Grow For It! is a business podcast designed to help you stay focused on your vision. This is meant for small business owners, managers and professional trying to achieve more in a competitive environment. Jim Ray will provide insights, examples and raises questions to help you develop your mindset a…
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Listeners of Grow For It! that love the show mention: jim,Episode 28: It's my pleasure to welcome Michael Hall, Executive Advisor with Hall & Associates to discuss the topic of Human Analytics. As Mike describes it, think of this as Moneyball for companies. He uses analytics to help business leaders to gain valuable insights when it comes to managing, leading and inspiring employees and managers. Human Analytics Mike begins with a definition, from Google, that captures the essence of Human Analytics. “The systematic identification and quantification of the human drivers of business outcomes.” Similar to the move Moneyball, this approach focuses heavily on analytic data, rather than the more subjective evaluations of a person's innate wiring and likely performance in a particular role. Mike quotes Jim Collins from his book Good to Great, the objective is to “Get the right people on the bus, get the wrong people off the bus and the right people in the right seats.” Could You and Your Organization Benefit from a Conversation with Mike? Contact Mike Hall for a confidential discussion. Website: http://www.mikeghall.com Phone: (502) 303-2164 Thank you for taking the time to listen to this episode. From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you're interested in developing and launching a podcast for your business or organization, I'd be happy to help. I provide this service on a regional basis. Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let's Grow For It!
Episode 27: I'm happy to welcome Rita Ernst to the studio to discuss the launch of her new Show Up Positive book. You may remember Rita from Episode 22. She is an industrial/organizational psychologist, who became a business consultant and now, a published author. She's appeared in the local news, on radio and to a book signing with 70 people. Let's learn about how her approach to helping individuals to have a positive impact. To order a copy of the Show Up Positive book, click one of the links on this page: https://jimrayconsultingservices.com/podcast/the-show-up-positive-book-by-rita-ernst/ I want to thank you for taking the time to listen to this episode. From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you're interested in developing and launching a podcast for your business or organization, I'd be happy to help. I provide this service on a regional basis. Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let's Grow For It!
Episode 26: I'm happy to welcome Marcy Young to the studio for today's episode. Marcy is the Founder and CEO of HR Alliance LLC, in Louisville, Kentucky. She's developed a business model enabling companies to contract with her and her team of HR specialists, without having to hire them in-house. It's an ideal way to get the HR expertise a business needs for ongoing help, project-based initiatives or a hybrid plan customized to meet specific needs and/or situations. Does Your Company Need Help with an HR Issue? Contact Marcy Young and her team of HR Professionals for a confidential discussion. Website: https://yourhralliance.com/ Phone: (502) 689-6009 Thank you for taking the time to listen to this episode. From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you're interested in developing and launching a podcast for your business or organization, I'd be happy to help. I provide this service on a regional basis. Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let's Grow For It!
Episode 25: Cyber security and cyber theft are real issues for small business owners. There are now cyber liability insurance policies available to cover you, should you fall victim. In this episode, I interview Beth Combs and David Goheen from Gallagher, a large insurance company providing multi-line insurance, risk management and consulting services. Thank you for taking the time to listen to this episode. From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you're interested in developing and launching a podcast for your business or organization, I'd be happy to help. I provide this service on a regional basis. Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let's Grow For It!
Episode 24: Ever think about writing a book? In this episode, I interview Cathy Fyock who’s a professional book writing coach. We’ll discuss how she works with her authors, why you should consider writing book and part of the process involved in accomplishing it. Cathy began coaching after writing her own books. She had been consulting, but wasn’t as happy in this role, as she’d hoped. She had managed to write 4 of her 5 books in less than 6 weeks. A colleague asked her about her process for accomplishing this so efficiently. That’s when it actually dawned on her that her process did, in fact, exist. She was invited to give a program on it and engage in a coaching role. That’s where it all began. Many people want to write a book. They recognize the need, but they don’t understand where to get started or how to stay on course to complete it. Cathy has the solution to these and many other challenges. What Types of Clients Does Cathy Fyock Help? Cathy works with professional speakers, consultants, coaches, thought-leaders, solopreneurs, wealth advisors, CPAs, attorneys and realtors. If you use your expertise as a strategy to serve your client base, codifying that expertise is a way to educate, inspire and sell your client base. Having published a book can position you as an industry expert. It lends a high-level of credibility to your personal and professional brand. The topics in your book can help people realize an alignment between their goals and your ability to help them to achieve those goals. Your book will help promote a sense of trust and authenticity between you and your target audience. Cathy is a huge fan of writing your own book, rather than using a ghost writer. The process will help you to clarify your thoughts and mastery of the topic. It May Not Be Easy Cathy admits, writing a book is hard work. In fact, most of her clients don’t actually love to write. This is why having a coach is vital to the book’s organization, your accountability or other support issues. Authority is one of Cathy’s latest projects. It’s about the power of authorship. It’s an anthology of stories and perspectives from 15 different thought-leaders who share their advice and experience. It’s already a Wall Street Journal and USA Today best-seller. 3 Basic Challenges for Authors The first challenge is FOCUS. It’s developing the strategic plan for your book that aligns with your business strategy. The second challenge is TIME. It relates to disciplining yourself to find the time with an already busy schedule. The third challenge is DEALING with that NEGATIVE INTERNAL VOICE. It’s the classic imposter syndrome. This can be one of the greatest obstacles for some authors. Cathy serves as their cheerleader to encourage them to accomplish what they’re capable of accomplishing. Once the Manuscript is Written Cathy functions as a “developmental editor.” Cathy can work with you to ensure all the correct pieces fit together regarding flow, logic and the ability to foster reader-engagement. She is not a publisher, but she has extensive connections with publishers and can help an author to find the right one for him/her and the subject matter. There are different models for publishers. Cathy realizes the need for her authors to be able to purchase their own books at cost. They need to maintain creative control and own the copyright (as well as future rights). You have to understand the fine print. Cathy can help you to navigate part or all of it. She understands the business aspect of writing a book. How Does Cathy Fyock Work with Authors? Cathy loves to speak with anyone who’s even thinking about the idea, with no obligation. For those who are ready, she offers multiple types of services. Her Coaching Service is her main program. It’s a one-on-one process that lasts 6 months. It encompasses strategy planning, accountability calls, connections and post-publishing activities. She also provides workshops, writing retreats, master classes, online courses and other services, all of which are described on her website. Dealing with Accountability This is obviously a significant factor for some people along their journey to writing a book. She can help to problem solve to determine what’s getting in the way of progress. Did you forget to book time to do it? Did it go on the To Do List, instead of the calendar? There are strategies Cathy can offer to help her offers to cope and to complete the journey. While the subject matter will vary by author and the author’s experience, the process of writing a book is fairly similar. Cathy Fyock is your book-writing Sherpa as you climb this incredible mountain. Blog-to-Book This is a concept for helping people to repurpose their blogs to discover the book you’ve already written. Cathy will add direction and perspective to help along the way. Part of the strategy is to map the content progression from the blogs to the book outline. Finding Your Brand Voice Figuring out how you, as an author, want to present the ideas can concept, is an important step. This is vital for a speaker who may be giving a talk on the stage and selling their book in the back of the room. You need to be the same on the page as you were on the stage. This relates to your brand voice. It’s about authenticity and congruency. You may have multiple degrees and accomplishments, but your audience wants you to be more conversational. You should try to overcome the worry of what your peers will think if you present the material in a more digestible format. Write for the audience. Creating a Book on Tape This is more of a publishing issue, rather than a coaching issue. Nonetheless, Cathy is a big fan of the audio-based format for books and related products. Hearing the actual voice of the author can convey the style and personality more effectively than just words on a page. Cathy’s 3 Tips for Someone Who’s Considering Writing a Book Begin with a strategic focus. Identify what you want your book to do for you and your business. Identify your thesis statement. It helps you define what it is your book is about. Be very clear about your targeted reader. They should be aligned with your targeted client, in most cases. Consider the physical demographics and the readers’ psychographic characteristics. These three tips enable you to avoid speaking at the reader. Instead, you’ll be able to talk with him or her because you’ve figured out how to connect with the audience. As you’re writing, always remember the WIIFM – What’s In It For Me? If you neglect your audience’s needs, they’ll be more apt to neglect your book, from the outset. Are You Interested in Writing a Book? Here’s how to contact Cathy: Email Her: Cathy@CathyFyock.com Website: CathyFyock.com Thank you for taking the time to listen to this episode. From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help. I provide this service on a regional basis. Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!
Episode 23: I invited my friend and colleague Andrew Aebersold to join me to discuss mental health marketing. He’s the Founder/CEO of Mediaura, a digital marketing company in Jeffersonville, IN. Today’s discussion will focus on issues related to effectively marketing a solo practitioner (e.g. therapist), a practice group or a larger company, such as a behavioral health facility. Both of us have experience in this healthcare segment. Marketing a mental health practice requires an understanding of the unique issues both practitioners and prospective patients/clients have regarding treatment. One of the realities we deal with is the fact that often, really good practitioners are not typically good marketers. It requires a different skill set. This can create some significant challenges for the practice, especially in the digital marketing space. There are universal issues most businesses face: Competition is strong Conveying the specific area(s) of mental health you serve Differentiating your practice’s services offerings from the competition Targeting the ideal type(s) of clients for your practice Cultivating and deploying the proper messaging to overcome the above challenges Insurance coverage is often a factor. The person contacting your office may be clinically viable, but not financially viable due to insurance coverage issues. If your practice doesn’t accept insurance, it adds another variable. Mental health marketing is very complex. Andrew and his team at Mediaura have distinct experience marketing behavioral health practices, on a regional basis. Many of them are located outside of our local area. He comments about how even the best marketing tactics and strategies can fail, if the internal processes are not executed properly, when people begin contacting the practice. We’ll explore that later in this episode. Common Mistakes Practice Owners Make It’s not uncommon to see a mental health practitioner turn over the marketing responsibility to people who may have been involved with the practice in the past. There’s often a motivation to help that person by entrusting them with your marketing, because they may be acutely aware of the issues and can speak to them. That sounds well and good, but it doesn’t always result in the progress the business needs to maintain and to grow. If you’ve been burned by the above effort, you may be tempted to engage a large agency as a way of overcompensating for the first attempt. This can quickly lead to significant expenses for a new website and other moves that sound good on paper. These engagements may also require the practice owner to sign long-term contracts, regardless of performance. It’s important to understand that what works for a general business, may not work when it comes to marketing a mental health practice. Finally, the practice owner may decide to throw up the hands and task the office manager with handling the marketing for the practice. This decision might neglect to consider the amount of work responsibilities that person already has on his/her plate. It may not be a skill he/she has to generate the results you’re hoping to deliver. Remember, marketing is about much more than simply posting pictures and memes on Facebook or Instagram. Those images need to be “on brand.” They’re affecting and influencing the way people perceive your brand and how the react to your brand’s value proposition. If executed poorly, it can cripple your brand. However, it might be a good idea to make your internal person the liaison between the practice and the marketing team. It can make the communication much more efficient. The scheduling of onsite activities can be more easily coordinated. Using Different Messaging Effective mental health marketing means differentiating your messaging, based on the separate communication platforms you engage. For instance, what might work in Instagram, may be different from what you would post to LinkedIn. Understanding your intended target for that message is critical to your success. Many mental health practitioners understand the need to focus on multiple target groups, which may include: Prospective Patients/Clients Family Members, Friends and other Influencers Referral Sources (e.g. colleagues and associations/organizations) One piece of content may not properly resonate with needs and concerns of each of these constituencies. Branding vs. Lead Generation This is another challenge mental health practitioners need to consider. Not every marketing agency or firm is the same. Some are stronger in certain areas. There are specific skills required to develop a solid brand concept for a healthcare client. This goes beyond the logo’s icon or color scheme. Brand voice and brand positioning are important elements of cultivating clientele from your desired target audience. However, just because you have great brand assets, doesn’t mean your phone is going to ring. Lead generation involves systems and tactics meant to strategically place your brand and messaging in front of your target audience. How those posts and communications are deployed and tracked are core parts of your lead generation activities. As you might imagine, even if your marketing partner can get your brand placed properly, if the brand itself is off-message or misses the mark when it comes to the cues a target segment needs, your phone still won’t ring. An effective strategy will combine both brand positioning and lead generation. Your content should be developed as part of a plan to guide your target audience to a desired outcome, namely, engaging with you or your practice. Measuring the impact of your messaging and marketing activities will provide valuable insights. Those insights are important to understand what’s working, what isn’t and thus where you should invest more time and budget. Honest Conversations Your marketing partner wants you to succeed. It’s how we maintain the relationship. It’s how we build our reputations and it’s at the core of why we’re in business. We need good feedback, and time to engage with you, to understand how the efforts are working in terms of helping you to achieve your objectives. Those conversations work both ways. We may be able to uncover process-issues that are inhibiting your performance. We know lead generation and intake are important business metrics. Our experience can be extremely helpful in helping you to grow in ways you weren’t expecting. Content Generation Tips for Mental Health Marketing There are 3 basic objectives you should consider when developing your content strategy and topics. This applies to blog posts, website pages, videos, podcast episodes and others: Educate and/or inform Differentiate you approach or services Describe your patient’s/client’s journey or experience Be mindful of balancing these objectives. You also need to be sure to have a plan for your content. What’s the purpose of that particular piece? Is it professional (to preserve your brand position)? Getting Found on Google and other Search Engines We briefly explain “search engine optimization” (SEO) and a concept known as “the long-tail search.” You can structure your content in ways that will work better on search engines. This can involve the works, the structure and the coding. At a high-level, this is the foundation of SEO. Avoid purchasing generic content from a vendor. Some syndicated content can be found on other websites. The vendor is simply selling the same article to multiple clients. This duplicate content isn’t a good search engine tactic. Even though it’s content per se, not all content is treated equally by Google et al. Well-produced content can rank organically, when someone is searching for related information. This is different and sometimes more effective than buying paid ads (e.g. pay-per-click or Adwords). Long-tail Search Optimization Not everyone searches using the same queries. “Addiction center” is a basic search, often referred to as a vanity phrase. However, other consumers use more specific or details queries, such as “outpatient rehabilitation center in Jefferson County.” These types of searches are referred to as “long-tail” searches. Interestingly, because they’re more specific, they tend to convert better. Podcasting is a terrific medium for providing long-tail content. Often, to achieve specific business objectives, your marketer will recommend a balanced combination of paid search and content geared toward organic rank. Good content can also easily be cross-posted across social media platforms. Vary the Types of Content You Produce Depending upon where you post the content, you should consider the audience. Instagram is a highly visual platform, so written words don’t really work there. Facebook allows for multiple types of content formats, but brief is usually better. Videos work well on Facebook. LinkedIn is a great platform and may accommodate a more in-depth article or video. When using social media, you can also upload teaser excerpts and provide a link back to your blog or website core page. Regardless of which social media platform you decide to use as part of your strategy, keep it current. No one wants to see a “Latest News” section that hasn’t been updated in several months or years. Trust us, it happens. Online Reviews Positive reviews can be extremely beneficial for your practice. The aspect everyone fears is the impact of a negative review. Andrew recommends checking with your in-house counsel or other attorney to decide how best to deal with a negative review. You always need to be mindful of HIPPA regulations, but at the same time, there are effective ways to respond. The key is to do it professionally. Equally as important, try to urge the person to speak with you offline so you have the chance to fully listen and understand the issue. You can then deal with the core issues at hand. You may also be able to have the person post a positive review as a result of how you addressed his/her issue. Alternatively, he/she may also decide to remove the negative review. If You Want It to Grow, You Have to Feed It It’s important to remember to consistently update your website’s content. You’ll send valuable signals to Google and the market that you’re still relevant and engaged. Content Ideas for Mental Health Practitioners Your story as a practitioner. What lead you to this field? What do you love about what you do? Frequently Asked Questions (FAQs) Myths & Misconceptions Authentic discussions about the “true reality” of the situations your market is facing Thoughts/Perspectives on current events (be careful to avoid politics) Presentations/Articles/Event Attendance Discussions with other colleagues or related professionals Collaboration with Other Professionals If you’re a solo practitioner or in a small practice, consider collaborating with another professional(s) to engage in discussions about common issues/concerns. This is a great way to share the cost of a podcast or other platform. You can co-brand it so each of you benefits. Both of you will get exposure to the other person’s network. You’ll also be able to benefit from the other person’s energy, which makes it an easier lift. 3 Final Tips Use a podcast to incorporate a human element into your content Videos are also effective for helping you to differentiate yourself from the competition Look for unique angles for rich-content, rather than the same vanilla topics others use To contact Andrew Aebersold: Phone: (812) 590-9900 Website: Mediaura.com Thank you for taking the time to listen to this episode. From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help. I provide this service on a regional basis. Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!
Episode 22: The business assumptions, rules and paradigms you used to guide your business through 2020 and previous years won’t necessarily apply in 2021. Join me for a discussion with Industrial psychologist and business coach Rita Ernst and photographer/brand & image consultant Coral Abood. If 2020 was the year of pivot, 2021 will be the year of flex. Rita discusses how her background as an industrial and organizational psychologist gives her a unique perspective in how she approaches her client issues. She works with small businesses who have achieved significant earnings, but now realize that the tools and approaches the business leader relied upon during start-up may no longer be the right tools, as the business evolves. Rita can assist with defining the organization structure, roles and responsibilities, culture, etc. She works to bring clarity to business challenges and to empower the leaders to resolve issues and continue making solid progress. As a small business owner, do you feel as if your business is running you, instead of you running your business? Maybe it’s time to engage a business coach to help you. Coral has been in business for almost 12 years. She works with businesses to create and/or improve their images and brand positioning. She often begins with 2 key questions: What sets you apart and makes you unique in your marketplace? Who is your target audience? Coral brings a level of intention to how and why the images are going to be used to appeal to the audience and convey meanings. This is about visual story-telling and your imagery needs to support your brand’s story. Evolving Business Require New Skills I asked Rita Ernst about the importance of recognizing that your skill-set has to change if your business is going to be managed effectively. Rita understands that when leaders fail to understand this, they themselves can actually be a roadblock to the company’s success. Business leaders bring passion and vision to the business. They have enormous energy to devote to the details, as well as the overall operation. Delegation of some decisions and/or responsibilities can be very difficult for some people. The number one result of engaging Rita as a business coach is that the leader is now active spending time working on the business, rather than in the business. The impact in almost instantaneous. Rita views herself as a catalyst. The results created are created by the leaders. She shares the effort, but in the end, they need to implement the changes and enable the results to occur. Perspective and Commitment Leaders sometimes struggle because they are too close to the situation. Hiring a professional business coach enables you to consider another perspective. It’s always valuable to have another pair of eyes on the business challenge. At the same time, you’ll be forced to speak out loud. This simple step promotes ownership of the situation and of the potential solutions. Solopreneurs and small business owners don’t have those multiple layers of support often found in larger corporations. Besides the need to be really effective in your role, you also need to recognize when it’s time to raise your hand and admit you might not have with the knowledge or skill to effectively navigate your current business challenges. Industrial and organizational psychologist Rita Ernst is a resource whom you can look toward for help. Do you ever wonder if it’s time to engage a business coach? Rita offers a free coaching assessment on her website. Rita brings an intentional presence, the ability to listen without judgement and a competency to form observations from a perspective that’s not bogged down by being so wrapped up in the situation. Recognizing the Impact of Millennials We’ve heard many stories and read articles about how different the millennials are. While Gen Xers learned to grind through it and take a DIY approach, millennials are much more into speed. This generation is very different and, in many cases, are now stepping into larger and larger roles. They want to connect with people who can help them to “get there” faster. The legacy norms and perspectives are rapidly being discarded. It’s sometimes requiring a disruptive change when it comes to your business. As a leader, you need to be ready. Tip for Approaching 2021 One of the most important tip Rita recommends is to avoid carrying the negative energy of 2020 forward in to the new year. There two basic reason: Realize the old assumptions you operated regarding your business are irrelevant after this pandemic. This is the year of flex. You may need to alter your business practices, processes and expectations. There’s still a tremendous amount of uncertainty. It may be time to cast a new vision for your business. While change can be disruptive and often uncomfortable, with the right perspective, it can unleash a huge number of opportunities for those who are prepared to understand what’s happening and to provide innovative solutions to challenges. Be optimistic! Coral Abood’s approach and capabilities are going to be increasingly important as businesses push into this new frontier. She notes that not only are audiences changing, but more importantly the behaviors of those audiences are also changing. Her company, Willow Tree Imaging is ready to help you. Coral focuses on the customer experience when it comes to working with a client’s business. How to customers interact with the online properties? What do they expect from that business if they are to buy products and services? Imagery plays an important role in the customer journey. It will either draw them in or push them away. Interestingly, this isn’t just about taking great pictures. Coral works with a researcher who provides details about the target audience. This can also impact the imagery the business needs to use in conveying information about their brand positioning and the overall user experience. This is increasingly important, especially since the onset of the pandemic and the resulting change in customer behavior or patterns. Returning to the millennials, they tend to be more focused on the experience and emotions and less so on the words. Coral comments we are the most connected we’ve been, but at the same time, the most isolated. The message conveyed by the images on your digital marketing are vital to your success. Visual Story Telling Willow Tree Imaging works to tell a story through pictures. Many websites continue to use stock photography. Coral explains, “If you use stock photography, you’re telling someone else’s story. You’re not saying what sets you apart from your competitors.” Effectively telling a client’s story moves beyond pictures. It’s an obvious lead in to branding work. It includes a range of brand elements including: Imagery Font Color Choice Brand Voice, and more Consistency across all of your marketing platforms builds consumer trust. Coral can work with the business owner to identify key subsets of a customer base related to revenue, margin or other KPIs. She can then begin to help that owner focus the imagery (and thus the brand experience) to cultivate more of those valuable interactions with the specific subset(s). It’s akin to working smarter, not harder. Rita describes how she used Coral to take photos during a client event. Coral played the role of a “personal paparazzi.” The result is those particular photos were extremely effective for Rita when posted to LinkedIn in terms of generating Likes and Followers. The authenticity of these non-staged images are much more impactful. This is definitely important if your audience includes millennials. Images and the Dopamine Effect The power of social media is that is induces a dopamine hit. When scrolling through posts and images, people are often looking for that image which will cause them to feel an emotion. The dopamine release results in a feeling of happiness or relaxation. For a business owner, effective imaging conveys a response in the mind and subconscious. The online experience you curate for your clients impacts their next step. This may be further interactions with your website or page, the setting of an appointment and the eventual purchase of your particular goods and services. Additional Services Coral’s unique approach to the branding brings research and knowledge the business owner can rely on, but even more, the approach can also put time back into the owner’s schedule. She explains a recent discussion with a client that lead to her taking over as the project manager of the website upgrades. She was able to provide clarity to the developer and copywriter regarding the brand positioning. When combined with the images she took, the client’s online presence was much more coordinated and effective. This subtle but important factor is often overlooked. That neglect can lead to ineffective messaging, wasted time, effort and money. We discussed an innovative image subscription service Coral offers. This is an arrangement enabling her to schedule a series of ongoing photography. This provides many different ways to strategically plan for opportunities, while also being available in an on-call arrangement for a client’s events and/or interactions. Coral and Rita have worked together for many clients. Both of these ladies are big picture thinkers. The ability to approach business challenges from multiple directions provide interesting synergies for the business owners. In wrapping up this episode and focusing on 2021, here are a few closing thoughts: You must find a way to stay new and relevant in this evolving marketplace. You’re going to need accept that things have change and evaluating how you interact with your target audience is extremely important. Remember to stay flexible and adaptable as we push forward. It’s going to be an exciting time. Contact Rita Ernst Her digital card: https://www.onedigicard.com/mycard/ignite-your-extraordinary Phone: (502) 235-6791 Website: https://www.igniteextraordinary.com Contact Coral Abood at Willow Tree Imaging Phone: (502) 612-9286 Website: https://www.willowtreeimaging.com Thank you for taking the time to listen to this episode. From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help. I provide this service on a regional basis. Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!
Episode 21: Louisville attorney Parker Wornall joins Jim to discuss the work he does for healthcare providers. His focus includes dental offices, foot and ankle practitioners, APRN practices, chiropractors, mental health practioners, adult day-care practices and others. There are legal aspects to establishing a practice, developing the internal forms and processes, HR-related policies, regulatory compliance issues, planning for growth and eventually a sale or wind-down of the practice. Parker handles both transactional and litigation matters. Ideally, he enjoys getting involved in the early stages to protect the healthcare provider and the practice. He works to help avoid potential legal exposure. Entity Startup There are both strategic and practical considerations for the entity structure. This could include PLLCs, LLCs, PSCs and others. There are issues surrounding non-provider members (e.g. investors, directors, practice business manager). Due diligence for the proper structuring of shares may also need to be considered. Parker has a network of colleagues in related fields, such as CPAs, who can also add valuable perspectives. Compliance Checks A thorough review of forms, policies and procedures is extremely important. While COVID has highlighted some of the compliance requirements from governmental agencies, there are always the day-to-day issues related to the Department of Labor, Kentucky wage and hour and/or Federal wage and hour laws, the Fair Labor Standards act and more. There are disparities between some of the Kentucky regulations and the Federal DEA regulations. Testosterone clinics (nurse practitioner clinics) can run afoul of the various regulations because of the various requirements. Employment Law Issues for Healthcare Providers Your practice will often include individuals who are there to help run/manage the business. Some may be salaried, while others could be 1099-based. You may need to perform adequate reviews of credentials. How you work with your employees and practitioners may also require guidance from your general counsel. Non-compete and other restrictive covenants may come into play in the hiring of employees. Parker can work to either defend the covenant or to prove why one may be invalid. This can also include the protection of trade secrets (enforceable under the Kentucky Uniform Trade Secrets Act and Defend Trade Secrets Act of 2016). The 3 common types of restrictive covenants in Kentucky are: Non-Compete Agreements Non-Solicitation Agreements Confidentiality Agreements Having properly drafted and executed contracts in place, before they are tested, is a smart option to reduce your legal expenses should an action need to be filed or defended. Insurance Coverage Issues Parker can help communicate the needs of the practice and its business plan to insurance professionals to ensure the risks are fully considered and adequately quoted. Often, business specialists tend to look at the issues from a single perspective (e.g. insurance agents, CPAs, etc.). In the role of general counsel for the healthcare practice, Parker can coordinate with each of the business partners to provide clarity and to maintain a focus on the overall business plan for the practice. Hiring and Firing Parker is very familiar with cases involving the Kentucky Human Rights Commission and the EEOC. At times, these cases can also end up in litigation. An interesting issue recently surfaced deals with older employees who were either working from home or off work due to COVID. If the practice is ready for them to come back to work, but they refuse, you may have exposure to actions under the Age Discrimination and Employment Act, the Federal Civil Rights Act and the Kentucky Civil Rights Act. Each situation is unique and often complex. Having proper contract verbiage and documentation can reduce the risk of litigation to the practice. Workplace Investigations These can involve in-house HR professionals, or out-sourced HR resources. However, some of instances may require the professional to see the advice of legal counsel to determine the best way to approach or handle a particular investigation. Again, having well-drafted, comprehensive contracts can shield the practice from potential adverse legal actions. Medical Licensure Defense Parker has significant experience defending the licenses of healthcare providers. Most of the licensure issues are handled before the licensing boards. Parker has successfully defended both doctors and nurses, as well as other medical providers. Certificate of Need Applications Many healthcare providers are required to apply for a Certificate of Need (CON) if they plan to expand a practice or start a practice. Ambulatory surgical centers, adult day healthcare programs and others are typically required to show a need exists and how their expansion would impact that community need. Parker can guide the application process. He will represent the provider at the hearing. In some cases, existing practices may want to prevent the expansion of a competitive practice. Sale, Dissolution or Wind-Down of a Practice Healthcare providers may decide it’s time to transition the ownership of the practice. In some instances, the provider receives an unsolicited offer to purchase. Parker can help in the due diligence of the sale or purchase of the practice. These transactions are highly complex and involve much more than often appears on the surface. There are multiple ways to engage Parker for your healthcare practice. Fees and billing arrangements can be arranged to best meet the needs of the practitioner or practice at large. If you’d like to contact Parker: Phone: (502) 805-2303 Website: https://www.ccgattorneys.com Thank you for taking the time to listen to this episode. From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help. I provide this service on a regional basis. Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!
Episode 20: My good friends Wendy and Alan Hall joined me in the studio for a discussion about the Alan Hall Agency. They work with various types of insurance. In June of 2018, they appeared on my small business radio show, Let’s Get It Started. Their business recently went through some changes, so I thought it would be a good idea to ask them to walk us through the process. Their business was founded in 2013. Today, they primarily focus on Medicare, health, home and automobile insurance. Earlier this year, they relocated their office, just before the COVID crisis. All things considered, the business is still doing well. One of the drivers behind the relocation was the opportunity to expand their lines of business insurance policies. However, that area if far more complicated and takes much longer to process. The other types of insurance they provide are much more efficient to quote and process, based on their years of experience. The learning here is that they noticed the strain on their productivity and took steps to make a vital decision for the health of their agency. Small business owners often simply try to gut it out, often to the detriment to both their businesses and their clients. The Alan Hall Agency is a brokerage. They have access to multiple insurance carriers. Other agencies may be a “captive” agency, which only offers one carrier’s product (e.g. State Farm). Alan feels the inherent advantage to being a broker is the ability to shop for the best coverage, based on the needs of their clients. Don’t Buy on Price Wendy addresses the common mistake of purchasing insurance policies based on price. There are often gaps in the levels of coverage. Insurance policies aren’t always apples to apples, because they can be customized to achieve certain types of coverages and premium price levels. Buying insurance on price can lead to unanticipated risk and exposure. Automobile Insurance Issues Alan, Wendy and I have a mutual friend, Steve King of MK CPAs. In one of Steve’s podcast episodes, Steve discussed the importance of performing a mid-year review for your business. As your business and personal situations change, your needs often change as well. Wendy and Alan are happy to help you assess your coverage. In the area of auto insurance, I described some good coverage recommendations my friend attorney Jim Desmond made to me about the value of maximizing your UM/UIM coverage. Wendy fully agrees that a minimal price increase to the premium can add thousands of dollars in coverage. She also described a tragic situation her client experienced after deciding not to upgrade his insurance policy. Life Insurance Issues Regarding life insurance and those types of issues, I mentioned how attorney Scott Scheynost recently helped us draft a Will, POA and healthcare directives for my college-age son. Anytime your children reach the age of 18 or older, they are legally considered adults. Having these important documents in place, even for young adults, is extremely important; especially when vital decisions need to be made on their behalf. Taking out a life insurance policy at a young age gives you the advantage of locking in rates at a much lower price that if the individual were to wait until they’re older. Alan discusses how some policies are considered convertible. Insurance for Business Owners One way to protect your spouse and heirs is to consider using a term life insurance policy to pay off the note on a commercial property, should you pass away. It can prevent them from being burdened with unexpected debt and the loss of your income. Business owners commonly underestimate the need for proper levels of health insurance and disability insurance. Unforeseen emergencies can easily place your business at risk. The sudden decrease or elimination of your income or ability to operate your business is something we don’t like to consider. Nevertheless, it happens. Long-term disability insurance can be one of the strategies you can implement to replace some or all of the income you were producing before the accident or illness occurred. To contact Wendy and Alan Hall: 502-345-9440 AlanHallAgency.com Thank you for taking the time to listen to this episode. I hope you found the information insightful. To listing to additional episodes of the Grow For It podcast, please visit my small business consulting website, search for it on Apple Podcasts (iTunes), Google Podcasts, iHeart Media Podcasts and other podcast directories. Be sure to subscribe, at no cost, to keep up with the most recent episodes. Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help. I provide this service on a regional basis. Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!
Episode 19: I’m proud to welcome Dr. Frank Raymond to today’s podcast. He’s Bellarmine University’s Interim Dean of the Rubel School of Business, the MBA Director and my former professor. In this episode, we’ll discuss how business owners are making sense of the 2020 economy. There’s a surprise announcement toward the end of the episode, so I hope you’ll listen in for that exciting news. The economy is dealing with a number of important issues, including the impact of the COVID-19 pandemic, including a virtual lockdown of the economy. At the same time the country is dealing with extreme social unrest and an upcoming presidential election. The June and July economic performance reports are encouraging. While business owners are looking for certainty, we’re not out of the woods; far from it. The Stock Market Isn’t a Complete Indicator of the Economy There are a lot of speculators in the modern market. This increases the sensitivity to the news cycle. Information moves more rapidly. The reporting is more homogenous than in previous decades. This results in a market that’s a bit detached from the actual performance of the broader market. Fear of a second wave of COVID, employees not being able to return due to the closing of a business, supply chain interruptions and other factors are instilling fear in the consumer, resulting in further uncertainty for business owners who are able to weather this crisis. This Crisis Is Different Unlike previous crises, this is a healthcare crisis. It’s risky to ignore the necessary mitigation steps to prevent the spread of COVID-19. Even if your business reopens, consumer fears may prevent them from walking through your door. The oil shocks of the 1970s, the dot com bust in 2001 and 2002, as well as the 2008-2009 banking failures were economic crises. These each had slow, but strong recoveries. This COVID-19 crisis is different. We may snap back quickly if a cure is discovered. People are now adapting to new ways of conducting business. The adoption of tech-based solutions has accelerated a structural change, unlike the previous downturns. The China Impact There’s a lot of negative opinion surrounding China, right now. Bringing jobs back from China may not be as easy as it sounds. There’s still an increase in labor costs that must be absorbed and that negatively impacts profitability and innovation. Meaningful change must be practical and feasible. This may be more of a challenge that the headlines would lead us to believe. Unless capital is cheap, it may not offset the increase in labor costs. CARES Act Stimulus This necessary program has added a tremendous amount of debt to the country’s balance sheet. We can’t continue to pump in this massive cash influx. Dr. Raymond questions where the concern was in previous years? The impact of current stimulus is short-lived. We need continued tax relief for small businesses, but more importantly, we need a long-term strategy. The Payroll Protection Program and the increase in unemployment benefits were still short-term solutions. US Tax Policy The US tax rates are relatively low compared to other countries. Still, many of the tax cuts are short-term in duration. Unless they are made permanent, it still doesn’t lead to certainty for medium to long-range budgeting and planning. Repatriation of overseas held funds is risky. Who makes the policies and how businesses are incentivized are important. Still, how they are implemented is critically vital. Individual businesses will be left to make their own decisions. Some innovators will lead the way for a larger shift in a desired direction. Transitional support systems need to be improved to help people understand which sectors will provide specific opportunities. We should increase efforts in effective training and planning to enable them to get there. Disruption is Actually Normal The economic environment is still shifting. Patience is an advantage, if you can afford it. Supply chains may need to be diversified. Your focus on expense control is paramount. Tax policy should be simplified to get rid of loopholes. Level the playing field so companies can plan. In closing, as a business owner, get back to your company’s core competencies. Remember, during any economic downturn, many of your competitors are going to pull back, especially in marketing. You may find opportunities to increase visibility, reach and impact by increasing your market-exposure before your competitors return. There’s still market share to be gained in advance of an economic recovery. Important Disclaimer: This discussion is intended to be an informal exchange of ideas. These ideas do not necessarily reflect the views of Bellarmine University. Listeners should be reminded that information provided by the participants is not a substitute for getting formal professional legal, financial or other advice. Listeners should seek advice from their lawyers, accountants, tax consultants, financial experts, or other professional advisors before making decisions that may impact their jobs or businesses.
Episode 18: There’s a lot of negative news with COVID-19, protests, riots and other factors. Jim and Dr. Tony Sheppard will discuss some useful perspectives and tips for filtering out that negativity so you can maintain positive mental health as you manage your business and protect your family. Dr. Sheppard is the owner of Groupworks Psychological Services in Louisville, KY. He’s a certified group psychotherapist. The practice provides various types of psychological services for children, adults and families. During the COVID-19 crisis, his practice has successfully transitioned to a tele-health format. Many of Dr. Sheppard’s 2020 business goals have been delayed or sidetracked. This is a common theme for many business owners, entrepreneurs and managers. In fact, Tony actually contracted the coronavirus at a conference in New York, earlier this year. Luckily, he’s made a full recovery. Business owners are struggling with financial pressures, increased stress and anxiety, feelings of helplessness and maybe even failure. I’ve also dealt with so many distractions and a general inability to focus. The temptation to constantly check the news for information is adding to the issue. We don’t deal well with uncertainty. Humans are wired to look for what’s coming next and to scan the environment for threats. It’s amped up and primed our anxiety levels. This anxiety spreads to and elevates our concern for our businesses, our families and our extended family. Tips to Maintaining Your Mental Health at Work Give yourself permission to reframe and adjust to the current business climate. This year is simply going to be different than what we anticipated. It’s okay to understand you’re not in control of everything. Keep things in perspective. It’s important to stay in the present and deal with what’s actually in front of you, rather than the false narrative your fear may be whispering in your year. Live today and don’t spend too much time thinking too far ahead. The human mind is programmed to focus on negative information. One way to limit the impact of all of this uncertainty, is to limit your exposure to the constant stream of media stories and/or social media. Focus on the things you do know. Concentrate on tasks and hobbies. This can add a sense of control and normality to your day. Try making lists to counteract your anxiety. Routines are also helpful, especially in the midst of chaos. This is especially important for your kiddos who are struggling with the disruption. Tips to Help Your Children’s Mental Health Find ways to implement structure back into your child’s day. Routines are familiar and can help them to feel less anxious. Maintain positive communication. Be conscious of the need to reassure them. We will get through this current situation. That positive message is a safety zone. Focus on the aspects of life that can be controlled. There’s a lot outside of our control right now. Don’t waste time worrying about things we can’t control. Find ways to maintain social connectivity. This promotes quality time with people whom you love and care about. Try taking a hike or some other outdoor activity. You may also need to ease the rules to allow your children to spend time with their friends. Dr. Tony Sheppard’s practice, Groupworks Psychological Services is taking new clients. If you’re asking if you need to seek help, maybe that’s a good sign you should. The stigma around seeking mental health services has diminished. You don’t have to make a commitment for years of therapy. Some people find a few sessions with a qualified therapist to be extremely helpful. Visit www.GroupworksKY.com. Feel free to explore the COVID-19 page and the Services page for additional links to additional resources. For more information about Jim Ray Consulting Services, additional episodes of the Grow For It! small business podcast or to contact Jim Ray, visit www.JimRayConsultingServices.com. Thanks for taking the time to listen to this episode!
Episode 17: In this episode I interview Jason Hawkins, First United Bank’s CEO and President. We discuss a regional view of the economic crisis related to the COVID-19 lock down and its impact on small businesses throughout Kentucky. Jason’s Background Jason and I are very good friends. We went to college together at Murray State University and are brothers in the Sigma Chi fraternity. Jason has an undergraduate degree in Finance and an MBA. While in college, he worked at a community bank. He took a job in the trust department for Old National Bank, in Evansville, Indiana, after graduation. He worked in corporate trust doing bond issues and escrow arrangements. In 2005, he moved to First United Bank and Trust, based in Madisonville, Kentucky. He eventually became the CFO. In 2017, he assumed his current role as President/CEO. Community Banks vs. Large National Banks First United Bank focuses on what is best for the communities they serve. They currently have loans in more than 40 Kentucky counties. They are servicing about 1/3 of the state on a county by county basis. Community banks don't have to work through a lot of red tape. They want to bring local decision making to their markets. When clients come in, they are able to have a personal touch because they are not dealing with 800-numbers. Local, community banks don’t have to send their decisions off to a remote location. They don't have to call committee meetings with people across the country to make a decision. They decide how to operate and then put that into action. First United Bank establishes strong connections and relationships with their clients. Jason and his team provide a high level of client communication to ensure they are servicing local needs. Macro Climate The Covid-19 crisis came out of nowhere. The government’s decision to lock down businesses across Kentucky has been economically devastating. This is not meant to be a political statement. Rather, an observation that the environment changed overnight. When the government funding came through, it became a challenge for the banking industry and remains a challenge. The Treasury’s guidance was delayed and confusing to both small business owners as well as lenders. The SBA’s infrastructure was overwhelmed. It’s been a huge learning curve for everyone. Typically, when the government institutes a program it takes 6-12 months to implement, and in this case, they had 2 weeks. Congressman Andy Barr said, “In the first 14 days of this program, there were more SBA loans made than in the last 14 years.” In one of my previous podcasts, I interviewed Tommie Causey of the SBA, and Dave Oetken of the Louisville Small Business Development Center. Both of them were really proud of the work they did to assist small business owners. I also interviewed my CPA, Steve King on the Make the Numbers Work podcast. We talked about it from an accounting standpoint. One of the biggest concerns was the US Treasury did not initially tell the banks how to treat this money and the specific requirements. The guidance has been slow to come out. It has been frustrating for small business owners. However, the US Treasury has created a list of FAQs to clarify many of the issues. Here’s a link to that information resource. Please make sure you’re reading the most recent version. A Community Bank’s Response As Jason explained, the banks took a first come first served basis. Speed of action wasn’t related to the size of the loan. They tried to deal with customers as they received applications. In Episode 16, I explained that deal with a larger bank, but they had trouble because of the onslaught of PPP applications. I went across the street to a local community bank and within a matter of hours I had the loan approval numbers and with a matter of days directly thereafter, I had money sitting in my account. I was surprised how quickly a community bank moved this through the system. Whereas a large bank tends to get bogged down for a lot of different reasons. One of the proactive steps Jason has implemented is to provide deferments on existing loan payments. This refers to loans outside of the Payroll Protection Program. This local decision typically allowed up to 90 days of payment deferral to help his banking clients. He required them to be current in order to get that, meaning they had to pay through their March payment in most cases to be able to qualify for deferral for the months of April, May, and June. This is another advantage of the local decision-making provided by community banks. PPP Loans First United Bank is roughly a $330 million-dollar institution. He has processed about $25 million in PPP loans, comprised of more than 300 loans. While there have been some large loans, the majority have come from smaller loans. Jason commented that if you talk to other community bankers, they'll say that they had people work on weekends and nights trying to make sure that they could and get these applications in and get them approved. Jason and Jim discussed the impact of the PPP loan activity. It has had a significant impact on capital requirement ratios. PPP Loan Forgiveness Based upon what Jason is seeing right now, he thinks forgiveness is probably going to run anywhere between the 70 and 90%. Solid documentation including payroll and 941s will be critical. The banks are cautious and trying to measure risk related to this process. Your community banks want you to be successful. They want to make sure that you succeed, because that's good for the community. Communication is key. If you are having a problem with your business, banks are much more favorable if you communicate and tell us here's the issue that I'm having, here's the struggle, here are the frustrations, and here's what my cash flow looks like. They are much more willing to work with you than if you try to just say everything is fine. Ultimately, the banks want you to succeed because that helps them succeed. If you would like to speak to Jason Hawkins regarding your situation, here’s his contact information: Office: (270) 824-1633 Website: www.efirstunitedbank.com Address: 162 N. Main St., PO box 1190, Madisonville, KY 42431 Want more information? To listing to additional episodes of the Grow For It podcast, please visit my small business consulting website, search for it on Apple Podcasts (iTunes), Google Podcasts, iHeart Media Podcasts and other podcast directories. Be sure to subscribe, at no cost, to keep up with the most recent episodes. Thanks for taking the time to listen!
Episode 16: Louisville Attorney Parker Wornall and I discuss small business guidelines and considerations for getting started, now that small businesses are reopening during the COVID-19 crisis. Crisis Funding The government and the SBA are providing funds to help small businesses. There were initial questions about whether companies qualified for the funds. Now, the focus in on how the funds need to be used. New details are coming out and this is adding confusion and frustration. An initial step is to deposit the funds in a separate account to isolate them and provide an easier way to track how the specific funds were used. Protecting Employees and Customers As small businesses reopen, it’s important to be mindful of the CDC guidelines. Start with the basics. Consider hiring a cleaning service to ensure you’re actively taking measures to keep the environment and surfaces clean. You may need to consider appointment scheduling to ensure adequate spacing is provided. Convert your plans into a policy and make sure you publish the policy for the benefit of both your employees and customers. Consider using printed formats, videos, internal podcast episodes, etc. Make sure you’re providing adequate access to masks, hand sanitizers and other PPE-related items. Note that some of the guidelines are easy to understand, while others are more subjective. As a small business owner, considerable “the reasonable man status.” Even though it can be debated, you need to take reasonable steps. Was there a plan in place? How was the plan communicated? Did you take steps to protect employees and patrons? The Department of Labor and other agencies have requirements for making specific business notifications visible. You may consider posting your policies and procedures near these other notifications. If a claim is being investigated or litigated, the attorneys will ask for your policies and procedures. Having these organized, published and updated will help your case. Engage Your Attorney Be sure to involve your business attorney in important communications and decisions. This is especially important with compliance issues. It also can add the protection of attorney-client privilege. It’s a good idea to have an attorney act as your general counsel. Parker does this for many clients. The advantage is that documents, contracts and policies can be reviewed and updates made. Going forward, your general counsel can efficiently and proactively help you to avoid potential exposure to adverse claims and lawsuits. Who is Monitoring Non-Compliance? There aren’t any CDC police roaming the streets. However, small business owners may need to consider how other government agencies and regulators can use the CDC guidelines. State licensing boards have enabling statues and regulations to give them the ability to govern your professional license. Communicable diseases have a history of enabling an entity to comply to federal guidelines. OSHA inspectors may be able to incorporate CDC guidelines to levying notices and fines. Tort Liability is another area to be concerned with, as a small business owner. If a patron makes a claim that you failed to take steps to comply with CDC guidelines, and that failure resulting in the patron becoming ill with COVID-19, you may be exposed to a negligence claim. In Kentucky, the governor has set up a hotline for citizens to report concerns. Engage Your Employees It’s critical that you actively communicate and reinforce your policies and procedures. Consider team meetings to ensure your staff understands the steps you’re taking. It will enable them to ask questions, so they can begin to feel more comfortable. It also provides a way for you to demonstrate that you’ve taken necessary steps to educate your employees on the company guidelines. Seek Out Original Sources Rather Than Interpretations It’s important that small business owners stay informed and up to date on the information regarding COVID-19 and required measures. Don’t rely on commentary. It’s a good idea to seek out the information, directly from the source. Governor Beshear’s Executive Orders for Kentucky Governor Beshear’s 10 Rules to Reopening Team Kentucky Official COVID-19 Information Kentucky Cabinet for Health and Family Services Managing Your Managers and Supervisors Legally speaking, you need to be aware of who can bind your company. Communications to employees by managers and supervisors could expose you to adverse legal actions. You need to be sure you’ve effectively communicated the policies and procedures to your managers and supervisors, so they properly communicate it to your staff. Force Majeure Clauses - Are You Still Covered by Your Insurance Policy? Sometimes, a policy or contract contains language related to “acts of God.” This is commonly referred to as “force majeure.” Pandemics may be considered a nullification of coverage by means of a force majeure clause. Insurance companies may attempt to use this clause to avoid paying a claim. You may need to review your policies and other contract to see how a force majeure clause may impact your small business. However, this also applies to terms of various contracts you may have with third parties, such as vendors, suppliers or other business relationships. Bringing Employees Back Businesses need to be very careful in how they are bringing back their employees and independent contractors. Misclassification issues are taken seriously by the Department of Labor and the IRS. You may have to alter the individual’s scope of work. Some small business owners may attempt to reclassify the person as a 1099 individual contractor, thus reducing tax liability. This can be a dangerous decision. There are gray areas, but there are also very important red lines related to the amount of control you exert on the activities of the individual. As you reopen your business, you should consult your attorney to review any changes you are considering. If you misclassify an individual, there could be significant legal consequences, fines and other penalties. FMLA vs. the Families First Corona Virus Response Act There will be a lot of compliance issues with this. If you have fewer than 50 employees, you may not have to provide the paid leave, due to financial constraints. However, it’s a very subjective standard regarding whether the company can afford to pay this leave. There will be complications when an employee who is considered a high-risk by the CDC (e.g. 60 years or older). What happens if you ask an employee to return, but they don’t want to due to the Corona virus? Related to this is a cut-off for an employee who is 40 or older regarding potential age-discrimination claims. You need to approach these situations very carefully. Engaging your attorney is a very prudent step in helping you to avoid or minimize legal exposure. Consistency is Important Even when you have well designed policies and procedures, it’s critically important to be consistent in the application and enforcement of them. Deviations could open the argument that the actual policy in question, wasn’t actually a “real” policy. That’s when you may open yourself to unanticipated claims, lawsuits and expenses. For more information about Parker Wornall and his firm: Commonwealth Counsel Group, PLLC Website: www.ccgattorneys.com Office: (502) 805-2303 To listen to more episodes of the Grow For It podcast, please visit my small business consulting website, search for it on Apple Podcast (iTunes), Google Podcasts and other podcast directories. Be sure to subscribe, at no cost, to keep up with the most recent episodes. Thanks for taking the time to listen!
Episode 15: There’s no doubt the COVID-19 crisis has negatively impacted small businesses. Now the initial $349 Billion in relief has been depleted. In today’s episode, my guests will discuss what business owners should do now, and how they may be able to help. I’m joined in the studio by two, local contacts. First, Tommie L. Causey, Lead Economic Development Specialist, Kentucky District Office, U.S. Small Business Administration. With over 20 years of experience in federal contracting, lending, and economic development, Tommie is responsible for accessing, researching and identifying market national and local trends to develop or adjust value propositions tailored to fit customer needs. He collaborates with community leaders to help start and/or grow existing small businesses. Second, I’m joined by Dave Oetken, the Director of the Louisville Small Business Development Center which provides free consulting, market research and debt capital sourcing to businesses in the Greater Louisville region. He has extensive experience owning and managing businesses both large and small across numerous industries including manufacturing, food services, hotels, recreational facilities, professional sports teams and commercial real estate & development. He holds an MBA from Bellarmine University, is a Certified Economic Finance Professional (EDFP), Certified Commercial Property Manager (CPM), Certified Exit Planner (CEPA) and a Certified Mergers & Acquisition Advisor (CM&AA). A quick clarification: I mentioned in the introduction that Tommie and I were recently involved in a Bellarmine Rubel School of Business Roundtable. I commented that Tommie was a host and I was a “guest.” To clarify, I was not invited as a presenter. I participated in the event. Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) The SBA is helping to administer these programs. The PPP funds are exhausted, but there may be another $250 Billion coming soon. The EIDL provides $10,000. The PPP is provided via banks and the EIDL comes directly from the SBA. It’s important for business owners to go ahead and apply for these programs, regardless of the current lack of availability of funds. You want to be in line for future funding, related to this COVID-19 business crisis. Some of these funds will be forgiven, provided you use the fund for the intended purposes. There was a level of confusion as to how to access the loan applications. The Louisville Small Business Development Center (SBDC) is available to work with small business owners to access their individual situations and begin to develop a survival plan. The services provided by the SBDC and the SBA are free. Where Do I Begin? If you have a relationship with a lender/bank, start there. Some of the programs will be applied for via your local lender. The EIDL is applied for directly via the SBA. The SBA is a one-stop shop for small businesses. They are there to support you. They are standing with you to help you find sources of funding, business expertise and guidance. Can Non-Profit 501(c)(3) or Faith-Based Organizations Apply? Yes. The rules were amended to help these organization. Can Self-Employed People Qualify for these Programs? Yes. Some of the programs are now available to self-employed, 1099 and other types of individuals. Contact Tommie Causey at (502) 276-6873. His email is: Tommie.Causey@SBA.gov. For more information visit: www.SBA.gov/KY Contact Dave OetKen at (502) 594-3871. His email is: DOetken@GreaterLousville.com. For more information visit: www.LouisvilleSmallBusiness.com Additional Information for Small Business Owners Finally, the specific number of available programs, their intended purposes and how you can take advantage of them may seem overwhelming. I get it. There’s a ton on your plate right now. I recently helped CPA Steve King produce a series of short videos that may help you to better understand some of those programs. You can watch these videos on LinkedIn at Meyerowitz & King, PLLC, or if you prefer to use Facebook, search for MKCPAsLouisville. I hope you have found all of this information helpful. Believe it or not, it’s all temporary, even though it may seem like the end of your world. Hang in there. Make smart decisions and ask for help when you need it. There are many people ready, willing and able to help. If there’s anything I can do, then Let’s Grow For It!
Episode 14: As we discuss topics related to new business start-up, marketing and other important topics, this episode features a conversation with husband and wife team who launched the Dogwood Veterinary Clinic in Norton Commons. They offer some innovative procedures and services, combined with a strong focus on building relationships with their clients. We’re going discuss their vision, their journey (so far) and a few comments on facts you need to know about your pet and the corona virus (Covid-19). Dr. Katie Franklin and Dr. Chris Franklin met while attending the Auburn University College of Veterinary Medicine. Katie earner her undergraduate degree at the University of Kentucky. Chris earn his undergraduate degree at Murray State University, where he was also a quarterback for 5 years. After an extensive search, they decided to build their new practice in Louisville’s Norton Commons, rather than buying an existing, veterinary practice. The risk is that they started off without a client base, but were confident that their vision for the business would lead to success. Creating a Vision: While both initially thought they’d focus on equine medicine, Katie and Chris explain how and why they decided to transition to a small animal veterinary practice. Some of the advantages include a better work-life balance, more opportunities to build relationships and the chance to create a unique environment for pet and the pet-owners. For them, it’s about creating a terrific experience. Developing Unique Selling Propositions to Standout in Your Market: Concierge Service – An optional service to provide cell phone access 24/7 for emergencies. You can see if your pet is having a true emergency, or if it’s something that the pet-owner may be able to handle the following day. It can be a significant cost savings vs. a trip to an emergency veterinary hospital. If it is an emergency, Dr. Katie and/or Dr. Chris can communicate directly with the other vets about your pet’s history. Loyalty Program – A way to reward loyal clients. You earn rewards based on the money you spend to be used toward the cost of future services at Dogwood Veterinary Clinic. They want a way to give back to their clients for deciding to support a local business. Regenerative Medicine – A new procedure involving using your pet’s own stem cells and platelet-rich plasma to help it recover more quickly. The entire process is handled at Dogwood. The benefits include: Cheaper than a full surgery Less pain and anesthesia for your pet Your pet can usually go home the next day It’s used on both cats and dogs House Calls – You can schedule a home visit with your vet and a technician for your pet. This is an excellent option if you have limited mobility, multiple pets, large pets or even if you’re worried about avoiding the corona virus. The Dogwood Veterinary Clinic offers a variety of standard surgical procedures including broken bones, abdominal surgeries, bladder stone removal, spay and neutering services. Dr. Chris discusses how they specifically target the market opportunity to provide these services much more cost-effectively than going to a board-certified surgeon. They also offer dental cleanings, extractions and other veterinary dental procedures. The clinic’s website features an online store. This enables you to order medication for your pet and other items to be shipped to your home. You can use the clinic code to order pet food from Purina Vet Direct. During this time of dealing with the Covid-19 virus, Dogwood is offering home delivery. Can My Pet Get the Corona Virus (Covid-19)? Dr. Katie and Dr. Chris explain that while one dog, in Hong Kong, did test weakly positive, it’s not clear that your pet can pass Covid-19 to you. The AVMA’s current position is there’s no evidence a pet can contract, transmit or get sick from the Covid-19 corona virus. Animals do and can carry a corona virus. Note however, that this doesn’t mean it’s the Covid-19 virus. The risk to any virus is its ability to potentially mutate. Spring & Summer Tips for Your Pet: With Easter approaching there’s a risk that certain house plants (e.g. lilies) can be dangerous if your pet chews on them. the plastic grass in your Easter baskets can be very dangerous for cats. Chicken bones, beef bones and fatty foods are dangerous and could lead to pancreatitis. Dogs can be susceptible to sun burn on their noses, ears and bellies. You should be prepared to carefully apply sunscreen. Be sure to avoid using aerosol-based products around your pet. Warm weather means fleas and tick are back. Heart worms and intestinal parasites are also a risk to humans. Remember, there are simple ways to prevent all of them. Important Thoughts from this Conversation: Understand the impact of starting a new business on your work-life balance. Before you start you own business, develop your unique selling proposition(s), so people notice you and take notice of you. Once you’ve developed your business plan, have the courage to actually start. I hope you enjoy this season’s new podcast format. I’ve worked with small businesses for many years. If you’re thinking about launching your business, or would like to discuss ways to improve and accelerate your growth, contact me. You can find information about my small business consulting, my business Facebook page and my contact information via my website at JimRayConsultingServices.com. Finally, if you’ve ever considered launching your own podcast for your business, check out my podcast production service.
Episode 13: Today, Louisville estate planning attorney Kelli Brown joins me to discuss important topics, including the March 20, 2020 launch of her 2nd book, Estate Planning When You Have Pets. Kelli has over 20 years of experience in helping individuals and families. Kelli graduated from the University of Dayton. She earned her law degree from the Northern Kentucky Chase College of Law and her Masters of Laws in Estate Planning from the University of Miami. She’s licensed to practice in Kentucky, Ohio and Tennessee. Estate Planning Basics The primary objective is to decide and document who should be in charge in the event of your incapacity or death. Your estate plan should include directions for medical care, finances and how your assets should be distributed. If you don’t plan, the government plans for you. While we don’t want to think about it, it could come into play more quickly that we think. You could be injured or killed in a traffic accident or while traveling. Once your child turns 18, he/she should have some of these documents in place. They need to specify someone to make medical decisions, now that they are considered an adult in the eyes of the law. Important Estate Planning Documents Power of Attorney Document – specifies who can handle your finances, your business and other issues, on your behalf, even while you’re alive but cannot act for yourself. Remember to also name an alternate Power of Attorney (POA). These can be very specific or more general in nature. Living Will Directive (Healthcare Directive) – specified who can make medical and related healthcare decisions, if you are incapacitated. Last Will and Testament – specifies what happens to your assets, after you pass away. Common Mistakes People Make Fast Food Estate Planning – be careful of free dinner seminar presentations that turn into expensive sales pitches. The documents are often oversold based on fear and scare tactics. Failing to keep a digital inventory of your assets, accounts and passwords. Your heirs, trustee and or executor may not know how and/or where to find this important information. You need to update the lists of your information and providers. Not having a financial planner. You need a quarterback who can help you and your heirs to fully understand your finances. You may want to have a number of trusted advisors and an alternate(s). Not updating your documents and beneficiary designations after life changes (e.g. divorce, remarriage, sales of assets, birth of a child). What if You Have an Addicted Child? There’s a tremendous risk of your child blowing through substantial funds, and possibly engaging in self-harm, should they suddenly have access to a large amount of money. A trust can help to ensure the assets and money are better managed, on behalf of your addicted child. There are many ways to structure the trust of protect your child. Kelli’s book (see link, below) provided options you may want to consider. How Can You Provide for Your Pets in a Trust? Kelli’s new book will launch on March 20, 2020. If you have a pet, you may want to consider providing for the future care of your pet. A trust is one option to help you make it easier on the person who is going to help re-home your pet, upon your death. It’s important to think about the expenses related to veterinary expenses, food, grooming and other necessary events. It can also specify who will assume the care of your pet(s). Important Final Thoughts Make sure you discuss the cost of the estate planning services and documents. Know how much it costs, before you hire an attorney. You should feel comfortable the attorney and the fees should be reasonable. Additionally, it’s important to remember your lawyer should not be appointed as your executor, trustee, attorney-in-fact. Your lawyer should be your “drafter” but not in a leadership role. Can I Get Kelli Brown to Speak to My Organization? Kelli speaks regularly on the estate planning topics. She’s available to make presentations to your group or organization. You can contact her via her personal profile (see link, below). Helpful Links: Kelli’s Professional Profile and Contact Information Kelli’s Book Website Kelli’s Book on Estate Planning When You Have an Addicted Child Kelli’s Book on Estate Planning for Your Pets
Welcome to Episode 12 of the Grow For It small business podcast. As we wrap up 2019, I'd like to take a few minutes to share a few thoughts and perspectives for 2020. There are so many opportunities at your finger tips. We've never had so many advantages, compared to previous generations. One of the advantages is the experience we gained during this past year. We're another year smarter. Both mistakes and successes can lead to learning opportunities. Take time to think about your dreams. What's holding you back? What are you willing to do in pursuit of them? With 2020 knocking at our doors here are a few key thoughts: Dream Big. There's so much out there to learn, to accomplish and to achieve. That process begins with allowing yourself to dream. Set Audacious Goals. Don't worry if they seem impossible. The best long-term goals are supposed to feel that way. The important point is to commit to your success by taking steps toward them. Become Your Biggest Cheerleader. Your progress, and happiness, is ultimately up to you. Remember the importance of also cheering for others. Their success doesn't take away from yours. Expect the Storms. Life is full of them. Regardless of the situation, it's only temporary. You can and will get through them. Remember to Breathe. Stress and pressure will try to shut you down and derail your pursuit of those dreams. Remember to breathe and believe in yourself. Be Thankful for What You Have. As I often remind myself and my friends, "I compete against me." Life is full of temptations and reasons to feel less than successful. Others have worked hard to try to provide you with opportunities and to make your path a little smoother. Be thankful. Finally, Believe that there are a million opportunities out there. Most importantly for 2020, have the courage to chance one of them.
Welcome to Episode 11 of Grow For It! This is a podcast for small business owners, managers and professionals. I’m Jim, and my goal is to work in the space between your ears - you know on your mindset – to help you move closer towards your Vision. Today’s topic deals with Income Tax for Business Owners. My guest CPA Steve King offers advice on some of the impacts and changes to tax laws. We wrap up the episode with 5 End of Year Tax Moves. Steve is a partner at Meyerowitz & King, CPAs in Louisville, Kentucky. His phone number is (502) 587-9833. You can visit his website at www.TheLouisvilleOffice.com Today's discussion covers Qualified Business Income Deductions, Qualified Opportunity Zones, New Equipment Depreciation, Changes to the Deductibility of Alimony, the Loss of Entertainment Deductions, the Loss of Moving Expense Deductions and a brief point about the new Secure Act which was recently passed, but has not been signed into law as of this recording. 5 End of Year Tax Moves Max out your HSA contributions to take advantage of the tax deduction. Max out your Retirement Plan contributions. Think about everything included in your Home Office deduction. Harvest your Tax Losses (remember the Wash Sale Rule). Take your Required Minimum Distribution if you are required to do so to avoid a significant penalty. I interviewed Steve King on my small business radio show, Let's Get It Started, in May of 2018. Here's a link to that interview: http://jimrayconsultingservices.com/radio/tax-issues-for-small-businesses/. Previous episodes of this podcast, as well as podcasts of my small business radio show are available on my website JimRayConsultingServices.com. You can also find them on iTunes. Just type my company name in the podcast search bar. While I tried to limit previous episodes of the Grow For It podcast to less than 10 minutes in duration, my radio show features interviews lasting about an hour. As we move forward in 2020, my Grow For It podcast will feature more in-depth content and interviews. As we close, remember, there’s no time like the present to begin planning for your 2020 tax strategies, if you need a talented CPA and advisor, call Steve King. When you’re ready, Let’s Grow For It!
Welcome to Episode 10 of Grow For It! This is a podcast for small business owners, managers and professionals. I’m Jim, and my goal is to work in the space between your ears - you know on your mindset – to help you move closer towards your Vision. Today’s topic is Leading with Gratitude. It’s the art of inspiring loyalty and performance through a simple, but important, action. Before we get started, let’s review where we’ve been. In Episode 9, we discussed Avoiding Negative Influences. I shared a personal story about how I had to rebound from a negative influence in my own life. I recommended several tips anyone can use to prevent negative influences from derailing your career and having a lasting impact on your life. In the next few minutes, we’re going to discuss how you can have an impact as a leader, if you’ll add a simple activity to your week. So, if you’re ready, Let’s Grow For It! Have you ever met or worked with someone who just seem to make you feel better about yourself? There was probably a reason you wanted to perform at your best level for this person. Often, it’s because we know how much our personal efforts mean to that person. There’s a connection; a willingness to go the extra mile. Think about how that makes you feel. What does that do for your self-worth? Your commitment? Your overall satisfaction? Now, think about the last time a boss or coworker seemed to take you for granted. Regardless of how hard you tried, the hours you devoted or the results you delivered, it was never enough. That person considered you just another wrung on the ladder to THEIR success. Remember how that made you feel? Remember what it was like day in and day out? Close your eyes for a minute. Imagine the vast difference in what it would be like to work for that inspirational leader for whom you wanted to perform versus what I’ll call that “perspiration leader” who only seems to take your blood, sweat and tears for granted. Now, keep your eyes closed for this next question: Which leader are you? I’m going to let that question hang there for a minute. Some of you listening might be tempted to avoid answering the question because you’re not leading an organization. But remember, you can still have a similar impact by the way you choose to treat your colleagues, your customer service reps, even your clients or customers. Years ago, I ready book titled Lions Don’t Need to Roar. It was written by D. A. Benton and is still available on Amazon. Its subtitle is “Using the Leadership Power of Professional Presence to Stand Out, Fit In and Move Ahead.” I’ll put a link to it in the notes for this podcast, on my website at JimRayConsultingServices.com/podcasts. The takeaway is you still have the capability to differentiate yourself by the way you present yourself on a daily basis. Regardless of whether or not you have an official title, you can still inspire and raise the bar for everyone around you. Those personal connections you establish by how you interact with people will go a long way in contributing to your personal success. In a few minutes, we’ll talk about a simple activity you can do to inspire and motivate. In late 2004, I went to work for a national marketing firm called FindLaw. We sold Internet marketing solutions to law firms. I had very little experience Internet marketing, other than I previously had P&L responsibility for our online sales in a management capacity for a regional distributor. This new company had a fantastic training program. More importantly, though, I was fortunate to go to work for an extremely talented manager, Jonathan Whitacre. JW was the inspirational leader I needed as I started a new phase of my career. Jonathan has a way of sensing when something is working and when it isn’t. He knows exactly how to pinpoint problems, while helping you to both acknowledge and work toward consistent improvement. He’s the type of manager who adds value in every interaction. JW and I both left FindLaw after several successful years. I always look back fondly to playing a role on “Team Pinnacle” as he called us. Jonathan’s gone on to become a Vice President at Ethisphere. It’s a corporate ethics company, where he continues to have a successful impact on the people around him. We still keep in touch through phone calls and LinkedIn. Even this many years later, I look back on that experience has one of the highlights of my career. That my friends, is the impact an inspirational leader can have on an individual, a team and on the organization at large. Have you worked for this type of leader? I hope you have. More importantly, I hope we each become one. Earlier in this episode, I challenged you to answer whether you were an inspirational leader, or a “perspirational” leader. I agree, there are times when a leader needs to be firm on direct reports and others. When appropriate, an aggressive leader may get more out of someone than maybe that individual thought possible. However, that heavy-handed approach also has the ability to crush the spirit or grind someone down so far, they simply give up. I believe in doing everything possible to hit the numbers, but not at the cost of becoming a cancer to the organization. One of the primary questions I once asked a hiring manager was simply, “What do you celebrate in this organization?” I wanted to get a sense of whether this manager celebrated his own success because his team was performing, or whether he was inclined to share the spotlight with the team actually delivering the numbers for the organization. Words mean things and you can tell a lot about a person by the way he or she answers certain questions. Let’s take a few minutes to discuss how we can begin having a larger impact by Leading with Gratitude. Remember, as the book says, “Lions Don’t Have to Roar.” As usual, it’s time to take out a sheet of paper. Using your pen, divide the sheet into 4 equal sections. This is similar to what we did in Episode 3 when we discussed using a SWOT analysis. In the top left quadrant, title it “Direct Reports” and draw a box around it. In the top right quadrant, title it “Secondary Reports.” Again, draw a box around it. Secondary reports would be members just outside of your direct reports. These are some of the people who report to your team. Don’t worry if your organization isn’t that large. You’ll begin to see the concept. Title bottom left quadrant “Supporting Cast” and draw a box around it. This quadrant will be for customer service reps, field reps or others who have an impact on the organization, but might not be in your area of responsibility. Finally, title the bottom right quadrant “Clients” or “Customers.” Draw a box around this as well. I want you to begin filling in names, based on the classification of each box. Hopefully, this will take a few minutes. If you’re actively engaged in your organization, you’ll have plenty of names to add. Now, this is the activity I recommend you implement on a weekly basis. Pick four names, one from each quadrant and write a personal note to each person. A simple Thank You card or sheet of company letterhead will work. Resist the temptation to email or text your comments. There’s something much more personal to a hand-written note. Believe it or not, I’ve seen some of them framed and hanging on the walls of offices. The objective is to consistently write 4 notes. People thirst for recognition. You might be surprised by the impact of this simple action. Even if you’re currently not in a leadership role, a personal note thanking someone in a different department will still have an impact. As you begin to go through the list of names in each quadrant, take time to add people. Obviously, you might exhaust the names of your direct reports. If that’s so, start looking for more names for the Secondary and Supporting Cast quadrants. We’re all working hard to achieve company objectives and meet quotas. The pressure can lull us into a sense of tunnel vision where we forget that an organization runs on its people. A simple gesture of gratitude can act as a pressure relief valve. It can also re-energize an individual whose performance might be overlooked. Remember how it felt when you were remembering that inspirational leader? Maybe that personal is still having an impact on your performance today. Gratitude is a successful component of a Leader’s mindset. Don’t be afraid to show it, often. When people think back on their own experiences, which type of leader to you want to be considered? Friends, that’s it for this episode. As always, allow me to take a second to thank you for taking the time to listen. I hope you found it insightful and worth your time. Previous episodes of this podcast, as well as podcasts of my small business radio show are available on my website JimRayConsultingServices.com. You can also find them on iTunes. Just type my company name in the podcast search bar. While I try to limit each of the Grow For It podcast to less than 10 minutes in duration, my radio show features interviews lasting about an hour. As we close, remember, there’s no time like the present to begin Leading with Gratitude, especially if you want to be remembered as an inspirational leader. When you’re ready, Let’s Grow For It!
Welcome to Episode 9 of Grow For It! This is a podcast for small business owners, managers and other professionals. I’m Jim, and my goal is to work in the space between your ears – you know, on your mindset – to help you move closer toward your Vision. Today’s episode focuses on Avoiding Negative Influences. These are the things with the power not only to limit your progress, but to potentially derail your ability to reach your full potential. Stick with me as I’m about to give you some insight in to a very personal part of my life. I hope you’ll be able to feel empowered, afterwards. By the way, I want you to know I recently launched a radio show focused on small business and entrepreneurship. It’s called, “Let’s Get It Started!” You can listen to it Wednesdays at 7pmEST in the Louisville area, stream it live via the iHeartRadio app, or find the recorded broadcasts also available on my website. If you’re an iTunes fan, go to the podcast section and type Jim Ray Consulting Services into the search bar. You’ll find this podcast along with my radio show broadcasts. Before we begin our discussion about avoiding negative influences, let’s review where we’ve been. In Episode 8, we discussed the need to work ON your business, instead of IN your business. We unpacked the constant temptation to focus on the Tactics, when you really need to be working on the Strategy. Today, we’re going to get a little personal, in an effort to reinforce your mindset and amp-up your performance. If you’re ready, LET’S GROW FOR IT! As a business leader, manager or entrepreneur, there’s a ton of responsibility on our shoulders. While we try to work ON our businesses, there’s also a need to work ON ourselves. People are motivated to achieve for a variety of reasons. It’s a driving force high-achievers feel every day. That drive has the ability to stoke a fire inside that pushes us to go further and work longer in pursuit of our goals and those things that come along with it. As positive as it sounds, that same fire has the potential to consume us and everything we’ve worked for. I try to be very transparent with my clients and my audience, regardless of whether you’re attending one of my seminars or business workshops, listening to this podcast or even my radio show. The reason people connect has to do, in part, with the fact that I’m willing to be a little vulnerable, if it means my clients can feel more comfortable. It usually allows us to get to the root of their motivations and dreams. Again, in Episode 8, we focused on working ON our business. To become max-effective, for some of us, it also requires we begin to work ON ourselves. My Personal Story Many of you know I spent over 20 years in sales and sales management. There were plenty of customer events and business meetings, often over dinner. I always had opportunities to join clients or colleagues for cocktails or parties. But what most of you don’t know is that alcoholism runs deep on both sides of my family. To be honest, I did pretty well in college. I made strong grades but I also had a very active social life. Those experiences and habits carried over into my young career, as it does for many people. Life was off to a great start. I got married, we started a family and then I began working more and longer. Often, it involved client outings. Was I becoming an alcoholic? No, I truly don’t think so, but I knew there were days I wasn’t on my A-game. Actually, I really didn’t think it was an issue. However, given my family history, I knew even then that it was a road with the potential to have a hugely negative impact. In 2004, the train derailed. My wife filed for divorce and everything in my world changed. That’s when I made the commitment to stop drinking, cold turkey. It’s been more than 13 years. I’m happy to say I’ve kept that commitment. Friends, the reason I shared that personal story is because I want you to know I understand the temptation of negative influences, but more importantly, I was able to experience the positive power in Avoiding Negative Influences. Oh, to wrap up the story, I can tell you that success in my professional life began to pick up speed. I achieved some personal goals I could barely imagine, much less aim for in my younger years. I know a lot of friends, colleagues and clients who are facing their own challenges. It’s quite possible some of you listening to this episode are fighting the same, or similar, temptations. Remember what I say at the beginning of each GROW FOR IT! podcast, “My goal is to work in the space between your ears, you know, on your mindset, to help you move closer toward your Vision.” Practical Exercise: Battling and avoiding negative influences is about having the proper mindset. In fact, to do it successfully over the long-term it’ll REQUIRE a strong mindset. How can I help you? Let’s begin by taking out a sheet of paper. If you’ve listened to previous episodes, you know I’m a visual guy. I like my squares, circles and arrows. We’re going to use them, again today. Remember friends, this is about you and your ability to move closer toward your Vision. I’m encouraging you to be honest with yourself. It’s the only way this works. In the center of the sheet, write down the negative influence (or influences) impacting your life. Be completely transparent with yourself. Is there something currently either holding you back, or causing you to risk way too much? Is it: Alcohol? Drugs? Anger Issues? Sports? An Affair? Unresolved Childhood Trauma Maybe even Social Media? Here’s a quick example, I was standing in line at the grocery this week when I overheard a lady commenting that she recently removed the Facebook app from her phone, because it had become such a distraction at work. What a great example of taking action to avoid a negative influence! Let’s return to the exercise. Now, draw a box around each influence you listed. Sit back for a second and take a deep breath. You just took 3 significant steps. What do I mean by “3 significant steps?” Let’s break them down. The First Step: You actually admitted to yourself that the issue exists. It means you’re no longer in denial. The Second Step: You wrote it down. Just like a goal, there’s a switch that goes off in our minds whenever we commit to putting it on paper. Think back to Episode 2, Setting Vision-Based Goals. We went through a series of boxes and circles in an effort to define specific “happenings” which would have to occur if we were to reach our goals. Do the same now to help you define and commit to specific actions you need to take to effectively deal with and avoid the negative influence you listed in the box. If you need to listen to Episode 2 again, visit JimRayConsultingServices.com/Podcasts. You can also find it on iTunes, SoundCloud, Spotify and other platforms. And Finally, The Third Step: There’s a reason I asked you to put a box around it. That simple act, alone, proves YOU remain in control of that negative influence. It’s not the other way around. Whatever it is, or eventually was, your goals and Vision are too important to let this potentially derail you. There’s simply too much at stake for you, your family and the legacy you’re in the process of building. Want to be Successful? There are a few more steps I hope you’ll risk taking, if you really want to be successful in this. Go back and draw a circle on the page for each negative influence box. Use an arrow to connect each circle to its related box. Here’s the next important step. I want you to write the name of someone whom you can ask to help keep you accountable in avoiding this negative influence. It must be someone you trust. More importantly, make sure it’s someone who’s not afraid to tell you when you’re wrong and then stand by you as you try to do better. Friends, negative influences can be very tough to battle on your own. From time to time, even when you think you’ve resolved the issue, it can pop up when you least expect. It’s good to have someone who’s willing to pull you back into the boat. Symbolism matters. That’s why I asked you to use a circle. If you think about it, a circle resembles a life preserver. See what I did there? Well, that wraps it up for now. I know this episode was a little different from previous versions, but I hope you found it insightful. Remember, you can listen to each episode at JimRayConsultingServices.com/Podcasts. I invite you to give my radio show a listen and consider going to iTunes to leave a 5-Star rating and a review. Your comments will help others to find it. Until next time, I’m Jim Ray and I wish you luck in putting together your plan to help in Avoiding Negative Influences. When you’re ready, Let’s Grow For It!
Welcome to Episode 8 of Grow For It! This is a podcast for small business owners, operators and professionals. I’m Jim and my goal is to work in the space between your ears – you know, on your mindset – to keep you focused on the activities that will move you closer to your Vision. Today’s episode focuses on the importance of taking time to work “ON” your business, instead of “IN” your business. Before we get going, let’s review where we’ve been. In Episode 7, we discussed Cultivating Your Brand and tips to begin influencing how the market receives and perceives your brand. Today, our discussion will cover important activities a small business owner must do to be successful over the long-term. If you’re ready, LET’S GROW FOR IT! I’m going to be very transparent in today’s discussion. Like most of you, I’m a small business owner. An extremely common challenge for most of us is carving out enough time in the day to handle everything we need to accomplish. This may include: Working on current client commitments Developing relationships for new business opportunities Managing vendors and tasks we’ve assigned to them Paying bills and handling internal administrative issues Resolving computer or system-related fire drills when they happen (because these nightmares are always pre-scheduled) Allocating family-time and social activities so you have a reason to avoid working 20-hours a day And then there’s that often-neglected topic of marketing for your business All of us battle these challenges each day. It’s part of this adventure called entrepreneurship. We’re all trying to do more with less. Many times, that means we run our businesses with the absolute minimum number of employees – if we have any at all. It’s a generally accepted fact that full-time employees (FTEs) are the most expensive cost to a business. Now, I realize HR professionals are going to argue “good employees contribute added value. You’re investing in talent.” This may be absolutely true. But in the early years, especially, it might not be possible to make those investments, even if you have them under a 1099-status. What this means is your dream, your Vision, rests fully on your shoulders. This responsibility and the pressure that comes with it constantly temps us to work on tactics, when we really need to be focused on strategy. It’s what I mean when I say, “working ON your business, instead of working IN your business.” Blocking out time to do this takes discipline. Large companies or law firms may have the luxury of taking executive-level retreats. Sure, you can get a lot done, especially when someone else is covering the cost of your time, others are handling the phone calls and unending stream of emergencies and client requests. However, for most of us, myself included, that’s simply not our reality. If we’re not at the wheel, the bus might run off the road. Does this sound familiar? So how do we address this, with the least bit of disruption to our workflow and deadlines? The most important recommendation I can make is to remember something we discussed in Episode 1. Do you recall how I described The Sisyphus Effect? If you don’t, please pause this podcast. Go back and listen to that section of Episode 1. This is about aligning our activities with our visions. It’s worth the few minutes it’ll take to remind yourself who and what Sisyphus represents. By the way, if you’re not sure how to get back to the first episode, you can access it on the podcast page on my website: JimRayConsultingServices.com. I’ve pinned Episode 1 to the top of the right side of the page, just above those black buttons. Now that we’re on the same page about Sisyphus, doing the same thing each day doesn’t usually lead to different results. We have to remember to get beyond the day-to-day habits. We have to be on guard so we’re not just busy, we’re productive. Running a small business requires having the proper mindset. Namely this: Net profit gives us options. With net profit on the books, we can expand. We can hire. We can pay bills. We can take a vacation or make that donation. Most importantly, net profit gives us the “privilege” of coming back to fight another day. Remember friends, it truly is a privilege. Just think about how many of your family members, friends and colleagues will never get the freedom to pursue their visions. It’s truly a gift. The day we refuse to admit this to ourselves, is the day we need to change course and do something else. I said earlier, it’s a discipline. Let’s break down a few ways you can begin making progress in this area. So as usual, I want you to take out a sheet of paper! We have to structure time to review the business. Big companies do it, because it works. From a pure business fundamentals standpoint, the numbers don’t lie. Reviewing your metrics, assessing and reassessing your performance verses plan is just smart business. Let’s list some key activities we should have already scheduled in our calendars: Revenue and Expense Reviews – you need to be tracking these monthly and quarterly. Not realizing you’re off the numbers until August is probably too late. Schedule time to do end-of-month summaries. Break it down by service or product. Early on, I didn’t do this as thoroughly as I should have in my own business. A simple program such as QuickBooks can make your reporting incredibly easy and efficient. Marketing and Advertising – even if you don’t believe in these tactics, your current and prospective clients do. More importantly, so does your competition. I heard a great statement in a recent Gary Vaynerchuk podcast. He said, “Do you know how scary it is to me that some many of you haven’t done this because of your personal opinion about Facebook? To run your business with your personal romance of how things should be, versus how they are, is literally the great vulnerability of business.” If you haven’t launched a social media channel, namely Facebook and/or LinkedIn, it’s time to schedule it. If you need help, find someone who knows what they’re doing and ask for help. Social media can work for you 24/7. You’ve got to sleep some time, but that’s not the same for your marketing. Friends, this isn’t one of those, “I’ll get around to it” activities. Seriously, set a date in your calendar. Make it happen! Competitive Reviews – when was the last time you actively noticed what your competition is doing in the marketplace? How are they messaging? Are they focusing on certain issues or geography? Have you visited their Facebook page or website? They may be sneaking up and stealing market share you haven’t realized yet. Look, I was in sales and sales management for over 20 years. There was nothing I loved better than sending a simple message to one of my competitors with 2 words: “Thank You.” Oh, and full disclosure, I received one too. It’s a reminder not to take my eye off the ball. Key Vendor Discussions – I mentioned this in Episode 4. There may be new products, programs or other opportunities just sitting there. If we’re not actively asking about them, we’re leaving money – and margin dollars – on the table. Margin dollars enable the net profit I commented about earlier in this episode. List your key vendors and contact them this week. You don’t have to wait. You may already be behind. Exercise and Checkups – Yes, I’m actually including these as important activities. It’s easy to run ourselves into ground. It took a long time for me to realize how much better I was able to perform and how more clearly I was able to think, once I began exercising. Look, you don’t have to go join a gym, although it’s a good idea. Even if you simply take an evening walk after dinner, you’re exercising. You’ll have time to process what went on during the day and clear your head so you can actually get a good night’s rest. These things can have significant benefits for you, and those who depend on you. Haven’t spent enough time with your spouse or kiddo? How about taking them for a walk with you? Then there’s medical checkups. If you don’t want to go to a doctor’s office, there are many small clinics, even in grocery stores these days. Go in and get a basic work up and maybe some blood work. Guys, this is real life. Your health matters, if not to you, then to your family. Take care of yourself so you can enjoy those things for which you’ve been working so hard. If it means you have to actually schedule it on your calendar, do it! It takes 21 days to form a habit. Trust me, it’ll take less than that to drop a few pounds and generate some added energy. Before we wrap up, please let me explain that, “I get it.” It’s easy for any of us, including myself, to make excuses for why we don’t have time. Why we’re so busy that we really can’t get around to working on these activities. After all, there’s only 24 hours in a day. Friends, again I get it. But that’s small-ball thinking. We’ll never break out and really achieve at the levels we’re capable of if we only focus on the tactical grind. We’ve got to structure time for higher-level thinking and planning. The longer we put it off, the further the distance between what we’re achieving and what we actually could have achieved. Don’t cheat your potential. Well, that does it for now. As always, thank you for deciding to spend a few minutes of your time with me. I want to let you in on an upcoming development. On May 9th, I’m launching a radio program focusing on small business and entrepreneurship. I’ll broadcast on Louisville’s TalkRadio 1080AM and stream globally on the iHeartRadio app. Stay tuned for more information about my program, LET’S GET IT STARTED! You’ll be able to hear each episode on a separate podcast, also available in iTunes and on my website: JimRayConsultingServices.com. Until next time, remember to allocate time to work ON your business, so you can work more effectively IN your business. When you’re ready, Let’s Grow For It!
Welcome to Episode 7 of Grow For It! This is a podcast for small business owners, operators and professionals. I’m Jim, and my goal is to work in the space between your ears – you know, on your mindset – to help you stay focused on those activities that’ll help you to move closer to realizing your Vision. Today’s episode is about Cultivating Your Brand. We’ll discuss a common misconception about branding. We’ll get into things you should be doing to establish a positive brand perception. Finally, I’ll give you some tips on how you can leverage your brand to achieve your business objectives. But first, let’s review where we’ve been so far. In episode 6, we discussed how implementing a Blue Ocean Strategy can help you to discover new markets yielding higher margins with less competition. The goal is to integrate this strategy based on your SWOT Analysis, your overall business planning and the pursuit of your Vision. Branding is a huge topic. There are tons of books, videos and resources that attempt to address it. My goal for this brief podcast is to break it down into a few steps that provide a foundation for your success. If you’re ready, Let’s Grow For It! As a way to dive into today’s topic, let’s clear up a common misconception about brands. Your brand is not your logo. The representations of your brand, namely your icon (like the Nike Swoosh or the emblem on your car), your company colors, even the font-style that you use are nothing more than monikers that simply refer to your company and its brand. As a small business owner or professional, you need to be keenly aware that your brand is what the market determines it is. What do I mean by that? Well, the market assigns value based on experiences, interactions, reputations and a host of other factors that influence how the market itself views your company and its performance. Your brand is similar to your reputation. If you do shoddy work, miss deadlines or hide price increases in the fine print, the market will take note. More importantly, it does this regardless of how cool the icon on your shirt is or the design of your business card. The market assigns a relative “brand value” based on what it knows and/or thinks about you. Conversely, if you have a stellar reputation for performance, integrity and other factors, the market will often reward you with a very positive brand. For most of us, the actions we undertake each day can constantly influence how we are perceived and how our brand is received or defined. But take caution, because it’s a sliding scale. Speaking of scale, this isn’t to say large companies are any different. They, typically, have more resources including money and teams of people constantly pushing out messaging meant to influence brand perception. However, a single step in the wrong direction can literally overshadow and derail the cumulative impact of those efforts. Many of us remember how badly United Airlines faired when officers dragged an elderly doctor off of flight 3411. Videos and comments went viral. The CEO later made matters worse as he tried to defend that actions as, “…having to re-accommodate” some of the passengers forced to give up seats. Interestingly, I believe it turned out that United overbooked the flight and needed to make room for its own employees. Once videos and photos of a bloodied, elderly doctor hit social media, I knew the memes were about to explode. Let’s return to a small business. Sure, your mistakes might not make national news, but they can still have a negative impact on your brand’s local perception. For some, that can be just as devastating. So, what are some steps you should consider in cultivating your brand? Two of the more important themes are Integrity and Transparency. I know, those sound fairly cliché, but think about it. One of the ways you can positively impact your brand is by simply making information available and then, standing by what you promised to say and do. In a practical sense, this can be translated into your taking steps to join the larger conversation. Social media is one way, but there’s also blogging. Now, my purpose for Grow For It! is to work on your mindset, so I don’t want to get into the mechanics of Facebook and blogging. There’s plenty of information about those topics on my website. Let’s consider the bigger picture. One of the struggles companies encounter is breaking through the noise in the marketplace. People still want to feel somehow connected to the brands they choose and use. Fostering that connection takes time, but if done honestly and consistently, it can work. The more opportunities you provide for people to engage with your brand, the more comfortable they may become trusting your brand. The continuum is made up of creating brand awareness, leading to brand engagement, with the hope of eventually becoming a brand preference. Obviously, there are more steps involved, but now consider how you as a business owner, operator or professional can affect that continuum. I’m not saying you should haphazardly begin posting comments about random topics. That would only serve to confuse and even frustrate people who may be willing to consider working with you. But, if you were to begin offering tips and suggestions, you’d be offering helpful information that can lead to the resolution of specific problems or issues. For instance, imagine you’re a veterinarian in a decent sized city. You’re obviously not the only alternative families have. However, if you were to begin blogging or video-blogging about seasonal issues, your take on various treatments and why they might be helpful, or even promoting services that are related to pet care, it’s quite possible (even probable) that your information will be shared on Facebook timelines or other channels. What you’ve done is to provide helpful, but authoritative advice. You provided information without directly soliciting. Everyone loves getting something for nothing. In fact, that fact that you didn’t put the hard close on me might make me more apt to actually pass along that information to others. Replicate that activity over a period of weeks and months and you’ll definitely feel the impact of your efforts. Interestingly, you may be able to cultivate a group of “brand champions” who are willing to share your information – for free! See, I’m a proponent of providing free information. It’s a way to highlight your experience and expertise. There are always people out there looking for answers. Up ‘til now, maybe they just haven’t come into contact with you and your company. Personally, I don’t think you should try to close the deal during your introduction. You’re rushing it. Too many people go straight for the close. No, I think it’s better to establish credibility so they trust your product, advice or commitment. Isn’t that how relationships are formed? Even if your company is transactional, the power of an endorsement, a positive review, a referral is golden. That’s only going to be a possibility if your performance met the expectation they had of you and your brand, once they engage with you. Practical Exercise: So, let’s put these ideas to work. As we’ve done in each episode, once again, I want you to take out a piece of paper. In the left column, make a list of some of the key areas of your experience or expertise. These are the big buckets. Now, can you begin to break down some of those areas into subsections? For instance, if you’re an orthodontist, are there various types of services you provide such as traditional braces and the Invisalign product? How could you compare and contrast these alternatives? Which would be best for a particular patient group? Are there disadvantages to either? Begin working your way across the paper creating breakdowns of specific products and services. Then, think about the calendar year. Are there specific times of the year you should provide information about seasonal issues? Let’s return to our veterinarian. Obviously, March is a good time to begin talking about flea and tick issues because the family dog might spend more time in the yard as spring arrives. For the orthodontist, can you spot trends dealing with back to school or summer breaks? CPAs know there’s going to be surge of tax prep in March and April. Painters may see an uptick in activity in October as people get their homes ready for the holidays. Once you’ve identified specific products and services, then connect them with seasonal opportunities, you’ll want to work backwards to make sure you have time to prepare and deploy content. Again, the objective is for you to begin messaging to establish positive equity in your brand. Remember thought, this is something you, your partners and others should be doing throughout the year. Relationships take time. Building brand equity takes time. You have to give the market time to receive the information, engage with you and then evaluate the experience. Don’t think of this as simply an initiative with a finite endpoint. Communicating directly with your market and engaging in the larger conversation are key steps in influencing how the market perceives and rates your brand. This should become one of your key activities on a consistent basis. Realize that you and your brand can quickly be forgotten. One of the tactics I always recommended was to encourage each person in the company to focus on developing a personal brand. Everyone should be engaged in growing the business, not simply a select few. Each person in the organization has a different set of contacts, friends and family. Relying on one person or a small group to drive new client activity seems like more of a challenge that it needs to be. If you want to create brand champions in the marketplace, you need brand ambassadors at every level. Even a small business can do this with focus and consistency. Well that does it for now. As always, thank you for deciding to spend a few minutes of your time with me. I want to let you in on an upcoming development. On May 9th, I’m launching a radio program focusing on small business and entrepreneurship. It’ll broadcast on Louisville’s TalkRadio 1080AM and stream globally on the iHeartRadio app. Stay tuned for more information about my program, LET’s GET IT STARTED. You’ll be able to hear each episode on a separate podcast, also available in iTunes and on my website JimRayConsultingServices.com. Until next time, focus on Cultivating Your Brand. When you’re ready, Let’s Grow For It!
Welcome to Episode 6 of Grow For It! This is a podcast for small business owners, operators and professionals. I’m Jim, and my goal is to work in the space between your ears – you know, on your mindset – to help you stay focused on those activities that’ll help you to move closer to realizing your Vision. Today’s episode is about formulating a BLUE OCEAN STRATEGY – A way to escape hyper-competitive environments and pursue those with higher margin opportunities and less competition. But first, let’s review where we’ve been so far. In Episode 5, we discussed how listening to your heart can help you to overcome FEAR. This is an important step as you set out to define and implement a Blue Ocean Strategy. Prior to that episode, we discussed how setting the RIGHT GOALS can enable you to get closer to your Vision. Assuming business growth is part of your vision, let’s engage in an interesting concept to bring clarity to that challenge. To really get the most out of the next few minutes, it would be helpful if you’ve already listened to Episode 3 dealing with SWOT Analysis and Episode 4 where we discussed financial metrics and client segmentation. They’re not prerequisites, but they could add some insight into today’s discussion. So, if you’re ready, LET’S GROW FOR IT! To frame this discussion, let me give you a little context. Blue Ocean Strategy was something we covered as part of my MBA program in 2007 and 2008. It’s a topic I’ve written about and spoken about ever since. We used a book my W. Chan Kim and Renée Mauborgne. It was published by Harvard Business School Publishing. You can find it on Amazon for about $20. It’s only about an inch thick. I’d encourage you to pick up a copy. It’ll be worth your time. Here’s the premise: Each day we wake up and go to battle in the marketplace. As we look for trends, opportunities and new business, we undoubtedly run into other competitors. We’re all looking for that next whale of a client. You might be that predator shark sensing blood in the water. Once we find a viable target, even a niche, it won’t stay that way for long. If you’ve ever watched SHARK WEEK on TV, you already know what’s about to happen. Other sharks will soon begin competing for your opportunity. As the feast ensues, blood fills the water and you quickly find yourself in a “RED OCEAN” environment. Margins will quickly begin to decline. Sub-optimal alternatives will confuse and entice loyal clients to leave. Unscrupulous competitors will undercut you until you begin to wonder how you’re going to be able to hold on to what market share you still have left. Sure, price may not be everything, but once your product becomes a commodity, price might be the ONLY thing! The fortunate news for many of us is that we still have an option. The counter-strategy is to seek out a BLUE OCEAN by identifying a new niche, exploring a new market or even finding an alternate way to position the features and benefits of your existing products and services to a new customer set. In doing so, you may be able to reap the benefits of being the only shark in the area, at least for a while. Again, let me encourage you to review Episode 3, which focuses on SWOT Analysis. If you’ve completed the exercise, you may have already identified ways to leverage internal strengths to exploit external opportunities. After all, at one time no one could imagine a phone without a cord. Apple was a fruit, not an $8 billion company. And Viagra was just a cardio-vascular drug. Let’s consider what Steve Jobs did with Apple and the iPhone. I think it’s the safest of the examples I just mentioned. Steve took a common device and made it into something indispensable. After all, there are 2 things most of us never leave the home without: Our Keys and Our Phone. By envisioning a brand new way to appeal to our need to interact with our device, Apple was able to carve out an incredibly profitable segment of the market place. They found a way to enter a BLUE OCEAN. For a time, they left the competition behind. As Samsung and others finally began catching up, other brands began to find their own Blue Oceans. Siri is giving way to Alexa – albeit in a different application. But how many of us remember the first time they heard someone say, “Hey Siri!”? What we’re about to see happen in voice recognition technology is going to be nothing short of amazing. Unless you’re the guy selling the little plastic tip we see on the ends of shoelaces, there’s probably a Blue Ocean out there waiting for you. By the way, that plastic tip is called an “Aglet.” Siri looked it up for me on my iPhone. Let’s be honest here. For most of us, inventing an entirely new communication platform might not be realistic. However, there’s a significant chance that we actually could identify a Blue Ocean opportunity. If you’ve listened to a few of my podcast episodes, here’s what you knew was coming next: I want you to take out a sheet of paper. If you’ve ever been the supplier to a large company or a prestigious client, it’s easy to find yourself being whipped around by that customer. The common statement may be something along the lines of “Well, if you can’t cut your price, there are several guys in the lobby right now who would be interested.” It’s always a question of leverage. Years ago, I managed a branch of a distributor that was a tier 1 vendor to Chrysler. When the auto industry took a dive, we were reminded of which of us truly had the leverage. One way to begin identifying potential Blue Ocean opportunities is to look geographically. If you’re working with a large client, there may be sub-suppliers positioned around that plant or facility. Sub-suppliers may have similar needs, but typically don’t wield the leverage of the big dog. These companies may be prime opportunities for you to service at higher margins. On your paper, list out the primary, geographic locations of your largest clients. Often, the sub-suppliers are clustered in and around the larger plants. You might begin by looking regionally, but then focus on specific counties, cities and even zip codes. You’ll be amazed at the information you can find online. Government and/or industry groups may have already collected specific data. Oftentimes, if you know where to look, it’s free. You might also search for counties which have shown a growth trend over the previous several years. There might be a cluster of business opportunities commonly overlooked by the sharks who are only targeting the whales. Here are a couple other options: If you’ve been around for a while, your marketing and sales teams have likely tried various approaches to increase revenue. One change you might consider is to develop local roundtables with client groups. Or, at a minimum, set meetings with client-decision makers to identify products/services they would be willing to move your way, if you offered additional capabilities. These types of discussions can be productive if they involve an executive-level representative along with your local reps. Consider including someone from your product-development area, as well. You want your management to hear it first-hand, so they can assist in authorizing and exploring the opportunities. If you’re a small business, you might include a strategic vendor in those discussions. Would it make sense to expand your offering? Could that new product, service or capability be used to expand into other market segments? It never hurts to ask. Write down the names of clients who might be willing to participate. If you’re bringing a vendor, consider having several of them. Which specific vendors are trustworthy enough to include in these roundtables? Approach the opportunity as a team. You can position yourself as the client’s advocate by facilitating a discussion focused on a higher-level, consultative approach. You and your company have specific expertise. Can you identify other industries or client segments that could benefit from that expertise? This is where my Episode 5 on overcoming fear can help. Just because you’ve never tried that before, doesn’t mean you shouldn’t. Blue Oceans tend to be deep and wide. You’ll never know until you get in the water. A result of those local roundtables might possibly be that you learn the “real” reason your customers are doing business with you. It might not be your price at all. It could be your inventory, your ordering system, or simply your delivery. These are reasons you could amplify as you explore new oceans. This insight might even change your approach. Blue Ocean Strategies are steps you can take to expand your markets and increase margins. Obviously, it doesn’t happen overnight. What I’d like to challenge you with is to begin looking differently at your market. It’s easy to lock onto a comfort zone, that status quo, the perceived limitations of boundaries and borders. Those are choices, rarely realities. If the pond is getting crowded, go find an ocean. There’s still plenty of opportunity ahead. Just ask Siri! Well, that wraps up today’s episode. I hope you’ll pick up the book Blue Ocean Strategy. It’s full of insights I’ve implemented in my own business. I want to thank you, as always, for taking a few minutes to listen to this podcast. If I could ask a favor, would you consider going to iTunes and giving this podcast a 5-star rating and a quick review? Your feedback will help others to find it. I really appreciate your help. Until next time, begin focusing on identifying your next Blue Ocean. When you see it, jump in. The water’s fine. Remember, it’s time to Grow For It!
Welcome to Episode 5 of Grow For It! This is a podcast for business owners, managers and professionals. The goal is to give me a chance to work in the space between your ears – you know, on your mindset – to help you to focus on the things that really matter to your success. I want to enable you to concentrate on pursuing your vision, setting meaningful goals and engaging in the day-to-day activities that will have the biggest impact. Thanks for joining me and investing a few minutes of your time. This episode deals with one of my favorite consulting topics. We’re going to consider reasons you should Harness the Power of Listening to Your Heart as a method to overcome FEAR. In episode 4, we touched on several ways to use your financial metrics for business planning. We talked about the importance of focusing on net margin dollars, as opposed to top-line, gross revenue. Since this podcast deals with your mindset, today we’re going to explore “motivation.” If you’re ready, Let’s Grow For It! You may recall we’ve spent the last four episodes discussing vision, goals and a few tactics. Now, let’s come back to a very basic question. It’s related to your vision. “What’s Your Motivation?” Think of your career (maybe even your life) as a book. When you get to the end of the last chapter, will it have been worth the read? Some of the best business coaching discussions I’ve had are those during which we pushed back from the conference room table and explored the question: “Why Are You Actually Doing This?” Some of the answers I’ve heard amazed me. Guiding a client through this unpacking of his/her answer is an incredibly interesting process. Some of the most rewarding moments are when you see that lightbulb turn on. It doesn’t happen automatically. I have to be able to reach that point with my client where he/she feels safe enough to be vulnerable. I continue to be surprised by how many people allow their dreams to be confined or ignored, simply out of FEAR. “What would my colleagues think?” “Would my family support my decision?” “Do I really have what it takes?” Over the years, I’ve met and worked with some incredible people who’ve dealt with these issues and found a way to break through. There’s my friend, Matt Maudlin, in Indianapolis. He runs Memo Marketing. He does terrific work in marketing and strategic planning. I really admire the way he executes. There’s Mark Palmer over at Oohology. We’re former competitors. We’ve worked together. We’ve been friends for years. He’s one of the most creative guys I know. There’s Neil James, owner of Rain Marketing + Consulting in the San Diego area. We’ve worked together for years and now collaborate on multiple projects. He’s one of the most genuine people I’ve ever known. I can’t tell you how many hours we’ve spend working through business issues together. Then there’s John Black in Louisville. I met this guy several years ago. He has a corporate gig, but is an entrepreneur at heart. I love watching how he balances all of it and still has time to be a great dad and husband. What each of these guys did, and continue to do, is to follow their dreams. In doing so, they’re finding fulfillment. They’re carving out niches. They’re contributing with the talents they were given. It’s inspiring to watch. So, let me ask you these important questions: When was the last time you took a break to simply dream? Once you did, were you able to capture it? More importantly, are you taking steps to pursue it? When we dream, we give our heart room to speak. Our hearts are so much more powerful than our brains. It’s your heart that can overcome the logic of why you can’t or shouldn’t. Our hearts are what makes it possible for us to say, “You know what? Maybe I can!” That’s the inflection point. It’s a core theme of any of marketing superstar, Gary Vaynerchuck’s keynotes addresses and Q&A sessions. Listening to your heart gives you the chance to dream. The motivation to take a chance. The belief that you really do have what it takes. Listening to your heart, gives you the courage to step beyond FEAR. Don’t let fear be a roadblock to your life, your vision, your success. At best, fear should be a speed bump causing us to slow down and to consider the path. But fear should NEVER prevent us from embarking on the journey. Greg Blakemore is a friend, colleague and client of mine. We’ve known each other for about 10 years. Greg handles complex construction projects such as hospitals, data centers and other commercial developments. One of his motivations is to actively get involved with missions and supporting others who do that kind of work. It’s where his heart is. Greg’s been involved in Bosnia for over 20 years. Last year, Greg approached me with an idea to develop a company that could operate in the healthcare space for underdeveloped or struggling countries. We spent several months developing and launching a business. We both traveled to Zenica and Sarajevo Bosnia to deploy it. During our two-week trip, we met with US Embassy officials, a mayor, a few other Bosnian politicians, and the head of a local medical school (who just happened to be the former President of Bosnia). We trained a few people on the technology and deployed the assets. To date, the small start-up has performed over 1,000 healthcare assessments in the local community. We’re now exploring options to deploy in Bulgaria and Costa Rica. My friend is a highly talented operator in the construction industry. He’s earned a stellar reputation. But what really lights a spark in his soul is the work he’s able to do for the people in these struggling parts of the world. That’s an example of listening to one’s heart. It’s how Greg is going to ensure that his final chapter will be worth the read. Let’s discuss a practical exercise. Once again, I’m asking you to take out a sheet of paper. For this one, you’ll want to find a quiet space. Close the door to your office, go find an empty conference room, or maybe just grab a cup of coffee early one morning at your kitchen table. Now, on your sheet of paper, I want you to begin writing down your dreams. What to do REALLY want to accomplish? What are those secret goals you keep to yourself? If you could do ANYTHING else, what would it be? Don’t try to list them in a column. Write them in various places on the paper. Life doesn’t usually move in an orderly fashion, anyway. You may just have a word, or a phrase to describe it. It might be a mental picture. Whatever it is, capture it. When you’re finished. Put down your pen and step away for a couple of minutes. Go get a glass of water or warm up your coffee. When you come back, start connecting areas of convergence. Draw lines between the things that are somehow connected. Are you beginning to see a theme or a pattern? You might be surprised by what you see. It may be the first time you’ve seen this type of clarity. Maybe FEAR was clouding your vision. So why did I devote an entire episode to Motivations and Dreams? Here’s the connection I want you to make. Motivation and Dreams come from the heart. They should be the underpinnings of your vision. It doesn’t matter whether it’s the vision for your business, for your role in someone else’s company, or for your life. Your heart has to be in those things you’ve decided to devote the majority of your time pursuing. You need the courage and the belief that you have what it takes. You’ll find a way to get help along the way. You’ll have the strength to keep going in the face of one of our most powerful of all emotions…FEAR. Is fear holding you back from pursing a dream? Would you like to work through it? Would you like to change your roadblocks into speedbumps? I believe I can help. This is your life’s work. As I asked at the beginning, when you finish your final chapter, will it have been worth the read? I’m Jim Ray. If you’d like to explore this or other business topics, reach out to me on my website at JimRayConsultingServices.com. You can also connect with me on my business Facebook page, JimRayConsultingServices. If you’re ready to begin listening to your heart and overcoming your fear, Let’s Grow For It! Thanks for taking a few minutes to listen. Can I ask you a favor? If you liked what you heard, would you please go to iTunes and give today’s episode a 5-Star Rating and a review? Your comments will make it easier for others to find this podcast. Thanks in advance for your help. Now, go follow those dreams!
Hello and welcome to GROW FOR IT! I’m Jim and this is a business podcast designed for small business owners, managers and other professionals. My goal is to work in the space between your ears – on your mindset – to help you focus on the actions and activities that help you to move closer toward your vision. In today’s episode, we’re going to discuss a couple ways to use your financial reports, breaking down your customer segments and I’ll even give you a few tips on maximizing your profit margin. The simple truth is Business Planning can be as high-level or as micro-specific as you want it to be. The company size, the organizational focus, even your specific role can benefit from a Business Plan. However, none of these really determine how complex your planning has to be. The fact is, if you’ll invest more time upfront, you’ll have a better chance of achieving your goals and moving closer to your vision. We can’t get time back, so momentum, focus and velocity are typically to your advantage – SO LET’s PREPARE! The best way to begin is to do a DEEP DIVE on your financials for the previous year. I’m not talking about just looking at your Gross Revenue and Net Profit. You’ve got to go deeper. I recommend you break the numbers down by client segment, service and vendors. YOU HAVE TO KNOW YOUR METRICS! Let me caution you here. People like to get very enamored with margin percentages. “Hey I’m making 38% on this product!” The reality is you don’t pay your bills with percentages. You pay with dollars. It’s always about the margin dollars! As you stack-rank your client segments, you can quickly see which deliver the most profit margin to your bottom line. Simply looking at gross sales by segment can be very misleading. Topline revenue is only part of your business formula. I won’t tell you it’s unimportant, but it’s definitely less important that net margin, and ultimately net profit. You want to fully understand who is driving your margin! The next step is to align business activities to focus on those client segments, products and services. What you’re really looking for are your sweet spots. Which activities deliver the most margin dollars, for the least amount of effort? How can you do more? Equally as important, which activities deliver the least amount of margin dollars? How can you do less of them? Consider this: Did you leave money on the table last year? Are there discounts or rebates you simply didn’t take advantage of? Make a note to start asking each vendor about various programs, discounts and rebates. If there’s free money on the table, you need to figure a way to get your share of it!
Welcome to Grow For It! This is a podcast for small business owners, managers and professionals. I’m Jim. My goal is to work in your head-space to help you: - Remain focused on your vision, - Setting the right goals and - Implementing those key activities to help you move closer toward your vision. A big topic for my clients right now, as well as in my own business, is strategizing for the upcoming year. I’m going to introduce you to a tool that can provide some valuable insights and structure to assist you in your planning and goal-setting. The temptation many of us have is to simply start setting targets, before we really look around and see what’s actually going on in your market. You might ask who’d do it that way, but trust me, it happens more than you think. Before we begin, let’s talk about what we covered in the previous episode. We spent a lot of time differentiating between your Vision and Goals. Goals are extremely tactical. Your execution and performance will lead you closer to your Vision. But what goals to you actually need to set? Where should you really focus? We’ll begin to unpack that today. A tool I’ve found to be extremely helpful is called a SWOT analysis. SWOT stands for STRENGTHS, WEAKNESESS, OPPORTUNITIES and THREATS. It’s a tool to help you look for ways to begin taking what you know, and defining specific activities based on that knowledge. Ultimately, what you want to accomplish is to identify specific strengths that will enable you to leverage opportunities and avoid (or minimize) threats. A detailed assessment makes your goals and business planning easier to visualize. If you have a team, this tool can help you to achieve greater buy-in. If you’re on your own, a SWOT analysis can help you identify ways you might be able to outmaneuver the big companies. Remember, aircraft carriers take much longer to turn than speed boats. Are you ready to break it down? Well, you know what’s next…grab a sheet of paper. I want you to draw a large square. Take up as much of the sheet as possible. Next, draw a cross inside the square so you have 4 equal-sized, quadrants. In the upper left corner, write Strengths. In the upper right corner write Weaknesses. In the lower left corner write Opportunities. And in the lower right corner write Threats. Trace over that horizontal, center line a couple times to make it a little darker. As you look 4 quadrants, note that the upper 2 refer to INTERNAL factors. The lower 2 refer to EXTERNAL factors. That’ll become important in a minute. As an aside, there’s a video excerpt from a seminar I gave on this topic, in August of 2015. If you’d like to watch it, and listen to an interesting reaction from the audience, just Google: SWOT ANALYSIS FOR LAW FIRMS. Don’t worry, this is a general business tool. It’s not just for law firms. My video typically appears on the 1st page. You’ll either find my blog post which includes the video, or the actual video itself. So let’s get back to our drawing. It’s time to begin filling in the quadrants. Let’s begin with your Strengths, in the upper left quadrant. Business strengths might include: Brand Awareness – people in your target market know your name. Functional Expertise – list what you do really well. Team or Talent – Do you have some rock stars on your team? (If not, this might be listed as an internal weakness) Fill in as many factors as you can capture. Try to be as specific as possible. Now move to the upper right quadrant for Weaknesses. Here are some potential considerations: If it’s been a tough year, you might list cash flow or cash reserves. If you’re a new business, or in a new territory, your initial marketing might not be well-established. Sometimes, the quadrant might include limitations in your technology, software or internal processes. It’s important to be honest with yourself. Don’t look at this as a negative. It simply is what it is – at least for right now, right? The next step is to move to the lower left quadrant, Opportunities. Keep in might, this is below the mid-line, so focus on Externalities. Depending on your type of business, the economy may present specific opportunities. Can you get more specific? Has a significant competitor recently gone out of business or left your market? Do you expect an upcoming legislative or regulatory changes that might open up a new market, sector or service opportunity? Finally, we come to the lower right quadrant, external Threats. Are there rumors about a new competitive product or service threatening your market share or price point? Did a competitor recently higher new talent? Do you anticipate changes in the economy such as interest rates, regulations, etc? These are just examples of factors to get you started. What SWOT helps you to do is to perform an “Environmental Scan.” It’s something you should do annually, but you’ll actually be better prepared if you do this on a quarterly basis. You need to be nimble and flexible in your business activities. If you can spot an Opportunity (or Threat) early, you might have time to outmaneuver your competition. Remember the aircraft carrier vs. speed boat point I mentioned at the beginning of this episode. If you have a team, consider having them do a SWOT on their own or by department, then converging the data onto larger sheets. Alternatively, bring key members together for a group session. One of the things GE did very well was to bring together cross-functional teams for what we called “work-out sessions.” Don’t just rely on your managers for this SWOT analysis. Involve your administrative staff, field sales people and junior associates. Each person interacts with a customer, suppliers, competitors and other parties that can impact your business. As the leader of your organization, some of the feedback you typically receive has probably been, shall we say, “filtered.” When you engage a cross-functional team, you might actually be surprised by their perspectives. More importantly, you might even learn something you didn’t know. Years ago, I was the DIRECTOR OF SALES for a regional distributor. Our CEO used a technique that worked well with our team. Once we’d captured ideas, factors, key thoughts, or other lists, he gave each of us a limited number of sticky dots. You’ve seen these in office supply stores or school supplies areas. They’re about the size of a nickel and come in assorted colors with an adhesive back. Anyway, we’d individually stick our dots on the factors each person felt was the most important or vital to the process. We all did this at the same time. When we were finished, we’d step back and look for the largest groupings of dots. Then he’d ask one person to explain why he/she chose that item. The value was in the exchange of ideas. Sometimes, we’d change our dots based on someone else’s opinion – especially if it was something we’d hadn’t considered. Once we settled on the dots, we counted up the largest groupings and those became the ones the team felt most committed to addressing. It was a great way to build consensus. So your paper is full of notes. Your SWOT analysis has helped you to identify a wide range of factors. As I commented earlier, the final step is to begin looking for ways to use your STRENGHTS to leverage OPPORTUNITIES and minimize THREATS. It’s also highlighted specific WEAKNESSES to be addressed. You now have important insights that will be extremely helpful in developing your business goals. I realize this episode was a bit more “academic” that the previous episodes. However, as you move into business planning and goal setting you need solid information. This SWOT analysis can definitely help. Well, that brings us to the end of this episode. I hope you found it helpful. Thanks for listening. As always, I appreciate your time. If you’d like more information, there are articles and videos about this and other techniques on my website, JimRayConsultingServices.com. Feel free to check them out. Let’s connect via my business Facebook page, so we can keep in touch. Finally, I’d sincerely appreciate it if you’d take a quick minute to leave a 5-star review for this podcast on iTunes. Those reviews really help to ensure others can find it. If you’d like help working through a SWOT analysis, or facilitating a team meeting, I’m available to help. You can contact me via my website, just put the word “PODCAST” in the subject line. I’ll be happy to engage to help you and your team GROW FOR IT!
Podcast Episode 2: Welcome to Episode 2 of Grow For It! It’s a podcast designed for small business owners, manager and professionals. I’m Jim and my goal is to work in that space between your ears to help your to focus on the activities and areas that really matter to your overall success. It’s about your mindset, your focus…your headspace. If we win it there, you’ll go further and farther than you ever thought you could. Sound interesting? Then let’s jump in… In Episode 1, we discussed the importance of aligning your day to day activities, your D2D activities, with your vision. We also talked about what it can feel like when you instinctively know you’re not getting to those areas that allow you to tap into your passion. Those activities that allow you to be optimally effective. Let’s step back and talk about DEFINING YOU VISION. As we go through this, think in terms of your BUSINESS, your CAREER…and maybe even your LIFE. Vision sets the mark and defines where you’re heading. This is Long-Ball guys. I’m not talking about next week, next month or quarter, not even next year. Your vision is SO MUCH BIGGER than that. It might take some of us years to get there. Unfortunately, some never do. Vision is the destination. Without a clearly defined end point, how will you ever know where you’re heading? Whether you’re on course, or in WHY you started the journey in the first place? Let’s try defining what your VISION ISN'T. It’s easy to confuse it with GOALS. There’s a HUGE DIFFERENCE. You vision can be closely associated with your “WHY.” It’s something that should move or inspire you. It might elicit an emotional response from you (or others). It can also motivate others to join you along the journey. They might be co-workers, clients, key vendors, or even investors. Your VISION should seem beyond your grasp, at least for today. If it’s not… …put it back in the oven and let it back a little while longer. YOU NEED TO BE THINKING BIGGER. Vision is different from Goals. If your VISION is your WHY, then GOALS are your HOW. Goals are much more concrete, right? They define specific actions. Goals have a specific deadline, a sense of URGENCY. Not that your Vision doesn’t, but goals are much more tactical. A GOAL, and goal setting, is meant to move you closer towards your VISION. Therefore, by its very nature, your VISION MUST be bigger than your immediate, quarterly or annual goals. Remember, your VISION can apply to your business, your career and even your life. How you get there, if you get there, depends on the goals you set and how successful you were at achieving them. To put it another way, GOALS are something you ACHIEVE. Vision is somewhere you ARRIVE, if you’re lucky. Either way, the proper Vision makes for an interesting trip. Let me share a brief story to illustrate how your VISION can drive what you do on a D2D (day to day) basis. Back in the early to mid-90’s, I worked for GE. Jack Welch was still the CEO. His vision for each GE business was that each would be #1 or #2 in the world. Many of us believed it was possible. I was in a field sales role at the time for GE Appliances. My largest client was a distributor in the Minneapolis area. I knew Jack’s GE VISION, I had already bought into it. My contribution was to relentlessly gain market share and deliver on my revenue targets. This distributor happened to be a distributor for several leading brands, most of which were direct competitors. I eventually found out about a huge, new development that was in the works. My largest distributor was going to bid on the project. Unfortunately, he decided to price the bid in a way that virtually ensured the development would go to a competitive brand. After several attempts to convince him to work with us, instead of deliberately against us, it was clear he wasn’t going to budge. I began a series of meetings with the developer and ended up taking the entire project direct. We elected to bypass the distributor, even though we made every attempt to work with him. That was a $1MM project. To be honest, we would have made better margin going through him – but it was clear I was faced with either winning the project and increasing our market share, or standing on the sidelines with 100% of nothing. I wasn’t going to let that happen because Jack’s VISION, our VISION, was to drive market share to become #1 or #2 in the world. THE POWER OF VISUALIZING YOUR VISION The one technique that can have a significant impact on your pursuit of your vision, is visualization. You’ve already taken a powerful step, you’ve written it down. Now you should post it somewhere that you see it every day. The more you read it, the more solidified it becomes in your mind. To take it a step further, ask yourself what it will be like when you realize your vision? How will you feel? What will life, your community, your company be like when you finally arrive at your destination? The power of visualization works by imprinting into your brain the emotions, the feelings and the actual pseudo-reality of your success. This technique allows you to see yourself having already won your race. You’ll almost taste that sweetest of victories. Now that you’ve had a taste of your success, it’s time to get to work. If you listened to the previous episode, you’ll know what’s coming next… …Once again, I’m asking you to take out a sheet of paper. Do you know your VISION? Have you already DEFINED it? If so, write it in the center of the paper and draw a box around it. If you don’t have it yet, pause this podcast and write down what you think it should be. It might take a few iterations to get it right. Then, make sure you come back to us. Before we go any further, I’m going to ask you to read your VISION. Don’t be shy. Read it out loud. Is it big enough to inspire you? How could you make it even better? Is it truly worth the journey to the place you hope to arrive, or is it really more like a goal? Do you need to refine it? It’s okay. You might have to think even bigger. Remember friends, this is about your business, your career and maybe even your life, so make it something that actually speaks to you. If you’re satisfied, again draw a box around it. Now ask yourself, what would have to HAPPEN to ensure I eventually arrive there? For some of us, that might mean expanding into a new market. We can set a series of goals for that. List it, and put a circle around it. For others, it might mean developing a new skill or capability. Maybe that means going back to school or getting more training. We can set a series of goals for that as well. List it and put a circle around it. Still, for others, that may mean developing new business relationships or partnerships. Again, yes, we can set a series of goals for that too. Yep, circle this one. Continue listing these “HAPPENINGS” all around your VISION BOX. Draw arrows from you circles to the box in the middle. Take time to fill up the page over the next few days. You might begin stepping down a level and listing SUB-HAPPENINGS, or individual activities that must be pursued to achieve what you listed in the “HAPPENINGS CIRCLES.” Those step-downs might be similar to your annual or quarterly goals. Like I commented earlier, we can also set a series of goals for that. As we go through this exercise, what we’re doing is DECONSTRUCTING our VISION into a series of HAPPENINGS and GOALS that are very much in line with our VISION. That my friends, is how we begin to tap back into our passion. You’ll see the direct relationship between what you’re doing, and how it relates to the bigger picture. If you can’t see that correlation, it may be time to ask, “WHY AM I STILL DOING IT?” By the way, if you need a little motivation for the journey, I encourage you to check out a video from Les Brown on YouTube. Search for “Les Brown, Are You Limiting Your Vision?” I’ll put a link to the video in the podcast notes. If you haven’t begun using YouTube for motivational speeches, it may be time you started. Friends, if your vision is large enough, you’re going to need it. There will be days full of doubt and frustration. Anything worth having is going to demand your best efforts. Prepare yourself. YouTube videos are a terrific resource. Well, that about does it for this episode. I want to thank you for giving me some of your time. I know you’re busy. I’m working on more episodes, so why don’t you SUBSCRIBE to this podcast? If you’d like more information about me or my consulting services, I invite you to check out JimRayConsultingServices.com. You’ll find a series of blog posts and videos. You can always connect with my business FACEBOOK page to make sure we keep in touch. Finally, before you go, if you found this information helpful, would you consider going to iTUNES and leaving a 5-star review for this podcast? That’s extremely helpful in ensuring GROW FOR IT ranks well and enables other people, just like you to find it. Until next time, Focus on your Vision and if you’re ready, Let’s GROW FOR IT! Resource: Les Brown, Are You Limiting Your Vision?
PODCAST EPISODE 1: Welcome to the first edition of my business podcast, GROW FOR IT! It's a podcast for small business owners, managers and professionals. I'm installing links on my website, adding episodes as blog posts and on my business Facebook page. You'll be able to find, listen and subscribe on various 3rd party channels such as iTunes. These are brief episodes are meant to help you focus on what you're doing and why. Each episode will contain a specific exercise to help you to put the concepts into action. I hope you'll take time to listen to this episode and consider sharing it with friends and colleagues. There will be a new episode every 2 weeks. I'll help you to consider key activities to help you achieve your business goals. We'll discuss issues and topics that occupy your head-space. I'll do my best to help clarify situations and to provide you with helpful tips and tactics to move forward. If you're ready, give this episode a listen. Let's get ready to GROW FOR IT!