Small Business Survival Conversations

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Today Dr. Michael Troyer and Anna Steinfest will explain when you should terminate an individual from your company. They will answer three main questions:

·       Why terminating an employee is so difficult

·       Why we should make the decision

·       How to terminate an employee

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We continue the conversation about how to hire for success:

When you run a small business, you can’t afford to make mistakes. Every client interaction, product, and invoice reflects on you and your company, and one bad experience can make or break your reputation. And that’s why, even though growing your business is a good thing, it’s natural to feel a lot of pressure when you’re hiring new employees who will represent your company to the world.

Dr. Michael Troyer and Anna Steinfest will give you some ideas on how to select your winning members of your team.

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When you run a small business, you can’t afford to make mistakes. Every client interaction, product, and invoice reflects on you and your company, and one bad experience can make or break your reputation. And that’s why, even though growing your business is a good thing, it’s natural to feel a lot of pressure when you’re hiring new employees who will represent your company to the world.

Dr. Michael Troyer and Anna Steinfest will give you some ideas on how to select your winning members of your team.

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Today Dr. Michael Troyer and Anna Steinfest will teach you how to see opportunities others miss.

1) Study a totally different field, then return to the original problem.

2) Invert the problem. Try to achieve the opposite.

3) Talk to hyper-creative people. Their thinking will help you see the challenge from a different angle.

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You need to prepare to leave the crisis behind you by preparing for its end in advance. Dr. Michael Troyer and Anna Steinfest will guide you in identifying transition strategies to prepare your Firm for post-crisis opportunities, amongst them:

·  Prepare to implement your plan to improve your competitive position as the crisis eases;

·  Prepare for the opportunities that the end of the crisis will offer and its eventual end can create for you;

·  Prepare to satisfy the “pent-up” demand that will turn into sales as the crisis ends, and yet not over-prepare.

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Dr. Michael Troyer and Anna Steinfest will share with you steps you should take to create a successful Crisis Contingency Plan (and a Due Diligence Assessment). The Assessment focuses on two main strategic positions:

·       The firm’s strategic and financial position

·       The firm’s competitive position

The contingency planning process then guides you through a determination of the key steps that you will need to take at designated stages of the crisis. It will serve as a roadmap for your decision-making, intended to help you sustain your firm.

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 Today’s podcast outlines how experts review specific strategies and related tools for family-owned business owners to explore and implement while navigating through the difficult COVID-19 crisis.

It is extremely tough and stressful for anyone in business to know how to deal with the predicted coming depression—then add in family-business factors! Emotions run high; ensure the speaker is understood correctly; clarity is key with responsibilities.  

Learn appropriate responses to questions on how to:

·         Generate and foster more positive, constructive communication (more than less to avoid family believing that a leader’s silence = the worst news is looming ahead)

·         Consider your message content (carefully and thoughtfully) + timing of delivery to the family

·         Address fears attentively

·         Find common ground

·         Identify criteria to guide the family business through tough times

ABC Tip: Listen to others; choose words carefully; de-personalize situations.

By following an agenda, conduct a fruitful meeting and allocate responsibility to particular family members with a reasonable action date. Chaotic meetings could further isolate and splinter the business, so bring focus by asking questions, such as: “What are we trying to accomplish?”Anna Steinfest and Dr. Michael Troyer conduct an educational dialog on family needs, dynamics, history, and culture. Our ABC Podcast: Lessons in Success, Episode 11: How to Manage Your Family-owned Business during Difficult Times.

Show notes:

As the manager or leader of a family business, identify criteria to guide the family business through tough times. Anna and Michael explain how finding common ground sets a good foundation to construct a strong relationship. Implement one or two of our episode tips to get started! ABC Podcast Tip of the Week: Establish a code of conduct and do not assign blame!

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We will share with you 3 tips to get successful funding for your SBA PPP loan, also we will answer questions like:
1. What is the Paycheck Protection Program?

2. Who is eligible?

3. When was the new PPP signed?

4. Our Three tips to be successful in getting funding:

·   Apply for PPP at Fintech ( discussing what is a FinTechs and why FinTechs)

·   Prepare your monthly payroll documents don't forget depreciation, health insurance, and retirement contributions

·   Prepare all you 2019 documents and 2020 documents

Feel free to contact us at [email protected]

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The focus of this podcast is on B2B mentorship which aligns with the Green Bay Packers (GBP) Mentor-Protégé Program (MPP) and expands on a blog article written on April 6, 2020 by David Smith and Brad Johnson (HBR blog).

Mentors and protégés readily acknowledge that current recession/pandemic times are new to all. Potential benefits of practicing social distancing are:

·         Growth fostering

·         Role modeling

·         Mentor learning opportunities

·         Value-added learnings (tech, interaction with clarity, affirmations)

·         Awareness of email shortcomings (unclear tone)

ABC Tip: Leaders eat last!

New video conferencing technology is stepping up to provide clean, honest interaction and offer flexibility in scheduling. During these extended times of self-quarantine, we can feel less isolated and more accessible for co-workers, clients and mentor-protégé relationships. Anna Steinfest and Dr. Michael Troyer outline three recommendations for building a solid mentor-protégé or mentorship relationship. To receive a copy of A Quick Action Guide for Coping with Recession contact [email protected]. Our ABC Podcast: Lessons in Success, Episode 9: Social Distancing doesn’t have to Disrupt Mentorship.

Show notes:

Mentorship delivers varied results for protégés and mentors. Many mentors, typically from larger corporations, have noticed that small companies can react and implement change faster than their greater organizations. Protégés seek and receive expert mentorship guidance and someone to lean on. Michael and Anna explain the brighter side of social distancing. ABC Podcast Tip of the Week: Be a cheerleader! Give affirmation, validate each other and acknowledge the situation.

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As a business owner trying to prepare for a long recession, you will be forced to make drastic moves to survive. Get and keep your company in survival mode with these management strategies for critical facets of your business, such as:

·         Cash position (outflow/inflow)

·         Debt position (debt control/debt planning)

·         Payroll

·         Communication

·         Accounting/Tax planning

ABC Tip: Don’t take cash to maintain business as usual: consider the options!

By encouraging alternative, yet effective, approaches to cope with a recession, together with Dr. Michael Troyer, Anna Steinfest shares real ideas on surviving the 2020 recession! Dissect debt position into debt control, debt leveraging, debt bridging and debt planning with the highly informative tips in our ABC Podcast: Lessons in Success, Episode 8: A Quick Action Guide for Coping with a Recession.

Show notes:

Strategic options to reflect on for handling long-term and at-risk-of-default customers might include loyalty considerations, partial payment, and risk assessment. Michael and Anna reveal why a recession contingency plan should be a key part of your small business playbook. Our ABC Podcast Tip of the Week: Prepare a Recession Plan!