Part III – It’s Not Who You Know, It’s Who Knows You! An Interview with Susan Knox of Corporate Connections

Susan Knox CEO Corporate Connections

Susan Knox of Corporate Connections is a tenth generation Georgian, with an exceptional reputation and network.   I am so pleased to have her on the ITB Partners Team as her business is unique and her personal story is compelling.  In fact, I thought you would find her story so interesting, I convinced her to sit for an interview.  This is the third installment of our discussion.

Jim: “What is your motivation?  What gets you out of bed every day?”

Susan: “Number one, I love having great people around me.  When I say great people, I mean people with integrity, who are smart, and ask ‘how can I help you first.’ They aren’t takers.  They check their egos at the door; men and women, who are genuinely good people.  I love having that as my nucleus and I thrive on meeting new people. The capital of my company is my relationships.  I think that relationship capital is under-valued currency.”

Jim: “So you wouldn’t call yourself an introvert.”

Susan: “No! I could not do what I do if I were an introvert.” 

Jim: “You said you have three brothers, older, younger?”

Susan: “All are older, I am the youngest.  I learned a lot from them. My dad treated me like a little princess. He also taught me to be fiercely competitive.  I could outrun them, swim across the lake underwater, and not come up (for air) because I was not going to disappoint them.”       

“I have a very competitive spirit.  I like to win.”

Jim: “How would you describe your clients, is there a common denominator?  Industry segments for example?”

Susan: “No, there isn’t. It’s really across the board.  I have three companies raising capital, a very big software development company, and a marketing company.  My clients also include a Law Firm, a Bank, and a CPA firm.  My Network and my clients are much the same.  I work with them on retainer until they feel they have gotten what they need and then flip them into the Network, my board.  My clients are a feeder system for my Network.   I want to make sure the members of my Network, work well together.  When I started my network membership, almost two years ago, I did not want to become industry-specific and have one member per category. It is not a leads group at all.  It’s totally about relationships and bringing people together that can be top of mind, where likes attract likes is the kind of group I wanted to build.”

Jim: “What was involved in creating Corporate Connections?”

Susan: “Well, I will never forget my first meeting. I invited people I knew well.  I called it “An evening of introductions.’ I am still using this title today. Nobody knew what to expect, because there was nothing like it at the time.  I was mixing people who should know each other.  I served wine and beer and went around introducing them.  One of my signatures is to have people introduce themselves (to the group). There is nothing better than knowing who is in the room with you so you can immediately pick out someone to meet. I learned early on to combine socializing with facilitated introductions, and then to follow up.”  

 “Through the years I’ve learned to give people the most for their time.  I learned to slow down, work the room, and let people know why they need to know each other.  I learned is to make a personal connection; mention that they both like to play golf, or they might be avid tennis players. Maybe their kids go to the same school or they are both Clemson Alumni.  I get to know my contacts so I can say something personal about them.  It takes some of the stiffness out of the room.”

 “I want to know about their passions. A lot of my contacts are willing to give back their time and their money.   Some want to be a mentor or to serve on a board.  So, for me to know your passion is important.”  

 “This morning I was with six hundred women who work with children that don’t normally have access to something like Westminster.  It is called Odyssey. These women all have a passion for giving underprivileged children a hand up.”

 Jim: “That would be an extension on what you are doing with a philanthropic angle?” 

Susan: “And, I tell everyone to figure out ‘what your passion is about and go volunteer.’  Get on a board, help with membership. Do whatever it is that you are passionate about.” 

 

TO BE CONTINUED…

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.

Jim Weber – Managing Partner, ITB Partners

ITB Partners February Meeting is on the 21st!

Paula Fowler will present the Six Disciplines Strategic Planning System: A Sumptuous Breakfast Buffet is included.

REGISTER NOW

About this Event

Join Us for the February ITB Partners Meeting featuring Paula Fowler

Whether you are an Entrepreneur, an Employee or in transition, Strategic Planning is important to your success. Get ready for 2020 and learn the fundamentals from Paula Fowler, Six Disciplines Coach, and Predictive Index Certified Partner, offering small business owners tools to align people strategy with business strategy to achieve business results. Paula will present:

“It’s 2020 – What’s Your Plan?”

About Paula Fowler:

Paula Fowler

Paula is a strategic leader with a proven ability to create a company-wide vision and drive business results. Over 20 years of management and consulting experience in small to mid-sized businesses across a broad range of functional areas, including sales, marketing, finance, manufacturing, software development, operations, HR and customer support. Skilled as an internal consultant in analyzing existing operations and implementing strategies, processes, and technology to improve company profitability. Uses Predictive Index talent optimization tools to develop an organizational design, hire, inspire and drive team performance. Linkedin

REGISTER NOW

Date And Time

Fri, February 21, 2020

7:30 AM – 9:30 AM EST

Add to Calendar

Location

Bella’s Gourmet Kitchen

350 Embassy Row Northeast

Sandy Springs, GA 30328

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David Shavzin, CMC, Exit Strategist, interviewed on RadioX North Fulton.

David Shavzin Interviewed by N. Fulton RadioX

David Shavzin created The Value Track to help business owners build value and create a path toward a successful exit. Too often, they have not built the value they need and are unprepared when the time comes to put their transition into action. In this RadioX interview, “Maximizing Exit Strategy, Understanding Value”, interviewed by John Ray on Business RadioX®:  Listen to the Interview

David discusses critical issues that business owners need to understand in order to maximize the sale of their business. Exit planning is a process – not something to decide one day, and try to implement the next.

David helps business owners think through their long-term goals and plans, educates them on business value and brings the right – collaborative – advisory team around the table. He then assists in the implementation of value-growth initiatives, guiding them to a successful transition (sale, family transfer, etc.). His 7-step process improves their quality of life and allows them to exit on their own terms.

A frequent speaker on these topics, David is a CMC, former IMC Georgia chapter president and President and Co-Founder of Exit Planning Exchange Atlanta, formed to bring advisors together in a collaborative effort to serve their clients.

His early career was in banking and finance, then 12 years with life sciences company Sanofi/Aventis. He spent 4 years in corporate finance and Mergers & Acquisitions. Then, 8 years of leading teams responsible for Quality, Finance, Supply Chain, Customer Service and IT functions within a $175M subsidiary.

For More Information, Contact David Shavzin at:

(770) 329-224

david@getonthevaluetrack.com   

 

You Need To Step Up Your Game!

Effective Communications 

It isn’t often that I can observe my clients during their day-to-day interactions.  In my twenty years as an Executive Recruiter, I have observed only five interviews conducted by a client.  I found those situations interesting and most helpful.  As a coach and consultant, I usually rely on the client’s after-the-fact recollections of an encounter.  This is not ideal, as I only hear one side of the story.  Sometimes, I am fortunate enough to observe the encounter in real-time.  Those opportunities, however rare, result in a treasure trove of useful information.  I had one of those opportunities this past week.

 

I spent some time with a prospective client this week. It was an unusual situation as I was working with another client, who happens to be a vendor for the prospect.  This prospect has come to know me through my work with his vendor. Apparently, he likes my style and has talked with me about an engagement. So far, the discussion has been preliminary. I recognize a possible conflict of interest with my current client, which I intend to avoid.

 

My client and the prospect are typical entrepreneurs. They are hyperactive, creative types.  Maybe even a little ADD. Although affable and engaging, they share a common weakness, communication skills. When they aren’t understood, or work is not completed as they had envisioned, they become frustrated.  It’s as if they expect others to read their minds.  The resulting admonitions are unprofessional, unproductive, and borderline nasty.  They fail to provide clarity to their expectations and how to correct the issue if required.  I am amazed that neither recognizes the problem, but they aren’t happy with the symptoms.  My client has come to the realization that changes must be made if there is to be a productive working relationship with the prospect. Clearly, they lack self-awareness regarding this issue.

 

While with them this week, I experienced their interactions firsthand. I observed the prospective client’s interaction with others including his employees, vendors, and customers.  I observed his interaction with my client and a few of his subordinates. They were interesting and revealing. In one case he admonished an employee for his failure to complete an assignment. The prospect was agitated that the employee had not completed more work, challenging his work ethic. The prospect continued to repeat, “you’ve got to step up your game.” Regarding this encounter, I witnessed the instructions the employee received from my prospective client. The employee did exactly what he was told to do. The prospect failed to recognize the work completed by his employee and never explained what should have been completed.  My take on the situation is that the prospect was worried about something else and unloaded his frustration on the employee. Not exactly what I would call a positive management style.  The confrontation was a waste of time and detrimental to the employer-employee relationship.

 

I observed similar conversations between my client and the prospect. Those conversations included contradictory instructions and failure to establish clarity.  At one point, the prospect told my client “we must slow this project down,” then later, “you must speed up your work!” Totally contradictory.  When debriefing my client, I recommended that he make greater effort to achieve clarification. I suggested he ask questions and take cogent notes. Then confirm back with the prospect to ensure mutual understanding. Simple right?  Well, not necessarily. The other point is to make better use of technology. I recommended that my client use email, text messaging and meeting scheduling tools to ensure understanding.

 

This post is about working through a dysfunctional relationship, the need to improve one’s communication skills and the importance of hiring a coach or maybe even an Organization Psychologist.  I will continue my discussions with the prospect as I know I can be helpful.  At this point, the prospect needs a coach more than a consultant.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

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

 

 

 

Trade War Thawing? Market Commentary – October 14, 2019

A verbal agreement. Friday, October 11, the U.S. announced that it had reached a verbal agreement with China, concluding two days of face-to-face talks and rampant speculation of a deal in financial markets. China agreed to purchase more agricultural products from the U.S., and the U.S. dropped plans for higher tariffs on $250 billion in Chinese goods, which were scheduled to take effect Oct.15. Stocks are down this morning, though, amid reports that China wants more discussions with the U.S. before signing the deal.

Slumping Chinese imports. We believe progress in the U.S.-China trade dispute is becoming more crucial to jumpstarting global demand, as China data showed this morning. China’s imports (in U.S. dollars) dropped 8.5% year over year in September, the fifth straight decline, while China’s exports fell 3.2%. Slumping Chinese imports adds to evidence that the second-largest world economy has weakened over the past year, while pockets of the U.S. economy continue to deteriorate. We think signs of slowing growth could motivate both sides to continue working together.

Earnings preview. Corporate America is unlikely to deliver much if any, earnings growth in the third quarter. However, we think better days lie ahead. We expect progress on trade to keep U.S. economic growth at or above the trend for the current economic expansion. The U.S.-China trade conflict is unlikely to be resolved anytime soon, but we believe any small steps forward could increase business confidence and spark capital investment, lifting corporate profits. Flat earnings are hardly exciting, but we think prospects for better growth in 2020 will support stocks at current valuations.

Stocks rally to end the week. Stocks rallied on trade optimism late last week, erasing the S&P 500 Index’s 2% loss through Tuesday. Fixed income markets dropped across the board as global interest rates moved sharply higher. Review all the major indexes in the latest Weekly Market Performance.

The week ahead. This week’s economic calendar in the United States includes retail sales and Federal Reserve’s Beige Book on October 16, followed by industrial production on October 17 and the Conference Board’s Leading Economic Index on October 18. Internationally, we’ll get industrial production and Consumer Price Index data out of the Eurozone. A swath of China data is slated to be released as well, including third-quarter gross domestic product, inflation, and industrial production.

Kevin Garrett – Integrated Financial Group

My firm specializes in working with people that experience what we call “Sudden Income.” Typically the income came from one of these events:

1) Accessing and Managing Retirement Assets
2) A Performance Contract (Typically a Sports or Entertainment Contract)
3) Divorce Settlement
4) An inheritance or Insurance Payout
5) Sale of a Business or Stock Options
6) A Personal Injury Settlement

I believe the unique nature of these events requires specialized professional experience, empathy, and communication to deal with both the financial changes and the life changes that inevitably come with them.

My clients value my ability to simplify complex strategies into an actionable plan. They also appreciate that I am open, non-judging and easy to talk to about their dreams and fears. Each client defines financial success differently and my goal is to guide them from where they are now to where they want to be. As my client’s advisor, my goal is to provide them with a lifetime income stream, improving returns, protecting their funds and managing taxes.

My firm specializes in working with people that experience what we call “Sudden Income.” Typically the income came from one of these events:

1) Accessing and Managing Retirement Assets
2) A Performance Contract (Typically a Sports or Entertainment Contract)
3) Divorce Settlement
4) An inheritance or Insurance Payout
5) Sale of a Business or Stock Options
6) A Personal Injury Settlement

I believe the unique nature of these events requires specialized professional experience, empathy, and communication to deal with both the financial changes and the life changes that inevitably come with them.

My clients value my ability to simplify complex strategies into an actionable plan. They also appreciate that I am open, non-judging and easy to talk to about their dreams and fears. Each client defines financial success differently and my goal is to guide them from where they are now to where they want to be. As my client’s advisor, my goal is to provide them with a lifetime income stream, improving returns, protecting their funds and managing taxes.

 

Firm Specialties:

  • Retirement Planning For Business Owners & Executives
  • Woman’s Unique Financial Planning Needs
  • Professional Athletes
  • Investment/Asset Allocation Advice
  • Estate Planning
  • Risk Management
  • Strategic Planning

Kevin was listed in 

The Wall Street Journal as “One of the Financial Advisors In The Southeast That You Need To Know” 

 

Kevin was listed in Forbes Magazine’s Annual Financial Edition as a Five Star Financial Advisor  

Kevin has been awarded the Five Star Professional Wealth Manager in Atlanta Magazine in 2012, 2014, 2015, 2016, 2017 and 2018.

Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.

KEVIN GARRETT, AWMA, CFS

Integrated Financial Group

200 Ashford Center North, Ste. 400 | Atlanta, GA 30338

Phone | 770.353.6311

Email | kgarrett@intfingroup.com

Website | kevingarrettifg.com

David Shavzin, CMC to Speak at IMC USA’s National Conference, ConsultCon 2019

David Shavzin, CMC to Speak at IMC USA’s National Conference, ConsultCon 2019

 

David Shavzin

David, exit planning advisor, is Founder of The Value Track. He will speak to conference attendees on “Riding the Wealth Transfer Wave, Helping Clients Maximize Their Exit.”

Four million business will be sold in the next 5-10 years, resulting in a multibillion-dollar transfer of value. This is a significant opportunity for consultants because most business owners are not preparing an exit strategy. The right advisory team, working together, will help clients maximize the eventual sale of their business.

David created The Value Track to help business owners build value and create a path toward a successful exit. Too often, they have not built the value they need and are unprepared when the time comes to put their transition into action. David helps his clients improve their quality of life, build value in their company and exit on their own terms.

 

ConsultCon 2019, IMC USA’s National Conference (Dallas Oct. 4 – 6). Speakers also include Dave Copps, Melinda Marcus, CSP, and Alan Weiss. Starting out or a seasoned consultant, please join us to connect with other consultants, learn & form potential alliances. Info & Register: https://www.imcusa.org/page/ConsultCon2019  

 

David Shavzin, CMC

david@GetOnTheValueTrack.com

https://getonthevaluetrack.com/

 

Big Challenges for Small Business Owners

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

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

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

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

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

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

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

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

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

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

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

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

————————

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

 

Richard Kirby, Executive Impact

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

 

 

richard@richardkirby.net

www.richardkirby.net

770-366-5875

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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

 

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

“Three Pillars For Success” Webinar

 

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

The Three Pillars To Success

Description

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

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

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

Anatomy of a Fractional CFO Engagement

Drew Garner

In the spring of 2018, Rebecca Holderread connected Jim Weber, Managing Partner of ITB Partners, to the CEO for a 30-year-old Atlanta area-based not-for-profit. Rebecca is a member of ITB Partners and a fractional CFO. As she had taken a full-time CFO assignment with one of her clients, she was not able to pursue this engagement herself.

 

When Jim was introduced to the CEO the extent of his understanding was that this not-for-profit needed a new CFO.  After a few email exchanges, Jim and the prospective client scheduled a face-to-face meeting, late in the day at the prospect’s offices.   The point was to conduct the meeting without alerting the incumbent Director of Finance. Jim said that the meeting consisted of the CEO and two of her board members. The first part of their meeting was an opportunity for Jim to understand the prospective client’s situation.

The prospect is a non-profit organization [501(c)(3)] established in 1988 by the CEO.  This company became Georgia’s first licensed therapeutic foster care agency. In addition to placement and care for foster children, the client provides host home care for adults with developmental and physical disabilities, provides behavioral and life skills coaching for foster youth and adults and through a dedicated program, provides support, guidance, and assistance needed by teen mothers & fathers to succeed as adults and parents.

The CEO told Jim that the current Director of Finance refused to provide financial information in a format that enabled the leadership to effectively manage their business.  She went on to say that he had failed to provide analysis to facilitate thoughtful decisions. Additionally, whereas the CEO wanted to install a budgeting process, the incumbent had no interest in accommodating her directive.  Furthermore, this gentleman had become belligerent and insubordinate toward leadership. The situation had become intolerable, so a change had to be made

Not surprisingly, there were budgeting constraints on the compensation available for a replacement.  Based on his understanding of the situation, Jim pitched them on engaging a fractional CFO.  He explained the concept to the prospect, ensuring them that they could achieve their objectives without significantly impacting the P&L.   The CEO liked that idea and agreed to interview several highly capable fractional CFOs affiliated with ITB Partners.  I was the first on the list and met with the CEO.  We connected so well that leadership decided not to talk to anyone else.  I was hired for the engagement and their Director of Finance was terminated.

CFO Services Engagement:

When I started the engagement, I understood that the client was looking for better team collaboration and alignment with the fractional CFO. The CEO and the new Board of Directors (BOD) expected me to lead the financial position, to provide more timely and insightful financial statements and analytics, budgeting/forecasting, cash flow management, and strategic planning.  What I soon learned that the timing of taking on this assignment and the termination of the Director of Finance was problematic.  It was tax and reporting season, so I had to scramble.

 

Focus Areas and Results to Date:

  • Fully conformed financial statements to GAAP
  • Transitioned accounting package from desktop to the online version to improve efficiency and data security
  • Created a new monthly financial statement package meeting both internal & BOD requirements
  • Refined and extended forward view of cash forecasting, with a focus on liquidity management
  • Provided counsel/analysis to CEO leading to a favorable outcome in renegotiating a material vendor debt
  • Developed financial analysis to evaluate the profitability of various programs
  • Partnered with the CEO, to develop strategies and related financial plans for key programs
  • Developed annual budget for each dept and consolidated agency
  • Improved internal controls
  • With CEO, developed components of strategy and management template for execution of a first-ever, multi-year capital campaign
  • Ongoing training of new full-time CFO

 

A year and a half later, I’m still working with the client.  I provide ongoing support to the CFO with annual audit, regulatory reporting, cash flow forecasting, monthly financial package, and various financial analyses, as needed.  I also participate in BOD meetings, as required.

Jim likes to remind us of the importance of the Fractional CFO.  I believe the value-added services I provided for this client proves his point.  They were able to achieve their goals to improve the management of their business without compromising their financial resources.  Today, they are in a far better position to deliver on their mission.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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

Benefits of Engaging Independent Consultants

Cutters, Alpharetta, GA

It was my kind of week! I was busy, but I enjoyed a lot of variety and entertainment. I had a productive meeting with one of my consultants, Paul, over cigars and brews; a conference call with my Latin America Managing Director; coffee meetings with two prospective new consultants; and a luncheon meeting with a potential client. I even had time to complete a few administrative tasks and worked on strategic issues. My visit with Paul took an unexpected turn (it became even better) when Jeff, an alumni buddy joined us at the bar. What a lucky break! I couldn’t have been happier to see him. Jeff is a master licensee developing a non-food franchise concept in the state of Florida. He is an excellent connection for Paul, given that Paul is selling an integrated project management software package for franchisers. It was great to catch up with Jeff, and even better because Paul was able to make an excellent new connection. Connecting great people is my favorite part of work.

 

The highlight of the week was meeting with my turnaround client to discuss the next phase of our work. The first item of discussion was her update on the remaining contract in Florida. She told me she had successfully ended that contract and helped her employees land jobs with the new contractor.  She said that she secured the equipment and supplies at a Lakeland, Florida-based storage facility. She went on to say that she plans to move this equipment to Atlanta when she finds an appropriate local storage facility.  This last point gave us an excellent opportunity to talk about coordinating Strategy with operations. I reminded her that the equipment left in Florida was purchased to support her employees. And, she has no further need for that equipment as she will be using subcontractors going forward. I applauded her for successfully extricating herself from her expiring contract. However, I advised her not to spend anything further on that equipment except as required for its sale. She took my recommendation to heart and will work with her attorney to ensure compliance with the bankruptcy court to dispose of that equipment. Resolving that issue, we moved on.

 

The first phase of this assignment resulted in clarification around my client’s business strategy going forward. Now, the client will use subcontractors to execute her contracts, to minimize her reliance on full-time equivalents. Making this change will increase margins, reduce risk, and result in the more effective use of her time. The client also agreed to move away from the public sector (State and Local Government Accounts) to focus on the private sector, both business-to-business and the consumer market. The next phase of my work is to rebuild the client’s business development function. This change in strategy requires an updated positioning statement and value proposition, key tools for generating new business. My responsibility is to help her grow the business through new channels, promoting existing products and services.

 

Key Deliverables for Phase 2:

  • Update Positioning Statement and Value Proposition
  • Update Promotional Material to Reflect New Strategy
  • Develop Ongoing Communications Forward/Public Relations Effort Via Email and Social Media
  • Update Online Presence i.e. LinkedIn and Company Website
  • Evaluate and Present Options to Employ a Service to Schedule Sales Calls

 

During our meeting, we discussed the importance of leveraging our efforts to ensure that we are generating the maximum benefit for the time allotted to that effort. We discussed following the Pareto Principle to guide our work. In other words, to concentrate on the 20% of the activity that generates 80% of the output. To transition out of Chapter 11, one cannot waste their time. My client must ensure that she is getting the maximum payback from her work.

 

Josh Sweeney Presentation on Culture First Hiring

One of the most significant benefits provided by outside consultants is to use us as sounding boards to work through issues big and small. As we have vast experience in various situations, we help our clients make sound decisions in real-time. For questions requiring further consideration, we understand the analysis needed to find the answers. The most important benefit we pass along may be our knowledge of the fundamental principles for setting priorities and managing time.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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