Colin Myles's Blog, page 27

Perception & Price

About five weeks ago on a Sunday, I headed into the city to buy a particular item. Most shops open at 12 midday, but the shop the item was in did not open until 2pm. So I decided to wander and browse around the side streets in comfort with no crowds.

I came across a new coffee shop. The name and colour caught my attention, so wandered over to have a look. The place was closed, but two signs in the window were noteworthy. One saying the super duper machine was still on its way. The second saying " cash only " some words relating to a delay.

Fast forward four weeks and I returned to the city on a mid-week day. Having made time in my schedule, I decided to visit the above mentioned shop. Imagine my surprise when the two signs from four weeks before were still up on the windows. Luckily I had cash in my pocket. The interior was well laid out, so I ordered a coffee and sat down to wait. This was an alternative coffee to the one the super duper machine would roast.

It was by far the best coffee I had in a coffee shop since the Cyprus coffee in Theo's of Pathos, Cyprus. The coffee was priced about 10% higher than most in town. The had Kilo bags of these coffee beans on shelves, but no prices on display. As someone who buys coffee beans from small local roasters around the country, I have a fair idea of the average price of beans.

Two things prevented me from becoming a customer of the beans. Lack of price and they still were only taking cash and all I had was $5 in my pocket and the beans were going to cost more than that. There was one other thing missing, no owner/ patron on site to describe why I should walk to an ATM to get cash to buy their super beans. Just staff, chatting and checking their smart phones.

It is fine to add some mystique to your retail venture. But when the customer's perception is different to the mystique you intended, confusion and lack of creditability creep into your customers mind. In my mind I had no issue when I first saw the signs, as I have never come across a venture that didn't have some hiccup starting out. I was looking forward to becoming a patron. But when the same signs are there four weeks later, the perception of the establishment had changed in my mind. Why had they not resolved the card issue was the one that stuck in my mind. Did the bank know something we didn't ?

It is the small unintended items which have a habit of changing the perception of your customer. If your customer changes their perception of  you to the negative or doubtful, then the price they are willing to pay for your goods or services will decrease. However if their perception goes up, the price they are willing to pay goes up. Almost a universal paradox. Except you have control of the paradox.

Perception and price go hand in hand. They are not two separate items. In your customer's mind they are like Janus, two faces of the same coin.

Colin Myles
Author
5 Keys to Doing Business with The Right People
How to Avoid Business Failure
GRIT; Spirit of an Entrepreneur
67 Uplifting Quote

P.S.
" If you want eggs, take care of the hen - if you bully or kill it, it's not going to work " Kazuo Inamori

P.P.S.
GRIT; Spirit of an Entrepreneur now available to buy from Amazon

Trust Never Sleeps

Last week I spent four days down in Kilkenny at the Kilkenomics festival, a mixture of economics with a nice twist of irreverence. I heard some great speakers and attended thoughtful and funny panel discussions.

However one theme which seemed to flow as an undercurrent throughout the festival was trust. It popped up in unusual places. But for me three things came together to create this post. One was a discussion on the economics of the premier league and towards the end Simon Kuper from the FT said " the only way the economics of it would fail, would be if the spectators didn't believe what they were seeing " i.e. should match fixing ever creep in to such a degree that the fans did not trust the sport.

The second was a discussion about disruption and disruptive ideas.  The author Nassim Taleb related how when he worked as a trader in the pit, you learned who you could trust. Who would carry out the deal, " you got to see the whites of their eyes and read their body language".

The third was that these two made me think back to an article I had read about who watches the business channels on tv. The line that intrigued me was around the fact that traders don't watch them for business news, it's on mute, but as soon as a CEO of CFO comes on to talk about their company the volume goes up and they watch. They watch their eyes, body language and listen to the words to see if all three match. They like to see who has the " deer in the headlights look ". This tells them more than any piece of PR fluff the company sends out.

In this day of ever changing fast paced technological evolution, flash trading and data for when its the right time to blink your eyes, it is amazing how trust is what we humans still crave most when doing a deal. We still haven't lost the gene from our ancestors where we want to see the whites of the other person's eyes before we hand over our cash. And when we don't have the opportunity to see the white of the eyes, we rely on social rating sites. Where our fellow human beings have been before us and left us their thoughts and words on the products and establishments, they have used, bought and paid for.

They can be seen in the same light as the cave men leaving markings for fellow hunter/gatherers. What was good and bad about this place they have just come upon. The takeaway if you are in business is this ; people want to trust and believe in what they buy. If you start to betray that trust, well we haven't changed since the cave men ruled the earth and your customers will find a way to tell their fellow humans  TRUST/ NO TRUST

Imagine if the review sites had TRUST / NO TRUST instead of stars, how long would a business survive if NO TRUST was in the lead.

Trust Never Sleeps.

Colin Myles
Author
How to Avoid Business Failure
67 Uplifting Quotes
GRIT Spirit of an Entrepreneur
5 Keys to doing Business with The Right People

P.S.
" You are free to choose, but you are not free form the consequence of your choice "
  Universal Paradox

P.P.S.
" I like the way that it focuses on TRUST, and it creates a memorable and easy set of rules to follow to find the right person to do business with."
5 Keys to Doing Business with The Right People

Fool with an Ego

" Any fool with a degree or mba can complicate things, it takes a genius to do the opposite " Charlie Munger

Recently while having dinner with some old friends, conversation got around to work and the economy. One of our group who happens to be high up the food chain in the IT industry, related an interesting story about hiring people.

The shortened version is the person had on paper, good management chops. They appeared to be a fit for what they needed. They noticed some odd behaviour in the first couple of months and because they were busy on other things, kinda let it slide. Now nine months down the line, they were worried about the damage done and possible loss of good personnel.

My friend went round the table asking what each person thought, I replied " it sounds like you got yourselves a fool with an ego ". " Why say that " he replied.
" Well ......... "  Here is the summary

1. They are not getting on with their peers on their grade level
2. Seems to be attempting to build their own mini kingdom
3. Not taking the time to learn your workplace culture
4. Treating good people under their direct report like they have their contracts with this person's mini kingdom
5. Doesn't listen
6. Mistakes are piling up
7. People leave bosses not jobs.

Does this sound like anyone you have hired recently. If so, you might want to re- think your hiring strategy. It is easy to take your eyes off the small stuff when big things are happening inside your business. However in a paradoxical way this is probably the time to make sure you are hiring the person with the best fit not the right experience on paper. The busier you are, the more focused on correct hiring, the less chance you have of hiring a fool with an ego.

Colin Myles
Author
GRIT  Spirit of an Entrepreneur
How to Avoid Business Failure
67 Uplifting Quotes

P.S.
" People inspire you or they drain you. Pick them wisely "
Hans F. Hannen

P.P.S.
" This book is solid, concise, and simple. There is this bit of wisdom that states "Truth is always simple". I find that observation to be correct. This book then, my fellow readers, tells the truth; which as previously mentioned, is always short and simple."
5 Keys to Doing Business with The Right People

Meraki

MERAKI
Definition ; To do something with soul, creativity and love. When you leave a piece of yourself in your work.

What a beautiful word. I was fortunate to come across it on Pintrest last week. Now the question becomes about you as an entrepreneur, small business owner or humble employee. Do you go to work each day knowing you are going to love what you do or not ?

When was the last time you felt you were leaving a piece of you in your work ? Something the end user would realise when they used your product or service. Can you ever remember as a consumer using a product and service and saying to yourself " Wow, someone put their heart and soul into this ? "

Truthfully as a consumer there is probably only a couple of times when I had the sense that someone had put their heart, soul and creative mind into something. Sometimes you see and feel it in an article of clothing. Sometimes it is in a car you drive. Sometimes it is in a product that just melds with you and the job at hand is effortless. Sometimes it is a service that makes you wonder .... " Why can't other suppliers get this ? "

Instead of shock and awe, it should be about your customers and clients having a sense of " how did they do this ; Whose mind created this ; Where did this come from ; three questions you want all your customers to say after they have bought your product or service.

Meraki may appear a little mystical, maybe something that floats on the ether. Maybe, but you have felt it before. When you can create that feeling in your customers ..... you are on the road to victory.

Colin Myles
Author
How to Avoid Business Failure
5 Keys to Doing Business with the Right People
67 Uplifting Quotes
GRIT  Spirit of an Entrepreneur

P.S.
Three questions you want your customers to ask themselves
1. How did they do this ?
2. Whose mind created this ?
3. Where did this come from ?

P.P.S.
Don't forget my Facebook Author Page

Leadership Failure [ one easy step ]

" If you believe you are a leader and no one is following, then you are only taking a walk "
African Proverb


A couple of weeks ago, I stopped into a hotel for a coffee and sandwich before heading to my next appointment. Next thing a young lady and man rushed by into the booth behind me. The expression on the young man's face could only be described as one of horror.

Here is a snippet of what I heard as they conversed in louder than normal voices. " I know its your first meeting, but let me explain how things work " so spoke the young lady. " Our boss calls a meeting before the meeting with their boss, so that we all agree to sing from the same sheet". " But " exclaimed the young man. " " Yes different from reality, which is, that if things are not going our leaders way, they will throw someone anyone under the bus to save their ass "

A feeling of sadness enveloped me. Here was someone starting out in their career, probably excited to be working in their first job and they end up working for one of the worst management types ever. Does this happen in your organization ?

I hope not, because you will probably find yourself struggling to recruit and retain excellent people. They won't put up with this type of behaviour for long and will soon find themselves another job. If you find you have a bigger than normal churn with new recruits, it might be time to put your middle management under the microscope. What is their leadership style and does it mesh with what you are selling the new recruits. If not, problems will occur and one thing is for sure, when those two young people move onto new jobs, they will not be encouraging their friends or peers to join your organization.

Whenever the actions of your management differ from the words coming from the top, you begin to lose trust among the workforce. Along with trust, respect disappears and your people start scanning the horizon for better scenery. Please ensure this is not your place of work, because I can assure you, the look on that young man's face is not one you would like to see on your son, daughter, niece, nephew, grandson or granddaughter.

Colin Myles
Author
GRIT Spirit of an Entrepreneur
How to Avoid Business Failure
5 Keys to doing Business with The Right People
67 Uplifting Quotes

P.S.
Remember the golden rule " Do unto others as you would like done unto yourself "

P.P.S.
Don't forget to check out my new Facebook Author Page

Do you JAB ?

Today's post is a result of reading an article by Deepak Choprah [article here ]. It got my mind moving in different directions and brought to mind some words of Jim Rohn and Buddha and how they affect you in terms of life positioning and business.

JAB
Judging
Anger
Blame

Do you spend your day judging others, rising to anger and blaming everyone and everything for all that is wrong with your world. When a boxer gets into the ring to practice their jabbing, right cross, left cross, uppercut and left and right hooks, they have a sparring partner. The sparring partner is there to take the pain.

By spending your day judging, getting angry and pointing the finger of blame, the only person you are hurting is yourself. Yes, you are hurting you. What a waste of energy.

Lets look at each one . . . Judging
To paraphrase Martin Luther King and Ghandi, only when you have walked a mile in another person's shoes will you understand them better. If you judge on outward appearances only, you are in danger of judging the surface. When you make a judgement based on one thing, chances are you will miss the whole picture. Because it is only by looking at and studying the whole picture do you attain a better understanding.

This fuller understanding allows you to make better decisions. Snap decisions and following the judgement of the herd, often lead you down a road, you later wished you had never travelled. Warren Buffett doesn't make his decisions based on the judgements of the crowd, he looks at the whole picture. Is this the reason for his success ?

Anger . . .
Every minute you are angry you lose sixty seconds of happiness" Various
Imagine this ..
You get up in the morning, turn on the TV and tune into the news. Stories of greed, corruption, hubris and avarice and your anger starts to stir. You hop in your car and get the local shock jock, more of the same and you anger is now simmering. The car in front cuts across you, the bile rises and you blast your horn like the 1812 Overture. Some idiot takes your parking space, the steam is rising. You get to your office and it looks like a barnyard of headless chickens. Your assistant comes up to you to discuss a problem they are having and you explode like a volcano ... and you have just started your day.

What is the rest of it gong to be like and you still have the drive home to contend with as well. There will be kids with questions, your spouse/partner with questions and you are still angry. Is this how you want to live each and every day ?

Blame . . .
How easy it appears to blame someone or something else for your misfortunes. It is your customers who give you severe headaches. It is the car salesman's fault for selling you xyz car and it's in the garage again. It's the economy's fault your sales are flat. It's your workers fault for your high payroll costs. It's the politicians fault your taxes are so high. It's China's fault you can't export your goods. It's your kids fault you have no time and money for yourself.

Stop ; how pathetic would a person sound if these were the first words out of their mouth every time you had a conversation with them ? How long before you started avoiding them ? Take a look in the mirror, it might just be you.

Enough of the judging, anger and blaming, some simple solutions.

Before you start judging, learn empathy. That seemingly sad and lonely person in your team, may have a close family member battling a critical illness. The person in your social group who never wears the latest brands, may just have had their hours cut and are doing their best to adjust until their personal economy turns around. That person crying in the corner, may just have been a victim of credit card fraud and not some wimp. Take the time, look at the whole picture and stop being so quick to judge.

To resist the lure of anger controlling your day, lean to say " isn't that interesting ". I learnt this from Jim Rohn. Next time you are cut off in traffic, take a second and say " isn't that interesting ". Another tool I use and learnt from Og Mandino is the expression " this too shall pass ".

Your assistant comes running exclaiming there is a major issue and challenge, nod your head and  silently say to yourself " this too shall pass ". Now say to your assistant, " this is interesting, tell me more " It calms you and it calms them down to think and explain in a logical manner. Instead of hitting and jabbing yourself, use these expressions as your sparring partner, let them absorb the anger.

Time to stop pointing the finger of blame and start taking personal responsibility for your actions. This is probably the most challenging for us as human beings. It often feels as if we are hard wired from birth to point the finger of blame. In the workplace no one respects the person who blames everyone else when things go wrong. Learn to praise your team when things are going well and shelter them and be the one to hold up your hand when challenges occur. They will remember this the next time you ask for that bit extra to navigate a challenge.

It is easy to blame, but the person who is willing to hold their hand up and say " yes, it was my decision " will gain more respect from others and much more self respect for themselves. Don't take the easy way out and jab away at your enemies like Don Quixote jousting with the windmills, be accountable. Be a new you.

Colin Myles
Author

G.R.I.T. Spirit of an Entrepreneur
How to Avoid Business Failure
5 Keys to Doing Business with The Right People
67 Uplifting Quotes

P.S.
" Holding onto anger, is like drinking poison and expecting the other person to die " Buddha

P.P.S.
Let me know what you think of my new Facebook Author Page

Economics 101

Recently I read an article which referenced Adam Smith. It made me decide to go back and re-read " The Wealth of Nations ". A couple of chapters in there was the line that sparked this post.

Words so simple, that they should be the first words every student of economics hears and learns
" The propensity to truck, barter and exchange one thing for another ".

The economic success of each individual or company is their ability to make a product/service. Combined with their ability to strike a fair price for said product/service and then exchange it for money. This is how it has worked for centuries and continues to do so into this new century. Couldn't be simpler ?

This is the fundamental foundation of all business. From the mom and pop stores to the global giants. Have you made a product/service that people desire and are willing to pay a price that will allow you to make a profit. This is your starting point, everything else is just icing on the cake.

Why do some fail and others succeed.
Failure is making a product/service nobody desires.
Failure is setting your price too high or low. Too high and not enough people buy. Too low and you don't make enough profits to sustain the business.
Failure is not making sure that the money people exchange is flowing into your business fast enough and you get caught in a cash flow crisis.

Succeed is creating the right product/service people desire and want.
Succeed when people are willing to pay the price you charge
Succeed when you have positive cash flow and a good handle and your aged debtors list.

Simple; yes. Easy ; no.

Economic success is a three step process, not a one trick pony.

Colin Myles
Author
G.R.I.T  Spirit of an entrepreneur
How to Avoid Business Failure
5 Keys to Doing Business with The Right People
67 Uplifting Quotes

P.S.
" Consumers have a right to spend their money as they see fit "

P.P.S.


Now available from Apple on ibooks ........ Download my copy

Consistency & Empathy

This is the time of year when the majority of the college and university graduates, go out into the great wide yonder and place their foot on the fist rung of their  business life. For some they will be given a role of supervising people, something they have never done before in their life.

Some courses will have done a good job of preparing them for this and some won't have even touched on it. Yet it is probably the most important skill they need to master if they wish to climb the ladder and have a happy business life.

There are thousands of books and courses out there on how to be a good boss,leader,manager or whatever title you wish to include. But very few talk about how, the perception of how you are viewed is what determines whether people will be on your side and assist you, or do whatever they can by any means to see you derail and fail. That's life.

Consistency is to have harmony of conduct or practice with profession. You can't make the rules up as you go along. What you say today has to mean the same tomorrow. Every time you ignore this rule, you lose. You lose trust and the confidence of the people who are in your care. Let me let you into a  little secret, people talk. Yes, that old ancient custom still exists, it is how people measure your abilities to lead. They talk about your consistency of action and words. Whenever your actions don't match your words, you lose.

Learn to be consistent in words and deeds. It will reward you a hundredfold in ways you can never imagine.

Empathy is the capacity to understand or feel what another person is experiencing. You have to be able to put yourself in the other persons shoes. To paraphrase Martin Luther King, only when you have walked a mile in another persons shoes, can you begin to comprehend their life. Here is something you may find surprising, you are working with people, not machines. Yes they have a job to do, but they also have a life,family,friends and feelings.

Like you, things will occur in their life, which will cause turbulence for a short time. It will put them out of sync, your ability to see this and put yourself in their shoes and empathise will be to your benefit. It does not mean that you become a soft touch. But knowing when to put your arm around someone's shoulder and say, " how can I assist " is something they don't teach at college. I am afraid it is a trial and error thing for you to find the right level that works for you. As you step up onto each rung you will become better at it.

Rather like that song which advises " wear sunscreen " learn consistency and empathy and your struggle and journey will become a little bit more likeable. You are a human being and the machines haven't taken over yet, so yes you will be working with other human beings, with their failings,foibles and feelings. Please do your best to master these two skills and your journey will be a little bit easier.

Colin Myles
Author & Listener

Author ; G.R.I.T   Spirit of an Entrepreneur
Author ; How to Avoid Business Failure
Author ; 5 Keys to Doing Business with The Right People
Author ; 67 Uplifting Quotes

P.S.
Meditate,live purely,be quiet. Do your work with mastery.
Like the moon, come out from behind the clouds ! Shine
Buddha

P.P.S.
Here is an interview I gave to Smashwords   https://www.smashwords.com/interview/...

Free Chapter

Hi,
today as a thank you for reading my blog and to celebrate the release of my new book, I am going to share with you an extract of a  chapter from the book.

The chapter is titled  Inventive

" It is better to have enough ideas for some of them to be wrong,than always be right by having no ideas at all "  Edward de Bono

The third element in the spirit of an entrepreneur is being inventive. The ability to create or think originally.

At times the relentless pursuit of your goals can hit roadblocks. Results don't happen as you expect. Money is tight. What was once easy, now drags you around like an anchor hitting asphalt. You feel as if you are scrapping for every piece of the pie.

This is when you have to get inventive,finding solutions. The ability to find constructive,resourceful and imaginative ways around,over and under the roadblocks.

it is a skillset ,a mindset,a thought process that comes from within. Your past experiences,other people's challenges and solutions,your own solutions and ideas all  swirl around inside your head.

The swirling stops,the mist clears and new ideas come together. They bring hope,belief and promise. You see the clear path forward. Inventive is an element not many manage to attain. Elusive is not the right word,because this element belongs to them who have worked and made mistakes. Admitted,learned from them and moved onwards.

Inventive also means being able to see a gap,when others see a " full " sign. Being able to mould two or three separate items into one new product/service,that ignites a customer need no-one ever thought existed.
Copyright Colin Myles 2015

Hope you enjoyed the extract.

Colin Myles
Author & Listener

G.R.I.T.  Spirit of an Entrepreneur  Buy Now



"

Free Signed Copies Giveaway

Hi,
just a quick note to let you know that from today until midnight on the 23 July 2015, I am giving away 2 signed copies of my book, How to Avoid Business Failure.

It is being run by Goodreads and all you have to do is click the link below

http://www.goodreads.com/giveaway/sho...

Thank you for entering and good luck.

Colin Myles
Author & Listener