BETTER BUSINESS

Issue Seven, April 2006

 

In this months issue:

Pareto's Principal
Invitation - Small Business Expo
Value vs Price

 

PARETO's PRINCIPAL

In the early 1900’s, an Italian economist, Vilfredo Pareto, devised a formula which is commonly referred to today as the 80-20 rule. His observation of the “vital few (20) and trivial many (80)”, or that 20 percent of something was responsible for 80 percent of the results, is a very effective tool to help you manage effectively.

The value of the Pareto principal is that it reminds you to focus on the 20 percent that matters, whether it be your staff, customers, stock items etc. To use it:

  • List the problems you face, or the options you have available
  • Group options where they are facets of the same larger problem
  • Apply an appropriate score to each group
  • Work on the group with the highest score

Pareto analysis not only shows you the most important problem to solve, it also gives you a score showing how severe the problem is. It is not efficient just to work smarter but to work smarter on the right areas. If something in your daily schedule has to slip or if something isn't going to get done, make sure it's not part of that 20 percent.

INVITATION - SMALL BUSINESS EXPO, AUCKLAND

As a valued client, we’re delighted to offer you the chance to attend The Small Business Expo as our guest, free of charge. Businesses are the lifeblood of the New Zealand economy so it is with great pleasure that we have secured this opportunity for you to take time out to work ON your business, to take a helicopter view of the very best on offer to support you in your business journey.

The Small Business Expo is proudly sponsored by Microsoft, Vodafone, Vero, EMA, NZ Herald and NewstalkZB and brought to you by Small Business Expo Ltd and Sarah Trotman, a leading Small Business Sector Specialist. The expo brings quality business support products and services under one roof. Described in the NZ Herald as providing “Inspiration from the best of the best”, the Small Business Expo is being held for business owners who want to ensure their businesses are managed most effectively with maximised profits, employee satisfaction and reduced stress.

The Small Business Expo, Auckland Showgrounds, Greenlane

Wednesday 10 th May 9.00 am – 4.00 pm
Thursday 11 th May 9.00 am – 8 pm
Friday 12 th May 9.00 am – 4.00 pm

To attend simply register online today and download your free ticket by clicking here http://www.businessexpo.co.nz/exhibitors/registration.asp

Join other business owners and take a day, or half a day out to visit this three-day event designed to meet the needs of business owners. At the Small Business Expo you will find;

  • Three large halls of exhibitors, all of whom have a quality offering and a good understanding of the needs of business
  • Business mentoring, courtesy of Vodafone New Zealand
  • Networking opportunities
  • Hot show-only prices on the very best of products and services offered to the small business sector
  • A healthy dose of inspiration
  • Free seminars on topics from tax to HR and IT to marketing, held at the Microsoft Seminar Series
  • The Vero Business Support Zone and YourBiz Cyber Cafe

We’ll be exhibiting at the Small Business Expo, Hall 2, Stall 236, so please do drop by our stand to meet our team; we look forward to seeing you there.

VALUE vs PRICE

Why should someone pay a premium for your product or service? It is easy to discount price to make a sale but it takes a skilled salesperson to complete a deal if you do not have the lowest price. However, price is generally not one of the top reasons people make purchase decisions.

Here are three ways to change your focus and beat the price issue: -

  • Position yourself as a specialist
  • Meet or exceed delivery promises (under promise and over deliver)
  • Provide excellent value-added service and technical support (enlist external help if required)

 

Up coming events at HWI...

FREE seminar: Succession planning and buying & selling a business – Financial Planning Solutions.
Wednesday 10 th May 2006 at 9am, email Mark at maldridge@hwi.co.nz for details or book online .

 

Disclaimer Information contained within this document is of a general nature and does not constitute advice. Readers are cautioned not to act or rely on it without first seeking professional advice.





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