Risk Management – Picking the Best Cloud Storage Provider

 

Dec. 13, 2011

There’s been quite a buzz about using the cloud. Personally, I’m still not sold on using cloud services for many businesses. There have been too many problems, and I prefer to maintain controls to alleviate uncertainty in business. Not to mention one of the lessons I learned very early — when there’s a lot of hype like there is with the cloud — go slow with due diligence.

But if you feel you must go the cloud route, remember choosing the right cloud storage provider is a must for risk management.

You have a vast array of options. Cost is important, of course, but so are your company’s risk-management needs – just like the federal government.

It’s taken two years, but now the government has launched FedRamp, the federal risk and authorization program (FedRAMP). It established security standards for providing cloud services to the government. FedRAMP also provides agencies with monitoring tools to insure continuous compliance with security standards.

Those are important considerations.

So what about cloud risk-management for your business?

Here are basic questions to ask of your potential cloud provider:

1. If they’re a large provider, has the vendor been qualified by FedRAMP?
2. What is the company’s financial situation? According to federal data, there were 1,467,221 bankruptcies last year. Of which, 49,895 were business bankruptcies. Have a frank discussion with the supplier. Find out if they expect to gain or lose business in the next year. And ask about their cash flow, and for references regarding the status of their banking relationships.
3. What would be their total charges? Is it a flat fee? What are the additional costs for storing each gigabyte or for transferring data?
4. What about the security of their services, and what does their service level agreement (SLA) provide? Keep in mind commitments for performance and reliability, and what happens if they fail to perform according to the SLA.
5. What do they provide in the way of data availability each month? What will be the percentage of time you will be able to get into your data or add new data?
6. What do they provide in data transfer rates? Data storage is important, but so is your ability to rapidly transfer your data.
7. What level of data durability do they offer? That is the amount of potential data loss from data corruption.
8. Does the vendor provide data shuffle or bare metal service? This service is a hard copy backup. Will you be able to present a hard-drive data copy to the cloud or will you be able to retrieve a copy of your data?
9. What do they support in operating systems? Make certain they’re capable of working with all your operating systems.
10. What are their backup services? You’ll have problems if they simply backup your data. You’ll also want assurances that they will back up all your computer applications and operating system, and will provide virtual servers for crashed systems.

From the Coach’s Corner, here’s How Small Businesses Can Capitalize on Cyber Strategies for Profit.

“It’s not a faith in technology. It’s faith in people.”
-Steve Jobs

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Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

WPC Hits Target, but Will Washington State Legislature?

 

Dec. 7, 2011

The clock is ticking. The state government spends $41 million each day but the Washington State Legislature has made little, if any, progress in its 30-day special session to solve a $2 billion deficit. Meantime, Office of Financial Management Director Marty Brown sent an email to lawmakers warning them action is needed – now.

No floor votes. Nada. Nothing.

At the request of Gov. Chris Gregoire, the special session started Nov. 28. The state is scheduled to spend more money than it will have for policies, programs and salaries.

Earlier, the governor proposed a half cent sales tax increase to raise about $500 million. The events prompted this Biz Coach piece: Budget Debate: Will Legislature Read Seattle News Media Headlines?

Actually, more than balancing the budget, the state needs to reform government for a healthy economic environment.

“While it’s true that state revenues are projected to grow by $2 billion over the previous budget cycle, this time there’s no federal bailout to prop up past overspending,” said a WPC press release.  “Some in Olympia are talking tax increases, yet our state’s fragile economy, and especially small businesses, are struggling to survive as it is.”

The Washington Policy Center (WPC) has some ideas worth adopting – the suggestions were sent in a  letter to Governor Gregoire.

WPC’s recommendations:

1. Provide the governor discretionary authority to cut spending. Adopt performance-based Priorities of government budgeting to control the rate of spending growth.
2. Restore the legislature’s ability to amend collective bargaining agreements.
3. Direct state managers to use more competitive contracting.
4. Repeal unaffordable programs instead of suspending them.
5. Bring state employee health care premium contributions in line with those of the private sector.
6. Ask state lawmakers to set aside a 5 percent reserve when adopting the next biennial budget.

Following its statewide conference to discuss small business issues, WPC sent the legislature these recommendations:

1. Revisit the voluntary settlement agreement as passed by the state Senate in 2011 – $1.2 billion
2. Reform the displaced worker retraining program
3. Simplify sales taxes by using an ‘origin based’ tax (as opposed to a ‘destination based’ tax) and creating a flat rate for out-of-state businesses
4. Review regulations to ensure that Washington rules don’t exceed federal regulations
5. Enact Tort Reform
6. Do no harm in transportation policy – do not reduce road lane capacity
7. Do not follow Seattle in enacting statewide paid sick leave

From the Coach’s Corner, see WPC’s Coverage of the special legislative session here.

Here are related columns:

Why the Sales Tax Debate Erupts in Washington State

No Lame Duck, Washington Official Enhances Economic Public Policy

“There’s no trick to being a humorist when you have the whole government working for you.”

-Will Rogers

 

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Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

How Small Businesses Can Capitalize on Cyber Strategies for Profit

 

Yes, it’s become important for small businesses to capitalize on cyber strategies for profit.

Small and even regional retailers should be cognizant of three realities. Potential customers probably think that national chains have easier-to-shop Web sites with lower prices. This also means that until a national Internet sales tax is passed, many consumers will prefer to shop online.

So, with all retailers depending so heavily on Q4 sales to stay in the black and record numbers of shoppers continuing to buy online each Cyber Monday, cyber strategies are increasingly important.

Nonetheless, a cursory search on the Internet in every sector shows many small retailers and professional service firms, especially law firms, don’t have a strong Web presence.

Many suffer from the following:

• Many have only simple landing pages
• Most don’t have social media acumen
• Even those with Web sites are difficult to navigate
• Poor SEO – search engine optimization

By comparison, large companies have terrific e-commerce sites and display good judgment in social media.

It’s important to understand how marketing has developed in the digital age.

True, traditional media is important. But it’s vital to do something about online consumer trends. A McKinsey study indicates more than four out of five Americans use the Internet to search for information or to buy products.

The Internet has given them more control over their spending with reviews, enhanced abilities for comparison shopping and for moving from an advertiser’s monologue to a dialogue with prospective customers.

Small businesses must create a marketing strategy for a strong presence on Google, which has a 66 percent market share in the U.S. and 90 percent worldwide.

So understand Google’s reasoning for best Web site rankings. Here’s a checklist with 14 Strategies to Rock on Google.

However, in my experience, strategies for optimizing your Web site’s presence on Google also work on Bing and Yahoo.

Expertise in mobile marketing is becoming increasingly valuable for small businesses. Use of smartphones by shoppers is becoming widespread. So make sure your site is compatible for mobile marketing.

Facebook pros and cons

Not to mention the impact of social media playing a role. There are 11 ways to make money on Facebook. However, beware that Facebook can cannibalize and make losers out of small business Web sites.

Further, there are 8 tools to optimize sales with social media, but beware of a red flag.

So, small businesspeople should remember that the key to internet dominance is to think integration.

That often doesn’t include advertising with daily deal sites. They don’t work for substantial numbers of small businesses. Beware of daily deal sites and pricing principles – what’s sustainable and what isn’t.

Meanwhile, the evolving Internet also means it’s important to take safeguards to protect your brand’s image. Poor customer reviews and public relations can kill a company. So understand the best practices to optimize your brand and manage your Web reputation.

Success in sales depends on trust.

To build trust with Internet users, here are three key reminders:

1.       Be transparent. List a description of your business including contact information, products, services, location and the names of company principals. That includes your telephone ID numbers for when you make outgoing calls, and disclosing your customer-service policies.

2.       Privacy policies are necessary. If you sell online, take every security precaution, respect customer contact preferences, and don’t share customer information.

3.       Develop an online media kit. An online media kit is helpful to dialogue with advertisers, clients, customers, journalists and prospects. To make it easy for Internet users to learn about your business, explain your company using the five Ws – who, what, where, when, why and how.

Depending on your sector, there are probably other principles to heed and utilize, but these are the basics for on how small businesses can capitalize on cyber strategies for profit.

From the Coach’s Corner, here’s another resource link:

Why B2B Marketers Like Content Marketing – Study

“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.”

-Peter F. Drucker

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

Small Business Options for Year-End Cash Flow, Tax Benefits

 

Dec. 2, 2011

December is the month for small business owners to reflect on options for year-end cash flow and tax benefits.

In general, here are items to discuss with your accountant and tax advisor:

Your first concern should be to reduce your tax obligation next April. Unless you already know you have too many write offs, you can further accomplish it with legal strategies to delay income and accelerate your expenses.

Decide what equipment, furniture and supplies you can buy this month.

Unless you have cash flow issues, and if your calendar year is your fiscal year and you run your business on a cash basis, delay mailing your invoices.

If you don’t have a retirement account, establish a qualified plan. It’s important for diversity in a downturn or when times are good. This will help your tax picture, as well.

If you’re considering updating your bookkeeping and technology systems, do it before the end of the year. In this way, you’ll make it easier to start fresh for the New Year. You’ll want to segregate your old records from the new.

As for financing any new equipment purchases, do your due diligence. Determine your best options for financing, as well as for your tax situation.

Understand how the IRS will view your situation in terms of Section 179 depreciation deductions and bonus depreciation.

In addition to understanding the pros and cons of possible tax incentives, know your credit situation. For the best credit worthy businesses, lease financing might be a viable option. But it’s getting more complicated with financial institutions than in past years.

Weigh the possible benefits for acquiring new equipment. You’ll need to make a financial forecast.

If you do buy or lease, it also goes without saying to comparison shop all fees, rates, and terms. Avoid paying so-called application fees.

Should you decide to buy from different vendors, consider grouping all the purchases into one package, which means you’ll benefit from lower fees and rates.

Consider these options small business options for year-end cash flow and tax benefits. But remember it’s not tax advice for your situation. Again, see your accountant and tax advisor for counsel as part of your decision-making.

From the Coach’s Corner, here are related resource links:

Tax Tips for Your 2011 Year-End Tax Planning

Budgeting Basics for a Micro Business

Why Accounting, Finance Can be Ideal Careers for Women

12 Tips for Profits to Keep Your Business Dreams Alive

“If you make any money, the government shoves you in the creek once a year with it in your pockets, and all that don’t get wet you can keep.”

-Will Rogers

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Public Relations Expert Provides Crisis Management Tips

 

Dec. 16, 2011

Appearances count. But universities, presidential candidates and businesses have all demonstrated a lack of awareness about good public relations. Given their significant status, we would expect them to exhibit world-class PR expertise in their crises.

But that’s not the case. Best practices in crisis management have been practically non-existent.

Consider these examples:

• Penn State and Syracuse – their sexual abuse scandals
• Herman Cain was forced to quit his bid for the GOP nomination following his weark and untimely responses to the sexual harassment accusations
• Rick Perry – his meltdown after a fast start in which he seemed invincible
• Bank of America’s controversial debit-card pricing fee, which prompted countless Americans to switch to community banks and credit unions, and a downgrade in the bank’s credit rating
• Anthem Blue Cross of California is facing multiple lawsuits as a result of policyholder perceptions of predatory increases in healthcare premiums and deductibles

Undoubtedly, in each situation, they would benefit from expert PR counsel.

“Businesses, politicians, sports figures and celebrities should all have a crisis plan because, sooner or later, they’re apt to need to activate it,” says noted PR expert Devon Blaine. “If that need never arises, at least they were prepared in case it did. There’s no harm in being a good Scout!”

Ms. Blaine has been the president and CEO of The Blaine Group, Inc. in Los Angeles since 1975. She has countless successes. So when she talks, clients listen and profit.

First step – preparation

“We’ve all seen what happens when people are not prepared,” she asserts. “Herman Cain is the perfect example. And he had a 10-day heads up prior to the Politico article coming out!  Most people don’t have that advantage.”

She says even with a crisis plan, there are important financial considerations.

“…even if a crisis ends up being well managed despite the lack of advance preparation, managing the situation is needlessly more costly than it would have been had plans been made in advance,” Ms. Blaine explains. “The quality of the response may also suffer.”

She advises against complacency.

“Everyone believes that it will ‘not happen to me,’ but it can…and does…even to extremely small businesses such as our client that imported all of the wheat gluten from China that was used in every recalled pet food product a few years back,” she cites as an example.

“Had they had a crisis plan prepared which identified the vendors needed to mitigate risk, i.e., FDA attorney, crisis public relations firm, other legal counsel, etc., before they needed all of the above on an emergency basis, they would have paid a small consulting fee in advance and been ready rather than retaining all of the above on a last-moment, already-into-the-crisis emergency basis at top billing rates.”

Here are her excerpted answers to my crisis-management questions:

Q: What are the keys to crisis management?  

A: There are many, for example:

• Knowing what the potential crises could be
• Planning and preparing in case the unthinkable should occur
• Knowing who does what
• Ensuring that the “chain of command” is known and adhered to in their office
• Having a trained spokesperson who will address the media
• Knowing what media to outreach to so that you are proactive rather than reactive
• Ideally, having an ongoing positive media campaign in place, based on the theory that the best defense is a strong offense…if your business is viewed as a good corporate/community citizen, a crisis will harm the business less, and perhaps not at all

Q: How do you suggest preparing for crises in business?  

A: Ideally the management team will brainstorm what they believe could go wrong in the business and then bring in a professional risk manager and crisis public relations person to brainstorm with them. A walk through the facility will also identify other potential trigger points, i.e., doors that are left open and provide access to the company’s computer server, to other sensitive data, to products where quality control is essential, etc.

Q: How do you suggest preventing a crisis?  

A: Conducting business in a prudent fashion is always the best way to prevent a crisis, however, there are issues beyond your control that can go awry, i.e., buying product from a manufacturer that operates with less than optimum ethics, importing toys that are decorated in China with paint that is toxic to humans, etc… unless you have control over each part of the process, there’s room for error. Visiting your vendor before doing business with them can help to control this but does not 100 percent ensure that you’ll not encounter a problem later.

Q: In the event of a crisis, what are best business management practices?  

A: Openness with the press and honesty are the best practices. Sometimes issuing a “controlled statement” is the best way to proceed, especially when management needs to focus on resolving the problem rather than being available to the press 24/7. It also prevents the possibility of a “burnout moment” and guards against a response that is not empathetic… as we saw in the recent oil spill crisis. Absolutely never respond with “no comment.” It is better to say “we are aware of the situation and we are looking into it,” which gives no more information yet sounds caring, concerned, involved, active and responsive rather than evasive.

Q: What are your suggestions for testing your crisis plan?  

A: In an ideal world, your management team will work with a crisis planning team such as that which The Blaine Group offers with its Reputational Risk Management Solution Product and avail itself of the opportunity to have key management roll up its sleeves and “play” a board game where a crisis is enacted and everyone plays out their role. We recommend this be done on a quarterly basis to ensure that everyone stays fresh. It is also a good idea for your spokespeople to be trained and for there to be “refresher” sessions every few months.

Q: What should be done PR-wise immediately following a crisis?

A: See the response above regarding best business management practices. And, more important, think about what should be done before a crisis, i.e., being a good corporate citizen and making sure that you’re acknowledged as such in an ongoing positive corporate communications campaign.

Q: What should be done during the crisis aftermath?

A: See best business management practices above. Also, ensure that there is a steady stream of information released as you have answers to the situation that occurred.

Q: What should be done once a crisis has ended?

A: If there has been a problem with one of the company’s products or their product has caused their customers problems, there’s an opportunity to generate goodwill by setting up a program that not only ensures this won’t happen again but also instructs their customers in how to handle such a crisis.  Be certain to communicate that all underlying issues have been addressed.

Resource link: Ms. Blaine’s Web site.

(Note: I’ve been very familiar with the expertise of Ms. Blaine since 2004. She is a fellow member of Consultants West, www.consultantswest.com, a roundtable of veteran consultants in the Los Angeles area.)

From the Coach’s Corner, Ms. Blaine also explains the secrets to marketing success in recessions.

“If I was down to my last dollar, I’d spend it on public relations.”

-Bill Gates

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

Lessons for Struggling Businesses from American Airlines’ Bankruptcy

 

Nov. 29, 2011

Financially challenged businesses can learn lessons from the American Airlines bankruptcy.

Ironically, AA is part of one my favorite childhood memories a half century ago in a recessionary time. As a 10-year-old with my younger brother in Oklahoma, our first airplane ride was aboard an AA propeller-driven plane to Los Angeles, where we rejoined our single mother.

We had been separated from her for months, as she had left a financially troubled company to take a job in Palm Springs. We were left behind to finish the school year while living with relatives.

It was an uneasy period for us, but the flight was exciting and fun. The stewardesses, as they were then called, gave the two of us exemplary service with beguiling charm. They made it a pleasant trip in our uncertain time.

A half century later, AA faces uncertainty. But it’s important for such businesses to alleviate uncertainty. For many, bankruptcy plays a role.

My sense is that the bankruptcy filing by AA’s parent company, AMR Corp., is an example of proper business planning to alleviate uncertainty. All struggling businesses and individuals might study AA’s plight to see if it’s applicable.

At this writing, investors are fleeing – the company’s stock is barely above water at 32 cents per share. The company lost $471 million last year on top of $1.5 billion in 2009 and $2.1 billion in 2008. That’s an indicator the company probably exhausted all options before its court filing – an honorable approach.

Propriety in Chapter 11

Chapter 11 filing helps the company to manage risk for stakeholders – passengers, vendors, shareholders and employees. It’s the proper flight plan to restructure debt and expenses.

AA flew a notable 9 million passengers last month. With 88,000 employees to service a complex route system, the company is an important part of the nation’s and global economies.

From the perspective of the Federal Aviation Administration, a flight plan is required for safety. A plane must have enough fuel to reach its destination and it must meet air traffic control requirements for routing and attaining the right height and speed to avert a collision with another aircraft.

A properly handled bankruptcy serves the same purpose. Under federal protection, AA will be able to continue to operate to serve passengers well on its 3,300 daily flights.

The bankruptcy filing means the company will be required strategize more – to come up with management strategies for a successful turnaround.

That probably means a restructuring of flights in the tepid sector. AA has been coping with an uncertain economy, heavy competition, and explosive prices for fuel. Here’s how a Northwest partnership leads to solutions for high jet fuel costs.

Pivotal key – human resources

Like most airlines, AA is challenged in passenger service. Airline travel was once a special event for passengers. But no longer with a perception of uncaring service, lost baggage and flight delays on many airlines.

AA will need motivated employees – to provide exemplary service with beguiling charm – like it did five decades ago. Let’s hope the 88,000 workers get the message. Poor customer service and internal operations constitute at least 50 percent of a company’s profits or problems. Employees can be part of the solutions or problems.

That includes hope the venerable airline comes up with a strategic plan to succeed. Stakeholders deserve a sound plan with step-by-step solutions for a company turnaround.

FYI, if you’re struggling, too, there’s no stigma in bankruptcy for an honorable company.

From the Coach’s Corner, if your business has financial headaches, consider these related resource links:

12 Tips for Profits to Keep Your Business Dreams Alive

The 22 Do’s and Don’ts for Successful Negotiations

Budgeting Basics for a Micro Business

In Any Economy, What Drives Your Profit, Really?

Accounting / Finance – Why and How to Determine Your Break-Even Point

Embezzlement – Tips to Protect Your Nonprofit or Company Assets

11 Strategies to Keep your Small Business Floating above Water

Link between Financial Performance and Succession Planning

Are Accounts Receivables a Problem? 

“Bankruptcy is a serious decision that people have to make.”
-Herb Kohl

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Columnist Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Budget Debate: Will Legislature Read Seattle News Media Headlines?

 

Nov. 28, 2011

The headline on the Seattle PI Web site was startling. It read: “FACT CHECK: Has Wash. cut budget by $10.5B? Hardly.”

The headline and accompanying story questioned what appear to be misrepresentations by Gov. Chris Gregoire when she claimed Washington has slashed $10.8 billion from the state budget in the last three years. The cuts were her justification for proposing a sales tax increase to balance the budget.

My hope in the budget debate is that the Legislature will read such Seattle media headlines, as they meet in a special session this week to debate the budget deficit.

(Actually, the story appeared in the Seattle PI an hour after it first appeared in the Seattle Times. But, inexplicably, the Seattle Times deleted the story less than an hour after the PI story appeared.)

Reporter Mike Baker documented how the hundreds of so-called cuts are really spending increases that haven’t been implemented.

For example, the alleged cuts include:

• $682 million in cost-of- living increases for education employees
• $344 million in cost-of-living hikes for pensions
• $1 billion in education cuts, but it hasn’t really been slashed because of student tuition increases
• $128 million for an education apportionment payment, but the payment has actually been doled out
• $69 million for state parks, but in reality the state took in that amount from user fees

Mr. Baker also reminded us that the state is ready to spend around $30 billion from the general fund budget. That’s more money than was spent in the more-recent budget cycle.

Because it was an Associate Press story, it soon appeared on 54 media sites.

The sales tax proposal is controversial for good reason, and why the sales tax debate erupted in Washington state.

Public officials have long violated good government standards on transparency and in spending. On multiple occasions, this column has called for reform and wondered why not transparency for good, open government in Washington state?

We need better public policy – here are a couple of examples:

• Proposing to cut $160 million from state colleges and universities is unconscionable.
• Special interests such as the Washington Federation of State Employees should be reasonable and agree to renegotiate labor contracts.

It’s easy to conclude from the Associated Press story that Washington state has a spending problem, not a revenue problem. For example, the State Auditor revealed state government spends $1.8 million for nearly 6,700 unused cell phones is only one example. We need more public officials to create a favorable economic environment.

Given the economy and continuous budget crises, Washington legislators should finally start compromising, stop the longtime practice of shell games and launch legitimate reform. Only then, will thoughtful businesspeople and voters trust Washington state government and consider a sales tax increase.

So, in the budget debate: Will the Legislature read the Seattle news media headlines? It’s time for good government.

From the Coach’s Corner, furthermore, the state can create more tax revenue if it encourages entrepreneurship to create jobs. Here’s What Small Business Owners Need from Washington State Policymakers.

Here’s another no-brainer: How Washington Fails in Filmmaking for Economic Development.

“Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master.”

-George Washington

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Columnist Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

8 Tips on How to Ask Your Boss for a Pay Raise

 

Your food, gas and other living costs have increased. But you need tips on how to ask your boss for a pay raise. 

You’re mindful about the economy and that unemployment rates are high. With the exception of Wall Street, payroll budgets are constricted everywhere. But you haven’t had a raise recently. 

My question for you: Can you make your case for a raise? 

My answer: You can if you’ve managed your career well. It’s not enough to go to your boss to lament about your higher living costs. 

A raise depends on how well you’ve marketed yourself. Because a lot depends on how your employer perceives you. If you haven’t launched a self-promotion campaign, now’s the time to start.  

Ask for a compliment via email when you do a good job. Start a file of compliments you receive from the company and customers. Note the added duties you’ve assumed – whether they stem from layoffs of your peers – or whether your job has grown in responsibilities. 

Monetize your contributions. How have they added to the company’s bottom line?  If you can’t quantify your contributions to the company’s welfare in dollars, you’ll have to seek a promotion. Here are strategies to advance into management; some of which will show you how to market yourself within your company. 

If you believe you have sufficiently marketed yourself – that you can make a case for a raise in your current position – here are eight tips: 

1. Create a balance sheet of your contributions with two columns. List your duties and list your accomplishments. Starting with the most salient, prioritize the items in descending order.
2. Do some homework on pay scales in your company. You should determine if your pay increase request is pragmatic for your employer. Also consider the marketplace pay scales, which is usually available on the Internet.
3. Create your appeal. Make sure you don’t imply any threats. Acknowledge your awareness of the economy and your company’s position in the marketplace. Show how you are a solution to both of your boss’s headaches and challenges to your company. Be prepared to overcome objections. You can do this by asking your boss to restate the concerns, empathize, and state any relevant facts that support your cause.
4. Practice your pitch in front of a trusted friend.  (Ask for feedback based on the criteria mentioned in No. 3, and make refinements. Then, practice in front of a mirror.)
5. Make an appointment with your boss. If asked why you want to meet, tell your boss it has to do with your career at the company. If given a chance to suggest a time for the meeting, suggest options on two different days. (In most cases, the boss will select the earliest option – that’s a sign you have the boss’s attention.)
6. Be prepared to hear and overcome objections. You can do this by asking your boss to restate the concerns, empathize, and state any relevant facts that support your cause.
7. Ask for a commitment, such as “Can you think of any reason why I haven’t earned a raise?” Whatever the boss says, express your appreciation for the meeting.
8. Lower your expectations about your request’s success. If you’re turned down in the meeting, remember it’s not personal, it’s just business. Inquire how it’s possible for you to make a bigger contribution to earn a raise possible in the future. Then, pat yourself on the back for making the effort, but continue to market yourself.

Hopefully, you’re successful in following the eight tips in asking your boss for a raise. If not, you’re still a winner for making the effort. It can only boost your self esteem and enhance your prospects in the future. But it’s often a sign that you need to master the art of marketing yourself.

From the Coach’s Corner, if you have to look outside your company, here are tips to land your dream job with style and substance.

“Courage is what it takes to stand up and speak; courage is also what it takes to sit down and listen.”
-Winston Churchill

 

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Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complementary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

16 Safety Tips for Retail Therapy – Online, Bricks & Mortar

 

Nov. 23, 2011

If you want to be safe and avoid the holiday-shopping madness, have fun but beware. For starters beware that most small businesses make you vulnerable to credit card fraud, ID theft.

For business owners, that’s why I’ve asked the question about cyber security: Is your business prepared with precautions and response philosophy?

As a consumer, personally, I’m not a fan of mobile shopping. This year, as this portal as warned numerous times,  phishing attacks and malware are skyrocketing. Android malware surged almost 500 percent the latter half of this year, and new cybercrime serves as warning to take defensive precautions.

The data is not a surprise. Indeed, on this portal our mobile-banking warnings about security proved prophetic.

But if you must, remember these mobile-shopping tips:   

1. ‎Don’t make any purchases using WIFI. (It’s worth noting the most-read Biz Coach column all-time:  Using Starbucks’ WIFI? Security Pro Issues Warning and Security Checklist.)
2. Be careful in downloading payment applications. Use authentic store apps.
3. Only use secure sites. Sites aren’t secure if you if the URL starts with “ http://.”
4. Think twice before you click on anything.

Tips for shopping on your computer:

1. Be careful to use only authentic Web sites. Cyber criminals are misspelling Web site names to trick users.
2. As in Tip No. 3 for mobile shopping, only use sites that start with https://, and don’t shop via email.
3. Never give your Social Security number.
4. Use your computer to check your checking account, credit card and debit statements.
5. Protect your computer by installing all the regular updates from your antivirus and malware software, Windows, Java and Adobe.
6. Only use strong passwords. Note this column, a Lesson about Passwords after Theft of 16,000+ UCLA Patient Records, which is applicable for shopping, too.
7. Only buy gift cards from the original retailer. Don’t buy them on Craigslist or eBay.

Basics in scam-free shopping:

1. Walmart and other retailers are using a throwback – layaway plans. They’re usually legitimate, but be careful to stay current with your payments. Otherwise, you’ll lose your money and your purchased item.
2. Check the fine print on big-ticket purchases – policies on check returns, rain checks, restocking fees and warranties.
3. Know your rights before purchasing memberships in dance, diet, dating, gym, and martial arts schools.
4. For tickets to events, it’s best to use authorized ticket sellers.
5. Gift cards can be tricky. Read the fine print to make sure the card’s value isn’t reduced if you don’t use it right away. Make sure you know the signs the store won’t be going out of business.

From the Coach’s Corner, for more security, see McAffee’s Twelve Scams of Christmas list.

“Knowledge without justice ought to be called cunning rather than wisdom.”
-Plato

 

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

The 22 Do’s and Don’ts for Successful Negotiations

 

Whether you face haggling with customers, salespeople or employees, there are easy strategies for negotiating anything you want. But you must first remember it’s important to reach a fair compromise – with win-win negotiating skills.

You’ll want both parties to feel positive after the negotiation is complete. In other words, emotional needs for both of you have to be met.

So don’t carelessly let something slip out. Whether you struggle to protect your turf, putting an end to people taking advantage of you, or you’re laboring to get what you want in a transaction, there are basic skills you need to know to find solutions that are acceptable to you and the other person.

Preparation for power is the key to success.

Understand that your position is strengthened by having the ability to walk away. The winner is the person who’s best prepared for the deal not even happening.

The do’s:

1. Determine goals. Decide on your objectives. Know your bottom line.
2. Anticipate the desires of your opponent. Think collegially – envision the person as your partner in the deal.
3. Analyze the assets. What do both of you bring to the table?
4. Evaluate options. That means for both of you.
5. If you have a history with the other party, analyze your track record and precedents with the person. What issues have impacted the two of you?
6. Assess the power you bring into the discussion, and that of the other person.
7. Anticipate the obvious consequences, the corollaries.
8. Pay attention to detail. Try to put the other person’s needs first. In that way, the person feels as though you’re listening. Show empathy to the other person’s concerns and problems.
9. Stay calm, no matter what. You’ll keep the emotional advantage. Focus on issues, not personalities.
10. Keep in mind plan B. Know your options for a fallback position.
11. Document the deal – get it in writing immediately.

The don’ts:

1. Never bargain with someone using the word, “between.” If you offer a range using this word, customers and vendors will only hear the minimum. Sellers and employees will hear the maximum.
2. Don’t signal the person that you’re done negotiating by using the phrase, “I think we’re close.” You’ll be giving away your power – the person will believe you’re exhausted and that you put a higher priority on getting an agreement instead of achieving your actual goals.
3. Avoid a bidding war. Brand yourself so that you’re the only party the person should deal with. Don’t negotiate against yourself. If you make an offer, wait for the response.
4. Be careful in using the phrase, “Why don’t you throw out a number?” Usually, the first amount mentioned by a seller is the amount that’s ultimately agreed upon.
5. If you need time to think, don’t establish at the beginning that you’re the final decision-maker. You’ll get more wiggle room if you indicate there’s another person with whom you must speak.
6. Don’t be afraid to ask what you want – be specific about what you want and don’t want.
7. Don’t negotiate with a person who doesn’t have authority to sign off on a deal.
8. Don’t do all the talking. The best results occur when the other person does 90 percent of the talking. That’s accomplished by asking open-ended questions, such as “What are your concerns about what I am suggesting?”
9. Don’t ignore the person’s body language. Know the green lights.
10. Don’t argue, but discuss items in which there are disagreements.
11. Steer clear of form contracts. They are designed for a pre-determined outcome. The agreement must reflect the negotiations.

Again, remember to prepare. Good luck.

From the Coach’s Corner, remember in all negotiations, your purpose is to sell your ideas or products. You need to know the five value perceptions that motivate customers to buy; seven steps to higher sales; and the three-step process for overcoming sales objections.

They’re all included in this related resource link: The Seven Steps to Higher Sales.

“If I had eight hours to chop down a tree, I’d spend six sharpening my axe.”
-Abraham Lincoln

 

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

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