How To Save eSign in ERP
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FAQs
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What should most startup founders not waste their money doing?
There are so many things I wasted my time on when I started my company. Some of them were silly, and some of them were downright stupid.Let me start with the most controversial thing I shouldn’t of wasted my time on, and that was hiring a Vice President of Sales. Not only did I have a founder VP of Sales not work out, I repeated my mistake TWICE more!Now why is hiring a VP of Sales a waste of your time early on? Your company is likely not ready for a world class VP of Sales yet because you’re company is just not going to be far enough along to recruit a world class VP of Sales.So just don’t bother wasting your time on spending any time recruiting a VP of Sales until you have a repeatable sales process and your probably at least past $1M/Year in revenue.But the madness of things you can waste your time on doesn’t stop with hiring a VP of Sales. There’s a long list of things you might think are important, but aren’t. Here’s the rest of my list:A. Wasting time worrying about equity ownership percentages and dilutionThis maybe another controversial one, but stop wasting your time worrying about how much equity you own. There’s no market for your equity, so today it’s worth nothing.The only way to make it worth something is for you and your team to kick ass. So stop wasting your time or doing the math on what your equity is worth. It’s a waste of time.And while we’re on the subject of equity, stop wasting your time….B. Worrying about keeping control of the voting rightsYes, you want to own the majority of the company if you can, but it’s not going to help you stay CEO unless you do a great job. The reason is that until you are cash flow positive you need investors.And, even if you own more than 50% of the company, the investors can demand you resign if you’re not doing a good job because they can withhold funding. Look at what happen at Uber if you’re in doubt.One more money related thing you should stop wasting time on is…C. Wasting time worrying about your exitWasting time worrying about your exit is a close second to wasting time worrying about your ownership percentages. How your company gets liquid should be the furthest thing from your mind at this early stage.Repeat after me, your company’s exit will take care of itself if you execute. So focus on your team executing flawlessly and you wont have to worry about the exit.Let’s move onto the silly things we can waste time worrying about like…D. Don’t waste your time on a press release announcing you’ve been fundedThe PR you get will not do you any good because the shelf life, or the boost to your web traffic, will be gone in a couple of days.It’s better to save your money on other important things.What else. What else. Don’t waste your time spending money on…E. SchwagSpending money on schwag is a pet peeve of mine. Show me one company where spending money on schwag produced a positive ROI.I dare you.Schwag is a waste of money. Allegedly, schwag is one of those things you’re supposed to provide your new employees to look cool and build esprit de corps.Schwag will not make you look cool. Schwag will not help your culture. Hiring a great team and helping that great team execute will do more than any schwag will ever do. (For more on schwag, read: http://www.brettjfox.com/is-givi.../)Here’s another thing you shouldn’t waste your time on…F. Fancy desks and office furnitureWe got our first set of 20 cubicles for $100. We got our next 20 cubicles for free. Be frugal.You can get really nice office furniture for pennies on the dollar by buying the full cost furniture of the failed startups that came before you.Our cubicles didn’t match. So what. The cubicles were nice and everyone was happy.More importantly, you set a tone of frugality for the rest of the company.Speaking of really crazy things to waste your time on, I give you…G. Sick policiesYes, don’t waste your time on crazy sick policies because you’re worried about your employees abusing the sick policy. You’ve got a bigger problem if your employees are abusing the sick policy because that means you’ve got the wrong employees.Instead, you might try the sick policy that worked so well for me. Just tell your employees that they should stay home when they’re sick, and they should go to work when they’re healthy.That’s it. That’s all you need to do because an employee that abuses your sick policy will no longer be an employee.There are more crazy things you can waste your time on like…H. Buying things you don’t yet needI already talked about not buying expensive furniture. But, in the same thought process, just don’t software or hardware you don’t absolutely have to have.For example, two of my cofounders were pushing me to spend $300,000 on an ERP (Enterprise Resource Planning) system when we could use Excel and Quickbooks to do the same thing. Yes, the ERP system would have made life easier, but not $300,000 easier. We passed.It’s the same frugal thought process I spoke about earlier. Plus, you never know exactly how much runway you’re going to need.And don’t waste your time and money on…I. Hiring people you don’t yet needYour team is likely to be your biggest resource when you’re starting out. And, if you’re not careful, you can find yourself burning a lot more runway than you want if you hire way above your plan.Hire the people you need, not the people you’d like to have. The one thing you never want to do is lay good people off because you hired them ahead of plan. The pain you will cause these people will be on your conscience forever.Speaking of hiring people you don’t need, stop wasting your time…J. Hiring a COOOf all the things you don’t need when you’re starting out (and you will likely never need), don’t waste your time recruiting a COO. Startups don’t need a COO because you, the CEO, need to be hands on to run your company.The COO title is all about the ego of the COO. There is no need for a COO for many, many years. Your money can be used on much better things than a COO.And, stop wasting your time…K. Trying to save your cofounder that isn’t working outI was talking to a CEO yesterday about his company. He was wondering how to save his cofounder who was “burnt out.” I told him not to waste his time trying to save his cofounder.Startups are hard. And many founders don’t understand how truly hard they are. I’ve learned that trying to save someone from quitting is usually a fools errand.Instead, focus on finding a replacement for your cofounder and negotiating a fair settlement for your departing cofounder. (For more on how to handle a cofounder leaving, read: What Are The Eleven Steps You Can Take When A Co-Founder Quits? - Brett J. Fox)And don’t waste your time…L. On recreating the wheelIt’s normal for you to have your own spin on how to be a CEO. That’s normal. But don’t fall into the trap of changing everything.Save your creativity for the product you’re bringing to market. There are perfectly good ways of doing things like the sick policy I mentioned above that you can just reuse.Oh, and don’t waste your time on…M. 409AsSpending money on a 409A to get a valuation of your company is a waste of money. Why? You’ll find that 409A valuations are just not very accurate.Worse yet, you want your common stock to be valued low when you’re starting out. And the 409A valuation you just wasted your money on might come back with a higher valuation than you want. Now your employees are pissed because it’s going to cost more to exercise their stock.Just set the value of your common stock at a normal value like $0.12 per share. You’ll save yourself a lot of angst by doing so.I’ll tell you something else that will save you a lot of angst…N. Wasting time worrying about what your competitors are doingHow many times have we read a question in Quora about someone wondering if they change strategies because a “better funded competitor” has entered their space?You’re going to have competition. In fact, you should be worried if you don’t have competition because it could be a sign you’re on the wrong path.So stop wasting your time worrying about competition. Now, I’m not saying you should ignore your competitors. I am saying, don’t obsess about your competitors.And finally, don’t waste your time on…O. Evading problemsFace your problems dead on. For example, I knew one of my cofounders (Randy, not his real name) wasn’t going to work out.I knew for months I was going to have to fire Randy. But I hoped things would get better.Of course things didn’t get better. And I finally fired Randy.The team was relieved when I did fire Randy. They said, “What took you so long.”So there you have it. My list of sixteen things you shouldn’t waste your time on when you’re starting your company. Try avoiding as many of these mistakes as you can.For more, read: Why You Shouldn't Follow The Lean Startup Methodology? - Brett J. Fox
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What should entrepreneurs never do?
I'm a serial entrepreneur and have started/ran/sold approximately 20 businesses over the past 45 years.Some of my businesses made millions, some of them broke even. But - I never lost a dime on a single one.I'll spare you all the gory personal details, but here's what I've learned from all my endeavors.Since you asked what entrepreneurs should NEVER do, I'll format my punch-list accordingly. These are not in any particular order of importance.1- NEVER start a business without a business plan. Yikes! Everyone hates writing business plans. Why? Because people want to think that their idea is frigging amazing and ingenious. But, writing a business plan can peel the skin right off your baby before you even give birth. {Unthinkable! Right?)Yep - your idea just might be stupid. It's true. Hollywood producers aren't the only ones spending tons of money making stupid products that no one likes.We used to play “Yellow Pages Death Pool” every year. We'd get the brand new phone book and place bets on which new local businesses would be dead in a year or less.It was so easy to single them out. Really? How? You could easily tell just by their amateurish haphazard display ads who was going to die before the ink was dry.Plus all the “I'm going to chase my dream” businesses. Like, kitten petting services - and underwater horoscope consulting. And the 900th carpet cleaning service in your neighborhood. “We'll Beat Any Price! Call Us Last!”People who never would have started those businesses had they put pen to paper and did their research…ran the numbers…applied the eyes of the devils advocate to their impulse.You can always tell the businesses that were started by drinking buddies, or bitter single moms. Grill Repairs, and Holistic Healers Essential Oil shops owned by a puka-beaded woman named Kristal Moon. Six months later all their shops have been renamed to “FOR RENT”.2- Never use friends or family as business associates unless they possess the skills and talents critical to your success. It's OK to let them help you set up your office, but don't let your ditzy sister handle your books just because she's ‘really sweet and needs a job’. Because if your endeavor does grow legs you'll eventually need to fire her. Thanksgiving dinners will never be the same after that.3- Never forget to plan for success. Believe it or not, being an “overnight hit sensation” can run you into the gutter faster than struggling to build a client base. True story: I know a guy who invented a very clever little product. He spent a year perfecting his launch. He struck gold. He got over one million orders in his first few months. He had 500 units on hand, and three people working in his home garage. It took him six months to find a fulfillment vendor, but his customers had long since canceled their orders. He went broke, ruined his reputation and his company name became synonymous with vaporware. He hit the jackpot, and it destroyed him.4-Never jump on the tail end of a trend /fad. Because by the time you get your act together all the retailers are dumping their inventory to make room for the new trend/fad.5- Never play it too safe. I've watched a plethora of “me-too” clone services fade in and back out without a trace. Example: Starbucks opens three shops less than a mile from your house. You think “Hmmm…this coffee fad seems to be a fantastic way to get rich quick”.So you open a coffee shop across from the three Starbucks. Lesson: Don't add additional weight to an already over-saturated market. If you don't have the creativity to come up with your own fairly unique concept - buy a franchise.6- Never design your own marketing collateral. A copy of Microsoft Publisher and a few snazzy fonts is only going to reveal what a rank amateur you are. IOW - unless you truly know how to build logos and branding elements, hire a professional. Nothing says “clueless” more than a logo made entirely of upper case script fonts. Or your last name in a neon font over top of the Adidas boomerang. (Shoot me now).7- Never do your own TV /Radio Commercials. (see #6). Did you ever see that jackass car dealer that looks like an alcoholic pedophile and throws a handful of cash at the screen as he screams “…SO COME ON DOWN AND SEE ME FOR G-I-A-N-T S-A-V-I-N-G-S! “ (throws cash at camera)Of course you've seen him! We all have. Every town on earth has a Crazy Eddie. And we all think he's a giant douche bag. And his radio commercials are even worse.Don't be that guy. Please.8- Never be too proud/stubborn/stupid to cut your losses and jump ship if it ain't working. Your family will forgive you, especially if you don't burn the kids college money on your way down. There's a huge difference between tenacity and stupidity. If your mobile rubber band repair service is bleeding faster than Jeffery Dahmers roommates- GTFO!Because - you should have done a business plan first.PS: So, what makes me such a friggin expert? I'm covered in scars from #2 #3 and #7. I'm an expert at learning things the hard way.Especially #2.So…if you ever find my cold lifeless body in a ditch someday, you should definitely bring my brother and my oldest son in for questioning immediately.
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What should most startup founders not waste their time doing?
I’m on my third startup. This is what I’ve picked up:Don’t idolize your product. It’s not about building the best product. Yes, what you’re building will be beautiful but form won’t convince anyone to fork up money without function. It’s gotta speak for itself. It’s about solving a problem that needs solving. Don’t solve a problem nobody runs into.Pitch decks are simple. Don’t spend inordinate number of hours “designing” your pitch deck. If those 10 slides doesn’t just roll off your tongue, stop and think more about the startup. Write your slides on paper. Don’t sit and stare at the deck. The toughest part of the deck is the projection slide (it’s really hard to bullshit properly). If you’re stuck too long something’s amiss and it’s not the accuracy of your tagline.Don’t dry run your startup. You need experience in at least 60% of the business. If you aren’t versed in more than half yourself, you won’t get it off the ground.Don’t fly solo. You need to start out with a Co-Founder(s) at minimum. See number 3 above.Don’t waste money on fake feelings. Hoodies and tees with your corporate logo on it should come after a big round.Don’t stealth-mode. Worst thing you can do. Speak to lots of people, validate your product. Nobody is waiting to steal your idea. Chances are, your idea is already being built by a competitor and they are likely ahead. The more you validate, the more ammo you’ve got to beat them.Don’t build a better version of the competition. Lots of people get this part wrong. Most of the thinking here will be self-serving. You’re not better because you offer something the other guy isn’t. You are in their rear looking at them so how can you possibly think you’re ahead?Don’t lose focus. Before you build a feature track it out. Make sure it ties into the main vision and has clear short-term gains. Everything you build needs to move the needle just one position. You and your team are not the needle. It’s customers. Never build anything for “the future expectation” of your product. Watch your scope but keep your eye on the target.Don’t go big. This isn’t Vegas. Going big is a huge gamble. Build the most atomic version of your product first and make it hum. Vision is important, but you can only build Pyramids by moving a single block at a time. If it’s ugly ask if it works. Once it works, then ask if it works well. Only when it works well ask if ugly is holding you back.
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How exactly does ERP save a company money?
Inventory carrying cost is the biggest blocker in any value chain. If the MRP process in your org aligns with the forecasting model (which in turn depends on Marketing and Sales teams) then you can optimize inventory at different levels. This will result in lower inventory turnover ( sales over average inventory hold in a financial year) and hence a good accounting numbers on book closing. ERP involves all of these business functions.So big story in a nut shell, ERP does saves money if implemented correctly. Imagine your forecasting took a toll and you planned for a unrealistic demand. Your MRP process will take a toll, Warehouses will fell short\excess of space. Various parameters such as FTL, cumulative lead time, Order fulfillment etc will be hit hard.FYI, some Harvard Case studies also depict that a bad\improper ERP implementation can bring your org a night mare. So act smart, choose wisely your ERP alligned with your business. :)
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What is a reliable and HIPAA compliant document management system?
When choosing a document management system for your healthcare business, pay attention at three main factors: security and HIPAA compliance, price and availability on mobile devices (you may need to fill in and sign medical documents anywhere). signNow [ https://www.signNow.com/?utm_source=quora&utm_medium=web&utm_campaign=HIPAA%20compliant%20document%20management%20system ] is a HIPAA compliant document management system that allows you to complete the entire medical document lifecycle in a secure cloud storage. [ https://blog.signNow.com/securely-encrypts-data-keeps-stored-documents-protected/?utm_source=quora&utm_medium=web&utm_campaign=HIPAA%20compliant%20document%20management%20system ] You don’t have to install additional apps and pay extra money: all you need is available online and at a reasonable price. - save time editing emergency contact forms, patient intake forms and medical history forms online: type text anywhere on PDF forms, highlight important information, edit original text, images and graphics - e-sign hospital registration forms and progress notes on any computer or mobile device - send contact forms and patient intake forms to be signed by patients and physicians in seconds, even on the go - turn any billing form, employment application or contact form into an online fillable form and host it on your website to collect required information and payments - automatically fill in thousands of agreements, invoices and contracts using data from a CRM, ERP or Excel spreadsheet - extract filled-in information from multiple fillable forms in a click and import data back to a CRM, ERP or Excel spreadsheet - get a free US fax number to share medical documents with patients, physicians, applicants and donors Try signNow for free [ https://www.signNow.com/en/payment.htm?trial=email&utm_source=blog&utm_medium=web&utm_campaign=subscription&mode=login ] and learn how it will boost your productivity
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How can you save money implementing ERP software on a budget?
The best way is to avoid implementing in-house, and instead hiring a consulting firm specializing in the platform. The key to ERP implementation is to understand the business processes and how the system will help streamline them. Careful analysis of the inventory tracking, sales cycle, purchasing, transaction approvals and individual employee roles is very important. By far the most important piece is the detailed requirements document. Working with clear set of deliverables and project objectives makes the implementation easier and more cost effective in terms of time. Picking the right vendor is of course very important as well. Good luck with your ERP implementation.
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How exactly does a CRM or ERP solution deliver a return-on-investment? How exactly do you make more money, or save more money, f
ERP - More often than not, a rapidly growing business will be able to delay hiring additional support staff and grow the business much larger with the same people, making revenue per staff increase and avoiding hiring/salary costs. But often you'll find direct savings, like cutting end of month close from weeks to days, consolidating purchasing for greater efficiencies, cutting inventory (and carrying costs), decreasing transactional costs - all depending on the organization. CRM - used correctly can identify the small steps of top sales producers and measure the incremental sales steps that lead to higher close ratios, shorter sales cycles and better product margins - that is, if you have a sales manager that understands CRM - otherwise, it's mostly a pain in the *ss.
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When a client enters information (such as a password) into the online form on , the information is encrypted so the client cannot see it. An authorized representative for the client, called a "Doe Representative," must enter the information into the "Signature" field to complete the signature.
How to know if an electronic signature was actually signed?
A. A person may be found to have violated the law if either of the following applies:
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A. You have the right to obtain a certified copy of your signature by going to the office that issued your certificate; and
3. You can then use the corrected copy and file your document in the county clerk's office.
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A. Certain circumstances under which a signature may not be certified include:
A. The signature cannot be obtained within three years after the signature is initially recorded; the signature is not obtained in accordance with the requirements for a signature by mail; the signature is forged; or the signature was not obtained by electronic means.
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b...
How many initials should i include in an electronic signature?
[00:04:21] <Ducetath> there's not only a need for it, but a requirement [00:04:23] <hansjens47> yes. [00:04:26] <Ducetath> to make sure the person signing is the sender [00:04:38] <Ducetath> you can't sign a message with someone else [00:04:54] <Ducetath> i mean, if you use 'the real sender is x' and it looks legit, the recipient will believe it as well. [00:04:58] <hansjens47> there's the problem of double spends in bitcoin, if i can send money to myself, the recipient will think it must be sent to them instead of me [00:05:10] <Ducetath> it's easy to make a mistake if you sign a wrong file [00:05:20] <hansjens47> and the problem of it being easy to make mistakes doesn't apply if you are trying to send money to multiple people [00:05:32] <hansjens47> right. [00:05:36] <Ducetath> but there is no need to verify that if you only care about signing the first transaction that you get a copy of that, and if it gets invalidated later you can just sign a new one [00:05:51] <hansjens47> you don't have to verify that it's you, you don't need to verify that it is you, you just need to check that it was signed by the person you are trying to send it to [00:06:10] <Ducetath> right, but what if someone else has already been trying to send the money before you? [00:06:16] <hansjens47> the only way to fix that is to have multiple addresses [00:06:19] <hansjens47> or even several different people [00:06:36] <Ducetath> that's easy for people to cheat [00:06:39] <hansjens47> yes, it would be...
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