What is a business’ most valuable asset? Cash flow? The right employees?
If cash flow is a problem, we can spend time working on finding a creative solution to the problem, either by making more sales, changing payment terms, financing, or focusing on collections (avoiding the problem by hiding in other tasks doesn’t work).
High employee turnover a problem? We can invest time in putting the proper procedures, expectations, and training methods in place so we won’t waste time fixing costly employee mistakes (or rehiring and retraining). This frees up more time for sales and marketing.
If time is our most valuable asset, time management is critical.
If an entrepreneur is bogged down spending too much time on tasks that should be delegated to others, he needs to take a hard look at his priorities and get help. This sounds simple but many keep their companies from growth because they’re afraid to delegate.
If an immense amount of time has been sunk into a project that is a loser, better to cut the cord and take another direction.
Investing sufficient time and energy to build and maintain relationships with key customers is the life-blood of a business. If we allow ourselves to get bogged down and distracted from our primary mission—building relationships with the right customers—we can veer off course.
There may be moments when we have to evaluate whether certain customers are worth our time. Those who demand immense time and resources haggling over every detail as they try to squeeze the last penny out of us may not be worth keeping; relationships like this drain a business. A friend of mine recently surprised me by dropping his second biggest customer. While it may have hurt him in the short term, it freed up more time for his best clients.
Most important of all, there is big picture time management. Do our families get enough time with us when we still have energy left for them? Or does the business take too much? Time needs to be set aside for relationships with God and friends. When a friend who needs us interrupts us mid-task, do we momentarily set everything aside and spend time with them, or have we become so work-obsessed that tasks and money mean more than people?
Time needs to be set aside for rest and recreation so we don’t burn out. It’s easy to get caught up in the rush of accomplishment and pressure and forget that we’re frail people who need time off to recharge and rekindle relationships. Having fun and taking our hand off the wheel sparks creativity.
We’re only given one shot at this life. Better to use our time wisely.
The Blog – China’s Milk Crisis
Heidi, a woman who lives in China, is now contributing fresh articles for my blog. She’ll provide a Chinese person’s perspective and insights on what’s going on in the Middle Kingdom. Here are the first few paragraphs from her first article:
China’s Milk Crisis, and Real Estate Taxes
By Heidi W.
A regulation restricting milk powder purchases in Hong Kong took effect on March 1st. People leaving Hong Kong can only carry two cans of milk powder. No kidding. 45 people were arrested in Hong Kong on Friday and Saturday. They will be on charges of trying to smuggle baby milk powder into China. They could be in jail for two years because of that.
Actually you can see this kind of news headlines not only in Hong Kong, but all over the world. Such as “Dutch Infant Formula Bought Out by Chinese”, “China’s new appetite for milk forces price rise in Germany” etc. You may wonder what happened. Why is it that the world’s manufacturer cannot produce milk powder to feed their babies? After all, China can make virtually everything in theory, including Noah’s Ark.
When we look back on the 2008 Chinese milk scandal, more than 300,000 victims were reported, with more than 50,000 babies hospitalized. Problems were exposed in almost all of China’s milk factories that were inspected, yet no high ranking official lost his job despite the misery that was caused. Very few enterprises were actually punished. After the loss of faith by the general public, the whole industry had to face a fatal blow – Chinese customers could never trust Chinese milk factories; they have to buy milk powders from overseas sources. They will choose foreign brands as far as they can afford…
You can read the full article at: https://www.mgtrading.com/2013/04/05/chinas-milk-crisis-and-real-estate-taxes/
The Exchange Rate (!)
Recently the dollar has been dropping even faster again the Yuan –
Yuan to the dollar, as of today: 6.13 to 1
Rate when the Yuan was depegged from the dollar on June 19, 2010: 6.82 to 1
Change: .69 (10.1%)
Since 1991, Global Trade Specialists, Inc. has helped companies of all sizes get their products made in China from manufacturers of quality products. We are an American company who works with three trading groups in China with immediate access to thousands of manufacturing companies. We source most products made from metal, plastic, wood, stone, glass or textiles; from prototype to production. Many of our customers are first time importers; we walk you through the entire process.
Read testimonials from some of our customers.
Email us for a free quote.
April: Contrasts Between East and West
March: The Titanic; Made in China
February 2013: They’re Back… Sort Of
January 2013: Business News and Trends for 2013
December 2012: A Trip I’ll Never Forget
November: 4 Principals for Success
All material copyright 2013 Global Trade Specialists, Inc.
This newsletter may be reprinted as long as the copyrights and a link to the Global Trade home page (www.mgtrading.com) are shown at the end of the article.