Category: Consulting

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Building Relationships to Land Consulting Engagements – You Are The Product!

Building Relationships

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.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

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

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal

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You Need To Step Up Your Game!

Effective Communications 

It isn’t often that I can observe my clients during their day-to-day interactions.  In my twenty years as an Executive Recruiter, I have observed only five interviews conducted by a client.  I found those situations interesting and most helpful.  As a coach and consultant, I usually rely on the client’s after-the-fact recollections of an encounter.  This is not ideal, as I only hear one side of the story.  Sometimes, I am fortunate enough to observe the encounter in real-time.  Those opportunities, however rare, result in a treasure trove of useful information.  I had one of those opportunities this past week.

 

I spent some time with a prospective client this week. It was an unusual situation as I was working with another client, who happens to be a vendor for the prospect.  This prospect has come to know me through my work with his vendor. Apparently, he likes my style and has talked with me about an engagement. So far, the discussion has been preliminary. I recognize a possible conflict of interest with my current client, which I intend to avoid.

 

My client and the prospect are typical entrepreneurs. They are hyperactive, creative types.  Maybe even a little ADD. Although affable and engaging, they share a common weakness, communication skills. When they aren’t understood, or work is not completed as they had envisioned, they become frustrated.  It’s as if they expect others to read their minds.  The resulting admonitions are unprofessional, unproductive, and borderline nasty.  They fail to provide clarity to their expectations and how to correct the issue if required.  I am amazed that neither recognizes the problem, but they aren’t happy with the symptoms.  My client has come to the realization that changes must be made if there is to be a productive working relationship with the prospect. Clearly, they lack self-awareness regarding this issue.

 

While with them this week, I experienced their interactions firsthand. I observed the prospective client’s interaction with others including his employees, vendors, and customers.  I observed his interaction with my client and a few of his subordinates. They were interesting and revealing. In one case he admonished an employee for his failure to complete an assignment. The prospect was agitated that the employee had not completed more work, challenging his work ethic. The prospect continued to repeat, “you’ve got to step up your game.” Regarding this encounter, I witnessed the instructions the employee received from my prospective client. The employee did exactly what he was told to do. The prospect failed to recognize the work completed by his employee and never explained what should have been completed.  My take on the situation is that the prospect was worried about something else and unloaded his frustration on the employee. Not exactly what I would call a positive management style.  The confrontation was a waste of time and detrimental to the employer-employee relationship.

 

I observed similar conversations between my client and the prospect. Those conversations included contradictory instructions and failure to establish clarity.  At one point, the prospect told my client “we must slow this project down,” then later, “you must speed up your work!” Totally contradictory.  When debriefing my client, I recommended that he make greater effort to achieve clarification. I suggested he ask questions and take cogent notes. Then confirm back with the prospect to ensure mutual understanding. Simple right?  Well, not necessarily. The other point is to make better use of technology. I recommended that my client use email, text messaging and meeting scheduling tools to ensure understanding.

 

This post is about working through a dysfunctional relationship, the need to improve one’s communication skills and the importance of hiring a coach or maybe even an Organization Psychologist.  I will continue my discussions with the prospect as I know I can be helpful.  At this point, the prospect needs a coach more than a consultant.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

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

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

 

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Selling Consulting Services:  Are you asking the right questions?

As you would expect, I spend a lot of my time promoting ITB Partners to prospective clients who may need our consulting services. Additionally, I talk with many people who want to affiliate with our company to leverage their resources and create a sustainable independent consulting practice. This week was typical in that respect.

 

Of course, all my meetings are interesting.  I learn a lot from these conversations. One conversation stood apart this week. I received a phone call from a lady I have known for many years.  A millennial, she’s been developing a sideline business. She started by purchasing unclaimed freight and reselling that merchandise through Facebook.  As she learned about her customers and her skill set, her business became focused on selling women’s clothing. She has positioned herself as a fashion consultant.  Her unique selling proposition is helping women purchase clothing that best suits their body type and personal style.  As her business model requires consultative selling, I was very interested to learn how she connects with her clients and the process she uses to generate business.  She was very gracious as she answered all my questions.

 

Consulting services are categorized as intangible sales.  The product we sell is an improved future ‘state of being’ compared to the current situation.  The desired ‘state of being’ cannot be experienced physically.   One cannot see the outcome with their eyes; they cannot touch or taste the product as it currently doesn’t exist.  The product may be a significant increase in revenue, lower operating costs, greater profitability, or reduced risk.  These states can be measured only after they have occurred.  Those of us selling consulting services must conduct ourselves like a physician.  We want to make our clients feel better.

 

Last week I wrote about the value of listening which I believe to be an essential skill.  I am convinced that it is the most important tool required to be a good consultant.  I have been faithfully working to improve this skill. Toward that end, I remind myself to concentrate on what the other person is saying and to squelch thoughts about my response.  As with most sales processes, my meetings are about gathering information to qualify prospective clients, not to debate.  I endeavor to listen carefully and ask questions that yield useful information.  Asking the right questions is required to keep the conversation flowing.

 

I am fond of using the physician as an analogy for the consultant.  Before the physician can convince the patient on a  course of action (to resolve a problem) she must gain the patient’s trust and confidence.  The patient must be assured that the physician is prescribing a treatment that is in their best interest and that the physician is competent.  It is the same process for an independent consultant.  The first step is to gain the trust of the prospect and then to establish confidence.  To begin the process of creating trust, the consultant must establish rapport.  We do that by asking questions and listening thoughtfully to the prospect’s response.  Questions that reveal the prospect’s situation, concerns, and fears help the consultant understand the nature of the problem to be solved.  It also demonstrates empathy which establishes rapport.  Like a physician, we want to know ‘where it hurts,’ and to understand the prospect’s ideal situation.  Asking follow-up questions shows the prospect that you have a sincere interest to help them resolve their problems.  Sincerity on your part will establish trust.

 

When you’ve established trust, you can work to gain confidence.  Establishing confidence is based on quantifiable results.  In other words, how many times have you completed the prescribed work and what is your success rate?  If you are a surgeon prescribing a heart transplant, the patient will want to know how many heart transplants you’ve completed and if you lost any patients. This is a good time to have references available to ‘sing your praises.’

 

To be successful selling an intangible product like consulting services requires that you create a bond with the prospect.  Creating a bond, or establishing rapport is accomplished by listening carefully to understand the prospect’s pain.  Asking follow-up questions to completely understand the extent of the prospect’s situation helps ensure that you will close the deal.  So, take time to ask good questions, listen carefully, and close more deals.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

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

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

 

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Are You Listening To Me?

Last night, we enjoyed a lovely October evening in the Atlanta area.  The temperature had cooled to the low 70’s making it very comfortable for al-fresco dining with friends.  As it would have been somewhat tragic to miss this blissful weather opportunity, my wife, Jill, and I enjoyed an evening out with another couple. The other couple, David and Dana are my wife’s business partners for her residential remodeling and construction business. We agreed to meet at Avalon around 6:00 p.m. Avalon is a trendy new mixed-use venue in the northern suburbs of Atlanta.  Most Friday evenings during the Summer and early Fall, people congregate there to listen to a live band, enjoy a casual dinner and drinks, and participate in lively conversation.

 

David arrived a little later as he had to attend an event with his son.  That gave us time for a few drinks and conversation with Dana. At some point during the conversation, Dana mentioned how interesting it is to watch Jill and David work together, especially the way they work through the creative process. As Dana explained it, she facilitates their work by helping Jill and David communicate.  She said they spend a lot of time talking past each other, not actually hearing what the other has said. That’s not a surprise, as they’re both strong-willed, creative types, successful in their own right.  Dana is their interpreter.  Our conversation reminded me of the awesome power of listening.

 

Reflecting on this past week, I spent a lot of time listening.  I listened to several job seekers talk about their career interests.  One was much more interesting than the other, as his experience was broader and deeper.  I made a presentation to The Business Executives Networking Group (The BENG) which I designed to be interactive.  I was successful as my presentation generated a lively discussion. As a result, I received a lot of input from the group.   While editing the presentation video I recorded, I became aware of opportunities to improve my delivery.  While careful listening facilitated the editing process, it also revealed some cringe-worthy speaking habits.   I had the same experience listening to the webinar I delivered on Thursday.  Listening to my presentations as if I was a member of the audience, became a self-improvement exercise.  Wednesday, I conducted my monthly Executive Leadership Meeting which was an opportunity to hear from my advisors.  As these people represent the leadership counsel for my company, it is important to hear from them and to ask questions for clarity.  As that meeting was conducted via ZOOM, I have a video recording to refer to as I prepare the meeting recap.  Hopefully, I will hear something interesting that I missed during our meeting.

 

Friday morning, I had a meeting with another colleague.  We discussed many opportunities, including the possibility of collaborating on a seminar about professionalism.  During that meeting, I observed that my favorite way to close a deal was by listening to the prospective client talk about their issues and thoughts for corrective action.  In those situations, I listen carefully and ask questions for clarification and insight.  I listen without judgment or offering an opinion, asking questions to understand the prospect’s desired outcome.  I believe that conducting myself in this manner demonstrates a sincere interest in understanding their situation.  By showing interest in learning about the prospect’s problem, I demonstrate my respect for her and empathy for her situation.  This process helps build rapport, the foundation for all relationships.  It also shows the prospect  what to expect from me if hired to help her resolve an issue.  This discussion brought the power of listening to full focus.

 

It was a late evening, Friday.  However, it was most enjoyable and a great bonding opportunity for all of us.  Best of all, listening to Dana talk about her role as a facilitator reminded me how important listening is to one’s success.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

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

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal
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Adopting the Entrepreneurial Mindset in Your Company Culture: Accept that Failure can be okay.

Welcome to the world of an entrepreneur.

The concept that failure can be okay can be so difficult to absorb. Do we really need to experience a failure to learn and succeed? Maybe not, but tried and true success does come with bumps and bruises and lessons learned from the experience of failure. What is the “entrepreneurial mindset?” According to a common misconception, an entrepreneur is a bold, risk-taking, rule-breaking individual with the reputation of a riverboat gambler. Why would you want that in your company culture? But, in reality, an entrepreneur is confident and decisive, understands risk clearly and knows when to challenge the status quo. Above all, an entrepreneur truly believes “Anything is possible.”  An entrepreneur is not just an individual associated with a business startup. It’s common to find them scattered throughout any business or organization, thus the term “corporate entrepreneur.”

 

UNDERSTANDING YOUR COMPANY CULTURE

Can you describe your company culture? Are your employees able to articulate it in simple terms to your customers, prospects and the business community? Culture is the personality of your company, which flows from the work environment, mission and vision, values and goals. Some traits are subtle, beneath the surface, while others are

very prominent.   Do you see any traits of the entrepreneurial mindset in your culture? Are you comfortable with risk? Do you minimize failure? Do you make decisions quickly? Above all, do you show extreme optimism when developing a new business model, evaluating a new product or considering change against the status quo? By shifting your culture to reward entrepreneurial thinking, you tend to become more creative and innovative. Employee morale, in general, tends to rise with a more positive outlook toward risk, failure, and difficult situations. Stress levels trend downward when you migrate toward “anything is possible” and a “no fear of failure” mentality.

Some cultures in this industry tend to be steeped in conservative and deep traditions of doing it a certain way and not moving toward change as quickly as other industries. That could be attributed to the unique skill set of the gas and welding business. Knowledge is often home-grown and self-taught. There are no classes in the universities or trade schools on selecting the right gas blend for a welding application, creating solutions to manage cylinder inventory,

understanding a customer’s need to go bulk, troubleshooting a frozen liquid cylinder and on and on.

If you’re looking for reasons or justifications your culture might need an adjustment, consider these:

  • Are you working harder for smaller efficiency gains? How much more cost-saving can you squeeze from your existing business model?
  • Is our cost to acquire new customers and market share rising per unit? How much more revenue growth can you get from the same business?
  • When you compare strategies with your closest competitor, is it getting harder to differentiate? If any of these hit home or you just have the intuition that change is needed, read on.

 

INTRODUCING THE MINDSET INTO YOUR CULTURE

 Depending on how deeply you want to embrace entrepreneurial thinking into your culture, here are ideas and levels

of commitment to consider. The flow is in order of go lightly and start small to go big and be bold.

 

Basic Knowledge and introduction

 Introduce the concept throughout your organization in short training workshop(s) and involve employees in feedback with ideas on how to implement and to what level.

“Homegrown” Champion

 Is there someone in the organization who exhibits traits of an entrepreneur? Consider them for a special assignment and/or add duties to their existing position where they teach and/or mentor others on thinking the entrepreneurial way. This could also be an opportunity for career advancement.

Recruiting new talent

Is there a vacant position you’re recruiting for? Add heavy emphasis on entrepreneurial thinking to the skill set in the search. Open it up to any position—sales, admin or operations.

 “Celebrate failure”

Find an opportunity to make a point of minimizing a failure someone in the organization has made. Reward them for

trying and missing. And then look for the next opportunity to celebrate another failure. Obviously not trying to fail but releasing the tension of trying something new without fear of retribution if it fails.

Create an “Entrepreneurship” Department

 Develop a new department tasked with innovation, ideas and new business model opportunities. This is a big one; you’re all in when you go this route.  But, why not.  The rewards can be significant innovation and creativity are key to driving success. Everyone stands to benefit by adopting one or more traits of an entrepreneur, and when the mindset works its way into your company culture, positive change will follow. Confident and clear decision making, no fear of failure and the belief that anything is possible are characteristics of a winning team. Throughout the company, no matter the skill or position, learning to think like an entrepreneur is bound to lead to a more enriching work environment and ultimately to more success with your business strategy.

Seeing the positive in failure

We began this article with the concept of tolerance of failure, which is central to the philosophy of entrepreneurship.  I’ll leave you with a few quotes on failure from well-known individuals who never let it get in the way of their success:

“Anyone who has never made a mistake has never tried anything new.”

Albert Einstein

“I have not failed; I’ve just found 10,000 ways that won’t work.”

Thomas Edison

“If you do what you’ve always done, you’ll get what you’ve always gotten.” Tony Robbins

 

John Tapley

John Tapley is a business management consultant and entrepreneur with expertise in new business startup, innovative business growth, and marketing strategies and digital/social media marketing.  He has significant experience in all facets of the industrial gas industry, both domestic and global.  He is also a mentor at the Entrepreneur and Innovation Institute, Georgia State University.

John can be reached at: John.Tapley@itbpartners.com and (404) 314-8106

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

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

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal
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David Shavzin, CMC to Speak at IMC USA’s National Conference, ConsultCon 2019

David Shavzin, CMC to Speak at IMC USA’s National Conference, ConsultCon 2019

 

David Shavzin

David, exit planning advisor, is Founder of The Value Track. He will speak to conference attendees on “Riding the Wealth Transfer Wave, Helping Clients Maximize Their Exit.”

Four million business will be sold in the next 5-10 years, resulting in a multibillion-dollar transfer of value. This is a significant opportunity for consultants because most business owners are not preparing an exit strategy. The right advisory team, working together, will help clients maximize the eventual sale of their business.

David created The Value Track to help business owners build value and create a path toward a successful exit. Too often, they have not built the value they need and are unprepared when the time comes to put their transition into action. David helps his clients improve their quality of life, build value in their company and exit on their own terms.

 

ConsultCon 2019, IMC USA’s National Conference (Dallas Oct. 4 – 6). Speakers also include Dave Copps, Melinda Marcus, CSP, and Alan Weiss. Starting out or a seasoned consultant, please join us to connect with other consultants, learn & form potential alliances. Info & Register: https://www.imcusa.org/page/ConsultCon2019  

 

David Shavzin, CMC

david@GetOnTheValueTrack.com

https://getonthevaluetrack.com/

 

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Jim Weber, Managing Partner – ITB Partners North Fulton Business RadioX interviews

John Ray of North Fulton Business RadioX interviews Jim Weber, Managing Partner – ITB Partners  September 26, 2019

“North Fulton Business Radio,” Episode 167:  Jim Weber, ITB Partners

On this edition of “North Fulton Business Radio,” Jim Weber, Managing Partner of ITB Partners joins host John Ray to talk about his consortium of independent management consultants which serves start-ups to midcap companies and beyond. “North Fulton Business Radio” is broadcast from inside Renasant Bank in Alpharetta.

Jim Weber, ITB Partners

Jim Weber

Jim Weber is Managing Partner of ITB Partners, a consortium of independent management consultants providing high value-added solutions to your problems. ITB Partners helps business managers solve their problems by connecting them with high-quality independent management consultants. ITB’s consultants are experienced leaders, discipline experts, and project managers. Clients are publicly and privately owned mid-caps; private equity groups and their portfolio companies, start-ups, acquisitions, and turnarounds. The firm’s industry expertise ranges from consumer packaged goods and manufacturing to supply/chain, logistics, and the service sector. Additionally, they have depth in consumer services franchising, specifically restaurant, hospitality, and retail. The core of the firm’s business is the belief that client success is paramount. This belief ensures that the focus is fixed on delivering a high-quality product. This client-focused approach is simple: Listen to understand the client’s needs analysis to provide insight; foster trust to forge a true business partnership; plan, implement and follow-through; and be accountable for results. ITB has a solid track record of success and long-term relationships with high repeat business. The firm’s referenced client list shows high client satisfaction. In addition, the consortium’s depth and breadth of skills, abilities, and experience include more than 25 years in multi-industry environments, leadership positions in large multi-national organizations, as well as experience in building and leading successful businesses.

For more information visit itbpartners.com, or email Jim directly.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

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

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal
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Anatomy of a Fractional CFO Engagement

Drew Garner

In the spring of 2018, Rebecca Holderread connected Jim Weber, Managing Partner of ITB Partners, to the CEO for a 30-year-old Atlanta area-based not-for-profit. Rebecca is a member of ITB Partners and a fractional CFO. As she had taken a full-time CFO assignment with one of her clients, she was not able to pursue this engagement herself.

 

When Jim was introduced to the CEO the extent of his understanding was that this not-for-profit needed a new CFO.  After a few email exchanges, Jim and the prospective client scheduled a face-to-face meeting, late in the day at the prospect’s offices.   The point was to conduct the meeting without alerting the incumbent Director of Finance. Jim said that the meeting consisted of the CEO and two of her board members. The first part of their meeting was an opportunity for Jim to understand the prospective client’s situation.

The prospect is a non-profit organization [501(c)(3)] established in 1988 by the CEO.  This company became Georgia’s first licensed therapeutic foster care agency. In addition to placement and care for foster children, the client provides host home care for adults with developmental and physical disabilities, provides behavioral and life skills coaching for foster youth and adults and through a dedicated program, provides support, guidance, and assistance needed by teen mothers & fathers to succeed as adults and parents.

The CEO told Jim that the current Director of Finance refused to provide financial information in a format that enabled the leadership to effectively manage their business.  She went on to say that he had failed to provide analysis to facilitate thoughtful decisions. Additionally, whereas the CEO wanted to install a budgeting process, the incumbent had no interest in accommodating her directive.  Furthermore, this gentleman had become belligerent and insubordinate toward leadership. The situation had become intolerable, so a change had to be made

Not surprisingly, there were budgeting constraints on the compensation available for a replacement.  Based on his understanding of the situation, Jim pitched them on engaging a fractional CFO.  He explained the concept to the prospect, ensuring them that they could achieve their objectives without significantly impacting the P&L.   The CEO liked that idea and agreed to interview several highly capable fractional CFOs affiliated with ITB Partners.  I was the first on the list and met with the CEO.  We connected so well that leadership decided not to talk to anyone else.  I was hired for the engagement and their Director of Finance was terminated.

CFO Services Engagement:

When I started the engagement, I understood that the client was looking for better team collaboration and alignment with the fractional CFO. The CEO and the new Board of Directors (BOD) expected me to lead the financial position, to provide more timely and insightful financial statements and analytics, budgeting/forecasting, cash flow management, and strategic planning.  What I soon learned that the timing of taking on this assignment and the termination of the Director of Finance was problematic.  It was tax and reporting season, so I had to scramble.

 

Focus Areas and Results to Date:

  • Fully conformed financial statements to GAAP
  • Transitioned accounting package from desktop to the online version to improve efficiency and data security
  • Created a new monthly financial statement package meeting both internal & BOD requirements
  • Refined and extended forward view of cash forecasting, with a focus on liquidity management
  • Provided counsel/analysis to CEO leading to a favorable outcome in renegotiating a material vendor debt
  • Developed financial analysis to evaluate the profitability of various programs
  • Partnered with the CEO, to develop strategies and related financial plans for key programs
  • Developed annual budget for each dept and consolidated agency
  • Improved internal controls
  • With CEO, developed components of strategy and management template for execution of a first-ever, multi-year capital campaign
  • Ongoing training of new full-time CFO

 

A year and a half later, I’m still working with the client.  I provide ongoing support to the CFO with annual audit, regulatory reporting, cash flow forecasting, monthly financial package, and various financial analyses, as needed.  I also participate in BOD meetings, as required.

Jim likes to remind us of the importance of the Fractional CFO.  I believe the value-added services I provided for this client proves his point.  They were able to achieve their goals to improve the management of their business without compromising their financial resources.  Today, they are in a far better position to deliver on their mission.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

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

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal
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Self Awareness and Career Alignment

I landed a new client this week, referred to me by another of our coaches. The client, John, had recently purchased a franchise for an online business.  He reached out to us because he’s having trouble generating revenue. John’s an occupational therapist.  This is his first experience as an entrepreneur; however, he has the presence of mind to know that he needs help.  As we were getting to know one another over the phone I asked about the training he had received from the franchisor.   He provided a brief overview but admitted that he wasn’t comfortable with some aspects of the Brand’s training, especially regarding customer acquisition.  That revelation gave me a clear direction for our first meeting.  There is obviously a disconnect between John’s desire to have a business and his willingness to follow the franchiser’s model for success.  To be helpful, I must understand his rationale for acquiring the franchise compared to his personal strengths and interests.

 

After reflecting on our conversation, I thought of another friend and former colleague, Susan.  I recall that Susan and I left a previous employer at the same time.  She immediately signed up for a seminar to help her chart her next career move.  One important topic of the seminar was achieving self-awareness.  After the seminar, she told me that her biggest revelation was that she was not meant to be in sales, that she should look to further her career in a staff function.  That made sense to me.  Later, she told me that she had taken a position with a major financial services company as a Financial Advisor, a euphemistic term for sales.  Of course, she wasn’t happy in that role and soon moved on.

 

You’ve probably noticed that people employed in the same occupation have similar personalities and interests.  The differences become more evident when one considers vastly different occupations, like engineers and people engaged in the performing arts.  Consider the personalities of salespeople as compared to librarians or academics.  Or, more to the point of my work, employees compared to entrepreneurs.  The most significant attributes of entrepreneurs include creativity, passion, persistence, optimism, and decisiveness. They are also independent, confident, and disciplined.  These attributes make sense to me given the risks assumed by entrepreneurs.  Any given line of work will have the greatest appeal to a specific type of individual.  To the extent that you “know yourself,” you will be in a better position to choose an appropriate career path.

 

It is said that knowing who you are, self-awareness, is of critical importance for a successful life.  So, what does one need to know about oneself to achieve self-awareness?  In business, companies begin their strategic planning cycle by conducting a SWOT Analysis.  SWOT is an acronym for strengths, weaknesses, opportunities, and threats underlying the planning process.  These four areas of interest are evaluated against the competition.  They may continue their internal assessment by evaluating their capabilities, i.e. market penetration, distribution network, financial resources, adaptability, intellectual capital, R&D, etc.  The evaluation of these attributes and issues will result in strategic options to consider and ultimately a three to five-year plan.

 

Achieving self-awareness for an individual involves a similar process.  Taking stock of one’s skills, strengths, and weaknesses is easily understood.  What are you good at doing?   Additionally, one should be familiar with their belief system, including values, interests, and the general direction you want to take in life.  What is important to you?  What motivates you to get out of bed in the morning?  Understanding the personality types that give you energy as opposed to those that zap your energy may be important.  What situations do you find stressful and try to avoid, compared to those you find exhilarating and attractive?   Fortunately, there are diagnostics to help you understand yourself, such as the Myers-Briggs Type Indicator (MBTI), Predictive Index Behavioral Assessment, Birkman, and Minnesota Multiphasic Personality Inventory (MMPI).  One of the benefits of these diagnostics is that they provide general guidelines as to occupations that align with your personality and interests.  To the extent that you are aligned with your work’s occupational requirements and skill set, you will have a greater likelihood of success and happiness.  If you haven’t had an opportunity to take one of these diagnostics, or if significant time has passed since you did, I recommend that you do so.  In doing research for this post I found several articles that present thoughtful questions to help you better understand yourself.  Links to some useful articles are included hereinbelow.

In “The Art of War,” Sun Tzu restated the already established axiom, “Know yourself, know your enemy, and you shall win a hundred battles without loss.” Socrates said that the unexamined life was not worth living. When asked if he could be more specific, he replied: ‘Know yourself.’

 

Articles of interest:

https://learnoutlive.com/sun-tzu-didnt-invent-know-yourself-know-your-enemy/

https://www.psychologytoday.com/us/blog/changepower/201603/know-yourself-6-specific-ways-know-who-you-are

https://www.essentiallifeskills.net/knowyourself.html

https://www.prolificliving.com/get-to-know-yourself/

https://www.aconsciousrethink.com/7419/get-to-know-yourself-better/

https://www.aconsciousrethink.com/7419/get-to-know-yourself-better/

https://www.wikihow.com/Get-to-Know-Yourself

https://www.theschooloflife.com/thebookoflife/know-yourself/

https://studentaffairs.duke.edu/career/know-yourself

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

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

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

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The Three Pillars of Success

Jim Weber Presents “The Three Pillars of Success “to the August Atlanta BENG Chapter Meeting 

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner ITB Partners, founder of New Century Dynamics Executive Search and the author of “Fighting Alligators: Job Search Strategy For The New Normal”  presented “The Three Pillars For Success”  to The BENG Atlanta Chapter in August.

This discussion is meant for career-minded professionals who are gainfully employed, or between situations, and independent business owners looking to become more successful.

To view this presentation, Click Here!

Thank you for interest in ITB Partners.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

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

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal