Is Your Success Insured?

Is Your Success Insured?

Don’t worry, I’m not misusing the word “ensured”. I understand the difference and I do mean “insured”, not “ensured”.  First, let’s define “insurance”. According to Wikipedia, Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss (from Wikipedia).

Look at it this way: We insure our businesses, homes, health, even our pets. Some of us even purchase Business Continuation Insurance that covers the losses incurred in the event of the untimely death or disablement of someone key to the business. Money, though, cannot replace those critical to our success – and everyone in our organizations, when well-run, is critical to our success. So, why not insure our business’s continued success and company value in that same instance? You can’t financially insure every one!

If someone who is critical to your success leaves your business, for whatever reason, and what they do every day is not documented, your business’ success is threatened (period). All that they know, every system, process, and procedure, if not documented, is lost forever when they walk (or drive) away.

Insurance: Preparing for the unexpected

Part of being an entrepreneur is preparing for the unexpected (potentially contingent, uncertain loss). In this case, it is just a case of being prepared for anything…expected or unexpected. Documenting how your business operates – your Master Template – is insurance against exorbitant employee turnover costs, accountability questions, and the potential loss of critical information key to your success. It also “insures” the asset value of your organization – it can continue without any key personnel, including you.

I talk about this often and I witness the chaos of the companies without this “insurance” when something unexpected happens. The fact is, uncertainty, is a bi-product of a lack of documentation. When everyone is doing the same thing differently, or, when the same process is “recreated” over and over again, it is like reinventing the wheel. The stress and lack of productivity is obvious.

 Let’s look at this scenario…Imagine that you started your business with stars in your eyes. It has grown even beyond your initial (wild) expectations. You have lots of employees and have lots of sales. Okay, so maybe it’s a little chaotic at times. Maybe you spend a little too much time putting out fires. Perhaps employee turnover is high, but you blame that on the fact that you have high expectations. You think everything is okay because there is a lot of money coming in. But, and this is a big “but”, you are incredibly stressed and it is just not any fun anymore. Guess what – it’s no fun for your employees, either!

I know a few in this position. And, from the outside looking in, we think they are so lucky to be so busy. In reality, their business and chaos is due to a lack of clearly defined structure that is documented and utilized in daily operations. The fact is, each of the issues described above can be easily remedied through “Success Insurance”:

  • Creating efficient and effective systems, processes, and procedures
  • Documenting them
  • Implementing (training employees and creating accountability around them)
  • Updating them as needed.

By insuring your continued success, you will ensure that your “change the world” attitude will grow and continue to make a difference!

 

GROW, GROW, GROW YOUR BOAT!

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To Grow your Business … be the Butterfly

Transition is painful art. Look at the butterfly. If we wanted to assist the caterpillar out of the cocoon we could simply pry open the cocoon and set it free. But that is not what would be best for the butterfly. In fact, science has proven that it would lead to certain death for that new life. Because….the same muscles it takes for it to free itself from that cocoon state are the same muscles it needs to fly.

The fact is, to grow your business to the next level often requires transition – transition in both thoughts and behaviors.

How comfortable is your company’s culture with change?  How willing are you to make the changes necessary to grow your business to that next level?  Take a deep look at the thoughts and behaviors that may be holding you and your company back from greatness. Take a look at which “muscles” are being used every day – are they the muscles that will continue to grow your business?

Transition and change, when necessary and executed effectively, can be the game changer for you and your company. So, if transition is required, then work out your “transition” muscles…

Initiate the change that is required, then champion it, then create the culture that has strong “change is good” muscles.  Break out of your business cocoon and be the butterfly!

Ready….Set….Grow!!!!!!

Grow, grow, grow your boat….

I was there! A great conference #GrowCo14

Nudelberg Says!

I am just back from the annual entrepreneur’s pilgrimage known as Growco.

Aptly named for “grow your company”, it’s an opportunity to join like-minded business leaders, bestselling authors, and headliners straight out of the pages of Inc. for three days of ideas, inspiration and insights, networking and learning, and proven strategies to help your company grow and thrive.th

Each year it’s great fun to descend on a new city and this years festivities brought us to Music City – Nashville, Tennessee.

I have attended for the last few years, and each year brings new relationships, great business opportunities, and lasting memories.

A few years back, I started bringing some of my teammates so they could share in the experience. The 2013 event was in New Orleans with a great line-up of speakers and events and I really thought it would be a tough act to follow up.

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The Keynote speaker…

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All Systems Grow is spotted at GROWCO in Nashville!

All Systems Grow is spotted at GROWCO in Nashville!

What I Learned from a Beer Vendor…

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I was at an outdoor concert in Miami recently (VERY hot and humid, but worth it) and noticed the beer vendor. He had a wheel barrow full of ice cold beer, wine, and water. He was dressed in a fun outfit, had a light on his hat and a string of lights around his neck. He was sort of “singing” his offerings of beer, wine, and water and there was a steady number of patrons either running up to him or sending money and orders down the aisle. He went up and down EVERY aisle over and over again. I noticed him because of his attitude and work ethic. He was working so hard in that heat and nothing was going to get him down. We will call him Going-For-It-Guy.

LATER…I noticed the other beer vendor. He had jeans and a t-shirt on. He looked very put together and neat. But, other than that, nothing stood out. He also had a wheel barrow full of ice cold wine, beer, and water. He walked around the sections, a little slowly, never once calling out his wares. The only reason I knew what he was selling was because of the sign on the side of his wheel barrow. He never came down my aisle ever. He seemed to just walk around aimlessly, hoping someone would come up to him and ask to buy his products. In other words, he had no plan. Actually, it appeared he would rather be anywhere but there. We will call him Maybe-Someone-Will-Buy-From-Me-Guy.

The difference was obvious, noticeable, and financially more lucrative for Going-For-It-Guy. The difference in the amount of business they were each getting was huge. After a while, people in my section would call for the Going-For-It-Guy, even though Maybe-Someone-Will-Buy-From-Me-Guy was closer. Going-For-It-Guy would run from 2 sections over to give someone a $3 beer.

So here it is: What I learned from the Beer Vendors:

  • My message needs to be loud and clear
  • My message needs to be relevant and timely
  • Follow up, follow up, and then follow up some more
  • Stepping out of the box and distinguishing yourself makes a big difference
  • The working hard part is okay and necessary. It pays off and your clients feel the difference…

So, in your business, which beer vendor are you?

  • Do you go out of your way to get the word out about what you are selling or providing?
  • Do you know what makes you unique in the world of your product or service and do you flaunt it?
  • Do you work harder than the other guy and go that extra mile?
  • Are you willing to follow up over and over again, so they remember you? They may eventually buy and you want it to be from you.

Although the Goo Goo Dolls and Switchfoot were awesome that night, the real entertainment and learning was from the beer vendors. Who knew?

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BE FEARLESS!

FEAR is simply this:
False
Evidence
Appearing
Real

In this short video, Julia Aquino talks about moving through fear in business and life,

What would happen if you got hit by a bus?

Ever lay in bed at night wondering what would happen to your business if you got hit by a bus? Or maybe it’s not you, but that key employee or the salesperson that brings in the bulk of your revenue… I have seen more than a few high-growth, successful companies “crash and burn” because they were not prepared for the worst case scenario.

 

Here’s a scenario to consider:

What if you had a relatively large, very specialized law practice with 10 attorneys, support staff and an office manager? You are very successful and sought after for the big cases. Although processes, procedures, etc. are not documented, everything runs relatively smoothly, although maybe it’s a little chaotic at times. You, as the founder of this law firm, have your fingers into everything legal and business related. Your office manager runs the everyday – does the accounting, associate billing, recordkeeping, payroll, opens and closes the office, works with IT, responds to any issues that arise and lots more – basically keeps everything (other than the legal) operational.

 

Then one day your office manager quits – just doesn’t come in – ever again. Did I mention that nothing he does is documented? All the information about running your office just walked out the door – so now you are scrambling to make sure the electric bill gets paid – but…where are the bills kept? What is the access code to the online files? How do you process payroll? How do you bill your clients? You get the picture.

 

Next, you, the founder, come down with H1N1 and end up in the hospital – where you contract a staph infection. No problem, right…your lead attorney can handle the chaos that is spreading for just a couple of weeks – except he also gets sick and ends up in the hospital with MRSA.

No one who is left on staff knows how to get a bill paid. No one has access to the checking account or knows how to access any accounts online. No payroll…no data is being backed up…court dates are being missed…now the lights and phone are turned off…you can imagine the rest.

 

Here’s the kicker…this is a true story! It’s heartbreaking because what was once a thriving, successful law firm is no longer in existence. I am unable to contact the founder or her partners– even the website is gone. She has to rebuild, not only her practice, but her reputation.

Here’s the answer to avoiding nightmare scenarios like this one and getting a good night’s sleep! Put into place systems and procedures that work, are documented, implemented and utilized. Call All Systems Grow TODAY! (561)568-9875

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