As a small business it's important that you learn as much as you can about who your customers are. Now, I'm not talking here about an expensive market research program, although sometimes that kind of investment is needed. Rather, I'm talking about everyday things you can do.
For example, if you are already in business you could just look around you. During one of your busiest times stop what you're doing and really look at who's in your business, noting specifics like gender, age, family status and so on.
In the hustle-bustle of operating a business day-to-day, it is all too easy to fall into the trap of just thinking of "customers" as faceless bodies handing you $20 bills. If you stop and look, really look, at your customers you might be surprised at what you see.
Here's a real world story to illustrate. At a chamber of commerce event once I sat next to a gentleman who introduced himself as the manager of one of those smorgasbord-style restaurants.
As a way to make a connection I remarked that he was well-positioned to take advantage of the growing senior market, who, I thought, tended to like that restaurant format.
To my surprise he answered, "I don't want any of those %$#*& old people in my restaurant."
To make a long story short we ended up making a bet. I said at least 20 percent of his customers were seniors, he said it was no more than 10 percent. If I was right, he'd pay for my lunch; if he was right, I'd pay for my own.
The deal was every day for a week, during the noon rush he would stop whatever he was doing and really look at who was sitting in his restaurant, particularly counting the number of gray heads.
Much to his shock, he found that fully one-third of his customers had gray heads. So, do you think that might have caused him to think differently about which media he was promoting in and what he was promoting?
By the way, the reason he tended to only see certain customers as "those %$#*& old people" is because they were the ones who complained about their potatoes being cold or their meat being tough. Otherwise, "customers" to him were just faceless entities handing him $10 or $20 bills.
For a small business there is no such thing as knowing too much about your customers or potential customers.
Dave Ramacitti is co-founder and chief content developer for Marketing Over Easy, a new website dedicated to helping small businesses be smarter marketers.
By Dave Ramacitti
Friday, October 15, 2010
Monday, September 27, 2010
HOW TIP AVOID PITFALL WHEN REGISTERING YOUR BUSINESS NAME
In continuation of the above topic,let get on
2. KNOW EXACTLY WHAT TYPE OF BUSINESS MODEL YOU WANT TO REGISTER AT CAC
You must know exactly the business model you intend to register with CAC. If not you may be back to square one.
The availability form you’ll purchase at the Corporate Affair Commission for #200 contains the following:
i. Private Limited Company
ii. Public Limited Company (PLC)
iii. Unlimited Company (ULTD)
iv. Change of name
v. Company Limited By Guarantee (LTD/GTE)
vi. Business Name
vii. Incorporate Trustees
Take note, what you want is business name, so you will have to indicate by ticking the column box by the side of the business name. The rest of the names that are stated above require a Lawyer to help you process the registration.
3. AVOID BUSINESS NAMES THAT NEED CERTIFICATE BACKING
Business name that you do not have the necessary certificate to back it up should be avoided. For example, that includes words like Consulting, Consults, Technician, Guru, Finance, Coaching and so on. If you must stick to such a name, then, get a partner who has the entire necessary certificate to use such business names.
Take note that all certificates must not be short courses (those that lasted for just one or two weeks). They could be certificates from government recognized institutions provided program is more than one year!
(4).HAVE A BACK UP BUSINESS NAME
Always ensure you have a back-up business name (an alternative business name) this is because the CAC availability form you will e submitted with two (2) business names (Option A and Option B). I will advise you also have other business names as back-up, in case the one you want has been taken up by others.By following these mentioned tips, you will get your business name register within a mon
2. KNOW EXACTLY WHAT TYPE OF BUSINESS MODEL YOU WANT TO REGISTER AT CAC
You must know exactly the business model you intend to register with CAC. If not you may be back to square one.
The availability form you’ll purchase at the Corporate Affair Commission for #200 contains the following:
i. Private Limited Company
ii. Public Limited Company (PLC)
iii. Unlimited Company (ULTD)
iv. Change of name
v. Company Limited By Guarantee (LTD/GTE)
vi. Business Name
vii. Incorporate Trustees
Take note, what you want is business name, so you will have to indicate by ticking the column box by the side of the business name. The rest of the names that are stated above require a Lawyer to help you process the registration.
3. AVOID BUSINESS NAMES THAT NEED CERTIFICATE BACKING
Business name that you do not have the necessary certificate to back it up should be avoided. For example, that includes words like Consulting, Consults, Technician, Guru, Finance, Coaching and so on. If you must stick to such a name, then, get a partner who has the entire necessary certificate to use such business names.
Take note that all certificates must not be short courses (those that lasted for just one or two weeks). They could be certificates from government recognized institutions provided program is more than one year!
(4).HAVE A BACK UP BUSINESS NAME
Always ensure you have a back-up business name (an alternative business name) this is because the CAC availability form you will e submitted with two (2) business names (Option A and Option B). I will advise you also have other business names as back-up, in case the one you want has been taken up by others.By following these mentioned tips, you will get your business name register within a mon
Saturday, September 11, 2010
HOW TO REGISTER YOUR BUSINESS NAME WITHOUT DIFFICULTY
There is no doubt that many Small and Medium scale Enterprises (SMEs)have had and still have several challenges which debar them successfully registering their businesses. For many, registering a business name still seems like crossing the red sea. But really, it is due to inadequate information as regard small business name registration.
Registering your business name with Corporate Affairs Commission (CAC) can be an uphill task if you are not properly armed . The CAC staff themselves are not helping matters. They can be an unnecessary pain in the neck. However, by following these strategies you can register your business name yourself without the aid of any lawyer.
These steps will save you money, show you how to avoid delays, frustration and the need to bribe anybody just to register your business name. fact, with these strategies, you can register your own business name with less than #10,000 in Nigeria! And this is guaranteed. To do this successfully, follow these steps:
BE CREATIVE WITH YOUR BUSINESS NAME
Many SMEs usually face tough times getting approval for their business names. This is because they find out their name choice had already been taken up or has been used by someone else. The implication of name rejection is starting the process all over again. My advice is, think up a good and unique business name that is not common. By so doing, you ensure your business name is available and “sealed” for you. If you fulfill these criteria, you’ll have avoided two things.
(i) You would have saved yourself the headache of going through the whole registration process again after three weeks of waiting.
(ii) Purchasing of another Business Name Availability forms will be avoided, thereby saving you funds that can be used for other more important things. Examples of common Business Names to avoid includes: God’s Grace Store, Divine Venture and so on. Avoid generic names like John, Grace, Ahmed and so on in your business names options unless you have a new and creative way of presenting these names.
To be Continued
Registering your business name with Corporate Affairs Commission (CAC) can be an uphill task if you are not properly armed . The CAC staff themselves are not helping matters. They can be an unnecessary pain in the neck. However, by following these strategies you can register your business name yourself without the aid of any lawyer.
These steps will save you money, show you how to avoid delays, frustration and the need to bribe anybody just to register your business name. fact, with these strategies, you can register your own business name with less than #10,000 in Nigeria! And this is guaranteed. To do this successfully, follow these steps:
BE CREATIVE WITH YOUR BUSINESS NAME
Many SMEs usually face tough times getting approval for their business names. This is because they find out their name choice had already been taken up or has been used by someone else. The implication of name rejection is starting the process all over again. My advice is, think up a good and unique business name that is not common. By so doing, you ensure your business name is available and “sealed” for you. If you fulfill these criteria, you’ll have avoided two things.
(i) You would have saved yourself the headache of going through the whole registration process again after three weeks of waiting.
(ii) Purchasing of another Business Name Availability forms will be avoided, thereby saving you funds that can be used for other more important things. Examples of common Business Names to avoid includes: God’s Grace Store, Divine Venture and so on. Avoid generic names like John, Grace, Ahmed and so on in your business names options unless you have a new and creative way of presenting these names.
To be Continued
Saturday, August 21, 2010
4 TIPS ON CREATING A SOUND INVESTMENT STRATEGIES - Oyediran Kola
It is no secret that behind every successful investment manager there is a written, measurable and repeatable investment strategy. However, many investors jump from one trade to another, putting little effort into creating and measuring their overall strategies.
Read on to learn four questions that, when answered, will help you create a better investment strategy. The following questions will help you create an investment strategy that is written, measurable and backed by your own strong beliefs. This will lead to more consistent investment performance and help you mitigate emotional investment decisions. Most importantly, it will help you avoid a scattered portfolio of individual investments that, when looked at as a whole, have no overall theme or objective.
(1) Can you write down your investment strategy as a process?
To quote the late Dr. W. Edwards Deming, a world famous author and management quality consultant, "If you can't describe what you are doing as a process, you don't know what you are doing." Like anything that requires a disciplined process, it is important to write down your investment strategy. Doing this will help you articulate it. Once your strategy is written, you should look over it to make sure that it matches your long-term investment objectives. Writing down your strategy gives you something to revert back to in times of chaos, which will help you avoid making emotional investment decisions. It also gives you something to review and change if you notice flaws, or your investment objectives change. If you are a professional investor, having a written strategy will help clients better understand your investment process. This can increase trust, mitigate client inquiries and increase client retention.
(2) Does your investment strategy contain a belief about why investments become over or undervalued? If so, how do you exploit that?
This question could relate to whether or not you believe that investment markets are efficient. Ask yourself, "What makes me smarter than the market? What is my competitive advantage?" You may have special industry knowledge or subscribe to special research that few other investors have. Or, you may have beliefs about exploiting certain market anomalies, like buying stocks with low price-to-earnings ratios. Once you have decided what your competitive advantage is, you must decide how you can profitably execute a long-term trading plan to exploit it.
Your trading plan should include rules for both buying and selling investments. Also, keep in mind that your competitive advantage can eventually lose its profitability simply by other investors implementing the same strategy. On the other hand, you may believe that investment markets are completely efficient, meaning that no investor has a consistent competitive advantage. In this case, it is best to focus your strategy on minimizing taxes and transaction costs by investing in passive indexes. (To read more on market efficiency and market anomalies, see What Is Market Efficiency?, and Making Sense Of Market Anomalies.)
(3) Will your investment strategy perform well in every market environment? If not, when will it perform the worst?
There is an old saying on Wall Street, "The market can remain irrational longer than you can remain solvent." Good investment managers know where their investment performance comes from, and can explain their strategy's strengths and weaknesses. As market trends and economic themes change, many great investment strategies will have periods of great performance followed by periods of lagging performance. Having a good understanding of your strategy's weaknesses is crucial to maintaining your confidence and investing with conviction, even if your strategy is temporarily out of vogue. It can also help you find strategies that may complement your own. A popular example of this would be mixing both value and growth investing strategies.
(4) Do you have a system in place for measuring the effectiveness of your investment strategy?
It is difficult to improve or fully understand something that you do not measure. For this reason, you should have a benchmark to measure the effectiveness of your investment strategy. Your benchmark should match your investment objective, which in turn, should match your investment strategy.
Two common types of investment benchmarks are relative and absolute benchmarks. An example of a relative benchmark would be a passive market index, like the S&P 500 Index or the Barclays Aggregate Bond Index. An example of an absolute benchmark would be a target return, such as 6% annually. Although it can be a time consuming process, it is important to consider the amount of risk you are taking relative to your investment benchmark. You can do this by recording the volatility of your portfolio's returns, and comparing it to the volatility of your benchmark's returns over of periods of time.
Read on to learn four questions that, when answered, will help you create a better investment strategy. The following questions will help you create an investment strategy that is written, measurable and backed by your own strong beliefs. This will lead to more consistent investment performance and help you mitigate emotional investment decisions. Most importantly, it will help you avoid a scattered portfolio of individual investments that, when looked at as a whole, have no overall theme or objective.
(1) Can you write down your investment strategy as a process?
To quote the late Dr. W. Edwards Deming, a world famous author and management quality consultant, "If you can't describe what you are doing as a process, you don't know what you are doing." Like anything that requires a disciplined process, it is important to write down your investment strategy. Doing this will help you articulate it. Once your strategy is written, you should look over it to make sure that it matches your long-term investment objectives. Writing down your strategy gives you something to revert back to in times of chaos, which will help you avoid making emotional investment decisions. It also gives you something to review and change if you notice flaws, or your investment objectives change. If you are a professional investor, having a written strategy will help clients better understand your investment process. This can increase trust, mitigate client inquiries and increase client retention.
(2) Does your investment strategy contain a belief about why investments become over or undervalued? If so, how do you exploit that?
This question could relate to whether or not you believe that investment markets are efficient. Ask yourself, "What makes me smarter than the market? What is my competitive advantage?" You may have special industry knowledge or subscribe to special research that few other investors have. Or, you may have beliefs about exploiting certain market anomalies, like buying stocks with low price-to-earnings ratios. Once you have decided what your competitive advantage is, you must decide how you can profitably execute a long-term trading plan to exploit it.
Your trading plan should include rules for both buying and selling investments. Also, keep in mind that your competitive advantage can eventually lose its profitability simply by other investors implementing the same strategy. On the other hand, you may believe that investment markets are completely efficient, meaning that no investor has a consistent competitive advantage. In this case, it is best to focus your strategy on minimizing taxes and transaction costs by investing in passive indexes. (To read more on market efficiency and market anomalies, see What Is Market Efficiency?, and Making Sense Of Market Anomalies.)
(3) Will your investment strategy perform well in every market environment? If not, when will it perform the worst?
There is an old saying on Wall Street, "The market can remain irrational longer than you can remain solvent." Good investment managers know where their investment performance comes from, and can explain their strategy's strengths and weaknesses. As market trends and economic themes change, many great investment strategies will have periods of great performance followed by periods of lagging performance. Having a good understanding of your strategy's weaknesses is crucial to maintaining your confidence and investing with conviction, even if your strategy is temporarily out of vogue. It can also help you find strategies that may complement your own. A popular example of this would be mixing both value and growth investing strategies.
(4) Do you have a system in place for measuring the effectiveness of your investment strategy?
It is difficult to improve or fully understand something that you do not measure. For this reason, you should have a benchmark to measure the effectiveness of your investment strategy. Your benchmark should match your investment objective, which in turn, should match your investment strategy.
Two common types of investment benchmarks are relative and absolute benchmarks. An example of a relative benchmark would be a passive market index, like the S&P 500 Index or the Barclays Aggregate Bond Index. An example of an absolute benchmark would be a target return, such as 6% annually. Although it can be a time consuming process, it is important to consider the amount of risk you are taking relative to your investment benchmark. You can do this by recording the volatility of your portfolio's returns, and comparing it to the volatility of your benchmark's returns over of periods of time.
Monday, August 16, 2010
TIPS ON PERSONAL FINANCIAL PLANNING
A considerable number of us do not plan for life in retirement. Unfortunately, our future financial security is not determined by how much we are making now, but how much we can keep and for how long. Corporate and government pension schemes have proved to be unreliable. In Britain, they talk about Self-Invested Personal Pension (SIPP) while the Americans call it Independent Retirement Account (IRA). No matter the nomenclature, you have to make an alternative provision for yourself.
It is estimated that we will need about 60% to 70% of our current income after our active years are over. We can estimate the amount we will need at old age. First, estimate how long you will live for after retirement (say 30 years); then multiply by 60% of your current income (say, 60% of NGN1.2m per annum= NGN720, 000). Thus, you will need NGN21.6m during your old age (30x NGN720, 000). Divide NGN21.6m by the number of years to retirement (how long you still need to work), say 25 years, you need to save NGN864, 000 annually (NGN72, 000 monthly). Using the power of compounding to your advantage, you do not need to save NGN72, 000 monthly for retirement. Assume you invest at 10% interest for annum, you need to save a total of NGN1, 993,594 now (NGN21.6m= P (1.1)25)! You could save what you need to secure your future in less than 5 years.
The following are guides on securing your future:
1.Reduce your liabilities: Liabilities are things that drain your financial resources, e.g. car loan, mortgage and so on. Reducing them will help increase your savings which can be used for investment purposes. Wise people save first and spend the remainder, not spend first and save the remainder.
2.Stocks Investing: Stocks offer a much higher return but is risky if you are not financially informed. However, when you do your homework, you could profit from the ignorance of other market participants.
3.Real Estate: This investment vehicle is safer than stocks but has a lower return. A great obstacle is the huge capital requirement which makes it available to only those with enough capital.
4.Treasury Bills and Government Bonds: These are government securities that are completely risk-free. However, their returns are very low.
5.Insurance: It is a good investment. One could become an annuitant receiving a fixed payment for a specified period or for life after retirement. However, a lot of us in this part of the world have yet to embrace it.
6.Emergency Fund: Keep fund for exigencies. It could be in a bank savings or any other liquid asset.
STOCK RECOMMENDATIONS
Courteville Investment Plc
Profile
Courteville began operations as a financial services provider in January, 2005. In a bid to remain relevant in the fiercely competitive financial services sector, it embarked on elaborate research. This culminated in the identification of a vacuum in motor vehicle administration and other public processes, and the subsequent development of an e-platform to provide business solutions.
AutoReg, which is the major product, automates motor vehicle licensing for the government while its affiliate, AutoReg Hackney issues a certificate, which is renewable annually, to owners of motor vehicles and motorcycles operating within a state. Other product offerings include AutoInsure, AutoReg Inspector, AutoReg Enumerator and AutoRegtive Shopping.
Strategy
The business solutions sector is, indeed, a very dynamic one; its success depends to a large extent on a robust information technology (IT) infrastructure. Therefore, the company has expended large sums of money (NGN1.2b at 2009 year end) to re-engineer its IT infrastructure in order to keep abreast of new technology and prevent business disruptions. This has, no doubt, impacted earnings positively-amid the economic quagmire.
AutoReg, which was first launched in Lagos, has now been deployed in additional 11 states in Nigeria. Decisive efforts are being made to penetrate some countries in Africa. This African Expansion Project which gulped NGN4.1m in 2009 may bear fruit soon as negotiations have reached an advanced stage in few countries.
Besides, more products are being developed to maximize Courteville's platform capacity. During the year (2009), products like AutoReg Property Revenue Manager, Education Management System and AutoReg Insurance Verification Enterprise Solution were developed. We believe that the innovation of the management will pay off if only it is supported with concrete marketing campaign.
Management and Corporate Governance
The board, which comprises 7 directors, is chaired by Chief (Dr.) Michael Ade Ojo. Mr. Adebola Akindele, the Managing Director, leads the management team. All the directors seem to be dedicated since they have a high stake in the business; they control 55.2% of the company up from 52.2% of 2008. Judging by the performance parameters, the board and management have performed above average.
Financials
Income grew by 50.6% in 2009 compared with 92.1% achieved a year earlier. Commissions from AutoReg business accounted for 70.5% of gross income. Though e-commerce contributed 4.1% of revenue, it was better than 0.6% of 2008. Profit After Tax (PAT) dipped 33.6% owing to diminution in the value of investment and increasing costs. Cost to turnover ratio increased by 13.5% to close at 45% while selling and administrative expenses to turnover ratio rose from 20.7% in 2008 to 26.9% in 2009. Earnings Per Share (EPS) lost 33.3% in the period owing to decline in PAT. Operating margin decreased to 28.1% down from 47.8%. Although shareholders got 65.3% of PAT as dividends, returns nosedived; both Return on Equity (RoE) and Return on Assets (RoA) went down by 4.1% and 3.5% respectively.
Courteville does not, in any way, have difficulty in meeting its obligations to creditors as interest cover is15.4 times and current ratio is 2.7. Courteville is highly solvent; long-term debt is less than 2% of shareholders' fund while its total liabilities are 12.8% of it. Despite the huge capital investment, Courteville is not highly geared. Even its operational cashflow can pay its interest 10.4 times and its long-term debt 4.1 times. Long-term loans from both Oceanic Bank and Fidelity Bank are 19.5% of current net earnings. So, Courteville is financially strong.
Valuation
Courteville has a trailing P/E of 8.2 times which when multiplied by its historical EPS of NGN0.06 translates to a price of NGN0.5. Using DCF analysis, we arrived at a price ranging from NGN1 to NGN2.1 for a share. Its book value is N0.83 per share.
We expect a 3-year compound annual growth rate in revenue and net earnings of 34.3% and 32.9% respectively. The expected return a share of the company in three years is 39.9%.
Thesis
Despite the increase in the number states that used AutoReg in the period (5 additional ones), profitability and returns to shareholders dropped. We are of the opinion that the recession took a heavy toll on Courteville's business. And the expenses incurred in research and development will pay off going forward. Also, expenses incurred to gain new grounds should be worth the while.
Furthermore, the patent granted Courteville in twelve states is commendable. Courteville has less financial risk and it is trading below its fair value estimate.
Business Risk
Courteville's business is largely technology- driven; research and development was 44.1% of total assets in 2009 (47.4% in 2008). So, technological changes will require huge capital investment which could threaten operational cashflow and profitability.
Besides, commissions from the 12 state governments using AutoReg form a bulk of its revenue (70.5% in 2009; 72.5% in 2008). Though there is no doubt about the credit-worthiness of these state governments, a change of policies could pose a danger to Courteville. As the major buyers, the governments have a high bargaining power; they could negotiate for better deals that may have adverse effect on Courteville's revenue.
However, management is not resting on its oars; it is working on improving the contributions of its other e-commerce products. In 2009, they contributed 4.1% compared to 0.6% of 2008.
Economic Moat
Courteville has an average competitive edge, having obtained a 20-year patent on its AutoReg business in Nigeria. Also, governments may be reluctant to change to another service provider because of the high costs of shifting its already automated vehicle administration system. In other words, its major customers may be locked-in.
Its African Expansion project, if successful, could help consolidate its hold on the market.
RECOMMENDATION: Buy
Vital Statistics
Recent Price: NGN0.50
Fair Value: NGN1.00-NGN2.10
Buy Below: NGN1.00
Competitive Advantage: Medium
Earnings Stability: Medium
Expected Return: 39.9%
It is estimated that we will need about 60% to 70% of our current income after our active years are over. We can estimate the amount we will need at old age. First, estimate how long you will live for after retirement (say 30 years); then multiply by 60% of your current income (say, 60% of NGN1.2m per annum= NGN720, 000). Thus, you will need NGN21.6m during your old age (30x NGN720, 000). Divide NGN21.6m by the number of years to retirement (how long you still need to work), say 25 years, you need to save NGN864, 000 annually (NGN72, 000 monthly). Using the power of compounding to your advantage, you do not need to save NGN72, 000 monthly for retirement. Assume you invest at 10% interest for annum, you need to save a total of NGN1, 993,594 now (NGN21.6m= P (1.1)25)! You could save what you need to secure your future in less than 5 years.
The following are guides on securing your future:
1.Reduce your liabilities: Liabilities are things that drain your financial resources, e.g. car loan, mortgage and so on. Reducing them will help increase your savings which can be used for investment purposes. Wise people save first and spend the remainder, not spend first and save the remainder.
2.Stocks Investing: Stocks offer a much higher return but is risky if you are not financially informed. However, when you do your homework, you could profit from the ignorance of other market participants.
3.Real Estate: This investment vehicle is safer than stocks but has a lower return. A great obstacle is the huge capital requirement which makes it available to only those with enough capital.
4.Treasury Bills and Government Bonds: These are government securities that are completely risk-free. However, their returns are very low.
5.Insurance: It is a good investment. One could become an annuitant receiving a fixed payment for a specified period or for life after retirement. However, a lot of us in this part of the world have yet to embrace it.
6.Emergency Fund: Keep fund for exigencies. It could be in a bank savings or any other liquid asset.
STOCK RECOMMENDATIONS
Courteville Investment Plc
Profile
Courteville began operations as a financial services provider in January, 2005. In a bid to remain relevant in the fiercely competitive financial services sector, it embarked on elaborate research. This culminated in the identification of a vacuum in motor vehicle administration and other public processes, and the subsequent development of an e-platform to provide business solutions.
AutoReg, which is the major product, automates motor vehicle licensing for the government while its affiliate, AutoReg Hackney issues a certificate, which is renewable annually, to owners of motor vehicles and motorcycles operating within a state. Other product offerings include AutoInsure, AutoReg Inspector, AutoReg Enumerator and AutoRegtive Shopping.
Strategy
The business solutions sector is, indeed, a very dynamic one; its success depends to a large extent on a robust information technology (IT) infrastructure. Therefore, the company has expended large sums of money (NGN1.2b at 2009 year end) to re-engineer its IT infrastructure in order to keep abreast of new technology and prevent business disruptions. This has, no doubt, impacted earnings positively-amid the economic quagmire.
AutoReg, which was first launched in Lagos, has now been deployed in additional 11 states in Nigeria. Decisive efforts are being made to penetrate some countries in Africa. This African Expansion Project which gulped NGN4.1m in 2009 may bear fruit soon as negotiations have reached an advanced stage in few countries.
Besides, more products are being developed to maximize Courteville's platform capacity. During the year (2009), products like AutoReg Property Revenue Manager, Education Management System and AutoReg Insurance Verification Enterprise Solution were developed. We believe that the innovation of the management will pay off if only it is supported with concrete marketing campaign.
Management and Corporate Governance
The board, which comprises 7 directors, is chaired by Chief (Dr.) Michael Ade Ojo. Mr. Adebola Akindele, the Managing Director, leads the management team. All the directors seem to be dedicated since they have a high stake in the business; they control 55.2% of the company up from 52.2% of 2008. Judging by the performance parameters, the board and management have performed above average.
Financials
Income grew by 50.6% in 2009 compared with 92.1% achieved a year earlier. Commissions from AutoReg business accounted for 70.5% of gross income. Though e-commerce contributed 4.1% of revenue, it was better than 0.6% of 2008. Profit After Tax (PAT) dipped 33.6% owing to diminution in the value of investment and increasing costs. Cost to turnover ratio increased by 13.5% to close at 45% while selling and administrative expenses to turnover ratio rose from 20.7% in 2008 to 26.9% in 2009. Earnings Per Share (EPS) lost 33.3% in the period owing to decline in PAT. Operating margin decreased to 28.1% down from 47.8%. Although shareholders got 65.3% of PAT as dividends, returns nosedived; both Return on Equity (RoE) and Return on Assets (RoA) went down by 4.1% and 3.5% respectively.
Courteville does not, in any way, have difficulty in meeting its obligations to creditors as interest cover is15.4 times and current ratio is 2.7. Courteville is highly solvent; long-term debt is less than 2% of shareholders' fund while its total liabilities are 12.8% of it. Despite the huge capital investment, Courteville is not highly geared. Even its operational cashflow can pay its interest 10.4 times and its long-term debt 4.1 times. Long-term loans from both Oceanic Bank and Fidelity Bank are 19.5% of current net earnings. So, Courteville is financially strong.
Valuation
Courteville has a trailing P/E of 8.2 times which when multiplied by its historical EPS of NGN0.06 translates to a price of NGN0.5. Using DCF analysis, we arrived at a price ranging from NGN1 to NGN2.1 for a share. Its book value is N0.83 per share.
We expect a 3-year compound annual growth rate in revenue and net earnings of 34.3% and 32.9% respectively. The expected return a share of the company in three years is 39.9%.
Thesis
Despite the increase in the number states that used AutoReg in the period (5 additional ones), profitability and returns to shareholders dropped. We are of the opinion that the recession took a heavy toll on Courteville's business. And the expenses incurred in research and development will pay off going forward. Also, expenses incurred to gain new grounds should be worth the while.
Furthermore, the patent granted Courteville in twelve states is commendable. Courteville has less financial risk and it is trading below its fair value estimate.
Business Risk
Courteville's business is largely technology- driven; research and development was 44.1% of total assets in 2009 (47.4% in 2008). So, technological changes will require huge capital investment which could threaten operational cashflow and profitability.
Besides, commissions from the 12 state governments using AutoReg form a bulk of its revenue (70.5% in 2009; 72.5% in 2008). Though there is no doubt about the credit-worthiness of these state governments, a change of policies could pose a danger to Courteville. As the major buyers, the governments have a high bargaining power; they could negotiate for better deals that may have adverse effect on Courteville's revenue.
However, management is not resting on its oars; it is working on improving the contributions of its other e-commerce products. In 2009, they contributed 4.1% compared to 0.6% of 2008.
Economic Moat
Courteville has an average competitive edge, having obtained a 20-year patent on its AutoReg business in Nigeria. Also, governments may be reluctant to change to another service provider because of the high costs of shifting its already automated vehicle administration system. In other words, its major customers may be locked-in.
Its African Expansion project, if successful, could help consolidate its hold on the market.
RECOMMENDATION: Buy
Vital Statistics
Recent Price: NGN0.50
Fair Value: NGN1.00-NGN2.10
Buy Below: NGN1.00
Competitive Advantage: Medium
Earnings Stability: Medium
Expected Return: 39.9%
TIPS FOR EDGING AGAINST SALES CRISIS
The upshot of the abating economic quagmire is dwindling corporate earnings. So, measures must be adopted to rescue the business from imminent collapse. Taking your sales to the next level requires the following purposeful action steps:
Positive Attitude: Negative attitude, during conversations, inhibits sales success. Be optimistic and associate with optimistic people.
Sales Goals: Formulate your sales goals and act on them. Top salespeople often encounter rejection. When you run into obstacles you have to refuse to give up. As Henry Ford once said, “Failure is the opportunity to begin again, more intelligently.” Obstacles are latent opportunities.
Superior Services: It is an irrefutable fact that the reason most customers do not repeat their purchases is they feel you do not care, or show indifference. Make a list of your top customers, and call one each day, asking,” Is there a way I could serve you better?” It opens the doors of endless possibilities.
Gain Access: Ask for referrals from great customers; send out helpful information to key prospects. If you can uncover information about the prospect-such as his or her challenges (business or personal)-and then research information and materials that could be useful for that person, it makes a lasting impression.
Listen More: Most customers prefer salespeople who listen more but talk less. Get them talking about their challenges, goals and interests.
Follow Through: When you follow up with a call, a thank-you note, it ensures that the customer feels important and not like he or she has been sold.
Positive Attitude: Negative attitude, during conversations, inhibits sales success. Be optimistic and associate with optimistic people.
Sales Goals: Formulate your sales goals and act on them. Top salespeople often encounter rejection. When you run into obstacles you have to refuse to give up. As Henry Ford once said, “Failure is the opportunity to begin again, more intelligently.” Obstacles are latent opportunities.
Superior Services: It is an irrefutable fact that the reason most customers do not repeat their purchases is they feel you do not care, or show indifference. Make a list of your top customers, and call one each day, asking,” Is there a way I could serve you better?” It opens the doors of endless possibilities.
Gain Access: Ask for referrals from great customers; send out helpful information to key prospects. If you can uncover information about the prospect-such as his or her challenges (business or personal)-and then research information and materials that could be useful for that person, it makes a lasting impression.
Listen More: Most customers prefer salespeople who listen more but talk less. Get them talking about their challenges, goals and interests.
Follow Through: When you follow up with a call, a thank-you note, it ensures that the customer feels important and not like he or she has been sold.
Saturday, August 14, 2010
9 TIPS FOR BUSINESS GROWTH AND SUCCESS
Every economy teaches us to expect the worst, but have you ever prepared for the best?
In Business the best thing is to have contingency plans in place before things go wrong. But, conversely, are you prepared for growth and success? What if it turns out your positive expectations were too conservative? What if an unexpected celebrity endorsement sends demand for your product soaring? Practically, if the economy gives signals of turning around, are you ready for that in your business operation?
Here under listed what are expected of you for growth:
a . IDENTIFIED WHAT GROWTH MEANS TO YOU AND YOUR BUSINESS When preparing for something, you have to know what it is and how you'll recognize it. Growth goes beyond mere hitting a set of targets. It is a process which involves changes to your company in terms of operations, production, staffing and facilities. Furthermore, determine what growth means to you personally. What will your life be like when your company grows and profits increase? How hard are you going to have to work? Are you ready and willing to do what it takes?
b. SOURCESES OF FUND
The more faster your company grows, the more cash you're likely to need. To get financing to meeting the growth rate is as every bit as hard--if not harder--to obtain than startup funding. Constant cash flow projection is very imperative to know how much credit you're going to need well before you have to start writing cheques Ensure there is strong and persistence relationships with your funding sources and be sure to have primary and backup sources available.The present day economic situation makes things seem harder than ever to predict credit availability, try to build up your financial backing to maneuver cash-crunch when it's time to borrow.
c. GET COMFORTABLE BEING IN THE SPOTLIGHT
Successful owners of growing companies are almost always in the spotlight to some degree--maybe not always to the general public but certainly within your industry and with your employees. Be prepared for a level of attention that you probably haven't received before.
d. IMBIBE TEAMWORK-ESPRIT DE CORE
Try to form team spirited group because the team that can successfully run a $1 million company is different from those that can run a $100 million company. If your goal is growth, hire people who can perform in the size company you want to be--they'll help you get there.
e. SOURCE FOR WELL EXPERIENCED HANDS
Employing the right people doing the right jobs is very essentials ingredient for growth sustanance. Whole person assessments and job benchmarking will allow you to take a systematic approach to hiring and career development, which will reduce your mis-hires and employee turnover.
f. TAKE CARE AND MOTIVATE YOUR EMPLOYEES
Your employees are power-machine behind a business success.. Recognize and reward that. Working in a high-growth organization is stressful and challenging. Take note of your employees' work and respond appropriately, or risk losing top talent. Create an environment where people are willing to work through the growing pains. In addition, take care of your suppliers, professional advisors and anyone else who can have an effect on your operation.
g. SEEK EXPERTS ADVICE
Nobody is an island of himself. You may have an expertise experience in your business, but you don't know it all. What's more, there often will be experts who know more about particular parts of an industry than the insiders. Identify the experts, listen to them and learn from them. Let them help smooth out your learning curves and keep you on your growth track.
h. MAINTAIN GOOD CUSTOMER RELATIONSHIP
Customer is a king-the business growth philosophy .No company can do without customers, and if you don't stay close to them, you'll lose them. Know what they need, but more important, know what they want and do everything you can to give that to them. Most important, communicate. Never let your customers wonder what's going on. Tell them--whether it's good or bad.
i. FOCUS ON YOUR CORE BUSINESS AND DO NOT GET DISTRACTED
Stick to the business your company knows best. Be sure any diversification or product line expansion you do makes sense. If it has nothing to do with your core business don't get into it just because it seems like a good opportunity. Otherwise, you'll you confuse your customers and your employees--and you'll likely find that dividing your efforts reduces the quality and profitability of everything.
. When you're prepared for growth, you better can manage the changes it brings and let it take you to the goal you set when you started.Just as you plan for when things go wrong, also plan for when things go well
In Business the best thing is to have contingency plans in place before things go wrong. But, conversely, are you prepared for growth and success? What if it turns out your positive expectations were too conservative? What if an unexpected celebrity endorsement sends demand for your product soaring? Practically, if the economy gives signals of turning around, are you ready for that in your business operation?
Here under listed what are expected of you for growth:
a . IDENTIFIED WHAT GROWTH MEANS TO YOU AND YOUR BUSINESS When preparing for something, you have to know what it is and how you'll recognize it. Growth goes beyond mere hitting a set of targets. It is a process which involves changes to your company in terms of operations, production, staffing and facilities. Furthermore, determine what growth means to you personally. What will your life be like when your company grows and profits increase? How hard are you going to have to work? Are you ready and willing to do what it takes?
b. SOURCESES OF FUND
The more faster your company grows, the more cash you're likely to need. To get financing to meeting the growth rate is as every bit as hard--if not harder--to obtain than startup funding. Constant cash flow projection is very imperative to know how much credit you're going to need well before you have to start writing cheques Ensure there is strong and persistence relationships with your funding sources and be sure to have primary and backup sources available.The present day economic situation makes things seem harder than ever to predict credit availability, try to build up your financial backing to maneuver cash-crunch when it's time to borrow.
c. GET COMFORTABLE BEING IN THE SPOTLIGHT
Successful owners of growing companies are almost always in the spotlight to some degree--maybe not always to the general public but certainly within your industry and with your employees. Be prepared for a level of attention that you probably haven't received before.
d. IMBIBE TEAMWORK-ESPRIT DE CORE
Try to form team spirited group because the team that can successfully run a $1 million company is different from those that can run a $100 million company. If your goal is growth, hire people who can perform in the size company you want to be--they'll help you get there.
e. SOURCE FOR WELL EXPERIENCED HANDS
Employing the right people doing the right jobs is very essentials ingredient for growth sustanance. Whole person assessments and job benchmarking will allow you to take a systematic approach to hiring and career development, which will reduce your mis-hires and employee turnover.
f. TAKE CARE AND MOTIVATE YOUR EMPLOYEES
Your employees are power-machine behind a business success.. Recognize and reward that. Working in a high-growth organization is stressful and challenging. Take note of your employees' work and respond appropriately, or risk losing top talent. Create an environment where people are willing to work through the growing pains. In addition, take care of your suppliers, professional advisors and anyone else who can have an effect on your operation.
g. SEEK EXPERTS ADVICE
Nobody is an island of himself. You may have an expertise experience in your business, but you don't know it all. What's more, there often will be experts who know more about particular parts of an industry than the insiders. Identify the experts, listen to them and learn from them. Let them help smooth out your learning curves and keep you on your growth track.
h. MAINTAIN GOOD CUSTOMER RELATIONSHIP
Customer is a king-the business growth philosophy .No company can do without customers, and if you don't stay close to them, you'll lose them. Know what they need, but more important, know what they want and do everything you can to give that to them. Most important, communicate. Never let your customers wonder what's going on. Tell them--whether it's good or bad.
i. FOCUS ON YOUR CORE BUSINESS AND DO NOT GET DISTRACTED
Stick to the business your company knows best. Be sure any diversification or product line expansion you do makes sense. If it has nothing to do with your core business don't get into it just because it seems like a good opportunity. Otherwise, you'll you confuse your customers and your employees--and you'll likely find that dividing your efforts reduces the quality and profitability of everything.
. When you're prepared for growth, you better can manage the changes it brings and let it take you to the goal you set when you started.Just as you plan for when things go wrong, also plan for when things go well
Thursday, July 29, 2010
INVENTION IDEAS;Clay Bowling
Being an Inventor is one of the most profitable business adventures you can take. Most people out there will never attempt to invent something that will ever really make it. Not just any one can develop a product that has never been thought of before, and that's the hard part. The easy part of inventing something is the Design which is usually performed with CAD software. This Design process enables Inventions to be created quickly and with precision that con not be compared to using old Drafting Methods.
In some situations Inventions were developed by adding two or more products together to create something entirely new. This is also true for Technology to. When new technology is created sometimes it works with another technology to perform a more complex design that gives the user more flexibility and options. You can see this most visibly in computer software where one program incorporates programs software to design a new and more efficient program.
The trick to being an Inventor is obviously to think of something never thought of before because that's the hard part. Once this happens the next process is to Design the Invention. The Technology that is widely used in almost every environment today is CAD. CAD also known as Computer Aided Design or Drafting is the process of using computer software to create 3D Models that can be altered with a wide variety of complex features. Using these programs allows for changes to be made in a second and the designs could not possibly more precise.
There are companies out there that can help you with this aspect of the Inventing process but most want you to purchase an expensive package deal where they take over the design. There are a few companies out there that specifically works with individuals to help them create there design for their Inventions and I own one. Inventors use our resources to help them with their Design and Inventing Ideas. I developed this company to help people in a situation where they need a Custom 3D CAD Model for whatever reason.
Christopher Clay Bowling ezinearticles.com
In some situations Inventions were developed by adding two or more products together to create something entirely new. This is also true for Technology to. When new technology is created sometimes it works with another technology to perform a more complex design that gives the user more flexibility and options. You can see this most visibly in computer software where one program incorporates programs software to design a new and more efficient program.
The trick to being an Inventor is obviously to think of something never thought of before because that's the hard part. Once this happens the next process is to Design the Invention. The Technology that is widely used in almost every environment today is CAD. CAD also known as Computer Aided Design or Drafting is the process of using computer software to create 3D Models that can be altered with a wide variety of complex features. Using these programs allows for changes to be made in a second and the designs could not possibly more precise.
There are companies out there that can help you with this aspect of the Inventing process but most want you to purchase an expensive package deal where they take over the design. There are a few companies out there that specifically works with individuals to help them create there design for their Inventions and I own one. Inventors use our resources to help them with their Design and Inventing Ideas. I developed this company to help people in a situation where they need a Custom 3D CAD Model for whatever reason.
Christopher Clay Bowling ezinearticles.com
CREATIVITY TOOLS OF INNOVATION
In todays present globalisation mordernisation is about many more products than maintaining old product.This includes people and organizations to whom they have had exposure through their own external innovation efforts, but whose full technical capabilities remain unfamiliar to them.
Organizations are desperate for inventive people who see things differently, who can quickly size up problems and develop creative solutions to them. Data mining, reviews, and statistics are popular in management conclusion making. Fortunately, another Pries owner on the building - they seem to be everywhere these days - gave me a quick lesson.
Following contributors to the scholarly literature on innovation typically distinguish between invention, an idea made manifest, and innovation, ideas applied successfully in practice.
Today, it is about taking corporate organizations built for effectiveness and rewiring them for creativity and growth. Companies should reconsider their technology scouting strategies to proactively seek, identify and access outdoor knowledge, skills, capabilities and/or intellectual assets.
As I have already stated, the aim of an elevator pitch is to institute a conversation. Every organization dreams of finding the magic bullet that will increase creativity, heighten productivity, and improve morale. The next morning, I awoke before dawn and started the Pries, but no matter how many times me short of the button, I could not get it to move.
In particular, followers of innovation economics stress leading public policy to spur innovation and growth. At the top of the list are the masters of many genres of advance. For example, one of my technology provider clients retained a highly experienced consulting resource to do specialized prototype development work and to enable my client originality to be prepare able.Article source:ezinearticles
Organizations are desperate for inventive people who see things differently, who can quickly size up problems and develop creative solutions to them. Data mining, reviews, and statistics are popular in management conclusion making. Fortunately, another Pries owner on the building - they seem to be everywhere these days - gave me a quick lesson.
Following contributors to the scholarly literature on innovation typically distinguish between invention, an idea made manifest, and innovation, ideas applied successfully in practice.
Today, it is about taking corporate organizations built for effectiveness and rewiring them for creativity and growth. Companies should reconsider their technology scouting strategies to proactively seek, identify and access outdoor knowledge, skills, capabilities and/or intellectual assets.
As I have already stated, the aim of an elevator pitch is to institute a conversation. Every organization dreams of finding the magic bullet that will increase creativity, heighten productivity, and improve morale. The next morning, I awoke before dawn and started the Pries, but no matter how many times me short of the button, I could not get it to move.
In particular, followers of innovation economics stress leading public policy to spur innovation and growth. At the top of the list are the masters of many genres of advance. For example, one of my technology provider clients retained a highly experienced consulting resource to do specialized prototype development work and to enable my client originality to be prepare able.Article source:ezinearticles
Thursday, June 10, 2010
Wednesday, June 9, 2010
Simple Steps to Capture More Sales
There is a saying in business that nothing happens until somebody makes a sale. This is true whether you are selling a product or a service.
Indeed, making sales is the reason businesses exist, but exactly how to identify, acquire, and keep customers can be a constant challenge. Sales processes and lead generation continuously rank at the top of the list of owners' education needs. How you generate leads, capture sales, and treat the customers after delivery are the drivers for a successful business model.
The most basic models for successful selling require that a business pulls together what they do best with what the prospects want most. But knowing which is which requires care and planning.
Here are some simple steps to help you capture more sales:
Know Your Unique Selling Proposition
Why should a customer do business or purchase a product from you rather than your competition? In some instances, this can be a many layered question. For instance, if you are a Ford dealer, why would someone buy from you as opposed to the Chevrolet dealer and instead of buying from the other Ford dealer down the street? You need to know your market and your product inside and out. Talk to prospects, people who bought from you and those that bought elsewhere. Why are some customers attracted to the competition? What do your customers like about you? Take that information and describe what you can do for the customer better than anyone else.
Guide Your Customer through the Purchase Funnel
Prospective customers have to learn who you are. This is awareness. Here the focus is on the emotional benefits of your product or service. Stress emotional concepts like security, integrity, charity, or prestige. The next stage is consideration. Prospects begin weighing the pros and cons of dealing with your business. They are considering making a purchase. Here you want to make real, rational, quantifiable benefits apparent to them. These could be cost savings, the latest technology, life time warranties, or any other measurable aspect of the product or service.
Set Up Listening Posts
You don't have to invest a lot of money in focus groups to get feedback. Consider a low-cost listening post on the internet. Ask customers to take a web based survey or visit a chat room where they can discuss their needs. Use these to establish an honest, open dialogue with, and between your customers. If they have gripes, fix them. Each time you have a contact with an existing or potential customer try to establish a venue for communication with your company. Use the feedback to train your sales persons, make promotional offers, and develop new products.
Have a Clear Direction
A shotgun approach to selling can be expensive and misguided. Just like an Air Force drone can pinpoint a target, a focused sales effort can pinpoint prospects and turn them into customers. Take the rifle approach and aim carefully. Knowing which customers are receptive to your unique selling proposition will help you target the sales efforts. If you are selling high service at a premium price, it's important to get your sales message to those customers that can afford and will appreciate your superior service. Who is your target? How do they behave? Where do they shop? What do they read? Effective selling is not about making a lot of impressions; rather it is about getting those impressions to the right people.
Get Your Share of the Wallet
Market penetration should be a goal of every business plan. But just as important is wallet share- how much of what your customers buy are they buying from you? It is much easier and more profitable to sell to an existing customer. By maximizing your sales to each customer, you can reduce the cost of sales and increase profit. Develop new ways to provide complimentary value and benefit to existing customers. As you provide them with increasing value, the likelihood of losing them to competition becomes more remote. So boil down the selling sauce to its fundamentals; know what sets you apart, develop a collaborative selling approach with your customers, and listen to what they need and expect.
http://www.mjdbusinessadvice.com
Article Source: http://EzineArticles.com/?
Indeed, making sales is the reason businesses exist, but exactly how to identify, acquire, and keep customers can be a constant challenge. Sales processes and lead generation continuously rank at the top of the list of owners' education needs. How you generate leads, capture sales, and treat the customers after delivery are the drivers for a successful business model.
The most basic models for successful selling require that a business pulls together what they do best with what the prospects want most. But knowing which is which requires care and planning.
Here are some simple steps to help you capture more sales:
Know Your Unique Selling Proposition
Why should a customer do business or purchase a product from you rather than your competition? In some instances, this can be a many layered question. For instance, if you are a Ford dealer, why would someone buy from you as opposed to the Chevrolet dealer and instead of buying from the other Ford dealer down the street? You need to know your market and your product inside and out. Talk to prospects, people who bought from you and those that bought elsewhere. Why are some customers attracted to the competition? What do your customers like about you? Take that information and describe what you can do for the customer better than anyone else.
Guide Your Customer through the Purchase Funnel
Prospective customers have to learn who you are. This is awareness. Here the focus is on the emotional benefits of your product or service. Stress emotional concepts like security, integrity, charity, or prestige. The next stage is consideration. Prospects begin weighing the pros and cons of dealing with your business. They are considering making a purchase. Here you want to make real, rational, quantifiable benefits apparent to them. These could be cost savings, the latest technology, life time warranties, or any other measurable aspect of the product or service.
Set Up Listening Posts
You don't have to invest a lot of money in focus groups to get feedback. Consider a low-cost listening post on the internet. Ask customers to take a web based survey or visit a chat room where they can discuss their needs. Use these to establish an honest, open dialogue with, and between your customers. If they have gripes, fix them. Each time you have a contact with an existing or potential customer try to establish a venue for communication with your company. Use the feedback to train your sales persons, make promotional offers, and develop new products.
Have a Clear Direction
A shotgun approach to selling can be expensive and misguided. Just like an Air Force drone can pinpoint a target, a focused sales effort can pinpoint prospects and turn them into customers. Take the rifle approach and aim carefully. Knowing which customers are receptive to your unique selling proposition will help you target the sales efforts. If you are selling high service at a premium price, it's important to get your sales message to those customers that can afford and will appreciate your superior service. Who is your target? How do they behave? Where do they shop? What do they read? Effective selling is not about making a lot of impressions; rather it is about getting those impressions to the right people.
Get Your Share of the Wallet
Market penetration should be a goal of every business plan. But just as important is wallet share- how much of what your customers buy are they buying from you? It is much easier and more profitable to sell to an existing customer. By maximizing your sales to each customer, you can reduce the cost of sales and increase profit. Develop new ways to provide complimentary value and benefit to existing customers. As you provide them with increasing value, the likelihood of losing them to competition becomes more remote. So boil down the selling sauce to its fundamentals; know what sets you apart, develop a collaborative selling approach with your customers, and listen to what they need and expect.
http://www.mjdbusinessadvice.com
Article Source: http://EzineArticles.com/?
6 PROVEN STRATEGIES FOR SALES MANAGERS
Do you know what it takes to become an exceptional sales manager? Here are six common sense management strategies you can use to become more effective in your daily work.
1. Alignment. One of the keys to your long-term success is alignment. Let me explain. It's important, actually extremely important that you are aligned with your manager and your company.
Now I know what you're thinking. You're thinking that's a no-brainer and you believe you are in perfect alignment with your boss. You can prove it by periodically asking him this question, "What are your expectations of me and my sales team during the next 90 days?"
If you have never asked this question, you might be surprised at the response you get.
Just remember asking this question insures proper alignment.
2. Priorities. This is closely related to the first point, however it is different. Never assume you know someone's priorities until you ask them.
For example. Create a list of priorities you believe your salespeople should have for the next 90 days. Then, ask each sales person what his priorities are for the next 90 days. If they match - that's great. If they don't, you now have a unique coaching opportunity.
You might also want to ask your manager periodically, "What are your priorities for the next quarter?" Once again, if you have never asked this specific question, you might be surprised at the response you get.
3. Focus on goals. During my sales management training programs I always observe a great deal of interest in the subject of motivating salespeople.
I'm here to tell you, that one of the best kept secrets about motivation is goals. You see, the world we live in today is almost indescribable.
Multitasking has been ratcheted up to levels that are mind boggling. It's difficult to stay focused because of constant e-mails, texting, voice mails, social media, and playing old ordinary interruptions and distractions.
One of the best ways to motivate your sales team is to keep them focused on clearly defined goals. And you can achieve this with relentless reinforcement and repetition.
4. The 80/20 Rule. Never under estimate the power of the 80/20 Rule. It has never let me down
Let me give you a practical example of how this works. Imagine your company is getting ready to launch a new product, and you're asked to provide a six month sales forecast for your sales team.
Here's how some (naïve) sales managers would do it. You have 10 salespeople and you believe each sales person can sell 2 new products a month. That means you expect your team to sell 20 new products a month or a total of 120 products during the first six months.
To be sure this is based on good intentions, however it's seldom based on reality. The reality is 20% of your sales team will sell 80% of the new products. This means 2 salespeople will sell 2 new products a month which adds up to a total of 24 sales during the first six months.
Anybody can create an exaggerated sales forecast, you would be wiser to base your forecast on the proven 80/20 Rule.
5. Set the example. You may not realize this yet, but your sales team's behavior is a reflection of your behavior. For example, always being on time or always being late.
Being organized versus being disorganized. You either dress for success or you don't.
There's another example. Your in a taxi with one of your sales representatives. At the end of your ride the taxi driver asks you, "Would you like 2 receipts?" You obviously know what the professional response to that question is.
Your sales reps are taking their cues from you and your behavior. In everything you do, be sure to set the right example for your sales team.
6. Four most powerful words. One of the best things you can do to improve your sales teams effectiveness is to teach them the four most powerful words in sales.
The four most powerful words in sales are, "What are my objectives." Teach your salespeople why it's so important to have written sales call objectives for every sales call. Your sales prospects and customers will appreciate and respect your salespeople more when they stay focused on their sales call objectives.
These six proven strategies will definitely help you to become a more effective leader and sales manager.
Unfortunately, there are no shortcuts to success - just lots of hard work!
http://effective-sales-management.com/New-sales-manager-webinar.htm
Article Source: http://EzineArticles.com/
1. Alignment. One of the keys to your long-term success is alignment. Let me explain. It's important, actually extremely important that you are aligned with your manager and your company.
Now I know what you're thinking. You're thinking that's a no-brainer and you believe you are in perfect alignment with your boss. You can prove it by periodically asking him this question, "What are your expectations of me and my sales team during the next 90 days?"
If you have never asked this question, you might be surprised at the response you get.
Just remember asking this question insures proper alignment.
2. Priorities. This is closely related to the first point, however it is different. Never assume you know someone's priorities until you ask them.
For example. Create a list of priorities you believe your salespeople should have for the next 90 days. Then, ask each sales person what his priorities are for the next 90 days. If they match - that's great. If they don't, you now have a unique coaching opportunity.
You might also want to ask your manager periodically, "What are your priorities for the next quarter?" Once again, if you have never asked this specific question, you might be surprised at the response you get.
3. Focus on goals. During my sales management training programs I always observe a great deal of interest in the subject of motivating salespeople.
I'm here to tell you, that one of the best kept secrets about motivation is goals. You see, the world we live in today is almost indescribable.
Multitasking has been ratcheted up to levels that are mind boggling. It's difficult to stay focused because of constant e-mails, texting, voice mails, social media, and playing old ordinary interruptions and distractions.
One of the best ways to motivate your sales team is to keep them focused on clearly defined goals. And you can achieve this with relentless reinforcement and repetition.
4. The 80/20 Rule. Never under estimate the power of the 80/20 Rule. It has never let me down
Let me give you a practical example of how this works. Imagine your company is getting ready to launch a new product, and you're asked to provide a six month sales forecast for your sales team.
Here's how some (naïve) sales managers would do it. You have 10 salespeople and you believe each sales person can sell 2 new products a month. That means you expect your team to sell 20 new products a month or a total of 120 products during the first six months.
To be sure this is based on good intentions, however it's seldom based on reality. The reality is 20% of your sales team will sell 80% of the new products. This means 2 salespeople will sell 2 new products a month which adds up to a total of 24 sales during the first six months.
Anybody can create an exaggerated sales forecast, you would be wiser to base your forecast on the proven 80/20 Rule.
5. Set the example. You may not realize this yet, but your sales team's behavior is a reflection of your behavior. For example, always being on time or always being late.
Being organized versus being disorganized. You either dress for success or you don't.
There's another example. Your in a taxi with one of your sales representatives. At the end of your ride the taxi driver asks you, "Would you like 2 receipts?" You obviously know what the professional response to that question is.
Your sales reps are taking their cues from you and your behavior. In everything you do, be sure to set the right example for your sales team.
6. Four most powerful words. One of the best things you can do to improve your sales teams effectiveness is to teach them the four most powerful words in sales.
The four most powerful words in sales are, "What are my objectives." Teach your salespeople why it's so important to have written sales call objectives for every sales call. Your sales prospects and customers will appreciate and respect your salespeople more when they stay focused on their sales call objectives.
These six proven strategies will definitely help you to become a more effective leader and sales manager.
Unfortunately, there are no shortcuts to success - just lots of hard work!
http://effective-sales-management.com/New-sales-manager-webinar.htm
Article Source: http://EzineArticles.com/
Tuesday, June 1, 2010
15 MISTAKES SALES MANAGERS MAKE WHEN HIRING NEW SALES REPS
Let's face it. Hiring a new sales rep is less than a perfect art or science. And many sales people simply don't work out or perform as expected. This is largely due to the fact that many sales managers make a variety of mistakes when hiring sales reps. Here are 15 of the most common mistakes sales managers make when hiring new sales reps.
1. They conduct low quality interviews. Most sales managers have never learned how to conduct a high-quality interview. This isn't their fault; it's just that most companies do not teach managers how to conduct great interviews.
2. They fail to ask tough, probing questions. Most hiring managers ask questions about work history, experience, and general performance. However, they neglect to ask questions about gaps in a candidate's resume and they are uncomfortable asking probing questions about previous performance and that challenge a potential candidate.
3. They get mislead by candidates who interview well. Many sales people have a tremendous ability to "smooze" and make a great first impression. This often leads to the sales manager to feel good about a particular candidate. However, just because you like someone does not mean they will perform well once they are hired.
4. They rely on instinct or gut feel. Many a sales manager has hired a rep that made a great impression (see the previous point). This is often caused because the candidate had a similar personality style to the hiring manager and was able to connect with that individual. However, once hired, the rep does not perform to standard.
5. They do not check references. Checking references is not an enjoyable task especially when you have a multitude of other tasks demanding your attention. Connecting with previous employers is a challenge and many managers don't want to appear skeptical so they neglect this step in the recruiting process. Or, they delegate the reference check to an assistant who is not fully versed in the questions they need to ask to gain a better understanding of the candidate's previous work performance.
6. They do not consider the type of sales person they need for their specific sales environment. Different sales environments require different skills sets. For example, if a business requires a sales rep to make dozens of cold calls but they hire a someone who is not proficient at this, that rep's results will be less than satisfactory.
7. They do not make use of hiring tools such as assessments. Assessments can help sales managers identify several things. The first is the type of sales environment the rep will be required to work in. Second, the aptitude the rep has for selling. And third, the potential shortcoming and possible problems a candidate may experience in the particular position.
8. They don't ask candidates exactly how they will achieve results. Once again, this requires that you ask probing questions to determine exactly how the potential employee will generate the sales that you require.
9. They talk too much during the interview. Conducting an interview means giving the applicant sufficient air time. Too many managers talk about the company and their goals instead of asking questions and allowing the rep to talk. The general rule of thumb is to make sure that the candidate talks at least 70 percent of the time.
10. They don't properly prepare for the interview. Because sales managers are extremely busy they often ask their assistant to schedule interviews and only look at the resume once the candidate is in their office. Proper preparation means reviewing the candidate's resume beforehand, identifying possible gaps and determining key questions that must be asked.
11. They hire to "fill a gap". It is not uncommon for sales managers to race through the recruiting process in an effort to quickly hire someone because they need a rep in place. After all, hiring reps is seldom a task that managers enjoy. In these situations, managers focus on the positive aspects of the applicant and neglect to see their possible shortcomings. This often leads to "hiring remorse" once they discover that the rep is not entirely suitable.
12. They allow interruptions during the interview. Sales managers have dozens of tasks and projects on their plate at any given time and often allow other staff including their assistant to interrupt them during an interview. Effective interviews must be conducted without distractions and interruptions.
13. They only interview people who have industry experience. Unless your industry is highly technical, you should consider people who do not have experience in your industry. Many people are fully capable of performing well in a new industry providing they are suitable fit to your particular sales environment. Industry experience brings baggage and preconceived idea. Candidates who do not have industry experience often bring a new perspective to the sales role.
14. They do not get second opinions. Interviewing a sales rep requires more than one perspective. Effective sales managers get other people in the company involved in the interviewing process and they compile all of the feedback before making a hiring decision.
15. They fail to seek clarification. I have witnessed dozens of interviews and noticed that many sales managers take a candidate's comments at face value instead of clarifying vague comments. If in doubt, check it out.
Article Source: http://EzineArticles.com/?expert=Kelley_Robertson
1. They conduct low quality interviews. Most sales managers have never learned how to conduct a high-quality interview. This isn't their fault; it's just that most companies do not teach managers how to conduct great interviews.
2. They fail to ask tough, probing questions. Most hiring managers ask questions about work history, experience, and general performance. However, they neglect to ask questions about gaps in a candidate's resume and they are uncomfortable asking probing questions about previous performance and that challenge a potential candidate.
3. They get mislead by candidates who interview well. Many sales people have a tremendous ability to "smooze" and make a great first impression. This often leads to the sales manager to feel good about a particular candidate. However, just because you like someone does not mean they will perform well once they are hired.
4. They rely on instinct or gut feel. Many a sales manager has hired a rep that made a great impression (see the previous point). This is often caused because the candidate had a similar personality style to the hiring manager and was able to connect with that individual. However, once hired, the rep does not perform to standard.
5. They do not check references. Checking references is not an enjoyable task especially when you have a multitude of other tasks demanding your attention. Connecting with previous employers is a challenge and many managers don't want to appear skeptical so they neglect this step in the recruiting process. Or, they delegate the reference check to an assistant who is not fully versed in the questions they need to ask to gain a better understanding of the candidate's previous work performance.
6. They do not consider the type of sales person they need for their specific sales environment. Different sales environments require different skills sets. For example, if a business requires a sales rep to make dozens of cold calls but they hire a someone who is not proficient at this, that rep's results will be less than satisfactory.
7. They do not make use of hiring tools such as assessments. Assessments can help sales managers identify several things. The first is the type of sales environment the rep will be required to work in. Second, the aptitude the rep has for selling. And third, the potential shortcoming and possible problems a candidate may experience in the particular position.
8. They don't ask candidates exactly how they will achieve results. Once again, this requires that you ask probing questions to determine exactly how the potential employee will generate the sales that you require.
9. They talk too much during the interview. Conducting an interview means giving the applicant sufficient air time. Too many managers talk about the company and their goals instead of asking questions and allowing the rep to talk. The general rule of thumb is to make sure that the candidate talks at least 70 percent of the time.
10. They don't properly prepare for the interview. Because sales managers are extremely busy they often ask their assistant to schedule interviews and only look at the resume once the candidate is in their office. Proper preparation means reviewing the candidate's resume beforehand, identifying possible gaps and determining key questions that must be asked.
11. They hire to "fill a gap". It is not uncommon for sales managers to race through the recruiting process in an effort to quickly hire someone because they need a rep in place. After all, hiring reps is seldom a task that managers enjoy. In these situations, managers focus on the positive aspects of the applicant and neglect to see their possible shortcomings. This often leads to "hiring remorse" once they discover that the rep is not entirely suitable.
12. They allow interruptions during the interview. Sales managers have dozens of tasks and projects on their plate at any given time and often allow other staff including their assistant to interrupt them during an interview. Effective interviews must be conducted without distractions and interruptions.
13. They only interview people who have industry experience. Unless your industry is highly technical, you should consider people who do not have experience in your industry. Many people are fully capable of performing well in a new industry providing they are suitable fit to your particular sales environment. Industry experience brings baggage and preconceived idea. Candidates who do not have industry experience often bring a new perspective to the sales role.
14. They do not get second opinions. Interviewing a sales rep requires more than one perspective. Effective sales managers get other people in the company involved in the interviewing process and they compile all of the feedback before making a hiring decision.
15. They fail to seek clarification. I have witnessed dozens of interviews and noticed that many sales managers take a candidate's comments at face value instead of clarifying vague comments. If in doubt, check it out.
Article Source: http://EzineArticles.com/?expert=Kelley_Robertson
Business Planning Documents - How to Develop an Effective Sales Plan
It is possible that you have never considered writing a sales plan before; you are not alone. Most organizational leaders are not even aware that they need to create such a document. So that leaves the question hovering in the air: what is a sales plan? The answer is quite simple and extremely relevant to the modern company. A sales plan is an important piece of your marketing plan; it is the actionable portion. While marketing becomes increasingly important, getting the attention of your prospective consumer is only step one of many in the buying processes. Another very important component is actually getting customers to make a purchase or place an order for the product or service that has been so cleverly marketed. And that is what the sales plan outlines: sales goals and how to achieve them.
Some strategic planners choose to make the sales plan part of the overall business plan; sometimes tucked away in the operations section of the business plan. However, in order for the document to be effective, it needs to be very well thought out and easily attained by the person responsible for sales-- most likely, the Sales Manager.
Like all well thought out strategic planning documents, the sales plan needs to have a summary that is written last but serves as an overall statement of the purpose and vision for the document and organization's goals regarding sales. It should sight the company's philosophy about sales and discuss the culture of the sales department.
The next section needs to include quantifiable objectives, outline any and all success factors as well as discuss sales avenues. This brief and typically bulleted overview serves as the overall sales plan & strategy.
Since customer relationship management [C.R.M.] is becoming a vital part of organizations, it is important to have a section outlining feasible customer retention & loyalty programs to track such interaction. This section does not outline the C.R.M. package itself but rather the programs that drive repeat and referral traffic.
The sales force organization section of the sales plan is as equally as important as discussing the customers, as this section discusses sales personnel. This portion answers such questions as: 1) How will the sales department be managed? 2) What territories will each sales person cover? 3) How will sales people be compensated and rewarded?
Prospect management & lead systems is the opportunity for companies to think about exactly what C.R.M. packages will be utilized and the best way to track leads and manage conversion rates. In this section, strategic planners can clearly outline the processes that new and prospect customers will go through and what sort of technology [if needed] will manage the transition.
Use the next section to create a detailed list of annual sales activity; called a sales activities timetable. A chart format or spreadsheet layout is easiest to maintain and update. The information should clearly identify the ROI as well as the overall expense of each activity.
When each sales effort, as recorded in the sales activity timetable, is complete it will become important to develop a sales effectiveness summary that monitors the success of each sales campaign. This can be a simple review by management or team members.
Create a tracking system for the sales plan as a final portion of the sales plan. This allows managers to meaningfully forecast business levels and allows for accountability among sales representatives.
The sales plan should be between approximately five to ten pages. The detailed plan will add action items to your marketing plan and give Sales Managers clear direction on how to lead the sales team. Such a document should be given as much time and attention as the marketing plan itself.
Article Source: http://EzineArticles.com
Some strategic planners choose to make the sales plan part of the overall business plan; sometimes tucked away in the operations section of the business plan. However, in order for the document to be effective, it needs to be very well thought out and easily attained by the person responsible for sales-- most likely, the Sales Manager.
Like all well thought out strategic planning documents, the sales plan needs to have a summary that is written last but serves as an overall statement of the purpose and vision for the document and organization's goals regarding sales. It should sight the company's philosophy about sales and discuss the culture of the sales department.
The next section needs to include quantifiable objectives, outline any and all success factors as well as discuss sales avenues. This brief and typically bulleted overview serves as the overall sales plan & strategy.
Since customer relationship management [C.R.M.] is becoming a vital part of organizations, it is important to have a section outlining feasible customer retention & loyalty programs to track such interaction. This section does not outline the C.R.M. package itself but rather the programs that drive repeat and referral traffic.
The sales force organization section of the sales plan is as equally as important as discussing the customers, as this section discusses sales personnel. This portion answers such questions as: 1) How will the sales department be managed? 2) What territories will each sales person cover? 3) How will sales people be compensated and rewarded?
Prospect management & lead systems is the opportunity for companies to think about exactly what C.R.M. packages will be utilized and the best way to track leads and manage conversion rates. In this section, strategic planners can clearly outline the processes that new and prospect customers will go through and what sort of technology [if needed] will manage the transition.
Use the next section to create a detailed list of annual sales activity; called a sales activities timetable. A chart format or spreadsheet layout is easiest to maintain and update. The information should clearly identify the ROI as well as the overall expense of each activity.
When each sales effort, as recorded in the sales activity timetable, is complete it will become important to develop a sales effectiveness summary that monitors the success of each sales campaign. This can be a simple review by management or team members.
Create a tracking system for the sales plan as a final portion of the sales plan. This allows managers to meaningfully forecast business levels and allows for accountability among sales representatives.
The sales plan should be between approximately five to ten pages. The detailed plan will add action items to your marketing plan and give Sales Managers clear direction on how to lead the sales team. Such a document should be given as much time and attention as the marketing plan itself.
Article Source: http://EzineArticles.com
Saturday, May 22, 2010
Why Ethics Matter
When considering how to increase your sales and win over a bigger share of your market, ethics may not be the first thing to come to mind. And perhaps it shouldn't be the first thing, either, but it certainly ought to achieve a decent position in your list. First of all, let's quickly define what I'm talking about when considering ethics from a business point of view. It can include;
• Fair trade
• Equal rights (for ethnic minorities and women within the company)
• Carbon neutrality
• Eco-awareness
• Community relations (e.g. giving back to the town/s in which you are present)
There are of course further aspects, but the above 5 make out the foundation. Taking a stand, as a business, and publicly showing your commitment to all or any of the above ethic areas will have a positive effect on the way your organisation is viewed by society at large. An excellent example of this principle can be found in The Body Shop who famously made an incredible impact on the world of cosmetics with its fair trading policies, and quickly grew to become one of the major players in its market (however it has since been bought by L'oreal).
Even if you don't choose to take a firm stance and make ethics one of your main selling points, completely ignoring it can be incredibly bad for business, especially if your main competitors take a different approach. In fact, ethics and morals have brought entire markets to their knees; fur trade, for example, has been severely damaged by the lack of ethics involved. This is not a rule without exception, of course, as aptly demonstrated by Ryan Air who, while one of the biggest airlines in Europe, are famous for their complete disregard of ethics.
Further, it is very important that you are aware of the differing ethic priorities in different markets. What is OK in one country may be very against general acceptance, or even the law, in another. As such, always research ethics before entering a new market.
If you liked this article, and wish to read other articles like it, check out my blog at http://www.EntrepreneuRealism.com
Article Source: http://EzineArticles.com/?expert=Martin_Jonsson
• Fair trade
• Equal rights (for ethnic minorities and women within the company)
• Carbon neutrality
• Eco-awareness
• Community relations (e.g. giving back to the town/s in which you are present)
There are of course further aspects, but the above 5 make out the foundation. Taking a stand, as a business, and publicly showing your commitment to all or any of the above ethic areas will have a positive effect on the way your organisation is viewed by society at large. An excellent example of this principle can be found in The Body Shop who famously made an incredible impact on the world of cosmetics with its fair trading policies, and quickly grew to become one of the major players in its market (however it has since been bought by L'oreal).
Even if you don't choose to take a firm stance and make ethics one of your main selling points, completely ignoring it can be incredibly bad for business, especially if your main competitors take a different approach. In fact, ethics and morals have brought entire markets to their knees; fur trade, for example, has been severely damaged by the lack of ethics involved. This is not a rule without exception, of course, as aptly demonstrated by Ryan Air who, while one of the biggest airlines in Europe, are famous for their complete disregard of ethics.
Further, it is very important that you are aware of the differing ethic priorities in different markets. What is OK in one country may be very against general acceptance, or even the law, in another. As such, always research ethics before entering a new market.
If you liked this article, and wish to read other articles like it, check out my blog at http://www.EntrepreneuRealism.com
Article Source: http://EzineArticles.com/?expert=Martin_Jonsson
Selling Yourself - High Ethics & Values Helps to Determine Your Sales Success
In sales, great salespersons demonstrate high ethics and values every day by how they react to rejection, criticism and compliments. From my experience, there are a lot of tight shorts (my husband's words) in the market place. People appear to be looking as to how to criticize first instead of demonstrating how to compliment first and then offer constructive criticism. Additionally, there are a lot of knowledge egos in the marketplace.
When working with clients, one of the first activities that I have them engage in is to construct their own values statement. Many professional sales persons along with their companies have not invested the time to write down those non-negotiable 24/7 behaviors. Here is my values statement for my company:
ADVANCED SYSTEMS' values will continually raise the B.A.R. for our clients and stakeholders
Build long term relationships
Achieve sustainable results
Results that deliver positive return on investment
Daily behaviors will demonstrate creativity, faith, gratitude, intelligence, innovation, intuition, learning, patience, quality work, reflection, respect, risk taking and thoughtfulness as we work with our clients and meet new individuals.
When criticism is received regardless if it is rude or constructive, I remember that being patient, respectful and thoughtful are 24/7 behaviors and I cannot allow my emotions to violate my core positive values. Of course, this does require sometimes for me to count to 10 or maybe even 100 especially if I believe that I am correct. Sales Training Coaching Tip: For it is our beliefs that drive our actions creating our results.
This is especially true when using the written word found in emails. How many times do we read the email with a certain emotional attachment to it? And if we know the person, sometimes we can even believe we are hearing her or his actual spoken words including the reflections, pauses, speed and even mispronunciations.
Taking criticism on the chin and then responding in a professional manner shows not only high ethics and values, but overall great leadership. So the next time, you receive an email that is not necessarily complimentary or even a rude (using inappropriate language) to somewhat abrasive comment on your blog, remember to breathe first and take time to reflect before you respond. In the end by taking these actions, you will truly be the person who is demonstrating high ethics and values and this will serve you well.
Here are some quotes on anger to help you keep from reacting with regret:
He who angers you conquers you. ~ Elizabeth Kenny
Never write a letter while you are angry. ~ Chinese Proverb
Speak when you are angry - and you will make the best speech you will ever regret. ~ Dr. Laurence J. Peter
Always keep your composure. You cannot score from the penalty box; and to win, you have to score. ~ Bobby Hull
The greatest remedy for anger is delay. ~ Seneca
Selling yourself is almost a constant 24/7 endeavor. By remembering these words or some others of your own choosing can quickly set you apart as the Red Jacket in the sea of gray values.
Article Source: http://EzineArticles.com
When working with clients, one of the first activities that I have them engage in is to construct their own values statement. Many professional sales persons along with their companies have not invested the time to write down those non-negotiable 24/7 behaviors. Here is my values statement for my company:
ADVANCED SYSTEMS' values will continually raise the B.A.R. for our clients and stakeholders
Build long term relationships
Achieve sustainable results
Results that deliver positive return on investment
Daily behaviors will demonstrate creativity, faith, gratitude, intelligence, innovation, intuition, learning, patience, quality work, reflection, respect, risk taking and thoughtfulness as we work with our clients and meet new individuals.
When criticism is received regardless if it is rude or constructive, I remember that being patient, respectful and thoughtful are 24/7 behaviors and I cannot allow my emotions to violate my core positive values. Of course, this does require sometimes for me to count to 10 or maybe even 100 especially if I believe that I am correct. Sales Training Coaching Tip: For it is our beliefs that drive our actions creating our results.
This is especially true when using the written word found in emails. How many times do we read the email with a certain emotional attachment to it? And if we know the person, sometimes we can even believe we are hearing her or his actual spoken words including the reflections, pauses, speed and even mispronunciations.
Taking criticism on the chin and then responding in a professional manner shows not only high ethics and values, but overall great leadership. So the next time, you receive an email that is not necessarily complimentary or even a rude (using inappropriate language) to somewhat abrasive comment on your blog, remember to breathe first and take time to reflect before you respond. In the end by taking these actions, you will truly be the person who is demonstrating high ethics and values and this will serve you well.
Here are some quotes on anger to help you keep from reacting with regret:
He who angers you conquers you. ~ Elizabeth Kenny
Never write a letter while you are angry. ~ Chinese Proverb
Speak when you are angry - and you will make the best speech you will ever regret. ~ Dr. Laurence J. Peter
Always keep your composure. You cannot score from the penalty box; and to win, you have to score. ~ Bobby Hull
The greatest remedy for anger is delay. ~ Seneca
Selling yourself is almost a constant 24/7 endeavor. By remembering these words or some others of your own choosing can quickly set you apart as the Red Jacket in the sea of gray values.
Article Source: http://EzineArticles.com
Tuesday, May 4, 2010
TOTAL QAULITY MANAGEMENT - THE 5 CARDINAL OBJECTIVES
Quality is defined as providing products and services that meet the negotiated needs of internal and external customers. Doing the right things right the first time, every time. From this definition the following come through easily as cardinal objectives of total quality management.
1) To make workers understand the importance of everyone in the supplier-customer chain. The contribution of each person affects the quality of the final product. Everyone is both a supplier and a customer: customer to those who supply his requirements to be able to perform his duties and supplier to those who use the result of his work.
2) Accountability. By breaking jobs down and assigning specific and well-defined responsibilities to each person who has been given commensurate authority to act, each person has responsibility for the quality of his output.
3) To make workers appreciate the need for cooperation and team-work. It is like a game of football, every department, every individual is important and there must be effective cooperation among all for the organization to be able to score good and quality goals in the market place (i.e. meet the negotiated needs of consumers).
4) Measurability. In order to produce quality final product, output must be measurable at every level for effective monitoring and evaluation for the purpose of timely intervention and corrective action whenever output is suspected to fall sort of quality.
5) To ensure commitment to continuous improvement. Nothing is static, what is new today will soon become outdated and what is quality today will become substandard. Consumer needs and requirements are ever changing hence organizations must strive for continuous improvements and be proactive to technological and other changes in the environment to avoid decay
Article Source: http://EzineArticles.com/?expert=Adeola_Adedayo
1) To make workers understand the importance of everyone in the supplier-customer chain. The contribution of each person affects the quality of the final product. Everyone is both a supplier and a customer: customer to those who supply his requirements to be able to perform his duties and supplier to those who use the result of his work.
2) Accountability. By breaking jobs down and assigning specific and well-defined responsibilities to each person who has been given commensurate authority to act, each person has responsibility for the quality of his output.
3) To make workers appreciate the need for cooperation and team-work. It is like a game of football, every department, every individual is important and there must be effective cooperation among all for the organization to be able to score good and quality goals in the market place (i.e. meet the negotiated needs of consumers).
4) Measurability. In order to produce quality final product, output must be measurable at every level for effective monitoring and evaluation for the purpose of timely intervention and corrective action whenever output is suspected to fall sort of quality.
5) To ensure commitment to continuous improvement. Nothing is static, what is new today will soon become outdated and what is quality today will become substandard. Consumer needs and requirements are ever changing hence organizations must strive for continuous improvements and be proactive to technological and other changes in the environment to avoid decay
Article Source: http://EzineArticles.com/?expert=Adeola_Adedayo
HOW TO BECOME A GREAT COMPANY
The most profitable organizations are not necessarily the best. Exceeding your annual financial projections does not mean that employees and customers perceive you as a great company. If you are the #1 profit generator in your industry, you as the business owner or CEO have achieved great accomplishment. But can you really identify if you are a great company in all elements of the organization.
It just takes one critical mistake by the leadership team in any company, and you can hit rock bottom very fast. We have seen many examples of this in the past years so their is no need to elaborate.
So how do you as a business owner, president, executive, or manager, lead your team in a significant direction to produce a great company. One key element we must all understand is that know matter what industry you work in; technology, sales, retail, education, marketing, or finance, we are always working with people and leading people. "Your people is your greatest asset, and if you can inspire and motivate them to operate on a high-level every single day, then you will create opportunities to develop into a great company".
There are "four key leadership strategies" that I want to give you that will create opportunities and the positive and exceptional environment you will need to become great.
1. Hire true leaders, not followers: Have your HR department or a consultant restructure the interviewing questions and analyze the hiring process to identify key opportunities for significant improvement. Why? Because "great leaders" are the ones who produce and develop great companies!
2. Listen very carefully to your employees ideas and embrace their ideas and suggestions: Your people are on the front line and they have the key experiences with customers, therefore they understand the companies systems. They know what produces value and what does not. Many employees have ideas to improve the companies bottom line, but if the leadership team does not ask them for their ideas, it becomes a missed opportunity. "Change that now, and talk to your employees".
3. Develop an organizational culture of positive communication and positive energy: There are many ways to do this, and I just gave you one in the second strategy, but here is another. Let your employees know from "day one", that negative talk and negative energy will not be tolerated. In addition, communicate a positive and powerful leadership statement daily. Here is one to consider: "ABC Corporation works very hard to meet our customers needs, and we help our employees reach their maximum potential". Communicate this among your peers every single day until it becomes a "philosophy".
4. Develop your leaders decision-making skills: This is every leaders responsibility, however, if you want to be a great company and sustain long-term success, you have to develop, mentor, and teach your employees to make great decisions in the mist of adversity and complex situations. How do you do this?
Very simple: Have daily meetings in the range of 5 -15 minutes and brainstorm situations and incidents that could potentially hurt or damage your companies reputation or bottom line. After a quick brainstorming session, have your employees communicate their solutions and strategic decisions to handle the problem effectively. "Not only will your employees decision-making skills dramatically improve, but you will increase your employees confidence".
There are many more leadership strategies that you can implement to produce great opportunities to become a great company and inspire your employees, but if you master these four, you will see "significant improvement" in several areas of your organization. There is no time to waste, get started today!
Article Source: http://EzineArticles.com/?expert=Alexander_Mobley
It just takes one critical mistake by the leadership team in any company, and you can hit rock bottom very fast. We have seen many examples of this in the past years so their is no need to elaborate.
So how do you as a business owner, president, executive, or manager, lead your team in a significant direction to produce a great company. One key element we must all understand is that know matter what industry you work in; technology, sales, retail, education, marketing, or finance, we are always working with people and leading people. "Your people is your greatest asset, and if you can inspire and motivate them to operate on a high-level every single day, then you will create opportunities to develop into a great company".
There are "four key leadership strategies" that I want to give you that will create opportunities and the positive and exceptional environment you will need to become great.
1. Hire true leaders, not followers: Have your HR department or a consultant restructure the interviewing questions and analyze the hiring process to identify key opportunities for significant improvement. Why? Because "great leaders" are the ones who produce and develop great companies!
2. Listen very carefully to your employees ideas and embrace their ideas and suggestions: Your people are on the front line and they have the key experiences with customers, therefore they understand the companies systems. They know what produces value and what does not. Many employees have ideas to improve the companies bottom line, but if the leadership team does not ask them for their ideas, it becomes a missed opportunity. "Change that now, and talk to your employees".
3. Develop an organizational culture of positive communication and positive energy: There are many ways to do this, and I just gave you one in the second strategy, but here is another. Let your employees know from "day one", that negative talk and negative energy will not be tolerated. In addition, communicate a positive and powerful leadership statement daily. Here is one to consider: "ABC Corporation works very hard to meet our customers needs, and we help our employees reach their maximum potential". Communicate this among your peers every single day until it becomes a "philosophy".
4. Develop your leaders decision-making skills: This is every leaders responsibility, however, if you want to be a great company and sustain long-term success, you have to develop, mentor, and teach your employees to make great decisions in the mist of adversity and complex situations. How do you do this?
Very simple: Have daily meetings in the range of 5 -15 minutes and brainstorm situations and incidents that could potentially hurt or damage your companies reputation or bottom line. After a quick brainstorming session, have your employees communicate their solutions and strategic decisions to handle the problem effectively. "Not only will your employees decision-making skills dramatically improve, but you will increase your employees confidence".
There are many more leadership strategies that you can implement to produce great opportunities to become a great company and inspire your employees, but if you master these four, you will see "significant improvement" in several areas of your organization. There is no time to waste, get started today!
Article Source: http://EzineArticles.com/?expert=Alexander_Mobley
Monday, May 3, 2010
SOME OF THE BEST THOUGHT MANAGEMENT TECHNIQUES
You must have heard a lot about money management, in the same way you must have read about time management skills. Surprisingly, the topic of thought management has not been discussed like that, probably because the notion of thought management is not as practical as money management or time management (knowing that our brain is a much more complex thing than those profit and loss statements or time tables). Still, thought management is an equally important topic with a direct impact on our ambitions. All of these multi-national companies, business tycoons and huge organizations must have started from thoughts. Negative thoughts result in stress, panic and the sense of helplessness. Positive thoughts invoke calmness, self control and composure.
You must learn to treat these thoughts as mere thoughts which have no control over the course of your life, otherwise negative or distracting thoughts will consume lots of time and energy. They can shatter your confidence and halt your progress. It's hard to hold back thoughts from coming to your mind. It's only natural for our brain to keep working all the time, which means there will be some thoughts going on in your mind, all the time. So, how are you supposed to manage negative thoughts if you aren't even able to stop them? Answer is that even though you cannot get rid of these thoughts altogether, you can replace them with thoughts of your liking.
First thing is to analyze your thought pattern more closely; most of our thoughts are being triggered by some specific situations and circumstances. For example, you'll find out that negative thoughts seem to wane when you are in company of your close friends, whereas they grow stronger when you are alone. Similarly, you'll see that the chain of negative thoughts is often triggered by some failure. Once you are able to establish such connection, you can do various things like spending more time with your friends, keeping yourself busy, or keeping your thoughts in check when you've fallen short of your expectations.
Most of the negative thoughts stem from the fear of change; this fear alone can bring about various other types of negativities. Good thing about fear of change is that it mostly stems from our ignorance and can easily be tackled by acquiring more knowledge and information. No matter how strong your thoughts seem to be, continuously remind yourself that they are just a random product of your mind and that thoughts bear no control over your life.
Article Source: http://EzineArticles.com/?expert=William_King
You must learn to treat these thoughts as mere thoughts which have no control over the course of your life, otherwise negative or distracting thoughts will consume lots of time and energy. They can shatter your confidence and halt your progress. It's hard to hold back thoughts from coming to your mind. It's only natural for our brain to keep working all the time, which means there will be some thoughts going on in your mind, all the time. So, how are you supposed to manage negative thoughts if you aren't even able to stop them? Answer is that even though you cannot get rid of these thoughts altogether, you can replace them with thoughts of your liking.
First thing is to analyze your thought pattern more closely; most of our thoughts are being triggered by some specific situations and circumstances. For example, you'll find out that negative thoughts seem to wane when you are in company of your close friends, whereas they grow stronger when you are alone. Similarly, you'll see that the chain of negative thoughts is often triggered by some failure. Once you are able to establish such connection, you can do various things like spending more time with your friends, keeping yourself busy, or keeping your thoughts in check when you've fallen short of your expectations.
Most of the negative thoughts stem from the fear of change; this fear alone can bring about various other types of negativities. Good thing about fear of change is that it mostly stems from our ignorance and can easily be tackled by acquiring more knowledge and information. No matter how strong your thoughts seem to be, continuously remind yourself that they are just a random product of your mind and that thoughts bear no control over your life.
Article Source: http://EzineArticles.com/?expert=William_King
WHY SOME BUSINESS PROJECTS FAILS
It is important that project managers are both familiar with and follow established tools and techniques of project management. Good leadership at management level is crucial. Poor management skills will undermine established methodologies. It is very tempting to take so-called 'short-cuts' instead of applying the methodology.
This can happen for several reasons:
1 - 'Catching up' when the project is behind schedule 'catch up.'
2 - Costs are over-running budget and some steps are skipped over.
3 - Team members are untrained in the methodology and do not
know they are taking short cuts.
Cost overruns:
If the scheduling and technical details are too precisely defined before project start then there may be insufficient time and money to implement the project methodology properly - creating cost overruns relative to the budget.
Poor people management:
People need to be managed appropriately to ensure that they remain motivated,committed and able to perform well during the project.
Uncertainty and Change:
In an ever-changing world the most successful organizations are those which can adapt to deal with emerging contingencies. Not all projects are robust enough to absorb these changes. It is important that any change management processes in the organisation generally be applied to the management of these projects.
Unresolved Problems:
It is most important that we deal with problems quickly and fairly rather than ignoring them or being arbitrary in our problem-resolution processed. This shows others that we want things done right, but that it is also OK to make mistakes.
Rewards:
We need to acknowledge what rewards people expect and to understand that they cannot be expected to actively engage in the project if they feel under-rewarded.
Risks and New Ideas:
We need to foster new ideas and risk-taking within agreed parameters, rather than a culture of fear and risk-aversion.
There are some key ways that we can help to avoid failure:
Have a plan and know what we are doing. Understand change management and how people deal with change. Make sure that the people in top management whose support we need support us. Listen carefully to any concerns stakeholders have and deal with these to their satisfaction.
Make sure that project objectives dovetail with overall business objectives and remember no business enterprise or project is completely devoid of risks we need to be able to analyse possible risks and have measure in place to prevent them or to deal appropriately with them should they occur.
To stay on top of your business and business needs, you need professional services and software, click here now Professional Business Software to check out the huge catalog of trusted business software provided by Avanquest.
Source.http://ezinearticles.com
This can happen for several reasons:
1 - 'Catching up' when the project is behind schedule 'catch up.'
2 - Costs are over-running budget and some steps are skipped over.
3 - Team members are untrained in the methodology and do not
know they are taking short cuts.
Cost overruns:
If the scheduling and technical details are too precisely defined before project start then there may be insufficient time and money to implement the project methodology properly - creating cost overruns relative to the budget.
Poor people management:
People need to be managed appropriately to ensure that they remain motivated,committed and able to perform well during the project.
Uncertainty and Change:
In an ever-changing world the most successful organizations are those which can adapt to deal with emerging contingencies. Not all projects are robust enough to absorb these changes. It is important that any change management processes in the organisation generally be applied to the management of these projects.
Unresolved Problems:
It is most important that we deal with problems quickly and fairly rather than ignoring them or being arbitrary in our problem-resolution processed. This shows others that we want things done right, but that it is also OK to make mistakes.
Rewards:
We need to acknowledge what rewards people expect and to understand that they cannot be expected to actively engage in the project if they feel under-rewarded.
Risks and New Ideas:
We need to foster new ideas and risk-taking within agreed parameters, rather than a culture of fear and risk-aversion.
There are some key ways that we can help to avoid failure:
Have a plan and know what we are doing. Understand change management and how people deal with change. Make sure that the people in top management whose support we need support us. Listen carefully to any concerns stakeholders have and deal with these to their satisfaction.
Make sure that project objectives dovetail with overall business objectives and remember no business enterprise or project is completely devoid of risks we need to be able to analyse possible risks and have measure in place to prevent them or to deal appropriately with them should they occur.
To stay on top of your business and business needs, you need professional services and software, click here now Professional Business Software to check out the huge catalog of trusted business software provided by Avanquest.
Source.http://ezinearticles.com
Monday, April 19, 2010
MAKING WORK FUN WITHOUT WRECKING PRODUCTIVITY
5 Ways to Make Work Fun Without Wrecking Productivity
1) Atta Girl/Boy Game. Here is a game you can play around the office. Give everyone in the office some pre-printed Atta Girl or Atta Boy stickers or notes. Make these clever and fun. Think smiley faces or stars like you got in elementary school when you did a great job on an assignment. Next, keep your eyes open for those who do good deeds around the office. Encourage everyone to acknowledge someone caught in the act of playing nice by leaving one of these stickers on their desk or office cube or door. The award should be genuine and can be anonymous but you would be surprised to see how much more helpful everyone are as they try to accumulate the most awards each month. Every month you can wipe the slate clean and start over. Everyone will have fun giving and receiving!
2) Laugh of the Day. Appoint someone to be the office comedian, in charge of sharing a laugh for the day. Make it thought provoking or inspirational, but keep it funny. Remember to keep it office pc as well. Set it up to deliver electronically so it is one of the first emails read each morning. Or, post it where everyone will see it when they enter the office. It could even be a voice mail. This daily dose of humor will help get everyone started on the right foot each morning for a day of continued happiness. Humor is also a great stress reliever and who wouldn't want to come to work each day and be greeted by a laugh!
3) Keep it Positive. A fun work environment is far more productive than one that doesn't foster good office vibes. Help keep your office atmosphere upbeat by avoiding the negative. Look for positives and comment on them when you see them. If someone does something helpful, let them and others know. Commend fellow employees when they lend a helping hand or go the extra mile to offer assistance especially when they are not expecting something in return. Stay away from office gossip and do your best to short circuit it if and when you hear it. Be the one with the smile on their face that is always upbeat, even if it kills you!
4) Business Greeting Cards. OK, so maybe you say you don't like birthdays but we all know we like a bit of acknowledgment on our special day. Take the time to remember special days with business greeting cards that help employees as well as clients and business associates know they are in your thoughts. Birthday Cards are great for making people feel special at least once a year. Anniversary Cards can acknowledge their start date or serve to remember the day a big sale was made or new account brought on board. And don't forget the importance of Get Well Cards or Sympathy Cards when the situation calls for one. Greeting Cards show you care and can be kept and displayed, bringing smiles and fond memories to those who receive them.
5) Ring in the News. Whenever there is good news to share, announce it in a fun way. Keep a silver bell handy so that you can ring in the news whenever there is something everyone in the company would be interested in hearing. Ring the bell and gather everyone together so that the news is delivered directly instead of passed down through gossip. Make it brief so that everyone can get back to what they were doing but make it fun and, of course, newsworthy. Everyone likes to hear and applaud good news so don't keep it secret; share it with those who helped to make it happen.
I bet everyone has ideas and suggestions for operating a profitable and fun workplace. Ask for suggestions or set out a comment box. Switch out ideas that aren't working as well as they should and add new ones to keep it interesting. Before long everyone in the office will be looking forward to coming to work each day and the office atmosphere will be one that is all-around happy as well as productive!
Linda Cress Dowdy is an avid greeting card enthusiast and professional author, editor and copywriter. For a great selection of all occasion Greeting Cards visit http://www.CardsDirect.com.
Article Source: http://EzineArticles.com
1) Atta Girl/Boy Game. Here is a game you can play around the office. Give everyone in the office some pre-printed Atta Girl or Atta Boy stickers or notes. Make these clever and fun. Think smiley faces or stars like you got in elementary school when you did a great job on an assignment. Next, keep your eyes open for those who do good deeds around the office. Encourage everyone to acknowledge someone caught in the act of playing nice by leaving one of these stickers on their desk or office cube or door. The award should be genuine and can be anonymous but you would be surprised to see how much more helpful everyone are as they try to accumulate the most awards each month. Every month you can wipe the slate clean and start over. Everyone will have fun giving and receiving!
2) Laugh of the Day. Appoint someone to be the office comedian, in charge of sharing a laugh for the day. Make it thought provoking or inspirational, but keep it funny. Remember to keep it office pc as well. Set it up to deliver electronically so it is one of the first emails read each morning. Or, post it where everyone will see it when they enter the office. It could even be a voice mail. This daily dose of humor will help get everyone started on the right foot each morning for a day of continued happiness. Humor is also a great stress reliever and who wouldn't want to come to work each day and be greeted by a laugh!
3) Keep it Positive. A fun work environment is far more productive than one that doesn't foster good office vibes. Help keep your office atmosphere upbeat by avoiding the negative. Look for positives and comment on them when you see them. If someone does something helpful, let them and others know. Commend fellow employees when they lend a helping hand or go the extra mile to offer assistance especially when they are not expecting something in return. Stay away from office gossip and do your best to short circuit it if and when you hear it. Be the one with the smile on their face that is always upbeat, even if it kills you!
4) Business Greeting Cards. OK, so maybe you say you don't like birthdays but we all know we like a bit of acknowledgment on our special day. Take the time to remember special days with business greeting cards that help employees as well as clients and business associates know they are in your thoughts. Birthday Cards are great for making people feel special at least once a year. Anniversary Cards can acknowledge their start date or serve to remember the day a big sale was made or new account brought on board. And don't forget the importance of Get Well Cards or Sympathy Cards when the situation calls for one. Greeting Cards show you care and can be kept and displayed, bringing smiles and fond memories to those who receive them.
5) Ring in the News. Whenever there is good news to share, announce it in a fun way. Keep a silver bell handy so that you can ring in the news whenever there is something everyone in the company would be interested in hearing. Ring the bell and gather everyone together so that the news is delivered directly instead of passed down through gossip. Make it brief so that everyone can get back to what they were doing but make it fun and, of course, newsworthy. Everyone likes to hear and applaud good news so don't keep it secret; share it with those who helped to make it happen.
I bet everyone has ideas and suggestions for operating a profitable and fun workplace. Ask for suggestions or set out a comment box. Switch out ideas that aren't working as well as they should and add new ones to keep it interesting. Before long everyone in the office will be looking forward to coming to work each day and the office atmosphere will be one that is all-around happy as well as productive!
Linda Cress Dowdy is an avid greeting card enthusiast and professional author, editor and copywriter. For a great selection of all occasion Greeting Cards visit http://www.CardsDirect.com.
Article Source: http://EzineArticles.com
Tuesday, April 13, 2010
WRITING BASED BUSINESS-4 TIPS FOR MAKING A GREAT MISSION STATEMENT
Your mission statement tells the world what you want to do via your writing-based company and what product your writing business plans to deliver to the public. Here are some suggestions for writing a great mission statement.
1. A mission statement ought to be characterized by clear, purpose-driven language that utilizes behavioral terms. The following is a working mission statement: "The XYZ Company helps people write personal and family stories." Avoid using intangible (non-behavioral) words like "excellence" and "help people appreciate." They can mean too many things and so can end up meaning nothing.
2. It ought also to include a mention of your products. Since a company does well (especially at its beginning) to deliver a small number of products, plan to develop and then list no more than three-at most four-products you intend to offer the public. Ideally, it is possible for a client to buy several of your products consecutively or as a bundle. XYZ's mission statement could go on to say: "We do this via books, workshops, tele-classes, editing, coaching, co-authoring and book production services and teacher training packages and programs."
3. It ought to be brief. If you use more than 15 words to make a mission statement, rewrite it with 15 or fewer words. This is not an essay but a sort of slogan.
4. It ought to be a guide for making decisions for your company. Make sure it reflects what you want to do and be.
Good luck in setting up your company.
For your FREE 36-page Jumpstart Your Memoir Business Success book, go to http://www.turningmemories.com/jumpstartbusinessbook.html
Becoming a better memoir professional requires knowledge, but knowledge must be reinforced with practice. Business tele-classes provide knowledge backed up by week after week of practice with feedback. Coaching and certification available. For more information on Business Tele-classes call 207-353-5454 or visit http://www.turningmemories.com/bizsupport.html
Article Source: http://EzineArticles.com/?expert=Denis_Ledoux
1. A mission statement ought to be characterized by clear, purpose-driven language that utilizes behavioral terms. The following is a working mission statement: "The XYZ Company helps people write personal and family stories." Avoid using intangible (non-behavioral) words like "excellence" and "help people appreciate." They can mean too many things and so can end up meaning nothing.
2. It ought also to include a mention of your products. Since a company does well (especially at its beginning) to deliver a small number of products, plan to develop and then list no more than three-at most four-products you intend to offer the public. Ideally, it is possible for a client to buy several of your products consecutively or as a bundle. XYZ's mission statement could go on to say: "We do this via books, workshops, tele-classes, editing, coaching, co-authoring and book production services and teacher training packages and programs."
3. It ought to be brief. If you use more than 15 words to make a mission statement, rewrite it with 15 or fewer words. This is not an essay but a sort of slogan.
4. It ought to be a guide for making decisions for your company. Make sure it reflects what you want to do and be.
Good luck in setting up your company.
For your FREE 36-page Jumpstart Your Memoir Business Success book, go to http://www.turningmemories.com/jumpstartbusinessbook.html
Becoming a better memoir professional requires knowledge, but knowledge must be reinforced with practice. Business tele-classes provide knowledge backed up by week after week of practice with feedback. Coaching and certification available. For more information on Business Tele-classes call 207-353-5454 or visit http://www.turningmemories.com/bizsupport.html
Article Source: http://EzineArticles.com/?expert=Denis_Ledoux
Tuesday, April 6, 2010
PROMOTIONAL LOGO-Why Should an Organization Select Promotional Logobugs to Advertise Its Brand?
Promotional items and corporate gifts are distributed by companies and organizations to attract more customers and they create brand awareness and brand recognition by exposing your consumers to your company name, business information and logo. Promotional products increase your productivity levels and enhance existing relationships. They can be customised and take your business to new heights. Distributing promotional products is one of the most useful business and marketing strategies.
However, you should be very careful while choosing a promotional item as your selected item should be useful to your receivers. Keep in mind that if your promotional gift is successful, it is more likely that your brand would be so too. Among the galaxy of promotional items, promotional logo bugs shine with pride and effectiveness. They are funny, cute, simple, little, pom-pom animals that are powerful enough to advertise your business to your clients and target audience.
Promotional logobugs are attached to a ribbon printed with your brand name, logo, business information, motto and your company's URL. Feet are also attached to the pom. They are very popular among children and perfect giveaways to be delivered at some special occasions such as Easter, Halloween, Christmas and New Year. Promotional logobugs put a smile on the faces of your consumers and help to feel your prospects better. Your recipients can easily stick the logobugs to their cabinet, wall or computer and your brand would get recurring exposure for a long period of time. Many top manufacturers offer different logobugs such as Cat Animal logobug, Parrot animal logobug, Nurse Hatter logobug, Standard Glitter logobug, Original logobug and Lion Animal logobug.
These logobugs are offered in different colours, designs, styles and shapes and they are inexpensive, simple, attractive and cost-effective. If we take an example of a Nurse Hatter logobug, a quantity of 250+ can be ordered at a price of £0.39 (each), an order of quantity 500+ can be placed at an affordable price of £0.32 (each), a quantity of 1000+ can be ordered at an affordable price of £0.27 (each) and you can get as low as £0.23 (each) for an order of 5000+. Please note that these prices include a one position, one colour print. Other logobugs hatters are also available such as Builder Hatter logobug, Headphone logobug and Chef Hatter logobug. Nurse Hatter logobugs are one of a range of logobugs wearing Hats with a professional or vocational theme. Dimensions are 130 x 40 mm.
Article source;http://ezinearticles.com
However, you should be very careful while choosing a promotional item as your selected item should be useful to your receivers. Keep in mind that if your promotional gift is successful, it is more likely that your brand would be so too. Among the galaxy of promotional items, promotional logo bugs shine with pride and effectiveness. They are funny, cute, simple, little, pom-pom animals that are powerful enough to advertise your business to your clients and target audience.
Promotional logobugs are attached to a ribbon printed with your brand name, logo, business information, motto and your company's URL. Feet are also attached to the pom. They are very popular among children and perfect giveaways to be delivered at some special occasions such as Easter, Halloween, Christmas and New Year. Promotional logobugs put a smile on the faces of your consumers and help to feel your prospects better. Your recipients can easily stick the logobugs to their cabinet, wall or computer and your brand would get recurring exposure for a long period of time. Many top manufacturers offer different logobugs such as Cat Animal logobug, Parrot animal logobug, Nurse Hatter logobug, Standard Glitter logobug, Original logobug and Lion Animal logobug.
These logobugs are offered in different colours, designs, styles and shapes and they are inexpensive, simple, attractive and cost-effective. If we take an example of a Nurse Hatter logobug, a quantity of 250+ can be ordered at a price of £0.39 (each), an order of quantity 500+ can be placed at an affordable price of £0.32 (each), a quantity of 1000+ can be ordered at an affordable price of £0.27 (each) and you can get as low as £0.23 (each) for an order of 5000+. Please note that these prices include a one position, one colour print. Other logobugs hatters are also available such as Builder Hatter logobug, Headphone logobug and Chef Hatter logobug. Nurse Hatter logobugs are one of a range of logobugs wearing Hats with a professional or vocational theme. Dimensions are 130 x 40 mm.
Article source;http://ezinearticles.com
Wednesday, March 31, 2010
TEAM SPIRIT-ESPRIT THE CORE- A PIVOT FOR BUSINESS SUCCESS
As a young entrepreneur, the company of people you associate with plays a greater and vital part in accomplishing and bringing your product or services to meeting their needs because you idea should be all about meeting needs. So, associate with the right people of like minds.
Work with them as a team with one sense of purpose and as a result, it will be difficult to rob you and your colleagues of success that is why you have partnership and all forms of business associations. It is better to cooperate with others in your business line and take advantage of existing knowledge and information to make you move faster e.g. Bill Gates had to collaborate with Paul Allen to establish Microsoft.
While Bill Gates handles Software design Paul Allen handled hardware. It is better to cooperate with others in your area of idea/business and take advantage of existing knowledge and information to make you knowledgeable. You also need to associate and attach yourself to mentors i.e. people who have achieved so much in the business you intend to go into because you can learn through their experiences and by so doing, you avoid making the mistake they made at your own stage to output stage.
In the process of doing this, you take care of all weaknesses and risks and make provision for any challenges that may occur in the implementation of the business plans. Before rounding up this segement, I want to quickly tell you about a man called “Mr. Money”, though his real name is Samuel Walton, who started out with virtually nothing and have successfully built a multinational companies in his life time.
Wal-Mart is to the retail industry what Microsoft is to software. The largest, most efficient and arguably, most successful retail story in the whole Universe. But it was never always this way for this family owned conglomerate, which spans continents and has been in the top ten in more fortune categories than any other fortune 500 company in the last five years.
Samuel Moore Walton, the founder of the company, grew up during the great depression, and the poverty that surrounded him as a young boy in a rural Missouri Community must have been instrumental in molding the visionary entrepreneur that he grew to be. Samuel Walton studied foe a business Degree at the University of Missouri at Columbia, graduating in 1940.Even at the college his entrepreneurial skill and talent were already evident, earning him the nickname “HUSTLER MR MONEY”. He took up a management training position in Lowa with J.C Penny, where he learnt the in and out of the retail business knowledge that was serve him well I n later years. He joined the Military during 2nd World war before started his retail business.
Work with them as a team with one sense of purpose and as a result, it will be difficult to rob you and your colleagues of success that is why you have partnership and all forms of business associations. It is better to cooperate with others in your business line and take advantage of existing knowledge and information to make you move faster e.g. Bill Gates had to collaborate with Paul Allen to establish Microsoft.
While Bill Gates handles Software design Paul Allen handled hardware. It is better to cooperate with others in your area of idea/business and take advantage of existing knowledge and information to make you knowledgeable. You also need to associate and attach yourself to mentors i.e. people who have achieved so much in the business you intend to go into because you can learn through their experiences and by so doing, you avoid making the mistake they made at your own stage to output stage.
In the process of doing this, you take care of all weaknesses and risks and make provision for any challenges that may occur in the implementation of the business plans. Before rounding up this segement, I want to quickly tell you about a man called “Mr. Money”, though his real name is Samuel Walton, who started out with virtually nothing and have successfully built a multinational companies in his life time.
Wal-Mart is to the retail industry what Microsoft is to software. The largest, most efficient and arguably, most successful retail story in the whole Universe. But it was never always this way for this family owned conglomerate, which spans continents and has been in the top ten in more fortune categories than any other fortune 500 company in the last five years.
Samuel Moore Walton, the founder of the company, grew up during the great depression, and the poverty that surrounded him as a young boy in a rural Missouri Community must have been instrumental in molding the visionary entrepreneur that he grew to be. Samuel Walton studied foe a business Degree at the University of Missouri at Columbia, graduating in 1940.Even at the college his entrepreneurial skill and talent were already evident, earning him the nickname “HUSTLER MR MONEY”. He took up a management training position in Lowa with J.C Penny, where he learnt the in and out of the retail business knowledge that was serve him well I n later years. He joined the Military during 2nd World war before started his retail business.
HOW TO TRANSLATE YOUR VISION TO MISSION
He who has a mission is a vissionary person.What must have in focus before engage in any ameaningful undertakings are,
1.Structure of your business: Like many entrepreneurs in the major cities of the world, you must decide which economic level and geographic community you will serve, for example you may choose to provide after-school care for low income children in one part of the community or open a high-tech fitness facility for youngsters in a more affluent area.
You need to do some research to determine how viable such product/services are and if the similar services have not been sited within the same area. It will be your own advantage if you position your business properly create your own unique niche with an innovative business concept and follow your heart with strong determination to succeed. Consider the role you plan to play in your new business welther as a Chief Executive, Manager or a Supervisor. Think deeply about the structure of each type of business
2.Continuity of Existence:- The sole proprietorship terminates by law upon the death of the sole proprietor with very view exception. In normal circumstances an estate planning documents for the right to continue the business. The death or withdrawal of a general partner or the expiration of the team of the general partnership following such events may be dealt with.
However, in the general partnership agreement known as MOU since it is also generally known as “Voluntary” association, any general partner who no longer desire to be associated with the partnership, as a general rule, requires winding up of its affairs and a liquidation of the partnership’s assets.
3.How to secure the Business Loan:- Most of the small-scale enterprises believed that banks only lend money to companies that don’t need it. This is not true. However, what is true is that bankers and the banks they represent will not typically make an effort to understand a business when an owner has not made concerted efforts to explain to explain, in an organized and concise manner. The company’s business. What it will do with the money it wants to borrow and how it intends to repay any borrowed funds. Meet me in the next episode.
1.Structure of your business: Like many entrepreneurs in the major cities of the world, you must decide which economic level and geographic community you will serve, for example you may choose to provide after-school care for low income children in one part of the community or open a high-tech fitness facility for youngsters in a more affluent area.
You need to do some research to determine how viable such product/services are and if the similar services have not been sited within the same area. It will be your own advantage if you position your business properly create your own unique niche with an innovative business concept and follow your heart with strong determination to succeed. Consider the role you plan to play in your new business welther as a Chief Executive, Manager or a Supervisor. Think deeply about the structure of each type of business
2.Continuity of Existence:- The sole proprietorship terminates by law upon the death of the sole proprietor with very view exception. In normal circumstances an estate planning documents for the right to continue the business. The death or withdrawal of a general partner or the expiration of the team of the general partnership following such events may be dealt with.
However, in the general partnership agreement known as MOU since it is also generally known as “Voluntary” association, any general partner who no longer desire to be associated with the partnership, as a general rule, requires winding up of its affairs and a liquidation of the partnership’s assets.
3.How to secure the Business Loan:- Most of the small-scale enterprises believed that banks only lend money to companies that don’t need it. This is not true. However, what is true is that bankers and the banks they represent will not typically make an effort to understand a business when an owner has not made concerted efforts to explain to explain, in an organized and concise manner. The company’s business. What it will do with the money it wants to borrow and how it intends to repay any borrowed funds. Meet me in the next episode.
Sunday, March 28, 2010
HOW TO MARKET YOUR BUSINESS TO YOUR STAFF BY Carol Dorman
The notion of marketing your business to staff may seem a little odd. After all, your business is their livelihood; of course they want it to do well... don't they?
But wishing a company well and being a true blue believer in it are two different things.
Imagine having a team of walking talking advertisements for your business. A team of people so passionate about what you do that they never miss a chance to 'spread the word'.
Your staff may be diligent, hardworking and professional, which is great. How much more could they achieve if they shared the vision and belief that you have for your business? What if they felt that their work was more than simply a job; that they were part of something special?
This is why marketing to your staff makes good business sense.
So, how does a business market to its staff?
The first thing to remember is that marketing is marketing. This means that whether you're marketing to customers or to staff, the basics are the same:
1. Know your target audience
2. Highlight a particular problem or challenge they face
3. Explain how your product will solve that problem
4. Show why your solution is the best
5. Speak to your target audience in the right voice.
Let's take a closer look:
1. Know your target audience
Now your staff will not necessarily be part of the target audience for your product; however, marketing to them will meet their needs as employees in different ways.
For example, some things that may be important yet challenging to your staff are:
feeling good about what they do
being paid what they're worth
feeling that their efforts are appreciated and acknowledged by management
a sense of achievement
being able to take pride in their work.
2. Highlight a particular problem they face
Perhaps there's a sense of the 'mundane' in some sections of staff, a feeling among them that what they do doesn't really matter much. This is a problem that can affect not only productivity; it may also affect employees' self esteem. This can be addressed as part of a business to staff marketing plan.
3. Explain how your product will solve that problem
The solution here is twofold:
1. Explain the benefits of your product to the marketplace
2. Show how your employee's role is an integral part of providing that benefit.
Let your employee see the benefit of your product from the customer's perspective. What problem does the customer have and how does the employee's role impact the customer's life?
4. Show why your solution is the best
The aim here is for your staff to feel proud that they work for you and not the competition. Show them what makes your business unique and better than the rest.
5. Speak to your target audience in the right voice
Using the right voice means communicating with your target audience 'where it's at'. In this case that audience is your staff and you need to connect with them.
(Heads up: Management-speak and technical jargon may not be the best mode here.)
Instead, think about the tone and language your employees use in conversations with you and with each other. Do they differ? Put yourself in their shoes and look at what's important to them.
Once you begin marketing your business to your staff, keep the momentum going. Celebrate the company's achievements, big and small, and the people who help make it all happen.
And remember, the biggest part of marketing is always COMMUNICATION.
Carol Dorman, owner of Quill Writing Services, also publishes Communicate, the monthly newsletter for small business owners who want to raise their profile and increase their profits by harnessing the power of words. Subscribe today at http://www.quillwritingservices.com.au and receive a free copy of her report: How to Convince your Target Market to Buy from You. You are welcome to use this article provided it is unaltered, including the author information.
But wishing a company well and being a true blue believer in it are two different things.
Imagine having a team of walking talking advertisements for your business. A team of people so passionate about what you do that they never miss a chance to 'spread the word'.
Your staff may be diligent, hardworking and professional, which is great. How much more could they achieve if they shared the vision and belief that you have for your business? What if they felt that their work was more than simply a job; that they were part of something special?
This is why marketing to your staff makes good business sense.
So, how does a business market to its staff?
The first thing to remember is that marketing is marketing. This means that whether you're marketing to customers or to staff, the basics are the same:
1. Know your target audience
2. Highlight a particular problem or challenge they face
3. Explain how your product will solve that problem
4. Show why your solution is the best
5. Speak to your target audience in the right voice.
Let's take a closer look:
1. Know your target audience
Now your staff will not necessarily be part of the target audience for your product; however, marketing to them will meet their needs as employees in different ways.
For example, some things that may be important yet challenging to your staff are:
feeling good about what they do
being paid what they're worth
feeling that their efforts are appreciated and acknowledged by management
a sense of achievement
being able to take pride in their work.
2. Highlight a particular problem they face
Perhaps there's a sense of the 'mundane' in some sections of staff, a feeling among them that what they do doesn't really matter much. This is a problem that can affect not only productivity; it may also affect employees' self esteem. This can be addressed as part of a business to staff marketing plan.
3. Explain how your product will solve that problem
The solution here is twofold:
1. Explain the benefits of your product to the marketplace
2. Show how your employee's role is an integral part of providing that benefit.
Let your employee see the benefit of your product from the customer's perspective. What problem does the customer have and how does the employee's role impact the customer's life?
4. Show why your solution is the best
The aim here is for your staff to feel proud that they work for you and not the competition. Show them what makes your business unique and better than the rest.
5. Speak to your target audience in the right voice
Using the right voice means communicating with your target audience 'where it's at'. In this case that audience is your staff and you need to connect with them.
(Heads up: Management-speak and technical jargon may not be the best mode here.)
Instead, think about the tone and language your employees use in conversations with you and with each other. Do they differ? Put yourself in their shoes and look at what's important to them.
Once you begin marketing your business to your staff, keep the momentum going. Celebrate the company's achievements, big and small, and the people who help make it all happen.
And remember, the biggest part of marketing is always COMMUNICATION.
Carol Dorman, owner of Quill Writing Services, also publishes Communicate, the monthly newsletter for small business owners who want to raise their profile and increase their profits by harnessing the power of words. Subscribe today at http://www.quillwritingservices.com.au and receive a free copy of her report: How to Convince your Target Market to Buy from You. You are welcome to use this article provided it is unaltered, including the author information.
10 MANAGEMENT QUALITIES THAT MAKE A DIFFERENCE By Martin Haworth
A manager sits in a vital place for those who work closely with them. In fact, managers are probably the most influential people in society today. Most people work for an employer - and that means most people will have a manager.
So the management role is very influential about how people feel about themselves in the workplace, which then translates to the way they are in the rest of their lives too.
It is a great place to be, where you are in a position to harness what's good and great in you and make someone else's day in the process.
Here's a secret - when you leverage the capability of your people and make them feel great about themselves, they do a better job too, so everyone's a winner!
And then there's you, because, above all, being great with your people will make you feel great.
When you realize the opportunity making a difference to your people offers, you will see that your way of working works because you start to...
1. Have a Particular Way of Being
You start to be much more effective with your people, because you are able to better see them for what they are. Real human beings trying their best, to do their best.
2. See the Value in People
By really believing that people in general have great potential and your role in life (not just work) - be it with a colleague or an interaction as a customer yourself even - is to help that along, in every interaction.
3. Have Confidence
Having interactions like this needs confidence in your people skills and you can have it in bucketfuls. Yet, it's subtle and not overt enough to be intimidating.
4. Relate Easily
By focusing on finding things in common with people, relationships come more easily and quickly. As you ask the right questions and listen really well, you enhance the development of others and bring excitement, challenges and success to others too.
5. Coach Them - In the Moment
Rather than fix things for your people, you take the time to help them find their own solutions. This, 'building confidence in others', is a great talent for you to nurture, as you live this coaching life, you easily facilitate growth in whoever you come across.
6. Be Trustworthy and Honest
In all you do, you live and breathe trust and honesty with others on your team. You hold confidences well and give feedback naturally and constructively. It's as a gift to your people, so that they feel successful for what they do well and learn from those things they could do even better.
7. Follow Through
What you promise, you deliver - to everyone, even where there might seem to be little need. You can be guaranteed to come through with what people expect and if not, you are clear about what went wrong and explain, with apology.
8. Go the Extra Mile
And more, when you really want to make a difference to your people, you find yourself doing exceptional things for them, without expectation. You are constantly on the lookout for opportunities to do more for them even after the event - remember, it's just the way you are.
9. Are Fair and Consistent
What's more, you are scrupulously fair, such that, to your people, it's a given - every time. Because it's not what they expect nowadays - being fair and consistent has become exceptional - and you will truly make a difference when you do.
10. Like People!
You genuinely like people overall. With most you work with them as your partners, be they in your team or not. You like helping them, turning them on and just being around them!
Making a difference seems to hark back to an age ago, where managers were genial and part of the team. As we went through the end of the last century, the 'commerciality' of business demanded directive and controlling behavior.
And this did not work, leaving us where we are right now. So, when you manage, you have every opportunity to be the bigger person. Be the manager who makes the difference to your people and you, they, as well as the results you seek will all see the difference - and it's positive!
(c) 2010 Martin Haworth, Business and Management Coach and trainer, is the author of Super Successful Manager!, an easy to use, step-by-step weekly development program for managers of EVERY skill level. Find out more at http://www.SuperSuccessfulManager.com.
Article Source: http://EzineArticles.com/?expert=Martin_Haworth
So the management role is very influential about how people feel about themselves in the workplace, which then translates to the way they are in the rest of their lives too.
It is a great place to be, where you are in a position to harness what's good and great in you and make someone else's day in the process.
Here's a secret - when you leverage the capability of your people and make them feel great about themselves, they do a better job too, so everyone's a winner!
And then there's you, because, above all, being great with your people will make you feel great.
When you realize the opportunity making a difference to your people offers, you will see that your way of working works because you start to...
1. Have a Particular Way of Being
You start to be much more effective with your people, because you are able to better see them for what they are. Real human beings trying their best, to do their best.
2. See the Value in People
By really believing that people in general have great potential and your role in life (not just work) - be it with a colleague or an interaction as a customer yourself even - is to help that along, in every interaction.
3. Have Confidence
Having interactions like this needs confidence in your people skills and you can have it in bucketfuls. Yet, it's subtle and not overt enough to be intimidating.
4. Relate Easily
By focusing on finding things in common with people, relationships come more easily and quickly. As you ask the right questions and listen really well, you enhance the development of others and bring excitement, challenges and success to others too.
5. Coach Them - In the Moment
Rather than fix things for your people, you take the time to help them find their own solutions. This, 'building confidence in others', is a great talent for you to nurture, as you live this coaching life, you easily facilitate growth in whoever you come across.
6. Be Trustworthy and Honest
In all you do, you live and breathe trust and honesty with others on your team. You hold confidences well and give feedback naturally and constructively. It's as a gift to your people, so that they feel successful for what they do well and learn from those things they could do even better.
7. Follow Through
What you promise, you deliver - to everyone, even where there might seem to be little need. You can be guaranteed to come through with what people expect and if not, you are clear about what went wrong and explain, with apology.
8. Go the Extra Mile
And more, when you really want to make a difference to your people, you find yourself doing exceptional things for them, without expectation. You are constantly on the lookout for opportunities to do more for them even after the event - remember, it's just the way you are.
9. Are Fair and Consistent
What's more, you are scrupulously fair, such that, to your people, it's a given - every time. Because it's not what they expect nowadays - being fair and consistent has become exceptional - and you will truly make a difference when you do.
10. Like People!
You genuinely like people overall. With most you work with them as your partners, be they in your team or not. You like helping them, turning them on and just being around them!
Making a difference seems to hark back to an age ago, where managers were genial and part of the team. As we went through the end of the last century, the 'commerciality' of business demanded directive and controlling behavior.
And this did not work, leaving us where we are right now. So, when you manage, you have every opportunity to be the bigger person. Be the manager who makes the difference to your people and you, they, as well as the results you seek will all see the difference - and it's positive!
(c) 2010 Martin Haworth, Business and Management Coach and trainer, is the author of Super Successful Manager!, an easy to use, step-by-step weekly development program for managers of EVERY skill level. Find out more at http://www.SuperSuccessfulManager.com.
Article Source: http://EzineArticles.com/?expert=Martin_Haworth
Wednesday, March 24, 2010
TIPS ON HOW TO PACKAGE YOUR LOAN APPLICATION By Oyediran A.Kola
There is every need to make your loan request packaged in a manner that will eventually and easily boost you chance of securing loan in any banks. The package must be well organized and presentable. You just have to make it easy for the bank to understand the business you are involved in and carefully explain and document how the funds will be repaid. Any required forms should be neatly and completely filled out. Be prepared to offer the bank a detailed information on all of the company’s assets.
The following hints will help any small business owner to ensure that a banker sees his/ her business in the best possible light.
1 2-3 years company financial statements prepared by an independent accountant or a financial Expert.
2 List of 5-10 largest customers and percentage of total sales ( though this is not applicable to retail businesses like restaurants or shop)
3 A business plan or the feasibility study which ordinarily will serve as a company’s plan or guide for the future.
4 The bank will also, want to know how the company intends to grow and how it will achieve its growth objectives
5 The bank will also want to know how the company will compete in a competitive environment.
6 The bank would show much interest in knowing how the company administrative structure will be and how it will function in bad times.
7 Who will manage the business in the event of death or illness?
8 Any tangible guarantor/Referee.
9 What kind of property to be tendered as collateral is it landed, housing, share certificate etc?
The following hints will help any small business owner to ensure that a banker sees his/ her business in the best possible light.
1 2-3 years company financial statements prepared by an independent accountant or a financial Expert.
2 List of 5-10 largest customers and percentage of total sales ( though this is not applicable to retail businesses like restaurants or shop)
3 A business plan or the feasibility study which ordinarily will serve as a company’s plan or guide for the future.
4 The bank will also, want to know how the company intends to grow and how it will achieve its growth objectives
5 The bank will also want to know how the company will compete in a competitive environment.
6 The bank would show much interest in knowing how the company administrative structure will be and how it will function in bad times.
7 Who will manage the business in the event of death or illness?
8 Any tangible guarantor/Referee.
9 What kind of property to be tendered as collateral is it landed, housing, share certificate etc?
Tuesday, March 23, 2010
21 REASONS MANAGERS NEED TO SAY 'NO' MORE OFTEN By Martin Haworth
Language is one of the most common denominators in the work we do with our employees. Making sure we are understood -and understand - can so often be a valuable investment of the time we have.
And we also have to put the time and effort in to get what we want, rather than go for the easier, less productive option.
We need to ensure that we have the mental capacity to be tough when we need to and this is not where we act to the detriment of others, for there is much value in being demanding for ourselves, our people and the bigger organization as well.
We have the opportunity to discipline ourselves better and leverage the capabilities of those around us much more than we do right now.
You see...
You 'Saying No' is Great For You as A Manager, because...
You learn that you CAN say no, giving you your control back.
You take less on, so that means you have more time available.
You push back to your people, developing their capabilities for the future.
Your people recognize in themselves that they can do more.
You find yourself doing the job you are paid for.
Your role is more fulfilling and your results are stronger.
You have capable people growing in your 'succession plan'.
and then...
Your 'Saying No' is Great For Employees as well, because...
They discipline themselves better.
They recognize their own accountabilities.
They are stretched and challenged to develop their own skills.
Your people become more capable and have broader skills.
Their confidence builds - which encourages them to try more.
They become much more focused when they come to you.
They share their developing skills with others.
whilst not forgetting that...
Your 'Saying No' is Great For Your Organization too, because...
The business gets the best value for money from you and the employees.
You focus on managing people and do less 'hands on' work.
Your people become far more capable of working on their own.
A wider range of solutions become possible.
Better capabilities and extra confidence builds better teams.
There are always capable people available to fill the gaps.
The place becomes happier, more motivated and fun!
When you are prepared to take the risk and avoid the obvious ways to always comply, there are many rewards for what might seem to be negativity and awkwardness on your part.
In fact, being prepared to 'say no' is a very constructive action to take, when you are in control and doing is for a value-creating reason.
For everyone involved.
(c) 2010 Martin Haworth, Business and Management Coach and trainer, is the author of Super Successful Manager, an easy to use, step-by-step weekly development program for managers of EVERY skill level
Article Source http://EzineArticle.com
And we also have to put the time and effort in to get what we want, rather than go for the easier, less productive option.
We need to ensure that we have the mental capacity to be tough when we need to and this is not where we act to the detriment of others, for there is much value in being demanding for ourselves, our people and the bigger organization as well.
We have the opportunity to discipline ourselves better and leverage the capabilities of those around us much more than we do right now.
You see...
You 'Saying No' is Great For You as A Manager, because...
You learn that you CAN say no, giving you your control back.
You take less on, so that means you have more time available.
You push back to your people, developing their capabilities for the future.
Your people recognize in themselves that they can do more.
You find yourself doing the job you are paid for.
Your role is more fulfilling and your results are stronger.
You have capable people growing in your 'succession plan'.
and then...
Your 'Saying No' is Great For Employees as well, because...
They discipline themselves better.
They recognize their own accountabilities.
They are stretched and challenged to develop their own skills.
Your people become more capable and have broader skills.
Their confidence builds - which encourages them to try more.
They become much more focused when they come to you.
They share their developing skills with others.
whilst not forgetting that...
Your 'Saying No' is Great For Your Organization too, because...
The business gets the best value for money from you and the employees.
You focus on managing people and do less 'hands on' work.
Your people become far more capable of working on their own.
A wider range of solutions become possible.
Better capabilities and extra confidence builds better teams.
There are always capable people available to fill the gaps.
The place becomes happier, more motivated and fun!
When you are prepared to take the risk and avoid the obvious ways to always comply, there are many rewards for what might seem to be negativity and awkwardness on your part.
In fact, being prepared to 'say no' is a very constructive action to take, when you are in control and doing is for a value-creating reason.
For everyone involved.
(c) 2010 Martin Haworth, Business and Management Coach and trainer, is the author of Super Successful Manager, an easy to use, step-by-step weekly development program for managers of EVERY skill level
Article Source http://EzineArticle.com
21 REASONS MANAGERS NEED TO SAY 'NO' MORE OFTEN By Martin Haworth
Language is one of the most common denominators in the work we do with our employees. Making sure we are understood -and understand - can so often be a valuable investment of the time we have.
And we also have to put the time and effort in to get what we want, rather than go for the easier, less productive option.
We need to ensure that we have the mental capacity to be tough when we need to and this is not where we act to the detriment of others, for there is much value in being demanding for ourselves, our people and the bigger organization as well.
We have the opportunity to discipline ourselves better and leverage the capabilities of those around us much more than we do right now.
You see...
You 'Saying No' is Great For You as A Manager, because...
You learn that you CAN say no, giving you your control back.
You take less on, so that means you have more time available.
You push back to your people, developing their capabilities for the future.
Your people recognize in themselves that they can do more.
You find yourself doing the job you are paid for.
Your role is more fulfilling and your results are stronger.
You have capable people growing in your 'succession plan'.
and then...
Your 'Saying No' is Great For Employees as well, because...
They discipline themselves better.
They recognize their own accountabilities.
They are stretched and challenged to develop their own skills.
Your people become more capable and have broader skills.
Their confidence builds - which encourages them to try more.
They become much more focused when they come to you.
They share their developing skills with others.
whilst not forgetting that...
Your 'Saying No' is Great For Your Organization too, because...
The business gets the best value for money from you and the employees.
You focus on managing people and do less 'hands on' work.
Your people become far more capable of working on their own.
A wider range of solutions become possible.
Better capabilities and extra confidence builds better teams.
There are always capable people available to fill the gaps.
The place becomes happier, more motivated and fun!
When you are prepared to take the risk and avoid the obvious ways to always comply, there are many rewards for what might seem to be negativity and awkwardness on your part.
In fact, being prepared to 'say no' is a very constructive action to take, when you are in control and doing is for a value-creating reason.
For everyone involved.
(c) 2010 Martin Haworth, Business and Management Coach and trainer, is the author of Super Successful Manager, an easy to use, step-by-step weekly development program for managers of EVERY skill level
Article Source http://EzineArticle.com
And we also have to put the time and effort in to get what we want, rather than go for the easier, less productive option.
We need to ensure that we have the mental capacity to be tough when we need to and this is not where we act to the detriment of others, for there is much value in being demanding for ourselves, our people and the bigger organization as well.
We have the opportunity to discipline ourselves better and leverage the capabilities of those around us much more than we do right now.
You see...
You 'Saying No' is Great For You as A Manager, because...
You learn that you CAN say no, giving you your control back.
You take less on, so that means you have more time available.
You push back to your people, developing their capabilities for the future.
Your people recognize in themselves that they can do more.
You find yourself doing the job you are paid for.
Your role is more fulfilling and your results are stronger.
You have capable people growing in your 'succession plan'.
and then...
Your 'Saying No' is Great For Employees as well, because...
They discipline themselves better.
They recognize their own accountabilities.
They are stretched and challenged to develop their own skills.
Your people become more capable and have broader skills.
Their confidence builds - which encourages them to try more.
They become much more focused when they come to you.
They share their developing skills with others.
whilst not forgetting that...
Your 'Saying No' is Great For Your Organization too, because...
The business gets the best value for money from you and the employees.
You focus on managing people and do less 'hands on' work.
Your people become far more capable of working on their own.
A wider range of solutions become possible.
Better capabilities and extra confidence builds better teams.
There are always capable people available to fill the gaps.
The place becomes happier, more motivated and fun!
When you are prepared to take the risk and avoid the obvious ways to always comply, there are many rewards for what might seem to be negativity and awkwardness on your part.
In fact, being prepared to 'say no' is a very constructive action to take, when you are in control and doing is for a value-creating reason.
For everyone involved.
(c) 2010 Martin Haworth, Business and Management Coach and trainer, is the author of Super Successful Manager, an easy to use, step-by-step weekly development program for managers of EVERY skill level
Article Source http://EzineArticle.com
Monday, March 22, 2010
HOW TO ORGANISE YOUR BUSINESS CONTACTS By Katherine M Davison
Business contacts can go from one or two to a couple of hundred quite quickly. How do you get them all organised so you can find them easily? It depends on how much time you spend on your contacts. If you go to a meeting or networking event and leave with a pile of business cards, you could put them in a pile and hope you remember all about each person, but by organising them within Contact Relationship Software you can search for contacts.
Even if you don't think you can do business with the person, you might know people they can do business with and they might know people who could use your product or service. Within the list of items you will need is a Contact Relationship Management program, I have not specified which one because that depends on the information that you want to keep.
What you need:
Contact Relationship Management Program, try several out with at least 10 of your contacts to see which one is right for you
Business Card holder or box, these will hold old business cards. Clean it out at least once a year and get rid of the cards you have not looked at in a year
Pen to keep with you so you can write on the cards to make notes
What to do:
When you receive business cards, write on the card where you met the person, what the date was and any other short notes you want to keep
When connected to your Contact Relationship Management program add all new contacts and include the notes you wrote
Add in any other information that you remember and want to keep
Add an event for the meeting
If you have a reason to contact them, such as an article they would find useful or information for them, enter a task or event for the future meeting
File the business card away in the business card holder
If you would like to keep the business cards of people you recommend then you can have 2 places to file business cards, one portable one to keep with you for the cards of others you would like to hand out, and another box or folder for all other cards. Setting time to do this every day will ensure that it will not take hours of work and ensure that you keep on top of it all. If you do not set time aside and do not organise your contacts you could miss opportunities with potential business or collaborative projects with other complimentary businesses.
Katherine Davison
Sign up for her free monthly newsletter at http://www.katherinedavison.co.uk/about-me/newsletter and receive an Outlook Quick Reference Card.
Article Source: http://EzineArticles.com/?expert=Katherine_M_Davison
Even if you don't think you can do business with the person, you might know people they can do business with and they might know people who could use your product or service. Within the list of items you will need is a Contact Relationship Management program, I have not specified which one because that depends on the information that you want to keep.
What you need:
Contact Relationship Management Program, try several out with at least 10 of your contacts to see which one is right for you
Business Card holder or box, these will hold old business cards. Clean it out at least once a year and get rid of the cards you have not looked at in a year
Pen to keep with you so you can write on the cards to make notes
What to do:
When you receive business cards, write on the card where you met the person, what the date was and any other short notes you want to keep
When connected to your Contact Relationship Management program add all new contacts and include the notes you wrote
Add in any other information that you remember and want to keep
Add an event for the meeting
If you have a reason to contact them, such as an article they would find useful or information for them, enter a task or event for the future meeting
File the business card away in the business card holder
If you would like to keep the business cards of people you recommend then you can have 2 places to file business cards, one portable one to keep with you for the cards of others you would like to hand out, and another box or folder for all other cards. Setting time to do this every day will ensure that it will not take hours of work and ensure that you keep on top of it all. If you do not set time aside and do not organise your contacts you could miss opportunities with potential business or collaborative projects with other complimentary businesses.
Katherine Davison
Sign up for her free monthly newsletter at http://www.katherinedavison.co.uk/about-me/newsletter and receive an Outlook Quick Reference Card.
Article Source: http://EzineArticles.com/?expert=Katherine_M_Davison
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