In This Episode

Most business owners spend a good chunk of their time on people issues.  Finding them.  Training them.  Inspiring them.  Retaining them.  Firing them.  You get the idea, lots of time on people stuff!

We hear too often the pushback phrase of “I don’t have time” when we talk with small business owners about the importance of training new employees. If the owner doesn’t train them then someone else will, usually it isn’t the way the owner would train them or want them to be trained.

How about finding and paying good people.  “How can I afford to pay them” is a common question we’ll hear from owners.  Good people are hard to find and when you do you need to grab them with both hands and not let them go.  Often a big obstacle to bringing on good people is the owner’s lack of understanding for how to pay these folks, but you can only answer that by plugging them into your profit plan.

One of our favorite games with our coaching clients is to play the game “let’s pretend” because it puts us easily into a situation.  For instance, “let’s pretend your business doubles tomorrow.”  Would your current systems hold up?  Would you be able to process and produce all those additional orders?  Can your people and systems handle it?  Would you be able to fund that growth?  Getting your company ready for scalability is a key role for the owner of a business.

People, Companies and Resources We Mentioned in the Show

• Undercover Boss (https://en.m.wikipedia.org/wiki/Undercover_Boss_(U.S._TV_series))
• Good to Great by Jim Collins and getting the right people on the bus and in the right seats (https://en.m.wikipedia.org/wiki/Good_to_Great)
• Steve Jobs and Apple’s policy of “A” players vs. “B” players (https://www.amazon.com/Steve-Jobs-Walter-Isaacson/dp/1451648537)
• Atlas with the world on your shoulders
• Jesus, “my yoke is easy and my burden is light”, Matthew 11:30
• Boston Legal with James Spader and William Shatner (https://en.m.wikipedia.org/wiki/Boston_Legal)

The post How Do I Make My Organization Better? appeared first on Dirty Secrets of Small Business.

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In This Episode

As a business owner, there are lots of opportunities to Present yourself and your company. We have found that most owners don’t think of it this way. A few examples include Presenting to a new potential customer or current customer. What about Presenting to a bank or investor? How do you come off when Presenting to your team? Ever consider selling your company or looking to buy another company?

Presenting can create a lot of stress for an organization and for the individuals who are called on to Present. As a business owner, you should be the top Presenter in your company. You should be aware of who you are Presenting to and how to tailor the message to that particular audience. To keep things simple, we focus our business coaching clients on following our MVP 7 Keys to Success (http://maximumvp.com/7-keys-to-success/) as a framework and guide for what to present.

We have had several clients who have been wrestling with Presenting their annual Profit Plans to their team

People, Companies and Resources We Mentioned in the Show

• The Big Chill (http://www.imdb.com/title/tt0085244/)
• The Big Lebowski (http://www.imdb.com/title/tt0118715/?ref_=fn_al_tt_1)
• Nathanial Rateliff and the Night Sweats (https://en.m.wikipedia.org/wiki/Nathaniel_Rateliff_&_the_Night_Sweats_(album))
• Mr. Rogers (https://en.m.wikipedia.org/wiki/Fred_Rogers)
• Billy Graham (https://en.m.wikipedia.org/wiki/Billy_Graham)

The post How Do I Present? appeared first on Dirty Secrets of Small Business.

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A common struggle for leaders of just about any organization is that they often feel like they have to do everything themselves. Even when they have a lot of good people around who are able and willing to help. We see this with many small business owners and we’ve seen it in several non-profit situations as well.

One of the key principles we hammer into our clients’ heads is that their job consists of three simple things, and it’s not “Do, Do, Do”! We teach our clients how the embrace the approach of “Plan, Direct, Control”. This simple but powerful model is what we use to orient our business owner clients as well as ourselves or any other leader we counsel.

First things first, “what’s the plan?” This quickly becomes a favorite mantra for our business owner clients. It starts with us asking them this question and it flows throughout the organization as they begin to ask everyone else that same question. It all starts with the plan. Next is the Direction. Think of yourself as a conductor of an orchestra when you are in a leadership role. You have to give direction (sometimes correction or encouragement) to your team. And then comes the Control. We do this in business through a series of regular meetings and reporting.

Not sure who you can build around in your company? Try scheduling a few brainstorming sessions and see who stands out. Also, have people Present as much as possible. This doesn’t need to be a “formal” presentation but can simply be someone up at a whiteboard. You’ll get a great sense for how they think when they present. We shared several success stories during today’s show as well as some other helpful tips!

People, Companies and Resources We Mentioned in the Show

• Wedding Crashers, Will Ferrell as Chazz Reinhold and “Where’s the Meatloaf Mom?”
• Star Trek Vulcan mind meld
• KPIs (Key Performance Indicators)

The post Podcast Date: How Do You Work Through People? appeared first on Dirty Secrets of Small Business.

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In This Episode

Finding good people is a constant battle for any business, but especially for small businesses. If you have 10 people in your company, the positive impact a good person can have (or the negative impact a bad person can have) can be transformational for your organization.

So why do so many business owners get in their own way and get stuck in the hourly mentality when trying to find and hire good people? Good people are going to be “expensive”. Especially if you aren’t plugging them into an overall Profit Plan for your company. And they aren’t going to work for an hourly rate. They’re most likely to be salaried.

When you have a small business, you know the people and the hiring and firing process is something that can be very personal and emotional. One of the things we work on with all our clients is to be more decisive when it comes to their people. The old adage of “slow to hire and quick to fire” is a great one to keep in mind.

People, Companies and Resources We Mentioned in the Show

• Indeed.com
• Zip Recruiter
• LinkedIn
• Craigslist
• Office Space

The post How Do You Break Free From The Hourly Mentality? appeared first on Dirty Secrets of Small Business.

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Too many folks get in their own way when it comes to buying a company. In fact, they usually stop it before they start. The biggest reason has to do with money…or lack thereof. We hear this all the time when it comes to buying a company.

On tonight’s show we shared several stories about current business coaching clients as well as other potential clients who we’ve spoken with just in the last week alone about how to buy a company. And doing it without putting down a ton of money. The key with buying anything, whether it be a car, house, or a business, is buying it right.

One of the biggest mistakes to avoid when it comes to buying a company is to make sure you don’t get emotionally involved as the potential buyer. Keep in mind that the seller is already very emotionally involved, it’s their business after all. One of the ways to avoid this emotional commitment is get to the point of making an offer sooner vs. later.

The first question you need to answer when it comes to buying a company is, “Would you take it if they gave it to you?” Keep this question in mind as you’re looking at the potential company to purchase. Simply “giving it to you” can take a lot of different forms. The seller could play the role of the bank and you as the buyer pay them out of the future profits of the business, so the business literally pays for itself. Or, the offer could be so low, say a few thousand dollars, that it’s basically equivalent to someone giving it to you. The point is, don’t use not having a nest egg of money as an excuse for not buying a company!

People, Companies and Resources We Mentioned in the Show

• Entrepreneur Magazine, “6 Factors In Taking Over An Existing Business”
• Cocktail with Tom Cruise and the flugelbinder

The post How Do I Buy A Business When I Have No Money? appeared first on Dirty Secrets of Small Business.

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If you’re in business long enough, chances are very high that you’ll be faced with a big decision…To Sue or Not To Sue!  How do you know when the time is right to put up a fight vs. settle?

A couple of things to keep in mind: i) you will likely never see the inside of the court room as about 95% of the cases are settled before getting to court; ii) the only people guaranteed to make money are the attorneys; iii) size matters, some things just aren’t worth fighting.

During tonight’s show we shared several different examples of our personal experience as well as those of our clients when it comes to lawsuits or potential lawsuits.  Our guidance to our business coaching clients is to try everything else first before looking to file a lawsuit.  This all hinges on ensuring you have a reasonable party on the other side because you can’t fix or negotiate with crazy!

Filing a lawsuit should be the last thing you try after trying to negotiate, settle, or finding some other way to avoid getting attorneys involved.  If you’re dealing with someone who’s a bit nuts, you may have no other choice but to sue!

The post To Sue Or Not To Sue? How Do You Know When The Time Is Right To Put Up A Fight Or Settle? appeared first on Dirty Secrets of Small Business.

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If you’re looking to suck the oxygen out of the room, just tell people you’re looking to have more meetings.  Why do meetings get such a bad rap?  Our experience shows that most meetings in business are poorly run.  So what happens is most companies instead choose not to have regular meetings.  If a meeting does happen it creates a lot of buzz within the organization.

So how do you reverse this aversion to meetings in your business?  It starts with getting regularly scheduled meetings with set agendas.  Pick a meeting to start with.  There are two types of meetings: status/update OR working meetings.  Do your best not to mix these two.  Nothing will create more angst and frustration than sitting in a status meeting that devolves into a problem solving working meeting where two people have hijacked things while the rest of the people sit and watch.

We suggest starting with either a daily touch with your key people that lasts 5-10 minutes or a weekly meeting.  Both of these would be status/update meetings vs. working meetings.  Start with setting the time/date of the meeting.  If it’s a daily meeting, pick a time of the day and stick with it (e.g. 8am every day).  If it’s weekly, lock in the day and time (e.g. 2pm on Tuesdays).

One of the biggest benefits of regular meetings is it minimizes interruptions, especially from the owner!  Keep something else in mind as well, anyone who is in the meeting should have something to say as well.  Another often overlooked side benefit of regular meetings is the chance to have people present.  They will grow each time they present themselves and their thoughts and you as the business owner will gain more confidence in your key people as you get insights for how they think and present themselves.

Get those meetings started, either a daily or weekly one to kick things off!  Don’t tell us you don’t have time for it, make the time for important things.

People, Companies and Resources We Mentioned in the Show

Debbie Downer from Saturday Night Live (https://en.m.wikipedia.org/wiki/Debbie_Downer)

Mickey Goldmill from Rocky (https://en.m.wikipedia.org/wiki/Mickey_Goldmill)

The post How Come Meetings Get Such A Bad Rap? appeared first on Dirty Secrets of Small Business.

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Communication.  Keeping it simple and good is more difficult than it sounds.  No matter what type of business you’re in, there will always be communication challenges because you will be dealing with people.  Don’t confuse keeping it simple with communication being easy.  It’s difficult to keep it simple!

A common challenge we hear from business owners is they are tired of having to repeat themselves.  It might sound something like, “I’ve told him a hundred times before how to properly document that!”  Our response, so tell him for the 101st time because it still hasn’t sunk in.  Keep in mind there are three key ways people communicate and learn: Visual, Audio, and Kinesthetic.

The majority of people learn/communicate visually.  Nearly as many do it Kinesthetically (based on feel/tone).  The smallest amount (less than 10%) prefer to communicate and learn Auditory (hearing/listening).  Too many folks rely heavily on the Auditory portion of communication (i.e. they talk you to death).  Then it starts to sound like all of the adults in Charlie Brown!  Try some whiteboards and flip charts…put a little passion into what you’re saying!  How’s your handshake?

Another key is “active listening”, which is basically having someone play back to you what they heard to make sure you’re on the same page.  That’s why “Presenting” is one of our 7 Keys to Success.  Also, try having some regular meetings with your key people so you can make sure everyone is on the same page and you’ll know it by including the active listening component!

Here’s a list of the Top 10 Things to make you a good communicator:

1. Good listener
2. Non-verbal cues
3. Clarity/Brief/Don’t Ramble On
4. Friendly Tone
5. Confidence
6. Empathy
7. Open Mindedness/Be Curious
8. Respect
9. Feedback
10. Picking the Right Medium

People, Companies and Resources We Mentioned in the Show

Jimmy Stewart (https://en.m.wikipedia.org/wiki/James_Stewart)

It’s a Wonderful Life (http://www.imdb.com/title/tt0038650/?ref_=fn_al_tt_1)

The post How Do You Stop All This Miscommunication in Your Business? appeared first on Dirty Secrets of Small Business.

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Many business owners struggle with something that most people think should be a no brainer…taking a vacation.  How come it can be so hard to enjoy the holidays with your family and friends without getting the shakes?  How do you find the switch to turn things off?  How do you not feel like Mr. Scrooge when you wish more people were working during the holidays?  It can be maddening!

We have a lot of clients who are going through a transition of the business from one generation to the next (parents to kids and other relatives).  There are lots of good advisors when it comes to structuring the transition to save taxes and do it properly.  But how do you transition the day-to-day management?  How do you as the boss step back?  How do you as the “owner in training” step up into a leadership role?

There are some key things to do at the start.  First you should get agreement that the time is right for a transition and how long should it take (e.g. 3, 5, 7 years).  Then the current generation should look at testing out what it’s like to back off a bit by doing something like reducing work time from 5 days per week to 4 days per week so they can start to figure out what they’re going to do after the transition is complete.  Will they be a man or woman of leisure or get into volunteering?

Don’t worry about “what’s fair” but instead “what’s best for the organization”?  Things like, “who should be in charge” if there will be more than one owner.  Don’t do a 50/50 ownership, someone should always have at least 51%.  What about compensation?  Not just salary and bonus, but what about other perks?  Also, who is going to do what so you can ensure that there is a relative equal dissemination of duties so one partner doesn’t feel like she is carrying more of the burden?  These and many other questions are key things to discover as part of the business transition process.

The post How Do You Transition the Ownership/Management of a Business? appeared first on Dirty Secrets of Small Business.

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Many business owners are frustrated by the sense that they spend most of their days babysitting adults. Mind you, these are adults they are paying to work at their company. As an owner you hire people to help you out, not to create more work and drama for you. So what’s a business owner to do?

We try to keep things real simple when coaching our business owner clients. We focus them on what their role should entail which can be summed up in three words: Plan Direct Control. Ask anyone you are managing, “What’s the Plan?” If you hear good stuff, great, then your job is to help Direct them through getting that Plan executed. You Control things by having regular meetings and reports.

The idea is to “trust but verify” what is being done, but it all starts with getting agreement on the Plan. Having people “Present” their plans as well as updates gives you great insights as the manager for how this person thinks, makes decisions, and processes information. The meetings you have as part of the Control should be focused on them Presenting, not you.

It’s also key to get clarity of who is responsible for what. Or making sure everyone knows who “the guy” is as Dan Gilbert says (owner of Quicken Loans and the Cleveland Cavaliers, among other things). You don’t have to put up with babysitting all day, but it’s up to you as the boss to make changes first.

People, Companies and Resources We Mentioned in the Show

• Dan Gilbert (https://en.m.wikipedia.org/wiki/Dan_Gilbert)
• Quicken Loans (https://www.quickenloans.com)
• Cleveland Cavaliers (http://www.nba.com/cavaliers/)

The post How Come It Feels Like All I Do I Babysit Adults All Day? appeared first on Dirty Secrets of Small Business.

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