Tag: ITB Partners

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Embrace Life-long Learning!

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

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

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

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

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

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

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

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

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

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

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

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

 

 

 

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Kitchen Connections, LLC Completes Total Kitchen Remodel

Kitchen Connections LLC completes total Kitchen Remodel for 35-year-old home in Roswell, Georgia

This project was a complete Kitchen Makeover that included new cabinets, surfaces, lighting, appliances, fixtures, trim, and paint.   It is now a highly-functional, contemporary kitchen.

     

 

Contact Kitchen Connections to learn how we can improve the functionality and ambiance of your kitchen and bathrooms while increasing the value of your home.

Jill D. Weber is a Licensed Contractor and the owner of Kitchen Connections LLC., an award-winning design company specializing in home remodeling, design, kitchen, and bath cabinetry. She has more than 20 years of experience and stays engaged by managing each project, from start to finish. Your total satisfaction is her primary goal.

 

Kitchen Connections, LLC
JDW@kitchenConnections.biz
(678) 410-0483
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Don’t Become a Hostage!

Jim Weber – President
New Century Dynamics Executive Search

Recently, I have become aware of two situations where managers have become hostages to toxic employees. They are not being held at gunpoint by a criminal trying to negotiate an escape. However, the angst of the situation is similar. One is a female assistant manager for a big-box retailer. She does not work well with others and is actively working to undermine another manager. Not a team player, she creates unnecessary drama. My colleague, Stan, would call her a termite. Someone who destroys the foundation of the company. The other is a subcontractor with poor work habits who delivers an inconsistent product. Both have remained in position because management, facing a difficult labor market, has decided to live with these troublesome people, hoping to avoid the cost of losing them. However, one manager chose to act and found that his fears were unwarranted.

During my corporate career, workers were abundant, so the fear of being understaffed was not a consideration. At that time, the concern for turnover and overstaffing was our focus. Even so, I observed managers fail to discipline employees properly because they delivered outstanding revenue and profit performance. Those producers survived until their financial performance fell below standard. In the meantime, their peers complained about favoritism and unfair treatment by management. It was very frustrating to be a part of those teams. Overall morale suffered because management was held hostage by a flawed subordinate who happened to produce above-average financial results.

Today, we face a different, more difficult labor market. Baby Boomers are retiring, and fewer younger workers are available to replace them. Employers are finding it more challenging to achieve optimal staffing levels. Some managers overlook employee performance issues to minimize the risk of being short-staffed. That was the concern of my client. He was willing to put up with the poor performance of one sub-contractor to ensure that he completed his projects on time.

Nevertheless, I advised him to deal with the performance issue. I informed my client that the situation was sure to worsen. Eventually, he reached his limit when the cost of repairing the subcontractor’s shoddy work became unbearable. With a little bit of effort, he was able to find a suitable replacement. He refused to be a hostage.

It is not uncommon for managers to overestimate the cost of maintaining employee discipline and underestimate the benefit. Sometimes, it is easier to look the other way. They rationalize their decision to minimize the performance issues or ignore them entirely. Avoidance is a big mistake. The rest of the team is closely watching. They view the manager’s lack of action as favoritism and poor leadership. The team’s overall performance eventually suffers, and good employees leave for other jobs. The manager’s failure to deal with performance issues creates more significant problems with greater consequences.

So, what is one to do? First, don’t become a hostage to your employees! Enforce policy uniformly across the workforce. Don’t give a pass to employees who generate stellar results in some areas but fall short in others. Consistently enforced standards and appropriate disciplinary measures will go a long way toward creating a healthy, high-performance culture. This approach to discipline will help reduce turnover and attract better-quality employees.

Another viable strategy is to maintain an ongoing recruiting program. You may not need to step up the actual hiring, but you will know where to go to find good employees when you need them.

The two examples I presented at the beginning of this article make an interesting case study.  One client decided to face the performance issue head-on, resulting in the termination of the sub-contractor in question. My client replaced the subcontractor with a more appropriate hire. The client refused to be held hostage. The other situation has deteriorated further as the management refuses to take corrective action.

Maintaining organizational discipline is not optional. Success requires vigilant maintenance of systems, processes, and procedures. Maintaining discipline may be more difficult in trying times, but it is of greater importance. The stakes are higher, as is the risk of failure. Good employees will gravitate to the best employers, so become the preferred employer in your market. Build a healthy culture of success by enforcing policy in a consistent, firm, fair, and friendly manner. It is the best way I know to ensure long-term success.

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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Consider an Advisory Board

Josh Sweeney Presentation on Culture First Hiring

I look forward to meeting with Paul, a good friend, and colleague, tomorrow afternoon.  Paul and I have much to discuss, including my responsibility on his company’s newly created Advisory Board.  The agreed-upon location is a convenient cigar bar, my preference for conducting business.  I cannot meet in this venue every day, but it is a great pleasure when I can.   I have been helping Paul connect with the financial community to support his company’s development goals.  One of those connections suggested establishing an advisory board would be a good idea.  As the common denominator in this process, they both agreed to invite me to join their Board.  Naturally, I accepted.

During my career as an Executive Recruiter, many candidates expressed interest in serving on the Board of a prestigious company.  Those folks were looking for paid Board seats but never considered a voluntary Advisory Board.  As that type of search was not in my wheelhouse, I could not help them.  After fifteen years of experience serving on Advisory Boards, I am enthusiastic about steering qualified candidates in that direction.

Large, established companies and small emerging companies form Advisory Boards to manage their businesses.  Profit-oriented companies and not-for-profit associations use them.  The scope of responsibilities will vary from organization to organization, depending on its size and complexity.  Organizations expect Advisory Board Members to offer unbiased advice.  They do not have decision-making authority or fiduciary responsibility, significantly different from a Board of Directors.  Advisory Board members are chosen based on their skills, experience, and accomplishments relevant to the organization in question.  To be invited to join the Advisory Board of a commercial startup, you will probably need direct experience with commercial startups.  You should expect to have significant experience in the company’s industry segment.  My friend and colleague, Mark McClellan, just reminded me that people with experience raising capital are in demand.

Compensation also depends on the organization’s size, complexity, and life-cycle position.  Some are paid, including travel and meals, but many are uncompensated.  Most of my Advisory Board roles have been voluntary and uncompensated, although our host provided food and beverage at each meeting.

Why would one become a member of an Advisory Board that does not provide compensation?  It isn’t about the money, at least not immediately.  As I mentioned earlier, serving on Advisory Boards has been personally gratifying.  Each offered a new opportunity to gain skills and experience.  They provided networking connections that led to new business opportunities.  I have enjoyed giving back to the community, especially during my alum board years.  That experience strengthened my relationship with the institution.  If a career goal is to sit on a BOD for a prestigious company, serving on an Advisory Board is an excellent place to gain experience and credibility.

My first Advisory Board experience was with the National Alumni Association for my Alma Mater, where I served for three years.  It was because of my affiliation with the Atlanta Chapter that I was nominated to join that body.  The Executive Director of the Association talked to me about joining the Executive Committee, a pathway toward becoming Chairman.  Regrettably, I had to decline that invitation as I was not in a position to devote the time or energy required for that responsibility.  Nevertheless, my service on that Board was gratifying and a significant learning experience.  I believe that serving on an Advisory Board for a not-for-profit association or a charitable organization is an ideal gateway for consideration in similar roles in the private sector.  It worked for me.  I gained visibility from that role which led to invitations to join profit-oriented and not-for-profit advisory boards.

Organizations need the kind of unbiased advice one can offer.  Your expertise is required.  You should consider joining an Advisory Board if you want to expand your skill stack, make new connections, and further enhance your career.  If you are interested in becoming a member of a more prestigious, compensated Board of Directors, an Advisory Board is a possible stepping stone.  A great place to start is with your College Alumni Association, an Industry Association, or a Charitable Organization.  You will enjoy the experience and find gratification by giving back to your community.

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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Why Newsletters Are the New Cover Letters for Growing Your Customer Base

Newsletters are an effective way of keeping your customers up-to-date with what’s happening in your business. Moreover, newsletters can not only help you maintain your current customer base, but they can also help you grow your customer base too. So without further ado, ITB Partners reveals how to create a memorable newsletter or newsletter sequences to captivate your audience’s attention.

Tips for growing your email newsletter

Thanks to modern technology, there are many ways to grow your email database, from gated content to opt-ins to pop-ups to giveaways. There are many ways to grab and hold your audience’s attention – until the next newsletter, that is.

How to create a buzz with the newsletter the first time around

Perhaps you’re at the beginning of creating your newsletter sequence, and you’re wondering how to create an impactful newsletter that your audience will really take notice of. In essence, the most successful newsletters will comprise any of the following elements, which include:

Create an entertaining subject line

Your subject line will need to stand out at first glance, so it best must be entertaining and speak to the needs of your audience by addressing a certain pain point, for example. 

Storytelling

No one has the time these days to read long-drawn-out, boring newsletters that don’t really serve a purpose. Rather, when you incorporate storytelling into your newsletters, you can create a personable story that people can relate to. This is made even better when you are able to add any other relevant information that people might not know about your brand to make your newsletter that much juicier. 

Make it irresistible

One of the main points of creating a newsletter is to show customers that you appreciate them taking time out of their day to read your newsletter, which is why you should usually offer them something in return for doing so. Share on X

It should be brief

Brevity is key here if you want to hold the attention of your audience. Again, the times we are living in are busy, so we should be doing our best to accommodate the limited time that most people do have by making sure newsletters are as short and succinct as possible. 

Remember a Call to Action

Your call-to-action will drive customer sales, so don’t forget to include it in your pitch, whether it’s to sign up for your next exclusive offer, take advantage of a coupon offer, or ask them outright to sign up for exclusive discounts, benefits, and more. 

Designing your newsletter from scratch

Of course, you want your newsletter to be able to read nicely in terms of its flow and readability. An email marketing platform can help provide you with a basic template. But then you’ll need to add in something special of your own so that your newsletter doesn’t seem so standardized. For example, suppose you want to add a few images to your newsletter, but the backgrounds aren’t to your liking, then you can try an image background remover to remove them from your chosen images swiftly and easily. All you need to do is upload the image and edit it as needed, then insert it on your email template where you want it. 

If you want to improve your marketing strategy, then newsletters should be an important component of this. You’ll surely boost your brand’s online presence and gain a loyal following.

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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Employ Digital Upgrades for Innovation!

We live in a highly-competitive digital world. Today’s businesses require constant innovation in order to maintain a competitive advantage and remain relevant. Thankfully, the latest tech innovations are not reserved for the world’s biggest brands. Small and mid-sized businesses can also benefit from digital advancements, many of which are entirely affordable on a small business budget. In this article from New Century Dynamics Executive Search, we’ll explore some digital improvements to consider and how they can enhance your business.

Learn About Business Process Management

Business process management (BPM) is the practice of analyzing existing business processes and identifying areas for improvement. The right BPM strategies will improve efficiencies and optimize regular business processes to save time and money while reducing errors. If that’s not enough, streamlining your laborious business operations can help you get employee buy-in on new tech upgrades, making it easier to introduce advancements in the future. Be sure to monitor the effectiveness of your BPM upgrades so you can make continuous improvements and optimize your results.

Invest in Time-Saving Tools

If there’s one thing most small and mid-sized businesses struggle with, it’s time. There’s just never enough time in the day to do everything that needs to be done. How do you ever find the time to focus on growth-related projects when you’re spending all of your energy on business maintenance tasks? Spending all of your time keeping your business afloat will only work for so long. Eventually, you need to focus on bigger projects so you can take your business to the next level.

Investing in time-management tools will help you and your team work more efficiently. Some great options include a calendar app to track meetings and deadlines, project management software for easy delegation, and instant chat tools to minimize delays and speed up information sharing.

Embrace Unfamiliar Technology

Many small business owners are hesitant to adopt new technology. After all, there is always a bit of a learning curve when it comes to implementing unfamiliar software. Don’t let this hold you back! You can find all kinds of resources online that teach you the basics of almost any digital tool. Many resources will also help you learn how to get the most out of business software, like how to integrate new tools into your existing suite of technology so that everything works together seamlessly.

Ask for Feedback from Customers

If you’re not sure how your business can better meet the needs of your customers, ask them! Seeking suggestions from customers is easy with the help of digital feedback collection tools. For example, you can place a survey after your cart checkout process asking customers to let you know what they liked and disliked about the shopping experience. Beyond asking your customers for direct feedback, you can also analyze website analytics and customer behavior trends to uncover opportunities for improvement.

Give Your Employees More Freedom

Your employees can drive innovation at your company, but only if you give them a chance. Identify people who show promise when it comes to creative and innovative thinking, and give them the freedom to explore new ways of doing things. Welcome fresh perspectives, encourage people to share their opinions and make sure all of your employees see the big picture. Employees in specialized roles can have a hard time envisioning beyond their position, so consider rotating employees so they can experience different challenges and perspectives.

Encouraging new ideas is all about creating a culture of innovation at your company. According to TalentCulture, business leaders can do this by trusting, mentoring, and empowering their teams. Give your employees the autonomy to find new ways to solve problems. Most importantly, avoid criticizing employees for ideas that fail. Failure is inevitable on the path to innovation!

Adopt Artificial Intelligence

You don’t need to be a tech company to benefit from artificial intelligence. AI can enhance your business in countless ways! PCMag explains that AI has many practical applications for business, including customer relationship management (CRM) improvements that can speed up your customer support process and boost customer satisfaction. Start by identifying problems you think AI could solve so that you can search for effective tools. For example, AI can help you predict customers’ preferences and anticipate what they will buy. Using this information, you can show personalized content to different customers, boosting your conversion rates and customer lifetime value.

All successful businesses prioritize innovation. If you’re not innovating your business, you’re falling behind. It’s important that today’s businesses are constantly looking for new ways – such as utilizing BPM, embracing unfamiliar technology, and adopting AI – to save time, cut costs, and get ahead of their competitors. So don’t be afraid to experiment with new technology and see what it can do for you!

 

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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Leadership and Building a Great Team

Dave Roemer

Once you find that “right fit” franchise and sign on the dotted line, that’s when the work begins. One of the most important tasks you take on as a franchisee is building your team. What follows is an excerpt from chapter 3 of my book So, you bought a franchise, NOW WHAT?

Unless you bought yourself a job, you will never grow your business without surrounding yourself with great people and building a team.  I like to use sports analogies because I think they have great relevance in business, so here is the first of many you will see in this book. If you think about it, no successful person in any sport has done it alone. Even athletes in individual sports such as tennis, golf, swimming, or track have a team around them. They have a coach, a trainer, nutritionists, and family and friends to support them. Golfers have a caddy who does much more than just carry the clubs. In short, to be successful at anything, you need a team of people who believe in you and your cause.

Some might argue that building a great team is the most essential aspect of a successful business. While their argument certainly has merit, I would ask them how they plan to attract the type of people they need without being able to explain where they are going, why they are going there, and what success looks like. The people you want around you are people who want to be a part of something and are not just in it for the paycheck.

When I was a young manager running a 24/7 business, I thought hiring people with specific skills and experience was the way to go. I had a lot on my plate, and training new people took time and effort. I learned that my approach led to high turnover, which took more time than if I hired people who cared about customers and had the right attitude and trained them well. Those people stayed a lot longer and were instrumental in growing the business.

You have likely heard the phrase “attitude is everything,” and you probably think it’s true. My experience has taught me that it is. To illustrate and communicate this belief to my teams over the years, I have used this example. Take the letters in the word attitude and write down its corresponding number in the alphabet like this:

A           T             T          I           T            U         D          E

1          20        20       9         20        21       4         5

 

When you add up the numbers, the total is 100. Attitude is everything

As a leader, it is your responsibility to learn about what drives people in general and your people in specific. Then it is your job to provide them what they need to be successful as part of your team. If you want to create a successful company that will allow you to achieve your WHY, it is completely on your shoulders to set the vision that attracts great people and give those people

the tools to succeed, which includes creating the environment in which their needs are met, and they feel part of something larger than themselves. Think of it this way; your team members are your customers. To you, they must be your number one priority. Take care of them and they will take care of the paying customers who in turn will fuel the success of your business helping you achieve your WHY. It is the business life cycle depicted in Figure 3.1.

 

Another way I like to describe this diagram is this:

The experience of your customers will never exceed the experience of your team. Share on X

Giving people the tools and setting them up for success is essential to you and them. Customers don’t understand when someone is poorly trained and cannot execute their job. They just think the person is stupid or incompetent, and the team member feels that way. When I encounter this, I always ask if the team member is new and tell them it’s OK. I don’t blame them; I blame the leader for not properly protecting his or her team member with proper training.

Don’t just take it from me, though. Here is what Lynn Given, a ComForCare franchisee in Orlando, FL, had to say about training her team:

“Training is the key to the success of the business. Without well-trained staff, we have unhappy customers, which then becomes a cycle of uncertainty. We start with four days of training in the field and then ongoing training each week in the office with reminders of our policies and techniques. We find that repetition is key. We coach and train on the go, daily. Then reward the team and share the joys.”

I have told many leaders and business owners over the years that if
they are not willing to spend at least 25 percent of each day in some form
of training, put the “for sale” sign on the door today because the value of
your business will only go down from here. I believe that statement with
my entire being. A leader’s number one responsibility is to train, coach,
and give feedback to his or her team. Everything else comes second.

Providing feedback is the key to developing your team but that topic will require another article so stay tuned.

Dave Roemer is a consultant at The Franchise Consulting company and an almost 40-year veteran of the franchise industry. Dave’s book So, you bought a franchise, NOW WHAT? Is a collection of stories, best practices, and tools collected over the years. It includes quotes from several successful franchisees interviewed for the project. It is available online at amazon.com and barnesandnoble.com.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

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

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

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How HR Can Proactively Prevent and Prepare for Cyberattacks

Jim Cichanski – CEO FlexHR

Since Russia invaded Ukraine in early 2022, cyber-attacks have become more of a threat than ever before. Any countries that had ties to Ukraine were made vulnerable to Russian cyber-attacks. To keep ahead of these, HR departments stay apprised of the latest cyber threats from Russia and can advise companies about how to best protect themselves.

Some of the most harmful attacks are those on payroll, where funds are rerouted to untraceable debit cards. These cyber-threats can be costly and must be prevented.

Yet, those aren’t the only cyber threats companies should be worried about. We need to look no further than the LinkedIn data breach in 2021 to see that cyber security threats come in all shapes and sizes.

The LinkedIn data breach exposed 700 of the 756 million LinkedIn users to being hacked, as their personal information was scraped. Armed with email addresses, phone numbers, usernames, and other personal information, the hackers had the potential to target millions more easily.

How Employers Can Prepare

Many employers are aware of the devastating effects of cyber-attacks, but not all of them know how to prevent and plan for them.

As Jim Cichanski, the CHRO and Founder of Flex HR, states, ” Many companies have put extensive policies and procedures in place to protect cyberattacks,” but “stop short on the employee preparation on how to get critical tasks done. If they lose internet or power, what would they do?”

So, what should employers do to protect their employee’s data? How do you prevent and prepare for a cyber-attack?

First, every company should have policies and procedures that safeguard information, just in case. Companies need to prevent important information from being stolen and create plans to keep the business operating if there is a cyber-attack.

One of the most important pieces of information that needs protecting is payroll. One of the latest cyber threats is someone hacking into the system and rerouting the money. To protect against cyber-attacks, always check that the information for direct deposit is correct before pressing payroll.

Similarly, if you receive an email request to change or set up a new direct deposit, never do so automatically. Always call the person who sent it and verify the request. Additionally, you may want to send a new email instead of replying to the thread so that you can check the source of the email you received.

Cyber-attacks usually happen in grids, and therefore each company should have a backup grid if one is shut down. At Flex HR, our payroll partners have a 3-loop backup. If up to two of the grids get hacked and shut down, there is still a third available.

IT supports should also have backup internet and files. If a grid is shut down, all the important files should be backed up so they can be accessed elsewhere.

How HR Helps to Prevent and Plan

HR can help companies create plans to prevent and deal with cyber threats. If the power grid has to be shut down, HR can devise a strategy to communicate to employees what they need to do.

Employees will need to be prepared to move to a different grid if necessary, which would require them to have enough gas, emergency food and water, and internet backup such as a cell phone.

Employees would need to be able to continue operating as normal, which means that they should have phone internet cards and be able to use their office, home, or a family member’s home as backups. Similarly, employees can prepare to operate when the power is down by having solar-powered devices and chargers.

Additionally, the company will need to have their clients’ numbers on hand to let them know what is happening.

HR can help companies create a tiered protocol plan in the case of a cyber-attack. Using payroll management as an example, the first backup plan would be to do payroll in the office, then in the employee’s home, and thirdly in a family member’s home. If none were possible, employees could use an air card with internet access that does not require a cable to be hooked up.

It Could Happen to You

We all want to believe cyber-attacks won’t happen to us, but they are increasingly common. Human Resources can be a great asset in preventing and planning for cyber-attacks. Contact Flex HR to increase your cyber security and peace of mind.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

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

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

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The Breakthrough

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

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

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

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

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

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

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

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

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

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

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

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Still No Plan to Sell Your Company? Do you Even Know What It’s Worth?

 

David Shavzin

When do I start my exit planning and how much is my company worth? We have gotten these questions for decades, especially from Baby Boomers. Sometimes it comes across casually: “So what do you think, should I start my exit plan 2 years ahead, maybe 3 years ahead?”

 

 

They often ask knowing the answer. They are trying to make themselves feel better because they haven’t created an exit plan and they know they should have started it long ago. They don’t know what their company is worth, but often get some outsized value stuck in their mind. If I respond that waiting until 24 months ahead of the sale is ok, they can let themselves off the hook for not having an exit plan or succession plan in place.

We talk to hundreds of business owners.

    • Some say they are tired and would like to get out. They do not want to put in much more time or invest in building the value of the company. Yet, they are not satisfied with what it is worth today.
    • Some family businesses have put off building a succession plan for a generation-to-generation transfer. They may feel they have time, or they may feel that their children (children often in their 30’s and 40’s) are “not ready yet”. They may fear losing an income stream as they transition out of the business.
    • Some are simply working the business, taking no time to develop an exit plan that could dramatically increase the value of the business when it comes time to sell.

 If any of these ring true for you, there are many potential solutions to address your concerns and situation. Take the first step and have a conversation with all involved. A good advisory team can help guide those exit plan discussions and provide an objective, experienced perspective. There are so many business exit options.

If you do have just a few years, there are a number of things you can do to optimize your exit and get everyone on the same page. But “2 – 3 years” is NOW, especially if you are a business owner in your 50s, 60s, 70s, or older. You have heard when talking about stocks that you can’t time the market. It’s the same thing for your business. And remember, the sale process itself can take 6 or 9 months to a year or more from start to finish.

With all of what’s going on out there in the world, a plan is critical to monetizing your life’s work! A sudden downturn could keep you captive in your business for another few years as you try to rebuild.

 Questions to ask yourself:

    • Do you know the value of your business? Don’t rely on a value that is some industry multiple or that sounds reasonable or what you’d like. Get professional assistance. This is your life, livelihood, and retirement.
    • When do you want to be completely or mostly out of the business?
    • Can you wait out the next downturn? If you are thinking of a 2- to 3-year timeframe, what if the economy slows down? Can you wait another few years to rebuild the value of your business? What do you really need out of the sale?
    • Do you have a solid plan for what you will do after your exit?

 By the Way, It’s NOT all about YOU!

Without an exit plan, you are not just risking your own retirement or next phase of life. You are putting in jeopardy your spouse, children, their families, your employees, their families, and more. Share on X

The message is simple: work with your advisors now to get a good understanding of your situation. The more informed you are, the better positioned you will be to create an exit plan that works for you, maximize value and minimize risk. You will leave the legacy that you want, not what others want. You will create your future!

Need to Get an Idea of Where You Stand on Business Value and Your Options?

David Shavzin, CMC
Founder, The Value Track
M&A Advisory, Exit Planning, Building Value
770-329-5224
david@GetOnTheValueTrack.com
Atlanta, Georgia
Our BLOG  // LinkedIn // www.GetOnTheValueTrack.com

Thank you for visiting our blog.

 

Jim Weber – President
New Century Dynamics Executive Search

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.