- 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 email@example.com!
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
Visit their web site at https://propelit.io/managed-it-services, contact them at (720) 310-7620 or email firstname.lastname@example.org
You can also visit their blog at https://propelit.io/blog/why-me-why-msp
TFG has added to it’s menu of services for small to mid-sized businesses CORPORATE TURNAROUND and TEMPORARY CEO services. Following successful trials these services are now available.
Has your company suffered a critical setback and require the services of a professional manager? This can happen due to illness, death, or other instances that remove an owner or key person.
Are you ready to sell and need to get the company prepared?
Are you ready to transition to family members who are not as ready to run the place as they need to be?
Do you want out and have lost the energy needed to position your company for sale risking a loss of all you have built over the years?
Has something gone wrong–a change in the market, loss of a critical customer or an intervening event–and you need someone to step right in and straighten things out?
These are some of the tasks for which The Fremont Group has prepared key Success Partners. Give us a call!
303 338 9300
The Fremont Group is a non-profit organization supporting small to mid-sized businesses. In our effort to be a resource for your success we have a number of ways that you can benefit. For example:
Self Assessments. The Fremont Group offers a self-assessment package. This is a series of approximately sixty questions in all areas of your business. From your responses your strengths and weaknesses are identified. The self-assessment then continues to determine how much of an impact these issues have on your results so that you can determine where to start and what is and what is not worth changing. The Self-Assessment can be completed over the phone with one of our Success Partners or we can meet with you on site. There is a nominal charge for either.
Minding My Own Business Workshops. Minding My Own Business is the title of a book authored by our Executive Director, Dirk Dieters. The book identifies and reviews the six responsibilities of the small business owner. Our workshops our modeled after the book. Generally one and one-half to two and two-half hours, the workshops are always individualized. You are guided by our Success Partner through interaction with the topics and are guaranteed to acquired a technique that you can immediately implement in the management of your company. The MMOB Workshops can be attended in three ways: through webinar; in a local hotel in your area; or on your site. They are designed only for owners and spouses. Webinar workshops can be scheduled. TFG plans MMOB Workshops in cities and invites local attendees. The charge for the Workshop varies according to its’ location.
Webinars. TFG offers an on-going series of individual webinars. These are one-hour sessions on specific topics offered at a nominal fee. Check our Facebook page or contact us to be added to our email list for topics.
Initial Consultations. Our Success Partners perform two-day Initial Consultations. These are done on consecutive days at your site. We meet extensively with you, your key people, review your financial statements and operating procedures and then on the second day, together with you, develop an Action Plan to address issues that impact your results. This is you Business Physical that many clients complete each year. It may or may not lead to an on-going relationship with that Success Partner to help implement the identified actions. The fee for this is all inclusive of travel expenses.
Success Partner Relationships. Our clients develop on-going relationships with their Success Partners. This includes half to full-week on-site work followed up with weekly telephone contact and off-site work to ensure implementation. In many instances Success Partners return monthly for a half-week but always remain on their “Advisory Board” for weekly conversations. The fees for this work are subsidized depending upon your size. Contact us to determine your range of subsidy.
On a side note, all of our communications are done through video screen sharing. We use the simple Google Hangouts that is already on your computer if you have a gmail account. We also sponsor events. In 2018 we plan Golf Outings in Phoenix and Denver. Contact us for information.
So are many other of our small business owners so we did some research–a lot of research. What we found is that there are a lot of bad people out there in this market. People ready to take advantage of small business owners. So as we looked into it we identified over 30 sources of funding that covered the spectrum of need. Some are for the poor credit, lots of problems people and some are for those who have good credit and few problems. Their terms range from very high interest with daily drafts from your bank account and personal guarantees to competitive rate lines of credit. Contact us and we will gather information and submit it to the appropriate array of lenders and very quickly identify what can and cannot be done for you. Generally this is done without initial credit checks that “ding” your credit. In some instances you will need to present your story in its’ best light–prepare a package for presentation–in which case we can help and in other cases an applicant is strong enough not to need this work. Regardless, if you are looking for loans in the $25,000-$250,000 range you should give us a call to assist.
303 338 9300
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.
Everyone has had the experience of wanted a job so badly that they make the most elementary of mistakes. This is, in part, what keeps management consultants in business. I just experienced this first-hand and it moved me to write this post. (I won’t disclose the contractor). They had sent out a bid for some home plumbing work. The bid was over $750 which was significantly more than I had expected. When they followed up I told them that their bid seemed out of my price range. Then came their error–they quickly responded, “What if I can get it down below $600? I am playing with the numbers and I can shave off some of the time. I always figure extra time in for the “uh-oh” type moments.” Really–that is what they replied. So I guess they just were going to screw me with the original bid! I will NEVER use them again for anything.
So what do you do when you want a job and price seems the issue? Rule #1: NEVER LOWER YOUR PRICE WITHOUT TAKING SOMETHING OFF THE TABLE! Doing so simply makes you a whore. His mistake came up front–his bid should have clearly stated the scope of work. Then he could have lowered his price by “taking something off the table.” For example: the bid includes a 5-year warranty of the parts and labor. He could justify lowering the price by telling me that if he took the warranty down to 90-days the price would be less. That maintains the integrity of his first bid (and of his company!) Rule #2: See Rule #1. You cannot just dicker price with a client and maintain your integrity. If one time McDonalds allowed you to get a Big Mac for 50 cents all you would feel is ripped off for every other Big Mac you have ever (or will ever) bought.
In this case, if he really wanted (needed) the job and since he didn’t have a “fall back” he should have said, “I don’t know if we bid your job properly–let me take another look at different ways we could do it and see if there is a less expensive option.”
To get a review by The Fremont Group and see if there are ways that working with a small business management consultant could make you more money give us a call! 303 338 9300
This fall The Fremont Group offers a series of FREE WEBINARS. Each is held at 10:00 Mountain Time and last approximately a half hour. They are presented on Goggle Hangout.
Accounting 101 for Small Business Owners will be presented on September 11th; October 9th; and November 6th.
Holding Your Employees Accountable will be presented on September 18th; October 16th; and November 13th.
Creating and Using a Budget for Financial Control of Your Business will be presented on September 25th; October 23rd and November 20th.
CALL 303 338 9300 TODAY TO REGISTER
Most business owners understand their product but lack expertise in raising money through debt or equity. Obtaining proper capitalization is critical to growth and the long-term success of your company.
There are basically two ways of increasing your availability to funds—equity and debt. The advantage of raising money through equity is that you don’t have to pay it back. It is infusion of funds—most likely large amounts of funds—that immediately provides cash for your use. The obvious downside is that you give up some portion of your ownership. The first place to look for quick equity is to friends, family (and fools). The owner is the best salesman and representative of the company and they often develop a “deck” to assist them in this venture. A deck is merely a power point slide show that the owner can use in presentations that they are making. For this purpose they are often very good but don’t be fooled—these “investors” are not buying into your company because of your dog and pony show—they are actually “buying” you. They know you, they believe that you can be successful and are willing to invest because of that belief. It certainly helps if you can have other collateral materials to support your cause but chances are you are the reason for their investment. To move to capital markets to raise real money you need the use of a professional investment banking firm that can take your compelling story to another level and attract professional investment rather than emotional investment.
Debt is the second way to raise cash. There is good debt and there is bad debt. Good debt is matching long term needs with long term payments and vice versa. Good debt is a mortgage on your house—bad debt is mortgaging your house to pay off your credit cards. Debt can be raised from either commercial banks or a secondary market. If possible banks are by far the best option. Banks have the best interest rates and create advantageous long term relationships. Unfortunately banks are regulated by the federal reserve and if you do not meet their required ratios or are in an undesireable industry you simply will not be their customer. They may never say no. Instead they may just constantly ask for more information until you give up. Regardless, you are not going to get your money. Secondary markets are in many ways the wild, wild west. Many brokers lack the expertise to get your deal done. The litmus test should be in the information that they require and in how they use those materials in compiling the package that they use to present your compelling story to market. Lacking a professional package you will not receive serious consideration from credible lenders. As a minimum the package needs to include significant financial information; third-party validation of the business plan; market and competitor analysis; demonstrable evidence of management team and operational competency; financial projections; corporate regulatory compliance; and analysis of off-balance sheet assets. Thien this must be packaged in a professional format acceptable to the professional readers. Often times good deals are not financed simply because they didn’t make the investment do the work that is needed to properly present them to market so be wary of brokers who do not speak this language.