David Shavzin, CMC, is a Certified Management Consultant, and a passionate and experienced exit and succession planning expert. He created The Value Track to help business owners improve profitability, build value and maximize their business transaction. A frequent speaker on these topics, David is President and a co-founder of Exit Planning Exchange Atlanta and past president of the Institute of Management Consultants – Georgia Chapter. David has over a dozen years of experience senior corporate roles followed by nearly 20 years of consulting to privately held businesses. His industry experience includes manufacturing, distribution, healthcare, and professional services firms: law, accounting, architecture, engineering, and design.
Susan Knox of Corporate Connections is a tenth generation Georgian, with an exceptional reputation and network. I am so pleased to have her on the ITB Partners Team as her business is unique and her personal story is compelling. In fact, I thought you would find her story so interesting, I convinced her to sit for an interview. This is the fourth and final installment of our discussion.
Jim:“What do you recommend keeping one’s network alive and active?”
Susan: “I say to make a list of people in your network. People you know from the PTA, your CPA, your Lawyer, someone in the church, your neighbor, or your kid’s baseball coach/parents. Literally, anywhere you have relationships, make a list of them. Include people that you know who are either influencers or high-profile people who are actively networking.
“One of the biggest deals I ever got was from a dentist. I went to a new dentist and he asked me what I did. I told him that I connected companies with capital. His next patient told him that he had started a new company and that he was looking for money. The dentist made the connection and I landed a great deal. It’s because I visited him (dentist) and told him about my business. You would be amazed where new deals and new clients, or new employees can come from.”
Jim: “Absolutely. As I tell folks, Executive Search is like pure marketing, as everyone I talk with is either a potential client, a potential candidate, or a referral source to a potential client or candidate.”
Susan: “That is so true! ”
Susan went on to say that it is important to “say yes to new networking opportunities.” She said that to build your reputation as an influencer you must be visible so people will include you in their events. She mentioned that she attends seminars and summits, not so much for the value of the content, but to meet the people that attend those events.
Jim: “What is the next thing you see for Corporate Connections?”
Susan: “Okay! Great Question.
“At the moment I am overwhelmed with new clients, and I am so grateful for that. But I think I need to start conducting professionalism workshops. Because, as you said, people often don’t know what they don’t know. A lot of them grew up behind a (computer) screen and they don’t know the social graces. They don’t know how to shake someone’s hand, to look them in the eye, or how to dress. I tell people that you are the CEO of your life. You are your brand, regardless of where you are. So, you had better protect it (your brand). You must know what you are doing. “
Jim: “Yes, if you step it up, and wear a jacket you can stand out.”
Susan: “I remember a time when I represented a Wealth Management Firm. The Managing Partner asked if I would talk to one of the younger guys, a real ‘up-and-comer.’ He was a runner and wore a sports watch. The Managing Partner wanted him to wear a dress watch. Another situation was with a female who wore (gaudy) colored nail polish. I helped them learn the value of proper attire and etiquette. I tell people, ‘when you walk into a room, you notice people who are very well-dressed and put together. They just stand out.’ People are attracted to successful-looking people.”
“I say the more high-tech we go, the more ‘old school’ I get. People really appreciate a handwritten note or a phone call. I have started working very hard to have more personal connections. But you know, Jim, I’ve always been about my clients and my members. I have focused on helping my clients with their social media, but not for mine (social media). I can use social media to showcase the value of my network. Going forward I aim to be more visible on LinkedIn.”
Jim: “Thank you so much, Susan!”
Susan: “Oh, thank you! It was fun.”
Thank you for visiting our blog.
Jim Weber – Managing Partner, ITB Partners
Jim Weber – Managing Partner, ITB Partners
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Wendy Ellin is a Workplace Productivity Consultant, International Speaker, & Author of Enough Is Enough, Get Control of Your Stuff. Her insights into living an organized life are shared in her presentations with irreverence, humor, and a level of passion that motivates her audience to TAKE IMMEDIATE ACTION!
Wendy talks about real-life challenges that we all experience such as email overload, being on time (or not), reasonable expectations for getting things done, and much more. It is from Wendy’s 20 plus years in the corporate arena that she drew from her own successes by working smart, not hard—that inspired her to develop the tools and techniques for increasing workplace productivity and ultimately a renewed sense of peace of mind.
“It’s one thing to love what you do, and another to LOVE THE WAY YOU DO IT!” Wendy Ellin
One of the benefits of a healthy economy is that people seem more optimistic and happier. Clearly, this has been the case for the past few years, especially 2019. By and large, the people I met and interacted with last year were much more positive about the future for their businesses. They were busy landing new gigs and completing work for their clients. They were pleasant and easy to be around.
That’s not to say that I didn’t interact with people or learned of situations that were most disagreeable. My friend Faith often speaks of a coworker she calls “hair on fire.” This person has a special knack for surfacing a crisis near the close of business on Friday afternoons. Faith finds this irritating, a waste of her time. In this respect, “hair on fire” is toxic.
One of my clients wasted a significant amount of time working with a potential strategic partner who promised her the moon. This person talked about entering a joint venture partnership whereby they would split the profits from their projects. My client began working with him in good faith but continued to ask for a document to define their relationship. The more my client asked for an agreement, the more belligerent he became. That document was never delivered and my client realized that her counterpart was insincere. In the end, he exploited her expertise without compensation. Fortunately, her investment wasn’t exorbitant.
A vendor for another client put his business in turmoil by failing to show proper accountability to his minority partners. He didn’t include them in important decisions and was not forthcoming. Not surprisingly, his partners resigned, taking funds owed them out of the company’s bank accounts. This resulted in additional problems for the vendor as those funds were designated for merchandise already purchased. The list goes on.
As my business is about helping my clients become more effective, it’s important to help them understand the warning signs of a toxic relationship. There is great value in avoiding the cost of a pathological relationship, so understanding the warning signs is useful. Toward this end, I invested time in reviewing articles that discussed the personal attributes shared by successful entrepreneurs. A summary of the attributes promoted is listed below.
Attributes of a successful entrepreneur:Passion, strong work ethic, strong people skills, determination, creativity, competitiveness, self-starter, open-minded, confidence, disciplined, salesmanship, communication skills, peacefulness, poised, intuition, adaptability, opportunistic, resilient, bold, management skills, focused, accountable, skeptical, and a listener.
I find it interesting that these attributes not only apply to success as an entrepreneur, but they are also relevant to an employee, a senior executive, or for one’s private life. The best summary I found was from Brian Tracy who identified five qualities: Self-discipline, integrity, persistence, clear sense of direction, and decisive and action-oriented. Of the articles I surveyed, Mr. Tracy was the only author who identified integrity as a key attribute for success. I find that surprising, however, I agree completely. From my perspective, poor temperament and a lack of integrity are the primary indicators of a toxic relationship. If that’s the case, how can one minimize their exposure to toxic people? How can one resolve that question before entering into a business relationship?
When coaching Independent Consultants, I advise them to create an entry-level vehicle as a lead marketing strategy. This is a small project with a short time frame, reasonably priced to present a low-risk profile to the prospective client. This project will validate your capabilities as you work to establish a relationship with the new client. These entry-level projects are opportunities to build trust, the foundation for a longer-term relationship. If a relationship cannot be established, neither party has lost much in the process.
I believe this is good advice for entering into any relationship. Begin with a small commitment to validate the benefits of a relationship. It’s the best way to manage risk. Of course, there is a lot of work you can do to ensure a viable working relationship even before landing that initial contract. As your prospective clients are interviewing you, you should be interviewing them. It is advisable to talk with the client’s vendors and or customers to gain further insight.
Many people have great ideas and want to be in business for themselves. If they lack a few key attributes those dreams will never materialize. Be on guard so you aren’t caught in their pathology.
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NAHU member Robert Steele played wide receiver for the Dallas Cowboys in Super Bowl XIII and also held for extra points and field goals. His accomplishments in the insurance and benefits industry and his management, sales and organizational experiences very much mirror the discipline, single-mindedness and preparation that earned him a position on America’s Team. Mr. Steele is the founder and CEO of PrimeWire, an employee benefits technology company. He is listed as an active member in the Yearbook of Experts for delivering motivational sales speeches to the insurance and financial services industries. He is also noted for his inspirational speech titled “Dream Big Dreams,” which illustrates the steps to achieving innumerous goals.
Mr. Steele produced Million-Dollar Round Table production credits every year he was in personal production, beginning in 1981. He was elected to the Georgia House of Representatives in 1988 and served in the Georgia House in 1989 and 1990. He earned his bachelor of science degree in business administration from the University of North Alabama. You can contact him at rsteele@primewire.com.
Robert H Steele
Twenty-five years ago I graduated from the University of North Alabama with a degree in marketing. I didn’t know it then, but my first job would teach me more about business than I had ever learned in college. It would also help train me for all of my other jobs as well. Everybody’s first job should be like that.
In their particular market, the number-one organization in America offered me the opportunity to try out for employment. They did not guarantee me employment. I had to compete with 15 other people for the same position and work at least 70 hours per week without overtime before I was moved off of probation. The company was the World Champion Dallas Cowboys, who had just beaten the Denver Broncos in Super Bowl XII in January 1978.
I had played wide receiver in college and was All Gulf-South Conference my senior year. But I was not selected to play in any of the college all-star games. My football days were coming to a close. I was about to graduate and had no clue what I was going to do. Just six weeks from graduation one of my coaches called me into his office to tell me he had a job interview for me. A scout was in town to watch game films. He would put me through some drills and time me in the 40-yard dash. How about that for an initial job interview?
Within six weeks, 69 other free agent players and I had signed contracts to report to work. Along with 12 draft choices, we would fight for exactly five roster spots. Some odds!
Training camp lasted six long, hard weeks. It was a time of testing to determine both if your skills measured up and if you could stand up mentally to the task. Players were asked to learn their positions, all assignments, given new tasks the night before, and asked to perform them the next day without mistakes. Dreams were on the line, every day, and tensions flared.
Sixty-nine players were sent home and told to get a real job. Fortunately for me, I was the only free agent to make the team. Among the several notable players and free agents who did not make the team that year was Brian Billick, now the head coach of the Baltimore Ravens. One year later, I was sent off to the Minnesota Vikings. A year after that, I too was told to go find a real job.
But in my first job, I learned more from my manager and supervisors than can be shared in one article. The entire organization was first rate – a real blueprint for success. The people in key positions were given the responsibility to carry out their assignments. I just had to open my eyes and take it all in.
The management structure was very similar to most businesses. Mike Ditka was my manager; his manager was Dan Reeves. Dan Reeves’ boss and my ultimate boss was Tom Landry. I was able to spend time with each, in a variety of situations, and learn from the masters of the business. I did not know that what they were teaching me was about much more than football — it was about business and life in general.
Mike Ditka taught me about having passion for my job. You can only enjoy your work if you pursue it full speed with carefree abandon, and let tomorrow take care of itself. Without Ditka, I would not have learned to go full speed on every play, every day. In games and at practice, he inspired me to work harder, outperform others who were more talented, and make the most of each day. He believed in me and I worked my butt off for him. Ditka taught me about persistence and passion and being aggressive in everything I do. This made me a good football player but a better salesman.
Dan Reeves’ lessons were totally different. He taught me about the mental aspect of the game. Reeves inspired me to become a lifelong learner. His teaching skills and encouragement, combined with his lead-by-example-approach, showed me how to outwork and outsmart the competition. He taught me that talent only goes so far and that a free agent can be as good as or better than a draft choice.
Dan Reeves was a free agent, like me, who grew up near my hometown of Columbus, Georgia. In fact, he often joked in training camp that it was his family from home, and not he, who was pulling for me to make the team. Dan Reeves taught me to be a good football player but a better manager of people.
Without even knowing he was teaching a course, Tom Landry taught me things not found in any MBA textbook. Landry’s philosophy, as head coach or CEO, was to coach the coaches (his senior staff) and let the coaches take care of coaching their direct reports – the players. This was at times misinterpreted as his being aloof from the players. As CEO, he created the vision, put together the game plan for execution, then trained the coaches on their responsibility to teach their individual players their overall assignments. It’s a winning philosophy. He proved it.
The training camp process was similar to rolling out a new product every year. First, goals had to be established. With input from his coaches and players, Coach Landry would create the team’s goals and write them on a chalkboard. All team members were also responsible for establishing personal goals, which had to be in complete accord with the overall team goals. Once the team goals were established, Landry got buy-in from each team member to be 100% responsible for helping the team accomplish our collective goals.
One of the more interesting learning experiences from my season with the Cowboys came from the motivational thoughts that were posted all over the locker room and practice fields. Landry would use motivational phrases from time to time to emphasize a particular point. At the end of one practice, he was talking about the game plan for the upcoming NFC Championship game against the Los Angeles Rams. One of the players questioned the amount of preparation for a particular play we were working on. Coach Landry paused and said, “I would rather be lucky than good. Isn’t it interesting that the better-prepared team always seems to have the ball bounce their way?”
That idea captures the heart of the Cowboys: Establish goals for every season, put the best team you can on the field, be overly prepared for every situation, know your competition, anticipate every move and take advantage of every opportunity! This is why the Cowboys became known as America’s Team. They were the first to use computers to analyze the tendencies of their opponents. They were adamant in building from within through the draft, not trading for players. And they demanded the utmost from every member of the organization.
Coach Landry taught me how to be a good football player and, more important, how to be a better CEO. He taught me how to lead by getting all levels involved. He taught me how to manage expectations of my direct reports and theirs. He also taught me that proper preparation prevents poor performance.
This on-the-job training in my first job was the best I could have ever received. My sales career, and ultimately my business career, was forever shaped by my first three supervisors.
The ability to participate in a large, dynamically successful organization taught me more about business and life in general than I ever learned in a classroom. I am a better salesman because of Mike Ditka. I am a better manager because of Dan Reeves. I am definitely a better CEO because of Tom Landry.
Earning the right to wear the silver and blue in Super Bowl XIII taught me to respect the game and seize every moment. My business career was forever shaped by Landry, Reeves and Ditka!
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A close friend and associate, John, become a successful independent consultant after leaving his corporate career. His transition was relatively easy as his network was strong, and he was well respected. His network was so powerful that he seldom failed to close a deal where he had a first-party referral. Those referral-based deals launched his career, with a little help from me. His challenge was closing deals when he had a third-party referral or if he had surfaced the prospect. That was an important learning experience for John.
John had difficulty closing a prospect unfamiliar with his reputation. We would debrief after those situations and I would offer suggestions to improve his technique. During this time, I recognized a self-destructive pattern common to inexperienced Independent Consultants. John had difficulty selling himself. Inadvertently, he repelled his prospects.
As discussed in my last post, prospective clients must become comfortable with the consultant. They want to ensure that the consultant will make them look good. Stated more bluntly, they want to ensure that they won’t be fired for letting a contract with an incompetent consultant, someone disruptive to the culture. These are the same concerns any manager would have when considering a potential hire. In John’s case, he struggled to make a connection. He would launch into problem-solution mode before he fully understood the prospect’s concerns. He didn’t ask questions that addressed their cultural imperatives and potential minefields. He would pontificate about concerns the client should have but may not have considered. John wasn’t necessarily wrong, but his delivery was off-putting, insulting even. I could see how the prospect would be concerned about him. I am certain they wondered if he would be difficult to manage and disruptive to the company’s management style. He did not assuage their concerns.
I had a similar experience recently. I was talking with a prospect about helping them through Chapter 11. This was a third-party referral, so I had to sell myself to the prospect. On my first visit, I focused on satisfying my need to ensure a successful outcome, rather than to understand their perspective. I was preoccupied with trying to extract information about their financial reporting capabilities. I was concerned that I wouldn’t have the information I needed to do my work. I wasn’t putting the prospect at ease. Looking back on the situation, it may have seemed like an interrogation to them. They were on guard, looking stone-faced as they provided minimal information. Fortunately, I recognized my mistake early enough to redirect my approach. I asked them to provide background about the cause of their financial situation and what they thought needed to be done. Their demeanor changed immediately as they went into detail about their needs. I had cracked the code! I stayed with that approach, drawing them out with open-ended questions. The more they talked, the greater my empathy for their predicament. People don’t want to be told what to do. They want to work with someone who will help them understand their problem so they can find a solution together. This tact was the beginning of a relationship that led to an engagement. It’s odd that I didn’t begin with this approach as it is my preferred style.
My initial tact with this prospect was a rookie mistake, uncharacteristic for someone with more than twenty years of experience. Landing contracts is about building relationships. The prospect wants to know that you have empathy for their situation, you aren’t judgmental, and understand their needs. The most effective way to accomplish this is by asking open-ended, non-threatening questions. This will help them open up to you. Approaching them in this manner demonstrates your professionalism. They will come to understand that you are sincere in your interest to help and that you are a fit with their culture. Eventually, John learned this technique and became a consulting powerhouse.
Remember, from discovery to close, your prospect is evaluating you. They want to know that your project management style fits with theirs. They don’t want to inject a disruptive influence into their company. The client wants to enhance their reputation and keep their job. They probably have more work in mind and would like to find someone to help them in the long term. So, if you want to close more deals, take time to understand the client’s situation. Ask questions to stimulate a dialog, generating information you need to help the client.
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“Introduction to FAIR Quantitative Risk Analysis Methodology”
Donna Gallaher provides Information Security and Operational Risk Management Advisory Services giving Boards of Directors and Senior Executive Management Teams the tools and expertise they need to navigate the unfamiliar waters of evolving markets. We facilitate collaboration among your company’s business units to develop policies and operational risk mitigation strategies appropriate for your risk tolerance. Donna will present:
Ms. Gallaher served as a C-Level Strategic Advisor in IT and Cyber Strategy for multiple global companies for over 15 years drawing from her previous successes in engineering, solution selling, IT operations and leadership. She provides value to clients by thoroughly understanding business and regulatory requirements, assessing obstacles and translating technical challenges into business risks allowing technology to function as a business enabler. Linkedin
The Atlanta chapter of the Business Executives Networking Group (BENG) is a multidiscipline, independent group of job seekers, those currently employed and business networkers, who are willing to help others. Current membership includes mid to senior-level executives with over ten (10) years of business experience. Past attendees have come from financial management, information technology, legal, manufacturing, engineering, transportation, logistics, distribution, and general management industries. We actively seek new members from all disciplines.
It’s been a while since I thought much about the process I employ to generate new business. Even though I’ve been managing my business for over twenty years, I don’t think about the processes I use to generate more business. I have an effective system in place which I execute diligently. Building relationships with prospective clients has become second nature, almost intuitive. Recently, I have been thinking a lot about my business development systems and processes, however. Since making a commitment to deliver a presentation on selling consulting services, I’ve been compelled to reconsider the matter. As you would expect, the subject has been on my mind quite a bit lately.
Friday, I discussed my progress on the presentation with my friend Faith. During our discussion, I mentioned that I hadn’t chosen a topic for this week’s blog post. I said that I would like to continue the theme of the last few weeks, building relationships. She suggested that I write about building professional relationships that generate new business. I liked her idea and I’m pleased to continue exploring this subject.
As I think about it, my work is all about building and strengthening relationships. People come to me seeking new jobs and career advice. I like to do what I can for them. Although I may not be able to help them immediately, I believe it’s important to understand their needs and aspirations. At some point, I will learn of an opportunity to provide assistance. By doing so, I am creating a foundation for a long-term relationship.
Mary’s situation is a good example. Mary is in the process of closing the family business and moving her residence to Atlanta. She came to me looking for help transitioning from her position as COO for an industrial company to become an employee for another company. Currently, she is not able to devote 100% of her time to job search, so starting the process has been prolonged. I immediately connected her with two networking groups to begin her transition.
Two weeks ago, we scheduled a call to discuss her situation. I had promised to review her resume and owed her my feedback. After providing my thoughts, she asked if I would take her on as a coaching client. I agreed, of course, and we scheduled a follow-on, face-to-face meeting. Reflecting on our interaction, we developed a relationship that resulted in new business for me. She came to trust me because I demonstrated a sincere interest in her career aspirations. I connected her with others who could be helpful and provided suggestions to improve her resume. Stated another way, I showed a genuine interest in helping her and demonstrated my capabilities. Interestingly, I never pitched her on the idea of becoming a client.
Selling consulting services is about selling an intangible product. One cannot touch, hold, see, smell, or hear the product. It is something that can only be imagined. Those buying consulting services are taking a leap of faith. In many ways, the process is the same as completing a successful series of job interviews. The candidate’s primary objective is to establish rapport with the hiring manager. After all, we want to work with people we like and who like us. To achieve a successful outcome, one must establish a personal connection. So, building rapport requires effective interpersonal skills. Those skills include the following:
Empathy – needs assessment
A Positive Mental Attitude
Appreciation/Gratitude
Mutual Respect
Accountability
Offer something of value – a gift.
Professionalism
Honesty and forthrightness
As with any job interview, you are being evaluated on every step of the selection process including an offer of employment. As you work to gain the prospect’s confidence, your working style and ethics are on display. The prospect is becoming comfortable, or not, with the idea of working with you. A well-executed process is critical! I cannot overemphasize the importance of this phase of the sales cycle.
Selling consulting services is a process governed by the fact that you are selling an intangible product, the prospect’s desired outcome. As a consultant, your job is to make the product tangible and mitigate the prospect’s doubt. You are the product! The attributes of the product you’re selling are your attributes: competence, professionalism, empathy, and ethics among others. You will demonstrate these attributes by developing a working relationship with the prospect. By developing solid relationships, you will ensure the success of your business.
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The October 2019 issue of Atlanta Magazine, in partnership with an independent research firm QMI Research, named Kevin Garrett as a 2019 FIVE Star Wealth Manager. This is the sixth consecutive year that he has received this award, and the seventh in eight years. Kevin is a partner of Integrated Financial Group, a consortium of professional advisors.
“I’m appreciative of the recognition of this award. While its great to be included in this group, we always strive to improve our client’s experiences, like our Return On Life program that we are rolling out this year which is designed to give our clients the best chance to live their ideal life,” Garrett commented.
The Five Star program is the largest and most widely published wealth manager award program in North America. As part of the updated research process for the Five Star Wealth Manager program, firms and peers nominate award candidates. Award candidates are evaluated against 10 objective criteria to determine the Five Star Wealth Managers in more than 40 major markets. The updated Five Star Wealth Manager award process includes:
Eligibility Criteria – Required: 1. Credentialed as an investment advisory representative or a registered investment advisor. 2. Actively employed as a credentialed professional in the financial services industry for a minimum of five years. 3. Favorable regulatory and compliant history review. 4. Fulfilled their firm review based on internal firm standards. 5. Accepting new clients.
Evaluation Criteria – Considered: 6. One-year client retention rate. 7. five-year client retention rate. 8. Non-institutional discretionary and/or non-discretionary client assets administered. 9. The number of client households served. 10. Educations and professional designations.
3,197 award candidates in the Atlanta area were considered for the Five Star Wealth Manager award. 285 (approximately 9% of the award candidates) were named 2019 Five Star Wealth managers.
You can see the listing in the October edition of ATLANTA Magazine
My firm specializes in working with people that experience what we call “Sudden Income.” Typically the income came from one of these events:
1) Accessing and Managing Retirement Assets
2) A Performance Contract (Typically a Sports or Entertainment Contract)
3) Divorce Settlement
4) An inheritance or Insurance Payout
5) Sale of a Business or Stock Options
6) A Personal Injury Settlement
I believe the unique nature of these events requires specialized professional experience, empathy, and communication to deal with both the financial changes and the life changes that inevitably come with them.
My clients value my ability to simplify complex strategies into an actionable plan. They also appreciate that I am open, non-judging and easy to talk to about their dreams and fears. Each client defines financial success differently and my goal is to guide them from where they are now to where they want to be. As my client’s advisor, my goal is to provide them with a lifetime income stream, improving returns, protecting their funds and managing taxes.
Firm Specialties:
Retirement Planning For Business Owners & Executives
Woman’s Unique Financial Planning Needs
Professional Athletes
Investment/Asset Allocation Advice
Estate Planning
Risk Management
Strategic Planning
Kevin was listed in
The Wall Street Journal as “One of the Financial Advisors In The Southeast That You Need To Know”
Kevin was listed in Forbes Magazine’s Annual Financial Edition as a Five Star Financial Advisor
Kevin has been awarded the Five Star Professional Wealth Manager in Atlanta Magazine in 2012, 2014, 2015, 2016, 2017 and 2018.
Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.
KEVIN GARRETT, AWMA, CFS
Integrated Financial Group
200 Ashford Center North, Ste. 400 | Atlanta, GA 30338
Small business owners wear many hats and make many decisions each day. Most of these decisions are small and have minor impacts. Some decisions, however, are common to most small businesses and can have far-reaching, fundamental impacts. As a starting point, let’s look at three fundamental challenges:
The first big challenge facing most small business owners is finances. As the CEO of a start-up frequently said to me, “Cash is king.” Businesses exist to make money and most small business owners run their finances without adequate planning or oversight. They monitor bank balances, accounts receivables, and expenses, but most don’t have a basic financial forecasting, reporting, and review structure in place. Additionally, many don’t have the forethought to establish a line of credit or other funding sources to help them remain solvent when inevitable financial speed bumps occur.
If your business needs some help in the financial area, here is a short “best practices” checklist to consider:
Get help to create a basic financial reporting (KPI) structure, such as within QuickBooks or your chosen accounting software
Document financial reporting requirements and ensure they are followed by you, your employees, 1099’s, etc.
Establish a recurring schedule for reviewing results and forecasts for all important financial data, such as cash, revenue, accounts receivable, and major expense categories
If not yet established, investigate funding options such as a bank/SBA loan, line of credit, credit card, silent investor, or personal funds… before you need the money
The second big challenge facing most small business owners is people because every person is critical to the operation. One poor performer can have unforeseen negative impacts. A sudden resignation by a key contributor can slow production. Finding new talent can be difficult, or motivating and retaining talent can be overlooked.
If your business needs some help in the people area, here are a few ideas to consider:
Take the time to consider carefully the performance of each member of your current team
Determine those employees who are critical to your success and what you will do to motivate and retain them
Determine those employees who are not performing and what actions you will take to address this
The third big challenge facing most small business owners is time. Few seem to have enough of it, even if they are working 60 hours a week or more. After working long hours for years, they begin to feel they have become a slave to their business … that the business is running them rather than they are running the business.
If you are working more hours than you want and not on a track to improving this, here are some ideas to get more of your life back:
Jot down the actions you take for a day or two, then review your list and decide what you can stop doing with no/minimal impact
Take a good long look in the mirror and ask yourself “Am I failing to delegate work that others could be doing?”, then delegate appropriately (the topic of a future blog post!)
Establish more organizational structure in your daily activities, such as a daily “to-do” list and time scheduling for key activities to do daily, weekly, and monthly
Make a commitment to yourself to reasonable work hours and hold yourself to them, which will motivate you to eliminate or delegate low-value work
Most small business owners I meet have all of these problems, in varying degrees. If you are a business owner who doesn’t have any of these big challenges, it’s possible you are overlooking one or more of them.
Think again. Don’t skip over this opportunity to improve your business and your work/life balance!
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Richard Kirby (www.richardkirby.net) is “The K Factor”, an executive coach who provides inspiration and guidance to small business owners and corporate executives who genuinely seek success at a higher level.
Richard Kirby, Executive Impact
Richard Kirby (www.richardkirby.net) is “The K Factor”, an executive coach who provides inspiration and guidance to small business owners and corporate executives who genuinely seek success at a higher level.
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One of the benefits of a healthy economy is that people seem more optimistic and happier. Clearly, this has been the case for the past few years, especially 2019. By and large, the people I met and interacted with last year were much more positive about the future for their businesses. They were busy landing new gigs and completing work for their clients. They were pleasant and easy to be around.
A close friend and associate, John, become a successful independent consultant after leaving his corporate career. His transition was relatively easy as his network was strong, and he was well respected. His network was so powerful that he seldom failed to close a deal where he had a first-party referral. Those referral-based deals launched his career, with a little help from me. His challenge was closing deals when he had a third-party referral or if he had surfaced the prospect. That was an important learning experience for John.
