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Tag: Money
Talk About Money? Don't Be Crass
Hi! I've been living in Spain for almost twenty years. My wife is Spanish, my colleagues are Spanish, my customers are Spanish and by businesses are Spanish. Over these years I think I've learned quite a bit about "being Spanish".
If you want to get into the under-exploited fast-growing Spanish market, you need to know more than just how to speak Spanish. You need to understand Spanish customs, Spanish etiquette and Spanish business culture. Otherwise, you'll just be another American trying to "sell Spanish".
One of the biggest differences between American and Spanish cultures is our relationship with money. Let's face it, as Americans WE LOVE MONEY. We like to make money, we like to spend money and we like to talk about money. Our bookstores are full of guides to making money, and for us a successful business man often is considered a pretty heroic figure.
For the Spanish things are completely different.
In most circumstances talking about money, profits, or prices is considered crass. When there's a news story in the papers about a company yearly profits the Spanish reaction is usually tinged with jealousy or suspicion. The Spanish bank, "Banco Santander" just announced there record-breaking yearly profits and basically everyone thought "They must be genuine thieves. How dare they make so much profit!"
Now don't get me wrong. Spanish businessmen want to make profits. Just like you, they are ambitious and willing to fight for success. They just don't talk about it in public. If you're having a private business conversation, it fine to speak openly about opportunities, results and potential earnings. But if other people are present you should be very careful.
Outside the "business environment" people seldom mention anything of the sort.
If you purchase something, do it in a way where no one sees the price. If you pick up the check, try not to let your guests see how much it cost (pay with a credit card instead of cash). Remember, the problem isn't having money but being obvious about it. It's fine to wear a Rolex or designer jeans, just don't leave the price tag hanging out!
This article is brought to you by Kokula Krishna Hari Kunasekaran! Visit Website or Follow back at @kkkhari
Employee Retention: One of Your Biggest Money Savers
It's not unusual to hear about companies with constant employee turnover or cutting senior leadership positions as a cost saving measure. Many companies with mass turnover try to avoid extra costs such as pay raises and benefits by planning for constant turnover, but it is a difficult model to sustain and certainly not one that helps the bottom line. It's not more expensive to keep long term employees, in fact, it helps you retain a significant portion of your operating costs.
Some inexperienced managers feel the best way to solve any performance problems is to wipe the slate clean and start with new a new crop of employees. However, studies have shown that the actual cost of replacing an employee can be more than three times the employee's annual salary.
It is difficult to calculate the true cost of losing a trained, seasoned employee. As they exit, the skills and knowledge your business invested in exits also. While it takes time to screen, acquire and train a new employee, other employees are stressed to take up the workload in order to keep company goals and targets on track.
One company was experiencing a drop in signing new contracts. While the entire industry was also experiencing a downswing, the manager's knee jerk reaction was to assume his sales force was not fully engaged or motivated. By demoting and threatening, (motivating by intimidation), he not only caused a significant blow to company morale, he failed to take a leadership position that recognizes strengths and addresses individual development.
Rather than feel empowered and supported, many of the reps were now diverting time, attention and dedication away from their current positions to a job search. This was in a highly specialized industry where a new hire would need at least six months of intensive mentoring and guidance before the rep would be self-sufficient in their duties.
One of the most cost efficient ways to retain employees is to give them a voice in the process. Since they are on the front lines whether dealing with customers, selling your product or manufacturing your widget, they have real time feedback on what works and what doesn't. An organizational design professional can help discover gaps or overlaps in the process that directly contributes to employee frustration, redundant tasks or increased costs.
An OD professional has many other tools at their disposal, such as assessments that address strengths and limitations for individual development plans that ultimately benefit the entire organization. The results can be instrumental in realigning duties, work groups or processes by leveraging the strengths rather than focusing on the limitations.
If you are facing the decision to let dedicated employees go, reconsider the cost of developing vs. firing. Saving employees actually saves money and time, all of which have a powerful impact on the bottom line.
This article is brought to you by Kokula Krishna Hari Kunasekaran! Visit Website or Follow back at @kkkhari
Talk About Money? Don’t Be Crass
Hi! I’ve been living in Spain for almost twenty years. My wife is Spanish, my colleagues are Spanish, my customers are Spanish and by businesses are Spanish. Over these years I think I’ve learned quite a bit about “being Spanish”.
If you want to get into the under-exploited fast-growing Spanish market, you need to know more than just how to speak Spanish. You need to understand Spanish customs, Spanish etiquette and Spanish business culture. Otherwise, you’ll just be another American trying to “sell Spanish”.
One of the biggest differences between American and Spanish cultures is our relationship with money. Let’s face it, as Americans WE LOVE MONEY. We like to make money, we like to spend money and we like to talk about money. Our bookstores are full of guides to making money, and for us a successful business man often is considered a pretty heroic figure.
For the Spanish things are completely different.
In most circumstances talking about money, profits, or prices is considered crass. When there’s a news story in the papers about a company’s yearly profits the Spanish reaction is usually tinged with jealousy or suspicion. The Spanish bank, “Banco Santander” just announced there record-breaking yearly profits and basically everyone thought “They must be genuine thieves. How dare they make so much profit!”
Now don’t get me wrong. Spanish businessmen want to make profits. Just like you, they are ambitious and willing to fight for success. They just don’t talk about it in public. If you’re having a private business conversation, it fine to speak openly about opportunities, results and potential earnings. But if other people are present you should be very careful.
Outside the “business environment” people seldom mention anything of the sort.
If you purchase something, do it in a way where no one sees the price. If you pick up the check, try not to let your guests see how much it cost (pay with a credit card instead of cash). Remember, the problem isn’t having money but being obvious about it. It’s fine to wear a Rolex or designer jeans, just don’t leave the price tag hanging out!
This article is brought to you by Kokula Krishna Hari Kunasekaran! Visit Website or Follow back at @kkkhari
Employee Retention: One of Your Biggest Money Savers
It’s not unusual to hear about companies with constant employee turnover or cutting senior leadership positions as a cost saving measure. Many companies with mass turnover try to avoid extra costs such as pay raises and benefits by planning for constant turnover, but it is a difficult model to sustain and certainly not one that helps the bottom line. It’s not more expensive to keep long term employees, in fact, it helps you retain a significant portion of your operating costs.
Some inexperienced managers feel the best way to solve any performance problems is to wipe the slate clean and start with new a new crop of employees. However, studies have shown that the actual cost of replacing an employee can be more than three times the employee’s annual salary.
It is difficult to calculate the true cost of losing a trained, seasoned employee. As they exit, the skills and knowledge your business invested in exits also. While it takes time to screen, acquire and train a new employee, other employees are stressed to take up the workload in order to keep company goals and targets on track.
One company was experiencing a drop in signing new contracts. While the entire industry was also experiencing a downswing, the manager’s knee jerk reaction was to assume his sales force was not fully engaged or motivated. By demoting and threatening, (motivating by intimidation), he not only caused a significant blow to company morale, he failed to take a leadership position that recognizes strengths and addresses individual development.
Rather than feel empowered and supported, many of the reps were now diverting time, attention and dedication away from their current positions to a job search. This was in a highly specialized industry where a new hire would need at least six months of intensive mentoring and guidance before the rep would be self-sufficient in their duties.
One of the most cost efficient ways to retain employees is to give them a voice in the process. Since they are on the front lines whether dealing with customers, selling your product or manufacturing your widget, they have real time feedback on what works and what doesn’t. An organizational design professional can help discover gaps or overlaps in the process that directly contributes to employee frustration, redundant tasks or increased costs.
An OD professional has many other tools at their disposal, such as assessments that address strengths and limitations for individual development plans that ultimately benefit the entire organization. The results can be instrumental in realigning duties, work groups or processes by leveraging the strengths rather than focusing on the limitations.
If you are facing the decision to let dedicated employees go, reconsider the cost of developing vs. firing. Saving employees actually saves money and time, all of which have a powerful impact on the bottom line.
This article is brought to you by Kokula Krishna Hari Kunasekaran! Visit Website or Follow back at @kkkhari
5 Ways to Make Money With Your Home-Based Business
Donald Trump does it. So does his ex-wife Ivana. Even hotel heiress Paris Hilton has been bitten by the bug. The business bug, that is. It is said that if you want to make big money, do not become an employee, become a businessman. Although business is not always about the Benjamins, it would not hurt if you cashed in plenty from all your hard work, talent and efforts. Here are ways you can make money with your home-based business without guilt:
Find a business that has a market.
We know what you're thinking: 'Duh! Why sell something that no one likes? ' However, you'd be surprised to know that new entrepreneurs actually make the mistake of diving right in without really understanding the market for their products.
Try and do research about the type of home-based business you want to get into. How will you compete? What's the current pricing scheme? What can you offer that will allow you to sell more or at a higher price?
Always sell quality.
In business, you have two choices: sell low quality stuff at discount prices and hope to mass market or put a high price on your high quality merchandise and enjoy the profits. If you can offer quality in your products and services, customers remember you and trust you. As a result, they not only want to do business with you, they'll also expand your market through referrals, a free form of marketing for your business.
Always seek to improve your business and involve your customers and clients. Ask for feedback, consider what can be done and constantly evolve.
Watch the profit margins on your products.
When you go into a home-based business, consider the type of overhead and miscellaneous expenses you will incur as part of your operations. You may be running a business from home but that does not mean you should not charge for power or facilities, for example.
During the planning stages of your business, try and compute for your break-even point. This will help you determine how fast or slow your business is going. Determine also the best pricing scheme for your products and / or services. See if selling low-margin products en masse is more effective than selling a few high-margin products. If you can handle it, combine the two.
Do not be afraid to market to big companies.
A common mistake among home-based business owners is the belief that they should limit their market to individuals and small companies. Although there's money to be made here, they will also be neglecting high-profit deals with medium- to large-sized companies.
If your market consists mostly of small companies and organizations, take good care of them. However, try to get in touch with larger companies. They might ignore you, they might not. Just make sure you present your company and products in a good way. If your products or service are top quality, you have a chance to edge out your competitors.
Do not be afraid to let go.
If there are bad apples in your basket, would not you throw them away? The same holds true for your business. Some products or services you may be offering may not give you the type of ROI you want. If you're selling at a loss or for a very low profit margin that is not worth your time and effort, consider removing the merchandise from your selection. If you want to make cash drain and then eliminate, innovate or modify items that do not work.
This article is brought to you by Kokula Krishna Hari Kunasekaran! Visit Website or Follow back at @kkkhari