COMPANY RESTORATION IN THE NEW NORMAL ©2020 Donald H Turner From the mind of Don Turner – PART 2 NOT YOUR DADDY’S RESTRUCTURING, BUT RESTORATION

In Part 1, we identified some of the more important characteristics that will be driving the New Normal. In this discussion, we will focus on how business professionals should be looking to respond to the New Normal.

First and foremost, it is clear that many companies are and will be faced with survival, pure and simple – doing whatever they can do today to ensure they are in business tomorrow. This is a reality that must be dealt with. Some will make it, many won’t.

That aside, if the company has enough “liquidity runway” to reenter the marketplace than the question is “how?” As we return to the world of commerce, it will be clear to all involved that is not going to be “business as usual.”

Given the current situation, the natural tendency is to turn to the methods that fall under the topic of “Turnaround” or “Restructuring” in an attempt to return a company to prosperity. Even so, I believe we will quickly find that these traditional ways of  “fixing” organizations are insufficient. I believe these Restructuring/Turnaround approaches must be modified and evolved to reflect the realities of conducting business in the New Normal.

To differentiate this new perspective,

I’m suggesting that conducting commerce in the New Normal will require a “Restoration Strategy” mindset. We aren’t simply “restructuring” companies, we are “restoring” them to going entities. We aren’t simply “turning around” companies, we are “restoring” their business models modified for the realities of the New Normal. Restoration will require answering questions, developing approaches, and executing tactics that have never been part of a “typical” Restructuring or Turnaround effort.

I’m suggesting that the fundamental difference between Restructuring and Restoration will be the underlying environment. In a Restructuring situation, the company itself is distressed. In a Restoration environment not only the company, but it’s a marketplace – Customers, Suppliers, Lenders, everyone – are distressed also. This extra level of calamity will force us to conduct commerce in entirely new ways with new levels of focused cooperation.

TYPICAL RESTRUCTURING

To understand the concept of “Restoration” – which builds on “Restructuring” and “Turnaround” methodologies, let’s make sure we understand what is typically involved with the Restructuring/Turnaround.

Please note, we are taking the concept of “Workout” out of the equation here. In my distressed company lexicon, a “Workout” is when a company is already in or close to some form of receivership and it is likely no longer a going concern. In this case, the focus is working with Banks and Creditors to maximize asset monetization. Workouts in the New Normal will clearly be common, but the focus of this article is with businesses that have the potential to restore themselves and prosper.

In contrast – as someone who has been involved in a few turnarounds over the years – I view a Turnaround as a situation where the company is distressed and clearly in trouble but there is a possibility of “fixing it” and making it a healthy, growing concern again. I would be the first to admit that it doesn’t always end that way but the difference is the intent going in. That intent drives what you immediately do in a Turnaround situation.

As a common discussion point, let’s all reacquaint ourselves with “Turnaround 101” by discussing the four major stages – as shown in the following exhibit:

Let’s briefly review each stage.

Stage 1 – TRIAGE this first stage is the most critical and essentially represents a “GO” or “NO

GO” decision. You must quickly assess the company in terms of liquidity, resources, operations (ED: “processes”), and its marketplace. Note, a comment on this last item. Some turnaround efforts ignore an effective look at the marketplace and after fixing the company find out that it should not have been fixed in the first place because of an unattractive market based on size, growth, competitors, profitability, etc. – i.e., remember to look at the external marketplace during Triage. Back to this initial assessment, you are trying to answer the question, “do I have something worth saving as a going entity?” Your focus is on items such as liquidity, burn rate, and Customer communication (i.e., read “retention”). The bottom line, you are focused on what we call “stopping the bleeding.” Further, what is often not realized is that in this early stage of triage, you must simultaneously start developing a “vision” for the future of the Company that can be communicated to Customers and Stakeholders (i.e., employees, board, investors, creditors).

Stage 2 – STABILIZEthis second stage is focused at creating consistency and predictable operations – particularly in terms of burn rate. That is Revenue less Expenses on a cash basis. One of the fundamental tenets of Japanese Total Quality Management developed back in 1954 is that to “fix something” you must do whatever you are doing – no matter how badly you are doing it – in a consistent manner. Starting your “fixing”, your initial focus is outward-looking – repairing/improving any and all Customer-facing activities such as product quality and delivery. At the same time, you communicate to Customers the actions you are taking to assure them of the company’s health and ongoing vitality. Internally, you concentrate on those items in the “Delivery Cycle” – specifically Sales, Delivery, and Customer Service. Generally, these can all be fixed relatively quickly. As the “Delivery Cycle” is stabilized you can then later turn your attention to the “Development Cycle” that includes Marketing/Development/Engineering (ED: this latter cycle has a slower “velocity” or “cycle time” and requires more time to change). In stabilizing the company, your greatest focus is on those items that can make an immediate, positive impact on Cash, Customers, and Delivery. During this stage, you also begin communicating the “vision” that was developed in Stage 1 to Customers, Shareholders, and Employees. Particularly with Employees, you must encourage your top employees to stay and embrace the vision (ED: in a typical distressed situation your best employees most likely already have their Resumes “on the street.”)


With Vision, there is clarity of purpose. Without Vision, there is chaos of existence.


Stage 3 – PROFITABILITY – If you have effectively stabilized the company to some form of consistency than the next stage is focused at profitability – generating EBITDA and a cash stream that ensures sustainability. There are countless techniques Turnaround Professionals use – dependent upon the situation – but some of the more obvious ones might include: product line rationalization, Customer attractiveness prioritization, revenue-generating Customer service, alternative Delivery approaches, cycle time reduction, product testing improvement (ED: product quality may take longer), etc. At this stage, you are also starting to work the “Development Cycle” including the product roadmap for new offerings that might be more attractive to your Customers. The bottom line, at this point you have a going concern and your next focus is how to put the company on a healthy growth track.

Stage 4 – GROWTHwith a going, profitable, concern you are now looking more strategically to the future in terms of markets and offerings. You are addressing questions such as: “Do I have the right offerings and business model for my current market”; “What else can I sell to my current Customers”; “Can I use my offerings or core competencies to expand to other markets” – i.e., generate new Customers. Generally, most of these questions all fall under the auspices of the Ansoff Matrix – which represents an effective framework for identifying growth/risk opportunities (ED: have used this framework dozens and dozens of times to help identify, evaluate, and select growth initiatives for an organization). The final, bottom line “big question” is “What company focus – i.e., “strategy” – will generate the maximum return for the Investors?”

These are the basic stages of a typical Turnaround. Given the many possible problems and the many possible solutions, Turnaround approaches are almost always modified as needed for a specific distressed situation.

HOW IS RESTORATION DIFFERENT?

What is different about a “Restoration” versus “Restructuring” as it relates to the New Normal? The actual stages of a Restructuring remain the same, but the underlying conditions are significantly more formidable – creating greater requirements and likely entirely new requirements to successfully “restore” the company to a healthy status. You can think about these requirements in four major categories – Environment, Personnel, Liquidity, and Emotional Intangibles. I am sure we could address more, but let’s focus on these for now.

ENVIRONMENTas mentioned, in a typical Turnaround the Company is in a distressed state whereas in the New Normal almost every business surrounding the Company will be in some form of distressed state – i.e., everyone is “in the same boat.” The good news is that everyone around the table will be acutely more focused and amenable to “making something happen.” This reminds of the quote from the 18th century English writer, Samuel Johnson, who said;


“Depend upon it, sir, when a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully.”


The environment in the New Normal will be characterized as a fierce determination to survive that will force business professionals to develop and consider new approaches to keeping their business alive – particularly through the early stages of the New Normal. Expect less long-term relationship development – “survival timing” simply won’t allow. Discussions between marketplace partners will be one of “putting your cards on the table” and asking “what can we make happen between us that will be a win-win?” Golf course discussions will become lifeboat discussions.

PERSONNEL – in a normal Turnaround situation your best employees have ample opportunity to go elsewhere – that is why they are your best. However, in the New Normal their prospects of leaving are diminished – that is the good news. The bad news is the increased challenge to motivate people when they feel they are “trapped.” That said, I envision this as an opportunity to build an esprit de corps in your company culture like never before. In our next installment where we discuss “Culture”, we’ll explore this a bit more. Suffice it to say that the New Normal will create the “potential” environment where coworkers become akin to “battle buddies” and all that implies – ask anyone who has been in armed conflict about this significance. Note, an important point is that leading battle buddies will require a far more effective leadership than supervising coworkers.

LIQUIDITY – in the New Normal everyone has limited liquidity, not just you but your Customers, your Suppliers, Your Lenders, etc. Everyone wants to conduct business but everyone also has limited buying power to purchase goods and services. Surviving and then prospering – relatively speaking for at least the short-term – in the New Normal will require creative ways of using limited capital to conduct business. I fully envision the barter system to be resurrected for certain types of transactions – particularly in the service sector – as well as creative consignment approaches for getting product in front of potential buyers.  Payment terms will have to be negotiated almost simultaneously along the entire supply chain.

EMOTIONAL INTANGIBLES – by their very nature normal Restructuring efforts place tremendous stress on everyone in the business. Be that as it may, in Restoration – under the New Normal – we can expect a higher level of emotional stress throughout the organization than we have never seen before. The options we face under the New Normal are limited and with limited options comes an accompanying realization that this is truly a “do or die” situation. Decision-Makers will agonize over their choices more than they ever have – as will everyone in the organization whose livelihood is impacted by those decisions.

As we can see, these underlying factors of the New Normal will place tremendous pressure on every business professional to get creative. I believe one positive outcome – and I actually think there will be many – of these pressures is for a greater level of transparency in transactions between parties. The urgency of “restoring” business in the New Normal simply will not allow for the typical “games” often found during the sales and negotiating activities.


In many ways, the Restoration of companies in the New Normal can be viewed as “Restructuring on Steroids.”


What should businesses do in trying to respond to the New Normal? In Part 3 we’ll discuss some thoughts about specific actions.

 

 

 

Dpm Turner

don@turnerworld.com

678.361.3313

www.turnerworld.com

 

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

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

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

Jim Weber – Managing Partner,  ITB Partners

 

COMPANY RESTORATION IN THE NEW NORMAL ©2020 Donald H Turner From the mind of Don Turner – “Creating Clarity in a World of Complexity


“I’m not Chinese. I thrive in interesting times.” ~ Charles de Lint ~


In both culture and commerce, we live in what many would consider “interesting times” – as stated in the old Chinese proverb. A proverb, by the way, that is intended as a curse, not a blessing.

Our “interesting times” have officially decimated the worldwide economy, ravaged social norms, and rattled the psyche of many. As we come out of this pandemic-driven calamity we face a truly “new world.” Whether it will be a “brave new world” is yet to be seen – but a “new world” it will most certainly be.

I have learned in a career-focused at disruptive technology marketplaces – often leading edge – is that change is a threat to the meek but an opportunity for the bold. Navigating the New Normal will take – as we will discuss in future parts of this Article – an intrepid head and an empathetic heart.

As a serial CEO and Business Strategist, I have also learned that identifying change is part and parcel to an effective strategy. In its simplest form, the “essence” of strategy is to “look over the horizon” and identify macro trends – i.e., read “change” – that justifies the investment. The need to understand what is over the horizon and see those macro trends that merit the investment of manpower, capital, and time is more important than ever.

With this four-part article – that will be published over the next several days – I thought we would explore what the future holds for all of us. The four parts are Part 1 – The “New Normal” – No Going Back to Normal Part 2 – Not Your Daddy’s Restructuring, the Idea of Restoration Part 3 – 5 C’s Restoration Strategy – the first 3 “C’s” Part 4 – 5 C’s Restoration Strategy – the final 2 “C’s”
Writing is a cathartic process for me that forces me to think more thoroughly through ideas and concepts. It is my hope with this article to prompt some productive discussion about what the New Normal will be, how companies can start moving from isolation to the New Normal, and finally, what the long-term implications are for conducting business.

Thank you in advance for taking the time to read this and even more so to comment – I am interested in everyone’s opinion since that is how we all will learn and move forward together.

THE “NEW NORMAL” – NO GOING BACK TO NORMAL
©2020 Donald H Turner

I keep hearing from both mainstream and trade media talk about “when things will get back to normal.” From my perspective, that is simply wrong thinking. There is NO getting back to normal after this global disruption of – in our lifetimes – unprecedented scale.

As business professionals, we are being forced to take a fresh look at the fundamental societal changes that exist now and will be occurring in the future and understand how they will drive new ways of conducting business.

Simply put, we must prepare for the “New Normal”

After giving it considerable thought over the past several weeks, I’ve developed four observations that I’ll share here as fodder for discussion.

FIRST, the New Normal will NOT come all at once. It will evolve in phases over the next six to twenty-four months as we move from isolation to controlled distancing to an environment that – once vaccines are readily available – will allow us to interact face-to-face again on a safer basis. One thing I know for sure is that many individuals throughout our society will be permanently “scarred” from this pandemic and never embrace face-to-face interaction as they did in the past.

SECONDLY, the New Normal will certainly contain “holdovers” from our current isolation phase that will represent – in some cases radical – changes to our lives in general and how we conduct business specifically. Yes, we will make more use of, be more comfortable with, and find ways to enhance the virtual experience that we have been forced to at the present moment. One individual I recently read said, “We’re currently in the epicenter of the biggest remote-work experiment in history….” Clearly, there will be part of the population that permanently embraces “electronic presence” over “physical presence” and will want to continue to live and work that way.

THIRDLY, the New Normal will change the commerce landscape – there is simply no getting around that. Some products and services will simply become irrelevant, while others become more important. Of even more interest are the new solutions that will arise to support – if not enable – the New Normal. Will movie theaters ever enjoy their historical attendance as many find they have enjoyed in-home entertainment more? Will discretionary “claustrophobic” air travel ever reach traditional levels as many will value individual travel freedom in a car? Will this drive more travel domestically versus overseas? Will office space ever be viewed with the same attractiveness? How will relationship-building evolve as we simply don’t have the same level of physical interaction as in the past? What will take its place? Will we focus less on the trappings of a business environment and focus more on what individuals are saying? Answering these questions and many more are all part of trying to understand the New Normal.

FOURTHLY, we – as a country and more specifically as a consumer population – are going to be taking a harder look at our trade with foreign powers. Yep, you guessed it – specifically China. China has managed to reposition itself in the global mindset from one of historical suspicion to blatant cynicism. At this point, I don’t believe anyone knows the real origin details of the coronavirus and who is responsible – or is it simply a force majeure of epic proportions. That said, this we do know:

  • China delayed letting the world know about the coronavirus – there was a government-driven movement to suppress information about the coronavirus – even threatening the doctor who warned his colleagues about a possible outbreak. On 3 Jan 2020, Wuhan police summoned and admonished him for “making false comments on the Internet” – forcing him to write a retraction. Unfortunately, this ophthalmologist, Li Winliang, later personally contracted the virus and has since died at the age of 33.

 

  • U.S. healthcare found out quickly that too many of our critical supplies – including pharmaceuticals – were made in China. Our healthcare supply chain was negatively impacted by the virus in China, creating significant problems in the U.S. Furthermore, as China rushed to provide us with needed supplies like N95 respirators, ventilators, and other medical supplies we found out they had serious quality problems and were all but unusable. There is already a movement to take a fresh look at what we allow to be manufactured in China versus in the good ole USA. Hopefully, we will recognize that having a stuffed toy being made in China is of far different importance than from having a life-saving medical device. I am all for a global economy but I’m also all for prioritizing our supply chain and identifying those items that independent of the cost are best manufactured at home.

 

  • China has both misrepresented and misreported coronavirus statistics to the world. There has always been skepticism about information from China, but now it has become blatant. In a world where we are seeing in the hundreds of deaths per million people – e.g., Spain 455, Italy 399, France 310, UK 241, with the US at 129, etc. – China reports “3”. That is right, in the country where it all started and I would suggest doesn’t have the Healthcare System of the aforementioned countries, they are reporting 3 deaths per million people. In case you’re curious about what other countries of importance are reporting numbers similar to China you don’t have to look any further than Russia – another bastion of information transparency – which is also reporting “3” deaths per million people. The bottom line, it is difficult to do business with someone you can’t believe and simply don’t trust.

So, these observations beg the question, “what does all this New Normal mean for business?”

In Part 2, we’ll address the idea that managing in the New Normal will require an approach that goes beyond what we have typically referred to as Restructuring or Turnaround. It will call for an approach that I’m referring to as “Restoration.”

Dpm Turner

 

don@turnerworld.com

678.361.3313

www.turnerworld.com

 

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

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

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

Jim Weber – Managing Partner,  ITB Partners

 

Economic Update and an Important Message to Parents Market Commentary – August 18, 2020

Late last week the government reported that the U.S. economy created 1.763 million new jobs last month. The expectations had been for 1.48 million. It’s good to see the numbers going in the right direction.

These are huge gains in employment, but it comes after even larger losses. To be sure, the economy is a long way from where it was just six months ago. The unemployment rate is down to 10.2%. We’ve had recessions that peaked with lower unemployment rates. The number of unemployed people dropped by 1.4 million to 16.3 million. The labor-force participation rate is 61.4%, which isn’t as bad as I had expected.

Let’s look at leisure and hospitality, which is a crucial sector for the economy. Leisure and hospitality added 592,000 jobs in July. In May and June, the sector added 3.4 million jobs. That sounds impressive, but leisure and hospitality lost over 8.3 million jobs in March and April.

We had more good news for the jobs market on Thursday, when the jobless-claims report finally fell below one million. The number of folks filing for jobless benefits fell to 963,000. That’s the first time in 20 weeks it came in under one million. Economists had been expecting 1.1 million.

While the jobs market is better, there’s still a long, long way to go. We also saw strong CPI numbers, which surprised me a bit as the increases were the largest in years. Something to continue to watch.

We’re also seeing another move towards cyclical stocks. By this, I mean stocks whose fortunes are closely tied to the broader economy. When cyclicals do well, that’s often though, not always an early sign of an improving economy. Perhaps Wall Street is sensing that the economy will reopen sooner than expected.

An Important Message For Parents Of College-Aged Kids

For those of you like me who are sending their children back to college, there is an important step to take now more than ever as we live through this health crisis and want to protect our kids as much as possible even as they are moving away to a college campus.

For my readers in Georgia, the law states that a person who is 18-years or older is considered an adult. At this point, parents cannot legally access their medical or financial matters. To help make sure that parents can continue protecting their children while they’re away at college, it is a good idea to create two essential estate planning documents: a financial power of attorney and an advance directive for health care. For my readers in other states and other countries, it would be wise to check your state’s laws.

Financial Power of Attorney

A financial power of attorney is someone who is legally authorized to act on another person’s behalf. A financial power of attorney can help with money, real estate, or legal matters. If the student gets sick or becomes incapacitated, the parent with the financial power of attorney can make sure that any bills are paid, and any legal issues are handled appropriately.

If a student becomes incapacitated and they have not named a financial power of attorney, the court will likely appoint a guardian or a conservator to help with any financial or legal issues. That court-appointed individual may not necessarily be the student’s parent.

Advance Directive for Health Care

An advance directive for health care is a legal document in which a person lists their health care and treatment preferences. It puts their doctors on notice about medical decisions if they are otherwise able to communicate those wishes due to an injury or illness. Within the advance directive, a person can designate their medical power of attorney. If a college student designates their mother or father as their medical power of attorney, that parent can speak to their child’s doctor, look at any health care records, and make decisions about their child’s medical treatment.

If a student gets hurt or seriously ill without having an advance directive in place, there could be delays in making urgent health care decisions. If the parent is not named the medical power of attorney, he or she might have to petition the court in order to act on their child’s behalf.

While I don’t practice law, I have a great group of legal experts in my network to help answer your questions. If you want to discuss this further, feel free to contact me and I will do my best to help!

 

Kevin Garrett – Integrated Financial Group

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

1) Accessing and Managing Retirement Assets

2) A Performance Contract (Typically a Sports or Entertainment Contract)

3) Divorce Settlement

4) Inheritance or Insurance Payout

5) Sale of a Business or Stock Options

6) A Personal Injury Settlement

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

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

Firm Specialties:

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

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

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

Kevin has been awarded the FIVE Star Professional Wealth Manager in in Atlanta Magazine in 2012, 2014, 2015, 2016, 2017,2018 and 2019.

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

KEVIN GARRETT, AWMA, CFS

Integrated Financial Group

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

Phone | 770.353.6311

Email | kgarrett@intfingroup.com

Website | kevingarrettifg.com

 

ITB Partner, Barry Flink Named to Magazine Board

Longtime community leader brings four decades of management experience, including in the hospitality industry.

Barry Flink

Barry Flink, executive vice president and partner of Flex HR, Inc., has been named to the advisory board of Departures Magazine. The publication is a source for high-end travel, restaurants, hotels, and fashion, shopping, art, and culture.

Flink has 40 years of management experience in multiple industries. His favorite jobs have always been in the hospitality industry. He has held senior-level management positions in Westin Hotels & Resorts, InterContinental Hotels, Service America Corporation, the Greyhound Corporation, and the Peasant Restaurants, Inc., based in Atlanta. He began his career in the hospitality industry as the Hyatt Hotel Corporation’s first national management trainee.

Flink is also an executive in residence at Kennesaw State University and has served on the board of directors of Georgia Tech’s College of Management as well as KSU’s Coles College of Business. He has also served on the President’s Advisory Board of Oglethorpe University.

He has been a visiting lecturer at Cornell University, Washington State University, Florida State University, Georgia Tech, Georgia State University, Emory University, and the University of Guelph and Ryerson University in Canada. He also wrote a chapter for a college textbook, “Business Acumen II.”

Flink was board chair of the Edge Connection and has served on the Small Business Council of the Metro Atlanta Chamber of Commerce, the board of directors of the American-Israel Chamber of Commerce, and an advisory board of Saint Joseph’s Hospital.

For More information contact:

Marilyn Pearlman

Atlanta Cause Marketing & PR

Phone: 404-298-6910

Mobile: 404-395-2602

Web: http://www.atlantacausemarketing.com

Email:  mpearlman@atlantacausemarketing.com

 

When Opportunity Presents

NSA Atlanta Chapter President

During my college years, I learned that if I completed my term papers early, I would have the flexibility to avail myself of interesting opportunities.  That usually meant enjoying social events with my Fraternity Brothers. Besides, I never saw the point of adding stress to my life by waiting until the last minute to tackle a project.

Last weekend was a great example:

Last week, my friend Michael Moore invited me to join him for a Saturday Morning meeting of the Atlanta Chapter of the National Speakers Association (NSA).  I was not familiar with the NSA, but I would like to become a better speaker.  I called Michael for more information.  He told me he had been a member for many years and thought I would enjoy the event.  He said the meeting would begin at 8:30 a.m. and end at noon.  Additionally, he reminded me to bring my mask as the meeting would be fully Covid-19 compliant.  Since I had already completed and published my weekly blog post, my Saturday was clear.  I was sold. I registered for the event immediately after our call.

As with most meetings, the first thirty minutes is usually for check-in and networking.  It is rare for me to attend an event in Atlanta that I do not encounter people I know.  Arriving early provides an opportunity to meet new people and catch up with friends.  I made plans to arrive at 8:30 a.m.

Background of NSA

The National Speakers Association (NSA) was founded in 1973 to help its members become more successful by providing education, tools, and resources.  NSA members include speakers, trainers, educators, humorists, motivators, consultants, and authors from a variety of industry segments.  NSA helps build eloquence, expertise, enterprise, and ethics.  Their Mission is “Empowering professional speakers to thrive and influence. We elevate excellence, share expertise, and challenge one another to improve.”  NSA’s values are to “provide mutual support, shared success, giving back, and cooperation over competition to build a bigger pie.”  Clearly, this organization is aligned with my goals and values.

Full Covid-19 Compliance

I arrived on-site at about 8:30 a.m. and was greeted at the door by my host and another gentleman who I did not know.  I later learned that he was the Barry Banther, the keynote speaker, and Incoming NSA National Board Chairman.  I proceeded to ‘checked-in’ where I filled out a brief Covid-19 questionnaire and had my temperature checked.  As I was obviously healthy and wearing my mask, I received my name badge and was directed to the meeting room.  Already in the room, several people were engaged in conversation. You know, networking.  Not surprisingly, I encountered a colleague and the speaker for my upcoming BENG Atlanta Chapter meeting.  Before the official meeting began, I was able to ‘catch up’ with my colleague and prepare my speaker for Tuesday’s meeting.  After catching up with those folks, I encountered a third acquaintance who had attended a few of my events. That is networking in Atlanta.  You usually find people you know at any event you attend.

The meeting room was staged to accommodate the attendees as well as those participating via ZOOM.  The layout included a well-appointed elevated stage for individual presentations and interviews.  It was well-lighted and flanked by video monitors.  It was not a particularly large room, but it could easily accommodate sixty people.  It was more than adequate for the twenty members and guests seated appropriately for social distancing.  It is an excellent venue for my meetings.

The Meeting

Thurman Interview

The formal meeting began promptly at 9:00 a.m. with a welcome and presentation of the organization’s mission.  This was followed by the introduction of guests and our hosts.  The next item on the agenda was the Installation of Chapter Officers for 2020 – 2021.  The ‘warm-up’ Speaker was Dan Thurman who talked about his experience starting out as a professional speaker.

The Keynote

Barry Banther, the Keynote Speaker was impressive. I suppose that should be expected of the incoming NSA Chairman.  Barry’s talk was titled “How to Build

Barry Banther Keynote

a Sustainable, Profitable, and Fulfilling Business as a Speaker.”  It was an excellent presentation!  He used a lot of stories to drive home his points, holding our attention.  His talk was particularly relevant as it was similar to one of mine. I received many ideas to improve my presentation which justified my attendance.

Conclusion

There are good reasons to avoid procrastination.  In addition to creating stress, procrastination can result in lost opportunities.  If you believe, as I do, that networking and continuous learning are important professional skills, you should engage in those activities whenever possible.  For me personally, I believe that public speaking is a fundamental skill to be developed. I was fortunate to be able to accept my friend’s invitation to the NSA Meeting.  Completing my work early in the week paid off big-time.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

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

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

Jim Weber – Managing Partner,  ITB Partners

 

Weinstock Lands New Client – Disinfect Group

Ron Weinstock of Weinstock Marketing and ITB Partners lands New Client, Disinfect Group. 

Disinfect Group USA, offers a variety of systems to allow retailers, offices, venues to reopen safely.  Total flexibility of units depending on the size needed. All manufacturing is in the USA. Disinfect Group USA’s  product has the ability to:

  • Disinfect people and their belongings safely – 99.9999% effective
  • Take thermal temperatures
  • Count capacity in/out
  • On product branding
  • Offer LED sponsorship opportunities

Disinfect Group – Sanitation Tunnels

SANITIZING TUNNELS

Dry Fog is an innovative new product that creates an invisible “haze” in our tunnels which are completely safe and approved for use on humans against viruses and bacteria. It works using electrolyzed water technology.

Available with 1 to 5 tunnels and comes as a fogger or a misting sprayer.

 

SANITIZING FOG

Each visitor and worker pass through a completely safe dry fog before

gaining access to your facility.

 

THERMAL IMAGING SCANNER

Screens for elevated body temperature at a safe distance for employees and guests entering your facility. Alerts staff when a high temperature is detected.

 

DIGITAL CAPACITY COUNTER

Add a Body counting camera that helps you know exactly how many people are in your venue or facility at all times.

 

NO-TOUCH SANITIZER DISPENSER

Automatic hand sanitizer dispensers allow everyone to disinfect their hands helping stop the spread of viruses.

 

STAY CLEAN. STAY SAFE.   RETURN TO WORK.

Contact Ron Weinstock for more information.

(310) 663-7669 | ron@weinstockmarketing.com

 

 

Ronald D. Weinstock

Ron Weinstock is an experienced restaurant and retail industry executive, consultant, and entrepreneur.

Over thirty-plus years of successfully launching, building, and revitalizing national and regional brands have positioned Ron Weinstock as a business and marketing leader in industries that include restaurants, financial, health, entertainment, and retailing. Ron is a business and marketing executive with a proven track record and a passion for team building, which/that includes leading cohesive & purpose-driven teams that consistently deliver exceptional results.

Cash Back Shopping – The Key To A New Competitive Advantage

Phillip Davis

Have you heard of “cashback shopping”?  If you have heard of Rakuten (formerly Ebates), then you have experienced the leading example of business to consumer (B2C) cashback shopping.  In B2C cash back shopping, the cashback is paid directly to the shopper as an incentive to buy.  Why?   It is much less expensive to sell an item on-line than in a brick and mortar store.  Online retailers take a portion of these savings and invest them in cashback advertising to bring more shoppers into their on-line stores and encourage on-line vs. in-store purchases.

This same cashback shopping concept can be also be applied in a business to business (B2B) environment.  The biggest drawback of B2C cashback is that shoppers are reluctant to provide their personal contact information to someone they do not know, in this case, Rakuten.  In the B2B environment, shoppers already have a relationship with the sponsoring organization.  The sponsor might be their bank, church, favorite restaurant, or any number of other organizations.  The key is for the sponsoring organization to have a trusted relationship with the shopper.  In many cases, the sponsor may already have significant personal information on the shopper and be sending the shopper regular communications.

Most organizations with ten thousand plus (10,000+) patrons can benefit through adopting cashback shopping as a component of their on-going promotion program.  The more potential shoppers, the greater the benefit.  The cashback that flows to the organization can be utilized as a donation (for churches and charities), to pay for future purchases (retailers), and to pay a portion of the price of current purchases (grocery stores, insurance providers, and power companies).  Most sponsors keep at least a portion of the cashback to pay expenses and as accretive to profit.

The benefit to the organization can be quite substantial.  For example, a charitable organization that is keeping 100% of cashback as donations can expect to receive roughly $1 million per 10,000 shoppers.  A commercial business will receive the same amount but will likely pass 80% or more on to the shopper in one form or another.  Therefore, a commercial operation keeping 20% of cashback will be retaining roughly $200,000 per 10,000 shoppers.

To learn more about cashback shopping and its potential for your organization, contact Philip A. Davis at pdavishr@comcast.net or 678-977-5578.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

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 August Meeting via ZOOM Featuring Jim Cichanski

Jim Cichanski, CEO of FlexHR will present HR Trends 2020

Distress in the workplace? You’re not alone. This Human Resources trends discussion will focus on the essentials business owners must know in today’s’ world, as well as to stay compliant with labor and IRS laws during current times. This review takes a deep dive into policy, best practices, and HR operations.

We’ll guide you through tangible situations and how the repercussions can cost tens of thousands of dollars to your organization. Next, we will review the “Risk Factor” of actions that are critical for managing the human side of your enterprise.

This session will include COVID conversations, details on how to stay out of trouble and reduce risk factors, clarifying policy, laws, handbook communications, managing millennials, and how to hire and fire employees in a social distancing environment. And finally, we will open the forum up to go through questions and answers.

Your presenter is Jim Cichanski, the founder and CEO of Flex HR, Inc. and a Preferred Partner of VSG. Jim also spent 27 years in the Army National Guard achieving the rank of Colonel, was inducted into the Officer Candidate School Hall of Fame, and received numerous awards including the Legion of Merit. Jim holds a BA in Applied Behavioral Sciences, is a graduate of the Department of Defense Equal Opportunity Institute, has served on the board of HealthSource of Georgia, and was an inside board member for 17 companies. He is an ongoing active member of various HR and Angel Investor professional organizations.

 

Jim Cichanski – CEO FlexHR

Flex HR, Inc. was selected Best of Johns Creek Award in the Business Human Resources Consultant category by the Johns Creek Award Program last year, and this year was inducted into the Johns Creek Business Hall of Fame. The Atlanta Journal-Constitution awarded Flex HR “Best of Atlanta Business Profiles” while Outsourcing Gazette magazine listed Flex HR as the Top Most Promising HR & Staffing Service Vendors.” For 3 years INC Magazine recognized Flex HR as an Inc 5000 “Fastest Growing Privately Held Companies in America”. Jim was also recognized by the North Fulton Chamber of Commerce as the “Small Businessperson of the Year.” Catalyst Magazine acknowledged Flex HR as 1 of 18 Companies CEO’s in Atlanta would like to own. Jim is married to his wife Eldeen for 40 years, has two daughters and 4 grandchildren. He recently served on the Board of Directors for HomeStretch and is an active board member and investor in several Human Resources related ventures.

The Bridge to “There!”

March 15, 2020

I taught my grandsons there are only two places in the entire universe:  “Here” and “There!”

When one would ask if I had seen his baseball glove, I would respond, “No, it’s not here. So it must be there!” They thought that was pretty neat and I would overhear them telling their brothers the same thing!

So as a business owner, you should know where you ARE – you have your numbers.  But where do you WANT to be – say in 5 years? Where is your THERE?? What does it look and feel like? Why do you want to get there?

Having worked with hundreds of business owners domestically and internationally, I am always saddened to have a client tell me they don’t know or aren’t sure where they want to be in that time frame.

I remind them of what the Cheshire Cat told Alice, “If you don’t know where you’re going, any road will get you there!” But that “there” may not be the “there” where you intended to go!

No one disputes the necessity of planning, but the truth is that many business owners spend more time planning a vacation or a hunting trip than planning the future of their business.

I believe the primary reason is that the cares of the daily operation of the business choke out the priority of setting aside time to do the reflection necessary for a clear path forward. Stephen Covey wrote about the conflict in his seminal book First Things First, where he addressed the URGENT against the IMPORTANT.

In Quadrant I are the Urgent AND Important issues; these are the fires that have to be put out to keep the business running. Operational breakdowns, bad quality, customer complaints, delayed shipments, employee disagreements, and the list goes on!

Quadrant II is where the Important issues that are NOT Urgent reside.  This is where ALL the important issues of life reside: date night with the spouse, attending the kid’s ballgame or dance recital, reading important literature, meditating/praying, planning, reflecting, taking care of our health. We all recognize the importance of these activities in our lives, but our spouse won’t divorce us if we miss a date night – – – the fires burn up our relationships.

The paradox of this is that the ONLY way to get control of Quadrant I is to camp out in Quadrant II! Do the planning necessary to PREVENT the fires in the first place!

Let’s be honest, charting the path for a business five years out can be a daunting exercise, but it is essential to arrive at our “There!”

Strategic planning is of paramount importance. If you would like more information, feel free to contact me for a FREE 45-minute “The Bridge to There” presentation in your operation. Get a high-level view of what your future path can be!

Ralph Watson

Ralph Watson has a varied and extensive career spanning 45 years of increasingly responsible positions in both sales and operations in a very diverse mix of industry specialties, including food processing, textile and apparel, financial services, and professional management consulting.

 

 

Ralph served as a Senior Executive Analyst with a number of international consulting companies focused on the family-owned, privately held market where he distinguished himself as one of the top analysts in a highly competitive field.  In early 2014, he personally coached 10 businesses in Europe.

Ralph C. Watson, Jr.    404.520.1030

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

The BENG Atlanta Chapter July 14 ZOOM Meeting Featuring Doug Reifschneider

 

Photo Doug Reifschneider
Doug Reifschneider

Doug Reifschneider is a dynamic marketing leader with 30+ years of experience in the restaurant industry and a demonstrated history of driving growth through the creation and delivery of unique, creative brand strategies enhancing customer affinity and market position. While at Firehouse Subs, Mr. Reifschneider helped achieve a 4X increase in locations, to 1,030 restaurants generating $684M in revenues and 19.4% average annual sales.

During his foodservice career, he navigated the ever-changing marketing/advertising environment. The advertising menu proliferated from a relatively short list of tactics (TV, radio, print [direct mail, magazines, newspaper, etc.0, OOH, POP and direct selling) 20 years ago to thousands of online options which included but was not limited to display, native, SEO, SEM/PPC, web sites, landing pages, mobile and others. Doug has experience with all of it and is always looking for new technologies to exploit such as Blockchain.

Throughout his career, he consistently strengthened brand equity, grew the customer base, and boosted revenues through the development of innovative marketing campaigns.

Register in advance for this meeting:

James Weber is inviting you to a scheduled Zoom meeting.

Topic: BENG Atlanta Chapter July Meeting

Time: Jul 14, 2020, 07:30 AM Eastern Time (the US and Canada)

Join Zoom Meeting

https://us02web.zoom.us/j/81798652364?pwd=RWhQRXVwSXhRU3NQZFpQVkpQZE5vUT09