Maximise Your Resources – Part 3
In the last post we talked about three more ways you can work on maximising your current resources. They included:
- Reveal your business’ soul
- From breaking even to breaking the bank
- Stand up and stand out
Today we’ll talk about the last three areas you can work on to maximise your current resources. They are:
- An offer they can’t refuse
- Would you like fries with that?
- Stay away from the edge of the cliff
An Offer They Can’t Refuse
The secret to success is to stay ahead of your competitors- maintain the competitive edge. To do that you need make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional and other road blocks they may have.
You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.
Would You Like Fries With That?
It’s the oldest trick in the book. I mean, really, how many times a week do you fall for it? Every time you sell a product or service, you need to offer an add-on, upgrade or back-end product to go with it. These products must be complimentary to the original product being purchased and must create a higher perceived value.
Avoid the Edge of the Cliff
Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allow you to see problems before they happen and therefore avoid falling off the edge of the cliff.
Here are a few specific areas you can test for potential improvements:
- Marketing
- Sales Copy
- Customer Service
- Sales Letters
- Sales Presentations
- Employee-Customer Interaction
Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many others areas for improvement that will better utilise your current resources.
This wraps up our series on how to maximise on your current resources. If you need help working through any of these or the previous areas, try our FREE test drive to work with one of our amazing business coaches.
Until the next time
Vernon Simpson, Nydes Business Coach
Coaching Business Owners and Executives to their next level of Excellence
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By Carey L. Biron
WASHINGTON, Jan 16 (Thomson Reuters Foundation) – From his office in downtown Washington, D.C., half a mile
from the White House, architect Michael Wiencek can see something most people cannot:
vacancies.
“The 1970s building across the street, the four floors I see are all vacant,” he told the Thomson Reuters
Foundation.
“I’m looking at another building across the street which has been half-vacant since I’ve been in this office.”
While someone walking the streets of the capital would be hard-pressed
to recognise it, this region has in recent years experienced the highest commercial vacancy
rates in the country, according to the Metropolitan Washington Council of Governments (MWCOG), a non-profit.
And in those empty blocks, Wiencek sees something many do not:
opportunity – and a way to help alleviate Washington’s housing shortage.
A September report from MWCOG warned that by 2045 the region would need
to build 100,000 more homes than are already planned.
Across the country, “no state has an adequate supply of affordable rental housing for the lowest income renters,” according
to the National Low Income Housing Coalition, a non-profit.
Over the past dozen years, Wiencek and his firm have been involved
in numerous projects in and around Washington to convert empty
office space to housing, particularly for low-income
residents.
The economics can be surprisingly feasible, Wiencek said – in part because flat complexes have become so expensive
to buy, but also because tearing down and constructing a new, large building is
cost-prohibitive.
Converting disused office space also brings residents
back to what are often run-down parts of the city, he said.
Fifteen years ago such conversions were a new idea.
Today there are more of them, though “not nearly as much as there could be”.
VACANT ‘SURPLUS’
Wiencek has noticed significant interest in conversions from developers across
the country.
Policymakers are also paying attention: since October, an official task force in Washington has looked
at how the city can encourage developers to convert vacant
office space, with the explicit intention of addressing the lack of low-income housing.
Its recommendations are expected early this year.
Washington is something of a bubble because it is a “federal town”, said David
Whitehead, a housing activist with Greater Greater Washington (GGWash)- a
non-profit advocating for walkable urban communities, and a member of the task force.
Commercial real estate owners have for decades been able to charge high rents to government entities, contractors and non-profits seeking high-class office space downtown, he
said.
Yet recent years have seen major changes in the demand for office space, fuelled by the
rise of remote working and coworking, and because the federal government has decreased in size.
“The need for office space is shrinking,” a planner
with MWCOG warned in 2017.
But, said Whitehead, many commercial real estate owners had yet to accept
this new reality. Meantime, city tax penalties for vacant
commercial space remain low and hard to impose.
That goes to explain why Washington has a large surplus of office space, Whitehead said – roughly equivalent to two Pentagons,
or at least 13 million square feet.
Meanwhile, an official count last year found there were nearly 7,000 homeless people in the city.
Most were living in emergency shelters. Nearly half that number were families.
“We have this sitting surplus of office vacancy and draining of affordable housing, so why can’t we figure that out?” he said, although he admitted the task force
faced big challenges.
“It’s not an easy thing to convert vacant commercial space to housing in general, and beyond that, we’re now also talking about converting and subsidizing,” he said.
‘BIG BOX’ CONVERSIONS
According to the U.S. Energy Information Administration, a government agency, the country had about 88 billion square feet of
commercial floorspace in 2016. It expects that
number will reach about 123 billion square feet by 2050.
According to real estate consultancy CBRE, the national commercial vacancy rate currently
stands at about 13 percent.
Which is why, even as Washington assesses its vacant office space, other states are
looking at theirs – including fast-emptying commercial spaces such as groceries and “big box” stores
that have been hit by the rise of the internet economy.
A pilot project in Florida is looking to convert
a former St. Petersburg grocery store – which sat vacant for four years – into housing and a
venue where low-income entrepreneurs could start a retail business.
Commercial property owners across Florida are finding it increasingly difficult to keep retailers in “large format” stores, the project’s organisers said.
That is particularly acute in low-income communities.
“The idea came through thinking about places I pass by quite a bit that stood vacant,” said Ashon Nesbitt of the Florida Housing Coalition (FHC), a non-profit.
“In a lot of low-income communities there are these resources of buildings. Instead of looking at them as liabilities, we need to see them as resources that need to be redeployed in a different way,” he said.
In addition to a “severe lack” of affordable rental housing, Nesbitt said, Florida has experienced widespread closures of retail and grocery stores.
With a grant from the national mortgage-backer Fannie Mae,
the FHC is drafting a blueprint that could be used
by local governments, developers, housing finance authorities and others across the country for similar
conversion projects, said the FHC’s Ben Toro-Spears.
Few models exist in the United States for this type of project, he said, which meant the concept
of adapting the building for a different use was new for its owner – a national property
owner.
Toro-Spears said the firm was keenly awaiting the proposal.
And, he added, the rising number of vacant commercial spaces – on which owners must
still pay taxes, utility bills and other expenses – meant there was
potential to scale up the project nationwide.
“These are really large organisations, and if we can demonstrate early on that this can be successful, I think they’ll adopt it pretty quickly,” Toro-Spears said.
Already the two have been inundated with interest from across the state, including
from cities and civic groups.
“They continue to ask what’s going on: ‘We have a site. Can you look at this site?'” said Nesbitt.
“It’s definitely something that caught folks’ attention, and people want to see similar things happen in their communities.” (Reporting by Carey L.
Biron; Editing by Robert Carmichael. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters,
that covers humanitarian news, climate change,
women’s and LGBT+ rights, human trafficking and property rights.
Visit website for more stories.)
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History suggests that Minnesota takes bowl games more seriously than many other teams.
The Golden Gophers will put that theory to the test when they kick off against Virginia
Tech on Friday night in the Duke’s Mayo Bowl in Charlotte, N.C.
Minnesota (7-5) closed the regular season with five wins in seven games, including a 24-7 victory over Wisconsin in the regular-season finale.
Virginia Tech (6-6) lost three of its last four games but secured a bowl invitation with a 37-17 win against Virginia in the finale.
Minnesota coach P.J. Fleck knows he likely will deal with a short-handed
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Fleck said his players are looking forward to competing
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Hokies coach Brent Pry did not specify which players would opt out for the game, but he acknowledged that some younger and less experienced players could get an opportunity to play.
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places. We’re going to be inexperienced. But to me, these bowl practices have
been awesome for these guys. I’m excited about the
opportunity for a bunch of them. I also think that they are getting better practice-by-practice.
“There are young guys stepping up, making plays, executing better. So I’m excited about that part. Minnesota’s a really good team. They’re veterans, they’ve got good size, they’ve got good experience. So it’s going to be a challenge for us. But I like the way we’re approaching it right now.”
Minnesota quarterback Max Brosmer has committed to play in the bowl game.
He threw for 2,617 yards and 17 touchdowns against five interceptions during the
regular season.
Darius Taylor led the way in rushing with 873 yards and nine touchdowns.
Quarterback Kyron Drones paced Virginia Tech with 1,562
passing yards for 10 TDs, with six interceptions.
He battled injuries that included a knee strain, a stress fracture
and turf toe, Pry said.
Bhayshul Tuten topped the Hokies on the ground with 1,159 yards and 15 touchdowns.
–Field Level Media
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