Are You up-to-date on Opportunities in Emerging Markets? Most Managers Aren’t

 

Seventy-six percent of business managers at global companies don’t have information for their needs – even though it’s necessary for productive decisions in expanding into emerging markets.

Some 86 percent agree that data – market sizing and growth estimates – is vital. However, only 24 percent say the information isn’t available at their companies.

The surprising facts about market intelligence are unveiled in a Global Intelligence Alliance (GIA) study: “Perspectives on Emerging Markets 2012-2017 Report.”

After all, competitive intelligence is a salient priority.

“The business managers in our survey admit that in addition to entering more quickly and adapting better to local market conditions, their companies could have conducted better intelligence and due diligence on emerging markets,” says Ville Vanhala, senior vice president of research and monitoring services at GIA.

“This should raise alarm bells,” he says. “In 2012, emerging markets will import more goods and services than rich economies combined. Companies risk missing out on key opportunities and threats if they fail to continuously monitor these markets, and to pass on that information to their key managers.”

What type of opportunities?

“Examples include the latest market growth forecasts, labor market developments, competitor movements, industry consolidation and regulatory changes,” he explains. “Business managers also want to keep track of their existing suppliers’ reputation and activities in the market and to be aware of alternate sources of supply.”

More surprising details:

• When comparing how business managers in different countries rate their in-house market intelligence, U.S. companies stand out for lacking readily available information on emerging markets (87 percent) and having inaccurate or incomplete emerging markets information (93 percent).
• While fewer UK companies suffer delays in decision making on emerging markets because they miss market information (74 percent) compared to the global average (78 percent), 88 percent still say inaccurate or incomplete information about emerging markets is also a problem for them.

GIA’s Web site: www.globalintelligence.com.

Well, if you’re among the 76 percent, the solutions are obvious. Either exercise due diligence in competitive intelligence or hire an outside participant to do the necessary research.

From the Coach’s Corner, related information:

• Strategies, Precautions When Expanding into a New Market
• Boeing, Airbus Rivalry – Lessons in Strategic Planning
• Competitive Intelligence Author Shares Her Insights

“Data! Data! Data! I can’t make bricks without clay.”

-Sherlock Holmes

 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

Stand Out: Get a Job Interview with a Great Resume

 

More and more job seekers complain they don’t get acknowledgment when they apply for positions with prospective employers. It’s disappointing, especially if you’ve done your best to stand out in a crowd when jobs are scarce.

Yes, it takes energy and resources for a company to respond to applicants. A sign of the times, that hasn’t always been the case. Aside from being gauche, such companies miss an opportunity to demonstrate they have a heart as an employer.

Nonetheless, a 2012 blog for job hunters caught my eye – “Write a resume that gets an employer’s attention,” by Chad Bauer of New Grad Life.

Mr. Bauer suggests there are three qualities that good resumes must have in order to cut through the labyrinth of databases, human resources employees, and recruiters.

He says companies look for resumes to answer three questions – here’s an edited excerpt: 

Can the candidate solve the specific top problems I have today?  

• Do your research to find out the specific problems, challenges, and goals a company has today
• Do more research to determine how those corporate challenges, problems, and goals affect the department and hiring manager
• Don’t just list broad industry skills, hoping it meets your target’s needs
• Don’t just say that you can learn – beyond entry level jobs, few companies will pay you for training or ramp-up time when they can find plenty of candidates who won’t need training 

Can the candidate build shareholder value? 

• Do your research to find out the type of value likely to be important to this specific company, department and manager
• Demonstrate your value in numerical results or percentages
• Translate your accomplishments to shareholder value
• Claim responsibility
• Don’t emphasize responsibilities
• Don’t emphasize your past company’s accomplishments over your specific achievements 

Will the employee fit in with the company’s culture?

• Learn as much as you can about a company’s culture before applying for a position
• Be who you are, rather than trying to present a different persona
• Do research to find companies and positions who will value an employee with your personality
• Don’t fight ageism – embrace it
• Don’t waste your time – if you’re not a culture fit, apply somewhere else

Need more insurance?  Here are seven strategies to use in your job interview. Here are an additional 15 tips to improve your odds for a job.

If you want to be a boss, here are proven strategies to advance into management.

From the Coach’s Corner, perhaps most importantly, here are the top 11 tips for a great elevator pitch.

“All our dreams can come true–if we have the courage to pursue them.”

- Walt Disney 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

Dow’s Flirtation with 14,000 Doesn’t Mean Economy is Better

 

Updated Feb. 28, 2013

While it’s heartening, don’t get exuberant over the Dow Jones Industrial Average passing above 14,000. The lofty height doesn’t mean the U.S. has a healthy business climate, despite what Wall Street analysts hope. 

The nation has huge economic structural issues.

Let’s get real. The Federal Reserve’s practice of printing money only offers false hope. The U.S. Commerce Department just reported the nation’s economy is stagnant – it shrank in the last quarter.

A new study reveals an alarming trend — why startups no longer lead in job creation.

True, workers with 401 (k)s are happy with the market. But my economic view is based on what I see happening at a common-sense, Main Street level.  The flirtation with 13,000 only means investors aren’t currently worried about two developments: 

1. The Euro-zone economic issues.
2. China’s central banks have eased lending requirements. 

Everyone seems to forget that much of Europe is mired in a recession. 

Here in the states are several economic ramifications:  Poor public policy, e.g. Keystone Pipeline and other developments, as well as adverse current events mean crude-oil prices are skyrocketing. The resulting price at the pump will not help the economy. The average American motorist will cut back on other expenditures and necessities with gas at $4 a gallon and climbing. 

Nordstrom is doing well and rightfully so. But the middle class is disappearing and lower-income shoppers favor retailers like Wal-Mart. And Wal-Mart has been a loser on Wall Street. That’s a result of weaker sales, its worst-ever February, and a comparatively dismal outlook. 

Unemployment is still high. Don’t buy into the 7.9 percent unemployment rate. The true figure is at least 15 percent. Employment rolls are fattened because millions of Americans are working as temps without benefits. Far too many people have given up and are trying to freelance. 

At a record rate, millions of Americans aged 62 have filed for early benefits.

Plus, even for those lucky to have a job, wages are flat. But companies are losing much of their intellectual capital as age discrimination is rampant in favor of younger workers. Ironically, savvy employers know that “slow motion gets you there faster.” 

Don’t be misled about the rate of home sales in some areas. However, sales increases were attributed to investors capitalizing on distressed prices as sales prices continue to drop. Not good. Look for another round of foreclosures now that the deal has been signed between lenders and states attorney generals.

Besides, the average victim from the predatory mortgage practices only got a settlement of $2,000. 

Long term, the payroll tax extension will only hurt workers. It means retirees will get less money from Social Security when they leave work. 

What’s needed is economic vision in public policy to benefit this nation. (For Op Ed economic and public policy analysis by noted economist Peter Morici, click here.)

From the Coach’s Corner, consider 12 tips for profits to keep your business dreams alive. 

A blind person asked St. Anthony: ”Can there be anything worse than losing eye sight?”

He replied: “Yes, losing your vision!”

 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

Must Read: ‘The Book…on Business from A to Z’

 

A business book makes a bold promise. It’s entitled, “The Book…on Business from A to Z: The 260 Most Important Answers You Need to Know.”

Is this an accurate title? Yes. It’s an authoritative book published in 2012 packed with valuable explanations by a bevy of expert practitioners in 26 chapter topics – important issues that perplex businesspeople. What’s more, its 286 pages in paperback are easy-to-understand.

For example, one of the topics is innovation – a major dilemma for businesses in the new economy. Actually, competitiveness has long been a big quandary. Innovation uncertainties cause insomnia for a lot of businesspeople.

Indeed, noted poet T.S. Eliot once wrote: “Anxiety is the hand maiden of creativity.”

So if you’re delaying innovation because of uncertainty, the tone of the book’s chapter on innovation will put you at-ease.

“Tip: Relax. There are no right answers. There are only best guesses,” writes one of the authors, Ted Whetstone. Mr. Whetstone is president of breakthruthink (www.breakthruthink.com), a consulting firm in Santa Monica, Calif.

But act you must.

“While innovation stresses something new or discovered (like the idea of the first light bulb), innovation tends to build off that discovery, bring it to market, and give it value, because it means something to the world,” he explains.

He acknowledges that not all ideas work, but he provides readers with what I’d call ample optimistic-empowerment.

“Tip: Trust your gut. But also test your ideas. Rarely is innovation successful on the first attempt,” explains Mr. Whetstone.

Innovation is critical for success

“The enterprise that does not innovate ages and declines,” he quotes a warning by Dr. Peter Drucker. “And in a period of rapid change such as the present, the decline will be fast.”

Mr. Whetstone explains four types of innovation – disruptive, product, process and market.

For example, his thought on disruptive innovation:

“This generally involves the introduction of a new technology or process that the existing market didn’t expect and so it shifts accordingly, sometimes radically,” he writes. “The iPhone, for example, generated disruptive change in the telephone (smartphone) market.”

He discusses “the best innovation tools and techniques,” including these four:

• Using creative brainstorming techniques to elicit ideas
• Using filtering and selection techniques to combine or cull them
• Prototyping best concepts
• Testing the market, iterating and rolling out

“The key to successfully generating ideas is to remove thought obstacles,” advises Mr. Whetstone. “This is best accomplished by assigning one person to facilitate a group.

“The purpose is to ensure the free flow and capture of ideas without stopping to evaluate,” he explains. “Later you can categorize, filter, and analyze but never upfront.”

That’s a sagacious insight. Typically, dysfunctional organizations have stakeholders who insist on filtering ideas prematurely. Those organizations are unsuccessful.

Mr. Whetstone also provides bulleted lists on how to capture and filter ideas for innovation. They are designed to help you be detached and objective in your deliberations.

Among his other recommendations, perhaps most importantly, he explains how to stimulate and maintain an innovation culture. It’s important to sustain an innovative culture for the long-term. Ask the folks at Apple.

Cash flow

No business will succeed without positive cash flow.

“Cash coming in from sales or collection of accounts receivable are typically the largest and important elements of incoming cash,” acknowledges Gene Siciliano in his chapter on cash flow. Mr. Siciliano (www.genesiciliano.com) is president at Western Management Associates in Los Angeles. He also authored the best-selling book, “Finance for Non-Financial Managers.”

In all, Mr. Siciliano answers 10 questions about cash flow.

In answer to the question, “What should you expect to experience in collecting cash from a mix of credit customers that includes both large and small businesses,” he gives eight scenario answers to help you predict patterns of payment behavior.

“A large customer will typically either pay strictly on time or very late,” he explains in an example of payment behavior. “They will pay strictly on time if they are highly automated and have adopted the policy that it’s more efficient to pay on a machine-defined schedule.”

If you have temporary cash shortage, Mr. Siciliano suggests you analyze the reasons. He suggests you think about four questions:

• Is the cash shortage really temporary or does this happen with regularity?
• What could you have done to avoid this?
• Do you really need to spend cash for non-essential items today?
• Are you clear about the difference between what you need and what you want?

What follows is well worth reading – several of his ideas to solve the short-term cash-flow headache.

In addition to innovation and cash flow, the book covers these salient topics:

Accounting, branding, debt, equity, forecasting and budgeting, generational issues, human resources, jurisprudence, knowledge management, leadership, marketing, networking, operations, process improvement, quality, risk, strategy, turnaround, underperformance issues, valuation, when to negotiate vs. mediate, X-ray your organization, yield and Z-score.

Available at Amazon.com, the book is compiled and edited by Daniel Feiman. As a resource, it’s a good investment for budding entrepreneurs and established businesspersons, alike.

From the Coach’s Corner, if you’re a small business owner, here’s a three-part series to consider:

• 10 Scholarly Solutions for Selling More Products 
• Marketing Essentials on a Shoestring Budget
• Management and HR for Higher Performance

“Knowledge is the food of the soul.”

-Plato

 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

Proof Positive: How Supportive Spouses Help in Work-Related Stress

 

First, it was the book, “The Millionaire Mind.” The book by Dr. Thomas J. Stanley revealed several traits of millionaires. One important statistic from his study of millionaires: They were successful largely thanks to a supportive spouse.

Now a 2012 study confirms supportive spouses are vital for success.

“Given that a lack of support from one’s spouse represents a major cause of both divorce and career derailment, this research is needed to address issues that affect both home and work,” said a Florida State University business professor, Wayne Hochwarter.

His research into two-income families confirms the importance of spousal support in times of stress, especially when both spouses have work-related stress.

Benefits

When both spouses are supportive, Dr. Hochwarter said there are positive benefits:

• 50 percent higher rates of satisfaction with their marriage
• 33 percent greater likelihood of having positive relationships with co-workers
• 30 percent lower likelihood of experiencing guilt associated with home/family neglect
• 30 percent lower likelihood of being critical of others (spouse, children) at home
• 25 percent higher rates of concentration levels at work
• 25 percent lower likelihood of experiencing fatigue at home after work
• 25 percent higher rates of satisfaction with the amount of time spent with their children
• 20 percent higher views that their careers were heading in the right direction
• 20 percent higher level of job satisfaction

“When you’re still angry or upset from yesterday’s stress, your workday will likely go in only one direction — down,” the professor said.

“Some attempts to support your stressed-out spouse can backfire, actually making the situation much worse,” he said.

Common attributes

He said in supportive relationships, there were common attributes:

• Awareness of one’s spouse’s daily work demands (i.e., time pressures, lack of resources, deadlines, and supervisors)
• Not “forcing support”
• Understanding that communication lines are open regardless of the circumstances
• Recognizing that distancing oneself from the family or lashing out is not a practical way to foster help. In fact, it tends to bring out the worst in others — and even causes the supporting spouse to become distant and act out as well
• Being able to bring one’s spouse back to the middle — up when down in the dumps and down when overly agitated
• Not bombarding the family with complaints about minor workplace irritants
• Not trying to “one-up” one’s spouse in terms of who has had the worse day.
• Not being complacent — continuing to work at it
• Remaining rational and not automatically casting the spouse as the “bad guy”
• Not keeping a running tab on who is giving and who is getting

“Most important, though, was the ability for a spouse to offer support on days when he or she needs it just as much,” Hochwarter said.

“In many cases, both return home from work stressed. Generating the mental and emotional resources needed to help when your own tank is empty is often difficult. Successful couples almost always kept a steady supply of support resources on reserve to be tapped on particularly demanding days,” he added.

“When stress enters any relationship, it has the potential to either bind people together or break them apart,” Hochwarter said.

“Findings strongly confirm this with respect to job tension. What also became obvious was the critical role of communication and trust among spouses; without them, you have a foundation best described as crumbling, even in the best of circumstances,” he concluded.

Amen.

From the Coach’s Corner, here’s an article with more research by Dr. Hochwarter: Do You Have A Toxic Relationship With Your Boss?

Additional reading:

• 23 Tips to Reduce Stress, Work Happier for Top Performance
• Need a Career Change? 10 Steps for a Career Makeover
• Solutions to Rejuvenate Yourself and Business
• Business Got You Down? Tips for a Morale Boost

“To get the full value of joy You must have someone to divide it with.”

-Mark Twain

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry. 

 

When Should You Develop an Exit Strategy? Now…Here’s How

 

You should always have an exit strategy in place – no matter what. Whether you’re just starting out or you’re a veteran business owner, you should always have an exit strategy.

Yep. That includes being a new entrepreneur in a weak economy, looking for an angel investor, or trying to plan for a successful turnaround.

Change happens. You might hit a tsunami. You might decide to try a different venture. You might want to retire. You might want to pass the business to your children (it’s a mistake to 0verlook succession planning).

Plus, not to discourage you, but data shows startups often fail. You should plan to create an asset that can be sold as easy as possible.

Here are basic tips to start:

Business plan. It should contain action-strategies for results. Involve all logical employees in planning. Include your key performance indicators – measurements to meet operational and strategic goals – from finance to marketing. That means being strategic in your planning. For additional reading here’s a checklist for success in business planning for the new economy.

Financials. You should have superlative accounting system. Use best practices in financial statements. Be sure to know your break-even point and be embezzlement-proof.

Operational and other business processes. Be well-organized and documented, and constantly evaluate your policies and procedures. Remember that management best-practices include solid operations checklists.

Branding and marketing. Here’s a marketing checklist to measure your brand’s personality. For best results, here are marketing plan essentials. Don’t forget the importance of being tech savvy and content marketing.

Technology. Be prepared to demonstrate your competence in technology. Be current for your industry and streamline as much as possible. Make certain your business is prepared with precautions and response philosophy.

Reputation. Make certain your customers love you and that you use  manage your Web reputation. Take steps to be known as socially responsible and to be known as a green company.

Human resources. This is the last tip but quality talent is the most important asset to attract a qualified buyer. Take reasonable steps for excellent employee relationships. If necessary, use proven steps to improve your business performance and power your brand with employee empowerment. Take precautions to make certain your stars don’t become free agents.

Every business is different, but you get the idea. Make certain your business performs at a peak level and keep everything documented. This will insure you receive top dollar if you decide to sell. It goes without saying that you want to be as competitive as possible anyway, right?

From the Coach’s Corner, here are more marketing thoughts:

• The Link between a Simple Logo and Branding Success
• 11 Sales Strategies to Outsell Your Big Competitors

 “Affairs are easier of entrance than of exit; and it is but common prudence to see our way out before we venture in.”

-Aesop

 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

The Link between a Simple Logo and Branding Success

 

Some of the world’s most-successful companies have simple logos. That’s the conclusion from a study by a UK logo-design company, Small Business Logos. It conducted the 2012 study that lists the top-10 logos in different sectors from technology to shoes.

“Creating a strong, memorable logo can really enhance the success of your business,” said Lucy Smith, marketing and eCommerce director for Small Business Logos. She was quoted in Computer Business Review (CBR) in “Your business logo will make or break you.”

In surveying business owners, the study covered sectors from technology to retailing. It was designed to help UK businesspeople to realize the value in selecting a logo for branding success.

Certainly, the study is applicable in the U.S. I also think a simple logo as a favicon is important for use in a search engine presentation (for a brief explanation about favicons, see the eight best practices in small business marketing).

After all, for profits, size doesn’t matter but image and professionalism count.

“We’ve taken a close look at what made our top ten to help businesses make informed choices when it comes to their own branding,” CBR quoted Ms. Smith. “Simplicity and the ability to reproduce in a range of different sizes, media and on products, is key.”

Along with an explanation of each, here are the study’s top-10 logos:

1. Apple: Clean, modern and extremely easy to reproduce
2. BBC: Simple, memorable and works well on TV, online and in-print
3. Nike: Suggestive of movement, ideal for a sports brand, and works well on the side of a trainer
4. Amazon: Embodying the company’s philosophy: everything from A to Z, delivered with a smile
5. Google: Strong primary colours, enhanced by ‘Google doodles’
6. London Underground: The capital’s most instantly recognised logo, the shape recalling the tube’s tunnels
7. UPS: Brown is symbolic of parcel paper, with the shield suggesting security
8. American Express: Squares and block lettering indicate strength and trust
9. Sky: A versatile logo that supports brand extension: SkyNews, SkyHD, SkyMovies, etc.
10. HSBC: The only logo in the top 10 to use a very traditional serif font, more commonly associated with business and finance, suggesting authority

From the Coach’s Corner, consider this article: Checklist to Build Your Brand on a Budget.

“What”s a brand? A singular idea or concept that you own inside the mind of the prospect.”

- Al Ries

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry. 

 

Valentine’s Day: Do You Have a Heart as an Employer?

 

Updated Jan. 27, 2013

A blog, “Best business advice found in an 86-year-old poem,” on MoneyWatch by Michael Hess brought brought back special memories. Mr. Hess quoted “Desiderata,” which was written by Max Ehrmann in 1927.

In drawing parallels for business, Mr. Hess quoted some Desiderata lines, including:

• As far as possible without surrender be on good terms with all persons. Speak your truth quietly and clearly; and listen to others…
• Exercise caution in your business affairs…
• Nurture strength of spirit to shield you in sudden misfortune. But do not distress yourself with imaginings…

Agreed. The poem does contain exemplary advice applicable for business. I first heard it in 1971 when it was No. 8 on Billboard. Well-known broadcaster Les Crane, who was a talk-show host on KLAC Radio in Los Angeles, recorded it (Desiderata – Les Crane, YouTube).

As a young broadcaster I was intrigued for a couple of reasons:

Firstly, I was fascinated by the spiritual approach by Mr. Crane, who was famous for his controversial shtick on radio and TV.

Secondly, the previous year I was deeply touched by the thoughtfulness of his boss, David Croninger, the president of Metromedia Radio. Metromedia was a conglomerate in related industries. Along with NBC’s legendary news anchor, Chet Huntley, Mr. Croninger was a speaker at my college graduation, the University of Tulsa.

Inspiring career advice

Both were accessible to students afterward – a true blessing. The nation was mired in a recession with unemployment approaching 9 percent and the Vietnam War was tearing the country apart. Amid this, my peers and I were apprehensive but anxious to launch our careers.

Accompanied by an NBC PR person, Mr. Huntley graciously gave me excellent advice regarding my broadcasting career. As a DJ, I had worked my way through college on radio stations, but I was still a porous sponge in wanting career counsel before returning to my home state of California. He explained to me how to make a transition from being a DJ to radio news to TV news.

Mr. Croninger, who as Mr. Crane’s boss, gave me a shot of confidence. I’ll never forget his compliment: “…you are impeccably dressed.”

Wearing a striped tie with a navy blazer and gray slacks, that was heady stuff for an impressionable young college grad. I thought it was a professional appearance for broadcasting, but I wasn’t sure. I appreciated his comment as I was about to call on Los Angeles radio and TV stations for employment. I also enjoyed hearing his comments regarding Mr. Crane, as his employer.

Both broadcasters were inspirational for my career.

So the memory of Mr. Crane’s rendition of Desiderata along with the gracious sharing of wisdom by Messrs. Huntley and Crane prompt this question: Does your business have a heart?

Key questions

Here are 12 questions to consider:

1. Do you set a good example?
2. How often do you use the phrases – please and thank you?
3. Do you compensate your employees adequately and fairly?
4. Are you kind and precise in giving criticism and direction?
5. Do you hire and fire fairly?
6. Do you train employees on an ongoing basis for personal and career development?
7. Do you maintain a safe, fun working environment?
8. How about job security?
9. Do you communicate regularly with employees about the company?
10. Do you listen to criticism?
11. Do you solicit ideas?
12. How do you motivate your staff?

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

• Power Your Brand with Employee Empowerment
• Strategies: If a Valued Employee Wants a Raise, and Money’s Tight
• Profit By Not Letting Your Stars Become Free Agents
• Leadership Strategies to Profit from Employee Respect
• 12 Errors to Avoid in Evaluations
• Strategies for Productive Meetings to Improve Your Company’s Performance
• Human Resources – Slow Motion Gets You There Faster

“The worst mistake a boss can make is not to say ‘well done’.”
-John Ashcroft

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

Business Problem Solving Often Means Compartmentalizing

 

When a businessperson has challenges, it can be overwhelming. If you chat with some businesspeople, they believe they have challenges that no one else has. Because they haven’t experienced the new challenges before or haven’t heard about the problems elsewhere in their industry.

But that doesn’t mean the problems are terminally unique to the person’s industry or business.

If it’s any consolation, no matter what the problem, it’s nothing new. Not to oversimplify, but somebody, somewhere has experienced the same dilemmas. That’s why there are business processes and problem-solving approaches. So part of the solution is to compartmentalize the problems.

Compartmentalizing is a simple process for a businessperson with multiple headaches. A compartment for a problem might be in personnel issues, poor sales or product complaints. So break complex problems down into manageable situations or compartments. In order of priority, tackle issues — first things first.

It’s best to start in the first hour of a business day. On the left side of a page, write the problem. On the right side, write the aspects of the problem – including the contributing factors – starting with the major points down to the minor.

What problems do you have?

Compartmentalizing helps in these typical challenges:

Culture issues. In unhealthy companies, it’s possible to read the room – see the problems – usually without even seeing the books to understand the problems and anticipate the appropriate solutions. If a company is lacking in teamwork, morale is poor and profits are weak, chances are a culture change is needed. Changing a culture is a monumental chore. Six steps are required to implement a cultural change for profits.

Financials. Of course, it is important to get to the financials. That includes having a grasp on the costs or knowing how to determine the crucial break-even point. Or, the problems lie either in pricing or in an undiscovered embezzlement.

Human resources.  Other internal challenges affecting the control of costs involve personnel and operations. The problems can be widespread – from a lack of employee empowerment to a lack of employee respect for leadership. Others include the link between financial performance and succession planning, and risk management.

Manufacturing. It might be a manufacturer isn’t up-to-date on developing trends and solutions for manufacturing success. Many businesses love cutting waste and costs for profits by using lean manufacturing principles, but many global manufacturers aren’t getting lean results, according to a study of why lean manufacturing principles often don’t work.

Innovation. Some businesses fail to change or recognize when offerings reach their end of product life cycle. The solution is to become an innovator.

Marketing. The dangers lie in not understanding marketing plan essentials for best results or the secrets to success in recessions.

Turnaround situations. If problems aren’t solved, a company will face bankruptcy for not implementing a turnaround. For a successful turnaround, new management strategies are vital. Often, 13 steps will suffice for overcoming obstacles. A financial turnaround requires step-by-step solutions.

So don’t get overwhelmed – compartmentalize for profits.

From the Coach’s Corner, here are profit-making marketing and sales tips:

• The Six Secrets of Becoming a Winning Sales Organization
• Profits: How and Why to Align Marketing with Sales

“You don’t drown by falling in the water; you drown by staying there.”

— Edwin Louis Cole

 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

How to Buy Real Estate with Little or Bad Credit

 

You want to buy real estate, but you have little or bad credit?

Take heart. I believe some people, who have extenuating circumstances, deserve to buy property in unconventional situations. That includes those who are credit-challenged – as long as they are honest, and can and will keep their financial obligations.

The purpose of this article and the objective of this portal is to provide hope to businesspeople with business-coaching strategies to alleviate uncertainty and be successful. As a frequent champion of underdogs, that even extends to buying real estate.

The predatory practices of some banks and credit card companies – domiciled specifically in six states –  imposed interest rates as high as 38 percent for dubious reasons. Their predatory behavior exacerbated conditions leading to the Great Recession. It’s also why the Small Business Jobs and Credit Act isn’t working now.

There have been countless victims, especially in small business. After being victimized by financial abuses and by not knowing how to ease debt-collection headaches – because of slow-paying customers – small businesspeople have been unsuccessful in getting credit.

Now, real estate prices are low nearly everywhere. However, buyers typically have to possess assets such as money in a financial institution, money for a down payment, a good job or healthy business, and have good credit. Otherwise, it’s difficult to buy real estate.

But by using unconventional techniques, it’s possible for credit-challenged buyers to purchase real estate.

“What?!” you ask. Well, humor me. It’s feasible to buy a privately held business – on a leveraged buyout using a portion of the sales for payments – or to purchase a home by being creative.

Firstly, make sure you have a stable job or have used budgeting basics en route to success as an entrepreneur.

Secondly, crunch the numbers. Know your budget and what you can afford to buy.

Thirdly, when it’s time to buy, creativity is the answer. I don’t mean doing it with smoke and mirrors. You can do it – honestly and above board. You simply have to be resourceful in finding the right buying environment and using the 22 do’s and don’ts for successful negotiations.

Start looking now. By the time the right property appears, you’ll know it.

As the adage goes, it’s “location, location, location.” Do your homework. Cruise the locales in which you’d like to live or run your business. Then, find someone who might be motivated to listen to you. That’s a person who can’t afford a mortgage obligation or because the person’s property has been sitting on the market.

As you see possible opportunities, be wary of any drawbacks: It might be in a poor location, needing repairs, or have a quirky layout.

Look for the signs of opportunity:

Pre-foreclosure. Using creative financing, as in rent or lease-to-buy, the owner might sell to avoid a foreclosure. You can spot foreclosure notices online, in legal newspapers or in the classified ads.

It’s worth noting that the $25 billion settlement with the major banks over their abusive practices hasn’t solved the nation’s foreclosure issue. Look for a new round of threatened home seizures because the lenders slowed their rate of foreclosures during their negotiations with the 50 state attorneys general. Such homeowners might be willing to listen to you.

Vacant property. An empty building often means it’s costing the owner money. Usually, the owner has moved and is paying for two mortgages after being unsuccessful in selling the property.

Estate sales. Heirs to a property will typically want to put it on the market and cash out. However, these days, it might be difficult for them to sell. Sometimes, they don’t know the value of the property and will discount it too much. Often, repairs are needed and the heirs might not have the time and resources to fix it. Any of these factors might prompt them to listen to a creative-financing idea.

Divorce. Though more difficult to find, such sellers normally need to sell the property – like yesterday – especially in a bitterly contested divorce. Such properties are harder to find. But to avert additional delays and possibly having to pay for building repairs, you might be able to persuade the sellers on an as-is basis.

For-sale ads and signs. You might hit the mother lode if you spot a sign with the phrasing, “owner financing” or “owner will carry paper.” Those are green lights.

A note of caution: Do your due diligence. Verify the seller indeed owns the property. Trust but verify the seller’s representations, and have your expert help prepare or review any documents before you sign.

Good luck. Let me know about your success.

From the Coach’s Corner, here are more tips:

• Surviving Economic & Industry Downturns 
• What Should You Divulge When Asking for Investment Capital?

“Success is the sum of small efforts, repeated day in and day out.”

-Robert J. Collier

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

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