============================================================
Monday Morning Motivators – March 6, 2006
============================================================
Espresso business tips are designed to "caffeinate" your mind while your java
gets you going. Subscribing and Unsubscribing at http://www.mondaymorningmotivators.com/
"Waste is worse than loss. The time is coming when every person who lays claim to ability will keep the question of waste before him constantly. The scope of thrift is limitless.”
-- Thomas A. Edison
============================================================
Table of Contents
============================================================
1. Lean: Eliminating Waste – Linda Fayerweather
2. Question #1 – What Market are You in? – Rebecca Booth
3. For Great Referrals, Work your Way to the Top – John Meyer
4. To Do This Week
5. Fine Print
============================================================
1. Lean: Eliminating Waste
============================================================
Waste silently steals profit; often while everyone is watching. Three pervasive forms of waste are: Overproduction – Waiting – Defects.
Overproduction is simply making or supplying too much stuff. There is a fine line between anticipating customer need and producing before the need is identified.
Waiting or queuing is inactivity in production leading to excess inventory or disappointed customers. Waiting in service businesses often leads to lose of customers.
Defects need no explanation. I don’t want them and neither do you. Defects are not just limited to what you sell but also are hiding like gremlins in internal processes.
Eliminate waste and you will increase profit. It’s really very simple.
Copyright 2006 Linda Fayerweather
Changing Lanes LLC
http://www.changinglanes.biz/
============================================================
2. Question #1 – What Market are You in and Who’s your Competition?
============================================================
Here’s a novel idea: If you try to sell something that people don’t want, they won’t buy it. A profitable market consists of people who have wants that are unmet. To get a better understanding of your market (and your place in it) ask yourself:
• Are there segments in my market that are underserved?
• Are such segments big enough to sustain an income?
• How much market share do I need to capture to break even?
• What’s the competition like? It is too competitive?
• Where are my competitors weak? How can I capitalize on that weakness?
• Will my market want or value my unique product or service?
Remember greater profits lie in markets that are underserved. Turn your business upside down by thinking creatively about your product/service offerings!
Copyright 2006 Rebecca Booth
Marketing Diva
Imagine That!
http://www.marketingsolutioneers.com/
===========================================================
3. Discounts Can Get You Referrals
===========================================================
Offer a special price or service to the members of your networks. If you can get the members to use you, they are much more likely to refer you. You can also empower your network members to refer you by allowing them to give a discount to their referrals – they’ll be a hero and your have a customer.
Copyright 2006 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com/
============================================================
4. To Do This Week
============================================================
Did you get wireless internet? Is it secure? According to the New York Times, only 30% are secure.
