business management psychology

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  Scarcity is a psychological principle that can be incredibly effective when used as a motivating tool.  In this video, I explain how you can use this psychological principle to motivate your team, make sure that people respect your time and run your business more effectively.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. Scarcity is basically the idea that if you have two business managers and one is always available, never busy and always willing to devote all of his time to whatever comes up and there is another manager whose time is very scarce and important, then the latter manager is more important, has more work going on and his time is very important.
  2. This psychological principle can be an effective motivating tool and when you make sure that your time is seen as scarce, you will find that it improves your business management.
  3. A way that you can use this is to make sure that when you are working with your team you use time line-based bonuses.  For example, you can tell your employee: “If you get this task done this week, you can have half a day off.”  This makes that bonus more scarce because there is a time line for finishing it.
  4. Another technique is to become more in-demand.  If you do this, people will respect your time more and you will extract more value from your meetings and interactions.
  5. The more that you leverage this scarcity principle, the more you will be perceived as an in-demand authority. 

If you are recognized as an in-demand person with scarce time, your peers, superiors and others will grow to respect your time and abilities. 

Thanks for joining us, and I will see you again soon,

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Business Management Psychology – Episode #71

by Richard Wilson on July 28, 2011

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  In this video, I talk about leveraging the power of reciprocation in business management.  I explain what this psychological principle is and how it can really help in managing your business.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. Reciprocation is the influence law that when you give someone something they will want to pay you back in some way.
  2. There are many ways to utilize reciprocation in business management.
  3. One way to do this is through the people who you are managing.  There may be various conflicts regarding your employees and you can use reciprocation to better manage these individuals.  You can use this strategy when assigning work, negotiating paid leave/sick days and other areas; then, your employee will reciprocate with positive performance, a good review to your superiors, and other great results. 
  4. Another way to use reciprocation is to gain the respect of your boss, your superior or business partner.  For example, you can take the initiative to document your processes or some other way of providing value first without demanding something in return.
  5. If you make a habit of providing value first, then you will find others reciprocating and helping your business grow.

Reciprocation is a very important psychological principle and I have found that it can be very helpful in motivating and managing employees, developing strong business partnerships and gaining recognition as a business leader.

Thanks for joining us, and I will see you again soon,

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