When Do I Need to Redact Information in a Legal Document?

A legal redaction in a document involves removal of certain private information contained in documents subject to compulsory discovery in a legal proceedings. This may be non-public information or privileged communications. While data redaction within produced documents generally occur at the discovery stage of criminal or civil litigation, the legal rules may more broadly relate to the law's protection of certain privacy rights and may apply in every stage of a legal proceeding.

Non-public Information

The specific rules governing legal redaction requirements for non-public information are contained in the rules of civil procedure and criminal procedure in federal and state jurisdictions. For example, subject to certain nuances, Rule 5.2 of the U.S. Federal Rules of Civil Procedure provides protection for the following information: an individual's social-security number, taxpayer-identification number, or birth date, the name of an individual known to be a minor, or a financial-account number. This rule requires that this non-public data be removed from documents produced in a legal proceeding in federal civil proceedings.

Privileged Communications

Court documents are generally opened to the public, except those under seal.  Privileged communications contained in these documents must generally be removed. A privileged communication is a legal right against compulsory discovery of protected communications between certain parties. For example, this may be a communication between an attorney and her client or a protected marital communication contained in an otherwise discoverable document.

Nuances of Redaction

While redaction involves the removal of existing data, its flip-side application means that the same redacted data cannot be introduced in a legal proceeding by a party or non-party to the lawsuit. For example, in a juvenile court proceeding, this would mean that a minor child's full name is generally not used in court filings -- only the initials of the first and last name of the minor. As a result, the header of a juvenile court document may read: "In Re: J. R., a minor child."

As you can see, there are a number of considerations when determining what information should be redacted from a legal document. This will depend entirely on the type of legal document you are working with and the content of the legal document. This article provides a general overview for those faced with redacting a legal document. The laws of a particular state or jurisdiction may impact these requirements and this may require seeking local legal counsel.  

Financial Planning: Capital Budgeting Involves Forecasting

Even a two-income household can find choosing between investment opportunities a challenge. It becomes even more important to make wise investment decisions when working with limited assets. Capital budgeting is a financial planning tool used to evaluate prospective investment ideas. It can help couples make sounder decisions when comparing the potential returns of two or more investment projects.

Timescales

The capital budget is typically developed for long-term investment planning. It has primarily been used as a business budgeting technique for large capital investments where prospective projects might have a life span of a year or more. For example, these are investments that might require significant capital expenditures in machinery, supplies and labor. As a household budgeting tool, capital budgeting is best compared to investment and wealth management strategies.

The Capital Budgeting Process

The capital budgeting process includes a number of steps, according to Diana R. Harrington, finance professor and author of the book Corporate Financial Analysis. The first step in capital budgeting is to gather potential investment ideas. Next, the costs and benefits of each investment idea should be assessed. This requires forecasting costs and prospective returns. To make a cost-benefit assessment, forecasts for each potential investment should be compared with all alternative investment options.

Choosing Between Investment Options

After a cost-benefit analysis is performed for each investment idea, each prospect must be ranked relative to its potential for long-term profit. There are a number of specific capital budgeting techniques which can be adapted to household long-term budgeting. This includes the payback period, the internal rate of return and profitability index methods.

Budget Variances

Ultimately, the chosen long-term investment option is awarded with capital, but capital budgets are not abandoned once investments are made. These budgets are always a work in progress. For example, comparing budget variances with actual costs and returns at milestone points provides data for investment return forecasts. While long-term monitoring of investments is generally necessary, budget variance analysis can serve as an early warning to reign in an investment or to take a closer look at underlying operations.

Managing Political Risk in International Trade

There are a number of risks for an entrepreneur to consider before taking their business to the global markets. One of the major risks to consider is the political climate of the country. Political instability can lead to a government overthrow, ethnic warfare and terrorist activities aimed at foreign nationals. In volatile times, the business climate in another country can quickly turn disastrously toxic for foreign companies. Multinational businesses devise various contingency plans and strategies to identify, reduce and respond to this type of operational risk.

Due Diligence

Multinationals perform a great deal of research before committing to doing business in a foreign market. Here, the work of expert, such as an international lawyer, is of significant value when conducting due diligence. Legal memorandums for prospective international operations include detailed political and legal risk assessments. Legal counsel often explains how these risks may be offset through lobbying efforts or through building key community-based alliances.

Personnel Security

When political risks pose personal danger, security is increased for both company employees and customers. Private security is often employed to supplement government security through policing services. Reductions in personnel levels may be warranted in areas where risks are particularly high and security can not be guaranteed. It is a good security practice to maintain accurate records for all employees, which may become very valuable in the event of an emergency.

Customer Accommodations

Customers, suppliers and partners may be adversely impacted by a company's inability to continue normal operations. For example, when an airline receives a terrorist threat, risk management acts may include informing the media about threats and providing temporary shelter to both customers and employees. In such a case, business interruption insurance may protect a company from such unexpected costs.

Insurance and Performance Contracts

Financial lost can occur for multinationals when political tensions erupt into interruptions to global supply chains or into violence that results in damages. Costs are frequently mitigated in these worst case scenarios through business insurance that covers production stoppage or damage claims due to political risks. The force majeure clause in a contract also takes on great significance where it seeks to excuse a party from the cost of non-performance of a contractual duty when certain unforeseen events occur beyond the company's control. The comparative differences in contract law between countries can result in varying interpretations of such provisions.

A Mentor's Guide to Successful Business Mentoring Programs

Employees are the most important asset of a company. Businesses use mentoring programs for employee orientation, to train managers, for executive coaching or to retain and advance high potential employees. The existence of a formal mentor program within a business organization illustrates a commitment to staff development, an investment that ultimately helps a company to achieve its strategic goals as an organization. Successful mentoring programs do not just happen, but are the result of careful planning and preparation.

Defining the Mentor's Needs

A mentor is capable of having a profound impact on a mentee's career development. The mentor will, in great part, serve as a coach: teaching the mentee about business practices or helping to develop skills in a specific business function. For the mentor, a mentorship is generally about enabling the professional dreams of others. For the mentee, a mentorship can help her overcome obstacles to achieving career goals by seizing upon the seasoned instruction and influence of a mentor. A well developed mentorship program is tailored to the specific needs of the mentee, sets forth clear goals and a plan of action and includes monitoring and evaluation components. Three dynamics make this professional relationship successful: preparation, preparation, preparation.

Goals of a Mentorship

Goals should be clearly defined at the beginning of a mentorship. Mentorship goals should be SMART, a goal-setting acronym for Specific, Measurable, Attainable, Realistic and Time-limited. In developing goals, start with the following questions: What does the mentee specifically aim to achieve from the mentorship? Where is the mentee right now in his development? It is within this variance that the work of the mentor will serve the most value.

A mentor's role can vary widely. For example, some mentorships are informal, while others are formal. Some mentorships are one-on-one, while others employ a panel of mentors as an advisory board for a mentee. A mentor might give advice to a mentee about available professional training or provide the hands-on training on how to perform a particular trade-related task or transaction. Also, a significant amount of leading-by-example might occur within the mentorship relationship. This is where soft skills are transferred through observation -- such as those related to problem-solving, networking, team work and professionalism.

Formal Plan of Action

Set out a formal mentor plan after the goals and expectations have been developed between the mentor and mentee. You can always change the plan, but only if you have one. If your company has an employee handbook, start here for details on policy and procedures that may exist for business mentorships within the organization. If there is no treatment of mentorships within an employee handbook, nor a specific handbook for mentorships, consider developing a written mentor handbook for your organization to provide clarity for future business mentorships within the company. This will likely require consulting with the business owner, senior manager or human resource professional within your organization.

A mentor plan will provide clear instructions to the mentor and mentee about their responsibilities. According to the Catalyst guide, Creating Successful Mentoring Programs, the mentorship plan should, in part, provide the following:

    - define the purpose of the mentorship program
    - establish contact frequency and duration between the mentor and mentee
    - provide steps that will ensure that the mentor is accessible, and
    - set-out an outline for starting, managing and ending the mentorship relationship

For example, a mentorship program designed to help new managers might pair them with experienced managers with specific goals to transfer skills in time-management, project-management and delegating duties within the organization.

Course of the Mentorship

Leadership commitment is important for a mentorship to be successful. Effective performance during the course of the mentorship will depend upon both the mentor and mentee moving the goals and plan of action forward. The mentor should prepare for the time commitment necessary to fulfill the responsibilities of the mentor role. To maintain accountability, a mentor should calendar times to meet with the mentee to stay abreast of developments. Place your mentee on your to-do-list: “call mentee” or “send note to mentee”. Also, invite the mentee to a monthly business-related function to help with networking to expand her professional circle.

Monitoring and Evaluation

Ensure that your mentorship program includes monitoring and evaluation components. Monitoring will help participants stay on track towards the goals and objectives set out in the mentorship plan. Depending on the length of the mentorship, monitoring assessments might be performed monthly or quarterly.

Mentorship program evaluations also have a broader goal, namely, to assess the ultimate impact of the mentorship program on the company's business objectives. "Findings from other studies can be used as benchmarks against which to gauge a program’s relative effectiveness," according to Dr. Jean Rhodes in her article "Gauging the Effectiveness of Youth Mentoring,” for National Mentoring Partnership. Evaluations can show where changes are needed in the program and the impact, if any, it is having on the mentee's performance.

By using effective preparation and planning tools, a company can help to deliver dividends to all the stakeholders invested in a mentorship program. A mentorship can be a critical component in a person's career development. It can also help an employee increase his business performance, which ultimately contributes to the success of the organization that is investing in the employee's development.

Christmas Holiday Retail Marketing: Brief History of Black Friday

Black Friday: Day following U.S. Thanksgiving holiday at Target shop.

The term Black Friday is used to mark the U.S. Christmas shopping season. Cyber Monday is a newer online trend. Both are trending throughout North America.

The origin of the term Black Friday is debated among the commentators. Its legendary position, however, as the start of the gift-giving holiday season following Thanksgiving is not debated in the United States. It marks a time when traders in goods and services respond to a sharp spike in consumer demand. The retail industry revs up its marketing and promotional efforts in anticipation and retailers organize with other retailers to display holiday lights and other decorations in public squares across America.

The kick-start of the Christmas holiday weekend is no less celebrated by shoppers. Some shoppers have created a sport of the gift-giving season. They arrive at retail shops at twilight hours in hopes of being counted among the first to select the best of the special goods, spurring demand for community safety services with increases in policing and retail security. The history of the term also reminds us of the hoarding and speculations in the gold markets of 1869.

The Retail Shopper's Rush for Black Friday Trade Deals

As early as 1966, the term Black Friday was being used by the Philadelphia Police Department as a term of non-endearment to describe the Friday following Thanksgiving Day. The start of the Christmas shopping season was noted as requiring an increase in safety and security mobilization by the police. During Black Friday, police have to manage increased traffic transportation problems that arise from large numbers of shoppers in motor vehicles, on public transportation and other transport modes.

Retail security is also a big consideration for shop owners as the race for holiday deals fuel an increase in shopper disputes simply as a result of the increased number of consumers. The skirmishes of holiday shoppers have created pretty bizarre Black Friday lore. Competition for holiday deals is bound to result in heightened duties for retail security personnel.

Black Friday and the 1869 Gold Speculation Financial Crisis

Photograph of the black board in the New York Gold Room, September 24, 1869, showing the collapse of the price of gold. Handwritten caption by James A. Garfield indicates it was used as evidence before the Committee of Banking & Currency during hearings in 1870.

One cannot discuss the history of Black Friday without noting its use in the 19th century. The term was not used to describe the day after Thanksgiving Day, but September 24, 1869 – the day gold commodity prices plummeted on the former New York Gold Exchange. As the story goes, gold speculation by James Fisk and Jay Gould arose from public concerns that the U.S. government would no longer back issued dollar currencies by gold reserves. The currency system had changed from a commodity-backed monetary system to a fiat monetary system.

In the reports on the U.S. Congressional hearings that followed against Fisk and Gould, it is noted that they sought to profit from these changes through efforts to hoard gold, manipulate the executive office of U.S. president Ulysses S. Grant, and commit large speculative trades through the New York Gold Exchange. In addition to being described as Black Friday, this financial market run is also called the Fisk-Gould scandal.

Cyber Monday: Online Retail Holiday Shopping Trends

In 2003, online shopping trends began registering with retail industry organizations like the National Retail Federation (NRF). It seems that the Thanksgiving weekend was being fully enjoyed by some as a more solitary time celebrated with family and friends. Too busy during the Thanksgiving weekend for shopping, they were appearing online to shop on Monday in great numbers. By 2005, the term Cyber Monday was being used by the NRF to describe the phenomenon.

“CyberMonday.com was visited by more than 15.8 million people last holiday season,” according to 'CyberMonday.com Redesigned to Help Shoppers Save Money this Holiday Season', an NRF press release issued on Nov. 15, 2010. According to the release, the CyberMonday.com website, alone, generated over $6 million in retail sales on Cyber Monday 2009.

Black Friday as a North America Holiday Shopping Season

The U.S. is certainly not one to leave the rest of North America out of the gift-giving shopping fever. On November 23, 2010, Don Fraser, writing for Canada's The Standard, which is published from St. Catharines, reported the news story “Black Friday's tentacles reach over border.” South of the U.S. border, KVOA.com reports that Arizona shopkeepers at Tucson are preparing for both local and Mexican Black Friday shoppers. Consumers at Mexico's border towns are trekking across nation borders to get in on Thanksgiving Day weekend holiday deals.

Black Friday has no certain historical origin. It poses numerous headaches on retail security and police officers. It is also the name used to describe one of the earliest gold market crashes in United States. While it it met with hesitancy by some Canadians, leads Mexican shoppers running to the border, it is also an important part of North American retailers' marketing plans – and could not have come soon enough for this year's traders.


About the author
 
Vanessa Cross is a freelance writer who writes about international trade, business law and small business development issues. Copyright 2013.

Direct Marketing: Sales Letters for Mass Mail and Email Marketing

Image: courtesy of Stuart Miles/FreeDigitalPhotos.net

Retailers and service providers can write an original sales letter or use sales letter and mail merge software programs to reach potential customers.

Sometimes a business owner gets caught up in running day-to-day business operations and misses simple marketing opportunities to promote special discounts and seasonal and holiday events. Develop an effective sales letter that can be used in both direct mail and email marketing campaigns.

Business Goals in Drafting Sales Letters

The purpose of a sales marketing letter is to stimulate a demand for your product or service. A better understanding of the business goal helps in drafting the sales letter from scratch. Start by asking yourself what do I want the reader to do? Generally a sales letter is designed to get the reader to visit your store or website to buy a particular product or service. Why should the reader do this?

General business reasons may include the following:

•     lowest prices
•     best quality
•     best service
•     fastest service
•     most reliable
•     money back guarantee
•     free consultation
•     free sample
•     only choice in town
•     time limited promotion

The fastest way to lose a new customer is not to deliver on claims contained in a sales communications. Claims about products or service in a sales letter can be supported by customer statements, independent reviews and industry reports.

Computer Sales Letter Software for Direct Sales Letters

The most effective marketing communications are those that exhibit a high quality of professionalism. Writing a professional sales letter is not everyone's strength. There are a number of sales letter template computer software programs that can be of assistance if you are not able to draft the business communication effectively.

A good sales letter software system with strong template content can generate a stellar sales letter in less than 30 minutes. These software programs guide users through a system of prompts that customize and generate sales letters based on the type of industry and specific business goals of the company.

Merge Sales Letter with Mailing Lists and Email Marketing Efforts

Merge the finished sales letter with your company's mailing list. Hopefully the mailing list is already in a database software program that is compatible with the word processing software. Commercial mail merge software can be purchased for this type of business project. These software programs help with merging the sales letter with customer mailing lists to generate direct mail letters specifically addressed to each consumer. Mail merge software programs also generate address labels.

The same sales letter that is used in direct mail marketing campaigns can also be sent to potential customers via email. Deliver the sales letter to targeted emails as an attached .pdf document. Alternatively, copy and paste the sales letter directly into the email program application. Relevant corporate images can be included in this type of email marketing campaign.

A sales letter is a simple business communication tool that can pack a powerful marketing punch. Conversely, sending out a bad sales letter can damage a company's reputation. When drafting a sales letter first clarify your business goals. If writing is not your strong point purchase a sales letter software program that includes relevant content templates. Prepare address and email mailing lists for customized mail merges that can be distributed to prospective clients and customers to complete your direct sales letter marketing campaign.

About the author

Vanessa Cross is a freelance writer who writes about international trade, business law and small business development issues. Copyright 2013.

Executive Sales and Marketing Jobs

Image: courtesy of stockimages/FreeDigitalPhotos.net

Marketing and sales professionals focus on retaining existing customers and gaining new ones. Learn about expectations and opportunities in these careers.

While sales and marketing are sometimes overseen by one professional in smaller business organizations, sales professionals generally focus on closing the deal, while marketing professionals have a broader perspective. involving the development of the overall strategy for sales, advertising and public relations.

Marketing and Sales Executive Jobs

“The objective of marketing management is to set a strategy that identifies customers and brings to their attention the company's goods and services,” states Michael Harkavy, author of 101 Careers: A Guide to the Fastest Growing Opportunities (John Wiley & Sons, Inc., 1999).

Marketing departments attract a highly motivated team of professionals. Marketing professionals research and monitor customer preferences and provide strategies on product development.

They are charged with processing large amounts of information and making sound judgments to position products and services in a favorable light. Interpersonal and communication skills are vital assets for these executives.

Sales managers are generally charged with instituting sales strategies. They focus on setting sales goals, defining sales territory and overseeing sales representative staff. They manage a company's direct sales and telemarketing efforts. Like marketing managers, they travel to attend industry conferences, participate in a number of meetings, and work long hours to meet business goals and deadlines. Executive vice-president and general manager are a couple of the professional titles that attract both sales and marketing professionals.

Sales and Marketing Careers: Skills, Education and Certification

Those interested in entering the executive ranks of the sales and marketing professions should consider earning a bachelor's or master's degree in business administration with a specialization in marketing. Degree programs include courses in areas such as accounting, business law, economics, finance, management, mathematics and statistics. A science or engineering degree combined with the business administration degree is appropriate for tech industry marketing career paths.

Sales & Marketing Executives International, Inc. (SMEI) is one professional organization that offers marketing and sales certification programs. These certification programs generally involve part-time self study and an examination. Completion of such programs provide an additional professional designations. Prospective marketing and sales professionals should also become familiar with the American Marketing Association's (AMA) membership benefits and offerings.

Pay Scales for Marketing and Sales Professionals

While regional differences impact salaries, according to the AMA's 2010 Marketing Salary Survey, marketing executive salaries can range from $50,780 to $133,744 annually. The higher salaries tend to come from larger companies. According to PayScale.com, a general sales manager's pay can range from $46,883 to $98,744.

“There is a growing trend nationwide to contain the base salaries of executives and tie a larger percentage of their earnings to the risks of the marketplace,” according to Harkavy. As a result, salaries may also be, in part, incentive-based using bonus pay system models.

Domestic and international competition fuels the need for professional sales and marketing managers. Marketing professionals focus on market research and developing overall corporate strategies for sales, advertising and public relations. As a subset of marketing, sales executives are more focused on direct sales efforts. Both professions offer executive management opportunities for outgoing individuals with the right training and interpersonal skills.

About the author

Vanessa Cross is a freelance writer who writes about international trade, business law and small business development issues. Copyright 2013.

Event Planning: How to Plan and Market a Retail Trunk Show

 

Organize or participate in a trunk show as a sales and marketing event for unique and custom fashions, jewelry and other artisan crafts.
A trunk show is a special promotional event that offers an opportunity to showcase unique products or goods by either an individual or collective group of artisans. If you are considering developing a trunk show, the following matters should be considered.

• Develop a business plan for the trunk show event. This will be a road map of all of the tasks and activities required to organize the show, as well as the financial capital and human resource requirements.
• Find one artisan to feature at the trunk show or pull together a group trunk show. Consider hiring an attorney to assist you with developing participant's contract terms.
• Choose a date that gives you enough time to plan and promote the show and doesn't conflict with other major events within the community.
• Hire an event planning company or purchase event planning management software if you plan to coordinate all event planning services.
• Develop a mailing list to market the trunk show. This might be derived from the individual past customer lists of trunk show participants, as well as the facility or retail shop owner.
• Market the show. This might include distributing trunk show sales letters by post mail and email. If your budget allows, hire a public relations firm to gain wider publicity for the event.

Event Planning

An event planner might assist with a number of the trunk show's logistics. This includes selecting, arranging and decorating the facility; selecting the best date for the event; and coordinating marketing efforts such as invitations, catering and security. Hiring an event planner allows the trunk show organizer to focus on coordinating the broader matters, such as assisting participant's preparation for the event, manage accounting, budgetary and legal matters, such as participant contracts. Alternatively, the trunk show organizer might elect to manage all event planning. If so, there are a number of event planning management software programs available to help organizers stay on top of all event logistics.

The Venue

Boutique settings are generally ideal for hosting trunk shows because they provide a quaint and intimate atmosphere for attendees to browse the works and talk with artisans. Conduct a walk through of the space the day before the event to make sure all required fixtures, such as tables, chairs, signage and special lighting are on-site and properly arranged. For group trunk shows ensure there is enough table space for each artisan's works. Clothing designers might need additional space for a model or mannequin display. Remember, ease of movement is important for participants and attendees. Also, keep in mind that maximum occupancy regulations will generally apply to such events in most jurisdictions.

Trunk Show Invitations

Consider employing a local artisan to create a custom trunk show invitation card. Also, one of the trunk show participants might have creative design skills that be used for the invitations. Send out about one hundred invitations for smaller trunk shows, such as those held at home residences or small boutiques. When reservations are made, respond with a confirmation acknowledging its receipt. There are a number of online reservation systems available, such as Evite.

A trunk show is a great marketing and sales event for artisans at any time of the year. They are especially effective leading up to gift-giving holidays, such as Christmas or Valentines day. Conduct business planning, manage event logistics and contract with professional service providers to make your trunk show event a success.

About the author

Vanessa Cross is a freelance writer who writes about international trade, business law and small business development issues. Copyright 2013.

Event Planning: How to Organize a Community Festival or Fair

Photo: 2012 Annual African Festival of the Arts, Chicago, Illinois

Outdoors festivals give local vendors a unique business opportunity to showcase and sell goods. Create a successful one with proper business planning tools.

tarting a new festival or fair begins with simple business planning. A business plan is a road map of all of the tasks and activities, procurement services and financial and human capital needs for the business venture. Through proper business planning you can identify the target market and secure the right mix of vendors - making the festival business a feasible and profitable community affair.

Conduct Market Research for the Event

“The ultimate goal of market research is 'know how',” writes S. Robert Tralins in his book Dynamic Selling (Prentice-Hall, 1961). “For those who are willing to sacrifice a few hours of their leisure for serious study the rewards are unlimited.”

Understanding the target market will help you determine the type of vendors to select for the festival or fair. Market research will include gathering information that will help you anticipate the different transactions, goods and services involved in organizing a festival. It will also help you to select the best date or dates for the event. Transferring this information over into a business plan assists in identifying all start-up costs – addressing both available and additional capital need.

"Very few products should be targeted at the total market,” states marketing experts Al Ries and Jack Trout in their book Bottom-Up Marketing (McGraw-Hill, 1989). “Most programs would benefit from the emotional opportunities created by a narrowing of the target audience. Again, it's the power of focus."

Finding Fair Vendors and Entertainment

Add Attractions. Simon Howden/FreeDigitalPhotos.net

Hand-crafted items and unique products fit best for special festival and fair events. Goods that can easily be obtained in local retail markets should be avoided. There is, however, no hard and fast rule. For instance, a vendor of commercial soft drinks will naturally be in demand at a street marketplace of walkers. On the other hand, a vendor that makes on-sight fresh fruit drink blends for festival attendees is an added treat.

Entertainment can include live musical performances selected from local talent, fairground amusement rides and performing artists such as face-painters, clowns and mimes. An event planner can be of great assistance in organizing both entertainment talent and product vendors.

The quickest way to find potential vendors is to attend other fairs in the area. Request business cards from those vendors whose works you believe best represent goods the target market would show interest. Another idea for finding fair vendors is to advertise in local media -- including print publications, television and radio.

Develop a sales letter directed to known vendor prospects. This letter should include dates, target market information, anticipated attendee numbers, entertainment and types of publicity and fair booth costs. Also mail this sales letter to local shop-keepers whose inventory represents a viable match to the target market tastes. Consider including a vendor application and self addressed stamped envelop to the organizer for return of completed applications and fee payments.

Secure Festival Event Grounds, Equipment and Supplies

The festival or fair can be held as an outdoor event at a park, along a beach-walk or along the streets of a popular commercial thoroughfare. Weather is always a big issue for the outdoors festival. The event can also be held indoors. Convention center halls, community centers and indoor malls are only a few of the options. Make a list of facility prospects in your area. Keep in mind transportation convenience for attendees in selecting the venue.

Festival equipment and supplies can include tables, pop-up tents, performance stages, lighting and electrical outlet wiring for vendors. Festival organizers may elect to supply some or all of these resources. Costs are generally factored into the vendor booth fees. Suppliers of tents and tables typically offer better rates for big orders - a savings that can be passed on to the vendor. Consider contracting with an event planner who can assist with securing b2b suppliers for festival equipment rentals.

Public Vending Licenses, Permits, Contracts, Security and Insurances

2012 African Festival of the Arts, Chicago, Illinois.

Obtain governmental licenses and/or permits required for festival and fair organizers in your jurisdiction. Contact the local government agency charged with regulating and issuing permits and licenses. A local attorney can be of great assistance to ensure business compliance with permit and licensing requirements. Legal counsel can also help to prepare a contract that fairly addresses the legal obligations and duties between the organizer and vendors.

Public crowd control and vendor security are important aspects of developing a community festival or fair. Security requirements will be dictated by the community where the event is held and the anticipated attendance numbers. Small town festival and fair events may only require contracting with one or two local off-duty security officers. Consult with a bonded security firm if the target market, facility capacity and consumer demand all have the potential to draw a large public crowd.

Promotions for Festival and Fair Events

The festival organizer is charged with delivering the audience. Publicity leading up to the event will be very important. Remember that the ability to organize vendors in the future will be impacted by an unprofitable event -- especially from a poorly marketed event. Pay to advertise on cable network television and radio stations. Display advertisements in local publications also help to get out the word.

Publicity firms can sometimes cost less and be more effective in the long run than individual advertising efforts. Consider hiring a local public relations firm to pitch festival story ideas to local media. Local stories can be developed both around the general event, as well as the individual entertainers and artisans showcased at the event. An effective PR firm will also ensure that the event is listed on all local media's calendar of events.

Also, look into securing a corporate sponsors. This is another important resource for festival and fair organizers. Big brand corporations in the local market often benefit from associating with positive community activities. For a cost a corporate sponsor's log can be included on all promotional material. This includes being prominently listed in printed festival booklets and fliers.

Make a listing of potential sponsors. Draft a sales letter to mail to each prospect. Follow this up with a friendly telephone call.

Organizing Fun and Profitable Community Events

A community festival or fair is an excellent opportunity to promote the works of local arts & crafts talent and to showcase the unique inventory of retail shop owners. It is also a great way to sample local fresh and cooked food items and to engage with local entertainment. Conduct market research and know your target market. Reach out to professionals like business lawyers, event planners and publicists to ensure the event is profitable to both the organizer and vendors. Proper business planning is key to successfully organizing this type of community event.

Book References:

• "The Business of Bliss: How to Profit From Doing What You Love," Janet Allon and Editors of Victoria Magazine (Hearst Book, 1999)
• "Budgeting for a Small Business: A Primer for Entrepreneurs," Terry Dickey (The Grisp Small Business & Entrepreneurship Series,1994)

About the author

Vanessa Cross is a freelance writer who writes about international trade, business law and small business development issues. Copyright 2013.

Retail Marketing and Advertising: Window Display Store Designs

Image: Benetton Boutique, courtesy of artur84/FreeDigitalPhotos.net

Christmas and Valentine's Day are just two examples of holidays that lend themselves to developing retail shop window displays. Design ideas are limitless.

During the Christmas holiday in the U.S., Macy's store window designs have become part of its brand, symbolizing the department store's innovation in retail display design. Window displays are a retailer's best marketing tool when properly designed and managed. They fall into two basic categories: look through windows and enclosed windows.

Enclosed Retail Window Display

Enclosed retail window displays are fully enclosed. They are walled on both sides with an enclosed back drop and a front glass display. As display designs, they are more similar to theater stages as they can be dramatized with spotlights and floodlights behind the glass to highlight display features. They are used primarily to present new retail merchandise in a more dramatic fashion. They are very effective for drawing foot traffic into a retail store.

The reduction of inventory display space should also be considered when developing new enclosed or look through retail window displays.

“[T]he street level is the most productive floor area in the store,” states Adolph Nova in his book Store Planning & Design (Lebhar-Friedman Books, 1977). “When the area devoted to show windows and their access corridors is deducted from the productive sales area, you reduce the sales dollar volume that this area could otherwise earn.”

Also, if not kept updated with new merchandise, an enclosed retail window display will look even more dated than look through retail display windows. This can negatively impact store branding.

Look Through Retail Display Windows

Like display windows, look through windows are primarily used to present new retail items. It, however, gives the viewer both the displayed merchandise as well as a significant view of the overall store interior. Look through retail displays are best for supermarkets, drug stores and other mass merchandise retailers with dense inventory. Multiple category inventory shops allow a street traffic peek of the diverse store merchandise.

The cost of regular maintenance and upkeep of either look through or enclosed retail window displays warrants inclusion in business operational budgets. Upkeep costs include hiring a professional retail window display designer. It will also include additional air-conditioning costs for the window display area, as heat build-up due to direct sun and lighting fixtures will increase electrical cooling costs. Awnings and tinted glass windows are often used to both reduce cooling costs and sun damage, which may also fade products from direct sun light.

Marketing and Advertising with Retail Shop Window Displays

Enclosed and look through display windows offer retailers a unique opportunity to market new merchandise and strengthen their retail brand. It provides potential customers from street traffic an opportunity to peek at store inventory. Outdated displays give the message of having old inventory -- so keep it fresh. Also, keep additional cooling and maintenance cost in mind. Consider hiring a professional window display designer, especially for special holiday promotions.

About the author

Vanessa Cross is a freelance writer who writes about international trade, business law and small business development issues. Copyright 2013.

Business Ideas for an Arts and Crafts Marketing Plan

Paper Craft On Leather Texture, courtesy of TeddyBear/FreeDigitalPhotos.net

For the artist, producing art is generally much more interesting than selling it.

“A craftsperson's very work is the antithesis of mass production and mass marketing which have become synonymous with business today,” writes Michael Scott in his book The Crafts Business Encyclopedia (Harcourt Brace Jovanovich, 1977).

The simple truth, however, is that sales are an indication of whether art work is created as a simple hobby or as a professional business. Whether you knit, quilt, sculpt or draw, the holiday season offers a unique opportunity to capitalize on the increase in consumer shopping. Develop sales for unique arts and crafts by creating a marketing plan specifically for gift-giving seasons.

Plan an Art Studio Event

An arts and crafts studio can be both a work space and a show space. Visitors generally love an opportunity to see where hand-crafted items are actually made and to take a glimpse into the process. Lease a small workspace that allows you to showcase creative works. Alternatively, set up a space – such as an extra room – as a permanent or temporary display for works. Make refreshments and seating available to potential customers invited for special show times. Be prepared to provide a question and answer presentation about your work process.

Contact Art Galleries and Specialty Gift Shop Stores

Art gallery and retail gift shop owners increase inventories during the holiday season. Sell items directly to these retailers either at wholesale prices or through consignment arrangements. For very unique items, target art galleries and exclusive shops that charge higher prices for products.

Organize a Direct Mail Order Campaign

Sell items by mail order using the mailing list of past customers and potential customers. Create a catalog or brochure of works that can be produced in multiples through catalogs. Draft a direct sales letter and an order form to include with your catalog. Include high quality photographic images of works. Many computer software programs have booklet and brochure templates that can be quite helpful if you chose not to hire a professional.

Participate in Fairs, Festivals and Trunk Shows

Rent a booth at an arts and crafts fair or festival, and participate in group trunk shows. The high volume of traffic from these types of events offer the opportunity for major sales. Find out about fairs and festivals by contacting the local chamber of commerce. Remember to set up a guest list book to build the studio's mailing list for future promotions.

Network with Interior Decorators and Designers

Professional interior decorators and designers are always looking for unique works for their residential and commercial interior designs. Find them by networking in design industry business associations or by finding a printed directory of interior designers. Send out a a direct sales letter with a couple photos, catalog or brochure. Follow up the direct mail contact with a phone call and an offer to visit your studio.

Developing a Marketing Plan for the Holiday Season

The holidays are generally gift-giving times of the year. Rev up promotions using studio invites. Increase sales through presentations to arts galleries and specialty gift shops. Design a new catalog or brochure for direct mail promotions with a sales letter. Participate in fairs, festivals and trunk shows. Network with interior decorating professional. These marketing ideas can be used by both the artisan and artist to inform potential customers about what's new in the studio.

About the author

Vanessa Cross is a freelance writer who writes about international trade, business law and small business development issues. Copyright 2013.

Marketing Campaigns: Traditional and Online Radio Advertising

Image courtesy of KROMKRATHOG/FreeDigitalPhotos.net

A radio ad campaign directed at a company's target market can strengthen its brand recognition and lead to increased sales.

Radios are in the majority of American homes and auto vehicles. They are used by workers frequently at the office. Radios continue to be a major source for news and entertainment. In addition to traditional radio, new media radio programming also offers options to reach new customer. Directed to your target market, radio advertisement can reach millions of radio listeners.

Market Research for Radio Advertising

“The only way to avoid being ignorant is to conduct a regular, methodical program of market research,” writes S. Robert Tralins in his book Dynamic Selling (Prentice-Hall, 1961). Conduct market research before purchasing radio advertisement.

Radio advertising offers a high degree of selectivity. Different audiences are attracted to different stations and programs. Learn which radio station best reaches your target market by reviewing the advertising material from the stations that interest you. This material generally includes information about the radio advertising costs, listener statistics with time-slot estimates and audience demographics.

Learn more about your company's existing clients. Capture information such as “favorite radio station” from the customers, through a survey, or a contest or reward program. Work with a marketing professional to develop a customer survey that can be delivered by email or direct mail to existing customers.

Develop a habit of capturing customer research data. Create a file or notebook established specifically for this market research information. Market research helps to more effectively reach customers with services and products. Set aside time to read about industry information to understand both internal and external market dynamics – all of which should help in developing a more effective marketing campaign.

Radio Advertisement Commercials

“Radio advertising can be complex because putting together a good commercial usually requires professional assistance,” writes Gregory F. Kishel and Patricia Gunter Kishel in their book Start and Succeed in Multilevel Marketing (John Wiley & Sons, Inc., 1990) . “Fortunately, many radio stations are willing to help advertisers produce their commercials at little or no charge.”

Music is generally an important part of a radio advertisement. Unique advertising jingles are still powerful radio tools. Host a jingle contest to get your clients in on the new radio advertising campaign.

Keep in mind that many radio stations offer quality in-house ad development talent to advertisers. Also, consider hiring an advertising professional. The ability to hire an ad agency will depend on your marketing budget. Just remember, for many of us, “Rolaids” stills spells "relief" because of the simple ingenuity of professional ad developers.

Online Radios and Podcasts

Like traditional radio, online radio networks have diverse programming options, listener demographics and effectiveness. Internet-based podcasts and audio or video blogs are sometimes produced by traditional networks. Professional and business organizations, such as the American Bar Association, also produce a number of podcasts.

"Advertising on the Internet is a reality, just as it is for other media outlets, but I’m often still surprised when I’m faced with it," says Felicia Strong, a Chicago-based copy editor. "If I’m listening to an online radio format, I may not expect to hear advertisers, but more and more they are there and will, I think, continue to be there. It is the reality we live in now, and the Internet is a major point of contact for advertisers looking to connect with audiences. It has become a large part of the contact strategy for many businesses.

While statistical research regarding consumer listening preferences on traditional radio abounds, online radio listener's opinions about advertisement is much smaller and may show mixed results. If you are interested in exploring online radio options, check out the great number of podcast and online radio websites on the Internet. Those that sell ads may have website tabs with advertiser specifications. Alternatively, use company contact information to inquire with the company's sales department.

Radio Ad Costs, Prices and Rates
A radio commercial must be broadcast repeatedly over a period of weeks or months to be effective as a guerrilla marketing tool. Costs will include the radio station rates and ad agency consultation and services. Contact prospective radio stations for rate lists. The general rule is that the overall unit cost is reduced by increased ad runs. Small stations may offer lower advertising rates. Also, ensure that the purported listener numbers are verifiable through an independent industry source.

A good radio ad that attracts listeners from your target market can be an effective guerrilla marketing tool. Conduct market research that identifies targeted customer's radio listening tastes. You probably already have some insight on these preferences. This will help you to select stations and programming times.

Traditional and online radio advertising offer different ways to reach your next customer. Request radio advertisement price lists to get started on formulating a budget and planning your radio marketing campaign.

About the author
Vanessa Cross is a freelance writer who writes about international trade, business law and small business development issues. Copyright 2013.

Trade Show Markets, Displays, Booths and Giveaways

Image courtesy of Emptyglass / FreeDigitalPhotos.net

Looking for business to business buyers? Introduce your firm's products and services to potential clients through industry trade shows.

The trade show is an annual or semi-annual business affair that matches industry sellers to industry buyers. Retail buyers attend trade shows to browse and place orders for consumer and industrial products from manufacturers and wholesalers.

Certain trade industries have a series of shows across the country in various cities. In Chicago, for instance, the American Furniture Mart and Merchandise Mart both host a series of trade shows at different times throughout the year. New York and Los Angeles are known for a variety of apparel trade shows.

If you are just getting started in the trade show industry, conduct extensive market research and develop a smart trade show presentation. Simple trade show giveaways provide a great opportunity to transfer your firm's information to industry buyers.

Booking Trade Show Booths

To participate as an exhibitor in a trade show, search for those related to your product or service. Select the trade fair carefully. Be clear on the nature of your firm’s exhibit. Find out about other exhibitors, including potential competitors.

Trade show managers typically have both online and printed sales literature about the trade show they are organizing and promoting. Trade show information will include information such as booth size options, pricing, historical attendee stats, as well as booth display and technology options.

Be prepared to book a trade show booth in advance as the best ones sell out the quickest. Don't forget to budget ahead on all costs. This not only includes trade show exhibitor fees, but expenses for transportation, housing, meals, staffing, samples and literature. For business networking, factor in trade show entertainment costs.

Trade Show Displays

Retail display designs at trade shows can be quite impressive and technologically savvy. Be aware that there are professional trade show booth display designers who assist in developing professional trade show displays. Clearly communicate your ideas on booth layout to the exhibit designer.

Also, take note that transportation is a major expense. This includes the expense of shipping the trade show display, staff, sample products and literature. If you are considering participating in an international trade show choose a freight forwarder to handle shipment.

Trade Show Giveaways

Competition for trade show attendee’s attention is fierce. Giveaway items at trade shows help to draw attention. This may include sample products, literature, or promotional items with the firm’s printed contact information. Trade show service providers often use items such as bags, pens and golf balls to transfer their information to trade show attendees.

Depending on the product, prepare to give product samples away or to develop periodic drawings for product sample giveaways. This will draw traffic regularly to the booth. Trade show buzz can be generated when traffic begins to gather at your firm’s booth in numbers.

In developing trade show literature, keep in mind that buyers travel from all over the world to some industry shows. Consider translating a firm’s printed literature information into a few languages. Ask organizers about historical attendee profiles to determine whether this would be beneficial.

Business Marketing and Deal Making at Trade Shows

Trade shows provide a powerful corporate branding and marketing opportunity. It brings industry buyers and sellers together in a focused and highly energetic marketplace. Making the right trade show selection can translate into obtaining a large book of new business. The wrong trade show, conversely, can result in the lost of both valuable time and money for.

Trade shows also offer a means to attract new customers and build long term business to business relationships. Trade show booths, displays and giveaways are important branding tools for trade show vendors. Consider seeking professional help with booth and display designs. Also, budget wisely for the numerous associated trade show expenses.

About the author

Vanessa Cross Vanessa Cross is a freelance writer who writes about international trade, business law and small business development issues. Copyright 2013.

Secured Transactions: Guaranty Contract v. Surety Contract

Business Planning: Political Risk Assessments

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Political risk for a company can arise from a government's adverse action that results in excess taxes or restrictions on activities and assets. In political hot spots, political risk can also escalate to governmental overthrows, ethnic warfare, terrorist activities or kidnapping. During volatile times, global business markets that originally have shown sustained stability may quickly turn into an operational disaster for an exporting business or multinational corporation. Business organizations devise various contingency plans and strategies to identify and respond to this type of operational risk.

Business Intelligence

Political risk for a company can arise from a government's adverse action that results in excess taxes or restrictions on activities and assets. In political hot spots, risks can also escalate to governmental overthrows, ethnic warfare, terrorist activities or kidnapping. During volatile times, the business climate in a national market may quickly turn into an operational disaster. Business organizations devise various contingency plans and strategies to identify and respond to this type of operational risk.

Personnel Security

Keeping care over employee's well-being is essential where political risk poses personal danger to personnel. Increased security for both company personnel and customers may be necessary. Additionally, reduction of personnel levels may be warranted in areas where risks are high, starting with non-essential personnel to core operations. Ensure that updated records are maintained on employees in the event of emergency evacuations.

Customer Accommodations

Customers, suppliers and partners may be adversely impacted by a company's inability to continue normal operations where it finds itself in a political hotspot. For example, when an airline receives a terrorist threat, business ethical decisions will have to be made quickly to protect and inform. This may include promptly informing the media about threats and providing temporary shelter to both customers and employees.

Political Force Majeure

Financial lost can occur for multinationals when political tensions erupt into interruptions to global supply chains or into violence that results in damages. Costs are frequently mitigated in these worst case scenarios through business insurance that covers production stoppage due to national political changes. Force majeure takes on great significance in negotiated performance contracts with parties in countries exposed to high political risks. Consult legal counsel familiar with international business law and political risk analysis.

Further Reading:

World Bank: Force Majeure Clauses – Checklist and Sample Wording

Corporate Governance: The Poison Pill Defense

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

There are as many ways to acquire control of a corporation and just as many takeover resistance tactics that can be used by management. If a tender offer, or takeover, of a corporation is attempted that management wants to "go away," the poison pill is one of the terms used to describe a particular type of anti-takeover defense.

Right to Redeem or Buy

The poison pill involves pre-arranging a shareholder right to redeem or buy a significant amount of stock that is triggered by a tender offer. Designed to make the company less attractive, the redemption or buy-back price is generally at unfavorable high prices to the corporation. This dilutes the stock value by reducing cash or cash-related assets.

Acquisitions vs. Mergers

A target company is more likely to raise the poison pill defensive strategy against an attempted acquisition than a merger. In an acquisition, change can be both brutal and swift as the acquirer imposes its financial restraints and operational control systems on the target. In mergers, parties tend to be more evenly matched, with power dynamics of the combinations being more ambiguous and integration more drawn out.

Talbot's Poison Pill

The women's clothing retailer Talbot adopted a poison pill tactic in August 2011 after learning that Sycamore Partners, a private equity firm, had acquired a significant stake in the company. Talbot's plan triggered when an investor acquired 10 percent or more of outstanding common stock in the company, creating a "dividend of the right to buy one share for each outstanding share," as reported by The New York Times.

Shareholder Disclosures

Management frequently learns that a concentrated stake in a corporation has occurred because of Securities and Exchange Commission disclosure requirements. Under the Williams Act of 1968, which amended the Securities and Exchange Act of 1934, outside shareholders must disclose company holdings within 10 days of acquiring 5 percent or more of outstanding stocks. As a response to a wave of hostile takeover attempts, the Williams Act was enacted by Congress to provide shareholders adequate information to respond to a tender offer.

Further Resources:

• The New York Times: Talbots Adopts Poison Pill
• United States Securities and Exchange Commission: Form 8-A, The Talbots, Inc.
• Washington and Lee Law Review: The SEC's Proposal to Regulate Market Sweeps

SWOT: Developing Business Strategies

Image:  "Successful Business Strategy" by Stuart Miles

SWOT is the acronym of Strengths, Weaknesses, Opportunities and Threats -- a technique used by decision makers for problem solving and business planning. Strengths and weaknesses generally account for internal capabilities and resources. Opportunities and threats typically address external factors. An organization can identify skills, knowledge and capabilities it is lacking through SWOT analysis.

Organizational Strategies

SWOT analysis can be used to assess an organization, department, individual or task. It is used to develop organizational strategies, including strategic business goals, objectives, strategies and tactics. There are various types of formal organizational strategies used as a basis of business analysis. This includes cost-leadership strategy, focused cost-leadership strategy, differentiation strategy and focused differentiation strategy.

Cost-Leadership Strategy

SWOT analysis is frequently used to assess operational costs and is frequently used in the cost-leadership strategy. Cost-leadership strategy aims to attract customers with lower prices by cutting operational costs. WalMart's founder Sam Walton actively pursued this strategy by identifying inexpensive rural lands that allowed him to reduce product prices below those of urban competitors like K-Mart and Sears. Walton also aggressively pursued goods produced at low costs in global markets.

Differentiation Strategy

A SWOT analysis can be applied to a particular product or service to increase its quality, creativity, responsiveness or innovation. Exclusive clothing designers, such as Christian Dior, pursue what is described as a focused differentiation strategy by producing distinctive clothing for very rich customers. The differentiation strategy seeks to attract customers with unique services and goods -- sometimes described as non-price competition.

SWOT Assessments

A performance of a simple SWOT assessment of online retainer Amazon.com's online book brand strategy shows clear strengths, weaknesses, opportunities and threats. As a strength, it has cornered the online book market by acquiring former competitors Bookfinder.com and AbeBooks.com. As a weakness, when competition is reduced customers may associate the Amazon.com brand more closely with books and not a diverse online marketplace. Opportunities exist as the number of specialty book dealers join as sellers. Regulations become an external threat to business operations, such as when growing into foreign markets as Amazon.com seeks to do by entering India.

Mortgage Industry Acronyms

• AITNO - Assignment In The Name Of

• AOI - Affidavit of Indebtedness

• AOM - Assignment of Mortgage

• ATP - Authorized Third Party

• AVP - Assistant Vice President

• BPO - Broker Price Opinion

• CHL - Countrywide  Home Loans

• COA - Condo Owner's Association

• DIL - Deed in Lieu

• DOJ - Department of Justice

• DOM - Deed of Mortgage

• DOT - Deed of Trust

• FDCRA - Federal Debt Credit Reporting Act

• FHA - Federal Housing Administration

• FITNO - Foreclosure In the Name Of

• FHLMC - Federal Home Loan Mortgage Corporation

• FLDD - First Legal Deadline Date

• FNMA - Federal National Mortgage Administration

• FS - Foreclosure Servicing

• GLBA - Gramm Leach Bliley Act

• GNMA - Government National Mortgage Administration

• GSE - Government Sponsored Enterprise

• HAFA - Home Affordable Foreclosure Alternatives

• HAMP - Home Affordable Modification Program

• HELOC - Home Equity Line of Credit

• HOA - Home Owner's Association

• HOEPA - Home Owner's Equity Protection Act

• HUD - Department of Housing and Urban Development

• LM - Loss Mitigation

• LM - Loan Modification

• LMA - Loss Mitigation Affidavit

• LOB - Line of Business

• LOP - Lack of Prosecution

• LPP - Lender Placed Policy (Insurance)

• LPS - Lender Processing System

• MERS - Mortgage Electronic Registration System

• NOD - Notice of Default 

• NOS - Notice of Sale

• OCC - Office of the Comptroller of the Currency

• POC - Proof of Claim

• PACER - Public Access to Court Electronic Records

• QWR - Qualified Written Request

• RA - Reaffirmation Agreement

• SCRA - Service Members Civil Relief Act

• SOT - Substitution of Trustee

• SS - Short Sale

• TPP - Third Party Purchaser

• TPS - Third Party Sale

Strategic Management: Creating and Prioritizing Strategic Objectives

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"Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages," according to Gregory Dess in the book Strategic Management (2005).
Strategic management does not state how the mission or vision will be accomplished. Strategic objectives state the desired end results. "Strategic objectives are used to operationalize the mission statement. That is, they help to provide guidance on how the organization can fulfill or move toward the “high goals” in the goal hierarchy-the mission
and vision," states Dess. 

SMART Strategic Objectives

The best strategic objectives state what is to be accomplished in SMART terms: specific, measurable, attainable/achievable, relevant and time-bound. A strategic objective should be specific, citing the the exact level of performance expected for the objective. It should also be measurable. For example, instead of an objective that seeks to achieve a 10 percent market share increase, the effective objective would seek to achieve a 10 percent market share increase by December 2012. Also, if the objective is too difficult to be achieved, it might not be realistic.

Prioritizing Strategic Objectives

After establishing strategic objectives, long-term strategy must be aligned with short-term actions that are prioritized. Develop a to-do list for the strategic objectives. In essence, the to-do list answers the question of what needs to be accomplished to achieve the objective. This may entail identifying needed financial allocations, adjusting internal business processes, or increasing institutional learning to improve and change existing competencies.

To identify what tasks on the to-do list need to be completed first, begin with a micro-level prioritization that delegates priorities by 1) high priority, 2) medium priority, and 3) low priority.  Tasks with hard deadlines and high risk tasks are generally higher priorities. For example, the economic impact or cost component of the task may result in ranking the task as a high priority risk requiring a higher review priority over other tasks.

Perform an inter-level assessment after prioritizing all tasks for the strategic objectives into high, medium and low level priorities. For example, all tasks listed as high priority should be ranked by order of importance within the high priority category. This should also be applied to medium and low priority tasks.

References: Institute of Medicine of the National Academies: SMART Objectives