Tag: Process

  • The Cash Register and Their Uses

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    We have all at least seen a cash register if not used one.  Cash registers are an integral part of retail businesses and most cannot operate without one.  Invented by James Ritty after the Civil War out of necessity for the running of his saloon.  His main goal was to stop employees from skimming money and he got the idea after seeing a tool that counted the revolutions of propellers for steamships.  Patented in 1883, the cash register soon took on a life of its own and after being sold a few times, finally settled into what it is today.

    Today the cash register does not require you to break a nail while pushing down huge buttons that were known for sticking down and causing all sorts of problems.  There are no longer number tabs that pop up to show you the amount being rung up, but rather most registers are computerized.  Computer cash registers are available in many forms today and may consist of just a simple program that you run on your desktop computer that uses an interface just like a regular cash register to entire pos systems that come complete with bar code scanners, a till drawer and receipt printer.  Pos cash registers are what most of us are familiar with today as all the large retailers use them.

    Computer cash registers or pos cash registers are highly advanced and will do everything from ringing up the customer’s purchases to doing your taxes.  Many of the systems will come with a program that keeps track of your inventory which will save you time and money by streamlining the process and not having to do physical inventory.  Don’t forget the options like bar code scanners and laser receipt printers that will help keep your business running smoothly.

    Touch screen cash registers are the first choice among restaurants and grocery stores.  These registers will display menu choices and options that will make ordering quicker by just pressing the screen.  Restaurant cash registers are designed so that the kitchen will receive the order when the wait staff enters it into the computer so they can begin preparing immediately.  This makes for a much more efficient restaurant.  Many of these pos systems also come with age verification software which is handy for those in the bar business.  These registers also allow for unique user id’s that keep track of each person who uses the register, their orders and their sales.  Most are able to download your business for that day or week into tax programs such as Quick-books.

    The importance of cash register tape might seem little, but this is an important addition to any system and should be allowed some consideration before purchase.  Today, most register systems and credit card machines use thermal paper for receipts.  This paper requires special thermal printers that burn the image into the paper.  Laser printers are also used and they have their own special type of receipt paper as well.  These types of printers do not require ink, which is one less expense because in the long run ink will cost you a fortune, but they are much pricier up front than your regular paper receipt printers.

    Below is a list of registers and prices that you can expect to pay:

    • 8 Department Standard Electronic Cash Register (recommended for small businesses) starting at around $100 – These registers are very basic, but for the small retailer they are perfect – They use standard paper for their receipt printing
    • 40 to 99 Department Standard Electronic Cash Register (recommended for small to midsized businesses) from $200-$350 – Same considerations as register above
    • Touch Screen Cash Register (varies depending on size and bundles/options, recommended for restaurants and bars) $500-$2500 – These registers will almost always be used with thermal or laser receipt printers
    • POS Systems (varies depending on size and options) $1500-$3200 – Used almost always with laser or thermal printers.

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    Source by Gerald Hill

    Views: 0

  • How Can I Make Money With Dean Graziosi’s Real Estate & Foreclosure Profits?

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    What is Dean Graziosi’s Real Estate & Foreclosure Profits?

    Dean Graziosi’s Real Estate & Foreclosure Profits is a book that focuses on turning over profits from foreclosed properties by capitalizing on the market cycle. Graziosi’s life story is that of a rags to riches theme and this is reflected in the book as well as in his previous books. His books are unique in that he presents ways for individuals to make money regardless of their current situation.

    The information is organized in a way that it really does consider people with current debt problems. The type of opportunity Graziosi teaches may or may not be a good investment for someone who is in debt or has no experience in the area because real estate can be very risky, especially for beginners. Unfortunately, many individuals leap into money making opportunities as a desperate attempt to help them out of their stressful situation. This is totally understandable but every potential business should be researched thoroughly. There are plenty of other less risky, and frankly more interesting ways to make money.

    Can you really make money with Dean Graziosi’s Real Estate & Foreclosure Profits?

    Dean Graziosi is a legitimate real estate expert and his knowledge is definitely valuable. This book actually contains enough information to help one to begin buying and selling real estate. However, as with any other area of business not everyone will be successful. Sometimes things just do not work out, no matter how promising they may look. There is nothing wrong with trying and failing because just by trying requires stepping up and at least attempting to create success, and that is admirable. Real estate ranges greatly in prices, so if an individual wants to join in the opportunity but is hesitant to invest a vast amount of money there are always cheap properties that can be bought as a jumping off point for a new entrepreneur.

    The book does discuss ways to obtain surprisingly low cost properties. This is probably one of the best times in history to purchase property, but the selling part can be tricky. It is best to work with or have access to someone that is experienced in real estate. This person or real estate agent can act as a sort of guide to help one to sell their properties and they can aid in the transaction process to make sure it is done correctly in the beginning.

    So what exactly is it like participating in the business of buying and selling properties?

    Well the answer to that depends on many factors including how much money the individual has available to invest, where the individual lives, where they expect to buy and sell the properties, and what resources they choose to use. As far as resources, there are a multitude of books and systems sold that can help one to gain knowledge, as well as a vast amount of websites and online guides. However the most important resource one can have is a mentor in the business that is experienced enough were their guidance and ability to troubleshoot and answer vital questions is beneficial to the beginner.

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    Source by Christopher Castillo

    Views: 0

  • Marketing Strategy: 7 Steps to Market Segmentation

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    Market segmentation is widely defined as being a complex process consisting in two main phases:

    – identification of broad, large markets

    – segmentation of these markets in order to select the most appropriate target markets and develop Marketing mixes accordingly.

    Everyone within the Marketing world knows and speaks of segmentation yet not many truly understand its underlying mechanics, thus failure is just around the corner. What causes this? It has been documented that most marketers fail the segmentation exam and start with a narrow mind and a bunch of misconceptions such as “all teenagers are rebels”, “all elderly women buy the same cosmetics brands” and so on. There are many dimensions to be considered, and uncovering them is certainly an exercise of creativity.

    The most widely employed model of market segmentation comprises 7 steps, each of them designed to encourage the marketer to come with a creative approach.

    STEP 1: Identify and name the broad market

    You have to have figured out by this moment what broad market your business aims at. If your company is already on a market, this can be a starting point; more options are available for a new business but resources would normally be a little limited.

    The biggest challenge is to find the right balance for your business: use your experience, knowledge and common sense to estimate if the market you have just identified earlier is not too narrow or too broad for you.

    STEP 2: Identify and make an inventory of potential customers’ needs

    This step pushes the creativity challenge even farther, since it can be compared to a brainstorming session.

    What you have to figure out is what needs the consumers from the broad market identified earlier might have. The more possible needs you can come up with, the better.

    Got yourself stuck in this stage of segmentation? Try to put yourself into the shoes of your potential customers: why would they buy your product, what could possibly trigger a buying decision? Answering these questions can help you list most needs of potential customers on a given product market.

    STEP 3: Formulate narrower markets

    McCarthy and Perreault suggest forming sub-markets around what you would call your “typical customer”, then aggregate similar people into this segment, on the condition to be able to satisfy their needs using the same Marketing mix.

    Start building a column with dimensions of the major need you try to cover: this will make it easier for you to decide if a given person should be included in the first segment or you should form a new segment. Also create a list of people-related features, demographics included, for each narrow market you form – a further step will ask you to name them.

    There is no exact formula on how to form narrow markets: use your best judgement and experience. Do not avoid asking opinions even from non-Marketing professionals, as different people can have different opinions and you can usually count on at least those items most people agree on.

    STEP 4: Identify the determining dimensions

    Carefully review the list resulted form the previous step. You should have by now a list of need dimensions for each market segment: try to identify those that carry a determining power.

    Reviewing the needs and attitudes of those you included within each market segment can help you figure out the determining dimensions.

    STEP 5: Name possible segment markets

    You have identified the determining dimensions of your market segments, now review them one by one and give them an appropriate name.

    A good way of naming these markets is to rely on the most important determining dimension.

    STEP 6: Evaluate the behavior of market segments

    Once you are done naming each market segment, allow time to consider what other aspects you know about them. It is important for a marketer to understand market behavior and what triggers it. You might notice that, while most segments have similar needs, they’re still different needs: understanding the difference and acting upon it is the key to achieve success using competitive offerings.

    STEP 7: Estimate the size of each market segment

    Each segment identified, named and studied during the previous stages should finally be given an estimate size, even if, for lack of data, it is only a rough estimate.

    Estimates of market segments will come in handy later, by offering a support for sales forecasts and help plan the Marketing mix: the more data we can gather at this moment, the easier further planning and strategy will be.

    These were the steps to segment a market, briefly presented. If performed correctly and thoroughly, you should now be able to have a glimpse of how to build Marketing mixes for each market segment.

    This 7 steps approach to market segmentation is very simple and practical and works for most marketers. However, if you are curious about other methods and want to experiment, you should take a look at computer-aided techniques, such as clustering and positioning.

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    Source by Otilia Otlacan

    Views: 0

  • Who Wants to Be a Millionaire? A Review of My Millionaire Mentor

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    My Millionaire Mentor Review

    Who wants to be a millionaire? Everyone! And yes, this opportunity promises to make you one in a matter of months. But hey, don’t we know that if there is something that sounds too good to be true, it is likely to be not true? Whenever we see any opportunity that promises a lot of money very fast, and with minimal efforts, it is natural to feel a little skeptical about it. There are thousands of such scams on the internet which claim to let you into a secret which will make you a millionaire in a matter of months. But eventually, you just end up spending your precious time and your hopes are dashed when time passes by and you make no money at all.

    However, My Millionaire Mentor seems to be slightly different from all those false promises that are strewn around the internet. So let’s try and figure out whether this is actually a good opportunity or yet another internet money making scam.

    What is My Millionaire Mentor?

    My Millionaire Mentor is Ryan Matthew’s personal website where he offers to train fifty internet newbies and teach them a six step secret which will make them earn anything from $1000 to $5000 per day. Wow! That’s a lot of money, right? But what does one have to do in order to earn this kind of money? That is precisely what millionaire Ryan Matthews wants to teach you.

    He is going to personally coach the first fifty people who sign up for this program, and he promises to let them in on the secret which has made him earn around $11 million in just two years. He adds that in order to make that whopping amount of money, he had to work for only an hour per day! When you see his San Diego beach house and his neat set of supercars, it seems like a fantasy. And when he promises that you can have all of that, it seems to be an even more unlikely proposition.

    Ryan Matthews also adds that this process is completely risk free, and does not involve going to your friends and family to sell a particular product. He makes it very clear in his promotional video that you will not be a salesperson of any kind. Moreover, he guarantees that there is no way that you can lose money by participating in this program. So what is this program all about? Read on to find out more.

    Is My Millionaire Mentor A Good Opportunity?

    In the promotional video for the company, we find people from different walks of life thanking Ryan Matthews for completely transforming their lives. One instantly identifies with those people. All of us have debts and mortgages that we struggle to pay, even though some of us work on two jobs. We spend all our days working hard to pay off our debts, while the best times of our lives just pass us by. Who wouldn’t want to spend more time with their kids rather than working in office on a Saturday night? Moreover, there are so many other financial pressures that we have on our shoulders – like college funds, home loans, health worries – that we hardly find time to follow our dreams and live our lives to the fullest.

    Thus, when an opportunity like My Millionaire Mentor comes to us, it is absolutely alluring. But the thing is, the internet is full of many financial scams which claim to transform your lives, but end up taking money from you. All of us have been disappointed many times through various such programs that claim to make us millionaires but end up taking our own hard earned money.

    So we need to be very careful before getting into any such program which offers easy money. My Millionaire Mentor states it very clearly that it is a scheme which has long term returns. On the plus side, that means that your grandchildren can enjoy the fruits of your labor. However, on the other hand, it means that it will take some time before you can earn some real money for yourself.

    How Does My Millionaire Mentor Work?

    It is clear from the promotional video on the website that the product is basically a free traffic source that you will get unlimited access to if you become a member of this program. The other benefits include special coaching by Ryan Matthews over the phone. He will personally mentor you on how to best use his product and maximize the profits for yourself. Once you become a member of what Matthews calls a secret millionaire club, you will have access to the various tips and tricks that will help you to make money. It is also mentioned in the video that the way in which you will make money is 100% legal, moral and ethical.

    So once you have access to the free traffic source, you will get clients who will pay you $1000 to $5000 a day for sending them traffic over the internet. Internet traffic is basically all the clicks that lead people to different website. According to Ryan Matthews, he has access to clients who are ready to pay that much amount of money for access to your traffic. In effect, you will be an internet traffic broker who will work with millionaire Ryan Matthews to coordinate internet traffic and redirect it to your clients.

    Basically, it is an opportunity where you will be doing affiliate marketing. Affiliate marketing is an actual money making source on the web where you get paid for traffic that you send to your client’s website. And if you have access to a good traffic source which you can turn on or off at will, it is possible that you will make a lot of money online.

    There are six steps to making this work – but that is classified information which you will get access to once you become a part of this program.

    How Can You Make the First $500 Through My Millionaire Mentor?

    In the promotional video, Matthews promises you that once you become one of the private members of the My Millionaire Mentor program, you will earn $500 and much more in the first month. In fact, you can around $5000 a day, without even leaving the comfort of your home. And to top it all, you just need a computer with an internet connection to do this job.

    In order to become a private member, the entry fee is $1000. But in effect, you pay only $49 because you are refunded $500 immediately. You get your money back immediately, and Ryan Matthews guarantees that you don’t have to spend a penny more than $49 to get into this program.

    Matthews also tells that by becoming a private member, you will get to be a part of a highly regarded company that is going to be the next big billion dollar internet empire in times to come. Though it is a speculation, in the internet age, anything is possible.

    The process which Ryan Matthews is going to teach you is actually a very simple process which many people have used on the internet in order to make money. It is called affiliate marketing. Affiliate marketing is basically a process through which you send traffic to the websites of your clients. And for each click that leads a person to your client’s website from your source, you get paid a certain amount as commission. And if you have access to a source from where you can send millions of clicks to your clients, you will seriously earn a lot of money online. So, technically, My Millionaire Mentor is a concept that could actually earn if you serious money if Ryan Matthews actually handed out a free traffic source to you.

    Pros and Cons of My Millionaire Mentor

    It is evident that this is a program which appears to have some sort of risk. But then, that is life. There are certain risks that one has to take, especially if you want to be a millionaire.

    Technically, Ryan Matthews is asking for just $49 from you for getting access to a private group where you will be coached on the secrets of making money on the internet. This scheme does not have an MLM structure, and you need not sell anything. It is absolutely legal, and all you have to do is broker internet traffic.

    Moreover, once you sign up, you get an immediate return of $500, which is a very good proposition. If you really get that money, it is a fantastic deal. Especially since you could go on to make more money in following months.

    One of the cons of this entire program is that by watching the promotional video, you get to know very little about the process. There are many things which are not spelled out clearly, which makes it difficult to take the plunge and actually subscribe to the scheme and be a part of the millionaire mentor club.

    However, the testimonials from the various people who have tried this out spells out that there are people out there who are making money from this program. And that is exactly what makes you want to go ahead and try it.

    Another con of this program is that earning money through affiliate marketing can sometimes be a very slow process. But this is something that Matthews tells you in the promotional video itself. It is a long term investment plan whereby you will take some time to earn money.

    But on the other hand, Ryan Matthews is also promising to let you on into a secret six-step process which will make the money making process much faster. So once become a part of the secret millionaire club and get to know the secret process which gives you access to more traffic, you might be able to make serious money online. And the success stories that are shared in the promotional video clearly say that people are making money quite fast. In fact, one woman said that she made more money through My Millionaire Mentor in two months than she had made in two years.

    Now, that is something!

    The biggest minus of this entire project is previous experience. Whenever we hear about something that promises to give us a lot of money without working hard, it raises our suspicions. Also, there are thousands of scams on the internet which make a fool of people who do not have sufficient knowledge about the topic and subscribe to various programs hoping to make money. In the end, they realize that all of it was a scam.

    Conclusion

    The good thing about My Millionaire Mentor is that you get to see people for whom this process has worked, and that tends to give you some courage to go ahead and take the plunge. What you need to do is hear Ryan Matthews for yourself. Go to his website and have a look at his promotional video. If you feel that what he is saying is worth giving a try, you can go ahead and become a private member of the millionaire club. It is a conscious decision that you need to take for yourself, now that you already know the pros and cons of the program.

    If you think that this is yet another money-making scam on the internet, don’t sign up for it. However, if you think that this program really has the potential to completely turn your life around, go ahead and become one of the protégés of Ryan Matthews. After all, every one of us dreams of having a Lamborghini parked at our garage, and a wonderful, spacious home from where we can see the sunset with our loved ones. There are some dreams that can be fulfilled when you become a millionaire, and if you are a person who nurses such dreams, you might want to try out My Millionaire Mentor to see what’s in store for you.

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    Source by David Morgan

    Views: 0

  • Giving a Great "Walk Around" Sales Presentation

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    Salespeople should know that a walk around isn’t just a presentation, it is a chance to discover the customer’s needs and turn your product or services features into a benefit for that customer.

    Learning good selling techniques takes practice and learning how to give a “walk around” sales presentation is essential to the sales process.

    An excellent walk around presentation is not a canned presentation. It has been said, “A good walk around presentation doesn’t work because it’s canned; it got canned because it works.” That’s what a walk around should be – not canned, but planned. Salespeople need to know where they are going all the time. Hopefully they can help guide the customer down the Road to the Sale.

    Before we can attempt a presentation we must understand what a “feature” is and what a “benefit” is. A feature is what something is – a benefit is what something does. Let’s use automobile sales as an example. So let’s look at some car sales techniques. A “walk around” occurs when a salesperson pulls a vehicle out of the line of cars in front of the dealership. The salesperson opens the doors, the trunk, and the hood. They turn on the car and get the A/C running in the summertime (or the heater in the winter time). They take the customer and tell them about the vehicle as they walk around it.

    The aerodynamic styling of a vehicle is a feature; great gas mileage and a quiet ride are the resulting benefits. A lot of salespeople are good at reciting features, but not at explaining why the customer needs them – and this is for two reasons. One is they don’t know enough about the car and the other is they did a poor job qualifying the customer’s needs. Ask questions of your customer. Ask what they want from their next vehicle and listen to what is said.

    How can a salesperson enthusiastically talk about the double steel cargo box if they don’t know what the customer is going to use the vehicle for? They can’t.

    In a typical selling situation a salesperson might say something like, “Yes sir, this car has everything you’re looking for: a fuel efficient engine and a hands-free Bluetooth communications system. It also has ABS brakes, limited slip rear axle, and terrain management.” Sounds all well and good, right? Wrong. There is nothing your salesperson has told this customer that 1,500 other salespeople and brochures and Internet research haven’t already told him.

    So the customer looks at the salesperson like a deer in the headlights. He doesn’t know what he is what he is supposed to say, except what he is probably thinking, “I can see all of these options, Mr. Salesperson. Tell me something I don’t know.” You see, when the salesperson recites his or her cornucopia of knowledge, it isn’t a question so it doesn’t really move the sale forward. He is just repeating what the customer told him he wanted.

    The customer’s only response is, “Yes, Mr. Salesperson, I can see it has everything I asked for. How much is it?” Or worse yet, the customer may say nothing. The worst thing that can enter a walk around presentation is silence. When there is silence, there is pressure and in the selling process, we want no pressure. As I mentioned many times, the only common ground a customer has is the price. When you stop talking, the only thing they can say is how much… or goodbye.

    To do an excellent walk around, salespeople need to remember the thing the customer wants to know more than anything, “What will it do for me?” Until you tell customer that answer, then he is probably isn’t listening.

    Back to the walk around – how long did it take me to recite the options above, 30 seconds? What do I do now? I am out of things to say. Obviously there are lots of options and I could probably go on for a while, but even if I could memorize them all on every model, the customer will be yawning. Why? Because he wants to know what it will do for him. If salespeople are just going to recite options, they would be better off to hand the customer a brochure and send him on his way. The brochure is better than a salesperson will ever be at features. They break down the passenger compartment to cubic inches for heaven’s sake! When it comes right down to it, does the customer even care that there is 28 inches of legroom? No. But he will be interested to know that, “Because of the transverse mounted engine, Mr. Customer, when you and your family take that trip to Colorado this summer you can really stretch out your legs!” That is how you sell legroom. Note: Without asking good questions, how could you make the above statement? But here’s the good news: you can make that statement even more powerful in two ways – by moving the sale forward and by asking for the order.

    There are many ways to move the sale forward, but here are a few. These are simple phrases that keep the customer following you:

    “Let me show you this feature on your new Ford Explorer.”

    “Let me show you this,”

    “Let me show you one more thing,”

    “Great, follow me.”

    Ask for the order, it is quite simple, for example:

    “That’s a feature I’m sure you’d like, isn’t it?” The customer says, “Yeah!” The salesperson says, “Great, follow me,” or “Great, now let me show you one more thing.”

    The above question is one which you should already know the answer. Use it with a feature the customer wants, for example, seat belts, air bags, crumple zones, etc. A customer just won’t say no to seat belts.

    During the sale you are always closing — in sales terminology that means you are always asking the customer for the order. For example, a very successful salesman in a 20-minute presentation will ask the customer in several different ways, in more than a dozen times if they want to buy the vehicle.

    Some of the best closing techniques to use during a sale are called tie downs. Some call them trial closes. A tie down is simply a question at the end of a statement that demands a response. Instead of saying, “Those airbags are a wonderful feature.” In the eyes of a customer, this is just an opinion. But, if I added, “Aren’t they?” to the end of that statement, it forces the customer to respond, hopefully in a positive way.

    Or, “On a scale of 1 to 10, with 10 being the highest rating, how would you rate this vehicle so far? What would it take to make that number a 10?”

    However, sometimes a customer may say something that implies that they don’t like the vehicle. For example, “Oh, that looks like something else that will break.”

    One way to handle these “objections” is to address the issue with the “Feel, Felt, Found” response. For example, you might respond by saying, “I can see why you might feel that. A lot of people have felt the same way, but once you’ve found out the engineering behind, you’ll see how beneficial this can be for you.”

    These few tips will build the foundation for a confident walk around presentation.

    – Learn your product inside and out, research what’s being said about your product on the internet.

    – Get to know your customer’s needs in the initial greeting and qualification.

    – Present with confidence and tie the features back to their needs.

    – Help make their needs become their wants.

    – Remember to refer to competitive brands and create value.

    – Take full advantage of your product expertise when doing a walk around presentation and SELL yourself and your product.

    And remember, selling is a process of listening to customer needs, finding solutions to their needs, building value you in your product or service, and giving them an opportunity to buy that product or service that serves their needs!

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    Source by Vincent Hennigan

    Views: 0

  • Risks in International Business

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    Just as there are reasons to get into global markets, and benefits from global markets, there are also risks involved in locating companies in certain countries. Each country may have its potentials; it also has its woes that are associated with doing business with major companies. Some of the rogue countries may have all the natural minerals but the risks involved in doing business in those countries exceed the benefits. Some of the risks in international business are:

    (1) Strategic Risk

    (2) Operational Risk

    (3) Political Risk

    (4) Country Risk

    (5) Technological Risk

    (6) Environmental Risk

    (7) Economic Risk

    (8) Financial Risk

    (9) Terrorism Risk

    Strategic Risk: The ability of a firm to make a strategic decision in order to respond to the forces that are a source of risk. These forces also impact the competitiveness of a firm. Porter defines them as: threat of new entrants in the industry, threat of substitute goods and services, intensity of competition within the industry, bargaining power of suppliers, and bargaining power of consumers.

    Operational Risk: This is caused by the assets and financial capital that aid in the day-to-day business operations. The breakdown of machineries, supply and demand of the resources and products, shortfall of the goods and services, lack of perfect logistic and inventory will lead to inefficiency of production. By controlling costs, unnecessary waste will be reduced, and the process improvement may enhance the lead-time, reduce variance and contribute to efficiency in globalization.

    Political Risk: The political actions and instability may make it difficult for companies to operate efficiently in these countries due to negative publicity and impact created by individuals in the top government. A firm cannot effectively operate to its full capacity in order to maximize profit in such an unstable country’s political turbulence. A new and hostile government may replace the friendly one, and hence expropriate foreign assets.

    Country Risk: The culture or the instability of a country may create risks that may make it difficult for multinational companies to operate safely, effectively, and efficiently. Some of the country risks come from the governments’ policies, economic conditions, security factors, and political conditions. Solving one of these problems without all of the problems (aggregate) together will not be enough in mitigating the country risk.

    Technological Risk: Lack of security in electronic transactions, the cost of developing new technology, and the fact that these new technology may fail, and when all of these are coupled with the outdated existing technology, the result may create a dangerous effect in doing business in the international arena.

    Environmental Risk: Air, water, and environmental pollution may affect the health of the citizens, and lead to public outcry of the citizens. These problems may also lead to damaging the reputation of the companies that do business in that area.

    Economic Risk: This comes from the inability of a country to meet its financial obligations. The changing of foreign-investment or/and domestic fiscal or monetary policies. The effect of exchange-rate and interest rate make it difficult to conduct international business.

    Financial Risk: This area is affected by the currency exchange rate, government flexibility in allowing the firms to repatriate profits or funds outside the country. The devaluation and inflation will also impact the firm’s ability to operate at an efficient capacity and still be stable. Most countries make it difficult for foreign firms to repatriate funds thus forcing these firms to invest its funds at a less optimal level. Sometimes, firms’ assets are confiscated and that contributes to financial losses.

    Terrorism Risk: These are attacks that may stem from lack of hope; confidence; differences in culture and religious philosophy, and/or merely hate of companies by citizens of host countries. It leads to potential hostile attitudes, sabotage of foreign companies and/or kidnapping of the employers and employees. Such frustrating situations make it difficult to operate in these countries.

    Although the benefits in international business exceed the risks, firms should take a risk assessment of each country and to also include intellectual property, red tape and corruption, human resource restrictions, and ownership restrictions in the analysis, in order to consider all risks involved before venturing into any of the countries.

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    Source by Sidney Okolo

    Views: 0

  • Book Summary: Unlimited Wealth – Theory and Practice of Economic Alchemy by Paul Zane Pilzer

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    The basics of economics are supply, demand and scarcity. Economics best describes how to divide these scarce resources up amongst a growing population. Paul Pilzer takes a very different approach to Economics. He believes in Unlimited Wealth and shows examples of why technology and human ingenuity are the keys that unlock that wealth.

    Why is this important to me?

    I am not doing this summary to waste your time. It is my vision to provide concise action steps that you can adopt right now to enhance your financial life. Paul Pilzer writes of unlimited wealth creation. His spin is Alchemy is the creation of wealth while Economics is simply the method for moving it around.

    I am really intrigued by the concept of unlimited wealth creation. If you look at human progress in free societies, the real difference has been in creation. Commodities and resources are in fact finite but the way we use them is what is unlimited. The ideas are unlimited. An acre of land today produces far more food than an acre a generation ago.

    Unlimited Wealth discusses several major topics. For the sake of time, I will review the salient points outlined by Paul.

    1. Supply Side Alchemy – The Wealth Equation: W=PT^n – This equation means – W (Wealth) = P (Physical Resources) x T (Technology) to the nth power where n is the effects of the technological advances. The expansion of physical resources depends on the technological advances. Supply side Alchemy consists of three laws. The key to this equation is what Paul calls the third law of Alchemy – The rate at which a society’s technology advances is determined by the relative level of its ability to process information. Let’s look at how society has progressed based on the third law of Alchemy. Humans figured out how to write, then the printing press was created, then the computer was created and purchasable by the average consumer. Now we have the internet, social media, search engines and everything else to share knowledge. The speed of information exchange is exponential hence so is our level of wealth.

    2. Demand Side Alchemy – The demand side alchemy consists of the fourth and fifth laws. The fourth law states – By providing us with new products and processes that change the way in which we live, technology determines what constitutes a need, and hence the nature of consumer demand. In a nutshell, demand can be created by creating and innovating new products. Apple is on its way to be the first company to hit a Trillion dollar valuation. All of their products were created first and then the demand came from it.

    3. Sixth Law of Alchemy – The immediate economic potential for an individual, an industry or society can be explained by examining the technology gap, the best practices possible with current knowledge, and the practices in actual use. This is important today because China and India are way ahead of the U.S. in terms of science and math. Technology strives on science and math and societies that adapt it faster will create wealth faster. This is where the balance of power can shift over time.

    Unlimited Wealth is definitely a controversial study based on regular Economics theory. Since I am in the technology field, I agree with Paul that Unlimited Wealth can be created through technology and innovation. Products are being created right now that no market exists. Some of these products will fall flat while others will explode. Take a look at Facebook. This company came from nowhere and is now valued at over $50 billion.

    I hope you have found this short summary useful. The key to any new idea is to work it into your daily routine until it becomes habit. Habits form in as little as 21 days. One thing you can take away from this book is scarcity is a negative mind set. I say this because if you believe in unlimited wealth creation then ideas will flourish.

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    Source by Joe Mosed

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  • Whatever Happened to Customer Service?

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    In the old movie, Miracle on 34th Street, the Macy’s Santa sends customers to rival store Gimbels for products that Macy’s does not have. After a management outcry, it then turns out that customers really appreciate this service and become more loyal to Macy’s than ever before.

    Retailers today have forgotten that lesson. Everybody is looking to cut costs. Customer service is no longer considered a revenue generator, so it’s one of the first things on the chopping block when a retailer starts tightening its belt.

    Good customer service is good business. It creates repeat customers. Repeat customers are what every retailer wants because it is far less expensive from a marketing standpoint to sell to a former customer than to bring in new customers.

    Retailers no longer know what makes “good” customer service. The general feeling is that if the product leaves the store and does not come back, everything is fine. Customer service is only for the “problems” and the job of customer service is to make the problems go away at the least possible cost. The less interaction between the store and the customer, the better.

    Superior customer service demands extensive interaction between the customer and the retailer. In my Internet company we look for every possible opportunity to contact and engage the customer. Once a customer has placed an order, the company will contact them at least four times during the 4 week period between the sale and the delivery. The first contact is to acknowledge the order and thank the customer for her (or his) purchase. At that time the customer receives information about the production and delivery process and they are encouraged to call if there are any questions. A second contact is made shortly before production is complete The third contact is made when the product is actually shipped. At this time, there is a detailed description of what the delivery process will entail. There is also a tracking number provided so that the product can be tracked by the customer during the shipping process. The fourth contact is after delivery when each customer is contacted to find out whether they are happy with the product or whether some additional followup is needed.

    When we receive a request for one of our free catalogs, we send it along with a letter noting that we also offer free fabric swatches and free design advice. When an order is placed, we acknowledge the order electronically, then send an email personally thanking the customer. We notify them when the product (in our case sofas) is about to be shipped. We notify them again after it has shipped. Most important, we contact the customer after the product has been received to make sure that everything is OK and that there are no problems. In doing this, sometimes there is a minor problem that the customer might not have mentioned but which distracts from the enjoyment of the sofa — for example a cushion feels too firm. We send out free, softer replacement cushions. The result is that instead of having a silent but disappointed customer, we now have a very happy buyer who enthusiastically recommends us to friends and family. The cost of the extra cushions is a marketing cost.

    The secret behind outstanding customer service is simply to put yourself in the place of the customer. What would you want the company to do if you were the customer? Treat the customer the way you want to be treated.

    1. Answer telephone calls promptly. It is amazing how grateful a customer can be when they realize they are speaking with a real live knowledgeable person who can answer their questions.

    2. Respond to emails and phone messages promptly. All emails phone calls should be handled as quickly as possible, hopefully in less than one hour.

    3. Be honest. It is amazing how often salespeople feel that telling the truth gets in the way of making a sale. If a microfiber fabric already has a stain protector built in and does not need the optional spray protector, tell the customer. Once you have saved them from spending an unnecessary $50, they will trust you completely and might even be willing to forgive minor glitches that may pop up. If a sofa won’t be finished by the promised deadline, call as soon as you are aware of the problem.

    4. Under-promise — If a delivery will take 3 weeks, estimate 4. Customers are usually delighted when something is ready ahead of schedule.

    5. Maximize contact with the customer. This does not mean sending frequent ads or spam. It means keeping the customer informed of the progress of their order up to and after delivery.

    6. Be knowledgeable about your products and your company. If you don’t know the answer to a question, find out quickly.

    7. Surprise and amaze your customer — give them something they do not expect. This can be as simple as delivering your product one week eaarly, or it can involve giving an upgrade at no charge. This is particularly important when an error has been made and you are trying to correct it. Go farther than your customer expects and they will change from disgruntled critics to enthusiastic supporters.

    Retail stores have been cutting back on customer service for years. As competition grows and profit margins shrink, customer service is one of the first places to cut back. Everyone who has ever tried to call a computer company for technical assistance and winds up talking to someone from India knows the problem. Corporate bean counters forget that with good customer service you can earn better margins. You are not forced to fight over who can offer the lowest price. Besides, it’s just nicer working in a friendly environment. When you have happy customers, you have happy employees.

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    Source by Jeff Frank

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  • How Do I Convince My Husband That I’ve Changed My Ways So He’ll Give Me A Second Chance?

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    It’s an awful feeling to be looking back on your marriage with negative hindsight. Sometimes, we don’t see things clearly enough until we’re faced with actually losing them for good. I recently heard from a wife who was experiencing this first hand. Her husband had left her after finally becoming tired of her constantly bending the truth, not treating him in a respectful way, acting irresponsibly, and taking him for granted.

    She said, in part: “I was furious with my husband when he left me. I was mad that he would give up on our marriage without giving me any warning first. But after I began to think clearly, I realized that he did give me plenty of warnings but I wasn’t always paying attention. I spent the money that he mostly earned like crazy and put us heavily into debt. I would bend the truth about my activities so I could keep on doing exactly what he wanted. He worked hard while I had the fun. If he mentioned not being happy about this to me, I’d call him a stick in the mud or asked him if he was my father. I flirted with other guys and didn’t show him the respect he deserved. He was nothing but loving, loyal, and good to me, but I didn’t fully appreciate him until now. So now I’m at the point where I fully realize my mistakes and am committed to changing my ways. I’ve gotten a better job and have stopped the spending, lying, and partying. But when I tell him this, he looks at me with doubt in his eyes and doesn’t make any further attempts to see me. If he would only give me a second chance, I could and would prove to him that our marriage could be different. Will he give me that second chance? How can I make sure that he does?” I’ll try to answer these questions below.

    Usually, In Order For Your Husband To Give You And Your Marriage A Second Chance, Several Things Need To Happen All At Once: Over time, it became pretty obvious that this wife was sincere. It has been months since her husband had left. And, during that time, she had gotten a job, adjusted her thinking and her behavior, and really embraced a new way of life that the husband had been encouraging and calling for all along.

    The wife was frustrated that she’d made all of these changes and yet, despite her repeatedly detailing her mistakes and how she had changed them, her husband still had not been receptive enough to give her another chance or to come home. In fact, he’d started talking about divorce, which was especially upsetting to her.

    This wife didn’t understand that in order for your husband to give you a second chance or to be open to a reconciliation, several things need to happen, as follows:

    1. Your husband needs to completely believe that, not only have you really and truly changed, but that you understand why you acted the way that you did and are completely remorseful for it. He needs to believe that you now see the attributes in him that you missed before so that you won’t continue to take him for granted.

    2. Your husband needs to believe that the changes that you made are lasting and that you didn’t only “change” for his benefit. Many husbands suspect that as soon as he agrees to give you another chance or comes back home, you’ll eventually get comfortable again and resort back to your old ways so that he’s having to deal with the same behaviors over and over again without any escape.

    3. Once your husband believes that you’ve made lasting realizations and changes, then he has to perceive that continuing in a relationship or marriage with you is going to be better for him (or make him more happy) than to continue to be alone. Sure, he might believe that it’s possible that you’ve changed. But sometimes, he still feels that too much negativity has happened between you to really salvage the marriage. Or, he doubts if things can ever really “be the same” again.

    Identifying And Addressing Any Doubts That Your Husband Might Have About Giving You A Second Chance. Where Is His Reluctance And His Resistance Coming From? Admittedly, I didn’t personally know either the husband or the wife in this scenario. So, I couldn’t pinpoint which of the above 3 factors was keeping the husband from believing his wife or from giving her a second chance. But, if the wife truly observed the husband’s behaviors and listened to the clues he was likely offering her, then she should be able to figure out what truly stood in her way.

    Most of the time, this is a gradual process because you have to hang in there in order to keep going long enough to over come what is usually a husband’s considerable resistance and doubt. In truth, this couple had been married for years and yet the wife’s changes had only been around for a few months. The husband likely still had his doubts that the changes were sincere or were truly going to last. And he may have also had his doubts if the two of them could be happy again after he’d walked out on her and given up on the marriage.

    The best way to address these doubts was to just continue on with what she was doing and to give the process time to work. Because with time, the husband could likely see that she truly was sincere and absolutely meant what she said. It helps if you can somehow let your husband know that you are incorporating these changes even when he’s not watching you. If a mutual friend or family member comments about the changes in you without your being present, this can help.

    Here’s one more point that I would like to make. It’s entirely possible that the husband was slowing warming to the idea that his wife could change, but that he still had his doubts that the marriage could truly be a genuinely easy or happy one. The wife admitted to me that sometimes things were tense when they were together because she was frustrated that her plan didn’t seem to be working. This was something that needed to be avoided in the future.

    It’s vitally important that your husband sees you being light hearted, fun loving, and very easy to be around. The relationship and the conversations should be light and should not feel awkward or forced. I know that this sometimes takes some doing, but if every interaction feels or reads negatively, then this will often just reinforce the husband’s belief that the marriage is too far gone to save.

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    Source by Leslie Cane

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