Supercharge Your Networking

Erica McCurdy for GA 95

We’re into the holiday season, which means you’ll be attending year-end parties and networking events.  Now is a good time to discuss how to make those events more productive.  As you would expect, I spend a lot of time networking, in groups and one-on-one.  Over time, I’ve become more selective about the invitations I accept.  I place a high value on my time, so I attend events offering the best outcomes.  A little research goes a long way.  I want to know who’s attending and whom to meet.  That is one way to generate a better result.  Knowing the host is an important factor in these decisions.  Some attract high-quality participants, but others don’t.  This week I attended two very successful events that were distinctively different.

Monday evening, I attended an “An Evening of Introductions” hosted by Susan Knox of Corporate Connections.  I have known Susan for many years.  Her events are excellent.  This meeting was held in Marietta, Georgia at the offices of a prominent Law firm.  This venue is well equipped with a large private meeting room that opens into a common area with a kitchenette.  “An Evening of Introductions,” began with a closed-door meeting of twenty-five, high-profile business leaders and executives for emerging brands. These are people I should know.

Susan opened the meeting with a warm welcome and an overview of the agenda.  That was followed by personal introductions from the attendees.  This is the standard way to begin most meetings, however, Susan gave each of us three minutes to pitch our businesses.  She added a bit of color as she introduced each participant, providing an interesting personal comment.  It was a nice touch.  Excellent communication skills were on display.  Note pads were provided to jot down key points from each.  I seldom recommend a three-minute elevator pitch, but it was effective for this format.  It helped me determine who to talk with and interesting ways to start each conversation.  As I was one of the last to speak, I had time to make my story most interesting.  I was pleased with my performance.

When the formal meeting ended, the networking began.  The doors were opened to the remainder of the guests, and cocktails and hors d’oeuvres were served.  I found it to be very productive.  These folks know how to network!  Whenever possible, I will attend Susan’s events.

 

Ten Keys to Better Networking

  • Be selective about the events you attend.
  • Be professional.
  • Know who’s on the guest list.
  • Ask the host in advance “who do I need to meet?”
  • Stay long enough to make connections then follow up quickly.
  • Enjoy the cocktails and snacks in moderation.
  • Dress for the occasion – You cannot be overdressed.
  • Find common ground to initiate a conversation.
  • Don’t be bashful – people want to meet you!
  • Bring Business cards, but don’t offer them until asked.

Two days later, I attended my first-ever political event.  This was for an ITB Member recruited to run for state office.  I didn’t know what to expect, but I was confident that I would be with friends, and friends of friends.  I was not disappointed.  Most of these folks are active in the political arena, including a few that are running for state and federal office.  They are networking pros!  I didn’t meet anyone who wasn’t interesting and friendly.   In many ways, it was like hanging out with neighbors. The first question was usually about our connection to the candidate.  That is a great, non-threatening way to begin a conversation!  I made several good connections; one is a direct bullseye that should lead to new business.

I was happy to have attended this event.  The venue was perfect.  The side room of a local bistro, it was cozy but large enough to accommodate the guests.  The importance of the right venue cannot be overstated. Based on my relationship with the candidate, I expect to attend more events and support her campaign. I don’t expect to jump into the political arena, but I can add value at the periphery.

If you are interested in becoming a more effective networker, use the season to practice the suggestions presented here.  I think they will be helpful.

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

 

The Free Pocket Square

Pocket Square

I had arrived a little early for my luncheon meeting with an alumni friend. We get together about once a quarter to catch up, to discuss relevant issues about our university and the local alumni chapter.   It was a workday, so I was dressed in business casual attire; a navy-blue blazer, a white shirt, gray wool trousers, and black shoes.   My typical uniform.  As I had some time to kill, I decided to visit a nearby menswear store that I patronize from time to time.

 

I received a warm welcome from one of the staff members who gave me a general overview of the merchandise they recently stocked. He was helpful, in an unobtrusive way, giving me the opportunity to become familiar with their merchandise. As the season is changing, there are a few items I want to add to my wardrobe, so I wasn’t killing time entirely.

 

While wandering around the store another employee approached me and slipped a white pocket square into my jacket pocket. He complimented me on my appearance and said that the pocket square completed my look. I was pleasantly surprised by his action, thinking that he presented me with a gift. Well, maybe I was a bit confused as I didn’t take it as an overt attempt to make a sale.  His action created an opportunity for us to interact further as I continued to review their merchandise.

 

When it was time to go to the restaurant, I made my move toward the door, thanking the sales associates and promising to return. The associate who presented me with the pocket square, still in my pocket, asked if I would like to pay for the item. I had totally forgotten about it, especially since I had processed it as a gift. When I realized my mistake, I had to laugh.  It was a funny situation, although somewhat embarrassing. He got me! How could I refuse to pay for the pocket square?  I paid for the item, thanked them again, and went off to lunch. I’m a big fan of pocket squares so I am happy with the purchase.

 

Driving to my office after lunch, I thought back to the situation at the men’s store.  I had to laugh at myself again for missing the obvious point of his gesture. But something was nagging at me. I admit that it was a clever sales technique, however, it felt deceptive.

 

I may have been confused because no one has ever put an item in my pocket that wasn’t meant to be a gift. Typically, a sales associate will bring me an item, often a tie, to show me how it complements my jacket or suit coat. He wouldn’t tie it around my neck, but maybe drape it over my sleeve. If I showed interest, he might take me over to a mirror to see how the tie would look in relation to my shirt and jacket.  In those situations, I would hold the tie, folding it in a way that would allow me to bring it to my shirt collar to resemble my appearance if I were wearing the tie. I would manage this process, not the sales associate. During this time, he might talk about the item, speaking to the quality, the price, and how well it complements my attire.  You know, selling.

 

In my recent interaction, the sales associate didn’t tell me anything about the item or the price which failed to reinforce the act of selling the pocket square. OK, call me naïve, but I am confident that you would’ve reacted in a similar way if only for a moment.

 

I admit it was a clever technique if not a hit-and-run tactic. He made a small sale, and I do like the pocket square. However, I am not motivated to return to that location or to work with that associate. I hold no animosity toward him, but he didn’t create mutual trust and respect that would motivate me to return.

 

Often, it’s the little things that make the biggest impact. When working to build a relationship we should be mindful of our behavior.  We want to ensure that we don’t send any conflicting messages. Hit-and-run tactics will limit you to a low-level sales rut, with few return engagements. A lack of clarity or candor will inhibit the formation of relationships.  In that event, you may never have an opportunity to work with many prospects.  I may have returned to that store if the pocket square had been given as a gift, or if the sales associate had presented the item differently. I guess we will never know.

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

 

 

 

Go! “I will…” Experidigm

Mark Grace 7th Book Launch

Ignore Tyrants

by Mark Grace View author’s profile page

“I Will…” Experidigm
Overview
Break free by ignoring “You will…” Tyrants. Break free by pointing up and going to your NEXT experidigm. Claim ‘I will…” Experidigm! Claim the right to experidigm. Read Go: “I will…Experidigm; Ignore Tyrants.
Description
Break free by ignoring “You will…” Tyrants. Break free by pointing up and going to your NEXT experidigm. Claim ‘I will…” Experidigm! Claim the right to experidigm. Read Go: “I will…Experidigm; Ignore Tyrants. Tyrants are using an established moral infrastructure to brainwash and control people. Social, religious, business, educational, and governmental Tyrants are so common that many people are unaware that they are being programmed to follow “You will…” (subtle instructions and, sometimes, outright commanding “You will…” orders). A Tyrant is anyone who wields “You will…” orders. The author’s stance is to not tolerate the “You will…” propaganda robbing individuals of freedom and destroying experidigm ecosystems. “You will…” manipulation dominates all facets of life, especially any form of communication or connection. Social media opinions, preposterous ads, and “fake” news control the “mass” consciousness. All this communication is created and paid for to manipulate the listener to buy, to vote, or to just do what the Tyrant “You will…” wants. If people spend all their waking hours working or doing what the messages say, they are being controlled by Tyrants. “You will…” Tyrants and their administrators do not allow free will, true choice, or NEXT experidigming.  Break free by ignoring “You will…” Tyrants. Break free by pointing up and going to NEXT experidigm. Claim ‘I will…” experidigm. Go! Claim the right to experidigm. Read Go: “I will…Experidigm; Ignore Tyrants.

About the author

Mark Grace

Described as a rainmaker and innovation leader, Mark Grace lives by the adage, “Aim higher, achieve more!” For Grace, “There will be setbacks, but the good side is to just point upward to go upward to better. You might not see better right away, but better is there if you keep looking and seeking. You can avoid, deflect, and ignore the bad people who try and to stunt your growth.” As an inventor, Grace has received over 18 patents, many trademarks and has been honored with international technology awards.

He is the author of a series of personal and corporate “how to grow” opportunity books: 1) Elements of Visual Talking, 2) Soaring to Awesome-Turd Throwers Beware, 3) Choosing Up, 4) Avoid Takers, 5) NEXT: “I Am…” Experidigmer 6) MORE: “We Am…” Experidigmers, and 7) GO: “We Will…” Experidigm. Grace earned his MBA from Washington University and Chemistry degree from St. Louis University. He is the founder of the growth advisory firm, Beyondvia Technologies. Beyondvia.com offers practical ways to liberate individuals and organizations to allow these entities to grow and evolve, to realize their visions and value.
Grace regularly advises global organizations and contributes to leading journals across a myriad of industries. Grace has coined the term “experidigm” to articulate to readers and followers his philosophy of achieving personal joy. Experidigm.com is the signup gateway to participating in Applied Experidigm Zones (AEZ) and building personal experidigms.

Mark Grace

https://store.bookbaby.com/profile/markgrace

amazon.com/author/markgracepath

experidigm.com

beyondvia.com

https://www.linkedin.com/in/markgracebeyondvia

Reciprocity and Business Development

The Events Registry

A lagniappe (/ˈlænjæp/ LAN-yap, /lænˈjæp/ lan-YAP) is “a small gift given to a customer by a merchant at the time of a purchase” (such as a 13th doughnut on purchase of a dozen), or more broadly, “something given or obtained gratuitously or by way of good measure.”[2]  The word entered English from the Louisiana French adapting a Quechua word brought in to New Orleans by the Spanish Creoles. From Wikipedia

 

Last week’s article mentioned the value of gift-giving to build relationships and generate new business.  This week I was on the receiving end of several offers that reinforced the value of gifting.  The most memorable situation occurred while talking with a prospective new consultant, Linda.  Linda recently left a corporate career to strike out on her own, as a licensee of a National Brand that markets productivity enhancing solutions.  We talked about her program’s benefits and I told her about our business model.  At the end of our conversation, she invited me to complete a complimentary on-line diagnostic to determine how I might benefit from her services. It was gift of a free service. I was intrigued and gladly completed her survey.  Her diagnostic is an excellent way to qualify new clients and since she captured my name and email address, she has what she needs to build a long-term relationship.  Naturally, I did the same.

 

Early in my career, I spent five years working for Hickory Farms of Ohio.  Hickory Farms built its business by offering gifts of free samples.  Employees would greet shoppers passing in front of their store with the offer of a free slice of Beefstick Summer Sausage.  While the shopper was enjoying their sample, the employee would tell them about the product and ask if they liked the taste of the item.  A positive response from the shopper (commitment) began a conversation often leading to a sale.  Today, sampling is a common practice used in restaurants and grocery stores.

 

Gift giving is a practice deeply embedded human culture. We know that throughout history, especially in the political realm, it was customary for visitors to present their host with a gift. The more important the host, the greater the gift.  Gift giving is still a common practice, especially between people with established relationships. However, most larger companies have established rules for accepting gifts to ensure ethical behavior. In my experience these rules usually govern the acceptable value of the gift and full disclosure.  Giving gifts is an excellent way to say thank you and to demonstrate appreciation, however, gifts can also be an effective way to establish a relationship.

 

Reasons for offering a gift:

  • To build and reinforce relationships/loyalty
  • To show love, devotion, and respect
  • Symbolic communication
  • To help others (altruism)
  • To find a mate

 

There is an entire industry segment (Promotional Products) devoted to gift-giving as a marketing tactic. I am confident that you have received items from companies that want your business. Typically, these are small items with a low monetary cost, but high utility value, which includes the giver’s logo, a tagline, and even a telephone number or email address.  Items like coffee mugs, writing utensils, and key fobs come to mind. Every time you use the item you recognize the logo and think of the gift giver.

 

Linda’s technique is a classic way to generate new clients.  Other similar offers include White Papers, Research Reports, Directories, and Training, among others.  These offers are seldom 100% current or complete so they provide limited value but are useful ways to whet one’s appetite for more.  Another effective technique is to offer a limited engagement at a modest price that adds value at minimum risk.  I am not a fan of conducting this work for free as doing so tends to diminish one’s brand value. These entry-level projects are typically diagnostics that help the client validate the nature and scope of a perceived problem.  It is a useful way to solidify a working relationship with a goal to stimulate further engagements.

 

If building relationships is an optimal way to generate new business, giving gifts is an effective way to establish a relationship.  Offering gifts is aligned with established cultural norms that convey respect and appreciation.  Giving a gift invokes the concept of reciprocity, another cultural norm which creates a perceived obligation for the recipient to respond in kind.  Hopefully, the recipient will feel obligated to give you a fair opportunity to pitch your business, if not actually contracting your services.  Whereas gifts of intellectual property may provide immediate value, smaller physical items with your company logo and contact information will serve as a constant reminder to the prospect.  Limited engagements at a lower cost, while not necessarily considered a gift, is an effective way to solidify a relationship.  These engagements can serve as a foundation for larger, more profitable contracts.  In conclusion, while you are attempting to establish a relationship consider the viability of tangible and intangible gifts to facilitate the process.

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

 

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

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

 

 

 

Big Challenges for Small Business Owners

Small business owners wear many hats and make many decisions each day. Most of these decisions are small and have minor impacts. Some decisions, however, are common to most small businesses and can have far-reaching, fundamental impacts. As a starting point, let’s look at three fundamental challenges:

The first big challenge facing most small business owners is finances. As the CEO of a start-up frequently said to me, “Cash is king.” Businesses exist to make money and most small business owners run their finances without adequate planning or oversight. They monitor bank balances, accounts receivables, and expenses, but most don’t have a basic financial forecasting, reporting, and review structure in place. Additionally, many don’t have the forethought to establish a line of credit or other funding sources to help them remain solvent when inevitable financial speed bumps occur.

If your business needs some help in the financial area, here is a short “best practices” checklist to consider:

  • Get help to create a basic financial reporting (KPI) structure, such as within QuickBooks or your chosen accounting software
  • Document financial reporting requirements and ensure they are followed by you, your employees, 1099’s, etc.
  • Establish a recurring schedule for reviewing results and forecasts for all important financial data, such as cash, revenue, accounts receivable, and major expense categories
  • If not yet established, investigate funding options such as a bank/SBA loan, line of credit, credit card, silent investor, or personal funds… before you need the money

The second big challenge facing most small business owners is people because every person is critical to the operation. One poor performer can have unforeseen negative impacts. A sudden resignation by a key contributor can slow production. Finding new talent can be difficult, or motivating and retaining talent can be overlooked.

If your business needs some help in the people area, here are a few ideas to consider:

  • Take the time to consider carefully the performance of each member of your current team
  • Determine those employees who are critical to your success and what you will do to motivate and retain them
  • Determine those employees who are not performing and what actions you will take to address this

The third big challenge facing most small business owners is time. Few seem to have enough of it, even if they are working 60 hours a week or more. After working long hours for years, they begin to feel they have become a slave to their business … that the business is running them rather than they are running the business.

If you are working more hours than you want and not on a track to improving this, here are some ideas to get more of your life back:

  • Jot down the actions you take for a day or two, then review your list and decide what you can stop doing with no/minimal impact
  • Take a good long look in the mirror and ask yourself “Am I failing to delegate work that others could be doing?”, then delegate appropriately (the topic of a future blog post!)
  • Establish more organizational structure in your daily activities, such as a daily “to-do” list and time scheduling for key activities to do daily, weekly, and monthly
  • Make a commitment to yourself to reasonable work hours and hold yourself to them, which will motivate you to eliminate or delegate low-value work

Most small business owners I meet have all of these problems, in varying degrees. If you are a business owner who doesn’t have any of these big challenges, it’s possible you are overlooking one or more of them.

Think again. Don’t skip over this opportunity to improve your business and your work/life balance!

————————

Richard Kirby (www.richardkirby.net) is “The K Factor”, an executive coach who provides inspiration and guidance to small business owners and corporate executives who genuinely seek success at a higher level.

 

Richard Kirby, Executive Impact

Richard Kirby (www.richardkirby.net) is “The K Factor”, an executive coach who provides inspiration and guidance to small business owners and corporate executives who genuinely seek success at a higher level.

 

 

richard@richardkirby.net

www.richardkirby.net

770-366-5875

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

 

Webinar – Three Pillars For Success – October 10 at 2:00 p.m. Eastern

“Three Pillars For Success” Webinar

 

Join Us, October 10 at 2:00 p.m. Eastern  To Hear Jim Weber Present

The Three Pillars To Success

Description

Get Serious about creating an effective business development plan!
 
Jim Weber – Managing Partner, ITB Partners

Jim Weber is President of New Century Dynamics Executive Search, and Managing Partner of ITB Partners, Management Consultants. He will be presenting “The Three Pillars for Success.”

This webinar is designed to help you if you are trying to attract new clients/customers, looking for a new full-time job, or considering a career as a Freelancer.
ITB Partners is a Consortium of independent management consultants providing high value-added solutions to your problems. For more information, please visit our website at www.ITBPartners.com
For more information about ITB Partners, please visit our website;  https://itbpartners.com
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| Jim Weber | Managing Partner | ITB Partners |
| 770-649-7051 | Jim.Weber@itbpartners.com |

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

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Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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

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