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Category Archives: Business Reports

Business Report: Are You A Humble Sales Leader

Posted onMay 16, 2023
Alan VanTassel is the chief sales officer at Velocity Sales.
Courtesy Velocity Sales

By Alan VanTassel

In today’s business landscape, it is far too common to have bosses who yell, threaten and micromanage their way to the top—at the expense of their employees. 

Anyone who has ever worked for someone who has exhibited these characteristics will tell you that it is not an effective management style. These types of leaders lose a lot of trust and potentially, their workforce.

The best sales leaders, however, are humble bosses who empower their employees, are open to feedback and inspire their team to perform high quality work. They are also aware of their own weaknesses, how those weakness fit with others’ strengths, and they want to improve. 

These traits make them focused on “big picture” goals that go far beyond their own corner office.

Current research suggests that placing a spotlight on humble people might yield better business results than putting the boasters on a pedestal.

So, would you consider yourself a humble sales leader?

Quick, answer this question: which of your colleagues are humble? You will be surprised to find out that the answer you gave is likely wrong. Why? Because humble people don’t flaunt that trait. And many people, including pretentious ones, try too hard to be seen as humble and even helpful just to make a good impression on others.

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Business Report: Celebrate A Job Well Done

Posted onMay 16, 2023
Wendy Waldron is a Professional EOS Implementer and owner of WaldronWorks.

Business founders and owners are often outstanding visionaries. Being a visionary, however, sometimes comes with blind spots. You may be “the bee’s knees” at casting a vision for your company, yet unknowingly neglect certain employee needs that are vital for your vision to become a reality.

If this assertion surprises you, consider your immediate response to one question about your business. 

“What does success look like?”

Your answer undoubtedly relates to the long-term vision for your business, whether that has to do with revenue goals, expansion plans, innovative product lines, or some other “big picture” results. Your image of success is crystal clear in your mind. 

You can pinpoint metrics and milestones that will mark your progress. You can’t wait to celebrate when you finally see your vision played out in the real world. Given this clarity about how success looks, how it is measured, and how it is celebrated, you are motivated and engaged and know just what you need to do.

But there is something important to remember: the people who work for you may not think in such “big picture” terms. They may understand and acknowledge the grand vision for the company, but that is not their day-to-day existence and experience. They have a job to do, such as making sales, making calls, or making widgets. That is what consumes their time and attention.

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Business Report: Managers Still Need Training

Posted onMay 16, 2023
Rose Miller, SPHR, area HR thought leader, speaker, writer.

By Rose Miller

I was asked to speak recently on the value of training programs. I was excited to speak on this topic because I’ve witnessed many examples of the damage caused by untrained managers, who are not self-aware nor able to embrace a culture of learning.

More managers are being asked to take on daily tasks instead of managing processes. It is a common mistake for managers who are new in the role to fall back on operational tasks because they lack the training to convert their energy into planning and directing from a strategic perspective. 

Insecure managers are always in the weeds and micromanage every operational piece of the company. Unfortunately, these behaviors also demonstrate a lack of managerial training and a lack of trust with their staff. 

Things can quickly go very badly when a manager is poorly equipped to deal with continual and relentless business issues. Signs begin to emerge. The person becomes abrasive, tends to ignore internal problems, keeps secrets, steals credit for others’ work, or passes blame for anything that goes wrong. 

All these behaviors stem from a deep lack of professional training. 

As insecurities rise, the person becomes very defensive, has difficulty accepting any type of constructive criticism and acts like a know-it-all. Their ego won’t let them admit to mistakes.  They push decisions off to others, or worse yet, become paralyzed in committing to any decision whatsoever.  

Lack of training presents itself in many negative ways. Here are some real-life stories of individuals, who exhibited self-development needs:

• A manager is screaming at an employee so loudly that the entire company hears and shudders.

• A manager secretly labeled as a bully by employees, sends a company-wide email criticizing an employee on their team.

• A manager loses his temper, picks up a chair and throws it at an employee.

• A senior manager embroiled the company in litigation due to promises he couldn’t deliver.

• A manager begins to make up lies to the Board about revenue objectives and fires individuals who report the errors found in the revenue projections. 

Luckily, some managers will have an epiphany and begin to realize their deficits are impacting the company’s ability to reach its goals. I congratulate the emergence of self-awareness. Here are some excellent ways to embed a culture of learning. 

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Business Report: Immovable Object Vs. Unstoppable Force

Posted onApril 18, 2023
Steven Luttman, broker/owner of SJ Lincoln Realty, host of The Expected Returns podcast.

By Steven Luttman

April 2, 1989 marked a formative day in the childhood of many within a certain age demographic. Following the dissolution of their tag team, Hulk Hogan battled Randy Savage for the world title in what was billed as “The Mega-Powers Explode.”

Two icons of the sport engaged in battle, the former relying on brute strength and power while the latter found success with finesse and quickness. It was impossible to imagine either succumbing to the other. Three-plus decades later and this impasse parallels today’s conflict between buyers and affordability within the residential real estate market. 

On one side of the housing equation, you have interest rates. Last March the Federal Reserve announced what would go on to be the first of several increases to their Fed Funds rate. Since then, the velocity in which the cost of borrowing money has risen hasn’t been seen since the early 1980s. 

Many homeowners fortunately saw the writing on the wall, and locked in attractive mortgage payments before the escalation fully got underway. Goldman Sachs now estimates nearly three-quarters of all borrowers have interest rates below 4 percent, and 99 percent possess one below six.

While this was financially prudent, the corresponding friction it would go on to cause is significant. When considering moving up, downsizing or simply eyeing a change, one of the first factors a homeowner must come to terms with is the idea of trading in a 3 percent mortgage in exchange for the prevailing rates of today which are double that.

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Business Report: EDC, Our Communities And The Way Forward

Posted onMarch 21, 2023
Jim Siplon, president, CEO, EDC Warren County.

By Jim Siplon

Earlier this year EDC Warren County shared a stark view of the future economy as we age, try to compete with a smaller and smaller workforce, and still build a community and economy that works.

To help catalyze the needed investments, public policy work, and collective actions needed to attract new, younger residents that can support our diversified economy for the long haul, EDC is adding “convener” to our list of roles we play supporting our businesses and communities.

Last year we brought Dr. Rachel Sederberg to Warren County from leading labor market research firm EMSI Burning Glass to share deep insights on the “demographic drought” we are all experiencing. Using that groundbreaking research and aggregating it with local economic data that is current and novel, EDC is now engaged in meeting with as many audiences as we can to share the underlying foundation for our position. 

Convening as many groups as we can, EDC is sharing the data over the last 50 years that led to where we are so we can have informed discussions and public discourse on what we must do to navigate and adapt to our new normal.

One lesson I learned over and over in my previous chapters as a military, business and sustainability leader was the value of not rushing to action, especially on problems that took generations to develop. 

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Business Report: What Goes Into A Retirement ‘Paycheck’?

Posted onMarch 21, 2023
John M. Gable joined Edward Jones Financial after a 30-year career in the IT business.
Courtesy Edward Jones Financial

By John Gable

During your working years, you generally know how much money you’re bringing in, so you can budget accordingly. But once you’re retired, it’s a different story. However, with some diligence, you can put together a “paycheck” that can help you meet your income needs.  

Where will this paycheck come from? Social Security benefits should replace about 40 percent of one’s pre-retirement earnings, according to the Social Security Administration, but this figure varies widely based on an individual’s circumstances. 

Typically, the higher your income before you retire, the lower the percentage will be replaced by Social Security. Private pensions have become much rarer in recent decades, though you might receive one if you worked for a government agency or a large company. But in any case, to fill out your retirement paycheck, you may need to draw heavily on your investment portfolio.   

Your portfolio can provide you with income in these ways:

• Dividends. When you were working, and you didn’t have to depend on your portfolio for income to the extent you will when you’re retired, you may have reinvested the dividends you received from stocks and stock-based mutual funds, increasing the number of shares you own in these investments. 

And that was a good move, because increased share ownership is a great way to help build wealth. But once you’re retired, you may need to start accepting the dividends to boost your cash flow.

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Business Report: Create Mindset Of Abundance Vs. Scarcity

Posted onFebruary 17, 2023
Rose Miller, SPHR, area HR thought leader, speaker, writer.

By Rose Miller

I went to the Multiple Sclerosis Society’s Together for a Cure fundraiser where the keynote speaker gave an eloquent speech about being a victor or victim. 

Dealing with MS can be daunting on a continual basis. It can impact your ability to live your life fully. The keynote speaker wrapped up a victorious talk with, “Will life happen to you or for you? Do you see your life as a nightmare or a fairytale?” She told the crowd how MS will not defeat her.

I was reading Michael J. Fox’s new book where he writes about how he takes after his late mother, who had an impactful positive attitude. He said, “She never added up the losses. She’d always look at the gains.” 

Boiled down, these two people exhibited a mindset of abundance versus a mindset of scarcity.

Stephen Covey initially coined these terms in his best-selling book, “The 7 Habits of Highly Effective People.” Scarcity mentality refers to people seeing life as a finite pie, so that if one person takes a big piece, that leaves less for everyone else. 

Psychology studies have found that children who believe intelligence can be developed were better able to overcome academic challenges versus children who believe their intelligence is fixed in some way. A scarcity mindset can limit a child’s growth.

Studies completed by researchers on adults found that people who had more positive beliefs around aging lived 7.5 years longer than those with less positive self-perception of aging. Embrace those wrinkles because your mindset can prolong your life. 

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Business Report: See ‘Big Picture’ For Your Business Exit

Posted onFebruary 17, 2023
Stephen Ferraro is a partner with Ferraro, Amodio & Zarecki CPAs.
Courtesy Ferraro, Amodia & Zarecki CPAs

Stephen L. Ferraro
CPA/ABV/CFF, CEBC, MAFF, CVA

The success of exiting a business depends greatly upon the mental perspective and preparation of an owner during the exit process. Business owners tend to fixate their thoughts only on running and growing their business.  

However, there is a tremendous amount of value in seeing the “big picture” with your exit and thinking about the future and where you would like both the company, and yourself personally, to end up.  

The owner who is able to see the larger picture and understands that stepping out of a business is an opportunity to move both themselves and their company toward a new stage of life, will be best prepared to execute a successful business transition.

The Transfer Timing Slots

One of the first big picture concepts that owners should grasp is the idea of timing slots.   Much like a slot machine, you want to see if you can match up three critical areas—personal timing, company preparedness, and market timing.  A solid ‘big picture’ of an exit considers all three.

Market Timing

Markets run in cycles and timing is important.  If a business is performing well because there is a favorable economy, all things being equal, this can be an optimal time to consider an exit. Valuation is high, employees are engaged, and, often times, buyers/investors have a high degree of interest and activity.

The last three decades have followed a similar market cycle and this decade is following suit.  Therefore, your “big picture” in terms of market timing indicates that the next few years are ideal in terms of market timing.

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Business Report: Life Estate Deeds In Estate Planning

Posted onFebruary 17, 2023
Jason Snyder is a senior associate with Tully Rinckey PLLC.
Courtesy Tully Rinckey PLLC

By Jason Snyder, Esq.

With a rise in the value of land over the past decade, one’s largest asset oftentimes ends up being their home. While a last will and testament usually cover the transfer of title of real estate upon death, life estate deeds also fulfill this purpose while also providing many more benefits that property owners might not be aware of.

What is a life estate deed?

Deeds effectively transfer real estate from one party to another. The parties to a life estate deed are referred to as the “life tenant” and the “remainderman.” The life tenant (the current owner) transfers the property to the remainderman (the beneficiary). 

While the deed is signed and recorded now, the full transfer of title does not happen until the death of the life tenant. The life tenant can use the property during his or her natural life and has rights to any rents or profits arising from its use. Upon the death of the life tenant, the remainderman receives the full title and all the rights and benefits of owning the property.

Benefits of establishing a life estate deed.

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Business Report: New Years Financial Resolutions

Posted onJanuary 16, 2023January 16, 2023
Meghan Murray is a financial advisor with Edward Jones Financial in Glens Falls.

By Meghan Murray

It’s that time of year when many of us promise ourselves we’ll go to the gym more, or learn a new language, or take up a musical instrument, or any number of other worthy goals. 

But this year, when making New Year’s resolutions, why not also consider some financial ones?

Here are a few to consider:

Don’t let inflation derail your investment strategy. As you know, inflation was the big financial story of 2022, hitting a 40-year high. And while it may moderate somewhat this year, it will likely still be higher than what we experienced the past decade or so. 

Even so, it’s a good idea to try not to let today’s inflation harm your investment strategy for the future. That happened last year: More than half of American workers either reduced their contributions to their 401(k)s and other retirement plans or stopped contributing completely during the third quarter of 2022, according to a survey by Allianz Life Insurance of North America. Of course, focusing on your cash flow needs today is certainly understandable, but are there other ways you can free up some money, such as possibly lowering your spending, so you can continue contributing to your retirement accounts? 

It’s worth the effort because you could spend two or three decades as a retiree.

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