Lean Wednesday Tip: Buyer Product Satisfaction

“Yield higher buyer satisfaction by developing products that actually solves a problem, is easy to use/set up, is convenient, fun and environmentally friendly.”

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Tax Reform: The best way to utilize tax savings

The new tax law will offer tax cuts to businesses which raises many questions among leaders as to how to best utilize that capital/ tax savings. Many companies have decided to invest in their people by giving away generous bonuses which embodies the employee-centric philosophy. In addition, to demonstrating your appreciation for your employees you also may find the following tips useful.

  • Set a % amount to be automatically transferred to a high yield savings account
  • Reinvest a percentage of the tax savings into your business
  • Utilize a portion to pay future taxes (again, a high yield savings account dedicated to taxes)
  • Optimize your employee benefits package
  • Invest in municipal and treasury bonds (offer great tax savings)
  • Make those business building improvements you’ve been putting off (another great tax deduction)

I hope you’ve enjoyed these tips!

As always, “Success is continuous improvement!”

Lean Wednesday Tip: Why you are in business

“Effective leaders are motivated by why they started their business instead of the financial rewards. They strive to solve real industry and consumer problems coupled with the integration of  employee and customer-centric philosophies in their culture. They are not me-too leaders, they are innovators.”

E.O.W(End of the Week) Notable Tip: Reduce RFP Lead Times

Happy Friday!

I hope you’ve had a great week.

Today, I will discuss how you can optimize your CRM management process for reducing RFP (request for proposal) lead times while increasing profitability. By developing a client quality plan it becomes easier to vet prospects which makes RFP analysis much easier. RFP lead times (time taken to secure RFP) can be reduced by filtering high quality requests based on your quality plan filters which have lower proposal cycle times, higher profit/margin potential and higher probability of attainability.

Lower proposal cycle times can be attained by collaborating with team members and creating proposal templates that require minimal updates based on average or common project requests. Proposal templates, quality plans, historical and competitive analysis will allow you to budget resources for the purpose of optimizing profits and customer satisfaction. Read our article on Strategic Customer Analysis.

I hope you’ve enjoyed this E.O.W!

As always, “Success is continuous improvement!”

Lean Wednesday Tip: Fulfilling Buyer Needs

“An over-designed product causes waste and increases overhead. It is best that you gather insightful insights from customers to ensure you truly comprehend what they really want in a product instead of over-designing a product that no one wants to buy or understands how to use.”

E.O.W (End of the Week) Notable Tip: R&D Spending

Happy Friday!

I hope you’ve had a great week.

Today, I would like to touch upon R&D spend. Research has shown that highly successful innovative businesses have a lower R&D spend to sales ratio compared to their competitors. For example, Microsoft has one of the highest R&D spend to sales ratio but poor innovative value-creation; however, Apple with one of the lowest R&D spend to sales ratio has continuously acquired market space with iPods, iPads and iPhones. Another great example is 3M’s post its, which were developed with resources that were already available at the company.

Spending less on R&D is not the only factor to consider when you are looking to create innovative products. You must also understand all your potential customers, their pain points and preferences. This information will help you identify and solve a problem that your competitors are not targeting.

I hope you’ve enjoyed this E.O.W!

As always, “Success is continuous improvement!”

 

E.O.W (End of the Week) Notable Tip: Being Grateful

“Being grateful for your business, employees, clients, vendors and suppliers should not be a one time thing. You should continuously thank them and praise them because without your employees or clients you would not have a business. Always respect them and treat them well because they are more than just numbers.”

E.O.W (End of the Week) Notable Tip: Product Innovation for lower freight costs

Happy Friday!

I hope you’ve had a great week.

Freight and shipping costs can eat away at profits but they don’t have to. By having strong auditing, procurement and vendor management processes you can yield better profits. One way to reduce freight costs is by working with suppliers on product innovations that reduce the weight of the product without affecting quality. By designing more sustainable products that in turn reduce waste is an effective way in reducing freight costs.

That’s the E.O.W for today. Hope you’ve enjoyed it.

As always, “Success is continuous improvement.”

 

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