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Article Check - Why Can You Expect to Improve Your Effectiveness by 20 Times?
THE GOLDEN RULE, do you believe in applying it to your cattle deals? And if not do you sleep well at night?I believe it may be the origin of or relates to the true meaning of what our forefathers had reference to when they came up with the idea of what is referred to as a HAND SHAKE CATTLE DEAL. Have you applied it to your cattle deals? If not, I challenge you to give it a try; it has worked for many others.The golden rule is endorsed in most all regions of the world. And for many centuries the idea has been influential among people of very diverse cultures. These facts suggest that the golden rule may be an important moral truth.The golden rule is best interpreted as saying: Treat others only in ways that you are willing to be treated in the same exact situation. To apply it, you should imagine yourself in the exact place of the other person on the receiving end of the action. If you act in a given way toward another, and yet are unwilling to be treated that way in the same circumstances, then you violate the rule.To apply the golden rule adequately, we need knowledge and imagination. W
Imagine that a business has 100 salespeople selling 100,000 units a year. Consistent with the parallel observation to Pareto's Law, 20 of those salespeople produce total sales of 80,000 units per year (an average of 4,000 units per year) while the remaining 80 salespeople produce total sales of only 20,000 units per year (an average of 250 units per year. The 20 most productive salespeople create o
Finding the right source for your business can mean the difference between success and failure. When you are able to find a supplier that can give you what you need at low costs and a fast turnaround time, you should consider yourself lucky, because you have found what it takes to keep your business afloat. But if you have yet to find that source, you should look for certain traits.The main source you will have to deal with is the one that provides you with the product that your business sells. Finding this one is the hardest part - and the most important. To start with, you should compile a list of all the options that you want to consider. Look on listings or databases for the information on as many companies as possible. You will want at least 10 that you can compare.When comparing the sources, you need to think of several factors. The first is, of course, price. Every cent cheaper that a product is, that is one more cent of profit for your company. But you also have to consider the particular product they are selling. Is it the same model offered by competitors, or is it a cheap knock-off?
― Anonymous
A 2,000 percent solution is any method of accomplishing what your organization does now with zero-to-four percent of the current time and resources, or accomplishing an increase of 20 times in results while employing the same or fewer resources. A combination of those results can also be a 2,000 percent solution.
When first creating a 2,000 percent solution, many people report discovering that their solution could have been implemented at any time during the prior 50 years. But no one had. Why is that?
Here's a story that helps explain such delays. An executive works in a business where 95 percent of the ingredients were once discarded at the end of the production process. That's like taking a piece or two of a large wedding cake and then throwing the rest of the cake away. The organization first called the unused ingredients "waste" and dumped that material into the ocean. A new treaty in the 1970s prohibited this kind of dumping, and the "waste" went into landfills. Environmental laws were later enacted that made it more attractive to do something else with the "waste," and the leftover ingredients were turned into "by-products" that didn't have much value. The executive redefined those used ingredients as "products" and discovered that with a little upgrading they became valuable forms of organic fertilizer that many were anxious to buy. Soon the executive had developed a large fertilizer business and was successfully making similar upgrades of waste into valuable products for other manufacturers.
From this experience, the executive learned that people only pay a lot of attention to "products," seldom focus on "by-products," and hardly ever examine their "waste." Similarly, people pay a lot more attention to 2,000 percent solutions than to efforts to meet the annual budget increase of 10 percent. Why? It's more exciting and rewarding to develop 2,000 percent solutions. When you accomplish that first 2,000 percent solution, your self-esteem reaches a higher level than you ever thought possible. You've done it once and you know you can do it again.
A parallel observation to Pareto's Law (referred to by some as Pareto's Principle, or the 80/20 principle, meaning that 80 percent of the results can be observed to come from 20 percent of the people doing an activity) states that 80 percent of the results of any economic activity come from 20 percent or less of the efforts. Let's look at an example.
Imagine that a business has 100 salespeople selling 100,000 units a year. Consistent with the parallel observation to Pareto's Law, 20 of those salespeople produce total sales of 80,000 units per year (an average of 4,000 units per year) while the remaining 80 salespeople produce total sales of only 20,000 units per year (an average of 250 units per year. The 20 most productive salespeople create on
How important are staff to your business? That’s sort of a basic question, because everyone knows that without staff you can’t do your own job. But really, how important do we consider our staff? After all, they haven’t been to school as long as we have, they don’t know as much, they don’t make the money we do. Shouldn’t it be easy to replace them when we need to?It’s easy to fall into the trap of under-rating the importance of staff to a business; but it’s at least as bad to have the wrong staff in your organization. Who are the ‘wrong’ staff? Most of us would say those who don’t work hard, or take too many breaks, or don’t know what they’re doing, or who don’t take initiative. Now, these are serious defects, but the problem goes deeper – are we seeking staff who really complement the business?When you opened your business you had an ideal in mind. Most likely it included finding and pleasing customers, providing a high quality product, delivering top-notch service to support your product, and getting customers excited enough to tell others about you. Business owners have values they bring to
Here's a story that helps explain such delays. An executive works in a business where 95 percent of the ingredients were once discarded at the end of the production process. That's like taking a piece or two of a large wedding cake and then throwing the rest of the cake away. The organization first called the unused ingredients "waste" and dumped that material into the ocean. A new treaty in the 1970s prohibited this kind of dumping, and the "waste" went into landfills. Environmental laws were later enacted that made it more attractive to do something else with the "waste," and the leftover ingredients were turned into "by-products" that didn't have much value. The executive redefined those used ingredients as "products" and discovered that with a little upgrading they became valuable forms of organic fertilizer that many were anxious to buy. Soon the executive had developed a large fertilizer business and was successfully making similar upgrades of waste into valuable products for other manufacturers.
From this experience, the executive learned that people only pay a lot of attention to "products," seldom focus on "by-products," and hardly ever examine their "waste." Similarly, people pay a lot more attention to 2,000 percent solutions than to efforts to meet the annual budget increase of 10 percent. Why? It's more exciting and rewarding to develop 2,000 percent solutions. When you accomplish that first 2,000 percent solution, your self-esteem reaches a higher level than you ever thought possible. You've done it once and you know you can do it again.
A parallel observation to Pareto's Law (referred to by some as Pareto's Principle, or the 80/20 principle, meaning that 80 percent of the results can be observed to come from 20 percent of the people doing an activity) states that 80 percent of the results of any economic activity come from 20 percent or less of the efforts. Let's look at an example.
Imagine that a business has 100 salespeople selling 100,000 units a year. Consistent with the parallel observation to Pareto's Law, 20 of those salespeople produce total sales of 80,000 units per year (an average of 4,000 units per year) while the remaining 80 salespeople produce total sales of only 20,000 units per year (an average of 250 units per year. The 20 most productive salespeople create o
Planning a meeting, corporate event or conference can be a trying task - particularly if you expect the event to be a large one. But before you despair over thoughts of potential meeting mishaps, remember that there is help at hand.There are a number of comprehensive resources to which you can turn when planning a meeting or event - from extensive checklists to professional event planners. And whether you're a practiced corporate event planner or are about to embark on your first ever event-planning effort, it's always essential to make full use of these resources.One of your most significant event planning resources will likely be the venue at which you choose to hold your event. That's because event venues are usually equipped with a range of internal event services and facilities, such as audio-visual technology and dedicated event staff. However, you'll likely still need to outsource various other services, such as transportation and accommodation (if the event requires travel) and possibly even catering services. In the end, all the outsourcing can amount to a lot more work than you had bargained
From this experience, the executive learned that people only pay a lot of attention to "products," seldom focus on "by-products," and hardly ever examine their "waste." Similarly, people pay a lot more attention to 2,000 percent solutions than to efforts to meet the annual budget increase of 10 percent. Why? It's more exciting and rewarding to develop 2,000 percent solutions. When you accomplish that first 2,000 percent solution, your self-esteem reaches a higher level than you ever thought possible. You've done it once and you know you can do it again.
A parallel observation to Pareto's Law (referred to by some as Pareto's Principle, or the 80/20 principle, meaning that 80 percent of the results can be observed to come from 20 percent of the people doing an activity) states that 80 percent of the results of any economic activity come from 20 percent or less of the efforts. Let's look at an example.
Imagine that a business has 100 salespeople selling 100,000 units a year. Consistent with the parallel observation to Pareto's Law, 20 of those salespeople produce total sales of 80,000 units per year (an average of 4,000 units per year) while the remaining 80 salespeople produce total sales of only 20,000 units per year (an average of 250 units per year. The 20 most productive salespeople create o
Headlines from the salary-related articles at web site efinancialcareers.com read, “Lucrative Times for Risk Professionals,” (Apr. 9, 2007), “Demand Pumps Pay in Risk Management,” (Jan. 7, 2007), “Hefty Increases to Risk Executives,” (June 20, 2006), “Risk Sector View: Banks Gearing and Paying Up,” (Nov. 9, 2005), and “Risk Manager Pay Jumps 15% Year on Year,” (May 9, 2005). Michael Woodrow, president of the risk-management search firm Risk Talent Associates, predicts continued high demand for risk management specialists with experienced market risk and credit risk people getting packages of $500,000 or "much, much more."The results from a recent Risk Talent Associates compensation survey are as follows. “For risk management analysts or associates, average total compensation in the U.S. grew from $111,000 in 2005 to $121,000 in 2006. For senior associates or managers, compensation rose $150,000 to $166,000. Vice presidents saw their compensation rise from $242,000 in 2005 to $264,000 in 2006. Senior vice presidents garnered $420,000 in 2005 versus $462,000 in 2006, while managing directors' compensation
A parallel observation to Pareto's Law (referred to by some as Pareto's Principle, or the 80/20 principle, meaning that 80 percent of the results can be observed to come from 20 percent of the people doing an activity) states that 80 percent of the results of any economic activity come from 20 percent or less of the efforts. Let's look at an example.
Imagine that a business has 100 salespeople selling 100,000 units a year. Consistent with the parallel observation to Pareto's Law, 20 of those salespeople produce total sales of 80,000 units per year (an average of 4,000 units per year) while the remaining 80 salespeople produce total sales of only 20,000 units per year (an average of 250 units per year. The 20 most productive salespeople create o
From the free encyclopedia Wikipedia, courage, it also has been known as bravery and fortitude, it is the ability to confront fear, pain, danger, uncertainty or intimidation. These nouns appear as a contrast of the courage one.For many philosophers, the courage is associated with the the soul largeness. It is a sort of virtue. There are many species of courage. It has the courage for the fight against the injustices; the fight against the poverty; the courage to marry and to assume commitments with a person; the courage to take risks in new businesses and enterprises.But the principle feeling that contrast with courage is the fear. Since early children have learned to have fear of the dark one, of the animals, monsters and the other oldest resources of scaring them, in order to make them to obey us. Later, when they have grown, we demand them courage, even so we have prepared them all the time to feel fear.For some studious the fear is a creation of the proper man. It is something that we learn in our culture. It has a phrase that it says that the luck favors the audacious, the courageous ones,
Imagine that a business has 100 salespeople selling 100,000 units a year. Consistent with the parallel observation to Pareto's Law, 20 of those salespeople produce total sales of 80,000 units per year (an average of 4,000 units per year) while the remaining 80 salespeople produce total sales of only 20,000 units per year (an average of 250 units per year. The 20 most productive salespeople create on average 16 times (4,000/250) more than the average of the 80 remaining sales people. Matching the performance of the remaining 80 sales people to what the most productive 20 salespeople accomplish is a 1,500 percent solution.
Within the group of 20, some are more productive than the others. Let's assume that the most productive salesperson produces annual sales of 7,000 units. That amount is 28 times what the 80 less productive salespeople average. If the less productive people can move up to the productivity of the most productive salesperson, that's a 2,700 percent solution.
Within the group of 80, some are less productive than others. Let's assume that the least productive salesperson who won't be fired sells merely 100 units per year. If that person could match the most productive salesperson, that would be a 6,900 percent solution.
The nature of which customers are served may have something to do with why these two salespeople vary so much in productivity. But if the least productive salesperson can increase performance to even half the average of the most productive group, that's still more than a 2,000 percent solution
Let's also assume that the company has a more effective competitor where the most productive salespeople sell on average 10,000 units per year. Within that group, let's also assume that the most productive person sells 18,000 units per year. If some of this success is based on selling methods that the least productive salesperson in the first company can emulate but doesn't use now, that relatively low performing salesperson would only have to capture one-eighth of the results of this most productive competitor‘s salesperson to achieve a 2,000 percent solution.
In addition, there are probably better performing salespeople in other industries who could also show the lowest producing salesperson in the original company how to improve. By drawing on those examples, the least productive salespeople can expand their productivity further.
From the first company's management perspective, notice that the challenge is different. Only if the salespeople in total improve their productivity by 20 times does the company enjoy a 2,000 percent solution. Even if the methods and personal qualities of the best salesperson can be duplicated in the rest of the sales force, such a 2,000 percent solution cannot be achi
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