All Employees Are Involved in Sales – Part III
Posted on | June 30, 2009 | 1 Comment
You only offer ONE COMPANY EXPERIENCE for your clients and customers.
There is no shipping department. There is no sales team. There is no service department. There is only a store! From the customer’s perspective, there is ONE and ONLY ONE store.
If a restaurant patron has a problem with the table or the silverware or the food, it is up to every restaurant employee to make sure that patron is satisfied.
Are you thinking about how your employees are treating your customers? Your better be thinking about it!
Have you trained, either directly or indirectly, your employees to “pass the buck?” Are there financial incentives in place that encourage the wrong employee behaviors? In other words, do your employees make more money in their paychecks by “passing the buck” on to other employees?
Remember that what we tolerate, we teach. Even worse, your employee compensation structure may be encouraging employee behaviors that harm your customers’ buying experiences. If your customer is not 100% satisfied, there is an opportunity for your competitor to take business away from you. Your competitor does not have to be perfect. Your competitor just has to be better than you are.
So, in summary, your customer needs to have a satisfying experience when dealing with your employees. If your employees are projecting your internal operational shortcomings onto your customers, then the buying experience is less than 100% satisfactory. And that is all the opportunity your competitors require to make your customers their customers.
Check out Part I and II of this topic.
Tags: business > customer service > entrepreneur > Small Business
Times Are Great, Unless You Are a Pessimist
Posted on | June 25, 2009 | No Comments
I’ve written before on attitudes. I truly believe that we are incredibly lucky in the USA, even while Congress steals our hard earned-money to pay for these bailouts.
Yet, there remains a high level of negativity and doubt and self-pity. I don’t get it. Check this out-
http://www.cyrilhuzeblog.com/2009/04/09/watch-this-video-and-stop-bitching-about-everything/
These are amazing times.
There are opportunities to do good work and get rich. The question remains- What are you choosing to do today? Complain or get busy? Can you work a little harder today? Just a little? Can you work a little smarter? Or more efficiently?
Can you meet two new people this week and see if you can help each other?
Can you give more? Because giving generates opportunities.
What did you decide to do today- get better or complain?
All Employees Are Involved in Sales – Part I
Posted on | June 20, 2009 | No Comments
Have you ever been at a restaurant and your food order is wrong, but the waiter or waitress blames the cooks? More than once I’ve heard a waitress say something like: “They get half the orders screwed up on Friday nights.” Or, “They’re not the smartest cooks.” Or, “We’re short on help back there tonight.” Here’s my all time favorite: “I’m not your waitress. You’re not in my section. I’ll send over your waitress.”
Frankly, I don’t care! That’s not my problem! I don’t work here. I’m the customer, for goodness sake!
When I order coleslaw, rather than fries, I do not want to hear a waitress blame the cooks. I just want my coleslaw. And, I want my waitress to make me feel like the entire restaurant staff feels bad that I didn’t get my coleslaw. After all, I came to a restaurant for the service as well as the food. I could have served myself a meal at home. Part of the reason I went to a restaurant is to sit there and not work. I expect service. Good service.
I AM NOT UNIQUE IN MY EXPECTATIONS! That’s every customer’s expectations, which should drive virtually every business function in every business. The businesses that make customers feel special win. Period.
I expect warm food, and my order served timely and as ordered. I should NEVER hear a waitress distinguish herself from the kitchen. There are not two separate operations within a restaurant. There are no seating or service “sections” that the customer needs to know about. Not from the customer’s perspective, and only the customer’s opinion counts. No host or hostess should talk about the kitchen staff or the wait staff as different or distinct from the host’s job. No waiter should pass the buck to another waiter. If a customer needs something, EVERY waiter in the joint is eligible to address that customer’s needs, wants and demands. A restaurant is a single entity and offers a single customer experience. And that concept should be drilled, taught and mandated by management in restaurants and every other business type. YOUR BUSINESS INCLUDED!
For more thoughts on this subject, please take a look at the follow up post- All Employees Are In Sales- Part II
How’s Your Elevator Pitch ?
Posted on | June 16, 2009 | No Comments
I was recently asked to help develop a new product/service called the “V-Card” or “VidCard.” Here are two trials of my 30-second VidCard.
What do you think?
Would you pay $50.00 for a professionally recorded, edited and produced video like these?
Protecting a Business Owner’s Family
Posted on | June 14, 2009 | 1 Comment
A Question from one of Matt’s readers:
“Matt, should I buy some life insurance so my wife can pay off the bank loan I took out to buy my business? I don’t want my wife to have to deal with the bank, if I die first.”
Matt’s Answer-
Probably, yes. I’m glad to see my readers listening to my advice about the importance of insurance to business owners.
I’m not licensed to sell life insurance, but I am a big fan of insurance under the right circumstance. Life insurance can be a great way to aid your widow to retire the business’ debt. That would enable her to sell the business after your death and realize the full value of your company. You might need some additional life insurance coverage to retire your home mortgage debt, car loans or other debt, and provide cash to support your family after they lose your income.
What about disability insurance?
You didn’t ask about disability insurance, but it might be even more important, given your circumstances. You’re a young and physically active person. And, your business is relatively small and cannot operate for long without you. You’re more likely to suffer a disability in the next 20 to 30 years than to die. So, I’d encourage you to discuss disability insurance with your agent.
Before you meet with your agent, please review this post- Is Your Insurance Agent Reassuring. In that post, teach you how to communicate with your agent in order to make the most of insurance purchase.
Remember this- Your insurance agent is NOT YOUR agent. Your agent actually represents the insurance company. So, keep in mind that you always have the right to seek a second opinion from any professional advisor. If you’re not comfortable with the advice you’re getting, seek a second opinion. You might return to the original advisor, but you’ll have more information and possibly a higher level of faith and trust in the advice you’re getting.
Tags: bank > business > debt > disability > Insurance
Matt to Teach Business & Real Estate Classes
Posted on | June 11, 2009 | No Comments
Here are several classes being taught by Matthew A. Griffith, Esq. this summer-fall. For more details click here or go to Rainmakers University.
Essential Real Estate Investing & Management
Friday, June 26 and Friday, July 31
Sponsored by National Tenant Network
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“What Your Lawyer Never Told You”- A Series of Practical Business Classes
Sponsored by Rainmakers University-
Legal Landmines. Grow Your Business Without Stepping In It.
August 28, 2009, at 9:30 a.m.
Making the Money Engine- How to Build Systems That Build Business & Avoid Lawsuits.
Co-Instructor, Nicole Bickett, Owner of Organize To Optimize
September 28, 2009, at 3:30 a.m.
Critical Contracts That Drive Critical Relationships With Customers and Clients
October 28, 2009, at 12:30 pm
Tags: business > class > National Tenant Network > Rainmakers > Real Estate
Inflation Will Rise. It’s a Given.
Posted on | June 8, 2009 | No Comments
Introduction by Matthew A. Griffith
I was recently asked some questions about my prediction of very high inflation in coming years. In response, I’ve asked Chris Norwood, CFA, to explain why inflation will become a problem for which businesses need to prepare today. Chris is one of the smartest business thinkers I know, and you should value his opinions as much as I do. Please enjoy Chris’ post and visit his site- The Knowledgeable Investor.
Guest Post
By: Christopher R. Norwood, CFA
Biechele Royce Advisors, Inc.
Inflation is a monetary phenomenon. The world currently uses pieces of paper backed by nothing to facilitate exchange in goods and services. A dollar has no intrinsic value; it is just a piece of paper. A dollar is an IOU from our government that can currently be exchanged for goods and services; it is a liability of the U.S. government.
The Federal Reserve controls the number of dollars in circulation; they are a liability on the Fed’s balance sheet. The Fed holds assets as well that offset their dollar liability. The Fed’s balance sheet has grown from $871 billion on May 21, 2008 to $2,165 billion on May 20, 2009. U.S. Treasuries were the main asset backing the dollar one year ago. Today, the Fed’s balance sheet contains $523 billion in toxic assets parked in its Maiden Lane LLC. Treasuries comprise only around $400 billion of the Fed’s total assets, down from around $700 billion last year. Finally, the St. Louis Fed’s adjusted monetary base was up a record 113.4% from the same period last year. The monetary base – basically currency plus bank reserves – is the Fed’s primary tool for affecting growth in the money supply.
Now here’s the important part. The general price level is a function of money supply and the velocity of money (how many times per year a dollar changes hands). Currently, money supply is exploding (dollars backed by toxic assets) but the velocity of money has been falling, leaving inflation at a low level for the time being. However, as soon as economic activity picks up (dollars start moving through the economy) inflation will rise sharply unless the Fed is able to remove dollars from the system very rapidly and in a timely manner. The Fed will need to find buyers for those toxic assets and/or remaining Treasuries at a time when the economy is expanding and inflation is rising. A very difficult assignment to say the least.
High levels of inflation are almost a given at this point. The only real question is the actual timing of the tragedy as it plays out.
Best Regards,
Christopher R. Norwood, CFA
Biechele Royce Advisors, Inc.
http://theknowledgeableinvestor.blogspot.com
Matt to Teach at Rainmakers University
Posted on | June 8, 2009 | No Comments
Rainmakers University has announced that Matthew A. Griffith, Esq. has joined as an Educator-Facilitator and will teach a series of Legal & Business classes this Summer and Fall. For details or to register for any of the three classes visit the Rainmakers University website.
“What Your Lawyer Never Told You” – A Series of Practical Business Classes
Legal Landmines. Grow Your Business Without Stepping In It.
August 28, 2009, at 9:30 a.m.
Bar Louie’s- Carmel, Indiana
100% of new business owners make critical mistakes in starting a new venture. The lucky ones survive their mistakes. The rest fail quickly, eventually go bust, get sued or struggle for months or years without ever realizing the full potential of the business concept or talent in the company.
In this class, we will outline the key steps to forming a new business. We’ll outline legal liability threats and practical solutions. We’ll also discuss how to minimize income taxes. And, we will outline the advantages, dangers and opportunities of having partners.
Even if you’ve already started and are operating your business, you’ll benefit from the lessons offered in this class.
Making the Money Engine- How to Build Systems That Build Business & Avoid Lawsuits.
Co-Instructor, Nicole Bickett, Owner of Organize To Optimize
September 28, 2009, at 3:30 a.m.
Market Square Conference Center- 7th Floor, 151 N. Delaware Street, Indianapolis
Ever been involved in a business lawsuit? If not, you’re one of the lucky few.
There are three keys to protecting your business from liability risks:
1. Use a corporation or LLC;
2. Formulate and implement a proper insurance plan; AND
3. Develop and implement good business practices.
The only smart way to operate your business is by systematizing those operations. It’s the key to increasing profits, reducing inefficiencies and reducing liability risks. If you don’t understand this concept, you’re running the risk of business failure. We’ll help in this class.
Critical Contracts That Drive Critical Relationships With Customers and Clients
October 28, 2009, at 12:30 pm
Fishers Office Suites- Fishers, Indiana
What’s the best way to increase gross revenue and avoid losses and waste?
Have lots of happy customers, vendors and strategic partners.
Like all relationships, business relationships are based on good communication and setting expectations. Contracts, forms and customer service are critical to setting these expectations and managing business relationships. In this class, we will discuss how to use contracts and customer relations programs to avoid lawsuits, make happy customers return and turn angry customers less angry. . . and may be even happy with your product, service or company. Contracts are key!
Indiana Business Fraud Alert !
Posted on | June 4, 2009 | 2 Comments
Introduction by Matthew A. Griffith, Esq.
Here is an email-letter I just received from the Indiana Secretary of State. Those of you who are clients of my law firm will remember that I alerted you to this fraud scheme almost two years ago in my law firm’s newsletter. Amazingly, the fraud is still happening.
From Todd Rokita, Indiana Secretary of State
Dear Indiana Business:
I feel it is important to follow up with you on the actions taken by my office to address the deceptive letters many Hoosier businesses have received over the past several months. The letters come from “Indiana Corporate Compliance Business Division.” They attempt to secure a $125 or $150 payment in exchange for processing a company’s annual minutes. As we previously communicated to you, despite the fact these letters are made to appear as though they come from an official government source, they are a hoax and should be ignored.
In a multi-state investigation, my office tracked down the individuals behind these letters. Aaron V. Williams of Las Vegas and a Lisa Diane Brown of California are affiliated with several businesses including “Indiana Corporate Compliance.” The results of the investigation were shared with Indiana Attorney General Greg Zoeller, who recently filed a complaint against Williams, Brown and their businesses.
If the state prevails, these individuals could receive fines of over $1.5 million and be barred from doing business in Indiana. I will also continue to work with law enforcement agencies to pursue possible criminal action against these individuals.
If you have not done so already, please get in touch with our Business Services Division at (317) 232-6576 if you believe you are a victim of this scam.
Corporate images now available online for free
I am also pleased to let you know you can now access your corporate documents, business filings and any additional registrations on file with our Business Services Division instantly and free of charge through the INBiz portal found on our Web site: www.sos.in.gov/business . You will also be able to find more than 6.5 million images of business filings that date back to the 1800s for other active businesses.
Government should always use technology to drive down costs and increase access for taxpayers. I am proud of my staff’s work and the culture we have created here at the office of the Secretary of State to meet, and often exceed, the efficiency standards that are in place in the private sector.
Sincerely,
Todd Rokita
Indiana Secretary of State
Tags: corporation > fraud > Indiana > Indiana Corporate Compliance Business Division
Housing Market Update- New Buyer Tax Credit Rules
Posted on | June 3, 2009 | 5 Comments
PROBLEM- Seller assistance is generally prohibited, whenever the buyer is using a federally-backed loan. Most “new” buyers would like to use the $8,000 tax credit as a down-payment, but lack the $8,000 in cash. The lender cannot give the buyer credit for the tax credit, nor can the seller. So, the $8,000 tax credit Congress created is not helping 1,000’s of buyers qualify, as Congress and President Obama had hoped. Once again, Congress created a solution that solves nothing.
SOLUTION- Enter the U.S. Department of Housing and Urban Development (HUD).
HUD has issued Mortgagee Letter 2009-15, which provides guidance for government agencies and other authorized parties to follow to monetize the first-time homebuyer tax credit through the use of either short- or long-term loans in conjunction with Federal Housing Administration (FHA)-insured mortgage loans. Because the tax credit can’t be assigned by the home buyer to a lender or seller at closing, it is necessary that a third party lend the home buyer these funds if the funds are needed to close a purchase.
Short- or Long-Term Loan Guidelines
Per the Mortgagee Letter, short-term or “bridge loans” can be made by
governmental agencies, nonprofit instrumentalities of government, FHA-approved
non-profits, and FHA-approved lenders when these loans are secured by the tax credit due the home buyer. The amount of a short-term loan may not exceed the anticipated amount of the tax credit plus nominal fees and charges. Longer-term loans that are secured by a second lien on the property may be made by government agencies, nonprofit instrumentalities of government, and FHA-approved nonprofits, however, the second lien may not exceed that which is needed for the down payment, closing costs, and prepaid expenses. The advance must provide for principal and interest payments to begin automatically if the borrower does not repay the amount borrowed by a designated deadline. If payments on the tax credit advance are required, they must be included in qualifying the borrower and, when combined with the first mortgage, cannot exceed the borrower’s reasonable ability to pay. Payments must be deferred at least 36 months from the settlement date in order to be excluded from qualifying ratios. While a borrower would be allowed to repay the second loan voluntarily, the terms of the loan must not require a balloon payment before ten years have elapsed.
More Information Available
Many state housing finance agencies are offering tax credit-related loan programs. More information about these programs can be found on the National Council of State Housing Agencies (NCSHA’s) web site at:
www.ncsha.org/section.cfm/3/34/2920.
Information regarding the process by which nonprofit organizations can seek FHA
approval can be found at: www.hud.gov/offices/hsg/sfh/np/np_prog.cfm.
Each of the four HUD Homeownership Centers maintains a list of approved nonprofits in
their service areas. These lists can be accessed via:
www.hud.gov/offices/hsg/sfh/np/np_hoc.cfm.
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