============================================================
Monday Morning Motivators – November 6, 2006
============================================================
Espresso business tips are designed to "caffeinate" your mind
while your java gets you going. Subscribing and Unsubscribing at www.mondaymorningmotivators.com
"Do what you can, with what you have, where you are."
--Theodore Roosevelt
============================================================
Table of Contents
============================================================
1. Lean Business Math – Linda Fayerweather
2. Marketing Monstrosity #5 – Can the Target Afford You? - Rebecca Booth
3. Remember: P + C + E + R = Business Growth - John Meyer
4. Fine Print
============================================================
1. Lean Business Math
============================================================
Big Businesses know their numbers. These numbers are benchmarks or metrics and they are tracked to illuminate the path to business objectives. To start your own business math, get your business objections or goals in front of you (maybe 2007 needs a plan, too). Once you have your time sensitive goals, you will want to decide what to track. Most businesses track and compare their goals to Sales and Gross Profit as starters. Now, think about other things that impact your business. Here are my favorites from the “lean” world:
• Costumers time in a waiting queue,
• Time customers spend from first contact to sale completion, and
• Your waiting for supplies or internal work.
Time is the only resource we can never make and waiting is waste! Spotlighting wasted time is a first step in Lean Business Math.
Copyright 2006 Linda Fayerweather
Changing Lanes LLC
www.ChangingLanes.biz
============================================================
2. Marketing Monstrosity #5 – Can the Target Afford You?
============================================================
What’s worse than not having a target market or having a target market that’s too narrow? Why having a target market of those who can’t afford you! When was the last time you assessed affordability when it comes to marketing your business? Go back into your historical archives. Look at who’s hiring you. Look at how big that company is, as well as what their revenues and employee ratios are. Do you see a commonality between customers? Can you lump them into A, B and C groups needing different things but having some similarities? Look at the types of projects you want to sell. Who’s buying those? The worst client you could have is that guy who’s “giving their business one last shot by hiring you.”
Make sure you avoid this marketing monstrosity by:
• Knowing what types of businesses can afford you
• Identifying those businesses which have long-term potential for new and repeat sales.
Copyright 2006 Rebecca Booth
Marketing Goddess
Imagine That!
www.marketingsolutioneers.com
===========================================================
3. Remember: P + C + E + R = Business Growth
===========================================================
The four essentials to being a successful networker are participation, communication, education, and reciprocating. You need to put into action all four of these areas to get a full return on your investment in a networking organization. By participating, communicating, educating and reciprocating you will be remembered and that is the key!
Copyright 2006 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com
Monday, November 06, 2006
Monday, October 30, 2006
Non-Value-Added is always Muda
============================================================
Monday Morning Motivators – October 30, 2006
============================================================
Espresso business tips are designed to "caffeinate" your mind
while your java
gets you going. Subscribing and Unsubscribing at www.mondaymorningmotivators.com
"Perpetual optimism is a force multiplier.”
-- Colin Powell
============================================================
Table of Contents
============================================================
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
============================================================
1. Non-Value-Added is not Always Waste
============================================================
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
============================================================
2. Marketing Monstrosity #4 – Targeting a Market You Can’t Reach
============================================================
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
===========================================================
3. Flexibility Beyond the Gym
===========================================================
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
Monday Morning Motivators – October 30, 2006
============================================================
Espresso business tips are designed to "caffeinate" your mind
while your java
gets you going. Subscribing and Unsubscribing at www.mondaymorningmotivators.com
"Perpetual optimism is a force multiplier.”
-- Colin Powell
============================================================
Table of Contents
============================================================
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
============================================================
1. Non-Value-Added is not Always Waste
============================================================
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
============================================================
2. Marketing Monstrosity #4 – Targeting a Market You Can’t Reach
============================================================
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
===========================================================
3. Flexibility Beyond the Gym
===========================================================
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
Monday, October 23, 2006
Got Data? Not Much!
============================================================
Monday Morning Motivators – October 23, 2006 ============================================================
Espresso business tips are designed to "caffeinate" your mind while your java gets you going. Subscribing and Unsubscribing at www.mondaymorningmotivators.com
"Sooner or later, those who win are those who think they can.” -- Paul Tournier
============================================================
Table of Contents ============================================================
1. Got Data? Not Much. – Linda Fayerweather
2. Marketing Monstrosity #3 – Not Targeting a Niche - Rebecca Booth
3. Become a Great Storyteller - John Meyer
4. Fine Print
============================================================
1. Got Data? Not Much.
============================================================
What data do you collect on your administrative processes? If you are like many companies limited data, if any, is collected on those internal processes. For support and administrative operations, determining what data to include depends on what questions you’re trying to answer about your value stream and how you define the “product” produced by these operations.
For example, if your goal is to reduce days waiting for receivables, it would be helpful to define “invoices” as the product and identify the
• Total number of invoices issued,
• Cycle time and queue time for processing, and
• Total cycle time including collection.
From this information, you can determine where bottlenecks most likely occur and eliminate areas of waste in your “future state” process.
Copyright 2006 Linda Fayerweather
Changing Lanes LLC
www.ChangingLanes.biz
============================================================
2. Marketing Monstrosity #3 – Not Targeting a Niche Market ============================================================
If your target market is “everybody,” then your target market is really “nobody!”
Most small businesses want to sell their products to any person on the street.
The truly successful entrepreneur knows that they won’t lose money by niche-ing down. Instead, clients outside the target market are perceived as being “icing on the cake.”
You can avoid this marketing monstrosity by:
• Looking at a niche as being inclusive versus exclusive. Think of it as that cake.
• Spending the majority of your marketing dollars trying to get your niche market to recognize you, versus having you spend money willy-nilly in all sorts of publications to market to “everybody.”
• Remembering customers outside your niche are “icing on that cake.”
• Thinking specifically to receive more!
Copyright 2006 Rebecca Booth
Marketing GoddessImagine That!
http://www.marketingsolutioneers.com/
===========================================================
3. Become a Great Storyteller
===========================================================
One sure fire way to help people remember who you are and what kind of business you are looking for is to be a great storyteller. People will remember how you helped others if you tell powerful stories about the situation or circumstances. What was the problem the person had? How did you help them? What were the results?
Copyright 2006 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com/
Monday Morning Motivators – October 23, 2006 ============================================================
Espresso business tips are designed to "caffeinate" your mind while your java gets you going. Subscribing and Unsubscribing at www.mondaymorningmotivators.com
"Sooner or later, those who win are those who think they can.” -- Paul Tournier
============================================================
Table of Contents ============================================================
1. Got Data? Not Much. – Linda Fayerweather
2. Marketing Monstrosity #3 – Not Targeting a Niche - Rebecca Booth
3. Become a Great Storyteller - John Meyer
4. Fine Print
============================================================
1. Got Data? Not Much.
============================================================
What data do you collect on your administrative processes? If you are like many companies limited data, if any, is collected on those internal processes. For support and administrative operations, determining what data to include depends on what questions you’re trying to answer about your value stream and how you define the “product” produced by these operations.
For example, if your goal is to reduce days waiting for receivables, it would be helpful to define “invoices” as the product and identify the
• Total number of invoices issued,
• Cycle time and queue time for processing, and
• Total cycle time including collection.
From this information, you can determine where bottlenecks most likely occur and eliminate areas of waste in your “future state” process.
Copyright 2006 Linda Fayerweather
Changing Lanes LLC
www.ChangingLanes.biz
============================================================
2. Marketing Monstrosity #3 – Not Targeting a Niche Market ============================================================
If your target market is “everybody,” then your target market is really “nobody!”
Most small businesses want to sell their products to any person on the street.
The truly successful entrepreneur knows that they won’t lose money by niche-ing down. Instead, clients outside the target market are perceived as being “icing on the cake.”
You can avoid this marketing monstrosity by:
• Looking at a niche as being inclusive versus exclusive. Think of it as that cake.
• Spending the majority of your marketing dollars trying to get your niche market to recognize you, versus having you spend money willy-nilly in all sorts of publications to market to “everybody.”
• Remembering customers outside your niche are “icing on that cake.”
• Thinking specifically to receive more!
Copyright 2006 Rebecca Booth
Marketing GoddessImagine That!
http://www.marketingsolutioneers.com/
===========================================================
3. Become a Great Storyteller
===========================================================
One sure fire way to help people remember who you are and what kind of business you are looking for is to be a great storyteller. People will remember how you helped others if you tell powerful stories about the situation or circumstances. What was the problem the person had? How did you help them? What were the results?
Copyright 2006 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com/
Monday, October 16, 2006
Map This
============================================================
Monday Morning Motivators – October 16, 2006
============================================================
Espresso business tips are designed to "caffeinate" your mind while your java
gets you going. Subscribing and Unsubscribing at www.mondaymorningmotivators.com
"Sooner or later, those who win are those who think they can.”
-- Paul Tournier
============================================================
Table of Contents
============================================================
1. Map This – Linda Fayerweather
2. Marketing Monstrosity #2: Doing What Your Competitors Do - Rebecca Booth
3. Manage Yourself as a Resource - John Meyer
4. Fine Print
============================================================
1. Map This - Administrative “Value Streams”
============================================================
Administrative implies “office work” or to some, lots of Muda*. Achieving a lean office begins with mapping and analyzing each “value stream”. Value streams are the steps that comprise a given process from boss to co-worker to customer (internal or external). This can be challenging as often many people touch and add value to many different services and processes. Even so, it’s a vital first step to identifying the following:
* Who benefits from the work being done, and are their requirements being met?
* Are there steps in the process that don’t add value to the receiving “customer”?
* Are work tasks evenly distributed?
* Are work areas disorganized?
* Is there a continuous flow of work, or are there large ebbs and flows in work volume?
* Is there a lot of variation in how workers perform value-added tasks?
* Does material/information sit for a long time?
To get started, pick one process and identify all the steps to complete using postit® notes stuck to a flat surface. Study it; ask for input and feedback; move the tasks around; add or subtract; refine and you will end up with your first value stream map. Start small, document it and you will have a procedure that adds value and is repeatable by others.
Copyright 2006 Linda Fayerweather
Changing Lanes LLC
www.ChangingLanes.biz
*Muda = Waste
============================================================
2. Marketing Monstrosity #2 – Doing What Your Competitors Do
============================================================
While it’s important to know what your competitors are doing, you shouldn’t let it dictate the marketing strategy for your business. Let your competitor be the “low price leader” while you focus on value. Oft times, low prices leaders attract low-end, high maintenance customers. By placing your focus on value, you’ll drop those problematic clients for a client who has higher standards. People are happy to pay more for a product that has more value to them in the long run.
Avoid this marketing monstrosity by:
• Meeting an unmet need or want of your target market – one that your competitors don’t meet.
• Identifying a niche market which will give clients a reason to choose you over your competition!
Copyright 2006 Rebecca Booth
Marketing Goddess
Imagine That!
www.marketingsolutioneers.com
===========================================================
3. Manage Yourself as a Resource
===========================================================
Others won't know you are a fountain of information unless you manage yourself as one. Always be prepared to give a referral. Carry others’ business cards with you. If you can't carry business cards, have your hand-held data base with you at all times so you can at least give out a name and phone number. If someone asks you if you know a plumber and your palm-pilot is sitting on your desk, it's hard to give a name and phone number on the spot.
Copyright 2006 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com
Monday Morning Motivators – October 16, 2006
============================================================
Espresso business tips are designed to "caffeinate" your mind while your java
gets you going. Subscribing and Unsubscribing at www.mondaymorningmotivators.com
"Sooner or later, those who win are those who think they can.”
-- Paul Tournier
============================================================
Table of Contents
============================================================
1. Map This – Linda Fayerweather
2. Marketing Monstrosity #2: Doing What Your Competitors Do - Rebecca Booth
3. Manage Yourself as a Resource - John Meyer
4. Fine Print
============================================================
1. Map This - Administrative “Value Streams”
============================================================
Administrative implies “office work” or to some, lots of Muda*. Achieving a lean office begins with mapping and analyzing each “value stream”. Value streams are the steps that comprise a given process from boss to co-worker to customer (internal or external). This can be challenging as often many people touch and add value to many different services and processes. Even so, it’s a vital first step to identifying the following:
* Who benefits from the work being done, and are their requirements being met?
* Are there steps in the process that don’t add value to the receiving “customer”?
* Are work tasks evenly distributed?
* Are work areas disorganized?
* Is there a continuous flow of work, or are there large ebbs and flows in work volume?
* Is there a lot of variation in how workers perform value-added tasks?
* Does material/information sit for a long time?
To get started, pick one process and identify all the steps to complete using postit® notes stuck to a flat surface. Study it; ask for input and feedback; move the tasks around; add or subtract; refine and you will end up with your first value stream map. Start small, document it and you will have a procedure that adds value and is repeatable by others.
Copyright 2006 Linda Fayerweather
Changing Lanes LLC
www.ChangingLanes.biz
*Muda = Waste
============================================================
2. Marketing Monstrosity #2 – Doing What Your Competitors Do
============================================================
While it’s important to know what your competitors are doing, you shouldn’t let it dictate the marketing strategy for your business. Let your competitor be the “low price leader” while you focus on value. Oft times, low prices leaders attract low-end, high maintenance customers. By placing your focus on value, you’ll drop those problematic clients for a client who has higher standards. People are happy to pay more for a product that has more value to them in the long run.
Avoid this marketing monstrosity by:
• Meeting an unmet need or want of your target market – one that your competitors don’t meet.
• Identifying a niche market which will give clients a reason to choose you over your competition!
Copyright 2006 Rebecca Booth
Marketing Goddess
Imagine That!
www.marketingsolutioneers.com
===========================================================
3. Manage Yourself as a Resource
===========================================================
Others won't know you are a fountain of information unless you manage yourself as one. Always be prepared to give a referral. Carry others’ business cards with you. If you can't carry business cards, have your hand-held data base with you at all times so you can at least give out a name and phone number. If someone asks you if you know a plumber and your palm-pilot is sitting on your desk, it's hard to give a name and phone number on the spot.
Copyright 2006 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com
Subscribe to:
Posts (Atom)