Home' Trinidad and Tobago Guardian : January 29th 2015 Contents Avoid common traps when
measuring customer turnover
Acquiring new customers is expensive,
which is why you want to attract and keep
the right kinds. One way to measure whether
you re doing this is to calculate your customer
churn rate; just make sure you avoid these
• Don t look at churn as simply a number
or metric. Think about the behaviour behind
the number. Ask: What are we doing to cause
customer turnover? What are our customers
doing that s contributing to their leaving?
How can we better manage our customer
relationships to make sure it doesn t hap-
• Don t believe there s a magic number.
What s acceptable varies by business model
and depends on how quickly and efficiently
a company can acquire customers and how
profitable they are in the short and long term.
• Don t assume that you have a retention
problem. Often, a high churn rate simply
means that you re attracting the wrong kinds
of customers in the first place.
(Adapted from "The Value of Keeping the
Right Customers" by Amy Gallo.)
Find your footing after a bad
It s hard to pick yourself up after a bad
performance review. But in order to move
forward, you have to push past any anger and
embarrassment and use the critical feedback
to improve. Vent to someone who will be
candid, not just consoling. Ask what might
be right about the criticism, and think about
whether you ve heard it before. Ask colleagues
for additional feedback. Once you ve cooled
off, make sure you fully understand the review.
Go back to your boss with any questions
(just check your tone). For example, if your
boss said you don t take enough risks, ask,
"Can you give me an example of when I
should have taken the initiative, but didn t?
What might you have done?" Come to an
agreement with your manager on what
changes to make. Experiment with doing
some things differently and ask for another
review to make sure you re on track.
(Adapted from "What to Do After a Bad
Performance Review" by Carolyn O Hara.)
BUSINESS GUARDIAN www.guardian.co.tt JANUARY 2015 • WEEK FIVE
Airports Authority of Trinidad and Tobago ('the Authority')
invites suitably qualified firms and individuals to submit
proposals for leasing and developing land at the Piarco
AeroPark for Warehousing Operations. This is an attractive
opportunity to operate in one of the most high-traffic areas
in Trinidad and Tobago.
The Piarco AeroPark is a mixed use business park just north
of the Piarco International Airport in Trinidad and Tobago.
The Piarco AeroPark is the first aerotropolis or airport city in
the Caribbean. It will contain zones for various activities
Copies of the RFP can be obtained from December 30th
2014 between 8:00a.m. and 4:00p.m. at the Cashier's
Booth, Airports Authority Administration Centre, Piarco
International Airport, South Terminal, Golden Grove Road,
Piarco, Trinidad and Tobago upon payment of a non
refundable fee of US$200.00 plus VAT.
A Pre-Proposal Conference and Facility Tour will take
place at 10:00a.m. on March 04th 2015 at the following
Proposers and their representatives are encouraged to attend
the Facility Tour to acquaint themselves with the conditions
therein which may influence their proposals.
The deadline for submission of proposals is April 28th 2015
at 2:00p.m. AST. Late submissions will not be considered.
The Authority does not bind itself to accept the lowest or any
Questions or requests for further information should be
The Secretary Tenders Committee
The subject line should read
at the Piarco AeroPark
TrINIDAD AND TOBAGO
Focus on problem-solving, not
With everyone rushing to be innovative, it s easy
to lose focus on why we need it in the first place:
customers. Innovation isn t an end-goal in and of
itself - it s a byproduct of trying to solve interesting
and important problems.
Rather than trying to innovate in order to "keep
up with other companies," focus your innovation
efforts on meeting customer needs.
Encourage your team members to ask: "What s
going on with our customers? What are they happy
about? What aren t they responding to? How can we
better serve them?" Great innovations happen when
people are inspired by a problem. If you want your
team to start producing truly innovative outcomes,
get out of the building and go talk to your customers.
Listen to their challenges. Come up with ideas
about how you can help them, and then figure out
which ones you can act on.
(Adapted from "Successful Innovators Don t Care
About Innovating" by Doug Sundheim.)
Help your team
voice their concerns
No one wants to upset the boss. That s why it can
be difficult to get candid opinions from your employees.
But you need to encourage them to speak up if you
want to know about minor issues before they become
big problems. If some people are uncomfortable airing
concerns in large group settings, initiate more casual
one-on-one conversations. You should keep an open-
door policy, but don t wait for people to come to you;
go out and talk to them yourself. You can get people
in the habit of speaking up by routinely asking if there
are any issues you should be aware of.
Offer regular financial updates so people will know
what s working and what s not. If they feel that they
have a stake in the success of the organisation, they ll
be more willing speak up.
(Adapted from "How to Get Your Employees to Speak
Up" by Rebecca Knight.)
Managing a project means
A project s scope, schedule and budget all affect
what you can achieve. So if you tweak one of these
factors, you ll have to change something else. For
example, if your time frame for developing a new
database is cut, you ll have to hire more people (up
the budget) or deliver a system with fewer features
(reduce the scope). You ll face many similar trade-
offs when managing a project.
The point is: don t panic. If you know from the
start which of these three is most important to stake-
holders, you ll be able to make the right trade-offs.
A less ambitious or even lower-quality product isn t
necessarily a bad thing - as long as the functionality
meets the needs of the end users and fits the budget
Just keep your stakeholders in the loop. You ll spot
trade-offs long before they do, so tell them when you
want to make changes and negotiate to reach a solution.
(Adapted from "Managing Projects" from the 20-
Minute Manager series.)
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