PROACTIVE - Best Practices for all businesses during a time of economic downturn:-
(CopyRight 2010; Benjamin Goh, www.bensglobal.com)
P for Prioritizing customer satisfaction. Customers are our lifeblood in any economic climate. Proactively take time to call upon key customers (80-20 rule) and discuss how we can serve them better. Incentify existing customers for any new customer referrals. Remember word of mouth is one of the most effective form of advertising.
R for Revisit Your Business Plan. Review it from the perspective of someone about to invest in your business. Strategize and identify additional information that is needed in order to make decisions about the future of the company.
O for Opportunities - Seek new business opportunities (Diversify). Find new markets for your existing products and services or add complementary services or products to your existing customer offering. Focus on your core competency and stretch it to the limit.
A for Alliances. Form alliances with suppliers and complementary businesses. Form conglomerates with other companies complementing your business and jointly seek opportunities. A pack of sticks is harder to break than a single stick on its own. With more eyes looking for opportunities, the probability of winning a new business is much higher. Network and set up advisory boards that include a wide spectrum of professional expertise that they can draw on for advice.
C for Change management. Look for changes in psychology and behavior in your clientele. You can gain a longtime relationship with a customer by approaching them proactively with the view of being there to help them through their own hard times.
T for Time and Money Savings. Between revenue and cost, cost can be controlled effectively and efficiently all the time. Find ways to save time and money and thus, pass savings to the customers. You will not only retain your customers, but you may also attract others.
I for Innovate by diversifying Your Customer Base and Advertising. Review your customer base and reorganize them into vertical industries or markets. Develop vertical market experts to sell into key industries where your major customer base are. With a different advertising or slight modification in the product, you can reach a broader spectrum of the population, perhaps into another vertical market. People are looking for better ways to do business during the economic downturn. If you have established strong customer satisfaction, this is the time to get the message out through advertising.
V for Value-Add by motivating the staff. The employees are most affected during economic downturns due to the fear of personnel cuts. Find non-costly ways to reward and acknowledge their efforts. A simple note of appreciation for work well-done to individuals or departments daily will bring motivation far beyond than can be imagined. When staff are motivated, they will naturally add value to the company as well as to the customer accordingly.
E for Expand Relationships with Existing Clients/ Sign More Long-term Deals. Offer discounts to customers who are willing to sign a long-term contract (blanket order) or who are willing to pay cash up front for a contract. Find out ways that you can offer to fulfil the other needs that your existing satisfied customers have or offer more products and services that your alliances offer.
Friday, January 1, 2010
Sunday, December 27, 2009
NICE - Simple and Regular (Daily) Team Recognition and Motivation techniques
NICE - Simple and Regular (Daily) Team Recognition and Motivation techniques :-
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)
N for Notes (Post-It, Emails, Memos). "A note a day keeps the employee motivated." As often as you can remember, write a simple note of appreciation or "thank-you" to any employee that has show initiative, integrity, good ideas, team spirit, done her/his best even though the results were not as favorable, good performance, etc.
I for Incentives (Monetary). Very often during the bad times, company cuts on monetary rewards. In fact, the best time to use monetary rewards is during the bad times (economic downturn) since a small amount would mean much. Define the incentives and how they are measured. Make available all information so that its a fair playing ground for all to participate. Be sure to issue an award certificate together with the token monetary award. The certificate can be simply a piece of BOND paper printed using a laser printer and signed off by the direct manager and the managing director (top management) of the company. This award is to be given out once every quarter or half-yearly during a little award celebration party held during the last 2 hours (office hours) and all are served with snacks, drinks or maybe some alcohol.
C for Cards; Birthday & Anniversary. Recognition should be more than just achieving good results. Remembering a special day of an employee like her/his birthday or anniversary of joining date is also as important. If you can, also send a wedding anniversary card to the residence of your employee for their anniversaries. This allows their family to see that the company extends their care and love beyond the office walls.
E for Employee Awards (Best Monthly or Quarterly). As in "Incentives", the Best Employee Award (or Most Helpful Employee Award, etc) could be used to complement the "Incentives" award since there will be employees who, in their very own capacity, will not be able to show significant contribution to the company's bottomline. For example, an administrator would be able to ensure the best filing is done for all project files and as such, all involved in the project can easily access the files for references and accurately understand the situation at hand. Although the administrator is directly involved in the successful completion of the project, the project would not have run so smoothly without good administration and documentation. Similar examples of the above type of appreciated contribution can be rewarded through this award. Once again, a token of monetary award like say US$50 shopping voucher would mean quite a lot during such times.
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)
N for Notes (Post-It, Emails, Memos). "A note a day keeps the employee motivated." As often as you can remember, write a simple note of appreciation or "thank-you" to any employee that has show initiative, integrity, good ideas, team spirit, done her/his best even though the results were not as favorable, good performance, etc.
I for Incentives (Monetary). Very often during the bad times, company cuts on monetary rewards. In fact, the best time to use monetary rewards is during the bad times (economic downturn) since a small amount would mean much. Define the incentives and how they are measured. Make available all information so that its a fair playing ground for all to participate. Be sure to issue an award certificate together with the token monetary award. The certificate can be simply a piece of BOND paper printed using a laser printer and signed off by the direct manager and the managing director (top management) of the company. This award is to be given out once every quarter or half-yearly during a little award celebration party held during the last 2 hours (office hours) and all are served with snacks, drinks or maybe some alcohol.
C for Cards; Birthday & Anniversary. Recognition should be more than just achieving good results. Remembering a special day of an employee like her/his birthday or anniversary of joining date is also as important. If you can, also send a wedding anniversary card to the residence of your employee for their anniversaries. This allows their family to see that the company extends their care and love beyond the office walls.
E for Employee Awards (Best Monthly or Quarterly). As in "Incentives", the Best Employee Award (or Most Helpful Employee Award, etc) could be used to complement the "Incentives" award since there will be employees who, in their very own capacity, will not be able to show significant contribution to the company's bottomline. For example, an administrator would be able to ensure the best filing is done for all project files and as such, all involved in the project can easily access the files for references and accurately understand the situation at hand. Although the administrator is directly involved in the successful completion of the project, the project would not have run so smoothly without good administration and documentation. Similar examples of the above type of appreciated contribution can be rewarded through this award. Once again, a token of monetary award like say US$50 shopping voucher would mean quite a lot during such times.
Wednesday, December 2, 2009
Negotiating a New Lease for a Start-up Business
Negotiating a New Lease for a Start-up Business
(Copyright 2009; Benjamin Goh, www.bensglobal.com)
Option 1 - Traditional Approach.
Get a commercial realtor from a recognized realty company as this would prevent any unforeseeable problems in the future that may lead to legal action. All commercial realtors will have standard leasing agreements that are normally fair for both parties. Provide them your requirements and it will save you a lot more time and resources where you can otherwise, use for other areas of your start-up.
Option 2 - Alternative Approach.
For more than a decade, some landlords in Asia have moved into profit sharing as an alternative payment method for leasing. In this approach, business plans will have to be shared with the landlord and how the profit is to be shared will also need to be discussed and agreed upon, in addition to the method on how the profit is to be computed.
(Copyright 2009; Benjamin Goh, www.bensglobal.com)
Option 1 - Traditional Approach.
Get a commercial realtor from a recognized realty company as this would prevent any unforeseeable problems in the future that may lead to legal action. All commercial realtors will have standard leasing agreements that are normally fair for both parties. Provide them your requirements and it will save you a lot more time and resources where you can otherwise, use for other areas of your start-up.
Option 2 - Alternative Approach.
For more than a decade, some landlords in Asia have moved into profit sharing as an alternative payment method for leasing. In this approach, business plans will have to be shared with the landlord and how the profit is to be shared will also need to be discussed and agreed upon, in addition to the method on how the profit is to be computed.
Tuesday, November 17, 2009
NAME - Elements of an Effective Company Name
NAME - Elements of an Effective Company Name
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)
N for New name. It is important to have a completely new name that is unique and not similar to any other company's name. You want to be unique and when you are successful, your success will be easily identified as being associated with your unique company name and not associated with some other company.
A for Attractive. A company's name should be one that attracts people to want to be associated with you; as your customer, as your supplier, as your business partner, as your employee, etc. It should be catchy and yet, simple!
M for Meaningful. A company's name should be meaningful in all sense; perhaps bearing the owners' name or its origin or its business initiatives/goals/directives.
E for Easy to Remember; Simple. A company's name should be simple and easy to remember and definitely, not a tongue twister. There are many interesting company names that are unique but terribly difficult to read. If a name is difficult to read, it will also be difficult to remember.
Bens-Global is my company name and the word can be broken up into 2 words, namely, Bens and Global. Its clear that the business is global and so, the name bears it. As for Bens, its associated to my name, benjamin. However, each letter in BENS has a meaning that defines the business that we are in.
B for BUSINESS
- Growth Catalyst, Business Development, Market Entry Development, Executive Coaching, Global & Regional Management
E for ENRICHMENT
- Cost Efficiency, Strengths Enrichment, Team Building & Empowerment, Value Chain Effectiveness
N for NETWORKING
- Corporate Communications, Marketing Communications Public Relations, Professional Networking
S for STRATEGIC-SOLUTIONS
- Business Process Design, Business Process Re-engineering, Tooling Design & Development, Organization Re-engineering, Change Management
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)
N for New name. It is important to have a completely new name that is unique and not similar to any other company's name. You want to be unique and when you are successful, your success will be easily identified as being associated with your unique company name and not associated with some other company.
A for Attractive. A company's name should be one that attracts people to want to be associated with you; as your customer, as your supplier, as your business partner, as your employee, etc. It should be catchy and yet, simple!
M for Meaningful. A company's name should be meaningful in all sense; perhaps bearing the owners' name or its origin or its business initiatives/goals/directives.
E for Easy to Remember; Simple. A company's name should be simple and easy to remember and definitely, not a tongue twister. There are many interesting company names that are unique but terribly difficult to read. If a name is difficult to read, it will also be difficult to remember.
Bens-Global is my company name and the word can be broken up into 2 words, namely, Bens and Global. Its clear that the business is global and so, the name bears it. As for Bens, its associated to my name, benjamin. However, each letter in BENS has a meaning that defines the business that we are in.
B for BUSINESS
- Growth Catalyst, Business Development, Market Entry Development, Executive Coaching, Global & Regional Management
E for ENRICHMENT
- Cost Efficiency, Strengths Enrichment, Team Building & Empowerment, Value Chain Effectiveness
N for NETWORKING
- Corporate Communications, Marketing Communications Public Relations, Professional Networking
S for STRATEGIC-SOLUTIONS
- Business Process Design, Business Process Re-engineering, Tooling Design & Development, Organization Re-engineering, Change Management
Wednesday, November 11, 2009
M-factors - Determining the location of a Global HQ
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.
(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.
Thursday, November 5, 2009
MIKI - Critical Success Factors for any Business
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!
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!
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