Dodo Loves Marketing

The language of “average” is pervasive. Reservation centers calculate the “average” number of calls a customer service representative can handle in an hour. Restaurant chains project staffing needs by estimating how many servers are needed to staff the “average” restaurant. In sales organizations, territories are divided up based on how many prospects the “average” salesperson can handle. “Average” is everywhere. ..more

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Do What’s Right

Your job is one of the toughest proving grounds for your integrity. Behavior that’s clearly wrong at home or among friends is often standard conduct at the workplace. Work is where many people who disapprove of lying, cheating, and stealing have no problem calling in sick when they aren’t, stretching the hours on their time cards, or taking home merchandise that’s not theirs.

Behave according to what you know, not according to the code of ethics that you see others following. ..more

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Lots of people give money every once in a while—usually when someone asks for it. But the real power in giving comes when you give every month to the same causes. The best kind of giving adds up, little by little, month to month, year to year, like a savings account. But with giving, you’re saving more than money. If you’d like to give a portion of your income regularly, here are some steps to help you get started.

GETTING STARTED

1. PICK A PERCENTAGE

Choose a percentage of your income that you’d like to give each month. Work with that bonehead-easy budget I showed you to make sure that you can afford the amount you commit to. ..more

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The first and totally obvious way to save up your money is to put it in the bank. Duh. You know that. But you may not know exactly how banks work, the various accounts they offer, and why it’s important to shop around for your banking needs.

Banks and savings and loans are good at coming up with fancy names for their accounts; names like “Advantage Plus Mega-Money Super Savings Certificate Account.” But most of their accounts fit into one of four basic categories:

1. Basic savings accounts (sometimes called passbook accounts) have little or no minimum balance and pay minimum interest. Advantages: You can withdraw your money whenever you want (no minimum deposit period), and you earn more interest than if you hid the money in that secret place near your bed (shh!). Disadvantage: You don’t earn much interest. ..more

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The advantages and disadvantages of network marketing over conventional selling

Direct selling, network marketing, person-to-person, door-to-door, party-plan selling and other variants have certain advantages and disadvantages over conventional selling:

Advantages

• The customer is seen in the comfort of her home. No effort is required to get to a shop.
• The goods are often delivered directly by the distributor.
• Old and frail people who cannot get about are easily served.
• There is a considerable degree of personal attention.
• Direct selling is often made to friends, so it is a warm and enriching experience, not a sales experience. ..more
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Assembling a cash flow statement: chronicling the past. To help you get started in putting together your own cash flow statement, this section describes the cash flow statement of a hypothetical architectural firm, ABC Architectural Services.

The cash flow statement is for the four months just ended (For the purpose of the exercise, we assume that we’re now at April 30.)

A few notes about this company:

It employed seven people in January and received two new architectural design contracts in January for $25,000 each. These jobs should each take five months to complete and are payable as completed. ..more

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All business owners know what cash flow is—if not technically, then emotionally. Nevertheless, it’s worthwhile to approach this subject from the very beginning because it is key to business success. Some business school professors have even begun to impart to their students the latest thinking about cash flow: “Cash flow is more important than your mother.”

A useful way to think about cash flow is to view the business as a living organism. Cash is the nutrient that runs through its arteries and veins. The brain might be viewed as the product or service, the heart as the marketing, and the stomach as the finances, at which point it all begins to get a little messy. If you don’t have enough cash flow, though, rest assured that the living organism turns into a skeleton. , ..more

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