Thursday, 25 October 2012

Key Points You Should Take Note in Business

There are so much lessons that I have learned throughout my new adventures. Here are the key points which I will describe each of it in another post. This post is to share the knowledge that I have gained so far in a simple sentence. It is also serve as a reminder for myself too.

Key Points:
  1. Sales is the heart of any business. When sales stop, your business die.
  2. Good products will ensure your business survive longer.
  3. Every business or products is about solving other people problem. Find what problem you want to solve or your business or products solved.
  4. If you want to learn about doing business, learn from someone who has successfully done it.
  5. Know the different between buying an assets versus liability. It will ensure your business continues in the good direction.
  6. Stay light - ensure your operating cost and process is light as possible so you can move fast and able to take on a sales knock.
  7. When doing sales, you can know that you will have a higher chance of closing the deal if the prospect buyer meet all of these 3 criteria (must meet all):
    1. He / She is willing to listen and opened to new suggestion or product or ideas.
    2. After your presentation, they can see the benefits the products bring to them.
    3. Money is not a problem to them. They can pay you because of no 2.
  8. Don't wait for the big account or sales. Continue to look for faster deals.

Friday, 12 October 2012

How to know is your spending is an asset or liability

Everyday we spend our money to buy something that we want or need. How do we know what we spend is an asset or liability? I gathered this when I was reading this book title "Midas Touch" by Robert Kiyosaki and Donald J Trump.

In one of the chapter, it is said that before we spend, ask ourself, will this item bring back money to you or not? If it is yes, then it is an asset. For example, purchase of stock (your business's products). The product can be sold so that you earn your money back. This is what it meant by assets.

So spend wisely. Always ask yourself, is this purchase an asset or not? If yes, then proceed. Don't spend too much on liabilities because it didn't bring back money to you.

Monday, 13 August 2012

Sales Not Coming? Frustrated and Dissappointed? Dig Deeper

Last week I learned a lot about the true meaning of Dig Deeper. The story is that for the past 2 weeks my brother and I both as usual worked hard to get merchants on board of our latest program MyBonus Cartz Loyalty Program.

Last week we hit bottom where people don't honor the appoinment we set, when we were there, they simply refused to meet us even though they are inside the office. One person simply said he was not feeling well when we were already in front of his shop.

We were disappointed and frustrated. As my boss always said continue looking for others. DIG DEEPER. Never mind of those people and rejection. So we move on. We dig further.

So we continue looking for others and it was remarkable. We managed to get two new appointments. And the best part, both companies signed up the program after seeing our presentation. One of them is a big fish ever for us to-date.

Moral of the story, we should continue Dig Deeper. We never know what we gonna get when we continue to dig further. Don't stop especially when the product is so good. Getting frustrated and disappointed is just part of the process. Learned from it and enhance your skills. Imagine if we gave up, we would never get those two new deals.

Tuesday, 7 August 2012

Stay Light - What Does It Means

Recently I learned a great deal about managing business from my boss, a
successful businessman himself. He got 12 business of which 8 are
successful and 4 failed. One of the key things he learned is to stay light.
What does it means?

Stay light by his definition is that you ensure you do not carry heavy load
on expenses and lifestyle. He gave example, if the operating costs is
heavy, full of unproductive expenses, the business will suffer heavy losses
when sales slow down. Whereas if the operating cost is very light, the
business can still sustain. And the most important as the business owner,
you don't worry too much about the cost.

He cited one good example, a great company who had a sales turnover of $100
million a year has an operating cost of about 60% to 70% on expenses
compared to his company which had the same sales turnover but only incur
20% to 30% of operating costs. That is why his staff are multi tasking,
limit up to maximum 50 staff strength, full of automation in its operation
and deploy agents to help market his products. He give high incentives to
agents based on performance. The more the agents bring in sales, the higher
the reward compared to hiring full time staff where not only he got to pay
fix monthly salary but also incentive.

In term of lifestyle, he said it is better to stay light too. He can afford
to buy expensive cars but instead choose to drive a moderate car. He said
if he drive expensive car, he would worry about being robbed and become a
target. When driving that expensive car, he also need to be careful where
he park or whether the car will be scratch. With a moderate car, he still
get to the destination where he want to go but with a peace of mind. He also does
not need to worry about paying that high monthly repayment.

It is quite a good advice and I am following his step on this. I will stay
light, do not want to load myself with unnecessary expenses especially if I
have to take additional loan or incur additional fix monthly expenses. It is important to stay light especially related to financial. If you carry to much burden on your financial either at your personal level or business, you are worried most of the time whether you can fulfill that obligation. If your finances are light, you can think clearly, relax and enjoy your works. Lets stay light and have a peaceful mind.

Wednesday, 11 July 2012

Things To Remember

The Pencil Maker took some pencils aside, just before putting them into the box. He said "There are 5 things you need to know before I send you out into the world. Always remember them and never forget them, and you will become the best pencil you can be."

  1. "One: You will be able to do many great things, but only if you allow yourself to be held in someone's hand."
  2. "Two: You will experience a painful sharpening from time to time, but you'll need it to become a better pencil."
  3. "Three: You will be able to correct any mistakes you might make."
  4. "Four: The most important part of you will always be what is inside."
  5. "Five: On every surface you are used on, you must leave your mark. No matter what the condition, you must continue to write."
Learn to be the best pencil to succeed in every walk of life.


Thursday, 5 July 2012

My progress so far..

It has been a while I am not updating this blog. As of today, it has been about 4 months I have been with this new company, Mobile Money International Sdn Bhd. So far so good and I learned quite a lot from the owner. And the best part is it also allow me to chase my dream.

The world is bigger actually when you step outside from your domain and comfort zone. There are a lot of things that we can explore and do especially in term doing business and exploring opportunities. I have been in banking industry for about 15 years. So, it is natural for me to feel this way when I am given the opportunity to explore.

It also happen that my brother was presented with a lot of opportunities too. And it is no coincidence that he decided to quit his job last month and concentrate full time on his business where I also play some role helping him in building it. In a way, I can still achieve my dream because if I can't build my own business then, building somebody else business together is also a dream. It proves that I can rise to the challenge to build a successful business.

Well, after 4 months now, I have not regretted making the decision to leave and joined this new organization. Following my instinct and taking hint from God also plays a big role in making this decision. So far, it turns out to be good. As always, there is no easy path to success. Hard works involve and so be it.

Saturday, 21 April 2012

What is your true value

A well known professor started his class by holding up a Rs.500 note. In the room of 200, he asked, "Who would like this 500 rupee note?"

Hands started going up.
He said, "I am going to give this 500 rupee note to one of you but first, let me do this." He proceeded to crumple the dollar bill up.

He then asked, "Who still wants it?"
Still the hands were up in the air.

"Well," he replied, "What if I do this?" And he dropped it on the ground and started to stamp it with his shoe. He picked it up, now all crumpled and dirty. "Now who still wants it?", he asked. Still the hands went into the air.

"My friends, you have all learnt a very valuable lesson. No matter what I did to the money, you still wanted it because it did not decrease in value. It was still worth Rs.500.

Many times in our lives, we are dropped, crumpled and ground into the dirt by the decisions we make and the circumstances that come our way.

My comment: No matter what happen to you, you still have value.