Solve the Problem . . . Systematically
A hose is a delivery system and even as a wonderful garden tool, it does have its problems. Hoses kink, twist and become knotted and if like me, you actually purchased a new fangled "non-kinking" hose, alas, it too will kink when you least expect it. In the end if it has no leaks, it delivers the water. When you find solving a problem is a twisted knotted mess, take a deep breath and try this 7-Step Problem-Solving Model for serious problems.
-------------------------copy, print & keep--------
1. Describe the Problem
2. Describe the Current Process
3. Identify Root Causes
4. Develop a Solution and Action Plan
5. Implement the Solution
6. Review and Evaluate the Results
7. Reflect and Act on Learnings
-------------------------------------------------------------
When faced with a problem from a unique employee or a failed process, often we miss steps 1, 2, 3 and go directly to number 4 and forget that implementing the solution must be followed by evaluation and reflection to maximize success. At least I have the winter to contemplate the root cause of my garden hose dilemma.
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
How You Treat People in Public . . .
How you treat people in public will ultimately determine your referral success. My business partner, Bob Burg, has taught me an important rule; "All things being equal people will do business with, and refer business to, those people they know, like, and trust." So what's that have to do with the way you treat people in public? Everything! I've heard many clients tell me "We've got customer service down pat!" or "We put "U" in customer service." only to fall flat on their face when it comes to simple etiquette.
• How do you interact with others around you when you're serving a customer?
• How do you communicate to your employees while clients are within hearing?
• How do you treat unexpected visitors - or salespeople - when you're busy?
Don't be too quick to dismiss any of those questions because your clients aren't!
One of the rule's qualifiers, trust, actually has a double meaning. Of course your clients and customers have to trust what you say and what you provide otherwise they wouldn't be doing business with you. But here's the real meaning. If you want people to refer business to you they have to be able to trust that you'll treat their referrals as well - or better - than you do them. Perception is reality. Treat your employees, your family, or even the unannounced salesperson, with same respect you'd give your best customer and they all will keep coming back. And they'll bring their friends and peers.
Copyright 2010 Todd Pillars. Todd teaches business owners and sales professionals how to generate virtually endless referrals, easier and faster than they ever thought possible. Contact him today at 419-855-2273 or toddpillars@burgintl.com. You can also find out more information about his Endless Referrals Workshops at http://www.burgintl.com/toddpillars.
Monday, October 11, 2010
Monday, October 04, 2010
Capture and Taxes
Capture That Thought
What is your capture tool? Is it your PDA, your notebook, your laptop or maybe a little of each? The purpose of a capture tool is to catch and retain all that comes in each day. This takes those thoughts out of your mind and puts them all in the same place to retrieve later. This capture tool should be designed to help you be more productive by staying with the "do-nows" and not being dragged into the "not-doing-now" or "never-doing-now" world of work.
Step 1 - Capture: Deciding on how you want to capture information may require redesigning some of the things you are doing. Oh, yes, what works for me may not work for you. The key to a good capture tool according the Brian Stuhlmuller from "Mission Control" is having it with you at all times. So unless you sit in an office all day, the three most popular for those that roam around are a PDA, a microcassette recorder or a 3 "X 5" spiral notebook.
Step 2 - Save for retrieval: Now, when you return to your office, you need to decide what will you do with this information. A PDA should nicely sync with your personal information manager system (like Outlook). If it doesn't, find out how to make it. This is important if anyone other than you needs to see your calendar. With any handwritten notes you will either file them or scan and digitally file. Think of the final resting place for information as a process that you always will follow.
If all this sounds like too much work, think about the last time you lost that piece of paper . . . how much time did you spend tearing your office apart trying to find it?? A capture tool and process will mean Ben Franklin was right when he said "A place for everything, everything in its place". He was Lean before it was cool!
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
Investments and Taxes
If you buy mutual funds in your taxable portfolio (meaning outside your IRAs or retirement plan), here's a timely warning for avoiding an ugly year-end tax trap.
Mutual funds -- especially stock funds -- generally pay two types of dividends at the end of the year:
• "Income" dividends consist of income earned by the fund's portfolio - bond interest, stock dividends, etc. These are generally taxed as ordinary income whether you take them in cash or reinvest them in new shares. (However, income from "qualified corporate dividends" is taxed at special lower rates and capped at 15%; Treasury income is free from state income tax; and municipal bond income is free from federal and most state tax.)
• "Capital gain" dividends are profits from sales of fund assets. These are generally taxed as long-term capital gains, regardless of how long you own the shares. They're taxed when distributed whether you take them in cash or reinvest them.
Paying tax on income you earn is bad enough. But paying tax on income you don't really get is worse!
How can that happen?
In today's market, you may be thinking of taking cash off the sideline and putting it back in the market. If you do that before the fund you buy pays its dividends, you'll get stuck paying the tax on that dividend -- even though you haven't really "earned" the income or capital gain that you're paying tax on!
If you're looking to invest now, find out whether the fund you like is anticipating substantial dividends. A little homework here can save a lot of tax down the road.
You might also consider index funds or exchange-traded funds, which passively track indices like the S&P 500. These funds avoid the frequent sales that rack up taxable gains. That's because they generally sell only when they need to redeem shares, or when the underlying index itself changes.
What's the bottom line? If you're looking to shuffle your portfolio, pay attention to taxes. You don't control whether markets go up or down. But you do enjoy a surprising amount of control over the taxes you pay. Take advantage of that control whenever you can to turbocharge your investment performance.
Remember, it's what you keep that counts!
Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
What is your capture tool? Is it your PDA, your notebook, your laptop or maybe a little of each? The purpose of a capture tool is to catch and retain all that comes in each day. This takes those thoughts out of your mind and puts them all in the same place to retrieve later. This capture tool should be designed to help you be more productive by staying with the "do-nows" and not being dragged into the "not-doing-now" or "never-doing-now" world of work.
Step 1 - Capture: Deciding on how you want to capture information may require redesigning some of the things you are doing. Oh, yes, what works for me may not work for you. The key to a good capture tool according the Brian Stuhlmuller from "Mission Control" is having it with you at all times. So unless you sit in an office all day, the three most popular for those that roam around are a PDA, a microcassette recorder or a 3 "X 5" spiral notebook.
Step 2 - Save for retrieval: Now, when you return to your office, you need to decide what will you do with this information. A PDA should nicely sync with your personal information manager system (like Outlook). If it doesn't, find out how to make it. This is important if anyone other than you needs to see your calendar. With any handwritten notes you will either file them or scan and digitally file. Think of the final resting place for information as a process that you always will follow.
If all this sounds like too much work, think about the last time you lost that piece of paper . . . how much time did you spend tearing your office apart trying to find it?? A capture tool and process will mean Ben Franklin was right when he said "A place for everything, everything in its place". He was Lean before it was cool!
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
Investments and Taxes
If you buy mutual funds in your taxable portfolio (meaning outside your IRAs or retirement plan), here's a timely warning for avoiding an ugly year-end tax trap.
Mutual funds -- especially stock funds -- generally pay two types of dividends at the end of the year:
• "Income" dividends consist of income earned by the fund's portfolio - bond interest, stock dividends, etc. These are generally taxed as ordinary income whether you take them in cash or reinvest them in new shares. (However, income from "qualified corporate dividends" is taxed at special lower rates and capped at 15%; Treasury income is free from state income tax; and municipal bond income is free from federal and most state tax.)
• "Capital gain" dividends are profits from sales of fund assets. These are generally taxed as long-term capital gains, regardless of how long you own the shares. They're taxed when distributed whether you take them in cash or reinvest them.
Paying tax on income you earn is bad enough. But paying tax on income you don't really get is worse!
How can that happen?
In today's market, you may be thinking of taking cash off the sideline and putting it back in the market. If you do that before the fund you buy pays its dividends, you'll get stuck paying the tax on that dividend -- even though you haven't really "earned" the income or capital gain that you're paying tax on!
If you're looking to invest now, find out whether the fund you like is anticipating substantial dividends. A little homework here can save a lot of tax down the road.
You might also consider index funds or exchange-traded funds, which passively track indices like the S&P 500. These funds avoid the frequent sales that rack up taxable gains. That's because they generally sell only when they need to redeem shares, or when the underlying index itself changes.
What's the bottom line? If you're looking to shuffle your portfolio, pay attention to taxes. You don't control whether markets go up or down. But you do enjoy a surprising amount of control over the taxes you pay. Take advantage of that control whenever you can to turbocharge your investment performance.
Remember, it's what you keep that counts!
Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
Monday, September 27, 2010
Acknowledge Distractions
Drive Your Goals
Get in the driver's seat with your goals and pick what you will achieve by year end. Usually distraction is not one of the "must do" goals listed, but it certainly appears like the new fangled digital billboards where brightness and movement distract our eyes from the road.
Acknowledging distractions sometimes leads to better plans and more powerful commitments to achieve them.
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
Focus Creates Consciousness in Business
Pay attention! How many times did you hear that when you were growing up? As adults, we still hear it as we are bombarded throughout our day with many messages, projects, people and frankly, our own mind and emotions that are vying for our attention. Instead of being overwhelmed by these distractions, we can use them to help develop and focus our power of attention.
3.When eating, focus your mind on your food, savor it, chew it slowly and enjoy the experience.
http://www.outsmartweight.com/
http://www.momsoutsmartingobesity.com/
http://www.choosesuccessbook.com/
419-344-6613
Get in the driver's seat with your goals and pick what you will achieve by year end. Usually distraction is not one of the "must do" goals listed, but it certainly appears like the new fangled digital billboards where brightness and movement distract our eyes from the road.
The distraction of a new task surfacing during the day just needs to be "checked-in" with these questions:
- Does it help you achieved your goals?
- Will it keep you aligned with your vision and mission?
- Does it represent a survival, safety or health issue?
If you answer "yes" to all of the above - get busy, make a plan, or maybe delegate the plan, then target to celebrate when it is completed.
If you only said "yes" to the survival, safety or health issue, this is critical and needs immediate attention. Remember, the vast majority of disasters are controllable and preventable. Think of this plan as purchasing "insurance".
Acknowledging distractions sometimes leads to better plans and more powerful commitments to achieve them.
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
Focus Creates Consciousness in Business
Pay attention! How many times did you hear that when you were growing up? As adults, we still hear it as we are bombarded throughout our day with many messages, projects, people and frankly, our own mind and emotions that are vying for our attention. Instead of being overwhelmed by these distractions, we can use them to help develop and focus our power of attention.
To be successful in our lives and businesses, we need to become conscious in order to embrace our unconscious and focus our mind. That means we choose to be mindful of what we are doing and consciously notice when our mind is drifting off from the present moment. When we do this, everything will be done better, more efficiently and even faster. As our power of focus gets stronger, thoughts begin to lose their ability to distract and we find that we can experience more joy in the moment.
Here are some things we can do daily to develop our skills:
1.While working, focus your mind on what you are doing and if something else enters your mind, just acknowledge it and then bring yourself immediately back to the task.
2.If you notice that you are having a difficult time focusing, just spend a few moments doing deep breathing.3.When eating, focus your mind on your food, savor it, chew it slowly and enjoy the experience.
Enjoy practicing, even a few minutes throughout the day, will do wonders for your power of attention.
Pat Altvater
Transforming Bodies and Mindshttp://www.outsmartweight.com/
http://www.momsoutsmartingobesity.com/
http://www.choosesuccessbook.com/
419-344-6613
Monday, September 20, 2010
Price Check
Price Check
Before you cut your price or offer a substantial coupon, take some time to do a little research. You might want to start with some history -- of the airlines. SouthWest built their business model on being the lowest priced airline and actually changed air travel. Most people now shop airline tickets on price. When your customer shops price, your business becomes a commodity - just like a bushel of corn.
Prior to a implementing a strategic pricing decision, make sure you can answer these questions:
1. Do you know how much money you make on each sale? If you sale a widget for $100 and it costs $50 to make it, you will have $50 left to cover other expenses and profit.
2. Do you have other costs that are always there? These fixed costs are the rent, people, advertising and day to day operating expenses. You will want to know this "contribution margin" or percentage (on average) of overhead needed to support each sale. If your contribution margin is 34%, then in the above example $34 will be your additional cost. Potential profit is now $16 (on average).
3. Do you need to pay to get business in the door? If you are a convenience store, you usually don't have to pay someone to bring you business, but many businesses both offline and online pay commissions and referral fees for leads and referrals that produce sales. So, if a 8% commission or finder's fee is paid in our example that would reduce potential profit to $8.
Let's say your business wants to cut prices or offer a coupon for 10%!
Your price would become $90;
Cost would remain $50;
Overhead would remain $34; and the
Commission would become $6.30.
Your potential profit is now $90 - $50 - $34 - $6.30 = ($.30). Just like that we went from a profit to a loss of $.30 on each sale.
Cutting prices and offering coupons needs to be carefully studied to make sure it fits your business's long term health.
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
One Page Business Planning Classes are forming - available from your desk! Check out the coupon below. Oh, yes - coaching is included!
Great Referrals are NO Accident - Part 3
Network With a Net
Referral networking is a lot like catching fish by casting a net. Each fish comes to the net by a different path--each has a unique "story" that is not repeated. You don't focus on a particular fish and then try to get it to come to the net--in fact, you probably don't even see the fish until you pull in the net. Instead, you focus on the action of setting the net. You know that if you set your net correctly and consistently, fish will eventually come, no matter what path they take to get there.
The same is true for getting referrals. You don't have to worry about how a specific referral got to you because you understand the process of setting your net.
And the best part is your net can be working for you all the time. You don't have to be there whenever someone you know runs into someone else who could use your services--this means you can be "fishing" in many different ponds simultaneously and reaping tons of new business. This is especially true when you've become a referral gatekeeper and begin to get referrals not only from your own network of contacts but from the networks of others as well.
When it comes to networking, there is no coincidence about referrals. They are the inevitable cumulative result of the day-to-day activities of relationship-building. And even though those efforts can't be measured as easily as cold calls, the results are far more powerful.
Paula Frazier
Referral Marketing Expert & Master Trainer
Referral Institute
540-793-0622
http://referralinstitute-va.com/
"Helping people create Referrals For Life®"
Before you cut your price or offer a substantial coupon, take some time to do a little research. You might want to start with some history -- of the airlines. SouthWest built their business model on being the lowest priced airline and actually changed air travel. Most people now shop airline tickets on price. When your customer shops price, your business becomes a commodity - just like a bushel of corn.
Prior to a implementing a strategic pricing decision, make sure you can answer these questions:
1. Do you know how much money you make on each sale? If you sale a widget for $100 and it costs $50 to make it, you will have $50 left to cover other expenses and profit.
2. Do you have other costs that are always there? These fixed costs are the rent, people, advertising and day to day operating expenses. You will want to know this "contribution margin" or percentage (on average) of overhead needed to support each sale. If your contribution margin is 34%, then in the above example $34 will be your additional cost. Potential profit is now $16 (on average).
3. Do you need to pay to get business in the door? If you are a convenience store, you usually don't have to pay someone to bring you business, but many businesses both offline and online pay commissions and referral fees for leads and referrals that produce sales. So, if a 8% commission or finder's fee is paid in our example that would reduce potential profit to $8.
Let's say your business wants to cut prices or offer a coupon for 10%!
Your price would become $90;
Cost would remain $50;
Overhead would remain $34; and the
Commission would become $6.30.
Your potential profit is now $90 - $50 - $34 - $6.30 = ($.30). Just like that we went from a profit to a loss of $.30 on each sale.
Cutting prices and offering coupons needs to be carefully studied to make sure it fits your business's long term health.
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
One Page Business Planning Classes are forming - available from your desk! Check out the coupon below. Oh, yes - coaching is included!
Great Referrals are NO Accident - Part 3
Network With a Net
Referral networking is a lot like catching fish by casting a net. Each fish comes to the net by a different path--each has a unique "story" that is not repeated. You don't focus on a particular fish and then try to get it to come to the net--in fact, you probably don't even see the fish until you pull in the net. Instead, you focus on the action of setting the net. You know that if you set your net correctly and consistently, fish will eventually come, no matter what path they take to get there.
The same is true for getting referrals. You don't have to worry about how a specific referral got to you because you understand the process of setting your net.
And the best part is your net can be working for you all the time. You don't have to be there whenever someone you know runs into someone else who could use your services--this means you can be "fishing" in many different ponds simultaneously and reaping tons of new business. This is especially true when you've become a referral gatekeeper and begin to get referrals not only from your own network of contacts but from the networks of others as well.
When it comes to networking, there is no coincidence about referrals. They are the inevitable cumulative result of the day-to-day activities of relationship-building. And even though those efforts can't be measured as easily as cold calls, the results are far more powerful.
Paula Frazier
Referral Marketing Expert & Master Trainer
Referral Institute
540-793-0622
http://referralinstitute-va.com/
"Helping people create Referrals For Life®"
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