M-factors - Determining the location of a Global HQ
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)
M for Man. It is most important to be able to employ the best in the industry where the company is in. Human resource is one of the key assets of a company and the importance is paramount. The appropriate market knowledge, domestic and/or international, where applicable, is key to successful business and market development strategies.
M for Machine. Where machines or systems are essential to the function of the headquarters (HQ), it is important to ensure that quick and adequate support is available readily. Further, the further away the support team is located from the company, the higher the cost of support and the higher the risk of higher downtime when the machine(s) fail.
M for Materials. Readily available materials needed for the operations are key to maintaining a cost advantage over the competitors. If materials are not located overseas, it will imply additional cost in freight, custom duties, trade restrictions, etc.
M for Methods or technology. Is the key technology available in this location? For example, the proximity of research centers or higher institute of learning (HIL) where the technology is most prevailing would be a competitive advantage. This will ensure the ease of accessing the latest technological breakthroughs as well as the availability of the adequate research and development resources.
M for Markets or geography. The proximity to the key markets of the business is critical. This allows HQ resources to have better access to market requirements and shorter time (thus lower cost) to reach the key markets.
M for Money or financial. If all being right, one very important factor to note when deciding on the location of the HQ is government regulations, fiscal legislation, tax incentives, government funding, etc., that will be highly beneficial for the function of a HQ in that country or state. There are many develop or developing economies that offers many government funding and tax incentives for companies setting up global HQs.
Wednesday, November 11, 2009
Thursday, November 5, 2009
MIKI - Critical Success Factors for any Business
Labels:
Strategy
MIKI - Critical Success Factors for any Business
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)
The Product Focus was key in the 1900s and then, the Brand Focus in the 1950s. I strongly believe that in the 2000s, we are looking at Experience Focus. With Experience Focus, we mean "Meaning Benefits", that is to create more value by adopting a process that deliberately places meaning at the center of innovation – focusing on the roles, tools and process of identifying, designing, delivering, and maintaining meaningful experiences for our customers.
As such, the key to our success in any business would be "MIKI" (Marketing – Innovation – Knowledge Mgmt – IT) as follows:
M for Marketing
Marketing is key to any company's success in reaching out and making oneself known to the target market. We need to constantly strategise how we are going to market our solutions and products and far more important, how we are going to market the company. Its about how we are going to achieve excellence in making both our customers' experiences in doing business with us and their experiences in using our solution meaningful.
I for Innovation
Innovation is like breath to a company. Without innovation, the company will eventually run out of steam and strength or even will to move on. It is critical for us to constantly innovate our solution and product offering and even the way of doing business with us. We have to on top of market trends and political, economic, social and technological developments and changes. We need to innovate in order to survive.. its not a choice!
K for Knowledge (Chain) Management
Knowledge management is the leveraging of collective wisdom to increase responsiveness and innovation. There is a distinct difference between knowledge and its management and information and its management. Information Management consists of preplanned responses to anticipated stimuli while Knowledge Management consists of unplanned (innovative) responses to surprise stimuli. As Peter Drucker states "Knowledge has become the key economic resource and the dominate – and perhaps even the only – source of competitive advantage". As such, the only irreplaceable capital an organization possess is the knowledge and ability of its people. The productivity of that capital depends on how effectively people share their competence with those who can use it. As such, it is this long term preeminence that we need most if we are to weather changing markets.
I for Information Technology (IT)
As in any business, we need tools to achieve our business objectives and goals. We need to brainstorm what are the tools that we need to achieve the short term as well as long term objectives of the new company. It takes lots of efforts (resources) and time to learn and implement a new IT tool and its also extremely disruptive to business operations if we are to change and adopt a new tool in the future. The best time to implement a new IT tool, especially that of ERP or SCM software, is when the company is new and starting off with a brand new page. By understanding and appreciating the clear objectives of the business, we are then more equipped to source for a IT tool that will meet both our short term immediate needs as well as long term future needs. With this, I mean that we need to do it RIGHT at the START, rather than trying to make it right in the future. The IT tool must be scalable to meet our business growth needs as well as flexible enough to allow for us to adapt, adjust and align to the changing market demands. Change is an expensive process and as such, we need to ensure that we are equipped to enhance the IT tool efficiently (time) and most cost effectively. If we adopt a proprietary software, we will definitely not be able to control the above. As such, should we adopt an open source freeware that will allow us to internally respond but given the choice and option to source it out to 3rd party solution houses.
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)
The Product Focus was key in the 1900s and then, the Brand Focus in the 1950s. I strongly believe that in the 2000s, we are looking at Experience Focus. With Experience Focus, we mean "Meaning Benefits", that is to create more value by adopting a process that deliberately places meaning at the center of innovation – focusing on the roles, tools and process of identifying, designing, delivering, and maintaining meaningful experiences for our customers.
As such, the key to our success in any business would be "MIKI" (Marketing – Innovation – Knowledge Mgmt – IT) as follows:
M for Marketing
Marketing is key to any company's success in reaching out and making oneself known to the target market. We need to constantly strategise how we are going to market our solutions and products and far more important, how we are going to market the company. Its about how we are going to achieve excellence in making both our customers' experiences in doing business with us and their experiences in using our solution meaningful.
I for Innovation
Innovation is like breath to a company. Without innovation, the company will eventually run out of steam and strength or even will to move on. It is critical for us to constantly innovate our solution and product offering and even the way of doing business with us. We have to on top of market trends and political, economic, social and technological developments and changes. We need to innovate in order to survive.. its not a choice!
K for Knowledge (Chain) Management
Knowledge management is the leveraging of collective wisdom to increase responsiveness and innovation. There is a distinct difference between knowledge and its management and information and its management. Information Management consists of preplanned responses to anticipated stimuli while Knowledge Management consists of unplanned (innovative) responses to surprise stimuli. As Peter Drucker states "Knowledge has become the key economic resource and the dominate – and perhaps even the only – source of competitive advantage". As such, the only irreplaceable capital an organization possess is the knowledge and ability of its people. The productivity of that capital depends on how effectively people share their competence with those who can use it. As such, it is this long term preeminence that we need most if we are to weather changing markets.
I for Information Technology (IT)
As in any business, we need tools to achieve our business objectives and goals. We need to brainstorm what are the tools that we need to achieve the short term as well as long term objectives of the new company. It takes lots of efforts (resources) and time to learn and implement a new IT tool and its also extremely disruptive to business operations if we are to change and adopt a new tool in the future. The best time to implement a new IT tool, especially that of ERP or SCM software, is when the company is new and starting off with a brand new page. By understanding and appreciating the clear objectives of the business, we are then more equipped to source for a IT tool that will meet both our short term immediate needs as well as long term future needs. With this, I mean that we need to do it RIGHT at the START, rather than trying to make it right in the future. The IT tool must be scalable to meet our business growth needs as well as flexible enough to allow for us to adapt, adjust and align to the changing market demands. Change is an expensive process and as such, we need to ensure that we are equipped to enhance the IT tool efficiently (time) and most cost effectively. If we adopt a proprietary software, we will definitely not be able to control the above. As such, should we adopt an open source freeware that will allow us to internally respond but given the choice and option to source it out to 3rd party solution houses.
Sunday, November 1, 2009
MANAGE - Tips to Managing Our Manager!
Labels:
Human Resources
MANAGE - Tips to Managing Our Manager!
(CopyRight 2008; Benjamin Goh; www.bensglobal.com)
Management is a process leading to a goal or objective. Without a goal is like driving to nowhere. Have you tried jogging to nowhere? Its really exhausting physically and mentally as there is no checkpoints to motivate oneself to push on.
M for Milestones. This is the exercise that one must take to understand clearly and completely the goals and objectives set by the manager along the route (milestones) of the project and of course, the final destination (end-result)!
A for Attention to details. Initiate brainstorming sessions to tap more ideas from the manager. If she or he is not going to reveal her or his ideas voluntarily, then one must proactively create the situation to tap as much ideas from him or her.
N for Never say die. Self motivation is key to any success. As much as others can motivate us, the more important and critical is for us to be able to motivate ourselves. The successful person is one who is highly self-motivated and is self-driven to accomplish the task(s) given to her or him.
A for Adapt, Adjust, Align. Always adopt a mindset of change. Learn to move along with the waves and be politically savvy in as many aspects as one can. Talk less, listen much more. One who accepts change and move on is one who will eventually end up the victor!
G for Group. Never battle alone. As the chinese saying goes, "its difficult to break a bunch of sticks". Team up fellow colleagues (direct or indirectly) and have regular meetings (formal or informal) to tap on their views and ideas. Someone outside has always a different angle of looking at the things we do. Learning from others' mistakes and experiences are golden rules in the road to success!
E for Evaluation. Always evaluate one's progress and if unsure, ask questions. A manager may not guide one along but it does not mean that one cannot communicate to her or him and get as much feedback about how she or he feels about one's progress. Be proactive and place as many checkpoints along the way to allow oneside to be able to measure one's progress objectively.
A final note..fill the gaps of our manager and we fill the gaps to our bridge to success!
Of course, if the manager is out to destroy us personally, then get out as we will always lose. There is no point fighting a losing battle now .. there are golden opportunities out there waiting of us!
(CopyRight 2008; Benjamin Goh; www.bensglobal.com)
Management is a process leading to a goal or objective. Without a goal is like driving to nowhere. Have you tried jogging to nowhere? Its really exhausting physically and mentally as there is no checkpoints to motivate oneself to push on.
M for Milestones. This is the exercise that one must take to understand clearly and completely the goals and objectives set by the manager along the route (milestones) of the project and of course, the final destination (end-result)!
A for Attention to details. Initiate brainstorming sessions to tap more ideas from the manager. If she or he is not going to reveal her or his ideas voluntarily, then one must proactively create the situation to tap as much ideas from him or her.
N for Never say die. Self motivation is key to any success. As much as others can motivate us, the more important and critical is for us to be able to motivate ourselves. The successful person is one who is highly self-motivated and is self-driven to accomplish the task(s) given to her or him.
A for Adapt, Adjust, Align. Always adopt a mindset of change. Learn to move along with the waves and be politically savvy in as many aspects as one can. Talk less, listen much more. One who accepts change and move on is one who will eventually end up the victor!
G for Group. Never battle alone. As the chinese saying goes, "its difficult to break a bunch of sticks". Team up fellow colleagues (direct or indirectly) and have regular meetings (formal or informal) to tap on their views and ideas. Someone outside has always a different angle of looking at the things we do. Learning from others' mistakes and experiences are golden rules in the road to success!
E for Evaluation. Always evaluate one's progress and if unsure, ask questions. A manager may not guide one along but it does not mean that one cannot communicate to her or him and get as much feedback about how she or he feels about one's progress. Be proactive and place as many checkpoints along the way to allow oneside to be able to measure one's progress objectively.
A final note..fill the gaps of our manager and we fill the gaps to our bridge to success!
Of course, if the manager is out to destroy us personally, then get out as we will always lose. There is no point fighting a losing battle now .. there are golden opportunities out there waiting of us!
Tuesday, October 20, 2009
Loyalty - What Makes a Customer Service Organization?
Labels:
Best Practices
LOYALTY - What makes a Customer Service Organization?
(Copyright 2009; Benjamin Goh, www.bensglobal.com)
L for List and Define what extraordinary customer service really means.
O for Organize customer activities to create opportunities to ask customers what extraordinary customer service really means.
Y for Yield to a corporate culture where critical customer information are freely shared within the entire organization.
A for Allow your people to be extraordinary.
L for Lay out clearly the commitment from management, share it and reward top performance.
T for Take patience on hand and expect no magic overnight.
Y for Yield to a road ahead filled with bumps and react accordingly.
...and a final note. "Build customer loyalty, not just satisfaction" ...When you apologize for problems and really listen, you build a relationship.
(Copyright 2009; Benjamin Goh, www.bensglobal.com)
L for List and Define what extraordinary customer service really means.
O for Organize customer activities to create opportunities to ask customers what extraordinary customer service really means.
Y for Yield to a corporate culture where critical customer information are freely shared within the entire organization.
A for Allow your people to be extraordinary.
L for Lay out clearly the commitment from management, share it and reward top performance.
T for Take patience on hand and expect no magic overnight.
Y for Yield to a road ahead filled with bumps and react accordingly.
...and a final note. "Build customer loyalty, not just satisfaction" ...When you apologize for problems and really listen, you build a relationship.
Wednesday, October 7, 2009
ICU - 3 Most Talked About Economies in the World in 2009
Labels:
Strategy
ICU - 3 Most Talked About Economies in the World in 2009
(Copyright 2009; Benjamin Goh, www.bensglobal.com)
ICU sounds like Intensive Care Unit. Yes, indeed the current global economic crisis is like a patient (or similarly the global economies) housed in the ICU. It is a specialized department used in many countries' hospitals that provides intensive care medicine.
It was projected that by 2018, China will overtake the USA as the largest economy in the world, with India as number 3. As such, I like to classify my choice of the 3 countries as ICU.
I for India. Thanks to Asian giants like Gandhi, Nehru, Mao and Deng, the revival of India and China is changing the 21st century. India’s growth rate will slow in 2008-09. Principal reasons for this modest drop in economic growth include (i) a large and diversified consumption base for the Indian economy; (ii) India’s trade to GDP ratio is much smaller than that of, say, China; and (iii) Indian financial markets are still relatively insulated from global financial markets. India has a healthy external balance, with high foreign exchange reserves, low ratio of short term external debt to GDP and less than complete capital account convertibility.
C for China. Its now, by far, one of the most mentioned Asian economy in everything around us, from daily products that we use to international news that we hear. China has become somewhat the Big Brother in Asia and it is definitely a country that's worth mentioning. By 2030,China must and will play a constructive role in tiding over global financial crisis and thus, strive to create trade and investment opportunities for its trading partners and international investors.
U for United States of America. The natural BIG Brother of the world since ages before. Most countries looked up to the US for directions and support. In the 1980s global downturn, the U.S. economy accounted for about one-third of the world's economy. It now accounts for one-quarter. The U.S. government is also far more indebted than it was in the '80s.
(Copyright 2009; Benjamin Goh, www.bensglobal.com)
ICU sounds like Intensive Care Unit. Yes, indeed the current global economic crisis is like a patient (or similarly the global economies) housed in the ICU. It is a specialized department used in many countries' hospitals that provides intensive care medicine.
It was projected that by 2018, China will overtake the USA as the largest economy in the world, with India as number 3. As such, I like to classify my choice of the 3 countries as ICU.
I for India. Thanks to Asian giants like Gandhi, Nehru, Mao and Deng, the revival of India and China is changing the 21st century. India’s growth rate will slow in 2008-09. Principal reasons for this modest drop in economic growth include (i) a large and diversified consumption base for the Indian economy; (ii) India’s trade to GDP ratio is much smaller than that of, say, China; and (iii) Indian financial markets are still relatively insulated from global financial markets. India has a healthy external balance, with high foreign exchange reserves, low ratio of short term external debt to GDP and less than complete capital account convertibility.
C for China. Its now, by far, one of the most mentioned Asian economy in everything around us, from daily products that we use to international news that we hear. China has become somewhat the Big Brother in Asia and it is definitely a country that's worth mentioning. By 2030,China must and will play a constructive role in tiding over global financial crisis and thus, strive to create trade and investment opportunities for its trading partners and international investors.
U for United States of America. The natural BIG Brother of the world since ages before. Most countries looked up to the US for directions and support. In the 1980s global downturn, the U.S. economy accounted for about one-third of the world's economy. It now accounts for one-quarter. The U.S. government is also far more indebted than it was in the '80s.
Tuesday, September 29, 2009
Searching (WED), Shortlisting (ICE) and Signing-up (GET) the Right Business Partner?
Labels:
Best Practices
Searching (WED), Shortlisting (ICE) and Signing-up (GET) the Right Business Partner?
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)
In looking for a business partner, its like looking for the right spouse to "WED". As such, "WED" before you wed:-
- W for Word of Mouth. In your network circle, ask those in your network to recommend potential business partners that they have had good experiences with or not so good experiences. This allows you to gauge their recommendations and decide on who is good for your projects.
- E for Exhibitions. Visit trade shows where potential business partners may be exhibiting. Check them up and understand what your options are.
- D for Directories. Look up industry directories or trade show directories where you can find some suitable business partners. Likewise, check them up and understand what your options are.
Once you shortlist several suitable business partners, you should perform the "ICE" to ascertain who is the most suitable:
- I for Interview their key personnel. Ask them about the approach to doing business with you, how many projects they are in to ascertain if they shorthanded, etc. Escertain that you share common values, common goal, similar level of commitment, an adequate financial position and
possesses complementary strengths.
- C for Check them up on the internet (technology blogs, etc) and other possible sources.
- E for Examine their customer references. Understand from others how they are.
After you have selected the Right Business Partner(s), then you have to make sure that you will "GET" in order to guarantee a successful marriage.
- G for Goals. Have realistic budgets and schedules. Have some buffers just in case!
- E for Expense and Expectations. Plan for cost overruns and set the right expectations up front before the project(s) commence. Evaluate the partnership upon an agreed time and plan for an exit strategy just in case the partnership fails.
- T for Time. Plan for delays. Make sure that this is taken into account in the time schedule planned for the project.
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)
In looking for a business partner, its like looking for the right spouse to "WED". As such, "WED" before you wed:-
- W for Word of Mouth. In your network circle, ask those in your network to recommend potential business partners that they have had good experiences with or not so good experiences. This allows you to gauge their recommendations and decide on who is good for your projects.
- E for Exhibitions. Visit trade shows where potential business partners may be exhibiting. Check them up and understand what your options are.
- D for Directories. Look up industry directories or trade show directories where you can find some suitable business partners. Likewise, check them up and understand what your options are.
Once you shortlist several suitable business partners, you should perform the "ICE" to ascertain who is the most suitable:
- I for Interview their key personnel. Ask them about the approach to doing business with you, how many projects they are in to ascertain if they shorthanded, etc. Escertain that you share common values, common goal, similar level of commitment, an adequate financial position and
possesses complementary strengths.
- C for Check them up on the internet (technology blogs, etc) and other possible sources.
- E for Examine their customer references. Understand from others how they are.
After you have selected the Right Business Partner(s), then you have to make sure that you will "GET" in order to guarantee a successful marriage.
- G for Goals. Have realistic budgets and schedules. Have some buffers just in case!
- E for Expense and Expectations. Plan for cost overruns and set the right expectations up front before the project(s) commence. Evaluate the partnership upon an agreed time and plan for an exit strategy just in case the partnership fails.
- T for Time. Plan for delays. Make sure that this is taken into account in the time schedule planned for the project.
Thursday, August 27, 2009
HOME...key to success in working at home!
Labels:
Best Practices
HOME...key to success in working at home!
CopyRight 2008; Benjamin Goh, www.bensglobal.com)
H for Home is a home and its never the same as the office! So, set aside a dedicated space or room that is solely just for working and nothing else. Draw clear boundaries for that special space or room!
O for Ownership of work. Always remember and keep reminding oneself that the work produced, whether at home or in the office belongs to oneself and the pride lies in the delivery and results of the work. So, feel a deep sense of ownership.
M for Mentor or Manager. Its good to have a mentor who will be able to provide you guidance and directions wherever and whenever you need it. Working at home is already a challenge and working alone can be uphill climbing. So, get a coach or a sparing partner who is available on a regular basis (weekly or monthly or quarterly) meet you up in that special space (workplace) in your home.
E for Evaluate. In order for one to be successful in any challenge, one should always and consistently evaluate one's performance as well as getting feedback from others one works with. If there is a problem, embrace with an open mind and see how one can improve the working environment or the working schedule or getting rid of any possible obstacles and hindrances.
CopyRight 2008; Benjamin Goh, www.bensglobal.com)
H for Home is a home and its never the same as the office! So, set aside a dedicated space or room that is solely just for working and nothing else. Draw clear boundaries for that special space or room!
O for Ownership of work. Always remember and keep reminding oneself that the work produced, whether at home or in the office belongs to oneself and the pride lies in the delivery and results of the work. So, feel a deep sense of ownership.
M for Mentor or Manager. Its good to have a mentor who will be able to provide you guidance and directions wherever and whenever you need it. Working at home is already a challenge and working alone can be uphill climbing. So, get a coach or a sparing partner who is available on a regular basis (weekly or monthly or quarterly) meet you up in that special space (workplace) in your home.
E for Evaluate. In order for one to be successful in any challenge, one should always and consistently evaluate one's performance as well as getting feedback from others one works with. If there is a problem, embrace with an open mind and see how one can improve the working environment or the working schedule or getting rid of any possible obstacles and hindrances.
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