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Five Ways to Increase Profitability By Doing The Right Thing
1. Base your business in the Magic Triangle. Honesty, integrity, and quality are the three sides of the Magic Triangle of business success. Create the kind of company that stands for something more than the bottom line, and your bottom line will increase.
2. Stop worrying about market share. The world has more than enough customers for you. When you embrace abundance--the idea that the universe provides enough to go around--all the energy you've put into chopping down competitors can be channeled into productive, growth-enhancing activities. Example: By opening up the PC architecture many years ago, IBM dropped its market share--but created a vast expansion in the overall market (and its PC revenues).
3. Partner with your competitors. It may sound counter-intuitive, but competing and complementary businesses can become your best sales agents. The world's largest companies understand this--which is why Toyota and General Motors have product development partnerships, and why FedEx and the US Postal Service cooperate to deliver Express Mail and to provide FedEx collection points at post offices.
4. Understand the true brand experience. It's not your advertising and marketing--it's what happens when a customer attempts to do business with you. How helpful and courteous are your staff, both in-store and on the phone? How friendly and useful is your website? How does the customer really feel about working with you?
5. Turn customers into sales agents. At least one third of your business should be repeat customers or people they've referred. If you're still struggling to pull in business, either you haven't set up good systems to harness these super-profitable customers, or you need to address the deeper reasons why they don't return.
By Shel Horowitz, founder of the Business Ethics Pledge (http://www.principledprofits.com/25000influencers.html)
Copywriter, marketing consultant, and speaker Shel Horowitz is the author of six books and publisher of five websites, five webzines and three ezines. His two most recent, Principled Profit: Marketing That Puts People First (http://www.principledprofits.com) and Grassroots Marketing: Getting Noticed in a Noisy World (http://www.frugalmarketing.com) have both won awards. He's currently engaged in a campaign to get 25,000 people to sign--and spread--the Business Ethics Pledge: http://www.principledprofits.com/25000influencers.html
Knowing versus Doing - Execution In The Workplace
Have you ever worked with someone who always seemed to have the answers; who always seemed to know what should be done; who could always quote the experts view on a certain situation, but for some reason, just couldn't perform as expected?Working with a client last month I was struck by the fact that my client was already very knowledgeable about the issue that we were discussing. As we talked through the situation it was clear to me that my client was well read on this subject.
Increase Productivity: Five Powerful Actions
How can you make the best use of your energy to increase productivity each day? Here are five actions that can increase productivity and leave energy to spare. They will also help you to achieve more balance between your work and personal life.
A Rare Leadership Skill: Dealing With People Who Want Out By Offering Crowns For Convoy
As a leader, you'll inevitably be faced with people wanting to leave your team or organization. Dealing with the challenge is critical for your leadership success.
Classifying Motivational Needs
While there exist several useful definitions of motivation, for our purposes we will define it as an individual's desire to do something based upon a need. When a person is confronted with a need (either perceived or actual), he or she usually is motivated to perform specific actions for some sort of gratification.
Working with Hearing Impaired Employees - Giving Them a Fair Go
Hearing impaired people often encounter difficulty at work because their disability isn't visible. I'd like to relate to you, briefly, the sorry saga of a young man who has recently been dragged through a performance management process, essentially brought about by misunderstanding, frustration on his behalf, and failure by an employer to make a 'reasonable adjustment' [Australian law includes the concept of reasonable adjustment which in effect means that employers are required to make reasonable adjustments necessary to enable employment opportunities for disabled people]in relation to this person's employment.
Meetings: Don't Just Show Up, Stand Out and Shine
Meetings, whether they're regularly scheduled routines in your company or now-and-then get-togethers, can be a place for you to gain positive visibility and to showcase your capabilities. Here are three strategies that will help you stand out and shine.
One Simple Idea to Grow Your Business
Perhaps the most common theme I've heard in working with business owners or managers is that they rarely have time to plan for the future. They are so busy with day to day tasks and responsibilities, just getting through their weekly "To Do" list or fighting fires consumes all their time and energy, and then some.
The Few & the Many: Free Trade, Outsourcing, & Communication
Have you noticed that some sound ideas get bad publicity? Two I have in mind are outsourcing and free trade.No doubt you could name others, but looking at these two initiatives helps us understand a communication challenge for many companies and not-for-profit organizations.
Hows Your Company RQ (Reputation Quotient)?
In light of recent corporate scandals, from Enron and Global Crossing to those of once trustworthy mutual funds, is it any wonder that more people are asking, "Can I trust this company enough to do business with them?" But the trust issue isn't just relative to the buyers of your products and services, its vitally important to employees as well. Impacting their retention and performance in very real ways.
Setting Direction Within an Organization
FINDING DIRECTION: An organization can't succeed without direction. Direction means having clear goals and guidelines; set goals and guidelines for staff to follow.
13 Comments on Bad Meetings
Bad meetings are a cultural malady that senior executives pass on to new employees.Long pointless meetings are useful in that they keep incompetent people from interfering with those who are working.
Choosing the Right Corporate Training
According to a Gallup Poll, 80 percent of employees said the availability of company-sponsored training programs was a factor in deciding whether to accept a new job or stick with a current one. And yet the Bureau of Labor Statistics says that the average number of hours of formal training per employee per year is only 10.
Preparing For ISO 9001 2000 Registration
The steps need to be taken to prepare an organization for ISO 9001 2000 registration:Whilst the following text is not exhaustive in its content it should give you a reasonable idea of what's involved in setting up an ISO 9001 2000 registration within an organization.First and most importantly you should either purchase a copy of the ISO 9001 2000 standard or read a copy at your local library.
Communication: Managements Responsibility
I've just watched, again, an episode in the Back to the Floor television series, which aired on the BBC (United Kingdom) and PBS (United States). Once more, communication turned out to be a key issue, as it often does in business stories.
Avoid These Seven Deadly Dangers Of Outsourcing
Here are seven dangers of outsourcing your software development. They become deadly if your career or entire company depends on the timely release of your software.
What Every Manager Should Know About How to Overcome Boredom
Do you find yourself easily becoming bored or tired at work for no apparent reason? If that's the case, then pay close attention. Research has shown that fatigue and a worn-out feeling are often caused by unproductive mental attitudes.
Strategies for Planning and Conducting Effective Meetings
Did you know that business executives spend about half their time sitting in meetings? In fact, 40 to 50 percent of their working hours are consumed by meetings, according to a study by the Annenberg School of Communications at UCLA and the University of Minnesota's Training & Development Research Center.Meetings are inevitable - whether you're a business executive or member of a volunteer, social, or civic organization.
Presenteeism: The Hidden Costs of Business
How To Turn Business Losses Into Cash Flow
When the typical new business operator starts a business, they concentrate on making the business succeed. That is necessary but not the only thing that a business operator should concentrate on.
Innovation Management - Producing Great Products, Motivation
Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.There are other useful definitions in this field, for example, creativity can be defined as consisting of a number of ideas, a number of diverse ideas and a number of novel ideas.
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