Author: Jim Weber

Management Consultant, Executive Recruiter, Author, Public Speaker; My blog, "Fighting Alligators" is geared to the over 50 job-seeker; people interested in starting their own business; and freelancers looking to become more successful. I have 22 years of experience with Fortune 500 Brands in Strategic Planning and General Management. For the past 22 years, I have been President of New Century Dynamics, Inc., an Executive Search Business I started and own. My company is in the business of providing Consulting and Executive Search Support to our client base. In 2014, I helped create ITB Partners, an Association of freelance management consultants.
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June 18 Catering Webinar

 

You are invited to a webinar, Catermind: The June Strategic Targeting Call. After registering, you will receive a confirmation email.

 

Why:  Add More Income to Your Bottom Line During “Back to School Season.”

Who:  Danielle Guzzetta  of REVGEN Marketing, and

Byron Dunkin of  New Catering Connections

 

What:  June Strategic Catering Targeting Call.

When:  Jun 18, 2025 02:00 PM Eastern

Where:        Follow this link to register: https://lnkd.in/gBJjBis9

   Topics:

    • Back to School Plan Creation
    • What is 2nd Party Catering
    • July Target Opportunities
    • Using AI for Use Case Development and Performance Critiques

 

How:  Follow this link to register: https://lnkd.in/gBJjBis9

👉 revgenmktg.com
📩 Danielle@revgenmktg.com

Let’s grow your bottom line—starting now.

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REVGEN Catering Program Offer

Interested in Unlocking 10–15% More Revenue—Without Adding Costs?

There’s a lot of money to be made outside the four walls of your restaurant—and RevGen Marketing can help you take your share.

 Catering is a $70+ billion industry, yet most restaurants are either underleveraging it or not doing it.

At RevGen Marketing, we specialize in building catering programs that work with what you already have—no new SKUs, added resources, and zero startup costs. We can get your program up and running in under 60 days.

A well-run catering program can drive 10–15% of your total sales

With the holidays just around the corner, now is the time to act.
Up to 40% of annual restaurant catering revenue is generated in Q4. Let’s make sure you’re getting your piece of the pie.

Schedule your complimentary consultation today:

RevGen Marketing

 

👉 revgenmktg.com
📩 Danielle@revgenmktg.com

Let’s grow your bottom line—starting now.

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Smarter, Safer, Faster: How Smart Tech Is Redefining the Industrial Workspace

Image via Pexels

In an era where every minute counts and every error can carry a steep cost, modern industrial environments are rapidly adopting smart technologies to stay ahead. From sensors embedded in equipment to wearable safety devices and automated systems that think ahead of human operators, the rise of smart technology is transforming how factories, warehouses, and production floors operate. The goal is not simply to add gadgets for the sake of innovation, but to meaningfully increase productivity, reduce injuries, and ensure facilities meet the ever-tightening web of regulatory compliance. Today’s facility managers aren’t just running machines—they’re running ecosystems, and smart tools are their new lifeline.

Leverage IoT to Monitor Everything, All at Once

You can’t fix what you can’t measure, and that’s exactly why the Internet of Things (IoT) is such a valuable ally in the industrial sector. With smart sensors monitoring temperature, pressure, humidity, vibration, and countless other variables, your equipment becomes a source of insight rather than guesswork. This constant stream of data doesn’t just help identify when something goes wrong; it helps predict problems before they occur, slashing downtime and allowing proactive maintenance. Whether you’re running a small facility or a sprawling complex, IoT turns your operation into a living, breathing organism that reports on its well-being 24/7.

Navigate the Tech Maze with a Consultant

Deciding which smart technologies will help, not hinder, your workspace can be overwhelming. That’s where bringing in an independent management consultant can be a game-changer, especially one with experience bridging operations and digital strategy. A consultant acts as a translator between what your facility needs and what vendors are selling, helping you avoid costly missteps and focus on solutions that truly move the needle on safety and efficiency. For expert guidance, it’s worth checking out ITB Partners, where seasoned professionals specialize in aligning technology choices with business goals across a wide range of industrial sectors.

Integrate Smart Oversight Through Industrial Servers

When you’re dealing with dozens of machines and hundreds of sensors, industrial servers make it possible to bring all that real-time data into one centralized location. This kind of consolidation lets teams spot inefficiencies, react faster to anomalies, and make smarter decisions backed by live information. To keep things running smoothly, it’s essential to work with servers that offer enough memory to quickly access and store vast amounts of operational data without lag. You’ll also want systems built with industrial-grade durability so they can stand up to heat, dust, vibration, and other harsh conditions commonly found on the floor, especially for applications utilizing edge servers where responsiveness and reliability are non-negotiable.

Wearables: The Safety Net That Moves with You

Smart helmets, connected vests, and wristbands that monitor fatigue are no longer futuristic accessories—they’re today’s essential safety gear. Wearables can track workers’ vitals, detect falls, and even issue real-time alerts when someone enters a high-risk zone. This not only protects individual workers but creates a culture of accountability and care that ripples through the whole team. For industries where danger lurks around every corner, these devices offer peace of mind and a tangible reduction in incidents, all while generating data that can improve training and workflows.

Find Automation That Thinks Ahead

Automation has been a fixture of industrial life for decades, but recent advancements have given rise to systems that go beyond pre-programmed motions. Today’s robots and automated platforms adapt to the environment, learn from past tasks, and even collaborate safely alongside human colleagues. These systems don’t just replace manual labor—they elevate it, taking on the most repetitive and dangerous jobs so that your team can focus on what requires human creativity and oversight. In the long run, smart automation doesn’t just boost productivity; it reshapes what your workforce is capable of achieving.

Energy Efficiency Through Smart Grids and Controls

Energy waste is both a cost issue and a sustainability one, and smart controls can drastically cut both. Smart grids analyze usage patterns and automatically adjust energy consumption based on real-time demand, reducing waste without sacrificing performance. When integrated with IoT sensors, these systems can even shut down unused machinery or reroute power to where it’s needed most. This kind of adaptive control not only cuts utility bills but supports your facility’s green initiatives, something that’s becoming increasingly vital in attracting clients and staying ahead of regulation.

Train Workers for the Age of Smart Industry

All the tech in the world is useless without a workforce that knows how to use it. That’s why forward-thinking companies invest just as much in training as in hardware. From VR-based safety modules to hands-on tutorials with wearable tech, training programs today are as smart as the systems they support. When workers understand how and why these tools exist, they’re more likely to embrace them and identify issues before they escalate.

The industrial world is no longer a place of brute force and blind repetition. It’s becoming smarter, more connected, and infinitely more adaptive thanks to technologies designed to work with human beings, not around them. Whether you’re investing in wearables, deploying IoT sensors, or building a server system that ties it all together, the goal is the same: make your operation faster, safer, and more resilient. As the line between digital and physical continues to blur, the most successful facilities will be those that embrace smart tools not as novelties but as necessities. The future is already here—it just depends on whether you’re ready to plug in.

Discover how ITB Partners can solve your toughest business challenges, fuel your growth, and help you reach your goals with their expert management consulting services.

Thank you for visiting our blog.

 

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our perspective and would like to receive regular posts directly in your email inbox. To this end, please put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me, so please leave a comment.

Jim.Weber@itbpartners.com

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Marketing Director Search Landed by New Century Dynamics Executive Search

Director of Marketing – Job Description

Role Overview:

The Marketing Director is a leader, brand champion, and strategist who generates a profitable revenue base for our franchisees.  The Director of Marketing is directly responsible for developing and implementing plans and strategies that increase brand awareness and traffic counts in the Cafes and supporting franchisee initiatives such as community events, menu changes, calendar events, local events, etc.  This includes leading/managing internal resources and project teams, as well as direct oversight of external marketing-related business, franchisees, suppliers, and vendors.

Role Requirements:

    • Works closely with franchisees to improve their financial performance.
    • Participate in weekly strategy/update meetings
    • Conduct Cafe / Market visits x per quarter
    • Member of the new Cafe/market open team
    • Partner & align with the operations team
    • Promotes the culture and the Cafe operations

 

Role Responsibilities:

Marketing Strategy (increase guest traffic and check average)

    • Work closely with Operators and Franchisees and key management to develop Local Store marketing plans
    • Drive and facilitate execution of plans
    • Build and manage the event planner
    • Build and execute event strategy around dates, and community / local events

New Market Penetration / New Cafe Openings

    • Build and execute plans to support new Cafe openings and new market penetration
    • Assess post-open KPIs (options/strategies) to maintain new Cafe open momentum

  

Guest Insights

    • Facilitate the understanding of the Store trade areas and boundaries
    • Source, collect, and assess guest demographics
    • Ensure understanding of guest data and traffic/check trends

 

Social Media / Customer Facing Technology

    • Assess the current strategy, to upgrade and improve execution
    • Develop and execute plans to increase the operator’s profitability.
    • Assess and recommend opportunities for brand building and enhanced PR.

 

Ideal Candidate Profile

Knowledge / Skills / Abilities (KSAs)

    • Degree in Marketing
    • Proficient Analytical Skills
    • Minimum of 7+ years direct QSR. Or Quick Casual marketing experience
    • Successful creation and execution of revenue-generating strategies
    • Direct experience leading new store openings and new market penetration strategies
    • Basic understanding of Cafe operations
    • Social Media Savvy
    • Customer Facing Technology Savvy
    • Experience with Consumer Insights
    • Proficient in office tools (Microsoft Office)
    • Project management skills
    • Ability to multi-task
    • Solid written and verbal skills

 

Behavioral Profile –(Leadership-Teamwork-Conscientious)

    • Excellent communication skills
    • Ability to influence and persuade others
    • Ability to take constructive criticism
    • Ability to work effectively within multiple levels of an organization and individuals
    • Creative
    • Self-motivated, energetic, highly organized, and able to manage multiple tasks and projects

 

Physical Requirements (ADA):

    • Sitting at a desk – using a computer, telephone, etc. 50% of the time
    • Lifting/carrying no more than 15 lbs. – minimal % of the time
    • Meeting Management – (standing, sitting, interacting) 30%
    • Travel (domestic based on openings and events): 30-40 % of the time

 

Jim Weber – President
New Century Dynamics Executive Search

This document is presented to you confidently.  All communication, whether written, oral, or electronic should be addressed to the following:

 NEW CENTURY DYNAMICS EXECUTIVE SEARCH

Tel. 770-354-2817;

e-mail: JimWeber@Newcenturydynamics.com

 

 

Marketing Director Search Landed by New Century Dynamics Executive Search

The Marketing Director is a leader, brand champion, and strategist who generates a profitable revenue base for our franchisees.

https://wp.me/pa0WEz-3fs

← Back

Thank you for your response. ✨

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Create Your Market Develop Strategy

When you’ve chosen to develop a new market, planning for the successful penetration of that market begins. The primary reason for your planning should be to go where your customers are, and the competition isn’t. Further analysis must be completed to understand and prioritize the trade areas for development. The starting point is to identify the relevant trade areas in the market and secure demographic data on its residents. Understanding the trade area population by daypart is very helpful. This data will help you prioritize the trade areas for development. I learned the fine points about developing a market while managing the Atlanta market.

I have lived in the Atlanta area for 28 years. My last employer transferred me here as preparations were underway for the 1996 Olympics. They saw Atlanta as a primary market for development and assembled the resources to execute that strategy. In that assignment, I was directly responsible for two QSR franchising brands. Later, as an independent consultant, I gained further experience with other brands. Atlanta is a very desirable market for national and regional restaurant brands. However, it can be a difficult market to develop. There is a long list of brands that came to Atlanta and failed. Ultimately, they closed their stores and left. Atlanta is an excellent case study of how to develop a retail brand.

Atlanta is the 6th largest city in the United States of America. It is the Capital of Georgia and is considered the Capital of the South, probably due to its strategic location It is a major crossroads for the Southeast, so logistics and supply chain are significant industry sectors. Hartsfield-Jackson Atlanta International is the world’s busiest Airport. 80% of the U.S. Population is within a two-hour flight from Atlanta. Atlanta is also a Financial Hub. Other major industry sectors in the SMSA include Advanced Manufacturing, Life Sciences, Healthcare, and FinTech.

The Atlanta SMSA is attractive to businesses due to its moderate climate, reasonable cost of living, and business-friendly State and Local Governments. Atlanta is the headquarters for many national and regional brands. Nineteen Fortune 500 companies are headquartered in Atlanta, including sixteen Fortune 100 companies. Two Hundred Inc. 500 companies also call Atlanta home. It boasts home-grown QSR and Casual Dining Brands that dominate their categories.

The Atlanta market has been growing steadily for as long as I can remember. Many fraternity brothers made a beeline for Atlanta when I graduated from college. In 1996, the population of the SMSA was about 4.5 million people. Today it is closer to 6.1 million. Atlanta continues to grow in all directions, unimpeded by major bodies of water and other natural boundaries. Atlanta has a highly diversified population and a well-diversified economic base. There are many well-regarded Colleges and Universities located in the Atlanta area creating an ample supply of part-time employees.

The population growth in suburban Atlanta continues. Growth is so great that traffic, especially during rush hour, has become a major problem. Commute times are unbearable. Many employers have moved into the suburbs to be more convenient for their employees. In other words, businesses are following their employees into the suburbs. This is very helpful as it adds to the daytime population of trade areas. Development opportunities in trade areas on the periphery of the SMSA are abundant. Based on the rationale I have presented, Atlanta is a very desirable place to conduct business.

I have witnessed successful development programs and many failures of national and regional brands. The difference between success and failure is often the development strategy pursued by the brand. Regarding the development of markets like Atlanta, one must plan a military campaign. Don’t jump into the middle of the market to be surrounded by savvy competitors with established brands. Solid brands have lost time and resources by attacking the Central Business District first. A brand must have exceptional national recognition to effectively develop the core of an SMSA. Successful brands, including Marlows Tavern, have pursued an “Outside-In Development Strategy.” Success requires attacking growing trade areas from the fringes of the market. Building from the perimeter offers a less competitive landscape. Less competition means lower investment costs and a more favorable labor market. An Outside-in Development Strategy is the most effective way to develop Atlanta!

Summary and Conclusion
A successful market development program requires a thoughtful analysis of the trade areas within the SMSA. If the trade areas are ranked by their potential ROI, it will probably lead to an Outside-In Development Strategy. For a market like Atlanta, that is the recommended path. An exception to that rule would be high-end, luxury goods and services, with well-established brand identification.

 

Thank you for visiting our blog.

 

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our perspective and would like to receive regular posts directly in your email inbox. To this end, please put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me, so please leave a comment.

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How to Craft a Development Strategy

Now that your foundation for growth is established, it is time to craft a development strategy.  You must determine when and where to direct your investment.  To craft a development strategy, one needs a framework to synthesize the relevant statistics and prioritize the markets for development.  This is the focus of this article.

 

I have seen many companies stumble and fall because they did not have a viable development strategy or failed to follow the plan they crafted. The fundamental problem was a failure to appreciate the value of market penetration, the key to success for retail brands.  Fully penetrating the market maximizes cash flow, as all your resources are optimized.  I will get back to you on this issue later.

 

Determine when and where to grow.

During my corporate career, I learned the value of a viable development strategy.   My personal development goal was to learn how to create strategy to expand successfully into new markets.  As a result, I learned how to.

    • Determine the maximum potential penetration within each market
    • Prioritize markets for development
    • Prioritize trade areas within the market for development

Solid analysis addressing the prior bullet points is mission-critical.  My employers were focused on the statistics needed to craft a solid development strategy.  However, most did not have a good framework to integrate the data into a coherent strategy.  As Director of Planning and Analysis for the Retail Group of a Fortune 500 Conglomerate, I made a point to master this skill.  I studied the concept of portfolio theory, employed by many conglomerates.  Creating conglomerates was popular at the time.  A fundamental tool used by these companies was the Market Growth/Industry Penetration Matrix developed by the Boston Consulting Group (BCG) in 1970. Generally known as the Boston Consulting Group Growth/Share Matrix, (BCG Matrix), this methodology was designed to help conglomerates analyze their business units. It helped prioritize resource allocation for brand marketing, product management, and strategic management.  Later in my career, I used the BCG Matrix to craft a viable development strategy.

Conglomerates fell out of favor, in the 1980s, helped along by In Search of Excellence, authored by Thomas J.  Peters and Robert H. Waterman, Jr., published in 1982.  Although conglomerate portfolio strategy may have fallen out of favor, I believe the BCG Matrix was still useful.   And it was!

The Value of Retail Store Penetration

    • Leverage and optimize resources
    • Labor – Attract employees /efficient use of supervision
    • Supply Chain/logistics efficiency
    • Marketing and Advertising Effectiveness

Eventually, I was able to put the BCG Matrix into practice.  As a Regional General Manager for three separate QSR Brands, I was responsible for developing my Regions. I worked to identify and prioritize under-served markets with enough penetration for a first-line supervisor. In other words, finding underserved markets, with significant upside potential. I used the BCG Matrix to plot the market growth rate for total QSR Industry sales against the total QSR penetration. My metric for QSR penetration was total QSR Sales as a percentage of all retail food sales in the market. The lower the ratio of QSR sales to total food sales the better. This metric identified markets that were underserved from a QSR perspective. I plotted other statistics against the market’s growth rate, but QSR market share was the most relevant statistic.

Competition is always a consideration but it is not a reason to avoid a market.  The fundamental takeaway is to build toward saturation in high-growth markets.  I used this tool to great effect.  Determining how to develop that market is the next strategic decision required when you decide where to grow. I will address this topic in my next post.

Summary and Conclusion

When expanding your brand beyond your home market, you must have a strategy to achieve optimal penetration.  The key is to build in growing markets, adjacent to an established market, where you have a beachhead.  The key factor for success is to drive for maximum market penetration.  As penetration approaches market saturation, maximum cash flow will be achieved.  Following this model generates the best result.  The BCG Matrix is a useful tool to help guide your plans.

Call to Action

If you want to expand beyond your home base or if your development plan is not working, I can help! Call or email to begin the discussion.

Thank you for visiting our blog.

 

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our perspective and would like to receive regular posts directly in your email inbox. To this end, please put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me, so please leave a comment.

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SAVINGS to your bottom line from ITB & USFSBA.org

SAVINGS to your bottom line from ITB & USFSBA.org

 

SAVINGS! SAVINGS! SAVINGS! SAVINGS! SAVINGS! SAVINGS! SAVINGS! SAVINGS! SAVINGS! SAVINGS! SAVINGS! SAVINGS!

 

Utilities Cost SAVINGS for the WINTER:  on Natural gas, Electricity savings (In deregulated states). Saving from 10%-30%. Available to share to your employees too

Contact: Sales@usfsba.org

Savings with Paychex!

Unlock instant savings and improved efficiency with Paychex! When you switch, you’ll receive a 45% discount on payroll administration, HR, and PEO services. Simplify your business operations and reduce overhead with a platform that streamlines everything in one place. Our restaurant franchisee client, with over 20 locations, has seen tremendous benefits by consolidating their processes with Paychex. Saved hundreds of admin hours and reduced the potential for human error, resulting in tens of thousands of dollars in savings and greater peace of mind.

Contact: Paychex Referral (salesforce-sites.com)

 

Champions – Payroll Tax Savings: As a business owner, realize a $570 per year per employee savings while the EMPLOYEE takes home a larger net paycheck and 24 Hour Telemed with the Mayo Clinic, dollar one Prescriptions and other benefits for themselves and family, increasing employee loyalty and retention. If you come on board with Champs, you will be in the company with McDonald’s Macco Collison Repair, Denny’s and many more. Here is a testimonial interview from the President of Piggly Wiggly Curt Schmidt, A big proponent of the Champs plan: https://youtu.be/xsFeSgGoJmc?feature=shared

Contact:    https://torch.champplan.com/info/itbpartners

 

Advanced Insurance Solutions Analysis-FREE: Is your coverage adequate? Best Value to you? Custom designed Property, Liability, Workers’ Comp, Commercial Auto, Professional Liability, Umbrella Coverages and more.

Visit: www.steveseibertagency.com/business-insurance/insurance-by industry/

Contact: https://app.boldpenguin.com/start/steveseibertagency

 

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Trust But Verify!

I just got off the phone with my best and oldest friend, John.  He recently learned that an employee stole over $100 K from his business.  It breaks my heart to hear of the trouble it’s caused him and his wife.  The situation is especially disheartening as he is at the end of his career, looking forward to retirement.   Fortunately, he will be OK, but It still stings.

John and I started our corporate finance careers together, working for the same employer. He had just earned an MBA.  I was a few years ahead of him at our company while working on my MBA, part-time, after hours.  After 20 years of building careers with major corporations, we both left for entrepreneurial ventures.  John bought a small manufacturing business, and I became an Executive Recruiter and Management Consultant.  Over the years, I advised John on many issues.  He is the nicest guy you could ever hope to meet, but he has a fatal flaw. He is far too trusting. We have discussed this issue many times over the years.

Steps to Minimize Business Risk

    • Ensure that appropriate systems are in place.
    • Appropriate accounting, and clearly states transactions.
    • Checks and balances: Establish clear authority and accountability for transactions with Approval limits.
    • Oversight: routine review by senior management of cash flow

My friend, Stan, confirmed that this issue is all too common. He told me about two recent situations regarding companies that lost control of their cash while trying to scale. One lost a lot of money to an unscrupulous employee whereas the CEO for the other was not focused on critical matters. One situation was a restaurant and lounge, and the other was a food ingredients manufacturer.  The latter is a great example of a company losing control while trying to scale.

The company just mentioned is a food and ingredients business selling Hot Sauce, Barbecue Sauce, and Rubs.  It is owned by a husband-and-wife team that wanted to grow their business.  Neither had a relevant business background so they hired a CEO.  Regrettably, this CEO proved to be incompetent.  There was no discipline around forecasting sales and planning resource requirements.  No one was evaluating contracts to ensure performance and the viability of the relationships.  They failed to recognize the underlying risks which resulted in the loss of their manufacturing facilities.  Annual Revenue rose to $3 Million, however, they lost their production facility and incurred $800 K of debt.  Ultimately, the CEO was fired.  The fundamental issue in this case was the lack of proper oversight.  An Advisory Board to help provide guidance and oversight could have prevented these problems.

From time to time, even large established corporations suffer fraud from dishonest employees.  This month it was reported that an employee of Macy’s concealed more than $150 Million of expenses over a three-year period.  Reports did not provide details about this theft except to say that the person in question managed the accounting for small package deliveries.  If this fraud can be perpetrated against Macy’s, it can happen to anyone.

If you are a small business owner with aspirations of building a bigger business, you must have a clear understanding of the business profile.  Mitigating risks includes a combination of systems, processes, and procedures.  However, without oversight, systems, processes, and procedures are useless.  As an owner-operator, you must make time to review critical aspects of the business.  You must know where your funds are going and in what amount.  You must be familiar with your vendors and the terms of those agreements.  A Big Red Flag is to see funds going to a vendor you don’t recognize.  You must investigate that matter immediately.  Another Red Flag is payroll checks for an unfamiliar employee.  Small and large accounts payable can reveal problems.  It is incumbent that owner-operators and senior executives build oversight into their daily routines to ensure compliance and minimize risk.

An Independent Advisory Board can be helpful.  People who know your line of business can help you negotiate the most favorable agreements.  They should have the experience you lack that will result in useful guidance and advice.

If you want to scale your business to become a bigger, more profitable enterprise, you must be mindful of the risk posed by dishonest employees.  Trust, but verification must be a key operating principle!

Thank you for visiting our blog.

 

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our perspective and would like to receive regular posts directly in your email inbox. To this end, please put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me, so please leave a comment.

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New Century Dynamics Announces Strategic Partnership

New Century Dynamics ( www.NewCenturyDynamics.com) and USFSBA ( www.usfsba.org) have entered into a strategic alliance. New Century Dynamics founder and president Jim Weber will also join our Advisory Committee.

New Century Dynamics services (executive search,  recruitment, etc.)  is ready to offer their services at a  “membership association savings.” We are finishing all the details.

To help “celebrate” the alliance  here are three  4th quarter sensitive “ money savings /HR opportunities ”  for you to  save money now :

  1. With Paychex, you will receive a 45% discount/savings on payroll administration, HR, retirement plan management, and/or PEO services.  REAL savings with a client: a 20-plus unit restaurant franchisee is realizing greater organization, control, and simpler procedures.

Here is an active link to get started: Paychex Referral (salesforce-sites.com)

  1. Champs Plan Payroll Tax“ Life & Health” SAVINGS: As a business owner, realize a $570 per year per employee savings while the EMPLOYEE takes home a larger net paycheck and 24 Hour Telemed with the Mayo Clinic, dollar one Prescriptions and other benefits for themselves and family, increasing employee loyalty and retention. If you come on board with Champs, you will be in company with companies like Amazon, McDonald’s Macco Collison Repair, Denny’s, and many more. Here is a testimonial interview from the President of Piggly Wiggly Curt Schmidt, A big proponent of the Champs plan: https://youtu.be/xsFeSgGoJmc?feature=shared

Contact:  https://torch.champplan.com/info/usfsba

  1. And as a holiday “extra benefit” here is a site to save on holiday travel costs. We hope it helps you and your family this holiday season! Here’s the USFSBA  link to HotelPlanner link

James E. Weber, President | New Century Dynamics Executive Search
Tel.  770-354-2817 | Email: JimWeber@NewCenturyDynamics.com |

 

USFSBA

Steven J Seibert (founder@usfsba.org)  

(770) 820-6828

 

 

 

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So, You Want to Go Big Time? – Know Your Customer!

Before making any significant investment, competent business managers thoroughly analyze the opportunity.  They will perform a financial analysis to justify the investment.  The typical analytical model employed is a discounted cash flow analysis.  The two major components of this methodology are the upfront investment and the ongoing cash flow from operations.  The initial investment is straightforward.  It includes the outlay for land, building, furniture, fixtures, and other startup costs to be capitalized.  A cash flow analysis employs the typical expenses incurred in your existing outlets.  The cost of Goods Sold and Labor vary with sales.  Most other expenses are fixed, at least on an annual basis.

Business activity is reflected in revenue.  Revenue is the critical component of cash flow from operations. The business owner must determine the revenue required to achieve the target Return on Investment.   The revenue target is the product of the number of transactions and your average transaction value.  The average transaction value is revenue divided by the number of transactions.  You must know your customer’s behavior to make that forecast.  You must know who they are and why they visit your establishment.  You must know how often they trade with you and how much they spend.  You must know their demographics, i.e., their age and income level.  You must know as much as you can about your customers.  Detailed customer information will help you build a revenue model to complete the cash flow expectation.

Early in my career, I was the Director of Planning and analysis for the Retail Group of a Fortune 500 Conglomerate.  I spent most of my time evaluating investment proposals for prospective new stores.  Later in my career, I became adept at prioritizing markets for expansion.  Every market, (think SMSA) is a collection of trade areas (think neighborhoods).  You determine the viability of a market by researching its trade areas.   Understanding the trade areas means understanding their demographics. The prioritization of potential trade areas is based on the performance of existing outlets in their trade areas.

Once you have established the revenue required to achieve your target ROI you must determine if it is reasonable.  The business owner can confidently move forward if the revenue estimate is reasonable.  If the revenue cannot be justified, further consideration is required.  The data from one point of distribution is not enough.  One needs three to five locations or more to generate reliable data.

How does one validate the revenue required to make an investment work?  Forecasting the exact revenue amount is not realistic, however, one can determine a reasonable range.  One obvious metric is to compare an existing location to the site under consideration.  The comparable location should match the size of the trade area, accessibility to prospective customers, the number of competitors, and the number of prospective customers with the ideal demographic profile, etc.  The revenue generated by the comparable existing location suggests the potential for the site under consideration.  There are other ways to validate the targeted revenue, but this example is instructive.

What do you need to know about your customers?

    • Who are they?  Socio-economic profile
    • Where are they coming from, home, work, other
    • How far do they travel? Time/distance
    • How often do they trade with you?
    • How much do they spend?
    • Age
    • Household income?

The entrepreneur must assemble the customer information required to complete their analysis.  There are many sources to consider data owned by the entrepreneur.  Credit Card vendors can supply some of the data, and some may be acquired by a third-party researcher at a cost.

Begin by collecting your customers’ data from your internal records.  Internal records reveal average transaction value (check average), activity by day, daypart, and month.  Credit card companies can provide aggregated information about consumer demographics and residence.  Third-party marketing researchers can help determine the boundaries of your trade areas.  They do this by plotting the customer’s home and work address.  The point is to know enough to forecast the revenue potential from prospective trade areas.

Finding customer data

    • Customer Surveys
    • Data shared by credit card and other 3rd party vendors
    • Size of trade area by home/workplace, map their address
    • Beware of destination venues for projections

 

SUMMARY AND CONCLUSION

The successful entrepreneur knows his customers.  He continually works to understand their evolving wants and needs. This is fundamental to running a successful business.  Continued success for any size business requires customer knowledge.  This knowledge helps the business owner retain their customers.  New products, services, and programs are based on customer insights. Without a customer insights program, the business owner is on shaky ground.  Without solid customer data, significant growth of the business is not realistic.

Thank you for visiting our blog.

 

Jim Weber – Managing Partner,  ITB Partners

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