These short topical articles target specific areas of knowledge where a business owner's thinking and actions can make all the difference. Knowledge, coupled with the right actions, can and should increase your wealth through the power of your business!
Too many managers are quick to chose a strategy and too slow to recognize the costs associated with execution of the wrong strategy. It pays to take a little more time to get on the right track and to then continously assess the results against expectations.
There are Six Big Costs that can be avoided by taking the time and doing the research and thinking to establish the correct strategies in each business area. Take a look at the costs you want to avoid. Start right and finish on target and on time. Start wrong; fail to assess and change and you will be dragged under by these Big Six Costs:
1. Direct project-related expenses that do not provide the desired result. (You can only spend it once.)
2. Man-hours of effort invested by all direct and indirect employees involved to execute the strategy. (In most...
Understanding the Gap!
It is normal and natural that price and value perspectives differ between buyers and sellers. A simple experiment shows what is happening and can help us understand what occurrs as the parties approach the transaction process.
An experiment was designed as follows: One group of students randomly selected was given a cup and another group was not. The two groups were separated and not in contact with each other nor did they know what question each group was going to be asked. The group without the cups were independently shown a cup and asked what price they would pay fo it. The answers centered around $4.00. The other group, who had the cups in their possess, were each separately asked what they would take to part (sell) with their cup. These answers centered around $8.00.
Many experiments of this nature have been repeated with similar results. What is happening? It is human...