In Q4, Businesses Should Plan to Use at Least 5 Strategies for 2012 Tax Returns

 

Oct. 17, 2012

Where has the year gone?

Know your rights with the Internal Revenue Service. Businesses should start planning their 2012 tax returns – ASAP. Some IRS changes are expected to expire or be reduced after this year.

So, it’s best to take advantage of opportunities, especially if you’ve made certain investments to benefit your company. But every business situation can be unique.

For the most benefit, you should see your qualified tax advisor to at least discuss these five tax topics:

1. Section 179

Businesses can expense or deduct 100 percent of the cost of specific property this year for as much as $139,000. That can include certain personal property and off-the-shelf software –new or used – if it’s used by your company this year. Of course, you’ll be limited by the cost of your Section 179 property, and by your taxable income.

Note: The expensing allowance is scheduled to decrease to $25,000 next year.

2. Fifty Percent bonus depreciation

Under Code Section 168(k), it’s possible to take half of certain assets’ costs that acquire and use in 2012. You’d benefit because depreciation is increased to permit 50 percent cost deductions in their first 12 months of depreciation. That’s for depreciable property with less than a 20-year recovery period, interior improvements in your leased property, and off-the-shelf software.

Note: This is scheduled to expire.

3. Bad debts

Code Section 166 allows for bad debts to be deducted in the year they’re incurred. Yes, it’s universally acknowledged – even by the IRS – that the economy is soft, and businesses are suffering from uncollectable receivables. But they must be documented.

So, you must prove the debt is valid and worthless whether it’s a partial or whole amount. Make certain you have documentation of the bad debt so you can claim it. See this article:  Tips on Understanding the Mindset of IRS Auditors.

4. Retirement plans

Benefits of the right retirement plan for your situation: You can save for your retirement to benefit your tax situation while getting a deduction on your taxes.

You can select from multiple options – a 401(k), profit-sharing, simple IRA, or a simplified employee pension plan.

Again, your goal should be to reduce your taxable income while building your retirement fund.

5. Tax classification

It’s advisable to periodically review your tax classification – whether you’re a sole proprietorship, partnership, C corporation or S corporation. Perhaps your situation has changed. Obviously, each business classification has benefits and downsides.

The IRS will, of course, allow you to change your tax classification.

So, review all your options to prepare for a year from now. If you’ll be better off under a different classification, you really can’t do anything about it for this year. The best time to make changes is at the start of a tax year. In this way, you can take advantage of all opportunities in making transactions, tax filing and structuring.

From the Coach’s Corner, see these resources:

• Even Ordinary Folks Need 10 Best Strategies for Estate Planning
• Nonpartisan Study: Obama’s Tax Plan Hits 53% of Business Earnings
• 11 Strategies to Keep your Small Business Floating above Water

On April 15th you count your blessings . . . and then send them to Washington.

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

4 Strategies if You Fear Missing Year-End Forecasts

How to strategically manage a financial crisis

 

Are you sweating over cash flow? Are you losing sleep over the prospect of missing your annual goals?

Well, if so, certainly you’re not alone. Many business owners and executives have suffered from the same anxiety. But fear can be a great motivator for success.

The first four things to do:

1. Even though you’re facing the big problem now, don’t throw the baby out with the bath water. A characteristic of successful businesspeople – they don’t panic in the face of adversity. They see problems as opportunities for growth.

Take some deep breaths and repeat these truths:

• “No matter what, there are no big deals – no matter what.”
• “This, too, shall pass.”

Next, here’s an important point: To improve your profits, don’t impulsively take short-term actions that will destroy your foundation for the long term.

Many businesspeople make critical mistakes when they suddenly slash marketing budgets, lay off talented workers or cut research and development. These expenses might appear to be expendable, but don’t do it in a rash manner.

They are all intangible assets. Slashing them will diminish your long-term prospects. Learn how to work smarter, not harder.

2. Focus on short-term profit initiatives. Consider that for every problem, there are 10 possible solutions.To use a sports metaphor, defend your business with a strong offense.

Query your customers and their customers to search for sales opportunities. Launch an all-out marketing offensive in public relations and social media. (If you can, a secret to success in a weak economy is to expand marketing.)

Hoard your cash. Cut all fat (not the muscle of marketing, human resources and R&D). Implement shorter work weeks and cut all temp assignments.

Do these things and you’ll get into a positive mental zone, and you’ll suddenly find that you’re developing additional solutions.

3. Continue to analyze and strategize – prevent mistakes. Many companies don’t have a clear picture of their situations. They complacently assume that they do, but most don’t.

Consequently, nine out of 10 fail because they self destruct – not because they’re defeated by competitors. This is true in any sector.

Early-stage companies fail because they try to grow at a pace inconsistent with their capabilities. The term for it is “premature scaling.” Don’t accelerate unproven ideas unless you’ve done enough homework. Otherwise, you’ll accidently make matters worse.

For more explanation on premature scaling, see the reasons why startup companies fail and how to win.

4. Figure out how you can operate leaner by engaging your employees. On a daily basis, your employees are where the tire meets the road. For profit drivers, partner with your employees. 

Use the proven eight strategies when sales drop and costs cut into your profits. 

See the five free tools to operate and market your business.

From the Coach’s Corner, here are related resources:

• Why Kaizen Philosophy Works in Lean Principles for Business and Public Sector
• When Should You Develop an Exit Strategy? Now…Here’s How
• Step-by-Step Solutions for a Company Turnaround
• Need PR, But No Budget? Here’s How to Leverage News Media

“Behind every successful man is a woman, behind her is his wife.”
-Groucho Marx

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

Facebook Privacy: Advice for Job Seekers and Employers

 

The practice by some companies to require job seekers to reveal their Facebook passwords so they can spy on the applicants’ private information prompts a couple of Biz Coach reactions: For job applicants and companies. 

For job seekers: 

Any company that would require disclosure of your Facebook password is an undesirable employer. At the very least, it’s really tacky for an interviewer to request such information. It also leads to divulging of your family’s and friends’ private information. Who needs a voyeur or an identity thief for a boss? 

Facebook’s chief privacy officer, Erin Egan, issued a warning to such companies: “We’ll take action to protect the privacy and security of our users, whether by engaging policymakers, or where appropriate, by initiating legal action…”

This issue serves as a catalyst to warn job seekers to be smart about what they insert in their social media. No employer wants to be embarrassed.

To be fair, you shouldn’t be accessing social media at work unless authorized — usually, it’s OK only if you’re promoting your employer’s products and services (here’s why).

For employers:

Admittedly, recruiters and bosses have been looking at applicants’ social media for some time now. Reading openly published comments are different than private comments, which are tantamount to reading someone’s personal diary or bank statement.

But for an employer to ask for passwords is a violation of federal law: The Stored Communication Act or the Computer Fraud and Abuse Act. It’s important to avoid EEOC discrimination suits and here’s more why companies are falling into the management lawsuit trap.

“In recent months, we’ve seen a distressing increase in reports of employers or others seeking to gain inappropriate access to people’s Facebook profiles or private information,” wrote Ms. Egan. “This practice undermines the privacy expectations and the security of both the user and the user’s friends. It also potentially exposes the employer who seeks this access to unanticipated legal liability.”

Sharing or asking for a Facebook password violates Facebook’s Statement of Rights and Responsibilities.

“If you are a Facebook user, you should never have to share your password, let anyone access your account, or do anything that might jeopardize the security of your account or violate the privacy of your friends,” she wrote. We have worked really hard at Facebook to give you the tools to control who sees your information.”

She explains the legal land mines very well.

“For example, if an employer sees on Facebook that someone is a member of a protected group (e.g. over a certain age, etc.) that employer may open themselves up to claims of discrimination if they don’t hire that person,” wrote Ms. Egan.

And in this litigious environment, it wouldn’t take long for a single applicant or a group of applicants to sue, not to mention getting the attention of the American Civil Liberties Union.

You’re much safer just looking at the person’s LinkedIn account, and it’s more important for you to have a heart as an employer.

Finally, employers should be careful about their social media policies. The federal government ruled against Costco on its social media policy.

From the Coach’s Corner, if you’re a job seeker, look for better employers — here are some tips:

• Stand Out: Get a Job Interview with a Great Resume
• Top 11 Tips for a Great Elevator Pitch
• Nervous About Your New Boss? Here’s How to Deal with It

“The employer generally gets the employees he deserves.”

-J. Paul Getty

 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

Management: 7 Tips for Success if You Must Layoff Employees

 

In an uncertain economy, businesses typically make two short-sighted errors. They slash the workforce and marketing investments. To the contrary, it’s important to place a maximum value on your human capital and avoid layoffs, and to expand marketing.

Instead, at the first sign of a business downturn – before laying-off workers – try these options:

• 15 HR Strategies to Improve Your Business Performance
• Step-by-Step Solutions for a Company Turnaround
• Management Strategies for a Successful Turnaround
• 8 Simple Strategies to Give You Pricing Power

But if it’s too late and profits are slim or none and you must lay off employees, be mindful of the impact on your organization’s culture and employee morale. By themselves, employee cutbacks won’t solve the long-term problems of your company.

Strategic planning is important, including:

Document your situation. Layoffs devastate the unemployed person and the people who are left behind. Workforce reductions can also hurt you and your company legally if they’re not documented properly. Unfortunately, you can always face possible legal action in this litigious environment. So have a paper trail that shows you don’t discriminate and demonstrates layoffs are necessary to keep your business operating. Avoid the management lawsuit trap and EEOC discrimination suits in your business practices. (Also see three key human resources issues to consider when terminating workers.)

Communicate effectively. While financial woes or the idea of layoffs depress you, employees look to you for leadership. Communicate empathy in your layoffs to show your approach is humane. For the remaining employees, make sure to take steps for strong team morale and to avoid employee burnout. Such employees aren’t happy about losing their friends and facing an increased workload. Many feel underpaid. Know the right strategies to take if a valued employee wants a raise and money’s tight.

You’ll have to perform at a higher level – being mindful of their stress. Employees don’t want a boss with a negative attitude, such as “Be happy you still have a job.” They’ll quit you at the earliest opportunity. So know which employees are most-likely to quit.

Evaluate operations and procedures. Listen to your employees – seek ideas – partner with your employees. Review your systems. Look for obstacles to success, and solutions.  

Prepare to invest. Your bleak situation is not permanent. Remember this axiom: “This, too, shall pass.” So constantly be mindful of marketplace and internal-company developments. Be prepared to act – to add your resources – if the return on investment can be justified. You’ll know when the time is right to act.

Meantime, take nine steps to develop an image that will attract  the best workers.

Fine-tune your staff. Employee training should never end. Make sure there are no underperformers –weak links. Yes, such investments can be affordable or free – if you strategize. Avoid the typical 12 errors in evaluations.

Continually look for prospective employees. If you can hire a new employee or replace one, look for someone who represents an improvement for your organization.

Check how employees perceive you as a boss. What are your tendencies in stressful situations? Are you a motivator? Are you organized? Do you know the 18 leadership strategies to profit from employee respect?

Evaluate your culture. If your company is lacking in teamwork, morale is poor and profits are weak, chances are you need to change your organization’s culture. Be forewarned, changing a culture is a monumental chore because it will take strategic planning and super powers of persuasion. Usually, it necessitates an outside participant to assess your culture. Here are the six steps to implement a cultural change for profits.

From the Coach’s Corner, see the checklist for success in business planning for the new economy.

“Always bear in mind that your own resolution to succeed is more important than any one thing.”

-Abraham Lincoln

 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

When Marketing Financial Information, Be Careful in Choosing a Medium

 

If you’re in the business of communicating financial data, don’t succumb to the charm of state-of-the-art technology, especially online video. In choosing a messenger medium, a conservative approach is best. Trust is paramount.

That concept was underscored by a 2012 academic study that concluded the use of online video by CEOs to release a financial restatement will not be fully trusted by investors, especially when blaming others for accounting errors.

The study’s researchers: Frank D. Hodge of the University of Washington’s Foster School of Business, W. Brooke Elliott of the University of Illinois at Urbana-Champaign, and Lisa M. Sedor of DePaul University.

A headline for the article regarding the study at accountingtoday.com read: “Study Examines Use of Video for Financial Restatements.” The site explained the study was published by the American Accounting Association in The Accounting Review.

Apparently, it’s OK to use a YouTube video when management is contrite for reporting errors. But such contrition for errors and a restatement raises suspicious eyebrows when management points the finger at outside accountants.

“Video announcements of this kind require very special care,” said Dr. Hodge, according to accountingtoday.com.

“Managing the response of investors to events as negative as restatements (which, according to the GAO, reduced market capitalization of companies by $36 billion over a three-year period) is a formidable undertaking,” he explained. “Doing so via video over the Internet makes it all the more formidable.”

The study reveals a CEO who apologizes in online video for the need of a restatement – on a rating scale of 1 to 7 – receives a 6.15 rating. But a CEO who attributes the errors to outside accountants only gets a 4 rating. On the other hand, such CEO statements in print were accorded ratings of 4.75 and 4.55, respectively.

The use of such online video also affected the amounts invested by fund managers. The amounts only decreased 3 percent if the CEO accepted fault. But if the CEO pointed fingers, the investments dropped by nearly 26 percent. If the same information was presented in print, the decreases were 16 percent and 13 percent, respectively.

Methodology for the fictional scenarios: The researchers compared the opinions of 80 managers who had an average nine years experience. They were divided into four groups.

“Restating financial statements is inconsistent with investors’ positive expectations regarding an investee firm and its management, thus damaging investor trust,” the researchers wrote.

“Although excuses can be effective, individuals who deny responsibility for a failure (i.e., excuse their behavior by blaming others) risk being viewed as more deceitful and as possessing lower character than are individuals who accept responsibility for the failure,” they explained. “Beliefs about another’s character are key components of trust, and once violated trust is difficult to repair. Even when the violator issues an apology, accepting responsibility by making an internal attribution repairs trust to a greater extent than does denying responsibility by making an external attribution.”

The study makes sense. However, my view as a business-performance consultant is that a video should only be used to direct viewers to the source of information – not conveying the full information.

From the Coach’s Corner, suggested reading:

• What Should You Divulge When Asking for Investment Capital?
• Primer for Best Practices in Preparing Financial Statements
• Are Accounts Receivables a Problem?
• Public Relations Expert Provides Crisis Management Tips
• Management Strategies for a Successful Turnaround

“In a networked world, trust is the most important currency.”

-Eric Schmidt

 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

Stand Out: Get a Job Interview with a Great Resume

 

More and more job seekers complain they don’t get acknowledgment when they apply for positions with prospective employers. It’s disappointing, especially if you’ve done your best to stand out in a crowd when jobs are scarce.

Yes, it takes energy and resources for a company to respond to applicants. A sign of the times, that hasn’t always been the case. Aside from being gauche, such companies miss an opportunity to demonstrate they have a heart as an employer.

Nonetheless, a 2012 blog for job hunters caught my eye – “Write a resume that gets an employer’s attention,” by Chad Bauer of New Grad Life.

Mr. Bauer suggests there are three qualities that good resumes must have in order to cut through the labyrinth of databases, human resources employees, and recruiters.

He says companies look for resumes to answer three questions – here’s an edited excerpt: 

Can the candidate solve the specific top problems I have today?  

• Do your research to find out the specific problems, challenges, and goals a company has today
• Do more research to determine how those corporate challenges, problems, and goals affect the department and hiring manager
• Don’t just list broad industry skills, hoping it meets your target’s needs
• Don’t just say that you can learn – beyond entry level jobs, few companies will pay you for training or ramp-up time when they can find plenty of candidates who won’t need training 

Can the candidate build shareholder value? 

• Do your research to find out the type of value likely to be important to this specific company, department and manager
• Demonstrate your value in numerical results or percentages
• Translate your accomplishments to shareholder value
• Claim responsibility
• Don’t emphasize responsibilities
• Don’t emphasize your past company’s accomplishments over your specific achievements 

Will the employee fit in with the company’s culture?

• Learn as much as you can about a company’s culture before applying for a position
• Be who you are, rather than trying to present a different persona
• Do research to find companies and positions who will value an employee with your personality
• Don’t fight ageism – embrace it
• Don’t waste your time – if you’re not a culture fit, apply somewhere else

Need more insurance?  Here are seven strategies to use in your job interview. Here are an additional 15 tips to improve your odds for a job.

If you want to be a boss, here are proven strategies to advance into management.

From the Coach’s Corner, perhaps most importantly, here are the top 11 tips for a great elevator pitch.

“All our dreams can come true–if we have the courage to pursue them.”

- Walt Disney 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

Tips for Restaurant Owners: Keeping Good Employees, Profits

 

If you, as a restaurant owner, have trouble keeping talented employees, consider insights from a report on a Sacramento, California TV station. It will also help you stay in business.

The headline, “Servers Say Groupon Leads to Smaller Tips,” The KXTL-TV report on Jan. 25, 2012, which is enlightening, cites numerous comments on YCombinator.

It seems restaurant employees across the nation are unhappy about the small tips they get from customers who use discounted Groupon coupons. Groupon has about 150 million subscribers.

Consumers get coupons from Groupon for discounts. The rub is that restaurant customers are tipping on the 50 percent discounted price, not the regular menu price.

What’s worse, the article states: “The State Restaurant Association tells FOX40 that with the stressed economy, business owners are finding it hard to keep giving such big discounts.”

In essence, the report serves to support the conclusions in a Biz Coach article: “Daily Deal Sites and Pricing Principles – What’s Sustainable and What Isn’t.” Long term, such restaurant couponing does not give an adequate return on investment.

The column cited research by Rice University that shows many restaurants find it impossible to be profitable by partnering with Groupon and other daily deal sites.

I wrote:

“The study caught my eye because this business portal has long maintained it’s dangerous to sell products at the cheapest price in the marketplace vis-à-vis focusing on value and customer service. (See What are the Secrets for Success from Advertising?)

“Companies that focus solely on price attract the smallest segment of consumers – 18 percent – the least-desirable customers who make buying decisions solely on price. Such consumers are not loyal. Additionally, they’re the biggest complainers and more likely to return products.”

So listen to your employees – partner with them. Consider eight simple strategies to give you pricing power.

From the Coach’s Corner, for business success in marketing, here are related resource links:

• Fast-Food Restaurateur Shares Secrets for Success
• Tips To Get Strong Results From Your Marketing Plan
• Fast, Easy Ways to Create Buzz
• Marketing Essentials on a Shoestring Budget 

“Incentives are not strategy, they are tactics. Defensive measures.”
-Carlos Ghosn 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

CES: Best Business Strategies to Get Tech Funding

 

Jan. 24, 2012

If you have a tech startup looking for funds, you already know the competition is intense. But there are strategies that will help you to get funded. Investors revealed their preferences for funding technology firms at the 2012 Consumer Electronics Show (CES) in Las Vegas.

On her blog, the chair of the CES venture capital panel, Joey Tamer, writes “each early stage fund planned to invest in a Series A for four or five new early stage companies during this year.”

When she’s not chairing venture panels, Ms. Tamer is an outstanding Los Angeles-based strategic consultant to technology and media (www.joeytamer.com).

“In the case of Jerusalem Venture Partners, Yoav Tzruya reported that this number represents no more than 1 percent of the 600 companies JVP reviews each year for its early stage fund,” says Ms. Tamer.

“Kevin Spain of Emergence Capital which has a focus on B2B applications, and Chris Petrovic of GameStop Digital which is a strategic investor/acquirer of game companies, as well as Habib Kairouz of Rho Capital agreed with the plan for four to five new deals this year,” she adds.

Improved environment

“We are in a boom period again, this time for the number of early stage companies in play in the market,” Ms. Tamer explains. “The continuing trend that allows for new technologies and applications to be built with many off-the-shelf tools, using world-wide technical expertise, for much less capital, has created many new companies competing for the funding resources available.

“The new trend of incubating companies in accelerators has added some seed capital to these concept-companies to get them through their initial product development,” she says. “But then these companies need to get some traction in the market, hopefully to significant revenue, before they can hope to move from seed capital to Series A.”

Optional strategies

Ms. Tamer indicates you have options to consider if you can’t get from seed to Series A or from Series A to Series B.

“Early stage companies not attracting that critical Series A or Series B funding should consider connecting strategically or through acquisition or merger with other similar-stage companies to create a stronger offering for funding,” she advises. “Aligning with other early companies that would enhance your market position or extend your product offerings or brand, you might attract that essential next stage of funding.”

She explains a developing trend.

“Kevin Spain added a new point, that he sees a strong emerging trend in B2B and enterprise applications using the new technologies that are mostly focused on the consumer market now,” she writes. “He advised companies to look for those B2B market opportunities for their current B2C products and applications. A doubling of your target markets, which rise and fall under different economic conditions, may present a strong offering to investors.”

She explains the motivation of two investors.

“Scott English from Hearst and Chris Petrovic of GameStop approach their investments as strategic additions to their portfolios, rather than as pure venture investments –even though each has a different priority for these investments,” she explains.

“The first point made was to conduct your due diligence about how strategic investors value their target companies,” Ms. Tamer says. “Hearst, for example, is a later stage investor focused on financial ROI to Hearst first, and strategic value to the portfolio second. GameStop, focused on early stage game companies, values its acquisition targets first as an operational addition to its portfolio plan (does the company add to GameStop’s infrastructure, product mix, learning about new markets, or strategy) before financial and ROI considerations.”

She explains some lessons:

1. Do your homework about your company’s “fit” with what an investment group might be seeking.
2. Talk with other companies in the investor’s portfolio.
3. Narrow down your list and your efforts to those investors that prefer your company’s stage, market sector, and your possible enhancement of their portfolio’s current companies.
4. Some strategic and corporate investors function very much like venture capitalists, and others have different priorities. So, after your due diligence, and as you enter discussions, read the deal’s restrictions and the detailed legal conditions before negotiating or accepting any investment.

Critical factors to help you win

“Norm Fogelsong of Institutional Venture Partners, a later-stage venture fund, insisted that your company’s vision must be big, very big, to attract the rounds of capital needed to become a major player,” she points out.

“The panelists agreed that they are very focused on execution, in particular execution on market penetration,” Ms. Tamer advises. “After you have been funded on your product’s unique value, it is time to turn your attention to your market, especially your customer acquisition and retention strategies, tactics and results.”

She provides another insight: “Yoav related that he looked for CEOs with deep market savvy, a founder who knows his or her product and its market realities, and has a strong go-to-market strategy.”

Ms. Tamer shares the insights of Sharon Wienbar of Scale Venture Partners, a later stage investor, who wants to minimize risk three ways:

• Proof of market responsiveness: Does your customer commit to your vision of your product’s value, price and use?
• A business model that prioritizes customer acquisition and retention: Do you have a plan that acquires each new customer quickly and for less and less cost of acquisition?
• Compelling metrics: are your projections for market penetration, growth and profitability backed up by proven metrics?

“So, amid the growing competition for capital we are seeing this year, particularly in the consumer market, investors’ focus seems to move quickly from unique technologies and applications to strong execution,” concludes Ms. Tamer. “Early stage companies need strategies to present compelling offerings to investors, and an increasing focus on market execution that leads to growing a big company and taking significant market share.”

Hope you enjoyed these insights. As usual, Ms. Tamer speaks and writes with authority.

(Note: I’m very familiar with Ms. Tamer’s expertise. She is a fellow member of Consultants West, www.consultantswest.com, a roundtable of veteran consultants in the Los Angeles area.)

From the Coach’s Corner, here are more of Ms. Tamer’s valuable insights:

How To Get More Opportunities As A Guest Speaker

How To Obtain The Most Profit From Speaking Opportunities

6 Values for Financial Protection

Options to Navigate This Marketplace Bedlam

What Should You Divulge When Asking for Investment Capital?

Downturn Survival

Leadership

Eight Strategies to Consider Before Starting A Tech Business

What No One Tells You about Raising Investment Capital

“If you can dream it, you can do it.”

-Walt Disney

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

RIM Provides 9 Lessons in Best Turnaround Strategies

 

Updated – Nov. 5, 2012

RIM, Research in Motion, needs more than just advertising and marketing strategies. Companies – from big to small – can learn business turnaround lessons from RIM’s predicament. RIM has failed to respond to marketplace changes.

Rim has been losing market share in the private and public sectors.

Despite installing a new CEO, Thorsten Heins, and hiring a vaunted crisis management firm, Sitrick and Company, RIM’s comeback attempt got off to a poor start.

Analysts, investors and customers were troubled by the headline: “New RIM CEO says drastic change not needed.”

Numerous published reports quoted Mr. Heins: “I don’t think that there is some drastic change needed. We are evolving … but this is not a seismic change.”

To the contrary, my sense is that drastic changes are needed – externally and internally. Unless the company can upgrade its products, solve its product delays, and fix its reputation, the company will go under unless it’s sold. (Note: To be clear, I’m a long-time Blackberry user.)

Yes, RIM has marketing challenges. But as any savvy salesperson knows, it’s difficult to sell a product that’s considered inferior to competitors. Apple’s iPhone and iPad, and Google’s Android operating system have taken market share from RIM, which is why the once-proud company has also lost market value.

RIM’s demise provides these turnaround lessons:

1. Understand first things first. It’s important to move current product inventory, but simultaneously make long-term product development a priority. The company needs effective decisions. There are nine dos and don’ts for best decision-making. RIM will earn praise if it can unveil a strategic plan to publicize successful development of software for its Blackberry 10. So strategically plan and implement management strategies for a successful turnaround.
2. Develop a strategic marketing plan and align it with sales. Notably, RIM is looking for a new marketing director. Hopefully, innovation will result. Consider tips to get strong marketing plan results, and the 14 reasons why major marketing campaigns fail. And for profits, don’t forget to align marketing with sales.
3. Attract visionary product-creation relationships. It’s important to stay atop marketplace volatility. Hire or partner with visionary innovators. RIM lost ground because it didn’t have enough developer support, which opened the door for competitors. Think about nine key questions before you form a partnership and here the nine steps for strategic alliance success.
4. Create an iconic product. Innovation is key to be a Ninja innovator. In RIM’s case, the company should create excitement by intensifying its research and development for a blockbuster smartphone – bigger screen, 4G, and better camera.
5. In view of the economy, remember Henry Ford’s success. A salient reason Mr. Ford was successful: He manufactured an everyday car – the Model A – a car the average American could afford. Think 1930s for business success. Consumer attitudes are changing. RIM used to own the corporate market and didn’t create a consumer niche. It needs regain corporate market share and its own version of the Model A for the digital phone age.
6. Restructure the team. If Mr. Heins really believes drastic change isn’t necessary, he better wake up quickly and reverse course. He should make certain he employs a lot of thought leaders who serve as devils’ advocates. RIM needs to earn marketplace confidence by exploring and communicating all its strategic options. Unfortunately, it appears RIM needs to take the six steps to implement a cultural change for profits.
7. Operate profitably. Develop a laser focus on profitability. Understand in any economy, what drives your profit. Here are 10 basic tips — leadership for business profit.
8. Continue to focus and promote security. Daily, the media is filled with headlines about identity theft and security. Blackberry is known for its security, but the message has been diluted. Android is successful despite its security weaknesses. After all, who profits from Android’s security issues? Not users.
9. Manage your reputation. The key is to create positive images. But RIM is suffering in reputation management.  Here are the best practices to optimize your brand and manage your Web reputation. It’s also vital to know how to leverage the news media for publicity, and to implement PR  crisis management tips.

From the Coach’s Corner, here are developing trends and solutions for manufacturing success.

“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”

– Peter F. Drucker

 

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

How to Get More Opportunities as a Guest Speaker

 

If you’re successful in generating speaking opportunities, you’ll create opportunities for your career. At the least, you’ll be in a position to raise your business profile.

Ideally, prospective clients or customers will be in the audience. Count on opportunities to develop centers of influence — people who can refer business to you. You can expand your comfort zone. Also, you can learn a lot by teaching or speaking. By elevating your profile, it’s easier to keep your clients. At the very least, public speaking will help to keep your skills sharp.

Joey Tamer is in demand as a public speaker and moderator. Based in Los Angeles with an outstanding record of success, Ms. Tamer is a strategic consultant to technology and media.

She’s graciously shares her recommendations on how to be invited to speak at events for your niche industry.

Key first four steps:

1. List of all the conferences special to your industry.
2. List the events and conferences at which your competitors present (search your competitors’ websites).
3. Select the ones that put that targeted decision maker in the audience.
4. Refine your selection to prefer events that allow you a solo presentation. Panel participation is fine, but often is not as effective due to the limited time to show your expertise, bad moderators, and other conditions beyond your control. Another high priority includes events that allow either solo or panel presentation, but add on a breakout session or workshop as well.

Due diligence:

1. Explore each event or conference website to determine if it attracts your target market in its audience. There will be a list titled “Who should attend.”
2. Contact the conference (use an email address not associated with you or your company) to send you the promo package for sponsors or exhibitors. This should give you a much more detailed demographic and psychographic description of the attendees, by percentage (10% CxO, 25% VP, etc.) of rank.

Pitch:

1. If the conference or the Call for Speakers lists its agenda of panels or speaking sessions, select the one or two that fit your expertise.
2. Draft an introductory email (or fill in a Call for Speakers form) pitching the topic(s) you can offer for those items on the agenda. If there is space allowed, drop the names of at least two major conferences where you have presented this topic (or something similar) previously.
3. If the Call for Speakers is open-ended, and no agenda is offered, then study the audience and mission statement of the conference and pitch a series of topics that they might be interested in considering.
4. When offering to present, offer a list of two or three topics that might fit. Attach the Speaking page of your website as a PDF attachment.
5. In your email, add a link to your speaking page and a link to the home page of your website.
6. Your speaking testimonials should be included, usually on the Speaking page of your site. If they are on a separate page of your website, add a link to that page as well. Of course, if you know someone inside the organization that is hosting the conference, connect with that person to get any inside information you might use, or ask him/her to get your pitch letter to the best decision maker inside.

So now you know how to garner invitations to speak. But your job is only half-done. Here are Ms. Tamer’s tips on how to obtain the most profit from speaking opportunities.

For more of Ms. Tamer’s insights, visit www.JoeyTamer.com. You might also want to read her six-part series for a downturn survival, as well as her 10-part series on the 10 characteristics of a successful CEO.

(Note: I’m very familiar with Ms. Tamer’s expertise. She is a fellow member of Consultants West, www.consultantswest.com, a roundtable of veteran consultants in the Los Angeles area.)

From the Coach’s Corner, here are public speaking tips for accepting awards and honors.

“Speech is power: Speech is to persuade, to convert, to compel.”

-Ralph Waldo Emerson

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

 

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