ControllersAdvice.Com School of Business

Steps to Economic Recovery

2010-01-25T08:39:00.000-08:00

During the run-up and collapse of the real estate market, economic growth was fueled by debt financing. The personal sector was largely flat except for the growth provided by equity financing options such as 2nd mortgages and refi's. Many families survived by turning to consumer debt. After the collapse of the real estate market many individuals are deeply in debt. To fund the economic growth, we can no longer look to the individual.

Things on the Corporate side are not much better. During the economic run-up, most corporations leveraged their growth through easy and readily available credit. As the economy collapsed, many Corporations were devastated and are barely making it because they're carrying debt that was negotiated in better economic times.

Where Recovery Must Start

Growth and economic recovery must come from new corporations and entrepreneurship. Most older companies are too heavily leveraged to start the economic recovery. We need new businesses, that are positioned to take advantage of current economic conditions; not corporations that were positioned to take advantage of an economy that existed 5 years ago. As new businesses begin the recovery and we get some more value in the market, it's likely that the economy will recover to the point where existing corporations will be saved and equity will return to the real estate market.

Steps to recovery

1.) Start New Businesses.
New businesses can be formed to take advantage of the currently existing economic conditions. This will stimulate growth in the economy.

2.) Look for Collaboration Opportuinities
Look for new collaborative partnerships that can create new products and add value to customers. These can be very good for the economy.

3.) Re-Negotiate Debt
When possible re-negotiate debt. Too many companies are strapped with loans that were negotiated in a better economy. Rather than walk away from debt, do your best to re-negotiate the terms of the loan.

4.) Spin-Off New Ventures
Look for portions of old companies that can be spun off. Try to create new, viable enterprises that are poised to thrive and grow in this economy.

5.) Hunker Down and Survive
This recession is not permanent. Position yourself to survive until recovery comes and things turn around in your industry.

John Wheeler
http://www.controllersadvice.com/

2009-11-24T21:59:00.000-08:00

I met with Lon Pilichowski from SendOutCards this morning. I highly recommend that every business person get in the habit of sending cards out to customers as a way to stay in touch. Lon can help you with all of your greeting cards needs at www.sendoutcards.com/meantime

John Wheeler

http://www.controllersadvice.com/

Why You Should Hire a Business Coach/Mentor

2009-10-17T23:19:00.000-07:00

ControllersAdvice.Com

Why You Should Hire a Business Coach/Mentor

I meet a lot of business owners – they’re great photographers, great plumbers, great dentists, great Attorneys, great boat builders, great contractors, great realtors, great widget builders, but I rarely meet someone that possesses all the skills it takes to be highly successful in business.

There are so many skills that are required for business success, that it’s the rare person that possesses all the skills necessary to start a business, grow that business, and keep the business profitable and successful in up and down markets.

Hire an Expert

Hiring a business coach allows you to tap into the expertise of people that have skills that you don’t have. A business coach may be just what you need to reach your business goals.

In the past, I’ve hired experts in personnel management, business process experts, industrial hygienists, safety consultants, SWOT (Strengths, Weaknesses, Opportunities, and Threats) experts, and many others, when I didn’t feel I had the expertise or the time to deal with the business challenge myself.

Change Management

Another great reason to hire a business coach is that Organizational Change is always difficult. Think about it, what person embraces change? Organizations resist change more than individuals do.

As a general rule, organizations hate change, even when it’s absolutely necessary. One of the best reasons to hire a Business Coach is so that the Business Coach can be the change agent. People within the organization may hate the business coach, but it’s very difficult for them to resist the change that the business coach is bringing.

As a general rule, you can effect business change much quicker and easier by using an outside expert. This means you can reach your goals faster.

3rd Party Accountability

Accountability is another great reason to hire a Business Coach. Is your business underperforming? Are there things that you know you need to do to be successful, but you haven’t done them yet? Do you have trouble with your marketing efforts? Hiring a business coach will help you, because it will force you to be accountable to a 3rd party. A lot of businesses fail, because the owner is not accountable to anyone.

Hiring a business coach or mentor can be the difference between success and failure.

John Wheeler

Http://www.ControllersAdvice.com/

Hold your business accountable

2009-10-09T13:57:00.001-07:00

As a business owner, your business is accountable to you. You should make your business responsible for providing you the sort of profit that you desire. You invest your time and talents into the business, you risk your house and your personal fortune, so your business should be responsible for providing an adequate return for everything that you do for the business.

End of Great Day

2009-10-09T00:56:00.001-07:00

I had a great day. It started with a Real Estate Broker friend of mine. We talked of CSF's and the management accounting mantra, "What Gets Measured, Gets Managed."

Spent the day with my parents

2009-10-05T01:38:00.000-07:00

We get so caught up in business that we forget the things that really matter to us, the things that no amount of money can purchase for us.

So I spent the day with my parents, cherishing them, loving them, talking with them, laughing with them. It was a great day.

We should never trade money for the priceless intangibles that can't be purchased and can't be replaced.

Know who you are

2009-10-03T00:51:00.000-07:00

I've been thinking about social media a lot recently.

What's becoming very aware to me, is that before you dive into social media, you need to know who you are. Social media will expose you. If you're honest and open, people will notice. On the other hand if you're dishonest, that becomes almost as apparent as your eye color.

So figure out who you are. Know what your values are. Know who you are. Know what you're passionate about. Know what you mission is in life.

That will be you secret to success in social media.

John

The Power of Social Media

2009-10-01T15:03:00.001-07:00

I disagree with Maslow. Ever since Adam, relationship has been the greatest need of the human creature. Without friends, who'd want to live? Starving to death would be superior to living in the world without a friend.

John Wheeler

Does Facebook Marketing Actually Work?

2009-09-29T20:51:00.000-07:00

My wife is an ASP Home Stager that joined Facebook less than a month ago. Today she walked into a Real Estate office and an Administrative Assistant that is not on my wife's list of friends said, "Oh, you're the Stager from Facebook."

Facebook works!

The Key to Social Media Marketing

2009-09-27T20:48:00.001-07:00

The business world is all abuzz about Social Media Marketing, Web 2.0, and Relational Marketing. They say that Facebook alone is changing the way we do business. Relational Marketing concepts have even changed the way that churches conduct themselves.

So what's the key to Relational Marketing?

The key is to truly care about the other person.

Wouldn't it be refreshing if everybody you did business with had your best interest in mind?

Normally, it's not that way at all. We tend to distrust people when it comes to money. We are always cautious of the other guy in financial dealings, but what if we could truly trust him? What if he cared as much about our best interests as he cares about his own? Wouldn't you like to do business with someone like that? Wouldn't it be a better world if everybody acted like that?

Relational Marketing is going to be like natural selection for businesses. The businesses that truly care for their clients will get more business; and the businesss that only care about their own selfish interests and making a buck will disappear.

John Wheeler
http://www.controllersadvice.com
Follow me on Twitter at: ControllersAdvi

The New Economy

2009-09-27T00:12:00.000-07:00

People are tired of big, nameless, faceless corporations that are morally and socially irresponsible. People don't want to do business with companies that cut down the rainforest, open a hole in the Ozone, enslave the 3rd world, and pay huge bonuses to CEO's while they lay off thousands.

No longer will people put up with being treated like a marketing statistic. They want personal service. They demand to be treated like a real person. They want to do business with someone that knows their name, recognizes them, and treats them with dignity and respect, and often they're willing to pay a little bit more to get these things.

One of the biggest shifts you will see in the New Economy will be the shift from big corporations to small entrepreneurial companies with a focus on relationships and customer service. That is why this is such a great time to be an entrepreneur. For the first time since Henry Ford, scale economies won't matter - bigger is no longer better.

John Wheeler
http://www.ControllersAdvice.Com
Follow me at Twitter: ControllersAdvi