Friday, April 27, 2012

Finding the Best Business to Start Right Now!

Finding the Best Business to Start Right Now!
Sure, follow the hot new-business trends. But also make sure your new business has the three traits that most often lead to start-up success.
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Over the past few years, I have spent a lot of time at workforce centers holding free seminars for dislocated workers on how to successfully start a small business. I have done this seminar more than 50 times, and in each session, I invariably get asked the same question: "What is the best business to start right now?"

The meaning behind this question is clear. The person asking the question is looking for the perfect business based on current growth trends and economic issues.

Looking for Recession-Proof Trends
I answer this question two ways. I usually start by explaining that various social or cultural trends can provide opportunities for business startups and even "recession-proof" businesses. For example, businesses that provide services to help aging seniors live more in dependant lives are a smart bet because the target market is growing rapidly.

Similarly, "green" businesses are being positively received right now. (The problem with "green" businesses is that many don't have a sustainable business model and can require a lot of start-up capital: just look at Solyndra!) Pet-related businesses also seem recession-resistant. For some reason, people will continue to spend money on their pets even when they are in financial trouble.

But be warned: Trends are important, but they can change rapidly. My experience in the video rental business taught me that.

Three Traits That Predict Startup Success
The second way I answer the question is to explain that any business can be a good business to start if it has three particular traits:

First, the business should have a significant competitive advantageover the competition. That means you can separate yourself from the pack and quickly gain exposure with prospective customers.

Trait number two is a business owner with vast experience in the industry. Deep experience flattens the learning curve and helps avoid unpleasant surprises. In many cases, the business owner's reputation can help the startup gain traction quickly.

Third, the business should be able to get to positive cash flow quickly. In today's credit markets, if your small business can't show how it will get to positive cash flow in the first 3-6 months; it will be difficult to obtain funding. Almost all investors and bankers want to see positive cash flow in at least the first year, but what they're really looking for is positive cash flow in the first quarter or two.

If your new business idea follows current growth trends and it possess all of three of these traits, it's likely a great business to start right now.

By: Bob Voss
If you need any help, assistance, or advice don’t hesitate to contact us. We Can Help!

MBD Team

Wednesday, April 25, 2012

CRM Success by the Numbers - Part 7: Too Many Numbers – or Balls – in the Air

The CRM success goals you set should be measurable, achievable and agreed upon by the firm’s key CRM stakeholders. They should also be relevant. In a law firm, that means saving time, solving problems or, best of all, increasing revenue. Most importantly they should be limited in number. If you try to keep too many CRM success balls in the air, you will often end up dropping them all.

Here are some relevant goals that I’ve seen firms set – and achieve:
  • Clean up just one list for an upcoming mailing or event – and then another – and another
  • Categorize a group of contacts such as competitors or vendors so that we don't inadvertently invite them to our next event
  • Get one BD-focused Practice Group to enter their reimbursable business development activities with prospects
  • Print reports of marketing activities with top Clients to provide at the monthly client team meeting
  • Input industry information or codes for the firm’s top 100 (or 200 or 500) Clients so that lists can be generated for industry-focused publications or events
  • Build an expert witness database for the litigation group
  • Create some specialized fields for firm personnel records to track languages, education or expertise for pitches
  • Here’s a particularly (or not) relevant goal for quite a few firms: this year, let’s fix the holiday card list.

 Fixing that one may just pay for the CRM system. Better get started in August though…

Sunday, April 22, 2012

Lifetime Annuity and Retirement Annuities are Big Financial Deals for Retirees

By Robert Cook

If you are on the verge of retirement and are worried about your financial condition post retirement then the best option would be to invest in annuities because they provide a financially secured retirement life by offering a steady flow of income for the rest of your life. Retirement offers a permanent break from work and not from life. It is the time to lead a relaxed and happy life. However, you can be relaxed and happy on when you have a financially secured condition. So invest in Lifetime Annuity and be relaxed and happy after retirement.

Lifetime Annuity can be defined as a contract between the insurance company and applicant. After taking up this scheme you can be assured of a steady income for your entire life regularly. Further, there are many policies of this scheme such as single life policy, joint life policy and period certain policy. In the first policy you will receive regular monthly income for lifetime.

However, it is to be noted that only you can avail the benefits under this scheme until you are alive. In the second policy of Lifetime Annuity you can provide financial security to your spouse even after your death. But the income that is received here is less than the single life policy. In the third policy you can provide financial support on monthly basis to a beneficiary in case of your premature death for a period of time mentioned by you in the contract.

Besides this you can even opt for Retirement Annuities. For investment in these you will have to make a payment to the insurance company initially. Then after a certain period of time you will receive payments depending on the returns on the money invested by you. This payment can be on periodic basis or on regular monthly basis. Further, it is to be noted that the returns received by you will depend on the amount of money you have invested and the type of annuity contract chosen by you. Apart from these there are personal factors as well which play an important role in deciding the amount of money that will be received by you from Retirement Annuities such as age, health and sex of the person. Hence, this scheme enables the retired people to lead a relaxed life without any financial worries.

Therefore, if you have a decent sum of money for investment then nothing can be a better investment scheme than Retirement Annuities.

Saturday, April 21, 2012

Critical Thinking Strategies in Decision Making

By Steve Jones

Problem Analysis Article

Critical thinking is an essential part of everyone's daily lives and is not reserved for just the workplace and/or school. "Critical thinking is valuable in many contexts outside the classroom and the workplace" (Bassham, 2002, p. 27). The simplest decisions can have huge affects if the critical thinking process is not used. The problem described below is a good example of how small choices can impact an organization and its members in a detrimental way. The reader will see the product of what happens when the critical thinking process is left out and decisions are made on a whim.

"Computers cannot make decisions involving values and risk preferences. Here, human judgment is required" (Bazerman, 2002, p. 5); hence, the primary problem being that the Person in Charge (PIC) is not familiar with scale read-outs and therefore requires the assistance of the Mass Production Engineer (MPE) to complete the task safely and successfully. Due to a serious lack of judgment, miscommunication, and role ambiguity the uploading process had to be shut down in order to avoid a safety hazard. This series of problems violated safety measures and had the potential to negatively impact the companies bottom-line.

When the Spacecraft was being transferred from tooling to the transportation cart the PIC alerted the Manager that there was a problem, which led to the operation being halted. Once the Spacecraft was off-loaded, the PIC, Quality Inspector, Quality Engineering, Vehicle Engineer, and Manager assessed the situation. An Incident Report and an Electronic Process Anomaly Record were generated and an immediate investigation was launched. All personnel involved in the situation were interviewed and all data was collected. Additionally, photographs were taken of all the pertinent tooling and flight hardware.

The goal was to get to the root cause of the problem. The objective was to prevent this situation from recurring and to disseminate the findings to the enterprise. A Root Cause and Corrective Actions (RCCA) method, using Six Sigma, was used to frame the problem. When the RCCA committee gathered, a brainstorming session was initiated to obtain maximum information. A problem statement was formed and the background of the problem was investigated, which led to the exercise of containment actions. The result of the investigation was documented using a fault tree, of which the root causes were determined. Corrective actions were assigned to the responsible parties and estimated completion dates were announced; all findings and actions were implemented. All information and findings were then disseminated to the enterprise. The process was concluded when the Corrective Action Board documented all lessons learned in order to help the enterprise be proactive in all future activities.

The problems encountered with the PIC and MPE have made the organization liable for physical injuries and monetary losses. Due to the lack of judgment, product knowledge, and the breakdown of communication the organization is now required to thoroughly investigate the matter. The organization also has to invest additional time and money toward the formation of a Root Cause and Corrective Action Team. Additionally, the organization has the added expense of cross-training and offering continuing education in order to reduce the risk of the same problem happening again.

The problem that occurred is easily resolved, but if left unchecked the problem can cause further problems that affect the organization and its members. The decision-making models show many methods of solving problems, but mostly that the circle of improvement goes on. The company could implement an "always at your station" guideline, among others. The guideline, however, is not going to help the team solve the underlying problem of bad judgment. If common sense is used, the problem will be solved immediately. If the employees have difficulty using good judgment the team could possibly implement additional safety training as a reminder of how to stay safe.

The causes and forces of influence are relatively intangible because they have their root in the minds of all the employees involved in the operation. A foundation must first be laid in order to prevent similar incidents. The foundation, in this case, will indeed be a large quantity of paperwork, which includes many different forms and reports. Once proper information has been gathered and organized the information will then need to be disseminated and incorporated into existing procedures, and more notably, into the minds of the employees. The main force needed to accomplish the desired influence will be primarily monetary. Money is needed because physical documents, training, and man-hours all come at a price. Although money can and will fix the problem, funds must be carefully allocated and controlled.

Calibrating, training, and communication are some measurements that can be used to prevent reoccurring problems. To ensure the scale read-out is working properly, the scale should be calibrated once a month and logged for tracking purposes. The PIC and MPE should be aware of each other's job responsibilities in order to reduce role ambiguity; therefore, additional training should be given to both. Because the PIC and MPE are required to work together as a team, each party needs to remain in constant communication during lift operations; abandoning ones station is not an option. Furthermore, the PIC and MPE should ask questions when in doubt; this will help to reduce safety hazards.

One of the most effective methods for measuring a desired result is constructing a checklist of all the necessary procedures to be carried out. The checklist would consist of observations of proper calibration, lifting technique, communication, and all other necessary procedures. In order for the checklist to be properly evaluated it should be completed and carried out by an objective observer. Monetary resources are undoubtedly tight in the organization; therefore, said resources should be periodically monitored. However, the identity of the person doing the evaluation should be kept confidential. The criteria should be based on the checklist of all the necessary procedures including dynamic communication. The organization should conduct an example lift with a top PIC and MPE, wherein every employee is required to observe and thus base his or her actions on. A history of flawless execution of the procedure would be used to determine a successful outcome.

Alternative solutions include the PIC and MPE taking into consideration that each party will inevitably make individual decisions; however, when said decisions affect all aspects of the operation, each party needs to communicate his or her thoughts because one wrong decision could wipe out the entire operation and/or cause physical injury. "Tough decisions can produce bad outcomes no matter what precautions decision makers take, because key factors that influence the outcome is often governed by chance events. Bad decisions occur when foreseeable events are not recognized and managed" (Nutt, 1989, p. 42). The MPE could have avoided the risk of safety hazards by determining the scope and limitations before leaving his post, as the MPE had more experience and was directed to assist the PIC. Making a decision implies different alternative choices to be considered, but the key is to choose the solution(s) that best fits with company's goals and desires.

In conclusion, the MPE's bad judgment was due to his lack of critical thinking skills. Using a decision-making model, even in the simplest form, may have prevented the problem from occurring in the first place. Sometimes, when minute decisions are made, one may think that he or she does not need to analyze said decisions thoroughly; however, the above example proves otherwise. This example should help many understand why the critical thinking process is so important and how even the smallest of choices can make a tremendous impact.

References:
Bassham, G. (2002). Introduction to Critical Thinking. In (Ed.), Critical Thinking: A Student's Introduction, 1e (pp. 1-65). New York, NY: The McGraw-Hill Companies.

Jones, S (2012) http://www.study-aids.co.uk/busman/busman_essays.html

Bazerman, M. H. (2002). Introduction to Managerial Decision Making. In (Ed.), Judgment in Managerial Decision Making (pp. 5-29). New York, NY: John Wiley & Sons, Inc.

Nutt, P. C. (1989). Preventing Debacles by Improving Decision Making. In (Ed.), Making Tough Decisions: Tactics for Improving Managerial Decision Making (pp. 1-43). New York, NY: John Wiley & Sons, Inc.

Friday, April 20, 2012

Controlling Your Personal (Mental and Emotional) Energy

By Dr. Bob Rausch

Seven Rules for Increasing Mental Energy

It's all about what you tell yourself

Your boss just declared that you made a huge mistake on an important project. What you say to yourself afterward makes a world of difference in your attitude, performance, and energy. Every thought you think and every emotion you feel requires energy. Cars use gasoline. Light bulbs use electricity. Your body uses an unlimited supply of the energy we are all provided. How you choose to use your energy is up to you. The truth is that you drain more energy on mental and emotional issues than on physical ones. Here are seven rules to help you maintain higher mental and emotional energy.

1. Practice the Universal One-Third Rule. Psychologists have stated that no matter what you do there is a One-Third Rule. One-third of the people like what you do, one-third of the people don't like what you do, and one-third of the people don't care what you do. Just remember that, "People do things for their own reasons, not for yours."

1. Define the Focus of Importance. When you are working with others get your focus very clear. It's easy to spend too much energy worrying about what someone thinks of you. Keep the focus where it needs to be, on the other person. One way to achieve focus is to recite this statement: "It's more important what I think of you than what you think of me."

1. Depersonalize disappointments. This is about business, not your self-esteem. Life is not always fair, so love and help people, but do not allow them to define who you are or your level of success.

1. Reframe Energy Drains. People can't affect the outcome of your experience unless you let them. Nothing that is pushing against you takes effect unless you push back. Reframe the situation. "When you have an uncomfortable situation ask, ‘Is there something I can learn from this."

1. Evaluate the Energy Drain. Did you hear something negative or take something negatively? Your level of energy will determine how you hear information. When you are low on energy you are more vulnerable to feeling defensive.

1. Delete clutter. Develop a behavioral trash bin. If a behavior doesn't teach or offer you something, delete it and send it to your behavioral trash bin.

1. Celebrate your successes. Don't be modest. When you do well admit it to yourself. Celebrations are energy refuelers.

Thursday, April 19, 2012

20 Tips for Success from Kemmons Wilson

1. Work only a half a day; it makes no difference which half-it can be either the first 12 hours or the last 12 hours.

2. Work is the master key that opens the door to all opportunities.

3. Mental attitude plays a far more important role in a person's success or failure than mental capacity.

4. Remember that we all climb the ladder of success one-step at a time.

5. There are two ways to get to the top of the oak tree. One way is to sit on an acorn and wait; the other is to climb it.

6. Do not be afraid of taking a chance. Remember that a broken watch is exactly right at least twice every 24 hours.

7. The secret of happiness is not doing what one likes, but in liking what one does.

8. Eliminate from your vocabulary the words, "I don't think I can" and substitute "I know I can".

9. In evaluating a career, put opportunity ahead of security.

10. Remember that success requires half luck and half brains.

11. A person has to take risks to achieve.

12. People who takes pains never to do more than they get paid for, never get paid for anything more than they do.

13. No job is too hard as long as you are smart enough to find someone else to do it for you.

14. Opportunity comes often. It knocks as often as you have an ear trained to heat it, an eye trained to see it, a hand trained to grasp it, and a head trained to use it.

15. You cannot procrastinate-in two days, tomorrow will be yesterday.

16. Sell your wristwatch and buy an alarm clock.

17. A successful person realizes his personal responsibility for self-motivation. He starts himself because he possesses the key to his own ignition switch.

18. Do not worry. You can't change the past, but you sure can ruin the present by worrying aver the future. Remember that half the things we worry about never happen, and the other half are going to happen anyway. So, why worry?

19. It is not how much you have but how much you enjoy that makes happiness.

20. Believe in God and obey the Ten Commandments.

Wednesday, April 18, 2012

Are Your Employees Happy? How do You Know?

Ever wonder if the people who work for you are happy? Have you ever asked them? If not, how do you know they are unless they come in every morning skipping to the tune of "Whistle While You Work"? As a leader in your organization, you have so many things on your mind crowding your brain for space, that it is no wonder you might find yourself unable to answer this most basic of questions relative to how you manage your people. If this troubles you, this article is for you. On the other hand, if this doesn't trouble you, this article is even more for you. If yours is the mentality that employees don't get paid to be happy, they get paid to work, you would have had a lot of company thirty years ago before smart leaders started to realize that employee satisfaction i.e. their happiness, is critical to productivity and competitive edge. Any organization that underestimates the business value of happy employees is doomed to a never-ending cycle of recruiting and hiring without any significant increase in profits or customer satisfaction. On that happy note, let's assume for argument's sake that employee satisfaction is critical for organizational success and look at ways you, as a leader, can figure out where things stand with your own employees. Here are ten ways that will help you determine if they are actually happy or they are just putting in time until something better comes along. First,

1. They tell you they're happy. People are usually pretty upfront about how they feel about their job, their supervisor, and the company they work for, especially if you ask them. For many, the trick is to do so in a way that is safe and confidential and with guarantees of anonymity. Fear of reprisal is real and totally understandable. Employees will only tell you what they think you want to hear unless they have confidence that their honesty will not get them into trouble. They have families to support and careers to aspire to, and they absolutely will not jeopardize those things just to tell you truth. On the other hand, when employees voluntarily tell you that they are happy with their job you can probably rely on that. Only the worst kind of suck-ups voluntarily lie about this and tell you they are happy when they are not. If you are a keen observer of your people you can also see signs of their job satisfaction. Are they upbeat when you talk to them? Do they seem excited to talk about their job and their daily activities? Do they have positive things to say and valuable input into current challenges? All of these are indicators that employees are engaged and happy in your organization.

1. They stay with you. One of the highest indicators of job satisfaction is low attrition. Study after study has proven that people do not stay in a job for the money. They stay in a job for the people around them and the satisfaction the job brings. Look at how long your people have been with you and why they haven't left yet. Granted, there are generational differences in this data given that Baby Boomers are much more inclined to stay in a job longer than the Gen Xers and the Millenials. However, regardless of the age group, people stay longer if they are happy. Leaders do not want to recruit, hire, and train new people every few months. It is extremely costly both in terms of profits and customer satisfaction. So, if your people tend to stick with you they are probably pretty happy. The only exception concerns those employees who are not performing to company standards. These guys normally fall into two groups, the ones whose performance is so poor they can't find a job someplace else, and the ones who are your B flat performers who believe in just kicking back and "letting Jesus take the wheel". These guys might be with you forever but not because they are happy. You won't be either.

1. They get along with each other most of the time. Depending on the size of your organization this might be hard to figure out by just observing your employees since it may not be possible see everyone every day. However, you can get a great gauge of this in two ways. First, observe closely the relationships between the people you do see every day. How do they seem to get along? Do they work well as a team? Do they appear to be having fun working with each other? Is there humor in their relationship? They don't have to indulge in party hats and whoopee cushions every day, but being able to laugh together is a great sign. Second, take a look at your complaint process. What are the trends? Are complaints going up or down in numbers? Is there significance to the trend, meaning is it more prevalent in one part of the organization over the others? What is the nature of the complaints? Looking at this data will tell you far more than simply asking your middle managers how their staff gets along with each other. Even the best middle managers will want to put on a happy face to this question because otherwise, it could reflect badly on their own ability to build and sustain effective teams.

1. They produce well. It is a fact that happy employees produce better results. Oh, wait, that sounds dangerously like the commercial that ties happy cows to better cheese. But the fact is animals and people both produce better whenever they are happy. If cheese producers can figure this out, organizational leaders should be way ahead of the concept. That is not to compare people with bovines, but instead, simply to emphasize the importance happiness is to the end product. Think about it, as a leader, you are probably no different. The happier you are the better you feel overall and the more energy, creativity, and initiative you have. It's a simple concept. A foundation for employees' happiness starts by ensuring clarity in exactly what their jobs entail and the scope of their responsibilities. Happy employees have a sound understanding of what they are supposed to be doing and what flexibility and limitations are involved. They are more creative and innovative in their problem-solving and take more interest in the organization as a whole rather than just their own small part in it.

1. They socialize normally and easily. Once again, depending on the size of your organization you may not be able to see this firsthand for all employees. But, you certainly can observe how the people around you socialize. That is not to imply that you should want your employees to party continuously or hang out at the local watering hole every day unless you want them to all end up in AA together. On the contrary, socializing among employees just means they are easy in each other's presence even outside work. Activities can vary widely both in terms of frequency and focus. The concept of employees socializing normally and easily means simply that they voluntarily see each other outside normal work hours because they want to, not because they feel compelled to. While outside socializing is certainly not a prerequisite to employee happiness, employees who are not happy at work make a beeline out of there just as soon as the bell rings and are determined not to see anyone from work until they have to drag themselves back in the next day.

1. Others notice the camaraderie. Happy employees have built supportive relationships with each other that are seen and felt by others who come in contact with them. Customers and clients feel better when they are around happy employees because when they see positive interaction among employees is makes them feel like they are in good hands. Other leaders who come in contact with employees in that organization are envious of the camaraderie there and want to duplicate this in their own companies. One of the keys to employee satisfaction is an effective communication plan that keeps employees connected with each other and with their leader. Leaders who make a concerted effort to ensure that employees are comfortable in their presence know that this sets the tone for interactions in the entire organization. Demanding salutes and clicking heels may get results but not happy employees.

1. You can recruit by reputation. If your attrition is low, you don't have to do a lot of recruiting. That is a good thing for many reasons, primarily because it saves time and money. However, most employees do change jobs once in a while and they do retire, so smart leaders are always in the business of recruiting for the day they have vacancies to fill. If your employees are happy you have no trouble getting qualified applicants to apply for your vacant positions. Smart applicants have done their research and see that yours is an organization that values its employees and takes pride in their accomplishments. Smart leaders have an effective marketing strategy that showcases their efforts to train and develop people, acknowledge excellence and implement programs that foster intellectual growth. Once yours is known as a great organization to work for, you can move the money normally reserved for recruitment to other more critical needs.

1. Your employees are your best recruiters. Happy employees talk about the organization to their friends and family on a regular basis. They are excited about what they are working on and talk freely about their assignments. They highly recommend the organization as a great place to work. When asked for specifics they can quickly name at least five things that they like about working there, such as the fact that they feel appreciated and respected, that organizational leaders partner well with labor unions, and company policies follow not just the letter but also the intent of the law. Even when there are no vacancies, they encourage others to try to get a job there someday. And, whenever there are vacancies, they spread the gospel and actively look for good candidates. They are proud of the company, its leadership, and their part in its success.

1. They don't sweat the small stuff. Happy employees minimize conflict by focusing on the organization's mission and goals. They have a profound understanding and universal buy-in of the purpose of the organization and their role in it. They are models of courtesy and respect. There is a maturity about the way they handle themselves that comes from gratitude for their job and understanding that no job is without its stresses and challenges. They are astute enough to distinguish between what is critical and what is simply annoying and refuse to indulge in theatrics over little things. Happy employees demonstrate great humor in their attitude and outlook which helps them have fun even under the most strenuous circumstances. That makes them fun to be around. Remember: If you aren't happy around your employees, they probably aren't happy around you. That means everybody loses.

1. They don't engage in negative behaviors. Organizations with higher percentage of unhappy employees lose productivity to non-productive behaviors. Employees who are unhappy in their job spend valuable time complaining, speculating about what they think management is up to, and trying to organize a mutiny with co-workers based on rumors and innuendo. They see collusion and subterfuge everywhere. They are insecure about their own standing in the organization and as a result, couldn't care less about their colleagues or customers. On the other hand, happy employees are so engaged in their work that they have neither the time nor the inclination to indulge in this kind of stuff and they shun the guys who do. Happy employees are trusting and loyal and can disagree constructively without holding a grudge. And, here is a huge payoff: They strive to create solutions for their leaders rather than problems.

Well now, have you made an assessment of how your employees stack up? Do they seem to be having a good time when you observe them, or do you find yourself wading through a miasma of gloomy faces and dragging feet. Are there areas you still need to work on? If so, encourage employee participation in improving these areas. One of the keys to keeping employees happy is soliciting their input and implementing their most valuable suggestions. Look at areas like how you communicate with your employees, how you integrate the mission and values into your interactions with them, and how you tell them thank you. And, if you find yourself still wondering if employee happiness is all that important? Put the question to the test. Take a few steps like those recognized above and then compare the findings. I promise you that you will find that while wages and benefits will get you employees, their happiness will get you results.

Jeanne Miller Rodriguez

April 2012

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