In sales, this is how we motivate and inspire our underlings to sell more!
First, we track ask them to track their sales performance.
For eg, how many customers they approached per day, how many of them turned into sales that day.
We will then get their closing ratio.
A sales person may score 1:10 - meaning for every 10 customers he applied his snake oil sales pitch on; 1 turned into kaching $$$!
Work harder
Want to double your income? Prospect and approach 20 potential customers per day!
Work smarter
What? You want work/life balance? You didn't join sales so you can work 15 hours a day?
But you still love the money... How?
Ah! This is where craftsmanship comes in!
Improve your prospecting and sales closing skills so you improve your closing ratio to 1:5. Wink.
This salesperson I must keep an eye on
Without prompting from me, if a salesperson does both - instead of debating whether working harder or smarter is better - this one got potential!!!
Will survive in this line.
But also must "guard" against as if he's too good, he could be a future competitor to my job...
Now why would anyone train someone who could be a future competitor?
Overriding commissions.
If I don't benefit from each and every sales my underlings make, you think I so free or so altruistic meh?
Can apply to Trading?
If you want to double your trading profits, how would you proceed?
Or maybe I make it easier for those of you never worked in sales but have been trading for some time.
Can you spot which trading techniques/styles belong to the "Work harder" and "Work smarter" categories?
Have fun!
temperament,
ReplyDelete"Work harder" trading techniques are quite effective. Simple and much easier to execute.
But man! The transaction costs do stack up... And they work better for youth. How many traders in their 50s to 60s can keep it up?
"Work smarter" styles sound so simple. But to execute them right, it takes at least 10,000 hours or 10,000 trades to master...
This is the part most false shepherds conveniently have "amnesia" on ;)
Hi SMOL,
ReplyDeleteYou work hard so that you know how to work smart :) Some of these can be taught, but you know it without understanding it. Only those who had worked enough hours will understand it.
Start working now! LOL
LP,
DeleteYes Sir!
Boy, am I glad I have trading to intellectually stimulate my mind.
If not, it would have to be Mahjong!
My neighbours will be glad I chose trading ;)
the only way i know how to increase my profit is to increase my capital!
ReplyDeleteyou have better suggestion?
coconut,
DeleteBurning evenings and weekends to teach others how to trade is one way to beef up our own trading account ;)
That's the "Work Harder" route.
Using Other People's Money (OPM) as in leverage; or taking advantage of Other People's Talent (OPT) like outsourcing one of your trading accounts to other traders to trade for you - Fat did that but not so successful...
Most traders cut short their profits and let their losses run.
The "Work Smarter" way those "gurus" (who are working harder) will share is to minimise your losses and let your winners run!
But how to do it?
Well, you got to sign up for their Master Trader Advance Supreme Bombastico Workshop to find out ;)
But if these "gurus" knew, why aren't they on the beach or having orgy parties after work like Wolf of Wall Street?
I also can share the no.1 secret to trading/investing - Buy Low; Sell High.
There!
LOL!
wonder hows fat? did he blow up his out source account?
Deleteyes, one way to increase your P/L is to trade with outside fund. still same as increase capital base! letting other trade for you only make your account smaller.
coconut,
DeleteThe first time Fat outsourced one of his 50K account to an old friend from his SIMEX days. His friend didn't do too well with his forex trades...
Then Fat went to nibble on some MLM forex voodoo thing remember? Made some money then no news... Not a good omen I think.
Hello, giving up some of your capital to another prop trader to trade for you is "Working Smart" if that trader trades BETTER than you ;)
Don't hit the face!
You think why so many successful Hedge Fund and Trading legends would "seed" their protégé when their former students decide to set up their own trading shop?
Let's see in your 60s and 70s you can still keep this up!
Those prop trading shop bosses - why they hire other traders to trade their money?
Wars are fought by young men; the spoils of war are divided by old men.
Hi Jared,
ReplyDeleteSigh. Nowadays no commission for me, all about KPIs only. Give more constructive tips leh! :P
Jes,
DeleteIf you are not above "tripod" your boss like a man-whore like me, this is what I've done:
Boss, how did you come up with such inspiring KPIs?
I'm so motivated now!
Ah... I see how my KPIs fit into your grand scheme of thing. So this is the direction you want to lead us to...
(Actually he probably plucked the numbers out of a hat; but you want to make him feel he got do strategic thinking mah!)
Rest assured I will do my utmost not to let you down. The last thing I want is to hold EVERYONE back.
(Its a thin veil reminder to your boss that if you don't do well, he won't do well too.
It serves 2 purpose:
1) Lay the ground work so you can secure his "personal" help and resources as he has vested interest in your success.
When no one around call your boss - oppa, gor, shifu, or whatever makes you cringe. Now you are "more equal" than your other competitors ;)
2) In the event you failed to reach your KPIs, your boss won't be too harsh on you since he knew even with his support you still failed... Where got ownself slap ownself one?)
However, if your boss is a she... Then forget everything I've just said.
You should know by now women are the biggest bitches to other women ;)
LOL!
Hi Jared,
DeleteHaha bitches are not everywhere, less female representation at the top. Anyway, my KPI is a subset of my boss's KPI so definitely in the right direction. Not much strategic thinking leh!
Eh, didn't know you so wayang one, oops! :D
Jes,
DeleteAh ber then?
When boss says "Jump!" I'm the one that shouts back "How high?"
How not to be liked by boss?
When I became a man of leisure, off came my corporate mask and armour :)
You think why I'm the few non-business running blogger who uses my real name and pic?
Corporate life is like those Mainland/HK/Korean palace intrigue dramas. Loads of fun - provided you are on the winning side.
And for male geeks out there who are not into soap operas... I think you can identify if I say Game of Thrones ;)
I was sharing other day when I was in my teens, I were already reading Dale Carnegie's "How To Win Friends and Influence People".
Perhaps the answer frustrated people with holes in their hearts seek is not Financial Freedom...
Maybe they should jio me for coffee to learn more about political savviness in the workplace?
LOL!
Michiavelli, snake-oil, jedi force - they are all the same thing - they work on feeble minds.
Smol
DeleteYour words remind me of an colleague, just that he's not a straight one. That's something out of league.
Small Time Investor,
Delete害人之心不可有; 防人之心不可无。
And to prevent myself from getting too disgusted with cynicism, snake-oils like me will do a bit of the "robin-hood" thing.
That's why I never tell anyone they have to invest or trade - when I know the majority will lose money; and my game plan is to be on the opposite side of their positions...
Nicely written!
ReplyDeleteFinancialveracity.com
Clive,
DeleteWelcome to my humble watering-hole :)
Ah! A young trader, forex some more!
Good, good.
We need more youth and traders over here.
Hmm... Regret going to Poly?
Regret as in should go to Uni instead; or regret should have started working earlier (like me)?