tag:blogger.com,1999:blog-16287335502090723922024-02-19T17:53:55.323-08:00Monty's BistroAnonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-1628733550209072392.post-78250619051878348262014-02-24T03:28:00.001-08:002014-02-24T05:10:00.128-08:00Branch Management for Businesses with 10,000 total customers per day<!--[if gte mso 9]><xml>
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<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Welcome to the <b>Optimal
Outlet Curve Series</b>. This set of guides is designed to help businesses
identify the additional number of outlets they require to meet their present
demand simply by looking up a chart (which is provided for each case study).</span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">For this series (#1), we are considering a <b>business
with a total of 10,000 customers per day.</b> <i>Most small and medium scale
businesses fall into this category. </i></span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">These 10,000 customers per day are <b>spread
across all geographic regions in which the business may operate,</b> including
states, cities and counties. It is the total estimate of people using the
business' outlets per day.</span><br />
<br />
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/02/solving-outlet-problem-how-to-figure.html" target="_blank">How to Determine Your Optimal Number of Business Outlets</a>]</span><br />
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
</span><b><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Assumptions</span></b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The curve provided below can be used to
accurately determine how many additional outlets are needed to contain present
demand on the basis of an <b>overcapacity ratio</b> and <b>branch capacity</b>.</span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The <i>overcapacity ratio</i> is an
expression of the maximum overload any particular business branch can endure,
and is given as 20% for the sake of this case study. This means that we assume
that every branch in the business network can take no more than 20% of its
designed capacity e.g. an outlet designed to service 100 people per day having
a maximum of 120 customers per day.</span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Branch capacity is simply the design
capacity of each branch in the business network. </span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">To generate the curve, we plot data for an
increasing number of saturated outlets (currently existing outlets that are
going over capacity) as well as increasing branch capacity, so businesses can
select the one that best fits their current situation.</span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><b><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Chart #1: 5 Saturated Outlets</span></b><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">If your business services no more than
10,000 customers per day and you currently have 5 outlets that are going over
capacity, use the chart below to determine how many additional outlets you need
to have to meet your present demand simply by selecting the branch capacity
that matches your outlets (on the x-axis) and moving it up to touch the curve.
Once you touch the curve, read off the corresponding value on the y-axis for
your additional number of outlets required.</span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"></span></div>
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<b><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Chart #2: 10 Saturated Outlets</span></b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">If your business services no more than
10,000 customers per day and you currently have 10 outlets that are going over
capacity, use the chart below to determine how many additional outlets you need
to have to meet your present demand simply by selecting the branch capacity
that matches your outlets (on the x-axis) and moving it up to touch the curve.
Once you touch the curve, read off the corresponding value on the y-axis for
your additional number of outlets required.</span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"></span></div>
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<b><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Chart #3: 15 Saturated
Outlets </span></b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">If your business services no more than
10,000 customers per day and you currently have 15 outlets that are going over
capacity, use the chart below to determine how many additional outlets you need
to have to meet your present demand simply by selecting the branch capacity
that matches your outlets (on the x-axis) and moving it up to touch the curve.
Once you touch the curve, read off the corresponding value on the y-axis for
your additional number of outlets required.</span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"></span></div>
<span style="font-family: Georgia, "Times New Roman", serif; font-size: x-small;"></span><span style="font-family: Georgia, "Times New Roman", serif; font-size: x-small;"><b> </b></span><br />
<span style="font-family: Georgia, "Times New Roman", serif; font-size: small;"><b><br /></b></span>
<br />
<span style="font-size: small;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKWQc_UeLyT40xwQ1hLnGZ789Dj9jLkgv8zPGVgvHCDUajP9FExk_vuxVkiljmv8h4jlUmLOemfmlozf9-RbPPqdT71dDQ0fuTRk_A4lgIzouM8gf2a5YGCbJ-Po_X6Ib2sdSFKbYqSs4/s1600/k=15,L=10%27000.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKWQc_UeLyT40xwQ1hLnGZ789Dj9jLkgv8zPGVgvHCDUajP9FExk_vuxVkiljmv8h4jlUmLOemfmlozf9-RbPPqdT71dDQ0fuTRk_A4lgIzouM8gf2a5YGCbJ-Po_X6Ib2sdSFKbYqSs4/s1600/k=15,L=10'000.png" height="418" width="640" /></a></span><br />
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<span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
</span><b><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Chart #4: 20 Saturated Outlets </span></b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br />
<br />
</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">If your business services no more than
10,000 customers per day and you currently have 20 outlets that are going over
capacity, use the chart below to determine how many additional outlets you need
to have to meet your present demand simply by selecting the branch capacity
that matches your outlets (on the x-axis) and moving it up to touch the curve.
Once you touch the curve, read off the corresponding value on the y-axis for
your additional number of outlets required. </span><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"></span></div>
<br />
<span style="font-size: small;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: small;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzcL1eekqMLld9RaTa8_OYJk3C8UpZBild5oHB5t3HbPi4sHR_jhurCYOMTGfaMysdTW1cJ2BJRpHaBzOn-A5nLZ3-Q9_U849Lsk-EpTGbINCX2_M3kUe8DfK6K2jyIT87E4rifSOSd-Q/s1600/k=20,L=10%27000.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzcL1eekqMLld9RaTa8_OYJk3C8UpZBild5oHB5t3HbPi4sHR_jhurCYOMTGfaMysdTW1cJ2BJRpHaBzOn-A5nLZ3-Q9_U849Lsk-EpTGbINCX2_M3kUe8DfK6K2jyIT87E4rifSOSd-Q/s1600/k=20,L=10'000.png" height="418" width="640" /></a></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFrhkM2CRrVjyUpHMgHsigrysrx6rlCkykq7mPGLAOpDzpSAPA0N8OaWMm7EvwQdI4SMUU4SWU-77RPyMVCNIxjSVjHIg6BGYelL-IuyB7WkNCjffdawKw_LmdJiYHUPf8we2QSlksoNU/s1600/k=20,L=10%27000.png" style="margin-left: 1em; margin-right: 1em;"></a> </span>Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-49740019159789482472014-02-13T19:42:00.000-08:002014-02-15T19:32:18.984-08:0010 Reasons Why Your Small Business or Startup Needs a Blog<!--[if !mso]>
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<br />
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Blogging
is the rave of the moment – everyone (absolutely everyone) is doing it; from
car salesmen to stay-at-home moms and big-time corporate types. If you’re a
blogger or writer like me, then you would have noticed how the job boards are
filled everyday with adverts for bloggers – people want to blog – all types of
businesses. <b style="mso-bidi-font-weight: normal;">So, why should your small business
or startup get involved in blogging? I’ll give you 10 reasons:</b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1xj8PQfLpllNjaGdqEbBQ8Q4xozMr61IKY90O9MgOHVo6pkqpdJxLSSzjC3hony2EySuYg2sCoPJkEId3dtA-MjuZxlvMNg51ZSG6WW4TYfaBD7UJpEi7egJOtXNhJk3Q2OS7iSpfK2U/s1600/blog.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1xj8PQfLpllNjaGdqEbBQ8Q4xozMr61IKY90O9MgOHVo6pkqpdJxLSSzjC3hony2EySuYg2sCoPJkEId3dtA-MjuZxlvMNg51ZSG6WW4TYfaBD7UJpEi7egJOtXNhJk3Q2OS7iSpfK2U/s1600/blog.png" /></a></div>
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"><br /></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span>
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"><br /></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reason #1: Show Yourself and Your
Brand to the World</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
Internet is the great equalizer of the 21<sup>st</sup> century: it provides a platform
for anyone and everyone to self-advertize and promote their identity and
interests, especially through social media. For businesses, the effect is
multiplied in a number of useful dimensions and provides a channel for
unconventional and surprisingly effective marketing of products and services.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">[Related
Article: <a href="http://montysbistro.blogspot.com/2014/01/transforming-your-blog-to-thriving.html" target="_blank">How to Transform Your Blog to a Thriving Online Community</a>]</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Blogging when combined with social
media is especially useful in promoting a business in an ‘organic’ way that is
very acceptable to the public and generates significant leads and returns</span></i><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
is because you are writing about issues related to your industry, engaging your
audience, addressing their issues and concerns, and giving them an outlet to
bond with your products and services.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reason #2: Give People a Reason to
Like You and Your Brand</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Blogging
can be personal and compelling – especially for small businesses. Blogging gives
you an avenue to be creative and expressive about your brand, products or
services.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">By bringing your creativity and the
love for what you do to the fore through your blog, you are able to connect
with a larger group of people across different age groups, lifestyles, and work
classes. </span></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
exposes your brand to a wider and more dynamic mix of people than you would
normally access through conventional <a href="http://montysbistro.blogspot.com/2014/01/4-best-kept-secrets-of-product-marketing.html" target="_blank">marketing</a> – and don’t
forget – it’s completely free!</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reason #3: Build an Organic
Following for Your Brand through Social Engagement</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
point can’t be stressed enough. It’s very important to ensure that your brand
has a sizable group of people that actually love it and can help spread that
love through word of mouth or by sharing your content to their own social
connections.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">You
can call it a chain effect, similar to how a wildfire spreads. Having a blog
can be instrumental to achieving this much needed domino effect.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reason #4: Allow People to Connect
with the Work that You Do</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Having
a blog can demystify your brand and bring your audience close to you. It makes
the people who actually use your products and services feel connected to what
you do, and can be a great incentive for building more customer confidence in
your products and services.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reason #5: Let People Appreciate
Your Thought Process and What Goes into making Your Products</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Sometimes
brand values and details about products and services are not communicated in
easily-digested forms through conventional marketing and media.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">With
blogging, there is a ‘grassroots’ approach that really breaks things down to
the bare essentials so that anybody can understand and appreciate what is going
on with your brand.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reason #6: Show the World You Enjoy
What You Do</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">When
you blog passionately about your industry, your products or your services, you
are able to convey that passion to your readers and convince them on a
fundamental level that you mean business and they can trust your brand.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reason #7: Let People Appreciate
Your Value System</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
quality and values of your brand show in your blogging. It is a unique platform
you have to really let people know what you’re all about. It shouldn’t be like
the formal, conventional world of corporate culture, rather an informal and
social gathering of people with like interests, who want to learn from each
other and grow.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reason #8: Get Vital Feedback from
the People Who Use Your Products and Services</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Feedback
is critical in business – you need to know what you may be doing wrong or what
you can fix to make your products or services more effective. With blogging,
you can get direct feedback from your actual end-users; valuable material that
can help shape your future service or product policy for better results.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reason #9: Confluence and Grow Your
Online Community</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In
today’s inter-connected world of social media, the importance of having a
significant online following cannot be overstated. How would you feel about a
company with only 20 followers on Twitter? Hmmm.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">And
how would you feel about a company with 20,000 followers on Twitter. Ahah! </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">So
you see, you tend to trust a brand more when other people actually approve of
it in one way or another – and that’s why you should get into blogging to try
and pull your followers (people interested in your products and services, as
well as what you do or your business philosophy) together by creating and
sharing great content.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reason #10: Be Trendy and
Competitive</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
one’s a no-brainer. What type of business would yours be if everyone else is
blogging and you aren’t? </span><br />
<br />
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Blogging
is a trend, and consumers have come to expect their brands to have blogs, believe
it or not! </span><br />
<br />
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">They want to follow up on what you’re doing and learn valuable
things from you. Not
having a blog can actually hurt your competitiveness. </span><br />
<br />
</div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Roundup – How to Get Started with
Blogging</span></b><br />
<br />
</div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Wow!
We’ve just gone through a long list of why you should have a blog for your
small business or startup – and I’m sure by now you agree you should have one.</span><br />
<br />
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Getting
your own blog is not a big deal – talk to your website administrator or consult
with a specialist to design and setup a blog for you. </span><br />
<br />
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">It’s a very easy and
affordable process – sometimes free if all the requirements are available. Ask about
integrating a WordPress blog with your current site, for example, or if any
other options are available.</span><br />
<br />
</div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Once
your blog is up and running, you need one more thing – content. This is
actually the most important thing. Since blogs need to be updated regularly and
you may not always have time to write and post content, it is normal to hire a
freelance blogger who will create high quality and correctly themed and focused
blog posts for you and actually do the posting if required.</span><br />
<br />
</div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">These
freelance bloggers are paid hourly or per article, whichever works best for
you. And that’s that!</span><br />
<br />
</div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">P/S: I’m a freelance blogger too,
and if you ever need one, I’m very much available for hire!</span></b><br />
<br />
</div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Thanks
for reading! As always please provide any questions or comments below!</span></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-50726604055733127382014-02-08T05:57:00.001-08:002014-02-10T00:41:52.951-08:00Understanding Market Saturation: Why You Should Never Hesitate in Business<!--[if !mso]>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">A
new technology, culture shift, social phenomenon, or even a crisis can create a
new market that could be potentially worth millions (or even billions) of
dollars to your business. But how long it will last is purely a numbers game – one
that doesn’t end well for the hesitant.</span></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #e36c0a; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 191;">This article reveals truths about market saturation,
and why market share is on a first-come, first-served basis.</span></b></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">What is Market Saturation?</span></b></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">A
market is formed when there is a sudden need for a product or service that is
sufficient enough to compel the forces of demand and supply to coexist in such
a space, necessitating commercial exchange on the basis of price and quality.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #e36c0a; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 191;">When a market is created, the first to enter the
market attracts a sizable portion of the market regardless of entry price</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> (because the need for
the product or service is so great). </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
market dynamics favor the initial entrant – until there is a new competitor.</span></i></b></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
second entrant into the market will most likely enter with a lower price for a
reasonably similar level of quality. The result? There will be sizable
defections from the original demand enjoyed by the first entrant to the second,
as well as new demand created purely by the introduction of the second entrant.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/02/solving-outlet-problem-how-to-figure.html" target="_blank">How to Figure Out Your Optimal Number of Business Outlets</a>]</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Things
will now look rosy for the second entrant while the first entrant may suffer
demand losses (but still retain market lead due to brand loyalty and large
initial market capture). </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">These
conditions will only be reversed if the second entrant comes in with a higher
price or significantly lower quality than the first (a faux pas). In which
case, the second entrant will attract very little demand and the first entrant will
attract even higher demand and more brand loyalty.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">These
scenarios are repeated when newer entrants penetrate the market – the only constant
fact is that <b style="mso-bidi-font-weight: normal;"><span style="color: #e36c0a; mso-themecolor: accent6; mso-themeshade: 191;">the actual market size available for
new competitors reduces with each additional entrant into the market.</span></b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
happens until there is virtually no demand space left for a new entrant – a phenomenon
known as <b style="mso-bidi-font-weight: normal;"><span style="color: #e36c0a; mso-themecolor: accent6; mso-themeshade: 191;">market saturation.</span></b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Visualizing Market Saturation</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Market
saturation is as much a mathematical phenomenon as it is an economic
phenomenon. With every new market entrant, the size of available demand for a
new competitor becomes exponentially smaller with lower likelihood of <a href="http://montysbistro.blogspot.com/2014/01/predicting-profits-power-of-profit.html" target="_blank">profits</a>.<span style="mso-tab-count: 1;"> </span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">At
the simplest level, market saturation is based on the following mathematical
model:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUdAww2vxsSFL5zgzXMGginf9Y25g9_4x2lEMJsAIdJc81bAk7XenHMcGG5oHlHIjg8dEF3KgfjwfOxzY150OV0mlKpVJ1bcZe7VKCLPpKM6ruOjLaTyJ5Wes_sdpWvEkeR-Peg90x0qU/s1600/saturation1.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUdAww2vxsSFL5zgzXMGginf9Y25g9_4x2lEMJsAIdJc81bAk7XenHMcGG5oHlHIjg8dEF3KgfjwfOxzY150OV0mlKpVJ1bcZe7VKCLPpKM6ruOjLaTyJ5Wes_sdpWvEkeR-Peg90x0qU/s1600/saturation1.png" height="224" width="640" /></a> </span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #0070c0; font-family: "Georgia","serif"; font-size: 19.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-fareast-theme-font: minor-fareast; mso-no-proof: yes;"><br /></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 19.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;"></span></b></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">The mathematical
nature of market saturation means we can visualize it graphically and better understand
why we need to act quickly when breaking our products and services into new or
existing markets.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">The graph below
shows how market saturation works:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQFLA_5vLWxGb-pwyZczV_pk79U9o18kDPTsGSvJ1dOOKfbQMjsnemdPkuFmZaPBQcA1S6uvaUfIdt1ywzC94Y4K5cmOl-fRs3gncuX2_BOc2xMaLzuj0vGzOlo4POjzNAzbwCHEtgOCc/s1600/saturation2.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQFLA_5vLWxGb-pwyZczV_pk79U9o18kDPTsGSvJ1dOOKfbQMjsnemdPkuFmZaPBQcA1S6uvaUfIdt1ywzC94Y4K5cmOl-fRs3gncuX2_BOc2xMaLzuj0vGzOlo4POjzNAzbwCHEtgOCc/s1600/saturation2.png" /></a> </span></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-fareast-theme-font: minor-fareast; mso-no-proof: yes;"><br /></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;"></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">The graph shows a
simulation for a market with 100 million subscribers. A very active market, the
first entrant is able to whip up more than 40 million subscribers (40% market
share) – and assuming 100% brand loyalty at this stage, this leaves only 60
million subscribers for any other new competitors to engage.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">Realistically,
the entrance of a second competitor would pull a portion of the first
competitor’s demand, but overall, loyalty remains high and our model remains
consistent.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">The graph also
shows that the second competitor enters the market, but is only able to pull in
over 30 million subscribers (30% market share). Again, if we assume near-100%
brand loyalty at this stage, this means the market is already 40% + 30% = 70%
saturated, with only roughly 30% of the market up for grabs for any new
competitor – this just after 2 entrants into the market.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">Also bear in mind
that the work new entrants have to do in order to capture demand from other
camps increases with the increasing number of entrants into the market, because
consumers start to adapt and normalize to currently available offerings (demand
equilibration).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #e36c0a; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-themecolor: accent6; mso-themeshade: 191;">Statistical
models show that most markets become saturated after only 5 competitors.</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">What does this
mean for your business?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">In short, it is never a good idea to enter a market
late in the game. Always try to get in as early as possible to increase your
chances of success.</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">Also, before
launching a product, ensure that only a handful of major competitors exist. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">Entering
a saturated market will render your product dead-on-arrival (DOA) unless you
have some killer marketing strategy or something very special to offer that
will help you win back some of the core demand lost to already established competitors.</span></div>
<div class="MsoNormal">
<br /></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-19340096029960590372014-02-04T01:13:00.001-08:002014-02-10T00:54:05.783-08:00Solving the Outlet Problem: How to Figure Out Your Optimal Number of Business Outlets<!--[if !mso]>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCBAVYR5MMeQbSFq_oGwXfJY54BP3VRAKhqUbNcRVAp7fotAvLcZsv-cvkUyukeBBiegBoTq2YHkhbZNukSj7iQfPdgTrd9Zn9ruU7gW9OXDrbG2fUwepG5RRyXlWOPVESkQipqdbWOZc/s1600/Untitled.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCBAVYR5MMeQbSFq_oGwXfJY54BP3VRAKhqUbNcRVAp7fotAvLcZsv-cvkUyukeBBiegBoTq2YHkhbZNukSj7iQfPdgTrd9Zn9ruU7gW9OXDrbG2fUwepG5RRyXlWOPVESkQipqdbWOZc/s1600/Untitled.png" /></a></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
is a very important question for corporate managers and CEOs:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">How many outlets should you REALLY
get for your business?</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">There
are many ways of finding a solution, but an engineering concept called <b style="mso-bidi-font-weight: normal;">“progressive load balancing”</b> or <b style="mso-bidi-font-weight: normal;">PLB</b> may hold the most reliable answer
for your business.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In
the original engineering concept, a load (weight) is applied to a slab and
uniformly distributed over a number of equally-spaced supports attached to the
slab. PLB theory then determines the conditions for progressive failure
(saturation) of each support component until they all eventually fail.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Applied
to business, PLB can be used to model factors like demand, subscriber base,
clientele, sales volumes, investment opportunities, and so on, as loads being
applied to your business units (branches, service centers, stores, and so on)
under constraining factors like branch capacity and maximum overload.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/01/product-costing-for-small-businesses.html" target="_blank">Product Costing for Small Businesses</a>]</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
result? You can pinpoint the exact number of business units (whether branches,
service stations, or shops) you need to effectively meet your demand.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Talk
about smart business decision making!</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Calculating Optimal Number of Business
Outlets with PLB</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">I’m
an engineer by training, so I was able to compress all the technical aspects of
this very important theory into a simple equation you can use to calculate the
optimal number of outlets for your business (n) on the basis of your average
branch capacity (B), maximum overcapacity ratio (f), number of currently
saturated outlets (k), and total customer base (L).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Find
below the simple PLB equation for optimal number of branches:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjycsQHUPXoDOriTOdIWlPFcYCoPJQHy_i30FICe6M27n19sTczutmn_9XUCuqg6L8OJZ-pHCEaNXyva-3reUAdt0Ts1YdIsf6Au1oCKGZ5VehZmFYCy6LBQIV9FYx-JH1UqpvRTIJrPHw/s1600/PLB.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjycsQHUPXoDOriTOdIWlPFcYCoPJQHy_i30FICe6M27n19sTczutmn_9XUCuqg6L8OJZ-pHCEaNXyva-3reUAdt0Ts1YdIsf6Au1oCKGZ5VehZmFYCy6LBQIV9FYx-JH1UqpvRTIJrPHw/s1600/PLB.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"><br /></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">I
will now provide three case studies demonstrating how to apply this theory for
your business.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Case Study 1: Event Manager</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">You
are an event manager and you’ve just sold 20,000 tickets for a show in town. What’s
the problem? You were initially expecting 7,000 people and originally booked 5
venues with an average capacity of 1,400 people. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">All
5 venues you originally booked are now saturated. Assuming any new venue you
book will have the same average capacity of 1,400 people and you can accommodate
up to 20% additional overflow capacity at each venue, how many additional
venues should you book?</span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Without
PLB, you might be tempted to just find the difference between 20,000 and 7,000
and then divide that by 1,400. That approach will tell you to book an
additional 9 venues – but you’d be overbooking and you will lose money.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">With
PLB, you have the following analysis:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1V4yUhq-nlaX6MYVs8j_VJ2kzqpeS_160gJdpY19cA3uj4AX3Q6TCNlUzSI7Q5ajrbt-wM5atAf2GnMgMZAiHhDboUpSBJPHciZYOX-uVbu80mjs4qurIblTfHxCZfuYiInxE2gzGm3Y/s1600/PLB1.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1V4yUhq-nlaX6MYVs8j_VJ2kzqpeS_160gJdpY19cA3uj4AX3Q6TCNlUzSI7Q5ajrbt-wM5atAf2GnMgMZAiHhDboUpSBJPHciZYOX-uVbu80mjs4qurIblTfHxCZfuYiInxE2gzGm3Y/s1600/PLB1.png" /></a><br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;"></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">So
you really need to book an additional 8 venues to properly handle your excess
crowd capacity.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Case Study 2: Fast Food Chain</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">You
are the regional manager of a fast food chain. In your region, 500 customers
daily for each of your outlets is normal with a total potential customer base
of 10,000 for the region.</span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Suddenly,
you notice that the 8 outlets in your region are saturated, with outlet
managers reporting an average of 700 customers daily. This indicates a significant
increase in active customers in your region.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">How
do you handle this?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">To
reduce work pressure on your staff and maintain the food standards and the quality
of service for the saturated outlets, you may need to add new outlets in the region
to absorb and equilibrate the excess demand.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">But
how many? PLB <a href="http://montysbistro.blogspot.com/2014/01/a-simple-and-free-forecasting-model-for.html" target="_blank">business simulation</a> gives the answer.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">If
all 8 of your current outlets are saturated and your maximum acceptable overload
is 10% (f = 1.1), such that at worst, you can permit no more than 10% additional
demand for each of your outlets, and your normal branch capacity (B) and total
potential demand are 500 people per day and 10,000 people respectively,</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Then
the optimal number of outlets is given by PLB as:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2OKZ5veoc06_3JVKXF65KJ6CfIpgjpWNo5OtK7MhkzNw3w_oKxobmXlmHD2vFi-U9BZQg_73v7fsgLgZD9_JE5okae7RUemkzwmMW01-Fy33V-KjapHRwZEtqppk7YN8SPfIiNtbLOLE/s1600/PLB2.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2OKZ5veoc06_3JVKXF65KJ6CfIpgjpWNo5OtK7MhkzNw3w_oKxobmXlmHD2vFi-U9BZQg_73v7fsgLgZD9_JE5okae7RUemkzwmMW01-Fy33V-KjapHRwZEtqppk7YN8SPfIiNtbLOLE/s1600/PLB2.png" /></a> </span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"><br /></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></b></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">To
operate efficiently and reduce demand strain, the regional manager needs to
open up an additional 11 outlets, bringing the total number of outlets from 8
to 19.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Case Study 3: Telecom Operator</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In
our final scenario, we are considering a telecom operator with a total
subscriber base of 4,000,000 people. Currently, their network consists of 200
service stations nationwide – with each station designed to provide cell
coverage for 10,000 people.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Obviously,
the network is strained as the total installed capacity cannot meet the target
population. The solution: they need more service stations. But how many?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Simply
doubling the number of service stations would seem correct to the layman, but
there are other factors to be considered: what is the acceptable network
quality?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">If
we agree that 85% network quality is acceptable at any given time, then it
means that we can permit the network to be overloaded by 15% at any particular
instant.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">f
= 1.15, k = 200, B = 10,000, L = 4,000,000</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Using
PLB, we obtain the optimal number of service stations as:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEje-2J956DST80BRr0xyBX8SVexG_WvrCy1DhJGPHcjRaAwa3blsIf0NJwwFOVXYhHc3hzXW4n_hVaYgwg9jJ5lHhi6AMsc6moMpga4CbKweEzcSMBaqj0mbvxHntepxM1JkSK6_Y9DoWA/s1600/PLB3.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEje-2J956DST80BRr0xyBX8SVexG_WvrCy1DhJGPHcjRaAwa3blsIf0NJwwFOVXYhHc3hzXW4n_hVaYgwg9jJ5lHhi6AMsc6moMpga4CbKweEzcSMBaqj0mbvxHntepxM1JkSK6_Y9DoWA/s1600/PLB3.png" /></a> </span></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"><br /></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">So
since the number of optimal service stations is 374, an additional 174 stations
are required – far less than the 200 a layman would have estimated.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Benefits of Using PLB Theory</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">As seen earlier, using Progressive Load Balancing
(PLB) theory to model your business demand loading can help you pinpoint your
expansion options and arrive at logical and mathematically-precise estimates
compared to pure guesswork or experience-based suggestions</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">PLB theory can help you plan properly for your growth
and reduce losses due to overspending</span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">It is simple and anyone can calculate anything with PLB
using a simple handheld business calculator, spreadsheet, or mobile calculator
app</span></div>
<div class="MsoListParagraphCxSpLast">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Thanks
for reading! Please provide your questions or comments below!</span></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-45901530998332013822014-01-28T21:36:00.002-08:002014-02-10T01:00:39.007-08:00Predicting Profits: The Power of the Profit Equation<!--[if !mso]>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2QLZ-eQuTdS5dJhmAd-E6K3pUsvXKGXJWj3aYloijBbFu0laJ-DDuJ3-rZFsgAAsm_lCJO0dvRcHmzXr4UslSUpDG1hTn3fHOJFZSNmFgBW6ITiLMtZLUD_5hesFTBu9FqhC44qDMD5E/s1600/Profit+Equation.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><br /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAhzk-oLQTIgr60E6LhkYtP-akd6f8q43Ez8liX7Nm0tg6SS2Suq9LQ-ApipENJivpa-ZVYaA2KVFrQzUJw3V5qFYmSO0l7eWTYp2F13GaqegP0ufcoqE_3-kkl_iUDpe4M0o76yAXxbk/s1600/finance.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAhzk-oLQTIgr60E6LhkYtP-akd6f8q43Ez8liX7Nm0tg6SS2Suq9LQ-ApipENJivpa-ZVYaA2KVFrQzUJw3V5qFYmSO0l7eWTYp2F13GaqegP0ufcoqE_3-kkl_iUDpe4M0o76yAXxbk/s1600/finance.png" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAhzk-oLQTIgr60E6LhkYtP-akd6f8q43Ez8liX7Nm0tg6SS2Suq9LQ-ApipENJivpa-ZVYaA2KVFrQzUJw3V5qFYmSO0l7eWTYp2F13GaqegP0ufcoqE_3-kkl_iUDpe4M0o76yAXxbk/s1600/finance.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> </span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Are
you ready for this? This is probably one of the most important and insightful
business guides I’ve ever written – <b style="mso-bidi-font-weight: normal;">a guide
that will show you how to predict your business profits with uncanny accuracy
using the powerful profit equation.</b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Economic
modeling is an area of expertise for me, and one of the major things I do as a
business data analyst. Analysts try to develop algorithms (systems of
equations) that explain or predict the behavior of markets and profits. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Don’t
get spooked – analysts simplify findings in a way that is useful to the
end-user, so read on with confidence. No technical mumbo-jumbo here, just stuff
you can use directly and apply to your business.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">OK,
let’s get started.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The Profit Equation</span></b></div>
<div class="MsoNormal">
<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Your
business is a mathematical system that processes input (the factors of
production) and generates output (sales and profits). In effect, your business
can be modeled using a series of business equations.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/01/winning-ways-modeling-important.html" target="_blank">Modelling Important Business Decisions with Game Theory</a>]</span></div>
<div class="MsoNormal">
<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">For
this article specifically, we will be looking at the <b style="mso-bidi-font-weight: normal;">Profit Equation</b> – a model that explains business profits, and why
they fluctuate. Please see the equation below.</span></div>
<div class="MsoNormal">
<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2QLZ-eQuTdS5dJhmAd-E6K3pUsvXKGXJWj3aYloijBbFu0laJ-DDuJ3-rZFsgAAsm_lCJO0dvRcHmzXr4UslSUpDG1hTn3fHOJFZSNmFgBW6ITiLMtZLUD_5hesFTBu9FqhC44qDMD5E/s1600/Profit+Equation.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2QLZ-eQuTdS5dJhmAd-E6K3pUsvXKGXJWj3aYloijBbFu0laJ-DDuJ3-rZFsgAAsm_lCJO0dvRcHmzXr4UslSUpDG1hTn3fHOJFZSNmFgBW6ITiLMtZLUD_5hesFTBu9FqhC44qDMD5E/s1600/Profit+Equation.png" /></a>
</span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Again,
don’t panic! There is nothing technical about the profit equation above, and I will
explain everything. Don’t forget that this is the equation that determines how
much profit your business actually makes, so you might want to get familiar
with it.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
first thing you notice is that the equation has two parts: the <b style="mso-bidi-font-weight: normal;">gain section</b> and the <b style="mso-bidi-font-weight: normal;">loss section.</b></span></div>
<div class="MsoNormal">
<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
loss section is time-dependent, while the gain section may be time-dependent or
product-dependent (you lose money hourly while running a business, but you can
either make money hourly or per head of goods sold).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">How Profits Behave (and How to
Control Them)</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Profits
are not random – far from it. Profits fluctuate, but usually because of changes
in the gain section:</span></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo1; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Changes in demand (and resulting fluctuation of daily
sales volume)</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo1; text-indent: -18.0pt;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo1; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Changes in consumer buying behavior (and resulting
fluctuation in the actual distribution of goods bought per time – the sales
ratio)</span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo1; text-indent: -18.0pt;">
<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
loss section is mostly fixed – and far more controllable. You can increase
profits by:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Reducing work hours per day</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Increasing actual work days (consider working on
weekends and maybe some holidays)</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Lowering wages</span></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Minimizing equipment and space rentals (consider
purchasing your own equipment and getting your own facility)</span></div>
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<br /></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Moving to an area with cheap utility costs (cheap
water, power, gas, and transportation)<br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Now
that you understand how profits behave and how you can <a href="http://montysbistro.blogspot.com/2014/01/4-best-kept-secrets-of-product-marketing.html" target="_blank">control your profit</a>, let’s
take a closer look at the profit equation to show you how you can always accurately
predict your business profit.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">First off, WHY is it Important to be
Able to Predict Business Profits?</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Sometimes,
you need to have an idea of how profitable a business will be BEFORE you get
started with it. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Imagine
using your pension or life savings to invest in a business idea that fails to
get off the ground? It can be a devastating experience – so it’s always better
to know where you’re going to land before you actually jump.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">For
those of you already in business, it can’t hurt to see WHY you’re making profit
in a particular range – and what you can do to improve your business
performance.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">OK,
now for the analysis.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">I’m
going to use a fictitious company called ABELHAMMER SUPPLIES as a case study to
show you how the profit equation can be used to accurately predict your business
profits.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Tip: </span></i></b><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">By the end of the article, you would have fully
understood how to use the profit equation to accurately predict your business
profits. I invite you to apply what you learn here to your own business and see
if it tallies – promise me you’ll send your feedback to let me know how it
goes!</span></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Case Study: Predicting Business
Profits</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Let’s
start by building a <b style="mso-bidi-font-weight: normal;">company profile</b>
for ABELHAMMER SUPPLIES:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">TYPES
OF PRODUCT SOLD: 3</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">PRODUCT
DETAILS: Cables, Power Tools, and Plumbing Fittings.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">SALES
RATIO (POPULARITY OR DEMAND): Cables (20%), Power Tools (30%), Plumbing
Fittings (50%) – total 100%</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">PRODUCT
PRICE: Cables – per pack ($3.50), Power Tools – per set ($1,500), Plumbing
Fittings – per box ($250)</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">AVERAGE
SALES TRANSACTIONS PER DAY: 20</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">WORKING
DAYS IN A MONTH: 20</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">WORKING
HOURS PER DAY: 8</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">WAGES
PER HOUR (SENIOR STAFF): $20</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">NUMBER
OF SENIOR STAFF: 4</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">WAGES
PER HOUR (JUNIOR STAFF): $12</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">NUMBER
OF JUNIOR STAFF: 10</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">TOTAL
SPACE & EQUIPMENT RENTAL COST PER HOUR: $200</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">TOTAL
UTILITIES COST PER HOUR: $30</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We’re
now ready to start. Launch your calculator app or grab a handy one.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">1. Gain Section – ABELHAMMER</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Recall
the gain section is given as follows:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg81MGmrqXxWgIgpoyRvocIWt_qNIDB4AH9fPJzBgdYp0K5tnzOHq5r6Ayt1dyvsUaE0x0Ht2bmkqrt69g8R3-VhxJQqJHpXI-gclqWm8NVTKltkmG99Z60QcdUsOWY1TU9mgypHMzmS9c/s1600/gain+section.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg81MGmrqXxWgIgpoyRvocIWt_qNIDB4AH9fPJzBgdYp0K5tnzOHq5r6Ayt1dyvsUaE0x0Ht2bmkqrt69g8R3-VhxJQqJHpXI-gclqWm8NVTKltkmG99Z60QcdUsOWY1TU9mgypHMzmS9c/s1600/gain+section.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">That
was simple enough.<span style="mso-spacerun: yes;"> </span>Now for the loss section.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">2. Loss Section – ABELHAMMER </span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
is the tally of operational costs per day and is obtained as follows:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6KWf9Szae1-y4ZhZYXjjdv0Cmp4RfHZ7l2GLp6P0IyEVGiLQuCpQJmJtggu6Sv-4jPnAqJ30h43DHTGcHOv2pxTc2ceysPA-7YKXVF-yllAn2LSlcNt56SzF8kEsCe0gPefEngyBVc2E/s1600/loss+section.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6KWf9Szae1-y4ZhZYXjjdv0Cmp4RfHZ7l2GLp6P0IyEVGiLQuCpQJmJtggu6Sv-4jPnAqJ30h43DHTGcHOv2pxTc2ceysPA-7YKXVF-yllAn2LSlcNt56SzF8kEsCe0gPefEngyBVc2E/s1600/loss+section.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">3. Monthly Profit – ABELHAMMER</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We’re
now ready to predict monthly profit for ABELHAMMER supplies:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXuMwwXWr6qF3_QaMq8TtGOtrAd256QNeRLQTY_ofwhbXj5y9Eus_9m0KhSk8A1XShSnXuIg0tkgEuJ1FSEdo3xlvBpFjrM0AvTgaXVbCoQO_kq_2Xj-HV1bkVKdOr5eNVET9yKBZz7tg/s1600/profit.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXuMwwXWr6qF3_QaMq8TtGOtrAd256QNeRLQTY_ofwhbXj5y9Eus_9m0KhSk8A1XShSnXuIg0tkgEuJ1FSEdo3xlvBpFjrM0AvTgaXVbCoQO_kq_2Xj-HV1bkVKdOr5eNVET9yKBZz7tg/s1600/profit.png" /></a></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Business
must be very good for ABELHAMMER!</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We
have successfully calculated monthly profits for this case study. I invite you
to use the equation and check out your profits! Meanwhile, enjoy the following bonus
topics.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Bonus #1: Effect of Increasing Consumer
Confidence on Profits</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">When
consumer confidence in your products rises, your profits will rise as well. You
should invest in improving the quality of your products, workplace, or facility
to raise consumer confidence. See the illustration below:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipWFaDXZsDIOGu-0s2ywVDbEW8ZTfizNRn4wrYGHbmtvZQLdNOrPfH1VPsF6mvtVK1fHbAZKJG2zr8-Brd7EIzsm7JmTA_hwCHEvFIX4-rpzchFZ2J_jdwf73YP1-bUMfvTyOgiV0-fOE/s1600/confidence.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipWFaDXZsDIOGu-0s2ywVDbEW8ZTfizNRn4wrYGHbmtvZQLdNOrPfH1VPsF6mvtVK1fHbAZKJG2zr8-Brd7EIzsm7JmTA_hwCHEvFIX4-rpzchFZ2J_jdwf73YP1-bUMfvTyOgiV0-fOE/s1600/confidence.png" /></a></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Bonus #2: Effect of Lowering Work
Hours per Day on Profits</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
might not sound right to you, but actually LOWERING your daily work hours
improves your profits dramatically. See the illustration below:</span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnqCyYix_or9g40vZCIfwNivoTuV1G7lLU15eGoM1WzHmPOHHYQzBwpUYbtxvYioJN8nU8sARdm9sot0PCiqtnXwFlgFqAV6VItTD2bU6njqNKTot8tcKqYcQL_fb4w78B9sLre3dpz4k/s1600/hours.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnqCyYix_or9g40vZCIfwNivoTuV1G7lLU15eGoM1WzHmPOHHYQzBwpUYbtxvYioJN8nU8sARdm9sot0PCiqtnXwFlgFqAV6VItTD2bU6njqNKTot8tcKqYcQL_fb4w78B9sLre3dpz4k/s1600/hours.png" /></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Wow
– that was some good stuff, wasn’t it? Please try this for your business and
let me know how it goes! Post your comments if you have any questions, and I’ll
get right back to you! </span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Thanks
for visiting the Bistro today – always come back!</span></div>
<div class="MsoNormal">
<br /></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-76618084938447420072014-01-27T05:19:00.000-08:002014-02-10T01:03:08.856-08:00Product Costing for Small Businesses<!--[if !mso]>
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<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAkaE0fQpmKXm50BedjDmT4qZkg8ytiv0VpCbHFHLzMF3rdNgs8_YXyH8ZN2wpTHtYrj_aJTMa4bXyMpX-P6M-Eo6oI4XvLHuBf_7kUOECqjTOs9MOrIio7iy4hpIdSV3amsdJ6RnYyZ8/s1600/product.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAkaE0fQpmKXm50BedjDmT4qZkg8ytiv0VpCbHFHLzMF3rdNgs8_YXyH8ZN2wpTHtYrj_aJTMa4bXyMpX-P6M-Eo6oI4XvLHuBf_7kUOECqjTOs9MOrIio7iy4hpIdSV3amsdJ6RnYyZ8/s1600/product.png" /></a></div>
<br />
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Congratulations
on finally deciding to start your own small business. If you’re going to be
doing some small-scale manufacturing as part of your business venture, then
this article is a must-read for you.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Today we’re looking at product
costing for small businesses – how to arrive at a selling price for your
home-made or small-scale goods.</span></b></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">It
takes a lot of courage and vision to start up your own business – and one thing
I know every entrepreneur loves more than actually kick-starting a business idea
is actually making it profitable. </span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/01/4-best-kept-secrets-of-product-marketing.html" target="_blank">4 Best Kept Secrets of Product Marketing</a>]</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">You
want your goods to sell and you want your business to be self-sustaining. It’s achievable,
but there are a few ground rules – product costing is one of them because
getting it right the first time can mean the difference between success and
failure.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">How Do You Cost a Product?</span></b></div>
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<br /></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU52WLxYDdLlydmUnuRfLpeql6LBFDrWrTza_rYnw0VgBYDdmEX2Wm-Yih5C82zY2RCqmIY9xMM9KELMnVT84WZgwDtyWf6Y5tjL3QvzzQcIvQwY1W72y8WojDBxmdbDS0M-G0xyDtAcE/s1600/Cost.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU52WLxYDdLlydmUnuRfLpeql6LBFDrWrTza_rYnw0VgBYDdmEX2Wm-Yih5C82zY2RCqmIY9xMM9KELMnVT84WZgwDtyWf6Y5tjL3QvzzQcIvQwY1W72y8WojDBxmdbDS0M-G0xyDtAcE/s1600/Cost.png" /></a><br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></b></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">As
described in the figure above, your <b style="mso-bidi-font-weight: normal;">selling
price is simply the sum of your product cost per unit (how much it cost you to create
a single unit of your product) and a convenient markup (a small percentage added
for profit).</b></span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
key to arriving at an ideal selling price that will guarantee <a href="http://montysbistro.blogspot.com/2014/01/predicting-profits-power-of-profit.html" target="_blank">maximum profit</a> at
the market is twofold:</span></div>
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<br /></div>
<br />
<span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">1. Correctly figuring out
your <b style="mso-bidi-font-weight: normal;">Product Cost Per Unit (PCPU)</b> –
this is critical.</span><br />
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">2. </span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Selecting the <b style="mso-bidi-font-weight: normal;">Proper Scaled Markup (PSM)</b>, and not
just any arbitrary markup (very important!)</span><br />
<br />
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Let’s
take a look at these two important factors in turn.</span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Step 1: Correctly Evaluating Your
PCPU</span></b></div>
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<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"></span></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBI9pCWdmVGO9YOBbuLW8WvEHPwnRMAJhsoK1Xw6W2lkA0XmXVoIu95lTNi1mJA7w48EQ8CZGYJ0GM0UZis-kwDT2IdYv6l3LESNuU9Sq_xCghol5gNrBn38iJqpi-bKFbx6XE-DV6cYI/s1600/PCPU.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBI9pCWdmVGO9YOBbuLW8WvEHPwnRMAJhsoK1Xw6W2lkA0XmXVoIu95lTNi1mJA7w48EQ8CZGYJ0GM0UZis-kwDT2IdYv6l3LESNuU9Sq_xCghol5gNrBn38iJqpi-bKFbx6XE-DV6cYI/s1600/PCPU.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">As
illustrated in the figure above, your PCPU (product cost per unit) is the sum
of three other costs:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Material Cost Per Unit
(cost of materials for a single unit of your product)</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Labor Cost Per Unit
(cost of labor – wages paid per single item produced)</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Machine Cost Per Unit
(total cost of machines, power, etc., used to produce a single unit of your
product)</span></b></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Nice.
We now know how to arrive at our PCPU. But like all things in life, it’s a bit
more complicated than just adding these three components up. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
reason we can’t just add them up is that two of the three components (labor
cost per unit and machine cost per unit) are functions of time (depend on time)
and must be evaluated separately.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Moving
along, we combine these two time-dependent costs into a single cost called the <b style="mso-bidi-font-weight: normal;">plant cost.</b> It can be calculated with
the following simple formula:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhT54meC5m_9tBIhRphODrjl4QKqZgOJwSpBj7Wq-Likp6iUVloyk8wsIU5Xh4I7JDfiYxVFrkH6eYZFG-PZFrKOXL6wODVqV9vPKkwovcQahkPfoPbMeyMNvumTG7HDoFE94PHJdF27_A/s1600/plant.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhT54meC5m_9tBIhRphODrjl4QKqZgOJwSpBj7Wq-Likp6iUVloyk8wsIU5Xh4I7JDfiYxVFrkH6eYZFG-PZFrKOXL6wODVqV9vPKkwovcQahkPfoPbMeyMNvumTG7HDoFE94PHJdF27_A/s1600/plant.png" /></a><br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Once
we have this <b style="mso-bidi-font-weight: normal;">plant cost per unit</b>, we
simply add it to the <b style="mso-bidi-font-weight: normal;">material cost per
unit</b> to obtain our <b style="mso-bidi-font-weight: normal;">PCPU</b>. Now for
an example, so you can see it all in practice.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Example: PCPU of Freshly Packed
Fruit Product</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">For
this example, let’s imagine we’re opening a small business that supplies
freshly-packed fruits to local stores and schools.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Our
aim is to calculate the PCPU for this business. Our first move is to <b style="mso-bidi-font-weight: normal;">draw up a profile</b> of the business as
follows:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Staff
(n) = 2</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Wages
= $10 per hour</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Fruits
packed = 1 Apple (60 cents) + 1 Banana (80 cents) + 1 Cucumber (75 cents) =
$2.15</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Cost
of Packing Bag = $ 0.2 per unit</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Rental
Cost for Packing Machine = $5 per hour</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Time
to pack 1 bag = 2 minutes = 2/60 hours = 0.033 hours</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Operational
Costs per hour = $0 (negligible infrastructure costs)</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">What is the PCPU?</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">PCPU = Material Cost per Unit +
Plant Cost per Unit</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">PCPU = (Cost of Fruits + Cost of Bag)
+ Packing Time x (Wage x Staff + Rent Per Hour + Operational Cost Per Hour)</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">PCPU = ($2.15 + $0.2) + 0.033 x ($10
x 2 + $5 + $0)</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">PCPU = $2.35 + 0.033 x $25 = $2.35 +
$0.825 = $3.175</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">PCPU ≈ $3.18</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
<b style="mso-bidi-font-weight: normal;">product cost per unit</b> for this
product is $3.18. That’s how you do it! </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">I
guess that was a bit of a workout – but it was totally worth it. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">I’m
sure by now you’re thinking “Wow, I didn’t go through ALL THAT to cost my
product!” Well, as you can see, doing it right takes a few more steps than
would normally come to mind.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Tip: </span></i></b><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Please make a note of these steps in your journal, so
you can do your own calculations and come up with the actual PCPU for your
product.</span></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We’re
not done! We still have to figure out the <b style="mso-bidi-font-weight: normal;">Proper
Scaled Markup </b>for our product before we can arrive at the selling price for
the product.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Step 2: Select the Approved Markup
(PSM)</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">A
lot of people actually just guess what markup to use for their product. This can
be very dangerous, and can actually harm sales of your product.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
is because the market works like a magnet and attracts demand on the basis of
price. The lower the price, the higher the demand (for a reasonable level of
quality).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">If
you select the wrong markup, your product will be overpriced and attract very
little demand (poor sales). If you under-price your product, you will be
operating a loss on principle. You have to get it right the first time – and you
need a little formula called the PSM (Proper Scaled Markup):</span></div>
<div class="MsoNormal">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj52TguWIHunpzXYPERFtwolkuPVfR2XE01lxov0DWl1p7HIyMkgoZLtMNKDscRKsvDxuUmI_2oMBf9L2X9wckYajbkbNGD_l6qwTEk1N_WoujTYINLly3LHSWuL0ilPgpvmYLnh-t5JQY/s1600/psm.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj52TguWIHunpzXYPERFtwolkuPVfR2XE01lxov0DWl1p7HIyMkgoZLtMNKDscRKsvDxuUmI_2oMBf9L2X9wckYajbkbNGD_l6qwTEk1N_WoujTYINLly3LHSWuL0ilPgpvmYLnh-t5JQY/s1600/psm.png" /></a><br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
<b style="mso-bidi-font-weight: normal;">Quality Factor</b> is a percentage that
expresses how people perceive the quality of your entry-level product relative
to more established competitors. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">For
example, if you are producing home-made soap, and you intend to sell in the
same market with factory-manufactured brands, a quality factor of 40% - 50% is
reasonable. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">For
our freshly-packed fruit example, a quality factor of 80% - 95% is reasonable,
since we are dealing with a natural product that requires no refinement or
processing and very little packaging.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Let
us assume <b style="mso-bidi-font-weight: normal;">Q = 90% = 0.9</b> for this example.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Let’s
also assume that the <b style="mso-bidi-font-weight: normal;">price</b> of the <b style="mso-bidi-font-weight: normal;">directly-competing product</b> in the
market is $5 <b style="mso-bidi-font-weight: normal;">(P<sub>0</sub> = $5.00)</b>.
Recall that our <b style="mso-bidi-font-weight: normal;">PCPU = $3.18.<br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</b></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">From
the equation for PSM, our <b style="mso-bidi-font-weight: normal;">approved
markup </b>is (0.9 x $5) - $3.18 = <b style="mso-bidi-font-weight: normal;">$1.32</b>. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
means you should <b style="mso-bidi-font-weight: normal;">add no more than $1.32</b>
to your <b style="mso-bidi-font-weight: normal;">PCPU </b>to arrive at an
optimized <b style="mso-bidi-font-weight: normal;">selling price</b> for your
product.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Finally,
we can find the <b style="mso-bidi-font-weight: normal;">optimal selling price
for our product</b> as:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Selling Price = PCPU + PSM = $3.18 +
$1.32 = $4.50</span></b></div>
<div class="MsoNormal">
<br /></div>
<blockquote class="tr_bq">
<div class="MsoNormal">
<i><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">So,
while it cost you $3.18 to make your product, and the competition sells at
$5.00, you should sell at $4.50 to generate the highest sales for your product!</span></i></div>
</blockquote>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
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hope you’ve learned a lot today. If you have questions, please post a comment
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Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-84163819753810170592014-01-26T05:29:00.002-08:002014-02-10T01:06:31.199-08:00A Simple and Free Forecasting Model for Your Small Business<!--[if !mso]>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">If
you run a small business, then you know how important it is to have an idea of
what your monthly profits or sales may be, so you can plan ahead and better
schedule your growth.</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Thankfully,
this is possible with tools such as forecasting. A business forecast studies
the behavior of important business indicators like sales and expenses over long
periods of time to arrive at a predictive model for future performance in those
areas.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/01/winning-ways-modeling-important.html" target="_blank">Modelling Important Business Decisions with Game Theory</a>]</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
validity of forecast models is guaranteed by the mathematical nature of
business processes; your business can be modeled as a mathematical system
receiving inputs (factors of production) and producing output (sales and
profits).</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Accuracy
of forecast models is guaranteed by the fact that business performance
fluctuates between reasonably fixed high and low points. </span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">These
fluctuations may be seasonal (such as sales highs during holidays or profit
lows in the first quarter of a new year), cyclic (consisting of alternating
highs and lows), or reactive (consisting of nearly-random small changes). </span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In
any case, these fluctuations can be reasonably predicted over the long term
using certain mathematical systems called <a href="http://montysbistro.blogspot.com/2014/01/predicting-profits-power-of-profit.html" target="_blank">forecast models</a>. Software companies
have successfully packaged these models into forecasting software that
accurately predict key business performance indicators.</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
problem is that many of these models are very complicated, and may not be
suitable for relatively simple business processes – like those of small
businesses. As a result of the complex nature of many of these programs, they
are also very expensive. </span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
post focuses on a <b style="mso-bidi-font-weight: normal;">simple and free forecast
model for small businesses</b>. </span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Introducing
the <b style="mso-bidi-font-weight: normal;">Mean Adjustment Prediction Model
(MAPM)</b> for sequential business data: </span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">With this model you can predict new monthly
values of data given a substantial set of historical data by performing a
simple calculation on a spreadsheet (e.g. MS Excel)</span></div>
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<b>
</b><br />
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<b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Read
on to discover the actual equation for the model, as well as the code (formula)
for EXCEL, so you can use this at home or in the office.</span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLIKYApBqWkZ9rm5fRvkBjJ6-wpePtcaNtShS9bgUL6ail7fW8LyFNJ6XZ6qWBKtS9CVcvPOFvS8qcQTjZMq5emEUdJnRCs1lGUbqArk9eD3JKbq0rX-FdJDfWOFRIOWopLaeYy2MBCWg/s1600/model.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLIKYApBqWkZ9rm5fRvkBjJ6-wpePtcaNtShS9bgUL6ail7fW8LyFNJ6XZ6qWBKtS9CVcvPOFvS8qcQTjZMq5emEUdJnRCs1lGUbqArk9eD3JKbq0rX-FdJDfWOFRIOWopLaeYy2MBCWg/s1600/model.png" /></a><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
forecast model is very simple and only requires that you obtain the mean
(average) of the values of data you are interested in, and add an adjustment
factor.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">It
is remarkable to note that this model does not sacrifice accuracy on account of
its simplicity. For a detailed background of this model (open only if you are
mathematically inclined), see <a href="https://docs.google.com/file/d/0B29OkQ_Ek6RQUkZIM0NwZlpLR1E/edit" target="_blank">Mean Adjustment Prediction</a>.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">For
a simpler analysis, consider the following:</span></div>
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<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"></span></div>
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<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"></span></div>
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<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh98pJNe4ek4gaA4q9wyk-ims7rbChuKHQysVxixkBCO9lp-3UqRGBkuvpwdfXxeaRVKIbZKkbM1ODww4alFS06IRGKIagPNIfVq57m15on6c_jtATfoRlOwgcektLV7sqn7FMnyUSgTT4/s1600/explain.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh98pJNe4ek4gaA4q9wyk-ims7rbChuKHQysVxixkBCO9lp-3UqRGBkuvpwdfXxeaRVKIbZKkbM1ODww4alFS06IRGKIagPNIfVq57m15on6c_jtATfoRlOwgcektLV7sqn7FMnyUSgTT4/s1600/explain.png" /></a><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The MAPM is especially recommended
for slightly-varying non-constant data, such as small business sales and
profits.</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"></span></div>
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<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnU_5wB0mVDgXibOayIy39iRVFRVfEaS04CgnvvwCdwolDWOjVK7DHeZ5EmqtmaTMlkxZ08a5uxbQftoQJNh0GOMZDci8LZqbzW6UuA0w4HlGy1D6elnUv-cSj2phKu3nbaTQSn3Jx9KM/s1600/prediction.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnU_5wB0mVDgXibOayIy39iRVFRVfEaS04CgnvvwCdwolDWOjVK7DHeZ5EmqtmaTMlkxZ08a5uxbQftoQJNh0GOMZDci8LZqbzW6UuA0w4HlGy1D6elnUv-cSj2phKu3nbaTQSn3Jx9KM/s1600/prediction.png" height="234" width="640" /></a><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> </span></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Notice
the high accuracy of the model (ranging between 87% and 120% for the example
above). In the experiment shown above, MAPM was used to guess random sales
figures ranging between $7,000 and $9,000 with very impressive results. Accuracy
values in excess of 100% indicate an optimistic prediction (greater than the
actual result).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Tip: </span></i></b><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">I recommend you use MAPM in a spreadsheet to quickly
calculate a prediction for applications such as planning and budgeting.</span></i></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">To
use MAPM with Excel, you can use the following formula:</span></div>
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<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkrj4DcjQxWDknazrG5O2AGGZhCDS2pUF2nQIou_qFmynvDpDDvWmp34Hh7XFjATVMwcjrKtbFcL3iD7oklRGkeRklIz3S_N3o44DAQW6eXJXsUyzszYg8sHEAElSfN3X-603qWkxZg-Y/s1600/mapm1.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkrj4DcjQxWDknazrG5O2AGGZhCDS2pUF2nQIou_qFmynvDpDDvWmp34Hh7XFjATVMwcjrKtbFcL3iD7oklRGkeRklIz3S_N3o44DAQW6eXJXsUyzszYg8sHEAElSfN3X-603qWkxZg-Y/s1600/mapm1.png" /></a><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">=AVERAGE(B3:G3) + 0.5*(G3 - B3)*(1 -
1/N)</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">B3
= first value in sequence</span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">G3
= last value in sequence</span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">N
= number of values in sequence</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">I
understand it’s a little technical, but I assure you it works great every time –
and of course, it’s free. So by all means get started with MAPM in Excel and
let me know if you need any assistance! Thanks for reading! </span></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-16177477864822612912014-01-24T08:08:00.001-08:002014-02-10T01:11:13.777-08:0010 Reasons to Backup Your Data to the Cloud<!--[if !mso]>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZuSVRvPB8bijsHLH2Y6N2K99PsHFNCzBoTi_nkXNRNbcLWS1BZw5Ff_6IKnsLONMqu-EHbEMoa1hxTDzmQK_i9KBHKENHTih4HKK7zgLJBZ3uoqrJXhJWhGh_tG5ct6juNwYUqR92izY/s1600/computer.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZuSVRvPB8bijsHLH2Y6N2K99PsHFNCzBoTi_nkXNRNbcLWS1BZw5Ff_6IKnsLONMqu-EHbEMoa1hxTDzmQK_i9KBHKENHTih4HKK7zgLJBZ3uoqrJXhJWhGh_tG5ct6juNwYUqR92izY/s1600/computer.png" /></a></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In an era filled with
conspiracy theories about cyberspace and spying, one can certainly understand
the reluctance people feel about hosting their sensitive and usually
confidential data in a relatively uncontrolled virtual environment – and that
risk is multiplied for corporations.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">If
we objectively set aside privacy and security concerns for online data backup
(which are relatively negligible risks, especially with trusted providers), we
can identify a number of major advantages for storing business and personal data
in the cloud.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This post highlights 10 major
reasons why you should consider storing your data in the cloud.</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> Read on to discover:</span></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">1. <span style="mso-spacerun: yes;"> </span>Virtualization of Data Storage</span></b></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Storing
personal or business data is a core need that must be satisfied, usually on a
daily basis. Backup or storage of data has merits that need no introduction –
ensuring that your data is not lost, corrupted, or unavailable when you need
it.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">With
local storage, there are manpower, hardware, and maintenance/upgrade costs that
cannot be avoided, even for personal use.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/01/online-businesses-forget-outsourcing.html" target="_blank">Online Businesses Should Dump Outsourcing for the Cloud</a>]</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Storing
data in the cloud virtualizes this process so that you don’t have to worry
about any of those extra costs. For cloud storage, you only need a trusted
platform and dedicated Internet access to upload and retrieve your documents
and files at any time.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">2. Zero Installed Capacity</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
fact that your data is stored and backed up virtually on a routine basis
implies that you incur zero installed capacity – that is to say there are mostly
no hardware (physical equipment) requirements for cloud backup and storage. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">3. Zero Data Maintenance Costs</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
great thing about having zero installed capacity is that you don’t have to
worry about maintenance. With local storage, you are routinely faced with the
need to maintain your servers or upgrade software, and so on. All these costs
can be avoided thanks to the virtualization that the cloud provides.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">4. High Data Redundancy </span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Cloud
storage providers usually have vast storage capacities and your data can be
internally backed up several times over with each upload (high redundancy). This
ensures that your files simply don’t get lost and are always available, even if
the particular facility originally hosting your data is compromised. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">5. Enterprise-grade Data Security
and Privacy</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
is a very important point – despite the fears that are circulating globally
about the privacy and security of data stored online, cloud-based backup still
provides one of the safest, most secure, and most private options for data
backup.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">For
one thing, most of the trusted providers use enterprise-grade security (a
combination of 256-bit AES encryption at least, with SSL for session security
and identity management). And don’t forget that the server-side is always
running the latest anti-virus, anti-phishing and network security software
combined with multiple layers of physical security.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">With
cloud backup, you can rest assured knowing that your data is not tampered with
or interfered with in any way by third parties.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">6. Instant Access from Any Location</span></b></div>
<div class="MsoNormal">
<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">One
of the most interesting advantages of cloud storage is instant access from any
location as long as Internet access is available. This particular advantage
facilitates the creation of <a href="http://montysbistro.blogspot.com/2014/01/how-to-setup-and-successfully-run.html" target="_blank">virtual offices</a> and remote working positions – very
useful for SOHO businesses or startups.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">7. Lower IT and Manpower Costs</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Because
there are virtually no IT or manpower requirements when working from the cloud,
those costs can be reduced to the barest minimum, allowing you to access higher
profitability. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">8. Streamlined Data Operations and Actionable
Reporting</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Because
of the higher degree of automation that is available with cloud-based systems,
it is possible to streamline your data operations, improving efficiency and
reliability across the board. Another crucial advantage linked to this
automation is the instant availability of critical actionable data on the performance
of your major IT and data indicators. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">9. Many Providers with Affordable Storage
Plans</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">An
added incentive for you to consider cloud storage is the fact that there are
simply so many providers – this means the competition is high and you can
expect tariffs to be low, and quality of service to be high. Simply pick and
choose the features you want and match to available providers.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><b style="mso-bidi-font-weight: normal;"> </b></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">10. Easier Growth & Scalability</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Maybe
I saved the best for last – this reason is especially cogent for businesses;
with the cloud, you access easier growth and scalability. This is because IT
and data needs increase as you grow, and without virtualization, you bear the
cost of expanding your internal capacity to accommodate these inevitable
changes.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">With
cloud-based storage and the virtualization it provides, you simply grow without
additional related IT or data costs.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">So
there you have it – 10 powerful reasons why you should consider switching to
the cloud today for your data backup and storage. I hope it was an interesting
and informational read.</span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Questions?
Comments? Please drop me a line below. Thanks for reading!</span></div>
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<br /></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-81875910046902072102014-01-22T04:02:00.001-08:002014-02-10T01:14:19.836-08:004 Reasons Why Hiring Smart Trumps Hiring Schooled<!--[if !mso]>
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<br />
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">For
all employers out there: </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Which
is more important to you – smarts or qualifications?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Would
you hire someone to run a department in your company because they are insanely
creative, analytical, and motivated – or would you hire someone with an MBA and
a great résumé? </span></div>
<div class="MsoNormal">
<br />
<span style="font-family: Georgia, serif; font-size: 12pt; line-height: 115%;">Is
experience more important than passion and clear-cut vision?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">These
are very important questions, because the world is changing, and organizational
views and approaches towards merit-based hiring ought to evolve as well.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEO4czAAKsKuWNpK0p3Aw0sAJp8z83ltJDCcE-j_kLFJIAaKATRwI1hR6uhDairGj6UEbEphTAmH0tdOWH7ilLMq_M1RKrzQiDaYO6-VyoMKDmAUkuovxR-1xVWEfYZBCpYcMC1r5r_fw/s1600/hiring.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEO4czAAKsKuWNpK0p3Aw0sAJp8z83ltJDCcE-j_kLFJIAaKATRwI1hR6uhDairGj6UEbEphTAmH0tdOWH7ilLMq_M1RKrzQiDaYO6-VyoMKDmAUkuovxR-1xVWEfYZBCpYcMC1r5r_fw/s1600/hiring.png" /></a></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"><br /></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Knowledge is the new currency in
today’s world</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">
– people with abundant amounts of specialized knowledge, tons of creativity,
and a whole lot of guts are transforming thought-leadership into business
leadership every day.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/01/write-it-down-5-ways-keeping-simple.html" target="_blank">Improving Your Productivity and Saving Your Job with Simple Lists</a>]</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
business climate globally is warming up to these geeky eccentrics who seem confident
enough about their new, radical, and bold ideas to rally difficult-to-get financial
support for their promising ventures and go on to basically change the world
with their startups – think Facebook, Microsoft, Google, and Apple.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Where
would the world be without them? That’s a very interesting question – and the
main reason why we simply shouldn’t ignore or isolate brilliant minds, but
rather include them in all aspects of business and industry (not just the
R&D labs!).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">So,
back to the question of the day – should you hire smart or hire schooled? I’ll
give you <b style="mso-bidi-font-weight: normal;">4</b> <b style="mso-bidi-font-weight: normal;">rock-solid reasons why hiring smart trumps hiring schooled.</b> Read below:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">1. Smart People Find Creative and
Novel Solutions to Complex Problems</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">It’s
no secret that the really smart ones among us always see the world differently
and try to do things creatively – including finding novel solutions to
important problems.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">I’ll
give you an example. You own a chain of supermarkets and you’re trying to hire
a consultant to work out the supply chain for your stores. A schooled person
will tend to approach the problem by considering classical economics, logistics,
and <a href="http://montysbistro.blogspot.com/2014/01/for-project-leaders-6-ways-to-make-most.html" target="_blank">project management</a> – say, working out the cheapest product supply and transportation
modes for making deliveries, as well as the most effective delivery schedules,
and so on.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
will probably provide a satisfactory result. Now, a really smart person will
approach the problem geometrically and analytically, generating a series of
equations and computational processes to be simulated by computer until the
most optimized solution is found. </span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">No
doubt, the latter solution will trump the former on performance and results in at
least 90% of sampled occasions. Case in point.</span></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">2. School is (Relatively) Easy,
Smart is Not</span></b></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">While
I’m not saying that it takes miniscule effort to get a college degree or even higher
professional degrees, I’m saying that if someone can solve a Rubik’s cube or a third-degree differential equation in
less than two minutes, they can probably read a bunch of textbooks and pass an
exam.</span></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">On
the other hand, how many MBA holders do you know personally that can solve a
Rubik’s cube or calculate your root-mean-square business production metrics by hand in 24 hours? Case in point. </span></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Trivia: </span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">By the way, a Rubik’s cube is a very
difficult puzzle to solve, requiring enormous feats of intelligence and
decision-making. Not for the faint of heart, sorry head.</span></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">3. Schooled People Work by the Book –
Smart People Rewrite or Invent the Book</span></b></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In
a dynamic and fast-moving world where concepts and ideas become obsolete by the
day, you really can’t afford to be hiring people who consult ideas established
decades ago to make every single business decision.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">You
need risk-takers, motivated self-starters, bold idealists, and revolutionary
mindsets to help you join the ranks of innovators in business and industry. Not
people who knot their ties and shoe laces the exact same way every day. Case in
point.</span></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">4. Smart People Are Not (Really)
After Money, They Want to Change the World</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Why
do most people really want jobs? Most people go to college and pursue
professional degrees – just so they can have successful careers and high-paying
jobs. Sorry to burst your bubble, but it’s the truth. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Your
new hot-shot MBA executive is probably really trying to build his career and
bank accounts through your company – but the geek on the street is probably
just after an adventure of a lifetime – and a chance to change the world.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Geeks
think differently. They love challenges, and like to change the status quo. Case
in point.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">I
strongly believe that a business environment which includes these highly
talented, driven and unconventional people at every level (despite their lack
of stellar educational qualifications) can only change for the better – and who
knows, maybe even become revolutionary.</span></div>
<div class="MsoNormal">
<br /></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-73344568550874848002014-01-20T19:33:00.000-08:002014-02-10T01:25:21.276-08:004 Best Kept Secrets of Product Marketing<!--[if !mso]>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Believe
it or not, you can sell anything. No matter how odd, weird, geeky or downright
crazy a product is – it has a market, and can be sold (profitably!). You just
need to know the few golden rules of product marketing. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Read on to learn the 4 best-kept
secrets of product marketing: </span></b></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisHKnhzeurzqtZ4lwGEWA4LcKFm_oxJAWvxMtvsk4bVtOwwGY4GVRhSFK_au-YjCXe-zruDWUNKJHDKd3vL2xC4n5esdwA7oQ5wj33sBzU2oOnUpIIZ26chdVcFnw25Lv4ORc5pJbVzx4/s1600/Untitled.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisHKnhzeurzqtZ4lwGEWA4LcKFm_oxJAWvxMtvsk4bVtOwwGY4GVRhSFK_au-YjCXe-zruDWUNKJHDKd3vL2xC4n5esdwA7oQ5wj33sBzU2oOnUpIIZ26chdVcFnw25Lv4ORc5pJbVzx4/s1600/Untitled.png" /></a></div>
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"><br /></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Secret #1: It’s all in the package</span></b></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">I
can’t stress this point enough – people DO judge a product by its packaging. If
you’re not going to invest enough money, time, and creativity in coming up with
a really unique and attractive packaging for your product, then maybe you won’t
really hit the sales highs you’re looking for.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/01/product-costing-for-small-businesses.html" target="_blank">Product Costing for Small Businesses</a>]</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">People
LOVE icons. Things they can remember. Everyone remembers their favorite cereal
growing up – usually because it had such a wonderful cereal box that was so
appealing to their 10-year old mind – or maybe it was the advertising they saw
on TV that was just so cool…</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">You
have to make your product hard to forget – and if you can’t really do anything
about what’s on the INSIDE – you better be damn sure you can do something about
the OUTSIDE! </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Let
me give you an example. Simple kitchen sugar is one of the most common products
you can find on the market. There’s really no way to make sugar different –
unless you want to color it green or blue – and I’m betting you won’t sell many
boxes if you do that.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
only effective way to sell it is purely in the packaging. Imagine if you saw a
brand of kitchen sugar in the department store labeled “ROCKSTAR Sugar” with a
really cool design and catch phrase – I’m betting you’ll throw it onto your shopping
cart just because the branding appeals to you. So there you have it. Packaging. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Secret #2: Become the Product (Love
Your Product!)</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">How
else can I say this? If you don’t LOVE the product, you can’t sell it. Most experienced
marketers will tell you that passion alone can sell a product at least 60% of
the time.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">People
want to see your passion for the product you are trying to convince them to
buy. Passion is infectious. People eventually believe if the product works for
you, it can also work for them.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Try
selling a new detergent to moms – who already have a favorite detergent brand
for sure. They’ll take just ONE look at you. If you come across as being
passionate about this new product, and can really tell them WHY they should
give it a try, then they will – otherwise, they’ll shut the door on you – pronto!</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Secret #3: Identify with the
Customer (and Really Care!)</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Let’s
say you’re trying to sell a new weight control pill that makes people lose their
appetite for short amounts of time.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">You
have to understand that your <a href="http://montysbistro.blogspot.com/2014/02/solving-outlet-problem-how-to-figure.html" target="_blank">target market</a> for this product will probably consist
of people who are already overweight or actually concerned about becoming
overweight. </span></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Don’t
just sell benefits; be sensitive to their needs as well. Sure, they want to
lose weight, but they may not always enjoy not having an appetite. It’s about
finding the best of both worlds – sell a product that is effective but also
sensitive. Come across as actually caring about their needs, not just trying to
shove the product down their throats!</span></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Secret #4: Always Provide an
Incentive</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Throw
in a little extra. People LOVE having more value or additional incentives to
buy. For example, a customer walks into a store and sees two identical buckets
of custard power. Both are yellow 500ml packs with a similar name and branding.
But only ONE has a FREE GIFT attached to it.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Guess
which one the customer will pick? It’s a no-brainer, buddy.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Always
provide an incentive!</span><br />
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">So
there you have it – the 4 best-kept secrets of product marketing. Things you
should do to really sell your product at its maximum sales potential. If you
can make it, you can sell it – you just need to apply these four little
secrets. </span><br />
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Thanks
for reading!</span></div>
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<br /></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-64142569745123230422014-01-18T05:10:00.001-08:002014-02-10T01:29:07.576-08:00Winning Ways: Modeling Important Business Decisions with Game Theory <!--[if !mso]>
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<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNx0KmI2yhwQvdxvHh-vBKMdAxstzBlrKwJdi5OQLQmOaWc0MhbGaQ-uV2NxKWY0rvbu4TO0Pqs1z8KtSw4HLKM-HQpkxEfHVkSUhvpxhvxTV_4jnRlRirlwN2GHAXwRTDQWJcAHKAiJk/s1600/game+theory.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNx0KmI2yhwQvdxvHh-vBKMdAxstzBlrKwJdi5OQLQmOaWc0MhbGaQ-uV2NxKWY0rvbu4TO0Pqs1z8KtSw4HLKM-HQpkxEfHVkSUhvpxhvxTV_4jnRlRirlwN2GHAXwRTDQWJcAHKAiJk/s1600/game+theory.png" height="258" width="640" /></a><br />
<span lang="EN-US" style="color: #1f497d; font-family: "Georgia","serif"; font-size: 13.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt; mso-themecolor: text2;"></span></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-language: EN-GB; mso-no-proof: yes;"></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">What do you do when you can’t quite figure out which
of two strategies is best for your new business idea?</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">You simulate. Experts in
economic modeling and business decision modeling recommend that you <b style="mso-bidi-font-weight: normal;">simulate your strategies before actually
adopting them through game theory.</b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #1f497d; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-themecolor: text2;">What is Game
Theory? </span></b></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">No, game theory has
nothing to do with video games or games you play with friends at the club house!</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwMMfJrkzFnAuiLF3UswCyFfcIONX_Gk4D572amDI1BZj98hyphenhyphenF5BDTFkWM8OqHwGMeitmWHiaWJF9ZvoYm23a3rxM1YWAPn_lJdwDluKELvHRv-hVCnEQCOgnmGGbUWQxkbbW269R4eyE/s1600/game1.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwMMfJrkzFnAuiLF3UswCyFfcIONX_Gk4D572amDI1BZj98hyphenhyphenF5BDTFkWM8OqHwGMeitmWHiaWJF9ZvoYm23a3rxM1YWAPn_lJdwDluKELvHRv-hVCnEQCOgnmGGbUWQxkbbW269R4eyE/s1600/game1.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">With game theory,
businesses have a tool for making optimized guesses with respect to winning
strategies for their products, services, or processes.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"><br /></span>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/02/understanding-market-saturation-why-you.html" target="_blank">Understanding Market Saturation - Why You Should Never Hesitate</a>]</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #1f497d; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-themecolor: text2;">How Do Business
Games Work?</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">In a simple business
game, you have two prospects, A and B. Consider the example below:</span></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-language: EN-GB; mso-no-proof: yes;"><br /></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDLG-TREKphf1Zt5iCBopR4M4xb3o0QLRh7fR5pfcNhawpO2L6h-I_Pu1jtRRb3dTbeztJusnP6B8k19U7gHOY5WfetHz-6Y0T7BK695dMnSEBoQ6lDlli8QWr79snhj2V9o3EF6uSEI0/s1600/game2.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDLG-TREKphf1Zt5iCBopR4M4xb3o0QLRh7fR5pfcNhawpO2L6h-I_Pu1jtRRb3dTbeztJusnP6B8k19U7gHOY5WfetHz-6Y0T7BK695dMnSEBoQ6lDlli8QWr79snhj2V9o3EF6uSEI0/s1600/game2.png" /></a> </span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">In this example, a
business owner wants to decide between two prospects; either opening a new
office (A) or expanding the current office (B) with the goal of generating the
highest sales by the end of the year.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #1f497d; font-family: "Georgia","serif"; font-size: 13.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt; mso-themecolor: text2;">Case
Study: Figuring Out Sales</span></b></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">To demonstrate game
theory, we’re going to use the scenario described above as a case study. To move
forward, we have to figure out how to arrive at a simple equation for sales. Don’t
panic – it’s elementary:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6InNOE3CF5b_-aI-aR0s9_0diYC8BRrgtSfC3Kw75LriXsRFMd5R-1FFttg0pu4N8BUoXLiGXscQd2H2Hx68lgwe5oaQTsYnKXh0WtWcZzYbn4qCn6Z5lX26iVuM8Wsy_vxq7xNLG8YU/s1600/game3.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6InNOE3CF5b_-aI-aR0s9_0diYC8BRrgtSfC3Kw75LriXsRFMd5R-1FFttg0pu4N8BUoXLiGXscQd2H2Hx68lgwe5oaQTsYnKXh0WtWcZzYbn4qCn6Z5lX26iVuM8Wsy_vxq7xNLG8YU/s1600/game3.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Visibility</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">As shown above, we first
describe your business’ <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">visibility</i></b> as the portion of the
local population that is within your <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">catchment factor</i>. </b>Catchment factor
figures tend to be higher for products and services that are required daily or
very frequently, as opposed to luxury or specialty products.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">A reasonable catchment
factor for a produce store can be 20% (adjusting for competition) while that
for a luxury makeup store can be something like 3%.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">So let’s say you run a
produce store with a catchment factor of 20% in an area with a population of
10,000 people. Your visibility is 10000 x 20% = 2000 people. This means the
maximum exposure for your business in that area is around 2,000 people.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Demand</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Once you know your
visibility, the next step is to figure out <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">demand</i></b>. What portion of your visible
population is confident enough to buy your products or use your services? </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">For the purpose of this
case study, let’s keep the <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">confidence factor</i></b><i style="mso-bidi-font-style: normal;"> </i>at 20% (for a very credible and well-advertised
business). This gives us a demand of 2000 x 20% = 400 people. This means you
can expect to have about 400 regular customers year-in, year-out. This is your <a href="http://montysbistro.blogspot.com/2014/02/solving-outlet-problem-how-to-figure.html" target="_blank">estimated fixed demand</a>.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Daily Demand</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Now you know your
estimated fixed demand, the next question is: what portion of your fixed demand
comes to your store daily? This is useful for simulation purposes. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">For this case study,
which involves a produce company, it is reasonable that up to a quarter (25%)
of the fixed demand will come to the store each day due to highly perishable
goods. This is the <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">daily factor</i></b>. Daily demand in this case is therefore 400 x 25%
= 100 people. This means 100 people visit the produce store each day.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Daily Sales</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Figuring out the daily
sales is easy at this point because every store owner knows the average
quantity of items bought (per customer) per day and the average cost of items
in the store. Your POS application and automated sales reports can probably
tell you that.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Let’s say for this case
study, the produce store sells an average of 5 items per customer per day, with
an average cost of $10 for items in the store. Daily sales is simply 100 x 5 x
10 = $5,000 (per day).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Total Sales</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">This is simply the
product of daily sales and the number of days we are considering. For a 30-day
period, total sales in this case can be projected at 5000 x 30 = $150,000.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #1f497d; font-family: "Georgia","serif"; font-size: 13.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt; mso-themecolor: text2;">Simulation:
Building Variables and Weighing the Prospects</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Now that we have arrived
at a convenient way of calculating sales, we then move on to the important task
of evaluating two prospects (A and B) to see which generates higher sales over
time.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">To do this, we need to
build models for each of the prospects. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Modeling Prospect A: Opening a New Office</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmt0I78gMf2z-DevDogVkKMZYNhzBTDsJFejBd6CMeFXWCK1cpqJgsFnh0uDZIlh_eKTNUCShoO2OtxlRnv6ev0LwJHKtaGNcZjkZR-9DwNpwegKbcvNNagdoJrj2Y8ojpJIBmA8wDbhU/s1600/game4.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmt0I78gMf2z-DevDogVkKMZYNhzBTDsJFejBd6CMeFXWCK1cpqJgsFnh0uDZIlh_eKTNUCShoO2OtxlRnv6ev0LwJHKtaGNcZjkZR-9DwNpwegKbcvNNagdoJrj2Y8ojpJIBmA8wDbhU/s1600/game4.png" /></a><br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"></span></b></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">As shown above, we
select the daily sales for the new office to vary between 20% and 80% of the
current office sales because the current office is more established, and it has
more dedicated customers. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Modeling Prospect B: Expanding the Current Office +
Advertising</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKqiE94DrOBKio6S_slOuz8j9SJ9jhLlMZaOAEZr24aphcHnpjS0nuG_92nSQm4vek7W8xxxPmRE0XyKOyzwzsBqoUN3ZF0q7ySnysEuy9JyW0QQR09krjNSVRzxZtP_YM2V11e5Yl5KY/s1600/game5.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKqiE94DrOBKio6S_slOuz8j9SJ9jhLlMZaOAEZr24aphcHnpjS0nuG_92nSQm4vek7W8xxxPmRE0XyKOyzwzsBqoUN3ZF0q7ySnysEuy9JyW0QQR09krjNSVRzxZtP_YM2V11e5Yl5KY/s1600/game5.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"></span></div>
<div class="MsoNormal" style="tab-stops: 89.25pt;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">For
the second strategy (a mix of office expansion and advertising), we reasonably fix
the expanded office sales at between 10% and 20% more sales daily compared to
the current office. Additionally, we estimate that advertising will pull in an
extra 2% to 10% more sales daily (for the expanded office).</span></div>
<div class="MsoNormal" style="tab-stops: 89.25pt;">
<br /></div>
<div class="MsoNormal" style="tab-stops: 89.25pt;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">It’s
now time to simulate these two prospects over a large number of cycles or ‘games’
to determine which one pulls in the highest sales in the period under
consideration. Let’s assume that the period of simulation is 6 months and the
current daily sales is $5,000 as previously calculated.</span></div>
<div class="MsoNormal" style="tab-stops: 89.25pt;">
<br /></div>
<div class="MsoNormal" style="tab-stops: 89.25pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #1f497d; font-family: "Georgia","serif"; font-size: 13.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt; mso-themecolor: text2;">Simulation Results: Produce Store Sales Strategy</span></b></div>
<div class="MsoNormal" style="tab-stops: 89.25pt;">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">A simple computer program
was required to simulate the total period sales for prospects A and B. I created
the program and ran this simulation for 10,000 cycles. Results are shown below:</span></div>
<div class="MsoNormal">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 559px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Prospect A Sales ($, after 6 months)</span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Prospect B Sales ($, after 6 months)</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,349,586.82</span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,096,734.11</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,348,620.29</span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,096,658.02</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,348,884.86</span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,096,665.31</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,347,971.19</span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,096,760.43</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,349,250.91</span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,096,743.23</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,348,760.7</span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,096,785.42</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,348,480.92</span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,096,705.68</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,349,177.55</span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,096,750.2</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,348,943.75</span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,096,730.62</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 177.95pt;" valign="top" width="237"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,348,972.28</span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 241.0pt;" valign="top" width="321"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1,096,784.42</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="tab-stops: 89.25pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="tab-stops: 89.25pt; text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5ZOuCaMqGqMbbz1xVW2E21wN4IQP0BnCOgzHZTMYB4uNKZy6U1b6uhqTEoSemSZYz87ULA4F3T6dgXhFmVaWbVLm90soSw9XJM0Af35cQHvW8N9QjipSJw5sMevyETrUexBWRL6s36fQ/s1600/result1.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5ZOuCaMqGqMbbz1xVW2E21wN4IQP0BnCOgzHZTMYB4uNKZy6U1b6uhqTEoSemSZYz87ULA4F3T6dgXhFmVaWbVLm90soSw9XJM0Af35cQHvW8N9QjipSJw5sMevyETrUexBWRL6s36fQ/s1600/result1.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"></span></div>
<div class="MsoNormal" style="tab-stops: 89.25pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Prospect
A</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"> (opening up a new
office) showed <b style="mso-bidi-font-weight: normal;">higher sales figures</b> (approx. <b>$1.348 million</b> at the end of the period) than
the option (prospect B) but <b style="mso-bidi-font-weight: normal;">lower long-term
growth stability</b>. This may mean that even though sales will be much higher
in the short term, they will tend to stabilize or flatten at some point.</span></div>
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<br /></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoDnAc-plOBEbfUl4JxapKTiP_YG6lDYo4yhlkreHCVAvWZvuCR5JMI7IZ1abKt3Q7NbLE-J9uX0s2pycvo_8tqs69SMI0uii_EMmaW7d_VQkHuYmEe0esKE_bGtml6W1ekjlGrMN1Fjc/s1600/result2.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoDnAc-plOBEbfUl4JxapKTiP_YG6lDYo4yhlkreHCVAvWZvuCR5JMI7IZ1abKt3Q7NbLE-J9uX0s2pycvo_8tqs69SMI0uii_EMmaW7d_VQkHuYmEe0esKE_bGtml6W1ekjlGrMN1Fjc/s1600/result2.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">Prospect
B</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"> (expanding current
office and setting up advertising) showed <b style="mso-bidi-font-weight: normal;">lower
sales figures</b> </span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">(approx. <b>$1.096 million</b> at the end of the period)</span> but <b style="mso-bidi-font-weight: normal;">higher long-term growth
stability</b>. Observe how the general trend of the sales figures is upwards as
opposed to prospect A with a relatively stable-to-downward sales figure trend.</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">If the business owner uses prospect B as a strategy,
s/he will experience higher long-term growth amidst lower short-run sales compared
to prospect A.</span></div>
<div class="MsoNormal" style="tab-stops: 89.25pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="tab-stops: 89.25pt; text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">This is the type of analysis and insight you get by
using game theory to model your business decisions before making them.</span></div>
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<br /></div>
<div class="MsoNormal" style="tab-stops: 89.25pt;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US;">I
hope you enjoyed reading this article! If you have a question about simulation
and game theory email me at <a href="mailto:montyblogger2014@gmail.com">montyblogger2014@gmail.com</a>
or just reply below with your comments!</span></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-59623527192545663832014-01-14T06:33:00.000-08:002014-02-10T01:35:03.038-08:00Write It Down: 5 Ways Keeping Simple Lists Can Save Your Job!<!--[if !mso]>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"> </span></b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQw48JQ5yc1zVSWljNeMytWJh7g8m_aDgeBAqc89WnaUwXsidyehEliczfyG5G2YJY4uReT_cqKt0cjvTtlJRxfz_53f3S_prFm-TV9G7J7yrIGAGbQwfEnZfHY79w5_w903pYutVdkJ0/s1600/reminders.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQw48JQ5yc1zVSWljNeMytWJh7g8m_aDgeBAqc89WnaUwXsidyehEliczfyG5G2YJY4uReT_cqKt0cjvTtlJRxfz_53f3S_prFm-TV9G7J7yrIGAGbQwfEnZfHY79w5_w903pYutVdkJ0/s1600/reminders.png" /></a></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "MV Boli"; mso-fareast-language: EN-GB; mso-no-proof: yes;"></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">If you’ve been out there like I have, then you’ll know <a href="http://montysbistro.blogspot.com/2014/01/4-reasons-why-hiring-smart-trumps.html" target="_blank">getting a job</a>
isn’t the easiest thing in the world – there are a hundred guys and gals out
there with similar skills and experience applying for the same job as you every
time.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">If you were successful at it, it’s probably because you were smart
enough to do something different, creative, dynamic, inspiring, or even
outright crazy.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">Bearing that in mind, the last thing you want to do is lose your
precious job on account of a <span style="color: blue;"><b style="mso-bidi-font-weight: normal;"><span style="color: #990000;">sudden lack
of productivity.</span> </b></span>Yeah, that.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"><br /></span>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">[Related Article: <a href="http://montysbistro.blogspot.com/2014/01/for-project-leaders-6-ways-to-make-most.html" target="_blank">For Project Leaders - How to Make the Most of Your Team</a>]</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">Trust me; it happens to the best of us. Sometimes you just get bogged
down with all the routine to the point where you start skipping out on
important details or flat out start <b style="mso-bidi-font-weight: normal;"><span style="color: #990000;">losing
your creative focus while focusing on the routine.</span> </b>That’s the ‘routine trap’,
and it’s bad for productivity – and could cost you your job. Let’s explore a
highly effective strategy for avoiding routine pitfalls.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: orange; font-family: "Georgia","serif"; font-size: 14pt; line-height: 115%;">Avoiding
the Routine Trap – Using Lists to Maintain Your Creative Focus</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">Most jobs have routine elements – things you need to do or accomplish daily
or weekly as part of your core work process. These routine elements are the
‘bare minimum’ expected of you - the problem is that over time, many people
accept this ‘bare minimum’ as the ‘norm’.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">It sounds grim, but <b style="mso-bidi-font-weight: normal;"><span style="color: #990000;">accepting
routine work as the norm is really the beginning of failure in your career</span> </b>because
your employers want you to improve the status quo with a creative and proactive
approach – not just doing the same things they’ve been doing for ages. You have
to try to stand out – but it’s hard to be creative with all that routine work weighing
you down – and that’s where lists come in. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">Yes, lists. <span style="color: #990000;"><b style="mso-bidi-font-weight: normal;">Simple lists are very
powerful tools for increasing your productivity and staying creative (and
employed!).</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">How? I’ll give you five ways:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: orange; font-family: "Georgia","serif"; font-size: 12pt; line-height: 115%;">1. Mental Assertion</span></b></div>
<div class="MsoNormal">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjZzlC724jvzHnU2ce-bD7QQR0I6VMLPImRzYCh17sLXb5jn-rbMUZ-nmiBYJclbThGnNnjIB5of1I0hop2muF02jMwF27QcsNKvdP3FX8BIzioj2eUfEs5VTAzAHU_aq2On4YcOA0C4k/s1600/thoughts.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjZzlC724jvzHnU2ce-bD7QQR0I6VMLPImRzYCh17sLXb5jn-rbMUZ-nmiBYJclbThGnNnjIB5of1I0hop2muF02jMwF27QcsNKvdP3FX8BIzioj2eUfEs5VTAzAHU_aq2On4YcOA0C4k/s1600/thoughts.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">When we work, we get ideas on the fly, and because of the fast pace of
work, it’s easy to let them slip if we don’t write them down. You mentally
assert your idea into being, literally by writing it down.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">Mentally, writing something down is the first step towards achieving it
– the first transition from concept to reality. Your next creative idea can be
the one to get you your next promotion or keep you from getting fired – writing
it down in a list may be your smartest career move yet! And it only takes a few
minutes.</span></div>
<div class="MsoNormal">
<br /></div>
<span style="color: blue;">
</span><br />
<div class="MsoNormal">
<b><span lang="EN-US" style="color: orange; font-family: "Georgia","serif"; font-size: 12pt; line-height: 115%;">2. Making Connections</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpUFNLgdJJaye-4g783GP4CfB_P5N4tA8reJLJ-MiFR6Dip49GckHAQs78sRMo0pNGSNVe9WBdsq0clJkm0E05bXdpcGR6zM72-YULkL1mLgd6H1UwMR72nQe8a8IoDI6q_ww9IlYVYng/s1600/list.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpUFNLgdJJaye-4g783GP4CfB_P5N4tA8reJLJ-MiFR6Dip49GckHAQs78sRMo0pNGSNVe9WBdsq0clJkm0E05bXdpcGR6zM72-YULkL1mLgd6H1UwMR72nQe8a8IoDI6q_ww9IlYVYng/s1600/list.png" /></a> </span></b></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "MV Boli"; mso-fareast-language: EN-GB; mso-no-proof: yes;"><br /></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">Human beings think visually. It’s easier to make connections between
ideas when you can see them in one form or another. By writing your ideas,
projects, and personal goals down in a list, you are laying the foundations for
a more comprehensive and actionable plan to achieve those goals because it will
be easier for you to see how each component relates to the other – and what you
have to do to get it all working.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: orange; font-family: "Georgia","serif"; font-size: 12pt; line-height: 115%;">3. Goal Targeting</span></b></div>
<div class="MsoNormal">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-CKPSKEUHGlvK8kMwtStNGZQ1i0GFB81hPF1RhHyhWok9MagGTHgd4bhsZO1Mk3Y3dqQPt8kNgYU0MjY85AIdOChNvTc6QK4jLnXwe6drdEAD9GuATY26tjcP-hvCaa1GouBTCUNRjl4/s1600/list2.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-CKPSKEUHGlvK8kMwtStNGZQ1i0GFB81hPF1RhHyhWok9MagGTHgd4bhsZO1Mk3Y3dqQPt8kNgYU0MjY85AIdOChNvTc6QK4jLnXwe6drdEAD9GuATY26tjcP-hvCaa1GouBTCUNRjl4/s1600/list2.png" /></a><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">Lists allow you to analyze and develop your goals into actionable units.
By simplifying your complex idea into a series of achievable items, lists help
you formulate a creative roadmap for realizing your objectives. You can focus
your idea and target your expectations using lists.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: orange; font-family: "Georgia","serif"; font-size: 12pt; line-height: 115%;">4. Goal Management</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg146037bzL0lNWwl_c_huHRGyLdF5Qla3pY6W-9iqB2mZCMr0BvfesFb814a6exO7iu8xQZDYVf0KyKes8d7WoN-bTcUV0OXW23EC1Txob_jw2rWVQM9qStNNN8ARYQSgcVg3ED1JnoYw/s1600/list3.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg146037bzL0lNWwl_c_huHRGyLdF5Qla3pY6W-9iqB2mZCMr0BvfesFb814a6exO7iu8xQZDYVf0KyKes8d7WoN-bTcUV0OXW23EC1Txob_jw2rWVQM9qStNNN8ARYQSgcVg3ED1JnoYw/s1600/list3.png" /></a> </span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhK3XTiTd02HFA66P5A12_0HaYSbyi6J_51DekmwBABiMg0ogSq_sxa5XSXLQnBbHBAqTGsXlM5R_TkO1nSUrr2_9thURW8I531iJP8nYupuAxPCcu9mYS6J23Gtfv2URrO6K0jvKIMoGI/s1600/list4.png" style="margin-left: 1em; margin-right: 1em;"></a> </span></b></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "MV Boli"; mso-fareast-language: EN-GB; mso-no-proof: yes;"><br /></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">Use lists to manage your goals by indicating accomplished and pending
items. This simple strategy is surprisingly very effective as a project
management technique because you automatically know how far you’ve come with
your idea, and what you still have to do – just by looking at your simple list.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: orange; font-family: "Georgia","serif"; font-size: 12pt; line-height: 115%;">5. Staying Focused</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhK3XTiTd02HFA66P5A12_0HaYSbyi6J_51DekmwBABiMg0ogSq_sxa5XSXLQnBbHBAqTGsXlM5R_TkO1nSUrr2_9thURW8I531iJP8nYupuAxPCcu9mYS6J23Gtfv2URrO6K0jvKIMoGI/s1600/list4.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhK3XTiTd02HFA66P5A12_0HaYSbyi6J_51DekmwBABiMg0ogSq_sxa5XSXLQnBbHBAqTGsXlM5R_TkO1nSUrr2_9thURW8I531iJP8nYupuAxPCcu9mYS6J23Gtfv2URrO6K0jvKIMoGI/s1600/list4.png" /></a></span></b><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">Finally, keeping lists will help you stay focused on your goal. A daily
reminder that you’re 50% or 75% complete, for example, should egg you on to put
in a little more effort to get the job done.</span><br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQw48JQ5yc1zVSWljNeMytWJh7g8m_aDgeBAqc89WnaUwXsidyehEliczfyG5G2YJY4uReT_cqKt0cjvTtlJRxfz_53f3S_prFm-TV9G7J7yrIGAGbQwfEnZfHY79w5_w903pYutVdkJ0/s1600/reminders.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><br /></a></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";"></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "MV Boli";">The psychology of simple lists is simply amazing – they put you in a
good place mentally, give you greater control over your time, help you get
organized and focused on your ideas, and allow you to be creative and
resourceful – helping you avoid the ‘routine trap’ and improving your chances
for success in your career.</span></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-21098457023717231122014-01-12T09:12:00.001-08:002014-02-10T01:37:14.429-08:00Online Businesses: Forget Outsourcing, Embrace the Cloud<!--[if gte mso 9]><xml>
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<![endif]--><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Online start-ups used to realize higher profits
by leveraging outsourced overseas workers (and the resulting lower wages) to
get tasks done cheaper instead of hiring locally. <b style="mso-bidi-font-weight: normal;">With available cloud technology, outsourcing no longer shines as much
as it used to</b> – and online businesses need to rethink their hiring
strategy.</span><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvEsVh9Aw_4cKqIr2-L2JzZkXhwG74AV0dOm77X_lDqYyj3O32N178-4ZNMdzBl3-BNNQKvxghxGsuCrgqGv6QRObXS7njB6bPj9Bwy_SbX4vd9T1srJMGS_v0I9B_hAAZlRgvljA1uI8/s1600/cloud_outsourcing.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvEsVh9Aw_4cKqIr2-L2JzZkXhwG74AV0dOm77X_lDqYyj3O32N178-4ZNMdzBl3-BNNQKvxghxGsuCrgqGv6QRObXS7njB6bPj9Bwy_SbX4vd9T1srJMGS_v0I9B_hAAZlRgvljA1uI8/s1600/cloud_outsourcing.png" /></a></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: #00b0f0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Outsourcing vs. The Cloud</span></b></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Outsourcing can be described as
the practice of hiring overseas workers to access cheaper labor as opposed to
hiring locally. In setting up an outsourcing arrangement for an online
business, an Internet based platform is used to coordinate workers from
different countries around the world.</span><br />
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><br /></span>
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">[Related Article: <a href="http://montysbistro.blogspot.com/2014/01/10-reasons-to-backup-your-data-to-cloud.html" target="_blank">10 Reasons to Backup Your Data to the Cloud</a>]</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">As the image above illustrates<b style="mso-bidi-font-weight: normal;">, outsourcing fails in at least three key
areas: automation, overhead costs, and quality</b>.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In recent times, </span><a href="http://montysbistro.blogspot.com/2014/01/how-to-setup-and-successfully-run.html" target="_blank"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">cloud technology</span></b></a><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> has proved to be the solution of choice for micro-scale
businesses and start-ups looking to capitalize on lower fixed and operating
costs as well as automated business processes to access better performance and
higher profits.</span></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The major difference between
the outsourcing and cloud approaches for online businesses is the <b style="mso-bidi-font-weight: normal;">source of labor</b>. </span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">It would seem, in the light of
recent technology, that an approach involving a cloud-based work platform and
local workers beats the outsourcing alternative in at least the following ways:</span></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="color: #00b0f0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1. Automation</span></b></div>
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<br /></div>
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<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Let us describe automation as
the degree to which work processes can be handled by software with visible
benefits including reduced human involvement, lower task times, integrated
working, streamlined processes, better tracking and reporting, and so on. </span></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In a typical outsourcing
arrangement, you are dealing with workers in different countries around the
world – and consequently different levels of available technology. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Certain cloud systems may not be available in certain
countries, and Internet facilities in certain regions may not meet the minimum
requirements for certain applications.</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Also there may be varying rates
of technology penetration, resulting in the varying availability of required
devices such as laptops, tablets, smartphones, and so on.</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">All of these factors result in
lower overall automation of work processes – meaning tasks are completed less
quickly and far less efficiently. Compare this with a scenario in which local
workers use the same cloud at its optimal technological profile.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">What you have is a faster, more
streamlined, more efficient, and fully automated work process. Cloud wins here,
clearly.</span></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="color: #00b0f0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">2. Overhead Costs</span></b></div>
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<br /></div>
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<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Overhead costs are always
significant in any outsourcing arrangement because everyone is not on the same
level. An outsourced team is hardly ever homogenous, and certain modifications
to your core business processes would inevitably have to be made in order to
accommodate certain outsourced workers.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">This adds complexity, as well
as additional overhead costs, to your work process.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Let’s say you would like to use
PayPal exclusively for settling your workers’ wages. PayPal is not available in
every country, and it may just be that your key outsourced talent exists in a country
that does not support your preferred payment option.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In this case, you would have to
consider using other payment options, say Western Union, or bank wire, and
incur extra charges or liability in the process. If you were dealing with local
workers, something like this would almost never come up.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="color: #00b0f0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3. Quality</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Perhaps the most important drawback of outsourcing is that
the quality of your finished work may not always be 100% as required. This is
because you are drawing talent from a mixed pool of professionals with widely
varying training, experience, and skills.</span></b></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Let’s say you own a web design
company. Web design as taught in European colleges may be at a higher level
when compared, say, with some colleges in Asia. In this case, outsourcing your
web design positions to Asia may mean hiring lesser-skilled or
lesser-experienced talent, than say, when hiring from Europe.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The same also applies in the
case of a Copywriting company that hires writing talent from non-Native English
speaking countries or territories. 100% quality cannot always be expected in
such a situation.</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Consistent quality is more
achievable when utilizing local workers, except the required skill or talent is
simply not available locally.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="color: #00b0f0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Roundup</span></b></div>
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<br /></div>
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<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Outsourcing is no longer the ‘miracle
solution’ it once was – thanks to cloud technology. With available cloud
technology, certain major fails of outsourcing can be avoided – not least in
the areas of automation, overhead costs, and quality.</span></div>
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<br /></div>
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<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">It seems now, more than ever,
that the use of highly skilled local workers under the same cloud platform
approximates very closely to the ideal working arrangement for micro-scale
businesses.</span></div>
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<br /></div>
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<span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Thanks for reading. Feel free
to weigh-in with your questions and comments.</span></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-43490044071260576872014-01-12T05:24:00.000-08:002014-01-12T05:24:11.434-08:00For Project Leaders: 6 Ways to Make the Most of Your Team <!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">As
a project leader, you know your team is your greatest asset; the success or
failure of any project you have on your hands leans very heavily on how
effectively you can coordinate and engage your team with your project. But how
can you make the most of your team?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhp_3wyh6nqeqDOck81w_4OmcrTNYBQB5_zPafpvTivrDq_Wtxqklr7QgseAYmC1kWtn7erMj87bF2hPvv0frS6eSGKSJvL-REtNISFggKKpbJqw8eWwVHl57uVeswk-mNWDAOT9CLJrHA/s1600/team.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhp_3wyh6nqeqDOck81w_4OmcrTNYBQB5_zPafpvTivrDq_Wtxqklr7QgseAYmC1kWtn7erMj87bF2hPvv0frS6eSGKSJvL-REtNISFggKKpbJqw8eWwVHl57uVeswk-mNWDAOT9CLJrHA/s1600/team.png" /></a> </span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><br /></span></div>
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<br /></div>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Here
are six ways you can make the most of your team by combining textbook project
management with a little extra creativity:</span><div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">1. Carefully Evaluate Your Team’s
Skill Pool</span></b></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
is something every project leader should do. It helps to know exactly what each
team member is bringing to the table. Assess skills by category (type of skill
e.g. word processing, graphic design, web design) and level (basic,
intermediate, advanced) in order to have a more holistic picture of the
strengths and composition of your team.</span></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Draw
up simple charts like the one shown below which detail the team members that
possess required project skills and ranks them according to their level of
mastery. </span></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRVHq4nnLn-6VNKBy3J6TpgP2tFRY5LTwhi9OnY4Wop9UGWdf-7r-_unlatQLXyS5r_AfkWave-3AWUMz7wKL9iAQ__SfhNxJJMi3rBm1xVW0xxqD9-Ehgs-Sc1zO8bexr3X4UF5iW9rw/s1600/skills_list.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRVHq4nnLn-6VNKBy3J6TpgP2tFRY5LTwhi9OnY4Wop9UGWdf-7r-_unlatQLXyS5r_AfkWave-3AWUMz7wKL9iAQ__SfhNxJJMi3rBm1xVW0xxqD9-Ehgs-Sc1zO8bexr3X4UF5iW9rw/s1600/skills_list.png" /></a></span> </span></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
provides you with a pretty decent ‘resource map’ that you can use in effectively
allocating project teams.</span><span style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-GB; mso-no-proof: yes;"></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">When
you have properly evaluated the skill pool of your team, the second technique
plays a critical role in how your team interacts with the project:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">2. Prepare a Visual Model for Your
Project</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Visual
models such as <span style="color: #00b0f0;">Gantt charts</span> and flow charts
help team members have a more realistic grasp on what the project is about,
what their roles are, and how the team should work together to get the project
completed.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_UqSS2SJr8Uny4aNqDs2sTW6U7-UXv5Iiky-C_dWT-lu4i5CIHD0gAyxBMbl7BFBAVQg12836vZPsdf3EO36gA86V26hziwv7p56sSiCQ1mhr1V__9TWJtPDKBWoRk1RjI_qZ0GS9VZE/s1600/visual_project.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_UqSS2SJr8Uny4aNqDs2sTW6U7-UXv5Iiky-C_dWT-lu4i5CIHD0gAyxBMbl7BFBAVQg12836vZPsdf3EO36gA86V26hziwv7p56sSiCQ1mhr1V__9TWJtPDKBWoRk1RjI_qZ0GS9VZE/s1600/visual_project.png" /></a> </span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">A
visual model (like the project flowchart shown above) helps team members
appreciate the flow of the project from start to completion, and how they are
connected with its success. </span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
visual model is retained in their minds as they work on their respective tasks,
and helps them (and you) continuously evaluate their contribution to the
project.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">3. Link Your Team’s Skills to
Aspects of Your Project Model</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">After
you’ve developed your visual model, you should describe the skills required at
each stage or phase of the project. It should be clear how each skill contributes
to the tasks that need to be done at every stage of the project (this is
already done in the figure above, for example).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
fourth technique optimizes your team by forming specialized units:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">4. Form Optimized ‘Project Teams’ by
Linking Skills to Tasks</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
is a key aspect of the process. This is where you attach members of your team
to project areas by linking their skills to specific tasks required in those
areas of the project. </span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">It
is possible that a team member will be assigned to multiple teams on account of
overlapping required skills. At the end of this exercise, you will have
developed a number of optimized ‘project teams’ from your original team.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
figure below modifies our earlier project visualization to identify members of
project teams based on skill:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUBKUc6A7GHTNCyt93EnBAa7C-nF92IezqRAVT5bdvIOiRkOfdYTll6-9cMBw7ndz7PpB12Klm3pCm-nyras6p7a6Iiy71s3uV4ON1nOpaNgWA00SCot_zzRkxnV_nVuATQTbJSalI6F0/s1600/teams.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUBKUc6A7GHTNCyt93EnBAa7C-nF92IezqRAVT5bdvIOiRkOfdYTll6-9cMBw7ndz7PpB12Klm3pCm-nyras6p7a6Iiy71s3uV4ON1nOpaNgWA00SCot_zzRkxnV_nVuATQTbJSalI6F0/s1600/teams.png" /></a></span> </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
last two techniques ensure that your process is sustainable and maximally
productive at any point in time:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">5. Encourage Interaction and
Brainstorming within Project Teams</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Project
teams should be encouraged to interact and brainstorm to come up with the best
ways of approaching available tasks. This type of open contribution process
will likely improve the outcome of project tasks because each team member
contributes uniquely, based on their individual knowledge and experience.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">6. Obtain Regular Feedback from
Project Teams and Assess Project Performance </span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Regular
feedback from project teams is important to help you, the project leader,
evaluate the progress of their work relative to what is expected. It will also
help the members of each project team to be more conscious of deadlines and
their contribution to the project’s success.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Major Points</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In
this article, we have seen six ways you can make the most of your team as a
project manager:</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We talked about the importance of <b style="mso-bidi-font-weight: normal;">carefully evaluating skill pools</b> for your team members, to help you
have a holistic view of the strengths and composition of your team</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We saw how <b style="mso-bidi-font-weight: normal;">preparing
a visual model for your project</b> can greatly impact team members’
understanding of, and connection to, the project and their roles, leading to
better performance in project tasks and better outcomes for the project as a
whole</span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We looked at how to <b style="mso-bidi-font-weight: normal;">link team members’ skills to project tasks and form optimized project
teams</b> from the original team</span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Finally, we discussed the benefits of <b style="mso-bidi-font-weight: normal;">encouraging open contribution within
project teams</b> and <b style="mso-bidi-font-weight: normal;">regularly
assessing project team feedback and performance</b>, especially in terms of motivating
and evaluating your team.</span></div>
<div class="MsoListParagraphCxSpLast">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We
hope you enjoyed and benefited from the article. Please share your questions,
comments, and feedback with us – let’s talk!</span></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com0tag:blogger.com,1999:blog-1628733550209072392.post-60172680264883529672014-01-10T02:57:00.000-08:002014-01-12T05:27:01.791-08:00How To Setup and Successfully Run an International Virtual Office<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The challenges are greater now than
ever for startups and growing businesses to stay competitive, and more and more
of these companies are leveraging available technology such as Virtual Offices to
scale-back on cost, complexity, and liability, in order to access better
economies of scale and have competitive advantage. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCcMi9liqSD1jU83MzgQBYhXgnjX-MQpk7Ft45WMxXMsjHFqvYj-KgMU5MvkSluIn5ShyphenhyphenRPHzP26_J_-CsTbvXzCtZ75uKmJzjtg0MT_WeszXyzyd5aBd8jMXDQq_agrqoQIorEMY_1YA/s1600/IVO.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCcMi9liqSD1jU83MzgQBYhXgnjX-MQpk7Ft45WMxXMsjHFqvYj-KgMU5MvkSluIn5ShyphenhyphenRPHzP26_J_-CsTbvXzCtZ75uKmJzjtg0MT_WeszXyzyd5aBd8jMXDQq_agrqoQIorEMY_1YA/s1600/IVO.png" height="138" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6ONNE2NHRL8PyBmRm4-RtWwtmMn-MPVSPYOFERi5aEYaTP6brrPqOH7oKGZa0aF6eMW_A6tb7CYPtpp_utnGBPbjWKrbVli9KPSN7oy2qXThyphenhyphenkI6qYku6D0m13E74xon7msFMf8wqsuc/s1600/advantages.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><br /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Virtual
Offices are a leading way in which new and growing businesses access lower
costs – and this article goes in-depth to explain how you can setup and (successfully)
run your own international virtual office</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Our goal is introduce you to the
world of international virtual offices – how to set them up, and how to run
them successfully. It’s a lot of information, so we’re going to break it down
for you and approach it step-by-step.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Let’s start by discussing what a
virtual office is and how it compares to a physical office.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The Virtual Office</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Virtual technologies are based on
computers and the Internet. Today we talk about virtual classrooms and virtual
libraries. We even have virtual supermarkets and bookstores like eBay and
Amazon.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In a similar way, a virtual office
is an office based on computers and the Internet. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">You still have people working together
like in a physical office, but:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In a virtual office<b style="mso-bidi-font-weight: normal;">,</b></span></i><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> </span></b><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">people work
remotely from different locations around the world while being connected by
devices (computers, tablets, smartphones, VoIP phone systems, etc) and the
Internet.</span></i></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Advantages of a Virtual Office</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Startups and growing businesses are
focused on keeping costs low. This is because lower fixed and operating costs
allow them to record higher profits – giving them the advantage they need to
not only be competitive, but also to grow and be successful.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6ONNE2NHRL8PyBmRm4-RtWwtmMn-MPVSPYOFERi5aEYaTP6brrPqOH7oKGZa0aF6eMW_A6tb7CYPtpp_utnGBPbjWKrbVli9KPSN7oy2qXThyphenhyphenkI6qYku6D0m13E74xon7msFMf8wqsuc/s1600/advantages.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6ONNE2NHRL8PyBmRm4-RtWwtmMn-MPVSPYOFERi5aEYaTP6brrPqOH7oKGZa0aF6eMW_A6tb7CYPtpp_utnGBPbjWKrbVli9KPSN7oy2qXThyphenhyphenkI6qYku6D0m13E74xon7msFMf8wqsuc/s1600/advantages.png" /></a><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> </span></div>
<ul>
<li><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> With a virtual office, <b style="mso-bidi-font-weight: normal;">businesses avoid fixed costs</b> like rent
and maintenance because there is usually no physical building or equipment</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; text-align: justify;">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Operating costs are also drastically reduced</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> in virtual offices
because of the reliance on software and hosted (cloud-based) services as
opposed to actual office equipment</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">There is a <b style="mso-bidi-font-weight: normal;">leaner and more efficient operational and
administrative model</b> in a virtual office</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Overhead costs can be avoided</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> (such as travel or
meeting costs)</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">There is <b style="mso-bidi-font-weight: normal;">greater automation of business processes</b>
as well as extensive access to performance data, analysis and reporting </span></li>
</ul>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<blockquote class="tr_bq">
<div class="MsoNormal" style="text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Virtual offices essentially allow businesses to do away with the
‘middleman’ and focus on productivity and core work processes.</span></i></div>
</blockquote>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Setting up an International Virtual Office</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6ONNE2NHRL8PyBmRm4-RtWwtmMn-MPVSPYOFERi5aEYaTP6brrPqOH7oKGZa0aF6eMW_A6tb7CYPtpp_utnGBPbjWKrbVli9KPSN7oy2qXThyphenhyphenkI6qYku6D0m13E74xon7msFMf8wqsuc/s1600/advantages.png" style="margin-left: 1em; margin-right: 1em;"></a> </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5owNGO1aUOGK9lMHi9suFwANxTsOL7TM3Y2u94hHHFp24sXeUpFg45Z4f5KmiAiXanN8myLciBhl3_VkI1THg75wlCCv4u24D8iD5_dV7Pq0diPYNMmy0jivgfyNKJYBN-JZCtRcts_4/s1600/SU.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5owNGO1aUOGK9lMHi9suFwANxTsOL7TM3Y2u94hHHFp24sXeUpFg45Z4f5KmiAiXanN8myLciBhl3_VkI1THg75wlCCv4u24D8iD5_dV7Pq0diPYNMmy0jivgfyNKJYBN-JZCtRcts_4/s1600/SU.png" height="140" width="320" /></a> </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">All virtual offices are
international by default because they can be accessed by people from different
countries around the world (since they are based on the Internet).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">How is a virtual office setup? Well,
the first thing is to recall how a physical office works:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In a physical office, people come to
work in a building. They have their own desks and equipment, and they have
roles or job functions, which they perform for the agreed number of hours daily
or as required. Employees follow laid-down administrative procedures (work
hours, deadlines, reporting, meetings, etc) and there is operational hierarchy.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">A virtual office is based on the
same rules, but is designed differently:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<br />
<ul>
<li><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In the first place,
instead of having a building you have a <b style="mso-bidi-font-weight: normal;">collaboration
platform</b> or <b style="mso-bidi-font-weight: normal;">project management
system</b>, which is a kind of special website <span style="mso-spacerun: yes;"> </span>that your staff can access on the Internet from
anywhere in the world and work from accounts that have already been setup for
them – <i style="mso-bidi-font-style: normal;"><span style="color: #0070c0;">ActiveCollab</span></i>
is a good example</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; text-align: justify;">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The project management
system will be <i style="mso-bidi-font-style: normal;">client-facing</i> as well
as <i style="mso-bidi-font-style: normal;">staff-facing</i>, with full-service
options for both sections</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; text-align: justify;">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Each staff member can
view assigned tasks and projects as well as record time, bill accordingly, or
submit deliverables from their account, while clients can monitor the status of
ordered projects, pay or take other actions</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Dedicated Email</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> is used to facilitate communication
between staff, with each staff member having a dedicated email account like: </span><a href="mailto:john.doe@virtual-company.com"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">john.doe@virtual-company.com</span></a><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"></span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Email Notification Systems</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> provide real-time updates on tasks,
projects, and meetings, and are usually built into the collaboration platform
or accessed as a cloud application (e.g. Google Calendar)</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">VoIP Softphones</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> like Microsoft’s Skype and Cisco’s
Webex are used for real-time meetings with full voice and multimedia support</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Cloud Apps</span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"> are used for accounting and billing
(e.g. Freshbooks), document creation, collaboration and sharing (e.g. Google
Drive), online data backup (e.g. Backblaze or SugarSync), and other work
functions</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Each staff member is
expected to <i style="mso-bidi-font-style: normal;">provide their own dedicated
Internet connection, computers, and other work equipment</i></span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Where deliverables are
non-digital and can’t be sent over the Internet (very rare), postal mail or
courier mail is used, usually according to a special arrangement between the
company and the provider</span></li>
</ul>
<br />
<br />
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">So, to summarize, you would need
these<b style="mso-bidi-font-weight: normal;"> seven things to setup your virtual
office</b>: </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo3; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">1)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Project
management platform</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">2)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Dedicated
Email</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">3)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Email
notification systems</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">4)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">VoIP
softphones</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">5)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Cloud apps</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">6)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Computers
and devices</span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo3; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">7)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Dedicated
Internet connection</span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo3; text-align: justify; text-indent: -18.0pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Tip: </span></b><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">One of the best things
about having a virtual office is you can set it up right at home using your
existing Internet connection (Broadband and better) and your computers at home
without ever buying new equipment!</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">With virtual offices, it’s entirely
a software affair. Some of the software required can be purchased or activated
online (e.g. the Project Management Platform, Skype or Webex). Others are cloud
apps that are accessed as services (Software as a Service, SaaS) like Google
Calendar, Freshbooks, and SugarSync.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Dedicated email can be obtained
through a Google Apps account – this allows you to enjoy access to Google’s
business services including Google Drive and Google Analytics at the same time.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<blockquote class="tr_bq">
<div class="MsoNormal" style="text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">At the end of the day, businesses gain tremendously by only having to
commit a few hundred dollars annually for all of the online services they need
to run their virtual office.<span style="mso-spacerun: yes;"> </span></span></i></div>
</blockquote>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">How to Run Your International Virtual Office Successfully</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We’ve seen how you can setup your
virtual office using nothing but your home computers, Broadband Internet
connection, and a set of online software.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Setting up your virtual office is
only the beginning – running it successfully, like running a physical office
successfully, depends on having the right business skills and the right people.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Being Tech-Savvy Helps</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Like we’ve already seen, building a
virtual office is a little on the technical side with the Internet and cloud
apps – things you can get comfortable with if you’re willing to put in a bit
more time online.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">If you decide you don’t have the
time to spend a couple of hours online a day getting used to these
technologies, you can always get some help. Having an intern or recent college
grad on your staff is always a good idea to get the hard work done affordably,
or at least to get you acquainted with the technology.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Hire the Right People!</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This point can’t be stressed enough
– people drive business. You have to take the time to build an international
team of people that are driven and talented, with the right outlook you need
for your business.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">In fact, qualities like honesty and
reliability are more important than ever when setting up a virtual working
environment – you need people you can trust and count on to get the job done.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Build Teamwork with Regular Communication</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">One thing you can’t afford to do
without in an international virtual office is regular communication – you will
typically have people working from different countries and time zones, with
different things going on in their lives.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">You need to touch base regularly to
ensure that everyone is on the same page, and that you are aware of their
particular circumstances at any time. This will provide a sense of engagement
and commitment for your workers, fostering teamwork and better productivity.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Have a Great Work Strategy</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Just like in a physical office, you
need to have a great work strategy that makes the most of your available
resources. You need to coordinate your remote staff properly to make sure that
their skills are being put to the best use.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Come up with team schedules,
brainstorming sessions, and even the occasional social event to keep your team
motivated and engaged with your process. Organize workflow to make sure
everyone is always engaged doing something – and always take care of your
people!</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Major Points</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">So there you have it – we’ve
discussed how to setup and run a successful international virtual office.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Hopefully, we’ve been able to
demystify the concept of a virtual office and establish the advantages for your
businesses. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We’ve learned that a
virtual office is simply <b style="mso-bidi-font-weight: normal;">an office based
on the Internet and computers</b>, as opposed to a physical office with a building
and equipment</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; text-align: justify;">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We’ve also seen the advantages
of virtual offices including <b style="mso-bidi-font-weight: normal;">lower fixed
and operating costs, more scalability, and greater automation</b> </span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We covered the <b style="mso-bidi-font-weight: normal;">seven things required to setup an
international virtual office</b>, and we mentioned: project management
platform, dedicated Email, Email notification systems, VoIP softphones, cloud
apps, computers and devices, and a dedicated Internet connection (Broadband or
better)</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We also gave some advice
on<b style="mso-bidi-font-weight: normal;"> specific software you might need</b>
when setting up your virtual office such as ActiveCollab for project
management, Google Calendar for notifications, Skype or Webex for meetings,
Google Drive for documents and collaboration, Freshbooks for accounting and
billing, and SugarSync for online backup</span></li>
</ul>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><span style="mso-spacerun: yes;"></span>Finally, we gave some advice on <b style="mso-bidi-font-weight: normal;">how to successfully run your virtual office</b>
<b style="mso-bidi-font-weight: normal;">using time-tested principles</b> like
hiring right, building teamwork and regular communication, and having a great
all-inclusive work strategy</span></li>
</ul>
<div class="MsoListParagraphCxSpLast">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">We hope you have enjoyed reading
this article and that you have found it beneficial. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Questions?
Post your comments and questions below to get an instant reply!</span>Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com2tag:blogger.com,1999:blog-1628733550209072392.post-85877568499333192992014-01-10T02:08:00.001-08:002014-01-12T05:28:09.914-08:00Transforming Your Blog to a Thriving Online Community through Social Engagement<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcRlX3lcopqQEt8nxnCdyYzF8VTT6VvolHacaro243GZe-l1eaAeTba31ND0UkK1iZcGsx1FaZx0bZwycrSOC-F4kkvF-orwRdkwXGpTl8HCAoY2_UTxoBlRu94HeP15dAF3wVsNpvJ9E/s1600/engagement.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcRlX3lcopqQEt8nxnCdyYzF8VTT6VvolHacaro243GZe-l1eaAeTba31ND0UkK1iZcGsx1FaZx0bZwycrSOC-F4kkvF-orwRdkwXGpTl8HCAoY2_UTxoBlRu94HeP15dAF3wVsNpvJ9E/s1600/engagement.png" height="392" width="640" /></a></div>
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<![endif]--><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Businesses
everywhere now understand the importance of maintaining an active blog –
blogging serves as a medium for brand marketing and online promotion. But
that’s not all. Far more importantly, <b style="mso-bidi-font-weight: normal;">a
good blog can help a business create and nurture an organic online following
and social community</b>.</span><br />
<br />
<div class="MsoNormal">
<div class="separator" style="clear: both; text-align: center;">
</div>
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Why is this so
important?</span></b></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
benefits for businesses are multi-faceted:</span><br />
<br />
<ul>
<li><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Social engagement helps
businesses connect with real people and <b style="mso-bidi-font-weight: normal;">build
an organic following that likes, respects, and approves of their brand </b></span></li>
</ul>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><b style="mso-bidi-font-weight: normal;"><br /></b></span>
<br />
<ul>
<li><span lang="EN-US" style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The direct positive
impact on the immediate group of people that identify with the brand through
the blog is also transferred to their own personal connections, so there is a <b style="mso-bidi-font-weight: normal;">brand awareness multiplier effect of
several degrees:</b></span></li>
</ul>
<br />
<div class="separator" style="clear: both; text-align: center;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><b style="mso-bidi-font-weight: normal;"><a href="https://www.blogger.com/blogger.g?blogID=1628733550209072392" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=1628733550209072392" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=1628733550209072392" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimivoqlCgTL9OaiJyrlKQiwNWcPYwMBigq7vZsP_fhQDE8CF5cT7uSbgNxGL82-KnqamZa343wkgGrAbH-jU8Mp0r-q6zzm88uB_co9DGGY7ZZPtxF-arGdIBWvD3UjgqSnV_bBOqRxW4/s1600/exponential.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimivoqlCgTL9OaiJyrlKQiwNWcPYwMBigq7vZsP_fhQDE8CF5cT7uSbgNxGL82-KnqamZa343wkgGrAbH-jU8Mp0r-q6zzm88uB_co9DGGY7ZZPtxF-arGdIBWvD3UjgqSnV_bBOqRxW4/s1600/exponential.png" /></a></b></span></div>
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><b style="mso-bidi-font-weight: normal;">
</b></span>
<ul>
<li><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">There is <b style="mso-bidi-font-weight: normal;">increased traffic to the brand websites</b>
through internal linking in the blog, creating <b style="mso-bidi-font-weight: normal;">more visibility for products and services and more sales</b></span></li>
</ul>
</div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Blog-based social engagement is a viable marketing strategy for any
business</span></i></b><br />
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Now
let’s see how to setup a social engagement strategy.</span><br />
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">How to Setup a Social
Engagement Strategy: 8 Steps</span></b></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
most common ways to setup a viable social engagement strategy include:</span></div>
<div class="MsoListParagraph" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Write Engaging Posts</span></b></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
first step is naturally to write engaging posts that actually make people want
to comment. These posts would have useful information and an interesting
perspective that will make people want to express their opinions.</span></div>
<div class="MsoListParagraph" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Comment Generation</span></b></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Actually
placing comments on your own post to get a discussion started. People will
visit the post and will be more likely to comment if they are not the first to
do so.</span></div>
<div class="MsoListParagraph" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Comment Management</span></b></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Trying
to stir things up by replying other people’s comments, starting debates, and so
on.</span></div>
<div class="MsoListParagraph" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Internal Linking in Blog
Posts</span></b></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
will generate traffic to client pages and help increase sales.</span></div>
<div class="MsoListParagraph" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Internal Linking through
Comments</span></b></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Actually
replying comments with links to internal pages will boost traffic to those
pages (and any they link to) when the comment section is very active.</span></div>
<div class="MsoListParagraph" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">6.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Posting & Sharing
Blog Articles on Social Media</span></b></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
is the most direct way to generate blog readership and traffic. Posting blog
article links to Twitter, Facebook and others can dramatically improve blog
readership, and if people like what they see, they’ll keep coming back.</span></div>
<div class="MsoListParagraph" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">7.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Post Links to Blog
Articles on Other Blogs (comments)</span></b></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Sometimes
it’s possible to visit other blogs and post links back to your own blog.</span></div>
<div class="MsoListParagraph" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: Georgia; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Georgia;"><span style="mso-list: Ignore;">8.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Write Articles on Other
Blogs Linking to Client Blog</span></b></div>
<div class="MsoNormal">
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">This
is commonly done through a guest posting arrangement or just posting an article
to a blog and linking to your client’s blog.</span><br />
<br />
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Questions? Post a comment now and get instant feedback! </span></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com2tag:blogger.com,1999:blog-1628733550209072392.post-71971416739121667332014-01-10T00:32:00.000-08:002014-01-12T05:29:32.973-08:00Welcome to the Bistro!<!--[if !mso]>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Hello!
Welcome to <b style="mso-bidi-font-weight: normal;">Monty’s Bistro!</b> I’m glad
to have you. What can you get here? <b style="mso-bidi-font-weight: normal;">Good
reading</b>. At Monty’s Bistro, we serve <b style="mso-bidi-font-weight: normal;"><span style="color: #00b0f0;">fresh, hot, high quality articles, news, and opinion
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhURnDiLa7P6N3o5SMe1mJ_zBUglKhtV5v_1Y3zHMxxRRMtng1JpRJb1pFcJ4HG0j_t6G7ws2CqqHmd2MsLebWZDHkc9X0uzidy64n5vqbZ7ogSO_uCxZ2jadebobl0yYcXeW4947FrfRk/s1600/Monty's+Bistro.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhURnDiLa7P6N3o5SMe1mJ_zBUglKhtV5v_1Y3zHMxxRRMtng1JpRJb1pFcJ4HG0j_t6G7ws2CqqHmd2MsLebWZDHkc9X0uzidy64n5vqbZ7ogSO_uCxZ2jadebobl0yYcXeW4947FrfRk/s1600/Monty's+Bistro.png" /></a></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Interested in <b style="mso-bidi-font-weight: normal;">cloud computing, mobile and web technology, project management,
outsourcing, economics, or marketing?</b></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;"><b style="mso-bidi-font-weight: normal;"> </b> </span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Monty’s
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articles that inform you, intrigue you, or simply make you laugh. </span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Make
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oven-baked and nicely-flavored articles</span></b><span style="color: #00b0f0;">.</span></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">The
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would like to read, or fearlessly comment on any article you find interesting
and get instant feedback. Have fun here, and stay informed. </span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt;">Monty.</span></div>
Anonymoushttp://www.blogger.com/profile/16443858504226220985noreply@blogger.com2