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As Seen in Park Press: Do Good, Have Fun, Make Money

As Seen in Park Press: Do Good, Have Fun, Make Money

What is your workday mantra? The Chairman of The Rawls Group, Loyd Rawls, reminds us often to “do good, have fun, and make money.” I believe it is a tone to set for the day.

The order in which it’s spoken makes all the difference. I find myself often wondering if I’ll hit all three, in that order, when going through my day. Are the options under consideration going to do “good”? If so, will the outcome feel or result in good, and for whom? What kind of difference will it make to those involved? And, will it be “fun”? If involved in a challenging business scenario, working in a bit of fun while working thru the issue may result in your partners or team members to more likely work together and take on the challenges of growing a business. Finally, I ask myself if the outcome will make money. After all, we are in business to generate a profit, and if we’re not, then how do we expect to survive?

In a perfect world, I’d stop and contemplate each decision or potential outcome and maybe sleep on it to get it right. Life moves quickly and most of the time you must simply see the pitch and hit it. I’ve found that there are three that have helped me in this quick analysis which you may find helpful:

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As Seen in Multi-Unit Franchisee Report - Disaster Recovery: Emotional, Physical, and Financial

As Seen in Multi-Unit Franchisee Report - Disaster Recovery: Emotional, Physical, and Financial

We cannot predict when disaster will strike, but current events prove it can happen at any time. Whether it is hurricanes, flooding, blizzards, tornadoes, droughts, or wildfires, timing can only be determined by the "odds." This can cause us to become complacent in thinking that disaster will not hit our family, business, or geography. Thus, we don't prepare at all, because feeling "the unpredictable" is too far out of our control. However, to build exponential value in your multi-unit franchisee organization, it is essential to plan for the predictable, probable, and possible contingencies.

Plan can be a bad "four letter word" for entrepreneurial-minded business owners like multi-unit franchisees. But it can (and should) be your favorite word when you or those you care about are impacted by a disaster. By having a plan in place, you have the resources and protocols in to ensure you are there for your people, and you can recover damaged real estate or inventory.

There are a variety of areas we should plan to protect the financial, physical, and emotional future of our organization. Having a disaster recovery plan in place is one of the most important tools to keep the franchise business, your employees, and yourself moving forward should disaster hit your community. Let's face it, disastrous events can turn on a dime and you can find yourself in the path of destruction.

 

Read the complete article on the Multi-Unit Franchisee Website website

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As Seen in Digital Dealer - Bringing Next Generation Family Members into the Dealership

As Seen in Digital Dealer - Bringing Next Generation Family Members into the Dealership

One of the biggest questions dealers are asking these days is when and how to bring their next-generation of the family in the dealership. The simple answer to this is that they should come into your business when they, and you are ready. Readiness, however, is a subjective term. These three perspectives, should be considered as you are going through the decision-making process:

  1. Yours, the owner
  2. Your next-generation family member, AKA Next-Gen
  3. Your business’

Yours, the owner

Your perspective as the business owner is foremost important. As the dealer principal, you have the freedom of control and the burden of responsibility. So, if you want your Next-Gen on board, feel free to make them an offer. However, if you are a bit reluctant to put on the fraternity or sorority rush, you are likely feeling the burden of responsibility to ensure you are not short cutting your Next-Gen or business.

 

Read the complete article on the Digital Dealer website 

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Two Statistics That Should Drive Your Future Thinking

There are two statistics that probably won’t wow you in terms of fact but don’t seem to get the airplay they deserve when it comes to building business value for the future. And they won’t serve as “wow factors” in the annals of research, but based on the behaviors of many companies they seem to go overlooked.

Fact #1. The mortality rate among humans is running at right about 100%.

Fact #2. The perfection rate among humans is running at right about 0%!

Here’s what it should mean for any business owner (or team of owners):

No one really believes they’re going to live forever. But oftentimes the structure, policies, practices and culture of a company are designed around the current leader (or leaders), which probably makes sense if we’re focused on this quarter or the next one, this year or the next one.

But if we are to think long-term, we could – and should – be revisiting the way we’re structured and the culture we’ve created according to who the future leaders of the company will be. This creates a competitive advantage that will help us win for a long time, and builds value in the event we ever wanted to package and sell some or all of our company.

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As Seen in Multi-Unit Franchisee Report - Three Considerations for Ensuring Your Franchise Future

As Seen in Multi-Unit Franchisee Report - Three Considerations for Ensuring Your Franchise Future

A recent article, "The Coming Recession: What Lessons Can We Learn in Advance," made a simple, but significant point. We have recessions here in the United States. We don't always know when they are coming, or how long they will last, but one thing is for certain, they happen. And when they do, franchise owners who have not paid attention to historical trends or developed a strategic plan for the next few years can suffer.

The franchise industry is on pace to have one of its fasting growing years in history. In fact, the International Franchise Association reported in August that in addition to the number of franchise establishments increasing by 1.6 percent this year, the gross domestic product (GDP) of the franchise sector will exceed that of the total US GDP. With all of this growth, many owners may not be looking to protect themselves against an economic or consumer shift - or a natural disaster such as Hurricane Maria, Irma, and Harvey.

 

Read the complete article on the Multi-Unit Franchisee Website website

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