Tag Archives: business

Cheap, Fast or Good—How to Pick the Two That Are Best for You

By Matt Baird

Matt Baird-fast or good

Would you expect someone to give you all the time in the world to deliver an average product, while letting you charge as much as you want for it? Sounds absurd, right? This scenario is just as pie in the sky as getting something cheap, fast and good. Rarely, if ever, do you get all three

The Trilemma

Known by many names, such as “the triple constraint” or “the business triangle,” the general rule is that you can have it cheap, fast or good, but you can’t have all three. Yet picking only two is a choice most don’t want to make.

Here’s a simple example: Adam wanted to buy an ultra—HD TV in time for the Super Bowl. He didn’t need top—of—the—line, but was determined to go big and wanted the best bang for his buck. Unfortunately, he waited until two weeks before the big game and found that the great deal he’d been eyeing was on back order. He couldn’t get it in time and was left with three choices:

To get it reasonably cheap, fast and good, you’ll need to decide how much of each you’re willing to give up. Click To Tweet
  1. Order an in—stock, lower quality TV (fast and cheap)
  2. Order a comparable in—stock TV that wasn’t on sale (fast and good)
  3. Wait for his dream TV to be available (good and cheap)

Although purchasing a TV is worlds apart from running a marketing campaign, designing a website, or buying a service, the trilemma is still the same. And whether you’re a Fortune 500 company, a tech—savvy startup, or a local mom—and—pop store, the cheap, fast or good rule holds true for everyone.

So how do you pick the right two? Adam had to choose what was most important to him—what he valued most: price, quality or speed. Here are some things to consider to help you make the right choices.

Do Your Homework

If price is a priority, then preparation is key. By planning as far ahead as possible and building in a lot of lead time, you’ll be in a better position to bargain with vendors. Early preparation also allows you to develop a clear picture of your goals and communicate them. The better they understand what you want, the better they’ll be able to deliver.

Say, for example, you’re building a new website to coincide with a product launch. You want to go live simultaneously in English and Spanish, but you spent all your energy on the English site and didn’t leave sufficient time for the translation. This often leads to one of two outcomes: high cost or low quality.

Doing your homework also means understanding each step in the process. Make sure you’re working with professionals who are experts in their field. The last thing you want is to find out that the vendor tasked with translating your website is outsourcing to an inexperienced translator.

Don’t DIY

The internet is full of people proclaiming that you can have your cake and eat it too, that you can get it cheap, fast and good . . . if you just do it yourself. In the end, you’ll often find that the time you spent trying to be something you’re not could have been devoted to developing your core business.

Others offer tempting yet misleading ways to get services for free. Sticking with the website scenario, automated translation apps and plug—ins are a perfect example. You might think you can simply plug in your copy and translate your website in minutes. And you can. But will it be good? Machine translation is far from cracking the code of human language and all of its nuances. The Spanish speakers who land on your website won’t be impressed, let alone stick around very long.

Bend The Triangle

The trilemma isn’t always a zero—sum game. You can bend the business triangle, but only within reason. Being smart in one area can often pay dividends in others. If you’ve planned very carefully in advance, you can save your vendor time and get what you need while keeping costs down. Also, less expensive doesn’t automatically equal cheap. Perhaps you can find a quality product with fewer bells and whistles—less good, so to speak, than more expensive counterparts.

The caveat here is “within reason.” To get it reasonably cheap, fast and good, you’ll need to decide how much of each you’re willing to give up.

It’s About Value

You’ve likely heard the old saying: “You get what you pay for.” But that only tells half the story. The trick is not to think in terms of price but instead in terms of value. Ask yourself: Is it mission critical or simply nice to have? Will fast and cheap end up doing more damage than good? Most of the time, you are going to sacrifice quality unless you come to the table with a lot of time or a lot of money. But maybe that’s okay—maybe you’ll still end up with the added value you need.

You really can’t have it all. But if you treat the trilemma as question of value, you’ll be able to focus on the two aspects of it that are right for you.

Matt Baird is a professional German—to—English translator and copywriter specializing in marketing and communications. He also serves as a speaker for the American Translators Association, which represents over 10,000 translators and interpreters across 100 countries. Along with advancing the translation and interpreting professions, ATA promotes the education and development of language services providers and consumers alike. For more information on ATA or translation and interpreting professionals, please visit www.atanet.org

Prioritizing Opportunities Using Four Levels of Focus

By Dr. David Chinsky

As leaders formulate and fine tune their strategies, it is important for them to sort through and prioritize the often bewildering array of opportunities that compete for their attention. One of the biggest traps you can fall prey to is the belief that everything is “Priority One”. The problem with this is that if everything is Priority One, then nothing is Priority One.

When leaders view any opportunity as an opportunity worth pursuing, they can set up their organizations for continuous demands that cannot possibly be met. It is important to realize that not all opportunities are created equal. Some opportunities, like many shiny objects, may serve merely as distractions from what is most important for you to be focusing your scarce time and resources on.

Once you’ve established the mission, vision, and values for your organization, and have committed to a set of strategic goals, you can be proactive in selecting those opportunities that will best contribute to your success in both the short and long-term.

The Opportunity Board, a tool best utilized every ninety days, will help you organize your opportunities into four distinct levels of priority. The first step in creating the Board is to identify all of the potential opportunities you might pursue. These can be your own personal opportunities, your team’s opportunities, or organization-wide opportunities.

This list or inventory of opportunities that might be pursued over the next ninety days need not include your daily tasks or to-dos. Rather, you are looking for the bigger projects you might undertake in the next calendar quarter that move you and your organization closer to meeting one or more of your strategic goals.

Your opportunities might include achieving a specific level of sales; completing the development of a new product or service, or at least succeeding in achieving some specific level of progress toward that new product within the next ninety days; mentoring one of your direct reports; writing a new policy; etc.

Your list of opportunities often represents a mix of short and long-term projects. You are not just looking for opportunities that you can complete in ninety days. You are also looking for projects that need to be started in the next ninety days even if you need to continue working on them into successive ninety-day periods. This is important to remember so that you don’t end up only listing low-hanging fruit on your Board. There are always going to be opportunities that will take longer than ninety days to finish, and if you exclude them from your list, you will likely never start working on them.

Once you have identified your opportunities, you can begin to sort and prioritize them, and move to a clearer understanding of where to focus the efforts and limited resources of the organization.

If everything is Priority One, then nothing is Priority One. Click To Tweet

Here are the four levels of focus—or priority—represented on the Board. Each of the four concentric circles represents a different level of priority, as follows:

Bullseye

These opportunities align with one or more of the organization’s key strategies, and rise to the top of your list of opportunities you want to pursue in the next ninety days. When executed properly, these opportunities result in target markets being profitably served and/or projects yielding great benefit for internal and or external customers.

In the Ballpark

These opportunities are close enough to your “bullseye” to warrant your attention and evaluation. While not necessarily in your “sweet spot”, these opportunities deserve your serious consideration once you’ve completed opportunities in the “bullseye” of your Opportunity Board.

Opportunistic Focus

These opportunities sometimes come only once in a lifetime and may trump an opportunity in the “bullseye” or “in the ballpark” sections of your Opportunity Board. Other opportunities placed in this portion of the Board are opportunities you cannot begin before securing the funding, enabling legislation, additional staffing, etc. necessary to begin the project.

Off the Board

These opportunities are actually on the board itself, and they’re referred to as Off the Board to indicate that they are the last opportunities you might pursue while you work through the other three areas of the board. Keep these opportunities in this fourth section of the board so you don’t forget them. They are your “someday or maybe” opportunities.

The Opportunity Board has many uses. It can be utilized as a personal planning tool to organize your own opportunities into the various sections of the Board. It can also be utilized by a leadership team to check for alignment. If each member of a leadership team completes a Board and then presents it to the group, individuals on the team might begin to see why others are not addressing certain issues on as timely a basis as they’d like.

The above team exercise can reveal misalignment around the table with regard to priorities, giving the team the opportunity to create a collective agenda and reorient members of the team around that common set of priorities. Some organizations have even used The Opportunity Board to do annual strategic planning to help them sort through the most viable and important strategies they wish to implement.

How will you utilize The Opportunity Board to sort through and prioritize opportunities competing for your attention?

Dr. David Chinsky is the Founder of the Institute for Leadership Fitness, a celebrated speaker, and author of The Fit Leader’s Companion: A Down-to-Earth Guide for Sustainable Leadership Success. After spending nearly twenty years in executive leadership positions at the Ford Motor Company, Nestle and Thomson Reuters, he now focuses on preparing leaders to achieve their highest level of professional effectiveness and leadership fitness. For more information on Dr. David Chinsky, please visit: www.FitLeadersAcademy.com.

One-on-One Meetings Matter More Than You Know

By Kate Zabriskie

Kate Zabriskie-One-on-One Meetings

There are only two of us in my department. Why should I bother with a formal meeting? We sit right across from each other.

I tried meeting individually with my direct reports, but they had nothing to talk about. Besides, we’re all adults. We know what we’re supposed to be doing at work.

I work in a matrix environment. I see my direct report about once a month, and that’s usually at a larger meeting or when we’re passing each other in the hallway. I have no idea what he does. At review time, I rely on other people to tell me.

Without trying too hard, it’s easy for many managers to compile a long list of reasons not to meet with the people they supervise. 

And guess what? The volume of reasons does not outweigh the value and importance of a regularly scheduled tête-à-tête with a direct report.

If you’ve fallen out of the habit of holding regular one-on-one meetings or if you’re not getting all you could from them, now is the time to take another look Click To Tweet

Benefits of Regular One-on-One Meetings

If used correctly, over time managers and employees can enjoy many benefits by meeting one on one.

  • Visible appreciation: Time is currency. If managers carve out time for their people and are prepared when they meet, they show they value their direct reports.
  • Better thinking: Regular one-on-one meetings give managers and employees space to step away from the urgent and immediate and to think more holistically and strategically about work, goals, and development opportunities.
  • Stronger results: Accountability tends to improve when people have an opportunity or a requirement to report on their progress.

The Perfect One-on-One

Once a manager has bought into the value of one-on-one meetings, the next step is to execute them in a way that works for the manager and the employee. Good one-on-one meetings are not one-size-fits-all activities. That said, there are a few guidelines that can make a one-on-one meeting successful.

  1. Pick a schedule and stick to it. One-on-ones shouldn’t regularly disappear from the calendar simply because something else suddenly comes up.
  2. Choose a frequency that makes sense. For some people meeting once a month may be enough. For others, meeting weekly may be more appropriate. Every relationship is different. Furthermore, circumstances evolve. Depending on what’s happening inside and outside of the organization, an employee’s needs could change drastically. Meeting frequency should be looked at from time to time. If the rate of meetings is correct, managers and employees should not routinely find themselves with no reason to meet.
  3. Follow a written agenda. Well-run one-on-one meetings are not free-for-all conversations. They follow an agenda just as any other good meeting does. A one-on-one meeting agenda might include such topics as current projects, progress on yearly development goals, current challenges, and so forth.
  4. Put employees in the driver’s seat by having them manage and document the agenda. As a manager, you may create the initial agenda format. But once you do, your employees should take ownership of the documents associated with their one-on-one meetings.

Troubleshooting

One-on-one meetings rarely go from nonexistent or dysfunctional to perfect overnight. For that reason, managers should prepare to overcome a variety of obstacles.

Obstacle 1: Employees question the new meeting.

Solution: Reduce the surprise factor. If a manager has never held one-on-one meetings, they might come as a surprise to employees. To avoid feelings of uncertainty, confusion, or worse, socialize the idea before loading the calendar with unexpected surprises. “This year, I would like to focus more on individual development. Within the next week or two, please expect to see a meeting request from me on your calendar. I believe we will all benefit if I spend time with each of you individually at regularly scheduled intervals. How often we will meet will depend on each of your needs and what we decide together.”

Obstacle 2: An employee doesn’t take charge of the meeting.

Solution: Show them how. A good agenda can go a long way toward making the conversation flow. Although employees should have ultimate responsibility for keeping the agenda, this may take time. In the beginning, managers may have to model what they want to see. “For our first few meetings, I’ll prepare the agenda. Once we’ve found our groove, my plan is to turn it over to you to own. This means you’ll add to it between meetings and bring a copy for you and me when we meet.”

Obstacle 3: An employee gives short or general answers to questions.

Solution: Get specific. The more focused a manager’s questions are, the better the conversation tends to be. For example, instead of asking “what are you working on,” a manager might say, “tell me about the project that is going best right now and why that is.”

Obstacle 4: An employee seems unresponsive.

Solution: Leverage silence. When managers don’t get immediate feedback, they sometimes mistake silence for non-responsiveness. It’s important for managers to remember they already know the questions. The employee is hearing them for the first time and may need some time to digest and think about what’s being asked. Instead of rephrasing questions that don’t produce an immediate answer, managers need to get comfortable with letting silence sit in the room.  

Reevaluate From Time-to-Time

Like anything, one-on-one meetings can get stale. It’s important to look at the format and frequency from time to time and to solicit feedback regarding what’s working and what isn’t.

If you’ve fallen out of the habit of holding regular one-on-one meetings or if you’re not getting all you could from them, now is the time to take another look. After all, can you really afford not to?

Kate Zabriskie is the president of Business Training Works, Inc., a Maryland-based talent development firm. She and her team help businesses establish customer service strategies and train their people to live up to what’s promised. For more information, visit www.businesstrainingworks.com.

Stalled Sales? 

Get Unstuck by Engaging in a Strategic Market Analysis

Jill Johnson-target market

By Jill J. Johnson

If you are struggling with sluggish sales, there are two critical areas you must review to address the situation. The first is determining if the slowdown is due to changes in your target market. The second is determining if your sales and promotional approaches are ineffective. While there may be complicating factors beyond your control, most of the time a sales slowdown can be attributed to one or both issues. This type of analysis reviews your demographics, competitors and the effectiveness of your marketing messages to provide a comprehensive evaluation of the demand potential for your business. When combined with a marketing audit, you have a powerful opportunity to turnaround your sales.

Strategic Market Analysis is a powerful approach to uncovering the true reasons for your revenue slowdown. Click To Tweet

Conduct a Demographic Analysis

A demographic assessment is the foundation of determining if your products or services remain feasible. Understanding your target market demographics provides insight regarding the impact of any changes in market volume. A demographic review can help you determine if you are in a short-term sales slump or if a more significant market decline is expected over a longer time horizon. All too often the cause for a revenue decline is evident in the demographic data. The key is to allow the data to show you objectively what is going on in your market.

A well-executed demographic analysis evaluates shifts in the variables of your consumer’s age, gender, income and other economic variables impacting the market you sell to and identifies potential market risks impacting your business survival. Business client demographics include company age, revenue, number of employees, or number of locations.

Be careful in defining your market area boundaries. Too many businesses use wider geographic areas for their market than they realistically serve. Overly optimistic boundaries will overstate your market potential. Think of your customer demographics as you would a doctor looking at your vital signs. Demographics will help identify new opportunities. Or they will confirm your market has shrunk to a level where you should re-consider your offerings.

Conduct Market Interviews

Some organizations conduct probing interviews of customers, employees, key community leaders, industry associations, and vendors to gain insight on what is changing within their marketplace. Interviews provide you with insights into what makes your competitors tick or help you understand what your key target audiences really think. Interviews can help you understand what is going on and provide you with insight to refine your marketing messages to improve sales.

Study Your Competitors

While the Internet has made it easier to gather basic information on competitors, competitive intelligence involves deeper methods. Look at what products and services they are promoting. Evaluate how they are positioning these resources including how they address pain points to meet customer needs. You can use primary research techniques including networking with industry experts, customers, suppliers, key referral sources and even competitors to better understand your market environment. Combine this information with the use of secondary research sources such as news media or subscription databases to help you gain additional insight. Researching your competitors will provide you with a deeper awareness of opportunities or the need to revamp your offerings. Competitor insight also can help you develop more effective strategies to address the impact they might be having on shaping your consumer attitudes or restricting your market area.  

Secret Shop Your Sales Team

Secret shopping allows you to better understand how effective your salespeople are at sharing your brand message with your target audience. You can assess their conversation approaches, closing techniques and positioning efforts when responding to contacts from a prospective customer. You can combine this approach with secret shopping your key competitors. Secret shopping your team and competitors will give you greater insight into identifying opportunities for improvement and enhancing sales effectiveness.  

Complete a Marketing Audit

Effective marketing strategies balance the critical interrelationships of the elements of the marketing mix with your organization’s strategic plan to reach identified target markets and generate desired sales results. A marketing audit evaluates the effectiveness of your marketing and promotional tactics to identify what needs to be maintained or improved to support your organization’s strategic vision and plan. This would include a review of your website and sales approaches (phone, drop-in, Internet, etc.). Review all of your marketing collateral materials to assess improvements to enhance consumer decision-making. Carefully evaluate how you utilize your social media channels to identify more effective tactics for sharing your marketing message and engaging with your prospects or key referral sources.

Provide Sales Coaching to Your Team

Sometimes your team needs outside support to review their sales approaches to improve overall performance. It is not uncommon for novice sales people to be given a few books and some sales manuals with the expectation they will intuitively figure out how to sell. Closing deals, whether to a consumer or a commercial client, can be a much more complicated effort, especially if it involves a complex sale. Complex sales do not resolve in a single interaction and they often involve multiple decision points before the final decision to buy. Sales professionals often have to tweak how they converse with prospects. Developing better skills and questions for probing prospects can help isolate decision criteria and move the sale forward.

Final Thoughts

Engaging in a Strategic Market Analysis is a powerful approach to uncovering the true reasons for your revenue slowdown. The goal is to determine if your marketing approaches or your lack of a viable market is the cause of your situation. If it is your marketing, you can adjust your sales and marketing messages to better align with your customers and their decision triggers. If it is the market, you can review your pricing strategy and geographic market area boundaries to better optimize those elements impacting your target market.

Sifting through the data you gather will help you reassess your market trends, growth factors and competitive dynamics. You gain an understanding of the implications of this information relative to your organization, as well as an assessment of how well you are positioned for long-term success.

Jill J. Johnson is the President and Founder of Johnson Consulting Services, a highly accomplished speaker, an award-winning management consultant, and author of the bestselling book Compounding Your Confidence. Jill helps her clients make critical business decisions and develop market-based strategic plans for turnarounds or growth. Her consulting work has impacted more than 4 billion dollars worth of decisions. She has a proven track record of dealing with complex business issues and getting results. For more information on Jill J. Johnson, please visit www.jcs-usa.com.

From Blunder to Wonder: How Companies Successfully Bounce Back from Mistakes

Emily Safrin

Emily Safrin1993 was a terrible year for a particular major national fast food chain. It was an even worse year for four families who suffered unimaginable losses after their children ate contaminated meat at the establishment. Unsurprisingly, the chain found itself on the verge of bankruptcy. However, in a matter of years, it had not only recovered, but doubled its number of locations—a feat that is now considered one of the most impressive comebacks in contemporary business history.

If this is the first time you’ve heard this story, you may be shocked that a company responsible for something so horrific was able to salvage its sales at all, let alone become the fifth-largest burger chain in the US just years thereafter—but that’s exactly what happened.

The reality is that no enterprise can escape at least some degree of error. And while there is certainly a vital difference between an erroneous invoice and unintentionally causing the unthinkable, certain damage-control strategies have proven successful time and again, no matter the blunder.Remember the importance of accepting blame and saying you’re sorry. Click To Tweet

Own The Gaffe—And Fast

Especially in today’s well-connected world, official statements get around fast. So does radio silence.

As soon as possible after disaster strikes, offer a firm and heartfelt apology. However, refrain from being overly apologetic or defensive. Instead, focus on action. The old adage “Actions speak louder than words” has stood the test of time for a reason.

Nevertheless, judicious and impactful action takes time to implement. So, while you get to planning, make sure from the get-go that your words reflect a sense of accountability and the intention to fix the problem.

Watch Your Words

Word choice is paramount when delivering a public statement.

If your company serves an international market or consumers who speak a language other than English (as is the case of most businesses in the social media age, whether by design or not), take extra care that your mea culpa reaches your audience unscathed. The last thing you want is to create another mess when you’re already in damage-control mode.

For example, an international bank fell victim to a simple yet costly translation slip-up in 2009 when its catchphrase, “Assume Nothing,” was infamously mistranslated as “Do Nothing.” The mishap cost the company 10 million dollars for a new ad campaign alone.

Be aware of variants in widespread languages like Spanish and English that can make or break how your message is construed. Avoid embarrassment by hiring a professional translator who’s well versed not only in English, but the language and culture you aim to reach. Imagine, for example, how confused American consumers would be if a fast food restaurant referred to its french fries as “chips” (the British variant).

Furthermore, if there were ever a time to avoid using machine translation services, this would be it. There’s no room for error when it comes to cleaning up after a misstep, so make sure human translators—who are able to adequately interpret nuance and impact—craft the message in the new language before it reaches the public.

Make It Right

Words are vital when it comes to apologies, but they must be backed by tangible actions that illustrate genuine concern.

In the case of the fast food chain, the company offered to cover victims’ medical expenses, settling for amounts of up to 15.6 million dollars. The COO and chairman-cum-CEO attended mediation hearings to show their concern. The chain also opened a question hotline and made a generous donation to research efforts seeking treatment for infections caused by the bacterium behind the outbreak.

This demonstration of remorse and accountability in actions big and small communicated the company’s commitment to doing better.

Establish Long-Lasting Change

Once apologies have been made in both words and deeds, it’s crucial to ensure the mistake isn’t repeated. It may be tempting to make the blemish disappear from sight, but finding a long-term solution is an indispensable step.

The fast food chain began cooking its burgers at temperatures guaranteed to kill the guilty bacteria. It also implemented additional safety measures to ensure the food was handled properly from producer to consumer. In fact, this system was so successful that it was later endorsed by the US Department of Agriculture and the Food and Drug Administration and came to be considered the gold standard among fast food chains.

The company didn’t stop there: it became so invested in harm-free dining that it continues to receive honors for its leadership in food safety to this day.

Turn Lemons into Lemonade

Believe it or not, mistakes can be a blessing in disguise. For this to be true, decision makers must think glass half full. Slip-ups present an opportunity to demonstrate your brand’s leadership, transparency, and trustworthiness—and all of this at a time when you’re already in the spotlight. Just make sure it’s for better, not for worse.

A well-known pizza chain faced a rude awakening when one of its employees shared a video of himself tarnishing food in the kitchen. When the video went viral, it turned out the company had an even bigger problem on its hands: they admitted that customers had been complaining of pizza that tasted “like cardboard” and sauce that tasted “like ketchup.”

Instead of succumbing to an apparently imminent downfall, the company’s leaders decided to come clean and promised to improve their product. Shortly thereafter, they introduced a new pizza recipe, as well as a novel online ordering system designed to appeal to the younger generation. Their shares increased sixty-fold and the company is now worth 60 billion dollars.

Next Time You’re Caught in a Mistake, Stay Calm and Innovate

Businesses are no more perfect than humans. Every organization will face its day of reckoning, big or small. Luckily, history demonstrates that it’s not the mistake itself, but the response, that leaves a lasting impression. And as in the case of the fast food chain, if addressed properly, a foul-up can even be turned into an asset.

So, next time your business finds itself in a rough spot, remember the importance of accepting blame and saying you’re sorry. Then roll up your sleeves, fill your metaphorical glass, and turn the blunder into your next wonder.

Emily Safrin is a certified Spanish-to-English translator and editor specializing in the medical sector. She is also an active member of the American Translators Association (ATA), which represents over 10,000 translators and interpreters across 103 countries. For more information on ATA and to hire a translation or interpreting professional, please visit www.atanet.org.