Archive for June, 2011
Buyers Guides vs. Unbiased Product Reviews – why more and more consumers are preferring the latter?
If you are on the look out for a buyers guide before going on your next shopping spree, here’s something that can help you make a smarter choice! We all know there are buyers guides written and compiled by product experts that are served along with the newspapers and magazines. You can get a buyers guide for buying a new lip color to a new car. Usually these buyers guides tell you everything about your new buy and aren’t you excited at these when they talk about the best features of a new Nokia phone or a new motorbike that is just launched? There isn’t any doubt that these guides are packed with information and still are very powerful tools in today’s markets. Often these guides are compiled by a publishing house and sponsored by manufacturer of products for which the guides are meant for. But let’s keep in mind that most of the time these guides are nothing short of adverts in disguise.
There are several compelling reasons for these buyers guides to mimic an advertisement. One is most of the time the guides are sponsored directly or indirectly (thru advertisements) by product manufactures and so the authors cannot really write against the products and therefore have to toe the line of the manufacturers. And since there is no way that the primary players of the buying and selling game, i.e. the buyer, manufacturer or an existing consumer of the product can interact it becomes basically a one-way conversation where the buyer gets to hear all good things about the product. This is more of a biased representation of the products which it features and in most cases the authors of the guides are the company representatives or other hired people having an interest in promotion of the product.
Appropriately a buyers guide, as the name suggests should be buyer or consumer-centric and primarily cater to the betterment of the consumers. If we think hard, we would know that customer satisfaction goes a long way to strengthen the business. So a true buyers guide will not only help the consumers but also the manufacturer of the products in the long run. Once a buyer criticizes a product it actually presents an opportunity for the manufacturer or the sellers to rectify that defect or lacuna or respond to the changing taste of the consumers. But unfortunately such buyers guides are not abundant in circulation and still the vast majorities are the one-way communication types where reporters and paid experts write a product review more as a part of a business deal than a critical review. Probably the authors and publishers of the buyers guide failed to realize the need of the consumers; the consumers are looking for more than brochures in the buyers guides.
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10 Tips To Resign Your Job With Professionalism And Pride
Congratulations! You just got an offer for a wonderful new job. There’s just one catch. You have to say good-by to your current employer.
Maybe you loved your job and you face an emotional farewell. Or you maybe you hated every minute and you’ve been counting the days till you could walk out the door one last time.
Clients often admit they’re nervous about making the departure announcement. They’re afraid the boss will be angry. They feel guilty about the work they’re leaving behind. Maybe someone else has to take up the slack for awhile.
But clients also wonder how to resign gracefully yet still protect their own longer-term career interests. They suspect their departure style will influence their careers for a long time,
They’re right.
Here are some guidelines to move to your next position with grace and style.
1. Give the correct amount of notice required by your company’s written policy.
Every so often my clients feel sorry for their former colleagues. So they stick around an extra week (or even an extra month). Inevitably, they begin to feel like a fifth wheel. Nearly everyone says, “Next time I’m leaving right away!”
2. After you leave, do not accept any job-related calls from your company unless you have a written consulting contract.
Your boss required two weeks notice – but belatedly realized she needs four weeks for a smooth transition to your successor.
Your boss made a business decision to require two weeks notice. When she miscalculates, she needs to accept the cost, just as she’d accept the cost of late payments to a supplier.
If your company needs additional help, offer to work as a paid consultant with a contract. But get everything in writing and make sure your new job becomes your Number One priority.
3. Study your current and future company policies regarding disclosures and no-compete agreements.
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12 Handy Tips for Generating Leads through Cold-Calling
Cold calling can be a great way to generate quality leads. You get to speak to the gatekeepers and stakeholders, and you get a great insight into their requirements and influences.
But cold calling is an art-form. It can be daunting, it’s always a lot of work, and you always need to make a good impression. So you need to do it right. Following are some tips which will help you do just that.
1) Record everything
Always write down all details of every phone call. Write down any names and titles you learn. Not just the name of the person you’re trying to contact. The receptionist’s name can be vital to remember as they’re often gatekeepers. Write down when you called, and when you said you’d call back.
2) Use a database or spreadsheet to record everything
You’ll never manage by hand, and Excel spreadsheets aren’t user friendly in the long term. If you’re prepared to invest in a real CRM (Customer Relationship Management) tool, that’s a great idea. If not, you there is a cheaper alternative. I created my own database using Microsoft Access. Visit http://www.divinewrite.com/downloads/contacts and jobs.mdb to download a 208KB working copy for FREE. You’ll need Microsoft Access 2000 to run it. I’m no database expert, so it’s not a work of art. It’ll certainly get you started though. (TIP: When using the database, press Ctrl + ; to enter today’s date.)
3) Always call back when you said you would
Don’t let them down. They may not even remember that you committed to calling back. But if they do, and you don’t meet your commitment, you’ll lose valuable credibility and respect. And wherever possible, work to their schedule. You’re here to help them, not make things harder.
TIP FOR COPYWRITERS: If you’re an advertising copywriter or website copywriter, ask to speak to the Marketing Manager (or if the person who answers the phone says they don’t have a marketing manager, ask for “the person who looks after your advertising & website” – all businesses have that person – it’s generally one of the owners).
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Accounts Receivable Factoring – A Viable Cash-flow Solution for Small and Medium-Sized Enterprises
The pace of change in today’s business environment is inarguably staggering. Growth of e-commerce; changes to business structures; evolving relationships; changes to funding arrangements; access to capital and its sources. All occurring at increasingly exponential rates. Fast. The fact that there is more computing power in the average notebook computer today than it took to put a man on the moon should illustrate how fast things change, and whether in senior management or a business owner you need to keep pace.
In particular, you must stay abreast of changes in your competitive environment, and remain fully apprised of mechanisms that will enable a response fast enough to keep you in the game. This article will look at one of those mechanisms, access to capital and through that, free cash flow. In doing so we’ll use an intuitive framework, peppered with some economics. Why? Intuitive analysis is ideal for answering specific questions; in this case ‘What will best enable my firm to manage rapid changes to competitive economic conditions and stay in the game?’ And I’ll use economics because of Steven Levitt, America’s most outstanding economist under-40, who along with Stephen Dubner considers that ‘if morality represents how we would like the world to work, then economics represents how it actually does work.’
By speaking to specific anchor points, strategic issues affecting the access to capital problem can be explored and initiatives developed to allow a timely solution. In short, it’s the fastest and most accurate way to answer the question you face, because it’s easier to understand and doesn’t get bogged down in extraneous, unnecessary analysis.
One of the anchor points in contemporary business is access to capital, especially when it helps maintain free cash-flow. In many respects they are one and the same thing, the difference merely being access to capital is a necessary precursor to free cash flow (you can’t use it until you have it). And everyone needs it. Payroll, materials, overhead, and debtors taking anywhere from 45 to 120 days to settle their accounts, using your firm as a surrogate line of credit.
Access to capital becomes an even larger issue in the business environment described earlier, where speed to market and the ability to ‘tool-up’ (increase production) are crucial to meeting ever shrinking delivery timelines. Many of us have experienced the elation of being awarded a large tender, something that will fill the order book for the next six months, immediately followed by the hangover that comes with the realization that the firm will struggle to fund the project based on existing and forecast cash flow.
Small-to-medium enterprises encounter particular problems when it comes to cash flow and capital access to fund growing operations, to the point where lack of access is an issue that can threaten continuing operations, even in a rising market. Balance sheets take time to build, and it is against this security that banks will lend.
Developing initiatives to tackle this problem involves looking at some existing options and making a comparison, arriving at a decision that best enables a solution to the problem at hand. In this instance, a comparison of bank funding against invoice factoring provides insight into possible solutions for the capital access / cash flow problem.
Everyday economics can inform this comparison, particularly the study of incentives – how people get what they want, or need, especially when other people want or need the same thing. Let’s start with banks.
Bank lending requirements are invasive and restrictive. They often engender a feeling that you have to ‘bare all’ to borrow a nickel. They would naturally dispute this claim, but let’s return to the incentives – what is their incentive for lending you money? To earn a return off your efforts. Certainly nothing short of this, and these days they also use lending as a lever to win the biggest ‘share of your wallet’ from their rivals, trying to have you as a customer for life, ‘growing with you and your business.’ When you add the fact that a surplus of people requiring credit exist in the market, they can afford to be choosy and do the economically rational thing – be risk averse. Risk aversion drives the mortgage a bank puts on your house to ensure they get paid, and is what drives them to lend against strong balance sheets. They look at balance sheets in an accounting fashion, weighing up tangible, realizable, liquid assets like cash and real property, apply a formula and lend in accordance with how the result stack up against their risk matrix. Your continuing success is of interest to them only to the extent that it enables you to service (and ultimately repay) your debt, generating an ongoing margin on their investment.
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