Huong Le's List: business

• population of 4.6 million on the northern flank of Europe, is today one of the most wealthy nations in the world, both measured as GDP per capita and in capital stock
• United Nation Human Development Index, Norway has been among the three top countries for several years
• traditionally based on local farming communities combined with other types of industry, basically fishing, hunting, wood and timber along with a domestic and international-trading merchant fleet.
• Agricultural output, fish catches and wars were decisive for the waves in the economy previous to independence
• When Norway gained its independence from Denmark in 1814, after a tight union covering 417 years, it was a typical egalitarian country with a high degree of self-supply from agriculture, fisheries and hunting
• The newborn state lacked its own institutions, industrial entrepreneurs and domestic capital. However, due to its huge stocks of natural resources and its geographical closeness to the sea and to the United Kingdom, the new state, linked to Sweden in a loose royal union, seized its opportunities after some decades
• The growth process was very much initiated by high productivity growth in agriculture and the success of the foreign sector
• The adoption of new structures and technology along with substitution from arable to lifestock production made labor productivity in agriculture increase by about 150 percent between 1835 and 1910. The exports of timber, fish and in particular maritime services achieved high growth rates. In fact, Norway became a major power in shipping services during this period, accounting for about seven percent of the world merchant fleet in 1875. Norwegian sailing vessels freighted international goods all over the world at low prices.
• Liberalization of world trade and high international demand secured a market for Norwegian goods and services
• Norway had vast stocks of fish and timber along with maritime skills.
• The first modern large-scale manufacturing industry in Norway saw daylight in the 1840s, when textile plants and mechanized industry were established. A second wave of industrialization took place in the 1860s and 1870s. Following the rapid productivity growth in agriculture, food processing and dairy production industries showed high growth in this period.
• The long slow down can largely been explained by Norway’s dependence on the international economy and in particular the United Kingdom, which experienced slower economic growth than the other major economies of the time.
• A second reason for the slowdown in Norway was the introduction of the international gold standard. Norway adopted gold in January 1874, and due to the trade deficit, lack of gold and lack of capital, the country experienced a huge contraction in gold reserves and in the money stock.
• 1973, most developed economies went into a period of prolonged recession and slow growth. In 1969 Philips Petroleum discovered petroleum resources at the Ekofisk field, which was defined as part of the Norwegian continental shelf. This enabled Norway to run a countercyclical financial policy during the stagflation period in the 1970s. Thus, economic growth was higher and unemployment lower than for most other western countries
• However, since the countercyclical policy focused on branch and company subsidies, Norwegian firms soon learned to adapt to policy makers rather than to the markets. Hence, both productivity and business structure did not have the incentives to keep pace with changes in international markets.
• Norway lost significant competitive power, and large-scale deindustrialization took place, despite efforts to save manufacturing industry
• Another reason for deindustrialization was the huge growth in the profitable petroleum sector.
• Persistently high oil prices from the autumn 1973 to the end of 1985 pushed labor costs upward, through spillover effects from high wages in the petroleum sector. High labor costs made the Norwegian foreign sector less competitive. Thus, Norway saw deindustrialization at a more rapid pace than most of her largest trading partners. Due to the petroleum sector, however, Norway experienced high growth rates in all the three last decades of the twentieth century, bringing Norway to the top of the world GDP per capita list at the dawn of the new millennium.

16 more annotations...

• insurance
• they are insuring themselves against a negative event.
• if you buy house insurance, you are hedging yourself against fires, break-ins or other unforeseen disasters.
• Hedging techniques generally involve the use of complicated financial instruments known as derivatives, the two most common of which are options and futures. We're not going to get into the nitty-gritty of describing how these instruments work, but for now just keep in mind that with these instruments you can develop trading strategies where a loss in one investment is offset by a gain in a derivative.
• hedge has a cost, so before you decide to use hedging, you must ask yourself if the benefits received from it justify the expense
• the goal of hedging isn't to make money but to protect from losses
• The cost of the hedge - whether it is the cost of an option or lost profits from being on the wrong side of a futures contract - cannot be avoided. This is the price you have to pay to avoid uncertainty.

5 more annotations...

• As people realize we like them and respect their opinions, they share information about themselves that can be helpful in analyzing whether they can use our products or services.
• Networking is simply one of the most important activities in which professionals engage.
• the opportunity to create, nurture and develop relationships is one of the most rewarding processes of human activity. If we capitalize on networking opportunities properly, they can be quite profitable for us while making the world a better place for everyone else.

• 1. The first five seconds

   

  2. The next 20 seconds

   

  3. The next two minutes

   

  4. The last five seconds

   

  5. The next 24 hours to seven days

   

  6. The final outcome
• At the beginning of the networking encounter, Hughes believes the key is to make your discussion partner comfortable. After all, most people are stressed by networking events. You will make a great impression if you take charge, smile, listen carefully and "pretend you're the host."
• build rapport and make your networking partner feel "safe.
• In the next 20 seconds,
• Active listening is crucial, because "wanting to know more about a person is one of the biggest compliments we can pay,
• The most important part of the networking process occurs in the next two minutes
• the real test occurs for both partners. The more you structure the discussion around your partner, the more earnest interest you show in him or her, the more you develop trust.
• Once you have trust, your discussion partner is open to your ideas. This is when you present your message, your unique selling point.
• "the objective of networking is to create a relationship, not make a presentation."
• The value comes over time.
• Trust is especially important if the purpose of your networking efforts is ultimately to make a sale and land a deal. "Selling is a people business, not a product business
• "People don't care how much you know until they know how much you care."
• take control in order to transition out of the conversation and help the person bridge to another conversation
• Find a legitimate reason – one that benefits the other person – to stay in contact
• Not only does follow-up keep you front-of-mind, it makes an impression in other ways
• "following through on commitments and promises goes against the grain of how the world works today
• you will shock people if you're one of those rare professionals who actually returns email and voice mail messages.

18 more annotations...

• To talk less means you have to ask questions that truly engage the customer. However, this doesn’t mean you need to develop complex questions. Instead, the best tactic is to ask shorter ones. Long questions tend to result in short answers, while short questions will generally result in long answers.
• to limit yourself from talking for more than 20 seconds at a time without asking a question.
• you’re checking with the customer to see if they understood what you just shared with them
• forget all about what the customer is thinking
• it’s essential to check your clients understanding by asking a question every 20 seconds.
• Your goal on any sales call is to talk only 20% of the time
• Before you start developing your sales presentation, create your list of questions.
• If you’re following the rule of asking short questions, you’ll ensure that the customer is doing most of the talking.
• You’ll learn valuable information that will help you better understand the customer’s needs.
• If you want to move your questioning process to the next level, make half of the questions you ask be ones that help the customer see and feel the pain they have. By doing so, they will be much more open to receiving your solution.

8 more annotations...

• STAY IN THE GAME POSITION YOURSELF TO ASK PROBING QUESTIONS TO SEARCH FOR NEEDS"
• Most sales people get this objection shortly after their opening value statement – or "opener".
• if their opener is what caused the response (caused and effect theory),
• contact, probe, present, handle objections and close" process with the focus on seeking the decision maker and to then pitch and close them with little regard of what’s best for the prospect is holding sales people back from achieving what we all want most: MAKING QUOTA.
• The sales person doesn’t know who they are calling for:
• because your opener was more of a mini sales pitch than it was anything else.
• you're going in with the wrong strategy. You're going in telling them what you do and they don't care what you do, they only care about how to get better results for themselves.
• Even if you know who the decision making person is, you can only be sure they are QUALIFIED to have/use your product/service after you've asked them some intelligent questions.
• ASKS strategic questions so that the prospect will come to the conclusion on their own that they have a problem they didn't realize before and now they will be more willing to hear a solution.
• whom you should be speaking to BEFORE picking up the phone. No more calling and asking; "Who's in charge of _____?"
• opening value statement that PIQUES INTEREST and LOWERS RESISTANCE.
• I caught you at a good time, I'd like to ask you a few quick questions to see if what we have to offer, may be of some help to you, would that be OK?"

10 more annotations...

• 'Level 1' salespeople sell products and depend on having the right technical solution for the customer’s specification.
• 'Level 2' salespeople sell solutions, which changes their image from sales rep to business consultant and positions them as a potential strategic resource.
• moving from competitive sales professionals to collaborative sales consultants.
• Level 3' salespeople are able to first identify and then capitalize upon the political component within the buying process
• They develop and sustain strong commercial relationships at all levels within their accounts.
• These relationships endure, because they are based on mutual respect and trust. Their clients feel secure, so secure, that they would be fearful of changing supplier.
• they are always in control of the sales cycle.
• where product uniqueness and technical expertise are no longer enough, it is they themselves, that make the difference - i.e. their superior skills
• Commercial Acumen
• strategic awareness
• they can communicate comfortably with board level players
• using common language and terminology
• 'Level 1' and 'Level 2' performers, unable to demonstrate credibility when discussing financial, commercial and political issues, are usually left behind and require assistance from a manager or director.
• pro-actively target competitors and their client base
• Any individual, who lacks the guts for a fight and is not comfortable with competitive selling, will severely restrict their potential.
• Being Focused On Political Activity
• recognizing that a game is being played, whether we like or not, is essential - i.e. what you understand, you can manage.

15 more annotations...

• Ask more qualifying questions
• nearly enough good qualifying questions.
• Most of the sales conversation I listen to start with one or two questions before the sales person launches into his or her pitch.
• better qualifying questions
• Stop asking weak feeble questions and start asking tough penetrating ones.
• Questions that make your prospect or customer think.
• Questions that separate you from your competition. Questions that make you feel slightly uncomfortable...at first.
• Ask for the decision maker
• ask to be connected with the real decision maker
• "My experience has taught me that everyone has a different perspective on this issue. To avoid confusion, I have found that a conversation with all the key stakeholders saves time for everyone involved. Can you arrange that?"
• take the initiative to make that happe
• Ask for a referral
• "Can you clarify that for me?" or "Can you elaborate?"
• what concerns they might have about moving forward or what might prevent the deal from closing. It's better to find out early rather than later.

• Ask why someone chose you

   

  Many sales people don't clearly understand their USP or what makes them different than the competition. When in doubt, ask your existing customers. It's as simple as saying, "John, why did you choose us instead of...?"

• Ask for help

   

  We all encounter problems and challenges. Smart sales people aren't afraid to ask for when they need it. You can ask a colleague, your boss, a customer and even a prospect for help.

• Ask why a prospect chose a competitor

   

  When you lose a deal to a competitor don't just walk away with your tail between your legs. Muster up the courage to ask your prospect why you lost that deal.

15 more annotations...

• • 80% of all consumed manufactured animal feed is poultry feed.
   
  • Aquaculture feed comprises another 8% of usage.
   
  • The balance is comprised of pigfeed (reported to be around 7%),   cattle feed (less than 3%) and other feeds, not pet food.

• Foremost Farms, Monterey Farms (San Miguel Corporation), Robina Agri-Partners   (Universal Robina), Federal Farms and PI Group.
• General   Milling Corporation, San Miguel Pure Foods, Swift Foods, Tyson Agro-Ventures,   Universal Robina (Robina Agri-Partners) and Vitarich.
• San Miguel Corporation   (25% of production capacity), Cargill Philippines (14%), Swift Foods   (13%), General Milling Corporation (12%), Vitarich (11%), Universal   Robina, Sun Jin Philippines, Foremost Farms, Tyson Agri-Ventures and   Grain Handlers
• Soybean meal  1.3 million tonnes valued at C$ 376.5 million.  1.3 million tonnes valued at C$ 417.6 million.  In 2007, based on tonnes landed:
    -Argentina: 69%.
  · USA: 23%.
    -India: 7%.
• The leader amongst the Developed World supply countries is the USA,   which has very strong longstanding links with importers and users.   The USA is often the “first port of call” for Philippine   buyers seeking feed ingredients and inputs for their operations.
• The USA supplies over 400,000 tonnes of such products to the Philippines   each year. The main products supplied are soybean meal (310,000 tonnes)

4 more annotations...

• Thailand’s animal feed industry includes more than 1,000 manufacturers   today. Around 200 of the businesses are ranked medium to large sized   businesses so the industry is fragmented. The majority of businesses   produce livestock feed. About 150 of the businesses in the industry   are aquafeed specialists, of which around 70 are producers of complete   aquaculture feeds. According to the Thai Feed Millers Association, total   industry sales amounted to about C$ 4.5 billion in 2008.
• Soybean meal  1.9 million tonnes valued at C$ 654.6 million.  2.1 million tonnes valued at C$ 659.2 million.  In 2007, based on tonnes landed:
    - Argentina: 48%.
    - Brazil: 38%.
    - India: 14%.
• a few thousand tonnes of   lower grade wheat may be used in feed.
• The USA, which leads the markets for:  
   
  • Prepared animal feeds and premixes (U.S. supply amounted to   107,000 tonnes in 2007);
• New Zealand – Meat and bone meal;
• Netherlands – Prepared animal feed and premixes
• Thai aquafeed companies are price sensitive and so are focused   on buying low cost wheat for milling into flour for prawn feed.

5 more annotations...

• Acknowledging receipt of an enquiry/request
   - Thank you for your letter of … regarding / concerning / in connection with …
   - I refer to your enquiry about / relating to …
   - I have received your letter of … requesting information about …
• Explaining action taken as a consequence of the enquiry
   - I have (reviewed our available stock) …
   - We held a meeting on 21 January to discuss possible solutions.
   - I have checked/looked into/investigated (the possible approaches) …
• Making suggestions / justifying recommendations / pointing out pros and cons  / hedging
   - The best choice would be … since …
   - I highly recommend … as / due to the fact that …
   - … would probably be more suitable because …
   - … seems to suit you better although …
   - Perhaps you should choose … even though …
   - I suggest that you (should) choose …
   - I recommend this item since …
   - In view of the fact that …, I would strongly recommend … as …
• Apologising and rejecting proposals
   - While I appreciate your firm’s need for this information, I regret that …
   - It will not be possible to … for legal reasons. We are bound to …
   - Your proposal is of interest to us, and we have had consultations about it. 
   - However, we feel that it will not be in our interests to … for reasons of  (privacy).
   - We are concerned that …
• Stipulating action requested or to be taken
   - We shall arrange for … by …at the latest.
   - I shall see to it that …
   - Our company will arrange for …
• Establishing goodwill and suggesting contact
   - I hope this suggestion/information will be useful to you.
   - I hope this information will prove useful to you.
   - I hope that this information will help you to make decisions on your order.
   - I look forward to hearing from you.
   - I look forward to receiving your confirmation of …
   - I look forward to doing business with your company in the future …
   - Please feel free to contact me again if you have any further queries on …
   - Do contact me on 27615432 if you need further information.
   - Please do not hesitate to contact me on 27615432 if I can be of further  assistance.

• Dear Mr Lee

   

  Enquiry regarding fire extinguishers

   

  Thank you for your enquiry regarding our newly released range of   fire extinguishers.

   

  You will see from the enclosed catalogue that the range has been   extended to include some highly efficient portable extinguishers for   use on construction sites.

   

  We are offering to our existing customers a 15% discount on   orders of extinguishers from this new range.

   

  We look forward to your increased order at this discount rate.

   

  Yours sincerely

• Enquiry about Batteries

   

  Thank you for your letter of   Tuesday, 23 November 2010   regarding making copies of the sample battery you sent us.

   

  I have investigated the situation and found that your   specifications are exactly the same as the design of a proprietary   camera battery manufactured by a large Japanese electronics company. 

   

  We feel that it would not be in our interests to supply this type   of battery.

   

  However, I would like to thank you for considering our company as   your supplier.

   

  I look forward to doing business with your company in the future

   

  Yours sincerely
• Dear Sir
   
    Creating a New Image
     
    Thank you for your letter of   Tuesday, 23 November 2010 concerning the   creation of a new image for the Yunan route.
   
    We would like to congratulate your company on the inauguration of   this new route. We are very much interested in helping to create a   new image for it.
   
    We would be pleased to quote prices and schedules if you could   provide us with more detailed information.
   
    May we suggest that we send two representatives, Mr. David Poon and   Miss Cindy Tam to your office on   Monday, 29 November 2010  at 10:00 a.m. for   further discussions. Please do not hesitate to contact me if the   date and time is not convenient for you. My telephone number is   2346-8999.
  
• Dear Mr Wong,
    Thank you for your enquiry about the availability of a single   room for six nights from   Wednesday, 29 December 2010   to   Tuesday, 4 January 2011.     Unfortunately, we are fully booked during this period. However, I   have contacted our sister hotel on Hong Kong Island and they have single rooms available. The room rate is   $1,200 per night.
   
    If you would like me to reserve a room during the period you   requested, please do not hesitate to contact me.
• Making suggestions  I hope that these details will assist you in your decision.      4  Justifying recommendations  I'm afraid that we do not feel that this is in the best interests of our organisation.
• Pointing out pros and cons  We would be delighted to comply with your request.      6  Hedging  Please do not hesitate to get in touch if there is anything I can do.
• Apologising and rejecting proposals  I have reviewed our product range and found a suitable model for you.      8  Stipulating action requested or to be taken  Thank you for your letter asking about our products. 
• Establishing goodwill  This may be the most suitable choice for your company.      10  Suggesting contact  I would advise you to...

12 more annotations...

• Opening lines
• make reference to previous correspondence
• say how you found the recipient's   name/address
    - to say why you are writing to the   recipient.

• 10 Good Opening Lines:

   

  With reference to your letter of   8 June, I ...

   

  I am writing to enquire about ...  

   

  After having seen your advertisement   in ... , I would like ...

   

  After having received your address   from ... , I ...

• I received your address from ...   and would like ...

   

  We/I recently wrote to you about   ...

   

  Thank you for your letter of 8 May.  

   

  Thank you for your letter regarding   ...

   

  Thank you for your letter/e-mail   about ...

   

  In reply to your letter of 8 May,   ...

• Closing lines

   

  Why do we need a closing line   in a business letter or email?
   
    - to make a reference to a future   event
    - to repeat an apology
    - to offer help

• 10 Good Closing Lines:

   

  If you require any further information,   feel free to contact me.

   

  I look forward to your reply.

   

  I look forward to hearing from you.  

   

  I look forward to seeing you.

   

  Please advise as necessary.

• We look forward to a successful working   relationship in the future.

   

  Should you need any further information,   please do not hesitate to contact   me.

   

  Once again, I apologise for any inconvenience.  

   

  We hope that we may continue to rely   on your valued custom.

   

  I would appreciate your immediate   attention to this matter.

• When 'Yours faithfully' and when   'Yours sincerely' in a business letter?

   

  When the recipient's name is unknown   to you:

   

  Dear Sir ... Yours faithfully

   

  Dear Madam ... Yours faithfully

   

  Dear Sir or Madam ... Yours faithfully  

• When you know the recipient's   name:

   

  Dear Mr Hanson ... Yours sincerely  

• When addressing a good friend   or colleague:

   

  Dear Jack ... Best wishes/Best regards  

• Addressing whole departments:  

   

  Dear Sirs ... Yours faithfully

10 more annotations...