Where no counsel is, the people fall: but in the multitude of counselors, there is safety. Proverbs 11:14
I have a lot of professional friends who are consultants in a variety of fields of discipline, as am I. So this blog post is not intended to slam any of them or any other consultant or advisor.
I’ve worked with hundreds of business owners over the years and I came to the realization over time that businesses try to talk to their owners!
A business will try to tell their owner if someone is stealing from them, or if their scrap or rework is too high if their marketing isn’t working, which employees are most valuable, which customers are making the most of their profits if their productivity is slipping, and on and on – – –
The question I then ask these business owners is: “Do you have the ‘ears’ to hear what your business has been trying to tell you for the last 20 years?”
It’s humorous when they non-verbally shake their head side-to-side, acknowledging that in fact, they can’t! Their business IS their VERY Best consultant, but they can’t understand what it is trying to tell them because they do not have it structured to provide its wisdom in an understandable “language.”
It’s like a radio station broadcasting EVERYTHING about the business 24/7, but the business owner doesn’t have their “receiver” set to the proper frequency!
You may have seen the NetSuite commercial where the founder says, “If you don’t know your numbers, you don’t know your business!” And he is absolutely right!
Most business owners understand the fundamentals of a P&L – income and expenses over time. They can look down the expense sheet, see “Telephone” “$350!” “Got it!”
But put a Balance Sheet in front of them and the fog starts rolling in! And most have never even heard of a Statement of Cash Flows!
But this “Three-legged Stool” is designed by CPAs to primarily do their taxes, and they are by design and utility, historical records – a ‘backward’ look at the business. In a sense, it is like driving down the road with the windshield of their truck painted black trying to steer by looking in the rearview mirror!
Business owners need FORWARD-looking management reports that can tell them on a daily, or even minute-to-minute, basis, where they are going.
One critical report is an Exception or Variance Report! But the business owner MUST have a BUDGET before they can have an “exception!”
I always ask the business owner if they have a budget, and if they say “No,” I assure them that they DO in fact have a budget, the only question is: “Who wrote it?” Because if the business OWNER did not write the budget, the BUSINESS is writing it for them! And it is an UNCONTROLLED Budget!! Not one that drives increased profitability!
The other essential forward-looking management report is a KPI or Flash Report or a Dashboard report that captures all the data most relevant to the performance of the business. These must be custom designed from an in-depth analysis of the business and its processes.
In closing, many small to mid-market, privately held companies need help with their basic accounting package to get their Chart of Accounts cleaned up and a budget added to their system. Another sign that this has to be a priority is if there are maverick spreadsheets or other rogue financial reports being utilized in the operation OUTSIDE of the main accounting system.
So, take heart, my fellow consultants!! Just get comfortable being the SECOND BEST consultant your client has AFTER you help them get their financial reporting house in order!!
Ralph C. Watson, Jr. 404.520.1030
Ralph.Watson@BeGreaterFaster.com
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.
The BENG Atlanta Chapter April 14 Meeting Will Be Held Via ZOOM! To join the meeting, follow this link: https://zoom.us/j/334822051
Register for The BENG April 14 ZOOM Meeting!
Email To: Jim.Weber@itbpartners Subject: Yes, Reserve My Place for The BENG Atlanta Chapter April Meeting viaZOOM
Remove What’s NOT Working from Your Networking
Description:
According to a LinkedIn survey in 2017, almost 80 percent of professionals consider networking to be important to their career success. Not only that, but 70 percent of respondents said they were hired at a company where they had a connection.
Whether you are networking to find new clients, a better job, or the love of your life, your results will definitely improve if you remove what’s not working and replace it with more effective actions.
Invest one hour of your time in this session and leave with:
A clearly defined goal for your networking
Identification of your ineffective networking activities that are holding you back
Options for less common activities that have been proven more effective
A revised networking “game plan” you can start using today
Our speaker:
Richard Kirby is “The K Factor”. His formula for client success is Inspirational+Analytical=Inevitable.
For the past 18 years, Richard has coached corporate executives desiring career improvements inside or outside their current employers. He is also the author of Fast Track Your Job Search (and Career!), an eBook available on amazon.com and barnesandnoble.com. A critical component of his individual coaching programs and his book is business networking. More information can be found about Richard at https://www.richardkirby.net or https://www.linkedin.com/in/richardkirbyatl.
Register for The BENG April 14 ZOOM Meeting!
Email To: Jim.Weber@itbpartners.com Subject: Yes, Reserve My Place for The BENG Atlanta Chapter April Meeting viaZOOM
Particularly in the era of “social distancing”, on-line shopping is growing at a rapid pace and with it, the opportunity presented by “Cash Back Shopping.” Cashback shopping taps into the normal marketing budgets of on-line retailers. Just like newspaper and other media advertising, Cash Back programs are designed by retailers to attract shoppers to their on-line shopping sites and to make purchases based on their standard pricing, discounts, reward, and customer service policies and the new dimension of cashback shopping. You’ve probably heard of the biggest cashback provider in the direct to consumer space which is Rakuten/Ebates. On the other hand, the biggest provider in the business to business space is Retail Benefits, Inc. (RBI).
Retail Benefits markets only through 3rd parties such as banks and credit unions, businesses (with large direct to consumer marketing reach), churches and charities, and political parties. Retail Benefits is an invisible partner to its sponsor organizations as RBI provides the downloadable app that connects the sponsor organization with its potential shoppers and over 4,500 on-line retailers who participate in the program. The RBI app is always customized and branded to each sponsor using the sponsor’s own marketing message and its standard “look and feel”. Using Retail Benefits is a one time download of the app onto the shopper’s desktop computer and/or mobile device. Once the installed the shopper shops as always and receives cash back on every purchase.
The cash flows from the retailer to RBI to the sponsor. Each sponsor then uses the cashback to advance its mission. Examples include charities that keep all or most of the cashback as a tax-deductible donation; banks and credit unions that add the cashback to enhance their existing cashback programs on the credit cards they are already offering, and business that keeps a portion of the cashback to enhance net income and convert the balance into “business bucks” to pay for the services they normally sale.
To learn more about how cashback shopping can create a strategic advantage for you and/or your contacts, contact Phil Davis, Retail Benefits Partner.
Early in my career, I learned that it is unwise to rebuild a retail outlet on site when there is an option to build on another site better positioned to serve the trade area. Taking an outlet off-line for reconstruction, forced our customers to seek alternatives. They began shopping with other brands, creating new habits. And, the rebuilt outlet seldom regained their full sales volume. It was a bad investment. Building a new outlet in a better location avoided the lost revenue while creating excitement for the new store. It was usually a better investment.
Once a new shopping pattern is established (read – a new habit), it is difficult to revert. This experience gives me confidence that the effect of the Covid-19 outbreak will create new habits and accelerate other trends.
Trends to Watch
Improved/Greater Focus on Personal Hygiene
Remote Working
Internet Shopping/Home Delivery
Tele-Medicine
Virtual Meetings
The first change I expect is an increased vigilance toward sanitation. It is obvious that people are likely to become accustomed to washing their hands more often, hopefully using anti-bacterial soap. It’s reasonable to expect retailers and other employers to adopt measures to better protect their customers and employees. Who knows, this might lead to a reduction in overall flu cases, reducing absenteeism. Even now, I have a client in the Janitorial Services Sector who is generating significant add-on sales from an innovative sanitizer product.
My friend Faith says that this pandemic will be the catalyst to make telemedicine a more widely accepted modality of care. “Telemedicine has been operational for 40 years. It has had a tremendous resurgence since 2016 and continues to increase in utilization. Telemedicine, including telehealth, is viewed as a viable option to access needed care. Copays and other fees are being waived both for commercial and Medicare patients. The virtual platform that is steering patients will become more widely accepted and utilized. There was already a push for digital applications to handle chronic conditions, urgent care, follow up visits, and medical consultations. It will be difficult to resume pre-pandemic modes of care.”
As I begin my third day of voluntary quarantine, I have changed the plans for our monthly meeting in favor of a ZOOM meeting. Based on government guidance, I decided to conduct a virtual meeting instead. It isn’t as useful from a networking perspective, but the content of the meeting will be presented well, and I will record the meeting for future reference. I am hearing that many of my colleagues have been engaged in virtual meetings this week. I imagine that many will become more accustomed to virtual meetings during this quarantine.
As people work from home for the next two weeks, many managers who are uncomfortable with remote working will have an opportunity to change their thinking. Imagine the overall benefit of working from home. Less commuting time via automobile will benefit employee mental health and productivity while lowering the cost of owning an automobile. The benefit to the environment and maintenance of infrastructure will be enormous. Mass commuting to and from work by automobile is no longer practical or sustainable.
Yesterday, I heard that Amazon.com is hiring another 100,000 workers. It’s safe to say that the home shopping trend, including restaurant delivery, will experience a surge of growth. One can imagine how restaurants will change their business models to accommodate more home delivery. I expect the creation of outlets providing delivery and carry-out only, without any accommodations for dine-in customers. This is a huge opportunity for grocery stores as well.
For the next two or more weeks we will be living outside our normal patterns. Disruption of our typical routine will certainly result in the creation of new habits. Working from home, making greater use of technology and new applications will reveal better ways to accomplish our work. I expect that our quarantine will be a catalyst for accelerating change.
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.
Many thanks to Ron Weinstock, of Weinstock Marketing and ITB Partners for facilitating this Partnership.
What is a Company Store?
A company store is an on-line, fully integrated e-commerce site that gives you complete control over your branded merchandise program.
This is not a new concept as many printers have expanded their services, providing companies an outsourced solution for the logistical management of marketing collateral and branded products. A dedicated company store provides employees, dealers, franchisees, agents and even consumers the ability to easily purchase branded merchandise. “The more people who see our logo, the greater the likelihood they will call ITB Partners to resolve their problems.”
“Symphonix Solutions will handle everything for us, from acquiring and warehousing the merchandise for our store to maintaining the web-portal and executing order fulfillment.”
SYMPHONIX SOLUTIONS CLIENT BRAND MANAGEMENT PLATFORM IS CALLED “ONBOARD”
From this customized web portal, you can oversee brochures, displays, promotional products and digital brand assets, control and track projects, costs, create reports control inventory and send direct response emails.
At Symphonix Solutions, we have a variety of solutions to make it easy for our clients.
To learn more about Symphonix Solutions and how we can help promote your brand and your client’s brand, contact Michelle Mehnert at mmehnert@symphonixsolutions.com.
Since 2008, Symphonix Solutions has been helping clients manage their marketing and sales materials providing customized solutions that improve the production, distribution, and control of their assets. “Our proprietary technology provides each client with a customized portal to track inventory, costs, and delivery from anywhere in the world.”
“Our clients want the best quality, cost-effective, easy solutions, and Symphonix delivers.” With the highest level of service and a dedicated team you can trust, Symphonix partners with the best provider network to produce the best results from people who care about your projects and consistently deliver because they love what they do.
Symphonic Solutions stands ready to help you and your clients with their printing needs as well!
The Coronavirus Disease 2019, or COVID-19 has officially started spreading in the United States as many predicted it would. We’ve all seen the precautions to take and how to prepare at home, but what exactly does this mean for your business? In this state of unpredictability, we recommend that companies take steps to make changes and updates now. It is important to build resiliency, stability, and become better equipped to survive through such challenging times.
Jim Cichanski, CEO of Flex HR, Inc. a full-service Atlanta based Human Resources firm, advises “the biggest thing to do if you have not done so already, is create a written plan for emergencies (from bad storms like tornadoes, emergency closings, to viruses) which may mean updating or adding to your current Employee Handbook and or company policies.” First and foremost, meet with management as to how to correspond and carry-out the company procedure. Furthermore, communicate this information with your workforce immediately to lessen the emotions and anxiety associated with the hype. Encourage an open dialogue and share newly determined action plans or ones in development.
Some of the major companies such as Coca-Cola, Google, Amazon, and IBM have already put tactics into place such as asking those employees that have traveled out of the country to voluntarily work from home for two weeks as a preventive measure. Others have asked their workforce to limit travel plans or have canceled previously arranged international business trips. You may want to take similar actions.
Here are 5 things businesses should do now to prepare:
1. Revisit company policies and allow flexible alternatives.
Regardless, if employers break down their paid time off from their sick days, employees often come to work with a cold, so they don’t have to use up one of their days. Of course, no one wants for a co-worker to come to work sick, but they do so in order to save their days for when they are very ill or if their child must stay home from school sick. The Centers for Disease Control (CDC) and Prevention have recommended that employers establish flexible, “nonpunitive” policies, encouraging employees who are sick or exhibiting symptoms to stay at home. A spokeswoman from IBM noted, “IBM is having employees work from home where recommended and deciding on participation in large meetings and trade shows on an individual basis.”
Often small companies may not be able to afford all the luxuries like paid time off, or even allowing employees to work from home as a large company may be able to afford. There is no law stating you must pay non-exempt (hourly) employees if they are not at work. For the smaller firms, HR may require employees to use up paid time off, however; in doing so managers will need to open up their policies and allow employees to use paid time off prior to accruing the hours. A simple rule would be to grant them the total years’ amount of accrual, even if they have not earned it yet.
2. Sanitize first. Then sanitize again. And sanitize once more.
It’s an obvious statement that every single person should be following multiple times each day, but with the Flu and now Coronavirus its more essential than ever to stress that the entire workforce should be practicing virtuous hygiene measures. HR knows the prominence of the handwashing posters that should be placed near sinks and restrooms in the office, so now is a good time to ensure these are all in place instructing employees to clean their hands often with an alcohol-based hand sanitizer that contains at least 60-95% alcohol or wash their hands with soap and water for at least 20 seconds. You should also highly consider putting up temporary posters all over your office recommending “Wash Hands Frequently” or “Sneeze into your Elbow” to prevent spreading viruses. Provide alcohol-based hand sanitizer throughout the office (maybe even at each worker’s desk), tissues and disposable disinfecting wipes. Furthermore, check-in with your firm’s cleaning team to guarantee they are consistently wiping down all surfaces, and especially those that are frequently touched such as doorknobs, keyboards, remote controls, desk areas, and the kitchen after each workday.
3. Confirmation of positive Coronavirus test.
If an employee is confirmed to have Coronavirus it is mandatory that the employer notify fellow employees of their possible exposure to the COVID-19. Employers do not need to mention that person’s name under Federal Law, but that there has been a confirmed case and others should be aware. Anticipate that staff may be fearful and anxious and that some rumors will need to be addressed to properly convey the facts of the matter. If an employee feels well but has a sick family member that tested positive for Coronavirus at home, they should inform their manager right away to determine if that person is able to work from home as a precautionary measure.
4. Serious COVID-19 Outbreak preparations.
Every day we hear about the Coronavirus headcount increasing as well as expanding across the U.S. Employers should prepare by putting action plans into place quickly and communicating with your workforce that there is a strategy should it need to be applied. Continue to reassure your staff that the risk of exposure is very low at this time. And although the risk is minimal, employers need to recognize and protect those workers that may be at a higher risk for adverse health complications or be ready to take action to reduce transmission among staff. As people travel to other countries and return to the USA, they may be at risk of this virus or carrying it and not even know. So be knowledgeable and get prepared. Employers need to also consider the increase in absenteeism and consider cross-training personnel, so they are able to perform other work duties than their own in case this becomes necessary. Talk with managers about what work they may need to absorb or what projects they need to delegate to others in this scenario.
5. Ensure technology plans are in place.
Many companies do not have work at home policies, so preplanning is crucial in the event that it becomes necessary for a portion, or an entire organization, to telecommute temporarily. System connections, access to computers and internal networks all need to be predetermined prior to someone simply working from home. Transferring of phone calls and incorporating all the details needed to make that work smoothly needs to be considered and also written out so if the time comes to integrate plans, the process can be easily followed. If your company has an internal IT department be sure to strategize with the team as soon as possible. During this unknowingly challenging period, it’s crucial that Human Resources departments are planning for the worst. Business owners, managers and especially HR ought to take the time to review and update company policies allowing flexibility, communicate the updated protocol, practice hygienic routines around the workplace, create an emergency strategy that includes technology back-ups and telecommuting procedures in the event an employee becomes ill and/or business closure is indispensable.
Flex HR serves almost every industry in all 50 states, including Georgia, Florida, California, North Carolina, and Tennessee, as well as Puerto Rico, the Virgin Islands, Canada, and Europe supporting U.S. subsidiaries of foreign-owned companies.
Our Flex HR specialists serve thousands of different organizations, in countless industries, varying from a few to over 75,000 employees.
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.
i’ve learned that it is a big mistake to ignore my automobile’s ‘check engine’ light. I’ll admit, there was a time when I viewed the indicator light as a suggestion. Not anymore. I respect the ‘Check Engine’ warning light and take immediate action. Often, a failed sensor is the problem. Sometimes, when a sensor fails it cannot provide the automobile’s onboard computer with the information required to ensure the proper functioning of the engine. In other situations, the issue may be more serious. In any event, it means a trip to the service center.
Two weeks ago, a few indicator lights activated on the dashboard of my Nissan 350-Z, including a Check Engine light. The Z was a little difficult to start and the engine was operating below par. Of course, I took the car to the Nissan dealership for service.
As I was the first person in line when the service center opened, my need was processed immediately. In addition to the ‘Check Engine’ light, I asked them to check my air conditioner, as it wasn’t cooling properly. The service attendant was courteous and efficient. He printed a list of items to be investigated with a cost estimate for the diagnostics.
After completing the service order, I was directed to the customer lounge to wait for their evaluation. The owners of this Nissan Dealership had recently completed a major remodel. I suppose, remodel is not entirely accurate as they razed the old building to be replaced with a modern facility. I was not prepared for the utility of the waiting room. It is easily four times larger than the original. The adjacent restrooms are larger and more presentable.
The new lounge is more like a WeWork or Industrious office center. There are workstations and comfortable pit groups with over-stuffed chairs. The dealership offers free Wi-Fi and an ample number of electrical outlets for computers or to recharge smartphones. It is comfortable and well lit. An ample assortment of free beverages and snacks are provided. They offer single-serve coffee service, with a wide selection of flavors. There is juice, water and soda, packaged snacks, power/breakfast bars, and fresh fruit. At some point, a few dozen fresh donuts arrived. I passed on the snacks but enjoyed several cups of French Roast Coffee. There is a big-screen television tuned to HGTV and another screen for viewing the work in the garage. I was blown away by the new lounge. It’s like a combination of Starbucks and WeWork. If I had known about the amenities available, I would have brought my laptop and stayed in the customer lounge until my car was ready.
Almost immediately after my experience with Regal Nissan, I called my friend and colleague Mark Grace. Mark is an industry expert and guru on customer experience. He has trademarked a term for customer experience called Experidigm (see experidigm.com and his eight books). An experidigm is not just the product or service, but all the actions and feelings the customer might have related to the experience now, later, and as the product is integrated into their lives. It was my intention to share this experience with Mark to learn if the Nissan Dealer is providing a competitive customer experience. Also, as I thought it make an excellent blog post, I wanted to enlist Mark’s contribution, which follows.
This is a great example of the shift from selling a product or service to delivering a complete experidigm of related customer activities. Yes, customer waiting is a major activity in the car repair business. Waiting is part of the experience. We’ve all waited for hours in a cold, damp, smelly, repair place staring at an ugly, cracked linoleum floor. Compare that to Jim’s waiting, or should I now say, productive working experience. Jim might come back for more activities. The dealer could schedule quarterly events, to showcase new cars, accessories, or services. There is a large list of activities the dealer can consider, some of which could become profit centers.
Today, consumers can choose from over a billion products. The opportunity is integrating products and activities into a complete experience or experidigm. Brands that create experidigms, will acquire lifelong customers. Think Airbnb for staying overnight or Uber/Lift for getting from here to there – the complete experience is covered and growing larger. Any product can be made into an experience. Customers create eperidigms by integrating the product into their lives. Brands can take the lead, increasing their profitability by enhancing the customer experience. Let us show you how.
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.
Prior to forming New Century Dynamics Executive Search in 1999, Jim Weber spent 22 years with Fortune 500 companies in the Food Retailing Industry where he developed a broad-based portfolio of “hands-on” line and staff experience in growth and turnaround situations. A proven executive with exceptional leadership skills, Jim has a strong financial background and heavy operations experience in specialty retail stores, quick-service restaurants, manufacturing, and distribution.
For more information about Jim Weber and New Century Dynamics Executive Search, call us at 770-649-7051 or email JimWeber@NewCenturyDynamics.com