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| Greetings! |
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| Reader Teri Ross of YourCMTO.com sent me a response to a Tip from last month's newsletter. Teri has worked with internet technology since 1995 and claims to have invented the Internet along with Al Gore. Here are her comments:
"I am writing in response to the Quick Tip from Joe Ragsdale regarding “New System Set-up.” Joe advises "When implementing a new IT (Internet Technology) system, bring over only the customers, vendors and SKUs with a current balance or activity in the last six to 12 months.” As a marketing technologist, I disagree with this suggestion.
When moving data from one system to another, it is a matter of matching the data fields from system 1 to system 2. This needs to be done if you are bringing over one customer or product record or 10 thousand unique records. The computer age has caused the development of a plethora of data analysis tools that allow users to not only collect more data, but to collect more data from a variety of different sources and systems. In bringing all of this data together, business owners and managers now have insights into their prospects, customers, products, marketing strategy and businesses that were not available before the development of Internet Technology. If a company limits their data collection, including historical data, then they limit the insights they can derive. As a result, their business decisions are based more on opinion than on fact."
Thanks Teri! Mark Komen, Owner, TAB Twin Cities - North/Central |
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| Management and Strategy |
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| Are You Concerned About 2017? |
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| In a recent TAB Board meeting, one of our members asked what other business owners are concerned about as they look towards 2017.
Top concerns are… |
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| Digital Digits |
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| Put your phone number on every page of your website. Never leave a future or current customer wondering how to get a hold of you.
Richard Simmons, TAB Auckland South |
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| Takeaways from It Is Your Ship |
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| In our TAB Board Meeting, several of us listed the important messages from the book,“It Is Your Ship,” written by Michael Abrashoff:
- Listen aggressively;
- Never fail the Washington Post test (if what you did appeared in the Post, would you be proud of it?);
- Communicate meaning and purpose (clearly and often);
- Take command;
- Lead by example;
- Create a climate of trust;
- Look for results, not salutes (allow your team to speak up);
- Take calculated risks;
- Go beyond standard procedures (be innovative);
- Build up your people;
- Generate unity; and
- Improve your people’s quality of life.
Chris Cumpton, Integrity Electrical Solutions |
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| Escaping the Enabling |
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| When an employee takes advantage of you by making his or her problem yours, be compassionate and supportive but leave the ownership and resolution of the problem in their court. Otherwise, you may create an expectation that you will become the solution (enabler) for the rest of their employment.
Janine Bugno, Advanced Vision Technologies |
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| Keep Your Bank in the Loop |
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| Growth is great! However, when going through a growth spurt, cash flow is going to take a hit. When you see this situation building, be preemptive. Meet with your bank well in advance of the cash crunch and provide a professionally-organized presentation of what is occurring. Banks will normally provide you with more credit when things are going well.
Kim Christie, TAB Winnipeg Board 401 |
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| Build Your Unique Value |
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| The long-term implications of selling on the basis of price is that you will likely lose your customers to a "dirty price cutter." You must provide value in another area; price cannot be the primary value for customers. There is only one exception to this rule, and that is if you happen to be the low-cost producer of a good or service. Even then, price competition can destroy a market over time. Determine another way to be of value to your customers and then strive to be the best in the world in that area.
Art Miller, TAB Oklahoma City North |
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| Maximize Your Business Potential! |
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TAB helps forward-thinking business owners grow their businesses, increase profitability and improve their lives by leveraging local business advisory boards, private business coaching and proprietary strategic services. |
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