Archive for the ‘Risk taking’ Category

Got an Idea?

Thursday, May 10th, 2012

Have you written your good idea on the back of a napkin or envelope?

Well, if you have, here’s an improvement over the old way, from the Sheraton Hotels.

Good Idea
Good Idea

I wonder if they first came up with this idea on the back of a napkin?

Where do you come up with your best ideas? How do you capture them? How do you build them into something useful for your business or your customers?

Coming up with ideas is easy for some people. Implementing them, learning from your mistakes, and adjusting along the way is what creates value and wealth.

Copyright 2012. Phil Symchych. All rights reserved.

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Risk Management

Friday, October 14th, 2011

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Don’t argue with a city bus.

Wednesday, March 16th, 2011

A city bus weighs about 12 tons. My car and I don’t. That’s why I slow down to let buses merge in front of me and turn across multiple lanes so they can keep on schedule.

Today, I’m sitting in what I think is a left turn lane, the far left being reserved for parking, so I thought. It’s hard to tell with ice and snow covering the lane markings.

A city bus, number 606, pulls up to my left. Apparently, we are both turning left. This will be interesting.

The light turns green, we both proceed and then both stop in the intersection, looking at each other.

I’m not about to argue with 12 tons.

Normally, I would expect to be waived through, since I was in his way.

Maybe I was even in the wrong lane. Well, I apologize for that.

I didn’t get waived through. I got waived at, with attitude, like I was the biggest idiot in the world.

And, the male bus driver kept waiving, as if I had committed a personal attack on his integrity or the rules of the world.

So, I smiled, and proceeded to turn left, since neither of us was going anywhere until I got out of the way.

Then, I called the city to complain about the driver’s unprofessional behaviour, along with my apology in case I was in the wrong lane, with my signal lights blinking, and driving defensively. Maybe the bus driver was having a bad day. Or, maybe this is normal behaviour. I don’t know.

Do we need people prone to emotional reactions in unnecessary circumstances controlling large vehicles that could hurt people?

Remember, your customers are watching your every move. How you handle complaints and problems says much more about you than you think.

Copyright 2011. All Rights Reserved. Phil Symchych.

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Risk and Reward: Are you watering the fake plants?

Tuesday, November 2nd, 2010

Who takes the biggest risks?

Professional athletes who make millions – no. Politicians who are more worried about getting re-elected than serving their customers, er, voters – no.

The people with the most at stake are business owners, large and small, throughout the world. Our fantastic standard of living is a direct result of risks taken – and rewards gained – from failures, learnings and success.

The majority of the world’s wealthiest people got their wealth from business and equity interests.

Failure isn’t fatal, as Winston Churchill stated. It’s part of learning. If you’re not failing on a regular basis, I suggest that you’re not trying hard enough. Innovation, and improvements, come from trial and error. None of us is wise enough to predict with 100% certainty what our customers will and won’t respond to.

Here are eight ‘risks’ that you can take in your business:

  1. Offer your products and services in bundles at different price points.
  2. Extend your services beyond the sale so that you can provide more value.
  3. Make it easier for your customers to select you by doing their price and feature shopping for them.
  4. Educate your customers on how to purchase your goods and services by creating checklists that they can use when they visit your competitors.
  5. Give your customers some of your knowledge and expertise for free in the form of articles or booklets. This will enhance their trust and differentiate you from your competitors.
  6. Make it easier and more fun for your customers to do business with you. Provide free and good quality coffee and tea, free pick up and delivery, convenient payment terms (American Express), and additional value to your regular customers.
  7. Reward referrals. Most businesses spend more money watering the fake plants than they do to reward their best customers and greatest source of new business.
  8. Ask your best customers what you can do better.

The biggest risk is not taking any risks.

Copyright 2010. All Rights Reserved. Phil Symchych

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