Business

opportunity preparation taking action

Opportunity. Preparation. Taking Action.

December 8, 2017 // 2 Comments

Today I’d like to talk about a process that we often treat lightly and that costs us. The ideal process starts with identifying an opportunity, continues to a preparation or planning phase and then we must take action to make it happen. You will see we often skip steps or stall during any of these stages. Being aware of our mistakes is the first step to cease making them. Then, as always, with practice we can improve our results. Identifying the Opportunity Opportunities vary… a lot. By Importance I’ve read a person only has about 3 life-changing opportunities in their entire life. I’m not sure how accurate that number is, but we certainly have a few, no more. Taking these opportunities or missing them will have an immense impact on our future. By contrast, we have many opportunities that don’t have the power, by themselves, to change our lives. Compounded together and over time, they can also exert a high influence on our trajectory in life. In Relation to Time They can be time constrained. That’s when an opportunity window presents itself for a limited time and you have to act until the counter runs out or the opportunity window passes. They can be without time pressure. One of the world’s top investors, Warren Buffett, is well-known for tracking down undervalued companies that are not in the spotlight. He seeks and finds opportunities and it may take time before they are revealed as true jewels. Since these companies are rarely targeted by other investors, he can take as much time as he wants and needs to accomplish his goals. By How It Is Revealed to You Some opportunities almost hit you in the face, but in certain situations you see a potential opportunity and need to dig out more information […]

coins

Add More Value Or Adjust Prices?

August 19, 2017 // 0 Comments

I’ve seen a little debate about the best course of action to take when the industry a business operates in is in a tough spot: add more value or adjust prices? This is not a new debate, of course, and both sides have good arguments. On one side, if you add more value, you improve your product, your competitiveness and have a long-term approach. But you must afford to go through a longer period of time with limited sales, if the whole industry sinks. If you can do that, in the end you’ll surface toughened. On the other side, if you want to sell more when others don’t, especially if you have cash flow issues, you need to go with the market to survive the short term shock waves. But on the long term, without adding more value or tapping into new markets, any business or business model is doomed. Supporters of adding more value without adjusting prices say by lowering the prices you diminish the perceived value of the product or service, plus it will be much more difficult to raise the prices to previous levels, once the crisis is over. This may be true, but it’s also irrelevant if you fight to stay in business for the next few weeks or months. When prices readjust throughout an entire industry, it may be a great opportunity even for a solid business to reevaluate their own prices and the sales they made with each product or service. This is also a chance for limited offers and temporary price discounts (like a summer discount I have for banners on Adrian’s Hub). It is also a great time to push hard for adding something of value to your business, and some do take such opportunities. I will also release my new add-on […]

snapshot of your goals

Your Goals Snapshot After 6 Months

July 1, 2017 // 0 Comments

This is a time when our readers from the USA and Canada look forward for the short vacation during their national holidays. Enjoy your short vacation if you have one! We are also half way through the year 2017, as unbelievable as it may be, and a great time to take a snapshot of our yearly goals and see how we are doing. But first things first. Do you have yearly goals? Because if you don’t, that’s one thing you really should start setting out every year. Since we are at the half year, you can put on paper what are three (and no more) objectives you want to achieve by the end of year 2017. If you already have goals for this year, how are you doing? There are actually a few possibilities: You Already Gave Up This can happen for several reasons: your goals aren’t specific enough. For example “I want to be healthier.“. How? By losing weight? Doing more exercise? Eating healthier? Doing routine check ups and taking care of any illness? they are not measurable. For instance “I want to lose weight.“. How much? your goals are not achievable. Can you name the steps that can make you achieve your goals in the given time frame (by the year’s end)? If you can’t, the goals are probably not achievable. they are unrealistic. Like “Without investing any money, I want to become a millionaire by the year’s end.“. Here I’ve seen the argument that a realistic goal can be a 5% increase on the previous year’s results. However, a leap will come if you strive for a 50% increase, even if you nearly miss that goal. you weren’t serious when you set out the goals, so you haven’t considered any of the points above you have too […]

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