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Reading and Managing Various Turnover Ratios
Unlike those sugary rich pastries, business, the word turnover is used for calculating many important ratios. The two most common ones are turnover of inventory and turnover of employees. There’s also the cost of customers’ and suppliers’ turnover. Higher inventory turnover means improved profitability. Lower employee, customer and supplier turnover can bring important savings and contribute to higher profitability.
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Never Underestimate Small Beginnings!
Most of us recognise the MICHELIN brand name. This French multinational tyre manufacturer of Clemont-Ferrand in the Auvergne - Rhone - Alpes Region of France is the second largest world-wide tire manufacturer. But maybe not many know how the company started and the relationship between their tire business and their Michelin Guide, the prestigious handbook of ratings of restaurants. It is an interesting story with lots of wisdom for businesspeople, especially young entrepreneurs, and CEOs.
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Experience is one of our best learning tools because we learn by going through difficult situations. Experience is not academic. It is about experiencing life and business challenges, and either overcoming them or giving in to them.
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A recent article in a Canadian publication showed that the compensation of the top executives in Canada for 2022 is hitting a new record for all-time highs. The numbers are disturbing. This is not a recent problem. Criticism for extremely high compensation has been in the news for many years. I personally admire people who are successful in their job. I have absolutely no problem with monetary success if wealth is achieved from making the right investments or passed on through as an inheritance when wealthy families have managed to grow their assets. However, when excessive compensation is determined by boards of public companies, I do have a problem. So here is the key question: Is executive compensation out of line?
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Research, essays, graduate theses, and books abound in explaining and recommending what to do when managing change. Managing change successfully, whether in our personal lives or professionally, is key to our professional success in business and for living a fulfilling life. Navigating job and life complexities is critical. Whether at work or in our personal life, we generally get better with experience. The complexities come from responding to change. Some of us like change and some of us dislike change. Whichever group you belong to, I hope you agree with me that any practical help managing change is welcomed.
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Marketing has many excellent definitions. It has been described as the activities a company undertakes to promote its brand and the selling of its products or services. It’s also been described as a multi-layered activity in the B2B and/or B2C sectors that includes advertising, selling, promotions, and delivering products or services. Marketing is also a function that sets processes for creating, communicating, and delivering value to customers. It relates as well to creating and building brands. If marketing has one goal, it is to reach customers at the moment that most influence their buying decisions.
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What it takes to be a good leader appears to be one of the most important subjects researched and discussed today. Scrolling the themes touted on LinkedIn, leadership related topics are among the most popular. Consultants, experts, mentors, and coaches abound to offer advice on how to become good leaders. The list of must-read books abound with those about leadership skills. The question remains: How can each of us become a good leader?
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Building relationships between people is powerful because people fundamentally buy from people. If you want to build trust with your customers, get to know them. They’ll come back for more! This loyalty-and-repeat process will build a moat around your business to protect its long-term profitability. The first step is to shift the focus from “changing behaviour” to “changing heart”. The second is about practices and tools that get the whole organization committed to ‘wowing’ customers at every opportunity. Here are six ways to do the “wow”.
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Marketing is defined in many ways, but it always involves researching, promoting, pricing, selling, advertising, and distributing your products or services. One definition calls it “the action or business of promoting and selling products or services including market research and advertising.” The American Marketing Association defines it as “the activity and processes for creating, communicating, delivering and exchanging offerings that have value for customers, partners and society at large.” Another describes marketing as “the process of interesting potential customers in your products or services.” The key word in two of these definitions is “process”.
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I am sure all who have a boat will answer my question affirmatively. This is a simple question. No captain or skipper would accept to take the helm of a boat unless they know there is an anchor on board. Small boat or big boat, sail boat or a fishing boat, a catamaran boat or just a simple dinghy boat ... all need an anchor.