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How to Survive the Recession... Stronger Than Before
As bad as it is out there, it's important to recognize that this is a time of tremendous opportunity.
Get my free report, "How to Survive the Recession ...Stronger than Before" by replying to this email or by calling the number above.
Worth Reading
Selections from the best articles seen online this month.
The McRib's Magic Marketing Sauce
from Inc.com
For years the McRib has periodically reappeared on menus at McDonald's, never staying in one place for too long. McDonald's uses McRib sightings as quirky promotional events, an effective marketing strategy that combines the appeal of exclusivity, scarcity and seasonality. Limited-time-only campaigns generate buzz and excitement but work only if the product is well-known and the promotion is short term.
10 Management Myths
by Gravitas Business Architects
There's risk to adopting every new bright idea or management theory that comes along. So-called best practices may actually be bad habits. Take the open-door policy. It can be a source of constant interruption and an excuse for your reports to bother you when they ought to be handling things on their own. The same can be said for open-office concepts, which tempt workers to spend time talking instead of working.
BOOK REVIEW
How to Win Friends and Influence People
Dale Carnegie's book isn't new: It was first published in 1953.
But that doesn't mean its advice is passé. Indeed, it's one of those evergreen books that smart business owners would be wise to pick up and leaf through at least once every year.
At the heart of the book is the advice that if you are interested in other people, they will be interested in you. If you take the time to listen and really understand someone, he or she will like and respect you.
This advice, of course, is critical for anyone in sales. The best salespeople know that asking questions and then shutting up is the fastest way to build rapport. And because people do business with people they like, having a good relationship with your clients and prospects will lead to more sales.
The book is golden, whatever your role in a business. Indeed, it's valuable for life in general. Who doesn't want more friends and more influence?
Wisdom
Quotes by...Ken Blanchard
Don't quack like a duck...soar like an eagle.
In the past a leader was a boss. Today's leaders must be partners with their people...they no longer can lead solely based on positional power.
Too many leaders act as if the sheep...their people...are there for the benefit of the shepherd, not that the shepherd has responsibility for the sheep.
I absolutely believe in the power of tithing and giving back. My own experience about all the blessings I've had in my life is that the more I give away, the more that comes back. That is the way life works, and that is the way energy works.
The key to successful leadership today is influence, not authority.
The productivity of a work group seems to depend on how the group members see their own goals in relation to the goals of the organization.
Ken Blanchard is the author of The One Minute Manager. |
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REAL ESTATE
4 Ways to Get the Most Out of Your Property Portfolio
With the uncertainty of global financial markets, investing for the future has never been more important. Developing a portfolio of income properties can ensure residual income for your future and that of your children. Following are tips to maximize your investment dollar and ensure sound retirement income with minimal effort:
Make Sure the Tenants Pay the Mortgage: The rental income should be high enough to cover the monthly costs but low enough to be competitive. Closely inspect the income and weigh that against the potential expenses. Taxes, mortgage, hydro, maintenance and heating costs all take away from potential profits, so it is important to balance any potential profits against the expenses.
Take Surplus Income and Pay Down the Mortgage: This investment strategy offers a plan for residual income. By paying down the mortgage you can reduce the time it takes to pay the mortgage and speed up your retirement date. Surplus income can come from a variety of sources.
Create a Reserve Fund for Unexpected Expenses: Part of your monthly income should be set aside to deal with large or unexpected expenses. Planning ahead for big-ticket items will save money down the road.
Know Your Comfort Level: Because this is part of your retirement consideration, your level of commitment needs to be measured. If you are planning to travel extensively or want a leisurely retirement existence, then a property management company may need to be part of your monthly expenses. Such companies can offer piece of mind with your retirement investment income.
MARKETING
Customers Will Adore You When You Do These Things
 Business owners can get customers to fall in love with their company - and boost their bottom line - by going the extra mile, creating a connection and giving clients a reason to return.
Many successful entrepreneurs and companies have adopted the strategy.
Take award-winning Laguna Beach interior designer Rejoy Geehan. She treats her clients like royalty from beginning to end.
From arriving to a first meeting with a small housewarming gift to following up with a thank-you card, Geehan turns a business transaction into a warm relationship.
PR titan Cerrell Associates, whose founder Joe Cerrell worked closely with former President John Fitzgerald Kennedy, draws on that connection to boost business.
Connecting a story or a heart-filled past with your present business is a sure way to create loyalty.
Getting customers to fall in love with your business or products is also about the simple things.
Netflix understands this golden rule. The company rose to the top and stayed there (at least until recently) because of the simple principle of making their service easy to use.
Netflix has a superb website, easy-to-find contact information, and a local call center so customers reach real people and not some poorly staffed overseas office.
From a small-business owner to a midsize or big business, creating loyalty is all about making your customer fall in love with your company and brand in some way.
HUMAN RESOURCES
Focus! 3 Ways to Deal With Distracted Staff
 Workplace distractions can take a costly toll when they are not managed properly.
It's important that business owners stay on top of the problem.
Following are the three biggest distractions and what business owners can do about them:
1. Personal Technology
Management shouldn't have a "no personal phone use" rule.
You don't want employees to feel like coming to work is a daily sentence. Overly strict rules also kill creativity.
Instead, encourage the use of personal technology like cell phones and social media.
Web browsing should be kept brief and to a minimum. If you notice it getting out of hand, distribute a company memo.
If an employee still doesn't adhere to management guidelines, then it's time to have a one-on-one chat.
2. Time Management
If keeping track of time is tough for your employees, especially with multiple deadlines and tasks, then suggest free time-tracking tools like ClockingIT or schedule management tools like Evernote.
3. The Chatterbox
There's always one chatterbox who's like a sinking ship that drags down other coworkers, most of whom feel awkward listening to boring tales about the chatterbox coworker’s private life.
Set up the workplace so that if an employee turns his or her head it doesn't give him or her access to a coworker.
The more employees have to go out of their way, even move their bodies away from their desks to engage in conversation, the less likely they are to indulge in gossip and unnecessary chatter.
REAL ESTATE
What If You Want to Sell an Occupied Building? Many commercial real estate agents have been faced with the unique challenge of showing potential purchasers an operating business in a commercial complex without raising the suspicions of the customers or employees.
If everyone involved knows their role ahead of time, the showing and subsequent transaction can run very smoothly.
The role of the listing agent is to communicate with the seller on a regular basis to determine the best times to show the property.
Buyers will want a sample of how the business operates on a day-to-day basis, and sellers will want to ensure that there are no interruptions.
By educating potential buyers or their agents on the predetermined showing arrangements, showings can be conducted as discreetly as possible while still showcasing the property and the business in the best light.
The role of the buyer agent is to communicate with the listing agent and schedule a showing that works for all parties involved.
Communicating the proper qualifications of the potential purchaser in advance can save time.
The buyer agent should also educate the buyer on the predetermined arrangements for showings.
Oftentimes this involves discreet visits to the property to purchase a tank of fuel, a newspaper or a meal, depending on the type of business.
The role of the seller is to work with the listing agent to allow reasonable access to the property for showings.
In many cases, the seller schedules himself or herself to work a few shifts per week, and showings will be conducted during those times.
This minimizes the risk of inciting panic among employees due to fear of losing their jobs.
Managing the employees is an integral part of the seller's showing strategy. If the goal is to retain the staff, more discretion may be required.
For relocation, staff can be informed of the sale of the property and the relocation plan. When selling a business, the seller may want to insulate staff from the sale to limit staff turnover. By discussing showing restrictions, pitfalls and issues with a real estate agent, sellers can strike a balance between access and discretion that will work for the seller, the business and the potential buyers.
The role of the buyer is to understand and appreciate the need to be discreet during showings.
He or she must avoid going back to the property unannounced and asking questions or requesting information from employees.
While it is understandable for buyers to want unfettered access to a property, the business owner requires more discretion.
There will always be a fine balance between having reasonable access to a serious buyer and protecting the integrity of the business.
Too much access for buyers can lead to anxious staff that may leave for more secure employment pastures.
It can also turn away potential customers who may question the future of the business.
This places the seller in a difficult position, jeopardizes the negotiation process and could be detrimental to the business. |
