BusinessBruce.com

40 Key Emotional Drivers

psynapz — Sat, 25 Oct 2008 23:02:17 +0000

Sourced from Victor Schwab

B-to-B prospects respond to the same key emotion drivers consumers do. In “Mail Order Strategy” (Hoke Communications, 1956), Victor Schwab compiled the following 40 key emotional drivers.

People want to gain:
Health
Popularity
Praise from others
Pride of accomplishment
Self-confidence
Time
Improved appearance
Comfort
Advancement: social-business
Money
Security in old age
Leisure
Increased enjoyment
Personal prestige

They want to save:
Time
Discomfort
Risks
Money
Worry
Embarrassment
Work
Doubts

They want to be:
Good parents
Creative
Efficient
Recognized authorities
Up-to-date
Gregarious
“First” in things
Sociable, hospitable
Proud of their possessions
Influential over others

They want to do:
Express their personalities
Satisfy their curiosity
Appreciate beauty
Win others’ affection
Resist domination by others
Emulate the admirable
Acquire or collect things
Improve themselves generally

The Right Brain vs Left Brain test

psynapz — Sun, 05 Oct 2008 04:48:11 +0000

The Right Brain vs Left Brain test … do you see the dancer turning clockwise or anti-clockwise?

If clockwise, then you may use more of the right side of the brain and vice versa. Note: This is only a very rough generalization.

LEFT BRAIN FUNCTIONS

uses logic

detail oriented

facts rule

words and language

present and past

math and science

can comprehend

knowing

acknowledges

order/pattern perception

knows object name

reality based

forms strategies

practical

safe

RIGHT BRAIN FUNCTIONS

uses feeling

“big picture” oriented

imagination rules

symbols and images

present and future

philosophy & religion

can “get it” (i.e. meaning)

believes

appreciates

spatial perception

knows object function

fantasy based

presents possibilities

impetuous

risk taking

Here’s a hack to help see the other direction: http://ofb.net/~whuang/imgs/spin/

Neurophilsophy blog discussion on it: http://scienceblogs.com/neurophilosophy/2007/10/the_left_brain_right_brain_myt.php

45 Rules for Creating a Great Logo Design

psynapz — Sun, 05 Oct 2008 03:08:07 +0000

Do not use more than three colors.
Get rid of everything that is not absolutely necessary.
Type must be easy enough for your grandma to read.
The logo must be recognizable.
Create a unique shape or layout for the logo.
Completely ignore what your parents and/or spouse think about the design.
Confirm that the logo looks appealing to more than just three (3) individuals.
Do not combine elements from popular logos and claim it as original work.
Do not use clipart under any circumstances.
The logo should look good in black and white.
Make sure that the logo is recognizable when inverted.
Make sure that the logo is recognizable when resized.
If the logo contains an icon or symbol, as well as text, place each so that they compliment one another.
Avoid recent logo design trends. Instead, make the logo look timeless.
Do not use special effects (including, but not limited to: gradients, drop shadows, reflections, and light bursts).
Fit the logo into a square layout if possible, avoid obscure layouts.
Avoid intricate details.
Consider the different places and ways that the logo will be presented.
Invoke feelings of being bold and confident, never dull and weak.
Realize that you will not create a perfect logo.
Use sharp lines for sharp businesses, smooth lines for smooth businesses.
The logo must have some connection to what it is representing.
A photo does not make a logo.
You must surprise customers with presentation.
Do not use more than two fonts.
Each element of the logo needs to be aligned. Left, center, right, top, or bottom.
The logo should look solid, with no trailing elements.
Know who is going to be looking at the logo before you think of ideas for it.
Always choose function over innovation.
If the brand name is memorable, the brand name should be the logo.
The logo should be recognizable when mirrored.
Even large companies need small logos.
Everyone should like the logo design, not just the business that will use it.
Create variations. The more variations, the more you are to get it right.
The logo must look consistent across multiple platforms.
The logo must be easy to describe.
Do not use taglines in the logo.
Sketch out ideas using paper and pencil before working on a computer.
Keep the design simple.
Do not use any “swoosh” or “globe”symbols.
The logo should not be distracting.
It should be honest in it’s representation.
The logo should be balanced visually.
Avoid bright, neon colors and dark, dull colors.
The logo must not break any of the above rules.

Source: http://www.Tannersite.com

Cash = Life

psynapz — Sun, 05 Oct 2008 02:50:58 +0000

A business starts to die if cash in the bank moves toward zero or stays still (idle cash = death by inflation). A business is growing and alive if average cash in the bank moves toward (theoretical) infinity. Cash in the bank must be growing over time in order for a business to be alive.

Dying business: dy/dx ( cash in bank ) <= 0
Growing business: dy/dx ( cash in bank ) > 0

What does it mean for a business to be alive?

A live business does two things:

1. Has a functioning operational process.

The purpose of operations in a business is to:

Run a customer’s money through a process which:

a) returns something of value to the customer and
b) puts as much of the customer’s money as possible into the bank (the greater the operational efficiency, the greater the % of the customer’s money will end up in the bank).

If operations is not functioning, then the end results a) and b) are not achieved. If a) is not received, the customer will demand their money bank, leading to no cash being put in the bank. If b) is not achieved, this will also lead to no cash being put in the bank.

2. Continually feed operations.

If sales and marketing do not provide operations with the customer’s money to turn into value and banked cash, operations will have nothing to process, and so the aforementioned a) and b) will not occur, and consequently, no cash will be placed in the bank.

What happens when there is no cash in the bank?
When there is no cash in the bank, a business will begin dying. Death is typically not instantaneous, but a gradual process. It may be so gradual, it can be like cancer and unbeknown to the business owner until too late. The following steps will occur:

1. If no cash is in the bank, then expenses (salaries, rent, etc) must be paid for on credit.

2. However, if no cash is in the bank, the creditors will not be paid back, resulting to a freeze on the credit. A freeze in credit leads to expenses not being paid = employees not being paid (and quitting), utilities not being paid (and shutting down), and landlord not being paid (and being evicted).

A business with no employees, utilities, or place to do business has no functioning operational process, and by definition of a “live business”, is not alive.

How do I put cash in the bank?

The question may seem simple and the answer may seem obvious, but it is worthwhile to outline. Cash enters the bank by one of three methods:

1. The Operational Process
The operational process takes the customer’s money, and puts a portion of it in the bank after returning the customer something of value (which requires a portion of the customer’s money).

Customer’s Cash => Business => Value to Customer + $x profit

2. The Investment Process
Investor’s cash is placed in the bank in exchange for a portion of the company’s equity. Eg seed capital, venture capital, acquisition capital. This can take a considerable period of time as courting, due diligence, and legal paperwork is involed but allows room for a longer repayment-period, and no guarantee of repayment.

3. The Credit Process
Creditor’s cash is placed in the bank in exchange for an agreement to pay back the loan. Eg bank loan, credit card loan, credit lines. This will take far less time than the investment process and is typically easier to obtain, but the repayment timespan is much shorter, and requires a guarantee of repayment.

The purpose of #2 and #3 is to drive #1. Without #1, the business has no long-term method of putting cash in the bank. #2 and #3 is typically used to build #1 to the point that it can provide a positive return on the initial cash input of #2 and #3.

Investment Cash + Credit Cash => Business => Investment Cash + Credit Cash + $x profit from Operational Process

If cash is not being put into the bank by one of the three methods, then the business will begin dying. The rate of death is a factor of cash in the bank and expenses per month.

cash in bank + credit limit___ = months business life
expenses per month

As such, one of the most common dangers a small business will face is due to lack of sufficient funds in the bank when:

a) an internal business error is made, or

b) external circumstances impact the business.

All internal business gambles should therefore take into account maximum loss potential, and this maximum loss potential should not exceed cash in bank, taking into account current cash flow.

If however, an unforeseen circumstance occurs resulting in some operational or marketing decline, then one should plan ahead to have sufficient cash in the bank to weather the storm. In the case of a downturn in the economy or recession, credit lines will tighten up and revenues may suffer. If revenues suffer and cash in the bank is not growing, then the business will start to die. As such, the businesses with enough cash in the bank to survive until eceonomy picks back up, will survive. The businesses that lack sufficient cash in the bank to keep the business alive until things turnaround will die.

How much cash should I have in the bank?

This will depend on how severe the operational/marketing decline or external circumstance is. This may be like forecasting how long a downturn in the economy will last. There is also the challenge of keeping funds in the bank unused, when they could be utilized to further grow the company and put more cash in the bank.

A good starting point may be to hold at least one business cycle/season’s expenses in the bank. This way, the business owner should be able to identify and remedy problematic trends before it is too late.

10 Phrases to Attract Return Customers

psynapz — Thu, 31 Jul 2008 21:03:02 +0000

“Retaining customers is one of the most valuable money-saving objectives your team can adopt. Language may be your team’s most effective tool in maintaining long-term business. In his book, 180 Ways to Walk the Customer Service Talk, Eric Harvey offers these simple phrases:

The 10 most important words:’I apologize for our mistake. Let me make it right.’
The 9 most important words:’Thank you for your business. Please come back again.’
The 8 most important words:’I'm not sure, but I will find out.’
The 7 most important words:’What else can I do for you?’
The 6 most important words:’What is most convenient for you?’
The 5 most important words:’How may I serve you?’
The 4 most important words:’How did we do?’
The 3 most important words:’Glad you’re here!’
The 2 most important words:’Thank you.’
The MOST important word:’Yes.’

(1999, Teamwork, p.3).”

Money Proverb

psynapz — Tue, 03 Jun 2008 02:18:38 +0000

Money can buy a House
But not a Home

Money can buy a Bed
But not Sleep

Money can buy a Clock
But not Time

Money can buy you a Book
But not Knowledge

Money can buy you a Position
But not Respect

Money can buy you Medicine
But not Health

Money can buy you Blood
But not Life

Money can buy you Sex
But not Love

Money is simply a means to an end. Remember to keep the end in mind …

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Buying Time

psynapz — Mon, 07 Apr 2008 02:11:34 +0000

Fortunes are spent each lifetime on things that sustain us, and things that drain us. But what is the ultimate sustanance of life? If we consider ‘life’ to be the period of time that we are conscious and alive (as opposed to unconscious and/or dead), then time would be a universal currency of ‘life’. The more time you have, the more life you have. For example, a person that has 70 years of life would be considered to have more time than somebody who has 30 years of life. As such, the person who has more could be considered more ‘wealthy’, if we attributed time as a currency.

Now if time is a currency, it must be able to be traded, bought, and sold. The question is, how does one buy time? If Walmart, Ebay, or Amazon don’t sell it .. how does one acquire more time?

For a business, a first stage of financial management is to asses the situation and identify where debts or cash outflows occur. One can never acquire more cash if one constantly has the cash being sucked out through expenses and liabilities (unless you have a very high inflow of cash, but this is a non-efficient state). Similarly, if time is constantly being drained, one can never become ‘time-wealthy’. Thus comes the first step of acquiring more time:

1. Identify and Eliminate Time Drainage

Time drainage is classified as anything that takes your hours away each day/week/month/year. But of course, first the definition must be made of what is “your time” so that you know what you are losing. “Your time” is classifed as time that you have free will and control over. For example, using the toilet would not really be considered “your time”, because when you gotta go, you gotta go. However, reading while you’re on the toilet after you’re done, would be considered “your time”. Sleeping to replenish the body would not be considered “your time”, because if you don’t sleep, you will go mad and die. However, sleeping in, long after the body has had it’s required delta sleep, would be considered “your time”. The time spent working at a job is not considered “your time”, because during that time your free-will and control is limited by somebody else (your employer). However, your employer is compensating you for your time, and of course, the old adage of “Time = Money” comes into play. This adage then begs to question “How much is my time worth?” That is for you to determine. Let me say this - there are 27,000 average days in a human life. You have one life to live, and you are spending your time currency every single day until you run out.

Time spent on hobbies is “your time”. Time spent watching TV is “your time”. The minimum time spent on eating is not “your time”, but any extra time outside of that is. So when you consider all this, the average day of a working adult is something like this:

a) Not my time, but must/should be done and I can’t do anything about (eg, hygiene, eating, sleeping) - minimal
b) My time that I am selling (eg work, selling 40 hours a week, 50 weeks a year for $75,000.) - majority
c) My time that I am spending/investing (eg watching TV, travelling, exercising) - secondary

[pie chart]

What most people do is they sell their time for 50 years of their life, put the cash into an account to gain interest, then buy time back again with their accumulated wealth. What most people don’t realize, is that this comes out to almost a net zero equation, since the time you buy back with the accumulated wealth is not worth as much due to age, ailments, inflation etc. For most people, time to cash investment only sustains their standard of living, not improve it. So we have billions of people, trading their time for cash, using that cash to occupy time slice (C) in various ways.

The more optimal arrangement would be to spend less time in (B), and more in (C). But as we know from financial wealth, the poor spend, and the rich invest. So consider this, are you spending or investing your time when you: watch tv, exercise, read magazines, get drunk? Consider eliminating “spending” time, and turn it into “time investments”. Other areas of possible time savings:

* commute - drive during off-peak hours, or live closer to work
* showering - get in, get out. You’ll even save water! Although for some, showering may be a spiritual element of their lives, and as such, would be an investment.
* typing - learn to touch type. At the end of your life, how much time would you want to have spent on pushing buttons?

2. Buying More Time

Now we come to the crux of the article. Buying more time. By assessing your own situation, you now realize you are selling your time for a dollar amount. The person you are selling your time to, now owns your time and is putting your time to their uses. Similarly, you can also buy time from other people. This is a key switch from the “employee” to “employer” mindset.

Here is a unique thing about capitalism: each person’s time is individually valued. There will be greater and less demands for it, depending on the current state of the society. A key then is to sell your own time at a premium, and buy other people’s time (to add to your own time) at a lower rate. This is a key element in outsourcing. At this point, I recommend reading Tim Ferris’ book of the 4 Hour Work Week. It will introduce solid concepts in outsourcing.

Some ideas and suggestions for buying time:

* Have food cooked and delivered for you. If cooking is not a passion or hobby, then your time is probably more valuable spent on something that brings you great pleasure.
* Have somebody organize files and documents for you. This could be considered an investment for the disorganized.

Bonus Concept: Parallel time
The more things you can do at once, the more you multiply that time-chunk. For example, if it took me one hour to wash clothes, and one hour to read a book, if I did them in serial, it would take two hours. If I did it in parallel, I now have a savings of one hour of time that I can spend elsewhere. Question: “How can I create more parallel time?” Note that buying somebody else’s time also counts as parallel time.

5 Ways to Promote Synergy

prodij — Wed, 30 Jan 2008 19:29:13 +0000

Humans are social organisms. Societies in which we live forces interactions, and interactions create relationships. We cannot live without interactions and relationships in this society. Business is indeed a collection of relationships - relationship with customers or clients, relationship among co-workers, relationship between suppliers and consumers, etc. Business is also about trades. Through the relationships developed, we create supply chains, resource allocations, and added values in our products and services.

Relationships dwindle in egotism and prosper through active two-way communication. Synergy allows a business to out perform its competitors with same tangible resources by enhancing the interactions and relationships between and within each processes.

Here are 5 ways to promote synergy at your work place:

Create Open Atmosphere
Tear down all obstacles that impede the growth in work and personal relationships. Open-mindedness, fairness, transparency and diligence are the foundation of creating an open atmosphere. You need to clearly define the criteria for promotion, bonus and penalties and enforce them with fairness. Creating places for the employees to engage in conversations strategically located near high traffic paths for both the employees and customers can also enhance openness. Management must facilitate and promote open communication.
Transition from Defensive Mindset to Proactive Mindset
A human relationship is initiated by one person proactively approaching another person. Dale Carnegie once wrote, “You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you.” The person who approaches another has the upperhand to create a favorable impression. A successful synergistic leader is a person who he leads positive interaction along all those around him.
Create Relationship Assessment Systems
Reward those who are leading by example and educate those who receive negative scores. To ensure the fairness of the assessment, it is wise to have as many people participate as possible and to approach the assessments from various angles as General Electric has done. The method of assessment must be agreeable by all of the employees. It is more effective to pilot the assessments prior to adopting it as an official policy.
Gather Feedbacks and Analyze the Trends of the Assessments
Fair assessment that is agreeable by all of the employees may differ from business to business as the interaction and relationship between employees may differ. Protected secrecy and non-retaliation of the assessment is imperative to accurate 360 degree view of relationships and work environment. “Keeping an ear to the ground” is a valuable asset to a successful synergistic leader. Being able to “feel” the electricty in the air allows the management team to analyze the assessment trend accurately and decypher the real messages between the lines.
Promote Fair Reward System and Management must Become the Role-Models
Reward system must exist to close the feedback loop and generate synergy. When giving rewards, the management must focus on the reasons for the reward and praise them in well publicized media for all of the employees to see and celebrate together. Negative scores must be addressed clearly as well. Recommended improvement methods, seminars or other constructive measures must accompany the criticisms for them to be meaningful. Negative feedback must be delivered in private manner for morale and should weigh heavier in action points than in punishments. The management team must understand all of the characteristics the company is promoting and digest them to eventually become role-models.

Following these 5 ways do not solve all of the problems in business envirmonments, but it is a good way to have the employees’ opinions be heard and promote frictionless interactions to prevent larger issues from developing below the surface.

Inspiration vs Motivation

psynapz — Wed, 30 Jan 2008 07:37:31 +0000

[Inspiration]

1. Stimulation of the mind or emotions to a high level of feeling or activity.
2. The condition of being so stimulated.
An agency, such as a person or work of art, that moves the intellect or emotions or prompts action or invention.
Something, such as a sudden creative act or idea, that is inspired.
The quality of inspiring or exalting: a painting full of inspiration.
Divine guidance or influence exerted directly on the mind and soul of humankind.
The act of drawing in, especially the inhalation of air into the lungs.

Ever hear “that is an inspiring picture”, or “that is an inspiring story”, or”that was an inspiring speech”? Note that “inspiring” is used as an adjective, but in the sense that the noun is doing something to the subject. Inspiration often comes from an external cue. When the stimulus from the external cue hits us a certain way, we are considered “inspired”. If the magnitude of the stimulus is strong enough, the thought or feeling of inspiration will lead to an action of some sort. For example, a muse may trigger / ['inspire'] an artist to begin on a work of art. However, this work of art may never be completed .. depending on the motivation of the Artist.

[Motivation]

As human beings, we need to sleep, eat, etc. Mundane things that take us away from our inspired work. What brings us back to our original inspired work, lest we be tempted away to a new inspiration? Motivation is the tumbler for the key of inspiration to turn and unlock. Motivation applied to inspiration will allow one to complete their original inspired vision.

Motivation may come from external sources (easiest), or internal sources (most powerful), and sometimes both for a greater effect.

Examples of external sources of motivation are a drill instructor making an athlete do 50 more push-ups, a boss incentivising an employee with compensation, or a mother threatening her child with no dessert. The motivation often dies when the motivation-producing stimulus is removed.

Internal sources of motivation are psychologically driven and come from within. An example may be a traumatic childhood that causes a child certain aversions in life, or an action for a loved one.

Inspiration will create Thought.

if the magnitude is strong enough, the Thought will generate Action.

Motivation will repeat Action.

if the motivation is strong enough, Action will form Habit.

P.S. Why do they call it “Inspiration Point”?

Synergy from Transformation, Diversification and Teamwork

prodij — Tue, 02 Oct 2007 02:57:09 +0000

You must do the things you think you cannot do. - Eleanor Roosevelt

Synergy starts from transformation.

Synergy is created when members from a diversified team collaborate to transform an existing business process. A great synergistic leader is therefore someone who can be effective during these transitions. Since a business is like an organism, it must constantly evolve in order to survive. The information technology revolution of the 1990s has accelerated the evolution of world economy and subsequently, created a constant flow of opportunities for businesses that could either lead to success or failure. Successful synergistic leaders welcome this ever-changing economy and are capable of transforming new challenges into synergy generating opportunities. Sony’s stumble at the surge of this revolution and the resignation of its then-CEO Mr. Nobuyuki Idei, clearly demonstrate a lack in synergistic leadership and failure in adapting to this newly emerging business environment.

Synergy arises from harmony of diversification.

Diversification of thoughts, characteristics and styles stimulates excitement and competition.

Fueled by the excitement and competition, new paradigm of ideas and energy are produced. Successful synergistic leaders welcome differences and changes as opportunities. Synergistic performance arises from uniqueness, discipline, collaboration, harmony and creativity.

Synergy is a by-product of teamwork.

Teamwork arises from either voluntary/autonomic coordination and cooperation. Autonomic teams conserve business resources, promote creativity and increase adaptivity. The main driving force of synergy is created when mutual respect, trust, shared vision and value are established by the team members.