I was recently talking to an MI retailer with his two successors. Here’s how the conversation began. Jaimie- So tell me about store #2. How’s the team? Owner- They have their challenges. Successors- They are not motivated. They don’t jive with our culture. They are negative. We think there needs to be some changes. Let’s face it. Your few top performers, are responsible for most of your profit. That means, your mediocre players are responsible for most of your losses. According to the 2016 Conference Board CEO Challenge Survey, the number one concern of CEOs was retaining and growing talent. To read the rest, check out my November MMR column. How to Retain, Grow, and Recruit Top Performers.
Strategies to Engage and Keep Your Best Employees Jaimie Blackman, Jaimie Blackman & Co. Want to keep the rock star “A players” on your team? Unsure how to motivate your “C players”? Bottom line: It’s not always about money. Join Jaimie Blackman, CEO of Jaimie Blackman & Co., and find out how to engage and retain your best employees while motivating the others to do better. He’ll offer three powerful strategies to help you immediately turn your team into a lean, mean high-performance machine. As a bonus, he’ll also introduce you to new online tools. Get your employees at their peak performance today. Thursday, January 24th, 3:30, Idea Center Stop by and say hello.
As a business owner, you may be looking for ways to mitigate your annual tax bite, while diversifying your retirement risk. Creating a 401(k) or other retirement plan such as a SEP or SIMPLE IRA, for you and your employees can potentially solve several problems which transcend personal finance. Generally speaking, accountants who are looking for additional deductions are enthusiastic to recommend retirement plans. To read the rest, check out my October MMR column. Less Tax. Employee Retention. Retirement Nest Egg. Get a 401(k).
MI Retailers working with Nonprofits & Government: A Win- Win. “If you want to go fast, go alone. If you want to go further, go together.” African Proverb Community brick and mortar MI Retailers understand all too well, the need to dig into their community relationships to fight off the impact of big-box stores who continue to invade their turfs. As a result, more and more music retailers and MI manufacturers, are relying on partnerships with nonprofits, government and educational organizations. This business model is called cross- sector partnerships. To read the rest, check out my September MMR Column. -MI Retailers Working with Nonprofits & Government: A Win-Win
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When asking an MI owners where the pain points are, here's what they tell me. Cash Flow: "Not having the right balance of cash flow is not allowing us take advantage of additional discounting opportunities. I estimate there is a $75,000 impact to my business each year." Expansion Projects: "Because I suffer from the tyranny of the urgent, I'm not able to launch the expansion projects we have been committed to. We estimate this impacts our bottom line by $100,000 a year. Life / Work Balance: "All work and no play is no fun. My wife tells me I'm not spending enough time with my family. I'm often stressed. It's hard to put a price tag on being unhappy. For this exercise I'll say $50,000 a year I'm loosing because as my passion diminishes, so does my earning potential." To help "heal" the pain, request a link to our Pain Points…
Considering a new building or buying out your partner? Explore SBA Loans. Often MI owners don’t have a barrel of spare cash hanging around. Their wealth is locked up in the business. So, when there is a need to write a large check, owners need to get creative and ought to consider the U.S. Small Business Administration (SBA), as a resource. Let’s look at two examples. Scenario #1: Manchester Music Mill. Let’s say you’re ready to expand your music store by purchasing a new building. Consider an SBA 504 loan which provides fixed rate financing for major fixed assets, such as land and buildings. SBA 504 loans are made available through Certified Development Companies (CDCs), SBA’s community-based partners for providing 504 loans. In 2013 Joe Lacerda, owner of Manchester Music Mill, had an urgent need to purchase a building to meet the ever-expanding needs of his customers. Check out my August…