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Risk management: It can be limiting your trade lot size, hedging, trading only during certain hours or days, or knowing when to take losses.
As risk management grows in importance, some employers seek new hires with certain formal certifications.
When an investment is losing money, it is often better to accept that loss and walk away, rather than increasing risk beyond what you can afford to lose.
PAVE is an acronym used by pilots as a personal minimums checklist to help reduce risks associated with flying.
Pilots love checklists! Here’s the I AM SAFE aviation checklist — a self-assessment checklist for managing personal risk before every flight.
The importance of risk management is growing with the complexity of the financial system and with regulatory pressures. Learn about jobs in that field here.
In order to be a successful day trader, you need to learn and implement risk management. This requires understanding what risk is, how it is useful or harmful, and how it can be controlled.
Winning traders manage risk well and prevent any loss from wiping out a portfolio. They know when to exit a trade and they have the discipline to act.
Real estate property management requires a high level of detail as regards record-keeping in order to control risk.
Learning how to properly manage your forex risk can make or break your trading career. Here some core ideas that will help you to trade safely and with confidence.
This guide will help you create a plan and a budget for disaster recovery so that you maximize the return on every dollar that you spend.
What risks should you be aware of in the construction industry? We’ll show you how to minimize risks and what to look out for to prevent project delays.
Thinking about extending credit to your customers? Learn some key factors to consider using a vendor risk management checklist.
Controlling risk is the name of the game for traders and investors. Learn the various strategies by which investors can manage the risks associated with options, including controlling position size and learning when to walk away.
Agencies are improving their risk management efforts by taking a portfolio view of areas of risk, which can help agencies safeguard assets and deliver services more efficiently.
From the Times: The failure of financial institutions to manage risk and the role this has played in creating today’s economic crises has created awareness of the need for a new risk-management approach. This may well become the new Holy Grail of financial economics. There are two essential constituents: first, developing a more diverse mindset regarding financial risk; and second, applying more powerful techniques to capture financial reality than risk managers have used in the past. A new method for risk management does not mean that all elements of the present system must be replaced or that all the discredited financial instruments they spawned should be discontinued. Discrimination is needed: Many existing techniques have validity, but only in certain market conditions; and innovative financial products can contribute to wealth creation, but only if they are used judiciously. A new approach must start by understanding the reasons for the failure of risk-management systems. Why did risk models grossly understate risks? Why did managements fail to understand this? And why did regulators fail to provide effective checks and balances against the banks’ risk-management mistakes? ( Read the entire article.)
NEW YORK–(BUSINESS WIRE)–The vast majority (85 percent) of corporate executives say they need to overhaul their approach to risk-management if the lessons of the economic crisis are to be used to improve business results, according to results of an Accenture (NYSE: ACN) study released today. Accenture’s 2009 Global Risk Management Study, based on a survey of 260 chief financial officers, chief risk officers and other executives with risk-management responsibilities at large companies in 21 countries, also found that 40 percent of respondents said that their companies already have increased or will increase their investments in broader risk-management capabilities in the next six months. Nearly another third (31 percent) of respondents said their companies are currently considering increasing their future investment in risk management capabilities. Read the full release.
Learn how to identify and manage risk in your organization.
Organizations that don’t make contingency plans often do poorly when setbacks happen. Learn why contingency planning is critical to long-term success.
Enterprise Risk Management includes all the tools and processes employed by an organization to manage and control risks and grab more opportunities in the market place.
Risk management has evolved from being just a discipline to a full-fledged profession. There are lot of Career opportunities in Risk Management.
The process of risk management not only involves controlling the threats or reducing their negative effects. It is a much deeper concept that also involves risk avoiding as well as risk taking.
A good risk management plan carries number of tools and strategies to mitigate risk. The strategy may be to avoid risk or transfer a component of it another project so that the impact is reduced.
In stock market there is a very strong relationship between risk and return. Generally, greater the risk, greater the is the return. Risk is therefore central to stock markets.
Once the organization decides to go for Enterprise Risk Management, there are lots of considerations made for its successful implementation. Lets discuss these considerations in detail.
The article discusses about various steps that can help the organizations in analyzing and evaluating a Risk Management Plan.
The Project management body of knowledge (PMBOK) has laid down 12 principles. This article discusses about the various principles of Risk Management.
There are several organizational issues that could lead to failure of ERP projects. To minimize these risks, adoption of proper change and risk management process, plays a crucial role.
The page contains list of all the articles on – Risk Management.
Risk Management is the process of minimizing the risks in an organization. It starts with the identification and evaluation of risk followed by optimal use of resources to monitor and minimize the same.
As per ISO 31000 Risk Management Process consists of the mailny 3 steps – Establishing the Context, Identification and Assessment.
Outsourcing or contracting out non-core services may deliver good results and substantial benefits to the organization. Nowadays, many company employ external sources and utilize their specialized services.
The importance of Human Resource Management can not be neglected when companies are operating in such a volatile and unstable environment. The HRD plays a vital role in risk management.
Portfolio Selection and Risk Management from Rice University. When an investor is faced with a portfolio choice problem, the number of possible assets and the various combinations and proportions in which each can be held can seem overwhelming. …
Portfolio and Risk Management from University of Geneva. In this course, you will gain an understanding of the theory underlying optimal portfolio construction, the different ways portfolios are actually built in practice and how to measure and …
Financial Engineering and Risk Management Part II from Columbia University. Financial Engineering is a multidisciplinary field involving finance and economics, mathematics, statistics, engineering and computational methods. The emphasis of FE & …
Financial Engineering and Risk Management Part I from Columbia University. Financial Engineering is a multidisciplinary field drawing from finance and economics, mathematics, statistics, engineering and computational methods. The emphasis of FE & …
Reliability depends on consistency to maintain and update standards after an event occurrence. Learn more about reliability risk management here.
Learn the meaning of Construction Management at Risk and understand its role and responsibilities withing a project.
The 3 best commercial construction software options.
With rapidly changing business environments and multiple employees making a myriad of daily decisions, companies are always at some risk. Dr. Stephen Cohen offers 10 general guidelines for managing risk.
To implement a project successfully, you need to manage risks well. This tool gives you a framework for prioritizing risks quickly and effectively.
Engineering Project Management: Risk, Quality, Teams, and Procurement from Rice University. Many Project Managers focus only on the scope, schedule and budget. However, a successful project requires that you manage risk, control the quality of …
Learn the basics of real estate brokerage office management. An introduction to insurance, risk management, marketing, purchasing, and sales.
Asset/liability matching is a strategy that is meant to reduce risk by timing asset sales or cash flow with expected liquidity needs.
Risk management begins with position size. Trade one option (or one spread) as a substitute for 100 shares of stock.
Portfolio management is about managing your family’s investment holdings in a way that’s consistent with your liquidity needs, risk profile, goals, and objectives. A good portfolio management strategy can mean the difference between sleeping through a Great Depression or spending your nights worrying about where your kids will get their next meal.
Managing workload, mitigating risk, recognizing errors, and good decisions are all a part of single-pilot resource management. Do you practice good SRM?
Critical Path Project Management (CPM) emphasizes identifying the events in a project plan that cannot be delayed without risking project delay.
This article offers a basic overview and examples for three critical terms in project management: scope, risk and assumptions.
Money market funds are a popular cash management tool. Before you use money market funds, make sure you know the risks and benefits.
Risk management is an increasingly important financial function. Here are risk measurement techniques and methods for measuring and assessing risks.
A recent report from the IBM Center for the Business of Government, Managing Risk, Managing Results, discusses which federal programs face the highest risk for waste, fraud, and mismanagement, and how they can improve.
Identifying risky behavior and the sectors and levels at which it is likely to occur can inform talent management programs and risk management strategies.
(From PRWEB) — A new study shows, North American employees are twice as likely to head for the door as they were before the recession, according to the latest findings of global consulting firm BlessingWhite. An alarming 19% of high performers who scored low on job satisfaction indicate plans to leave. Another 48% are non-committal, saying they’ll “probably” stay. Christopher Rice, President and CEO of BlessingWhite, explains, “In attempts to survive the recession, organizations handed employees more work to complete with fewer resources. Now employees – especially the high performers – may be burnt out or under challenged, and they are seriously considering leaving at elevated rates.” Rice cautions that leaders should think about how to create growth opportunities and assign meaningful work to keep their top employees from walking out the door. “High performers, after months of heroics for their employers, are finally stepping back and asking, ‘What about me? What about my career?'” If management doesn’t present employees with the opportunity to pursue personal development or to engage in work that’s interesting or worthwhile, these individuals are going to take their knowledge and skills elsewhere.” Read more.
An expensive server rack commits suicide off a 4-foot-tall shipping dock. A forklift skewers a carton of exhibit graphics. Demo equipment gets stolen in transit. What do all three of these situations have in common? They have all happened to me. Thankfully, in every case I had planned ahead and placed insurance on my clients’ exhibit properties to cover their losses. As exhibit managers, insuring against losses that we might incur isn’t usually on the top of our to-do lists. Logistics, deadlines, and troubleshooting often take precedence over identifying, evaluating, and managing the financial risks of exhibiting. But trade show-related disasters are bound to happen. Author and risk-management expert Charles Robert Tremper says, “The first step in the risk-management process is to acknowledge the reality of risk. Denial is a common tactic that substitutes deliberate ignorance for thoughtful planning.” There are basically four types of coverage exhibitors can secure to mitigate common exhibiting risks. Read the entire article.
I’m reviewing Larry Israelite’s manuscript for his forthcoming book Talent Management: Best Practices and Strategies for Success from Six Leading Companies, and “at the risk of biting the hand that feeds” him says that he feels that ASTD’s definition of talent management is too complex: ASTD’s definition (as published in the “ASTD Talent Management Practices and Opportunities” research report): “A holistic approach to optimizing human capital, which enables an organization to drive short- and long-term results by building culture, engagement, capability, and capacity through integrated talent acquisition, development, and deployment processes that are aligned to business goals.” Larry’s definition: “The collection of things companies do that help employees do the best they can each and every day in support of their own and the company’s goals and objectives.” Now these are very different definitions. One has 38 words, the other has 29. One uses terms like “holistic approach,” “optimizing human capital,” and “integrated talent acquisition”; while the other talks about helping people “do the best they can.” They obviously have different audiences: The ASTD definition is geared toward specialized professionals who use specialized language, while Larry’s definition is geared toward anyone who works. And that last difference is part of Larry’s point: talent management is not the sole domain of human resources professionals, but really belongs to everyone. So what is talent management? Does it belong to everyone, or should it mainly concern human resources professionals? What other definitions are out there? When people talk about talent management, are they talking about the same things? It’s a hot topic these days, but why does it matter? Does it matter more or less now given the difficult state of the economy? Any thoughts?
Watch the Chapter Leader Resource Session Pilot for an overview of one of the commonly missed CARE elements, the Risk Management Assessment. An activity will be included to help you complete a risk assessment, and help you on your way to CARE completion. Members of the National Advisors for Chapters (NAC) and fellow chapter leaders will make up an interactive panel to answer questions.
Use the Holmes & Rahe stress scale to measure how much stress is in your life, and whether you’re at risk of becoming sick.
Are you overdoing it at work, and are you at risk of burning out? Find out with this interactive self-test.
Live and work successfully in Poland by talking with your team members face-to-face, granting autonomy, asking them for their opinions, and explaining risks.
A portfolio is a collection of investment tools such as stocks, shares etc, and Portfolio Management is the art of selecting the right investment policy in terms of minimizing risk and maximizing returns.
This article examines how contemporary organizations allow, store, and share knowledge according to several imperatives that are discussed in the detailed analysis. The key themes of this article are that unless KM teams separate the useful from the useless, the pertinent from the dated, and the real from the fake, organizations run the risk of drowning in the seas of information overload and the oceans of an abundance of knowledge.
A risk treatment is mainly a part of an effective risk management plan. It details with the strategies on how to deal with the various types of risks.
Disaster Recovery Plans mainly covers the risk of disruption to Business Process, Risk of Life to employees, Management Control and Asset recovery.
Different countries have differing risks. The companies have to ensure that their business continuity management plans are according to the specific risk that the location in which they are based carries.
Talent management is not only important for hiring people as per the need, it is also important for determining when to hire. The new generation employees are more enterprising and are willing to take risks in their career.
Understand how risks and threats affect our world and how they shape foreign policy with this online course from Grenoble School of Management.
Whether white card training can be effectively delivered online is primarily a matter of risk management. The risk management process requires that th…
Most option traders prefer collecting time premium and earning money as time passes. But, selling naked options is risky, requiring sound risk management.
An immediate annuity is a risk management tool for retirement income. Here's how it works and who should consider buying one.
Drawdowns are inevitable. Do not expect to make money every week or month. Be disciplined and practice careful risk management to limit losing streaks.
Negative Gamma positions have positive Theta (time decay). This is a higher-risk strategy requiring correct position size and skilled risk management.
The best risk management technique is to use puts when adjusting a naked put position. Selling calls increases the possibility of a large loss.
Finding the best lot size with a tool like a risk management calculator can help you determine the desired lot size based on the size of current accounts.
Consumer finance involves budgeting, saving, investing, borrowing and risk management for individuals. Courses in it are a new trend in MBA programs.
Disciplined risk management, coupled with making a trading plan, increases your chances of earning money and protecting profits.
It is reported to be the fastest growing area of enterprise. Gartner, a software technology research and advisory company, defines SaaS as software that is owned, delivered, and managed remotely by one or more providers. The model is gaining popularity in areas such as compliance, risk management, office admi…
At FM Global, a provider of commercial property insurance and risk management solutions, the learning function is as much a part of executive strategy-setting as other departmental functions in the organization.
(By David Masters) Millions of working days are being lost every year as Britain’s long-hours culture afflicts employees with work-related stress, depression and anxiety. According to research by Aviva Risk Management Solutions (ARMS), 13.5 million working days were lost in 2007-08 due to work-related mental health problems. ARMS believes the problem is set to heighten as businesses stretched by the recession put additional strain on employees. Read the full article.
GREENWICH, Conn. (BUSINESS WIRE)–Executive hiring appears to be reemerging at many organizations after being frozen for the last year due to the financial credit crisis based upon the results of the recent Claymore Partners’ Labor Day 2009 Executive Talent Market survey with over 640 executive respondents. “Almost half of employers are now selectively hiring executives and significant reductions are greatly diminished based upon the survey results as well as our own executive search activity and market discussions,” according to Mr. Landberg, Managing Director of Claymore Partners. Health insurance, healthcare/pharmaceuticals, wealth management, investment banking, and consulting/professional services industries appear to be most robust in terms of executive hiring at this time. From a functional perspective, executive hiring increases are most pronounced in sales, consulting, and risk management/compliance. The direct impact of the financial credit crisis for most executives appears to be waning though strong hiring is not expected until mid to year end 2010 by most executives. Request the full report .
(From computerworld.com) Taffet, the CIO of U.S. Gas & Electric Inc. in North Miami Beach, Fla., brought on four new staffers in the past six months and is looking to add 11 more to his current team of 20. His list of open positions includes an EDI programmer, a risk management programmer, a CRM programmer, a business analyst and an assistant IT manager. Taffet says he doubts any new college grad could easily fill any of those roles. Undergraduate and graduate programs aren’t able to keep up with the needs of enterprise IT shops, he says. “It’s a horrible statement to say, but there’s just not enough time to [learn in college] all the skills that people need to be successful. We are expecting more and more, and universities are supplying more, but we’re asking for still more,” Taffet says. What “more” do Taffet and other IT leaders want? They continue to value the “soft skills” — particularly communication skills, customer service skills and an understanding of how to behave professionally — that have topped their list for years. They’re also now encountering several gaps in specific business and technical skills. Computerworld surveyed IT managers to find out what skills they wish their newest hires had picked up while they were still in college. Read more.
Avoid cognitive bias and common thinking traps during meetings to improve decision making, judgments, objectivity, risk management, and communications.
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Earning money with options requires work. You must grasp how options work and you must appreciate the need for good risk-management skills.
Options are investment tools with built-in risk-measuring/risk-management tools. Option combinations often give the trader a good potential profit.
Learn about the Iron Condor Trader's Mindset. Know when to exit any position is a crucial risk-management skill.
Since the comptroller general placed the management of human capital on the U.S. Government Accountability Offices list of high-risk programs in 1999, a series of legislative and policy initiatives have tried to recast the way fed…
(From Tech Radar) — More than two out of three UK workers (70%) are using social networks to find out about potential opportunities according to a new report. The “UK Social Talent Management” report from Taleo Corporation found that employees use social networks to look outside rather than inside the company. With two thirds (66%) of respondents using social networks to enhance their career prospects outside of their current company while less than half (45%) use them to look for internal opportunities. For passive job seekers, social networks are valuable for finding out about career opportunities, and keeping an eye on social networks is seen as an easy, quick way to identify available jobs within their sector. The survey findings show: Ultimately, employers run the risk of losing top employees by failing to utilise these networks by choosing to instead rely on intranets and company websites. Office staff are active across a wide range of social tools for professional purposes, with 72 percent of employees using social media at least once a month. More specifically: The report shows that UK businesses need to better understand the potential value of a social talent management strategy. Many companies see social networks as mere distractions for their employees rather than recognising the tremendous opportunity that they represent. Read more.
CDW does not just let new telephone reps loose, first they must complete a six and half week training course. And their training continues with a six-month Academy and then a Master’s Curriculum. While the stock market has gone down over the last five years, CDW’s stock price is up fifty percent. This is because they, like others, see training as an investment rather than an operating expense. Laurie Bassi, one-time professor of economics at Georgetown University and former vice president of ASTD says that organizations that make large investments in people do much better than others. She further says that the education and training variable is the most significant predictor of an organization’s success as compared to price-to-earning ratios, price-to-book statistics, and measures of risk and volatility. Bassi puts her theories to the test — her and a fellow partner launched an investment firm that buys stocks in companies, such as CDW, that invest heavily in employee training. It has returned 24 percent a year over the past two years, topping the S&P by four percentage points. In the Human Equation, Jeffery Pfeffer writes, “Virtually all descriptions of high performance management practices emphasize training” (p.85). Yet, on the very next page he writes that in times of economic stringency, many U.S. organizations reduce training to make profit goals. Training works, yet it remains at the bottom of the pole in many an organization. But my guess is that it will not remain this way for long. The baby-boomers are starting to retire. There may be quite a few people out of work now, but when the pool of workers slowly starts to dry-up, then it is going to make the labor shortages of the late 90s look like a small bump in the road. How do we best prepare for it? Cheers, Donald Clark For more on Bassi, see: Carnahan, Ira (2005). Forbes. “Blame the Accountants”. April 25, 2005, p. 48. Delahoussaye, M & Ellis, K. & Bolch, M. (2002). Training Magazine. “Measuring Corporate Smarts.” August 2002, pp. 20-35.
Top the 7 myths about the sales profession Selling is the most complicated profession in the world. Many people believe they know what the profession entails…many myths have continued throughout time due to these misperceptions, despite the sales and marketing statistics that show otherwise. Here are some of my favorite myths about selling. Myth 1: Marketing and Selling are the Same Thing! One of my professors I had while taking my Master’s Degree once told me that you can only do one of three things in business: make it, sell it, or count it. The problem is the definition of “selling it” comprises two divergent but inextricably entwined functions — sales and marketing. The more appropriate elements (especially in today’s world) should be, in business you can only: make it, grow it, or count it. I say grow it, for two reasons. One reason is the marketing department and the other reason is the sales department. The problem with the two professions is each of believe that their occupation is the dominant half of the pair. Marketers generally think of salespeople as golf-playing monkeys or pushy placement professionals whose sole purpose is to repeat the same sales pitch (that they have developed) over-and-over again to new prospects. Salespeople generally think of marketers as lazy liberal arts graduates who use the words “focus groups” and “corporate brand” to describe activities that is nothing but “a colossal waste of money.” Ultimately each function needs the other if the company is to GROW. To that end, sales and marketing are separate but equal professions from a business perspective. What’s less obvious is how we should all work together. Marketers believe that marketing should play the dominant role. After all, marketing defines the product, articulates the positioning, and creates all the sales tools (ranging from glowing CEO profiles in “Fortune” magazine to the ubiquitous corporate logo wear that serves as the de facto currency of the modern professional). All salespeople have to do is to follow orders, right? Salespeople believe that selling should play the dominant role. After all, selling is where the rubber meets the road, where the tough get going, where everyone gives 110 percent, and where slogans reign supreme. Salespeople bring home the bacon. All marketers do is provide brochures and take all the credit. The truth is more complicated but more rewarding. Suffice it to say, let’s just say that selling and marketing are NOT the same thing. What both departments SHOULD agree on is the need to stay focused on what the client’s and customers want, in an effort to provide them value. Can’t we just stay focused on that? That’s another book too. Myth 2: Selling is about Winning Over Your Customer! Selling isn’t about winning over anyone. It’s about helping your customer win. If you think of making a sale as “winning”, that means someone has to lose. If you are winning and your customer’s are losing, you’ll be selling a very, very short amount of time. It’s about both you and your customer winning. Enough said. I just wish that prospects and buyers thought that all the time too! Myth 3: Selling isn’t a Real Profession! If you’re embarrassed about being in selling, this is the myth you’re subscribing to. You have to be proud of being in selling in order to be successful. One way to do this is to realize the important people you’ll be working with on a daily basis. When sales professionals sell, they are often sitting across the table from the following formalized professions: Chief Financial Officer (formalized by the American Finance Association) Legal Counsel (formalized American Bar Association) Project Manager (formalized by the Project Management Institute) Marketing Professional (formalized by the American Marketing Association) Information Technology Professional (formalized by numerous associations and organizations) Procurement Professional (formalized by the Institute of Supply Management and the National Association of Purchasing Management) The question is, what exactly is a “formal” profession? Myth 4: Selling isn’t That Hard! Anyone Can Do It! Selling is a hard profession to master. It’s one of the most complicated professions in the world. Where else do you have to understand organizations and individuals with such depth and clarity? Where else do you have to build rapport with so many different types of people, in so many different locations, buildings, or business types? On top of this complexity is the reality that Selling is one of the few real pay-for-performance professions, with over of the compensation “at risk” or based on commission. A lot of sales professionals feel stress in their jobs. In the engineering profession, stress results from the application of a constant force to an immovable object. In selling, the force is your “quota” and the immovable object is your customer’s expectations. If you guess, you stress. It’s that simple. Selling is about taking the guess work out of what the future will hold. True, it isn’t as much as it sounds for real sales professionals. The key is to learn about the truth of the sales profession and banish the myths. When you accomplish this, you will find selling concepts that make sense that can immediately put into practice. Above all else, you will persevere when so many others will quit, and that’s what will make the difference to your company’s bottom line. Myth 5: Selling is a “Numbers Game”! Undoubtedly, you will hear this one within your first week of selling: “Selling is a numbers game.” Make the calls, make the presentations, and work your way through enough people, and eventually you will make a sale. You’ll hear it within three hours of being on your first job in Sales. Someone will say “it’s a number game” I guarantee it. It goes something like this. The more phone calls you make, the more sales you will make. “So, make 100 phone calls” someone will say. “Of those 100, send 10 proposals. And of those 10, you will close 2. The more numbers you have the more you will sell. Now, there’s your phone. Good luck!” Remember this always! Quality supersedes quantity. Your goal in selling must be to find prospects that have a propensity and a motive to buy your product or services. If they don’t want to buy or need to buy your product or service, then I don’t care about the numbers! I would rather make two phone calls and close two sales than make 100 like our example above, wouldn’t you? If someone is tracking your progress, how do they know you are calling the right people, with a want and a need? I know of a large insurance sales organization, which provided sales reps with contact lists for life insurance and investments. The only problem was most prospects lived in a low income area and were highly unlikely to buy any life insurance because they didn’t need, or want it. I don’t care if you call 1,000 people that don’t fit the profile. You’re still wasting your time. Quality over quantity. Rather than buying into the myth that selling is a numbers game, think of a game of darts. By aiming your effort (the dart) at a clearly defined target (your pre-qualified prospect on the dart board) your chances for hitting the mark (a sale) are greatly enhanced. Contrast that mindset with a pure numbers game, where you stand outside and try to get hit by lighting or crossing your fingers multiple times with the hope of attaining good luck. Myth 6: You Must Like Rejection! Many sales courses, sales books, and sales training will tell you to keep a very stiff upper lip when you get “rejected.” A rejection can occur when you are rebuffed on the phone, not granted an appointment, or simply told “no.” These courses will also tell you not to let a “no” get you down. The problem with this approach is the fact that once you accept the simple proposition that you have been rejected in the first place, you have given up the psychological high ground and put your self-esteem into retreat! Simply put, your sales team needs to reject the notion of rejection. Once salespeople understand that all they are doing is helping people, every outcome should be the same. If prospects don’t want your help or choose not to deal with your company for whatever reason, it is not your salesperson’s problem. He or she simply has to locate another prospect that needs your company’s products or services. Regardless of the response prospects give, the salesperson is still the same person with the same amount of product knowledge, experience, and competence. When you teach your team to stop actually linking their activity to a prospect’s response (no matter how subtly), selling ceases to be hard work and instead becomes a game. In general, the healthiest mindset for you to teach is: “You, Mr./Ms. Prospect, have made a decision to move forward without my services. I’ll be here when you come to your senses and change your mind. It’s not my responsibility to straighten you or your company out.” Myth 7: Selling is a Dead End Job! Did you know that 85 percent of the company leaders and entrepreneurs in America today were once salespeople? They carried sample cases, made cold calls, dialed for dollars, did product demonstrations and handled objections. Today, they’re the majority of corporate presidents, CEOs and the like. Selling is a dead-end job all right–especially when you consider that the end may be at the very top of an organization!
A recent memo from the U.S. Office of Personnel Management (OPM) reinforces the need to continue work on closing skills gaps within several government-wide, high-risk, mission critical occupations.
Analyzing Organizational Capacity Analyzing Capacity within a business organization can be one of the most challenging of the sales training foundational competencies. The reason is because a positive cash flow from sales revenue generated by a high performance sales force ensures that the company can afford to risk making strategic market decisions. It needs to be able to service and deliver quality products that can be sold to grow the business. What is the function of Business Capacity? Business capacity involves analyzing, monitoring, measuring, evaluating, managing, and planning all functions of the company for financial, statistical, and behavioral data. This process allows business leaders to clearly identify how to grow and sustain the health of the organization. This includes: technological, operational and human performance. You can perform activities that align and maximize capacity measurements and improvements within any part of the organization. According to the ASTD World Class Selling, the definition of “Analyzing Organizational Capacity is to: “Assess and weigh competing requirements against available resources to minimize risk, ensure quality deliverables, and balance capabilities with capacity.” Key actions would include: 1. Assessing resources accurately 2. Balancing risk with goal achievement when determining next steps Should I integrate the capacity of my SALES or TRAINING department? Absolutely! It is extremely valuable for you to understand the financial, operational and human requirements and costs to run your training department. As a Sales or Talent Management Sales Trainer, you are responsible for the knowledge management of the sales team and its’ performance outcomes. The health of your own training department is vulnerable to business capacity shifts and changes. The better you understand how analyzing capacity works the better your departmental efforts will be measured for your own success as a Trainer! How does this relate to Sales Training? Your sales team’s performance in any given month will reflect the increases or decreases in the “capacity” to which the organization can utilize internal or external resources. In this case, we are talking about the companies’ ability to access financial resources that come from new and existing sales revenue. Sales revenue is the anchor of life for all business, The company will suffer in capacity when a sales organization is not strong. The business must be able to “afford” to adapt constant change and if it cannot do that without strong sales leadership, revenue increase and consistent sales productivity. If the organization be able to adapt to capacity changes or sustainability is threatened.
“Definitions of equality have not been considered very important to discuss at Finnish workplaces, but definitions have an impact in defining which problems are regarded specifically as equality problems. Open debate on equality and the aims of promoting equality really ought to be included as a goal of all efforts to promote equality – otherwise we run the risk of perpetuating the very structures we set out to demolish,” says researcher Hanna Ylstalo. Researcher Minna Leinonen says that recent studies have indicated that experiences related to gender and equality are linked with the positions that female and male respondents hold in the workplace hierarchy. In group discussions on the promotion of equality, men in management positions were least likely to bring up gender-related experiences, while such experiences were typically discussed by women employees. Ylstalo studies definitions of equality, while Leinonen studies links between gender and hierarchy in Finnish workplaces. Their research forms part of the Research Programme on Power and Society in Finland, funded by the Academy of Finland. Read the full article.
(BusinessWeek) — While they continue to slog through the longest economic downturn in decades, companies are no longer making cost-cutting their primary focus. Innovation is now front and center on the corporate agenda, according to a global survey we recently conducted with 65 senior executives from diverse industries. Executives are adding more breakthrough innovations and business model changes to their portfolio to fuel the growth engine for the recovery. Yet our survey reveals that companies by and large are having trouble making innovation efforts work. Executives are struggling to find the right combination of business strategy, operational model, and execution to deliver profitable growth. Why the concern with execution? Currently every aspect of business is fair game for reinvention-revenue and margin models, functional areas, and even the organization itself. The risks are also a lot higher than in the past. With so many moving parts and so much riding on the outcome, it’s no wonder executives are anxious that they will miss the target when they execute. As one executive told us: “Management feels very comfortable about our ability to manage costs-we have a good track record. We don’t have the same track record for organic growth from innovation.” In other words, it’s harder to innovate than it used to be. Read the full article.
Facilitating Change is a World Class Sales Competency that needs attention! This subject is so COMPLEX and CHAOTIC that it is very difficult to explain, manage or measure. As a Trainer, it is critical now for you to be able to understand how change affects your company and is reflected in your training. Let’s keep this SIMPLE! Your company is most likely affected by harder economic conditions today and will be driven to improve efficiency, productivity, and service quality. The training methods and outcomes you present to your employees will be a measuring stick for these improvement changes.Change happens CONSTANTLY and you must be able to ADAPT to it. Business Change – Sales Training In Sales Training, be sensitive to teach your team about the size and scale of any management decision. – small to large – and how it affects operation, sector, location, history, and employee population. Change is about moving an organization from a current position to a future condition, for the purpose of marketplace strategy and employee workplace performance alignment. Evaluating sales and marketing change strategies can be done by looking at other company case studies and ROI analysis. But, beware! “Tested” sales strategies and implementations that have been tried before by other organizations may not be the best one for your company or for your team to experience! Also, be careful to look at the effects of bringing in other Subject Matter Experts or Consultants who have had successful outcomes using “tried and true” methodologies that have worked for them in the past. These too may not work in your particular organization. Make sure that the new change initiative is a process to be facilitated rather than a plan that can be dictated to the employees The People vs. YOU! Facilitating change through people is very TOUGH because people are TOUGH and generally RESISTANT to anything that is different than what they are used to – especially if they have created a habit or routine that seemingly makes their life easier. People are more reactive than proactive and changing anything in their world (personal or work environment) can be confusing to deal with! However, through honesty and being straightforward about your change strategy, you can break through any resistance that people give you. The TRUTH will always set you free, even in business where money seems to be king over the people. Nothing could be farther from the truth! You cannot run a business without the power of people. The love of people is the root of successful business in sales! If there is a change initiative approaching where people are involved, brace yourself for the resistance. You can guarantee that too many opinions will be involved! So, like the good Boy Scout or Brownie, “Be Prepared” to brace yourself emotionally and intellectually for the upcoming change challenges presented in front of you. People present problems all the time at the top, middle or bottom of any organization – that will need to be dealt with if the company is to succeed overall. Many organizational studies say that the best change efforts are better left to employee engagement and creative teams rather than top down leadership. Many change efforts have failed because the company demanded the change process to be handled and controlled by corporate policy and procedure with little or no creative thinking allowed. According to Hank Garber, CEO of National Risk Managers in Long Island, NY, (email@example.com), one way to engage employees in facilitating organizational change is to “make your employees your partners in the process of change”. He also states that you can gain “greater and more effective communication- internal & external- by working to create a sales orientation that permeates every part of a business, leading to increased revenue, client retention, and loyalty by customers and employees. The focus of change should be for the betterment of everyone in the organization as it relates to increase business results that sustain organizational growth.
According to an article on a Bloomberg BusinessWeek blog, posted 5April 10 by Josh Setzer, He comments on the advice of a Coach he interviewed entitled: “Run Your Stars Hard”. After asking several sales people in a survey about meeting expectations, 73% of reps believe that their sales goals are unachievable. WHY? Sales organizations do ask a lot from their sales representatives, particularly in an economic slump, and as Sales Managers continue to push them to drive performance harder, burnout is a risk – which leads to gross under-performance.Where is the positive psychological SALES MANAGEMENT BALANCE in this? From a Sales Training perspective, it sounds severe. There are logical arguments for slowly growing the behavior of your team members through practice and patience. But, there is an ROI to worry about when you are investing in your sales performers. Is it FAIR to push your Sales Reps and set them up to think they have unrealistic goals? Should high expectations after training be enforced (or else)? or Should training be based on individual Human Performance assessments to build each team member? or Should the company tell the Sales team member that their performance is being monitored against business ROI? POST A COMMENT and let us know! We will discuss it!
Sell the concept of e-learning to management and bring technology-based learning tools to your organization. Learn the risks and benefits of e-learning and present a realistic analysis that leaves nothing to chance. Selling E-Learning explains how to present an e-learning strategy to management, create a cost-benefit analysis, and calculate projected ROI. Selling E-Learning features a series of success stories from major organizations that have effectively incorporated e-learning into their learning programs.
This article examines the issue of differing reward systems for entrepreneurs/owners and managers when compared to the reward systems for employees from multiple perspectives. The key argument being made in this article is that excessive compensation skews the reward systems and creates perverse incentives for the top management to take unwarranted risk that would ultimately destroy the system.