Turbo Strategy - A Book Summary
Businesses are run mostly on auto-pilot and any problem areas are only dealt with when they are already critical, but by then it may already be too late. Most business managers are too busy with the day-to-day work to sit back and look at the business critically in terms of its context and the direction it is going. Brian Tracey's Turbo Strategy provides a checklist of areas that should be regularly examined by all businesses to ensure that it remains on the right path towards success and profitability.
In the book, the author introduces practical techniques that will help you come up with strategies and more importantly turn up profit quickly:
1. The answers have changed ? most businesses operate the way they do because they are "tried" strategies, not because it is efficient and profitable.
2. Flexibility is essential ? from time to time, it is important to take a step back and reevaluate the situation, then do something about it.
3. The one true measure ? two basic questions you need to ask everyday "What is working?" and "What is not working?"
Conduct a Basic Business Analysis
Whenever you go in for a complete medical exam, the doctors and nurses follow a set procedure. In the same way, there are basic business examination questions that you need to ask and answer continuously to determine the overall health of your organization. Remember the following:
a. The Customer as Centerpiece.
b. Determine What You Sell.
c. Define Your Competitor.
d. Set Clear Goals.
Design Your Ideal Future
Practice Idealization. To do this you must think of what your company would look like five years from now if everything were perfect. Then think in terms of possibilities. Are the goals you set achievable in five years?
Create a Mission Statement and Determine Your Values
A mission statement is essential to an organization because it gives meaning and purpose to the people in their daily activities and work. It inspires loyalty, commitment and become a key factor when making business decisions and when you are clear then you can easily revisit your mission statement and follow its guidelines.
Select the Right People
The two key qualities in finding the best people are that they can be counted on to get the job done well and to get it done on time. Another quality is that they should be good team players.
Market More Effectively
The four essential elements of marketing are: specialization, differentiation, segmentation, and concentration. All marketing elements are important but you should constantly evaluate what you are doing. Remember that the market is changing and changing fast! You may have to change one of your strategies or more than one at the same time.
Analyze Your Competition
You have to know your competition. You have to find out why the customers buy from them, what values and benefits do they get from buying from them. The biggest mistake you can make is to belittle your customers. You have to study them and learn from them.
Three Potential Areas of Superiority
1. Operational Excellence
2. Lead the Field
3. Be Close to the Customer
Change your Marketing Mix
1. Product ? define your product or service in terms of what it "does" for your customers.
2. Price ? be open to the possibility that you may have priced your products or services wrong.
3. Promotion ? this encompasses everything you do in the process of marketing, advertising and sales.
4. Place ? this is the location where the sale of your product takes place.
Position Your Company for Success
Social proof is a major influencing factor to determine whether or not people buy your products or services. Your reputation is the value that people will pay for. Building a brand trust requires personal experiences by people with your products or services. It is very much like a personal reputation that takes a long time to build but can be damaged or destroyed overnight with bad decisions.
Develop Strategic Business Units
The strategic business unit concept revolutionized multi-product or multi-service businesses; each of the products is grouped with similar products or services in different ways. The starting point of implementation is to have someone specifically responsible for the operations and results of the unit. To make this work, you begin by drawing up a complete business plan that would include sales revenue, costs and profitability.
Sell More Effectively The fact is that 80 percent of your markets have not yet been approached by your salespeople. No one has told them about you. Your business could be probably being selling twice as much if you could just find out how to sell it to them.
Eliminate the Bottlenecks
There are two important steps that you need to take. First, decide on your specific business goals; make them clear, measurable and time-bounded. The next step is asking the question: "why am not in that goal already?"
Reengineer Your Company
To simplify and streamline your operations so that it is more efficient, faster and more effective and therefore more profitable, you have to reduce the number of steps in each process. You have to simplify the processes and make faster and better decision.
Pump Up Your Profits Conduct a complete profit analysis on every product. You must also remember that labor has a real "opportunity" cost along with other use of other resources especially in a multi-product or multi-services business.
Focus on Results
All your customers care about is results. They do not care much about your problems with your people, products, processes or any other aspects of your business.
There are four questions that customers answer before buying the product or service. These are:
What does it cost?
What do I get for the money?
How fast do I get the benefits you promise?
How sure can I be that I will get those benefits?
Seven Steps to Personal Performance
Step 1: Set clear, specific, written goals for each important area of your business. Make them measurable and time-bound.
Step 2: Make a list of activities before you begin a day, put it on paper. The best time to do this is before you go to bed so the subconscious mind can work on your list as you sleep.
Step 3: Set priorities on the list you made. Apply the 80/20 rule and select the top 20 percent of your tasks to work on.
Step 4: Practice creative procrastination. Since there are only 24 hours in a day, decide in advance which of those tasks have little value or importance can you do away with.
Step 5: Select the one most important job and have the discipline to accomplish that first thing.
Step 6: Practice single-handling with the most important task you have identified. Resolve to work on it until it is resolved.
Step 7: Develop a sense of urgency. The faster you move, the more work you get done and the better you feel. This will create momentum.
By: Regine P. Azurin and Yvette Pantilla
(c) Copyright 2001- 2005, BusinessSummaries.com - Wisdom In A Nutshell
Lethal Option - Book Review
"This has to be one of the best detective novels I have read in some time ? right up there with Lawrence Sanders! P.J. Lawton is far from new to the world of writing and he displays excellent story-writing skills in Lethal Option. He shares much of the same history as his main character, giving the detective more depth than could be achieved otherwise.
IZEE Growing Up In A Logging Camp: Chapter One
Book Summary: What Is The Emperor Wearing?
This article is based on the following book:
Albany, NY Family History Reference Now Available Thanks To Author Joseph Yakel
"Personal research references, especially for families who once lived in the South End area of Albany, are very difficult to come by", said Yakel. "Lower Albany had a very strong mix of European immigrants, especially Germans, throughout the 19th century. These were spirited, hard working people, that helped to build the city's distinction through their values and all kinds of family run businesses", he explained. "Unfortunately, unlike other parts of the city, such as the Central Avenue thoroughfare and the downtown district of Pearl Street, documentation relative to much of the South End, especially around the Second Avenue area, is far and few between."
Product Review: Quick and Easy Ways to Instantly Mine Pure Gold from WordTracker
The other day I was surfing the net looking for resources relating to WordTracker. WordTracker is, in my opinion, one of the top two market research tools on the net. The problem is that very few people understand how to harness the real power this service provides. Heck, I'm been stuck in their 'Keyword Universe' section for hours? until now.
Druxel Manor - Book Review
"Druxel Manor is a stimulating thriller-mystery-romance novel that keeps the reader guessing. Who do you trust? Everyone seems to know a little something but no one is willing to explain ? or rather, what is revealed only creates more confusion.
Looking for Harvey Weinstein Book Review
Brassy, ballsy and full of energy.
Enron Debacle: Review Of Kurt Eichenwalds Conspiracy Of Fools A True Story
Title: Conspiracy Of Fools: A True StoryAuthor: Kurt EichenwaldPublisher: Broadway Books (A division of Random House)ISBN: 0767911784
Political Frugality - Review
It is hard to specify exactly what genre Larry Roth's new book can fall into. Political, frugal living, gay rights, taking care of the body and more are covered in Political Frugality ? Guerrilla Economics for the Demonized, Devalued and Disenfranchised.
Erasure and the Othering of Texts
Percival Everett's Erasure takes a look at how racism affects various aspects of our lives that we may be unaware of. An excellent example of this is when Ellison ventures into the bookstore to look for his novel only to realize that they are in the Africa-American literature section. A place, as he points out, that is wholly inappropriate for the type of novels he writes and makes it impossible for anyone who might be interested in his re-workings of obscure Greek texts.
On the Brink of Risk - A Book You Wont Put Down
On the Brink of Risk is a fiction novel inspired in true events; it has a love story turned evil, hate and vengeance, intents to kill, negligence and malpractice at more than one hospital that almost lead to death, harassment and persecution by the political organizations and government officials as well as comments on everything the average citizen has to go through to endure everyday life in that Caribbean country.
Book Review: Seth Godin - All Marketers Are Liars
Let me start with a small disclaimer: I am a HUGE fan of Seth Godin, and have been ever since he wrote Permission Marketing and probably always will be. Seth has a very unique take on traditional marketing (he thinks it's dead) and I agree with him. A nice summary of stuff Seth knows was kindly put together by Aaron Dignan at Brandplay.com
Review for Broken Angel, by SW Vaughn
Broken Angel, by SW Vaughn, breathes with an insistent life of its own, pulling readers along through the dark underworld of barbaric fight clubs and prostitution.
Give a Little - Book Review
This 310 page saga is Scott Underhill's second superbly written novel. I have had the pleasure of reviewing both of his books - and they are equally outstanding, yet profoundly different pieces of fiction.
Shattered Memories, Scattered Emotion - Review
Betty Woodrum released her first book of poetry entitled Shattered Memories, Scattered Emotions in on July 16, 2005. Her poetry is clean and simple and extremely honest. There is such a strong theme of the various forms of love that the word 'love' should almost be included in the title!
Joyce Meyers has been inspiring Christians for decades with the pearls of inspirational wisdom which she has faithfully shared via her radio program and books. Now, her husband Dave shares a powerful devotional crafted from a strong, personal walk with the Lord. Let's take a look at the book that will certainly capture the attention of those drawn to Christian devotionals.
Harry Potter and the Half Blood Prince - A Review
If writing was a religion, it shall be easy to deem 'Harry Potter and the half-blood prince' as the penultimate blasphemy, an utmost sacrilege. A book that discredits its own magnitude, it is a joke in the Queens' English that bravely illustrates the argument for its painful ineptitude. J.K. Rowling seems to have found the ostentatious airs of a billion dollar grandeur luxurious and tempting, and so overtly has this affected her capability as an author that after scraping off powerful authoritative fictional successes like "The order of the phoenix" and "The Goblet of Fire", she has downgraded her own standards of preferential fiction. "Harry Potter and the half-blood prince", ironically speaking, lacks the magic. Rowling underscores maturity in her characters and this maturity seems to accompany an intricate and moodily interesting loss of realism. Or is it artistic failure? The dialogues come out as surrealistic even for a surrealistic world like Hogwarts. The book seems to be dependant more on the ratio of its popularity versus its compatibility as a novel. It lacks the individual integrity that places a novel in conjunction with what authors relate to as a total mortality in script; the aggressiveness and energy is averted thoroughly and Rowling seems to be postponing the ideas or concocting ideas that postpone the entire strength of the story-line to what we might perceive will be the subsequent edition. The book seems to be a mere pillar poising the life and breath of the seventh Potter venture. It fails to rejuvenate interest stirred by the earlier specimens, and has more of an exhausted inclination to incite sheer pity for a wasted six hundred pages and a gracious lot of unlimbered bucks.
The Leadership Challenge - AchieveMax® Top Ten Book Review
The Leadership Challenge: The Most Trusted Source on Becoming a Better Leader by James M. Kouzes & Barry Z. Posner
Job Interview Answers
Last week I found an interesting book called Ultimate Guide To Job Interview Answers. Having myself hired many people I was intrigued what the book had to offer. Of course before being responsible for hiring people, I had been on the opposite side of the table -- being interviewed.
Primal Leadership - A Book Summary
Primal leadership takes center stage in this book. This concept goes beyond the set of conventional competencies on the making of a leader. Beyond bottom line figures, this book takes a leap forward with the concept of primal leadership through a keen and in-depth understanding of emotional intelligence and its link to leading and building emotionally intelligent organizations.
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