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Showing posts with label business expert. Show all posts
Showing posts with label business expert. Show all posts

A Business Spending Makeover

SLASH SPEND FOR PROFIT WIN...
Between the holiday seasons, the end of year closing and getting ready for next year’s new business, every business owner must take the time out for a financial makeover.  This should not be too intrusive but effective, nonetheless, in revamping the spending patterns to increase the bottom line that can be used to reinvest in the business.  Here are a few tips to reduce those expenses and maybe give bigger bonuses at the end of the year.

  • Hire People from the Cloud.  There is no need to keep people on the payroll indefinitely if there is not constant work.  Cloudsourcing is better for hiring qualified remote professionals that are only needed for specific short-term assignments like graphic design, writing, and event planning/scheduling.  And there are plenty of alternatives to global outsourcing for the cheapest labor since plenty of quality resources are available on sites like ODesk and Freelancer.
  • Move the technology to the cloud. Unless the work and productivity require installed software, look to cloud solutions that cost less and require no manual interventions and desktop support for employees.  The monthly or annual subscriptions may cost more in the long term but it frees up time and money over time.  For small businesses, hire an intern to review all the applications that exist for the mobile market and there might be one that has minimal to no cost.  For large corporations, hire a technology implementation consulting firm to identify what enterprise solutions can be streamlined to run leaner.
  • Leverage Social Media for Marketing.  Television and radio spend can blow a marketing budget especially since a consumer requires hearing a message 7 – 10 times before purchasing a product or service.  Use Facebook, Twitter, Vine, Pinterest, StumbleUpon, and Instagram to stay relevant and promote new products.  Of course, there is the price to pay for sponsored Tweets and Facebook ads but that reaches more people in specific demographics and can be reposted enough times to generate sales that would pay for the promotional spots.
  • Eliminate dead beats.  True, tis the season to be jolly and giving but not silly.  Complete a clear evaluation of anyone charging to overhead.  Are they holding their weight? Can their tasks be combined with another person’s?  Are they best suited in another role that can be charged back to a client?  And to make this less personal and more about business, a third-party can review and make unbiased decisions that you might have been afraid to make.
  • Video/Tele-conference.  At the end of the year, the best way to curb expenses is reducing travel.  By this time of the year all the relationships should be sturdy enough to be absent in person for a couple of weeks a month.  Skype, join.me, WebEx, and even my least favorite (Lync) all have conference capabilities to allow any meeting to go on as scheduled with each participant sharing their desktops and mobile devices where necessary.
Makeovers are intended to enhance the beauty and there is nothing more beautiful than looking better financially when the spotlight is on the spending.  Use these tips quarterly to save big and possibly influence your outlook on changing your personal finances around for the better. 

For more business planning, be sure to follow this blog at blog.therlcgroup.com and pick up a copy of the book, Get A Clue - 10 Steps to an Executive IQ.

Before Referring Business, Think Again

Make Referrals That Work...
Nowadays it is rare to hire vendors or contractors who have the expertise they claim to have.  The old boy network has grown so much that there is hardly any real knowledge because it is overshadowed by who people know to get the foot in the door.  On the opposite side, there are plenty of "solopreneurs" who claim to be experts in many fields that don't require any certification or proof by example.  This is why it is important as a business professional to be cautious about referring others that have not had proven results for your company. Good referrals keep your reputation intact while bad ones can dampen solid relationships.

Before you refer someone else's services/products, do the following:


1). Get a clear understanding of the desired results.

Vague results leave too much room for interpretation. It increases opportunities for people to be taken advantage of if they don't really know what they want.  This normally means there will be additional costs to outline what the expected results should be before even knowing if it can be achieved.
2). Recognize that hard work does not mean the right fit.
There are plenty of individuals who work hard but that does not mean they have what it takes for a particular position.  If the need requires aggression and the person is a passive task-taker, it is not a good fit.
3). Ask if some free or discounted services/products will be provided as a guarantee of work.
If what is asked for is not delivered, at least there will not be a full price paid by one of your colleagues. This eases the burden off of you if what was asked was either not delivered or poorly executed.

The people with whom you are associated is a reflection of you.  Do not risk longstanding relationships for uncertain potential.  In business and in life, relationships are priceless so protect them.

Best Read Friday - Using ObamaCare To Run Lean or Mean

As anticipated, corporations are taking advantage of the ObamaCare mandates as an opportunity to either clean house or run lean.  As noted in my post last week (ObamaCare and the Business Fare), businesses with over 50 full-time employees and an average company annual salary of at least $250,000 will need to contribute to the workers' health benefits.  It appears some research of over 300 companies has prompted a drive to cut back on hours, furlough workers, and increase workload in areas where 1 person can really do the job of 3.  Read this Investor Business Daily article to see the latest in corporate activity partly contributed to the October 1st implementation of ObamaCare.

And check out this video to see if these corporations are running lean or running mean!



Best Read Friday - Government Shutdown Now Impacting Large Corporations

Instability with Gov't Contracts...
Confirmation of my posting on Monday (The 2013 Government Shutdown Affect On Business) is the recent announcement from Lockheed Martin of furloughing approximately 3000 workers.  Lockheed Martin primarily has federal funding for projects sponsored by the government, which is the crux of their business.

With no contingency plan in place for government issues or non-payment, contract managers were forced to lay off workers who were on assignment with a project directly related to government entities that were forced to close during the government shutdown.  

Read this article to see why the business continuity and project planning or lack thereof contributed to 3000 people from corporate America being additionally affected.  

Be sure to check back next week where the posts will specifically focus on business continuity planning to protect the company, the employees, and the data.

Fix Your Face

POKER FACE...
In every work environment or business meeting, there will be something idiotic said, a person who knows nothing about what he/she is speaking about, and someone who thrives off making noise on a seemingly calm subject.  It is at these times that it is important to wear the poker face instead of demonstrating disgust, disagreement, or lack of support.  Once expressions are neutral, no one can push buttons that can cause a temporary loss of professionalism.

So here's three ways to avoid showing facial expressions:
  1. Turn eye contact to an object that has visual content.  Always bring a notebook, computer or tablet to the meeting.  Gradually turn to one of these and stare aimlessly like you are focusing on what is written or typed.  In fact, you are focusing...on not telling someone how you really feel about what was said.
  2. Internalize a monologue.  Yes this means talking to yourself with no one noticing.  No lip movement just intense thought that does not spill into a conversation or dialogue with others.  Knowing how to master this is important if meetings take up a major part of your day because patience will eventually run out on hearing nonsense.
  3. Calmly change the topic.  Segue from the existing topic into a new one that diverts the attention and allows sensible discussion to begin.  This is a little tricky if the culprits become defensive so be sure to comfort them with a promise to return to the subject if there is enough time.
Poker face is the most valuable characteristic one can have. It disarms anyone from crossing boundaries that can push the limits.  It further keeps you calm enough to handle any noise that is not conducive to resolving problems.  So let them cry wolf and speak what they do not know.  You just FIX YOUR FACE!

Be sure to follow on Twitter @temekoruns

Knowing How Long is Too Long

Time Waits For No One...
You can start working a job and before you know it, 5, 10, or 15 years has passed.  Now this is okay if you want nothing more than the ability to pay the bills and a place to commute to every day to be around people.  Unless you are in a consistent department transition program, it is not okay if the goal is to learn new skills, bring fresh ideas from external experiences, grow professionally, and increase industry value.  In fact, there is no growth in being complacent with being stuck.

For consultants there should never be a situation where you are at one client for more than 18 months.  Anything over that time frame has dimmed others' vision of your expert opinion and ability to be impartial about matters where you have had outside experience.  It further embeds you into the corporate culture of the client - the politics, the seating arrangements, the promotions and the like.  Even worse if you have been at a client for more than 2 - 3 years, you are really out of touch with new processes, technology improvements, and future landscapes.  I don't care how much you read Gartner and all the other online or print magazines.  Unless you are experiencing it, you are not in it.  You are just out of touch.

Employees that are still counting on pensions and retirement plans have hopefully decreased since the fall of Enron in 2001 and the start of the last US tumultuous economy in 2007.  There is the means to an end with a paycheck in a job but even employees need to take charge of their career.  A career is the path set to pursue your passions.  In order to make it work for you, you have to work for it.  This means volunteering for tasks outside of the normal job description, being the go-to person when other people on the team are struggling and not performing, or rolling up the sleeves and getting hands-on if you are in a management role.  This sets you apart from the rest by increasing the value when being reviewed for layoff time and, more importantly, raises the stakes and the salary when obtaining employment somewhere else.

Evaluate where you are professionally and identify whether or not you have met or exceeded your 1, 5, 10, and even 15 year goals.  Chances are if you have not met them, you either did not set the goal or became complacent and stayed too long.  If learning more and stretching to become better is part of your makeup, take the actions to make a change.  Too long is long enough!

Best Read Friday - Time Is Money So Delegate Wisely

Time is Money
Time is Money...
The old cliche that time is money stands out for any entrepreneur or gainfully employed person who plans to moonlight to change careers. It resonates more with vendors who charge for services rendered like athletic training, spa treatments, plumbing, electrical, and HVAC needs.  The longer they are on the job, the more money made.  Therefore, the more they are away from the job or commuting, the less money they make.

Correct.  No one does it better than you. However you are the only one who can save you.

This article identifies when to acknowledge that time is not on your side and help is needed.  It outlines when to outsource to free up time to handle other responsibilities and enjoy life's most precious moments.

For more information like this, check out the YouTube channel and the video excerpt on Subcontracting and Delegating without Losing Control.

Video Series - Running Business On a Diet

Measure the Fat in Business...
It's just as important to have a lean business as it is a lean body.  Trimming fat helps sustain longevity and keeps creativity flowing. 

This may mean a change to who is employed based on productivity and the mission of the company.  It can also mean finding alternative ways to achieve the same goals without overspending.

Check out this video for tips on how to start running a lean business.  http://youtu.be/FUy22crG78w

Respect the Boundaries or Expect Departures

Result of Crossing Boundaries..
Information Technology is no different than other industries like construction, finance, entertainment, and sports where deadlines are in place to meet objectives to get to successful results.  There are employees, consultants, and vendors in place that are assigned tasks and either work on teams or individually to make sure nothing falls through cracks.  There will always be a mistake or miscommunication that causes some rework or more research and this should be accounted for in a buffer that does not put everyone in crunch mode.  However, if there is poor planning on management's part, emergencies may arise but there are boundaries that should never be crossed if the dedicated qualified people are expected to continue to perform with excellence or even stay.

Here are a few tips on maintaining the boundaries to not lose the good people:
1)  Acknowledge and grant respect for life outside of work.  Work is the means to the end but not LIFE for anyone who is well-balanced.  There will be times when it is necessary to work late hours and weekends but it should not be the norm or be expected continuously for over a month.  Anything over that means there is a lack of respect for the people working.  Burn out is inevitable because the downtime required for people to regroup to perform better than average is missing. Mistakes will be made.
2)  Remove people that cause confusion and misinterpret.  Rework costs any project time, money, and resources.  If there is consistency of a person misconstruing the requirements and changing the direction on a whim, more time and money is wasted for continuous correction.  Management should address and eliminate this factor. Leadership should apologize to those performing the corrections and take the hit for it.  (Notice the difference between management and leadership.)
3)  Do not over-exaggerate minor issues.  We all know the story of The Boy Who Cried Wolf.  Everything is not a disaster or a showstopper.  In fact, all problems are not important enough to be addressed immediately.  Learn to stay focused on the bigger picture and only raise alerts on items that would cause a complete failure.  If someone on the team including management keeps setting every problem as a high priority, their position needs to be reevaluated.
4)  Escalate as the last resort.  If someone did not respond to an email, text message, or phone call at midnight and there were no established rules for overnight support, there is no need to escalate to upper management.  In fact, chances are #3 was not adhered to and there is some undertone of believing the most qualified people are somehow indentured servants answering to a dictatorship.  Trust. That will not last very long. 

In summary, respect those who work for you, maintain the boundaries, and they will work harder for greater outcomes towards your vision.  No matter the economy, t
here is always a group that can appreciate their expertise and hard work.

Best Read Friday - Richard Branson's Funding Pitch Advice

Richard Branson - Temeko Richardson Blog
Richard Branson...Virgin Group Founder
Over the last three weeks, we have focused on the business plan in a two part video series (Part I and Part II) and how all the pieces need to come together to structure lending and venture capitalism in last week's Best Read Friday.  

The test comes when the meeting is set up with potential lenders or investors. You must convince them that the plan is so airtight that eventually they will get some return on their investment.  In a nutshell, they don't want to just throw their money away.

Here are some tips on what to mentally prepare when speaking to potential investors when pitching your entrepreneurial creation.  Not only are these tips proven but specifically called out by billionaire entrepreneur and Virgin Group founder, Richard Branson, in this article as successful tools to keeping the interest of the investor.

From Combine to the 1st Day of Camp

Courtesy of sportsillustrated.cnn.com  
Professional athletes have all had the dream to make it to the big league.  Once they are drafted or have had successful combine results and are lucky to be signed, dreams have morphed into reality.  But just like people employed in careers that are not necessarily dream jobs, there is a time frame each person must endure initially that will either stimulate and motivate the desire to excel or filter out the weak links that just do not have what it takes.


In corporate America, it is the three month probationary period for employees and contractors.  For professional sports, it is training camp for the athlete.

Here are four tips to help make the transition from unsure to gainfully employed:
1) Remain humble. Management and coaches already know who will most likely remain on the team before camp begins. This time is mostly for the ones who have exhibited talent, competitiveness, and toughness but the determination is left as to whether they are a good fit.  Good fit is not only about how well they will replace others but also character, reputation, and the ability to get along well with others including leadership.  This is the time to remove associates that exhibit poor judgment and keep people around that are discerning about what it takes to keep your humility and ability to focus in check.
2)  Be prepared and stay alert.  Whether it is working out endlessly to be in the best condition before training camp or researching work assignments that apply to what your task will be, stay the course with self-discipline.  Turn preparation, like watching film, into habit by focusing at least twice a day.  Now this also means getting the appropriate amount of rest and turning down the solicitations to hang out on the weeknights at the local bar or club so that you can remain alert during your "day job".
3)  Befriend no one. The people that are trying to be the friendliest are normally the ones that are the most divisive or competitive.  They either want to know what you know or stop you from where you are trying to go.  This is not the time to build a family dynamic in this trial period.  After the team is set and you are grounded in checks, determine who you want to have in your space and filter accordingly.
4)  Stay drama free externally.  There will always be significant others and spouses and those who seem to continue to hang on.  Be sure these individuals do not bring added stresses of neediness but provide the level of support necessary for you to remain focused on the ultimate result of getting past this period.

After all no career is really promised a lifetime but there must be the right focus to make it off the starting line for the first few months.  Treat this time like a combine and use these tips and work hard to stay off the unemployment line.

Limit Business Plan Mistakes and Increase Funding

Gotchas of the Business Plan...
The two part video series posted on this blog on developing a business plan over the last two weeks (Part I and Part II) helped to gather the specifics.  However there are some nuances that might need to be corrected to make sure all the appropriate information is in order to secure funding from lending sources or venture capitalists.  

 Check out this article to prevent from making mistakes of either overloading or under-fulfilling the information needed for funding from the business plan.  http://www.entrepreneur.com/article/81188

Video Series - Essentials of a Business Plan Part II

Part II...
Hopefully you completed gathering the information for the first part of your business plan from last week's lesson.  http://youtu.be/CMtXiF8WRxg 

Watch this video for the second part to the series to complete the business plan to determine if your business idea is viable and prepare for financial planning for the sustainability of the business.  
http://youtu.be/bzh-Waht1j0


For more information,be sure to follow my tweets on http://twitter.com/temekoruns and my blog at http://blog.therlcgroup.com

Video Series - Essentials of a Business Plan Part I

PART I - Starting with an Idea...
It is not enough to have a burning desire to be your own boss, leave the corporate world behind, and do something you like by your own rules.  There must be a plan to make sure it is thorough enough to last beyond a couple of years.  This two part series provides a blueprint for the aspiring entrepreneur who wishes to put a plan together and seek funding to pursue their interests.

Check out Part I of this video series to start the planning efforts:  http://youtu.be/CMtXiF8WRxg

The Weight of Leaving the Comfort Zone

IN CHARGE SOMETIMES..
The most successful entrepreneur or athlete is not always in the driver's seat or director's chair on long-term contracts.  Whether you are in a profession because it pays the bills or it is the dream career that you love, it is hard to leave the familiarity when it must come to an end.  Sometimes it is abrupt as in the case of injury or inability to move as quickly as in the prime for athletes.  Other times, there is a known expiration date on a contract that will not be extended due to budgetary reasons, change of direction, or lack of interest.  Regardless of the circumstance, it is hard to move on from a place of familiarity.

Here are some tips on easing the burden of leaving the comfort zone.
  1. Accept the reality that it is over and expect to walk away having given your best performance.  Even if an offer to extend the contract is provided, at least you can walk away with pride and dignity in all of the great work ethic.
  2. Preparation is key but sometimes unexpected things occur.  Plan at least 6 months out to ensure monthly obligations can be met - both business and personal.  No matter how great you are, there is someone competing at a discount.  Therefore, do not count on another contract being picked up right away.  Curb the spending until you sign on the dotted line.  
  3. Evaluate options carefully without being too self-entitled.  Sometimes the arrogance can get in the way of great opportunities and successful negotiations.  Be humble and appreciative that you may get another opportunity.  The humility will always win in the end.
  4. Be positive and silently release any negative feelings about no longer having the contractual obligation.  Now I don't mean leave monies owed on the table.  However do not harbor ill feelings that will only make you appear like damaged goods for the next contract.
There is a difference between the long-term franchise, contributor, and role player.  The former normally controls when he leaves the contractual agreement.  The latter two can be up for grabs based on the market, ownership, and the management.  Be prepared and know that you will always be where you are supposed to be.  That should be the only comfort zone!

Video Series - Doing Business Requires Dating Skills

A CALL BACK SPEAKS VOLUMES...
Meet some executive on the plane or at the local coffee shop?  Exchanged numbers with a solid business person at a conference? Received a complaint from a justifiably upset customer? 

Relationship building in business requires the same simple healthy communication as dating - a callback.  It is common courtesy and shows respect for the other person's time, availability, interest or concern.

Check out this video to see why the callback is so important in business relationships. 
http://youtu.be/cUcCbC1yAGE


Check back every Monday, Wednesday, and Friday for more business and networking tips.  Be sure to follow on twitter at @temekoruns.
Purchase the book today on Amazon: http://amzn.to/10Somc1

Personal Satisfaction through Corporate Giving

IT TAKES A TEAM TO HELP...
Although Fortune 500 companies have the manpower and bandwidth to allow a missed day of work for volunteering, entrepreneurs of smaller companies need to focus on giving back as well.  Larger corporations tend to have community relations efforts and philanthropic teamwork to give back to a cause.  In many cases I have had clients of which these initiatives are required of the employees.  It turns from a request for volunteers to a mandate undertone for continued employment.   But what can companies (small or large) do to increase philanthropy by ensuring their employees have a sense of personal satisfaction?
  1. Put aside political agendas and reach what affects the majority of the internal workforce.  Look for causes of which mostly everyone has either been impacted or knows someone that was affected.  Drawing on that sympathy will inherently encourage participation.
  2. Increase corporate visibility of the efforts by highlighting participants in videos throughout the company.  Most companies have marketing and public relations departments that focus on corporate videos.  When others sees a familiar face involved in giving back to a cause, they will evaluate the cause and give involvement a thought.
  3. Listen to the employees' passions.  Distribute surveys, research their social media insights, and ask questions at company meetings.  Take the top 3 interests from the collective group and set up key leaders for the philanthropic initiatives.  After all, the more employees believe executives are listening, the more willing they are to work hard for the betterment of the company.
No one likes to be told what to do with their free time.  Requests that come off as mandates to volunteer during work hours don't motivate people to give 100%.  Use the aforementioned tips to ensure the personal satisfaction of giving back outweighs the time given and the feeling of a company requirement.

For more tips like these purchase my book, Get A Clue - 10 Steps to an Executive IQ:  http://amzn.to/10Somc1
Check out the YouTube channel for more business insights:  http://bit.ly/Vtzm2s
Follow on twitter @temekoruns for some business and motivational tips.

Video Series - The Not so Permanent Employee

HIRING THE BEST...
Management and entrepreneurs face budget decisions frequently that require them to identify the type of resource they will bring aboard to solve a problem, perform a task, or handle a specific project. Long gone are the days of employment being permanent.  Here today and gone tomorrow as many people have experienced after being loyal to a company for decades.

So what should be considered?  This short video is an eye-opener on what to look for in today's market. http://youtu.be/jOLN6e-rVAc

Be sure to check out more clues like this in the book, Get A Clue, on Amazon.com  
http://amzn.to/10Somc1


And subscribe to the YouTube channel: http://bit.ly/Vtzm2s

 

Keeping The Rotten Apple

ONE ROTTEN APPLE SPOILS THE BUNCH...
It takes dedication and discernment after a lot of mistakes to hire the right people and build a team that can focus on accomplishing the goals of your mission statement.  There will be different personalities and work styles. However there has to be one common trait in all the people - the desire to build others up in order to meet a common goal.  If one person lacks this trait ("the rotten apple") the advantage of keeping him must outweigh the tolls on the rest of the employees.   

Here are some scenarios of how the "rotten apple" can have a negative impact:
1). Misinterpretation of requirements and instructions that need to be communicated to others. While maybe not intentional (and I stress MAYBE), this person will cause others to fail and assert himself as the person who can come to the rescue.
2) constantly finding fault in other people's work who are more experienced. It's not constructive criticism; its the way to prove self-worth and value to anyone who believes he is doing this in the best interest of the company.
3). Taking advantage of a less experienced individual or introvert and convincing them of self-truths like no one understands the business more than he does.
 

Only you can determine if it is worth it to keep this individual around by supporting the bad behavior.  Clearly not addressing poor behavior is a silent agreement but is it worth the cost? The cost of losing qualified people, loss of business, unwillingness of vendors to want to work with you, or you, eventually losing your company and salary. No matter how cheap the "rotten apple" is, the cost of fixing the problem he made might be too detrimental to the success of your business.

For more tips like these, be sure to pick up a copy of the book, Get A Clue - 10 Steps to an Executive IQ on Amazon.com (http://amzn.to/10Somc1) and make sure to follow me @temekoruns on Twitter.

Social Media - Hard Work but Promising Returns

Pays To Know Social Media...
If you are like me, there is not enough time in the day.  For any business owner who also oversees clients' businesses, 80 hours is not enough in a week.  However social media is a must in today's society.  The rewards of recognition, notice for a great product or service, and Internet sales or interest can increase revenue for any business owner or show favor to corporate executives.  

So how do you handle all the social media needs to stay relevant in cyberspace?  

Here are a few tips to get you started:
Blog
  • Make sure your blog has a short concise sentence about what readers should expect.  
  • Every blog post should have some picture.  It is a visual society.
  • The format of every blog post should be the following:  picture, short catch introduction, Read more button, the rest of the post, and a "don't forget to follow me on Facebook, Twitter, and subscribe to my YouTube channel"
  • Keep a strict schedule to post (MWF), (TH), Bi-monthly
YouTube Channel
  • Keep a strict schedule to present videos and stick to it.
  • Be sure to mention the video in all your social media platforms on the day it is published
  • Aim for a new video a week.
  • Every two weeks upload a video where you answer questions from your various social media platforms, or at your events, etc 
  • In every description of the video, there should be a link to your Facebook, blog, and twitter accounts. 
Twitter Account Review 
  • Utilize a scheduler like Tweetdeck or Hootsuite
  • Commit to up to 5 tweets a day (3 business and 2 personal) 
  • The business tweets should have a link that directs to your other social media platforms 
  • Set a specific day or two to interact with others.
Facebook Account Review 
  • Every facebook post should have a picture or at least a bitly link to your other social media platforms.
  • Facebook is the best place to put up your Youtube videos.
  • Also take time to interact on facebook too.
And if you thought you had no time before, you really won't have any left now.  I must say incorporated most of these tips and it has worked for me.  Of course, follow me on twitter @temekoruns or purchase my latest book, Get A Clue - 10 Steps to an Executive IQ on Amazon.com

 
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