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.
Watch our 2019 webinar on RISK
Minding My Own Business Workshop Schedule for October-December 2019
Call the office for times and exact locations. Registration ends ten days prior to the workshop date! 303 338 9300
Turnover in any business is inevitable. The average company turns over its’ entire workforce every five years. In many cases the turnover is an “up-grade” but even in those cases there is an associated cost. To determine the cost of turnover consider the following:
Lost productivity during the time the position is open;
Recruiting out-of-pocket cost;
Cost of your time in recruiting and training a replacement;
Learning curve of the new employee;
Risk of a bad hire; and
The loss of institutional knowledge.
As discussed in Organizational Structure posts, there are three types of employees—climbers, campers and quitters. Turnover of quitters is generally a positive as the replacement can’t really be worse! Turnover of campers and climbers is a risk.
Campers are persons who don’t tie their self-worth from their work, rather they get that from outside work—church, children, volunteering, etc. They are there for the paycheck. Not that they don’t do a good job—generally they do, but they don’t do the “extra” that would make them much more valuable. You need a large base of Campers in order to process the volume of work you need to process and therefore they are valuable but they are not the real profit drivers of the company. One asset that they do possess is institutional knowledge. The long-term camper-employee knows how things are done. They know your customers. They might not be the best bartender but they know what Joe Customer drinks; know his name; and Joe likes him. They know where things are kept and how to fix things. Techniques for retaining Campers can have a strong impact upon your results.
Climbers are persons derive their self-worth from their work. They like to do things well and they produce a disproportionally high percentage of your profit. Few organizations have more than 15-20% of their workforce that they can classify as a Climber and as they are so valuable turnover in this class of employee can have an extremely negative impact upon your company. Techniques of retaining Climbers are essential.
More employees are driven away than leave on their own. Start by not driving your employees away! What drives away Campers? HR errors, paycheck errors, failure to implement vacation and personal leave; and to a smaller degree—low pay. Oddly enough the less a person is paid, the less important money is to them. Recognition in front of the group is a significant benefit to a Camper.
What drives away Climbers? Lack of a ladder. The Climber needs to believe that there is “somewhere to go” within the organization which is why growth is so important. Growth creates more internal opportunities; lack of growth does not.
There are other retention “devices.” Benefits such as health and other insurances, retirement can attract more desirable employees and also creates a “barrier to exit” that many Campers and even Climbers cannot overcome. Pride in the company through internal recognition also reduces turnover as do properly structured incentive programs.
Success Partners at The Fremont Group can help you address these issues by bringing to the table both their personal experience and the experience of other companies and designing programs to address this risk and make you more money. Give us a call! 303 338 9300
What: TWO-HOUR MINDING MY OWN BUSINESS WORKSHOP™ PRESENTED BY DIRK DIETERS, EXECUTIVE DIRECTOR OF THE FREMONT GROUP AND AUTHOR OF THE BOOK, “MINDING MY OWN BUSINESS”. EVENT IS SPONSORED BY THE FREMONT GROUP.
Who: THE WORKSHOP IS FOR SMALL TO MIDSIZED BUSINESS OWNERS AND SPOUSES (OPTIONAL BUT ENCOURAGED).
When: THE WORSHOP IS ON TUESDAY, OCTOBER 29TH AT 2:00 PM. REGISTRATION FEE ONLY $195.00! (DISCOUNT AVAILABLE AT WWW.PATREON.COM/TheFremontGroup)
Where: HOLIDAY INN EXPRESS, 1375 CENTER DRIVE, MEDFORD
Why: YOU WILL LEARN THE SIX RESPONSIBILITIES OF THE SMALL BUSINESS OWNER AND BE ABLE EVALUATE YOUR COMPANY IN EACH AREA. PLENTY OF TIME FOR PERSONAL FOLLOW UP!
Guarantee: TFG GUARANTEES THAT YOU WILL LEAVE WITH CONCEPTS THAT YOU CAN IMMEDIATELY IMPLEMENT THAT WILL INCREASE YOUR BOTTOM LINE OR YOUR MONEY BACK!
RSVP TODAY – SPACE LIMITED!
REGISTRATION DEADLINE IS FRIDAY, OCTOBER 25TH
COMPANY NAME: _____________________________
EMAIL ADDRESS: _____________________________
Payment by PayPal or Credit Card at www.tfginfo.org (see the bottom of the page)
Learn about our Minding My Own Business Workshops and determine if they are right for you!
Watch the brief video:
All engagements with our clients start with an Initial Consultation. Take a few minutes and watch a brief video explaining our IC’s!
Sneak preview of our Sales Webinar! All webinars are posted on our Patreon site–www.patreon.com/TheFremontGroup and are available only to our patrons. Take a look!