"It is a scientific fact that these macaques, like all other primates, including humans, are communicating. They communicate in much the same way we do - facial expressions, vocalizations, body postures, those kinds of things." - Jeff Kerr Jeff Kerr is PETA foundations Chief Legal Officer. I asked him to come on the show to talk about one of PETA’s current lawsuits against the National Institutes of Health (NIH) and Nathional Institute of Mental Health (NIMH). PETA is arguing that the monkeys being tested on in a government run facility are capable of communication (or “are communicating”). And that we have a constitutional right under the First Amendment to receive their communications. This could be a game changer in allowing us to see what’s really going on in labs that are funded by taxpayer money, and which have so far been censored from public view. PETA’s lawsuit follows years of NIH’s attempts to deny Freedom of Information requests banning PETA executives from its campus and illegally censoring animal advocates’ speech on NIH’s public social media pages. Through the lawsuit, PETA is seeking a live audio-visual feed to see and hear real-time communications from the macaques who have been kept isolated, used in fear experiments, and had posts cemented into their heads. Anthropologists and other scientists have studied macaque and other primate communications for decades and know that the monkeys communicate effectively and intentionally through lip smacking, fear grimaces, body language, and various cries and sounds—all of which constitute speech under the law. Primatologists can analyze that speech on a deeper level to share their stories with the world.…
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What did Newton Know about Action in Small Business | Up and to the Right | Episode 054
Manage episode 278267918 series 2712583
محتوای ارائه شده توسط beyond50percent. تمام محتوای پادکست شامل قسمت‌ها، گرافیک‌ها و توضیحات پادکست مستقیماً توسط beyond50percent یا شریک پلتفرم پادکست آن‌ها آپلود و ارائه می‌شوند. اگر فکر می‌کنید شخصی بدون اجازه شما از اثر دارای حق نسخه‌برداری شما استفاده می‌کند، می‌توانید روندی که در اینجا شرح داده شده است را دنبال کنید.https://fa.player.fm/legal
Get the show notes: https://b50p.info/uattr054
I put a lot of effort into running and growing my business. I'm sure you do too!
What do we get for that effort? I'm not talking about. the long-term effects of our actions resulting in new revenue or market growth.
What reaction do we expect from this particular action?
Let’s get… mechanical!
65 قسمت
What did Newton Know about Action in Small Business | Up and to the Right | Episode 054
The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
اشتراک گذاریManage episode 278267918 series 2712583
محتوای ارائه شده توسط beyond50percent. تمام محتوای پادکست شامل قسمت‌ها، گرافیک‌ها و توضیحات پادکست مستقیماً توسط beyond50percent یا شریک پلتفرم پادکست آن‌ها آپلود و ارائه می‌شوند. اگر فکر می‌کنید شخصی بدون اجازه شما از اثر دارای حق نسخه‌برداری شما استفاده می‌کند، می‌توانید روندی که در اینجا شرح داده شده است را دنبال کنید.https://fa.player.fm/legal
Get the show notes: https://b50p.info/uattr054
I put a lot of effort into running and growing my business. I'm sure you do too!
What do we get for that effort? I'm not talking about. the long-term effects of our actions resulting in new revenue or market growth.
What reaction do we expect from this particular action?
Let’s get… mechanical!
65 قسمت
همه قسمت ها
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Business Pivot Triggers Practical Approaches to Pivots What's Next for Up and to the Right? Contact Beyond 50 Percent https://beyond50percent.com stephen.krausse@b50p.com IG & TW @beyond50percent
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
1 Happy Lucky’s Teahouse Owner Interview | Kari and George Grossman | Up and to the Right | Episode 061 56:57
In this episode of Up and to the Right I'm excited to have Kari & George Grossman owners of Happy Lucky's Teahouse. We'll talk about getting started in 2009 and adapting to a wildly changing business environment in 2020. About Happy Lucky's With a commitment to quality, selection, and community, Happy Lucky’s creates a highly interactive, informative, and immersive tea experience. Whether you are already a tea lover or new to the brew, you’ll find the flavor, aroma, and feeling that speaks to you from over 200 loose-leaf options on our Great Wall of Tea. Find Out More About Happy Lucky's Teahouse https://happyluckys.com/ 970-689-3417…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Is it click bait? To be fair, click bait isn't my plan. In fact, I think it's important that we separate the small business trends for 2021 that matter to us as owners from the 'trends' over which we have no agency, no resources to follow or that simply don't apply. Let's figure out which windmill to chase! See the full show notes: https://b50p.info/uattr060…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Best Book for Small Business Show Contents 00:00 Pre Show 00:16 Program Start 01:20 Introduction 01:41 News & Updates 04:40 Let's talk about reading! 16:43 Let's get practical! 17:35 Sidebar on book length... 19:30 Working a Book 24:48 My New Reading Experiment 30:07 Show Close & Contact Info I asked the internet... "What book was the most effective in helping you make REAL CHANGES to your small business?" In this episode I'm going to share how the internet replied! Let's get... well read! Contents: Chapters Added After the Show It's time to roll up our sleeves and get to work! Connect on Social LinkedIn | https://b50p.info/sklinkedin Instagram | https://b50p.info/instagram Facebook | https://b50p.info/facebook Twitter | https://b50p.info/twitter Twitch | https://b50p.info/twitch…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Full Show Notes: https://b50p.info/uattr058 Small Business Priority | 4Get 2020 Time to Move On 2020 is finally over. There will be plenty of blogs, podcasts, articles and videos reviewing 2020 and predicting 2021. Not here... not today. As small business owners, we need to focus on what IS... NOW and figure out what needs to be done at this moment in time to move our business forward. Your time is a limited resource. How do you know what to work on? I'm going to throw out a quick way to think about what matters to you now and some tips to keep it at the top of mind. Let’s get… focused!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
1 Starting Up a Small Business - What is a 'Small Business'? | Up and to the Right | Episode 057 32:42
Show Notes: https://b50p.info/uattr057 What is a Small Business? Over the years I've come across a lot of misinformation about what it means to be a small business. Sometimes people think it's determined by the number of employees, sometimes by revenue, even by the corporate structure. As we'll see below it's actually easy to understand why there is confusion identifying what is a small business. Defining Small Business So, if there's so much confusion around how to define a business as small then how can we go about doing it correctly? The good news here is that while it isn't as easy as a single criterion that we can point to, there is a place we can go to find out exactly how to classify our own business as small or not. There are three pieces of information that you're going to need to put all of this together. Your NAICS Code The Number of Employees Average Annual Revenue (based on three years) Once you have those three pieces of information you'll be able to get the right answer for answering the question... "What is a small business?" at least, for your case!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
1 Starting Up a Small Business - Small Business Regulations | Up and to the Right | Episode 056 30:33
Full Show Notes: https://b50p.info/uattr056 You've come up with a great business idea. You've started your business and things are going great when out of the blue a great potential customer asks: "What's your export control code?" Don't know? You're not alone and export control is just one of the seemingly endless regulations that may (or may not) apply to your small business. Let’s get… regulated! In short, small businesses are regulated by largely the same laws that regulate larger organizations. The only difference is that there may (or may not) be provisions in those laws that allow small businesses to bear a lighter burden in some ways. While there may be some provision for small business in the regulatory environment, it is equally true that small businesses are still required to adhere to regulations that cross a wide variety of areas which we'll cover. I want to dispel the myth that forgiveness rather than permission is a risk that small business owners should avoid. It is better to ask for implementation than forgiveness... every time.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Show Notes | https://b50p.info/uattr055 It's time to roll up our sleeves and get to work! Physics in Business. At first, it might not seem like the two are closely connected. I've found that the principles we use to describe our physical universe often have parallels in the business world. The power of leverage in business is often thought of as a negative. Something used to push someone else down in a negotiation or to artificially inflate value. These are the uses of leverage that we won't be talking about here. We are going to talk about the necessity of leverage and why understanding it and, in fact, embracing it is elemental to creating, operating, and sustaining a valuable business. Let’s get… leveraged!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Get the show notes: https://b50p.info/uattr054 I put a lot of effort into running and growing my business. I'm sure you do too! What do we get for that effort? I'm not talking about. the long-term effects of our actions resulting in new revenue or market growth. What reaction do we expect from this particular action? Let’s get… mechanical!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
1 Working ON Your Business With FLOW and Megan Denae Anderson | Up and to the Right | Episode 053 44:02
Get the Show Notes: https://b50p.info/uattr053 If you picked two words to describe entrepreneurship they would very likely be longly and busy. Really... REALLY busy! I can speak from personal experience that being a small business owner can leave you feeling alone as well as fill your time with a stream of seemingly critical tasks. How can entrepreneurs like you find kindred spirits that share common experience AND get the opportunity to work ON your business by accomplishing focused work? Let’s get… into the FLOW! Accelerated Business Consulting: https://www.beexcellent.biz/…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
1 What did Newton Know about Making an Impact as a Small Business | Up and to the Right | Episode 052 29:20
See the full Show Notes: https://b50p.info/uattr052 What did Newton Know about Creating Impact as a Small Business? Everything we need to know about making an impact as a small business... Newton knew in 1686!? Really? Newton’s 2nd Law states that Force = Mass * Acceleration. How can understanding one of the fundamental laws of physics help us make an impact as a small business? Is changing the world as easy as Force = Mass * Acceleration? Well yes... and no. Let's rewrite that a bit. Mass = Resources Acceleration = Momentum Force = Impact How about Impact = Resources * Momentum? You get the idea. There are advantages to thinking about business from the perspective of physics. Let’s get… mechanical!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
1 What did Newton Know about Small Business Communication? Objects Rest and Motion | Up and to the Right | Episode 051 25:30
Everything we need to know about small business communication... Newton knew in 1686!? Really? An object at rest tends to stay at rest unless acted upon by an outside force. An object in motion tends to stay in motion in the same direction unless acted on by an outside force. If these trends sound familiar ... A customer who is happy tends to stay a customer unless there's a sale at a competitor. A rock star employee tends to stay a rock star unless we eliminate performance bonuses. You get the idea. There are advantages to thinking about business from the perspective of physics. Let's get... mechanical!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Show Notes: https://b50p.info/uattr050 Consuming content has become a byword. We all want to learn and grow personally and professionally. To that end, we read or listen to books, watch videos, take online courses, and consume any number of other types of content. Have you ever stopped to consider whether or not the content you’ve consumed has actually generated a beneficial transformation in your business? How do we get the most benefit from the information we read, watch, or listen to? How do we drain these content creators dry? Let’s get… draining!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Show Notes: https://b50p.info/uattr049 A small business startup can be overwhelming. So much so that many people choose not to and many of us who do start small businesses often miss a piece of the small business puzzle. In this episode, I’m going to share three things you need to do when you’re starting your business that might not be on your list… yet! Let’s get… started!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Full Show Notes: https://b50p.info/uattr048 When Should I Hire a Consultant? Hiring a consultant is bringing an ‘outsider’ into your business and can be an intensely personal experience. What’s in this episode for you?! When should you hire a consultant? We’ll talk about hiring consultants in small businesses and my own 2020 adventure in bringing help into my own business. There are 3 consultants every business owner should have… what are they? You’ll find highlights below. Watch the livestream recording or listen to the podcast version on your favorite podcatcher for all the details! When Should I Hire a Consultant? What is a Consultant? In order to understand when it’s time to bring in a consultant let’s talk, first about what a consultant is. This may seem basic but it’s important to be clear about it. A consultant is someone from outside your company that brings needed expertise or resources that will benefit your business. Most often we think of engineering services, marketing or business management ‘consultants’ with varying degrees of trepidation or even loathing. The trepidation and loathing is a product of consultants who don’t take their craft and customers seriously. I’m sorry if you had that experience. For what it’s worth… to me small business is as serious as the 50% of the economy that it represents (which means I take it seriously). When Should I Hire a Consultant? I have found two criteria that make this very simple. When you find yourself needing to accomplish something that you’re not objectively qualified for. If you don’t like doing it but it still needs to get done. How Do I Know What to Hire a Consultant for? Break down what needs to be done, what skills are needed to achieve those goals, and then match those to your own skillset. Get referrals from colleagues who have experience with a consultant in an area you need who got results similar to what you’re looking for. Get to know the experts you're considering. You’ll get a lot more benefit from someone you enjoy working with. Let's roll up our sleeves and get to work!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
1 Jeff Allen with Allen Service | Pivot to Profit - 002 | Up and to the Right 1:05:13
1:05:13 
پخش در آینده 
پخش در آینده 
لیست ها 
پسندیدن 
دوست داشته شد1:05:13
پخش در آینده پخش در آینده لیست ها پسندیدن دوست داشته شدJeff Allen, Allen Service, Plumbing, Heating, and Air Jeff, his brother Mike, and the team at Allen Service, Plumbing, Heating, and Air, have been operating as an ‘essential business’ through the current crisis. A small business succeeding during the COVID-19 pandemic, Jeff and his team prioritize employee and customer safety while still providing quality services. I’ve always thought that heating, ventilation, and air conditioning (HVAC) systems in our homes were for comfort and convenience. I learned from Jeff that our indoor air often has more contaminants than the outside air and that modern HVAC systems can clean the indoor air we breathe, making it safer. They have been able to not only operate during the current crisis but offer products that can reduce the contaminants and contagions in our homes. As you can imagine, after nearly 60 years in business Allen Service has been through a lot, and Jeff shared his experience and practical action you can adapt to your business situation. Contact Jeff & Allen Service Allen Service, Plumbing, Heating, and Air “The name you know and trust.” 970-286-0359 https://www.allenservice.com/ A Brief History of Allen Service in Northern Colorado Jeff introduced us to Allen Service as the name you know and trust in plumbing, heating, and air in Northern Colorado, serving only residential (non-commercial) customers. After nearly 60 years as a local small business, it was interesting to hear how and why they chose to move away from commercial customers. One of the key takeaways was they have optimized their business, processes, and training to focus on and deliver the best possible service for a specific customer segment. By concentrating their efforts, they have been able to consistently grow their business while maintaining high-quality service. Allen Service as an Essential Business Colorado classified the plumbing, heating, and air conditioning industry as ‘essential’ during the economic shutdown. This designation allowed Jeff and his team to hone their business processes to deliver critical services during this challenging time in a way that has minimized the risk to Allen’s customers as well as their team members. As we all spend more time in our homes to reduce our exposure to the pandemic, we become more aware of issues related to our HVAC or plumbing systems, which Jeff and his team can address safely. Additionally, as I mentioned earlier, I learned that our indoor air quality is often lower than the air quality outside. There are modern solutions that can reduce allergens, contaminants, and even contagions from our home environment. Zero Contact When the pandemic began to impact business operations in the US significantly, Jeff and his brother Mike made adjustments to their work processes to create a ‘zero contact’ service. They achieved this by adding additional personal protective equipment (PPE) such as masks to their existing practices. Customer Safety & COVID-19 Allen technicians have a defined procedure that Jeff details during our conversation that allows them to contact the customer and perform the service in a way the eliminates contact between the technician and the customer and minimizes the technician’s impact on the home. Employee Safety & COVID-19 While keeping zero contact between the customer and service technician is an excellent step to keeping employees safe, the management team at Allen Service has also taken steps in their offices to reduce employee interaction and possible contamination. Jeff and Mike’s extra precautions have reduced the risk of transmitting the virus among their team with excellent results. Indoor Air Quality I’ve known Jeff for a while, and I knew he would have a lot of great experience and expertise to share. I didn’t realize that there is technology available to us through our HVAC systems that will help remove the allergens, contaminants, and contagions from our indoor air. Jeff shared that by installing these economical add-ons to homes, their team has an immediate impact on the health and quality of life of Allen Service customers. Managing a Remote Workforce Many of the Allen Service team members are now working remotely to minimize the risk of exposure. While this takes some getting used to, it has provided the opportunity for Jeff and his team to experiment with operating processes that offer benefits that employees enjoy, improving the work experience for his team. Actions & Results Jeff and Mike Allen have demonstrated that small businesses can create ways to operate safely during a pandemic. By taking stock of the facts, they developed policies and processes that keep their customers and team safe while still delivering the quality service northern Colorado expects from Allen Service, Plumbing, Heating, and Air. Look at the facts, not the fear. Identify how your business can have a meaningful impact. Take care of your customers and your team. Wrapping it all Up Do you have an innovative solution to a COVID19 problem or another difficult business situation? Email me at go.beyond@b50p.com to be a guest on the show… share your message! Click the link above or use your favorite podcatcher to listen to the full episode. Thanks for watching or listening! Up and to the Right is live weekly - check the Podcast Page for details about when we're live and where! You can subscribe to the Up and to the Right podcast on iTunes, Stitcher, Google Play, TuneIn, and now there’s even a playlist on the Beyond 50 Percent youtube channel!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Full Show Notes & Resources: https://b50p.info/p2p001 Being a small business owner is challenging in the best of times. During periods of economic uncertainty that challenge becomes more difficult. In 2020 we're faced with those economic concerns but they are combined with a serious global pandemic and the groundswell of difficult but necessary social and cultural shifts. Any one of these would be stressful enough on its own but combined it is understandable that many of us are under a great deal of stress. Social distancing has, in large measure, removed some of our traditional coping tools, many recreations and social support. I hesitate to use the term 'unprecedented' which seems to be getting thrown about; however, it's clear that we are living in a difficult time. As I thought about all of this I wanted to find a way to pull back the curtain on our isolation. Rather than just finding solace in shared difficulty I wanted to produce a show that allowed business owners to share their own experiences and thoughts with other owners as well as share with the customers the best way to safely support local businesses. Let's pivot to profit! Introduction to the Pivot to Profit Segment In this first episode of my new segment I just want to let listeners know what to expect and share a bit of my own experience on the two businesses I own and operate. My Three Goals: You are NOT Alone! Share Experience & Successful Actions Share Safe Ways to Conduct Business First of all the regular episodes of Up and to the Right will continue. Pivot to Profit is a supplementary audio only production designed to complement the regular show. The focus of Pivot to Profit is to have real, on the ground, discussions with business owners just like you. I want to make sure that business owners know that they are not alone during this difficult time. There are a lot of us out there coping with similar problems. We can learn from each other and that’s a huge part of the value of this segment. The second piece is the opportunity to share actions both successful and less so in order to help each other learn and grow and continue to operate during this crisis. Finally, I want to provide business owners the chance to share safe ways for their customers to purchase products & services. This may provide listeners with ideas for their own business as well! My COVID19 Experience As you probably already know I own and operate two distinctly different companies; Directed Energy & Beyond 50 Percent. Directed Energy provides high voltage & high current pulsed power equipment for a variety of international markets. It’s a niche business but relies on the international economy and the needs of a relatively narrow list of customers. Beyond 50 Percent is a service based consulting practice I started to help entrepreneurs and small business owners. Directed Energy The impact of the pandemic on Directed Energy has been very serious. Our sales dropped substantially and after a few months of reduced income I had to make the decision that business owners never want to make. I had to let team members go. These were people I’ve worked with for over 10 years so they are friends as much as coworkers. One thing that made the situation better was that I have always been very up front about the financial position of the company and going into 2020 that made it clear that employment positions would have to be eliminated. I’ve reduced expenses and worked with vendors to put Directed Energy in a cash neutral position. The good news is that we are able to continue operating, serving customers and shipping product. The takeaway is being able to recognize the action required and taking it even when you really… really… don’t want to. Beyond 50 Percent The business for Beyond 50 Percent is significantly different than that of Directed Energy. As a professional consulting services company there is no inventory to hold and no direct employees aside from myself. I use carefully selected independent contractors for accounting, marketing, graphic design, web development and other business services. This provides much more flexibility and reduces the direct impact of COVID19. However, I had decided to put more of my time into Beyond 50 Percent and arrange Directed Energy so it needed less of my direct input. For Beyond 50 Percent I’ve had to change my growth expectations for 2020… not what I’d hoped for but I’ve taken time to hone my messaging, tweak the website and take care of other ‘background’ business operations so I’ll be better positioned to move forward. You’re Not Alone! As I mentioned before and I want to say it again because business owners often feel isolated. “You’re not alone!” There are a lot of us out there and we really are all in this together as a small business community. Actions & Results The actions I’ve taken have been: Stay in Control of Cash Reduce Costs (even when it hurts)…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Reminder: What is a Business Principle? When I talked about what made a business principle I ended up here: A business principle is a concept that is both foundational and relevant to all businesses. This set a pretty high bar when it came to identifying what were business principles and what were strategies, missions and tactics. Profit made the cut and that’s what I want to cover today. Why Profit? Profit is the standard measure by which companies large and small are evaluated. While profit alone doesn’t create a full picture of a business, it is used frequently as a shortcut or first order tool to determine how a business is doing. More importantly, profit is a good indicator of the direction of future cash flow. As a rule, if net revenue is positive and our business is profitable then it is generally true that cash flow is also positive. Of course, there are a lot of factors that impact this but it’s a good start. A Note about Non-Profits Are non-profit organizations (NPO) exempt from profit concerns? Yes… and no. While it’s true that non-profits don’t have to worry about making a reportable profit, they do have to worry about the direction of their cash flow. When it comes to NPOs the ‘profit’ they need to be concerned about is how well they are able to magnify the effect on a cause of a donor’s contribution over the ability of the individual donor to make an effect themselves. Get OK With Profit Before we go any further we need to get okay with profit. There’s a lot of misunderstanding and misinformation about business and profit in general. The term ‘profit’ itself seems to have gathered a negative connotation in today’s popular culture. If a news story comes out about a large company doing something that appears to put profit before people then it reinforces this negative stereotype. Well, I’m here to tell you that businesses need to focus on, be comfortable with and even seek (yes… SEEK) profit. We use the cash generated by our well run business to: Run the Business Pay Down Debt Increase Working Capital Fund growth Create an Emergency Fund Give to Charity Create Owner Value These and all the ones you can think of that I didn’t list are reasons that we need to be comfortable with and plan our businesses around profit. Factors That Put Pressure on Profit As you can imagine there are a number of factors that put pressure on profit. Some put pressure to reduce profit and others add pressure to increase it. Downward Pressures Competitive Landscape Customer Expectations Economic Environment Upward Pressures Growth Funding Owner Return & Benefit Operating Costs Savings & Emergency Planning Future Company Valuation Ethical Considerations - How Much is Enough? So… the inevitable Question… “How much is enough?” Honestly, this is a question only your conscience and your customer base can answer. My input on this is pretty simple. If you offer a product or service that is either unnecessary or easily replaceable with an economic alternative then you are free to profit to whatever extent the market will bear. If you sell wakeboards for boating or jewelry you can let the market forces guide your profit. This is because neither of these are necessities. I like the example of a Rolex vs. a Timex. Rolex is free to profit as much as their customers will allow because Timex and other watchmakers offer economical alternatives so customers are now bound to the Rolex product. When you offer necessities like food or medical products/services there is, in my opinion, a moral duty to develop a business model around ‘reasonable’ profit. I realize that ‘reasonable’ is ambiguous and represents a moving target. I think of this as a thought experiment and guideline to consider depending on your business. Basically… something to think about. Service Based Businesses & Profit Is it possible for service based businesses to achieve 100% profit? You know… Revenue - Expense = Profit with “0” Expense? Well… no. Your service based business will always have one expense and that’s you. If you think you’re achieving 100% profit you are not paying yourself. To better understand the operations of your business pay yourself a competitive salary and evaluate your business with its true costs in mind. Practical Action Watch Your P&L Regularly review your Profit & Loss Statement (aka Income Statement) and look for profitability and trends over time. Use this information to restructure the parts of your business that impact your profit. Use Profit to Test Business Changes You can use profit to test new products, price points, markets and customer segments. Plan for Profit Whether you offer physical products or professional services start with the idea of profit when you design your offering. If a product can’t meet the profit requirements of your business it needs to be redesigned, replaced or simply discontinued. How do you achieve profit? Drop a comment with your thoughts. Connect with me to keep in touch and share ideas!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Reminder: What is a Business Principle? When I talked about what made a business principle I ended up here: A business principle is a concept that is both foundational and relevant to all businesses. This set a pretty high bar when it came to identifying what were business principles and what were strategies, missions and tactics. Cash management made the cut and that’s what I want to cover today. Why Cash? Using cash instead of a form of barter system allows us the flexibility to delay purchases, store value and sell goods & services to one market while purchasing goods and services from another. This provides for a wide variety of products and services and flexible timing for purchases. Why is cash management a business principle? Managing cash is essential for business. Without proper cash management businesses cannot continue to pay employees and vendors; purchase inventory or expand and grow. Additionally, cash management is applicable to all businesses since all businesses must have transactions in order to continue operations. Cash Considerations for Business Cash vs. Profit Cash In Cash Storage Cash Out Cash Planning Cash vs. Profit We need to get this right from the beginning cash and profit are related… but not directly. Positive cash flow means that the cash you have coming into the business is greater than the expenses, investments etc. that you must pay and does not take into account a number of transactions like depreciation that will affect your profitability but not your cash. If you’re not clear on this, discuss it with your accountant so you get a general understanding of these differences. Profit is an accounting construct used for business analysis and taxes. Cash In How cash is collected can have a significant impact on our cash management and our expenses. Delayed cash in from customer credit and credit card fees add to the complexity of cash management. While there’s no ‘one size fits all’ plan it’s important to understand the consequences of your cash collection and to be intentional about it. Cash Storage In many ways the literal storage of cash is less an issue than it once was there are still a number of considerations to keep in mind if you do store actual cash as well as where you put your money (checking, savings, money market, investments, safe… etc.). Cash Out One of the most important aspects of our relationship with cash is how we use it. Who has access and authority to distribute cash (write checks, pay bills etc.). Who has access to using the company credit card (yeah… that’s cash too really)? Cash Planning As important as understanding how cash is used another key is when it is used. Business owners must stay in control of the ‘when’ of cash. Remember that you have control of your cash until you’ve mailed the check! Practical Action Don’t take cash or cash management for granted! Understand how cash moves in your business and why. Keep and eye on trends and act quickly to changes.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Reminder: What is a Business Principle? When I talked about what made a business principle I ended up here: A business principle is a concept that is both foundational and relevant to all businesses. This set a pretty high bar when it came to identifying what were business principles and what were strategies, missions and tactics. Communication made the cut and that’s what I want to cover today. What is Value? According to Merriam-Webster the definition of “value-added” is: “a product whose value has been increased especially by special manufacturing, marketing, or processing” I want to change the word “marketing” to “experience”. Marketing is a tool to communicate but it’s the experience that changes the value of a product. Why is adding value a business principle? Value qualifies as a principle because of the fundamental requirement to offer something that your customer values more than the money they wish to exchange for it and it is universally applicable to all businesses. Examples of Value-Added Intrinsic Value - Commodities A commodity is an item that can be easily compared on price and is generally just as easily replaceable by another, similar product. Examples might be automobile gasoline or general food items. Luxury Products On the opposite end of the spectrum we have luxury items which are difficult to compare on a cost base and are less replaceable than a commodity. Differentiating Commodities and Luxuries Of course, the scale between a commodity and a luxury item is wide. One of the key goals of marketing is to differentiate brands from competitors but also from the nearest commodity. This increases the overall perceived value of a product with the intent of increasing sales volume, margins or both. A practical way to look at value-added is simply how we separate what we have to offer from the nearest commodity. Consistent Quality Sometimes you just want to be sure that you know what you’ll be getting every time you use a product. Many ‘mass produced’ products rely on this characteristic. Fast food restaurants and automobile gasoline for example. Functions & Features Specific product functions, features and capabilities are a common way to differentiate your products and services from both competitors and commodities. The Swiss Army Knife differentiates itself by adding the value of a combination of useful tools to the standard pocket knife. Durability Does your product last longer than other, similar products? Can your product be used in harsher conditions? Durability makes it easy for customers to rationalize a higher cost when the product will last longer or work in more difficult circumstances. Customer Identification How a product makes us feel about ourselves can play a big part in our purchase decisions. We’d all like to imagine that we’re more rational than we really are when it comes to how we spend our money. Helping customers identify positively with our products and services in ways that also give them a positive outlook on their own values can add value that is powerful but difficult to quantify. Hybrid cars, health food stores and gyms often add this kind of value to their products & services. Customer Experience What is the environment in which your customer experiences your product or service? Is the environment part of the value? Think about flying first class versus coach or getting coffee in a boutique coffee shop rather than a convenience store. Customer experience can be another way to add value that doesn’t necessarily add a great deal of cost. How to Identify Your Value-Added How can small business owners get a good understanding of what value they are currently adding? Ask Observe Compare Ask One way to find out what your customers think the value of your product is would be to simply ask. You can do this with a survey or in person. While this may be a good start it’s important to understand that survey data may be affected by the customers feelings and perceptions about the survey itself. Observe Watching what your customers actually do and say when they are in your store or using your product can tell you a lot about what they value and how they really feel about your business. Compare By comparing both the observations you make and the direct questions you ask you can get at least a somewhat comprehensive view of the value your customers see in your products and services without the cost of outside market research. Practical Action Alright so let’s get practical! Here’s a quick way to get started understanding the value you add and adding to it! Find out what your customers value through observation, direct conversation and/or by using a survey. These should be benefits you already offer as well as those that you may be able to add. Answer the question: How does the value perceived above match the value you originally intended? What can you do to enhance your product or service to add additional value? Reminder: Look for ways to separate your product or service from the nearest commodity! Do you have a creative way to add value? Drop a comment with your thoughts. Connect with me to keep in touch and share ideas! References “Value-added.” Merriam-Webster.com Dictionary , Merriam-Webster, https://www.merriam-webster.com/dictionary/value-added. Accessed 25 Jun. 2020.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Reminder: What is a Business Principle? When I talked about what made a business principle I ended up here: A business principle is a concept that is both foundational and relevant to all businesses. This set a pretty high bar when it came to identifying what were business principles and what were strategies, missions and tactics. Communication made the cut and that’s what I want to cover today. What is Communication? At its core, the concept of communication is straightforward. Communication is the transfer of information from one person to another. Of course, while the concept of communication is simple, effectively communicating is another thing entirely. Why is communication a business principle? The ability to communicate effectively across your organization and to the wider world of vendors and customers is certainly fundamental to the success of your business. Since the transfer of information is a key part of any business it’s clear that communication is one of the clearest principles of business. -Communication happens whether you meant it to or not... - Every time you communicate the entirety of the experience is part of the communcaition [ ] - the tone you use [ ] - the clothes you're wearing [ ] - the environment around you or your recipeint or both [ ] - the words you choose [ ] - the channel you use [ ] What are the components of communication? While we’re not going to do a complete study of communication here I think it’s worth noting the basic components here. Source Message Channel Receiver Feedback Environment Context Interference Note: These were not invented by me and when I tried to source them I had absolutely no luck finding the actual smart person that came up with them. Please comment if you know the source and I’ll add it! While each of these is important there are three I think bear specific discussion in the context of business. Channel There is a tendency to reduce the concept of communication to written and verbal channels. It’s worth noting that each of our five senses is integral in how we perceive the information we are receiving about our environment and; therefore, it’s important to consider each of them as we work on our communications for our business. Does your message change depending on what channel you’re using? Should it? Message The idea of message is layered. One layer is the information we want to share. The layer that I think is often missed is the message we sent ‘surrounding’ the message we intend. An easy way to look at this is with video conferencing. When you’re joining a video conference everything that is visible to your audience subtly (or not so subtly) becomes part of your message. If your desk is tidy… that’s part of the message. If your desk is cluttered then that becomes part of your message as well. In order to ensure that our video is communicating the message we meant to transfer it’s important to look at everything that’s visible in the frame and see how it supports or detracts from that message. Another great example of this is body language. Most personal communication is actually achieved through our body language and not the words we say. The same issues can be applied to each channel that we use to communicate. Interference Interference is all the ‘stuff’ that gets in the way of transferring your pure message from you to your recipient. This includes the way you encode the message as the sender (biased based on your experience and context), the way your recipient decodes the message and any barriers or obstacles in between. If we assume that 1:1, in-person, communication is the most effective then for each step away from that we must take more care to reduce ambiguity and the possibility of misinterpretation. Communication Guidelines Video Look at what’s in the frame and make sure it reflects the message you want to convey. Get your audio right first. Remember you’re on camera! Email Put your contact information in your email signature. Add a greeting for each recipient on the first email of the day. Only ‘reply to all’ for distribution or notification. For items requiring action - reply to the person responsible for the action. When writing an email, assume the person you want to read it least is going to get a copy. Never use email as the first communication of bad news… make the call or meeting then follow up with an email. If you’re angry and can’t stop yourself from writing… remove the email addresses from the TO, CC & BCC then save the draft and look at it later before sending. Be clear & concise. Remember there is no emotional context in email unless you put it there. Phone Never say ‘Bye’ before your customer does. Stand. Smile. Text emotional context don’t use i use sparingly Social Media wild west of communication be careful experiment be aware of the full messages you’re sending Practical Action We can’t all get a degree in communication but it is important that we are continuously practicing that craft to better share our ideas and expectations and value to our customers, team and business partners. Here are a few things you can do to help improve the value of communication in your business. Answer the question: How does your communication in each channel support or reflect your Vision? Create your own communication guidelines and share them with your team. Take a new look at communication and reinvest in the intentional use of language and tools to share your message. What’s your favorite communication tool for small business? Why? Drop a comment with your thoughts. Connect with me to keep in touch and share ideas!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Does Planning Matter to Small Business? The first thing we need to establish is whether or not planning matters to small businesses. At first, you might be thinking to yourself ‘Well of course planning matters!” but let’s be real here… as small business owners we have a tendency to fly by the seat of our pants more than we might like to admit. A lack of planning and over-planning can both have a negative impact on small business performance. So for us, planning has to be done in such a way that we create enough structure to achieve the desired results but we don’t unnecessarily spend time and resources. I’m a planner. I can’t get enough of looking at a project, digging into the details, identifying possible roadblocks or methods of achieving goals. This is the trap I call ‘Plancrastination’ and combined with not planning at all we find the need for a practical solution to planning for small business. What is a Plan? My definition of a plan for small business owners. “A plan is a series of listed milestones & actions that, when complete, will achieve a specific outcome.” This definition is important because there are three key elements here that will make your planning easier and more effective while minimizing the effort required. Stated Outcome - this helps prevent us from taking action without knowing exactly what we’re trying to achieve. Listed Milestones - help identify significant points of interest or achievement. Listed Action Steps - this is where the rubber meets the road and the work actually gets done. Planning Horizon For small businesses with limited resources (I think that’s all of us), one key element is the concept of only planning detail to the extent of our ability to act. If you have a project that will take six months but have three people in your company it probably won’t make sense to plan specific action items that you expect to happen in week 20 of the project. This means we only plan specific action within the timeframe we can reliably expect to complete it. Small Business Planning Process Identify the Outcome - Where do you want to go? Determine Your Starting Point - Where are you now? What’s the Difference? - Using the business vernacular “Gap Analysis”. List Milestones - What are the major guideposts along the way? List Actions - Who’s going to do what and when? Identify the Outcome This first thing I like to do is take some time to think about what outcome I expect. This may seem like a ‘no brainer’ but I’ve seen a lot of work go down a road to a destination no one looked at in the first place. This can be a single sentence. “We want to coordinate and structure customer interaction.” Now you can begin a search for a Customer Relationship Management (CRM) system. “We want to eliminate the production bottleneck of building the front panel of our instrument.” Now you can start looking for a CNC machine. It’s much easier to have a successful plan if you understand your endgame. Determine Your Starting Point In order to get to a destination you need to know where you’re starting from. Again, we need to keep this simple. “We currently have three people who deal with customers and each has his/her own communication methods, schedule and information storage. Joe uses sticky notes to document everything on the wall over his desk; Suzanne enters everything into a spreadsheet and Stacy writes it all down in her planner.” What’s the Difference? In business terms we call this step a ‘gap analysis’ which is shorthand for what’s the difference between what we want and what we have. This can actually be the hardest part of the planning process. As you can imagine that makes a key step. This is where you figure out what will have to be different from the way things are to achieve the way you want them to be. In the customer service case we might say we want everyone to have the same communication process so customers receive a consistent experience. We might also decide that all three of them need access to all the customer records so if one person is out of the office the other two can continue to cover all the customer requirements. We can answer these two issues by developing a customer communication plan and use a common database such as a CRM application to share information across the company. List Milestones Once we understand what needs to be different we can create the basic milestones it will take to get there. These are not specific tasks but guideposts along the way. Research Database Options Determine Our Database Needs CRM or Other? Research CRM Select CRM Train Staff Enter Data You’ll note that each of these would have a number of steps associated with it (some more than others). For the most part we won’t add details to these steps until we’re ready to actually begin that step (See ‘How Much Planning is Enough?’ below.). List Actions My framework for action planning is to get through the first four steps of the planning process above and then be very selective about planning step number five. Only plan specific action within your capability to complete that action. Personally I only plan details within about a week. How Much Planning is Enough? The amount of planning that will work in a specific case is variable. For small business owners I encourage you to plan but… not too much. In Episode 021 of Up and to the Right I offered the following guideline: “If additional planning will not provide a significant increase in the odds of success… then we’re done planning and it’s time to act!” I know… it’s subjective… that’s business for you. I have an inverse cost rule that might also be helpful. The more a project is likely to cost or the higher the risk the more time can be spent in planning. So, if something is going to cost 10 hours and $1,500 then you should spend as little time as possible planning. Conversely, if a project has a high risk of not working out or will cost 1,500 hours and $25,000 then it makes sense to allocate more time to planning it. Practical Action So the next plan you need to make just break it down into the five step process I listed above and keep the following guidelines in mind. “Only plan details within the capability of your business to act.” “If additional planning will not provide a significant increase in the odds of success… then we’re done planning and it’s time to act!” Write your plans down but keep them short. A plan that takes more than one page (single sided) could and should be trimmed. Come on… we have businesses to run… we need to plan so we can effectivel...…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Does Vision Matter to Small Business? Do we really need to write down our “Vision” as small business owners? Isn’t that just a Wall Street thing? Being clear about your vision is about more than wall hangings or motivational posters. It’s about more than a twitter post or an infographic. It’s about more than customer relationships or product development. Do a search on the web or your favorite book vendor for business vision and you’ll have mountains of material. I’ve read my share and while they’ve all had value none of them framed the value of an articulated vision in a practical, useful way that I felt small business owners could well… own. So, to that end, here’s the short, practical and actionable vision… of Vision. Defining Vision Before we can get started using our vision to change our business (and then the world) we need to agree on what ‘vision’ means in the context of business. In episode 41 of Up and to the Right I defined Vision as follows: “Understanding your place in the social & economical environment today and into the future even beyond what you can reliably see.” I’m going to take a bit of artistic license and amend it to this. “Understanding your impact in the social & economical environment today and into the future even beyond what you can reliably see.” Entrepreneurs don’t do all this work to have a ‘place’ we do it to make an impact. What is different about the world with your business in it? For Beyond 50 Percent it’s this. “Successful small business ownership is the rule… not the exception.” This short statement shares the change we want to make in the world and our target market. If you read a few books or do some research you’re going to find two things I think you may want to avoid. The idea that your vision is what you want your company to look like in the future. The idea that your vision is a ‘goal’. Why? I like the idea that your vision is about more than a company… it’s about the impact you are working toward. To me a goal is something you strive for, achieve, and move on from where a vision is the benefit of an impact on others. A vision is evergreen as they say. Articulating & Creating Your Vision First things first here. It may take a while to hone your vision. That’s fine. It’s important not to let perfect be the enemy of good here. To the first order vision as I see it has three considerations but only two components. Considerations Impact Beneficiary Timelessness Components Impact - what is different in the world as a result of your organization’s existence? Beneficiary - who is your direct beneficiary (customer)? I think there’s a temptation (read… expectation) to come up with something profound or clever and that expectation becomes a barrier between owners and the creation and use of a vision statement. While your vision will describe the impact you want to have for the customers you serve… the vision statement itself is primarily for your use. Yes there is a marketing angle to this if you want to use it for that but the point is to clarify your thinking and drive your own decision making process. Getting Value Out of Your Vision And now what? If you’re like me you aren’t excited about something that doesn’t actively help your business. I hear you! What I can tell you is that by understanding the impact you want to have and the customer group that will benefit from that impact you’ll be able to quickly decide if a course of action is right for your company or better left to someone else. If a new process or product doesn’t promote your desired impact it’s a no-go even if it might benefit your customer base. If a new process or product might create impact but not for your desired customer it’s a no-go. What about ‘diversification’? It’s certainly possible that you may see an opportunity that is indirectly related to your vision. Is it okay to ‘expand your vision’? I’ll answer your question with two questions. Do you have the resources to pursue this new direction sufficiently to be of value in the market without removing value from your existing efforts? Have you truly exhausted all the reasonable efforts that support your vision as it exists today? Let’s be real. Small businesses are resource poor and efforts that don’t support our mission become black holes for our already limited resources. Practical Action There are compelling reasons to create and document a vision statement for your company. Let’s take a practical look at making it happen and getting useful value out of both the process and the day to day use. Don’t overthink it. If you have the time and money and you want to go on a retreat somewhere to collect your thoughts and be inspired by a change of scenery by all means go for it. If; however, you’re trying to scrape together enough to pay rent or simply not interested in the existential head clearing that’s fine. Just write down what impact you want your business to have. Look at the people that will benefit from the impact you just documented and write them down. Now combine those things into a single statement. Remember it doesn’t have to be pretty it just has to be usable… by you! Put it somewhere you can refer to when you need to make decisions for your business. “Does this support or enhance our ability to fulfill our vision?” Small business owners and teams can benefit greatly from having, articulating and using a company vision. What is your vision? Drop a comment with your thoughts. Connect with me to keep in touch and share ideas!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
When I started Beyond 50 Percent my aspiration was to connect business owners with ‘proven principles and practical action’. It made then, and still makes, perfect sense in my head but I’ve found that when someone asks for an example of a proven business principle I was suddenly less clear on what it meant in practical terms and left with something banal like ‘buy low sell high’. Since ‘practical’ and ‘actionable’ are features that I feel strongly about I felt compelled to arrive at some clarity. So, I went in search of business principles and here is what I discovered through both reflection and research. Here’s what happened when I sought the Principles of Small Business Success! Complete Show Notes Searching for The Answer The first thing I did… as I think we all do these days when we have a question… was to ‘Google it’. As soon as I saw the results on the page I realized that I am not the only one that has a difficult time articulating what a ‘business principle’ is. There were over 318,000,000 results to the simple search for ‘business principles’ and the highest ranking ones were full of good tips and advice but were they ‘principles’? Does it even matter if we make the distinction between a good business idea or tactic and a business principle? That’s when I realized the first flaw in my search. I had to get clear on what a principle really was. Back to Google… According to https://www.merriam-webster.com/dictionary/principle a principle is a “a comprehensive and fundamental law, doctrine, or assumption”. Principles matter because they are the fundamental structures upon which a business is built. If advice is good then why should you care if it’s a ‘principle’ or a tactic? Once I thought a bit about the meaning of the term principle I realized that in order to be a principle of business, a concept would have to be comprehensive and fundamental. A business principle then is a concept that works for all businesses (comprehensive) and is part of a foundation upon which a successful business is built… and that’s why the distinction matters. In order to effectively use good tactics, it’s important to understand that we’re using them to build and strengthen the very foundation of our business. Here are six principles for small business owners that I think are universal for all business models. Vision - Have a Vision That Exceeds Your Planning Horizon Planning - Plan to the Visible Horizon and Stop Communicate - Communicate Effectively Internally & Externally Value - Create Value for Others Cash - Understand Transactional Economics Profit - Draw Value to Grow, Benefit and Give The Principles of Small Business Success Why these six? That’s a great question and, to be honest, it took some doing. There are quite a number of great business tactics that are passed off as principles and when I measured each one against the yardstick of being applicable to all businesses and foundational these were the six still standing. I want to be clear. Tactics are important but they also become more situational and have specific relevance where these ideas are timeless and fundamental to the nature of business. Let’s briefly review each of these six principles. Vision I realize that vision or mission can fall into that trendy place of c-level retreats that result in lofty lobby signs. That’s not what I’m talking about. This is about understanding your place in the social & economical environment today and into the future even beyond what you can reliably see. Planning In order to organize and perform work at the appropriate time for your business situation you have to do some level of planning. Small business owners are faced with constraints, labor (yours or others), working capital, time in a day, pool of expertise, equipment available etc. This creates a horizon beyond which we can’t effectively plan… and that’s a good thing! Communication The ability to communicate effectively is important in connecting with your potential customers, your team and other stakeholders. The disciplines of marketing, advertising, public relations, human resources, leadership and management all hinge on your ability to communicate effectively. Value When it comes to value, the low hanging value buzzword is to define your value proposition. This term has become cliche and overused. Another phrase you’ll hear is ‘what problem does your product or service solve?”. Let’s go just a little further… how is solving that problem valuable in improving the lives of your customers? Cash It’s hard to overstate the importance of understanding the flow of cash in your business. How and when it comes in, where it’s kept and how and when it goes out can make or break a small business that is otherwise successful. Profit Is ‘profit’ a four letter word? It sure seems like it gets categorized that way sometimes. In order to survive, prosper and continue to serve others you must draw more value from the product or service you offer than you invest in it. Practical Action So now that we know a few business principles what do we do with that? Take some time to consider your own situation in the context of these six concepts. How strong is your business in each of them? Do all of the tactics and actions you take support these principles in the most effective way? Over the next six weeks I will cover each of these fundamentals. In each episode we’ll talk about ways small business owners can identify how these principles are handled in your business. Check out the live stream recording: https://b50p.info/uattr041 In the meantime drop a comment with your thoughts. Connect with me to keep in touch and share ideas!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
If you’re running a business or thinking about it you would be forgiven for feeling completely overwhelmed. It’s true, there is a lot to do and never enough time to do it. What is a business owner to do? Read, learn, get a consultant or coach? Yes… those are all good things but at the end of the day when you’ve read “Eat that Frog” and you’re ready to hunker down how do you know which frog is the biggest, ugliest and least appealing? Which frog do you eat? How do we decide what’s important when? I think there’s a way of structuring our business plan that steals a bit from the world of software development. Instead of ‘building’ our business… let’s develop it. Complete Show Notes The Concept I’m going to make an assumption if you’re reading this you’ve been exposed to the system software companies use to identify one revision of software from the next. “Software 1.0” versus “Software 1.3” versus “Software 4.0” and so on. Major releases are usually identified with a change in the first number (before the decimal point) where minor updates are identified by incremental changes behind the decimal point. I apologize to anyone who works in the software industry if I have oversimplified this but for our purposes this is all we need. Generally Accepted Business Phases Concept Startup Growth Expansion Maturity If there are already standard phases of a company… why not just use those? It’s a good question and if you have a relatively simple business model that might work fine. My experience has been that we spend quite a bit of time in every phase and so there are iterations of our business within each phase resulting in what we might call updates (or patches if something is broken) versus a full revision. By using this model we can identify where a specific part of our business process needs to be implemented or updated. More importantly, when we identify where something is applicable we have also identified where and when it is not applicable leaving us to focus our energy on what needs to be done at this moment rather than what might need to be done someday in the future or ‘what might be cool if…’. You can find the following phases of business with some variations published around the web. If you prefer models with additional or fewer phases the concepts here will still apply. Phases of Business as Revisions Version 0.0 to .9 | Concept Version 1.0 to 1.9 | Startup Version 2.0 to 2.9 | Growth Version 3.0 to 3.9 | Expansion Version 4.0 to 4.9 | Maturity As we enter YourBusiness 0.0 we focus on activities and ideas that are focused around the Concept phase of the business. Let’s say that during that time we come up with a concept for our long term production or someone mentions we should have a customer relationship management system (CRM). Since neither of those functions belong in the concept stage we drop the production idea in the growth stage and the CRM idea into the Startup stage on our plan and focus our efforts in areas that add value to the stage that we’re in. It is better for me to keep things as simple as possible and there’s no need to complicate this more than you need it to be for your situation. In keeping with simplicity you just add things to the category where they belong and move them as necessary when your information changes. You might use Version 1.1 to define a specific implementation step to be completed in the early phases of startup like your early stage marketing efforts. By the time you arrive at this point you want your basic web page launched and initial social media handles acquired. Version 1.2 might include implementing early stage business processes for production, material sourcing guidelines etc. You can use the same concepts across each of the business stages. Keeping Focus I want to be clear here. It’s important to think about your vision for your company five or more years down the road. When ideas come to mind for that time frame I encourage you to make notes in the appropriate part of your plan. It’s equally important to keep in mind that what we see five years from now may look very different when we get there. So by documenting the ‘features’ we would like of our business at the various revision levels we free ourselves to plan for the horizon but keep our hands on the wheel. Practical Action There’s nothing new here… not really. I get that. When it occurred to me it just felt like a fresh way to look at an age old problem when it comes to planning and implementing the features and characteristics in our businesses. Let’s face it, business owners are busy and anything we can do to guide the way we spend our finite time in the most effective way is valuable. In the show notes for episode 040 of the Up and to the Right podcast I’ll have an outline showing what this might look like in a real use case. ( https://b50p.info/uattr040 ) In the meantime drop a comment with your thoughts. Connect with me to keep in touch and share ideas!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Full show notes: https://b50p.info/uattr039 (link will be live a few hours after the show!) We have an interesting relationship with luck. When something goes well we use it in a self effacing way like 'lucky break'. When things go badly we use it to distance ourselves from the event 'just bad luck'. When we're breaking outside norms… we're pushing our luck. According to https://www.merriam-webster.com/dictionary/luck luck is a force that brings good fortune or adversity So how do we deal with the 'force' of luck in business? Let's get luc... oh... yeah sorry this is a family show! Why Luck? The concept of luck is so ingrained in our lives that we have common phrases that cover a broad spectrum of situations and concepts. The Good What a lucky break! Beginner's luck. You're in luck. Luck of the draw. The Neutral As luck would have it. Pushing your luck. The Ugly Better luck next time. Just my luck. Tough luck. No such luck. I’m certain you could add to this list yourself. From popular culture we get quotes like “Luck is not a factor.” from 1989’s The Abyss or “We make our own luck.” from 2013’s The Hobbit: The Desolation of Smaug. Words matter. They affect how we think, feel and process information. Luck, in the context of business is a word we need to leave at the door. Getting Past Luck Luck, as the force defined above, becomes an amorphous power over which we have no control and to which we are subordinate. When I look at the definition of luck and the phrases we use to describe its impact in our lives I see it as a tool we use to distance ourselves from cause and consequence. That use is where I think the term and concept of luck really becomes a problem for business owners. Rather than considering luck a force in the business environment, I like to think of a collision of external factors that impact our businesses. This gives me flexibility and control as a business owner in how I approach an unpredictable economic environment. How can you or I plan for an unpredictable collision of external factors? It would be difficult (some would say impossible) to accurately predict specific events. Luckily… (seriously I just wrote that… it’s SO ingrained!). As it turns out, we don’t have to. Rather than consider specific future events… we can identify and plan for, specific business impacts. Practical Action If Luck Exists, Let’s Take Its Power Let’s agree to stop using the word luck and get comfortable with the constant stream of external factors and events that impact our business. Qualitative P&L (Income Statement) Analysis Here’s where we roll up our sleeves and get to work to take the power back from luck. Stay with me… it’s worth it. This is actually a pretty easy hack to help you plan for adversity in your business. Print a copy of your Income Statement and just go through each line and ask yourself some questions. What is the impact on my business if this number goes up? Down? How would I respond if this number went up? Down? What might cause this number to change? NOTE: we don’t look for specific events like “Oh… there could be a pandemic.” If you’re looking at reasons revenue might go down, think more along the lines of “Foot traffic could go down significantly.” The general statement will get you to the same place in your analysis. Once you’ve gone through each line you can look at the items where #3 is a factor in more than one line item. Hey congratulations! You just created a scenario! This analysis can give you a great starting point for business planning. You can use this to plan your cash management, inventory, capital expenditures, recruiting and possibly the most important consideration of all (at least right now)… how you deliver value to your customers. The economic landscape has always been dynamic. Human population growth coupled with international travel has increased an economic risk that many of us haven't had to plan for if we weren’t doing business internationally. Add to that the uncertain impact of climate change through resource availability, changes in policy and/or customer behavior you find yourself in what could be argued to be the most complex and dynamic business environment in history. It’s an exciting time to be a business owner. I’ve heard it said it’s better to be lucky than smart. Maybe that’s true but it’s better to be ready than lucky. Is your business ready? Gotta run… time to figure out how to print an Income Statement! You can subscribe to the Up and to the Right live stream here on Youtube or on iTunes, Stitcher, Google Play and TuneIn! Apple Podcasts: https://b50p.info/UattR_Apple_Podcasts Google Play: https://b50p.info/UattR_Google_Play Youtube: https://b50p.info/UattR_on_Youtube Spotify: https://b50p.info/UattR_Spotify Stitcher: https://b50p.info/UattR_Stitcher TuneIn: https://b50p.info/UattR_TuneIn…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Full show notes: https://b50p.info/uattr038 (link will be live a few hours after the show!) Have you ever read a business, leadership or self improvement book... or really any book... and thought "Wow that's really smart, insightful and helpful!" only to read another book two weeks later that recommends the polar opposite? Yeah... me too! This week I'm going to help you figure out how to parse out what really matters for your small business or startup when the gurus don't seem to agree. Let's get some business wisdom! You can subscribe to the Up and to the Right live stream here on Youtube or on iTunes, Stitcher, Google Play and TuneIn! Apple Podcasts: https://b50p.info/UattR_Apple_Podcasts Google Play: https://b50p.info/UattR_Google_Play Youtube: https://b50p.info/UattR_on_Youtube Spotify: https://b50p.info/UattR_Spotify Stitcher: https://b50p.info/UattR_Stitcher TuneIn: https://b50p.info/UattR_TuneIn…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Full show notes: https://b50p.info/uattr037 Video was here to stay before COVID-19 but with the increased pressure of social distancing we're now seeing more businesses adopting video. Video can add value by allowing us to have a more effective conversation than a phone call alone (most communication is non-verbal and totally lost on the phone); it can provide new revenue streams and can reduce travel which, in turn, reduces costs and environmental impact. Video is good. How can you put your best foot forward on your next video conference call or sales pitch? People make careers out of video/audio production but we can pull some key components out of that world to make our video presence more professional without buying a bunch of gear or going back to college! Let's get value from our video gear! For more detailed information listen to the audio version of the podcast or watch the livestream recording. Before We Go Any Further... Don't sweat this stuff! You almost certainly have what you need to improve your video already at your disposal. If you don't... just do what you can and if some portion of your video is limiting you then you can make an educated investment. Four Components of Video Audio Lighting Video Environment Quick Tips Test your software & setup with trusted friends. Be on time to online meetings. Check your setup a few minutes before every call. Mark your camera so you remember where it is and to look at it. That's your connection to the other people on the call! Wear plain clothes. No stripes, checkers, plaid, paisley etc. These patterns create artifacts on video that reduce the overall quality of your video. Don't shortcut your wardrobe (wear pants) 'nuf said - I hope. Stand up when on video if possible. Just like any presentation you will open your chest and abdomen, feel and appear more confident and present.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
If you haven't heard of Zoom, you probably will. Zoom is a video and teleconferencing platform that has seen a large increase in use as businesses change the way they communicate. They've been in the press for two major reasons lately. One - the explosive growth during social distancing. 2nd they have been faulted for security concerns. There is a great opportunity here for us to lean in to a new tool that can help us add value to our business but how do we get real value out of Zoom and other video conferencing tools? Let's get value from our video! For more detailed information listen to the audio version of the podcast or watch the livestream recording. Business Principle(s) Effective Use of Resources Two Part Series Episode 036 (this one) - Getting Value Out of Video Conferencing Episode 037 (next one) - Getting the Most for Your Video Conferencing Money Is Video Conferencing Secure? No Nothing on the internet is 100% secure. Having said that, there are things we can do to reduce the risk. Yes While nothing on the internet is 100% secure, there are some best practices we can use to reduce the risk. Don't publicly publish meeting links (URLs). Use 'invitation only' meetings so you can have positive control of your attendees (if needed) Have a backup plan so you know what you're going to do if something goes wrong with a meeting. Some Video Conferencing Platform Examples Zoom Skype Webex Google Hangouts (Shutting Down 2020?) Join.me Zoho Meeting What's the Difference? There are basic functions that you will find in all of these platforms: Video Audio Chat Share Screen Where they differ is in the additional features and cost structure used. Some examples include: Multiple Presenters Recording Scheduling Calendar Integration Full Screen Video Participation (clap, thumbs up, raise hand) Cost ranges from free to around $10/month for most of these. There are higher costs for more advanced features or number of participants but these are less likely to apply to small business owners. Replacing IRL Events Some in-person events that you can use as a starting point for your video conferencing adventure are: Stay Social While Your Distant - see other humans! Workshops Customer Calls w/Presentation Customer Calls Customer Service Calls In Person Consults Is there some part of your in-person service that you can do over video? What portion of your in-person service is talking/listening? What is that worth? Notes: Now is a great time to practice getting into video - everyone's new at it so expectations are low. Be the better video user and you're ahead of the curve! Getting Value Out of Video Conferencing It's just a meeting - run it that way. Have an agenda. As small business owners we don't have time for high level meetings with lofty goals and no resulting action. We need our meetings to end with who is going to do what by when. That doesn't change just because we went to video. Create, distribute (if appropriate) and stick to an agenda. Test your setup in advance with the equipment you plan to use in the call. In addition to testing your camera and microphone in the setup of the software - test it with another participant so you can get feedback about the experience. In some ways you're going to have to also learn to 'let it go'... because you don't have control of the meeting environment like you would on premises. Your participants will have a wide variety of possible concerns: Internet Bandwidth Technical Knowledge Video Etiquette 'Office' = Kitchen Bedroom Dining Room Garage Basement Have a plan for dealing with disruptions either by planning ahead to avoid high traffic periods in people's homes or by setting expectations early that if a disruption occurs it will be handled 'like this' - whatever that means for your situation. Set expectations early on in the video call and check with participants before hand (if possible) to see if there are any considerations you need to be aware of. Get to know your software in advance. Test and become familiar with the features you expect to use and at least gain a working knowledge of the features you don't plan on using because you never know when another participant may be more familiar with the software than you are. Be sure the review the basic functions at the beginning of the video conference and avoid asking 'if anyone is unfamiliar with this software' - no one likes to get called out in public. Stay engaged in the call. I shared in the live stream and audio podcast that I had cheated this week in a couple of calls but it got me thinking. Every situation is different and these weren't 'sales' or customer calls but the idea is still worth considering. I turned off my video and microphone so I was half listening but mostly working on other things. In retrospect I should have... Just dropped off the call and put my full attention to other work. -or- Turned my camera back on and paid attention to the program. Of course, this is especially important when we're on a call with a customer, vendor, investor, prospect etc. Video gives us just enough insulation from the situation to be dangerous. When in doubt give the call your full attention. Practical Action Brainstorm some ways that you can continue to engage your customers and other business contacts through video. Referring to last week's episode Let's Build a Revenue Stream - are there ways you can create value using video so you can still generate income? Decide what features you will need in your video conferencing platform that will support the ideas you just brainstormed and find a good fit. Try it, test it, break it and fix it. Work through the bugs with a trusted colleague as you go through a scenario or two. Do it. That's it... no more procrastinating!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Full show notes: https://b50p.info/uattr035 Any change in the economic environment will show us vulnerabilities in our business. A major disruption or crisis will drive the point home by showing us weakness in our business whether it's an unsustainable expense structure or too few revenue streams & narrow sales channels. Let's build a revenue stream!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Full show notes: https://b50p.info/uattr034 Monday I didn't even take calls for work and I went from random task to random task not getting anything done. That's how the week started for me. Here's the story in my head "This week has been…" unproductive a bummer wasted low vibration hard disappointing I wasn't inspired for a topic for the livestream/podcast. That isn't where I wanted to be. I realized that there are times when you really do have to just put your energy to the task and just do it but also find a way to be ok in that moment. Let's get into the grind!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Full shownotes: https://b50p.info/uattr030 If you're in business long enough you're going to have to endure some kind of economic crisis. In my professional career we haven't gone more the eight years without a major disruption to the economy. While the current crisis regarding COVID19 is serious, it only represents another in an unending series of external challenges any business owner will face. Understanding how a crisis impacts you and what you can do about it is vital to the survival of your business. In this episode we'll discuss some ideas about how to put a plan together and tips on implementing it. Let's bridge that crisis!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Full Show Notes: https://b50p.info/uattr032 "When you stop growing... you start dying!" Seriously...?! This is what we have to offer the people who have the courage to create value in our economy? Instead of setting your sights on arbitrary business 'growth'... let's talk about what you want out of your business and design a system to bring you there! Let's get growing... in the right direction! Why did you REALLY start your own business? Have your reasons for business ownership changed over time? Thanks for watching or listening! Up and to the Right is live weekly - check the Podcast Page for details about when we're live and where! You can subscribe to the Up and to the Right podcast on iTunes, Stitcher, Google Play, TuneIn and now there’s even a playlist on the Beyond 50 Percent youtube channel! Apple Podcasts: https://b50p.info/UattR_Apple_Podcasts Google Play: https://b50p.info/UattR_Google_Play Youtube: https://b50p.info/UattR_on_Youtube Spotify: https://b50p.info/UattR_Spotify Stitcher: https://b50p.info/UattR_Stitcher TuneIn: https://b50p.info/UattR_TuneIn…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
As a small business owner, it can seem difficult to compete with the benefit packages of well established, larger corporations. Startups can share this problem as well when they begin trying to attract talent. How do you design a benefits package for your team when you don't have the financial resources required to put a competitive package together? Let's scale those benefits! For more detailed information listen to the audio version of the podcast or watch the livestream recording. Business Principle Commitment to Your Team Scaling Benefits for Your Small Business There may be no practical way to create a benefits package that can compare to one from a well established, large company. I guess the first thing to do is decide that that's ok and we'll do what we can. Given that, we still want to be competitive so as a startup or small business with limited resources we have to look for innovating & creative solutions. One possibility is to create a documented program that scales our benefits over time. Practical Action Download the template and design your own scaled benefit implementation plan! What benefits are common in your industry? What benefits are common among the potential employees in your area? Are there benefits your employees would value? Ask them! Closing What benefits does your business offer? Are there any you want to put in place? Drop a comment below and share what you're thinking! Click the link above or use your favorite pod catcher to listen to the full episode. Thanks for watching or listening! Up and to the Right is live weekly - check the Podcast Page for details about when we're live and where! You can subscribe to the Up and to the Right podcast on iTunes, Stitcher, Google Play, TuneIn and now there’s even a playlist on the Beyond 50 Percent youtube channel! Apple Podcasts: https://b50p.info/UattR_Apple_Podcasts Google Play: https://b50p.info/UattR_Google_Play Youtube: https://b50p.info/UattR_on_Youtube Spotify: https://b50p.info/UattR_Spotify Stitcher: https://b50p.info/UattR_Stitcher TuneIn: https://b50p.info/UattR_TuneIn…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Find the show notes at https://b50p.info/uattr030 Open Book Management shares financial information with employees with the expectation that they use that information to feel confident that the owner trusts them and that they can see where the company is spending money and how they might be able to help. Let's get open... or maybe not? Benefits • Positive Employee/Employer Relationship - sets a stage of trust • Helps employees understand the company as a whole • Assists them in performing their job more effectively/efficiently • Gives them perspective to come up with creative solutions to solve company/customer problems Risks ▾ If your a sole proprietor or partner... this is your Personal Financial Data ▾ Employees 2nd guessing financial decisions • They may not have a comprehensive perspective • You don’t pay them to analyze and 2nd guess you • Could undermine rather than strengthen employee feelings toward company Closing Do you have any experiences with open book management? Drop a comment on our podcast page or on the Youtube post and share what you've learned! Thanks for watching or listening! Up and to the Right is live weekly - check the Podcast Page for details about when we're live and where! You can subscribe to the Up and to the Right podcast on iTunes, Stitcher, Google Play, TuneIn and now there’s even a playlist on the Beyond 50 Percent youtube channel! Apple Podcasts: https://b50p.info/UattR_Apple_Podcasts Google Play: https://b50p.info/UattR_Google_Play Youtube: https://b50p.info/UattR_on_Youtube Spotify: https://b50p.info/UattR_Spotify Stitcher: https://b50p.info/UattR_Stitcher TuneIn: https://b50p.info/UattR_TuneIn…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
See the full show notes: https://b50p.info/uattr029 Productive mobility allows us to add value to our businesses when we aren't in the office. This gives us the freedom to work from a wider variety of locations improving our quality of life. But how do we make the most of this time? I've been using this kind of mobility for quite a while now and I've developed a kit that really works for me that I thought I'd share with you. Let's get mobile! For more detailed information listen to the audio version of the podcast or watch the livestream recording. Business Principle Efficiency + Effectiveness = Freedom Key Components Timbuk2 Backpack ( https://b50p.info/timbuk2 - ;( sadly the one I have has been discontinued and while I wasn't super complimentary during the show I have to say that my Timbuk2 is by far the best commuting backpack I've owned.) Tom Bihn Cafe Bag ( https://b50p.info/cafebag ) Tom Bihn Cafe Bag Organizer ( https://b50p.info/cafebagorganizer ) I double protect my Macbook Pro with a sleeve just to be on the safe side. There's not much more to it. I try to keep my backpack as minimalistic as possible just to keep it light. Of course when I'm traveling by plane it gets a bit heavier but normally it's what you see here. Practical Action The next time you have a few minutes to think about it just go through your mobile work station... whatever that looks like and make sure: You have what you need It's well organized You don't have extraneous stuff (this reduced efficiency when you have to dig around stuff you don't need to find the stuff you do need) Closing What are your favorite mobile productivity tools/hacks? Drop a comment below and share a tip on how you make it happen!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
See the full show notes: https://b50p.info/uattr028
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
I'm on a mission to stop structured ineptitude this week and I have my sights on policies! It makes me crazy when I get on the phone, chat, personal conversation or email exchange that results in the customer support person on the other end is basically hogtied so they can't actually assist me in solving my problem. "I'm sorry... I don't have access to that information..." "I'm not allowed..." "I spoke with my manager and he/she said 'No.'" "We can't do that..." Yeah it goes on and on and I know you've heard them and like me you've walked away from the exchange feeling disappointed and powerless (angry would be understandable as well). As business owners we might like to keep our options open and shy away from policies and justify that with experiences like I've described here. Again, that's completely understandable but is there a place for the structure and streamlining that policies provide that avoids the pitfalls of abysmal customer service? Let's find out! For more detailed information listen to the audio version of the podcast or watch the livestream recording. Are Policies Relevant to Small Business? The short version: Yes, policies can and should be applied to small business. Maybe even more so than large ones! There's only one you and you have a ton to do running a business! Think about a policy this way: "A policy is a decision you make now, under controlled and comfortable circumstances which can be applied to situations in the future by yourself or your team when the conditions are less controlled or more uncomfortable." Key Points A decision you make once and apply many times ( leverage your value ). A well thought out policy can be used by your team so your values are adhered to even when you're not available or involved ( allowing you to scale ). Policies allow you to demonstrate behavior that your customers and employees can count on ( making you trustworthy ). Making a decision that you develop into a policy, under controlled circumstances, allows you to connect the policy thoughtfully to your values as a person and business owner rather than being forced to address an issue under time pressure or emotional pressure ( knowing this can help keep you from 2nd guessing your 'spur of the moment' decisions ). Good Policy Bad Policy A good policy is one that meets the criteria above and empowers your employees to grow and support your business in a way that keeps your intentions intact. A bad policy is one that deflects responsibility, creates inefficacy or puts customers off. Suggested Action Find a quiet place where you can work for an hour or so uninterrupted by people, email, text messages or even cat videos. Pick a few (1-3) decisions you're asked to make on a regular basis. What goes into making that decision? What criteria do you use? Document it and share it with the people on your team that could use that policy to help you build your business! Closing Do you have any great policies that really help drive your business forward? Share them in the comments! Click the link above or use your favorite pod catcher to listen to the full episode. In the interests of actually producing the podcast and getting it out regularly I've dumped the intro videos. Is that a mistake? Let me know at q.a@b50p.com ! Thanks for watching or listening! You can subscribe to the Up and to the Right podcast on iTunes, Stitcher, Google Play, TuneIn and now there’s even a playlist on the Beyond 50 Percent youtube channel! Apple Podcasts: https://b50p.info/UattR_Apple_Podcasts Google Play: https://b50p.info/UattR_Google_Play Youtube: https://b50p.info/UattR_on_Youtube Spotify: https://b50p.info/UattR_Spotify Stitcher: https://b50p.info/UattR_Stitcher TuneIn: https://b50p.info/UattR_TuneIn…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Visit the show notes page on our website! https://b50p.info/uattr026 Well the 2nd Livestream went great... except that I streamed it on the wrong Youtube channel! Noob mistake #1. I also forgot to record the audio separately so I had to rip it from the stream. It worked but not quite the quality I shoot for. In this livestream/episode I wanted to talk about what it takes to move a small business from one location to another and some of the things you need to keep in mind as you go through the process. Let's talk about the 6 P's of moving! The 6 P's of Moving represent the main categories that you'll need to consider when moving your business. Each business is different but this should provide you some guideposts to moving with as little pain and business disruption as possible. The 6 P's Perceptions People Planning Processes Property Productivity Perceptions Develop and be ready to share the most positive story you can about your move. Many times moving is inherently a positive thing but if you're moving due to contracting business or some other negative reason you'll need to be careful how you share that. We are not going to lie or create 'fake news' but it is very important to put your best foot forward. People Be patient with people! Change makes humans nervous! You'll need to create the most positive view you can for your employees, customers and coworkers. Remember, each of these groups will see your company differently and may have different needs. Planning Plan early, update the plan regularly and be prepared to change the plan when you find some part of it won't work. Processes Is the infrastructure in place at the new location to support your business? Property How are you planning to move your stuff? Movers? DIY with your team? Productivity How will you manage business operations during your move and equally importantly how will communicate that to your customers?…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
See the show notes: https://b50p.info/uattr025 Welcome to the recording of my first livestream! There were a few hiccups in the beginning but we got through it! In this livestream/episode I continue the discussion from the last episode (audio only sorry) of Up and to the Right when we talked about the definition of a business model. This time I talk about how to get practical value out of a business model in the context of small business. Can small businesses get value out of business modeling? Using a specific example from one of my own businesses I go through how I modeled the business and how we can get value out of the exercise. While there is no real 'right' or 'wrong' way to develop a business model that works for you I'll outline below how I went about it for my own business.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
See the full show notes: https://b50p.info/uattr024 It’s time to roll up our sleeves and get to work with another episode of the Up and to the Right Podcast. Have you ever tried to explain how your business makes money? At first it might seem like a silly question. But let's take a closer look and see if we can get some value out of the business model! “I buy stuff from a wholesaler and sell it to the public…” “I make awesome furniture and sell it…” We describe the process of creating or adding value and delivering that value to a customer a business model. Why does it matter to you? There are many ways to create and deliver value and the better you understand your best business model or dare I say ‘business models’ (you don’t have to limit yourself to just one) - the better you will be able to make that system work well for you. You may also find that you want to change or add it to better fit your market and business needs. In episode 24 I’m going to touch on the concept of business modeling in the first of a two part series. Click the link above or use your favorite pod catcher to listen to the full episode. In the interests of actually producing the podcast and getting it out regularly I've dumped the intro videos. Is that a mistake? Let me know at q.a@b50p.com! Thanks for listening! You can subscribe to the Up and to the Right podcast on iTunes, Stitcher, Google Play, TuneIn and now there’s even a playlist on the Beyond 50 Percent youtube channel! Apple Podcasts: https://b50p.info/UattR_Apple_Podcasts Google Play: https://b50p.info/UattR_Google_Play Youtube: https://b50p.info/UattR_on_Youtube Spotify: https://b50p.info/UattR_Spotify Stitcher: https://b50p.info/UattR_Stitcher TuneIn: https://b50p.info/UattR_TuneIn…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
See the show notes: https://b50p.info/uattr023 Let’s see… A little something from our personal account… A little from our business account… Let’s just give it a little mix here... Hi, I’m Stephen Krausse with Beyond 50 Percent and it’s time to roll up our sleeves and get to work with another episode of the Up and to the Right Podcast. When you’re running a small business it may seem easier to just use your personal checking account and credit card to operate your business. It may not seem like a big deal to use your name and social security number. But mixing your personal & business identity and finances comes with risks that are worth looking into more closely. In episode 23 I’m going to give you a few reasons why money doesn’t mix. Click the link above or use your favorite pod catcher to listen to the full episode. Do you have any tips for keeping your business and personal life separate? Drop a comment below and help other business owners do the same. Thanks for watching! You can subscribe to the Up and to the Right podcast on iTunes, Stitcher, Google Play, TuneIn and now there’s even a playlist on the Beyond 50 Percent youtube channel! Apple Podcasts: https://b50p.info/UattR_Apple_Podcasts Google Play: https://b50p.info/UattR_Google_Play Youtube: https://b50p.info/UattR_on_Youtube Spotify: https://b50p.info/UattR_Spotify Stitcher: https://b50p.info/UattR_Stitcher TuneIn: https://b50p.info/UattR_TuneIn…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
M&A or mergers & acquisitions might not be on the tip of your tongue as a small business owner but as we plan for retirement or other transitions, acquisition begins to find its way into our world. Hi, I’m Stephen Krausse with Beyond 50 Percent and it’s time to roll up our sleeves and get to work with another episode of the Up and to the Right Podcast. Over the course of the last twenty years I’ve been involved in four acquisitions and each time I had a different role to play. In 2000 I was part of the management team that sold a small business to a publicly traded firm. A few years later I put an offer together to purchase a local sports shop – that one didn’t work out. In 2017 a large company bought our parent company. Finally, in 2018 I worked with our new parent company to purchase Directed Energy and return our company to private ownership. This week I thought I would share one lesson from each of those experiences. You can subscribe to the Up and to the Right podcast on iTunes, Stitcher, Google Play, TuneIn and now there’s even a playlist on the Beyond 50 Percent youtube channel! Visit https://beyond50percent.com to listen there and find out more about the Up and to the Right podcast and about Beyond 50 Percent.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
http://b50p.info/uattr021 On February 13, 2017 I published Episode 13 of Up and to the Right… I should have known that the 13th episode published on the 13th day of the month was a bad omen. Anyway, after Episode 13 I started planning... and stopped producing... ...and it took over a year for me to get back on track! In episode 21 of up and to the right we’ll: put off talking about Plancrastination! We’ll avoid talking about what it is. We’ll mindlessly scroll through our social media feed instead of discussing why we plancrastinate. Finally, we’ll do a lot of online research enabling us to sidestep what we can do to avoid it. What is Plancrastination? Reasons we Plancrastinate Fear Loathing Distraction The Momentum of Inaction Breaking the Cycle ID the Roadblock Give Yourself a Time Limit (not a deadline) ID the Next Logical Step…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
http://b50p.info/uattr020 Show Notes I have three places I really push organization my electronic files my backpack my office/podcast production desk I could do better but these are my major work areas so while I have piles of office supplies or old records that could definitely use a good purge… they don’t effect my day to day work. In episode 20 of up and to the right we’ll talk about why and how to get organized. It’s not as hard as you think and we’ll get some great help along the way!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
1 See the Problem, Hear the Customer, Speak Only Thoughtfulness | Up and to the Right | Episode 019 1:11:17
1:11:17 پخش در آینده پخش در آینده لیست ها پسندیدن دوست داشته شد1:11:17
پخش در آینده پخش در آینده لیست ها پسندیدن دوست داشته شدShow Notes: http://b50p.info/uattr019 Do you have customer service skeletons in your closet? Does the skeleton of your patronage linger in the closet of a business that just plain blew it? For me, sadly… both are true. Episode 019 of Up and to the Right we’ll take a look at some moldering bones in my own customer service closet along with two examples that made an impression on me as a customer. The good news is that by acknowledging problems, listening to customers and treating customers with thoughtful respect you can prevent and resolve most customer issues. Guest Expert Ron Sherwood, Envistia We also have our first special segment this week with Ron Sherwood of Envistia - who will be talking with me about Customer Relationship Management or CRM.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
http://b50p.info/uattr018 If you put all the clever marketing campaigns aside does it really matter if you’re Mac or Windows? Episode 018 of Up and to the Right is about my journey from Windows to Mac; how and why it matters to business owners and what you need to think about when it comes to deciding on a technology platform for your business. Spoiler alert: if you’ve already chosen... you made the right choice... and even if you feel you didn’t the costs to change are lower than ever. For most businesses, choosing a computing platform has become easier. As Windows has become more stable Apple has made choices that reduce it's competitive advantage in the professional market. Many applications are now allowing download as either Mac OS or Windows. The end result? With a few exceptions you can adopt any number of computing platforms to successfully run your business.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
http://b50p.info/uattr017 Do you use social media to promote your product, service or business? Did you know that there or over 300 social media websites and that number is growing?! Whether your a social media luddite like yours truly... or a social media maven there's simply no ignoring the power and impact of social media. In episode 17 of Up and to the Right we'll see if we can surf the social media channels and keep our entrepreneurial sanity at the same time! We'll talk about how to answer these four basic questions: Do you really NEED to be on social media after all (spoiler alert... that's a definite probably but...)? How do you choose which social media networks that make the most sense for your business niche? What should you post? When should you post? I dropped a number of links I think will help you make sense of all the noise and hopefully help you make some sensible social media planning decisions!…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
It’s unanimous… according to article after article service providers should have pricing listed on their websites. Funny thing though… if you start looking at many professional service provider’s websites there is a distinct lack of transparent public pricing. In episode 16 of Up and to the Right we’ll explore this apparent conflict and I’ll share my own journey that started when I decided to cover this topic.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
About 58 years ago Edmund Jerome McCarthy introduced us to the ‘four P’s of marketing’. It could be argued that a lot has changed since then. In this episode of Up and to the Right we’ll adapt this easy to remember marketing tool to our modern mar
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Have you ever heard someone talk about running their business by ‘keeping all the balls in the air’? Now I can’t juggle… but I can certainly relate to the feeling that running a business can seem like a circus! So, how can one person keep “all the balls in the air”? In episode 14 of Up and to the Right I’ll share my 5 Moleskine Notebook Hack, how I set it up and how I work with it to run my business.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
http://b50p.com/2017e04 How do you measure the importance of the work that you do in your small business? Sometimes I value the work I do by its impact on revenue; sometimes I value it based on how much I am interested in that particular activity and sometimes I value an activity by how long it can occupy me before I have to do something I've been avoiding. Over the years I have been found that the work that we do can be described by one of three categories. In this episode I share this and the method I use to try to keep my work on track toward the most value I can.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Get the show notes: https://b50p.com/2017e03 One of the most common reasons for small business failure is problems with cash flow (not having the cash you need to operate your business when you need it). Looking at this another way... by learning when to incur expenses you can turn this risk for other small businesses into an asset for your own. The secret sauce: operating profit drives expense The world of marketing would love for us to continue believe differently but we're not falling for it anymore... at least not where our businesses are concerned.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
//b50p.com/2017e02 Hiring can be rewarding when you've found just the right person with the right skills and experience that will fit perfectly into the culture of your business. It's a big commitment though... for both of you. As a business owner, there are a few strategies you can use that will increase the chances that your hiring process will go as smoothly as possible. The Three Question Test Determining & Evaluating the Cost Preparing to Hire and Bringing Them On-Board Where do I Look? In Episode 02 for 2017 I'll share my three question test for every hire along with an evaluation of cost. Front end preparation is an important part of a successful hire as is the process you go through to help them acclimate to working for your company. Where is the best place to find that new hire...? Listen now for all this plus there's a worksheet you can download on the show notes page to help you evaluate your hiring process.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
It's true. We all need help. Whether it's seasonal sales cycles, end of year accounting or a full time staff position... there's always more to do that hours in the day. How do you decide what help you need, how to prioritize getting it and finally who you gonna call? In this episode our focus will be on outsourcing work without adding a permanent position at your company. What is outsourcing? How does it apply in a small business situation? What should I outsource? Where do I start? In Episode 01 for 2017 we look at each of these questions. There's a worksheet you can download at b50p.com/2017e01 to help you put some structure to the process of outsourcing that fits your business and situation. In the reading room this week we're talking about Essentialism by Greg McKeown.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Still using @gmail, @aol, @yahoo or another generic email for your small business? Does it matter? In the 2016 Week 51 episode of Up and to the Right we're going to go over why using this seemingly economic choice for small business owners may actually be costing you more than you think. We'll also talk about how easy and inexpensive it is to get up and running with your own custom email address that will put a professional touch to the emails you send to customers, prospects and business partners. In the reading room we're digging into Rejection Proof by Jia Jiang. Turn the whole concept of rejection on its head and then use that to push your company and life forward.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
What are Financial Ratios? Can they be used to run a small business or are they only for big companies and stock traders? In the 2016 Week 50 episode of Up and to the Right we'll learn the Secret Life of Ratios and how they can be used to operate and improve your small business. The tool this week is a ratio analysis calculator. All you have to do is download it from beyond50percent.com/2016w50 and enter 12 values from your own financial statements. Ratio analysis just got easy! In the Reading Room this week I'm recommending The Dip by Seth Godin. Push through the tough times and know when to quit when you're going in a direction that doesn't lead where you want to go.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
Cash is king as they say and the Statement of Cash Flows is a key report that bridges the gap between the Balance Sheet and the Income statement. In this episode of Up and to the Right I'll discuss how to get the most out of the Statement of Cash Flows without investing hours of time or going to night school to understand the accounting behind it. I've provided some examples of both the entries on this report and the calculations used to arrive at the numbers. The point; however, is to understand that the Statement of Cash Flows is the best indicator of how cash works its way through your business. Complete show notes & resources: http://b50p.com/2016w49…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
So much for reducing the time huh? I am committed to getting these down to bite size pieces! Alright, I underestimated how much I had to cover when it comes to the Income Statement. Yeah... this episode is long... but the truth is that this is an important and probably the most widely talked about (if misunderstood) report of the three standard reports. What is an Income Statement? The income statement is, as its name suggests, a report that focuses on the sales (income) we receive from our customers and the effect of our expenses on our profitability. Basically: Revenue (sales) - Expenses = Profit (loss) There are three sections of a standard Income Statement (though your business may or may not require all three). Gross Profit The gross profit is the sales minus the cost of the material we sold (our cost). If we buy a square yard of cloth for $5 and sell it for $10 our gross profit is $5. Easy right? Service based businesses that do not sell tangible products may not need to break this down since gross profit is 100% of sales. My two cents here... most business decisions should not be based on gross profit. So, if gross profit isn't good enough... let's move on. Operating Profit Here's where the rubber meets the road as they say. We take our gross profit and subtract the expenses that aren't tied to a specific sale but are still required to operate the business. For example: Rent Employee Salary/Benefits Utilities Advertising Office Supplies You get the idea... Once you've subtracted these expenses from our Gross Profit we get what we call operating profit or the profit after we pay for the materials to create our products and the expenses need to run the business. Gross Profit is a great starting point for decision making because it reflects all of the income and expense related to manufacturing, selling and distributing your product to customers. Net Profit Finally we subtract taxes and add any interest earned on bank accounts to come up with Net Profit. Honestly, I don't have much use for net profit. Taxes are a concern if you made operating profit already and the interest you earn on your bank account shouldn't be what makes your business profitable. Why Should I Review It? What items should you review on your income statement? Income Of course it's important to keep tabs on your sales. If you have more than one product line it can be helpful to see how each adds to your total sales. If sales are not what you expect you can start focusing more of your attention to changes in your business that will increase your sales numbers. Expenses Cost of Goods Sold (COGS) - is very important because it is one of, if not, the largest expense and determines the Gross Profit which is the starting point for money used to run and grow our businesses. Operating Expenses - some operating expenses are fairly fixed (rent is a good example) but many can be managed with some thoughtful changes saving business owners money that can be put to work growing/building the company. Utilities can be reduced by putting conservation minded improvements or processes in place (i.e. occupancy sensors that automatically turn office lights off in rooms that aren't in use). Advertising is easily adjusted but care must be taken to ensure that reductions in advertising do not have a significantly negative impact on sales. Employee Expenses can be managed by reducing hours, eliminating overtime etc. NOTE: this is an example of cost reduction. Actions that negatively impact employees should be taken only after all other reasonable options have been eliminated IMO. Taxes only happen after you have made a profit. If you have the fortunate burden of paying 'too much' in taxes you'll want to speak with a tax professional to find out if there are ways you can reinvest in your business or find other ways tax reduction options or just be happy that you are making so much money! Takeaways The numbers are your friend! Yes, they can occasionally feel like a cold shower and the tough love may not always feel good in the moment but they are a great way to make objective improvements to your business.…
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The Up and to the Right | Small Business | Practical, Actionable, Sustainable Improvements
How often do you review the three standard accounting reports for your business. Accounting gets a bad rap but the reports that they generate are the first place to go to find measured results that you can use to improve your business. The Balance Sheet, Income Statement and Statement of Cash Flows can be a wealth of information and a great place to start looking for ways to improve as well as a great mechanism to monitor the results of changes you make. Why should you review your Balance Sheet? Get real (aka objective) insights into the performance and strength of your business. What gets measured gets managed. (Concept made popular by Peter Drucker) Breaking Down the Balance Sheet Assets Assets are simply what the company owns. We break these down into the following two categories: Current - This consists of items that are either cash or are expected to be converted to cash within one year. Cash Accounts Receivable Inventory Fixed - Expensive items that are expected to be used in the business for a number of years. Vehicles Machinery High Performance Computer Workstations Liabilities We use the term 'liability' to refer to what the company owes to outside organizations. Short Term - similar to our Current Assets, our Short Term Liabilities are debts that we expect to pay within one year. Accounts Payable - the bills we have to pay from vendors for services or items used or resold by our business. Credit Card or other short term debt Long Term - debts that are expected to be paid off over more than one year. Business Loans (startup or expansion loans) Automobile Loans Equity Equity is found by taking the Total Assets and subtracting Total Liabilities. By doing this we find that the Total Assets of a business are in balance with the sum of the Total Liabilities and Equity... and thus the name "Balance Sheet". Ack! I missed discussing most of these during the podcast after skipping some of my notes! Sorry about that - fear not they are listed below. The Key Elements The following elements of the Balance Sheet should be reviewed regularly. Cash - it may seem pretty obvious but it's important to monitor your cash regularly. Be sure you have a reserve amount of cash to provide a cushion during difficult times or cyclical sales periods. Maintain sufficient operation cash to ensure you can pay your vendors, operating expenses and employees on time. Accounts Receivable - it's important, if you're extending credit to customers, that you are getting paid on time. Inventory - in order to have inventory on hand you have to use cash which reduces your available cash. Watch inventory value for trends that might suggest you are tying up too much of your cash. Short Term Liabilities - watch these to make sure that your balances are not increasing beyond the strength of your cash flow (combine this with information from the Income Statement and Statement of Cash Flows). Long Term Liabilities - again we need to watch these values to ensure that our cash flow can cover the payments required. Equity - over time the Equity in your company should be increasing as net income (profit) adds to the amount you originally started your company with.…
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