Saturday, June 3. 2023
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in Business Lessons, Coaching, Economy, Entrepreneur, Life Lessons, Strategy - Trends
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01:09
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The Power of Listening: A Cornerstone of Servant LeadershipIn the realm of servant leadership, listening serves as the fundamental pillar that underpins effective communication, empathy, and understanding. By actively engaging in attentive listening, leaders can create an environment where individuals feel valued, foster trust, and build meaningful connections. Let us explore the transformative power of listening and its significance in servant leadership. Active listening goes beyond merely hearing words; it involves entirely focusing on the speaker, acknowledging their thoughts and emotions, and seeking a deep understanding of their perspective. In servant leadership, active listening is paramount as it demonstrates genuine interest in others, validates their experiences, and fosters an inclusive and respectful environment. By dedicating our attention to others, we communicate that their voices matter and that we value their contributions, ultimately building trust and strengthening relationships. When leaders embrace active listening, numerous benefits arise. Firstly, it allows leaders to gain diverse insights, as each individual brings unique perspectives, expertise, and ideas. This abundance of input can lead to more well-informed decision-making and innovative problem-solving. Moreover, active listening creates a safe space for open dialogue, encouraging individuals to express their thoughts, concerns, and aspirations freely. This inclusive atmosphere promotes collaboration, empowers team members, and cultivates a sense of ownership within the group, resulting in heightened engagement and productivity. Listening is a gateway to empathy and understanding. When leaders listen attentively, they better understand others' emotions, motivations, and challenges. This empathetic connection allows leaders to respond compassionately, providing support and encouragement tailored to individuals' needs. By embracing empathy, servant leaders can create an environment where team members feel valued, seen, and understood. This fosters strong relationships and a sense of belonging, leading to increased job satisfaction, loyalty, and overall well-being within the organization. Listening skills require conscious effort and practice. Servant leaders can employ several techniques to enhance their listening abilities. Firstly, they can practice active engagement by maintaining eye contact, nodding, and providing verbal or nonverbal cues to demonstrate attention. Secondly, leaders can engage in reflective listening, paraphrasing or summarizing what they have heard to ensure comprehension and show that they value others' contributions. Additionally, leaders can cultivate mindfulness, focusing on the present moment and silencing internal distractions. These techniques facilitate deeper connections, promote understanding, and foster a culture of active listening. Listening impacts decision-making and problem-solving. By actively seeking diverse perspectives and valuing team members' input, servant leaders can gather a wide range of information and insights. This comprehensive understanding of various viewpoints enables leaders to make more informed and inclusive decisions that consider the needs and concerns of all stakeholders. Moreover, when leaders listen empathetically, they can identify underlying issues and challenges, allowing them to address root causes rather than surface symptoms. This approach leads to more effective problem-solving and sustainable solutions that resonate with the team and the organization. Listening is not merely a passive act but a transformative force within servant leadership. Leaders can foster an inclusive, empathetic, and collaborative environment by embracing active listening. Through attentive listening, servant leaders empower individuals, build trust, and cultivate stronger relationships, propelling their teams and organizations to success. Who is Jim Lindell Jim Lindell is President of Thorsten Consulting Group, providing strategic and financial consulting, professional speaking, training and executive coaching. He is a Vistage Chair and responsible for two CEO groups in the Milwaukee area. He is an Award-winning Speaker and Best-Selling Author. Contact him at 262-392-3166 or [email protected]. Email: [email protected] LinkedIn: https://www.linkedin.com/in/jimlindell/ Twitter: https://twitter.com/thorlessons Tuesday, May 16. 2023
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in Business Lessons, Coaching, Controller / CFO, Entrepreneur, Life Lessons, Strategy - Trends
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19:15
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Business Longevity: Navigating Success and Failure for Sustainable GrowthIt is often uncomfortable to talk about business failure. However, business failure is only half of a picture. The other half is business success. They are the “Yin and Yang” of doing business. Pro football teams review their prior week games to determine what worked and what didn’t. Plays that worked are repeated or enhanced, and plays that didn’t work are discarded or tweaked. The Bureau of Labor and Statistics tracks the number of business starts and the number of businesses that are still in existence by year – in essence, the “success rate.” Between the 1st and 2nd year approximately 20% of businesses disappear. Around year five approximately 50% of businesses have disappeared. Our focus should be on all tools and methods that help increase the success (and reduce the disappearance “failure rate.”) Note - not all businesses disappear for failure: some are sold, some are successfully closed down, etc. In this article, success and failure are captured in the phrase “Business Longevity.” This can be illustrated with three types of people: the first is a planned, deliberate individual that is extraordinarily health-conscious and measures many aspects of their life. A second individual is a happy-go-lucky person who lets life evolve. Their motto is “Que sera, sera” (whatever will be, will be.) The third person overindulges in many aspects of their life. They do not control their eating habits or their drinking habits, and as a consequence, they are overweight, out of shape and in generally poor health. If we evaluate these three on their lifespan, which person has the highest chance of dying first? Some people have even begun to use health longevity specialists. These are physicians who focus on helping people extend the quantity and quality of their life. This analogy can be compared to the business world. There are three types of businesses that fit the same profile. The first is a planful organization. They create plans, they execute the plans, and they measure the resulting success (or failure) of the plan. The second type of business goes from activity to activity depending on where the opportunity is most significant. They may also believe that generating sales will solve all the problems of the organization. The third type of organization is not planful and does not follow any discipline in regards to finances, employees, etc. Which of these three businesses is most likely to experience financial difficulties and potentially a shortened business existence? This leads us to the concept of business longevity. Business longevity is the practice of assessing where an organization is, determining where the organization would like to be, and then creating the action steps for the business to arrive at its the chosen destination. This may sound similar to business planning, and yet it is much more expansive. The assessment that an organization should go through would encompass areas such as evaluation of historical financial trends, industry analysis, competitor analysis, environmental scanning using tools such as PESTLE and planning tools such as strengths, weaknesses, opportunities, and threats. It should also include a robust evaluation of future innovations and changes in society as a component of the SWOT analysis. One of my favorite tools is the Altman Z-score. Traditionally this is a tool used to depict the likelihood of bankruptcy, however, the author uses this as an overall measure of the health of an organization similar to the way that a doctor uses a blood pressure analysis. Also, consider expanding the length of time financial information is reviewed. Current financial practices of comparing this year's results with prior years are too shortsighted. If you looked at any two successive years for Sears, the story of their failure does not “pop out.” If you review ten years of their financial information, it is plain to see how the company was declining. At a minimum, a company should understand their key financial metrics including the z-score and selected ratios (such as the current ratio) for a minimum of 10 years or the length the business has been in existence. Who is Jim Lindell Jim Lindell is President of Thorsten Consulting Group, providing strategic and financial consulting, professional speaking, training and executive coaching. He is a Vistage Chair and responsible for two CEO groups in the Milwaukee area. He is an Award-winning Speaker and Best-Selling Author. Contact him at 262-392-3166 or [email protected]. Email: [email protected] LinkedIn: https://www.linkedin.com/in/jimlindell/ Twitter: https://twitter.com/thorlessons Tuesday, May 9. 2023
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in Business Lessons, Controller / CFO, Economy, Entrepreneur, Strategy - Trends, Teamwork, Training
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17:53
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Redesign Your Business: A Simple Question That Can Save Your CompanyWhen your organization is stuck and is unable to get to the next level or encounters an insurmountable business problem, consider the following: if you had to redesign your business today with no constraints, how would you do that? Many of our business problems result from all the processes, procedures, and paradigms that we've put in place. Once they are in place, they become part of the organization's business culture and, unfortunately, seem unchangeable. And yet, we forget that we created these roadblocks and are hesitant to remove them. One business owner was confronted with such an issue. He realized that his business was going to fail, and he would lose everything. He brought this issue to his Vistage Group and asked his peers for their counsel and advice. He wasn't expecting that they would save his business, but that's what they did by asking a simple question. The members asked this individual, "If you had to start over again, how would you redesign your business?" And the member responded by stating the number of people he would employ, the positions that would be filled, the facilities that he would use, and the processes that would be changed. At that moment, he recognized that there was an answer, but also, would he have the fortitude to make the necessary changes. It is easy for us to trick ourselves into believing we cannot change the components of a business. Yet, many areas can be modified respective to our level within the organization. The challenge is to have the courage to make the changes. When this question is answered, it leaves the decision-maker with a simple gap analysis. The gap analysis is one of the most simplistic forms of a business or strategic plan, which can be summed up as follows: "Where am I, where do I want to be, how do I get there?" Determining what change is necessary and how to implement is difficult because of the following: • Unwillingness to change • Political or family restrictions that may overrule the change • Inability to see the change that is required If you google ”small business failure,” you will find many different examples where companies went in the wrong direction. Consider the following instances that have resulted in business failure: • Failure to establish and communicate company goals • Lack of vision and purpose by principals • Poor market segmentation and strategy • Competition or lack of market knowledge • Over-dependence on specific customers or individuals in the business • Lack of management systems • Absence of a standardized quality system • Lack of financial planning and review • Inadequate capitalization • Owners or leaders concentrating on the technical rather than the strategic work at hand It is easy to confuse cause and effect with lists such as these. Keep in mind that the items above are symptoms. For almost all business failure cases, regardless of company size, the main culprit or cause is ineffective, dysfunctional, or incompetent management teams. It is easy for a management team to be blindsided by a competitor, technology, or dysfunction. Overlooking any of these areas is one of the most fundamental reasons companies should have some form of outside board that is credible and persuasive to help management recognize potential problems and opportunities for the organization. It is also a group like this that can help your organization redesign itself and identify areas holding the organization back or opportunities that should be pursued. Consider how we witness this all the time with the national football league. General management attempts to secure impact players for the current season and impact players for the future. Roster changes are made where fans complain, critique and wring their hands over the future success or failure of the next football season. The lesson for us is simple. Do not let the failures or successes of the past obstruct your future success. Critique your business as if you had to start again and see what changes you would make. Once the changes are identified, do you have the courage to make it happen? Who is Jim Lindell Jim Lindell is President of Thorsten Consulting Group, providing strategic and financial consulting, professional speaking, training and executive coaching. He is a Vistage Chair and responsible for two CEO groups in the Milwaukee area. He is an Award-winning Speaker and Best-Selling Author. Contact him at 262-392-3166 or [email protected]. Email: [email protected] LinkedIn: https://www.linkedin.com/in/jimlindell/ Twitter: https://twitter.com/thorlessons Tuesday, May 2. 2023
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19:20
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How to Be More Resilient in BusinessOver the last several years, business owners have struggled with a lack of employees, Covid, a virtual workforce, recession, a political divide, supply chain problems, inflation and war. What does it take to run a successful business amidst those disruptions? It’s tough enough to generate profits in a typical business environment, and it gets much more challenging in the abnormal business environment that we have right now. How can you cope? Business owners and employees must be resilient, deal with stress, and persevere no matter how long the tough times last. Let’s consider what you can do to push through stress, disappointment and setbacks on your road to success. Thinking about your mindset and resilience is essential to succeed in the long run. Resilience refers to the ability of a person or group to bounce back from hardship. Being resilient is crucial to success because you can adapt quickly when faced with change. How do you develop resilience, and what are the most important traits for being resilient? 1. Develop flexibility. Try to be open-minded about new things and business approaches and explore different viewpoints on life issues with people who think differently than you. Flexibility builds creativity, confidence and self-esteem, which will help us persevere in difficult times. 2. Change your perspective. Practice changing how you view difficult times. For example, instead of focusing on the negative consequences of a challenging situation, ask yourself what lessons you can learn from this experience. 3. Consider how there may be some good aspects, even though they may not always be easy to see. Changing your perspective can help you put any difficult time into perspective. You’ll still need to deal with the issue at hand, but it won’t feel like such a burden if you’re looking at the positive side of things. More Tips for Bouncing Back Here are other ways you can be more resilient in difficult times. • Practice mindfulness or meditation for 10 minutes each day. • Increase your exercise by walking outside for 20 minutes daily. This will increase oxygen flow to your brain and reduce stress. • Monitor your thoughts without judging or allowing them to distract you from the task. • Over-aggressive goals could be counterproductive. Start small and then increase in scope and complexity. • Identify what’s causing you pain, and find ways to release it. Let go of any expectations of perfectionism. They will only lead to frustration and negative feelings about yourself and make it hard to get things done on time. • Recognize when you’re feeling negative emotions, and don’t let them take over your life completely. Remind yourself that everyone feels like this sometimes. But the feelings pass with time if you give yourself the space for reflection and the support you need. • Spend time with friends who make you laugh! Recover Quickly from Setbacks There will be setbacks for your company, staff, family and you. Develop a strategy for bouncing back through difficult times. Here are four techniques: 1. Find meaning in the setback by asking yourself what was accomplished or learned. What did you do well? 2. Create an action plan to prevent similar setbacks from happening again. You might also want to change your work to be more prepared the next time a similar problem occurs. 3. Get involved now with your support system that includes family, friends and church groups. 4. Take a step back. Breathe and relax. Many of the problems are not that significant. Remember the saying “you’re making a mountain out of a molehill.” Business people must be able to deal with whatever life throws at them—demanding bosses, tough negotiations or intense workloads—while maintaining high productivity levels. Remember to focus on what’s essential: your family, friends and values. When they read your eulogy, no one will mention your bank account, the square footage of your house or the revenue from your business. Mahatma Gandhi believed that if you couldn’t change the circumstances, you could change your attitude. He persevered through many adversities by being resilient. You can too. Who is Jim Lindell Jim Lindell is President of Thorsten Consulting Group, providing strategic and financial consulting, professional speaking, training and executive coaching. He is a Vistage Chair and responsible for two CEO groups in the Milwaukee area. He is an Award-winning Speaker and Best-Selling Author. Contact him at 262-392-3166 or [email protected]. Email: [email protected] LinkedIn: https://www.linkedin.com/in/jimlindell/ Twitter: https://twitter.com/thorlessons Wednesday, April 26. 2023
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in Business Lessons, Coaching, Entrepreneur, Speaking, Training
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15:25
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Reducing Ambiguity in Hiring: Why Documenting Important Items in the Offer is CrucialHiring can be a complex and time-consuming process. From posting job ads and reviewing resumes to conducting interviews and negotiating offers, many steps are involved in finding the right candidate for a position. However, one area often overlooked in the hiring process is reducing ambiguity in the offer letter. When extending or accepting an offer, it is essential to document all of the critical terms and conditions of the employment relationship. This includes the salary, benefits, job title, and any important items that could affect the candidate's decision to accept the offer or the employer's ability to fulfill its obligations. The job description is one of the most significant sources of ambiguity in hiring. While a job description may outline a position's general duties and responsibilities, it may not cover all of the specific details that are important to the candidate or the employer. For example, a job description may not specify whether a position requires travel, overtime, or a certain level of education or experience. Without this information, candidates may accept an offer without realizing the full scope of the job, or employers may find themselves unable to fulfill their obligations due to a lack of clarity. To avoid ambiguity, include all relevant details in the offer letter. This can consist of specific job duties, required qualifications, work schedules, and other essential items that could affect the candidate's decision to accept the offer or the employer's ability to fulfill its obligations. By documenting these details in the offer letter, both parties can clearly understand what is expected and avoid any misunderstandings or disputes down the line. Another area where ambiguity can arise is in the terms and conditions of employment. Include items such as the length of the probationary period, the process for performance evaluations, and the conditions under which the employer can terminate the employee. These details can vary depending on the company and the position, so documenting them in the offer letter is essential. By doing so, employers can ensure that they comply with all relevant laws and regulations, and employees can clearly understand their rights and responsibilities, avoiding disputes or legal issues that could arise down the line. In addition to reducing ambiguity, documenting essential items in the offer letter can help build trust and establish a positive relationship between the employer and the employee. By clearly communicating all of employment's critical terms and conditions, employers can demonstrate their commitment to transparency and fairness, and employees can feel confident that they are making an informed decision. Reducing ambiguity in hiring is crucial for both employers and employees. By documenting all of the critical terms and conditions of employment in the offer letter, both parties can clearly understand what is expected. They can avoid any misunderstandings or disputes down the line: build trust, establish a positive relationship, and ensure that the employment relationship is successful and productive for everyone involved. Connect with me! I'm Jim Lindell of Thorsten Consulting. If your organization or association needs a speaker for a keynote or breakout session on practical business topics, please call me. In addition, if you or your team needs executive coaching or leadership development, I can help your staff reach a higher level. Please give me a call. Thank you for your time. Email: [email protected] LinkedIn: https://www.linkedin.com/in/jimlindell/ Twitter: https://twitter.com/thorlessons Wednesday, March 15. 2023
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in Business Lessons, Coaching, Economy, Entrepreneur, Strategy - Trends
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20:35
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Arguments for & against ESG as well as interesting ESG feedback from ChatGPTI want to talk to you about ChatGPT and ESG. I think ChatGPT is a phenomenal tool and will change everything we do in business today. I want to highlight a concern as I asked ChatGPT about ESG. I gave it two questions that were identical other than one word. One sentence was: argue against companies adopting ESG. And the other was: to argue for companies adopting ESG. Here is the response to the first question, argue against companies adopting ESG. " As an AI language model, It is important to present our arguments on both sides of an issue. Even if I personally believe that adopting ESG (environmental, social and governance) is beneficial for companies and society as a whole. So here are some potential arguments against companies adopting ESG. " The preceding was verbatim from ChatGPT. ChatGPT provided a nice list of arguments against adopting ESG. The first was increased costs, one of the concerns of CFOs today. Does it cost too much to follow an ESG agenda? Second, ESG policies may have a limited impact on the environment or society. The third concern was that there might be a competitive disadvantage because the competitors may not adopt ESG and incur costs or compliance issues. The fourth item was a lack of standardization. Across the globe, people are interpreting ESG in very different ways. As a result, there isn't one standard report being used, and comparisons are difficult. And finally, the risk of shareholder backlash. We've seen in our country recently where organizations promote values they believe are necessary. Yet, the consumers are not interested and say I will take my business elsewhere. Next, I asked ChatGPT to argue for companies adopting ESG. And here's how ChatGPT responded- "As an AI language model, I believe that companies should adopt ESG (environmental, social and governance) policies because it benefits both the company and society." Here are some arguments in favor of companies adopting ESG: 1. A company can improve its reputation. So, companies that follow ESG might be viewed as more responsible and ethical. 2. Companies can reduce risk. Suppose companies employ more tools and tactics to monitor the items that impact the environment, society and governance. In that case, there's a good chance that they will eliminate risks that could hurt the company. 3. Companies can increase innovation and creativity with ESG policies. 4. Attract and retain talent - younger people today are looking for companies not focused on profitability. They're looking for companies with a vision that impact areas that influence the environment, social and governance. 5. Long-term financial performance. ChatGPT states that studies have shown that companies that prioritize ESG. Tend to outperform their peers long-term, although that position has been debated. This is also why some CFOs say, "Unless we're making money off this, we really shouldn't be doing it." Both positions for and against are pretty well presented from ChatGPT. However, the concern that I have is with the bias of ChatGPT. I asked two separate questions; argue for and argue against ESG. Keep in mind at the outset, ChatGPT wrote that it was essential to present arguments on both sides of an issue, even if I believe that adopting it benefits companies and society. However, when I asked ChatGPT to argue for companies adopting ESG, it never mentioned that there were both sides to the argument. It just wrote I believe that a company should adopt ESG policies because it is beneficial. ChatGPT didn't mention anything about having two sides to the argument. What is the lesson? As we use ChatGPT, remember to question the information for potential bias. ChatGPT is revolutionizing the way we are and will be conducting business. The expansion of AI tools will be tremendous in the following months. Learn and adopt with caution. Connect with me! I'm Jim Lindell of Thorsten Consulting. If your organization or association needs a speaker for a keynote or breakout session on practical business topics, please call me. In addition, if you or your team needs executive coaching or leadership development, I can help your staff reach a higher level. Please give me a call. Thank you for your time. Email: [email protected] LinkedIn: https://www.linkedin.com/in/jimlindell/ Twitter: https://twitter.com/thorlessons Sunday, March 5. 2023
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in Business Lessons, Entrepreneur, Speaking, Strategy - Trends, Training
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09:46
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Business Planning RetreatLeading a successful business planning retreat can help an organization set a clear direction, establish priorities, and develop a plan to achieve its goals. Here are some steps to follow when planning and conducting a successful business planning retreat: 1. Set clear goals and objectives: Define the purpose of the retreat and what you hope to achieve. Determine the key topics to discuss and ensure they align with your overall business strategy. 2. Select the right venue: Choose a meeting venue conducive to productive and creative thinking. Ensure the space is comfortable, well-lit, and has all the amenities necessary for a successful retreat. 3. Invite the right people: Invite the key stakeholders and decision-makers who can provide valuable insights and help move the organization forward. Ensure you have a mix of perspectives, including internal and external stakeholders. 4. Develop an agenda: Develop a clear and comprehensive agenda for the retreat, including time for breaks and social activities. Make sure the agenda aligns with your goals and objectives. 5. Assign roles and responsibilities: Assign roles and responsibilities to ensure the retreat runs smoothly. Designate a facilitator who can guide the discussions and keep the group on track. 6. Provide materials and resources: Provide participants with all the necessary materials and resources, such as agendas, handouts, and writing materials. Also, ensure you can access technology and audio-visual equipment if needed. 7. Set ground rules: Establish ground rules for the retreat, such as respecting everyone's opinions, avoiding interruptions, and staying focused on the agenda. 8. Encourage participation and collaboration: Encourage participation and collaboration among all participants to foster a sense of teamwork and to generate new ideas. 9. Develop an action plan: Develop a clear action plan with specific goals and timelines to implement the decisions made during the retreat. Make sure to assign responsibilities for each action item. 10. Follow up: Follow up after the retreat to ensure that action items are being implemented and progress is made towards achieving the goals and objectives established during the retreat. Assigning pre-planning homework for attendees of a business planning retreat can help ensure that everyone comes prepared and ready to participate fully in the retreat. Here are some types of pre-planning homework that can be assigned: 1. Research: Ask attendees to research critical topics related to the retreat's goals and objectives. The analysis can include market trends, industry insights, and best practices from other organizations. 2. SWOT analysis: Request that attendees conduct a SWOT (strengths, weaknesses, opportunities, threats) analysis of the organization or a particular aspect of the business. A SWOT analysis can identify areas that need improvement and inform discussions during the retreat. 3. Pre-retreat survey: Send out a pre-retreat survey to gather feedback and input from attendees on the topics to be discussed during the retreat. A survey can help identify key priorities and ensure everyone's perspectives are heard. 4. Pre-readings: Assign pre-readings related to the retreat's topics and goals, including articles, case studies, or other relevant literature, to help attendees come prepared with a baseline understanding of the issues. 5. Goal-setting: Ask attendees to contemplate personal or team goals for the retreat. This effort can help align expectations and ensure everyone is focused on the same outcomes. 6. Reflection: Ask attendees to reflect on past successes and challenges related to the retreat's topics that can help identify areas for improvement and create worthy discussions during the retreat. By assigning pre-planning homework, you can help ensure that attendees come to the retreat well-prepared and ready to engage in productive discussions and planning sessions. An outside facilitator can be helpful when conducting business planning for several reasons: 1. Objectivity: An outside facilitator can bring an objective perspective to the planning process. They are not influenced by internal politics or biases, which can help ensure that discussions and decisions are focused on the organization's best interests. 2. Experience: An experienced facilitator has expertise in leading planning sessions and can help guide the group through the process. They can bring insights from working with other organizations and industries and can help identify best practices. 3. Focus: An outside facilitator can help keep the group focused on the agenda and goals of the planning session. They can ensure that discussions are productive and that the group stays on track. 4. Neutrality: An outside facilitator is neutral and has no stake in the organization's outcomes. They can mediate if conflicts arise and help ensure everyone's voice is heard. 5. Efficiency: An outside facilitator can help streamline the planning process and ensure that time is used effectively. They can help identify areas where the group is stuck and offer tools and techniques to move discussions forward. Overall, an outside facilitator can bring a fresh perspective, expertise, and a structured approach to the planning process. They can help ensure the organization's planning goals are achieved efficiently and effectively. Connect with me My name is Jim Lindell. I'm a CSP-certified speaking professional and an executive coach, and I have been doing both for the last couple of decades. Please contact me if your conference needs an entertaining, practical business speaker for keynotes or breakout sessions. If you'd like to see your career grow, please talk to me about being your executive coach. Email: [email protected] LinkedIn: https://www.linkedin.com/in/jimlindell/ Twitter: https://twitter.com/thorlessons Tuesday, February 28. 2023
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09:46
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Why Businesses FailI want to talk to you about why businesses fail. If you like the information that I'm providing, please subscribe to my channel. I intend to give you more and more business techniques and tips to help you succeed in your career. But today, we'll focus on why businesses fail. Consider the image in the video; the ultimate problem is business failure at the center, but what leads to this? At the very start, people make bad decisions, or they might even make no decisions, but either way, that action winds up impacting the organization. Then, we typically see poor decisions' impact on your income statement. It impacts your profitability – the wrong decisions will ultimately hurt your profits. As profits start to be reduced, the cash and the working capital erode. I often joke that no company has failed due to running out of cash or working capital, and I tease people because failure is often thought of as "running out of cash" or "lack of working capital" as the chief reasons for going out of business. Unfortunately, companies go out of business because of the bad decisions that were made or not, impacting profitability. As a result, profitability decreased, resulting in cash erosion and, finally, organization failure. The real reason that business fails is because of incompetent management teams because they are the ones that act or fail to act. Management decisions, actions or lack of action drives the business. There can always be unique situations, such as the Fukushima tsunami or the COVID-19 virus, that force companies to close. However, even these events should have generated some prevention planning as part of the strategic planning process. There should have been an identification of threats that would have included severe events, as mentioned, and resulting discussion of actions to be taken. The question should have been, what happens if our business gets shut down for a while? And accordingly, what steps should we take today to protect the organization? Connect with me My name is Jim Lindell. I'm a CSP-certified speaking professional and an executive coach, and I have been doing both for the last couple of decades. Please contact me if your conference needs an entertaining, practical business speaker for keynotes or breakout sessions. If you'd like to see your career grow, please talk to me about being your executive coach. Email: [email protected] LinkedIn: https://www.linkedin.com/in/jimlindell/ Twitter: https://twitter.com/thorlessons Saturday, February 18. 2023
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at
23:44
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Buc-ee’s – Culture and Brand are CriticalI want to talk to you about Buc-ee’s because I've finally crossed it off my bucket list. I speak all over the country and brag about Kwik Trip, an excellent gas station in the Midwest, and it's fantastic. They have clean restrooms and great convenience products. Attendees at my seminars would ask if I stopped at Buc-ee's yet. So I tried to find out more about it because I was interested. Recently, I was driving from near Asheville, North Carolina, to Nashville, Tennessee. When I came across my first Buc-ee's, I had to stop and check it out. It was fascinating, with "tens" of gas pumps and a convenience store similar to a small Walmart. After filling up, customers go into Buc-ee's for food, apparel, souvenirs, and restrooms. So as I walked in with great anticipation, there was Buck-ee in costume. I ran up to him and asked if I could get a picture. I put my arm around him, and another Buc-ee's employee took the picture. I was so excited to be there, and I told everyone this was my first visit to a Buc-ee's. As you walk through the store, you'll notice different areas and the size of the store; there are so many other things—souvenirs, clothing, and lots and lots of food, but what Buc-ee’s is famous for is their restrooms. So in the video, you can see an image of the world-famous restrooms. I didn't take pictures in the restrooms, but they were spotless. You will appreciate Buc-ee's if you've ever stopped at a gas station with dirty restrooms. As I walked out of Buc-ee's, I noticed they had another statue of Buc-ee, the mascot, and took another photo. It seems like all businesses today are recruiting. Buc-ee's is no different, and they need people too. Outside the building, they had a recruiting sign encouraging people to apply to work for Buc-ee's. They offered significant wages and fringe benefits. Connect with me My name is Jim Lindell. I'm a CSP-certified speaking professional and an executive coach, and I have been doing both for the last couple of decades. Please contact me if your conference needs an entertaining, practical business speaker for keynotes or breakout sessions. If you'd like to see your career grow, please talk to me about being your executive coach. Email: [email protected] LinkedIn: https://www.linkedin.com/in/jimlindell/ Twitter: https://twitter.com/thorlessons Saturday, January 21. 2023Make Better Mistakes TomorrowSaturday, January 21. 2023Increase your Sales - Focus on Customer Pain
If you want to increase your sales, focus on customer pain. Benefits of your products and needs of the customer are important. However buy decisions will first focus on customer pain. The customer may not even recognize the underlying reason that select your product or service. #sales #salestechniques #CPA #CEO #vpsales #coaching #salescoaching
Saturday, January 21. 2023Be your own boss! Go into business for yourself. Part 4 of 4
PART 4 - 4 Essential Considerations Before Going into Business! Part 1 – Why be your own boss? Part 2 – Ideas and dreams. Part 3 – Risk. Part 4 – Your significant Other. These items precede your business plan, entity creation, and business structure. This video is the 4th and final consideration #entrepreneur #startup #startupadvice #coaching #boss #CFO #cpa #franchisee #franchise
Friday, January 13. 2023Be your own boss! Go into business for yourself. Part 3 of 4
PART 3 - 4 Essential Considerations Before Going into Business! Part 1 – Why be your own boss? Part 2 – Ideas and dreams. Part 3 – Risk. Part 4 – Your significant Other. These items precede your business plan, entity creation, and business structure. This video is the 2nd consideration #entrepreneur #startup #startupadvice #coaching #boss #CFO #cpa #franchisee #franchise
Thursday, January 12. 2023Be your own boss! Go into business for yourself. Part 2 of 4
PART 2 - 4 Essential Considerations Before Going into Business! Part 1 – Why be your own boss? Part 2 – Ideas and dreams. Part 3 – Risk. Part 4 – Your significant Other. These items precede your business plan, entity creation, and business structure. This video is the 2nd consideration #entrepreneur #startup #startupadvice #coaching #boss #CFO #cpa #franchisee
Wednesday, January 11. 2023
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Be your own boss! Go into business for yourself. Part 1 of 4
4 Essential Considerations Before Going into Business! Part 1 – Why be your own boss? Part 2 – Ideas and dreams. Part 3 – Risk. Part 4 – Your significant Other. These items precede your business plan, entity creation, and business structure. This video is the 1st consideration #entrepreneur #startup #startupadvice #coaching #boss
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Jim LindellJim Lindell is a National Speaker, Author, and Vistage Chair. He is motivated by helping others improve their lives and businesses.
He is President of Thorsten Consulting Group, Inc. Order Jim's book - "Controller as Business Manager". controller as business manager - jim lindell - thorsten consulting group QuicksearchCategoriesSyndicate This BlogBlog AdministrationNetworked Blogs |