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6 Vital Factors to Consider in Choosing the Best Warehouse Racking System for Your Business

Here are six factors to ponder about when choosing the best warehouse racking system for your business

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Warehouse, Racking System, Business
When you have efficient and effective warehouse racking systems, you will have an ally that can help make your goals. Pixabay

The core of any retail, manufacturing, or logistics business is the efficiency of its warehouse system. This goldmine can spell the difference between gains or losses. A business transaction does not solely revolve around a physical store or an online shopping portal. It relies heavily on the warehouse and its capacity to protect the products at all times.

You may be a startup that wants to transition from your garage to a full-scale warehouse. Or you may be an existing business owner who wants to increase productivity. When you have efficient and effective warehouse racking systems, you will have an ally that can help make your goals into a reality.

Here are six factors to ponder about when choosing the best warehouse racking system for your business:

 

  • Selectivity

Warehouse, Racking System, Business
You may be a startup that wants to transition from your garage to a full-scale warehouse. Pixabay

 

Selectivity refers to the accessibility of the products from the shelves and racks. If your company has a wide variety of products that need to be distributed immediately, choose a system that has easy access. If there is a need to access specific boxes, pallets, or bins several times in a day, avoid additional labor by using single depth racks. This kind of rack prevents other pallets from being “buried” at the back.

 

  • Storage Density

 

In logistics parlance, density is the storage capacity per cubic meter. Bear in mind that an increase in density means a decrease in selectivity. Manufacturing plants that have a production line for the same product need warehouse racking systems that have a higher density. This type of business requires quick and massive storage capacity, rather than the accessibility of the products. The best kind of system would be double or triple depth racks.

 

  • FIFO

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Recommended for operations, pallet flow racks require the First-In-First-Out environment. Note that boxes or bins that get buried at the back may increase the effort and cost of handling. Consider the flow of the inventory before making any decision.

 

  • Type of Pallets to be Stored

 

Not all boxes, pallets, or bins have the same shape or size. Check the packaging of both your products and the suppliers’. Inconsistent packaging may require additional accessories like rack decking or pallet support to ensure the safety and stability of the racking system.

 

  • Picking Profile

Warehouse, Racking System, Business
Or you may be an existing business owner who wants to increase productivity. Pixabay

 

Picking profile introduces the process of getting the products from the shelves or racks to fulfill customer orders. It determines how the products will be accessed. Will they be picked per pallet, per case, or per piece? This information will have a significant effect on the type and configuration of the racking system that the business requires.

 

  • Compliance

 

Research on the Federal state and local codes regarding seismic codes before you plan the racking system of your warehouse. Check if the business’ location belongs to a seismic zone. It means that the area is more prone to earthquakes. Therefore, it’s vital to install a stricter warehouse racking system. The law will require sturdier engineering of humanmade structures such as shelves and racks.

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Before designing a warehouse system and purchasing the needed materials, a business owner must evaluate the company’s needs and goals. Each factor must be included to maximize the investment and effort in putting up one of the most critical areas in a business. An efficient warehouse system will be your partner in business growth and success. 

 

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Payday Loans: Why They Have a Bad Rep and How You Can Benefit From Them

There are payday loan companies out there that have mistreated their customers in the past that people just assume that all the companies are like that

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Loans
Payday Loans that ask you for money upfront are more than likely going to be scams. You might see them listed online as advance fee loans and these are notorious internet scams that have cost lots of people money that they’ll never get back. Pixabay

Whenever financial emergencies come up, the most reliable and, pretty much guaranteed way of getting money fast, is by way of getting a payday loan. The process to get money in your time of need is so easy… you can apply and qualify in minutes! So, if Payday Loans are so awesome in helping millions of consumers in their time of need, why has it gotten such a bad rep?

Well, you know how in certain situations, all it takes is one person to mess things up for everyone else? That’s how the payday loan industry got such a bad reputation. There are payday loan companies out there that have mistreated their customers in the past that people just assume that all the companies are like that… It’s more so the unlawful acts that made people turn away from payday loans.

Unlawful Acts of Payday Loans

Some of the unlawful acts that have been done to customers include:

  • Not fully disclosing all the terms of the agreement
  • Tacking on excessive interest rates
  • Requiring money upfront

Payday loans that ask you for money upfront are more than likely going to be scams. You might see them listed online as advance fee loans and these are notorious internet scams that have cost lots of people money that they’ll never get back. According to fraudguides.com, the way advance fee loans work is the victim will agree to pay a “finder’s fee” before getting the loan. 

In order for the deal to be sealed, the victim will have to sign a contract and within the contract, there is language and lingo that the victim will agree to pay that fee when they know the source of where their funds will be coming from. It’s not until they pay the “finder’s fee” that they learn that they are disqualified to receive the financing they need.

There obviously scams all over the world… there were actually 5 scams that really shook India back in 2015 but the bottom line is that with scams, if something is too good to be true, it probably is. Just pay close attention to what the qualifying requirements are and if they seem suspicious, look for something else… you shouldn’t have to pay money when you need it.

Why Payday Loans Have Gotten Such a Bad Reputation

Customers aren’t fully aware of all the terms of the loan agreement

This area was touched on earlier but to be fair, the reason for this can go both ways. It’s easy to say that the payday loan representative did not disclose all terms of the loan agreement with you but is that really the case? Sometimes the reality of why people find themselves in more debt than they bargained for is because they weren’t fully paying attention to the terms as the payday loan representative was stating them.

It’s very easy to do. The representative could be disclosing everything you need to know but you have this financial burden weighing heavily on your mind that you don’t even hear what the terms of the agreement are… you just simply “sign here” and “initial there” so you can get the money you so desperately need.

Now, it’s very possible that a payday loan company purposely didn’t disclose everything with a borrower simply because they want to get money but lenders are required by law to disclose everything in the loan agreement, including the repayment schedule and interest rate.

Payday Loans
Whenever financial emergencies come up, the most reliable and, pretty much guaranteed way of getting money fast, is by way of getting Payday Loans. Pixabay

The interest rates tend to be higher

Okay, so payday loan interest rates are quite high but you have to look at what you’re paying for in your interest rates… you’re paying for convenience. With payday loans, you’re getting the money you need almost instantly and they don’t do credit checks. So people with bad credit can get approved… if you were to go to a regular loan company, you would immediately be denied due to having bad credit and even if you had good credit, it could take weeks for you to get the money you need, depending on how much you’re asking for. 

So, before you continue on a rant about how bad payday loans are, remember what you’re you’re actually getting; you’re getting the money you need immediately and without a credit check.

Borrowers misuse payday loans

It’s not always the lender’s fault as to why you had a bad experience with payday loans… sometimes you’re to blame because you weren’t a responsible borrower. People don’t fully understand the purpose of payday loans… Payday loans are meant to be used for emergency situations to bring financial relief to those who need it. Instead, people use payday loans to pay for vacations and to buy expensive items. 

When people borrow for those reasons, that’s when you land yourself in financial ruin. What was meant to be “financial relief” has now turned into a financial nightmare… you then find yourself renewing the loan each pay period, not being able to pay it off or pay it down. 

Payday Loans
Payday Loans are meant to be used for emergency situations to bring financial relief to those who need it. Instead, people use payday loans to pay for vacations and to buy expensive items.  Pixabay

Borrow Responsibly

The whole reason people find themselves in more debt than they started out in is because they didn’t borrow responsibly. Of course, there are bad companies out to scam you but the secret to do your part and research reputable companies. If you can do that in conjunction with borrowing responsibly you’ll be able to borrow from anywhere.

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Also, a word of advice… learn to make better financial decisions. If there is something that you don’t necessarily need, you shouldn’t buy it, especially if you’d have to take out a loan to get it; it’s just not that serious. Try to only borrow when you absolutely have to.