Business and Money Tips

What do you do when your potential client asks, "How much do you charge for your service?" This is a money question. Indeed such money question forces you to confront your sense of self-worth. In other words, what's your self-worth? It takes courage - to place a fair but generous price on your expertise and the time taken to get that expertise. Definitely not the time it takes to do the work, but the time it takes to be able to do the work. Just like we don't pay our Dentist by time, we pay him by his ability to do his work well, regardless of the actual time taken. Sometimes like in the dentist case, the shorter the time, the better it is and the higher is his fee.   In my seminars and trainings, I have always worked toward the goal of giving my participants more than their money's worth. Because I know that when I dedicate myself to raising the top (quality) rather than lowering the bottom (cost), everybody wins. Money is worth and worth is meas

Sun Tzu in the Art of War stated that all war is based on deception.  Does he mean to cheat?  Of course not. What Sun Tzu means is that we need to adjust the enemy's perception so that 'when able to attack we must seem weak, and when weak must appear to be strong'. The reason is that people simply assume that the way we see things is the way they really are, or the way they should be. Also, our attitudes and behaviours grow out of these assumptions.  In other words, we are not really seeing, but perceiving. Pick up the phone now and call your own company pretending to be a customer.  How are you treated?  If you are going to adequately manage other people's perception of your company you need to know what that perception is. This is not an exercise to catch people out but to find areas of improvement.  Like my seminar clients, you'll be surprised that the way your people answer the phone is not every business friendly! In business it is imperative that you

Yes, it has been getting more competitive today to sell. In the process of Pitching, i.e. multi-stage selling, every detail must be well executed if you want to clinch that coveted deal that everyone is eyeing for.  The stages involved in the sales pitch starts with a meeting, followed by a formal, stand-up presentation. Even if the prospect decides in your favour, you need to follow-up till the end, as anything can change until you sign the deal.  It should be noted that pitching is process that is cumulative, this means that each stage must be completed to the satisfaction of the other other or you will be wasting your time and effort . To pitch successfully, you need to press the prospect's hot button.  Hot button is not to be confused with Benefits or Emotions, nor is it about Fear and Force. In sales, a Hot button is a Trigger that once activated, the person will NOT go back to the original state of mind . This means that when you press the hot button, a sale will re

1. Your work is to discover your work and then with all your heart to give yourself to it. 2. Thousands of candles can be lit from a single candle, and the life of the candle will not be shortened. Just as the candle won't be shortened, one's happiness never decreases by being shared. 3. The secret of health for both mind and body is not to mourn for the past, nor to worry about the future, but to live the present moment wisely and earnestly. 4. Words have the power to both destroy and heal. When words are both true and kind, they can change our world. 5. If we could see the miracle of a single flower clearly, our whole life would change. 6. Let us all be thankful for this day, for we have learned a great deal; if we have not learned a great deal, then at least we learned slightly; if we did not learn slightly, then at least we did not become sick; if we did become sick, then at least we did not die. So, let us all be thankful. 7. On life's jou

Whenever I ask business owners the question, 'What is the purpose of a business?' I often get the following response: 'To make a profit!’ That answer pinpoints why so many businesses struggle to survive, let alone grow. That answer is centred on the desires of the business owner, not on the needs and desires of their customers. Imagine walking up to a potential customer and saying, 'Hello. My purpose is to make a nice, big profit from you today!'   That would be what we call a 'repelling' action, not an 'attracting' action.  Here's a much more powerful and profitable definition of the purpose of a business: To attract and serve the needs of as many customers as possible at an acceptable profit. Did you notice where the profit came in? Not at the beginning where most people put it, but at the end. Profit is the 'result' of how well you serve your customers needs. Focus on serving your customers better than your competition --

If you are like most people, you find that you are not happy with where you are right now. You think that you can do much more, but you are hampered by many factors, including yourself.  We know that having a Coach will help you to achieve success faster and easier. The only issue is how can you afford to pay someone week after week, month after month, year after year, a coaching fee that takes up almost half of your take-home pay?   Contrary to most people thinking, you yourself can be your own coach . All you need is to learn 7 Key Strategies and Tools. They are: Know Your Mind , Live Your Plan , Be Confident, Weekly Review , Leverage on Others, Enjoy the Adversity and Tap into Your Subconscious Mind.   We know that Coaching is about Asking Questions.  So Start Questioning Yourself and you'll be coaching yourself to success.  There are 3 Key Questions to Ask Yourself:  Ask Questions that Open Up Possibilities , not open up problems. When you cannot do something, instead

As a person that has gone through many formal (e.g. MBA) and informal training, I realize that very few teach us how to manage the business in a downturn. Turn open the newspaper and you'll find talks advocating "how to build a brand that lasts", "how to increase sales easily" etc. Most of them are talking about how to do things in a normal economy. But we know that currently the economy, especially Singapore, is in decline. There is no growth in the July to September 2013 Quarter. In short, hang cheng pai or 行情坏！ In bad times, here are the 5 things you must do to manage your team: Need not use money as a motivator - because everyone is cutting bonuses, if you just maintain last year's bonus, you're already paying higher than market!  Leadership is most critical . In good times, even if you have a lousy or absent leader, the business will still grow. But now if your managers are a little ineffective, you can see all the ill effects in the business.

Buddhism officially came to China in 67 CE. The Eastern Han Dynasty Emperor Han Ming sent special envoys to India to invite Buddhist monks to come to China to preach. Since most South-East Asia Chinese came from China, to the Chinese Buddhism is almost 2,000 years old. Buddhism in that period was regarded as an Educational System and not as a religion. Indeed in many ways Buddhism is considered as an education and not religion, primarily because Buddhism is not about faith or belief, but about seeing the world in the right way . It is about questioning everything, including the teachings of Buddhism . Only when one has wisdom can one question, thus Buddhism is an education. This is the unique thing about Buddhism as compared with other faiths, religions and schools of thoughts. Not only that, Buddhism is also about the how to live the teachings of Siddhartha Gautama who ‘founded’ the religion of Buddhism in 563 BCE in North-East India that is Nepal today. Commonly referred as

Your purpose as a manager or employee is to get things done, not to impress your boss. But we know that to get more things done you need to impress your boss so that he will trust you and pass to you more things. Here are the 7 Easy Ways that Anyone Can Impress their Boss Without Licking his Boots: Be Frank and Open . Admit mistakes. Never shade truth.  This is key to gaining long term trust Help Your Boss to Be Right . This is not being subservient or time-serving, but means you support your boss in whatever ways so that he can be right.  For example, you help him to improve his writing so that he will not be mis-understood.  Respond Fast or at least Show him Enthusiasm .  Show a Can-Do attitude, not 'See-What-I-Can-Do' style Handle your personal problems well so that he knows you can be trusted to handle the organization's problems. For example, don't have frantic calls from your family members frequently. Protect him with your willingness to take the '

Among all natural laws (i.e. not man-made laws but laws governing all nature), the Law of Action and Reaction is the most prevalent. This is also called the law of Cause and Effect, or Karma to some people. Simply put, for every action, there will be a reaction. That's why good beget good and bad beget bad.  But the point to note that there is no direct relationship between cause and effect , i.e. you cannot pinpoint a particular action and say for sure that it will precisely lead to another action.  Also, results do not arise in the order in which their causative actions have taken place . What this means is that other causative factors also come into play and often it is their combined effect that determines the result . A single cause cannot produce a result, much less many results, nor can many causes produce just one result. How does it apply to training then?  From my over 17 year of training (including part-time 1996-2001 before becoming full time since May 2001 till

Yesterday my blog about how to solve problems the SAD Way (See-Address-Do) Way has made some people sad. Today I'm going to make you HAPPY: the proven way to Build Great Teams: H - Harmonize the team, conflicts should be put aside first A - Align the different goals of the team to that of the organization. P - Purpose : find a common purpose for all P - Path : create the path to achieve the common purpose Y - Get people to say ' Yes ' to commit and do the path created above A typical team-building session using HAPPY would run like this: Harmonize : Get everyone to write down their differences and agree to harmonize, i.e. work through the differences; Goal Alignment Session t o align the different goals to the organization's goals.  Eg Sales Department goal of 20% growth must be aligned to company's profit goals Purpose : Find a common purpose that will get people charging. Like to beat the competitor; Path : here will be the detailed Road Maps and

Customers are demanding lower prices. Factories are moving overseas. How can salespeople survive?  These are tough times for salespeople. Customers are demanding more services and lower prices.  Many are purchasing directly through the internet and from manufacturers. Salespeople find themselves caught in the middle - doing more for customers, making less money and wondering about their paycheck. The solution is simple.  Salespeople Must Add Value. How?  Salespeople add value in many ways - before, during and after the sale.    These services include product availability, problem solving and technical support, just to name a few. But customers often do not realize how these services translate into dollars-and-cents value. Why? Because salespeople are generally not trained in how to calculate this value for customers. Beyond product training   Customers are interested in more than product features and benefits. They want to know how these benefits translate into   dollars-and-cents

Often in my training courses, my participants would like to share with me their problems at work and ask me for advise. The advise I gave them is to solve problems in a 3-Step SAD way:  Step 1:  See the problem as what it is, not what you wish .  Reason is that if you  don’t exactly see what the problem is, you're going to perpetuate it.  Y ou are already in reality, all you need to do is to see it. All problems at work, be it sales, cash flow or people management, can be summed up in two words: Human Problems. Settle the human problems and you'll settle all problems.  Human problems can be in the area of motivation, morale, competencies, distraction, complacency, leadership, communication, inter-personal skills, teamwork and compliance.  Step 2:  You don’t lack ideas, strategies or solutions to your problems. S o stop blocking yourself and attend to what’s going on .   When you really attend to the problems, the solution is obvious.  For example, my clie

I learnt this very powerful 5-word phrase from Singapore's highest ever box-office movie ever: "Ah Boys to Men II". In one scene, the recruits were about to start their 3-day field camp.  Their Officer-in-Command asked them, "Before we moved out, anybody not feeling well?"  All the soldiers replied loudly, "No Sir!!!" "Gentlemen", continued the Officer, "Every time the training gets tougher, one thought comes to your mind, 'Why Must I Serve National Service?' "My answer to you is, 'If Not You, Then Who Else?'" Wow!  What a powerful phrase!  If Not You, Who Else may mean: You are the most suitable person, and we can't find anyone better than you.  This is appreciation at the highest level How can you push this responsibility to someone else? I am making a request to you specifically, please don't reject my request Can you find me another person more suitable than you? Please refer me anot

Interview any customers and they will tell you that Over-Promise Under-Deliver is the number 1 reason that they don't trust and like salespeople.  In fact, over 55% of salespeople that we trained confessed that they have to resort to Over-Promise Under-Deliver in their bid to close the sale. If you too want to have long-term relationship in business, you need to avoid Over-Promise Under Deliver at all costs.  The following are the 7 Ways: Know Your Product and Your Customer's Expectations Well  and you will only be promising what your can deliver; Lead the customer and not let him lead you .  Many a times customers lead salespeople to say yes to their requests and that's how over promise happen.  Instead a salesperson could take back control by simply asking a question like, "What do you think?" Deliver + 1 , that is, over deliver on your promise and you'll end up with "Over Promise, Over Deliver" Go the Extra Mile , better than Deliver +1