In order to succeed in business you need to have inner confidence - that state of feeling certain about and trusting in yourself. You can have confidence in your goals, your team, your system and your family, but if you lack self-confidence, you are missing the main ingredient for success.
Lack of confidence makes it harder to:
- Make sound decisions
- Lead others
- Perform tasks and duties correctly
- Get a raise or promotion
Today I will provide you with 5 confidence tools that you should use on a daily basis in your business and professional life.
Let's get started!
Confidence Tool #1 - Focus
As I mentioned last month in 5 Tips for Improving Your Focus as a Busy Professional - over the years in my coaching and speaking, I have found focus to be of the utmost importance for success in the workplace. Too many professionals try to "fly by the seat of their pants" and lack any ability to direct their attention.
To use the tool of focus effectively, you must first determine the things that need your concentration and focus. Take the time to assess and evaluate them. What should come first, second and so on.
Once you have things evaluated and set out, laser-target your focus and do not allow yourself to be swayed away from the task at hand.
Knowing what needs your attention and intently focusing on those needs helps free the mind of distractions that lead to second-guessing and lack of confidence. This builds motivation that in turn leads to building a positive energy that helps you remain calm and focused during times of stress.
Focus prepares the mind for action.
Confidence Tool #2 - Mentorship
Anthony Robbins and others have talked a lot in recent years about modeling the success of successful people. The idea is to find someone who is successful in your area of work or expertise and do what they do - modeling their successful behaviors.
While I agree that this is helpful, I have always felt that simple modeling comes up short. When I model, I am left to my own devices. I am forced to determine just what it is that has made the person successful. In essence, I have to guess.
Mentorship overcomes this shortfall. Mentoring involves working directly with someone who can help you find your strengths and weaknesses in business. Mentoring takes the guesswork out of the process.
Find someone in your area who is a leader - someone who has achieved a level of success and ask him or her to mentor you. Work with their schedule to find times where you can meet and discuss your needs and desires related to your business.
I have found that many leaders enjoy the ability to mentor others.
Can you see how this tool can help with your inner confidence? It is powerful!
Confidence Tool # 3 - Attitude
You can become the smartest, well-trained and mentored individual with the absolute worst attitude and that attitude will lead to your demise.
Zig Ziglar said it this way:
"Attitude, not aptitude, determines altitude."
How high you fly in the world of business is determined not by how much you know, but by the power of your positive attitude.
Ziglar was a trainer and teacher for dozens of years; he was not speaking against you learning new things and being mentored by the best. It's a matter of perspective.
Truly confident people - not those who think confidence is made up of simple arrogance, are those who have a great attitude toward business, work and life. These are the ones that co-workers want to follow.
Attitude moves your action forward.
Confidence Tool #4 - Exercise
In her article: Get Ahead at Work: 5 Ways to Increase Your Confidence In Business, Kelly Lynn Adams talks about the role exercise plays in developing confidence in business.
"Exercise has been shown to improve both mental health (by releasing mood-improving endorphins) and physical wellbeing (by reducing the likelihood of illnesses) while also improving the way you feel about yourself. So, whether you prefer to dance, go to the gym, run outside, bike, take a yoga class or box, get moving. It may just pay off, literally!"
I could not have said it better!
Exercise provides strength for action.
Confidence Tool # 5 - Action
I have been hinting all along in this article that there is one very important tool that must be used in order develop the confidence needed to achieve true success in business.
That tool is action.
We must get up, get moving and get out there on a daily basis. Actual hands-on doing is a powerful provider of self-confidence. Action defines the muscle of confidence. Consistent, daily action makes that muscle strong.
When focus, mentorship, attitude, and exercise bolster action, inner confidence no longer becomes a struggle we face.
Use these tools and develop the confidence you need to achieve your wildest dreams in business.
DeLores Pressley, motivational speaker and personal power expert, is one of the most respected and sought-after experts on success, motivation, confidence and personal power. She is an international keynote speaker, author, life coach and the founder of the Born Successful Institute and DeLores Pressley Worldwide. She is the author of “Oh Yes You Can,” “Clean Out the Closet of Your Life” and “Believe in the Power of You.” Contact her via email at email@example.com or visit her website at www.delorespressley.com.
PFSweb, a growing business providing e-commerce solutions to many major retailers, was courted by several communities when it was looking for a new location for its professional staff of more than 400 employees.
The company ended up opening its new facility in April 2012 in Allen because the city and the Allen Economic Development Corporation best understood its needs.
“The entire economic development group listened well in terms of what our needs and requirements were. The city’s been great,” says Mark Layton, founder and former CEO of PFSweb. “One year in, I don’t have anything negative to say about our experience in Allen.”
Smart Business spoke with Layton, who recently left PFSweb to pursue other business opportunities, about the factors that led to the move and a 10-year lease in Allen.
Why was PFSweb looking to leave its Plano, Texas facility?
We had been there about 20 years and there were growth issues, as well as a parking problem. Our real estate professionals encouraged us to take a broader look at the market and it became apparent that there was an opportunity to create competition.
The challenge was that we had two distinct uses — a worldwide data center and a call center operation — that potentially required different types of facility solutions. Vacancy rates had been so high in downtown Dallas that it was cost effective to relocate to a space that also gives us significant ability to expand and contract to meet our needs.
The city of Allen didn’t have a suitable site for the call center, but obviously played a part in relocation of our headquarters and technology development lab.
What separated Allen from the competition?
The building our commercial real estate representatives and the economic development corporation brought to us had some great amenities and potential. The owner offered flexibility in configuring the space correctly for us, building out a corporate park with a running track, basketball courts, horseshoe pits, etc. He also allowed us to be single tenant even though the space was bigger than what we needed — he delayed a requirement for us to lease the space for several years, giving us room to grow.
What role did the city and Allen Economic Development Corporation play?
Their help regarding financial supplements was very important. Dallas, Richardson and Frisco were also aggressive in trying to lure us, particularly when the call center piece was separated and we had about 400 relatively high-paying jobs that were very attractive.
The city of Allen and its economic development group showed a lot of awareness and understanding of our challenges relating to accounting regulations and how the incentives could be shown on our books to help reduce overall expense. Accounting regulations want you to take incentives in a lump sum; our profit and loss statement would have shown a higher rental through the entire 10-year term and a big financial windfall in the final quarter.
Other economic development corporations handed us a standard contract and didn’t show a desire to change the terms and conditions. With Allen, they had dealt with these issues with other public companies, and their familiarity was a breath of fresh air. We didn’t have to do a lot of education as we did with the other groups. Language needed to be structured correctly and it required flexibility as their legal group worked with our accountants. That was a differentiator for us.
Would you recommend the city to other companies looking to relocate?
Certainly, from my standpoint it has been a great experience. The only drawback is that Allen doesn’t have a large inventory of buildings, although the city is addressing that situation and there is land that can be developed if companies want to build to suit.
It’s been a great relationship and the economic development corporation did a wonderful job for us. We would absolutely recommend Allen to other companies looking for this type of office space.
Mark Layton is the founder and former CEO of PFSweb. Reach him at (972) 881-2900 or firstname.lastname@example.org.
Reach the Allen Economic Development Corporation at www.allentx.com or call (972) 727-0250.
A lot of people gave money to help Silverado Senior Living Inc. become a national leader in providing care to people with memory impairments. Fourteen years later, Loren B. Shook felt like it was time to give them a return on their investment.
“We made stock options to many staff members through those years,” says Shook, the company’s co-founder, chairman, president and CEO. “No one got paid anything. All of the money we made went back into expanding the company. At some point, we needed to monetize peoples’ investment.”
In addition to Shook, his co-founders, James P. Smith and Steve Winner, and those staff members, investments were also made by the private equity firm Riordan, Lewis & Haden. This funding was instrumental in building a company that has 2,800 employees and provides invaluable care to senior citizens who need it across eight states.
“A lot of people think it’s just about the money, getting the equity and the debt partners,” Shook says. “But money is just part of it. The bigger part is what kind of partner are they going forward with you?
“All of them understood the vision of the company, which was to give life to our residents in our assisted living communities, our clients in home care and our patients in hospice. The vision is to give life to their families and give life to each other as associates and colleagues in the company.”
Shook knows all too well that without money, none of it would be possible and that Silverado Senior Living would have never gotten off the ground. But the financials have never been his focus and he strongly believes that is a key reason why the company is so successful today.
And so it was through that prism that Shook and his team set out to find a way to provide a return on past financial investment while simultaneously strengthening Silverado for many more years of meaningful patient care.
Find your soul mate
One of the best options that the Silverado team initially came up with was to take the company public. But as they began to look at what that involved, they quickly soured on the idea.
“Every year, you’re spending $1.5 million to $2 million for accounting and legal fees just being a public company,” Shook says. “You’re taking up a lot of time for the CFO and CEO that could otherwise be providing service more directly to our customer base.”
Soon, their thoughts turned to Health Care REIT, a real estate investment trust that had been working side by side with Silverado since its inception.
“REDIEA is an acronym that stands for Real Estate Development Investment Empowerment Act,” Shook says. “It was very new. Health Care REIT had done one REDIEA with an LLC corporate structure. We’re a C-corp. It was a very detailed process. It took a lot of action to overcome a lot of hurdles that had never been addressed before.”
One of the biggest hurdles in any business deal is the relationship between your company and the financier you want to partner with. Shook flashes back to 1996, when he and Smith were looking for financial support to start Silverado.
“Whenever I started a meeting with a potential financial partner where there was equity or debt, I always started the meeting by telling them what the vision of the company was,” Shook says. “If they didn’t have an interest in the vision and the purpose, the meeting was over because we were not in alignment.
“A lot of experts in raising money would say, ‘Don’t do that. Go down the path of return on investment, the capital you need and the numbers.’ I never believed that was the right way to start a meeting because it’s more than just about the numbers. No one I met with was upset that I started the meeting that way.”
The fact that Silverado had built an established relationship with Health Care REIT over the years made it a lot easier to move the process along with the REDIEA. But that relationship only developed because Shook and his team took the time in the beginning to find partners who shared their vision.
One of the most important things you can do to help you find that kind of partner is to talk to people who have done business with the investor in the past and ask what happened when trouble arose.
“Tell me the hard times you went through and what it was like,” Shook says. “I want to know that I have a partner that has the experience and has been through the ups and downs and is going to be by my side when we’re going through difficult times.”
As Shook looked to finalize the REDIEA deal, he wanted to make sure there was alignment and a shared vision, just as there had been 14 years earlier.
Lean on your culture
As the REDIEA deal was being consummated, Shook was also very aware of his staff and the responsibility he felt to keep them appraised of what was happening. But he also felt confident he had established a track record of trustworthy leadership.
“The culture has to be there before big decisions come about,” Shook says. “You don’t create the culture at the time you have a big decision where you need people to be confidential and you need people to come to you and say, ‘I heard what you said in the conference call. But here’s what I’m worried about, Loren.’ You have to have that kind of open trust in the company. That has to be there before those issues come up.”
Shook shared what was happening with his senior leadership team and asked them to keep it from going public since the deal was still being finalized. He shared the good parts of the deal being discussed with Health Care REIT and the cons.
“There’s always a negative side to everything we do,” Shook says. “Here are the pros, here are the cons and here are other alternatives of what we could do to capitalize.”
Shook reiterated that there was no pressure being made to enter into this kind of deal from anyone.
“Riordan, Lewis & Haden wasn’t saying that you have to recapitalize the company,” Shook says. “They were very patient. It was just the right time and the right thing to do.”
Shook says finding employees who can thrive in your culture and have trust in the way you do things requires a similar approach as when you’re doing your due diligence on possible lenders.
“Our vision is to change peoples’ lives,” Shook says. “So people who work within a company like our’s, in order for the culture to exist, would have to have an alignment or purpose in life with that. Their individual purpose in life doesn’t have to be the same purpose, but it needs to be something that is compatible with the major purpose of the company.”
In order to stay healthy, a culture needs to be such that it can allow people to leave without creating a big problem. Even the strongest culture has people who sometimes lose their connection to the organization.
“Lives will change,” Shook says. “Where it was the right place to be before, maybe it’s not anymore. We want people who get more than they give out of working at Silverado. We want the company to get more than it gives out of having that person work with us. If both are positives, it’s a tremendous source of energy coming together. If one is negative, there is a drain on that energy and a drain on that company.”
Believe in what you do
With a strong relationship with Health Care REIT and a strong culture that trusted in its leadership, Silverado was ready to make a deal. The $298 million partnership closed in January 2011.
“Technically, we did sell the company,” Shook says. “But all of us investors, including Riordan, Lewis & Haden reinvested a great deal of money back into the company. I personally reinvested 50 percent of my proceeds back into the company.”
Silverado is poised to continue growing with seven new communities under construction, joining the 23 communities, eight hospice offices and five home care offices already up and running. Another hospice office and home care office are also in the process of opening.
“Before we started in this industry, people said the model we pursued would not work,” Shook says. “They said we would be bankrupt right away because they couldn’t connect the things we do. They would say it’s either a medical model or a social model and they couldn’t understand how both could happen.”
Shook is confident the results have proven those critics wrong.
“People who invest in business want to make a difference too,” Shook says. “If you get a good return on your investment and make a difference in peoples’ lives as well, then you will win attracting that capital to your company compared to somebody else who is just giving them a return.”
How to reach: Silverado Senior Living Inc., (888) 328-5400 or www.silveradosenior.com
The Shook File
Co-founder, chairman, president and CEO
Silverado Senior Living Inc.
What’s the best business lesson you ever learned?
One of them is to understand my own strengths and bring in people who have strengths that I do not have. In other words, I don’t want to spend my energy trying to do things that are not my strengths. I’m good at seeing things that can happen that are disparate or ideations, or seeing things that people don’t see and then connecting them.
I can put together the big picture deals like a REDIEA, but I’m not good at the details. Tom Croal, my CFO, he’s good with the big picture. But he’s also terrific with the details. There are enormous numbers of them and he’s very good at that. So I have a CFO who is excellent at that and I’m not.
Shook on value: People will pay for what they value, and I should not impose my financial limitations on them. I don’t know their means and I don’t know what they value. I couldn’t afford to have a person living at home 24/7 taking care of a loved one. So one would think, ‘Who can afford that and why provide that as a service?’
Well, nonsense. We have a number of people we take care of at home 24/7 and there are plenty of people who can afford that. It’s expensive, but it’s not a problem for them. If they can afford it, they should be able to have access to that service.
We’ve taken someone’s mother with Alzheimer’s on a cruise to Mexico. We staff it 24/7 and make that cruise possible and she has a great time. Don’t put your limitations on what other people want.
Vet your financing partners.
Stick to your culture.
Don’t give in to doubt.
It’s 2:30 in the afternoon on a sweaty Wednesday. You answer what feels like millions of emails, check a few items off your to-do list and take a lap around the office to stretch. You look sure that enough time has passed to make it 5 o’clock. But it’s only 2:35. Only five minutes have gone by.
It’s easy to get stuck in a summer rut. Unless there’s a BBQ and lemonade stand in each of your employee’s cubicles, being in the office is probably not an employee’s ideal location on a summer afternoon. It’s harder to stay focused and on track with projects and assignments when it seems like virtually everyone is on vacation or taking on new shift hours.
Don’t let the temperature and the temptation of playing hooky to go to the beach get to your employees before you can. Here are a few tips to keep your team focused while still having fun in the office all summer long.
Go on the occasional field trip
During the summer, I like to take my team on a “field trip” every now and then. We’ll walk to the nearest frozen yogurt establishment for a cool treat or to our local Starbucks to get just the right amount of caffeine to finish out the day.
It’s a nice break in the day that everyone appreciates. Sometimes it’s all you need to get motivated to finish out the afternoon strong.
I make it a point to get the team talking on our outing — do a little team building together with some quick exercises. Last summer, I asked my employees to go around and each say a word they associate with starting a small business and their favorite summer memory. Don’t be afraid to get creative!
Be understanding when it comes to time off
I am a firm believer in fully being a boss when I’m at the office and fully being a mom when I’m at home. As long as I work the absolute hardest I can during the day and get everything on my to-do list checked off, there’s no reason why I shouldn’t be able to head out early to catch my son’s soccer game.
I apply that same principle to my employees. As long as they have everything done and done well, early dismissal and later arrivals in the morning every now and then is fine. During the summertime, it’s important to be flexible with everyone’s schedules and work around them.
That’s not to say your employees should get out of the office for every little thing that comes up. But when something important unexpectedly happens, try to accommodate around that moment as best as you can.
Keep the watercooler filled
Obviously, you’ll be doing this for hydration purposes, but what I’m getting at here is to make sure your office has a laidback, summer-friendly atmosphere. Keep plenty of water available for everyone, a steady stream of A/C (with plenty of fans on hand) and a nice refreshing fruit bowl for a healthy summer snack.
It’s the small gestures that let your employees know that you have their best interest at heart, especially when it’s 104 degrees outside.
Deborah Sweeney is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. Follow her on Google+ and on Twitter @deborahsweeney and @mycorporation.
I am often asked what made the difference for my success as a bestselling author and fitness and nutrition expert — and I tell people that you simply need to take action.
Too many entrepreneurs are afraid to act. You have to be willing to take imperfect action.
If it’s not quite right, put it out there anyway. You have to act, and that is more important than getting everything perfect.
Another thing I did that has been invaluable was to form a Master Mind group. This type of group was first described in the 1930s and the idea of has grown and evolved to become a frequent tool of successful individuals.
This lets you get bright ideas from others that can help move your business forward. Part of this is setting goals — but make them “stretch goals,” ones that will get you motivated and off the couch. I take these goals and tell the people in my Master Mind group what they are. The funny thing is I have now met all the ones I set!
Learn how to focus
Another critical area is the ability to focus. Entrepreneurs have to focus on their goals and ignore activities that do not progress toward them. You can get involved in a lot of different activities — but will they really help you progress toward your goals? If not, ignore them.
Keeping focused also plays a big part in handling stress. You have to be able to handle stress, and beyond staying focused, a major part of this is taking proper care of yourself. Exercise, enough sleep, proper diet — these are all vital.
The way I have grown my business is through information marketing, and particularly important is a reliable fulfillment company for production, inventory, and shipping of print and CD/DVD materials as well as direct mail and marketing collateral. My fulfillment company is very flexible and really works with me.
When I came to them, I had been using other companies who recognized I was kind of stuck — needing to get out product but having to do small runs — and they took advantage of that. My fulfillment company, Disk.com, doesn’t do that. I needed one-stop, full package production of CDs, DVDs, printing, packaging and integrated fulfillment.
Business are faced with questions like, “How do you start when you don’t know how much you are going to need?” You generally need to do small orders to begin with, and you don’t want to carry inventory.
Then if you need to accelerate quickly, is your fulfillment company flexible enough to do it? My fulfillment company helped me. They would do small runs and would not charge us a lot to do it.
Customers, you see, are unforgiving of a late or unfulfilled product. I just had a sales rush on my website and needed 500 units produced and shipped in a couple of days — and it was done and delivered!
JJ Virgin is a fitness and nutrition expert who has earned recognition as a weight loss expert. Author of two bestselling books, “The Virgin Diet: Drop 7 Foods, Lose 7 Pounds, Just 7 Days” and “Six Weeks to Sleeveless and Sexy,” she is based in Rancho Mirage, Calif. Her website is www.jjvirgin.com.
Small business owners still remain concerned about access to capital and making sure that they have access to the best solutions for improving their cash flow and finances.
So what specific financial solutions can truly help small businesses throughout the state grow and prosper?
Smart Business spoke with California Bank & Trust Executive Vice President Betty Rengifo Uribe about ways small business owners can leverage some helpful financial solutions to save money and streamline operations.
What specific types of financial solutions should small business owners be considering right now?
There are several different solutions that many business owners can use to improve their finances.
Since access to capital is still a critical issue for many small business owners, entrepreneurs should consider a wide range of solutions, including loans, lines of credit, leases and, perhaps most importantly, Small Business Administration (SBA) loans that may offer very favorable rates and terms.
Beyond that, any solution that can help grow revenues and streamline operations is worth a further look. Some of the most useful include: merchant services, business credit cards and remote deposit.
How can small businesses use merchant services to their best advantage?
Any business, large or small, should be offering customers as many payment options as possible. With the right merchant services solutions and technology, you can accept credit cards, debit cards and even gift cards.
What’s your advice for using business credit cards?
One of the best cases for using a business credit card is that it allows you to keep your business expenses completely separate from your personal expenses. With many cards, you will receive detailed reports of expenses that are already sorted by categories. That can make it a lot easier for both you and your accountant during tax season — saving time and resources.
Many small business owners have cards issued to employees. You have to be careful and monitor spending, but imagine how much easier it is for employees to pay their expenses with a credit card instead of dealing with the tedious paperwork of requesting reimbursement checks. This allows your employees more time to focus on their core job responsibilities.
Additionally, you get the usual benefits of credit cards, such as various rewards programs, a credit line that you’re able to access and protection against fraud for purchases made with the card.
What is remote deposit, and how does it help small business owners?
Business owners and their employees need to make the best use of their time. One way to do that is to avoid frequent trips to the bank to make deposits.
With remote deposit, you can deposit checks right from your office. You simply scan checks and they’re automatically deposited into your account. That means you can make deposits anytime — on weekends or in the evening — which can give you an extended deposit window for crediting funds to your account.
Remote deposit also allows you to store images of checks electronically so there’s no need to store physical copies of deposited items.
What do you say to business owners who don’t see value in solutions like these?
Time and time again these solutions and others really move the needle in terms of streamlining operations and enhancing revenue opportunities. Not every solution fits every business, of course, but with a wide range of choices, your business banker can help you customize solutions that address your goals and add more value to your business.
Betty Rengifo Uribe is executive vice president at California Bank & Trust.
Website: Helpful resources for small businesses.
Insights Banking & Finance is brought to you by California Bank & Trust
The high-profile arrest of computer programmer Aaron Swartz for illegally downloading millions of academic journal articles resulted in federal charges against him for violations of the Computer Fraud and Abuse Act (CFAA), which highlighted its use as a broad tool to combat hacking. However, varied interpretations of the CFAA have left businesses guessing when it comes to deciding how best to pursue employees who have used their access to steal and misuse confidential information.
“Currently, the law can be applied differently depending on your location. A decision in the U.S. Circuit Court of Appeals for the 9th Circuit makes it more difficult to use the law against current employees who have used their access to obtain information for the purpose of misuse. In contrast, courts in other parts of the country have adopted relatively broad readings of the statute, making it a more viable tool in those jurisdictions,” says Travis P. Brennan, a litigation attorney with Stradling Yocca Carlson & Rauth.
Smart Business spoke with Brennan about the CFAA and protecting sensitive information.
What is the CFAA and how is it applied by businesses?
The CFAA is a federal, primarily criminal, statute, though it does provide for civil remedies for private plaintiffs when someone accesses a computer without authorization or exceeds authorized access to obtain information. One of the questions presented in several cases involving the statute is: If an individual is authorized to access a company’s computer network, does that person exceed authorized access by obtaining information to use for unauthorized or competitive purposes? Some courts have said yes, which turns the statute into a tool to help police improper use of company information, in addition to a tool to help protect against outside hacking.
What are the benefits and limitations of this act?
Filing a claim under the CFAA gets the case into federal court, which is more often better equipped to handle complex disputes. Plaintiffs also aren’t required to prove the information accessed rises to the level of a trade secret. However, the remedies under the CFAA are limited. A private plaintiff has to show it suffered a loss of more than $5,000, and in most instances the recoverable loss is limited to the cost of investigating the unauthorized computer access and fixing related data disruption. That’s important to think about when considering if this is a tool that would bring a tangible benefit.
How does United States v. Nosal affect the use of the CFAA?
That case makes it more difficult to use the CFAA against current employees. The 9th Circuit affirmed a narrower interpretation, in April 2012, when it dismissed criminal counts against employees who accessed information through company-issued passwords while still employed. The court reasoned that the phrase ‘exceeds authorized access’ is limited to violations of access, not restrictions on use.
Other counts in the case dealt with access by outsiders using stolen passwords to obtain information. Some of those counts proceeded to trial and resulted in a recent conviction.
What other tools can companies use to protect their sensitive information?
State law governs the protection of trade secrets and other sensitive information. Most states have adopted some form of the Uniform Trade Secrets Act through which companies can get damages and other relief if they can show information taken contained trade secrets.
Ultimately, it behooves companies to limit or segregate access to sensitive information and have employees sign clear, written policies. If the agreements are violated, there are contractual remedies, as long as you can show harm from the breach.
While the CFAA is worth keeping an eye on, particularly in light of divergent court rulings, in instances where companies have information misappropriated, the first place to look for a remedy is through state law, such as those that govern trade secrets or the relationship between employers and employees.
Travis P. Brennan is a litigation attorney at Stradling Yocca Carlson & Rauth. Reach him at (949) 725-4271 or email@example.com.
Social media: Learn more about Travis P. Brennan.
Insights Legal Affairs is brought to you by Stradling Yocca Carlson & Rauth
It’s not easy to keep a company going for 100 years — there are going to be a lot of challenges to address along the way.
“There has to be a willingness to change and take chances,” says Roger Weninger, Southern California regional managing partner at Moss Adams LLP. “When I think of longevity, I think of growth. Not purely as it relates to size but also ingenuity, the willingness to change and remain relevant. The company that can continue doing the same thing and remain successful is the exception.”
Smart Business spoke with Weninger about common characteristics of companies that stand the test of time.
What are the keys to longevity for companies?
It’s very important to develop leaders, plural. Companies, no matter how successful they are, get to a point where they need to provide opportunities to others. That can be hard for an individual in charge to understand — the concept that he or she can do less and it will result in more. By allowing others to make decisions and feel a part of the success of the organization, you create a strong culture of growth and change. People thrive in these settings, and so will the business.
You also need to have leaders and decision-makers at all levels. To think that leadership takes place only at the highest levels within any organization is a mistake. Instill a culture of risk taking and empowerment where people at all levels feel they can make a difference and aren’t afraid they’ll be punished for making a mistake. You’ll be amazed at the ideas and the level of ownership people will take when they’re asked, and even expected, to contribute to organizational change and success.
Every organization should have strategic plans and goals that have application to every employee. In addition, each employee should know what contribution he or she can make to reach those goals.
How can a company stay relevant in changing times?
It sounds trite, but it goes back to your mission and focus — self-awareness of your strengths and weaknesses, as well as how you fit into the needs of your clients and customers. Creating this awareness within your organization will provide a clear decision-making and prioritization path for your people. If there’s doubt as to what your value proposition is, or what it isn’t, you can waste a lot of time and send confusing messages to your people and to existing and prospective clients. Being the best at something is always a good goal.
What poses the biggest threat to longevity?
Complacency. When things are going well, there’s a tendency to become satisfied and convince yourself that things will never change. The willingness to listen and actually hear what’s being said, rather than simply assuming you already have all the answers, is crucial. Again, you must have multiple decision-makers and leaders, and this highlights the need for ongoing succession analysis. Succession isn’t something that should be dusted off and practiced when the owner is ready to retire.
People want to see the opportunity to grow into leadership positions from the time they walk in the door. That doesn’t mean they want to take over the top spot in the organization within their first year of employment, but it does mean they want to feel relevant, appreciated and impactful. If they have to wait for someone to die or move on, they may not stick around very long. New leaders bring different ideas and knowledge, and not having that will restrict your ability to grow and sustain the organization through good times and bad.
There’s no such thing as staying flat — you’re either on an incline or decline. You have to always be working to get better. If you’re willing to listen, your people and your clients will tell you how.
Roger Weninger is the Southern California regional managing partner at Moss Adams LLP. Reach him at (949) 221-4047 or firstname.lastname@example.org.
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Over the past few years, the term “managed services” has become more prevalent in the IT services community. It’s how many companies these days are consuming IT services, especially companies without the need or the budget for a full-time IT department. In its most basic sense, managed service delivery is the utilization of remote tools in which an IT service company can remotely manage and support a client’s IT environment.
These tools allow the remote monitoring, patching, upgrading and support of a client’s servers, workstations, and network devices. These services are usually priced on a “per device or user/per month” model, with the idea that a network can be maintained for a “fixed fee” per month.
“There are distinct advantages to this IT service delivery model, both to the IT company as well as to the client,” says Zack Schuler, founder and CEO of Cal Net Technology Group. “First, from the IT company’s perspective, they can automate most of the routine tasks that are associated with maintaining a computing environment. These remote management tools have many automated processes that can be turned on, thus saving the IT company time and money.”
Smart Business spoke to Schuler about how to get the most from managed IT services.
How do businesses benefit from managed services?
First, this service delivery model helps clients manage their IT budgets a bit more closely, as many of the services are delivered on a fixed fee. This adds predictability to the ongoing cost of IT. Next, if the IT company has perfected its own processes around these tools, the ‘human error’ factor of manual maintenance goes away.
With all of the benefits to managed services, if a company looks at it as its only answer to IT services, it is doing itself a huge disservice. While managed services might be the answer to basic maintenance of the system, it neglects helping companies to truly drive value out of their IT resources. Managed services, when pitched as the solution, put consumers in a highly commoditized mindset. IT services should not be viewed as commodity services since, if delivered correctly, they can add serious bottom line advantages to the business.
How can businesses ensure these services are effective?
A less known term in the industry is ‘blended services.’ Blended services are a strategic combination of managed services and professional services that are packaged together to deliver the ultimate amount of value to the customer. This consists of looking hard at those services that can take advantage of remote tool sets and automation, and subsequently injecting intellectual capital into every other facet of IT that cannot be automated.
Part of blended services consist of pre-scheduled on-site consulting time. The face-to-face interaction that occurs during this time is invaluable to the business. It is during this time that questions like, ‘What is the best way to do such and such on my computer?’ or ‘What application can solve this business process issue that we have?’ are more likely to get answered. It is this face-to-face interaction that leads to new efficiencies being discovered, and people at the company ultimately being more productive.
If services are delivered 100 percent remotely, the chances are slim that a person will pick up the phone and call a relative stranger to ask about the best way to do something.
How can executives be sure they derive value from managed services?
They need to see the value in IT and its effectiveness as a bottom line tool. Too many executives at companies have traditionally been ‘technophobes’ and view IT strictly as overhead, a necessary evil, as opposed to a bottom-line boosting critical part of the business. In short, when consuming IT services, make sure that you are as equally engaged as your service provider.
Make sure that you see past the commoditized services being sold to you, and that you ask your IT company to do more and to prove its real value. Assuming you are paired up with the right organization, they will help you take your company to the next level. This might cost more in the very short run, but in the not too distant future, the ROI will be there.
Zack Schuler is the founder and CEO of Cal Net Technology Group. Reach him at email@example.com.
Insights Technology is brought to you by Cal Net Technology Group
A global company that started out as a provider of telecommunications equipment, TelStrat was founded in 1993 in Plano, Texas to take advantage of the Dallas-Fort Worth Metroplex’s Telecom Corridor.
“Being in the middle of the telecom industry is very important to us because of the engineering and product development talent that is available,” says Jennifer Slack, CFO of TelStrat.
When the company sold off a division a couple years ago to focus solely on software, the Plano site was leased to another business and TelStrat needed to find a new location. TelStrat celebrated its 20th anniversary this past February and is focused on providing call recording and workforce optimization solutions.
Smart Business spoke with Slack about the decision to move the company’s headquarters to nearby Allen, Texas.
What were the key factors favoring Allen?
It was the location and the local talent pool. We knew we wanted to stay in the same general vicinity. Employees love the Allen area because of the good schools and housing that is available. The quality of life that’s in Allen makes it very easy to find employees.
How has the Allen Economic Development Corporation assisted TelStrat?
They helped with incentives that made it more affordable to change locations. Moving can be very disruptive, as well as expensive, and the financial incentives they provided definitely helped.
The city of Allen and the economic development corporation also sponsor many programs for businesses. They provide many opportunities for networking and encourage businesses within Allen to build on the synergies available, or just talk to each other for advice. They certainly promote that spirit of cooperation.
At one of their events, I met a representative from a local company that was able to help with our recruiting efforts. We’ve probably not taken full advantage of what Allen and the economic development corporation offer, but it did help with recruiting.
What is the nature of TelStrat’s operations in Allen?
It’s a complete headquarters facility; we have about 50 employees working in departments from sales order entry to engineers for software development and support and maintenance of our product with customers. There are also some sales staff, accounting and HR personnel.
The landlord was very helpful in remodeling the site. We predominately needed office and lab space and the building had served as a call center or back office. We’re in a five-year lease and it’s a very convenient location right off of the North Central Expressway.
What’s the best thing about your new location?
It’s the convenience — it’s very easy to get around for meetings, or if we have clients or partners visiting us. There are plenty of nearby options for lunches and shopping, which employees enjoy because it saves them a lot of time and helps with developing a good work/life balance. It‘s great when you have children and you need some flexibility if they have something special going on or are sick. You can pick them up for a dental appointment and get back fairly quickly. It helps a lot to have your place of employment near your neighborhood.
We’re a pretty simple company with simple needs. The city of Allen and economic development board have made it easy for us to do business here.
Jennifer Slack is the CFO at TelStrat. Reach her at (972) 633-4512 or firstname.lastname@example.org.
Reach the Allen Economic Development Corporation at www.allentx.com or call (972) 727-0250.