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Casual Articles - The Formula For Online Business Success
You Get What You Measure in Strategic Planning
You may have heard this before - that you get what you measure. In business, this is definitely, true. However, in certain types of business there is SO MUCH being measured that it's sometimes difficult for employees to decide which measurements are really important. One rule of thumb that guides all of my thinking about using data in strategic planning is that most reasonably intelligent people can keep 6-8 things straight in their heads at any give time. Not 10, not 20, and certainly not 40.So why do we ask people to keep track of so many numbers?Well, first, we don't want to miss anything. Of course, this is a complete fallacy, since the easiest way to get people to miss a number is to hide it among 39 other numbers.Second, we want to preserve the complexities of managing a business - oversimplifying might lead us to ignore some critical detail. This is true, but we shouldn't rely on a mass of numbers to convey the richness of our business. Rather, we should give human beings the ability to pick this richness out for themselves - which they surely won't do if they are overwhelmed with too many numbers.Finally, numbers are often seen as the lifeblood of management. Now, I have a slightly different theory about this - I think customers and employees are the real lifeblood. But numbers, in many ways, are really the product or service that we provide our customers, so it's easy to see where this idea comes from.I'm not at all suggesting you shouldn't look at numbers in managing your business. They are vital, and you will have trouble succeeding without them. But you should aim to get a "feel" for a few critical numbers that relate to your effectiveness as a manage before venturing off into oceans of data.As an example, consider your customer retention numbers. Pretty important stuff. So, how many do you need? One. The only time you should be looking deeper than that is when there are customer retention issues and you need to explain WHY cu
s. Having said that, there are some principles which will work irrespective of what you think or say and one such principle is gravity. If you jump from a house or any height, accoYou may have heard this before - that you get what you measure. In business, this is definitely, true. However, in certain types of business there is SO MUCH being measured that it's sometimes difficult for employees to decide which measurements are really important. One rule of thumb that guides all of my thinking about using data in strategic planning is that most reasonably intelligent people can keep 6-8 things straight in their heads at any give time. Not 10, not 20, and certainly not 40.So why do we ask people to keep track of so many numbers?Well, first, we don't want to miss anything. Of course, this is a complete fallacy, since the easiest way to get people to miss a number is to hide it among 39 other numbers.Second, we want to preserve the complexities of managing a business - oversimplifying might lead us to ignore some critical detail. This is true, but we shouldn't rely on a mass of numbers to convey the richness of our business. Rather, we should give human beings the ability to pick this richness out for themselves - which they surely won't do if they are overwhelmed with too many numbers.Finally, numbers are often seen as the lifeblood of management. Now, I have a slightly different theory about this - I think customers and employees are the real lifeblood. But numbers, in many ways, are really the product or service that we provide our customers, so it's easy to see where this idea comes from.I'm not at all suggesting you shouldn't look at numbers in managing your business. They are vital, and you will have trouble succeeding without them. But you should aim to get a "feel" for a few critical numbers that relate to your effectiveness as a manage before venturing off into oceans of data.As an example, consider your customer retention numbers. Pretty important stuff. So, how many do you need? One. The only time you should be looking deeper than that is when there are customer retention issues and you need to explain WHY cu
Stop Selling in the Pit - What's Your Competitive Advantage?
As I’ve traveled around the country over the past several years working with companies and their salespeople, I’ve been amazed to find that they do not know, and cannot articulate, their competitive advantage! How can companies and their salespeople expect prospects and customers to give their time and attention if they do not understand, clearly and concisely, what that company can do for them that no one else can do? That’s what I call selling in the pit.Companies and salespeople who don’t understand their competitive advantage are all in a deep pit saying things like, “Our product is better quality,” or, “Our service is better,” or, “I’m my company’s competitive advantage.” Even if the salesperson is the company’s competitive advantage, they won’t convince their customers just by saying so because many of their competitors will be saying the exact same thing! That’s selling in the pit! To get out of the pit, salespeople have to define quality. They have to show the prospect what outstanding service looks like and how their service differs from the competition.In a moment, I’ll show you how to determine your competitive advantage, but first let’s talk about how you can demonstrate your competitive advantage from the very first moment you are introduced. Suppose someone walks up to you at a business conference, introduces herself, and asks you what you do for a living. Exactly what would you say?Did you have any trouble? Did you stumble? Do you know what sets you apart from your competitors? If this was hard for you, you’re not alone. If you were to ask the average car, computer, or caviar salesperson what they do for a living, they’ll probably say, “I sell cars, computers, or caviar.” But what does every other car, computer, or caviar salesperson say? Exactly the same thing!So what should salespeople who understand their competitive advantage say? How about this for the car salesperson? “My name is Mike and I work with Competitive Motors. I’ve found
“I believe that being successful means having a balance of success stories across the many areas of your life. You can't truly be considered successful in your business life if your home life is in shambles.” Zig Ziglar In mathematics, a formula is a fact, rule, or principle that is expressed in terms of mathematical symbols. In other words a formula is simple a recipe, thus will always give the same results always when followed properly. In this sense therefore the formula for success should always leads to one thing-SUCCESS. However, it is a well known fact that some people like to take some shortcuts and thus a recipe doesn’t normally produce the same results always. Having said that, there are some principles which will work irrespective of what you think or say and one such principle is gravity. If you jump from a house or any height, accorAs I’ve traveled around the country over the past several years working with companies and their salespeople, I’ve been amazed to find that they do not know, and cannot articulate, their competitive advantage! How can companies and their salespeople expect prospects and customers to give their time and attention if they do not understand, clearly and concisely, what that company can do for them that no one else can do? That’s what I call selling in the pit.Companies and salespeople who don’t understand their competitive advantage are all in a deep pit saying things like, “Our product is better quality,” or, “Our service is better,” or, “I’m my company’s competitive advantage.” Even if the salesperson is the company’s competitive advantage, they won’t convince their customers just by saying so because many of their competitors will be saying the exact same thing! That’s selling in the pit! To get out of the pit, salespeople have to define quality. They have to show the prospect what outstanding service looks like and how their service differs from the competition.In a moment, I’ll show you how to determine your competitive advantage, but first let’s talk about how you can demonstrate your competitive advantage from the very first moment you are introduced. Suppose someone walks up to you at a business conference, introduces herself, and asks you what you do for a living. Exactly what would you say?Did you have any trouble? Did you stumble? Do you know what sets you apart from your competitors? If this was hard for you, you’re not alone. If you were to ask the average car, computer, or caviar salesperson what they do for a living, they’ll probably say, “I sell cars, computers, or caviar.” But what does every other car, computer, or caviar salesperson say? Exactly the same thing!So what should salespeople who understand their competitive advantage say? How about this for the car salesperson? “My name is Mike and I work with Competitive Motors. I’ve found
Match, Meet, and Mesmerize at a Job Fair
Are you considering another trip through the career maze? Attending a job fair can make you feel like you are playing a losing game unless you have a clear understanding of the rules. Here are a few suggestions for making the most of any job fair, and gaining a competitive edge.GET A JUMP ON YOUR COMPETITION* Review the list of participating companies and determine which companies interest you the most. Pick several.* Collect information about these companies and do your research before you attend the job fair. Check out their Web sites and look for information about them on the Internet.* Match your skills to the companies’ needs and job requirements.* Practice your fifteen-second introduction. Be sure to include your name, your key skills, and what you can do for the company.* Review your accomplishments and be ready to talk about them.KNOCK THEIR SOCKS OFF* Approach the job fair as you would a job interview.* Dress appropriately and avoid wearing too much perfume or cologne.* Bring plenty of clean, error-free r?sum?s on good quality paper.* Know what you are looking for. Be able to explain what you can do and what kind of position you want. Remember it is not the recruiter’s task to determine which job is right for you.* Relate what you know about the company and their products and services.* Link your skills and experience to what they need. If you visited their Web site, say so.* Enjoy the process; be positive and ready to talk about yourself.* Smile, shake hands, and introduce yourself.* Ask questions that demonstrate your interest.* Ask for the interviewer’s business card so you can follow up later. Make notes on the back of the card so you can remember what you discussed.DON'T SABOTAGE YOUR SUCCESS* Don’t bring your children.* Don’t try to baffle anyone with smooth talk.* Don’t bring up any past history you have with
your home life is in shambles.” Zig Ziglar In mathematics, a formula is a fact, rule, or principle that is expressed in terms of mathematical symbols. In other words a formula is simple a recipe, thus will always give the same results always when followed properly. In this sense therefore the formula for success should always leads to one thing-SUCCESS. However, it is a well known fact that some people like to take some shortcuts and thus a recipe doesn’t normally produce the same results always. Having said that, there are some principles which will work irrespective of what you think or say and one such principle is gravity. If you jump from a house or any height, accoAre you considering another trip through the career maze? Attending a job fair can make you feel like you are playing a losing game unless you have a clear understanding of the rules. Here are a few suggestions for making the most of any job fair, and gaining a competitive edge.GET A JUMP ON YOUR COMPETITION* Review the list of participating companies and determine which companies interest you the most. Pick several.* Collect information about these companies and do your research before you attend the job fair. Check out their Web sites and look for information about them on the Internet.* Match your skills to the companies’ needs and job requirements.* Practice your fifteen-second introduction. Be sure to include your name, your key skills, and what you can do for the company.* Review your accomplishments and be ready to talk about them.KNOCK THEIR SOCKS OFF* Approach the job fair as you would a job interview.* Dress appropriately and avoid wearing too much perfume or cologne.* Bring plenty of clean, error-free r?sum?s on good quality paper.* Know what you are looking for. Be able to explain what you can do and what kind of position you want. Remember it is not the recruiter’s task to determine which job is right for you.* Relate what you know about the company and their products and services.* Link your skills and experience to what they need. If you visited their Web site, say so.* Enjoy the process; be positive and ready to talk about yourself.* Smile, shake hands, and introduce yourself.* Ask questions that demonstrate your interest.* Ask for the interviewer’s business card so you can follow up later. Make notes on the back of the card so you can remember what you discussed.DON'T SABOTAGE YOUR SUCCESS* Don’t bring your children.* Don’t try to baffle anyone with smooth talk.* Don’t bring up any past history you have with
Unsung Disaster Hero:Packaging
During times of disaster it's important to recognize that there are just as many heroes behind the scenes as there are in the media spotlight. Consider how all the relief efforts would be progressing without a simple common element: packaging. Whether it's bottled water or MRE's (meals ready to eat), it is the packaging that make rescue/relief efforts this achievable.Consider that we live in a country so blessed with manufacturing capabilities that they are able to switch manufacturing operations from processing beer to bottling water in a quick turnaround.This is not the first time industry has risen to the occasion. Food and water are essentials in any disaster relief effort. But what conveys a product from origination to disaster relief? What makes bottled water what it is? The packaging of course.We take packaging for granted in every aspect of our lives every day. It's only when catastrophes such as Hurricane Katrina bring packaging to the forefront. Packaging is an integral part of any product that gets to any customer or consumer and ordinarily it gets a "bad rap."Think about where we would be without containers to ship products. There would be no relief efforts providing the essentials. There would be no way to transport relief supplies from point A to point B. In fact, there wouldn't be supplies at all.So the next time you open that bottle, can, jar, or box consider what goes on behind the scenes that makes it possible. If you know anyone in the packaging industry (the third largest industry) offer them thanks for a job well done. Even if they haven't contributed directly to the relief efforts just working in the packaging industry makes it possible for someone else to provide relief.Its plain and simple: without a package you can't have a product.
symbols. In other words a formula is simple a recipe, thus will always give the same results always when followed properly. In this sense therefore the formula for success should always leads to one thing-SUCCESS. However, it is a well known fact that some people like to take some shortcuts and thus a recipe doesn’t normally produce the same results always. Having said that, there are some principles which will work irrespective of what you think or say and one such principle is gravity. If you jump from a house or any height, accoDuring times of disaster it's important to recognize that there are just as many heroes behind the scenes as there are in the media spotlight. Consider how all the relief efforts would be progressing without a simple common element: packaging. Whether it's bottled water or MRE's (meals ready to eat), it is the packaging that make rescue/relief efforts this achievable.Consider that we live in a country so blessed with manufacturing capabilities that they are able to switch manufacturing operations from processing beer to bottling water in a quick turnaround.This is not the first time industry has risen to the occasion. Food and water are essentials in any disaster relief effort. But what conveys a product from origination to disaster relief? What makes bottled water what it is? The packaging of course.We take packaging for granted in every aspect of our lives every day. It's only when catastrophes such as Hurricane Katrina bring packaging to the forefront. Packaging is an integral part of any product that gets to any customer or consumer and ordinarily it gets a "bad rap."Think about where we would be without containers to ship products. There would be no relief efforts providing the essentials. There would be no way to transport relief supplies from point A to point B. In fact, there wouldn't be supplies at all.So the next time you open that bottle, can, jar, or box consider what goes on behind the scenes that makes it possible. If you know anyone in the packaging industry (the third largest industry) offer them thanks for a job well done. Even if they haven't contributed directly to the relief efforts just working in the packaging industry makes it possible for someone else to provide relief.Its plain and simple: without a package you can't have a product.
What is a Reverse Merger?
A reverse merger, also referred to as a reverse takeover, is a business transaction that converts a private company into a public company without having to go through the traditional paperwork and initial public offering processes. A reverse merger starts by a privately held company establishing a public shell company. The shareholders of the private company then sell their shares in the private company to the public shell company for shares in the public company. By going public in this manner the shareholders of the private company are able to maintain their ownership and control of the company after it goes public.There are many reasons why private companies go public. The first reason is that it gives them more financing options to choose from. To raise money a public company can offer investors a secondary stock offer or they can exercise warrants. In addition to providing the company with additional funding opportunities going public also has many other business benefits. First it increases the liquidity of the company’s stock, secondly it allows the valuation of the company to increase based on the performance of the stock, next it allows the company to acquire other companies via stock transactions and finally it allows the company to attract new employees by offering stock incentives.There are several ways reverse merger funding can be accomplished. The first way is through an all shares deal. This funding process basically uses company shares to complete mergers and acquisitions. The second method of funding reverse mergers is to use cash. The final method is to use a combination of cash and company shares to finance the transactions needed for the merger or acquisition.
ays leads to one thing-SUCCESS. However, it is a well known fact that some people like to take some shortcuts and thus a recipe doesn’t normally produce the same results always. Having said that, there are some principles which will work irrespective of what you think or say and one such principle is gravity. If you jump from a house or any height, accoA reverse merger, also referred to as a reverse takeover, is a business transaction that converts a private company into a public company without having to go through the traditional paperwork and initial public offering processes. A reverse merger starts by a privately held company establishing a public shell company. The shareholders of the private company then sell their shares in the private company to the public shell company for shares in the public company. By going public in this manner the shareholders of the private company are able to maintain their ownership and control of the company after it goes public.There are many reasons why private companies go public. The first reason is that it gives them more financing options to choose from. To raise money a public company can offer investors a secondary stock offer or they can exercise warrants. In addition to providing the company with additional funding opportunities going public also has many other business benefits. First it increases the liquidity of the company’s stock, secondly it allows the valuation of the company to increase based on the performance of the stock, next it allows the company to acquire other companies via stock transactions and finally it allows the company to attract new employees by offering stock incentives.There are several ways reverse merger funding can be accomplished. The first way is through an all shares deal. This funding process basically uses company shares to complete mergers and acquisitions. The second method of funding reverse mergers is to use cash. The final method is to use a combination of cash and company shares to finance the transactions needed for the merger or acquisition.
Tips for Easier Hotel Contract Review When Planning a Meeting
The next time a hotel contract lands on your desk, read it twice. First, read what is there and identify the terms that need to be rewritten, changed, or deleted. Then, read it for what is not there and needs to be added. The following checklist will help you determine what to look for and what is missing. (Note: This information is not intended to be “legal advice.” Meeting planners and hotel managers should consult a qualified attorney to review all contract issues.)CONTRACT SECTIONSGeneral Contract Issues• Date of contract initiation.• Accurate and complete legal names of both parties, addresses, and contact information as well as the name of the meeting. Be sure the contracting party is not listed as the name of the meeting; they are often not the same.• Actual dates of the meeting, not the dates of the room block.• Statement of whether the contract is a first or second option. A first option should specify the date by which the contract must be signed and returned to the hotel, after which date the option will expire and the contract may have to be renegotiated. A second option should include the above as well as the date by which the hotel must reply to you after receiving the signed contract (typically three business days) and notify you of its decision.Sleeping Room Block• Table format showing the year, days of the week, and dates of the room block.• Specific breakdown by type(s) of rooms/suites and number(s) per night.• Beware of language that locks you into payment for the entire contracted block.Room Rates• Year quoted. If rates are quoted for any year other than the current year, that year should be specified.• Future rates. If rates are not definite yet, indicate the formula to be used and when final rates will be established (usually 12 months out). Use at least two factors in the formula, such as percentage off rack rate, maximum percentage increase per year, or the Consumer
s. Having said that, there are some principles which will work irrespective of what you think or say and one such principle is gravity. If you jump from a house or any height, according to the principle of gravity you will go down. Your initially direction might be up but soon you will be headed downwards. This is a simple and yet powerful principle that will treat you in the same way as anyone else. Similarly there are some principles of success (Success is the maximum utilization of the ability that you have.) that will always produce the same result when adhered to. While doing my research I found the following statement which is very true when it comes to success in business. The formula for success = your human capital (what you know) times your social capital (who you know) times your reputation (who trusts you).This formula can be summ
The next time a hotel contract lands on your desk, read it twice. First, read what is there and identify the terms that need to be rewritten, changed, or deleted. Then, read it for what is not there and needs to be added. The following checklist will help you determine what to look for and what is missing. (Note: This information is not intended to be “legal advice.” Meeting planners and hotel managers should consult a qualified attorney to review all contract issues.)CONTRACT SECTIONSGeneral Contract Issues• Date of contract initiation.• Accurate and complete legal names of both parties, addresses, and contact information as well as the name of the meeting. Be sure the contracting party is not listed as the name of the meeting; they are often not the same.• Actual dates of the meeting, not the dates of the room block.• Statement of whether the contract is a first or second option. A first option should specify the date by which the contract must be signed and returned to the hotel, after which date the option will expire and the contract may have to be renegotiated. A second option should include the above as well as the date by which the hotel must reply to you after receiving the signed contract (typically three business days) and notify you of its decision.Sleeping Room Block• Table format showing the year, days of the week, and dates of the room block.• Specific breakdown by type(s) of rooms/suites and number(s) per night.• Beware of language that locks you into payment for the entire contracted block.Room Rates• Year quoted. If rates are quoted for any year other than the current year, that year should be specified.• Future rates. If rates are not definite yet, indicate the formula to be used and when final rates will be established (usually 12 months out). Use at least two factors in the formula, such as percentage off rack rate, maximum percentage increase per year, or the Consumer
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