|
|
|
Are You a Want or Need Business
Peter Fink, owner of Certified Transmission in Omaha, NE, emphasizes that providing value and customization is critical for a business’ ability to compete. People are looking for something different in the marketplace…unique products or customized, personal services. Peter defines value as to how long it will last, not necessarily how much it costs today. Decide what kind of product you have…a want product or a need product. A transmission is a need product. People only buy transmissions when they need replacements, not because they want one. Make sure you thoroughly understand your customer base. Your makret success will depend on correctly identifying the motivations and needs of the customer. (http://www.certifiedtransmission.com)View Video
Business Planning for Future Growth
Business planning is critical to a business’ future success. According Dale Marples, CFO Omaha, the plan is the essential guide that leads a business into the future. A plan must be updated as situations change. Every month, compare actual results to plan goals and make changes as needed. The financial section is the most difficult to develop as correct numbers and projection are needed to match future goals. If sales fail to meet expectations, operational goals must be adjusted. Always project conservatively. If sales are above expectations, take advantage of it by protecting the profits and prepaying debt. (http://www.cfoomaha.com)View Video
Part-time CFO Solves Problems
CFO Omaha offers part-time help to small businesses. Dale Marples, owner of CFO Omaha, provides insight into the money problems that many business owners face. Problems often arise because owners don’t know their costs, they over obligate their business to purchases, or they take on too large of a project that delays payments. These situations can result in cash flow deficiencies and a closed business. Owners need to look at both the expenses and income to increase profit margins. Before seeking a loan, owners should determine their ability to repay the loan and be able to prove it to the funder. Never prejudge the bank response, there are funding options available such as the SBA guaranteed loan. If the business needs an immediate cash infusion, the business can look to selling convertible assets or obtaining employee concessions to get over the cash flow crunch. (http://www.cfoomaha.com) View Video
Systems Build Businesses
Peter Fink started Certified Transmission 30 years ago in Omaha, NE. He has steadily built the company from one repair business to 15 retails stores, two manufacturing plants, and 15 distributors. Peter quickly learned that standardization was key to duplicating his business, from cross-training employees to consistent suppliers and uniform procedures. In a good system, employees must be able to routinely repeat the process. Although systems are costly, it does allow the company to offer higher quality products and reach efficiencies. Peter believes in sharing business information and performance results with employees for accountability and buy-in. (http://www.certifiedtransmission.com). View Video
Share Your Vision with Employees
Janet Walker, President and CEO, J. Walker Associates, Inc. (Omaha, NE) discusses with Lynn Hinderaker questions surrounding company culture, leadership, management styles and the hiring of employees that fit with the company. Janet suggests you help employees buy in to the vision by providing an emotional connection – be willing to express your vision or the dream that drives you to succeed. As a business leader, you need to tell your story, don’t assume the employees embrace the vision. The management style and cultural values of the organization also needs to be translated into “this is how we do things.” When interviewing potential employees, detail your values and management style to the candidate so that they too can decide whether they fit with your company. View Video
Tips for Hiring that First Employee
Janet Walker, President and CEO, J. Walker Associates, Inc. (Omaha, NE) highlights key steps a business owner should take when hiring the first employee. 1) Define what success looks like for that position. Keep in mind that you are not hiring co-workers, but employees that need defined roles. 2) Articulate the details and identify what you want to them to do and how they are to do it. 3) See yourself as a leader/manager of the organization. 4) Don’t get caught up in first impressions, watch and listen to what the candidate says. 5) Past performance can predict future performance, pay attention to job skills. 6) Let the candidate ask questions. 7) Don’t make any promise until after all are interviewed. View Video
Importance of Agricultural Tax Planning
Tina Barrett, Executive Director of the Nebraska Farm Business, Inc. discusses farm tax issues common to farm operations. Minimizing the tax burden is critical to a farm business. Planning one to two years ahead helps the producer situate themselves so they are not paying for more taxes than necessary. Read more
The Emotional Side of Business Leadership
Jim Meier, President of Training and Consulting Connection (Omaha, NE) highlights three factors for success: believe in yourself; really, really want it; and do the work, both physically and mentally. Self-knowledge is an important factor as is leadership. You can be the visionary leader, the networking, collaborative leader, or the operational leader. Most people don’t possess all three leadership skills so you need to find others who help fill the void. Find someone you trust for advice and in turn, be coachable. Find people who can help you clarify your ideas, challenge or confront your concepts and nurture your soul. (www.tccomaha.com) View Video
Knowing your Business Self
Jim Meier, President and Championship Thinking Coach, owns the Training and Consulting Connection (Omaha, NE). Jim uses sports psychology and philosophy as it relates to business. In most situations, the biggest competitor is him or her self. Small business owners need to “really” believe in themselves and know how to management the doubts. Most business owners over estimate themselves in the sense of understanding all the difference facets of entrepreneurship that are needed to be successful. The business owner must understand their ‘blind spots” and know when to seek assistance. (www.tccomaha.com) View Video
What To Do When Things Don’t Work
Career counselors, Larry Humberstone and Pam Gunderson of PJ Lawrence and Associates (Omaha, NE) talks about the tender subject of a failing business. If things are not going well, the first step is to go back to the original vision, revisit the plan and conduct a good self-assessment. Look at the business from the client’s perspective. Do you have the correct image and message? One solution is to increase networking and marketing activities. Assess the referrals and discover where customers are getting information about the business. Work your brand and be authentic to that brand. (http://pjlawrenceassociates.com) View Video
