April 17th, 2014 by Alan Yu
Here’s an interesting scenario I saw today. Imagine there was a business scenario where you found out by accident that the other party has been misleading you for their own benefit. Example, it could be as generic as a business claiming they give their proceeds to charity only for you to the find out they actually pocket the money themselves. What would be your first course of action?
The most common answers I believe are you either cut your ties with them immediately or you give them a chance to correct the issue. I heard one response that was kind of interesting where that one person would burn the bridge but not completely. Basically, it’s like leaving but still entertaining the possibility of associating with each other.
I was trying to imagine how one could develop that train of thought though especially if it is the like scenario above. Maybe I watch too many movies, but usually if it is that extreme of a deception then most likely it will happen again. It’s kind of different from say two people having creative differences or one leaving professionally for other opportunities. Then again, you do hear stories of people who say made a living out of scamming people only to completely change as well. Just one of the many tricky situations you can find yourself in when it comes to doing business I suppose.
April 16th, 2014 by Alan Yu
There was a piece on the news today about how here in Vancouver we have something called a hoarding task force team. As the name implies, their job is to help hoarders get their lives back together. The reasons given was that hoarding so many things can ruins one life and personal health. As well, it can pose a safety hazard such as example which was used where in one case firefighters couldn’t save a person due to all the junk they had in the house.
What this got me thinking about was how many times even myself I say a big cause of financial stress is due to people buying and saving all this junk that they don’t really need. Since this is considered an illness for many, it made me wonder if sometimes when it comes to managing money it can be something more serious on why a person simply can’t be fiscally responsible, so to speak. In that case it’s like we are approaching it wrong in terms of giving financial advice when really it is something deeper than that.
Like in this case it’s not something a regular Joe financial adviser could fix. Maybe if you are stuck buying junk all the time for example it’s better to really think deep on what the real issue is. Example, if you buy things to simply impress people then it’s probably wise to think why. Err…this is starting to sound like some therapy session. Kind of shows that managing money isn’t always about the numbers and deals you can get but rather your mindset.
April 15th, 2014 by Alan Yu
Here is an interesting scenario that I heard today. Imagine you had a business relationship with another company that was helping you make money and vice versa. While it was a win-win situation, it turned out one side wanted to jump ships as they felt the grass was greener on the other side. So the other business took this as a bit of an insult. While they were certain they would fail if they moved, the other option was to essentially do what it takes to keep that relationship as businesses wise you could keep using them to help you grow, so to speak.
It didn’t end up that way as this was too much of an insult for the business and so they parted ways. As the years went by this created more competition for the business as a result of the other company now helping the competitor. In the end they were right as they did fail financially, but this also meant all this time competing with them resulted in less profit as well. Kind of an interesting question there. Would you be inclined to do what’s best for business, so to speak, or would your ethics and principles take the front seat in the decision making?
Kind of tricky as I think this is one of those scenarios where people’s answers will probably vary depending on if the situation is actually placed in front of them. A more common/simple example would be like an employee who you felt went out of line. Example, if your best salesman whom you helped when he had nothing starts acting like he is the only one that matters while constantly saying he is thinking of going to a competitor for more money would you do what it takes to keep him or would you simply let him go just to be right?
One of those things where many people say you should take the emotion out of making business decisions. I bet it is easier said than done though huh?
April 14th, 2014 by Alan Yu
Almost every day I receive requests from people who are inquiring if they can publish some articles here for their clients in exchange for a link back to their site. Essentially, it’s supposed to be a way for the marketing firm to help its client get more exposure. The funny thing is I would love to help people out in this way. However, in these cases every pitch is obviously from a template and as a result it makes me want to ignore it.
It makes me wonder why people don’t take the time to actually personalize their letters to the people they are speaking with. It is no different than sending in a resume or cover letter to a perspective business you are interested in working with I think. One interesting example too is that many of them pitch the notion that the person would be writing unique and original content that people here would be interested in. When I request a simple thing that the author would have to answer some basic questions they get scared. To me, this shows that they simply want to dump pre-made articles to as many places as possible.
To all you PR firms out there, take the time to actually connect with the sources you are targeting I say. You’d be surprised at how much of a better response you will get by personalizing your letters at minimum.
April 13th, 2014 by Alan Yu
Interesting topic I was hearing today about how so many apps out there for smartphones request that when you use it you authorize the company to do things such as record your voice, turn your camera on or other things like seeing your contact list. Essentially, it was how many times the apps are free because you are essentially exchanging a lot of personal information about yourself and that data is worth a lot of money.
This is nothing too new in general as companies have been doing these types of things forever. There were just some examples that got people thinking more such as how some free bank apps say that you give them permission to record your conversations with the justification that if they record you if there was ever a dispute such as a transaction fraud they can use this recording as verification. Of course the different spin on this was people were saying anyone in the organization can just turn it on.
I usually try to minimize the apps I install personally. I never thought it was a good idea to just install everything simply because it is free. Can’t put a price on your privacy.