Chinese Secrets of Great Service
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Message #1763
Friday, June 23, 2006
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WEALTHY: Catching up with hot markets
HEALTHY: How many Hindu squats can you do? (Matt Furey)
WISE: J.C. Penney on customer service
ALSO IN THIS ISSUE:
My checklist for top-notch customer service (Michael Masterson)
The high – and super-low – cost of entrepreneurship
Add "deference" to your vocabulary
Buy Cash Flow Properties at 25% below Market Value in Any Kind of Market
Concerned about the bubble and bust of today s real estate market?
Don t fall victim to the advice of commission-hungry realtors or the headline-hungry media. You stand to not only watch your current net worth plummet, but also miss out on a golden opportunity to see your fortunes skyrocket.
Take a moment to listen in on Justin Ford s exclusive tele-seminar discussing the best ways to quickly and safely profit in today s real estate market, without letting emotion rule your investment decisions.
-Kam Weiler
By Andrew Gordon
If you're thinking of investing in a red-hot sector, keep these three things in mind:
1. Hot sectors don't last forever. The earlier you get in, the more money you can make. If you're catching a hot market in the last quarter of its climb, you're too late. Everybody has already piled in and driven up prices. What's more, if the sector runs out of gas a little before you expect, you're stuck with a high-priced investment that you now have to sell for a loss. What was a low-risk investment at the beginning of its run up has become a high-risk investment.
2. Don't confuse dogs with laggards. If a company hasn't figured out a way to make a profit in a fast-rising sector, don't invest in it – no matter how cheap it is. You can put lipstick on a lousy company, but in the morning it's still ugly.
3. Companies in any sector tend to rise and fall together, but the really good ones will rise a little higher and drop less steeply than their less-capable peers. In a hot sector, they usually start separating from the pack early on. Ideally, you should invest in them during the first quarter of a sector's hot streak.
In the middle 50 percent of a bull run (if you think the bull will last two years, that would be the middle 12 months), you'd be better off investing in companies that have very good fundamentals but lag behind the leaders for some reason.
A year ago, for example, I was looking into the super-hot real estate investment trust (REIT) sector, which had grown 20 to 25 percent during each of the past two years. Instead of focusing on the fastest-growing REITs, I sighted a little-known Texas REIT whose recent growth was pretty flat. Turns out the trust had just booted an ineffectual CEO, replacing him with the original CEO and one of the company's founders. After I recommended the reformed REIT to my readers, it jumped 15 percent.
[Ed. Note: Whether you're looking for ways to build and preserve your wealth or simply looking for insightful commentary from Andrew Gordon, ETR's market-beating expert, subscribe to our Money Insight newsletter ... and give yourself an edge over all the other investors you know.]
"Courteous treatment will make a customer a walking advertisement."
- James Cash Penney
Notes From Asia: Chinese Secrets of Great Service
By Michael Masterson
Ever since my first trip to Hong Kong in the early 1980s, I've been impressed by the level of service you get from travel-related Asian businesses. Even the best service you receive in the States – first-class accommodations on the best U.S. carrier or a stay at a Four Seasons or Ritz-Carlton hotel – doesn't measure up to what you get in Asia.
This trip to China confirms my earlier impressions. Every contact we've had with employees of this industry has been exceptional.
Today at breakfast, I asked my fellow travelers if they agreed with my assessment. "Best in the world," Allie stated confidently. "Without a doubt," Daniel said, "and I've been in the best places." Even K, who doesn't like agreeing with me, agreed.
"So what is it that makes this service so special?" I asked.
"They are just so accommodating," Allie said.
"So eager to please," Daniel added.
"It's true," K said. "And a big part of it is that they will do anything you ask. Since we've been here, I haven't heard anyone say no to anything we requested."
"Do you think it's a cultural thing? Is it innate? Or is it something they are taught when they get into the travel and hotel business?"
Everyone agreed that it was probably a combination of both. The Chinese people have a tradition of hospitality and a code of conduct that promotes respect. But the people we've been dealing with are also – very evidently – extremely well-trained. You can tell from the way they approach you, their choice of words, the posture they assume when they are waiting to serve, and their impeccable manners.
"But it's not just their attitude," Daniel pointed out. "It's that there are so damn many of them."
It's true. At The Peninsula hotel in Hong Kong, I counted no fewer than six valets, three doormen, two security guards, and some sort of manager – all manning the front door. At the reception desk, there were no fewer than three people at any time. When a group came in, there would be five or six. And there were always three concierges. I never had to wait more than two or three minutes to get service. Most times, someone would be there to help me within seconds.
I wondered if it would be possible to create this kind of service in the West. I wondered, in particular, if this sort of service could be replicated at our Rancho Santana property in Nicaragua.
What would we need to provide this kind of service?
Inexpensive labor
The average hotel worker in China makes $150 a month. That's about the same as moderately skilled labor in Nicaragua. In the U.S. or Europe, by contrast, the same level of worker would cost at least 12 times that much. All other things being equal, that means lots more people at your beck and call in Asia.
Smart-enough people
When I have done business in Asia before, I've wondered if the Asian people are innately smarter than we are. This trip, I've been paying particular attention to this issue – and my conclusion is "no." They are not. The girl who was changing money for me this afternoon didn't seem to be any better at counting than her counterpart in the U.S. would be. And she certainly wasn't technically gifted. (I had to point out to her that her automatic cash counter wasn't working because the power was switched off.) In fact, she was just about smart enough to do her job well.
Trainable people
One thing that clearly distinguishes the Chinese hotel and travel personnel from their colleagues in other corners of the world is how well-disciplined they are. They never fail to approach you the moment you want something. You can't leave a bit of trash on your table for more than 30 seconds before someone comes by to clean it up.
I am very much aware that this caliber of service is unlikely to be equaled by the staffs of lesser hotels here. But that just makes the point: The Chinese travel industry has figured out what it takes to give its people near-perfect training.
Well-groomed people
The skin is spotless. The hair shines. The fingernails are manicured. Everyone we encounter is immaculate, both in terms of personal hygiene and dress. This makes a strongly positive impression.
Mannerly people
Above all else, it is the graciousness and deference that distinguishes these people. The little bow and humble smile when they approach you. The graceful way they step back and extend a hand to allow you to pass. When they speak to you, each word seems to be chosen carefully, as if speaking casually would be disrespectful.
There is an adequate supply of common sense and even intelligence in the pool of labor available in the West, and it would be difficult to argue that American and European people are harder to train. But I don't think it is likely that you could find as many well-groomed and well-mannered people in the West – and that is a big difference.
Today Action Plan
Spot-check your customer service team against this menu of estimable qualities. On a scale of one to five, rate your employees on the following. Are they …
clean?
well-groomed?
well-trained?
well-spoken?
courteous?
respectful?
upbeat?
positive?
eager to please?
2978 MILLION BARRELS OF OIL "MISSING" IN TEXAS
A new piece of oilfield technology developed by a former Howard Hughes company is about to revolutionize the oil industry – and could help producers recover 2,978 million barrels of "missing oil" in the state of Texas over the next 10 years…
Here's how a few informed investors could generate 1,813% returns from this historic situation…
Reader Feedback: "You helped immensely with the knowledge and initiative that it took to get to where I am."
"I have been an avid reader of your ETR newsletter for quite some time now, and have taken the plunge and followed up with some of your website ideas! Of course, reading many of the books recommended by you helped immensely with the knowledge and initiative that it took to get to where I am.
"I believe it was last fall, you mentioned that there weren't any informative doctor review sites available, so Mr. Randy Stuppard decided to take that idea and create www.doctorreviewsonline.com. Taking this one step further after you shared ideas for the pet industry, I followed suit with one for veterinarians, www.vetreviewsonline.com. This is still a project in the works, but I feel that there is a need and a want for this advice and help. Having been involved in the animal health industry for many years, I am also able to share some of my knowledge with the public.
"I want to thank you for your ideas and great information that you send forth to us every day!"
Nicole Gruendl
Bellingham, WA
By Matt Furey
Yesterday, Michael Masterson described his 22-minute workout – which kicks off with 25 Hindu squats. And maybe you've been wondering what Hindu squats are …
Hindu squats are the first exercise taught in Combat Conditioning. They build strength and endurance throughout the thighs, calves, lower back, and chest. Most importantly, they build lung power. If you can run several miles at a decent clip or pound the Stairmaster for a half-hour, you probably think you have good cardiovascular fitness. But if you try 500 straight Hindu squats on for size … I think you'll be amazed.
Here's how to do them:
1. Begin with your feet shoulder-width apart and your toes pointing straight ahead. Pull your hands in tightly to your chest. Inhale.
2. Keep your back fairly straight and lower your buttocks until your thighs are parallel to the floor.
3. As you lower your buttocks, your hands are behind your back, and they follow you toward the ground.
4. As you move toward the parallel-to-the-ground position, simultaneously raise your heels from the floor.
5. Now swing your arms upward and push off your toes, raising your body to a standing position. (As you raise your body, your hands rise until they are level with your chest.)
6. Once standing, make tight fists with your hands and pull them toward your chest (as though rowing a boat), keeping your elbows close to your body.
7. Inhale as you pull your arms in; exhale as you lower yourself.
Repeat these steps without stopping for as many reps as possible. 25 or 50 is a good goal for beginners. If you can do 100 without stopping, you're making great strides. But when you can do 500 Hindu squats in a row, you are on the way to greatness!
[Ed. Note: Matt Furey, an occasional contributor to ETR, is a best-selling health and fitness author, as well as a world-class marketer. His daily e-mails at www.mattfurey.com are must-reads.]
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You don't need fancy equipment. And you don't need to know a thing about photography to get started. You don't even have to quit your day job (if you don't want to, that is). Most photographers I know are turning a picture here and a snapshot there into an extra $150… $400… even $800 in their spare time.
Here's everything you need to know about this fun and lucrative side-business.
It's Good to Know: Business Start-Up Costs
It's not impossible to build significant wealth as an employee, but it's a lot easier when you're a business owner.
Ever wondered how much you'd have to shell out to start the business of your dreams? Depending on what you plan to do and where you locate your new venture, it can range from doable to seriously expensive.
To give you an idea, here, according to New York Magazine, are start-up costs for eight different businesses:
Bakery: $38,005
Handbag Shop: $72,500
Kids' Store: $77,500
Bike Shop: $90,000
Bar: $110,000
Wine Store: $156,913
Furniture Store: $238,000
Restaurant: $341,500
If start-up costs like these are out of your range, help is just a few weeks away.
"Deference" (DEF-uh-runs) is a courteous expression of esteem or regard.
Example (as I used it today): "Above all else, it is the graciousness and deference that distinguishes these people."
Michael
Masterson
Copyright ETR, LLC, 2006
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