Medical | Michael Roub

The Positive Impact on Employees from Giving Back to the Community

Michael Roub — Mon, 05 Nov 2018 21:27:53 +0000

I recently discussed the benefits for businesses of giving back to communities and the positive impact revenue and customer perceptions. The value of what a company does with its power reaches more than the consumers; professionals want to be a part of something that’s doing good for their communities that doesn’t look like another PR campaign.

The acts of giving back, all boost staff morale in the workplace. Positive work environments have shown to be more productive, which also creates more incentive for recruits to become a part of your business.

Professionals want to be a part of something that’s giving back to their communities that doesn’t look like another PR campaign.

Recruiting just got easier

These days, professionals are actively seeking businesses that provide opportunities to volunteer and advocate for social issues that resonate with them. Giving your employees the opportunity of designated volunteer hours allows them the chance to give back to the issues they care about most.

An article from Fortune lists 50 companies that are doing exactly that, and the feedback is incredible. Great Place to Work, a Fortune partner, does annual surveys getting feedback from employees on why they do or do not think their company is a great place to work. It’s clear after reading through the results that people genuinely value the opportunity to give back.

Promote staff morale and community

In another article from Fortune, the results of a study showed that “giving back is associated with greater employee retention, higher levels of brand ambassadorship on the part of workers and more enthusiastic employees.”

How to set your initiatives

The research from the Great Place to Work survey offers insight on all the ways you could possibly incorporate this concept into your business, but the most common opportunity showed to be offering designated volunteer hours for your staff to go out and support whatever initiative they resonate with.

When it comes to giving back, the opportunities are endless. Doing good for your community has shown to increase revenue, promote positive consumer perceptions, and inspire your staff. 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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In Business – There is Great Value in “Doing Good”

Michael Roub — Mon, 15 Oct 2018 16:20:18 +0000

Social impact efforts benefit business in multiple ways. First, you give back to the communitys are proving to be beneficial to businesses in multiple ways. But, they can also lead to improved business performance as media and customer reactions drive additional benefits.

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

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“I Don’t Know” Can Be the Right Answer

Michael Roub — Wed, 19 Sep 2018 01:23:50 +0000

“I Don’t Know.” can be the Right Answer. You can’t know everything, that’s why there are experts. We’ve conditioned ourselves to believe having quick answers to problems proves our competence and leadership. We also believe saying “I don’t know,” can be seen as a weakness.

This is where the mindset needs a shift. We can’t possibly know everything, so reaching out to sources with particular expertise and knowledge proves to be a valuable strategy when it comes to problem solving and efficient work.

“I Don’t Know.” can be the Right Answer

Learn to Delegate

The use of delegation is much more valuable to the success of a business. In delegating tasks to experts in their fields, you’re able to focus your efforts in areas where you are confident, and they in theirs, thus pushing your goals further.

Balancing skill sets helps each employee focus on their strengths when completing tasks and projects. It also makes the delegation process smooth and easy.

Buy Yourself a Little Time

When you say “I don’t know,” a simple way to maintain control and professionalism is to complete the sentence with “…but let me find out and get back to you.” This gives you time to do some research and find out what you need to know to progress.

Being able to admit when you don’t know something may be difficult at times, but giving the wrong answer is much more problematic. Whether you find experts to help, or do the research to get your own answers, you need to be honest to achieve success. With that you can find the power in saying, “I don’t know.” 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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“Perfection is the enemy of success.” – Mark Cuban Is Right

Michael Roub — Tue, 04 Sep 2018 00:45:52 +0000

When you focus on perfection, you won’t see the options that can push your business forward. Developing a growth-oriented mindset will open your mind to possible solutions that will help drive your business forward. By redefining your failures as opportunities for growth, your goals are not restricted to unattainable standards and valuing your time allows you to use it efficiently toward your goals.

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

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Expensive But Worth It – Here Are 5 Reasons Why You Need To Hire Lawyers, Accountants and Consultants

Michael Roub — Sun, 12 Aug 2018 00:12:59 +0000

Lawyers, CPAs, consultants, and other professionals can seem very expensive so business owners may put off using their services. You might not want to pay one of these experts, but here are five important reasons why you should.

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

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Tips on How to Increase Value Before You Sell Your Business

Michael Roub — Mon, 30 Jul 2018 16:56:40 +0000

Before you sell your business, it is possible to take steps to increase value and justify a higher value. Even if you are not focused on selling your business, it is important to continually look for ways to improve, so when it is finally time to sell you will get maximum value.

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

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

Michael Roub — Sun, 22 Jul 2018 01:53:56 +0000

For many entrepreneurs and small business owners it is hard to let go of responsibilities. But, you need to resist doing everything yourself and learn to leverage your team’s strengths.
You want to avoid spreading yourself too thin. Instead focus on areas where you make the biggest impact and leverage your employees and their strengths.

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

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A Strategic Consultant Can Be Critical For Your Business

Michael Roub — Thu, 12 Jul 2018 01:11:04 +0000

Business owners often are unsure whether to hire a strategic consultant. Many are concerned about the expense while others are concerned that it highlights failures. However, neither of these is necessarily true. Not hiring a strategic consultant can be a costly mistake. Below are some key considerations:

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

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Avoid Overpaying for an Acquisition

Michael Roub — Tue, 10 Apr 2018 01:30:43 +0000

Avoid Overpaying for an Acquisition

Too often anxious or excited buyers overpay for an acquisition. While missing out on a deal can be terrible, overpaying for a deal can be much, much worse. This becomes even more important when there are other potential buyers. Deal frenzy can run up the purchase price. Don’t lose sight of proper business fundaments and make sure you stick to a logical plan and price. To help guide potential buyers, use these 10 critical guidelines to avoid overpaying for an acquisition:

1. Determine a Maximum Purchase Price – Be Prepared to Walk Away

The best deal can be the one you pass on. Far too many acquisitions fail because the buyer overpaid.

2. Understand the Seller’s Motivations

You must understand what matters to the seller.

3. Do Your Homework – Proper Due Diligence is Critical

Make sure you learn everything you can before you make a deal.

4. Sweat the Small Stuff – Do Not Ignore Red Flags

Do not ignore red flags. Make sure you look under every rock possible to understand where issues may lie.

5. Integration Expenses and Timeline

Make sure your management team and advisors are prepared to work through any business integration. It takes considerable time and energy to make sure you protect the value acquired in a deal.

6. Pay for the Value that Exists – Benefit from the Value You Bring

While there are exceptions, a buyer generally should not pay for synergies brought after the deal closes.

7. Use Experts (Both Internal and External) to Assess Business

If you are ever going to pay for expert advice, now is the time. Use the right accountant, lawyer and advisor to ensure the deal is executed properly.

8. Get to Exclusivity

Get exclusivity with a seller whenever possible to shut out other buyers for a period and have a seller focused on your deal.

9. Multiples are Tricky

Focusing solely on multiples can lead to bad decisions. You need to focus on the numbers that are driving the financials first. Then make sure you work with an advisor who can guide you towards the right price and multiple.

10. Trust Your Instincts

Do not force the wrong deal to acquire a business. Trust your instincts and be prepared to walk away if the deal doesn’t feel right.

If you want to avoid overpaying for an acquisition, you should read my full article on this topic at 10 Proven Ways to Avoid Overpaying for an Acquisition

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. Videos on several topics are also available on the Inflection 360 YouTube channel.

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