Category: Consulting

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Engage and Retain Busy Consumers With These Tried-and-True Strategies

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In the competitive landscape of modern business, capturing the attention of busy consumers is a challenge that requires innovative strategies and a keen understanding of consumer behavior. Small companies and startups must navigate a crowded marketplace with short attention spans and fierce competition. By employing targeted approaches, however, businesses can not only attract but also retain these consumers, turning them into loyal customers. This article explores various methods to achieve this, from leveraging strategic branding to crafting value-driven content.

Engage With Targeted Social Media Ads

Leveraging targeted social media ads is essential for capturing the attention of busy consumers and converting them into loyal customers. By focusing on specific demographics such as age, location, and income level, you can ensure your marketing efforts reach the most relevant audience. This approach not only optimizes your advertising budget but also enhances the likelihood of conversions by engaging users who are more inclined to be interested in your products or services. Craft compelling ad content and utilize precise targeting tools to significantly boost your return on investment and foster a dedicated customer base.

Leverage Reverse Phone Lookup

Using reverse phone lookup can be a valuable tool for improving customer relationships. By identifying missed calls, you can promptly return them, showing customers that their communication is important to you. Additionally, reverse phone lookup allows you to gather demographic information about your callers, helping you understand your audience better and tailor your interactions to meet their needs. This insight enables you to personalize communication, strengthen trust, and build long-lasting relationships with your customers.

Level Up Your Service

Exceptional customer service is crucial in turning busy consumers into loyal patrons. By exceeding expectations and adding a personal touch, you can create memorable experiences that foster loyalty. Consider small gestures of appreciation or personalized responses to customer inquiries. These practices enhance customer satisfaction and encourage repeat business, ultimately boosting your bottom line. Prioritizing customer service can significantly improve customer retention and profitability, making it a vital strategy for small businesses and startups.

Provide Value-Driven Content

To engage busy consumers, focus on crafting content that genuinely addresses their needs and interests. Move beyond traditional promotional tactics and offer material that educates, informs, or solves specific problems. By understanding what your potential customers are looking for, you can tailor your content to resonate with them, thereby building trust and establishing your brand as a thought leader. In a digital world saturated with information, content that provides genuine value stands out, leading to deeper connections and increased customer loyalty.

Bring Them Back with Automated Emails

Automated email sequences are a powerful tool for capturing the attention of busy consumers and converting them into loyal customers. By using email marketing automation software, you can create a series of emails that are triggered by specific actions or sent at set intervals. This approach not only saves time but also allows you to deliver personalized content that resonates with your audience. Understanding your customer’s journey and key interaction points is crucial for optimizing these sequences to maximize their impact.

Reward Your Most Loyal Customers

Creating an ambassador program for loyal customers is a powerful way to boost brand engagement and drive word-of-mouth marketing. Start by identifying your most passionate and influential customers who consistently engage with your brand. Define clear objectives for the program, such as increasing referrals, expanding brand awareness, or generating authentic user-generated content. Offer attractive incentives, such as discounts, exclusive products, early access to launches, or rewards for referrals, to motivate participation. Provide ambassadors with tools like branded merchandise, social media templates, and personalized referral codes to make promoting your brand seamless.

Get The Community Involved

Engaging with your local community through events and workshops is a strategic way to capture the attention of busy consumers and transform them into loyal customers. Hosting interactive sessions such as cooking classes or gardening workshops, provides hands-on learning experiences that align with the interests of your audience. These events not only impart valuable skills but also create opportunities for meaningful interactions, fostering relationships that can lead to lasting customer loyalty.

Building a loyal customer base in today’s fast-paced environment requires a blend of creativity, strategic thinking, and genuine engagement. By implementing these strategies, businesses can effectively connect with busy consumers, fostering relationships that are both meaningful and enduring.

Get expert business consulting and strategic solutions tailored to your needs with ITB Partners.

Thank you for visiting our blog.

 

Jim Weber – President
New Century Dynamics Executive Search

 

Jim Weber – Managing Partner,  ITB Partners

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 NEW CENTURY DYNAMICS EXECUTIVE SEARCH

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Create Competent Customers

 

Building Productive Relationships

We’ve all heard the adage that the customer is always right. That’s mostly true; however, sometimes the customer is not right. But the customer is still the customer.  Sometimes, the vendor or service provider cannot satisfy the customer regardless of the effort invested.  This is unproductive for both parties and may derail current and future possibilities.  The best time to mitigate a faltering business transaction is at the beginning.

Last year, I observed a very instructive situation. It involved my client, a third-party manufacturer’s representative, and his customer. My client’s customer had experienced a massive flooding event.  He was anxious to mitigate the situation and return to the pre-event status.  Post Covid, vendors were still dealing with supply chain and labor issues.  Supply chains were sluggish in this industry segment, and companies were having difficulty with staffing and labor productivity. It was not an ideal situation for a smooth transaction.

The customer’s anxiety factored mightily into the conflict that followed.  His life had been turned upside down by the flooding event. Understandable. He wanted to return to normal and cut corners to accelerate the process.  He set a hard deadline to execute the contract the day before he went on vacation with his family.  I remember a flurry of activity that evening.  Emails going back and forth between my client and his customer required changes to vocabulary and schematics, which were difficult to decipher.  I viewed that evening as ridiculous.  My client did his best to incorporate all the required changes.  Eventually, the agreement was finalized.  The cost of the terms was accurately reflected in the project’s final scope.

The relationship was stressful from the beginning of the project. The customer did not want to honor payment terms, wasting time and fighting with my client. This infuriated the manufacturer.  The customer only relented when the manufacturer threatened to stop the project and sue the customer.

Keys to Creating a Competent Customer

    1. Maintain Clear and Open Communications
    2. Check References Before Closing a Deal
    3. Don’t Make Assumptions regarding Policy
    4. Talk with Other Knowledgeable Customers
    5. Review key terms of the agreement in advance.
    6. Understand your contract fully before you enter into an agreement

He made an issue of discussed components that did not make it into the agreement. Those costs were not added to the terms of the agreement, however.  Said components could have been added to the project at any time, but the customer decided against it.

The manufacturer had production problems related to internal issues, including labor. This further antagonized the customer, who vented his frustration at the manufacturer. The manufacturer retaliated by slowing down the process further.

My client had worked desperately to accommodate the customer’s need to complete the agreement before his vacation.  In hindsight, he should have forced the customer to slow down the process to ensure a better understanding.  There was no need to work so fast.

Ultimately, the project was completed,, albeit later than expected. Nevertheless, that did not delay the overall project, as other vendors were still engaged to complete their work. However, many relationships were affected.

Normal business practices were significantly disrupted by the COVID-19 pandemic, and in many cases, companies have not fully recovered. It was a challenging time as firms were fighting to recover and survive, and hard lessons had to be relearned.

The larger the transaction, the greater the customer’s responsibility to understand and be fully versed in delivering the product or service. In other words, the customer must be confident that rough spots won’t become significant issues.  As vendors or service providers, we should be sensitive to pressure points that create problems.  We should address those points, verbally and in writing, with the customer before executing the agreement.

Creating a competent customer requires the vendor or service provider to educate the prospective customer. The customer must know how the relationship will work, how problems will be resolved, and how and when payments will be made.  Key points in the agreement should be reviewed and understood by the customer.   Investing time to clarify the mechanics of the pending relationship is well advised.   Doing so will help ensure a healthy and productive working relationship.

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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Igniting Business Advancement: Tactics for Sustainable Success

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The journey to achieving long-lasting business growth is paved with strategic planning and tactical execution. In a world where competition is fierce and dynamic, staying ahead requires more than just a good product or service. To attain sustainable expansion, companies need a multi-faceted approach. This ITB Partners article elucidates crucial methodologies that promise to catapult your business into new realms of success and prosperity.

Navigating Untapped Growth Avenues

One of the most effective ways to encourage business growth is by identifying and capitalizing on new opportunities. This may mean venturing into new markets or even creating entirely new product lines or services that meet untapped needs. Expanding the business’s scope brings in new revenue streams, making the company less vulnerable to market volatility. Constantly scan the environment for openings and be willing to take calculated risks.

Setting Your Business Objectives

Meticulous planning serves as the bedrock for a business’s successful growth. Developing a comprehensive set of goals, both for the short term and the long haul, is indispensable. These objectives offer a structured pathway that can guide every business operation, ensuring that everyone in the organization is on the same page. Moreover, a well-articulated roadmap can act as a vital reference point to evaluate performance and make data-driven adjustments as necessary.

Sharpen Your Skills in the Classroom

Returning to school to pursue an online cybersecurity degree is a strategic decision to enhance one’s expertise in safeguarding business computers and network systems against digital threats. These programs are designed to accommodate students who wish to continue working full-time, offering the flexibility to balance professional responsibilities with academic pursuits. By enrolling in an online cybersecurity degree, individuals not only sharpen their skills but also position themselves as valuable assets in the rapidly evolving field of information technology security.

Leverage Automation and AI Tools for Scalability

The power of modern technology, particularly automation AI tools, can be harnessed to ramp up operational efficiencies, eliminate manual errors, and significantly speed up tasks. This is not just about cutting costs; it’s about enabling the business to scale smoothly and efficiently. Embracing such tools can not only modernize the operation but also free human resources to focus on more strategic, value-added roles in the organization.

Forge Beneficial Business Alliances

The significance of beneficial business relationships can never be overstated. Establishing partnerships with organizations that offer complementary services or products can pave the way for mutual growth. These alliances serve as a two-way street, enabling both parties to benefit from each other’s customer bases and operational strengths. Collaborative partnerships offer not just immediate rewards but can set the stage for long-term business growth.

Building a Strong Digital Footprint

In the age where digital reigns supreme, a potent online presence is more than just an option—it’s a necessity. An intuitive and accessible website, combined with active social media channels and high-quality content, can significantly widen a company’s reach. Consistent online engagement not only broadens the customer base but also enhances brand recognition, thereby acting as a catalyst for business growth.

Commit to Excellence in Customer Relations

The cornerstone of any successful business lies in the satisfaction of its customers. To achieve and maintain a high level of customer satisfaction, it’s crucial to offer not just good but exceptional customer service. Listen to customer feedback and be responsive to their needs and concerns. A happy customer not only returns but also brings in more customers through positive word-of-mouth, catalyzing business growth.

Preparing a business for accelerated expansion is a multi-faceted endeavor that encompasses aspects ranging from meticulous planning and financial management to technological adoption and quality service delivery. Each component functions like a cog in a wheel, driving the business towards a common objective: sustainable growth. By adopting these practices, businesses can better navigate the complex terrain of today’s ever-evolving marketplace.

Explore how ITB Partners can drive your business’s success forward—contact us today to learn more about our expert management consulting services.

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.

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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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Make Better Decisions!

Josh Sweeney Presentation on Culture First Hiring

Recently I observed a prospective client make a poor decision with far-reaching consequences.  Even now, having experienced the repercussions of this decision, he still defends his position.  The fundamental issue was about the deployment of his fleet.  The result was idled employees due to a lack of transportation.   His justification was the cost of gasoline and a driver to move workers to different job sites.  I could not have been more shocked having witnessed this situation.  Productivity and cash flow were lost or delayed.  More importantly, he created angst and resentment among his team members.  Not a good thing.

He decided to allow a vehicle to remain idle at a job site.  Its only purpose was to move people and their tools.  This truck was not available to transport other workers to active job sites.  The ultimate irony was that the vehicle in question had a flat tire.  It was out of service, creating additional problems at the end of the workday.  I can’t help but think that it was poetic justice.

Wrong decisions can take on a life of their own. They seem to spawn other unnecessary problems diverting management’s attention and in sub-optimal use of time and resources. Share on X

We all know people perpetually fighting problems big and small.  Personal and professional.  One person I know is always misplacing car keys and cell phones, among other things.  It would be an easy fix if she followed the “a place for everything and everything in its place maxim.” This weakness is a minor issue, but it’s only the beginning of more significant problems she creates for herself.  Yes, she is a victim of bad habits and more.  Her bad habits bleed over into her decision-making process, creating even more significant issues, which steal precious time and resources.  Poor decision-making habits result in lost productivity, profitability, and morale.

You should view this post as a wake-up call!  It is easy to fall into a pattern of casual decision-making, leading to suboptimal, or worse, disastrous results.  I do not mean to offer specific processes or tools, as ample information is available on how to make decisions for a wide range of situations.  I want to remind you to create a habit of using a structured decision-making process to achieve better outcomes.

Basic decision-making process

    1. Describe the situation
    2. List factors to consider
    3. Determine key constituents to be affected
    4. List and evaluate alternatives
    5. Select the best outcome
    6. Develop a plan of action, including a communications plan
    7. Execute
    8. Assess and evaluate results

Making good decisions is a habit!  Find a process that works for you and employ it consistently.  The above eight steps present a basic decision-making framework.  However, it does not list a “gut-check” as a part of the process.    I do not recommend making decisions based on “gut feel” alone; however, before making a call, check your gut.  This step has never let me down!  I like to include a gut check toward the end of my process.  It has forced me to review my process and reassess my assumptions.  Finally, always review to determine how you can improve the quality of your decisions.  For more on this subject, I suggest you refer to other articles I have written about developing helpful and productive habits.

One of the most enjoyable aspects of my work is helping clients and colleagues improve their decision-making.  It stimulates my intellectual and creative abilities.  My interest in making better decisions is born from my early career as a financial analyst and strategic planning executive.  Today, my clients are eager to learn new techniques to improve their decision-making abilities.  They enjoy the satisfaction of better results from the successful execution of their decisions.  Create a decision-making habit for better results and a happier life.

For more information on making better decisions refer to the articles linked below.

https://www.betterup.com/blog/how-to-make-better-decisions

https://www.verywellmind.com/habits-for-better-decision-making-4153045?print

https://www.mindtools.com/pages/article/newTED_00.htm

 

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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Keep Your Projections Realistic: How Small Business Owners Can Realistically Prepare Their Finances

Whether you are a seasoned small business owner or the founder of a startup company, you have a lot of decisions to make. Choosing how to fund your company is one of the first decisions to make. To fund your company and stabilize your financial health, business owners need a realistic financial projection. With a few tips from ITB Partners, you can learn how to create your projections.

Why Emphasize the Importance of Financial Projection

Without a financial projection, you may feel the burden of financial uncertainty. You are more likely to feel overwhelmed by unexpected costs. Accurate projections allow you to make strategic decisions. For example, a realistic idea of your financial situation allows you to know whether you can afford to hire or fire employees or invest in new products.

If you do not create a financial projection, you may not know your expected business income and cannot calculate your business’s taxes for the year. Many states require you to file an annual report every year. The annual report informs interested individuals about the financial successes and failures of public entities, non-profit organizations, and private corporations. The majority of states require you to file a report and pay taxes to remain compliant with local laws and to remain in good standing. In some instances, you could face penalties in the form of fees or business revocation if you do not follow the rules, so it’s best to get expert help when filing your annual report.

How to Create a Realistic Projection

To create a realistic projection, you may want to create a template. Your template should include the following documents:

    • Sales forecast
    • Payroll costs
    • Cash flow
    • Operating expenses
    • Income statements
    • Break-even analysis
    • Cost of goods
    • Balance sheet
    • Depreciation for your business

Instead of falling into the trap of being too optimistic or too cautious, create two scenarios. One scenario can be optimistic, while the other stays cautious. Give yourself the freedom to create multiple different scenarios. Do not guess the top-line number for your sales channel. Instead, outline each step of your process. Identify the market, estimate the percentage of the market you aim to meet through marketing and estimate how many will visit your business and make a purchase. Next, make an estimate of how much individuals may spend on average.

Your financial plan should not be static. Constant Contact suggests reviewing your plan at least once per year. You cannot always prepare for every situation, but you should reassess and take most events into consideration. If you plan to make a large purchase in the future, you may also want to reassess.

How to Simplify Your Financial Projection

A simplified projection includes a balance sheet. This is an overview of your company’s financial health. Include your assets, owner’s equity, and liabilities. You should split the balance sheet to have assets on one side and owner’s equity and liabilities on the other.

To make it simple, work with a professional who understands the industry. For instance, working with an accountant will help you realistically predict your expenses, profits, and sales. Utilize premade templates and software that allow you to input numbers and finish the projection seamlessly.

Using Accounting Software for More Accurate Projections

Creating projections can be a time-consuming and complicated process, especially if you don't have experience with bookkeeping or accounting. This is where accounting software can be a big help. Share on X For example, if you run a construction business, construction accounting software can automate many of the tasks involved in creating financial projections, saving you a lot of time and hassle. And because it can help you track your actual results against your projections, you can quickly identify any discrepancies and make necessary adjustments. This software also allows you to manage job costs and contractors.

When it comes to making financial decisions for your company, a realistic financial projection is critical. Make sure to understand its importance, think realistically, utilize accounting software, and simplify the process as much as possible.

Image via Pexels

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 Importance of Choosing the Right Consultant

As businesses innovate and expand, they often find themselves implementing unfamiliar tactics. Personnel who are available at the start of a project can lack required skills, and challenges further down the line are bound to stump those without relevant experience. Hiring a consultant such as ITB Partners can broaden a team’s skillset temporarily without the expense of bringing on a new permanent member. Though initially costly, their services save money due to added efficiency.

When To Use a Consultant

Sometimes a project only needs an expert’s assistance in its early stages. Hiring a new employee with the necessary skillset runs the risk of the role falling outside the scope of their expertise or far below their pay grade after the specialized work is done.

Consultants tend to be experts in their fields, focusing on a specific aspect of an industry with far more depth than the layman. Share on XWhile some advisors maintain lasting relationships with clients, companies also utilize consulting firms to solve a specific challenge before moving on.

Why Specialization Matters

Consultants are only hired for as long as needed, and the duration of the consultancy period can be determined in advance. They bring an “outsider’s perspective” to a given project. They may see common pitfalls someone less versed in a given industry may miss and can recommend the best solutions from experience.

Consultants cover a variety of specializations, so it’s crucial to select the right one for the job. There is no one-size-fits-all consulting practice that will work across the board. When deciding which consultant’s services to enlist, it’s critical to consider their areas of expertise.

What Types of Consultants Businesses Can Hire

PR agencies are instrumental, as a public relations consultant can help a company establish its online presence and advertise to target demographics. Operations consultants are available to streamline every step of a supply chain, from management practices to daily operations. A fledgling business with a solid product idea but no economic knowledge among its team may enlist a financial advisory consultant to get started.

Workplaces with limited use of computers and networking can opt to bring in a technology consultant when needed, rather than hiring a full-time IT person. There are even lean staffing consultants who help their clients work toward achieving the greatest productivity with the smallest workforce.

How To Find Qualified Consultants

After identifying what type of consultant is needed, it’s time to start searching. Besides the direct approach of researching and contacting consulting firms directly, colleagues from team members’ previous places of employment may have dealt with similar challenges in the past. These connections can point in the direction of consultants they’ve worked with previously. Job recruiting sites are also a useful resource for finding and filtering candidates. When looking for a PR company, for example, it’s possible to check out the ratings and rates of various agencies on a job board before reaching out.

Industry insiders agree that the right person for the job is not necessarily the least costly. Careful consideration should be taken to make sure all needs can be met, without paying more than the industry standard. After this cost-benefit analysis, a fair and specific contract needs to be created to protect the interests of both sides of the transaction.

When facing new challenges in the working world, utilizing whatever methods will produce the best results is crucial. Consultants make it their business to study the unique intricacies of their field to provide their clients with the tools to succeed. Though their services may seem cost-prohibitive at first, they eventually pay for themselves through the contributions to a business’s future.

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.

 

Image via Pexels

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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

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Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

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First, Build Trust!

Building Relationships

Recently I had the unfortunate experience of watching a client suffer through the effects of failed relationships with two of his vendors.  It was painful to watch, but it cost my client far more.  The impact of these failures was delayed project completion, an additional cost of labor and materials, and an erosion of trust with his customers.  The most painful realization was that these situations were self-inflicted wounds, easily preventable if my client had followed the proper procedures.

The fundamental issue was that my client failed to properly qualify either vendor to ensure that they could deliver on their promises.  I remember Ronald Reagan’s motto during his presidency; trust but verify.  In this case, my client invested his trust without verification.  Regrettably, the results were predictable.  These vendors were not competent to do the work my client required of them, and one was impossible to work with, continually trying to rewrite the terms of the agreement.

The long lead time for materials resulting from the Covid pandemic created a difficult situation for my client.  As a result, he looked for an alternate solution using a local vendor.  He found someone and immediately gave him four significant projects.  Admittedly, this vendor had good references, and his finished product was acceptable.  As an executive recruiter, I understand the limitations of a reference check.  Extracting useful information from them takes a certain degree of skill.  Unfortunately, I was not a part of the vetting process.  The result was unfortunate.  Although the vendor was a good craftsman, he was not a good businessman.  He could not determine appropriate priorities for his work.  He had little regard for his customer.  He did not finish the required onsite work and held my client hostage for payment he did not earn.  My client should not have trusted this vendor with the scope of work needed.  Likely, he will soon be an employee working for someone else.

The other subcontractor had done good work for my client on many routine projects.  However, he professed to be competent in one area my client had not witnessed.  That turned out to be a big mistake.  This vendor hired an incompetent subcontractor who made a mess of the project.  My client was required to find another subcontractor to demo the original work and start the project over.  We later learned that the subcontractor had hired a relative to complete his job.  My client refused to pay him for the shoddy work.  Even so, the vendor continued to demand payment for his work.  My client could not finish his work on time, which strained his relationship with the customer.

Both situations created significant angst for my client.   He gave his vendors his complete trust without adequately vetting their capabilities.  I explained how he could have used me to check the references on one vendor and how we might have further vetted the competency of the other.  My client was operating in blind faith.  That is not my preferred way to conduct business.

I use a well-defined process to build trust.  I begin by giving someone small projects to evaluate their competency.  If the first project is successful, I gradually increase the scope and complexity of further tasks assigned to that person.  The last thing I would ever do is give a significant assignment to an unproven person.  This process works for almost any relationship.

I believe that respect is given, but trust is earned.   Everyone deserves respect; it’s just a good practice among human beings.  However, one must earn trust.  It is a precious commodity to be carefully guarded.  Gaining someone’s trust requires an investment in time.  You know what you have to do to gain the confidence of your clients, customers, friends, and especially your spouse. We must be vigilant to guard against situations that put our relationships at risk. That includes developing confidence in the capabilities of our employees and vendors to help us serve our customers. Share on X

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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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Network Your Way to Business Success

 

If you’re an aspiring entrepreneur, growth is a key factor in your business start-up’s success. Networking is a great way to immerse yourself in the world of business and can help you develop a base following from which to grow. ITB Business Partners – Management Consultants can be a valuable resource when it comes to providing high value-added solutions to your most pressing challenges.

What Is Networking?

Networking is basically an opportunity to connect with other people as a way to establish or advance relationships, identify potential areas for collaboration, and meet prospective clients and customers. Networking is a term used to describe everything from attending business functions to how you follow up with people you’ve been connected with or introduced to through others. As the term implies, your goal with networking is to build alliances, meet new people who can help you advance your business, and amplify your connections. It requires a sincere approach, so if you’re a hard-sell personality, you might need to temper yourself during in-person networking situations.

Why is Networking Important

While there are certainly many ways you can go about marketing and advertising your business, developing relationships, requires a more personal one-on-one touch leading to more robust business relationships. For example, if you’re in a networking event and meet somebody who provides printing services, which you need, you’re more likely to feel comfortable with someone you’ve met and spoken to than somebody you’re found online. These personal connections can be long-lasting and profitable. Your goal should be to establish mutually beneficial alliances. Once trust is established, the relationship can grow and business opportunities will follow.

Where to Network

So where are the best places to network? According to Copper Chronicles, there are a surprising number of places to network once you’re in a networking frame of mind. You can connect via online or in-person business functions offered by small business development centers, chambers of commerce, and Rotary clubs. You can also attend conferences, trade shows, and business networking events specifically designed to connect business leaders. You can also network at volunteer events, particularly those that are associated with your line of work or your Industry. Virtual networking is important too, – you can start with LinkedIn and your social media platforms. Don’t forget non-traditional yet effective methods – talk to other parents at kids’ sporting events, go to charitable events and fundraisers, join your local PTO, and if you belong to a house of worship, serve on a committee and arrive before service for coffee and connecting.

Preparing to Network

Before you start seriously networking, make sure your business is well-positioned. This means having a website, social media presence, and a business card that has your business name, your name, your website, contact information, and potentially on the back, a few bullets, or a brief overview of the products and services your company provides. To make a memorable impression, consider looking for a way to design your own business cards. Using a premade template for your cards allows you to customize your work by adding images, text color, and the fonts of your choice. Make sure your card matches your company brand so you make a notable impact.

Maintaining Networks

In addition to building networks, maintaining them is also important from a customer relationship management perspective. Don’t consider the people you’re connecting with as just “leads,” but rather, as people you can learn from and build a foundation with. In other words, develop a relationship in which you stay in touch, get coffee or lunch, offer support where you can in the form of referrals, and take an actual interest in them and their business. Establishing trust and learning about one another’s business goals can aid in finding ways to collaborate. According to Business News Daily, giving more than you ask for is another great way to establish solid connections.

While there’s nothing new about the concept of networking, digital marketing has allowed us to connect in a number of different ways, some of which will require different approaches. Be strategic in your approach to ensure you’re getting connected to the people most likely to help you build and grow your business. Share on X

ITB Business Partners – Management Consultants help business managers solve their problems by matching them with high-quality independent management consultants who are experienced leaders, discipline experts, and project managers. Visit the site to learn more, sign up for the company newsletter, and reach out directly for more information.

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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