Inflation vs business opportunities

Inflation vs Business Opportunities:

          Inflation is a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over a period of time. It is the constant rise in the general level of prices where a unit of currency buys less than it did in prior periods. [1] 

 As prices rise, a single unit of currency loses value as it buys fewer goods and services. This loss of purchasing power impacts the general cost of living for the common public which ultimately leads to a deceleration in economic growth.

Effects of Inflation on Businesses:

1. Consumer Purchasing:
 Rapidly rising prices will cause consumers to  “stay away in droves”.  There are ways for businesses to plan for inflation to reduce the chances of revenue loss. Gradually increasing prices will prevent a sudden price hike

2. Inventory Costs:

Rapidly rising prices not only affect the price consumers pay, but they also affect the cost businesses have to pay for materials and inventory. When replacement inventory costs more than the inventory you just sold, it can lead to inventory shortages.

3. Price Changes

When service and product prices fluctuate, businesses have to spend money printing new menus or changing price tags to list the correct prices. These costs are called ‘menu costs’, and they affect brick and mortar businesses most heavily.

4. Borrowing

Early in the inflation cycle, banks are actively expanding their loan portfolio as the easy money policies of the government kick the economy into overdrive. During this artificial “boom” many businesses succumb to the lure of easy money and think that getting a business loan is a good idea. 

5. Investment

For businesses hit hard by high inflation, upgrading outdated electronics and equipment becomes nigh impossible. The office might benefit from a new computer, and a remodel might appeal to customers, but those kinds of upgrades aren’t going to be possible.

6. Employee Wages

One of the major costs of doing business for most companies is employee wages. Typically, employees suffer more than companies due to inflation.In addition, inflation gives businesses an opportunity to reduce the cost of employee wages. Employees won’t agree to a pay cut, but by increasing employee wages by a rate lower than the inflation rate businesses can lower their employee wages expenses.

7. Foreign Exchange

           As inflation occurs, the purchasing power of the dollar falls,  relative to other currencies. If the dollar falls in value, costs for international purchases increase. 

References:
https://www.investopedia.com/terms/i/inflation.asp [1]
https://inflationdata.com/articles/2017/06/07/effects-of-inflation-on-businesses/

Annoyances Customer complaints

Top 5 annoyances customers complain about and the possible solutions to address it.

Every organisation desires to increase its customer base and never want to lose them at any cost. It is important to maintain good customer relations at all times. In research, it is found that, for any big organisations or consulting firm, 80% of their revenue comes from their previous customers. So if we lose them, it will affect the growth of the organisation.

There are some reasons why customers usually feel annoyed about every time. This article explains them in detail.

Top five annoyances customers of my industry complain about and the solutions Navitas Professional Services offers are the following:

Unlimited call transfers or holds:

This is one of the important reasons why customer feel annoys about. Keeping the customer on hold for a long time than usual and wasting the time of customer really is not good. If the business grows, we need to increase the customer service team so that the customers will be quickly served and their time is saved.

In addition to this, the customers should be provided designated contact numbers to their issues instead of transferring calls to another number.

The customer felt Un-welcome: 

One of the other main reasons for the annoyed customers is not showing welcome gestures like greetings or smile. When the customer arrives at the enquiry centre or near to the staff member, the staff should address them with a greeting and have a smiley face. Customers should not be waited for a long time to get attention from the staff. It is always a good idea to have at least two service desks. Just in case if the store is busy, they can use both and do service fast.

Responding to Customer complaints:

In order to increase customer satisfaction, every organisation should respond to customer complaints. In this modern age, customers may complain in any mode. It may be through Facebook, Twitter, Instagram or email. The organisation should respond to the complaint as soon as possible and ask for the details and resolve the issue.

Uninformed staff:

It is really unfortunate if the customers ask a question and the staff don't know the answer or don't know who should they address to. Every organisation should train its employees about their work and duties to be performed. Regular training sessions and meetings are to be conducted often. 

Empathy:

The staff and customer service agents should show empathy towards the customer. The staff should listen to customer complaints and show empathy. This is the best way to control an angry customer. Instead of saying the customer that it is not my issue or it is not under my control, the staff should listen to the problem and suggest an appropriate solution or address them to the designated person in the team. It is always a good idea to say sorry if there is anything wrong.

Organising Meetings

Organising Meetings

Importance of attendance of Meetings:

The primary importance of a well-organized meeting is cost efficiency. Therefore, when meetings are thoroughly planned and organized, employees don’t have to waste time. A well-organized meeting also effectively allows management to address any pressing issues succinctly, informatively, and objectively. 

1. We can collaborate better and share ideas.

2. To build and strengthen the team.

3. Meetings are a great way to resolve issues.

4. Helps to improve the creativity of the employees

Ways to Improve Meeting Effectiveness:

Stay on Topic

For a meeting to be effective and efficient, it is critical to ensure all participants stay on topic. This can be accomplished in at least three ways.

First, the presenter can ensure the discussion does not stray from the agenda items and adheres to the allotted time frame. 

Second, the presenter can frequently remind the attendees of the meeting objectives, progress, and items yet to be addressed. 

Third, the meeting organizer can reiterate critical discussion points and relate them back to agenda items when necessary.

Maintain Attention

In order for attendees to benefit from the meeting, all participants must be actively involved and attentive throughout the entire meeting. Regardless of team size, this can primarily be accomplished by allowing the participants to lead the meeting through the agenda items and discussion, while the meeting organizer simply guides them through the process. Second, the presenter can acknowledge and reinforce positive behaviours to encourage additional repetition and involvement. 

Breaks:  

A 10-minute break should be provided each hour to allow attendees to get situated, handle other business, and regroup their thoughts.

How to Run successful meetings?:

1. Be on time

2. Keep it short

3. Follow up

Common Complaints of Business Meetings:

Complaint #1: One or two people do all the talking

The solution: During an hour-long meeting, it's unrealistic that all participants will have equal floor time. But there are simple things you can do before, during, and after a meeting to ensure the conversation isn’t dominated by one or two people.

At the beginning of the meeting, clarify that you want broad participation and tell participants that you won't move on from a topic until everyone has had a chance to make a comment or ask a question. 

During the meeting, ensure no one is taking the conversation hostage. If someone speaks too often or interrupts others, ask the person to hold that thought, then suggest someone else share their ideas. And if someone still manages to dominate the conversation, let them know after the meeting that you'd like participation to be more balanced in the future.

Complaint #2: The meeting should have been an email

The solution: If the majority of your meeting is spent on updates that could have been communicated via email, you have a problem. Respectfully voice this concern to the meeting organizer and offer to craft an agenda that prioritizes "topics that require the thinking and alignment of the group,".

To plan a productive meeting, ask your team which topics need to be discussed or what the team needs to learn. Articulate the desired outcome of the meeting and predict the amount of time each discussion topic will take.

Complaint #3: The meetings are redundant

The solution: When nothing gets done between meetings, you end up having the same conversations and setting the same goals over and over. Send out a summary after each meeting within the hour or by the end of the day clearly articulating next steps. Make sure someone is following up to track each person's progress on the assignment they were given and aim for an 85% completion rate. If you aren’t meeting your goal, come together to decide how to get back on track

How Home Solar Power System Works

How Solar Works

We can change sunlight directly to electricity using solar cells. Every day, light hits your roof's solar panels with photons (particles of sunlight). The solar panel converts those photons into electrons of direct current ("DC") electricity. The electrons flow out of the solar panel and into an inverter and other electrical safety devices. The inverter converts that "DC" power (commonly used in batteries) into alternating current or "AC" power. AC power is the kind of electrical that your television, computer, and toasters use when plugged into the wall outlet.

A net energy meter keeps track of the all the power your solar system produces. Any solar energy that you do not use simultaneous with production will go back into the electrical grid through the meter. At night or on cloudy days, when your system is not producing more than your building needs, you will consume electricity from the grid as normal. Your utility will bill you for the "net" consumption for any given billing period and provide you with a dollar credit for any excess during a given period. You can carry your bill credit forward for up to a year.

Solar Cells

Solar cells are small, square-shaped panel semiconductors made from silicon and other conductive materials, manufactured in thin film layers. When sunlight strikes a solar cell, chemical reactions release electrons, generating electric current. Solar cells are also called photovoltaic cells or "PV cells" and can be found on many small appliances such as calculators.

Solar Photovoltaic (PV) System Components

A PV system components include PV modules (groups of PV cells), which are commonly called PV panels; one or more batteries; a charge regulator or controller for a stand-alone system; an inverter to covert solar power from direct current (DC) to the alternating current (AC) of the utility grid-connected system; wiring; and mounting hardware or a framework. A PV module arranges individual PV cells, and the modules are grouped together in an array. Some of the arrays are set on special tracking devices to follow sunlight all day long and improve system efficiency.

PV System Installation, Maintenance, and Longevity

You could install a photovoltaic (PV) or solar electric system yourself. But to avoid complications or injury, you will probably want to hire a reputable professional contractor with experience installing solar systems. While they are sophisticated electric systems, PV systems have few moving parts, so they require little maintenance. The basic PV module (an interconnected, enclosed panel of PV cells) has no moving parts and can last more than 30 years while requiring little maintenance. The components are designed to meet strict dependability and durability standards to withstand the elements. The best way to ensure and extend the life and effectiveness of your PV system is by having it installed and maintained properly. Most PV system problems occur because of poor or sloppy system installation. Solar systems that receive rebates through California utilities are required to have a 10-year system warranty.

Incorporating PV Systems into Your Home and Business

PV systems today can be blended easily into both traditional and nontraditional homes, powering appliances and electric systems. PV cells can be installed as a stand-alone module that is attached to your roof or on a separate system, or using integrated roofing materials with dual functions - that as a regular roofing shingle and as a solar cell making electricity. The most common practice is to mount modules onto a south-facing roof or wall. PV systems likewise can be blended into virtually every conceivable structure for commercial buildings. You will find PV used outdoors for security lighting as well as in structures that serve as covers for parking lots and bus shelters.

Sunlight Requirements for PV Systems

A photovoltaic (PV) system needs unobstructed access to the sun's rays for most or all of the day to be effective. Shading on the system can significantly reduce energy output. Climate is not a major concern because PV systems are relatively unaffected by air temperatures, and snow cover typically melts quickly because panels are positioned directly into the sunlight. Abundant year-round sunshine makes solar energy systems useful and effective nearly everywhere in California.

The Size of Your Solar PV System

The size of your solar system depends on several factors such as how much electricity or hot water or space heat you use, the size of your roof, how much you're willing to invest, and how much energy you want to generate. Contact a system designer/installer to determine what type of system fits your needs or use one of the Go Solar Californiaonline calculators to determine what system size will offer you the best financial payback.

Other Solar Technologies

• Concentrating solar power (CSP) systems concentrate the sun's energy using reflective devices such as troughs or mirror panels to produce heat that is then used to generate electricity.
• Solar water heating systems contain a solar collector that faces the sun and either heats water directly or heats a "working fluid" that, in turn, is used to heat water. For more information on installing a solar water heating system, please see the CSI Solar Thermal section of the Go Solar California website.
• Transpired solar collectors, or "solar walls," use solar energy to preheat ventilation air for a building.

DESIGN OF PV SYSTEM FOR WATER PUMP:

 DESIGN OF PV SYSTEM FOR WATER PUMP:

            The overall design can be divided into five steps as given below:

STEP1: Determine the amount of water required per day (as per the considerations).    

STEP 2:    Determine the total dynamic head (TDH) for water pumping.

STEP 3:   Determine the hydraulic energy required per day (Watt-hour/day) to pump the required amount of water

STEP 4: Determine the solar radiation available at given location (in terms of equivalent of peak sunshine radiation (1000W/m³) hours for which solar pv module is characterised)

STEP 5:  Determine the size and number of PV modules required, which pump is used, and the pump rating taking into account the motor efficiency and other losses)

6.2 CALCULATIONS:

Amount of water pumped per day=2.2m³/day

Total vertical lift = 2m

Water density = 1000kg/m³

Acceleration due to gravity = g= 9.8m/s²

Solar PV module used = 10W_p

Operating factor = 0.75

Pump efficiency = 30% or 0.30

Mismatch factor = 0.85 (if MPPT is used then it is 1)

STEP 1: Determine the total daily water requirement

            Daily water requirement = 2.2m³/day

STEP 2: Determine total dynamic head

            Total vertical lift         =    2 m

            Frictional losses           =   5% of Total Vertical Lift

                                                =2*0.05 =0.1m

            Total dynamic head    = 2+0.1 =2.1m

STEP 3: Determine hydraulic energy required per day:

            Hydraulic energy required to raise water level:

                                                            = Mass *g *TDH

                                                            = (1000 kg/m³)(2.2m³/day)(9.8m/s²)*2.1

                                                            = 12.57Wh/day

STEP 4: Determine solar radiation data:

                                                            = 6h/day (Actual day length is longer)

STEP 5: Determine the number of PV panels and pump size:

                                                               = 12.57 / 6

                                                               = 2.095W

                                                = 2.095            = 8.21W

                                                0.3*0.85

Consider operating the factor of PV panel= total PV panel wattage after losses

                                                                                Operating factor

                                                                   =   8.21 / 0.75   = 10.9W

No of solar panels required of 10wattpower each:

                                                            = 10.9 / 10

                                                            = 1.09 = 1 Solar Panels of 10Wp

           

6.3 SAMPLE CALCULATION:

To draw 25000 litres of water every day from depth of 10m:

Data required for calculations is as follows:

Amount of water to be pumped per day = 25000 l = 25m³/day

Total vertical lift=12m (5m elevation, 5m standing water level, 2m drawdown)

Water density = 1000kg/m³

Acceleration due to gravity= g=9.8m/s²

Solar PV module used = 75Wp

Operating factor = 0.75(PV panels, in general, don’t operate at their rated peak power)   

Pump efficiency =30% or 0.30

Mismatch factor = 0.85

STEP 1: Determine the total daily water requirement

                Daily water requirement (as stated in the problem)

                                                            = 25m³/day

STEP 2: Determine total dynamic head

                 Total vertical lift                =12m

                 Frictional losses                  =5% of total vertical lift

                                                            = 12 * 0.05 = 0.6m

            Total dynamic head    = 12+0.6 =12.6m

STEP 3: Determine hydraulic energy required per day:

            Hydraulic energy required to raise water level:

                                                            = Mass *g *TDH

                                                            = (1000 kg/m³)(25m³/day)(9.8m/s²)*12.6

                                                            = 857.5 Wh/day

STEP 4: Determine solar radiation data:

                                                            = 6h/day (actual day length is longer)

STEP 5: Determine the number of PV panels and pump size:

                                                             = 857.5 / 6

                                                             = 142.9 W

Consider operating the factor of PV panel= total PV panel wattage after losses

                                                                                Operating factor

                                                                   =   560 / 0.75   = 747.3W

No of solar panels required of 75wattpower each:

                                                            = 747.3 / 75

                                                            = 9.96 = 10 Solar Panels of 75Wp

Table 6.1: PANELS REQUIREMENT:

Sl.NO	Water Required(m3)	Head(m)	Panels required
1	2.2	2	1 panel of 10Wp
2	10	5	2 panels of 75Wp
3	17	8	5 panels of 75 Wp
4	25	10	10 panels of 75Wp
5	35	17	20panels of 75Wp

Table 6.2: COMPONENT PRICES OF PRESENT STUDY PUMP:

SL NO		NAME OF COMPONENT	QUANTITY	SPECIFICATIONS	COST  (INR)
1		WATER PUMP	1	19 W	1500
2		BATTERIES	1	12 Volts, 60 A.H	2500
3		MOISTURE SENSOR	1		1700
4		SOLAR PANEL	1	10 W, 12 V	2800
5	INVERTER		1		5000
	TOTAL					13500

Table 6.3: PUMP SPECIFICATIONS:

Pump Type (HP)	Voltage  (V)	Max Head (m)	Power rate (W)	Max Discharge (Q) (l/d)	Pump Diameter(D)	Recommend-ended panel capacity (Wp)	Max  land (acres)
0.5	220	30	1500	3000	100mm	500	1.2
1.00	220	57	1500	11300	100mm	1000	2
2.00	220	86	1500	22712	100mm	2000	4.5
3.00	220	110	1500	26497	100mm	3000	5
5.00	220	135	1500	45424	100mm	5000	9
7.5	220	156	1500	75367	100mm	7500	12
10.00	220	160	1500	90325	100mm	10000	16
15.00	220	166	1500	143235	100mm	15000	28

Table 6.4: COST ESTIMATION OF DIFFERENT CAPACITY PUMPS

Sl.No	Description	Quantity Requirements	Cost estimation of each component(INR)	Total cost estimation (INR)
1	Requirements for 0.5 HP a)Solar Panels 0.5KWp b) MPPT c)Cables, inverter cum battery d)Waterpump e) Installation	1 NO 1 NO 1 NO	40000 18000 5000 3500 1500	68000
2	Requirements for 1.0 HP a)Solar Panels 1.0KWp b) MPPT c)Cables, inverter cum battery d)Water pump e)Installation	1 NO 1 NO 1 NO	80000 35000 10000 8000 2000	135000
3	Requirements for 2.0 HP a)Solar Panels 2.0 KWp b) MPPT c)Cables, inverter cum battery d)Water pump e)Installation	1 NO 1 NO 1 NO	160000 50000 15000 13000 2000	240000
4	Requirements for 3.0 HP a)Solar Panels 3.0 KWp b) MPPT c)Cables, inverter cum battery d)Water pump e) Installation	1 NO 1 NO 1 NO	240000 64000 20000 16000 2000	342000
5	Requirements for 5.0 HP a)Solar Panels 5.0 KWp b) MPPT c)Cables, inverter cum battery d)Water pump e) Installation	1 NO 1 NO 1 NO	400000 80000 25000 26000 3000	533000

Table 6.5: COMPARISION BETWEEN ELECTRIC AND SOLAR POWER:

	ELECTRIC POWER	SOLAR PANEL
LIFE	________	12 YEARS
INITIAL COST	Rs. 6000 (Initial electric line connection cost)	Rs. 68000 (Setup cost for 0.5 HP)
MAINTAINENCE/ MONTHLY COST	684/month(present) 2880/month( after 10years app)	1440/month(present) 1800/month(after 10years app)
EXTRA INVESTMENT	--------	3500/4years (for battery)

ELECTRIC UNIT	FOR 1 UNIT(APPROXIMATE COST) (INR)	FOR 180UNITS(1MONTH) (INR)
PRESENT ELECTRIC POWER UNIT COST	3.8	684
AFTER 10 YEARS	16 (approximately)	2880
PRESENT SOLAR POWER UNIT COST	8	1440
AFTER 10 YEARS	10 (approximately)	1800

                                             

 Current and Voltage readings:

Solar panel output:

            Voltage = 21.0 V

            Current = 0.38 A

Charge controller output:

            Voltage = 20.3 V

            Current = 0.21A

            We know that solar panel output is equal to charge controller input. Charge controller output is battery inlet. We get standard output from battery to the pmp.

            From the above considerations we understand that though the initial cost of solar power appliances is high we can have a long life time of about 12 years. We also have less maintenance cost when compared with the grid power.

In long run, solar panel generated power is comparatively better as there is scope of profit in unit cost and mostly important, it is a renewable type of energy which will save the fuel for the future.

The cost of a unit power is Rs. 3.8 at present, so for one month we get approximately Rs. 684. Due to shortage of fuels in future the cost of unit price may raise upto Rs 16/unit(approximately). Similarly the present cost of unit solar power from the grid is Rs 8/unit. So then we get approximately Rs 1440/month. After 10years it may raise only upto Rs 10/month. This raise is very low due to the wide availability of solar power. But we need to change battery for every 4-5 years. So when compared to long run it is well suited as the fuel price and electric grid price will rise in future.