Different Ways to Give Back

A business can donate a portion of their profits to charity, but hosting events and offering other campaigns create great marketing opportunities as well. Plus, employees often are eager to volunteer their own time to help make a difference. If your business can provide a much needed service to those in need, it will be particularly gratifying to help. You do not have to come up with an elaborate event, it just needs to benefit the community.

Many Examples in Healthcare

Many healthcare providers have found great ways to help members of their communities. Some doctors offer free health screening days to those in need. Many dental groups will offer free exams and teeth cleanings as well. In these examples, the providers are able to share their unique skills to truly benefit the community. This is much more valuable than a cash donation. The media and word-of-mouth from consumers both will share the efforts of these providers which can help increase future profits.

Consumers like to support businesses that serve their communities. So, doing good is truly good for business. Employee morale also positively impacted as it gives a sense of purpose. So, I encourage all business owners to get out there and make a difference in their communities. To read the full article click here.

Michael Roub
Inflection 360

As Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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Growth-oriented mindsets vs. perfection

“Perfection is the enemy of success.” – Mark Cuban is Right

A growth-oriented mindset has been shown to be the most effective mindset for achieving goals, gaining new skills, and developing positive changes in your life. You’re more likely to ask yourself, “what can I do here to improve the situation,” which can help in progressing your business efficiently.

Mark Cuban explained a valuable strategy during New York Advertising Week; when addressing areas where you lack certain skill sets, find the people who compliment your skill set to allow more opportunity for growth and business improvement. Let those who are willing help you improve your business and tackle opportunities quicker.

Change your definition of failure

Cuban says, “you only have to be right once.” Your biggest failure will be giving up completely so perseverance is an important factor when starting or maintaining a business. By seeing your failures more as opportunities, you can see problems from a different perspective and thus, find solutions quicker. It also allows you to keep a generally positive outlook.

Your time is valuable

With the technology of today, lengthy phone calls and meetings are not necessary to keep a consistent dialogue of priorities. Email threads can be much more efficient in maintaining a record of progress and saving everyone time. In addition, your balance of work and personal life has an effect on efficiency and mood which can certainly impact business operations. Optimize your schedule around your most productive hours and ensure that you are not bringing work home with you to keep a strong work-life balance.

It’s quite obvious that no one is perfect, and neither are their businesses. So why should you hold yourself to an unattainable standard when you can productively push toward company goals? To read the full article *click here*

Michael Roub
Inflection 360

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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Expensive But Worth It – Here Are 5 Reasons Why You Need To Hire Lawyers, Accountants and Consultants

They Are Experts

Lawyers understand contract and regulatory issues that are critical for your business success. Accountants understand IRS tax reform and other critical changes that affect your bottom line. Consultants have worked with countless clients to identify and resolve problems often with very specific expertise.

It’s Who You Know

These professionals also have a large network of other professionals to contact when a unique issue related to your business is uncovered. Without these connections you could waste a lot of resources trying to find the right person to help you.

They See Problems Before It’s Too Late

These professionals have worked with countless clients and can identify and resolve problems before they destroy your business. Their experience in navigating these issues is invaluable to a business owner.

They Can Save You Money

Saving money is as important as making money. These professionals are adept at finding and seizing opportunities for your business.

They Can Resolve Issues Quickly

Finally, professionals can resolve a problem more quickly than someone that is not an expert and avoid having to correct further mistakes down the road.

Money Well Spent

No business owner wants to spend money needlessly. Professionals like consultants, accountants and lawyers may be expensive, but not using them can be much more costly for a business over the long term.

To read my full article on this topic, please see: No One Wants to Pay for Lawyers, Accountants and Consultants – But Here Are 5 Reasons Why You Need To.

Michael Roub
Inflection 360

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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Get A Different Perspective

It is important that you get different perspectives before you start your restructuring. You are too close to some of the issues because you are running your business. Getting a different perspective than your own can be essential.

The Employee Perspective

Talk to selected employees to get an idea of what people find frustrating about the business and what works well.

Get a Different Perspective for Effective Restructuring

An Industry Colleague

Get is the outside perspective of someone else in your industry. These colleagues truly understand the issues that may impact your business and how they would manage.

An Outsider

Finally, bring in a coach or consultant to analyze your company. They may bring ideas to the table that you would not have considered previously. Consultants are trained to look at how businesses can grow regardless of what industry they are in. These experts will bring a neutral perspective and can often highlight problems that you didn’t even realize were an issue.

While you can restructure without any outside perspective, by getting this additional perspective you are better able to think openly about how to best change your business. Restructuring can be both time-consuming and expensive—make sure it is effective.

To read my full article on this topic, please see: Take a Different Perspective to Make Restructuring Your Business Easier.

Michael Roub
Inflection 360
As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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So, how can you increase the value of your business and reap these benefits? Below is a look at top tips that can help you:

Thoughtful Entrepreneur Podcast: EP 006 – Navigating the Turning Point of Your Business – Michael Roub

1. Get Professional Advice from an Outsider

A consultant, a financial expert, other entrepreneurs, or other professionals can offer you sound business advice. These outsiders can identify challenges hindering the growth of your business and help you identify great opportunities and increase value.

2. Perform Regular Business Plan Reassessments

It is important to perform a business plan reassessment to see if:
• You are on track with the objectives of your business
• There are any shortcomings in the business
• There are opportunities you have not taken advantage of

3. Understand Your Passion and Focus on it

Many business owners make the mistake of thinking that running a business means doing everything. Identify the areas you are best at and passionate about. As for the other areas, you can delegate to someone else.

If You Don’t Succeed Today, Tomorrow is Another Day Full of Opportunities

It is a process to increase value and takes time. Learn from the efforts that don’t pan out and use the experience to make more insightful decisions in the future.

To read my full article on this topic, please see: Tips on How to Create More Value for Your Business Before You Sell.

Michael Roub
Inflection 360

You can listen to more on this topic on the Thoughtful Entrepreneur podcast: EP 006 – Navigating the Turning Point of Your Business – Michael Roub

Michael Roub

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.

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www.inflection360.com/michaelroub/

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Why Should You Rely on Other People in Your Business?

1. It will allow you to focus on things you are good at

By handing off some of your responsibilities to your employees, you can focus on more important tasks to benefit the business. For example, can focus on strategy development and growth opportunities instead of social media posting.

2. It will reduce bottlenecks in the business operations

Bottlenecks can easily occur when you are handling too many responsibilities. Hand over some responsibilities to underutilized staff to help to get more things done

Delegate and Leverage Strengths of Others – Focus on Your Strengths to Maximize Performance

3. It will empower your employees

While it might be possible that you are good at everything, involving your employees in the running of your business will allow them to grow and make them more valuable for the business.

4. It will give you access to a fresh and objective perspective

When you leverage others, you also are able to get fresh perspectives and gain new insight. You cannot know everything; there will always be another person who has a different and potentially better idea.

Effective business leaders focus on their strengths, and then leverage others to get things done. Do not overwhelm yourself with everything. Instead, hand over some of your tasks to another person on your team and focus on what you do best. Your employees, your business and you will all benefit.

To read my full article on this topic, please see: Focus on Your Strengths – Delegate and Leverage Strengths of Others to Handle the Rest.

Michael Roub

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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www.inflection360.com/michaelroub/

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The Right Strategic Consultant Can Be Critical For Your Business

Access to New and Specialized Skills

A consultant can provide access to specialized skills which might not be available in-house. No one can be an expert at everything. Where you need a specific skill, a strategic consultant may be the most efficient and effective option.

A Fresh Insight from Outside Eyes

A strategic consultant can provide a fresh and objective perspective on the business. This is valuable for any business owner and management team.

Extra Manpower for New Projects

A strategic consultant will act as a temporary employee during the period hired, thus providing you with the required manpower to complete the new project. They will also save you from having to reprioritize the core tasks of your full-time employees, which can cause significant damage to other projects.

Increased Productivity

A strategic consultant will offer you specialized skills, new ideas and innovation, and increased manpower at a fraction of the cost of a long-term employee. This can help to greatly increase the productivity of your business, without the need for an ongoing financial investment.

Consider areas where your business needs help as a strategic consultant with the right expertise will make a positive impact.

To read my full article on this topic, please see: Why the Right Consultant Can Be Critical for Your Business.

Michael Roub

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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www.inflection360.com/michaelroub/

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In more than two decades of work with clients and on acquisitions, eliminating staff is always the most sensitive topic. Staff elimination or reduction is a normal part of doing business and common in acquisitions. However, when a seller does not want to address staff issues it could cost a fortune (at least a small fortunate). No one likes to fire people, but if they are hurting your business and lowering value, an owner needs to make the right move.

Underperformers

Some businesses outgrow staff or owners fail to properly manage employees. The result can be that some employees will chronically underperform. If not replaced, their salary is only part of the impact on the business. They may actually be hurting the performance of others as well.

Unnecessary Staff

I have worked on acquisitions where the seller had staff with very limited responsibilities. Because the business had grown from a “mom & pop” environment, everyone was treated like family. However, like many extended families there is a lazy cousin who is happy to fly under the radar. Being friendly and at work are not the only criteria for getting paid. Employees that add little value hurt profits now and will drag down value in a sale.

Lost Profits and Value

Both the underperformers and unnecessary employees hurt profits now and deal value in a sale. An owner needs to be proactive in dealing with these staff issues before it is too late.   If you want to avoid the lost profits and value from the “wrong staff”, you should read my full blog on this topic at What the Wrong Staff May Cost Your Business

Michael Roub

P.S. If you would like to learn more about how I can help your business, schedule a call here. Schedule Call

P.S.S. Please check out my video on YouTube to learn more on the topic. What the Wrong Staff May Cost Your Business

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