Dr. Jason’s Speak Life™ Newsletter – Volume 7 Issue 1
Inside This Issue
- Receiving a Financial Check-up
- Message from the President
- Incentivizing Your Staff To Promote Loyalty
- Consulting Focus: Getting Buy-in
- Industry Perspectives
Receiving a Financial Check-up
It is widely understood that individuals need to receive regular medical check-ups in order to maintain their physical health. The same principle applies to businesses—especially small businesses—when it comes to finances. Without a financial check-up, management may be unaware of how financially healthy (or unhealthy) their organization really is. It is recommended that the financial check-up be done on an annual basis with board members and advisors. The financial statements that the accounting department prepares should be analyzed to assess the firm’s strengths and weaknesses. These include the balance sheet, income statement, and statement of cash flows.
By reviewing these statements, any necessary adjustments can be made to ensure that the organization’s goals are being met. The business cannot move forward if the leadership is not fully aware are the current state of affairs. The check-up will help determine what the organization is currently worth and facilitate the plan for increasing its value. It also provides a strategic look at the direction of the business. Other areas that should be evaluated are taxes, investments and insurance.
Just like a medical check-up, a financial check-up can be intimidating, but when it is completed, you will be glad that you have gone through the process.
Message from the President
“Celebrate the victories, but don’t remain there too long. There is still much work…”
A new year is typically a time for goal-setting and planning. It is also a time to reflect on the accomplishments and disappointments of the previous year. Each of us has had our share of both in 2013. No matter how good or bad 2013 was, we cannot live in the past. Learn from the failures, and don’t let them preclude your advancement. Celebrate the victories, but don’t remain there too long. There is still much work to be accomplished in the future.
A new year offers new hope and new opportunities. Take full advantage of all of them that come your way in 2014. Dream big and take the necessary steps to realize your dream. As long as you continue to dream, you remain hopeful about positive outcomes. Make this the best year yet!
Incentivizing Your Staff to Promote Loyalty
Customer loyalty is one of the keys to growing a business. One of the resources often overlooked by businesses in promoting their loyalty program is their existing staff. These are the people who already have contact with the customers. They have the ability to influence customer participation and repeat engagement. And, most importantly, they are already on the company payroll. Having an educated staff is crucial to successfully promoting loyalty.
The sales staff is the perfect channel to make customer engagement happen. The sales staff can make customers feel they are receiving something for doing business with your organization, and not just a source of revenue. However, don’t just give employees another task to add to their workload without providing some encouragement for doing so. Give them some incentive to promote the program.
The rewards do not have to be expensive, or even monetary. They just need to have value to your employees. Be creative. Not only will you have loyal customers, but you will also have loyal employees. Studies have repeatedly shown that employees who feel valued, recognized and appreciated are the most loyal. Your minimal investment in incentives can produce huge returns in sales generated from repeat loyal customers. This will be a win-win for everyone.
Consulting Focus: Getting Buy-in
In most cases, your organization will need the support of stakeholders, whether internal or external, in order to implement new ideas. People are often resistant to change, so buy-in is essential. Getting buy-in from affected parties will greatly improve your chances of success with your ideas, as well as save you time in the implementation process. Buy-in generates commitment to the decision being made.
Communication is a key element in the buy-in process. You must clearly articulate why the idea is necessary for the organization and individuals. Be specific about your objectives and targets. Be prepared to answer the following questions:
What are the benefits of the proposal?
Are there any negative effects?
What is the timeframe involved?
It is a good idea to prepare rebuttals beforehand to likely points of resistance to the proposal. Finally, be prepared to make modifications to the plan along the way. Even a good idea can be tweaked.
Relationships are very important in business. This fact is especially true as it relates to clients and consultants. The right client-consultant relationship can mean the difference between success and failure. As a business or organization, it is imperative to find a consultant that fits with the culture and climate of the firm. Sometimes, clients know the solution to their problems; they just need someone to walk with them through the difficult process of getting there. The relationships that are established can be long-term. A good consultant will follow through and stay in touch with the leads he or she develops. Keeping in front of the client with articles that may interest them, or new information to add to any past work helps to nurture the relationship.