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1. A Hidden Gold Mine In Every Business
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In many companies, most of the company seems to operate by a completely different set of rules and communicate in a different language than those the IT or computer services sector of the business. This division is somewhat artificial and partially maintained by the IT people themselves because of a certain culture technical people have about their specialized knowledge and application areas. But at heart, those strange people down in IT have the same goals as every other business person which is to succeed both personally and corporately in shared projects.
But those of us on the business side of the corporate landscape depend on the computer folks to let us know how things are going with that highly valuable asset that we have in our IT systems, hardware and software. Most medium to large businesses run very high capacity computers or multitudes of computers connected through a network and those systems must perform at top capacity each day to accomplish the goals of the business.
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2. Business Goes To Cyberspace
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It is a well known axiom of doing business in any industry that those who do not stay in step with the times will be those companies that eventually die out. There is no place where that truism is more evident than in the way that companies in virtually every business sector are finding to integrate an internet marketing strategy with their traditional communications and to provide the public with an internet “presence” to supplement their public profiles in other venues.
Of course, the value of the internet for sales and promotions has been well known in the industries that service the youth markets and for the companies dealing with entertainment and the arts. Because the internet is in virtually every home and even now on hand held devices of every description, the access it gives to reach a target market are phenomenal.
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3. Businesses Learn To Make SEO Work For Them
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One of the most important talents any management team of a business can have is to be able to detect changes in the marketplace and adjust how the business operates to function in that new market. Some call it “thinking outside the box” and others refer to this talent as “working with a new paradigm”. Whatever the term of the day is, without the flexibility to change as the market changes, a business is destined to fade away.
Of the many business and market trends that have changed the paradigm by which business is done in the new century, internet marketing ranks near the top of the most drastic and sweeping change that virtually every business has had to adapt to in order to survive and thrive in the new business world.
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4. Courting Public Favor
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At first glance, it is a bit surprising when you see how much some powerful and prominent businesses in every community bend every effort to court public favor. Almost any community of significant size in the country has a business section in the paper. And subscribers to the local news see their ability to stay in touch with what the strongest and up and coming businesses in town are doing as an important part of their business awareness.
Sometimes it’s good to read the business news in your local paper both for information and with an eye on the question – “Did the business being discussed work to get this article printed about them in the paper?” In some cases, it is blatantly clear that the business went to great lengths to get noticed. Many businesses actually employ public relations and advertising professionals to tailor how they will be viewed in the press and to court public favor by romancing the right kind of press coverage for the business.
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5. Courting The Millenials
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Recruitment of top notch young talent who can enter your work force and provide that kind of long term growth potential and can only come from a smart and productive staff is always a challenge. One of the big reasons any business works to keep its public image high and to project the concept that they are an employer of choice is to recruit the best and the brightest from the youth ranks.
Young employees bring a lot to a business that can compliment an older work force and make the business much more vital. Younger employees are savvy to the wants and needs of their peers. So instead of trying to guess how to market to the current generation of 18-28 year olds who are the age segment with disposable income, by keeping such employees on staff, you have the inside track to the priorities of the current generation. Further youthful employees are often optimistic and out to change the world. Their sense of mission and belief in the system as a means to make the world a better place results not only in a better morale internally but in business philosophy that shares those values.
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6. Creating Traffic
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Perhaps you have followed the trend in business to create an internet web site for your business that can be used to supplement your marketing efforts. If so, you have joined the momentum to create a corresponding “place” in cyberspace that can be used to reach customers online. The need for such an internet presence is entirely market driven. Internet sales have soared, particularly in certain market segments and more and more, the first place people go to in order to learn about your business is the internet. If they find a well designed web site that is full of features, that works fast and draws them in, that can be a tremendous tool for promoting your business.
When you set up a marketing tool outside of cyberspace, the first concern is how will that new marketing effort get noticed. So we are drawn to places where there is already an active traffic of people who would qualify as our customers. That may mean putting up a billboard where it will be seen by people going to work. That target audience may be the best population to respond to your message. Or if your business appeals to youth, advertising on MTV or on popular radio stations is a natural place to put your marketing money because the traffic is already there.
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7. Cyberspace On Aisle Five
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It doesn’t take a lot of research to find out that in this day and age, virtually every business of any real size has developed some form of internet presence. Now, for many businesses, that may mean little more than an online business card that can be used to get the phone number and store location of the business into the mind of the prospective customer. But in this new century, the idea of having a business without a corresponding web page to support it is pretty much out of the question.
But if you look at the two business worlds, the internet business environment and that outside of cyberspace, there are some pretty big differences. While many companies like bookstores or concert ticket promoters have learned to build what might be viewed as parallel universes in which their business operations are just as sophisticated online as outside of cyberspace, other businesses have just not found that balance.
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8. Decentralizing IT
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For decades, the classic model of how a business organizes its computer services department was to establish a separate IT department with an independent management structure which may extend all the way to the executive suite. Over the years, the autonomy of that centralized IT function took on almost mythic proportions and in some cases resulted in abusive attitudes and ways of doing business that almost gave the impression that the business existed to serve the IT department rather than the other way around.
This was a particularly prevalent model when all business computer processing was done by a large centralized mainframe computer, usually made by IBM. These mega computers are and were expensive and complicated to program and operate which dictated that to be successful, a business had to keep on staff a small army of computer specialists, many of whom seemed to speak an entirely different language and come from a different culture than those in the rest of the business.
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9. Employee Retention In The Twenty First Century
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The business paradigm in virtually every department of the modern business has been undergoing continuous change in the last ten years to such an extent that it becomes necessary to step back and review how we do business in all aspects of corporate life in light of new markets and new ways even our employees do business. This is as much true in our Human Resource Department as it is in Marketing. The labor pool is changing and the impact on the bottom line of the business can see be serious if we don’t change how we go about recruitment and view employee retention in light of the changes to the available educated labor “out there” to draw upon for our staffing needs.
Employee retention and how we approach the concept of keeping employees over many years is an area where certain assumptions must be challenged if we are going to stay competitive. Some assumptions concerning employee retention that are rapidly becoming obsolete include…
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10. Going Retail In Riyadh
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Much has been said and written about the globalization of the marketplace in the new century. More and more, business no longer sees their markets as limited to their community, state or even this country. To be successful in the new world economies, we have to see our markets as international if for no other reason than that our competition and our customers are seeing these markets.
The press likes to make a fuss about the effect of international trade on the national workforce. While that is a concern, the old axiom that every problem represents an opportunity applies well to this business paradigm. If we as business people begin to see the international business community as our opportunity to tap into markets and revenue streams otherwise unimaginable in another market environment, we can capture a new profitability that can come with success in those markets.
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11. Looking For Cheese
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Every now and then a business book comes along that revolutionaries how the business world views an area of focus. One such book had the amusing title “Who Moved my Cheese” by Spencer Johnson. This short book that is illustrated like a children’s story has some profound ideas in it that will radically change how any business approaches the marketplace. It is a book that has had his biggest impact in helping employees who have been displaced view their job change. But the ideas that are made simple in “Who Moved my Cheese” can impact virtually every area of business dealings.
The book communicates its message through a story of a mouse who finds that the place where he can find his cheese is no longer reliable. The mouse’s friend continues to go to that same place to find more cheese only to continue to get hungrier and hungrier. But the hero of the story finds the new location of his cheese. When he finds his new source of cheese, he not only is astounded by the bounty but that even after telling his friend of the new source of cheese, that friend continues to insist that his cheese will be there where it always had been before and that in fact, the hero of our story is mistaken about the new location of cheese.
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12. Making Money From The Inside Out
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It is a well-understood axiom of the business world that there are two ways to improve the bottom line of the business. Stated simply, those two ways are to make money or to cut costs. Now no business can cost cut their way to profitability. But by the same token, waste and excessive internal costs for any business can eat away any profits that business is enjoying. So to get ahead in a competitive business environment, both methods must be employed.
When a business turns its eye to cost cutting, there is a stated or unstated business objective that the business owners will discover significant bleeding of revenues that are going on within the systems of doing business. So if those systems can be improved to eliminate that waste, the business would literally make money from the inside out because the overhead of the business would drop so dramatically.
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13. Management By Walking Around
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The MBWA method is a management concept that has gotten a lot of “buzz” and popularity in the last decade or so because it is part of a business model for cultural change within the enterprise that has proven successful in a lot of businesses. The original concept was created by David Packard during the early days of the Hewlett Packard organization, a Silicon Valley company that was well known for its loyal and highly creative employee base that seemed to achieve levels of productivity and employee satisfaction far beyond the norm.
“The HP Way” which the “management by walking around” method was a part of was based on the concept that employees, particularly the subject matter experts in their fields, are capable of being part of the problem solving process and that a team approach to creating new business ideas and innovate ways to solve problems was far superior to the “top down” approach of management coming up with all the answers and dictating them to a mindless but obedient staff.
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14. Project Management Of A Global Team
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The world is getting smaller. Well, it isn’t physically getting smaller but that is one way of saying that global communications have become so fast paced that the world is really one community in a lot of ways. With the advent of the internet, email, instant messaging and VOIP, it is entirely possible to do business with trading partners around the globe without ever leaving your office.
For many businesses who are on the cutting edge of new business paradigms, the concept of a geographically isolated business is becoming obsolete. It is entirely possible to put together a business consortium or a project team made of subject matter experts spread across all time zones and from around the world. In fact, this kind of decentralized management of business projects is becoming more of the norm than the exception in the twenty first century business environment.
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15. Squeezing Blood From An Onion
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There is a new to the business paradigm that can be easily noticed if you pay attention to trends in the business climate that we see in the business news sections of our local newspapers. It’s odd when we notice that even in good economic times, there will often be sudden waves of lay offs in businesses that we know are doing well.
Anybody who has been the victim of a lay off can empathize with the disruption and emotional trauma such a change can cause. Studies in business trends have documented that the phenomena of large scale business lay offs has been much more prevalent in the last ten years than in previous eras of the history of our business communities. So one has to ask, what has caused this shift in behavior by employers?
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16. The Client Coworker
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The idea of being customer service and customer satisfaction oriented is not a new paradigm in the business world. Even in businesses that are not directly working with the public, the idea of structuring the company to satisfy the needs of the people that make it possible for the company to stay in business – it’s customers - is a core value for a large percentage of businesses, especially those that are successful.
But there are segments of every business that have no contact with customers so it is difficult for them to develop a customer service mentality. And if the business itself is not structured to deal with the public or have conventional “customers”, that approach to the business world can be lacking in the workplace. That is why a big business trend in all type of business settings is to change the work ethic internally so that workers view those who use their work as customers.
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17. The Minimum Wage
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In January of 2007, the federal government raised the national minimum wage. This was old news in some states where the minimum wage had been raised months before congress took action. No matter how you look at the increase in the cost of labor, it is going to have an impact on the business climate and on how businesses will make key decisions in 2007 and going forward.
In theory a raise in the minimum wage should be a nonevent economically. It should be a simple adjustment for inflation which the business has already adapted to. In fact, as inflation raises the cost of goods and the prices the business charges, one might expect the wages of workers to rise naturally to match that upward slope caused by inflation.
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18. The Project Management Method Curse Or Blessing
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Project management is an area of expertise that has undergone some significant development in the last decade. A business project can have a far-reaching effect on the business and result in either tremendous improvement in the businesses ability to function in the marketplace or a significant setback to that business entity.
The idea of a formalized project management approach has been around for quite some time. So it was not uncommon for any manager to find themselves learning the discipline of a structured project management system. That project methodology takes any given business or IT project through the same standardized steps from conception through implementation. Those steps would include…
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19. The Quiet Explosion Of Cell Phone Limitation Technologies
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It is no secret that the explosion of functionality the world of cellular communications is nothing short of phenomenal. Scarcely a month goes by when something new is added what people can do with their cell phones. Now cell phones can take pictures, keep your calendar, let you send text messages or emails, surf the internet and do virtually everything except make the toast and burp the baby. But along with the technological revolution in what cell phones can do, there is another quieter revolution that has as its objective the opposite goal, to stop cell phones from doing what they can do.
It stands to reason when a technology as pervasive as cell phone communications enables virtually every man, woman and child to communicate to virtually anyone virtually anywhere that at some point there would be a need for some controls. That need has become more and more compelling when it comes to certain types of facilities where it is not only undesirable for cell phones to be operative but in some cases downright dangerous. Some outstanding examples of where you do NOT want cell phones operational are…
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20. The Roller Coaster Oil Market
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There is a public mythology concerning the oil markets that has been fueled by a sharp rise in oil prices in the last few years. That perception is that the oil companies whose job it is to acquire the raw materials to make petroleum products, including gasoline for transportation, are the source of the rising prices. It is easy for the public to pin the blame on big business.
The truth is that those on the inside of the oil business know full well that the oil business is tremendously cyclical. That means that the old adage, “whatever goes up must come down” definitely applies to the oil markets domestically and around the world. The current high prices are more a reflection of problems with refineries and with supply due to tension in the Middle East than it does with the profit objectives of the oil companies involved. In truth, oil companies have to cope with sweeping shifts in supply and demand and it impacts how they plan their economic futures as much or more than it affects the average consumer.
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21. The Steps To Finding The Perfect AD Agency
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22. Virtual Employees
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23. What Google Knows
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24. When Banks Explode
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25. Will DRM Save The Record Industry
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