Growth Potential in Asia
Filed Under: Articles of Interest, Essays
Tags: Articles of Interest
I recently went on a trip to Asia and I wanted to share with you my experience. After a 16 hour flight direct from Newark, NJ I arrived in the heart of Asia “Hong Kong”. I had the wonderful opportunity to stay with a family who has lived in Hong Kong for almost 55 years. Being this was my first time to Asia I was not sure what to expect, but I knew going into this trip that I was going to be open to everything.
Hong Kong means Fragrant Harbor and was formerly a British Colony and was handed over to the People’s Republic of China in 1997. Even though they are now part of China they have their own currency (Hong Kong Dollar) and the Hong Kong Government is financially independent from the Government of The People’s Republic of China. The city of Hong Kong is very industrialized and is growing by the second. As of today there are currently 7 million people living in Hong Kong, everyone speaks both English and Cantonese and it is known as the safest city in Asia.
One of the things I enjoyed most about Hong Kong was how genuine the people are there. They make you feel right at home and welcome you with open arms. During my 10 days there I saw a great deal of the city. Hong Kong has it all from great restaurants, to great markets, to magnificent views. Even for me a person whose biggest pet peeve is to shop I enjoyed it, because the best part was I could bargain the price and walk away feeling good about what I paid for it.
I found Hong Kong to be one of most fascinating cities I have ever been to and one of the main reasons I went there was to educate myself on the potential business opportunities Asia has to offer. On my plane ride over I read a really interesting article from USA TODAY. The article was called “Asia Holds Growth Potential”. The article talks about how the recent recession has whet US companies appetite for growth in Asia. In 2008, nearly half of the US companies surveyed saw their China-based businesses perform better than the overall company, the US-China Business Council found in a poll of its members. The percentage of US companies whose China operations are profitable is 84% to 16% not profitable. The results show that the once-prevalent notion that US companies “cannot be profitable in China is a myth,” says John Frisbie, the council’s president. American companies that are able to break into the Asian market will have the potential to leverage the consumer base of some of the fastest growing economies in the world. Some of the American industries that are betting on Asia: Pharmaceuticals, Autos, Casinos and Consumer Products.
I would highly recommend all entrepreneurs to visit Asia, but especially Hong Kong as it is a one-of-kind city and is full of opportunity for the global enterprise.
Are You Listening?
Are you a good listener? Do you apply active listening? Do you think more about what you are going to say than what the other person is saying? Are you easily distracted and only listen when the flow of conversation meets your agenda? If you were asked: Which interpersonal communications skill is most important in business? What would your response be? Certainly, a well crafted verbal approach would be most beneficial to most businesses, right? Actually, no…the most important communication skill in business is LISTENING.
Unfortunately, most professionals are lacking in this skill and it is critical to every business; both internally and externally. In fact, a recent survey of the academy of Certified Administrative Managers asked which managerial skill was “super critical” to business. The overwhelming response was “active listening”. Surprisingly enough it was followed by the ability to give clear and effective instructions, accepting responsibility and identifying problems.
Administrators and managers need to actively listen to their employees in order for proper discourse and feedback to occur. Sales and marketing professionals need to actively listen to their clients and prospects to determine needs and create relationships. Active listening will also enhance our personal lives as well; since nothing demonstrates care and concern as does effective listening to friends and loved ones. Listening is a skill which is vital; but is much neglected. Most of us are not good listeners. We have become conditioned to filter and apply passive listening skills – which will limit our success in both business and personal aspects.
Effective listening is becoming a big business. There are countless consulting groups and seminars which focus exclusively on the process of listening. Did you know there is actually an International Listening Association? It has members from several countries and promotes effective listening through the exchange of information, methods, experience and materials. This group is pursuing research on further development of active listening techniques and their application.
How can you become a better listener? In a book published by the American Management Association; the Ten Golden Rules of Listening are as follows:
- Look at the speaker
- Question the speaker to get clarification
- Show concern about the speakers feelings
- Repeat occasionally to confirm
- Don’t rush the speaker
- Have poise and emotional control
- Respond with a nod, a smile or a frown
- Pay close attention
- Don’t interrupt
- Keep on the subject till the speaker finishes his or her thoughts
Some of these seem very simple – but the next time someone is speaking to you; see how many you neglect or apply. Changing our behaviors and attitudes is the only way to improve our listening skills.
Airlines are not Cruise Lines
This may seem like the most obvious statement of the year; however I am speaking with regard to the difference in customer service…which is becoming my favorite blog topic! If you have ever flown or taken a cruise – you will identify immediately. This recent firsthand experience I hope will present a clear example of superior customer service versus the lack thereof and offer some simple but very important clues to improving customer service in any business.
However, it is time that someone offered some proper and constructive criticism of what is probably the worst customer service possible; which is typically offered to each of us when we take a flight. This may not apply to all airlines but without mentioning names – the world’s largest airline is leading the way in customer dissatisfaction.
But let’s start with what I can honestly say was the best example of ongoing customer service I have ever experienced. Given my business and pleasure travels – this is no small remark and the “fun ships” and all their staff should take pride in exceeding my expectations and actually anticipating my needs and fulfilling them. From the moment the airline funnels you out of the gate like a heard of cattle – the representatives of the cruise line are there with open arms to greet you and give you clear and direct information and guide you to the ship. You feel appreciated with the first “hello!” From this point forward; you will encounter attention and service from people who actually address you by name and remember what you like and dislike – from your stateroom to your meals – BRAVO! You know you have been given great service when you feel as though you are leaving friends when you disembark. This was exactly the case and I am certain that some cruise lines are better than others – but this being my first cruise we simply give credit where credit is due. Imagine receiving a smile when you request a service and having it applied faster than you can conceive. Imagine paying gratuity ahead of time and then wanting to give more after your experience….yes all true. Friendliness, cleanliness, efficiency and courtesy were all demonstrated by the entire staff from housekeeping to wait and bus staff. Take my advice….take a cruise.
Now let’s talk about the airline who offered us little to no service; including information. Every time I fly, I am reminded of just how little the airlines care about their customers. From small seats and bag charges to awful food and hardly any appreciation for the $300 to $500 spent for a short domestic flight; the overall airport experience is seldom a positive one. When arriving at the gate to depart we saw a sign posted saying that our flight was delayed. There were no airline representatives present to assist with questions about that flight and connecting flights – so long story short; after calling the “help” line three separate times – I was finally told that we were stuck and there was no solution that day and we would either sleep in that airport or the connecting one or find a hotel. We ended up finding our own hotel and took a next day flight which connected to a destination 1000 miles out of our way in order to connect with our home airport. To throw salt in the wounds – that flight the next day was delayed by over an hour as well. Now, I clearly understand that weather can delay and postpone flights and I am perfectly fine with that scenario. I also am a citizen who appreciates the security controls currently in place and we always arrive two hours before to accommodate such regulations and I applaud them for making flying safer. However, when the airline waits until well after you have missed your connecting flight to give information – well that’s not acceptable. The air and attitude reflected in the personnel is clearly one of “take it or leave it”. In fact we were told at other gates that it was not their problem. Well at least we got peanuts!
The only way to change these tactics which are clearly a demonstration of a provider taking advantage of a captive market is to funnel complaints to the FAA as well as the Better Business Bureau. (Remember how you have been treated when your government offers bailouts to these companies for their internal inefficiencies as well. Yes we all know its coming!) If you have had such an experience – please pick up the pen or start tapping the keys. Flying the “friendly” skies? No thanks – think I’ll cruise! Or drive or walk!
The Best Business Skills – Hard or Soft?
Well, if you want to achieve lasting business success; you should possess both. What do we mean by hard skills and soft skills? Why are such skills so important and vital to both personal and company performance? Why are soft skills harder to develop than hard skills? Which is more important?
A good example would be as follows: Bob has a very important sales appointment with a prospect which could bring much success to his company. He has prepared diligently and has all his facts and numbers ready. His presentation is professional, well versed and persuasive. However, when his client arrives for the meeting a half hour late; Bob demonstrates his disappointment by displaying a negative and impatient attitude which undermines his presentation and leaves the client with skepticism about his ability to handle conflict and change. Bob loses the deal. All of his work and preparation (hard skills) was defeated by his lack of (soft skills) – in essence a lack of understanding and consideration.
This gives us a good opportunity to define the two: Hard Skills – are technical or administrative procedures related to the organization’s core business. They are easy to observe and quantify. It is relatively easy to teach hard skills through a formal training approach. Computer skills would be considered hard skills. Bob’s research and technical data can be interpreted as hard skills. His education and training helped him to develop those skills and he applied them in his presentation. They would also include such abilities as working with spreadsheets, operating machinery or speaking a foreign language. Soft Skills – are sometimes referred to as people skills. They are not easy to quantify and are sometimes best described as intangibles. They can include any or all of the following principles: professionalism, optimism, common sense, responsibility, sense of humor, integrity, time management, motivation, empathy, leadership, communication, good manners, sociability and the ability to teach. Although hard skills are more tangible – it is usually quite easy to identify someone with strong soft skills since they possess a natural ability to work effectively with others. While hard skills can be obtained over a definitive period of time – say through a class or seminar; soft skills can take a lifetime to develop and demonstrate consistently. Soft skills are obtained through life and personal experiences. Most people either begin to develop soft skills long before they start a career or are hindered by the lack thereof.
Everyday in business we can see how a fine balance of both is probably the best scenario. A professional who has a good technical grasp of things but still possesses good interpersonal skills will be a more effective employee both internally and externally. If Bob had applied soft skills to control his emotions and exercised more patience with his client – he would have closed the deal. So are soft skills more important than hard skills? Probably not – since demonstrating one without the other will not be an effective way of handling clients and coworkers. We have all encountered people with a great deal of knowledge; yet they seem to possess little or no people skills. We have also witnessed the other side of the equation where a person is not knowledgeable but puts on a good image and through their personality they appear confident but aren’t. The point is that the most successful professionals seem to have a balance of both soft and hard skills. They are both knowledgeable and personable. It is often said that hard skills will get you an interview but you need soft skills to get and keep the job.
A Small Business Forecast: Let’s Try Optimism!
As I draft this blog after the epic 2010 blizzards, it becomes easy to see how challenges can make us all feel a bit “snowed in.” Thirty inches of snow will hinder even the best of plans and intentions. Much like a recession can hinder the success of many small businesses. Will 2010 be better for business than 2009?
There is much information on the web regarding the trends and concerns of small business and all seem to agree that the major issue is the economy. The top five concerns facing small business are all regarding costs. The cost of Health Care and Social Security, the cost of increased federal and state taxation and energy costs are all at the forefront. These major issues along with the other expenses of operations are still a major snowstorm for business to navigate through. Optimism will be a key to small business success.
A recent survey of businesses with 5 – 499 employees showed that business optimism is currently at a twelve month high. Most would agree that this level is at its highest point since 2007. The survey which is ongoing was conducted by the American City Business Journals. It shows 75 percent of business decision makers thought at the end of 2009 that their prospects would be better for the next twelve months. Perhaps the most positive sign was that the number who felt the overall economy is turning around jumped from 28 percent last August to 40 percent currently. However, it must be stated that the level of optimism was still overshadowed by some rather dark clouds.
The survey also showed an increase in overall concerns about business safety and survival. This is a natural reaction to a severe business climate. This is also reinforced by the high percentage of business owners who still have concerns about the overall US economy. However, another sign of optimism was clear shift of concern toward employees; 47 percent of current business owners were more concerned about finding and keeping employees compared to just 27 percent less than six months ago. That movement is typically seen as a positive trend for the whole economy since it indicates a more robust job market. A higher rate of unemployment can produce this effect as well. Seems there are almost as many negatives as there are positives.
Winston Churchill once said “I am an optimist. It does not seem too much use to be anything else.” There must be an emphasis on this type of positive thinking if small business is to survive. Just as I will have to dig out today one shovel at a time….so too will small business have to grasp a positive outlook and dig deeper to find solutions to the trials ahead. This is not a time for pessimism but a time for action. Small business should channel its focus on how to take advantage of an improving economy. Revisit your business plans, are they working or not? Measure and evaluate your customer satisfaction. Reexamine costs, personnel and equipment as well as infrastructure. Work smarter and harder and from positive energy will come success.
Will 2010 be better than 2009? Let’s stay OPTIMISTIC!
