore, the search for confirmation of existence is apparent in the characters Vladimir and Estragon. The fact that they are living in a bare setting already gives them a lack of identity. Yet, they have an identity and know who they are by their names; they just crave confirmation from each other. The two characters are extremely sensitive and vulnerable which is why they can never leave each others sides; they feel weak alone. This neediness shows a sufficient lack of individuality. For example, at the beginning of the play Estragon questions his presence; VLADIMIR: So there you are again  ESTRAGON: Am I?They then state how happy they are to be together again at last!7 after Estragon has been away one night. This proves that they seek companionship from one another. Vladimir is caring and protective of Estragon, whereas Estragon is needier and often experiences memory loss. Memory loss, in this case, symbolizes a loss of a certain part of identity, because remembering the past is a key to knowing who you are and if you exist. They often forget what they have done, shown in their repetition of the same scenario daily and in the fact that they cannot remember their age when Pozzo asks: We will write a custom essay sample on Vladimir and Estragon live specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Vladimir and Estragon live specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Vladimir and Estragon live specifically for you FOR ONLY $16.38 $13.9/page Hire Writer POZZO: What age would you say he was?  ESTRAGON: Eleven8  Clearly he is not eleven because they are fully grown men. When Vladimir asks the boy, Ive seen you before, havent I You dont know me? he replies No, sir9; we further see that although they know that they are Vladimir and Estragon, they need other people to acknowledge them as individuals. This is so that they can gain their sense of self and therefore feel that they exist as members of society. Godot is the title character of the play even though he is never seen or heard. He is waited for by Vladimir and Estragon for the duration of the play. Godot seems to be an indefinite figure. At the end of each day, the boy arrives on behalf of Godot with a promise that he will come tomorrow. However, Godot will never come and Vladimir and Estragon will never be sure of this because there always seems to be some reason or hope to wait for him. The fact that they ask; His name is Godot?10and state that Personally I wouldnt even know him if I saw him11 could argue the point that Godot may have come today but they did not realize, and give them more reason to wait. They wait in hope because they believe that Godot can ultimately confirm their existence by coming to rescue them from the daily problems they face. Unlike the other explorations of identity, Godots identity is questioned from an external point of view. His identity only exists through the words of his followers: Vladimir and Estragon and the boy. I believe that Godot is not supposed to come at all and that he/she/it can not be made to represent any one idea, ideal or person, precisely because he represents an absence and does not have a confirmed identity. Godot is an indefinite figure, (unlike Vladimir and Estragon), whose non-presence is the plays centre. I believe that both plays address the human condition. Waiting for Godot and King Oedipus prove that we appear to be born without complete awareness of our selves and the environment we live in. In growing as humans, we gain a sense of identity; however, this sense may be full of illusions. Vladimir and Estragon live in an empty world that does not have many characteristics from which they can draw a sense of identity; in a world where there is no importance of work and achievement, and where nothing is certain. They accept violence, live without amenities, fill their time with irrelevant and repetitive business, and are living in hope of an indefinite figure that will never come and save them. In contrast, Oedipus, as a king, lives in a world where he has everything that Vladimir and Estragon do not. However, he too has an illusory identity and the same need for a sense of self. Ironically, his outcome is more tragic, as he loses everything because he finds his true identity, where as Vladimir and Estragon lose nothing. They continue their lives in exactly the same way as when they started.

How to Punctuate Introductory Phrases

How to Punctuate Introductory Phrases How to Punctuate Introductory Phrases How to Punctuate Introductory Phrases By Mark Nichol With a comma. Always. Except when you don’t. Perhaps I should annotate that: In the overwhelming majority of cases, follow an introductory phrase at the beginning of a sentence with a comma. Adverbial Conjunctions Eight classes of adverbial conjunctions exist, and a comma should generally follow one in every class. Each of these sentences includes an example of one such part of speech from each class: Addition: â€Å"Finally, I reached the station.† Comparison: â€Å"Similarly, chickens are omnivores.† Concession: â€Å"Naturally, you’ll want to see for yourself.† (Note, however, that however isn’t always an adverbial conjunction. In this sentence, it’s an adverb modifying important: â€Å"However important you think it is, I’m not giving him the message right now.†) Contrast: â€Å"Nevertheless, he didn’t go into detail.† Emphasis: â€Å"Of course, she’ll be there, too.† (An exception can be made for this particular phrase: There’s a subtle but distinct difference between â€Å"Of course, you’ll want to do it your way† and â€Å"Of course you’ll want to do it your way.† In the first sentence, your is stressed; in the second, course, perhaps accompanied by a sneer, is emphasized, with a secondary stress on your and likely an exclamation point to signal emotion.) Example: â€Å"For instance, the floor was swept but not mopped.† Summary: â€Å"In conclusion, I recommend that we approve the measure.† Time sequence: â€Å"At last, we saw their car approaching.† (Some writing and editing guides suggest that short introductory phrases don’t require commas; often, such brief modifying phrases involve time: â€Å"Yesterday I saw a ghost,† for example, or â€Å"In 1492 Columbus sailed the ocean blue.† I recommend, though, use of commas in such cases. Otherwise, the exception to the rule is rather arbitrary; how long does a short phrase need to be before it merits a comma? And why omit commas in some cases and include others?) Hence, Still, Then, and Thus Another class of words may or may not be followed by a comma depending on subtle differences: â€Å"Hence the name,† but â€Å"Hence, I was back where I had started.† â€Å"Still the waters raged though the rain had ceased,† but â€Å"Still, I try one more time.† â€Å"Then I tried to start the car again,† but â€Å"Then, I would have acted differently.† â€Å"Thus we are back where we started,† but â€Å"Thus, I concede the point.† Infinitive Phrases â€Å"To get there, turn right at the second intersection.† Participial Phrases â€Å"Under the circumstances, I cannot allow it.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Punctuation category, check our popular posts, or choose a related post below:What Is Irony? (With Examples)Whenever vs. When EverTypes of Ignorance

Otodus - Fascinating Facts and Figures

Otodus - Fascinating Facts and Figures Name: Otodus (Greek for inclined teeth); pronounced OH-toe-duss Habitat: Oceans worldwide Historical Epoch: Paleocene-Eocene (60-45 million years ago) Size and Weight: About 30 feet long and 1-2 tons Diet: Marine animals Distinguishing Characteristics: Large size; long, sharp, triangular teeth About Otodus Since the skeletons of sharks are composed of biodegradable cartilage rather than longer-lasting bone, often times the only fossil evidence of prehistoric species consists of teeth (sharks grow and shed thousands of teeth during their lifetimes, which is why theyre so abundant in the fossil record). Thats the case with the early Cenozoic Otodus, whose huge (three or four inches long), sharp, triangular teeth point to a full-grown adult size of up to 30 feet, though we know frustratingly little else about this prehistoric shark, other than that it likely fed on prehistoric whales, other, smaller sharks, and the abundant prehistoric fish that lived in the worlds oceans 50 million years ago. Its fossilized teeth aside, Ototodus greatest claim to fame is that it seems to have been directly ancestral to Megalodon, the 50-foot-long, 50-ton predatory behemoth that ruled the worlds oceans right until the cusp of the modern era. (This is not to diminish Otodus own place in the record books; this prehistoric shark was at least one and one-half times as big as the biggest Great White Sharks alive today.) Paleontologists have established this evolutionary link by examining the similarities between these two sharks teeth; specifically, the teeth of Otodus show early hints of the flesh-ripping serrations that would later characterize the teeth of Megalodon.