Do Business Well

#2: WHAT IS RIGHT FOR YOUR COMPANY?

Make sure that the outcomes you define for your people are in line with your company’s current strategy. Again, this sounds like motherhood and apple pie. But with the dizzying pace of change in today’s business world, it is sometimes hard for managers to keep track.

The key distinction here is between “mission” and “strategy.” A Company’s mission should remain constant, providing meaning and focus for generations of employees. A company’s strategy is simply the most effective way to execute that mission. It should change according to the demands of the contemporary business climate. Continue Reading »

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B.Value world-class performance in every role: At strong companies every role, performed at excellence, is respected. If you want to understand the culture of a company, look first to its heroes.

• Within as many roles as possible, set up different levels of achievement. Identify specific criteria for moving up from one level to the next. Reward progress with plaques, certificates, and diplomas. Take every level seriously.

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What is yet to be determined is how well the holding companies will grapple with the challenge of integration of their services. Over the years, they have bought up a wide variety of companies in different aspects of the marketing business, but there has not been a great deal of coordination among the various disciplines. Continue Reading »

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The Road Ahead Is Curvy and Treacherous, and Good Road Maps Are in Short Supply

Advertising Agencies

Because of the extensive consolidation that has taken place in the last decade, further consolidation will take place at a slower rate in the immediate future. Part of this is a reaction to the government’s closer scrutiny of the mergers because of the Enron debacle. A pause in consolidation at this point is also good because it will give the acquirers an opportunity to digest the new properties and position them efficiently within the corporate umbrella. Continue Reading »

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A number of different providers can help you solve your email customer communications and marketing needs.

Email Marketing Service Providers

Over the past few years a new breed of company has grown up to meet the demand for complete solutions to companies‘ email marketing needs. Providers offer a wide variety of marketing services, technical capabilities, and focus. The services these companies (the three leading players are Post Communications, Message Media, and Digital Impact) provide range from customized email marketing programs and high-volume email delivery to one-off direct email campaign execution. Naturally, prices vary considerably. Most still charge based on the old direct marketing model of cost per email sent, while others have introduced new pricing models that are based on managing the customer database and optimizing the value of the client’s customer relationships. What they have in common is that they allow you to out- source all—or at least a large part—of your email marketing solution. Continue Reading »

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10. Limit the supply of protective and special clothing

A number of companies supply special clothing such as jackets, overalls, gloves and shoes, all of which have a practical use outside the factory. It is also easy for special or protective clothing to be taken from a factory or office by simply wearing the outfit and walking out through the door.

11. Monitor scrap and reject materials properly

This is a frequent and effective method for transferring high value items through the factory gate or office door. Each scrap or waste bin should be thoroughly inspected by a senior person for each department who should also insist that no item is put in the scrap or waste bin without his approval in the first place. A further check on the content of scrap bins should be made by the security staff at the gate and spot investigations should take place as necessary. Careful watch should be kept on the contents of scrap bins as they are weighed in on entering the factory premises. Scrap bins containing water show a high dead weight reading which can result in a lower tonnage of the contents being recorded when the skip is full and the water has been emptied. Continue Reading »

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Companies can increase profit either by cost reduction or by margin improvements. Margin improvement or improvement in the gross profit can be achieved either by increasing unit selling prices or by increasing sales volume (this includes the possibility of reducing unit selling prices in order to be more competitive and increase sales volume).

Selling prices are affected by supply, demand and cost conditions. All companies need to ensure that their pricing policy gives the best opportunity for maximising sales and profits.

1. Keep pace with inflation

The inflation rate is the percentage rate per period that prices are increasing and should provide a guideline to the level of price increases generally. Continue Reading »

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One of the most powerful ways to teach and communicate is through stories. And one of the best ways to engage your customers is to think of your communications as a narrative. Even the blandest material can be spiced up by giving it an engaging rhythm and making it familiar and involving. At the same time, even the most exciting information can be made boring by presenting it as a list of facts, without any personality or tension. Like a good storyteller, you have to consider how your story will engage your audience. Now I’m not proposing that you try to disguise your marketing and sales messages as gripping drama. Customers are too savvy for that and they’ll call your bluff. But you can still include a narrative thread to draw people in. An online health products retailer could, for example, includes a storyline in its email communication that features real people and the impact that health products have had on their lives. By following the lives of a cast of characters over an extended time period, readers become engaged in the story and follow it. The important thing to remember is that people like stories, remember them, and enjoy telling them to others. Continue Reading »

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Did we have to pay a lot more for this opportunity? No! We paid only for inventory at cost plus 13 percent, and were given very long terms to pay it off.

To add a related business to your current one, you should network everywhere possible within your industry and/or community. Talk to customers, suppliers, competitors, associates, and sales reps for companies that don’t currently supply you, but who might if you were to purchase the kind of business you’re seeking. Continue Reading »

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So far I’ve talked about using savings accounts and CDs to save up stacks of cash. There are lots of other investments out there— stocks, bonds, precious metals, commodities, and many more. Most of these kinds of investments don’t really work for teenagers because they require large amounts of money to get started.

There’s one nonbank investment that works just fine for teenagers—mutual funds. They don’t require lots of money to get started, and they can make your savings grow faster than a bank account. Here’s how they work.

Let’s say you have $500 to invest in something. You could buy 100 shares of a stock trading at $5 per share, but that’s putting all your eggs in one basket. If the stock does poorly, you’ll lose some or all of your investment. Not a good idea. Continue Reading »

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