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Randy Elgin
10999 W IH10; Ste 175
San Antonio, TX 78230
210-232-2310
How to Survive the Recession... Stronger Than Before
As bad as it is out there, it's important to recognize that this is a time of tremendous opportunity.
Get my free report, "How to Survive the Recession ...Stronger than Before" by replying to this email or by calling the number above.
Worth Reading
Selections from the best articles seen online this month.
5 New Management Metrics You Need to Know
From Forbes
Most companies measure traffic, revenue or earnings without considering how to improve at an atomic level - by making meetings better or engineers more productive. James Slavet offers five measures of basic improvement. One is flow-state percentages. When flow-state (or deep concentration) is disrupted, it takes 15 minutes to get back into flow.
7 Things Highly Productive People Do
From Inc.
There's risk to adopting every new bright idea or management theory that comes along. So-called best practices may actually be bad habits. Take the open-door policy. It can be a source of constant interruption and an excuse for your reports to bother you when they ought to be handling things on their own. The same can be said for open-office concepts, which tempt workers to spend time talking instead of working.
BOOK REVIEW
Be Unreasonable, by Paul Lemberg
Be Unreasonable is a call to business owners to think bigger. Instead of getting trapped in the narrow constraints of what has gone before and what your competitors are doing, the book urges entrepreneurs to think "unreasonable" thoughts and act on them to produce a big leap for their businesses.
What are some of Lemberg's "unreasonable" ideas? Don't compromise, because that forces you to sacrifice what truly matters; do more than you are asked for; consider why normal is normal (is it because it is effective or because it is easy?); think whatever thoughts (don't let your mind censor you); expect the best from those around you; plan your exit strategy from day one; waste in order to create (because most things don't work first time); take Fridays off (so you don't get burned out); and don't worry about getting it right the first time.
The book continues with strategies and tactics to help you make the "unreasonable" work for you.
Wisdom
Quotes by...Pierre Omidyar
"We have technology, finally, that for the first time in human history allows people to really maintain rich connections with much larger numbers of people."
"eBay's business is based on enabling someone to do business with another person, and to do that, they first have to develop some measure of trust, either in the other person or the system."
"When I started eBay, it was a hobby, an experiment to see if people could use the Internet to be empowered through access to an efficient market. I actually wasn't thinking about it in terms of a social impact. It was really about helping people connect around a sphere of interest so they could do business."
"I was just pursuing what I enjoyed doing. I mean, I was pursuing my passion."
"I've got a passion for solving a problem that I think I can solve in a new way. And that maybe it helps that nobody has done it before as well."
Pierre Omidyar is the founder of eBay.
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REAL ESTATE
How to Market a Property to Upscale Tenants
Marketing commercial properties for lease to upscale tenants can be challenging.
Upscale tenants are more selective and demanding, but they are willing to pay a premium to get what they want.
Your commercial property will have to meet their exacting standards.
Failing to advertise a property's desirable features can result in it being overlooked.
Following are some ways to ensure that doesn't happen:
Promote Your Location: Higher-end tenants are very interested in the location of a property. If there is access to high-volume foot traffic, parking and public transit, promote those features, as they will be attractive to tenants looking for them in their selection process. Remember, you are advertising your building as the ideal location to house their business.
Highlight the Attractive Features of the Building: Some employers enjoy being in a historical building. Others are looking for a building with green features or want ample floor space. Whatever the features of your building, highlight them in your marketing efforts to attract the most valuable tenant for that space.
Promote the Value of Your Building: You need in your advertisement more than just the price per square foot. You need to let potential tenants know what makes your building worth the price, particularly if you're promoting a premium building that you want to lease for an above-average price. If a tenant sees the value in the space, they'll be willing to pay a premium price.
MARKETING
How to Make a Facebook Fan Page
 To create a Facebook fan page for your business, you must have a personal Facebook profile.
To launch the page, go to any page that you "like" and scroll down to "Create a Page."
Be thoughtful when naming your page, as it is extremely difficult to change the name later on.
Usually the page name will be the name of your business. Check to be sure you've spelled it correctly
Facebook's fan page layout gives you plenty of page real estate to brand your business.
Try to integrate all the customization options to create a focused and compelling presentation of your brand.
Customization options for your Facebook fan page include:
- A profile image
- An "About" box for information on your business
- Navigation tab icons and titles
- Likes/favorites
- A photostrip
- A wall (custom tabs)
Your profile image will appear as a thumbnail for all posts you make. If you have a logo, use it so that it becomes associated with the content you're sharing.
The "Permissions" section gives you various editing options. The default tab allows you to direct first-time visitors to a specific page area. The "Suggest to Friends" option enables you to share the page with your personal Facebook friends.
Be sure to maintain consistent branding across all social media and promote your Facebook fan page in other marketing materials, including your website; email signature; online marketing pushes; and offline materials such as business cards, ads and brochures.
Facebook picture by Johannes Fuchs.
MARKETING STRATEGY
Team Up With Others to Win More Clients
 Have you thought about teaming up with another business to do a joint marketing promotion or share marketing resources?
Joint venture (JV) marketing is a great way to stretch your marketing budget and raise your business profile.
Marketing joint ventures can range from co-sponsoring ads or events to jointly promoting product launches or bartering products and services.
Trade shows are a good example of a type of marketing JV in which businesses pool their resources to gain wider exposure.
For online businesses, marketing collaborations typically involve exchanging email lists and offering freebies or discounts to the subscribers and customers of each venture.
You can develop marketing JVs with business associates, industry peers or even with competitors, if you target different niches or if your products and services are related but do not compete directly.
The benefits of marketing JVs extend far beyond the scope of the actual ad, promotion or trade.
JVs are a cost-effective way to get new leads, prospects and customers.
They allow you to build your own reputation and brand awareness while building alliances with other businesses.
Marketing JVs enable you to add greater value to your existing customers and new collaboration with other businesses, you can target new customers and new markets and obtain new distribution channels for your offerings.
Establishing JV relationships with reputable, well-respected businesspeople will bring credibility to your business through implied or actual endorsements and testimonials and enhance your reputation through association with quality products, services and brands.
REAL ESTATE
What to Look for in an Accommodation Property When it comes to investing in accommodation properties, there are as many investment options as there are property types.
Knowing about the different types of accommodation properties enables investors to create a self-sustaining business that will provide profits for years to come.
Knowing the basic history and some of the benefits and drawbacks of each property type will also help investors make an informed decision when buying.
Motels
Motels became a very popular investment in the 1960s as the development of the highway system made long-distance travel more common and accessible to the general public.
The intention of motels was to cater to the traveling public but that began to change with advancements in mass transportation.
Many savvy investors converted former motels into apartments for monthly or long-term rentals, while others purchased run-down and even abandoned properties for their future development potential. Nonfranchised motels have made a strong comeback in some states as fully restored historical attractions or vintage operations.
One of the earliest motel chains was established in the 1930s.
Hotels
In contrast to motels, which were designed to cater to the traveling public heading from one place to another, hotels cater to a broader spectrum. Furthermore, hotels tend to operate as franchises or chains.
Buying into a hotel chain comes with the advantage of brand recognition, which is reflected in the purchase price.
Be sure to read the franchise agreement carefully and fully understand your legal obligations to the brand.
Conference Centers
Conference centers are a type of hotel designed to accommodate very large groups with a presentation area, sleeping accommodations, dining opportunities, recreation and even shopping amenities.
The sheer volume of guests who attend various conferences requires careful management to balance the expense of staffing with the potential for profit.
Extended-stay Hotels
Extended-stay hotels are designed to accommodate guests who require longer-term lodging.
The benefit of investing in an extended-stay hotel is that daily room cleaning and laundering service is not required.
Owners offer a reduced rate based on the length of stay in exchange for a regular laundering service determined by the property owner.
Bed-and-Breakfasts
Bed-and-breakfasts require a lot more than financial backing. You are also investing in a lifestyle. Guests expect a more intimate and personable experience.
Washroom facilities are often shared, and guests typically dine at the "family" table with the owners, exchanging stories and experiences.
Some bed-and-breakfasts have successfully created a niche market by tapping into the romanticism of a bygone era and offer honeymoon and anniversary themes.
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