Tag: ITB Partners

Posted on

Groupthink is Dangerous

This past Friday, I delivered a presentation at the January 2022 meeting of ITB Partners. The theme of the topic was about building one’s independent consulting practice by leveraging your time. One of the participants was curious about how many members were following this strategy. He was interested in learning how the broader membership viewed this issue. Are we in a bubble? Are we victims of Groupthink?  Not only did I think that was an excellent question, but I also promised to survey our wider membership to determine if their activities align with my recommendations.  This exchange reminded me of similar situations I had encountered during my corporate career.

Wikipedia;  “Groupthink – is a psychological phenomenon that occurs within a group of people in which the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome. Cohesiveness, or the desire for cohesiveness, in a group may produce a tendency among its members to agree at all costs.[1] This causes the group to minimize conflict and reach a consensus decision without critical evaluation.[2][3]”

Psychologist Irving Janis calls Groupthink “a deterioration of mental efficiency. The first time I heard about the concept of Groupthink, I was an undergraduate. I wrote a short paper on the subject. At that time, I did not fully understand Groupthink as a concept. I had not witnessed it personally. It took practical experience and responsibility as a team member/leader to complete my education on this phenomenon.

Back in the day, if we thought we were limiting the full range of consideration for a question, we would ask, “are we just talking to ourselves? Are we in a bubble?”  We knew that something wasn’t working the way we expected, so we must be missing critical information. In other words, we need to get input from the market and our customers.

The most striking form of Groupthink I experienced was at the beginning of my tenure with Long John Silver‘s. During my corporate orientation, I attended a presentation from a marketing research firm. Their contract was to perform a strategic analysis of the brand. It was an incredible experience. Whereas the consensus opinion of leadership had been that our primary competition was Red Lobster, the research showed that the brand was part of a different industry segment. The consumer identified the brand as a quick-service restaurant concept, but they did not think we acted like one. The service wasn’t fast, the food was too expensive, and there were no Drive Throughs, among other issues. This revelation was a shock to leadership. The recognition that they had invested their resources trying to compete in a segment they could not win was daunting. Fortunately, those findings led to a very successful repositioning of the brand.

Effects of Groupthink

    • Group dynamics overrides effective decision-making
    • Inhibits learning
    • It may be a subliminal way to protect one’s reputation or institutional dogma.

How to recognize Groupthink

    • The leader has a most persuasive personality, domineering even.
    • Dissent is discouraged
    • The workgroup demonstrates a high degree of cohesion,
    • Peer pressure to conform,
    • Complacency, need to get along,
    • Belief in a group’s infallibility
    • Own the moral high ground
    • Tribalism

These actions lead to a lack of counterpoints and optimal decision-making. Fundamentally, it is a symptom of poorly managed human group dynamics and leadership.

How to prevent Groupthink

    • Recognize Groupthink as a pathology to be avoided
    • Develop a process to counter-act:  explore options, evaluate alternatives, encourage ideas without judgment or negative consequences,
    • Test assumptions,
    • Place a high value on objectivity.
    • Assign a devil’s advocate – seek out the counterfactual

When we formed ITB Partners, one of our goals was to develop a learning organization that was inquisitive, collaborative, and supportive of our members. In other words, a high-performance team. Google conducted research to determine how to create high-performance teams. Their findings were surprising.   “We were dead wrong. Who is on a team matters less than how the team members interact, structure their work, and view their contributions.”    Groupthink is an inhibitor to high-performance teams. To avoid Groupthink and other risks that would conflict with our goal, we instituted an annual strategic review that included a survey of the members. The Annual Review helps us stay on course to achieve a healthy culture. It has been a helpful exercise that has prevented us from taking detours unsupported by the majority of the members.

Groupthink is something to be avoided by all goal-oriented teams. Regrettably, it is a phenomenon that is all too common in the broader culture. Share on XWe have seen it exercised in Academia, Major Corporations, the Media, and even in government, leading to well-document disasters. No institution is immune to its intrusion. If you want to foster growth and learning, recognize the risk of Groupthink and build systems to ensure that it never takes hold in your team.

For more information on Groupthink, check out these articles.

https://www.mindtools.com/pages/article/newLDR_82.

htmhttps://ethicsunwrapped.utexas.edu/glossary/groupthink

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.

 

 

 

Posted on

The Role of HR in Identifying AI Opportunities and Risks in the Workplace

As technological innovations are applied in the workplace, they bring changes and challenges. One area of technology that will have greater future applications in the workplace is Artificial Intelligence (AI). As AI technology is integrated into government and business organizations, HR needs to be aware of its potential impact.

AI could potentially shift HR’s role. In the past, HR reactively tries to figure out what to do with workplace changes, leading to burnout and frustration.

Instead, HR needs to take a more proactive posture, strategically engaging with workplace applications of AI. HR needs to anticipate problems by engaging in discussions about integrating AI technology in the workplace, and solve them before they arise.

The Role of HR in Identifying AI Opportunities and Risks in the Workplace Share on X

HR needs to understand the possibilities and challenges of AI for the future workplace and help mitigate the unfavorable effects of AI on worker safety, health, and well-being.

AI Opportunities for the Workplace and HR

 There are many potential applications for HR in the workplace, including hiring and orienting new employees, screening applicants, collaboration, planning, training, problem-solving, modeling, forecasting, and much more.

For example, AI could be used to recruit, onboard, pre-screen, and assess candidates and reduce unconscious biases during recruitment.

It could also be used to increase productivity and efficiency, one of the main concerns of businesses. AI could do this by managing repetitive tasks through chatbots. Soon, as much as 47% of organizations may use chatbots, and 40% will adopt virtual assistants to better support their customers.

AI can also help with employee learning and training. Some organizations, such as Honeywell, also use AI, AR [Augmented Reality], and VR [Virtual Reality] to record transferable skills and teach them to the next generation of employees.

Increasingly, businesses want to use robots to perform functions previously done by employees. Gartner Research shows that 77% of retailers use AI technology, the top users being warehouses and health care organizations.

Remote conversational technology could be applied to planning and could be especially helpful in data processing, allowing employees to debrief on a project and identify assets and problems. What they learn could then be transferred to new employees who might face those types of scenarios in the future.

There are other endless applications for AI technology, such as working from home and building virtual simulations.

HR can help organizations learn to use these technologies to train employees and transfer skills. They can help organizations outsource to AI for recruiting. They can also help find ways organizations can use the technology for customer service.

AI Workplace Application Limitations and Potential Risks

As exciting as it is to think about the potential benefits of using AI in the workplace, we need to also note its potential risks.

As with any kind of change, organizations will inevitably face employee fear and resistance. There may be additional issues with integrating AI technology, such as morale erosion as employees feel replaced or cut off from other human beings.

There are also dangers of breaches in confidentiality. For example, many AI technologies have facial recognition software. Companies will have facial and possibly health data on their employees when they use this technology, and companies will need to protect against hackers.

HR also needs to help set some guardrails so that companies don’t violate employee rights in their implementation of AI technology. One of the lines that we need to draw is to encourage companies to stop pushing efficiency over effectiveness and to start supporting the need of employees to have personal lives.

If HR doesn't help companies sort out these issues before they arise, companies could be faced with legal and moral issues. Share on XHR can’t control the growth and application of AI technology, but they can help companies understand potential hazards as well as benefits, and help with implementation.

The Next Steps for HR

To stay ahead of technology’s impact in the workplace, here at Flex HR we are considering taking the following next steps:

    1. Learning more about CIAP HR Applications [HR DSSs, HRIS]
    2. Researching IEA [Intelligent Employee Assistant] applications and employee responses
    3. Exploring collaborations with CIAP vendors like Kore.ai
    4. Planning focus groups with long-term clients

 Our consultants use what we learn to help companies use AI technology effectively and safely. We help businesses implement this technology for performance management systems, for career planning, as well as to help them grow an employee and keep them on board, increasing value for the person and for the company.

Contact us now to get the solutions to maximize your HR needs today!

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.

 

 

 

 

 

 

 

Posted on

On Customer Loyalty and Retention

Mark Fonseca of Pragmetrix Group, leads a discussion on his company’s methodology for the assessment of Customer Loyalty to help their clients develop more effective Customer Retention Programs.  To see this presentation click here.

Mark Fonseca has over 20 years of experience in consultative sales, sales management, and client relations. As a top producer at Lanier Business Products, he sold document management solutions to a range of businesses and was prolific at establishing long-term relationships.
Mark consults one on one with the most successful CEOs and Executives in Atlanta and has interviewed thousands of Executives and Business Professionals. He has experience in Sales, Sales Management, and Sales Training Best Practices. Currently, Mark is the owner of his own private men’s custom clothing and executive image consulting business. He has developed strong business relationships with heads of state, CEOs, top-level executives, and successful entrepreneurs, through one-to-one consulting and exceptional customer service.

As a Partner in Pragmetrix, Mark is responsible for Client Relations, Business Development, and conducting interviews within the Pragmetrix Customer Loyalty Assessment process.

Why Pragmetrix Group? – Insights from our Customer Assessment Process

 We offer you:

    • Overall Customer Net Promoter Score
    • NPS Promoter, Passive, and Detractor Segmented Dashboards
    • Unedited Customer Insights Assessment Transcripts
    • S.W.O.T Analysis Based on the Voice of Your Customer
    • Growth Opportunities Based on the Voice of Your Customer

What Our Customers Are Saying

“With the words of your customers as their foundation, they extract the issues that your business needs to focus on, so that your customers become promoters, and by extension, you sell more. They were responsive, creative, and the work product is superb. The best money you will ever spend at your company, period!”

Stephen Newell
CEO
Mission Mobility

 

Mark Fonseca, PARTNER
Pragmetrix Group
mark@pragmetrix.com
(404) 983 – 4121

Posted on

Leverage Your Time and Grow Your Business

Over the holidays, I was able to catch up with my friend and colleague, Stan. He often calls me when he is on a road trip. This time, he was traveling through Kentucky to work with a client in northeastern Ohio. As with most of our conversations, this was wide-ranging, including personal and business-related topics. We talked a little about Covid-19, politics, scotch, and cigars, and of course, Football. When we talk Football, it’s NCAA Football in general and the SEC.

Eventually, the conversation turned to our respective businesses, which occupied the remainder of our time. Stan’s business is booming! He is unique among Independent Consultants as he doesn’t suffer the feast or famine cycle. He has a strong network that feeds him new business regularly. That is the good news. The bad news is that he would like to retire. The revenue has been exceptional, however. So good that it has crowded out any recent consideration of retirement. But now, the workload is starting to take its toll. Also, he has other interests he wants to pursue. So, we chatted about him getting serious about making a transition toward retirement.

I asked him if he’d ever thought about taking on a protégé or two. It wasn’t the first time I raised that issue with Stan. He’s never been too keen on the idea, however. He believes that his network refers business to him because they know his capabilities and the quality of work he delivers. I agree with him in that assessment as far as it goes. But I seriously doubt that anyone expects Stan to do all the work himself. I told him that I believe he is laboring under the mistaken belief that his referring agents expect him to do all the required work himself. I am not buying it! Although the client expects results, they are not so concerned about how he achieves those results, assuming there is minimal disruption to their daily routine. Share on X I would wager that if Stan asked his network, they would agree with my assessment.

Leverage Your Consulting Projects

    • Employ Subcontractors
    • Train Subcontractors to become protégées
    • Offload lower value-added work assignments
    • Provide quality control and oversight
    • Expand the business while working the same hours or less

The apparent solution to Stan’s dilemma is to find subcontractors to perform the work under his direction. Employing subcontractors would give him more free time. Early on, Stan may be required to train these folks to complete the job to his expectations. However, once trained, Stan can work with the subcontractor to plan the scope of work, then let them execute the plan. Of course, Stan would provide oversight and direction.   He would be the account manager, providing supervision and quality control.

Another way to approach winding down would be to divide the workload between high and lower value-added activities. Stan could assign the lower value-added activities to a subcontractor or protégée while taking on the more significant value-added workload. Again, he would free up his time while developing a resource to aid him in his transition.

Most independent consultants would be delighted to have Stan‘s problem. Instead, many fight the feast or famine cycle, trying to smooth out the peaks and valleys while growing their business. Often, these folks are not marketing themselves at the most basic level. However, they can still benefit by developing protégés or subcontractors to help them leverage their time during the cycle’s peaks. Better yet, they should consider marketing their services to someone like Stan, who needs help. They should consider growing their business by seeking work as a subcontractor.

Summary and Conclusion

The fundamental question Stan must resolve is, does he want to retire and close his business entirely, or does he want something that continues to generate income throughout his retirement? Then he must determine how to transition from one state to the next. Stan has an enviable position. He can afford to close his business and live comfortably. On the other hand, if Stan could maintain the business with minimal effort, there would be an additional source of cash flow to enhance his balance sheet. Furthermore, he would have an asset to sell or leave to his heirs. Stan has some exciting prospects to consider.

For more reading on growing your independent consulting business, check out these links.

https://www.mbopartners.com/blog/how-grow-small-business/how-to-grow-your-independent-business/

https://www.mbopartners.com/blog/how-grow-small-business/how-to-grow-your-independent-consulting-practice/

https://www.mbopartners.com/blog/how-grow-small-business/how-to-stay-competitive-as-an-independent-contractor/

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.

 

 

 

January 2022 ITB Partners Monthly Meeting – Build Your Independent Consulting Business

ITB Partners Logo

Jim Weber is inviting you to a scheduled Zoom meeting.  Jim Weber will lead a discussion building your Independent Consulting Business

Join Zoom Meeting

Meeting ID: 845 1610 9138

Passcode: 393716  

Prior to forming New Century Dynamics Executive Search in 1999, Jim Weber spent 22 years with Fortune 500 companies in the Food Retailing Industry where he developed a broad-based portfolio of “hands-on” line and staff experience in growth and turnaround situations. A proven executive with exceptional leadership skills, Jim has a strong financial background and heavy operations experience in specialty retail stores, quick-service restaurants, manufacturing, and distribution.  

Core Competencies

    • Executive search
    • Career Coach
    • Business development
    • Strategic Analysis
    • Start-ups and turnarounds
  •  

Drivers / Motivators

    • Building lasting relationships
    • Value-added results
    • Excellence in Client Service
    • Sustainable Productivity Improvement

ITB Partners December 17, Monthly Meeting

 

James Weber is inviting you to a scheduled Zoom meeting.  Mark Grace is our Keynote Speaker

Join Zoom Meeting

https://us02web.zoom.us/j/84516109138?pwd=c0VtWVFzdjE5NDNDVGVqcHdTc1RqQT09

Meeting ID: 845 1610 9138

Passcode: 393716

The title of Mark’s discussion is “Build Extreme Wealth.” – “Free time seems so limited. Work a lot. Pay bills and more bills keep coming. Sit to rest, but hear and see the meanness of social media or any media. Seems everybody is complaining and taking. Let’s take a moment to really discuss what is important at home, at work, and in society. Break free from the “domestication” caused by modern life. See how to truly experience life and receive daily joy.  Take time to fill in the holes in your life.” (see attached three pages) Speaker Mark Grace experiences life as a corporate executive, a sports coach, an entrepreneur, a consultant,  a writer, a traveler, a cook, a healer, a spiritual leader, and more. 

Mark Grace leads the delivery of larger customer experiences that organize selling more products and services together. Much higher profits result and lead to more enhanced customer relationships and experiences. Examples of newly created and led multiproduct customer experiences:  Smart Grid in utilities, Alive Spaces in construction, Smooth Operations in Retail, Perfect Food in QSR eateries, and Visual Talking in media. Quickly build new divisions, ventures, or businesses and coordinate the eventual sale or corporate integration. Close major industry customer and partner deals while building a decisive protected competitive advantage. Over thirty years leading the development of larger customer experiences and successfully receiving higher profits.

Posted on

Make the Best of the Holiday Season!

The Holiday Season is upon us as 2021 rapidly comes to a close. It’s been a crazy year but thankfully, not as much as 2020. Business is bouncing back. Those furloughed in 2020 are probably back at work. And, our children are back in school. That is not to say that we haven’t faced continued challenges created by the pandemic. There is a lingering imbalance in the supply and demand equation for labor. Supply chains are struggling to recover, and inflation is driving up prices. It is safe to say that we are in a better place than last year. I think next year will be better still.

The holiday season isn’t necessarily an ideal time to close deals or land a new job. People are distracted by other matters. They are busy closing the books on the fiscal year, on vacation, or engaged in their social calendar. Typically, this is the time to reflect on the year to determine our progress and prepare for the New Year.I have learned that, like me, most of my colleagues have a year-end closing routine. It is what successful people do. They think in a systematic way, planning, evaluating and adjusting. Share on XThey are accustomed to setting goals and measuring their results. This year, I decided to check in with a few of my colleagues to gain insight into their year-end closing routines. I was interested to hear their ideas. I knew that I would learn something useful.

It came as no surprise that everyone I talked with has a year-end closing routine. My colleagues talked about taking stock of their results compared to their professional and personal goals. They all talked about taking inventory of their accomplishments and shortfalls. Lessons learned and things to improve are memorialized. It is their first step in preparation for a prosperous new year. They use this process to determine goals and priorities for the New Year.

I noticed a few differences among them, however, mostly related to areas of emphasis. Some talked about a final push to maximize revenue and minimize accounts receivable. Others spoke about pushing income into the following year. They all spoke about accounting for expenses in the current year. It makes sense, of course, as professionals understand the importance of accurate accounting.

Year-End Closing Routine

    • Close the Financials
    • Recognize Employee Contributions
    • Evaluate Results/make plans to Close Gaps
    • Express Appreciation to Clients, Vendors, Mentors

A notable difference in approaches to the year-end routine seems to be between corporate employees and their entrepreneurial cousins. Corporate employees seem more internally focused, whereas entrepreneurs have a broader perspective. Also, there is a different focus between employers and those in private practice. Employers spoke to showing appreciation to their employees with year-end celebrations and financial rewards.

Still, others talked about reaching out to their clients to express gratitude for their business and check-in with prospects. The most exciting feedback was from those keen on expressing gratitude to customers, vendors, and mentors. One of my colleagues, Barry, said that he makes a point to call each of his clients and vendors to express his gratitude. He also calls prospective clients to remind them of his interest in helping them. Another talked about reaching people who had made significant contributions to their success. Recipients of such calls have said the impact is powerful! I like a personal touch, especially in an age when it is easier to send a fruit basket or an email. A personal phone call is much more meaningful.

Year-end closing routines are an essential component of sound business administration. Accurate accounting for the year’s results sets the baseline for planning and budgeting. Additionally, it reduces the risk that a spotlight will illuminate your business by the taxing authorities. However, this time also presents an opportunity to focus on key relationships and networking. Jobseekers should continue their networking efforts at an elevated activity level, while employers should recognize their employees’ contributions. Business leaders could thank their vendors and customers. Strengthening relationships may be your most crucial year-end activity. We should express our gratitude to key constituents who have contributed to our success. Consider making a personal call. It will make an enormous impact.

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.

 

 

The November Meeting of ITB Partners will be held via ZOOM on the 19th, from 9:00 a.m. to 11:00 a.m.

Mark Fonseca will present “Customer Loyalty/Retention Post Covid “

Jim Borum is our Spotlight Speaker.

Mark Fonseca

Mark Fonseca has over 20 years of experience in consultative sales, sales management, and client relations. As a top producer at Lanier Business Products, he sold document management solutions to a range of businesses and was prolific at establishing long-term relationships. Mark consults one on one with the most successful CEOs and Executives in Atlanta and has interviewed thousands of Executives and Business Professionals. He has experience in Sales, Sales Management, and Sales Training Best Practices. Currently, Mark is the owner of his own private men’s custom clothing and executive image consulting business. He has developed strong business relationships with heads of state, CEOs, top-level executives, and successful entrepreneurs, through one-to-one consulting and exceptional customer service.

As a Partner in Pragmetrix, Mark is responsible for Client Relations, Business Development, and conducting interviews within the Pragmetrix Customer Loyalty Assessment process.

 

Join Zoom Meeting

https://us02web.zoom.us/j/84516109138?pwd=c0VtWVFzdjE5NDNDVGVqcHdTc1RqQT09  

Meeting ID: 845 1610 9138 Passcode: 393716

Posted on

I logged into LinkedIn but landed on Facebook!

I am a long-time LinkedIn user.  According to LinkedIn, I was one of the earliest adopters. It is a powerful tool that I use extensively in my executive search business.   I use it exclusively to promote my brand and to find candidates for my searches.  It is an excellent product that is easy to use and has enhanced my productivity. It has become more valuable since the Microsoft acquisition, until recently at least.  However, it’s not perfect.

Over the years, several distasteful trends have appeared on my LinkedIn feed.  My favorite is the one I call the “Russian Bride Scam.”   That was crude, comical, and so transparent.  I almost miss that trend. Even now, I am approached by women allegedly looking for a romantic partner. At my age, those solicitations are more annoying than flattering.  They are easy to spot as their profiles are sketchy and their photos are inappropriate.  There is the “agent for an international corporation” scam.  I am not clear how this scam works, but I am confident that the objective is to separate me from my money.  I have had recommendations from contacts to become a mystery shopper for a legitimate company.  Message to those scammers, I had extensive experience with mystery shopping programs during my corporate career.  I’ve got your number!  And, of course, the “Nigerian Scam” is still out there in one form or another.  It is so sad that people still become entangled in these scams at a rate sufficient to keep the grifters in business. More recently, insanely aggressive appointment-setting pitches have bombarded my inbox.  These pitches may not be a scam, but they are undesirable.  During the 2020 Election Cycle, I found more political content on my feed. Political posts are particularly annoying to me.

Many solicitations are the result of someone hacking into the account of a legitimate user.  Fortunately, most are obvious and ignored. However, dealing with unwanted solicitations consumes time, which one cannot recover. I do not appreciate distractions on my feed that cost additional time and energy better used for my goals.

Receiving messages better suited to Facebook, Instagram, or some other social media platform is frustrating. Share on X Now, don’t misunderstand. I appreciate compelling human interest stories. People that have beaten cancer give me great hope. I am a sucker for stories about your pet. I get a warm, all-over feeling inside when I see a video of veterans returning from overseas combat assignments. I am a military brat, after all. And, I enjoy seeing your accomplishments, beating the odds, ascending to new heights in your career.  Notwithstanding suspicions to the contrary, I am a human being.  Nevertheless, I believe one should post human interest stories on some other social media platform.

I am not the only user who has become increasingly annoyed by people using LinkedIn as if it were Facebook.  I am not alone in my belief, as I have talked to many people, including LinkedIn gurus, who share my angst.  Some say that the Covid-19 lock-down is partially to blame. I believe that to be true.  In an article published in Inc. Magazine, Chris Dessi noted that LinkedIn is evolving, so I must adapt.  That may be correct—I plan to adjust to this evolution by navigating around the not-so-professional aspects of LinkedIn. I have begun blocking people whose content is not relevant to me, and I have changed my Account Preferences to eliminate political content.  Hopefully, LinkedIn will create new filters to make eliminating unwanted content easier.

I believe that LinkedIn is an important application that helps me achieve my career goals.  I use LinkedIn to build my brand recognition. That is why I am a subscriber.  I find it well suited to making new connections.  It has improved my effectiveness in finding candidates for my search assignments.  I don’t believe you should use LinkedIn to convey human interest stories.  If you continue to use LinkedIn like Facebook, don’t be surprised if people begin blocking your posts.  Your brand will suffer.

I recommend that LinkedIn creates more rules and filters so we can achieve peak productivity.  That is the evolution I can embrace.

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.

 

 

 

Posted on

Before You Start a Business, Consider This!

So, you want to own a business.  You have an idea for a product or service that the market needs. You want to be rich.  You have studied other successful startups and understand the factors for success.  You have moved past friends and family who have tried to dissuade you from your goal.  You have the funds and a plan to get your business off the ground. You are confident of success.  But have you considered everything you need to know?

Many successful entrepreneurs begin by forming a Board of Directors.     An Advisory Board will provide a broader perspective, improving the effectiveness of your decisions.   The advice you receive will minimize costly mistakes which could otherwise doom your business. Board members may receive a stipend, or they may be volunteers. Voluntary advisory boards have become commonplace for many startups. Talking with organizations like Score and finding a mentor are additional resources to consider.

Find Low-Cost Ways to Advertise

Now Hear This!

Getting the word out about your business doesn’t need to cost much money. Begin by establishing an online presence. Potential customers will want to visit your website.  Be proactive.  Provide answers to common questions, making it easier to convert their interest into sales.  If you have not done so already, create social media channels for your brand. Facebook and Twitter are popular places to start. Depending on the demographics of your target market, you may want to try others, too. If you are targeting older individuals, a direct mail campaign could be the most cost-effective solution.

Consider Running a Special

 To increase the probability of generating a sale, offer a special one-time deal, like a two-for-one promotion or a gift. You might do the same for current customers who refer friends or family members. When someone purchases your product or services, please give them a reason to continue trading with you.  Consider offering discounts for future purchases. These sales tactics can kickstart your business and give you the financial boost you seek.

Determine Which Functions to Outsource

 Savvy entrepreneurs know that managing labor is a critical component for success.  They live by the principle of “do what you do best and let others do the rest.”  We are fortunate to live in a time when we can contract relatively inexpensive outside resources.  To ensure accuracy and minimize risk, outsourcing financial management and payroll is advisable. Outsourcing recovers time to focus on more urgent tasks. Using an automatic payroll solution provides other benefits, like automatic calculations and paying taxes. Payroll apps are  available for both iOS and Android. Taking on too much responsibility can lead to burnout and costly mistakes. Think about outsourcing to reduce stress and improve your productivity.

 

 Improve Your Business Acumen

 As your business grows, your focus will shift to your management and leadership skills. Taking college-level business courses or earning an MBA could be a difference-maker. Unlike a traditional college experience, online degree programs make it easier to maintain your business while you learn.  Continually update your skills to ensure long-term success.

Adjust Your Business Plan as Needed

Although business plans look good on paper, actual results seldom unfold as envisioned. You must monitor your results consistently and adjust accordingly. Share on X Be flexible and willing to take steps to keep your company on track.

Financial setbacks can happen to anyone.  They can be incredibly distracting when you are trying to establish a new business. You may feel discouraged and lose confidence in yourself. Well-meaning family and friends may pressure you to get a traditional job and forgo your dreams altogether.  Don’t let setbacks discourage you from pursuing your dreams of entrepreneurship.  Expect to suffer difficult situations.  Build contingencies into your plan to weather challenging times.

New Century Dynamics provides excellent executive search and management consulting to the service industry. To learn how New Century Dynamics can help your business, contact James E. Weber at JimWeber@newcenturydynamics.com.

Derek Goodman

derek.goodman@inbizability.com

Image via Pixabay

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

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

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

 

 

 

Image via Unsplash