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Small Business Lessons Learned

Small Business Lessons Learned

The past 9 months have been a unique time for small businesses. Many were coming out of 2019 well positioned and the beginning of 2020 looked like a potential for record performance. These were the “healthy” businesses. At the same time there were many small businesses that were hoping for 2020 to repair their dysfunctional business. They were going to add some sales to the organization so they could survive. These were the businesses with “Pre-existing conditions.”

When the pandemic raced across the nation and various government decisions were executed, there was a toll on both life and business. Those people who had pre-existing conditions were hit the hardest. So too were the small businesses with pre-existing conditions. The media tallied the cases and deaths each and every day. Money was pushed at businesses and PPE and ventilators were pushed at people. In some cases the outcomes were outstanding. In yet other cases the outcome was tragic.

As business leaders we must learn from these situations. How many small businesses had or are gathering back a rainy day fund equaling at least 3 months of fully burdened operating costs stashed away to keep them alive in a crisis? Has your organization rethought how it needs to look at its finances?

Business is not going back to normal. The landscape has changed but like after a big storm. Buildings need to be rebuilt. Uprooted trees need to be removed and new trees planted in their place. This is true coming into 2021 for your business. Now is the time to look back on 2020 and plan for 2021. There are still a lot of unknowns but that is absolutely no reason to ignore what you do know and plan accordingly. In some cases businesses are just reopening. The footprint of their business is smaller so changes to the expense line must be smaller. Many of these decisions were made on the fly and needed to be revisited to insure the math works going forward.

There may or may not be additional government support so your plans need to accommodate for either outcome. The reality is that subsidies are not to be considered revenue replacement. They should be looked at as supplemental and needing to be paid back such as a loan. It makes you look at them through a different set of lenses. Consider viewing them as “Angel” investor dollars who expect a return on their investment. As the leader/owner, place yourself in the position of the return on investment using supplemental dollars going forward.

This week is the time to get to planning 2021. You never know all the variables but use what you do know and have plans to address the variables the best you can.

Need a Promise Guide to help you navigate into 2021? Give us a call at (313) 527-7945 in Michigan or (407) 984-7246 in Florida and talk to a “Promise Guide” about planning your future.

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 2020

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Shout out to The Eccentric Entrepreneur

Shout out to The Eccentric Entrepreneur

A long time colleague of 25+ years has released his first book on the escapades of being his own person and his journey of being an entrepreneur. If you are an entrepreneur or small business leader you owe it to yourself to give his new book a read. You can pick it up on Amazon. https://tinyurl.com/y3rew7g5

Looking for a small business coach or as we call it – Promise Guide? Give JKL Associates a call at (313) 527-7945 in Michigan or (407) 984-7246 in Florida and talk to a “Promise Guide” about planning your future.

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 2020

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Solving for “X”

Solving for “X”

Schools in one form or fashion are back in session. Maybe the education is being done in person or maybe a hybrid format or possibly all virtual. Regardless of the delivery format the education of future generations is taking place. If we take a moment to move back in time to our elementary or high school days and place yourself in the desk of algebra class we will all experience a different tingle in our bodies. Some of us might feel a sweat coming on because we disliked the subject. Others might experience some level of excitement as math came more easily to them. I call your attention to these experiences not to have you relive algebra class but to give you the opportunity to think about what solving for “X” was all about.

Math is about numbers and algebra was about finding the correct value for a variable. Although I was pretty understanding of math and algebra, it was not something I understood why I would ever needed it. I understood geometry and its practical application especially as I moved into becoming a journeyman carpenter and needed to layout stairs and roof rafters etc. Algebra on the other hand was just so out there it never clicked as to practicality of using it in my lifetime.

Boy was I wrong!

Yes, I did use the traditional aspects of algebra in civil engineering school along with Trigonometry and Calculus, but the real use and value of learning to solving for “X” is used over and over again in daily life situations. It directly applies to the operations of a business each and every day.

As a business leader each day some variables come at you. Maybe it is an employee who resigns or asks for a pay increase. Maybe it is a client who told you they would pay their bill but no check has arrived and you have your bills to pay. Any number of variables come up each and every day. So what do you do? You begin the process of solving for “X” in one way or another.

No, you don’t write out numbers with little x’s and y’s on a piece of paper and do the math calculations but you do set the variables in motion in your head. You start moving various aspects to each side of the “=” sign to make things balance out to potential a resolution. You just solved for “X.”

This week, thank your math teacher regardless of the grade they gave you for giving you the basics of solving for “X”. Then go out to your organization and pass it along – Help one individual to solve for “X” this week and have them pass it along. In no time your organization will have a team of problem solvers rather than a team of people just navigating chaos.

At JKL Associates we are committed to helping you Solve for “X”. By engaging a “Promise Guide” you can up your development through a personal one on one system of improvement. Give us a call at (313) 527-7945 in Michigan or (407) 984-7246 in Florida and talk to a “Promise Guide” about your future.

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 2020

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It is still acceptable to DREAM!

It is still acceptable to DREAM!

During the past few months JKL Associates has interacted with a number of business owners on a variety of different challenges. Many were directly related to having to make difficult choices about employees and future plans for their businesses. As we had engaging dialogue, I would remind them. Although many challenges exist there is a silver lining inside the dark cloud which was overshadowing their dream. At that moment, it was difficult for them to visualize.

Some of these organizations had been around for a number of years. The owners were to a degree on autopilot. Yes, they were involved in one form or fashion in the business. They were making decisions, inserting themselves into daily operations (even when not in the best interest of progress) and showing up at various sales activities to demonstrate their client commitment.

What was different was their mental absence. They had begun to lose their original dream for the business. Their one time excitement which caused them to work long hours and talk to everyone they met about their business was now or had grown them into the curator of jobs for employees rather than a business asset.

With many businesses having gone through a shutdown of one sort or another, the playing field was level again. These businesses all had a restart. Competition exists for all businesses. The jump one business had in the marketplace over another business was substantially neutralized. Depending on whether a business was well positioned going into the shutdown had a great impact on how it is coming out of the reopening. There will be fall out as we move into the fall of 2020. Some businesses will not make it. These businesses have clients/customers which will still need products and services and therefore opportunity exists in the marketplace. So the dream is still alive and doing well if you allow yourself the option to dream again.

This week, take yourself back to those early days of pure energy and excitement. Those days when although you did not know where your next dollar was going to come from you pushed ahead to make the business be great. It sounds very simple but be honest with yourself. When was the last time you looked at your business through the eyes of a dreamer rather than the microscope of a doctor looking for another cure.

At JKL Associates we are here to help you dream and assist your dreams into possibilities. Give us a call at (313) 527-7945 in Michigan or (407) 984-7246 in Florida and talk to a “Promise Guide” about your future.

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 2020

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