The Sky's the Limit Fear is Good, Get In.ter.act.tive, Stay Busy By Naeema Fox, Business Coach
Why settle for less than you are worth? Your business model must permit growth and opportunity. America has a trillion dollar economy that has benefited greatly from a world which has embraced capitalism. American capitalism is different from other countries capitalism (just a note). Modern technological tools like computers, fax machines, video conferencing, smart phones, access to online research libraries and email have improved efficiencies and productivity a hundred fold. In tough times-like 2009, our market is still the best in the world. How you view and become flexible in the daily changes in your market will determine your success. Most of us have professional goals and personal objectives. For example, I like to garden, go walking and shop at the local farmers markets for the freshest ingredients to make healthy meals for myself, friends and family. However, if I fill my days with long work hours that doesn't deliver enough time to allow me the time to enjoy these pursuits, I end up with less of a successful life that I
would prefer. Therefore, the work I choose must allow sufficient earnings potential so that the amount of hours dedicated to producing income are not sacrificed for nothing. Some people live to work. I prefer to work to live. This is only doable by interfacing with a market that match great performance with great compensation. Make sure that your business goals deliver your personal goals. Otherwise, you are simply selling yourself short. A good coach can help you analyze your goals, wishes and challenges to keep you and your business on track, so you can have the life you deserve.
Add-Don't Subtract Stay Con.nected-Post and Promote
Is competition good for the marketplace? For me to win, you must lose-I don't like that kind of stinkin' thinkin'.
Your business must promote win/win strategies because competition is not always good for the marketplace. Sometimes unbridled competition drives good ideas right out of business. Years ago, political lobbying changed America's transportation habits by supporting legislation that rewarded suburban home developers with subsidized interstate highway systems at the cost of local bus operations. Long ago we had deals with the Vanderbilt's with the steams boats to the railway systems. Today, we can drive from the Atlantic Ocean to the Pacific Ocean, but not easily get across town. (Ooh wee, I live here in Los Angeles Metropolitan, ouch.) We are free to drive anywhere, but victims of traffic congestion, high gas prices, ever increasing insurance premiums and cars that cost as much as houses use to. Perhaps we would be better off (tax-wise) encouraging more business to locate in our cities so people can walk to a good store, bicycle to work and take the shuttle or train to the lake. They do it in many other highly populated international societies and in large American cities. Why not in middle markets too? Competition should add value to win, not destroy an entire way of life. Over the years, great wealth has been accumulated by people who understood that markets are attracted to value driven products and services. Here too, Starbucks is a great example. They don't really market coffee. They share a gourmet experience for $3.00 -$5.00 a cup. When you walk in, the stores are modern with art on the walls, national newspaper to read and young people busy making coffee with high tech coffee machines. While they intend to make great coffee they also want you to escape from your ordinary life. Other competitors have infiltrated their market niche, but the Starbucks name is still one on the best known brands in America. Sometimes the most "cents" comes from having a lot of common sense. Adding value, not just cutting costs, is the best way to increase your profits. So take inventory of your business and see how you can add value too.
Virtual Operations Im.pa.tient-Slow Down and Get Real
Your business should allow flexibility in the work environment. Demographics (where the most likely customers are, who they are and what they want) determine markets. Sometimes entire businesses suffer death because they are in the wrong place at the wrong time. Launching a business that is not sensitive to market conditions is a mistake. Furthermore, understanding the effects of a global marketplace- how what happens in China can affect the price of gasoline in Kansas-should be a primary objective of any sensible business owner or manager. The simplest way to capitalize on a virtual business strategy is to engage the information markets-providing profitable ideas and opportunities to busy people. Using inexpensive computer technology, an individual in Jamaica, New York can work with a company in Los Angeles, California, who might represent a company in Georgia or China-with no long distance or mailing expenses. Everything is done over the Internet using an email address which cost less than $100 a month to maintain. Historically, great wealth has been created by selling success tools to emerging industries. In the 1840's, during the California Gold Rush, the people who made the real money were not the miners, but the sharp shopkeepers who provided the supplies to the miners and dress making material to their wives. These shopkeepers could relocate anywhere, anytime depending on the location of the next gold strike. Time is money, more today than ever before. If an entrepreneur can deliver what a customer wants-at any time, from any place-wealth and success will follow.
People, Profits, and Planet
In.ex.pe.ri.enced? Consult a Business Consultant or Coach
The best businesses must reward awesome performance, not good intentions. America's capitalism works by first providing the best solutions to the marketplace, and secondly to improve the lives of the people, workers and investors. This is what I believe. Operating a business that doesn't put people first is simply nonsense. This doesn't mean that business shouldn't be socially economically responsible. It simply means that businesses must be passionate about mastering the markets they wish to serve. If one industry has a hard time attracting workers, there is usually a reason-low pay, poor working conditions-no benefits and the list can go on and on. However, these are all simply challenges that can be conquered with a little common sense.
Sometimes companies hire for all the wrong reasons-diversity, social responsibility, or most affordable base labor costs and they forget about productivity-which ultimately delivers higher profits. Companies and individuals should both participate in bettering society. However, the best way to do this is to engage the markets efficiently with an eye on rewarding those who do the best jobs and setting examples by giving the best life to the best workers. If you want a successful business, hire the best people, get out of their way and share the profits with them so that they never leave.
1. K.I.S.S. (Keep It Simple Silly) Have a Clear Goal in Mind!
To quote Naeema Fox, If it was easy, everyone would have a house!
Your business must be easy to understand, yet difficult to master. Very often, the highest profits come from the simplest ideas. Warren Buffet, arguably America's most successful investor, has been quoted as saying that his secret to success is to buy great companies at undervalued prices. Sounds simple. doesn't it? Same as in Real Estate, everyone knows that you make the highest profit by buying right, not necessarily by selling right. In the stock market, the mantra is "buy low-sell high." None of these ideas are vary hard to understand, but establishing the discipline to stay focused on mastering the skills necessary to pull it off can take years. Most people don't have the discipline to practice until perfect. That's where the strong survive and the weak fade away. A business that is easy to understand-yet difficult to master survives because the primary thinking is (serving others and being at the top of the class) never goes out of style.