Excellent Networking Consultants is the firm that I work with. It specializes in internet services and other IT-integrated services, such as networking. Thus, for this business to grow spontaneously there is a need for involving other people whether as employees or franchises. This is why I feel proposals advanced by Weiss’ concerning qualities of people to be incorporated into a business are relevant to our business. The proposals advanced by Weiss (2009, 136) include competency and lack of role conflict.
Competency is relevant to our business because we cannot employ a person that does not understand what his job description entails. This will help to save time and money that will be used for training a person who lacks knowledge pertaining to his roles. In addition, involving competent people is vital as it ensures time management in the completion of tasks.
The second point outlined by Weiss (2009, 136) concerns involvement of people that lack role conflict. This point is also relevant for our business because a networking company usually has many departments and functions to be completed, and in case a person exhibiting role conflict is involved, it will lead to the slowing down of the firm’s operations.
An item that I disagree with in this chapter concerns hiring. Regarding this topic, Weiss (2009, 137) provides that hiring of people does not derive its motivation from business, but from ego. I disagree with this item because people factor in business when they hire employees. The objective of hiring is to increase the turnover in terms of profits, which necessitates the need to hire for business. I also disagree with Weiss’ proposal under this item in which he suggests that not all people should be employed on a permanent basis. This distracts the employees’ motivation because they do not concentrate on work as they try to find permanent employment.
Two questions formulated from this chapter include:
What factors do business collaborations consider when dividing the profits?
What techniques can be employed to retain clients?
Networking business requires a lot of capital and involves substantial paperwork to keep track of all the expenses or incomes that are encountered, and that is why I second Weiss’s rule concerning tips to follow when contemplating opening a new business. According to Weiss (2009, 163),during the process of obtaining a business, it is vital for a person to ignore expenses and documentation carefully.
Weiss’ proposal to ignore expenses when in the process of acquiring a business is relevant to our business. This is because many undertakings of our firm will be conducted locally, which validates the need to ignore some expenses. In addition, this does not necessary entail an utter ignorance of all expenses as some expenses, though petty, can be totaled to reduce the number of invoices.
Another key point outlined by Weiss (2009, 163) concerns proper documentation. This is also relevant to our business because some conversations tend to be misunderstood, and documentation is essential for clarification. In addition, sending of hard copy and soft copy summary of meetings is in tandem with our firm.
An item that I disagree with in this chapter concerns Weiss’ observation regarding a deal that sounds too brilliant to be factual. Weiss (2009, 167) observes that a businessperson should take keen consideration regarding deals that are made over the phone, especially late in the evening. I feel Weiss is misadvised because some companies extend their operations until late in the evening, which means some deals can be done late in the day.
Two questions formulated from this chapter include:
What are the things that constitute a traditional market?
What other ways are available for financing a business?
This means that there are constant meetings with clients to agree on prices regarding certain goods or services our firm sells. Thus, the two points that I agree with Weiss regarding setting our prices include “demand and supply are neither” and “never cite fees below our usual self”.
The suggestion by Weiss (2009, 175) to “never cite fees below your usual self” is applicable to our business because the main purpose for creation of our firm was to generate profits. The rule of Weiss advises our business to avoid losses by not trying to impress customers through underquoting our prices as it will put us out of business eventually.
The second rule of Weiss, which is “Demand and Supply are neither”, is also applicable to our business. Concerning this rule, Weiss (2009, 180) intimates that demand and supply should not be relied on when setting prices regarding networking services. This also applies to our business because if we conduct field research the firm will determine the exact point to position our prices.
An item from the chapter that might not be relevant to our business concerns Weiss’s argument on “How to Raise Fees at Any Time, Without Raising Cain”. Under this item, Weiss (2009, 192) claims that market and demand are not reliable indicators of setting price because they can result in inadvertent lagging. This is not true in relation to our business because the business has faired exceptionally well in the past by relying on the market completion and demand in setting of prices regarding services and goods.
Questions relevant for class discussion include:
What is the justification of the forty ways advanced by Weiss of raising consultation fees?
How do demand and supply aid in price formation, in a consultation business?