This abbreviated (35 minute) presentation of a Minding My Own Business Workshop was presented by our Executive Director, Dirk Dieters, to the Oregon Remodeling Contractors Association on May 22, 2019. The topics covered are expanded upon during small business owner’s Initial Consulations with TFG Success Partners over a one and one-half day process. Give us a call for more information.
Every business owner “owns” a “system.” It is a system that converts market demand for their goods or services into cash. Our Success Partners have “been there and done that.” Together with you they design and implement an “Operating System” for your business. The Operating System brings structure, stability, and mature management to the business. At a minimum it includes:
• creating standards of required performance and proper reporting in all areas (sales, operations and administration) so that proper and meaningful delegation can take place and employees can be properly held accountable for pre-determined results;
• control of the money including a budget that interfaces with pricing strategy, cash flow projections that bring sanity to AR and AP decisions, and implements proper use of debt and capital so that profit is budgeted and cash retention is accomplished;
• a consistent schedule of reporting/meetings with sales, operations, and finance so that things don’t “slip through the cracks” and the development of a responsible management team to shoulder responsibility;
• and a time management component so that the owner is focusing on what really matters rather than feeling constantly “stressed out” and unable to do his or her job which is really running the company.
Of course, every company is unique with different strengths and weaknesses. The Success Partner first surveys and gets to understand you and your business so that a tailored Action Plan can be developed with the owner. Then an implementation plan is developed so that the pace of change matches the ability of the company to assimilate the improvements and to be assured that it can be budgeted into the company’s cash flow.
But it is a two-way street. To be successful, The Fremont Group can only work with small business owners who are truly committed to change. The process is at its’ best with three types of owners: (1) The stressed owner who knows that his company is underperforming but simply doesn’t have control; (2) the owner who is contemplating transition—either to a family member or employee, prepare the business for sale or just to reduce the amount of time and stress that is now required; or (3) the owner who recognizes that he has not realized his potential and that he or she is not where they thought they should be by now.
Depending upon the desired result, the process can take weeks, months or years. The Fremont Group generally works in scheduled half-week sessions with regular contact and established benchmarks in between on-site work. Your Success Partner becomes an integral member of your advisory board of directors and a person that an owner can talk to, learn from and share their success with. Are you ready? Let’s talk.
You are paying too much for your accounting. TFG, a non-profit organization providing services to mid-small business owners can show you how much–but you have to call us to find out!
TFG’s Accounting Supervisors and Data Entry professionals will complete your Quick Books accounting daily and provide all of your reports, payroll, budget, AR and AP. We can do as much or as little as you like while you maintain your CPA to file your taxes and give tax advice.
But that’s not all! Our Success Partners can customize your reporting to identify and monitor you Key Profit Indicators and provide weekly support.
Do you turnover in accounting? Is your accounting done accurately and on time? Are you getting the financial reporting that you need to drive your business in a timely manner? Are you overpaying for accounting?
If you are serious about your business you owe it to yourself
Also visit our Patreon Site!
Sales have not really changed over the years. The tools have increased and allowed us to be more effective however the principles are the same. The new tools such as social media, use of CRM, the internet in general, and many others can make you much more efficient, however if you are not following the basic principles you will not get the results that you could be getting.
First you must understand and accept that in making a sale what you are doing is solving your customer’s problem. In order to solve a problem you must understand what that problem is–duh! That can be done in numerous ways–research, industry knowledge, and so on–but the most effective way is to ask them. If it is face-to-face it means not talking, it means asking questions and listening. I recently had a discussion with a small, in-home candle maker who sold mostly through Amazon. She wanted to greatly expand her number of accounts so I asked her the question that you should always ask yourself, “Why should a customer carry your candles?” In response she told me all of the good things that went into her products but she never told me how carrying her candles would benefit the customer. You must put yourself in the shoes of the customer and understand how purchasing your product or service would benefit them. It’s not all about you–it’s all about them.
A second way of finding out their problem is educating them–they might not even realize that they have a problem until you educate them to the benefits of the solution. This can be true with new products on the market. You must educate the customer as to the problems created by not changing and by not using your product. Remember that change is resisted. The benefit of change must be overwhelming and again it is the benefit of the customer that matters.
The second principle is to create and understand your own sales system. You must create a system that follows the four functions: lead generation, lead qualification, closing and customer service. Each should be examined separately and each should be accomplished in the most cost effective manner. Lead generation is a low-level, often automated, function. How can we generate the maximum number of leads as inexpensively as possible? Many companies have their high-paid, top sales people inefficiently performing this entry level task. Secondly, once we have leads how do we qualify those leads? What is the matrix of variables that makes a lead qualified and how can we apply that matrix to the leads as efficiently as possible? This winnowing of the leads creates the pool of leads upon which you focus your attention. These are the leads towards which investment of resources is directed. Most companies focus their efforts here in training sales people to close–a function which does require constant attention–however it is just as important to make sure that closers focus their time on qualified leads. Lastly customer service needs to be treated as a sales function. The most valuable sales asset in most businesses is their customer list. A strategy must be implemented to maximize sales from this list.
The mapping of your Sales System allows you to produce and monitor results from each category and gives you control of the sales process. The owner should always have at their fingertips the information as to the “numbers” in each of these phases.
Let’s examine and refine your Sales System through an Initial Consultation with one of our Success Partners. Give us a call today–303 338 9300 to set up your IC!
Experience has shown that small to mid-sized businesses suffer from inconsistent accounting. As the company grows their needs expand and yet they continue to utilize the same limited skills in accounting. Too small for a qualified CFO they hire relatives or referrals, they suffer turnover, and take time away from what the owner should be doing. Penalties are paid, tax documents are improperly filed, bank statements are not reconciled, and worst of all the owner is not receiving timely, accurate and usable managerial information from their accounting.
TFG will do an assessment of your current strengths and weakness and put together a plan to address your needs. In times of turnover it may mean the complete outsourcing of your Quick Books accounting or it may mean supplementing existing personnel so that they can work effectively. The implementation of the customized plan will make you more profitable, reduce your stress and provide a framework for growth.
The TFG staff is qualified and consistent. They provide a stability and level of expertise to your company. Give us a call and see how. 303 338 9300
Visit our Patreon site for more valuable information to help you manage your business. We put up posts and workshops according to the following schedule. Note that some of the materials are only available to patrons.
January-February Make a Minimum Mandatory % of Profit
Informational Posts 1/1; 1/15; 2/1
March-April Cost Controls
Informational Posts 3/1; 3/15; 4/1
May-June Organizational Structure
Informational Posts 5/1; 5/15; 6/1
Informational Posts 7/1; 7/15; 8/1
September-October Risk Management
Informational Posts 9/1; 9/15; 10/1
November-December Have Fun
Informational Posts 11/1; 11/15; 12/1
On May 22, 2019 our TFG Success Partner, Brent Lawrence, presented to the Oregon Remodeling Contractor Association. The presentation is linked below. Mr. Lawrence is based in Oregon and consults throughout the Northwest.
Do you get what you need from your accounting?
Do you have turnover and retention issues in accounting forcing you to constantly retrain?
Does your bookkeeper also have clerical duties and regular interruptions?
Did you know that a leading cause of business failure is a result of lack of financial control?
Are you paying over $2,000 per month for bad information?
What if we told you that there is a better way? Pricing from $500-$2500 per month!!!!!!
The Fremont Group, a non-profit small business management firm provides their clients with their required bookkeeping for less than the cost of an employee and coordinates the reporting with the needs of the owner.
Do you know how much you will have in the bank on Friday—next Friday—for the next six Fridays? If not, you don’t have financial control of your company–You could and you should—Are you happy taking that risk?
Do you have AR and AP reports weekly and P&L and Balance Sheets provided monthly?
Do you know what bills you can pay now and what you should put off so you can make promises that you can keep?
Here is what we do: Your Accounting Specialist assess your needs and the current state of your accounting. With you we develop your accounting program. Each day you scan and email your bills, payments and financial transaction to us daily. We make the daily entries in you QuickBooks, provide you with a six-week proprietary cash flow forecast, reconcile your bank and credit card statements, and continuously up-date your AR and AP reports. We also customize other reporting so you are actually in financial control of your company. We coordinate our work with your payroll company or provide our own so that your payroll checks are ready each payday.
- Inadequate accounting records
- Disregarding or misinterpreting financial records
- Not controlling costs
- Inviting fraud through poor internal controls
- Failing to aggressively sell
- Insufficient working capital
- Not carrying adequate and appropriate insurance
- Failing to adequately train and develop employees
- Improper strategic planning
- Not seeking advice or professional help when necessary
(Provided by a former small business management consulting firm)
The Minding My Own Business Workshop attended by hundreds is now available to small to mid-sized business owners in a Power Point presentation! Based upon the book, Minding My Own Business by the TFG Executive Director, Dirk Dieters, the narrated presentation lasts approximately one hour and allows you to learn and compare your business to the six responsibilities of the small business owner!
It is available FREE for the remainder of 2018! Call the office 303 338 9300 or email your request to firstname.lastname@example.org!
The one constant in small business is change. Your sales revenues change; your customers change; your employees change; and your management changes. If your IT doesn’t change and mature with your business, it will hold you back. If you are still using your brother-in-law as your IT person, then maybe it’s time for another change.
The Fremont Group has experienced numerous small businesses in need of an IT upgrade and now endorses PROPEL TECHNOLOGY as your company’s IT solution. Their support ranges from fixing your printer to complete IT systems management.
- Desktop support
- Server maintenance
- IT consultations
- HIPPAA compliance
- PCI compliance
- Custom software
- Website development
- Mobile Apps
- ERP Implementation and support
- Business dashboards
- And more
You can also visit their blog at https://propelit.io/blog/why-me-why-msp