Business

hourglass-2910951_1280

Gradual Measures

July 16, 2018 // 0 Comments

Source We are all customers of some companies which provide certain continuous services to us personally, or to our businesses. When we think of such companies, we can rarely be happy. At some point, something usually happens that affects our relationship with one or the other of these companies, in a way that we are the party that suffers damages. So, at least I learned not to trust them 100%, regardless of how great their services seem. I leave aside the situations when such companies have monopolies or form cartels to control the market. In many cases there is competition and customers can truly change the service providers. That should make them more attentive to their customers and their needs. Companies which offer continuous services which can be potentially for the long term, usually have a low margin of profit, but they base their business model on a large and relatively stable customer base. Under these circumstances, especially if the competition for customers from rival companies in the same niche is high, it makes no sense to treat the process leading to the final days of a cycle of a customer’s service lightly. Why risk losing a continuous source of income? What seems an appropriate course of action? 1. issue an invoice but do not let your customers know about it (expect them to simply remember the due dates or to come by your office or to log into your site to find out). 2. issue an invoice and contact the customers ONCE when the invoice is issued; if the due date expires without pay, suspend the service. 3. contact the customers a few days before issuing the invoice to remind them the service is about to expire; issue an invoice and contact the customers using the contact method of […]

metro rush

Rush = Frustration. Taking Time = Rewarding.

May 24, 2018 // 0 Comments

After a week-end when blogging fell off the grid for me (thanks to a family getaway), I’m back with the usual weekly post, but I’ll try to change the day from Saturday to Friday, and same with the email from Adrian’s Hub, if you are a subscriber of the list. If you are not a member, you can use the form on the right sidebar to join. Back to our topic. You can ask anyone who’s an entrepreneur, small or big, and they’ll tell you that being in business, and especially building one from the ground up yourself in not a picnic. I’m sure you already knew that, so what IS my point? The point I’m trying to make comes from the different approaches one can take to go through this period, when things are rocky, at best, and can leave you bankrupt or even give you a heart attack, in worse situations. I was inspired to write about this after the talk I had with a friend, who told me what he learned after building his offline business during many years and with serious expenses. He first tried to rush things and that only led to a lot of frustration, because business didn’t performed as he expected and he ran into numerous difficulties, many of them his business was not ready to withstand in its young stage. Therefore, rush led to frustration, and the latter led to more rush, and this generated a vicious cycle for a while. The way the cycle was broken was when he realized rushing things is not the way to move forward. He learned to take his time with his offline business, and finally the new strategy started to prove rewarding. Not on the short term, where he might even lose more than he […]

early adoption

Early Adoption versus Late Adoption

May 3, 2018 // 0 Comments

Early adoption in any domain comes with considerable risks. A regular person, with no training in that domain, can risk going through tons of complicated, rough, unfinished, buggy, barely explained processes not being understood by peers wasting time betting on the wrong horse losing money Early adoption also comes with important benefits, if the risks have been avoided or surpassed. The early adopter gets a comprehensive understanding of the sector and the business he or she joins has the chance to know, meet and form relationships with the future movers and shakers on an industry, before they are untouchable can become one of the central figures of the respective industry can grow businesses to pass the test of time and become references for the future can earn impressive amounts of money Late adoption benefits of an entire history of trials and errors in initial versions of a product, plus the experience of other people joining in the early stages, so it bares a low risk. A late adopter doesn’t give up the comfort of using an easy-to-use, stable and well-tested product needs confirmation of countless other successful products of the same line needs an authority to appear to control things has the mindset of a consumer, not of an investor Ladies—and not only them probably—like gold jewels. But of course they don’t dig out the gold or make their own jewels (and I doubt they’d like that either!). It’s way past that stage, any way. They buy them from stores now. But someone owns the store for generations, and another person owns the gold mine. They make the profit, because they were there when the gold rush began or were smart enough to start or catch a change in the trend. In the early 2000, IT companies boomed. But what […]

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