Category Archives: Business Reports

If you have ever not made a sale, you wondered why.  “What could I have done differently?”  Or, “Why did they pick them?” My colleague, Allan Tsang (an international negotiation trainer), says ‘How can you lose what you never had?’ The first mistake we all make is, assuming a sale. It is a mindset that allows us to make mistakes.

Why did the prospect make another choice?  A pollster did a survey asking prospects why they did not buy.  They also asked the sales reps why they did not win.  Salespeople said they lost for price and customer stupidity.  Buyers, on the contrary said that they were concerned about the company or more simply- they did not like the sales representative!  They never mentioned price!

Sales opportunities start to go south when sales reps forget a simple axiom.  “We are all born with two ears and one mouth.  Use them proportionally.”  The eagerness to sell something overcomes our desire to solve a prospect’s problem or pain point.  Then we talk about things that may not be at the heart of the prospect’s need.

To get at the real need, it is important to ask more, and better questions.  Never assume you know what the prospect wants.  And, when you think you know, make sure you confirm what you think the need is.  All too often, despite the fact that you are sure, you will be corrected after you present your understanding.  People buy when they feel heard, and trust you to deliver.  Most of us want value.

The Small Business Administration (SBA) has awarded $754,700 in STEP funding to New York State Empire State Development to increase the number of small businesses that begin to export and increase the value of exports for small businesses that currently export.

The funding will be used to assist New York State small businesses in: participation in foreign trade missions, foreign market sales trips, subscription services provided by the U.S. Department of Commerce, website and/or marketing material translation services, export trade show exhibits and international trade workshops that align with the program objectives.

STEP is designed to increase both the number of small businesses that begin to export and the value of exports for small businesses currently exporting.  Expanding the base of small business exporters and making the process as easy as possible is a key component of the Administration’s small business strategy.

“The awards will provide a solid foundation for small businesses planning to enter and set them up for success,” said SBA Administrator Linda McMahon.

If, you are using it to mask your problems.  Too many times people see an issue or a problem, and they want to find a quick fix.  Don’t.  It doesn’t work.

The best implementations of technology have only one thing in common.  They are all based on automating a good process.  Bad technology implementations often exist because you automated a bad process. 

In order to address these business issues, you need to follow a formula.  First, define the problem.  I also refer to this as ‘What problem are we solving?’  Make sure that you are addressing the underlying issue.  Don’t fall into the trap of treating the symptoms of the problem.  Also make sure everyone agrees on what you are trying to fix.  A written mission statement describing the problem assures we all are working on the same one.

Next, spend time imagining the solution.  What do you really want to happen?  When you take the time to examine the whole issue, you may see things that you miss when focusing too narrowly.  You probably should flow chart the ideal process.  Pictures tell stories.  That will help you figure out what might be missing.  And, help you figure out who else might be affected.  Resolve both of those issues. 

By Suzanne Smith

With so much uncertainty about the future of the Affordable Care Act (ACA), employers may be in a holding pattern with respect to their health insurance plan design. And, this is understandable.

While waiting to see what healthcare changes are coming under President Trump’s administration, employers will generally want to maintain the status quo.

But, with the increasing costs of health insurance premiums, co-pays, and deductibles as well as the increase in the cost of prescription drugs, employers may be wondering what they can do to help employees with their healthcare circumstances.

One strategy that many employers are considering is a workplace wellness program. The theory is that if a wellness program helps employees improve their health, then the wellness program may help employees control their health care spending.

A workplace wellness program is a plan designed to promote health or prevent disease. Generally, the wellness program will be incorporated into your employer group medical plan and offered to the medical plan participants or integrated into your employee assistance program (EAP) and offered to all employees.

Many wellness programs offer some kind of reward to encourage employees to participate or achieve a particular health goal. However, a reward system is not a required component of a wellness program, and many programs do not offer any reward whatsoever.

by Michael Cruz

The worst words we ever hear in business are – “That’s the way we have always done it.”  Hearing it makes my skin crawl.  That unflinching, unapologetic sentence covers up a very serious problem in your business.

It shows that you have a culture of complacency.  Your people are not thinking.  They are not looking for better ways to accomplish tasks.  For businesses to grow, we need to find new and better ways to do things.  This is called efficiency.  It is how we generate profits to pay better, hire more people and produce more.

More often than not, the issue lies with management.  First, we don’t hire well. We need to hire people that look for ways to improve their job.  During the hiring process, you should look for people who have innovated in the past.  The simple question you should ask is, “Can you give me an example when you improved the process at your last job?”.

The second way management fails is by creating a culture of ‘no mistakes are tolerated’.  Think about the last time an employee confessed to a mistake.  Was your initial response ‘Why did you do that’?  Often, I see companies driving toward a mistake-free workplace.  Innovation requires us to fail occasionally.  Of course, we don’t want to make mistakes.  But trying new ways will inevitably lead to trying some things that do not work.  If we punish people for trying new things, they simply will not try to improve.

By Richard Ruzzo

When I hear that phrase from a new customer, I know from more than 13 years of experience in the communications and security business that it often means very different things to different people.

The term, “security,” has become a catchword encompassing a range of different issues and challenges being faced by the homeowner or business owner today.

As an expert in access control, surveillance, perimeter alarm systems, and “smart” home/office solutions, it’s my job to ask the right questions and drill down to what that potential customer really needs to make his/her home or business safe and secure.

For most people, “security” usually means cameras, which really means surveillance. Cameras are a great way to protect your business against costly things like shrinkage (employee or customer theft), low employee productivity, or unnecessary and sometimes nefarious insurance claims for trips and falls at your business or home.

Those issues usually occur inside the business or home. But, what about things that happen outside of your office building or home? For some customers, “security” may mean monitoring and protecting against what’s going on outside of the office or home. Has someone been spending too much time “aimlessly” wandering around your business perimeter or residence? Are they looking for patterns in your comings and goings? Are they, in fact, “casing” your home or business for future unlawful entry?

I once hired a project leader who was a mis-hire.  She was technically very competent.  She had come highly recommended by another member of our senior leadership team.  Her recommender had worked with her at a previous company, in the same role we were hiring for.  We were all very excited and had high hopes that this department was going to be competently led.

But she irritated her staff and her clients.  I spent a year coaching my bad hire. Finally, I had to let her go.  She had just lost a new client of ours.  They did not like working with her. They worried that she embodied the attitudes of the rest of the company.  When I challenged her about what was going on with the client, she declared that the client was stupid.  Our company had built its reputation on customer delight.  Yet, though she knew how to manage a project, she did not know how to delight our customers.

After letting her go, I went to inform her staff. I clearly remember a conversation with one staff member.  His reaction was “Well, I always figured you were pretty smart. I hoped that you would figure it out eventually.”  Ouch!  Her staff figured out she was a bad hire long before I did!

By Rob Shauger

If your business handles personally identifiable information, it is important to keep the information secure in order to protect your clients.

This includes patient records, employment records, loan applications, tax forms, medical forms, credit card applications, and more.  Security breaches are a real and large threat to businesses of all sizes and across all industries.

The average total cost for companies who suffered a data breach of more than 50,000 records cost an average of $10.3 million. Think your company is too small to have a data breach really effect you? Think again. According to an IBM study, data breaches involving small businesses can cost a staggering $4.5 million. 

Data breaches small or large also tarnish your company’s hard-earned trustworthy reputation, making it harder to gain new clients even years down the road.

While many people associate data breaches to cyber terrorists and online hackers, the truth is often times data breaches occur from improper handling or disposing of personal documents. Thieves target paper documents and use the information to open fraudulent accounts.

Information can also be recovered from computer hard drives that have been improperly disposed of. Simply throwing away hard drives without proper destruction could leave your business (and clients) at considerable risk. If the thief has access and the knowledge, they can wreak havoc on a business.

Do you rip up credit card offers when they come in the mail? If your answer is no because you shred credit card offers, good for you. If you just toss them straight into the recycling, you might want to rethink your policy. Just like seemingly innocuous junk mail can be a threat to your personal identity, a lot of papers floating around your office might be a threat to your client or patient confidentiality.

By David L. Cumming

As the Baby Boom generation continues its march to retirement, a significant number of entrepreneurs will soon begin the process of transitioning family businesses to the next generation.

If you are about to embark on this journey, here are some of the potential pitfalls to avoid.

According to the 2016 U.S. Family Business Survey conducted by Price Waterhouse Coopers, only about 43 percent of private businesses have done any exit planning whatsoever. Failure to execute a business transition may lead to multiple negative outcomes, including:

1. Breakdown of communication and trust within the family unit;

2. Inadequately prepared heirs and absence of a clear vision or mission to align family members;

3. Failure by advisors to properly address taxation, governance and wealth preservation issues.

With success riding largely on a family’s ability to communicate and to clearly articulate a plan for the future, the following guidelines may help to ease the business transition process.