Delegating Effectively
July 31, 2009
Delegating Effectively
by: Terence Traut
Abstract: Delegation is art and science. Effective leaders know when and how to delegate in order to 1) get more done and 2) develop people. This article provides tips for effective delegation.
As a project leader, manager, or business owner, you may suffer from a fatal disease - one that can suck the very life force from not only you but from everyone and everything around you. The disease is called delegitis and its symptoms include:
Feeling overwhelmed not just by the amount of work but also by the broad range of work that you need to do.
The nagging suspicion that people around you - your employees and staff - are not as competent as you always thought.
The increasing sense of responsibility with the knowledge that there’s no one who can do the work as good as you and as fast as you.
The meltdown that occurs when you DO count on others and things go south.
If you’ve ever experienced these symptoms, you may have delegitis. In its final stages, it can devastate a team or company. In this article, we’ll talk about the causes (delegitis is actually spread from monkey bites!) and the cures.
Real Estate Success
July 30, 2009
Real Estate Success
by: Steve Gillman
Real estate success? It happens by way of the many things you repeatedly do right, and it is your habits that ensure they get done. Here are some habits to develop for your real estate investing success.
Ask for people’s names, and tell them yours. People are your most valuable resource in real estate investing. The more you know, the more likely you are to find good properties, or buyers for your good properties. Get to know the right people too. Start with a real estate agent that gets many listings of the type you are interested in. Wouldn’t it be nice if he called you first?
Think numbers. Think people first, but know the relevant numbers. Ideally, when you look at a rental property, for example, you should be thinking about the income, the expenses, and the cap rate. You should be imagining how certain changes would allow you to raise the income, and what that would do to the value. Having a “feeling” about a property, and ignoring the numbers, gets investors into trouble.
Buying Mutual Funds
July 29, 2009
It looks like the market is ready to start up again so it is time to buy mutual funds, but you only want to invest your money in funds that go up. First, you don’t want to start with a loss so be sure to purchase no-load mutual funds. There is no need to ever pay commissions as there are several thousand funds that have no commission whatsoever for either buying or selling.
If you talk with a broker he will try to confuse you that a commission fund is better than a no-load fund. He is lying. Find another broker. Also don’t pay any attention to who the fund manager is. All big name fund managers have cold periods when their funds go down.
Another thing the “experts” tell you is look at the expense ratios. Nonsense again. Whether it is 1%, 2% or 3% the only thing you are concerned with is is it going up because that is the net figure for your bank account. If you buy a fund at $20/share and it goes to $40/share do you care if the expense ratio is 10%? (It won’t be.) The only thing that counts is the bottom line.
The Worst Real Estate Investment Strategy Ever!
July 28, 2009
The Worst Real Estate Investment Strategy Ever!
by: David Schneider
It’s true, You can make a lot of money by investing in real estate. Yet, many investors are not. And when you look at their real estate investment strategy, it’s no surprise.
The problem is that they have been brainwashed by the so called real estate investment gurus. You know the ones that I am talking about. The ones that tell you that for a few of your hard earned dollars they will teach you all their ultimate short-cut secrets to successfully making millions.
They will tell you that you don’t need a job, money or credit. All you need to do is pay them and they will show you the exact way to invest in real estate. Do what they say, follow their real estate investment strategy and your life will changed forever.
Well I have some bad news for you. In most cases, it’s the worst real estate investment strategy you could ever follow.
Business Necessity - Communication
July 28, 2009
Business Necessity - Communication
by: Belver Ladson
A Business Necessity - Communication
This business necessity is often something we tend to NOT think about since we feel
it’s something that is always there. What is this necessity? Communication.
Communication happens every day. We talk to people. They talk to us. We read
letters that come in the mail. We send information via the computer to friends and
family all over the world. Communication is everywhere.
When it comes to a business, communication (or the lack of it) can mean the
difference between a thriving business with good customer relations or a business
that continually has problems since customers can’t get in touch with you to order
products, to handle problems AND receive good reports.
So, here are some of the inexpensive ways to keep in touch with your customers
and have them keep in touch with you!
This is one of the basic necessities of running a business online. You should have
one basic e-mail address (maybe support@yourbusiness.com) or specialized
Achieving Business Wellness in 2006
July 27, 2009
Achieving Business Wellness in 2006
by: Monte Zwang
The beginning of a new year is a time when many of us make resolutions, some resolutions are intended to improve aspects of our personal life and some are professional life-based resolutions to achieve certain goals. Among the personal and professional resolutions you may be making, consider a resolution to improve the health of your business.
Business wellness is just like personal wellness, when your body, mind and spirit work together to maintain complete health; likewise, business wellness happens when all elements of your business including income, receivables, cash flow, debt and taxes are working together to keep your business at optimum health so you can sustain growth and profitability. And, just as the best way to maintain personal health and wellness is to exercise, eat well and take time to relax, there are keys to planning for and maintaining business wellness. Two important planning tools to maintaining business wellness are a financial snapshot and a business roadmap.
Financial Snapshot
Successful Business Relationships
July 26, 2009
Successful Business Relationships
by: Terence Traut
Successful business relationships are based on Value, Competence, Trust, and Propriety.
Value
Value: The customer’s perception of your worth, excellence, usefulness, or importance. Value addresses the customer’s question, What can this person or company do for me?
Value can be articulated by explicitly answering these questions throughout the sales cycle:
How much? (what the customer can expect to gain by doing business with you in increased sales, lower costs, etc.)
How soon? (when the customer will be able to receive the value)
How sure? (proof that the customer will in fact attain the value stated)
Provide norms for the customer so that there is little question of what the customer can expect from you: We have a track record of providing a 15% cost savings and 90% product availability within 2 days of order.
What are norms that your customers can expect you to live up to?
Remember, it is YOUR job to tell your customers what value they can expect customers shouldn’t have to work to figure out the value themselves. If you don’t explicitly quantify the value your customer can expect to receive and your competition may be doing this work for your customer who is going to win the sale?
Reasons Why We Judge
July 25, 2009
Reasons Why We Judge
by: Alicia Smith
Judgment is the process of forming an opinion of something by making a comparison. While judgment can play an important role in decisions we must make to live productively, sometimes the thoughts we hold are what prevent us from having what we most desire.
Judgments are based on thoughts we hold about people and things. These thoughts are the filters through which we view our world. The limiting beliefs that we hold about ourselves, about what we can or cannot do, are judgments.
Judgments can be a tool that causes separation between people rather than bringing them together. Judgments play a significant role when it comes to marketing our business as well. How do judgments of yourself, clients, colleagues, and strategic partners get in the way of your success? Before we can understand that, it’s important to understand the underpinnings of why we judge in the first place.
1. We don’t know how to love. It was Mother Teresa who said, If you judge people, you have no time to love them. No two things can occupy the same space at the same time. If you hold judgment in your thoughts, then there is no space or place for anything else.
The Cost of Green Eggs and Ham
July 24, 2009
Young readers know that March 4th is the birthday of Dr. Seuss. Many parents trip their tongues over Seuss stories like “Green Eggs and Ham”. “Do you like green eggs and ham?/I do not like them, Sam-I-am./I do not like green eggs and ham”.
Our son wields a wild spatula when making his April Fool’s Day green eggs and ham. Sometimes his culinary skills warrant a cost per item analysis the same way the U.S. Department of Labor reports the Consumer Price Index (CPI).
CPI reports tell us what a “basket of goods and services” costs using a benchmark dating from 1982-1984 Importantly, the CPI becomes one of many components within inflation measurement models. The CPI “basket of goods” leaves out green eggs and ham, however, it includes breakfast cereal, milk, coffee, chicken, wine, full service meals and snacks. CPI reports account for 7 or 8 categories of goods and services in the U.S. economy. If you recall Psychology 101, each category coincides with Abraham Maslow’s basic or physiological “Hierarchy of Needs”.
Training in Tough Times
July 23, 2009
Training in Tough Times
by: Terence Traut
Support functions like training often are the first to feel the impact of difficult times. Ironically, the crunch comes at a time when many businesses may benefit from their services.
Let me be clear at the outset, during lean times especially, employees should be focused on business activities that directly impact sales, service, generating revenue activities. Many training-related efforts that don’t directly support these activities SHOULD be curtailed or eliminated (in fact, a strong case can be made to eliminate these efforts in GOOD times as well!)
In lean times, training professionals should immediately call out their business-based performance consulting techniques. Roll up your sleeves and let’s get dirty!
As a performance consultant, you become a critical link between the employee and management. By talking to and observing both, you will be able to identify things impacting performance. These usually are:
Clear expectations, feedback against those expectations Defines what the work is.
Resources, tools, information, or access when needed Things needed to do the work.
Work design How the work is performed.
