Business Marketing & Finance Resources

Of the many basic lies of business, one of the most destructive is that production has to trade off between quality and quantity in order to maximize profit. Acting on this false principle almost guarantees that a small business will only grow slowly, and not very far.

Some trade-off is unavoidable. Some is necessary. A minimum amount of production must occur to make a small business viable, even if it means the quality of the product is not the highest. This is okay, as long as it is a temporary state. But increasing production from the minimum without also increasing quality dooms a small business to a low- or medium-end market. Since far more competition serves the low or medium market than serves a higher-end market, growth quickly becomes difficult and of limited potential.

Yet growth is essential to long-term viability. One route to growth is to increase the number of different products sold. The other route is to sell more of the products you already produce. A combination of the routes is best of all. But in any of these routes, growth depends on more production, which depends on more or better customers.

Ask any salesman, and he will tell you a high-quality product is easier to sell than a medium-quality product in the same price range. He can sell more of them. And that is why the idea of a trade-off between quantity and quality is a lie. Increase quality, and quantity sold will increase as a matter of course.

But, you say, doesn’t increased quality cost more? Therein you find the rest of the lie of the trade-off. No, increased quality does not have to cost more. Increased quality is the result of the following factors, in order of importance:

1) Insistence on quality as a business policy and philosophy. None of the other factors have a chance without this one in place. Having a Quality Attitude is the first major principle of quality.

2) Skill of the producers. Skill varies from person to person, but can increase steadily in any person through training and practice. Training should be ongoing: no one ever knows everything there is to know about producing their product.

3) Quality control. In a small business, this means every product must be approved before it is delivered or declared complete. If your crew stuccoes a wall, the quality approver makes sure every inch is stuccoed and the area is cleaned up before the job is considered complete.

4) Quality incentives. While pride in one’s work is valuable, material reward is also appreciated. Tie compensation to both quality and quantity, with a greater weight to quality. Doesn’t this increase costs? Not if you are selling more.

5) Reduced waste of both time and material. While this is the subject of an article in itself, the key to reducing waste is locating the actual reason the waste occurred and fixing it so it doesn’t happen again. Reducing waste provides more time and material for production at the same cost.

6) Better materials. This is way down at number six because it is not usually absolutely necessary. When it is, any additional cost, often minimal, will be offset by increased sales, even if the profit margin per piece is lower.

Most of the above factors do not increase cost at all; none of them decrease profit, once sales increase; and most of them increase profit. All of these factors can be applied to just about any small business.

Bottom line: expansion of a small business depends on increases in both quality and quantity of production, not one or the other.

Perhaps your retirement is imminent or is a long way off. It would be nice to think of way that you could earn extra income in retirement. Some people’s retirement could last more than 20 years. Now, more than ever, it is very important to have your money working for you.

Before you retire, it may b e a good thing to ask yourself just how much money you will need to live on. Some things may change when you retire. You will probably save big time on the cost it takes you to travel back and forth to work, but you may spend more on another item such as heating. You also have to take into consideration the effects of inflation. If you have an online budget calculator, it may be very easy to figure this entire out. If you find yourself coming up on the short end of the stick, where are you going to get that extra income in retirement?

One very simple way to get that extra income in retirement is to get a part-time job. Nowadays the work force is composed of more and older people. You will find that a part-time job not only makes you feel useful and productive but will supplement your retirement income very nicely.

Are you a member of a pension plan at work? If so, then your employer should be able to tell you exactly what you will earn when you retire. Some pension plans will pay you based on your earning while you were working at that company. Still other pension plans build up a pension fund that can be used to purchase an annuity. If you have a personal pension, then your company should tell you how much you have built up in it. Sometimes you can take some of this money as a lump sum and the rest must be used to purchase an annuity. Perhaps you have old pension into which you are not paying into anymore. You can find out what you can expect to get from those. Remember, every little bit helps!

There are also other sources of extra income in retirement that you should be aware of. You should check to see if you will be entitled to any tax credits or state benefits. You should also jog your memory and see whether you have any investments or savings that you can put towards your impending retirement. If you happen to own your own home, you may be able to use some of the money that is tied up in your house to give you some supplemental income. This can be risky, however, so be sure to seek some professional advice about this matter first.

No matter if it be getting a part-time job, pension plans, getting an annuity or relying on investments and stocks to give you extra income in retirement you should map out your retirement strategies early enough so you will not be caught in the lurch! With a little foresight, you will not have to worry about the future.

Premium business cards are actually one of the most affordable and cost effective marketing tools for a business. Business cards give a professional impression about a company and the person who represents it.

Like any marketing strategy, your business card becomes your representative. This is why when having your card designed, you must take into account the words that describe your trade and the image your company wants to portray. Like a logo, your calling card will mark your brand.

Business cards are specifically designed to help any businessperson professionally and inexpensively market his business services or products. They give innovative ways of helping foster richer customer relationships that can help expand one’s business. They are a great way of ensuring that you stay on top of the minds of your prospects and customers.

Calling cards are often the first thing you share with a potential customer, which serves as a link to a next appointment. They also provide practical information about your business.

A business card is perfect for executives, entrepreneurs, sales agents, and business owners, who are always out to meet different people. It acts as some sort of mini-billboard for one’s company.

There is a range of cards especially designed to help your business hit the market with a lofty brand image. It includes a call to action and imparts specifically directed information.

A calling card does the trick of introducing yourself to your potential vendors or customers. Many sales calls or visits are initiated that can lead to a business deal.

Often, these deals are worth millions but none of this would have happened had it not been for that simple card. Hence, calling cards are one of the most effective and essential commodities of any businessperson that is used to convey a message to meet, talk, and discuss a possible business venture.

Calling cards eliminate the need for costly brochures and sales materials. They add prestige and glamour to your business enterprise.