As we watch the fallout of layoffs and cutbacks in business, I am looking for other profit centers in my clients business and my own that can be capitalized on. In the search for these hidden nuggets I found the results of a survey conducted by the management-consulting firm of Bain & Company. The survey found that a third of the Fortune 500 companies that made a shift in the strategic direction their company used, “secondary assets” of the company to make the change.

What “secondary assets” or underused product or service do you have in your present business that you could use to make more money? While the opportunity may be in a similar arena to what you are currently doing, it may also be in a new direction. You may capitalize on something else you haven’t used yet or previously had the time to explore. Perhaps the opportunity is even outside of your company, such as a joint venture or applying your technology or know how to help someone else capitalize on what they don’t see or are not using to their advantage.

Whenever I think of ‘secondary assets” I always think of Post It Notes and how something can be discovered even by mistake, that can change the face of your company forever. What do you have that is underused?

This economic upheaval is making strange bedfellows. If the big three highly competitive auto makers can join forces to borrow on one of the biggest loans of our time it is clearly a sign that we should all consider our own venture opportunities we may have shunned in the past.

I am not going to be critical of the Chief Justice of the Supreme Court except to use the fact that he decided not to use notes in the swearing in of the President of the United States as an example of what happens if you are not prepared. He wasn’t and messed up the oath of office for himself and the President.

The Business Lesson: In business you cannot be prepared for everything, but you can be prepared for the things you know are coming and if you are not prepared, there is a great chance that mistakes can and will happen. There isn’t any excuse in that.

Not to long ago there was a very successful bestselling book call, Don’t Sweat the Small Stuff . While I understand the point the author was making about the importance of not getting stressed out, I hasten to point out that good business is the essence of sweating the small stuff. To review every detail of an event, sales letter, marketing campaign or new hire is important. If you can’t do it yourself make sure the person handling the job for you can or get someone else.

The Chief Justice of the Supreme Court made a mistake today that could have been prevented. Unfortunately, he will have to live with it. Don’t put yourself in the same position.

Flying in your own jet to a Congressional Hearing to ask for money was a stupid idea but it wasn’t the worst blunder the car companies made. The worst mistake they made was forgetting the two reasons we are in business. Serve your customer and make a profit. They weren’t doing either.

Clearly the big 3 dragged their feet in producing new car concepts that went with the times and their bottom lines are terrible. Yet seemingly nothing was being done about it. I am totally fine with paying big salaries to people who produce but just like football if the Coach or top player isn’t producing it is time for a change.

BizIdea: Take a look at your business. Reward the people who are producing and let go those that are not. Yes, those decisions are tough but delaying them will only risk the possibility that your business may find itself having to lay off even the producers. Moves like that makes no economic sense nor does it serve the core reason for being in business. To risk repeating. The purpose of business is to serve its customers in the best fashion it can and to make a profit so it can keep serving those customers. Miss either side of that equation and sooner or later your business will pay for it.

Southwest Airlines is known for its quirky fun staff, low fares and peanuts for lunch. They may have added another new idea. If you elect to check your bags curbside in Las Vegas, the friendly bag handlers loudly tell you, “thanks for the tip” if you do give them one.

The Bizidea lesson: Telling someone thanks is always a good idea and I don’t know if this is a nationwide movement for Southwest or just something the Las Vegas guys thought of but it works at two levels. People are happier when they are thanked and when you hear thanks for the tip said by many people while you are waiting in line you can’t help to feel like a jerk if you aren’t fishing in your pocket looking for a tip to fork out when you check your bag. In an economy where many people are cutting back they sure are forking over the cash in Vegas.

The next time you have a training session with any of your employees that deal with your customers (even if you are your lone employee) remind them to thank your customer for their business. You may not get a tip but over time you will be rewarded.

I have to tell you I am more than a little disappointed in President Obama’s decision to turn over his email list to what will be a marketing machine for the entire Democratic party, but the importance of that list emphases the value of building your own.

For the first time in history a candidate amassed a list of 13 million emails and knew how to use it to raise more money than any other candidate has ever imagined. If that wasn’t a product sale I don’t know what is. In fact, his entire campaign should be studied in marketing classes as a classic case in product marketing.

While the email list and database you create may not hit the numbers his has, it is the importance of the information itself that we want to focus on. Now, more than ever, consumers are voting with their dollars. The votes (dollars) are going to the candidates (stores and service providers) they believe in. Trust, combined with service and value are what these voters want and if you deliver it, they will come to you over your competition.

Two BizIdea points: Build your list and start now. Be loyal to your list and provide the message and benefits the members seek in the industry you serve. Do these two things and you will be rewarded as the President was.

The Tampa Bay Bucs just fired their Coach, John Gruden and General Manager Bruce Allen. This surprise move was right after awarding both men a 4-year contract extension last year.

Malcolm Glazer, the franchise President, explained that every year at the end of the season the family sits down and reviews where they are and what changes they need to make. Once they decide they make the decision.

The BizIdea Lesson: It isn’t easy to override a big decision you have made in the past; especially, when it is going to cost you big bucks and cause a stir of second guessers in the high media world of professional football. But, kudos to them for doing what they think is right. We all make decisions we later regret but the important thing to do is to not get caught up in the emotion and make the tough decision.  It is also important to note that the Glazer family makes it a point to review its business at the same time every year. I think that it’s also something to incorporate in your business. We try to review ours at the end of each year because that is as close to a season end as we have. Whatever the date you pick it can be a rewarding and important time if you are prepared to make the tough choices.

Southwest Airlines is known for its quirky fun staff, low fares and peanuts for lunch. They may have added another new idea. If you elect to check your bags curbside in Las Vegas, the friendly bag handlers loudly tell you, “thanks for the tip” if you do give them one.

The business lesson: telling someone ‘thanks” is always a good idea. I don’t know if this is a nationwide movement for Southwest or just something the Las Vegas guys thought of but it works at two levels. People are happier when they are thanked and when you hear thanks for the tip said by many people while you are waiting in line you can’t help to feel like a jerk if you aren’t fishing in your pocket looking for a tip to fork out when you check your bag. In an economy were many people are cutting back they sure are forking over the cash in Vegas.

The next time you have a training session with any of your employees that deal with your customers (even if you are your lone employee) remind them to thank your customer for their business. You may not get a tip, but over time you will be rewarded.

I am attending an Athletes Investor and Franchise show in Las Vegas. No, I wasn’t invited because I am an athlete (LOL) but because we are presenting on the franchise side.

At 6 after the first day, everyone is invited to a cocktail party for a meet and greet. Free food and drink… so most attend including me.

Towards the end of the party and much to my surprise I was approach by two mid 20 something low v-neck type attractive young women. I knew at once something was up since it has been a number of years that a twenty year old approached me for anything.

“Hi”, the blond said extending her hand to shake and immediately establishing rapport. “What are you doing”, she added. Gawking was what I wanted to say but fortunately managed to come up with something about meeting new people to which she and her friend replied they were too. For the next few moments I found myself interested in hearing a slightly different sales pitch about how they were out meeting people too and inviting them to come out to their club. To make a longer story short, the Club was a “Gentlemen’s Club” and their limo would be happy to take me there and bring me back. The pitch was great but I declined and knew I had something to tell you.

The Biz Lesson…. Businesses everywhere are down because we are… whether we like it or not… in a world recession. We all have two choices. Hide our head in the sand and ignore the economy or face the fact and go out and get business. I don’t know whether the two ladies were self motivated or their club owner made a decision to take matters in his own hands and send some of his employees to find business and bring it back but that was exactly what he was doing. He wasn’t sitting back and moaning about the weather or any other excuse he might have come up with. He knew there were people in town at other places and one way he could reach them was to take the party to them wherever they were. My business side wanted to meet the owner and quiz them on their strategy. I didn’t think I could pull off explaining to my wife where I had gone to do a little research on business so I can only relay my observations to you instead. If the business isn’t coming to you, … go to where your customers are. Maybe that’s trade shows, Chamber of Commerce meetings or, like this one, cocktail parties. The point is, where ever your customer is, design a marketing plan to find your customer and go shake hands. It beats the wait. Think about it.

…Out in Vegas for an Athlete Investor and Franchise Show. This is supposed to be a gathering of professional athletes who are looking for business ideas they can get involved in and it seemed like a good idea to come see if they would be interested in Kennedys, our barber franchise.

Vegas is…well…Vegas. There may be a slowdown in people who are here but there are buildings being built and cranes moving, so I guess the city developers didn’t read about the recession or some are just getting ready for the turnaround. The hotel for the event is called the Palms and I have discovered that it is the only Playboy Club in existence. Wonder what they paid Hef for that license agreement?

Anyway… I was in the elevator on my way to my room and it was flying through floors at what seemed like unusually fast speeds. I wondered why they felt it was necessary to add so much speed. Then it dawned on me. Money. Of course…follow the money. The faster you get out of the elevator, the faster you get on the floor and bet money. I will bet there is some green visor genius sitting in some accounting office in Dubai figuring out the numbers for how much more money they make if they get every gambler out on the tables x minutes fast over the course of a year, several years etc. I bet it pays for all the elevators and then some.

The business lesson : It’s all in the details. If your telephone is answered faster is your prospect less irritable and more likely to buy? For some businesses the question may be if your phone is just answered is there a better chance your prospect will buy. You get the point. Details can make a big difference particularly now in slower times. My suggestion to us all is to do a walk around our business and see what is going on. Are there details that can be altered just a little in a phone script to increase your numbers? Are your employees offering additional products to clients when they speak to them. These little bumps should be high margin items that boost you profit per sale. The saying is that “the devil is in the details”. I say it’s the “money” in the details.

This is a question to ask yourself now and to also put in your calendar to ask yourself every 6 months.

Who is making money now and what are they doing?

Let me give you an example. Six months ago Mortgage brokers were dying on the vine. Many talented people in the industry went broke or moved out of the business because the mortgage industry dried up.

Now, things are changing. No, not everyone is making money but some are, and the industry is starting to turn because interest rates are falling. When long term rates fall far enough, people begin to refinance.

Refinancing is a sweet spot in the mortgage brokerage business because anyone with property and an interest rate about 1.5% higher than the refinance rate is a candidate to refinance and the sale to those people is starting to become a no brainer. Once the rush begins, history shows us that money is to be made fast for those that get their business lined up and a system to process it. So who is making money now…The mortgage brokers who are flexible are starting to and the trend will now be up not down. People that begin to follow the trend will reap some great rewards.

What else is starting to change again in the economy or, to say it another way…who is making money now? Follow it.