When traveling abroad, you’ll likely have some need for the ‘hard’ currency of the country you’re visiting. Below are three tips to consider when acquiring another country’s currency:
Tip 1: Use credit cards whenever possible. These do not incur an exchange fee and so provide the cheapest way to make purchases abroad.
Tip 2: Withdrawal foreign currency using an ATM. Again, this avoids an exchange rate penalty and the ATM fee charged by your local bank is often smaller than the fee charged by currency exchangers.
Note: It is important to accurately estimate the amount of ‘hard’ currency needed so to minimize the number of ATM withdrawals and subsequently ATM use fees incurred. Ask a colleague, friend, or family member living in the country to be visited or familiar with travel there to help you make this estimate. Remember, acquiring too much foreign currency will result in the need to pay a high conversion fee to change the unused foreign money back to your home country’s currency.
Tip 3: When receiving money from a currency exchanger, always check that the money received is the correct denomination and from the correct country. These transactions have a manual component which can result in costly (to you!) errors if the wrong currency is exchanged. For example, receiving Euros instead of British Pounds devalues your transaction (as of this article’s publication a Euro is worth less than a Pound) and may cause you troubles and embarrassment later when trying to spend this money in the United Kingdom.
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Use your time for problems that are truly important.
Hard as it may be to walk away once you’re aware of it, just because a problem is there doesn’t mean you have to solve it. Ask yourself and your colleagues, “What will happen if we don’t solve this problem?” If the answer is, “not much,” then turn your attention to something more important. If you don’t know what will happen, find out before you undertake a problem-solving project. It should be clear to you and everyone else involved that the problem is worth the effort-and expense-to fix it.
Quantify the cost of the problem quickly, but as realistically as you can. Include lost opportunity costs as well as real expenses such as staff time to deal with the problem, travel expenses, etc. Use actual costs where you can; estimate where you can’t. Then guesstimate what it will cost to analyze and fix it. Write your analysis down, stating all your assumptions explicitly. Get a colleague to verify that your assumptions and estimates are reasonable. Start with a rough “order of magnitude” estimate. That may be enough to answer the question of whether you should proceed. If it’s not clear, especially if the cost to solve it will be high, do a more careful analysis.
If it will cost more to fix than to live with the problem, or if the number is even close, perhaps your resources (time, people, money) are better spent on other projects. If you decide to proceed anyway, you can do so with a better understanding of what you’re undertaking. On the other hand, if you can demonstrate that the cost of the problem is much higher than the cost of solving it, using estimates based on reasonable assumptions, it will generally be much easier to get the resources you need. You can use your written analysis as a sales tool to help win support for your decision to proceed or not.
We have to learn to distinguish those things that are truly important from those that are merely urgent.
– Jerry D. Campbell
Copyright 2007. Jeanne Sawyer. All Rights Reserved.
Jeanne Sawyer helps her clients solve expensive, chronic problems, such as those that cause operational disruptions and cause customers to take their business elsewhere. These tips are excerpted from her book, When Stuff Happens: A Practical Guide to Solving Problems Permanently. Now also an ebook, find out about it and get more free information on problem solving at her web site: http://www.sawyerpartnership.com/.
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Management observation programs seek to reinforce desired behaviors while also capturing data to enable the identification of improvement opportunities. Both of these objectives require observation repetition in order to be effective; enough reinforcement points to alter or establish reflexive behaviors and an adequate number of data points collected to enable a statistically sound conclusion to be formed. Realizing the desired number of observations is most easily achieved through a quota system.
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StrategyDriven Podcasts focus on the tools and techniques executives and managers can use to improve their organization’s alignment and accountability to ultimately achieve superior results. These podcasts elaborate on the best practice and warning flag articles on the StrategyDriven website.
five shifts CMOs need to make in order to transform themselves from tactical marketer to corporate growth leader
the most important customer data sets in making the shift
how CMOs can demonstrate bottom line results
benefits for the CMO and organization for making the shift
Additional Information
In addition to the incredible insights Scott shares in The Shift and this special edition podcast are the additional resources accessible from his book’s website and his organization’s website, www.Prophet.com. Scott’s book, The Shift, can be purchased by clicking here.
Complimenting The Shift, are Scott’s books on the brand asset management including:
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Thank you again for listening to the StrategyDriven Podcast!
About the Author
Scott Davis, author of The Shift, is a senior partner at Prophet, a global marketing consultancy. Scott was an adjunct professor at the Kellogg Graduate School of Management at Northwestern University and has guest lectured at many top MBA programs including Harvard, New York University, Columbia, and the University of Chicago. He has worked with top executives at GE, Johnson & Johnson, IBM, Best Buy, Sara Lee, and Boeing. Scott is frequently quoted by leading business publications including The Wall Street Journal, Reuters, USA Today, and Business Week. To read Scott’s full biography, click here.
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It seems obvious, but how many times have we gone to a problem-solving meeting and the discussion started with either whose fault was it or an assertion about the proper solution?
Instead, start by explaining what the problem is – what went wrong, what the symptoms are, what the impact on your business and your customer’s business is. These are the things that someone knows at this point in the problem solving process. If the someone is not you, and you’re leading the problem-solving effort, you need to do some research to find out. No guesses or assumptions allowed: the problem description must give the facts clearly and accurately.
Write it down. Writing the problem down forces you to describe it carefully, completely and unambiguously. The statement is a valuable tool to help focus your team on the real problem and avoid wasting time on extraneous issues. Everyone who reads it should understand what the problem is and why it’s important. No jumping ahead, either: you don’t know yet what caused the problem much less what you will do to fix it.
The written statement can also be used as a “sales tool” to explain what problem you’re solving and why it’s important. Use it to make sure you have the support you’ll need from management, your customer and any other key players. This is especially important if the significance of the problem is not universally understood or accepted.
The problem is defined when everybody who reads your problem statement, including you, understands what will be different when the problem is solved and your team agrees that it describes the correct problem.
Copyright 2007. Jeanne Sawyer. All Rights Reserved.
Jeanne Sawyer helps her clients solve expensive, chronic problems, such as those that cause operational disruptions and cause customers to take their business elsewhere. These tips are excerpted from her book, When Stuff Happens: A Practical Guide to Solving Problems Permanently. Now also an ebook, find out about it and get more free information on problem solving at her web site: http://www.sawyerpartnership.com/.
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Tools for Professionals – International Currency Exchange
/in Tools for Professionals/by StrategyDrivenTip 1: Use credit cards whenever possible. These do not incur an exchange fee and so provide the cheapest way to make purchases abroad.
Tip 2: Withdrawal foreign currency using an ATM. Again, this avoids an exchange rate penalty and the ATM fee charged by your local bank is often smaller than the fee charged by currency exchangers.
Note: It is important to accurately estimate the amount of ‘hard’ currency needed so to minimize the number of ATM withdrawals and subsequently ATM use fees incurred. Ask a colleague, friend, or family member living in the country to be visited or familiar with travel there to help you make this estimate. Remember, acquiring too much foreign currency will result in the need to pay a high conversion fee to change the unused foreign money back to your home country’s currency.
Tip 3: When receiving money from a currency exchanger, always check that the money received is the correct denomination and from the correct country. These transactions have a manual component which can result in costly (to you!) errors if the wrong currency is exchanged. For example, receiving Euros instead of British Pounds devalues your transaction (as of this article’s publication a Euro is worth less than a Pound) and may cause you troubles and embarrassment later when trying to spend this money in the United Kingdom.
Problem-Solving Success Tip – Use Your Time for Problems That are Truly Important
/in Decision-Making/by Jeanne SawyerUse your time for problems that are truly important.
Hard as it may be to walk away once you’re aware of it, just because a problem is there doesn’t mean you have to solve it. Ask yourself and your colleagues, “What will happen if we don’t solve this problem?” If the answer is, “not much,” then turn your attention to something more important. If you don’t know what will happen, find out before you undertake a problem-solving project. It should be clear to you and everyone else involved that the problem is worth the effort-and expense-to fix it.
Quantify the cost of the problem quickly, but as realistically as you can. Include lost opportunity costs as well as real expenses such as staff time to deal with the problem, travel expenses, etc. Use actual costs where you can; estimate where you can’t. Then guesstimate what it will cost to analyze and fix it. Write your analysis down, stating all your assumptions explicitly. Get a colleague to verify that your assumptions and estimates are reasonable. Start with a rough “order of magnitude” estimate. That may be enough to answer the question of whether you should proceed. If it’s not clear, especially if the cost to solve it will be high, do a more careful analysis.
If it will cost more to fix than to live with the problem, or if the number is even close, perhaps your resources (time, people, money) are better spent on other projects. If you decide to proceed anyway, you can do so with a better understanding of what you’re undertaking. On the other hand, if you can demonstrate that the cost of the problem is much higher than the cost of solving it, using estimates based on reasonable assumptions, it will generally be much easier to get the resources you need. You can use your written analysis as a sales tool to help win support for your decision to proceed or not.
We have to learn to distinguish those things that are truly important from those that are merely urgent.
– Jerry D. Campbell
Copyright 2007. Jeanne Sawyer. All Rights Reserved.
Article Source:
http://www.bestmanagementarticles.com
http://crisis-management.bestmanagementarticles.com
About the Author:
Jeanne Sawyer helps her clients solve expensive, chronic problems, such as those that cause operational disruptions and cause customers to take their business elsewhere. These tips are excerpted from her book, When Stuff Happens: A Practical Guide to Solving Problems Permanently. Now also an ebook, find out about it and get more free information on problem solving at her web site: http://www.sawyerpartnership.com/.
Management Observation Program Best Practice 4 – Observation Quotas
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StrategyDriven Podcast Special Edition 16b – An Interview with Scott Davis, author of The Shift, part 2 of 2
/in Marketing & Sales, StrategyDriven Podcast/by StrategyDrivenSpecial Edition 16b – An Interview with Scott Davis, author of The Shift, part 2 of 2 examines the bottom line benefits of the Chief Marketing Officer serving as an organization’s corporate growth leader. During part one of our discussion, Scott Davis, author of The Shift: The Transformation of Today’s Marketers into Tomorrow’s Growth Leaders
shares his insights with us regarding:
tactical marketer to corporate growth leader
Additional Information
In addition to the incredible insights Scott shares in The Shift
and this special edition podcast are the additional resources accessible from his book’s website and his organization’s website, www.Prophet.com. Scott’s book, The Shift
, can be purchased by clicking here
.
Complimenting The Shift
, are Scott’s books on the brand asset management including:
Final Request…
Thank you again for listening to the StrategyDriven Podcast!
About the Author
Podcast: Play in new window | Download (Duration: 31:24 — 43.2MB)
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Problem-Solving Success Tip: Define the Problem First
/in Decision-Making/by Jeanne SawyerIt seems obvious, but how many times have we gone to a problem-solving meeting and the discussion started with either whose fault was it or an assertion about the proper solution?
Instead, start by explaining what the problem is – what went wrong, what the symptoms are, what the impact on your business and your customer’s business is. These are the things that someone knows at this point in the problem solving process. If the someone is not you, and you’re leading the problem-solving effort, you need to do some research to find out. No guesses or assumptions allowed: the problem description must give the facts clearly and accurately.
Write it down. Writing the problem down forces you to describe it carefully, completely and unambiguously. The statement is a valuable tool to help focus your team on the real problem and avoid wasting time on extraneous issues. Everyone who reads it should understand what the problem is and why it’s important. No jumping ahead, either: you don’t know yet what caused the problem much less what you will do to fix it.
The written statement can also be used as a “sales tool” to explain what problem you’re solving and why it’s important. Use it to make sure you have the support you’ll need from management, your customer and any other key players. This is especially important if the significance of the problem is not universally understood or accepted.
The problem is defined when everybody who reads your problem statement, including you, understands what will be different when the problem is solved and your team agrees that it describes the correct problem.
Copyright 2007. Jeanne Sawyer. All Rights Reserved.
Article Source:
http://www.bestmanagementarticles.com
http://crisis-management.bestmanagementarticles.com
About the Author:
Jeanne Sawyer helps her clients solve expensive, chronic problems, such as those that cause operational disruptions and cause customers to take their business elsewhere. These tips are excerpted from her book, When Stuff Happens: A Practical Guide to Solving Problems Permanently. Now also an ebook, find out about it and get more free information on problem solving at her web site: http://www.sawyerpartnership.com/.