Supplier negotiation is pivotal for successful business operations and inventory. It impacts cost control, risk management, quality assurance, and the overall efficiency and competitiveness of the business. Negotiations foster positive relationships, enhance adaptability, and drive competitiveness. The synergy between supplier negotiation and inventory financing is crucial for efficient inventory management and overall business success.

Importance of supplier negotiation in business operations

Supplier negotiation is significantly important for businesses as it plays a pivotal role in refining procurement procedures and fostering productive supplier relationships. Negotiated contracts can also include flexible terms that accommodate changing business needs while promoting adaptability and scalability.

How effective supplier negotiation helps improve quality and reduce costs

Effective negotiation can lead to better pricing and favorable terms with suppliers, reducing purchasing costs and improving overall profitability. Lowering the cost of goods or services acquired through negotiation directly contributes to higher profit margins, making a business more competitive. Negotiation can help prevent price hikes or unexpected cost increases from suppliers and allows businesses to set quality standards and expectations, ensuring consistent product and service quality.

Best actionable tips for successful supplier negotiation

Researching the Supplier

Some key tips for successful supplier negotiation through effective research are: 

• Clearly define your needs and expectations.
• Assess supplier reputation, reliability, and track record.
• Seek references and online reviews.
• Verify certifications, quality standards, and compliance.
• Evaluate production capacity and scalability.
• Review the supplier’s financial stability.
• Research alternative suppliers as backups.
• Consider cultural compatibility.
• Understand legal agreements and terms.
• Establish open communication channels.

Defining Your Objectives

Some suggestions  for defining your objectives in supplier negotiation include::

• Set clear, prioritized objectives.
• Benchmark against industry standards.
• Consider short-term vs. long-term goals.
• Plan for contingencies and alternatives.
• Communicate objectives internally.
• Be flexible and open to adjustments.
• Strive for mutually beneficial outcomes.
• Document your objectives for clarity.

Setting a Negotiation Strategy

Here’s how to  set a successful negotiation strategy with suppliers:

• Thoroughly prepare with relevant information.
• Define clear and prioritized objectives.
• Understand supplier motivations and constraints.
• Build a positive rapport.
• Choose an appropriate negotiation style.
• Leverage timing and market conditions.
• Seek value creation for both parties.
• Anticipate counterarguments and objections.
• Assemble a skilled negotiation team.
• Document key agreements in writing.
• Stay calm, patient, and flexible.
• Continuously assess and adjust your strategy as needed.

Establishing Rapport

How to establish rapport in supplier negotiations:

• Active listening and empathy.
• Open and respectful communication.
• Find common ground and shared interests.
• Build trust through reliability.
• Positive body language and using names.
• Seek supplier input and opinions.
• Handle conflicts professionally.
• Consistent and positive follow-up communication.

Creating Mutual Value

Tips to create mutual value in supplier negotiations:

• Foster collaboration and cooperation.
• Understand supplier needs deeply.
• Communicate your organization’s value proposition.
• Explore innovative solutions together.
• Embrace joint problem-solving.
• Be open to beneficial trade-offs.
• Maintain a long-term perspective.
• Commit to continuous improvement.
• Ensure fairness in value creation.
• Strive for win-win outcomes.

Active Listening and Understanding

Ideas to encourage active listening and understanding in supplier negotiations:

• Give full attention and avoid distractions.
• Empathize and consider the supplier’s perspective.
• Ask clarifying questions for better comprehension.
• Use non-verbal cues to show engagement.
• Paraphrase to confirm understanding.
• Reflect emotions and express empathy.
• Exercise patience in listening.
• Embrace the power of silence when needed.
• Avoid making assumptions.
• Maintain emotional control.
• Take notes for reference.
• Summarize agreements for clarity.
• Send follow-up messages to confirm understanding.

Using Data and Facts

How to use data and facts effectively in supplier negotiations:

• Prepare and analyze relevant data.
• Present objective data during negotiations.
• Benchmark against industry standards.
• Break down costs for transparency.
• Leverage market data and pricing trends.
• Highlight performance metrics and KPIs.
• Use demand forecasts for negotiation leverage.
• Employ negotiation tools with data analytics.
• Emphasize the mutual value of data-backed changes.

Being flexible

Suggestions on how to stay  flexible in supplier negotiations:

• Stay open to alternative solutions.
• Adapt your strategy as needed.
• Prioritize negotiable points.
• Explore creative problem-solving.
• Be willing to make trade-offs.
• Strive for win-win outcomes.
• Foster collaboration.
• Embrace uncertainty.
• Clearly communicate your flexibility.
• Maintain objectivity and consider timing.

Communicating Clearly and Assertively

Maintaining clear and assertive communication in supplier negotiations:

• Express points clearly.
• Actively listen.
• Prepare key messages.
• Stay focused on objectives.
• Use data to support.
• Be assertive, not aggressive.
• Mind non-verbal cues.
• Seek clarification.
• Maintain emotional control.

Summarize agreements in writing.

Tips for summarizing agreements in writing during supplier negotiations:

• Create detailed summaries.
• Use clear and concise language.
• Include important dates.
• Outline responsibilities.
• Consider legal review if needed.
• Obtain signatures or confirmation.
• Share with relevant stakeholders.
• Store in an accessible location.
• Periodically update as needed.
• Maintain open communication with the supplier.

Tips for closing the deal

Successful supplier negotiations involve thorough preparation, effective communication, and reliance on data and facts to support your arguments. Actively listening to the supplier’s concerns, being flexible to find mutually beneficial solutions, and building rapport based on trust and respect are important. Seek opportunities to create value for both parties through collaboration, and always summarize agreements in writing to ensure clarity. Stay patient and persistent throughout the negotiation process to secure a favorable deal and successfully close it.

Post-Negotiation Relationship Management

Managing the supplier relationship after a successful negotiation is essential for long-term success and a positive partnership. Open communication should remain a priority to keep both parties aligned with commitments and expectations. Regularly review and assess the agreement terms, while monitoring the supplier’s performance to ensure they meet standards. Promptly address issues and encourage feedback to drive continuous improvement. Look for collaborative opportunities that benefit both organizations. Handle conflicts professionally when they arise. Celebrate shared successes and hold regular check-ins to stay informed and adaptable to changing circumstances. 

How Kickfurther Can Help

Kickfurther is the first online inventory funding platform, that offers small businesses access to inventory financing and e-commerce inventory financing, which may be unattainable through conventional channels. It caters to companies with annual revenues ranging from $150,000 to $15 million selling physical products or non-perishable consumables. Kickfurther connects these brands with a supportive community of buyers who provide funding for inventory, offering the flexibility to repay when sales generate cash. Kickfurther can significantly benefit startups and small businesses, enabling them to secure substantial inventory financing, at costs up to 30% lower cost than competitors. With a track record of funding over $200 million in inventory to date, Kickfurther excels at expediting the funding process, frequently completing it within a matter of hours.  

Kickfurther can help with supplier negotiations by improving a business’s financial standing, providing negotiation leverage, mitigating risks, and facilitating timely and strategic inventory purchases. Businesses can enter negotiations with confidence, knowing they have the necessary financial support to secure favorable terms and build stronger supplier relationships.

Improved liquidity can be advantageous during negotiations, as it provides businesses with more financial flexibility and the ability to negotiate better payment terms with suppliers. The availability of external funding from Kickfurther can bolster a business’s negotiation position. It allows businesses to confidently negotiate for favorable terms, bulk discounts, or extended payment periods, knowing that they have the financial means to fulfill their obligations.

Having access to Kickfurther’s inventory financing can also be a risk mitigation strategy during negotiations. Businesses can negotiate for flexible terms, such as the ability to return unsold inventory, without the fear of excess financial burden, as Kickfurther provides financial support for inventory acquisition. Kickfurther’s ability to provide funding quickly allows businesses to make timely inventory purchases. This agility is important when negotiating with suppliers who may offer limited-time discounts or promotions.

In summary, Kickfurther can help with supplier negotiations by improving a business’s financial standing, providing negotiation leverage, mitigating risks, and facilitating timely and strategic inventory purchases. Businesses can enter negotiations with confidence, knowing they have the necessary financial support to secure favorable terms and build stronger supplier relationships.

Closing thoughts

Supplier negotiation is a cornerstone of effective business operations, influencing financial performance, risk management, and overall efficiency. It plays a pivotal role in refining procurement procedures and fostering productive supplier relationships, offering flexibility to adapt to evolving business needs. Kickfurther can play a complementary role in supplier negotiations by providing businesses with additional financial leverage and flexibility.

As an entrepreneur, it’s important to understand the operational components of your business and terminology. While you may understand the overarching structure and have a good feel for making decisions, as you grow, it will take more than that. We’re here to focus on stock and inventory and how they differ – because they do. Whether you create your own products or purchase finished goods, you can have both stock and inventory. Properly categorizing the two will matter when it comes to proper bookkeeping. Additionally, if you pursue financing or funding, lenders or backers will want an accurate representation of a business’s financials. Stock refers to finished goods that are ready to be sent to the consumer or purchased. Inventory on the other hand can include raw materials too. Even if you purchase finished goods, you may have raw materials. For example, if you package your own products or enhance the finished goods purchased, you may have inventory on hand. 

While this is one example, it can get more complex than this. Here’s what you should know about stock versus inventory. 

Stock vs. Inventory: What’s the Difference?

Simply put, the stock is the total supply of finished goods possessed by a business that is available for retail or wholesale. Inventory on the other hand can include both finished goods as well as components that are used to create the finished goods. Not all inventory is stock, but all stock is inventory. Hopefully, you’re following us here. To further your understanding, here’s a simplified breakdown of the differences and uses of stock and inventory.

• Stock

• • • Includes finished goods, ready to be sold 
    • Stock is sold to generate revenue 

• Inventory

• • Includes finished goods in addition to raw materials or assets used in production
  • Four main types of inventory include: raw materials, work in progress (WIP), finished goods, and maintenance, repair, and operating supplies (MRO)

What is an example of stock or inventory?

While we’ve explained the overview of stock versus inventory, here’s a specific example to help shed more light. 

Let’s say you sell sunglasses. The stock would consist of all sunglasses that are packaged and ready to be shipped or sold to a customer. 

Inventory on the other hand could include the lenses, screws, and all other materials you use to make the sunglasses. However, it also includes your stock of finished sunglasses ready for retail or wholesale. In some cases, a company may purchase the product, but it may not arrive ready for sale. In these cases, the company can still possess inventory as they have more inputs until the product is ready to be sold.

How is accounting for inventory different from stock?

Accounting for inventory is much more complex than accounting for stock. Inventory accounting should include finished products, work-in-process products, and raw materials. Furthermore, you will need to track these materials along the process in order for inventory levels to stay current. Advanced inventory tracking systems are one of the best ways to keep an accurate count of inventory. Additionally, they can help you know when it’s time to reorder or run sales to cut inventory loose. Unless you order completely finished products and sell them as they come you likely have inventory and stock. 

Tips for managing stock levels

Inventory management is crucial, no matter how big or small your business is. Poor inventory management can have devastating impacts on a business. However, the answer is not to stock as much inventory as you can but rather to stock just the right amount and reorder at the right time. To determine when to reorder, you will need to know metrics such as how much time it takes to process or manufacture products and receive them or get them ready to sell. Here are some of our best tips for managing stock levels. 

• Invest in an inventory management system
• Find-tune forecasting
• Utilize an approach such as FIFO (first-in, first-out)
• Identify slow-selling stock 
• Audit your stock to ensure levels are accurate 
• Always track stock 
• Hire help 

What else do you need to consider

As you aim to effectively manage inventory and stock, and separate the two, you will want to consider effective inventory management practices. Here are 5 factors that can impact inventory management.

• Finances

Obviously enough, inventory and stock can absorb a lot of cash. Plus, systems to effectively manage it can be costly. However, failure to effectively manage inventory can lead to significant financial issues. Lay the proper foundation and constantly work to improve inventory management – it will pay off. 

• Market demand

Market demand is important when it comes to understanding how much inventory to hold and when to hold it. It may take some time to perfect the formula. 

• Theft or loss of inventory 

Sadly, theft happens, and most often it’s internal employees doing the stealing. Property inventory management and security can help you identify theft faster and work to minimize it. However, it’s still something you should account for. 

• Lead time

Supply chains are complex, and delays can happen. When considering lead times, expect delays and leave some cushion for them to arise. 

• Forecast quality and quantity

Accuracy matters and quality matters. The larger your company gets, the more complicated forecasting gets, as does quality control. Do your best to keep a close hold on both fronts to help your business prosper. 

How Kickfurther can help

Losing an accurate pulse on stock or inventory can lead to losses, missed sales, and other impacts. One of the main reasons accurate tracking is lost sight of is a lack of resources. Perhaps the lack of resources is by choice or perhaps it’s due to a lack of funds for resources. 

Kickfurther funds up to 100% of your inventory costs on flexible payment terms that you customize and control. With Kickfurther, you can fund your entire order(s) each time you need more inventory and put your existing capital to work growing your business without adding debt or giving up equity.

Why Kickfurther?

• No immediate repayments: You don’t pay back until your new inventory order begins selling. You set your repayment schedule based on what works best for your cash flow.
• Non-dilutive: Kickfurther doesn’t take equity in exchange for funding.
• Not a debt: Kickfurther is not a loan, so it does not put debt on your books. Debt financing options can sometimes further constrain your working capital and access to capital, or even lower your business’s valuation if you are looking at venture capital or a sale.
• Quick access: You need capital when your supplier payments are due. Kickfurther can fund your entire order(s) each time you need more inventory.

Kickfurther puts you in control of your business while delivering the costliest asset for most CPG brands. By funding your largest expense (inventory), you can free up existing capital to grow your business wherever you need it – product development, advertising, adding headcount, etc.

Closing thoughts

Understanding the difference between inventory and stock is important, especially if you plan to keep up with demand. Operating a business relies heavily on metrics and planning. As your business grows, it can become harder to accurately track stock and inventory, but only if you choose not to invest in tracking it. If you need a boost in working capital to ensure you have funds to invest in operating efficiently and growing your business, lean on Kickfurther for help. Always be one step ahead as a business owner, your competition is waiting for you to skip a beat. 

By monitoring and optimizing the inventory-to-sales ratio and using Kickfurther, an inventory financing platform, businesses can effectively manage their inventory, reduce costs, become more competitive, and increase their profits. 

What is an inventory-to-sales ratio?

The inventory-to-sales ratio is a financial metric that measures the relationship between a company’s inventory levels and its sales over a specific period, typically a month. It is an important indicator for businesses, especially in the retail or manufacturing sectors, because it provides insights into inventory management, sales efficiency, and overall business performance.

 What is a good day’s sales in inventory ratio?

Day Sales in Inventory measures the time it takes to sell inventory, and varies by industry and business model. A “good” DSI ratio depends on industry norms, business goals, and efficient inventory management while avoiding excess carrying costs. It provides valuable insights into inventory efficiency.

Why inventory to sales ratio is important for businesses

The inventory-to-sales ratio is an important metric for businesses for these reasons:

• Inventory Management Efficiency: It provides insights into how efficiently a business manages its inventory. A high ratio may indicate overstocking and inefficient inventory management, tying up capital in unsold goods. Conversely, a low ratio suggests efficient inventory turnover, meaning products are sold relatively quickly.
• Cost Control: Maintaining excessive inventory can lead to increased carrying costs, including storage, insurance, and financing expenses. A high ratio may signal higher carrying costs, while a low ratio suggests cost control through optimized inventory levels.
• Cash Flow Management: Businesses with a high inventory-to-sales ratio may face challenges related to cash flow since funds are tied up in inventory. Conversely, a low ratio often indicates a better cash flow position, as inventory moves quickly and generates revenue.
• Sales and Revenue Forecasting: Businesses can better predict future sales and revenue trends by analyzing changes in the inventory-to-sales ratio over time. A rising ratio might indicate slowing sales, while a declining ratio could suggest increasing demand.
• Supplier and Production Planning: An understanding of inventory turnover helps in supplier negotiations and production planning. Businesses with a high turnover can adjust orders and production schedules accordingly, while those with a low turnover may negotiate better terms with suppliers.
• Risk Mitigation: A well-balanced inventory-to-sales ratio reduces the risk of holding excessive, obsolete, or perishable inventory, minimizing potential losses due to inventory write-offs.
• Customer Satisfaction: Maintaining appropriate inventory levels ensures that products are available when customers want to purchase them, contributing to customer satisfaction.
• Profitability: Efficient inventory management can impact profitability. A business with a low ratio can reduce carrying costs and increase cash flow, leading to higher profit margins.
• Working Capital Management: A balanced inventory-to-sales ratio allows businesses to allocate resources for other operational needs.
• Competitiveness: Businesses that maintain optimal inventory levels are often more competitive. They can respond to changing customer demands and market fluctuations.

The inventory-to-sales ratio is a critical tool to assess a business’s inventory management and financial performance. 

How to Calculate the Inventory-to-Sales Ratio

The formula for calculating the inventory-to-sales ratio is:

Explanation of the formula: 

Inventory to Sales Ratio = (Average Inventory / Net Sales) x 100

Here’s what each component represents:

Average Inventory for the Period: This is the average value of a company’s inventory over a specific time frame. It is usually calculated by taking the beginning inventory value, adding the ending inventory value, and then dividing by 2. Alternatively, some businesses calculate it as the average inventory value at the beginning and end of each month within the period.

Total Sales for the Period: This refers to the total revenue generated from sales during the same time frame. It includes all sales, whether they are to customers or other businesses.

The resulting ratio can provide valuable insights into a company’s inventory management: 

A high inventory-to-sales ratio indicates that a business carries a significant amount of inventory relative to its sales. This might suggest overstocking, inefficient inventory management, or difficulties in selling products.

A low inventory-to-sales ratio implies that a business is efficiently managing its inventory and selling products relatively quickly in relation to the inventory levels. It can indicate effective sales strategies and good inventory turnover.

A balanced inventory-to-sales ratio suggests that a company’s inventory levels are well-matched to its sales volume, indicating a healthy and sustainable inventory management strategy.

The ideal inventory-to-sales ratio can vary widely depending on the industry, business model, and specific circumstances. 

Factors that Influence Inventory to Sales Ratio

The inventory-to-sales ratio is influenced by factors that vary from one business to another. Understanding these factors helps manage inventory.  Businesses should adjust their inventory management strategies to maintain inventory-to-sales ratio and adapt to changing market conditions. Factors that influence the inventory-to-sales ratio are:

Industry and Business Model: Different industries have different inventory turnover rates. 

Seasonality: Businesses that experience seasonal fluctuations in demand often see corresponding changes in their inventory-to-sales ratio. They build up inventory during peak seasons and reduce it during slower periods.

Market Trends: Shifts in consumer preferences, market trends, and economic conditions impact the demand for products. Keeping up with these trends is crucial for maintaining inventory levels.

Supplier Lead Times: The time it takes for suppliers to deliver goods can affect inventory levels. Longer lead times may require higher inventory levels to avoid stockouts.

Production and Manufacturing Processes: Manufacturing businesses may have longer production cycles that influence their inventory turnover rates. Efficient production processes can reduce the need for excess inventory.

Demand Forecasting: The accuracy of demand forecasting plays a significant role in determining inventory levels. Accurate forecasts help businesses maintain the right amount of inventory.

Supplier Performance: Supplier reliability, on-time deliveries, and quality can impact the inventory-to-sales ratio. Poor supplier performance may require businesses to keep higher safety stocks.

Sales and Marketing Strategies: The effectiveness of sales and marketing efforts can influence sales volumes. Successful promotions or marketing campaigns can lead to increased sales and changes in the ratio.

Economic Conditions: Economic factors, such as inflation or recessions, can affect consumer spending patterns and, consequently, inventory turnover rates.

Inventory Holding Costs: The costs associated with holding inventory, including storage, insurance, and financing costs, can impact the decision to maintain higher or lower inventory levels.

Supply Chain Disruptions: Disruptions in the supply chain, such as natural disasters or transportation issues, can lead to supply shortages and affect inventory levels.

Technology and Automation: Implementation of advanced inventory management technologies and automation can improve efficiency and lower the need for excess inventory.

Competitive Landscape: Competitive pressures and the actions of competitors can influence inventory strategies. Price wars or competitive product launches may require adjustments in inventory levels.

Regulatory Compliance: Regulatory requirements in industries like healthcare or food, can dictate minimum inventory levels to ensure compliance with safety and quality standards.

Customer Behavior: Changes in customer buying behavior, like online shopping or subscription models, can affect sales patterns and inventory requirements.

Global Supply Chain Factors: International trade dynamics, including tariffs, trade agreements, and geopolitical events, can impact the availability and cost of inventory.

Benefits of Monitoring and Managing the Ratio

Monitoring and managing the inventory-to-sales ratio provides benefits for businesses. It offers insights into inventory efficiency, helps optimize turnover rates, and reduces carrying costs. It improves cash flow,  freeing up capital for other needs. This ratio aids in demand forecasting and production planning, ensuring timely responses to customer demand. It allows businesses to adapt to market shifts. Tracking and managing this ratio is a vital metric for success.

Best Practices for Optimizing Your Inventory to Sales Ratio

Here are some best practices to help businesses achieve and maintain an optimal  inventory-to-sales ratio:

• • Accurate Demand Forecasting: Invest in robust demand forecasting tools to accurately predict demand and minimize overstocking or stockouts.
  • Just-in-Time (JIT) Inventory: Implement JIT inventory management, to receive inventory only when needed and to reduce carrying costs and improve turnover.
  • Safety Stock Management: Maintain a safe stock of essential items to safeguard against unexpected demand spikes or supply disruptions. 
  • ABC Analysis: Categorize inventory items into A, B, and C groups based on their importance and demand. Allocate resources and attention accordingly.
  • Supplier Collaboration:  Collaborate with suppliers to improve lead times, order accuracy, and delivery reliability. Strong supplier relationships help reduce the need for excessive inventory.
  • Inventory Management Software:  Use inventory management software to monitor stock levels, track sales trends, and automate reordering processes.
  • Inventory Audits: Conduct regular physical inventory audits to ensure accuracy and identify discrepancies to help prevent overstocking and uncovering obsolete items.
  • Sales and Operations Planning: Implement these processes that align sales forecasts, production plans, and inventory levels for smoother operations.
  • Lead Time Reduction: Reduce supplier lead times through negotiation, better communication, or diversify suppliers to mitigate supply chain risks.
  • Economic Order Quantity:  Apply EOQ principles to determine optimal order quantity to minimize ordering and holding costs.
  • Continuous Monitoring: Continuously monitor the inventory-to-sales ratio and adjust strategy. 
  • Supplier Performance Metrics: Define key performance indicators for suppliers and regularly assess their performance to encourage accountability and identify areas for improvement.
  • Cross-functional collaboration: Foster collaboration between departments to ensure alignment in inventory management strategies and demand forecasting.
  • Data Analytics:  Leverage data analytics to gain deeper insights into sales patterns, demand drivers, and inventory trends. 
  • Inventory Turnover Goals: Set realistic inventory turnover goals based on industry benchmarks and business objectives. Regularly track and assess progress.

How Kickfurther Can Help

Inventory-to-sales ratio guides businesses in maintaining efficient inventory levels, while inventory financing serves as a financial tool to access capital tied up in inventory when needed.

By optimizing inventory levels based on the inventory-to-sales ratio, businesses can strike a balance between holding sufficient inventory for customer demand and avoiding overstocking. When working capital is needed, especially during seasonal fluctuations or growth phases, inventory financing enables businesses to unlock the value of their inventory, providing the necessary liquidity to meet operational needs, prevent stockouts, and maintain a healthy cash flow. 

Kickfurther funds up to 100% of your inventory costs on flexible payment terms that you customize and control. With Kickfurther, you can fund your entire order(s) each time you need more inventory and put your existing capital to work growing your business without adding debt or giving up equity.

Why Kickfurther?

• No immediate repayments: You don’t pay back until your new inventory order begins selling. You set your repayment schedule based on what works best for your cash flow.
• Non-dilutive: Kickfurther doesn’t take equity in exchange for funding.
• Not a debt: Kickfurther is not a loan, so it does not put debt on your books. Debt financing options can sometimes further constrain your working capital and access to capital, or even lower your business’s valuation if you are looking at venture capital or a sale.
• Quick access: You need capital when your supplier payments are due. Kickfurther can fund your entire order(s) each time you need more inventory.

Kickfurther puts you in control of your business while delivering the costliest asset for most brands. By funding your largest expense (inventory), you can free up existing capital to grow your business wherever you need it – product development, advertising, adding headcount, etc.

Closing thoughts

By monitoring and analyzing inventory sales ratio and accessing Kickfurther inventory financing, businesses can make informed decisions to improve efficiency, reduce costs, enhance cash flow, and stay competitive in their industries.

If you’re interested in getting funded at Kickfurther, here are the easy steps to get started:

• Create a free business account
• Complete the online application 
• Review a potential deal with one of our account reps to get funded in minutes