Will your best impress?

Do your utmost with trivial things.

This simple idea has shaped everything I believe in. We often overlook small tasks, thinking they don't matter. We wait for big moments to show our greatness. But I've found it's the little things that build sincerity.

When we give our full effort to the mundane, something remarkable happens. Our sincerity grows. It's like polishing a stone until it shines. And when it shines, it catches the light for others to see.

Our sincere effort becomes evident. It doesn't stay hidden. People notice when we care deeply, even about the smallest details. This sincerity becomes brilliant.

When that brilliance becomes evident, it affects others. Imagine a room lighting up with one spark. That spark, that light, can change anyone who sees it. They see our sincerity and they feel inspired to do their best too.

That’s when transformation happens. When people feel our genuine effort, they're moved by it. They start to change. They begin to care more about what they do, no matter how small.

It's a cycle. Our complete sincerity has the power to transform everything around us. And it all starts with doing our utmost with the trivial things.

So, the next time you face a small task, remember this: give it your best. You never know how your effort might shine and inspire change in others. It’s the foundation of true transformation.

How would you change the world?

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Do you want it easy for pricing?

Cost-plus pricing is the easiest way to set prices, but it’s not always the best.

With cost-plus pricing, you just calculate your costs and add a fixed percentage. It’s super simple and perfect for new businesses without much data.

You’ll love it because:

    - It’s straightforward. Know your costs, add a markup, and you’re done.

    - It’s great for new businesses without much market data.

    - It ensures you cover costs and get a minimum profit.

But, here’s the catch:

    - It doesn’t consider how much customers are willing to pay.

    - It ignores the competition.

    - Your prices might be too high or too low compared to the market.

    - You might miss out on charging more if you could.

So, while cost-plus pricing is super easy and a solid starting point, it’s not always the most effective long-term. As your business grows, you’ll want to evolve your pricing to consider your customers and the market.

For a quick and simple approach, cost-plus is hard to beat. But remember, it’s just the start.

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Do you want to increase profits?

There are many ways to boost your business profits, but here are a few that really stand out.

First up, increase your sales revenue. It’s like feeding a fire: the more fuel, the bigger the blaze. Find new customers – cast a wider net. Create new product lines based on what your existing customers tell you. Listen to them, and innovate. And don’t just chase more sales volume, focus on your most profitable customers. They're the ones who keep the fuel burning bright.

Next, reduce costs and expenses. It’s all about smart spending. Negotiate better deals with suppliers or maybe even find new ones. Review your financing facilities – the ones that work hardest for your money. Look at your premises; use the space smarter, and if you’ve got room to spare, sublet it. Reduce waste. Streamline production processes to save on labor costs. Every dollar saved is a dollar earned.

Increase productivity and efficiency. Involve your team – their insights are gold. Go through your financial statements regularly to spot opportunities for improvement. Cut the wasteful spending. Keep a close eye on your finances to make sound decisions. Efficiency is the name of the game.

Improve profit margins. Don’t shy away from increasing prices if your products are worth it. And if some customers can’t pay more, consider offering fewer deliverables. Use bottom-up pricing: build profits into your prices from the get-go. Weed out inefficiencies. Focus on what’s most profitable, whether it's products, services, or projects.

In the end, take a holistic approach. Invest in marketing, build repeat business, and maintain a strong brand. This will supercharge your profits and set you on the path to sustainable growth. Keep the fire burning bright.

Which method would you choose?

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How do you think better?

Being open-minded means more than just being willing to listen.

I once thought that having an opinion was all about strongly standing by my side of the argument. But then I stumbled upon Charlie Munger's wisdom: you shouldn't have an opinion unless you understand the other side's argument better than they do.

This flipped a switch in my brain.

Think about it—how many times have we rushed to conclusions?

We often cling to our beliefs, thinking it shows strength. But what if real strength lies in embracing all sides of the story?

Here’s what I’ve learned:

1. 𝐒𝐞𝐞𝐤 𝐭𝐨 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝: Dive into opposing views. It expands your perspective and makes your stance solid.

2. 𝐋𝐢𝐬𝐭𝐞𝐧 𝐦𝐨𝐫𝐞: Conversations aren't just about talking. They're about understanding. Ask questions. Be curious.

3. 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞 𝐲𝐨𝐮𝐫 𝐛𝐢𝐚𝐬𝐞𝐬: It's uncomfortable but necessary. Growing means sometimes admitting you're wrong.

So, next time you're ready to argue your point, pause. Have you truly considered the other side? If not, take a step back.

Learning to see the full picture makes you not just a better debater, but a wiser person.

Opinions aren't just about what we believe. They're also about how we arrived at those beliefs.

How do you challenge yourself?

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What is your successful pricing strategy?

Pricing isn't just numbers; it's a strategy cake layered with thought.

Successful pricing means more than slapping numbers on products. It’s a strategy that considers costs, customer demand, and the competition. Let’s break it down:

    1. Cost Analysis: First, understand your costs. Everything from materials to labor, overhead, and distribution counts. You need to cover these to make a profit.

    2. Understanding Customer Demand: Find out what your audience is willing to pay. Is your product a necessity or a luxury? This affects how sensitive your customers will be to price changes.

    3. Analysing Perceived Value: Look at why customers value your product. Is it the quality, uniqueness, or something else? Price your product to reflect this value.

    4. Competitor Research: Check out the competition. Know what similar products cost to set competitive prices while ensuring profitability.

    5. Pricing Objectives: Define your goals. Do you want to maximize profit, market share, or revenue? Let these objectives steer your pricing strategy.

    6. Pricing Strategies: Choose the right approach. This could be cost-plus, competitive, value-based, penetration, or skimming. Adjust as your business grows and economic conditions change.

    7. Flexibility: Be ready to adapt. Market conditions, costs, and demand change. Review and update your pricing regularly to stay on course.

In short, prepare well, know your market and costs, and align your pricing with your goals. Keep an eye on things, tweak as needed, and you’re set for long-term success.

Is pricing just numbers?

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You wanna be great?

Mastery is all about sticking to the basics.

Think about learning a new skill. At first, it's all about the buzz, the novelty of it. But then, the real work begins. It's like learning to play the piano. Everyone loves the idea of playing a grand symphony, but few are willing to spend hours practicing scales.

Most people get bored quickly. They want the thrill, the exciting stuff that gets them noticed. But the magic lies in the mundane. It's in practicing the foundational skills over and over again.

Look at athletes. They spend years perfecting their craft by repeating the same drills. Swimmers do endless laps. Basketball players shoot hoops for hours. It's not glamorous, but it's what makes them great.

It's like building a house. Without a strong foundation, it won't stand. The same goes for any skill. If you master the basics, you can build on them. Skip them, and everything crumbles.

I see it in the ad industry too. Everyone wants to create the next big thing, but few focus on the groundwork. The great campaigns come from teams who nail the basics first.

So, if you want to be great at anything, embrace the essentials. Practice them until they're second nature. Don't chase the flashy bits right away. The basics may be boring, but they're the building blocks of mastery.

Did you build the building blocks?

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How do you win over your customers?

Pricing your product right is key to winning over customers.

Let’s dive into four main types of pricing strategies:

1. Premium Pricing

Picture this: you're in a luxury store. What catches your eye? The high price tag, right? Premium pricing means setting a high price for high quality. Think Rolex watches. They're more expensive than Timex because of premium materials and careful craftsmanship. You pay for quality and prestige.

2. Skimming Pricing

Remember the first iPhone? It started with a high price, which Apple later reduced. This is skimming pricing. You launch a product at a high price, then lower it over time. It helps maximize profits before competitors catch up.

3. Economy Pricing

Now, think of Walmart. They sell things cheaply but in large quantities. This strategy keeps prices low to meet high overhead costs. It's all about selling more to balance out lower prices.

4. Penetration Pricing

Imagine a new brand offering really low prices to grab your attention. That's penetration pricing. Start low, capture market share fast, then gradually increase prices. It helps quickly build a customer base in a new market.

Other strategies exist too, like:

- Cost-plus pricing: Add a markup to the cost.

- Competitive pricing: Match what competitors charge.

- Value-based pricing: Set prices based on customer value.

Choosing the right pricing strategy can make or break your business. Understand each one, see what fits best, and attract the right customers. Always keep learning and adjusting to find your perfect price point.

What's your perfect price point?

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Where do you spend your time?

Not all focus is the same.

Just think about it. When you try to spread your focus evenly over everything, nothing gets the attention it truly needs. Imagine if Michael Jordan tried to split time between basketball, golf, and baseball all at once. Would he have become the legend he is today?

Focus is often unbalanced.

It's not about dividing your effort equally across tasks. It's about identifying where your attention will yield the most impact. Think of a magnifying glass. When you focus sunlight through it, you can start a fire. The same principle applies to our work and life.

Here are a few steps to master asymmetric focus:

1. 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐰𝐡𝐚𝐭 𝐭𝐫𝐮𝐥𝐲 𝐦𝐚𝐭𝐭𝐞𝐫𝐬:

What are the top priorities that will propel you or your business forward? It’s not always obvious, but you need to pinpoint them.

2. 𝐀𝐥𝐥𝐨𝐜𝐚𝐭𝐞 𝐲𝐨𝐮𝐫 𝐞𝐧𝐞𝐫𝐠𝐲 𝐰𝐢𝐬𝐞𝐥𝐲:

Pour your best effort into these priorities. It might mean saying no to many good things so you can say yes to the few great things.

3. 𝐑𝐞𝐚𝐬𝐬𝐞𝐬𝐬 𝐟𝐫𝐞𝐪𝐮𝐞𝐧𝐭𝐥𝐲:

Check in with yourself. Are the things you’re focused on still aligned with your goals? If not, don't be afraid to pivot.

4. 𝐄𝐧𝐣𝐨𝐲 𝐭𝐡𝐞 𝐩𝐫𝐨𝐜𝐞𝐬𝐬:

As you channel your focus where it matters most, the rewards can be enormous. You'll see growth faster and deeper.

So, remember, not all focus is created equal. Some focus burns brighter and hotter. Know where to direct your gaze, and you'll create something extraordinary.

Let's not just work hard but work smart, with precision and intent. Keep your focus sharp, and watch the fire you can start.

What do you focus on?

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What’s your pricing model?

Understanding how to choose the right pricing model can make or break your business.

There’s no one-size-fits-all formula for pricing. Your industry, product, and goals matter. However, here are some common pricing models that might help:

1. Value-based pricing: Think about what your product is worth to your customer. Set prices based on this perceived value. If customers think your product is valuable, they're usually willing to pay a higher price.

2. Cost-plus pricing: Add up your costs to make or deliver your product, then add a markup. This ensures you cover costs and earn a profit. It’s straightforward and safe.

3. Competitive pricing: Look at what your competitors charge. Match or undercut their prices to stay competitive. It's useful in crowded markets.

4. Freemium pricing: Offer a basic version for free, then charge for premium features. This attracts customers who can later be converted to paying for additional features.

5. Subscription pricing: Charge a recurring fee for access. This could be monthly or yearly. Subscriptions provide steady revenue and build long-term relationships.

Choosing the right model depends on various factors like who your customers are, how your product is different, and what you want to achieve. It's also important to review and adjust your pricing regularly to stay competitive and profitable.

Remember, the right price can attract customers, cover your costs, and ensure you make a good profit. Evaluate what will work best for you, and don’t be afraid to make changes as you grow.

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What will you say "yes" to?

You know, they say the teacher appears when the student is ready. I couldn't agree more.

I used to wait around, thinking someone or something would come to guide me, save me from confusion, or boost my career. But guess what? No one's coming to save you.

Sure, mentors and coaches can help. But the real game-changer is you. When you're ready to learn, grow, and take action, you'll find the answers everywhere. You've got to be open and curious.

Here's a quick story. I remember being stuck in my job, waiting for someone to point out what I was doing wrong. Meanwhile, my colleague was learning new skills, asking questions, and thriving. It hit me then – he didn't wait for a teacher; he became his own.

We often wait for perfect conditions. We think, "If only I had the right mentor, or the right opportunity, then I’d succeed." But opportunities don't always come knocking. Sometimes, you have to create them yourself.

Next time you're feeling stuck, ask yourself:

1. What can I learn right now that will help me move forward?

2. Who can I reach out to for guidance, even if they're not a formal mentor?

3. How can I turn this challenge into a learning experience?

It's powerful when you realize you're in control. Make a decision, take a step, and find your path. The teacher within you is waiting.eacher; they became took action to learn and to progress.

What has saying “no” too often done to you?

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Looking for the best cost strategy?

A best-cost strategy combines value and affordability.

4 Key Elements of Best-Cost Strategy:

1. Low Fixed Costs

    ↳ Operate with minimal overhead.

    ↳ Example: Amazon avoids physical store expenses.

2. Expense Reduction

    ↳ Cut costs dramatically.

    ↳ Example: Food trucks avoid rent and utilities.

3. Wide Variety at Low Prices

    ↳ Offer many options affordably.

    ↳ Example: Netflix offers a huge selection online.

4. Low Prices with Differentiation

    ↳ Combine affordability with unique features.

    ↳ Example: Target offers designer products at low prices.

Challenges:

    ↳ Balancing unique features and cost.

    ↳ Facing threats from low-cost and differentiated competitors.

Mastering this strategy can set you apart.

Which is best for you?

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Choosing a Pricing Strategy?

How to choose the best pricing strategy.

4 strategies to maximize your profits:

1. Cost-Plus Pricing

Calculate your costs and add a mark-up.

    Easily do this by:

        • Determining all your fixed and variable costs

        • Adding a percentage markup to ensure profit

2. Premium Pricing

Set a high price to target affluent customers.

    Create a sense of luxury by:

        • Highlighting the quality and exclusivity of your product

        • Ensuring your brand is perceived as high-end

3. Value-Based Pricing

Base your price on what the customer believes the product is worth.

    Focus on perceived value by:

        • Understanding your target market deeply

        • Communicating the unique benefits of your product

4. Dynamic Pricing

Adjust prices in real-time based on demand and competition.

    Maximize profitability by: 

        • Using advanced pricing software to analyze data

        • Adapting prices to optimize for each customer

 

The key is understanding your costs, target market, and competition. Experiment with different strategies. Regularly monitor and adapt your pricing. Utilizing pricing software can help analyze data and optimize prices for maximum profitability.

And grow!

Did you choose right?

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What is the right price?

Most of us struggle to set the right price.

Did you know pricing can make or break your product?

A good strategy is crucial for success.

- Understand Your Costs

Start by calculating all expenses, including production, packaging, and shipping. Your price must cover these costs and ensure a profit.

- Define Your Objective

Decide if you want to be a luxury brand or an affordable option. This choice will guide your pricing decisions.

- Know Your Customers

Consider your target market's income and price sensitivity. Pricing too high or low can drive customers away.

- Analyze the Competition

Research similar products and their prices. Understand what makes customers pay those prices. Use this info to differentiate your product.

Choose the Right Strategy

Here are some options:

1. Cost-Plus Pricing:

   Calculate costs and add a markup. Simple but ignores customer value.

2. Value-Based Pricing:

   Base price on customer perception of value. Focuses on what they think it's worth.

3. Competitive Pricing:

   Set price based on competitors. Keeps you competitive but may not maximize profit.

4. Price Skimming:

   Start high, then lower over time. Captures early adopters but may lose price-sensitive customers.

5. Penetration Pricing:

   Start low to gain market share, then raise prices later. Attracts customers but raising prices can be challenging.

Do your research, understand your costs and customers, and pick a strategy that fits your goals. Regularly review and adjust pricing based on market conditions and feedback.

Will they pay you?

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Are you chasing?

Do things that will get you the people and the things that you want. Don’t chase after them. Attract them. What you think, what you say and what you do has profound impact. If you want a certain type of people in your life, make sure the way you talk and what you do attract those kinds of people.

Are you attracting?

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Did you get emotional rest?

I learned this week that there is a difference between mental and emotional rest. Emotional rest and mental rest are related but distinct concepts.

Emotional Rest: involves addressing and alleviating emotional stress and burdens. It focuses on managing and healing from emotional strains, maintaining emotional boundaries, and fostering positive relationships. People pleasing and not learning to say no for example can create emotional stress.

Mental Rest: involves giving your mind a break from cognitive overload and mental fatigue. It focuses on activities that reduce mental strain, such as:

- Taking breaks from intense mental work

- Engaging in activities that require minimal cognitive effort

- Practicing mindfulness or meditation to clear the mind

- Ensuring a good sleep routine

While both types of rest are essential for overall well-being, emotional rest focuses on emotional health and relationships, whereas mental rest is about reducing cognitive load and mental fatigue.

Did you get any mental rest? 

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Who are your colleagues?

I read recently a quote like this, “Your colleagues are not your friends. Remember people have their own interests and motivations.” If you buy into this without questioning, I pity you.

Some of my best friends in life I got to know them and developed lifelong friendships through work. Relationships is what you put in and how you nurture it; in and out of work. Where they occur has no bearing on how deep the relationship can be.

Who are your friends? 

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What do you do?

You are not your job. That we can all agree. You are also not your job designation. That is also true. For some, work defines them and what they do. The find satisfaction from it, a part of the identity is made up of what they do. They are so passionate about it that they relish being identified with it. We are no one to judge. May not be right for them but right for you.

Who do you want to be known as? 

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