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Never stop selling for PROFIT

July 25, 2019

ISSN# 1545-2646

Never stop selling for PROFIT

Let’s start with a shameless plug! JKL Associates gets involved in lots of business transition points. Helping startup entrepreneurs, moving a startup into a more stable mature phase of operation and helping the business leadership transition to a perpetuation strategy for their asset and legacy. Each of these transition points in the business require facilitated focus so that not only can a strategy be defined but more importantly action executed, and accountability enforced to realize the migration to the next phase of business life. Enough about JKL Associates, but this will all tie together as we look at the aspect of never stop selling.

A short time ago I was meeting with some business owners. One was transitioning out of the business and perpetuating the business to the other newer owner. During the course of the conversation the newer owner made a comment about his primary role going forward and I had to stop him in his tracks right there. It might have been inadvertently stated but he basically said that now because he was the owner, he did not have to sell anymore.

As you might imagine, and for those of you who have worked directly face to face with me, my intervention on this matter was not some subtle thought after the newer owner was finished with his statement. No, I jumped in the conversation and interrupted the moment to create a “Teachable Moment” in the mind of the new owner. As an owner you might employ salespeople etc., but as the owner, it is your personal obligation to always be selling for profit. I did this not only for his benefit but equally for the transitioning owner’s benefit as well. You see, the selling owner will need to get part of his payout from future revenues of the business and it is critical that sales, profit, cash flow etc. are maximized for all involved.

The point of this week’s insight is to always be aware of your wondering thoughts. As you lead your team to growth you need to mentor them not just in the technical and intellectual aspects of the business but also in the fundamentals of “Cash is King” and profit proceeds before expenses or all you are in business for is to pay other people.

I have witnessed too many good businesses lead by good leaders get to a transition point and not fully transition this very basic understanding of always selling and always making sure profit is the objective. I do need to clarify that when we are speaking of profit in small and medium sized businesses, I’m really focused on CASH and not some end of the month, quarter or year financial statement which your CPA produces and tells you if it is black or red. You made money or lost money after adjustments. Last time I checked, you can’t take your family on vacation or pay for college or make the mortgage payment with adjustments. Yes, it is wonderful to allow your CPA to gather you additional value in your profit line with these magic tricks of the accounting code but as business leaders we need cold hard cash profits to ultimately be successful and turn your business from paid job into career financial portfolio asset.

This peak your interest? Give JKL Associates a call at (313) 527-7945 or (407)984-7246 to begin engaging for PROFIT.

Questions or comments – email us at partners@jklassociates.com or call our Offices – MI at (313) 527-7945 FL at (407) 984-7246

 

Our Purpose – To build Relationships rooted in “Purpose” so authentic contributions deliver “Promises”
A life where a “Promise” means something!

 

Become a Fan on Facebook ? www.facebook.com/jklassociates
Link up on LinkedIn ? www.linkedIn.com/in/jklassociates
Follow us on Twitter ? www.twitter.com/@jklassociates

 Copyright – JKL Associates 2019

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Driven by Purpose

July 18, 2019

ISSN# 1545-2646

Driven by Purpose

Last week’s 3-minute insights caused some vibrations back to us and oddly enough we planned for one of the questions which came our way. So, what is it that future employees are looking for when they seek employment?

This is a very broad question and topic as it depends on the arena, type and compensation level the seekers are pursuing employment. If we start with those who have graduated from some level of college, they are looking for a means to get into the workplace. Some will talk career, but most are needing a job. They need some reasonable level of compensation as they are desiring to be out on their own and many of them have some level of student debt they must begin to pay for. They also have a variety of other expenses which to some degree they did not have to deal with until now. All of these desires to be more independent, being self-responsible etc. causes their compensation requirements to be formidable and potentially out of alignment with the balance of compensation to expense ratio on the minds of the business owners.

If we consider resources at the working age which do not have college degrees and also are not in the skilled trades or as I refer to them the “hands” industries, these folks are needing money to pay bills. They too desire their independence but potentially due to a lack of foundational financial management knowledge struggle with life expenses and income capabilities. This group is being supported by many of the minimum wage movements to narrow the gaps between expense and income for basic living.

The third grouping to be discussed are those who have elected to not choose college and seek out the skilled trades. This group is in significant demand. For the past 20 plus years many younger people were pushed toward college and the “Professional” industries. This group needs a place to get started. They are green to their industries and their talents reflect that same gap. Unfortunately, much like our second group their skills of expense to living ratios is out of sorts.

One key to all of these resources is that they are driven by different purposes than prior age groups. It is not that their purpose or why they doing things is good or bad, right or wrong, it is just different. They all want to be part of society and in their own way contribute. Prior generations put lots of energy in results through money. These groups as stated previously need finances to live but they are purpose driven in a different way. They define a purpose and then seek out how to achieve that purpose through how they live their life vs. buying the purpose. Their purpose if far more intrinsic (feelings and emotionally based) as opposed to extrinsic (more into the tangible and details).

As business leaders we can either resist this change in the future of employees or open the communication to navigate to a common ground where both levels of purpose can be attained. This week take a look at the gaps in your employment workforce. What is driving the various resources in your organization? Does the business have a core purpose and do the employees align with that purpose? Those which align can gain energy from being part of that purpose. Those who seek alternate purposes are involved in the business but gain their purpose externally from the business. Both can be good staff but when push comes to shove on compensation, those who align with purpose will be less contentious and those not aligned will always be looking for more compensation and seek out alternate employment.

Wondering what your organization’s purpose is? Give JKL Associates a call at (313) 527-7945 or (407)984-7246 to start the conversation.

Questions or comments – email us at partners@jklassociates.com or call our Offices – MI at (313) 527-7945 FL at (407) 984-7246

 

Our Purpose – To build Relationships rooted in “Purpose” so authentic contributions deliver “Promises”
A life where a “Promise” means something!

 

Become a Fan on Facebook ? www.facebook.com/jklassociates
Link up on LinkedIn ? www.linkedIn.com/in/jklassociates
Follow us on Twitter ? www.twitter.com/@jklassociates

 Copyright – JKL Associates 2019

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Work Ethic Gap

July 11, 2019

ISSN# 1545-2646

Work Ethic Gap

Warning – Opinions expressed in this communincation may not be shared by all.

I heard it again the other day from a businessperson complaining about the younger generations and how lazy they are in the workplace. My initial reaction could have been to agree with them, but do to some of my experiences and some looking into this perception I decided to ask a few questions to dig a bit deeper into the person’s concerns.

As we had our discussion a few interesting elements began to emerge. Lots of people like to banter around this whole generation gap or difference between the various age groups. Boomers vs. Gen X or Millennials and Gen Z, which ever grouping you want to compare there are always going to be differences. The issue we began discussing was not specific to an age thing but more of the environment these groups were brought up in. Depending on when they were raised and maybe more importantly to our discussion was how they were raised is having the greatest influence on this impression of a generation of lazy people.

There is no doubt about it there are individuals who, based on their upbringing come into the workplace without the mindset or skill set to contribute on a regular and consistent basis. The past cycle of time has fostered many entitlements that potentially, at their onset, were not intended to grant unlimited or untethered consequences. The reality is that each subsequent grouping wanted better for their children. This is natural to want more or better things for those coming after you. The challenge was that the same people complaining about the “lazy” generations are the same people who contributed to the problem. To a degree they don’t want to blame themselves, but they directly contributed to the issues.

Developing work ethic requires the action of doing work. It requires the acknowledgment of reward for making a contribution through working toward something – an end goal. When we take away the fundamental learning of working toward an end objective and reward for just showing up then we continue to perpetuate the environment of not having to work and the work ethic of reward for contribution slides away.

We need to stop blaming or singling out resources, who, to a degree, have not had to work for reward. We need to help them embrace the self-value they receive for taking specific action to contribute and receive not just acknowledgment for work well done but also for the self-value they bring to themselves in the process.

In my personal view on this rather touchy subject, there are many younger resources entering the workplace that still do have quality work ethics. These resources are employed or will be quickly employable. They don’t have time to complain or spend time voicing their opinions about how work life should be compensating them and what work should allow them to live their lifestyle without regard to cost of living vs. the rewards for working for a living.

This debate will not be going away anytime soon. As business leaders we need to be open minded to the full suite of reasons how resources are ending up in the workplace. Business leaders will need to address some of the fundamental work-related aspects which might have been part of prior employees makeup but today cannot be considered to be already understood. Yes, it can be frustrating but the business leaders of today contributed to the outcomes we are dealing with today so take some ownership and put in place ways to assist future resources to develop the talents needed to be a best-in-class workforce.

This week look at how your organization is setup to engage employees into being the best at not just their role but also for themselves. The more you invest in helping your team be a fuller contributor to themselves the more they will be oriented around contributing in their work role.

Wondering how you can review your organization for opportunities in building a best in class workforce? Give JKL Associates a call at (313) 527-7945 or (407) 984-7246 and let’s have a conversation.

Questions or comments – email us at partners@jklassociates.com or call our Offices – MI at (313) 527-7945 FL at (407) 984-7246

Our Purpose – To build Relationships rooted in “Purpose” so authentic contributions deliver “Promises”
A life where a “Promise” means something!

 

Become a Fan on Facebook ? www.facebook.com/jklassociates
Link up on LinkedIn ? www.linkedIn.com/in/jklassociates
Follow us on Twitter ? www.twitter.com/@jklassociates

 Copyright – JKL Associates 2019

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Happy Birthday USA!

July 3, 2019

ISSN# 1545-2646

Happy Birthday USA!

Sending this out a day earlier as most everyone will be taking some time off to celebrate our nations birthday.

Celebrations of the passage of time are important to our existence. They measure more than just days, weeks and years since a given point on the calendar.  They are a testament to being alive and contributing in one way or another.

As we celebrate, and looking at our nation 200 plus years in its infancy, we have by no means figured it all out.  Just like an adolescent passing through the teen years to adulthood there are awkward times.  In the end it gets figured out and time passes to celebrate yet another year.

Our great nation has been passing time and has figured out each trial and tribulation.  It will continue and our freedoms will be preserved.  It is ultimately the American way.

Questions or comments – email us at partners@jklassociates.com or call our Offices – MI at (313) 527-7945 FL at (407) 984-7246

 

Our Purpose – To build Relationships rooted in “Purpose” so authentic contributions deliver “Promises”
A life where a “Promise” means something!

 

Become a Fan on Facebook ? www.facebook.com/jklassociates
Link up on LinkedIn ? www.linkedIn.com/in/jklassociates
Follow us on Twitter ? www.twitter.com/@jklassociates

 Copyright – JKL Associates 2019

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