Business and Money Tips

As we know, Sun Tze does not advocate a martinet-style of leadership.  Instead, he states that a leader must be strong enough to impose the strategy in the organization, but also confident and trusting enough to allow his team members to carry it out successfully.  There are thus 5-Ways of Leadership with Sun Tzu Art of War: Build Your Character, not just Your Image .  To Sun Tzu, a leader must be courageous, sincere and yet humane. But a leader must always appear to be in control of the situation, exuding confidence and assurance at all times. This confidence is not a facade, but based on true inside confidence. In short, if the leader has even one doubt, his followers will have several . Lead with Actions, Not Just Words .  The best way to show your character is not to talk about it, but set the example. Talk is cheap.  You should never say one thing and focus on another.  Share Your Team's Trials, Not Just Their Triumphs .  If you expect your team to sacrifice, you must s

It always amazes me to see how our good government come up with so many handout schemes for businesses, like free consultancy, free ISO etc. Handouts are good, but for how long?  As a entrepreneur, the motivating factor is not free money, but an environment where they can have a fair fight and prove their capabilities. So when the government gives out money to the small businesses, they government need to follow-up with more business opportunities. Otherwise, the money is not put to good use.  We know that in business money grows money, and handouts are good if they can be put to good use to generate more business. Otherwise, the money will be gone in no time. What I think the government should do to give more business opportunities for small businesses include: Law requiring the public sector and all big companies to, before asking for quotes from foreign companies, to put up their purchase requisition in a website whereby  only local companies can quote, say for 2 weeks. T

Everyone spends two-thirds of their waking hours working, including commuting to work and talking and thinking about work issues even if they are off work.  It's thus paramount that people must be happy at work or life would be so miserable.   The sad truth is that happiness , like all phenomena, is impermanent. It lasts for only one moment : if the next moment doesn't have peace of mind, concentration and mindfulness, happiness will disappear.  Just talk to the man who was happily drinking and driving until an accident happen and you'll know what I'm talking about.   The happy truth is that since happiness is impermanent, it can be renewed . And it can be r enewed by anyone, at any time, at any where and everywhere .  Most of the time, renewal is costless.   All you need is to have the right thought.  The secret to happiness at work is to have renewals of happiness . Everyone has plenty of ideas how to renew happiness, like sing songs, tell a joke, pr

1.     Define the task, output clearly. Use this SMART criteria ( specific, measurable, achievable, results wanted and timing) 2.    Delegate to a person with demonstrated competence  (this is not training, you are delegating an important task, don't leave to chance) 3. Explain the task clearly, preferably in writing (this will reduce misunderstanding & mistakes) 4. Invite questions and feedback ( Ask: "Can you show me how you're going to do it?") 5. Give a schedule, deadline  (Always leave some buffer in case of mistakes by giving a tighter deadline) 6. Inspect what you expect (surprise audit is the best) Remember, Delegation is not abdication, this means responsibility still lies with you and YOU are still answerable.  FOR A LARGE JOB, SET UP A DELEGATION AGREEMENT WHICH STATES:- · Intended outcome · Required resources · Completion deadline · Benchmarks (how can you measure progress) · Accountability · Consequences (for

In any organization, there are 2 kinds of middle managers: The first type are those who get the work done but never think beyond what need to be completed in the medium term. Though they may work hard and have good intentions, they fail to see the big picture, and thus add little value to the functions they manage. In short, they are 'good managers'.  E.g the Finance Manager at JPMorgan Chase Bank who got the monthly accounts out on time but never warn the management about the risk in investing in so called 'secure' mortgage securities. The second type are those  High Value Middle Managers who see the big picture.  They know how to manage operational practices and execute tactical goals to support strategic initiatives. They add value to their organization and thus elevate their position from that of a middle man to a key player.  You know it when you come across one (or when you yourself are one). High Value Middle Managers operate at peak efficienc

Let me go straight: You need to Know What's Most Important so that you can focus your resources on this, otherwise you would be losing focus and getting less than what you want.  No matter what, don't turn back, just keep on moving forward... 1. If You're a Big Company (with more than 100 staff): ENTREPRENEURSHIP . The bigger the company, the less risk adverse are the people as most of them would be concerned with their own career rather than the company's growth. Also, the company's structure makes it difficult to do things that are outside the company's policies and procedures.  Hence most employees would play it safe and inside their comfort zone.  Thus the company's management would need to lead the staff in comfort zone to be more entrepreneurial, take risks and try different things.  Otherwise, the company would end up like Nokia, Blackberry and Motorola - all former top 3 in mobile phones now occupying less than 15% combined market

Yes, business as usual is dead long ago, which I'm sure you're aware of this long ago. '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 M

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