Tag: Business Management (31 articles found) - Clear Search


The Best Kind of Leaders Do This

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"Being honest may not get you a lot of friends but it'll always get you the right ones." - John Lennon

Perhaps it's not at all surprising that today's manager is pulled in many directions -- and often does such a poor job.

It's the irony of the digital age -- we have so many tools at our disposal to "virtually" connect with one another, that the real work of connecting in person is becoming a lost art. Posting status updates, sending emails, texting -- we've forgotten how to work without the digital assistance.

And, ultimately, being a business manager is about actual interpersonal influence and leadership. When you're used to leading virtually, it's harder to lead in person.

Even worse, perhaps because of all of these distractions (or, perhaps because of a modern, misplaced desire to be liked) managers learn to ignore the "small things", because there are just so many to keep track of that it seems "uptight" to track them. But when you start relaxing standards in the small tasks of your business, your bottom line will eventually be the real victim. Read More...


Protecting Your Focus At All Costs by Janet Behm

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 "The best way to predict the future is to invent it." -Alan Kay

I do taxes and help with business finances for a living. I'm not (necessarily) an expert in matters of mental optimization.

However, I do see what happens to my clients who get wrapped up in the media cycle of fear and negativity, and ... well, what often happens to their businesses as a result.

Frankly, I'm tired of seeing clients and friends who are beaten down by all the fear and stress.

Because there is one major source of it -- which is entirely optional.

I believe that the preeminent danger for ALL of us moving into 2020 is allowing today's world to starve your brain with junk food and deaden your spirit with the overwhelming feeling that you are small, insignificant ... that you have no control over outside events.

I've learned to avoid the 24-7 news channels, mindless scrolling of certain social media feeds, and the sites online that traffic in fear. I figure that I'll see what I need to when seeking out resources for our clients about current events. Read More...


Giving Out Year-End Bonuses? My Tips to Keep in Mind

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"New Year's Day is every man's birthday."  -Charles Lamb

Chances are, if you're just now thinking about bonuses, it might be too late. (But with Amazon, I guess there is still hope). Yet with 2020 on the horizon, you can begin with 2020's holiday gifts in mind. It really is important to factor year-end bonuses at the beginning of the year so that you can budget and plan accordingly. In addition, you'll want to consider questions such as:

  • Who on your team will receive bonuses?
  • Will the bonuses be the same across-the-board or differ based on merit?
  • How will you present the bonuses to your employees?

If you don't have a solid system for year-end bonuses, your budget might take a hit.

Budget Accordingly

When you think of budgeting the bonus, don't just think in terms of cash bonuses. Read More...


Selling Psychology: How Lemonade (or a Cookie) Can Increase Your Business' Sales

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"You have to set goals that are almost out of reach. If you set a goal that is attainable without much work or thought, you are stuck with something below your true talent and potential." -Steve Garvey

Consider the following story...

Alison, a young girl running a lemonade stand,  last summer, in Bountiful, Utah. Pretty typical, right? But this ten-year-old girl was exceptionally bright. She had been watching other ten-year-olds run their lemonade stands with one qualm: they let customers slip away without a sell.

Determined, the girl enacted a new selling strategy. Instead of asking customers, "Would you like any lemonade?" like the other kids did, this girl decided to ask, "Would you like lemonade or a cookie?"

From that point on, customers rarely walked away from her stand without AT LEAST lemonade or a cookie to consume. Read More...


Janet Behm's Keys For Empowering Your Employees For Advancement

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"My job as a leader is to make sure that everybody in the company has great opportunities and they feel they are having meaningful impact to the good of society." -Larry Page

If you do nothing to help your employees grow, complacency can become the norm. They might be "good" at their job but they may never become "great". And for those employees who are striving, regardless of their given opportunities, it's vital you recognize them in their good work. Is a promotion at hand? Possibly. Consider the following three questions before promoting your people.

Are they prepared?

Hard work and stellar performance does not mean they are automatically ready for the next step. Consider the highest award in college football: the Heisman Trophy. Those who win the award do not always excel at the next level. Some trophy winners leave college early when they should have prepared another year for the NFL. Your employees might need another six months or year to prepare for promotion. In that time-frame, give them educational goals that will prepare them to succeed at the next level. Read More...


The Wisdom of the Crowd

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"To change ourselves effectively, we first had to change our perceptions." -Stephen R. Covey

Mindlessly conforming to conventional wisdom about how to thrive in your calling is something I think we should all avoid. But with every (bad) magazine and social media post tossing around conventional wisdom left and right, allow me to question some of it...

"Just do your job"
Your job description is a bare minimum. Fulfilling it means you'll probably keep your job, or that client contract, but you won't stand out when buyers are re-upping contracts or managers are deciding whom to promote. Push the envelope a little so your contact sees that you're committed to helping the organization, not just safeguarding your position or contract.

"Never say 'No'"
You can't do everything, know everything, or even attempt everything your boss or contractor asks. Be willing to admit when you don't have the answer, or that you don't have time for every assignment. Then work with your contact to solve the problem, and accommodate his or her needs. Read More...




The Role Of The Business Owner

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"Only those who dare to fail greatly can ever achieve greatly." -Robert F. Kennedy

When I meet with Salt Lake County business owners and clients, we always go over the particulars of their business (how money comes in, how it goes out, accrual vs. cash, etc.), but when the moment is right, I often stump the client when I ask them this question -- and, actually, I'll ask it of you:

"What business are you actually in?"

As an example of what I'm talking about, let's say you run a daycare business.

In fact, not only do you run a daycare business, you run it very well. Your employees are licensed and trained to the highest standards; your facilities are top-notch; you've got years of experience and parents rave about how their kids are happy when they pick them up.

But you're losing money, because you don't "get" what I'm about to tell you.

You see, you could have the World's Greatest [your industry here] Business (in absolute truth), and still have a poor bottom line. Read More...


Three Overlooked Ways To Control Costs In Your Business

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"Never spend your money before you have it." -Thomas Jefferson

Profitable revenue is the only thing that will grow your business.

Are there other elements that fuel that process? Absolutely. But you must control costs so that you can forecast and attain PROFIT for the good of your business.

Some people will see this as greedy or profiteering, but a lot of those people just don't know what it takes to run a business. For the rest of us, it's important to keep one another in check with various systems in place to control costs and maintain profitability.

Here are three ideas that often go overlooked -- and if you have questions about any item, please reach out and let me know. I'm available to discuss ways to help you save (and therefore gain).

Annual Renegotiation

Depending on your business model, setting a yearly meeting with vendors to renegotiate terms and payment can be a great first step to controlling costs for your business.

Before setting meetings in stone, you should probably follow a guiding principle in business: whenever possible don't set a contract any longer than a year. This might seem obvious, but many businesses think this longer-term strategy will help them lower costs. That is not the case. Read More...


Cash vs. Accrual Accounting: Two Main Differences For Businesses To Consider

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"Accounting is the language of business." -Warren Buffett

Let's look at a few differentiators between the two and how each could help, or hurt, your business moving forward.

As always, please let me know if you or your accounting team has any questions on this topic. I would love to help in any way I can, or provide resources for further understanding. My goal is for your business to succeed!

Timing

The key difference between cash and accrual accounting is largely due to timing.

For instance, cash accounting considers revenue right when the cash is received, and right when you pay expenses. Many businesses opt for cash accounting because it's easier to keep track of -- it's a simple method especially for entry-level accountants to maintain.

On the other hand, accrual-based accounting keeps track of earnings as opposed to what's actually been received. Although cash accounting is simple, accrual is more popular because of this timing: businesses consider revenue upon "project completion" instead of waiting to receive the money. Read More...


Smart Employers Are Rewarding These Four Traits In Their Employees

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"Always treat your employees exactly as you want them to treat your best customers." -Stephen R. Covey

When you go out of your way to reward an employee, it's easy to wonder: What do other employees think about this?

And although jealousy is a possibility, rewarding team members can also motivate other employees to "level up" their performance to get on a similar track for growth.

To foster a culture built on growth and "raising the bar" for one another, it's important to reward your employees with regularity and honesty. But it's equally important to do so on an objective basis.

Here are a few items to look out for when rewarding your employees. These are "soft skills" that don't necessarily show up in typical employee evaluations, but they are critical to building a healthy team.

(Exactly what to reward them with is another conversation for another day. But get creative with it -- they will value the thought you put into those rewards.) Read More...