Archive for the ‘Business Tips’ Category

How to Become an Expert in Front of a Banker

Monday, November 16th, 2009

One of the most vital items in my problem-solving approach is to become an expert. By that I mean, to learn about your own needs and wants, the problem itself, and the needs and wants of any other parties involved.

The obvious importance of knowledge is that it can give you the secret to solving a problem. If you’re approaching a banker for a loan you could either fill out the application blindly, or you could first try to become an expert. What are the characteristics of loan applications that the banker has, in the past, accepted and rejected? How can you craft your application so it looks like those successful applications? What are the banker’s needs in the process?

Sure, you could wing it, hope for the best, and if you’re rejected, work at turning the no into a yes. That’s what most people do. Some luck out in the first instance. Others are able to turn a rejection around, either on their own or with my help. However, your odds of success will be much better if you first do your homework. If you find out that in order to get a $25,000 unsecured business line of credit you need to show a profit of at least $100,000 a year for three consecutive years, you’ve learned the secret to overcoming your problem.

Become an expert on your problems and you’ll rarely, if ever, get rejected.

Knowledge has another, less obvious, benefit: it can boost your confidence. Most fear comes from the unknown. When you don’t know what an experience, situation, or person is like, your imagination takes over. More often than not, your psyche plays out worst- rather than best-case scenarios. I suppose it’s a form of mental self-defense: prepare for the worst. However, it also leads to an almost automatic anxiety and fear of the unknown. You can eliminate this fear by gaining knowledge, by making the unknown, known.

If you’re fearful of your meeting with the banker, gather some information about him. What does he look like? Has anyone you’re friendly with dealt with him? Does he belong to any civic organizations or clubs? Is he a gourmet cook? In the course of your investigations you may stumble across some essential information. Then again, you may only learn some trivial facts. In either case you’ll have helped yourself turn a no into a yes. Anything you learn about the banker will make you feel more secure and poised at your meeting. Even if all you can uncover is a picture of the banker that will help. Your knowledge of his appearance will let you walk right over to him when you enter the bank. Since you’ll already have “met,” you’ll feel more comfortable and confident when you first shake his hand. And that comfort and confidence will come across, making you a better advocate for your cause.

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How to Estimate if Outsourcing Costs More Than In-House Work

Monday, February 23rd, 2009

If you’ve done the research and have found that it will cost you more to outsource than to do the work in house then you’ve uncovered a real problem. If, on the other hand, you’re just assuming it would cost more, this is a presenting problem. You’re actually just afraid of delegating the authority.

If you’ve done your research this is a rational problem. After all, one reason for outsourcing is to save money. If, however, you’re just making an assumption, this is an emotional problem. Get some specifics. How much will it cost? How much more is that than what you’re paying now?

Double-check your numbers. Make sure you’ve accurately estimated your current costs. If necessary, have your accountant do the calculations. Next, look for more outsourcing firms. Perhaps you’ve only gotten bids from the most expensive players in the market. Leave no stone unturned. At this point your goal is simply to find out what the market rate is for the service.

If it appears that no outsourcing firm will offer direct cost savings, determine whether the firm’s more efficient operations will offer indirect savings, not just in dollars but in freeing up personnel schedules.

It’s the outsourcing firm’s job to get you to trust them. If you’ve thoroughly investigated the issue and have found that no outsourcing firm can do the work for the same as or less than you’re currently paying, or create any cost savings or labor savings through efficiency, keep the function in house. Don’t outsource a function simply because it’s the trendy thing to do.

If you find that the firm you’d like to take on the task is charging more than you’re paying now, and that their fee is above the market value, ask them to reconsider their bid. Offer up your research and note that you’d love for them to do the work, but you can’t justify their retention in light of the facts you’ve uncovered.

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Going the Extra Mile to Business Success

Saturday, January 17th, 2009

You can’t fail when you give more than a hundred percent. In whatever endeavour you do, always give more than 100 percent. You’ll find that whenever you do this, your rewards will always be far larger than the additional effort you expended. Some folks refer to this success idea as going the additional mile.

What it implies is you need to give folk more than they expect. If you’re working in your business and need to see it grow, the most certain way to attain it is by giving more. Customers are impressed when they discover an enterprise that is leading edge and gives them more than what they were expecting. Look for better and more efficient paths to do things. For instance, make it simple to order from your internet site. Do not be fearful of giving info freely.

This is a critical step in building credibility and trust in business circles. A free report or a sample (or extract) from your info product is going to enable your future customer to establish whether what you are supplying is what they are hunting for. This also promotes the perception of getting more than what was paid for. In a number of cases, I have bought products on the net as the free bonuses interested me more than the main product.

Make sure that your product delivery is fast and efficient. Follow up two days later to guarantee they received their products without problems. If they have issues, resolve them immediately and supply a further bonus to compensate for their inconvenience. If your product should be shipped, provide your consumer with alternative shipping techniques. Your client can then choose how fast their order is to be delivered and they can pay for the speedier choices. Again, follow up to guarantee they received their order on time and without issues. Go the additional mile with purchaser complains. This is a brilliant chance to turn an unhappy buyer into a lifelong fan of your business.

Thank the consumer for making you conscious of them. You may be certain that if one purchaser has had an issue, then others have also had a similar issue too. For those working without delay with patrons, always give them more than they are expecting and you’ll win more sales. Often, just giving a large, warm grin and polite attention to the customers’ wants are all that’s needed. Take the time to pinpoint the customers’ need and then you’ll be in a position to satisfy it.

I stress to you be certain to focus on gratifying the purchasers need. Ever been into a store and most are dispirited and doesn’t want to serve you? Are you feeling inclined to buy from them? No but go into a store where they appear happy to see you and prepared to help and you’re feeling much more like purchasing their products.

A well-designed site with quick access to info will yield larger results. Don’t sit around waiting for folks to purchase. Make sure that your selling communications ask for the order. When a person makes a claim under your guarantee, honor it. This is a part of the trust building process.

Take the time to develop further abilities in your free time. Studying about leadership or the simple way to incentivize folks will always be of help in expanding your enterprise. There’s always something new to be learnt when it comes to working with folk and influencing them to purchase.

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