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Summary

The sustainability of a business organization depends on the best practices used by the organization. Company practices would require careful planning to meet the mission statement. Business transactions with Costco have suffered many drawbacks. The terms of the agreement affected our transactions. The proposed options will address the issue which requires urgent attention.

Problem Statement

The existence of a business organization depends on the good practice that influences growth (Vincent, 2009, p. 3). The vendor process agreement can influence steady growth by removing repeated tasks. Although it limits the vendor to a particular location, the efficiency in service delivery is an advantage for the vendor.

Our business transaction with Costco has been poorly managed. Clients trade with the vendor’s agreement and would require early delivery of services. The inconsistency in business transactions between our business outfit and Costco terms of agreement must be addressed. There are two important issues of concern.

  1. The customer’s transactions with the vendor require prompt and regular product delivery.
  2. The delay in delivery from Costco due to delays.

Let me emphasized the need to address the situation due to the urgency of the matter. Daily transactions with Costco are applied to the firm’s terms of agreement. The trend caused ripple effects on our transactions with clients. The Costco verification procedure follows a slow pattern. The delivery system records late delivery and this does not match our invoice payments. This creates distortions with our transactions and affects our service distribution.

Situation Analysis

The issue caused an imperfect transaction deal and affected the scale of business. For example, when payments are sent through, we have to wait until their personnel key in products in its database. This situation is unacceptable and must be corrected. By this term, Costco utilizes the best terms in our invoice payments without considering the Receipt of Goods.

This means Costco systems would reflect 2% net 60. By standard, payments must be calculated using the product receipt issued from our office. The delay in tackling this inconsistency would hamper the growth of our organization and reduce business transactions. The solution lies in my recommendations below.

Solutions to problem

The call for immediate action plan requires use of the following procedures. My recommendations are based on an informed opinion and thus, passed careful verification and analysis.

  1. I recommend we implement the terms of correction using a prepared vendor agreement process. The limitation of this agreement option is the time duration required to complete the task.
  2. The second recommendation would be the implementation of electronic invoice payment systems. This process is timed based and can be achieved.

Project Analysis/ Description

Vendor Agreement Process

Negotiating vendor agreements can deduce the above problems. The vendor agreement process creates acceptable payment methods to conform to an agreed timetable. The payments are bonded with its acceptance. The response to escalating payment issues is rapid and timely.The vendor agreement process is subject to modification based on product orders.

Electronic Invoice Payments

This mode of transaction would improve the Return of Investment for the vendor.

The benefits include:

  1. Reduces the cost of transactions
  2. Streamlines the payable process and delivery time.
  3. Improve the relationship between the vendor and Costco.
  4. Enhances the speed of delivery as set by the customer.

Recommendations

The options highlighted above must follow a timeline. The recommendations must be followed urgently to forestall future damage to business transactions.

Reference

Vincent, S. (2009). Business Cases Made Simple. Web.

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