Category: Coaching

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So, You Want to Go Big Time

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This post is the first in several articles about planning to scale a small business into a larger enterprise.

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My wheelhouse is working with emerging companies.  My clients are successful business owner-operators seeking a bigger stage.  Their aspiration is admirable.  Notwithstanding their ambition, moving onto a bigger stage requires preparation.  It may include personal growth and development and work on the business.  Entrepreneurs need a strong Ego to become successful.  However, ego is not enough to build a more prominent company.  One must check one’s ego, listen to others, and ask thoughtful questions.  You need a roadmap.  A team of your peers with relevant experience can be helpful.  One should consider an Advisory Board or a more formal Board of Directors.  Some hire a Coach.  A serious focus on one’s transition will help ensure success. 

A former client provides a Case Study of failure to scale a business.  The client thought their successful restaurant concept had legs.  The three owners were an odd mix.  Two were entrepreneurs who created one-off restaurants.  The third was a former major chain restaurant icon.  Regrettably, the former big brand icon was out of touch with the industry.  However, they were well connected.  Their connections helped them raise capital to support their plans.  Their fundamental problem was that they were not a viable team.  They were at odds with one another, each working on their agenda.  They had a Board of Directors, which was equally divided.  They hired a competent CEO who soon left because he could not work in that environment.  They experienced a similar situation with their first CFO.  Their ultimate failure was an inability to execute their development strategy.  This dysfunctional client was beyond salvage mostly because they refused to listen to their advisors.  It was a sad, magnificent failure.

Your Foundation:

    1. Know Yourself: Personal Transformation from Small Business Owner to Business Executive
    2. Processes, Systems, and Procedures (including vendors, professional services, and supply chain) are in place with flexibility to grow and expand
    3. Financing is in place:  Stable internal cash flow, retained earnings, and outside financing.
    4. Know Your Customer in depth:  Demographic Profile, Frequency, Check Average, etc.
    5. Development Strategy:  Think Penetration; Your Home Market first

You must understand your customers and why they trade with you to expand your business.  You must know their disposable income, how often they visit your business, and how far they are willing to travel, among other relevant statistics.  This information is necessary to determine which trade areas to target.  You will need a Local Store Marketing Program, possibly a Loyalty Program, and likely, a Cause Marketing Strategy. 

Considering your workforce, can you answer the following questions in the affirmative?  Do you have a stable workforce?  Do you attract high-quality employees?  Do you have a healthy culture that rewards performance and is flexible to accommodate your plan?  Are job functions clear and understood?  Do your employees have the tools to perform their jobs at the highest level?  Do your policies reward results and ethical behavior?  Are you developing leaders?  Are your security policies, procedures, and systems up to par?  Is your compensation program competitive?  Negative responses provide a clear direction for further development.

This client’s Development Strategy was ill-conceived and poorly executed.  The first was to create a strategy based on the success of their original location.  It would make sense if their first location were not in a historic building.  Historic buildings are notoriously problematic as every area is a new adventure.   There is no learning curve, and the development costs are unpredictable.  This flawed strategy set the stage for all the problems that followed.  The second major development mistake was their failure to penetrate each market before moving into a new market.  Instead, they went for a ‘one-off’ strategy, building a single restaurant in markets across the Southeastern U.S.  This strategy failed to leverage their resources.  They incurred unnecessary logistics, operations management, and marketing expenses.  They did not meet the development timeline and unit-level cash flow plan and lost control of their overhead costs.  This client had excellent counsel, which they ignored.  Ultimately,  their assets were sold when they ran out of money.

This sad case provides valuable learning about how not to build a more significant business.  In the following weeks, I will flesh out the issues presented in this post.  Our objective is to provide a clear path to scale your business.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our perspective and would like to receive regular posts directly in your email inbox. To this end, please 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.

 

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Another Breakthrough!

On September 26, I posted an article titled don’t become a hostage!  I spoke of two examples of managers being held hostage by troublesome employees.  I stated that one of the managers had an Epiphany that led to terminating the employee in question.  A new manager resolved the other situation last week.

Sometimes it takes a fresh pair of eyes to evaluate the situation correctly.

As you may recall, the lingering situation was in a big box retail store where an Assistant Manager created continual unrest.  Since my original post, a few exciting changes have occurred.  The first and most important was the resignation of the General Manager.  He left to take a job in a different industry sector.  A more experienced general manager replaced him.  These changes happened shortly after the publication of my article, almost exactly a month ago.  After a month of studying the situation in his new assignment, the new General Manager transferred the troublesome subordinate to another store.  She is now working under the General Manager who originally trained her.

So why did the new general manager act on the situation, whereas the former GM ignored it?

    1. Experience beyond this company
    2. External networks of competent employees
    3. He refused to be a hostage

The former GM was still learning the job while dealing with a dysfunctional team.  He was not fully competent and lacked confidence.  I suspect that his boss, the District Manager, was culpable as his direction for this GM was lacking.

On the other hand, the newly appointed General Manager is an accomplished GM.  He has significant prior General Management experience with another big box retail brand.  Competent and confident in his leadership abilities, he took a different approach to the situation.

A toxic employee can do significant damage to a work environment.  Team cohesion, morale, and eventually productivity and profitability will be affected.  Wise managers know to deal with the situation immediately.  They do not let them faster, to metastasize into an even bigger problem.  The situation question went on for far too long.  As I stated earlier, I lay the blame on the Regional Manager.  He had long known of the situation.  His strategy included a meeting where he told the team to “work out” their differences.  It is no surprise that the team could not resolve their issues by themselves.  A more experienced, decisive leader replaced the former GM.  It was only then that the problem was correctly identified and resolved.  I hold the regional manager responsible for the problems created by his inability to resolve the issue.

When this type of disciplinary issue arises, decisive intervention is required.  The resolution should include progressive discipline supported by the appropriate level of documentation.  The next-level manager must become involved when a  manager is not fully competent.  In this case, the fear of going through the holiday season shorthanded clouded management thinking.  They became hostages.  There is no justification for suffering under these circumstances, as there is always a solution.

Conclusion:

In conclusion, managers cannot avoid the need to discipline disruptive employees on a timely basis. Concerns about terminating a toxic employee because it may leave a hole in the management ranks are invalid. On the contrary, failure to address toxic behavior guarantees that the team will become shorthanded. The irony is that the best employees will leave first. They have options. The team that remains will be less competent, less functional, and less productive.  This is a concern that second and third-level managers must be tuned into.  The good news in my example case is that a new manager understood the need to act decisively. He found a way to eliminate the toxic employee. He did not allow himself to become a hostage to someone’s poor behavior.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

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.

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Embrace Life-long Learning!

This past weekend I completed a two-day introduction to woodworking class at the local Woodcraft Retail Store. I must say, things have changed a lot since I took ‘Shop’ in High School. Most of what I learned this weekend was how to use a variety of machines I have never used. That part of the class was most useful as I am interested in buying one or more of those tools. That experience by itself was worth the cost of the class. The product of the class was a Shaker Style cabinet made of Poplar. It is the solution for a space in need.

I was one of five attendees, three women, and two men. I was the oldest as my classmates were in their late thirties or early forties. The two instructors were my age and older. I found the demographic composition most interesting. The maximum class size is six due to logistical constraints. Almost half of the room is occupied by tools and equipment, one limiting factor. The other is the queuing time to use the equipment. As our project required a specific sequence, a significant amount of time was spent waiting for your turn to use the required machine.

This class was an early birthday present from my wife, which I was pleased to receive for several reasons. I have projects around the house that challenge my carpentry skills. We are creating a 750-square-foot guest suite in the basement which requires framing skills and I am painting our Master Bathroom. The latter would not be much of a challenge except for the significant drywall repairs required. It seems that when we built our house, the builder did not properly prepare those walls before applying wallpaper. Those projects have stimulated my interest in learning more about carpentry and cabinet making.

The other benefit of taking this and future classes are related to supporting our Residential Construction Business. My wife started this business at about the same time that I left the Corporate World to become an Executive Recruiter. I am her CFO and principal consultant. Her business is doing so well that she needs me to become more involved in day-to-day operations. Sharpening my construction-related skills will help satisfy that need. It is a win-win proposition.

I have long believed in the value of life-long learning. Keeping one’s mind engaged is as important, if not more so, than the effort to maintain a healthy body. I find that if I keep my mind focused on achieving an important goal, my body will follow. My friend Faith is someone who has embraced life-long learning. A few years younger than me, she is an Account Executive with a major Health Insurance Company. She sharpens her edge by studying for additional college degrees on a part-time basis. Her employer has a tuition reimbursement program for coursework relevant to her job function. It is a win-win! She gets paid to improve her job skills and continues to exercise her mind in the process. She credits this strategy for keeping her at “the top of her game.”

The concept of life-long learning has been around for decades. I remember listening to my boss telling me how he encouraged his teenage daughters to learn new things just to hone their ability to learn. This included areas that were of little interest to them, like the mechanics of an automobile. That was over thirty years ago.

Our world is changing at a rapid pace. We are living longer. Job functions are changing or disappearing while new job functions are being created. It has often been said that today’s workers will likely have three or more careers during their lifetime. That requires the ability to change and adapt, to learn.

I find it interesting that at my age, I have little difficulty learning. It could be that much of what I am learning is additive to things I already know and understand. It could be the vast amount of training tools available that makes the process easier. YouTube, for example, is a treasure trove of resources. I admit, I may not be able to stay focused for as long as I was once, but frequent breaks and a cup of coffee help me stay on track. Motivation may be a contributing factor to my interest in continual learning. Probably because learning construction-related skills directly benefit our livelihood and our home. That is serious motivation.

Life is a learning experience. There is no growth without learning, including lessons learned from new experiences. Life is also about adapting to change. One cannot adapt if one is not open to learning. The ability to learn is a skill required for a successful life. We have often heard that one’s mind is like a muscle. It must be exercised to stay taught. My recommendation is to commit to becoming a life-long learner and enjoy a better life.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

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.

 

 

 

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The Breakthrough

Sometimes when you least expect it, you may become part of a breakthrough. This past week I experienced a breakthrough. It was fantastic to behold. I think breakthroughs are lovely. I relish the thought of making and being a part of one. What follows is an update to my post of June 27, 2022; “Make Better Decisions.”

As you will recall, in my post of June 27, I talked about a prospective client whose decision had an unfortunate outcome. He chose not to hire a driver to use an idled vehicle to transport workers to another job site. His decision sidelined workers, reducing overall productivity. Having had time to sleep on his decision, he realized he could have done better. Also, I believe he heard an earful from his employees and others.

When he made his ill-fated decision, he was overly concerned about the cost of gasoline and a dedicated driver. He faced a timing and scheduling issue, not a long-term increase in demand—a classic problem. After I had my say, I detached myself from this prospect and his situation. I considered it unlikely that I would ever sign him as a client. So, I backed off and focused on other opportunities. He made time to process his decision and its outcome alongside the alternatives. Eventually, the downside effects of his decision made it into his conscious mind.

After thinking it over, he recognized that an idled vehicle and several workers resulted in lost productivity and revenue. This cost was far greater than that of a driver, fuel, and wear and tear on a vehicle. It also created a negative impact on the morale of his organization. Having to fix the flat tire on the idled truck was not lost on him either. He crafted a policy statement and updated the company operations manual.

I must give him credit for conducting a critical review of his decision. He is an intelligent person, motivated to improve his company’s performance. The point is that he made good use of his time by reflecting on the outcome. He recognized the opportunity to improve his decision-making skills and hence the profitability of his enterprise. And, he hired me!

His self-assessment led to a more productive situation. Now, he authorizes rental vehicles and drivers to support peak demand without the need for capital to expand his fleet. This policy is a better use of his financial resources. Additionally, other opportunities have surfaced to resolve peak demand issues.

Now, I have a new client. The issue for me is to find the best way to build on his breakthrough. My first objective is to provide positive reinforcement for his change of heart without demonstrating “I Told You So” arrogance. This recognition should encourage his professional growth.

My second goal is to help him avoid ‘knee-jerk’ decision-making, the genesis of this recent situation. This goal may be a significant challenge as my new client has a self-assured, take-charge personality. I believe he should reduce his involvement in routine operational matters. Supporting this goal, I will encourage more delegation of authority.

Frankly, that is my focus. Help my new client determine how to optimize his time. He must focus on more important matters. He should make decisions that offer the most significant payback and the greatest risk reduction. Toward this end, I will encourage him to follow the decision-making model I presented in my June 27 article, an excellent way to begin this engagement. Eventually, when I am successful, I will introduce benefit/cost analysis and probability analysis to aid his decision-making.

It isn’t often that one can see a breakthrough as it happens. I am pleased to have been a small part of this one. You might say that this breakthrough was a breakthrough for me. I was able to nudge this potential client towards a different mindset. So, I can take some gratification in his change of heart. Breakthroughs are fun to experience. I love the exhilaration they create. One breakthrough makes me want to find another one, and then another.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

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.

 

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The Psychology of Goal Setting

I’m not going to bore you with scientific and psychological mumbo jumbo, but I think you should understand the importance of creating SMART goals using the process I will outline in this chapter.  Understanding why something is important makes you more likely to follow the process diligently.  Remember, people don’t buy what you do or how you do it.  They buy why you do it.  The same principle follows here.

First, as logical human beings, we all understand that having something to aim for increases the chances of hitting it.  Jordan Peterson, a professor of psychology at the University of Toronto, says, “One of the things you can be virtually certain of in life is that you don’t hit something you don’t aim at.”[1] Seems pretty logical to me.  Robin Hood would never have split that arrow if he didn’t aim at it.

When you aim at a target and hit it, your brain releases a chemical called dopamine, which gives you a feeling of pleasure.  Dopamine is your body’s reward system.  Dopamine makes you feel good, and the fact that it is released immediately upon achieving a goal creates a solid behavioral association.  That makes you want to set and accomplish another goal to get that good feeling again.  It is also why setting short-term goals, as you will see later, is much more effective than only setting long-term goals.  The longer the wait between dopamine releases, the less effective it is as a reward.  Dopamine is the habit-forming chemical in your brain.   IT rewards you for completing tasks regularly at short intervals, motivating you to accomplish more.

Another vital tool for goal achievement is visualization, which has physiological and psychological elements.  By visualizing yourself succeeding, you fool your brain into thinking you’ve achieved your goal already, and it releases some dopamine.  Yes, it is tricky.

The psychological aspect works a bit differently.  Have you ever bought a new car and suddenly noticed the same make and model everywhere as you drive down the road?  Have you ever said to yourself after purchasing a Ford Taurus, for example, Wow, I never realized there were so many Taurus’ on the road?

Your reticular activating system or RAS is now focused on your new Taurus, and you notice every Taurus on the road.  Your RAS is a series of neurons in your brain that filter out unnecessary stuff, which allows you to focus only on what’s important.  When you buy a new car, you’re excited and think a lot about it as you drive down the road.  Your RAS filters out, unconsciously, of course, the cars around you and zeros in on the ones like yours.

Coaches teach athletes to visualize desired outcomes because it trains their RAS to filter out failure and focus on success.  Professional basketball players visualize their shot going in the basket.  Visualization increases the odds of making the point because it filters out all the noise and distractions created by the fans and other players designed to make them miss.  Golfers also visualize their shots going down the middle of the fairway or in the hole because it filters out everything else like water, sand, and the rough.

When I teach people how to set and achieve goals, one of the things I do is have them create goals boards.  As part of the preparation process, I have my boxes of old magazines and tell the attendees to bring as many magazines as they can find.  It doesn’t matter what it is.  Any magazine will do.  In this way, we always end up with an excellent assortment.  Everyone in the class gets a poster board, pair of scissors, and a glue stick.  As you’ll see later, this is a crucial step near the end of the goal-setting process.  Participants find pictures representing their goals in the magazines, cut them out, and paste them onto the poster board.  Each one, in turn, presents their board to the group to make a verbal commitment and increase their accountability.  The board then receives a prominent place in the office or home where it will often be seen, reinforcing that filter in the RAS.

Visualization is a powerful tool in the setting and achieving of goals. Share on X Jack Niklaus, arguably the greatest golfer who ever lived, has been quoted as saying, “I never hit a shot, even in practice, without having a very sharp in-focus picture of it in my head.” Here is what I know:

    1. Writing down my goals and having visual reminders that I see often have helped me achieve goals
    2. I have worked with clients who previously never set goals and have used visualization and the process I teach to achieve things they had never thought possible.

Whether or not there are statistics to support these facts is irrelevant.  I have seen the process work over and over with individuals and teams.  If you and your team want to begin reaching new heights of achievement and have fun in the process, this is how you do it.

[1] J. Peterson.  2018.  “How to Set Goals the Smart Way  .”www.youtube.com/watch?v=5WX9UEYZsR8&t=3s

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

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.

 

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Make a Counter-Offer!

Mark, a friend and colleague, called Monday, asking for advice on behalf of his daughter,  Julie.  She had just received a job offer.  It included a generous benefits package and a performance bonus.  However, the base salary was 10% lower than her expectation.  It occurred to me that the initial offer was a bit light.  The market value for that position is greater than the initial offer.  Mark’s question was, should Julie make a counteroffer, and how much?

Before answering his question, I probed a little to determine if this opportunity was, in fact, a good fit for Julie.  Also, I wanted to learn the extent of her interest in this company.  Was it something she sincerely wanted?  Mark explained that it aligned with her college degree and will give her direct experience in her chosen field.  She likes the product and the people.  They are optimistic about this opportunity.  Mark’s insight made it clear that this job had great potential for his daughter.  I was ready to answer his question.

I told Mark that an initial offer of employment is seldom the employer’s final offer.  Furthermore, savvy employers expect a counteroffer.  They want to hire the best talent at the lowest possible salary.  They have flexibility in the budget to pay more.  But they don’t know the candidate’s bottom line compensation requirements.  Why should their initial offer be the most they can afford?  The only way to resolve the question is to negotiate.  Mark was concerned that a counteroffer would cause the client to withdraw the offer.  I said that I had never seen that happen.  On the other hand, I have seen job offers rescinded if the candidate demonstrated inappropriate behavior during the negotiation process.  I told Mark that if Julie showed a lack of good faith or presented irrational demands, she could lose the job.

My answer was Yes, she should make a counter. Share on X

Mark was pleased to hear my perspective.  We then turned to how much she should request and how to deliver the counter.  I suggested that she ask the employer for the additional ten percent as I believe that to the market value for the position, given his daughter’s experience.  “The worst that can happen is that they will say no,” I said.  He asked me if I had a template they could use to draft her counteroffer.  I told him that he could find numerous examples on the internet and that I would be happy to review their response before they sent it to the hiring manager, which I did.

From my perspective, negotiating the starting salary and benefits package is the final part of the interview process.  These negotiations give the hiring manager a clearer sense of the candidate’s potential.  It reveals her problem-solving skills and ability to make her case and defend her position.  Negotiating the starting salary will be Julie’s first experience working for this company.  It will confirm her interest in working for this employer or not.  Negotiating the terms of a Job Offer is the final step in the interview process.

Key Attributes for Successful Negotiations

    • Confidence
    • Ability to state a position and make a case
    • Exhibits rational behavior
    • Performance under stress
    • Orientation toward win-win solutions
    • The Ability to Understand the Other’s Position

The ability to negotiate a better deal is fundamental to every business.  It is an essential skill that can be very useful to the employer.  Even though the negotiation abilities of a recent college grad may not be fully developed, the prospective employer will gain insight into the potential for further development.

I am often called on to engage in a search assignment for a newly created position.   Sometimes, the prospective client does not have a good feel for the market value of that position.  They rely on my expertise to determine a competitive compensation package.  However, I will not take on the assignment until we have established a competitive salary range that I can present to my candidates.  Otherwise, it would be a complete waste of time.  The new hire’s actual starting salary will require negotiation.  Employers expect you to make a counteroffer.  But remember, the prospective employer is still evaluating you throughout the salary negotiation process.

Upon reviewing Julie’s counteroffer letter, I found that it was a good product.  Still, I offered a few suggestions to make it better.  The employer accepted her counteroffer.  Julie started her new job on Wednesday.  Success!  Never hesitate to make a counteroffer.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

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.

 

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Stop Procrastinating and Accomplish More!

I put this article off for too long! No kidding! Procrastination is not one of my worst habits, but I am prone to succumb to it from time to time.

Why write about the subject now? Maybe because it is time to file our state and federal taxes. It is on my mind because people I know waited until the filing deadline to complete their taxes. I am confident they are not alone. I have known many who were last-minute tax filers. Fortunately, that is not an issue for me as I have an accountant who does our personal and business taxes. He has complete access to my QuickBooks Online account, which is always current. I have almost eliminated my tax preparation requirements. Procrastination is no longer necessary.

I have never been much of a procrastinator. I am a planner by nature and by training. I try to be proactive. The thought of putting myself through the stress and anxiety of meeting a deadline at the last minute is too painful to bear. That does not mean that I don’t procrastinate from time to time. Sometimes, I procrastinate to avoid irritating or mundane tasks. Getting my annual automobile inspection is a good example. While in college, I did not engage in last-minute, pre-exam cram sessions. Instead, I believed that I would perform better with a good night’s sleep. It was the same during my corporate career. I made a point to complete my assignments early, especially if they involved a presentation. I used the extra time to hone my subject matter knowledge and focus on the presentation. I never wanted to present work that was less than my best effort.

To some extent, everyone engages in procrastination. I have known many who wait until the last minute to complete assignments. I spend much of my time coaching my clients to overcome procrastination. Watching them race through the process of completing an important task at the last minute is painful. Helping them defeat the urge to procrastinate improves their performance, moving them closer to their goals. Share on X

Ways to Approach and Correct Procrastination

Do not punish yourself for procrastinating
Commit to completing the task
Promise yourself a reward upon completion
Find someone to hold you accountable
Change your attitude toward the task
Focus on the issue
Eat an elephant, one bite at a time

To minimize procrastination, I’ve adopted a few helpful habits that may interest you. My most powerful technique is to put the task right in front of me to be in my way. I create a situation where I cannot get around the job, so I must dispatch it. A good example is putting my dry-cleaning in the passenger seat of my car. Once that is done, I cannot ignore it. I must take it to the cleaners and retrieve my clean laundry. I know that is a small, inconsequential example. Even so, the concept works with more essential matters.

No one likes paying bills, but the avoidance cost is steep. We must pay them eventually. To get this task behind me, I will put a stack of bills in the center of my desk. They are right there in front of me, screaming for attention. Furthermore, I have adopted electronic bill pay methods, including the authorization for automatic withdrawals. Now, I have one less activity to avoid.

To continue making progress in a health-related area, I set concrete milestones and plan rewards for goal attainment. For example, I will plan to purchase an article of clothing as I achieve specific points in a weight loss program. Creating a reward keeps me motivated to stay on track to achieve my objective. I find it helpful to start with a plan that segments the overall scope of larger projects into smaller components. Completing small activities generates momentum that leads to successful completion.

In conclusion, procrastination is a bad habit that inhibits your productivity and goal achievement. It is a common affliction. It is natural to avoid complex, tedious, unpleasant, aversive, and stressful tasks. Instead, we prefer to engage in the fun stuff! To defeat procrastination, consider changing your attitude toward the job. Make it a priority you cannot avoid. Break larger projects into smaller parts to be tackled sequentially. Reward yourself for completing a dreaded task. Finally, you might look for ways to eliminate routine tasks through automation. Begin practicing some of these tips, and let me know if they work for you

For more information about procrastination and how to overcome your avoidance issues, you may find it helpful to check out these links.

https://www.businessinsider.com/main-types-of-procrastinators-how-to-avoid-accountability-coaches

https://www.washingtonpost.com/lifestyle/wellness/procrastinate-why-stop-advice/2021/07/09/13b7dc2c-e00e-11eb-9f54-7eee10b5fcd2_story.html

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

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.

 

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5 Start-up Mistakes To Avoid

Image via Pexels

Starting a  business can be a roller-coaster experience. Even the most seasoned entrepreneur has ups and downs when starting a new company. As a new business owner, your best strategy is to plan for mishaps while avoiding as many as possible.

There are many missteps you should watch for, but some are more common than others.

    1. Failure to use the Right Business Structure

You have several choices for registering your business. Some of the most common are:

      • Corporation
      • Limited liability company
      • Sole proprietorship
      • Partnership
      • S corporation

One of the simplest entities to set up is an LLC. It has various benefits for your company, such as flexibility, limited liability, tax advantages, and less paperwork than a corporation. If you decide an LLC is the best structure for you, check the rules in your state before moving ahead. States have different regulations regarding LLC formation. If you’d prefer to let someone else handle the upfront work, you can save on lawyer fees by using a formation service.

 

    1. Failure to Plan a Product Rollout

A new product rollout can be a risky venture. At the same time, it may be vital to your growth. With so much at stake, it’s worth taking time to get it right. You could face a launch flop if you rush the process along or fail to plot each step.

Try using an online product roadmap template to make your product unveiling a success. This tool can help you outline your strategy and the steps to create a product roadmap. It can also organize each team member’s assignments. A template simplifies the process. You can:

      • Assign priorities to tasks
      • Create themes
      • Set deadlines and goals
      • Understand customer pain points

 

    1. Failure to Lead

Not everyone realizes the number of executive decisions you make as an entrepreneur — even without employees. Your company’s fate often lies solely in your hands.

Assess your weaknesses and strengths. Determine if you have some of the essential leadership abilities:

Consider taking online courses or hiring a consultant from ITB Partners specializing in leadership development.

    1. Starting a Business With Family and Friends (Without Thinking It Through)

For some families and friends, going into business together works well. However, that’s not always the case.

Opening a “mom-and-pop shop” doesn’t have to be a recipe for failure. Before you do so, ask yourself a few tough questions, including:

      • Do you have compatible business values?
      • Do you have clearly defined roles?
      • How would it affect your relationship if your enterprise failed? According to statistics, about half of all new companies survive the first five years.
      • Are you capable of overriding your emotions when you need to make impactful decisions?

Finally, keep in mind that the market fluctuates. Along with it, your business may experience inconsistencies. These factors can change the dynamics of your working relationship as the balances of power or responsibility shift.

    1. Underestimating the Competition

Even if you have a unique offering, consumers have alternative solutions. They can choose another product or just buy nothing. Tips for getting their attention include:

      • Providing a customer-centric experience by making your business about them, not your product
      • Establishing your credibility by being transparent and following through on promises
      • Highlighting why your product is different than others or why your customer can’t do without it

If you can learn from your mistakes while avoiding the big ones, you can successfully get your company off the ground. Preparation combined with some training can be your best bet as you set off on your entrepreneurial adventure.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

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.

 

 

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Ten Leadership Lessons from Life at a Boys’ Ranch

Mike Perkins

Our world and our workplaces are filled with people from broken homes and dysfunctional families.  Research shows that over 60% of Americans grew up with some type of family dysfunction.  As employers, we can make a real difference in people’s lives- inside and outside the workplace. Employees need our help, guidance, teaching, encouragement, love, and support to be successful and to feel like they belong. If they get that, they are much more likely to stay with us, work hard, be loyal and make a difference.  Otherwise, they will just go through the motions, make minimal contributions, and always be looking for greener pastures.

I have been an employment attorney and HR professional for almost 30 years.  I thought I knew a lot about people from other walks of life.  But I was dead wrong.  I really didn’t know much about life for people with different upbringings and socio-economic backgrounds until I had the opportunity to live with them.  Literally.   In 2006, my wife and I took a professional sabbatical and worked for seven years at Big Oak Ranch in North Alabama.  Big Oak is a “Christian Home for Children Needing a Chance.” There, over 120 children live in homes with up to 8 children and a “Mom and Pop.”  Over those seven years, Kim and I served as house parents and primary caregivers for over a dozen boys from broken homes (abandonment, neglect, poverty, abuse, drug abuse, alcoholism, imprisonment, death).  During that time, we fed them, clothed them, helped educate them (in partnership with a great school), mentored them, disciplined them, cheered for them, laughed, and cried with them, attended proms, ballgames (hundreds!), school events, counseling sessions, medical appointments, hunting trips, vacations, provided driver training, and washed thousands of loads of dirty, stinky laundry.

In the process, we learned a LOT about life, love, and belonging.  Some of our kids responded well and have prospered.  Others have struggled with life outside the ranch. But we like to think they are all better off from having been at the boys’ ranch. I know that we are.

The lessons we learned and taught at the ranch translate well into the business world. Share on XMany of our employees come from the same type of environment as the children we helped raise.  And that lack of stability early in life has a lasting impact.  Here are a few lessons we learned that are worth sharing. Perhaps they can help you in your leadership journey.

    1. You don’t really know people until you get to know them- Everyone does not think like you do (in fact, very few do).  Don’t stereotype or prejudge. Go to them and seek to understand how they see the world.  You’ll be surprised at how differently people view things.  Each person’s unique history provides an inimitable life perspective.  Understanding a person’s background, values and worldview helps build bridges that will make you more effective as a leader and them as an employee.
    2. Rules without relationships are meaningless– Rule enforcement and management directives without relationships usually result in resentment. It is important to develop real relationships with the people you manage.  Otherwise, you will be in a constant battle to enforce workplace rules and it will be difficult to persuade employees to perform challenging tasks.  Relationship always trumps rules.
    3. Set boundaries and stick with them. How you start offsets the course for the future. Like cattle, it is human nature to look for the holes in the fences and test the boundaries. Employees want to know where the boundaries are.  Set the boundaries and close the gaps.  You can lighten up once trust is established.
    4. Teach them not to be a victim and a finger–pointer– It is easy to claim “victimhood” and blame shortcomings on the past and on others. Employees must understand that they control their own destiny and that they cannot allow the past to drag them down.  Encourage them to be chain breakers, victors, change-makers.  Direct them to community or company resources if they have difficulty overcoming past trauma or experiences. Don’t allow employees to make excuses based on the actions of others.  Help them stay focused on the things they can control.
    5. First Impressions are critical- People need to understand that, if they really want to succeed, they need to look and act the part. I am not talking about stereotypes, but a clean, positive look makes a huge difference to others and will often set the tone for their future interactions.  Sometimes, it is a matter of facial expression and good hygiene.  Manners also make a big difference- On BOTH sides!  “Hello,” “please,” “thank you,” and “you’re welcome” go a long way…
    6. When you break the rules, there are consequences– Everyone needs accountability. If we allow employees to “get away” with unacceptable performance, we hurt them, the organization, and their co-employees. Discipline should be considered a teaching process, not punishment.  Discipline should never be administered in a state of anger or passion.  The best discipline is calm, methodical, and delivered in a spirit of caring and concern.
    7. Everyone craves security- If they don’t get it from you, they will look elsewhere. At the ranch, we told the boys. “I love you; I will never lie to you; I will stick with you until you are grown and on your own; and there are rules, don’t break them.”  An employer’s version of this might be, “You are a valuable person, and we appreciate you and your work; we will never lie to you; we will stick with you during good times and bad, and there are rules, don’t break them.”  And then, do just that!
    8. Find strengths and develop them- Everyone has strengths and weaknesses. Our job as leaders is to develop our strengths and utilize them as effectively as possible.  At the same time, when employees have weaknesses, we should do everything within our power to minimize those through education, training, coaching, modifying assignments, and, where necessary, utilizing discipline.
    9. It doesn’t always work- Everyone is not coachable, and not everyone really wants to work. We owe it to them, their co-workers, and ourselves to help those employees find another career path.  Sometimes that means separation– and we shouldn’t prolong that when an employee is not working out.   Other employees may decide a particular job or company is not right for them.  Don’t slam the door on them.  Some will decide the “grass is not so green” and will want to come back.  While the grass may look greener, there is always dirt on the bottom.
    10. Love and a sense of belonging are more important than everything else. If employees feel that from their leaders, they will run through brick walls for them. Bricks hurt, so output goals will seem like a walk in the park.

Mike Perkins, President- Frontline HR Solutions

Mike is available to speak to your group/association and provides customized training for your frontline leaders.  Contact him at mperkins@frontlinehr.com

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

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.

 

 

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Holiday Networking Tips

It is Prime Time! The end of 2022 is upon us, and the celebration is beginning. You may be attending a lot of parties and networking events. In keeping with the season, it makes sense to offer some advice and guidance to ensure you have a productive month.

The Holiday Season is all about bringing people together. It is a time of celebration, reflection, and anticipation for the New Year. It’s a time for networking groups to schedule events to close the year. This month, you can meet people you want to add to your business network or social circle. These events are target-rich environments to identify and connect with influencers. Although each event will have a specific focus, you can exercise some leverage. In other words, social events can generate proper job-search connections, while professional networking events may result in social opportunities.

As you contemplate your calendar for December, begin with a plan. Determine what you want to accomplish this month. If you are between situations or looking to move, you may be looking for people to help you locate your next job. In this case, you should try to attend as many events as possible. Of course, you will necessarily want to prioritize your time for friends and family. Religious activities are an essential consideration. If there is a conflict, all things being equal, opt for the event that best supports your objectives for the month. In some cases, you may be able to attend multiple events, dividing your time between them on the same day.

Set a goal for each party! Begin with the guest list. Who do you want to meet? Plan to meet specific people who may be helpful. Learn who will attend each event and determine who you want to meet. Researching guests is a lot easier today, as more and more event planners are using online applications to manage attendance. Those applications will notify you as others accept the invitation, so you will know who plans to attend. Then, you can cross-reference individuals to their LinkedIn profiles.

Time is short. Be strategic! The objective is to meet influential people, gain their interest, and schedule a follow-on meeting. Make a good impression, so they will want to help you. Leverage your friends, family, and acquaintances to help identify these influencers. Ensure your elevator pitch and appropriate variations are well-honed and committed to memory. Bring business cards to distribute. Make notes on the back of each card you receive to send a personalized message. Remember, ask to schedule a meeting. Additionally, become connected to these folks on LinkedIn. Everyone is a potential lead to a job, so introduce yourself to someone new.

Stay focused on your objective. Your approach will differ depending on whether the event is business-related networking or more of a social event. If the event is for business networking, stay focused on business. If the event is a social gathering, be sociable. As you get to know the other party, there is nothing wrong with learning about their occupation, whether in a social setting or their interests, if at a networking event. Begin with casual conversation. Ask questions, including advice. Listen with interest. Stay away from religion, politics, or other potentially sensitive issues, unless you are talking with like-minded friends or associates

Here are some parting thoughts. Maintain a friendly, positive attitude and smile. You will attract more interesting people. Dress appropriately. You don’t want to stand out negatively. Eventually, most people will migrate in your direction. Don’t overindulge in food or alcohol. Remember to thank the host before leaving, and later, send a thank you note. Enjoy yourself; the Holiday Season can be a lot of fun!

Thank you for visiting my blog.  I hope you enjoyed my 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 important to me, so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com