Is it possible for Target to make money from purchases made on-line at Walmart? The astounding answer is YES!
Four Thousand plus (4,000+) on-line retailers offer cashback to shoppers to entice purchases through their websites, including Target and Walmart. If your online store is a cashback provider, there is now a way to make money on purchases made at all the other online retailers offering cashback. Your store makes money on every purchase from all other participating retailers AND in the process creates an incentive for future purchases at your store.
How It Works?
In our Target example, this giant retailer could offer its on-line shoppers the “Target Cash Back Shopping App” with the headline, “Earn cashback from all your online purchases at Target and all other participating retailers, and leverage it for great buys at Target.” Using this approach, the cashback from purchases made at Target and all other retailers is held for future on-line purchases at Target.
Key Advantages?
A retailer that adopts the “cashback shopping app” will realize the following advantages:
Grow revenue – Retain a portion of shopper cashback to enhance profitability
Earn money – Every time your customers shop on-line with other retailers
Gather competitive information
Know what and when shoppers are buying at other retailers, and
How much they are spending by item and in total
Craft offerings – Based on shopper and competitive insights
Message – Communicate directly to shoppers via the app on special offers, etc.
Next Steps?
Every Retailer has unique branding and messaging. My firm works with your marketing and IT professionals to customize our app to the look and feel of your online presence. The app itself is built for an easy download on to your shopper’s mobile and desktop devices. The Retailer provides advertising to entice shoppers to join the program. Money is earned when on-line purchases are made through the app.
Phillip Davis
To learn more about the cash back shopping app. and the business opportunity it represents, contact Philip A. Davis at pdavishr@comcast.net or 678-977-5578.
In Part 1, we identified some of the more important characteristics that will be driving the New Normal. In this discussion, we will focus on how business professionals should be looking to respond to the New Normal.
First and foremost, it is clear that many companies are and will be faced with survival, pure and simple – doing whatever they can do today to ensure they are in business tomorrow. This is a reality that must be dealt with. Some will make it, many won’t.
That aside, if the company has enough “liquidity runway” to reenter the marketplace than the question is “how?” As we return to the world of commerce, it will be clear to all involved that is not going to be “business as usual.”
Given the current situation, the natural tendency is to turn to the methods that fall under the topic of “Turnaround” or “Restructuring” in an attempt to return a company to prosperity. Even so, I believe we will quickly find that these traditional ways of “fixing” organizations are insufficient. I believe these Restructuring/Turnaround approaches must be modified and evolved to reflect the realities of conducting business in the New Normal.
To differentiate this new perspective,
I’m suggesting that conducting commerce in the New Normal will require a “Restoration Strategy” mindset. We aren’t simply “restructuring” companies, we are “restoring” them to going entities. We aren’t simply “turning around” companies, we are “restoring” their business models modified for the realities of the New Normal. Restoration will require answering questions, developing approaches, and executing tactics that have never been part of a “typical” Restructuring or Turnaround effort.
I’m suggesting that the fundamental difference between Restructuring and Restoration will be the underlying environment. In a Restructuring situation, the company itself is distressed. In a Restoration environment not only the company, but it’s a marketplace – Customers, Suppliers, Lenders, everyone – are distressed also. This extra level of calamity will force us to conduct commerce in entirely new ways with new levels of focused cooperation.
TYPICAL RESTRUCTURING
To understand the concept of “Restoration” – which builds on “Restructuring” and “Turnaround” methodologies, let’s make sure we understand what is typically involved with the Restructuring/Turnaround.
Please note, we are taking the concept of “Workout” out of the equation here. In my distressed company lexicon, a “Workout” is when a company is already in or close to some form of receivership and it is likely no longer a going concern. In this case, the focus is working with Banks and Creditors to maximize asset monetization. Workouts in the New Normal will clearly be common, but the focus of this article is with businesses that have the potential to restore themselves and prosper.
In contrast – as someone who has been involved in a few turnarounds over the years – I view a Turnaround as a situation where the company is distressed and clearly in trouble but there is a possibility of “fixing it” and making it a healthy, growing concern again. I would be the first to admit that it doesn’t always end that way but the difference is the intent going in. That intent drives what you immediately do in a Turnaround situation.
As a common discussion point, let’s all reacquaint ourselves with “Turnaround 101” by discussing the four major stages – as shown in the following exhibit:
Let’s briefly review each stage.
Stage 1 – TRIAGE – this first stage is the most critical and essentially represents a “GO” or “NO
GO” decision. You must quickly assess the company in terms of liquidity, resources, operations (ED: “processes”), and its marketplace. Note, a comment on this last item. Some turnaround efforts ignore an effective look at the marketplace and after fixing the company find out that it should not have been fixed in the first place because of an unattractive market based on size, growth, competitors, profitability, etc. – i.e., remember to look at the external marketplace during Triage. Back to this initial assessment, you are trying to answer the question, “do I have something worth saving as a going entity?” Your focus is on items such as liquidity, burn rate, and Customer communication (i.e., read “retention”). The bottom line, you are focused on what we call “stopping the bleeding.” Further, what is often not realized is that in this early stage of triage, you must simultaneously start developing a “vision” for the future of the Company that can be communicated to Customers and Stakeholders (i.e., employees, board, investors, creditors).
Stage 2 – STABILIZE – this second stage is focused at creating consistency and predictable operations – particularly in terms of burn rate. That is Revenue less Expenses on a cash basis. One of the fundamental tenets of Japanese Total Quality Management developed back in 1954 is that to “fix something” you must do whatever you are doing – no matter how badly you are doing it – in a consistent manner. Starting your “fixing”, your initial focus is outward-looking – repairing/improving any and all Customer-facing activities such as product quality and delivery. At the same time, you communicate to Customers the actions you are taking to assure them of the company’s health and ongoing vitality. Internally, you concentrate on those items in the “Delivery Cycle” – specifically Sales, Delivery, and Customer Service. Generally, these can all be fixed relatively quickly. As the “Delivery Cycle” is stabilized you can then later turn your attention to the “Development Cycle” that includes Marketing/Development/Engineering (ED: this latter cycle has a slower “velocity” or “cycle time” and requires more time to change). In stabilizing the company, your greatest focus is on those items that can make an immediate, positive impact on Cash, Customers, and Delivery. During this stage, you also begin communicating the “vision” that was developed in Stage 1 to Customers, Shareholders, and Employees. Particularly with Employees, you must encourage your top employees to stay and embrace the vision (ED: in a typical distressed situation your best employees most likely already have their Resumes “on the street.”)
With Vision, there is clarity of purpose. Without Vision, there is chaos of existence.
Stage 3 – PROFITABILITY – If you have effectively stabilized the company to some form of consistency than the next stage is focused at profitability – generating EBITDA and a cash stream that ensures sustainability. There are countless techniques Turnaround Professionals use – dependent upon the situation – but some of the more obvious ones might include: product line rationalization, Customer attractiveness prioritization, revenue-generating Customer service, alternative Delivery approaches, cycle time reduction, product testing improvement (ED: product quality may take longer), etc. At this stage, you are also starting to work the “Development Cycle” including the product roadmap for new offerings that might be more attractive to your Customers. The bottom line, at this point you have a going concern and your next focus is how to put the company on a healthy growth track.
Stage 4 – GROWTH – with a going, profitable, concern you are now looking more strategically to the future in terms of markets and offerings. You are addressing questions such as: “Do I have the right offerings and business model for my current market”; “What else can I sell to my current Customers”; “Can I use my offerings or core competencies to expand to other markets” – i.e., generate new Customers. Generally, most of these questions all fall under the auspices of the Ansoff Matrix – which represents an effective framework for identifying growth/risk opportunities (ED: have used this framework dozens and dozens of times to help identify, evaluate, and select growth initiatives for an organization). The final, bottom line “big question” is “What company focus – i.e., “strategy” – will generate the maximum return for the Investors?”
These are the basic stages of a typical Turnaround. Given the many possible problems and the many possible solutions, Turnaround approaches are almost always modified as needed for a specific distressed situation.
HOW IS RESTORATION DIFFERENT?
What is different about a “Restoration” versus “Restructuring” as it relates to the New Normal? The actual stages of a Restructuring remain the same, but the underlying conditions are significantly more formidable – creating greater requirements and likely entirely new requirements to successfully “restore” the company to a healthy status. You can think about these requirements in four major categories – Environment, Personnel, Liquidity, and Emotional Intangibles. I am sure we could address more, but let’s focus on these for now.
ENVIRONMENT – as mentioned, in a typical Turnaround the Company is in a distressed state whereas in the New Normal almost every business surrounding the Company will be in some form of distressed state – i.e., everyone is “in the same boat.” The good news is that everyone around the table will be acutely more focused and amenable to “making something happen.” This reminds of the quote from the 18th century English writer, Samuel Johnson, who said;
“Depend upon it, sir, when a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully.”
The environment in the New Normal will be characterized as a fierce determination to survive that will force business professionals to develop and consider new approaches to keeping their business alive – particularly through the early stages of the New Normal. Expect less long-term relationship development – “survival timing” simply won’t allow. Discussions between marketplace partners will be one of “putting your cards on the table” and asking “what can we make happen between us that will be a win-win?” Golf course discussions will become lifeboat discussions.
PERSONNEL – in a normal Turnaround situation your best employees have ample opportunity to go elsewhere – that is why they are your best. However, in the New Normal their prospects of leaving are diminished – that is the good news. The bad news is the increased challenge to motivate people when they feel they are “trapped.” That said, I envision this as an opportunity to build an esprit de corps in your company culture like never before. In our next installment where we discuss “Culture”, we’ll explore this a bit more. Suffice it to say that the New Normal will create the “potential” environment where coworkers become akin to “battle buddies” and all that implies – ask anyone who has been in armed conflict about this significance. Note, an important point is that leading battle buddies will require a far more effective leadership than supervising coworkers.
LIQUIDITY – in the New Normal everyone has limited liquidity, not just you but your Customers, your Suppliers, Your Lenders, etc. Everyone wants to conduct business but everyone also has limited buying power to purchase goods and services. Surviving and then prospering – relatively speaking for at least the short-term – in the New Normal will require creative ways of using limited capital to conduct business. I fully envision the barter system to be resurrected for certain types of transactions – particularly in the service sector – as well as creative consignment approaches for getting product in front of potential buyers. Payment terms will have to be negotiated almost simultaneously along the entire supply chain.
EMOTIONAL INTANGIBLES – by their very nature normal Restructuring efforts place tremendous stress on everyone in the business. Be that as it may, in Restoration – under the New Normal – we can expect a higher level of emotional stress throughout the organization than we have never seen before. The options we face under the New Normal are limited and with limited options comes an accompanying realization that this is truly a “do or die” situation. Decision-Makers will agonize over their choices more than they ever have – as will everyone in the organization whose livelihood is impacted by those decisions.
As we can see, these underlying factors of the New Normal will place tremendous pressure on every business professional to get creative. I believe one positive outcome – and I actually think there will be many – of these pressures is for a greater level of transparency in transactions between parties. The urgency of “restoring” business in the New Normal simply will not allow for the typical “games” often found during the sales and negotiating activities.
In many ways, the Restoration of companies in the New Normal can be viewed as “Restructuring on Steroids.”
What should businesses do in trying to respond to the New Normal? In Part 3 we’ll discuss some thoughts about specific actions.
Dpm Turner
don@turnerworld.com
678.361.3313
www.turnerworld.com
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.
“I’m not Chinese. I thrive in interesting times.” ~ Charles de Lint ~
In both culture and commerce, we live in what many would consider “interesting times” – as stated in the old Chinese proverb. A proverb, by the way, that is intended as a curse, not a blessing.
Our “interesting times” have officially decimated the worldwide economy, ravaged social norms, and rattled the psyche of many. As we come out of this pandemic-driven calamity we face a truly “new world.” Whether it will be a “brave new world” is yet to be seen – but a “new world” it will most certainly be.
I have learned in a career-focused at disruptive technology marketplaces – often leading edge – is that change is a threat to the meek but an opportunity for the bold. Navigating the New Normal will take – as we will discuss in future parts of this Article – an intrepid head and an empathetic heart.
As a serial CEO and Business Strategist, I have also learned that identifying change is part and parcel to an effective strategy. In its simplest form, the “essence” of strategy is to “look over the horizon” and identify macro trends – i.e., read “change” – that justifies the investment. The need to understand what is over the horizon and see those macro trends that merit the investment of manpower, capital, and time is more important than ever.
With this four-part article – that will be published over the next several days – I thought we would explore what the future holds for all of us. The four parts are Part 1 – The “New Normal” – No Going Back to Normal Part 2 – Not Your Daddy’s Restructuring, the Idea of Restoration Part 3 – 5 C’s Restoration Strategy – the first 3 “C’s” Part 4 – 5 C’s Restoration Strategy – the final 2 “C’s”
Writing is a cathartic process for me that forces me to think more thoroughly through ideas and concepts. It is my hope with this article to prompt some productive discussion about what the New Normal will be, how companies can start moving from isolation to the New Normal, and finally, what the long-term implications are for conducting business.
Thank you in advance for taking the time to read this and even more so to comment – I am interested in everyone’s opinion since that is how we all will learn and move forward together.
I keep hearing from both mainstream and trade media talk about “when things will get back to normal.” From my perspective, that is simply wrong thinking. There is NO getting back to normal after this global disruption of – in our lifetimes – unprecedented scale.
As business professionals, we are being forced to take a fresh look at the fundamental societal changes that exist now and will be occurring in the future and understand how they will drive new ways of conducting business.
Simply put, we must prepare for the “New Normal”
After giving it considerable thought over the past several weeks, I’ve developed four observations that I’ll share here as fodder for discussion.
FIRST, the New Normal will NOT come all at once. It will evolve in phases over the next six to twenty-four months as we move from isolation to controlled distancing to an environment that – once vaccines are readily available – will allow us to interact face-to-face again on a safer basis. One thing I know for sure is that many individuals throughout our society will be permanently “scarred” from this pandemic and never embrace face-to-face interaction as they did in the past.
SECONDLY, the New Normal will certainly contain “holdovers” from our current isolation phase that will represent – in some cases radical – changes to our lives in general and how we conduct business specifically. Yes, we will make more use of, be more comfortable with, and find ways to enhance the virtual experience that we have been forced to at the present moment. One individual I recently read said, “We’re currently in the epicenter of the biggest remote-work experiment in history….” Clearly, there will be part of the population that permanently embraces “electronic presence” over “physical presence” and will want to continue to live and work that way.
THIRDLY, the New Normal will change the commerce landscape – there is simply no getting around that. Some products and services will simply become irrelevant, while others become more important. Of even more interest are the new solutions that will arise to support – if not enable – the New Normal. Will movie theaters ever enjoy their historical attendance as many find they have enjoyed in-home entertainment more? Will discretionary “claustrophobic” air travel ever reach traditional levels as many will value individual travel freedom in a car? Will this drive more travel domestically versus overseas? Will office space ever be viewed with the same attractiveness? How will relationship-building evolve as we simply don’t have the same level of physical interaction as in the past? What will take its place? Will we focus less on the trappings of a business environment and focus more on what individuals are saying? Answering these questions and many more are all part of trying to understand the New Normal.
FOURTHLY, we – as a country and more specifically as a consumer population – are going to be taking a harder look at our trade with foreign powers. Yep, you guessed it – specifically China. China has managed to reposition itself in the global mindset from one of historical suspicion to blatant cynicism. At this point, I don’t believe anyone knows the real origin details of the coronavirus and who is responsible – or is it simply a force majeure of epic proportions. That said, this we do know:
China delayed letting the world know about the coronavirus – there was a government-driven movement to suppress information about the coronavirus – even threatening the doctor who warned his colleagues about a possible outbreak. On 3 Jan 2020, Wuhan police summoned and admonished him for “making false comments on the Internet” – forcing him to write a retraction. Unfortunately, this ophthalmologist, Li Winliang, later personally contracted the virus and has since died at the age of 33.
U.S. healthcare found out quickly that too many of our critical supplies – including pharmaceuticals – were made in China. Our healthcare supply chain was negatively impacted by the virus in China, creating significant problems in the U.S. Furthermore, as China rushed to provide us with needed supplies like N95 respirators, ventilators, and other medical supplies we found out they had serious quality problems and were all but unusable. There is already a movement to take a fresh look at what we allow to be manufactured in China versus in the good ole USA. Hopefully, we will recognize that having a stuffed toy being made in China is of far different importance than from having a life-saving medical device. I am all for a global economy but I’m also all for prioritizing our supply chain and identifying those items that independent of the cost are best manufactured at home.
China has both misrepresented and misreported coronavirus statistics to the world. There has always been skepticism about information from China, but now it has become blatant. In a world where we are seeing in the hundreds of deaths per million people – e.g., Spain 455, Italy 399, France 310, UK 241, with the US at 129, etc. – China reports “3”. That is right, in the country where it all started and I would suggest doesn’t have the Healthcare System of the aforementioned countries, they are reporting 3 deaths per million people. In case you’re curious about what other countries of importance are reporting numbers similar to China you don’t have to look any further than Russia – another bastion of information transparency – which is also reporting “3” deaths per million people. The bottom line, it is difficult to do business with someone you can’t believe and simply don’t trust.
So, these observations beg the question, “what does all this New Normal mean for business?”
In Part 2, we’ll address the idea that managing in the New Normal will require an approach that goes beyond what we have typically referred to as Restructuring or Turnaround. It will call for an approach that I’m referring to as “Restoration.”
Dpm Turner
don@turnerworld.com
678.361.3313
www.turnerworld.com
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.
Late last week the government reported that the U.S. economy created 1.763 million new jobs last month. The expectations had been for 1.48 million. It’s good to see the numbers going in the right direction.
These are huge gains in employment, but it comes after even larger losses. To be sure, the economy is a long way from where it was just six months ago. The unemployment rate is down to 10.2%. We’ve had recessions that peaked with lower unemployment rates. The number of unemployed people dropped by 1.4 million to 16.3 million. The labor-force participation rate is 61.4%, which isn’t as bad as I had expected.
Let’s look at leisure and hospitality, which is a crucial sector for the economy. Leisure and hospitality added 592,000 jobs in July. In May and June, the sector added 3.4 million jobs. That sounds impressive, but leisure and hospitality lost over 8.3 million jobs in March and April.
We had more good news for the jobs market on Thursday, when the jobless-claims report finally fell below one million. The number of folks filing for jobless benefits fell to 963,000. That’s the first time in 20 weeks it came in under one million. Economists had been expecting 1.1 million.
While the jobs market is better, there’s still a long, long way to go. We also saw strong CPI numbers, which surprised me a bit as the increases were the largest in years. Something to continue to watch.
We’re also seeing another move towards cyclical stocks. By this, I mean stocks whose fortunes are closely tied to the broader economy. When cyclicals do well, that’s often though, not always an early sign of an improving economy. Perhaps Wall Street is sensing that the economy will reopen sooner than expected.
An Important Message For Parents Of College-Aged Kids
For those of you like me who are sending their children back to college, there is an important step to take now more than ever as we live through this health crisis and want to protect our kids as much as possible even as they are moving away to a college campus.
For my readers in Georgia, the law states that a person who is 18-years or older is considered an adult. At this point, parents cannot legally access their medical or financial matters. To help make sure that parents can continue protecting their children while they’re away at college, it is a good idea to create two essential estate planning documents: a financial power of attorney and an advance directive for health care. For my readers in other states and other countries, it would be wise to check your state’s laws.
Financial Power of Attorney
A financial power of attorney is someone who is legally authorized to act on another person’s behalf. A financial power of attorney can help with money, real estate, or legal matters. If the student gets sick or becomes incapacitated, the parent with the financial power of attorney can make sure that any bills are paid, and any legal issues are handled appropriately.
If a student becomes incapacitated and they have not named a financial power of attorney, the court will likely appoint a guardian or a conservator to help with any financial or legal issues. That court-appointed individual may not necessarily be the student’s parent.
Advance Directive for Health Care
An advance directive for health care is a legal document in which a person lists their health care and treatment preferences. It puts their doctors on notice about medical decisions if they are otherwise able to communicate those wishes due to an injury or illness. Within the advance directive, a person can designate their medical power of attorney. If a college student designates their mother or father as their medical power of attorney, that parent can speak to their child’s doctor, look at any health care records, and make decisions about their child’s medical treatment.
If a student gets hurt or seriously ill without having an advance directive in place, there could be delays in making urgent health care decisions. If the parent is not named the medical power of attorney, he or she might have to petition the court in order to act on their child’s behalf.
While I don’t practice law, I have a great group of legal experts in my network to help answer your questions. If you want to discuss this further, feel free to contact me and I will do my best to help!
Kevin Garrett – Integrated Financial Group
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) 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 in Atlanta Magazine in 2012, 2014, 2015, 2016, 2017,2018 and 2019.
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
Longtime community leader brings four decades of management experience, including in the hospitality industry.
Barry Flink
Barry Flink, executive vice president and partner of Flex HR, Inc., has been named to the advisory board of Departures Magazine. The publication is a source for high-end travel, restaurants, hotels, and fashion, shopping, art, and culture.
Flink has 40 years of management experience in multiple industries. His favorite jobs have always been in the hospitality industry. He has held senior-level management positions in Westin Hotels & Resorts, InterContinental Hotels, Service America Corporation, the Greyhound Corporation, and the Peasant Restaurants, Inc., based in Atlanta. He began his career in the hospitality industry as the Hyatt Hotel Corporation’s first national management trainee.
Flink is also an executive in residence at Kennesaw State University and has served on the board of directors of Georgia Tech’s College of Management as well as KSU’s Coles College of Business. He has also served on the President’s Advisory Board of Oglethorpe University.
He has been a visiting lecturer at Cornell University, Washington State University, Florida State University, Georgia Tech, Georgia State University, Emory University, and the University of Guelph and Ryerson University in Canada. He also wrote a chapter for a college textbook, “Business Acumen II.”
Flink was board chair of the Edge Connection and has served on the Small Business Council of the Metro Atlanta Chamber of Commerce, the board of directors of the American-Israel Chamber of Commerce, and an advisory board of Saint Joseph’s Hospital.
During my college years, I learned that if I completed my term papers early, I would have the flexibility to avail myself of interesting opportunities. That usually meant enjoying social events with my Fraternity Brothers. Besides, I never saw the point of adding stress to my life by waiting until the last minute to tackle a project.
Last weekend was a great example:
Last week, my friend Michael Moore invited me to join him for a Saturday Morning meeting of the Atlanta Chapter of the National Speakers Association (NSA). I was not familiar with the NSA, but I would like to become a better speaker. I called Michael for more information. He told me he had been a member for many years and thought I would enjoy the event. He said the meeting would begin at 8:30 a.m. and end at noon. Additionally, he reminded me to bring my mask as the meeting would be fully Covid-19 compliant. Since I had already completed and published my weekly blog post, my Saturday was clear. I was sold. I registered for the event immediately after our call.
As with most meetings, the first thirty minutes is usually for check-in and networking. It is rare for me to attend an event in Atlanta that I do not encounter people I know. Arriving early provides an opportunity to meet new people and catch up with friends. I made plans to arrive at 8:30 a.m.
Background of NSA
The National Speakers Association (NSA) was founded in 1973 to help its members become more successful by providing education, tools, and resources. NSA members include speakers, trainers, educators, humorists, motivators, consultants, and authors from a variety of industry segments. NSA helps build eloquence, expertise, enterprise, and ethics. Their Mission is “Empowering professional speakers to thrive and influence. We elevate excellence, share expertise, and challenge one another to improve.” NSA’s values are to “provide mutual support, shared success, giving back, and cooperation over competition to build a bigger pie.” Clearly, this organization is aligned with my goals and values.
Full Covid-19 Compliance
I arrived on-site at about 8:30 a.m. and was greeted at the door by my host and another gentleman who I did not know. I later learned that he was the Barry Banther, the keynote speaker, and Incoming NSA National Board Chairman. I proceeded to ‘checked-in’ where I filled out a brief Covid-19 questionnaire and had my temperature checked. As I was obviously healthy and wearing my mask, I received my name badge and was directed to the meeting room. Already in the room, several people were engaged in conversation. You know, networking. Not surprisingly, I encountered a colleague and the speaker for my upcoming BENG Atlanta Chapter meeting. Before the official meeting began, I was able to ‘catch up’ with my colleague and prepare my speaker for Tuesday’s meeting. After catching up with those folks, I encountered a third acquaintance who had attended a few of my events. That is networking in Atlanta. You usually find people you know at any event you attend.
The meeting room was staged to accommodate the attendees as well as those participating via ZOOM. The layout included a well-appointed elevated stage for individual presentations and interviews. It was well-lighted and flanked by video monitors. It was not a particularly large room, but it could easily accommodate sixty people. It was more than adequate for the twenty members and guests seated appropriately for social distancing. It is an excellent venue for my meetings.
The Meeting
Thurman Interview
The formal meeting began promptly at 9:00 a.m. with a welcome and presentation of the organization’s mission. This was followed by the introduction of guests and our hosts. The next item on the agenda was the Installation of Chapter Officers for 2020 – 2021. The ‘warm-up’ Speaker was Dan Thurman who talked about his experience starting out as a professional speaker.
The Keynote
Barry Banther, the Keynote Speaker was impressive. I suppose that should be expected of the incoming NSA Chairman. Barry’s talk was titled “How to Build
Barry Banther Keynote
a Sustainable, Profitable, and Fulfilling Business as a Speaker.” It was an excellent presentation! He used a lot of stories to drive home his points, holding our attention. His talk was particularly relevant as it was similar to one of mine. I received many ideas to improve my presentation which justified my attendance.
Conclusion
There are good reasons to avoid procrastination. In addition to creating stress, procrastination can result in lost opportunities. If you believe, as I do, that networking and continuous learning are important professional skills, you should engage in those activities whenever possible. For me personally, I believe that public speaking is a fundamental skill to be developed. I was fortunate to be able to accept my friend’s invitation to the NSA Meeting. Completing my work early in the week paid off big-time.
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.
Ron Weinstock of Weinstock Marketing and ITB Partners lands New Client, Disinfect Group.
Disinfect Group USA, offers a variety of systems to allow retailers, offices, venues to reopen safely. Total flexibility of units depending on the size needed. All manufacturing is in the USA. Disinfect Group USA’s product has the ability to:
Disinfect people and their belongings safely – 99.9999% effective
Take thermal temperatures
Count capacity in/out
On product branding
Offer LED sponsorship opportunities
Disinfect Group – Sanitation Tunnels
SANITIZING TUNNELS
Dry Fog is an innovative new product that creates an invisible “haze” in our tunnels which are completely safe and approved for use on humans against viruses and bacteria. It works using electrolyzed water technology.
Available with 1 to 5 tunnels and comes as a fogger or a misting sprayer.
SANITIZING FOG
Each visitor and worker pass through a completely safe dry fog before
gaining access to your facility.
THERMAL IMAGING SCANNER
Screens for elevated body temperature at a safe distance for employees and guests entering your facility. Alerts staff when a high temperature is detected.
DIGITAL CAPACITY COUNTER
Add a Body counting camera that helps you know exactly how many people are in your venue or facility at all times.
NO-TOUCH SANITIZER DISPENSER
Automatic hand sanitizer dispensers allow everyone to disinfect their hands helping stop the spread of viruses.
STAY CLEAN. STAY SAFE. RETURN TO WORK.
Contact Ron Weinstock for more information.
(310) 663-7669 | ron@weinstockmarketing.com
Ronald D. Weinstock
Ron Weinstock is an experienced restaurant and retail industry executive, consultant, and entrepreneur.
Over thirty-plus years of successfully launching, building, and revitalizing national and regional brands have positioned Ron Weinstock as a business and marketing leader in industries that include restaurants, financial, health, entertainment, and retailing. Ron is a business and marketing executive with a proven track record and a passion for team building, which/that includes leading cohesive & purpose-driven teams that consistently deliver exceptional results.
Have you heard of “cashback shopping”? If you have heard of Rakuten (formerly Ebates), then you have experienced the leading example of business to consumer (B2C) cashback shopping. In B2C cash back shopping, the cashback is paid directly to the shopper as an incentive to buy. Why? It is much less expensive to sell an item on-line than in a brick and mortar store. Online retailers take a portion of these savings and invest them in cashback advertising to bring more shoppers into their on-line stores and encourage on-line vs. in-store purchases.
This same cashback shopping concept can be also be applied in a business to business (B2B) environment. The biggest drawback of B2C cashback is that shoppers are reluctant to provide their personal contact information to someone they do not know, in this case, Rakuten. In the B2B environment, shoppers already have a relationship with the sponsoring organization. The sponsor might be their bank, church, favorite restaurant, or any number of other organizations. The key is for the sponsoring organization to have a trusted relationship with the shopper. In many cases, the sponsor may already have significant personal information on the shopper and be sending the shopper regular communications.
Most organizations with ten thousand plus (10,000+) patrons can benefit through adopting cashback shopping as a component of their on-going promotion program. The more potential shoppers, the greater the benefit. The cashback that flows to the organization can be utilized as a donation (for churches and charities), to pay for future purchases (retailers), and to pay a portion of the price of current purchases (grocery stores, insurance providers, and power companies). Most sponsors keep at least a portion of the cashback to pay expenses and as accretive to profit.
The benefit to the organization can be quite substantial. For example, a charitable organization that is keeping 100% of cashback as donations can expect to receive roughly $1 million per 10,000 shoppers. A commercial business will receive the same amount but will likely pass 80% or more on to the shopper in one form or another. Therefore, a commercial operation keeping 20% of cashback will be retaining roughly $200,000 per 10,000 shoppers.
To learn more about cashback shopping and its potential for your organization, contact Philip A. Davis at pdavishr@comcast.net or 678-977-5578.
Thank you for visiting our blog.
Jim Weber – Managing Partner, ITB Partners
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Successfully-Returning-To-Workplace: by Jim Cichanski and Jamie Sieja
The past few months have been unpredictable as the pandemic has taken a toll on most businesses. Almost all small to midsize companies have learned to adapt to these arbitrary and varying new working environments. However, it seems the change is actually going well for workers. 57% of U.S. employees think COVID-19 has changed the way we work for the better.*
Workplace Flexibility Moving Forward After Coronavirus
Therefore, it’s time to start looking ahead and getting businesses back on track by implementing updated work policies as the economy restarts. It’s imperative that Human Resources communicate their restructured plans to ensure a healthy and safe operational environment. Jim Cichanski, CEO of Flex HR states “we are working with hundreds of clients to bring back the workforce into their offices. The one key message I urge companies to convey to their employees encompasses the measures you are taking to keep them as safe as possible upon returning to the office. Conversely, be careful not to over promise-keeping your workforce completely safe. The research is still unclear as to exactly how an individual can catch, and spread, COVID-19; therefore, there is no way to create a perfectly protected environment while at work.” While some organizations have begun opening their doors for staff to return to physical locations, the majority of businesses are acclimating toward a remote workforce. Consequently, this means companies are fully transitioning to flexible working arrangements in the foreseeable future.
“If workplace flexibility is an expected employee perk, then employers will continue to offer that benefit to hire and retain quality people, which should be a prime the goal of the employer,” says Karen M. McGrath, assistant professor of finance at the Freeman College of Management at Bucknell University. “So as long as productivity remains strong, and employees experience greater job satisfaction, then I do not see things changing.”
Employers and Staff Returning to the Workplace
“HR executives should be the leaders in transitioning employees back to the workplace,” says David Osborne, chief executive officer of Virgin Pulse, a wellness company. Several employers are phasing employees back into offices, staggering workdays, moving office spaces (or cubicles) 6 -10 feet apart, and conducting temperature screenings before entering the building. Furthermore, other companies are asking their workers to self-administer temperature checks at home and attest that they have no COVID symptoms before entering their workspace each day. All of these transformations throughout the organization need to be relayed to all employees to ease their anxieties and to provide peace of mind. In short, companies are being trusted by their employees to do the right thing, follow the right guidance, and bring them back safely.
Overcoming New Office Challenges During The Pandemic
As the impact of Coronavirus across the country is lingering, one new challenge that organizations are experiencing is navigating day-to-day productivity efficiently. Thus, it’s essential to design a return to work plan that is sufficiently adaptable to evolving recommendations, guidelines, and orders issued by federal, state, and local governments, such as the Families First Coronavirus Response Act (FFCRA). Additionally, employers should reference guidelines published by the U.S. Centers for Disease Control and Prevention (CDC) and the Occupational Safety and Health Administration (OSHA), which summarize key considerations for preparing workplaces when bringing back employees.
Human Resources Is Vital Right Now
Business owners need to invest in the proper HR expertise now more than ever to successfully strategize and manage the modifications of new office policies. Businesses around the nation are trending towards outsourcing their human resources. Companies like Flex HR, Inc., a full-service HR firm headquartered in Johns Creek, GA, oversee these adaptable transitions all while mitigating possible liability risks for the employer. HR professionals have become the principal leaders of positive change; inventing new ways to work, altering job functions, developing new learning and communication methodologies. “The HR profession has taken on a heroic role. I am more inspired and energized to support the HR profession than ever. HR leaders are rolling up their sleeves, partnering with IT, facilities and legal functions, and figuring out how to react, respond and re-engineer all aspects of work,” notes Josh Bersin of Human Resource Executive.
Streamlining business complexities during the COVID crisis is perplexing in itself. Leadership is currently overwhelmed in making effectively-balanced valuable decisions for both staff and the organization. Simultaneously all while trying to enforce the company’s core values and safeguarding the well-being of employees. To ease the burden of management, HR companies, like Flex HR, have created “helpful tips for managing the Coronavirus crisis” online, specifically addressing COVID-19 business impact concerns. For checklists, sample return to work letters, and other essential information for having your staff return to work, contact Flex HR now.
Jim Cichanski, the founder, President, and CEO of Flex HR, Inc., has 30+ years of experience in human resources, holding senior-level positions in companies that were privately held, pre-IPO, foreign-owned, joint venture, Fortune 50 and one labeled the “fastest-growing F1000 in America.”
Jim Cichanski Flex HR, Inc. President and CEO Flex HR, Inc.
Thank you for visiting our blog.
Jim Weber – Managing Partner, ITB Partners
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This was a good week. It was not a good week because I recruited a new consultant, which I did. It was not because I accomplished all of my planned tasks, but I did. And, it was not a good week because I had several very productive meetings. All these activities are noteworthy of course, but it was my ability to mix these activities with my favorite personal pastimes that made the week so enjoyable. Yes, I accomplished quite a bit and had a lot of fun in the process.
The high point of my week was my meeting with Walt. I was introduced to him, three weeks ago by Dave, a mutual friend. Dave reached out to me to see if I would be interested in talking with him as he needed help with his job search. I have great confidence in Dave’s recommendations, so I invited him to make the introductions. Shortly after that, Walt and I were having a telephone conversation.
Our first conversation was relatively brief. I learned that he had a background in the food distribution segment with experience in business development and as a category manager. Walt advised me that he had been terminated within the past two weeks, having been furloughed by the pandemic. He did not have a current resume to share, at that time, but promised to send a copy when it was ready. He said that it has been a long time since he has had to look for a job. Actually, this may be the first time he has been in a job search since he began his career. I also learned that he is a cigar aficionado, familiar with my favorite cigar bar. We ended the conversation with my commitment to follow up after I review his resume.
We met mid-afternoon, Thursday at the cigar bar. After making our cigar and beverage selections we found seats at a table in a private meeting room. We made a toast and got down to business. He handed me his resume as he began to recap his background. Walt is an extrovert. He is friendly, engaging, and interesting. We are about the same age and have much in common. Our meeting was off to a great start. He laid out his history as a Category Manager and Business Development Professional in the food distribution industry segment. He explained that he was furloughed at the beginning of the lockdown, then recently terminated.
We spent the better part of two hours together. I noted that he is better off than most job seekers. He has a severance package including a non-compete clause. He has a solid network and excellent references. Already, he has reached out to make them aware of his situation so they can be helpful. He admitted that he is not savvy about networking groups or how to find them. He said he is open to new opportunities.
When Walt finished presenting his background he asked for my advice. I commended him on his positive outlook and his willingness to consider new opportunities. We discussed the obvious difficulty in the foodservice segment; however, I foresee opportunities helping his prior customers with their purchasing and supply chain issues. We also discussed pursuing opportunities in non-food distribution. I told him that many are finding success by taking freelance consulting projects as a bridge strategy to find full-time employment. Finally, I suggested that his search should include smaller companies with upside potential.
His resume, hot off the presses, was prepared by an HR professional, not a professional resume writer. Although it is well organized and easy to read, it is bland and lacks a call to action. It does not reflect the contributions he has made to his employers and his positioning statement lacks clarity. I can help him with that issue.
His final question was about my program. Could I be helpful, and how I was paid for my services? I explained how the three parts of my business, (New Century Dynamics Executive Search, ITB Partners, and Executive Career Coaching) operated and how each could be helpful to him.
At the end of our conversation I agreed to the following deliverables:
Help him plug into the market via networking groups.
Review his resume and LinkedIn Profile – make recommendations.
Provide clearer background information about our capabilities.
Make Strategic Introductions to my network.
Walt is hitting the market at a difficult time. The economy is coming out of recession, it is the middle of summer, and his industry segment is under pressure. As a Baby Boomer, he has demographic challenges. On the plus side, he has a solid skill stack and a positive mindset. His severance package is a plus. He has a good network and great references. Most importantly, he is coach-able and open to new opportunities. Walt will adapt to the realities of this market as he has a better understanding of his options. I am confident that it won’t be long until he will be gainfully employed.
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.
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Given the current situation, the natural tendency is to turn to the methods that fall under the topic of “Turnaround” or “Restructuring” in an attempt to return a company to prosperity. Even so, I believe we will quickly find that these traditional ways of “fixing” organizations are insufficient. I believe these Restructuring/Turnaround approaches must be modified and evolved to reflect the realities of conducting business in the New Normal. 
Stage 4 – GROWTH – with a going, profitable, concern you are now looking more strategically to the future in terms of markets and offerings. You are addressing questions such as: “Do I have the right offerings and business model for my current market”; “What else can I sell to my current Customers”; “Can I use my offerings or core competencies to expand to other markets” – i.e., generate new Customers. Generally, most of these questions all fall under the auspices of the Ansoff Matrix – which represents an effective framework for identifying growth/risk opportunities (ED: have used this framework dozens and dozens of times to help identify, evaluate, and select growth initiatives for an organization). The final, bottom line “big question” is “What company focus – i.e., “strategy” – will generate the maximum return for the Investors?”
short-term – in the New Normal will require creative ways of using limited capital to conduct business. I fully envision the barter system to be 
change is part and parcel to an effective strategy. In its simplest form, the “essence” of strategy is to “look over the horizon” and identify macro trends – i.e., read “change” – that justifies the investment. The need to understand what is over the horizon and see those macro trends that merit the investment of manpower, capital, and time is more important than ever.
SECONDLY, the New Normal will certainly contain “holdovers” from our current isolation phase that will represent – in some cases radical – changes to our lives in general and how we conduct business specifically. Yes, we will make more use of, be more comfortable with, and find ways to enhance the virtual experience that we have been forced to at the present moment. One individual I recently read said, “We’re currently in the epicenter of the biggest remote-work experiment in history….” Clearly, there will be part of the population that permanently embraces “electronic presence” over “physical presence” and will want to continue to live and work that way.
