2020: Advice from the Experts
The new year is always an exciting time for businesses and entrepreneurs. A time to reflect again on the progress from last year and begin planning for how to make this year even better. Reidel Law Firm always endeavors to give our clients and friends the best in both the legal and business worlds. We ran the first version of this article back in 2016 (find it here) with great interest to our friends and clients. I have decided again to reach out to various experts and trusted friends of Reidel Law Firm for their advice to business owners in the new year. Read below to find out what the experts have to say about 2020.
Now is the Time to Review Your Numbers
The beginning of the new year is a good time to review the books and see where it is possible to reduce expenses and increase profits. This is not as hard as it may appear! All savings revert to the bottom line — meaning more profit for you!
With every expense in the budget, begin by asking this basic question, “Why are we paying this?” Fully understand and agree with the expense. Often, your firm is paying for expenses that are no longer justified or needed. Let me provide some examples for you.
Example 1 — Software subscription to some software needed for a special project. The project was successfully completed 6 months ago, however, the software continued to be renewed, even though the firm had no need for the product.
Example 2 — Overnight, expedited shipping — Again, may have been needed for a special project, but no longer have a requirement.
Example 3 — Bank fees. This is one where, left unmonitored, will bite and bite hard. See what each bank expense is and why/how it was incurred. Now is also a good time to review the banking relationship with your banker. Banking today is very, very competitive. We changed banks a year ago due to a fee dispute. Could not have been happier with the new bank — and NO FEES! Banks are always seeking new customers — don’t be afraid to go shopping. You may be amazed at what you find.
Joe Michels is the managing principal at Solomon Bruce Consulting, LLC in Fort Worth, Texas. The firm is a professional services advisory practice encompassing business operations improvement, supply chain management, executive development, and coaching and legal expert witness work. Contact Dr. Michels at (817)386-3032. Check out their website HERE.
Do the Hard Things, Make a Difference!
Choose to do the things that are hard to do that no one else is seeking to solve. Gather your smart friends with a similar passion — so together you can drive the difference you’re seeking in the world.
Ms. Trusko is a veteran of the financial services and benefits landscape — with experience ranging from startups to firms founded over 100 years ago who are now disrupting traditional banking, technology, health, and benefits. Check out here website HERE for more information including lists of industry, not-for-profit, government — Board, Advisory, and Task Force roles, 200+ speeches, writings/interviews, expert witness, regulatory, compliance, policy, cyber security & anti money laundering, marketing, media, PR, launch and into profitability and long term success.
Know the Personality of Employees and Franchisees
Whether you’re on-boarding employees or franchisees you’re going to make mistakes if you ignore personality profiling. It’s one of the reasons businesses under-perform and the major reason why employees and franchisees are unhappy.
Profiling people before you hire them, and especially before you sell them a franchise, makes sense. We’re not all created equally. Some of us have different talents and expectations. Businesses aren’t created equally, either. Some demand different talents and expectations. When a business requires more of an individual than the individual can deliver, or a job requires a different personality style, the result is chaos. Both the business and the individual lose. Save yourself (your employees and franchisees) the disappointment. Use personality profiling!
Dr. John P. Hayes is the Titus Chair for Franchise Leadership at the Titus Center for Franchising, Palm Beach Atlantic University. You’ll find his books at www.booksbyjohnhayes.com and www.howtobuyafranchise.com.
Adapt to New Ways and Bridge the Technological Gap
Franchising is simply a method of expansion and therefore, anything important to business is important to franchising by default. A holistic brand experience is king, while individual facets of a business are just details. Legacy systems on which many successful franchised brands have been built are often generations apart from the new technologies propelling e-commerce forward. Bridging that gap with seamless compatibility is vital to a sublime e-commerce experience and operator friendliness.
Adapted from an article first printed in Gulf News. Sanjay Duggal is CEO of Stellar Eastern Franchising Advisory. His experience in middle east franchising ranges from assisting multi-national brand explore and expand within the GCC to helping local franchisees evaluate and secure franchising deals. Reach out to Sanjay and Stellar Eastern Franchising Advisory at their website HERE.
Do Not Be Afraid to Make Mistakes and Go for It
During this time of the year, it is common for companies and individuals to develop their goals and objectives for the year. Many times people know what they want and they’ve done their homework, but they don’t pull the trigger in achieving their goals because they’re afraid of losing. When this happens, you get stuck in what is called “paralysis by analysis.” Obviously you want to carefully plan your strategies and do your research, but what’s even more important is to keep moving forward and don’t be afraid to make mistakes. In fact, you will most likely make many mistakes in your journey. The more mistakes you make, the higher the chances of achieving your goal. Keep your eyes on the prize!
David Lee is the Founder and Managing Director of Franchise Equities, LLC. Mr. Lee began his career on Wall Street in 1994, and during the past twenty five years, he has gained extensive experience in both finance and franchising. Mr. Lee has consulted with a wide range of franchised and non-franchised organizations in the U.S. and abroad. He specializes in partnering with emerging brands, developing and executing effective business growth and operational management strategies. As the Founder of All-Star Franchise, LLC, Mr. Lee has also gained extensive experience in managing multi-unit franchise assets. Over the course of his more than 13 years in franchising, Mr. Lee has been a franchisor, franchise operator, developer, multi-unit operator, and founder of three different franchise companies. You can reach David and check out Franchise Equities at their website HERE.
Franchise Brokers as VALUED Advisors
Many people may be wary about using franchise brokers for fear that the broker will talk them into buying a franchise they really don’t want. However, franchise brokers are similar to executive recruiters or real estate brokers or agents. Most people who buy houses use a real estate broker or agent to buy a house vs. a house that they found on their own.
Using a franchise broker – who represents multiple franchise opportunities – is not an excuse for ignoring the homework that you should do prior to buying a franchise. When you know what you want to buy (because you’re passionate about operating a particular kind of business, or because it’s a “hot” franchise), and you know what you’re qualified to buy (financially and skill-wise), a franchise broker becomes an trusted advisor, every bit as valuable as an accountant or lawyer.
When a prospect doesn’t know what to buy, a franchise broker can help identify opportunities that the prospect might not even know about. A good franchise broker will also help match opportunities to your expectations and skill set, as well as your checkbook. Franchise brokers should help prospects with their due diligence while saving a lot of time. Franchise brokers not only know who the franchisor will accept as a franchisee, but also know who the lenders will accept.
Perhaps the best part of working with a broker is the fee – it’s always paid for you by the franchisor. You won’t pay the broker – your franchisor will.
Mr. Killough is a Certified Franchise Executive (CFE) and Owner of Thriving Solutions, LLC, an independent Affiliate with The Entrepreneur Authority (TEA), the leading franchise brokerage firm in the country. He has been with TEA for over a decade and has been recognized as their Consultant of the Year nine consecutive years. You can reach out to Jason at his website Here or by phone at (800) 390-3726.