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Monday Morning Motivators – October 30, 2006
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Espresso business tips are designed to "caffeinate" your mind
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"Perpetual optimism is a force multiplier.”
-- Colin Powell
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Table of Contents
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1. Non-Value-Added is not Always Waste – Linda Fayerweather
2. Marketing Monstrosity #4 – Targeting the Unreachable - Rebecca Booth
3. Flexibility Beyond the Gym
- John Meyer
4. Fine Print
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1. Non-Value-Added is not Always Waste
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Lean is about eliminating waste or the errors and inefficiencies that impact costs, quality, customer satisfaction, and delays. All activities within a value stream must be in one of the following three categories:
• Value-added. Adding value or worth to the product or service.
• Non-value-added. Work that may not directly add value to the customer and is currently required for business or regulatory reasons.
• Waste. Non-value-creating work that can be eliminated immediately.
This is not as simple as it seems. At first glance, all support and administrative activities may appear to be non value-added. The challenge becomes deciding the difference between the non-value-added work and waste.
Copyright 2006 Linda Fayerweather
Changing Lanes LLC
www.ChangingLanes.biz
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2. Marketing Monstrosity #4 – Targeting a Market You Can’t Reach
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A lot of financial advisors fall prey to not “thinking outside the box” when it comes time to create a target market. The vast majority only wants to get referrals from doctors, lawyers and CPAs. In the Toledo marketplace alone, there are over 3600 financial services people, but only 1437 doctors, lawyers and CPAs. So they’re trying to reach a market that they can’t reach because there’s too much competition. One financial advisor in town is ubersmart when it comes to target markets. Her market: employers who are willing to have her visit with their employees to talk about saving for retirement.
Avoid this marketing monstrosity by:
• Knowing how much competition you have in the marketplace.
• Identify characteristics of potential buyers by creating a detailed customer profile. What do these people have in common? What are their needs, wants, desires?
Copyright 2006 Rebecca Booth
Marketing Goddess
Imagine That!
www.marketingsolutioneers.com
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3. Flexibility Beyond the Gym
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Being flexible and adaptable are essential elements for survival and progress.
Never close your mind to learning new ideas and methods of doing something. Just because you have always done something one way, doesn't necessarily mean that it is the best way. Once you have named your limitations, they are now yours! If you remain open-minded and flexible to others suggestions, you will grow and prosper through their knowledge.
Copyright 2006 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com
