The dirty secret of this week from Jack Mencini and Adam Sonnhalter of Maximum Value Partners and hosts of the weekly Dirty Secrets of Small Business show, uncover the fact that just because you’re good at your product or service…doesn’t mean you’ll be a good business owner. 75% of companies who launch into business are very good at their product or service but soon come to realize that they also need to be skilled at marketing/sales and administration, which are every bit as important as the product or service they are building the business around.

Being in business for yourself means that you will have times when your inventory doesn’t come in on time or the supplier you counted on suddenly says that they are having their own problems with production. Knowing how to handle these challenges while also keeping tabs on your marketing to grow sales can be overwhelming. If you think you need a little coaching, you might want to have a conversation with Jack and Adam and you can always call into the show each Monday from noon – 1:00 pm (EST) at 440-946-9468 or email your question to radio@maximumvp.com

Another myth of small businesses is that you can set your own schedule and as a boss, you can do what you want when you want. That might be true if you look at the philosophy that you will have to work 12 hours a day… just pick which 12 hours you want to work!

According to Jack and Adam, it is a myth that you can set you schedule because crises, employee problems and regulations will get in the way and press in on your schedule. The important thing to remember is that with your schedule you should try to set goals rather than constantly being upset when the day or week doesn’t go as you thought. Being the small business owner, things will get in the way, but if your eye is on the goals rather than trying to adhere to a schedule, there will be more time to celebrate rather than sulking in frustration.

In this week’s show (you can listen to the podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ ) tune in to hear about one of Maximum Value Partners’ clients success stories in how they effectively found a company to buy.

Every week, on DirtySecretsofSmallBusiness.com catch up on a How Come? question from Jack who ponders the world of small business and the how questions owners are faced with. If you have a how come question that has you stumped you, email or call (radio@maximumvp.com or 877-849-0670) to get insights from the Maximum Value Partners’ coaches!

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Do you ever feel like running a small business is a thankless endeavor? Does it seem like all that you do for your employees and your family never results in an actual heartfelt accolade your way or a small thank you from those who benefit from your hours of work? Well…you are not alone. The dirty secret of this week from Jack Mencini and Adam Sonnhalter in this week’s Dirty Secrets of Small Business show, underlines the fact that even if you make payroll every couple of weeks and haven’t taken money or a salary for yourself while building the business, no one will seem to care or give you a high five.

Many, many business owners that Jack and Adam deal with as clients of their small business coaching with Maximum Value Partners www.maximumvp.com have come to realize that it is lonely at the top or at least as the owner of a small business that is providing the livelihood for their team and keeping a roof over their family’s heads.

Most of the people who are oblivious to the sacrifices the owner is making or the hard work they are doing will never appreciate what you do because they are what Jack and Adam call “job folks.” Job folks look at work and business as a 9-5 proposition where once you leave the building you don’t think about work until you are clocking in at 8:59 am the next morning.

This is not meant to harbor blame or be disparaging towards job people. You just have to know that they need to be brought into the communication process to understand that the business owner has a passion for what is being built. Along with this passion and excitement of building the teams and the business is a stark reality that brings about sacrifice and countless hours of pondering about the profits, sustainability and challenges, which come with owning a business. If as a business owner you feel that there should be a better understanding from your team on what the business and you are going through, don’t give up on explaining the nuances of your business and how they are an integral part of its success and failure. Through weekly or monthly “state of the business” meetings, you can train your team on what it means to run a company with all the mixed emotions, highs, lows and successes to build an organization that will run to sustain them with a paycheck every two weeks. You can also share with them that hopefully in the future there won’t be that many times when you, the owner, have to forego your paycheck for the health of the company. Explain to them that this does happen from time to time when profits haven’t kept up with either increased overhead or the need to ramp up for inventory or unexpected costs for doing business.

Another common myth in this week’s show that goes along with employee appreciation is that as an owner, you can pay yourself whenever you want. Sure you can if the money is there, but don’t delude yourself that taking money from your bank loan is a good idea. The money has to be there to be paid. It’s perfectly OK to take a salary if things are stable, if things are going more south or receivables are slow coming in, you may want to let your own salary slide rather than tapping a bank loan.

As small business coaches, Jack and Adam give advice to their clients on the owner’s payroll: (1) don’t look for an ongoing paycheck (2) money for your salary has to be there and (3) focus your sights on profit and taking a bonus when the time is right.

Every week, tune into DirtySecretsofSmallBusiness.com to catch up on a small business success story highlighting an experience from one of Maximum Value Partners’ clients. You can also catch up on all the podcasts and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

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In this week’s Dirty Secrets of Small Business show, hosts Jack Mencini and Adam Sonnhalter uncover the dirty secret that “Your Spouse Will Never Understand Your Obsession with Your Business.” As business coaches for Maximum Value Partners, Jack and Adam have worked with hundreds of small business owners over the last 15 years and often they need to explain that “job” people who work for someone else or the big corporation don’t have the same mindset that a business owner of a small business has in being totally saturated with thinking about their business all of their waking hours. And, for some during the non-waking hours, it’s even dreaming about what’s happening with the business. Many times “job” people share the same mindset with a spouse who feels that work should end at 5:00 pm.

To someone not totally involved with owning a business, it’s not natural to be taking work home. Spouses may harp on the topic work-life balance. If you are a small business owner, you left work-life balance behind when you made the leap from being an employee to being a business owner.

Jack and Adam advise their clients that the small business owner needs to take time to sit down and really communicate to their spouse or significant other what the daily, weekly, monthly and future challenges are with the business. This conversation can enlighten both parties and help the spouse to understand that many if not all business owners are truly blessed if they love what they do. The conversation should explain (for deeper understanding) that the obsession can be handled, but it is part of being a business owner.

On the subject of handling your obsession, there should be times when the business owner takes a step away from their constant business thoughts to be engaged with the family, outside activities and interests, which aren’t connected with the business. This small amount of time will also help put things in perspective and maybe even result into a fresh approach when you get back to pondering the hundreds of thoughts associated with running your company. 

Talking about pondering…tune in to hear Jack ponder the weekly Home Come? topic plus his discussion with Adam on the myth that teamwork is all about building consensus.

If you are in the camp that consensus is the only path to take with your business team and would like to discuss a contrarian viewpoint, call into the show on Mondays at noon at 440-946-9468 or send your opinion by email to radion@maximumvp.com. If you would like reach the MVP coaches directly when the show is not on, call 877-849-0670.

Every week, tune into DirtySecretsofSmallBusiness.com to catch up on a small business success story highlighting an experience from one of Maximum Value Partners’ clients. You can also catch up on all the podcasts and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

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My spouse or significant other isn’t involved in my business…this is a common myth that many small business owners feel is the truth because their significant other doesn’t go to the office or place of business with them everyday. The fact is that the most important person in your life is influencing your business decisions even if they aren’t physically in the office. This week, Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) http://maximumvp.com debunk this myth and explain that the spouse is in a very influential position as they are living and sleeping with the owner and have access to the owner that no one else does. The results of the business impact their livelihood as much as anyone else.

As it is important to communicate clearly with your employees it is equally important to find ways to communicate clearly with your spouse about what is going on in the business aside from what has been deposited in the bank. Your spouse cares about you and truly cares about your wins and worries with the business.

Dirty Secret

In this week’s show, Jack and Adam also cover the dirty secret that even if you don’t realize it, as a business owner, there’s no “off switch” on your brain to stop thinking about your business. There are times that even if you aren’t in the work environment your thoughts go to your business. You could be at a restaurant having great service from the wait staff and thinking, wow this is a really great employee… I wonder how the restaurant owner does it to find a great employee like that? How can I find other great employees for my business? And then your thoughts are off to the races and it may be your dinner companions have to nudge you back to reality.

“It’s important that you realize there are times you need to put the work thought switch on pause or realize that there needs to be time when you need a break from the constant thoughts of your business,” said Adam. If you have experienced this constant thought process about your small business and would like to share your insights with Jack and Adam on how you effectively manage it, call 877-849-0670 or email radio@maximumvp.com

How Come?

Tune in to hear Jack’s How Come? when he talks about:
How come there are so many good questions to ponder that could have life changing consequences? One question to ponder is that if you had one opportunity to be different what would you change about yourself? Change is hard for everyone and especially those with small businesses. There are problems in small business and we tend to move it aside rather than addressing them. Trying to make one change or many changes is often difficult but small victories build on significant change both in personal lives and for businesses that need to change to make their operations more profitable.

Every week, tune into DirtySecretsofSmallBusiness.com to catch up on a small business success story highlighting an experience from one of Maximum Value Partners’ clients. You can also catch up on all the podcasts and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

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A myth that many small business owners buy into is that they should be very active in social media. This week, Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) hhtp://maximumvp.com debunk this myth about social media total involvement with down to earth common sense. So often every marketing person you talk to will say that not participating in social media is no longer an option. Adam would agree that from this standpoint that many of the social media sites have been around for a while and the concept of being totally involved seems to have stuck. According to an article from Emily Copp, there are over 3 billion internet users and over 2 billion have active social media accounts. People often view social media as free marketing and it is if you also consider your time involvement to be free too!

According to Jack, “like any other pat of you marketing plan, you should have a schedule in place to focus on social media platforms that make the most sense for your business starting with where do your targeted customers gravitate towards. There are only so many hours in a day and if you can designate a trusted person on your team to be the social media guru for your business, that is certainly a good way to go.”

Dirty Secret of the Week

In this week’s show, Jack and Adam also cover the dirty secret that most of your team will disappoint you eventually. Whether it is because they are not as engaged as they should be or their level of helping you grow the business has diminished or their growth and talent have leveled off…it is somewhat inevitable that some of your team will become disappointing as the years go by. In this topic, they also emphasized the philosophy that not having close friends or family members as your employees sometime makes it easier to deal with the eventual or possible disappointment from individuals on your team. If you have experienced this disappointment and would like to share your insights with Jack and Adam, call 877-849-0670 or email radio@maximumvp.com

How Come?

Tune in to hear Jack’s How Come? when he talks about:
How come it’s getting harder to define a technology company? Jack digs into the conundrum that every company utilizing some form of technology to make their business better or more state-of-the-art seems to tack on the description of being a superior technology company. Jack also discusses: How does technology affect you, your products and your market? How does technology help my small business make it happen on purpose?

Every week, tune into DirtySecretsofSmallBusiness.com to catch up on a small business success story highlighting an experience from one of Maximum Value Partners’ clients. You can also catch up on all the podcasts and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

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This week, Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) cover the common myth that customers only care about low prices. There is an old adage when you are looking for services or products that you can have it quick, cheap or right… you just have to pick two of the three. 

Has it always been this way that price is the only thing a customer or client really cares about?

If your only competitive advantage is price, you are on a going out of business curve., There has to be more to your service and product offering than just being at the right price. What happens in small business environments requires more than just a fair or low price to get the sale. The small business owner has to demonstrate the attributes of their products and services to convey value and providing a solution to the client’s needs. It comes down to customers really wanting more than just a good price. Knowing how to present your value proposition and being able to be profitable from the sale are keys to success. Jack and Adam coach small business owners to develop the skills to reach their business goals.

In this week’s show, Jack and Adam also cover the dirty secret that you don’t need money to buy a company. There are ways to negotiate a win-win situation for the small business owner and the owner of the company he or she is looking to sell. If you want to learn the ins and outs of how to successfully buy a company with either very little money down or no money down, call Jack and Adam to talk about it at 877-849-0670 or email radio@maximumvp.com

How Come?

Tune in to hear Jack’s How Come? when he talks about:

How come all these journalists want to see Trump’s tax returns?  What value is that? There are bigger issues on trade, war, education and government spending. Why aren’t the journalists asking to address these hard questions?

Taking this week’s how come question and relating it to small business centers around the amount of information employees should know and understand about the owner’s numbers.

“With our clients, we advocate that they share information on their P&L with their employees; to share everything but the information on the individual employee salary amounts on payroll.

“This openness and transparency of discussing sales, revenues, profits and goals with the employees creates an atmosphere of understanding the challenges and excitement of building the small business. In discussing the P&L numbers, the small business owner and the employees both feel part of an organization where they understand how they can help build it on a path for greater success,” said Adam.

Every week, tune into DirtySecretsofSmallBusiness.com to catch up on all the podcasts, hear about their clients’ Success Stories and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

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This week, Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) cover the topic and the dirty secret that Most Small Businesses Are Really Banks!

As a small business owner, take a look at your Accounts Receivable on your balance sheet. Are there entries older than 30 or 60 days? Or do they go way, way beyond the normal terms of payment that you discussed when they first became your customer?

“It happens so often with many of our clients,” said Jack, “Our clients experience great growth and they will ask us where all the money is after paying their employees and their other expenses? They will comment: ‘My CPA tells me I’m profitable, but I don’t have any cash’.”

We usually ask them if they understand their financial statements. In most cases, they really don’t – and are surprised to find out that much of their cash is tied up in receivables or inventory. Then comes the difficult realization that they’ve become a bank for many of their customers who aren’t paying in a timely fashion. We coach many of our small business owner clients on how to get out of this situation and avoid getting into it in the future. One simple step all businesses should institute is having new customers fill out a credit application so you can perform a credit check on this potential new customer.

Not many of MVP’s clients initially do this important step because they are too caught up in the excitement of landing the new business. They assume payment will not be an issue. People often get worn down by the collection process, but cash flow is the lifeblood of any healthy small business and business owners need to stay on top of their receivables. If you have had this dilemma, call Jack and Adam to talk about it at 877-849-0670. 

How Come?

Tune in to hear Jack’s How Come? when he talks about:

How come if we learn from our mistakes, why are people so afraid to make a mistake?

In this segment, Jack refers to blogger and writer, Lisbeth Saunders Medlock.

Jack took an excerpt from Medlock’s article in summarizing that mistakes derive meaning from what we desire and what we see as success. ‘In many cases, what I see as important and desirable and being a success will be a failure if the situation or project does not go as I planned.’

Mistakes can be beneficial to inspire others—we all make mistakes and we need to accept that we are flawed. In a work environment, failure can inspire the group to say great things about what you, as a leader, have done and they will be inspired that you, as their leader, can admit that you have made mistakes.

In a family dynamic, grandparents have a war chest of stories of when mom and dad screwed up that the kids love to hear about it… it humanizes their parents. In a workplace, recognizing failure also humanizes the leader in front of the team to show growth and humanity.

How do you make mistakes on purpose? Don’t be afraid to make mistakes. Don’t be afraid to keep moving forward and put yourself in an environment to keep achieving and learning.

As the boss, be willing to accept mistakes in your employees who are trying to grow and move forward to help the business and themselves be successful. Your mistakes and theirs will inspire others to own up to it and to share the learnings.

Every week, tune into http://dirtysecretsofsmallbusiness.com to catch up on all the podcasts, hear about their clients’ Success Stories and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

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It is aggravating to hear the politicos wanting to take care of small business and in reality they really don’t. Every year, politicians are adding more legislations and restrictions that challenge small businesses. America could be great again; even greater if we could unshackle the harness around small businesses on the state and federal level to lift unnecessary taxes and provide more growth incentives. The benefits of a small company are numerous. They can be nimble and flexible to execute new projects and react quickly. Small business owners are able to see ideas and put them into practice very efficiently without months and months of meetings and layers of confrontational conferences. Why can’t government see the opportunity to further supporting the small business entrepreneur?

A small family run company of 50 employees can be dynamic in what they can accomplish quickly and without a lot of red tape. 25 million small businesses are in the United States, which is a powerful statistic. If 10% of small businesses could get better, then those businesses could also be hiring more people to create jobs and continue to be the community fabric that makes communities better plus put more people to work.

This week, Jack Menicini and Adam Sonnhalter of Maximum Value Partners also cover the topic and the myth: “Things will take care of themselves.” Depending on the situation this could be a good thing. Like Jack’s strategy when it comes to email…let it sit for several days and percolate. The emails may resolve themselves, time may take care of it….and you may not even need to ever address it.

But sometimes if you don’t address the situation it might not be the best for you or your company. If you have some clients not paying their bills in a timely fashion they may choose to ignore it for a while and it may take care of itself with finally getting payment or you could find yourself short of cash. Sometimes, if the invoices are not addressed, the actual bank may come in because they hold the security and assets for your client’s company and will seize additional assets and shut them down leaving you high and dry.

Overall things should take care of themselves with your guidance. As a small business owner, be in charge and be deliberate on the key priorities in your business. Cash flow is a key part of your business and you need to be focused on what is important, what you might let slide for awhile and what issues will always need your immediate attention. Your profit plan is something that does not take care of itself… as the leader you need to keep the lights on and your employees paid or your business will suffer.

Tune in to hear Jack’s How Come? segment where he talks about: How come it’s called a witness stand when the people sit? How come people keep trying to vacuum up the string and when it isn’t picked up, they will pick it up and try to have the vacuum pick it up again?

We have seen countless companies give people multiple chances even though they are not performing (just like picking up the string countless times). If you have an employee who is not a good performer, you might try to reassign them or make them a reclamation project, but there likely will come a point when you need to let them go.

Every week, tune into DirtySecretsofSmallBusiness.com to catch up on all the podcasts, hear about their clients’ Success Stories and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

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Are you one of those small business owners who looks forward to a vacation, but also takes the business responsibilities along too? Do you sneak away while everyone is sleeping or having lunch to check emails or call into the office? If your room in the hotel doesn’t have fast WIFI do you go ballistic for fear of not connecting with your team? If any of these points sound familiar, you are not alone.

In this segment of Dirty Secrets of Small Business, radio show hosts: Jack Mencini and Adam Sonnhalter, business partners of Maximum Value Partners advise small business owners that you need to prepare for your vacation and be away from the business or don’t take the vacation. Part of your job is to take care of yourself and recharge by being away from the business. It’s the right thing to do for yourself, your business and the people who join you on the vacation.

This week, Jack and Adam also cover the topic and the myth: If I hire the right people they should know what to do. According to Jack, “Nothing could be further from the truth. A new hire won’t be a mind reader or get it through osmosis by following you around on how you want things done for your small business.” In reality, new hires and your team will always need your guidance, your leadership, your coaching and collaboration for new ideas. Don’t’ kid yourself that a good hire can overnight turn into a great employee. You need to be part of the equation.

Tune in to hear Jack’s How Come? segment where he talks about the dog days of summer and how clear communications is imperative with your business team and your clients.
Every week, tune into DirtySecretsofSmallBusiness.com to catch up on all the podcasts, hear about their clients’ Success Stories and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

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In this segment of Dirty Secrets of Small Business, radio show hosts: Jack Mencini and Adam Sonnhalter, business partners of Maximum Value Partners tell small business owners: “Be Yourself!”

How many owners in small businesses try to be someone else when they should just be themselves? Jack and Adam help their clients be comfortable in their own skin. MVP uses a simply but powerful behavior assessment tool called Extended DISC with each coaching client,.

By taking 10 minutes to answer 24 questions clients are amazed at what they can learn about their own natural behavior style and how others perceive them. This is tremendously helpful in understanding personal strengths and areas to develop and helps MVP’s clients feel comfortable in their own skin. The results also provide insights for how to interact most effectively with their teams and clients, especially when those people have different natural styles.

In this week’s Dirty Secrets of Small Business myth, Jack and Adam also cover why it is important to be involved in politics for your small business. They debunk the myth that small business owners don’t have time for politics.

Tune in to hear Jack’s How Come? segment where he talks about American Sign Language and if it is truly universal in the communication process.

Every week, tune into DirtySecretsofSmallBusiness.com to catch up on all the podcasts, hear about their clients’ Success Stories and learn more about how to be a productive and successful business owner and if running a small business is really right for you!

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