'As usual' means companies, employers and the government are in full control. Today we know the person using his mobile phone, phablet, tablet and laptop can exert so much control that no one can ever imagine.
If you're still doing business the same old way as before, you're heading for trouble. Here are 5 things that you must know and do:
1. What People Say About You = Your Reputation
A company's branding is no longer built on massive advertising that builds up its name. Instead, a company's branding is built on what people say about you on social media like Facebook, Twitter and Youtube. Just look at the massive unhappiness about the non-issuance of TV license to Hong Kong TV and you'll know what I'm talking about. The Hong Kong Government is now facing a confidence shake-out that it lacks transparency, meritocracy and disclosure. If you were a MNC looking to locate your Asian headquarters in Hong Kong, wouldn't you think twice?
2. It's Cash Flow that Makes You Profit, Stupid!
Profit is the difference between how much you sell and how much you buy and incur in order to make the sale. Cash Flow is the the difference between how much cash you collect and how much cash you pay out. In the past if a business makes good profit, we say it's a good business. Today we know that cash flow is king, and you can make more profits with cash flow.
A simple illustration is Apple Inc. Apple collects cash from its customers for iPhone 5s in advance when they order it online. Delivery is at least a week, and Apple only pays its contract manufacturer Foxcon Electronics 45 days later. And Apple will use that 45-days free cash flow generated to make more profits and cash flow, eg through launching of new paid apps.
3. It's the Mind that Matters, Not How Hard People Work
The old thinking is that if people work harder, there will be more results and fewer accidents. But we know that with everyone already multi-tasking and working long hours, working harder will actually result in less output but higher accidents. This is because the peoples' minds will be more cluttered and less focused, and multi-tasking without multi-focus means multi-mistakes. They are mindless ininstead of mindful.
So the solution lies in making peoples' minds clearer. How? By having goals, reducing distractions and most importantly, but having a trained mind.
4. If You Can't Beat Them, Join Them = Faster Death
Blackberry, Nokia, Panasonic, Philips and Ericsson cannot beat Apple, Samsung and Huawei in smartphones. So they join them. Look at them now. Most are dead, some like Nokia are half-dead.
In fact when you can't beat them, it's better to exit and use your strengths to do things that they cannot do, like Ericsson existing the smartphone business and re-focus on mobile equipment. Now Ericsson is doing well.
5. Hitting Targets Means Doing Well = Slow Death
Many people think that if we can hit targets, we are doing well. Unknown to many, hitting targets is easy. It is how they hit the targets that makes the difference.
Look at JPMorgan Chase, the US bank that emerged as the largest US bank overtaking its rivals like Citigroup and Bank of America in the 2008 US Financial Crisis. Today we know that JPMorgan Bank is more sick than anyone, they just paid US$1 billion to lawyers as legal fees and were slapped with US$13 billion just on fines to reregulators alone. Not to count the loss of key customers and staff due to their being caught for cheating in the markets in the past few years.
In short, when you see your staff hitting targets, see how they hit the targets. Did they break any law, most importantly, moral laws? History has shown us that the bad cannot outdo the good, it's a matter of time. But when the bad things were discovered later, the losses are bigger. This course on Successful Sales Management will show you how you too can manage your sales team, customers account and most importantly, your business. The last run for this year is on 30th October 2013 Wed. 9 am to 5 pm. Last 7 seats available, so call Priya at 6225-1784 now. Can also click here for details.
4. If You Can't Beat Them, Join Them = Faster Death
Blackberry, Nokia, Panasonic, Philips and Ericsson cannot beat Apple, Samsung and Huawei in smartphones. So they join them. Look at them now. Most are dead, some like Nokia are half-dead.
In fact when you can't beat them, it's better to exit and use your strengths to do things that they cannot do, like Ericsson existing the smartphone business and re-focus on mobile equipment. Now Ericsson is doing well.
5. Hitting Targets Means Doing Well = Slow Death
Many people think that if we can hit targets, we are doing well. Unknown to many, hitting targets is easy. It is how they hit the targets that makes the difference.
Look at JPMorgan Chase, the US bank that emerged as the largest US bank overtaking its rivals like Citigroup and Bank of America in the 2008 US Financial Crisis. Today we know that JPMorgan Bank is more sick than anyone, they just paid US$1 billion to lawyers as legal fees and were slapped with US$13 billion just on fines to reregulators alone. Not to count the loss of key customers and staff due to their being caught for cheating in the markets in the past few years.
In short, when you see your staff hitting targets, see how they hit the targets. Did they break any law, most importantly, moral laws? History has shown us that the bad cannot outdo the good, it's a matter of time. But when the bad things were discovered later, the losses are bigger. This course on Successful Sales Management will show you how you too can manage your sales team, customers account and most importantly, your business. The last run for this year is on 30th October 2013 Wed. 9 am to 5 pm. Last 7 seats available, so call Priya at 6225-1784 now. Can also click here for details.
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