marcia whyte gratitude speak

Black History Month: Marcia Whyte, Founder of GratitudeSpeak

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Marcia Whyte understands gratitude; she is grateful for the experiences throughout her life that shaped her to be the person she is today. Marcia is thankful for her husband and 3 wonderful children. She built many relationships and friendships during a lifelong careers of various ministerial and sales positions. Marcia is grateful for them.

In 2014, Marcia was working through her 11th year in a well-known sales organization. Here, she received numerous recognitions and awards. Sadly, that year would end quite differently than she expected.

An Unfortunate Wake-Up Call

Several months into the year, Marcia’s husband, James, began experiencing severe health issues that landed him in the hospital. After a barrage of tests, Marcia and her husband received a diagnosis that would turn their world upside down. Her husband was diagnosed with acute myeloid leukemia. It is a type of cancer of the blood and bone marrow.

Marcia juggled the obligations of a demanding sales careers. She supported her husband in the hospital and listened to recommendations from countless doctors. When she realized she was overwhelmed, she reached out to her supervisor for some grace in upcoming deadlines. Marcia remembers the conversation vividly: “It’s rare that I’m speechless, but he managed to accomplish it when he said, ‘So you want to just slow down your careers or put it on hold just because someone in your family got sick?'”

This apathetic response pushed Marcia to make the difficult decision to leave her corporate sales position and put her family first. After all, only God knew what the future would bring.

8 Life-Changing Words

While Marcia knew that the decision to leave her job was the right one, it didn’t make it easy. She struggled with what to do next, but the answer came from a surprising place – her husband. Despite fighting his own battles in the hospital, James encouraged Marcia to go out on her own and pursue a business where she would be teaching others the skills she’d learned from years of building relationships and referrals.

While Marcia was intrigued by the idea, she wasn’t completely convinced. She worried about mounting medical debt and supporting their children, until her husband shared what she refers to as “The 8 Words that Changed My Life.”

Trust Your Gut, Trust the Process, Trust God.

With those words as her motivation, Marcia created GratitudeSpeak. Unfortunately, less than 2 months after starting her business, Marcia lost her husband on September 4, 2014.

The loss of her husband was devastating. But, she used his legacy and encouragement as motivation to pursue GratitudeSpeak full time in early 2015. Marcia shares a core tenet of her business: “I believe that Gratitude – making sure people feel appreciated – is a language all its own. We have medical jargon, we have legalese, we have coding, we have a whole bunch of industry-specific languages – but the universal language of business, not to mention life, should be gratitude.”

The research behind a greater need for gratitude in business relationships is strong. Marcia discovered that 67% of customers will not return to a business because they feel like they don’t matter. Not only does Forbes research confirm this statistic, it also shows that losing customers as a result of poor experiences is costing businesses more than $75 billion a year. Marcia went on to share that “the worst thing a business can do is to make their employees feel unappreciated, especially for the customer-facing employees. They will probably leave, but before they do, they will take it out on your clients and your customers.”

As part of GratitudeSpeak, Marcia incorporates the best parts of herself and her background in both sales and ministry to coach others how to incorporate a culture of gratitude in their businesses. Ultimately, though, Marcia boils it down to one simple idea: “Do unto others as you want them to TELL folks about you. That’s the gospel according to Marcia.”

Thoughts on Black History Month

As a proud, black entrepreneur, Marcia Whyte offers encouragement to others in the spirit of the poem My People by Langston Hughes: “Black stands for Beautiful, Lyrical, Astute, Curious, Knowledgeable. I, my ancestors, and my offspring are all of these things. That’s what makes us so special and worth celebrating every day of every year, not just in February. For any of us to think or act otherwise would diminish the hopes of those whose dreams and accomplishments we stand on the shoulders of. It’s a responsibility I take very seriously. Hopefully, my work shows that.”

Connect with Marcia Whyte on Facebook, Twitter, or Instagram. You can also get a FREE copy of her best-selling book/brand story, “From Loss to Leadership”, here: bit.ly/GS-SummitGift

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professional employer organization

What is a PEO? And How to Choose the Right One for Your Business

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You probably started your business because you enjoyed the work. Maybe you opened your ideal restaurant or started an electrical contracting business. That part was fun, but other responsibilities surfaced. Now, you have to deal with employees’ human resource issues, find ways to offer benefits and make sure all payroll taxes were filed and paid. Fortunately, small business owners don’t have to cope with these responsibilities by themselves. Professional employer organizations can lift those chores off of the owners’ shoulders. This helps business owners focus more on managerial tasks and growing their businesses. Now, what is a PEO, exactly?

What is a PEO?

A professional employer organization and a business enter into a shared relationship known as “co-employment.” Co-employment means that the PEO is the employer on record. They provide human resource support and handle payroll functions – while you, as the owner, keep the authority and responsibility. You’ll still manage your employees’ day-to-day activities.

Through the co-employment model, PEOs:

  • Are responsible for paying wages, managing employee compensation claims and overseeing other wage-related requirements
  • Assist with regulatory paperwork and compliance issues
  • Manage human resource issues and risk management functions
  • Provide employee benefits. Benefits include- but aren’t limited to – health insurance, unemployment insurance, Section 125 plans and other voluntary insurance products.

What are the Client’s Responsibilities?

The business owner is responsible for:

  • Managing employees’ daily activities
  • Maintaining a safe work environment
  • Keeping track of hours worked and reporting these figure to the PEO
  • Making sure payroll funds are paid in advance to the PEO

Advantages of a PEO

PEOs can take time-consuming HR tasks and responsibilities off your plate. A PEO:

  • Handles all human resource activities so you can focus on managing and growing your business
  • Provides competitive benefits and health insurance. A PEO has the purchasing power to negotiate better health insurance rates and more affordable benefits, such as a 401(k)plan, dental and vision coverage. Using the lower-cost benefits from a PEO enables small- and medium-size companies to compete with and attract employees from larger companies.
  • Stays up-to-date on regulations. As a business owner, you don’t have the time to read the latest regulations. A PEO does this for your and makes sure that you remain compliant.
  • Provides attorneys and HR professionals to handle employee-related issues. PEOs give advice on proper employee termination and disciplinary procedures.

Disadvantages of a PEO

Method of pricing

Sometimes, it can be difficult to determine how much you’re really paying. Many PEOs price their programs as a percentage of wage payroll, but this figure can vary monthly. So, sometimes it’s hard to figure out how much you’re actually paying. The other pricing method is the per-employee-per-month. This approach has add-ons for setup fees, administrative fees and costs for running some payroll reports.

Inflexible health plans

PEOs partner with certain insurance companies, and you don’t have a choice. If you like UnitedHealthCare, but the PEO promotes Aetna, you have to accept Aetna.

Customer service

PEOs handle large numbers of clients and employee issues. Customer service responses can sometimes seem rushed and indifferent.

How to Choose a PEO

Choosing the best PEO for your company requires doing your homework. Here’s a list of questions to help you get started.

  • Assess your company’s needs. What do you need help with -Payroll processing, HR issues, employee benefits? Define what you need before approaching a PEO.
  • Is the PEO a member of the National Association of Professional Employer Organizations? Membership in the industry’s trade organization indicates professionalism and respect.
  • Does the PEO have experience in your industry? You want a PEO that understands the daily lives of your employees and the risks they take on their jobs. How many employees do they represent in your industry?
  • Conduct a background check; ask for references to check; get first-hand feedback directly from the PEO’s clients.
  • Are the financial statements independently audited by a CPA? You want assurance that the PEO is legitimate.
  • Are their risk management practices certified by the Certification Institute?
  • Have their ethical practices been accredited by the Employer Services Assurances Corporation? ESAC audits PEOs annually to make certain each PEO has at least a $1 million surety bond.
  • Does the PEO have certification from the IRS? Check for accreditation such as the Certification Program for Professional Employer Organizations from the Internal Revenue Service.
  • Review the fine print in the contract. What guarantees does it provide? How can you terminate the contract if the relationship goes bad?

 

According to NAPEO, the U.S. has over 900 PEOs. While you have plenty of choices and setting up a co-employment agreement with a professional employer organization will relieve you of a ton of administrative tasks, you must thoroughly investigate each PEO candidate before signing on the dotted line. You don’t want any surprises.

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finding your unique market niche

Identifying a Niche Market that Works for You

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Identifying a niche market is a more profitable strategy for small businesses, rather than trying to sell products and services to all “potential” customers. As we have noted before, “the most successful enterprises work hard to target specific groups of customers to whom their offerings are most attractive.” Those specific groups comprise a niche market where focused branding and marketing messages often have the greatest impact – because those groups are made up of prospective customers most likely to be drawn to what a business has to offer.

Finding a niche also serves as an excellent way to stand out from the crowd. Broadly speaking, a niche business “is a specialized or focused area of a broader market that businesses can serve to differentiate themselves from the competition,” according to Business News Daily.

Anything that differentiates your business from a crowd of competitors has the potential to trigger fast and large-scale growth – the goal of many small business. Key benefits include:

  • A bank of loyal customers who belong to this niche market and gratefully purchase the products or services delivered by an enterprising small business
  • Reduced competition because this niche market has been largely overlooked

That’s why: It makes sense to pursue a specialized group of customers, rather than attempting to sell to everyone.

Identify your target audience

How does a business go about identifying the right niche market?

Start the process by “closely analyzing the current state of the market and determining if a significant enough portion of that customer base is receiving the special attention it wants and demands.” If that customer segment isn’t receiving special attention, it’s a golden opportunity for your business to gain a valuable foothold.

Other strategies include:

  • Checking out Google Trends to determine the level of potential interest in a product or service aimed at an underserved audience.
  • Seeing what’s going on on social media. Are consumers looking for a product or service close to what you offer?
  • Researching the range of products offered by the big online sellers, such as Amazon.

Is your proposed niche product or service already offered by other small businesses? That might not be a bad thing, notes Constant Contact, since “finding a large amount of products that already exist for your niche … indicates a strong market,” particularly if you focus your efforts on creating a product “that’s unique and stands out.”

Conducting research takes time and resources. But if you land upon an underserved niche market, it’s well worth the effort.

Assess the level of your own commitment

Taking on the challenge of locating and profiting from a niche market requires a certain mindset. It starts with having the necessary passion and energy to go after this market. Without that energy, you can easily lose interest in doing the hard work involved.

Consult friends and colleagues in your professional networks. Use these individuals as sounding boards to evaluate the potential of your niche product or service. Does it strike others as a great idea and worth pursuing, or do you encounter mostly lukewarm levels of interest?

Don’t think you have to reinvent the wheel. To appeal to a niche audience, you may only need to tweak an existing product or service. Maybe a minor upgrade will do the trick, as opposed to creating an entirely new offering.

Focusing your energy on this specialized market can be hugely profitable, as long as you have the right level of commitment.

Gauge the degree of interest in your product

Appealing to a niche market doesn’t have to depend upon guesswork. Once you have a viable product to share with prospective customers, it’s time to test it out.

One effective means of assessing interest among consumers is: offering them the chance to “test-drive” your niche product. Offer samples with sufficient features that provide a reasonable way for people to try out the product. This can be in your bricks-and-mortar store, through free online deliveries, at trade shows and other industry-related venues.

The feedback you get can give you a fairly clear idea about how well the offering is regarded by potential buyers.

Another option is distributing surveys among those who try out your new product. Create brief surveys focusing on whether or not this product genuinely addresses an overlooked consumer need, if it’s easy to use, what other benefits might be gained, etc. Surveys can occur via email, through on-the-spot questionnaires at tradeshows, or in small focus groups.

Again, this will help you determine whether or not to move forward to larger-scale production and distribution.

Identifying and reaching out to a niche customer market requires time, resources and focus. The potential for growth, is huge.

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Arkansas small business loans

Your Ultimate Guide to Business Loans in Arkansas

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Whether you’re looking to run, grow, or secure your own small business, there are a multitude of options for business loans in Arkansas. All you need to know is where to look. And, we’ve done that part for you. In this guide, you’ll find a list of the best small business loans Arkansas has to offer, including small business loan programs, grants, and alternative options for your financial needs.

Here are a few financial institutions, non-profits and government programs for you to look into.

Arvest Bank – Large Bank

Arvest Bank is the largest bank in Arkansas in terms of deposit market share. It has a network of 125 community banks to provide a complete range of financial services to Arkansas small business owners. Arvest offers fixed-rate, term loans to help small businesses cover equipment and technology purchases, vehicle purchases, facility remodels and debt consolidation.

This bank also offers commercial lines of credit to help meet the demands of small businesses, such as short-term cash needs or to purchase inventory. Additionally, Arvest offers real estate loans to refinance or develop a wide range of commercial properties.

Arvest is a Preferred SBA Lender. Small businesses have access to the 7(a) Loan Program, which can be used for general business purposes, and the 504 Loan Program to help cover major fixed asset purchases, such as land and buildings. The SBA Express loan is also available for most business purchases, including working capital lines of credit.

United Bank – Small, Local Bank

For over 40 years, United Bank has been operating in Northwest Arkansas. It has four locations in Fayetteville, Rogers and Springdale. United Bank offers business loans with flexible terms and repayment schedules as well as business lines of credit.

This bank also provides customizable commercial real estate loans to fit the needs of small businesses. Small business loans can help you cover various purchases, including property, inventory and equipment. Additionally, United Bank offers business credit cards.

Arkansas Federal Credit Union – Credit Union

Arkansas Federal Credit Union (AFCU) is the largest of its kind in the state. Their headquarters are in Jacksonsville, Arkansas. It is regulated under the authority of the National Credit Union Administration.

AFCU offers commercial real estate loans to purchase or refinance property. Examples of property include: office buildings, retail buildings and warehouses. Also, they offer commercial real estate construction loans.

For working capital or purchase of working capital equipment, AFCU provides small businesses with commercial and industrial loans. This is also known as C&I. This is a short-term loan and collateral is typically required.

Additionally, AFCU offers revolving lines of credit. This allows small business owners to borrow money at their discretion. This is similar to a credit card, or based on their current cash flow needs.

Arkansas Development Finance Authority – Government Program

Created in 1985, the Arkansas Development Finance Authority (ADFA) is a public body, both politic and corporate. It provides funding for financing affordable housing, business and economic projects and capital improvements for state agencies. They have credit enhancement programs and venture capital programs. These are meant to help small businesses acquire working capital or to support businesses that are emerging, expanding, relocating or restructuring.

ADFA’s Capital Access Program makes funds available to borrowers who might have difficulty acquiring money from conventional bank loans. This program is a lending incentive for working capital loans for various types of industries within the state of Arkansas.
This includes agriculture, manufacturing, wholesale and retail, construction and service. The average processing time for a loan is 3 to 5 days.

ADFA also offers the Disadvantaged Business Enterprise Program. In conjunction with Levi Strauss Foundation and Winthrop Rockefeller Foundation, ADFA provides working loan guaranty capital to minority businesses who need help financing their working capital needs.

In 2014, ADFA formed a partnership with the Arkansas Economic Development Commission (AEDC) that offered the AEDC Minority Business Loan Program with access to ADFA DBE guaranty reserve funds. The purpose of the partnership is to provide additional support to minority-owned, Arkansas businesses.

Arkansas Capital Corporation – Non-Profit Program

Arkansas Capital is a private, non-profit lending corporation and a community development finance company (CDFI) that has several small business loan options to either start or grow an existing business Arkansas. Since 1957, Arkansas Capital and its affiliates have provided flexible financing products of over $1.5 billion in capital through more than 1,300 loans to help meet the needs of small businesses to large scale operations.

This non-profit program offers SBA 504 loan and SBA 7(a) loan products. The SBA 594 loan has a 20-year term for commercial real estate and 10-year term for machinery or equipment. The SBA 7(a) loan has terms up to 25 years for real estate and 5 to 10 year terms for working capital.

Additonally, Arkansas Capital offers conventional loans up to $500,000, and the USDA Business and Industry Loan Guarantee (USDA B&I) product, with loan amounts up to $10 million per borrower to support certain businesses in rural areas.

Top Traditional Lenders for Arkansas Small Business Loans

Here, you’ll find a mix of the traditional banks, local and community banks and credit unions that offer business loans in Arkansas.

Bank of Little Rock

Bank of Little Rock was founded in 1927. It’s committed to meeting the financial needs of small businesses in and around the community. It’s a full-service bank offering business term loans, operating lines of credit, equipment loans and commercial real estate loans.

Bank OZK

Bank OZK is a regional bank headquartered in Little Rock, Arkansas. It has 84 branches throughout the state. They’re a Preferred Lender of the SBA. Bank OZK offers small business financing, which includes SBA 7(a) Loans and SBA 504 Loans. Loan amounts range from $30,000 to $10,000,000. Eligible uses include, equipment, land or building acquisition, debt refinance, working capital, building expansion or renovation and new construction.

Bank OZK also has other industry specializations including aircraft loans, agricultural lending and large real estate construction projects and lending.

US Bank

US Bank is the fifth-largest bank in the country and has 37 branch locations in Arkansas. They’re also a Preferred SBA Lender. And, they offer the government-backed SBA 7(a) Loan Program, with loan amounts up to $5 million. Terms are up to 10 years for business, acquisition, equipment or tenant improvement and up to 7 years for working capital and inventory.

They also offers the SBA 504 Loan Program for owner-occupied commercial real estate purchases, refinancing and construction. This is with loan amounts up to $11.25 million with terms up to 25 years. Equipment loan terms are up to 10 years. Additionally, US Bank offers the SBA Express loan with loan amounts up to $250,000.

With US Bank, small business owners also have access to quick loans with loan amounts up to $250,000. Term loans amounts are up to $1 million and equipment financing loans amounts are up to $500,000.

Priority Bank

Priority Bank has served The Ozarks and Northwest Arkansas since 1993. They’re incorporated in the state of Arkansas and is a federally chartered Savings Bank located in Fayetteville. It’s regulated by the Office of the Comptroller of the Currency and is a member of the FDIC. Small businesses have access to commercial real estate loans, small business loans, business lines of credit and agricultural loans.

Signature Bank of Arkansas

The Signature Bank of Arkansas is a small, local bank that has served small businesses since 2005. It has branches in Springdale, Rogers, Fayetteville, Bentonville and Brinkley. They offer real estate loans, construction loans, lines of credit, secured loans and business credit cards to help small businesses.

First Financial Bank

With deep roots in El Dorado, Arkansas, First Financial Bank (FFB) has served the community since 1934. They also has full-service banking operations in both Little Rock and Mena, Arkansas. FFB has a unique set of industry products and services. This includes pharmacy, veterinary, poultry and farm and ranch loans. FFB also offers business lines of credit and business term loans.

Timberline Federal Credit Union

Timberline Federal Credit Union has locations in Crossett, Fordyce and Hamburg, Arkansas. TFCU provides financing for a wide range of businesses expenses including, working capital, equipment, machinery, inventory, facility improvements and more.

Top Government Programs for Arkansas Small Business Loans

For small business owners looking to the state and Federal government, there are many options available. Here are some of the programs for Arkansas small business loans:

Arkansas Economic Development Commission

The Business Finance Division of Arkansas Economic Development Commission (AEDC) offers financing options to help businesses with the purchase of land, buildings, equipment and technology. Purchases help to expand operations and provide significant employment opportunities in Arkansas.

This program allows new and expanding businesses access to a variety of state and federal funding sources such as Amendment 82, Bond Programs, Community Development Block Grant and Equity Investment Tax Credit. Additionally, AEDC connects investors with a variety of funding partners for further financing opportunities.

The SBIR Program

The awards-based, Small Business Innovation Research (SBIR) program encourages small businesses to engage in Federal Research/Research and Development (R/R&D). The program is meant to enable small businesses to explore their technological potential and provide the incentive to profit from its commercialization. The SBA serves as the coordinating agency for the SBIR program.

The STTR Program

Another program that expands funding opportunities in the R & D space is the Small Business Technology Transfer (STTR) program. The purpose of STTR is to expand public/private sector partnerships to include joint venture opportunities for small businesses and nonprofit research institutions. The STTR program allows small business to formally collaborate with a research institution in Phase I and Phase II. STTR’s role is to bridge the gap between performance of basic science and commercialization of resulting innovations.

Top Funds and Non-profit programs for Arkansas Small Business Loans

Local and statewide funds and nonprofit programs are also around to help Arkansas small business owners. Here’s a few to look into.

LiftFund

LiftFund is a nonprofit focusing on aiding Arkansas small business owners with limited access to loans and capital. With LiftFund, small business owners can apply for individual business loans up to $1 million and startup loans up to $50,000. Business and financial training programs are also available.

Innovate Arkansas

Innovate Arkansas is a state-funded initiative that helps scale promising Arkansas technology ventures. Innovative Arkansas is funded by the Arkansas Economic Development Commission and administered by Winrock International. Innovate Arkansas helps technology entrepreneurs in turning startups into successful commercial enterprises.

FORGE Community Loan Fund

FORGE is a 501(c)3 non-profit corporation, a SBA Intermediary Microlender and a Community Development Financial Institution (CDFI). FORGE’s promotes community development and economic stability. They provide small businesses and nonprofit organizations with affordable capital and business development services. Forge offers the General Credit Fund, SBA Microloans (for all 75 counties in Arkansas). They also offer USDA rural development loan programs and the FORGE Social Impact Fund.

Online Small Business Options

Easy access to the internet means there are plenty of online small business loan options to explore too. In many smaller local areas, traditional banks can’t offer options to small businesses at older rates. Online lenders like Kapitus have jumped into that space. Many online options can offer more personalized loan options with the aid of technology and algorithms. They can often process loan applications more quickly. This gives small business owners answers within a few hours versus a few days.

Online small business lenders typically offer a combination of term loans, equipment financing and lines of credit. Your qualifications might depend on your business’s revenue, time in operation and credit scores.

Grants for Arkansas Small Business Owners

Grants help stimulate the local economy and boost small businesses. Here are some of the grant programs available for Arkansas small business owners:

The Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas (FHLB) is a cooperatively-owned wholesale bank. They encourage housing and economic development in the communities served by their member institutions in Arkansas. Arkansas small businesses can obtain grants through FHLB’s Economic Development Program.

Amber Grant for Women

If you are a female from Arkansas looking for a grant for your women-owned business, you can apply for the Amber Grant. This organization distributes monthly awards and year-end awards to help support small businesses.

Arkansas Economic Development Commission Division of Science and Technology

This organization offers state grants to Arkansas enterprises that stimulate economic growth and industrial competitiveness in Arkansas. Areas of interest include applied research, technology transfer, and development of innovative technology-based businesses.

Here are some other resources to find grants in Arkansas:

Central Arkansas Library System in Little Rock offers grant indexes and other resources related to grants and grant writing. They have an online database called the Foundation Center. You can find similar resources in Pine Bluff at the Jefferson County Library System. Additionally, they’re available in Fort Smith, at the University of Arkansas – Fort Smith.

To search for Federal grants, visit Grants.gov.

The Bottom Line

Good baseline qualifications for Arkansas small business owners include: being open for at least one year; having a minimum annual revenue over $100,000 and credit scores above 550. If you’re looking for small business loans, Arkansas has a lot of options available. These loans and grants are one place to start. Kapitus is another. The Kapitus Small Business Program can give small business owners-like you-the funding necessary to succeed.

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best books for small business owners

Best Books for Small Business Owners Series: The Five Dysfunctions of a Team

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Continuous learning is essential to business and careers success. As a small business owner, do you make time to continue developing yourself, considering new ideas and how you might apply them to your business? This is likely a challenge. But, one way to fit learning into your schedule is by reading or listening to great business books; and we’d like to help. With our Monthly Must-Reads series, we share the best books for small business owners.

Not only do we find books helpful for small business owners, but we also aim to save you time. For each book, we share who will benefit from reading it, the book’s key take-aways, and even reader reviews, so you can quickly determine whether it’s worth your valuable time.

This month, we’ll cover The Five Dysfunctions of a Team by Patrick Lencioni. For a list of past Monthly Must-Reads, like January’s Start with Why, check out the bottom of this article.

Business Book:

The Five Dysfunctions of a Team, by Patrick Lencioni

Focus:

How leaders can uncover and address issues that prevent their teams from collaborating and performing successfully.

Main Idea:

Fostering and leading a strong team takes more than a charismatic leader. It takes a leader who’s willing to do the hard work of uncovering and working through conflict, and a team that’s able to honestly identify and work through any issues that stand in the way of success.

Great for Small Business Owners Who:

Struggle with leadership, specifically creating cohesive, trusting teams

Synopsis:

InThe Five Dysfunctions of a Team, Lencioni takes readers through a novel-style fable illustrating five common issues keeping teams from functioning at their highest potential. In his story, Kathryn is a fictional CEO hired to lead a team of rockstar executive leaders, who excel in their individual roles, but have trouble working together. The reader follows along as she guides the characters to overcome their political and interpersonal drama, all while discussing and addressing each type of dysfunction they exhibit.

After concluding the story, Lencioni outlines the concepts of each dysfunction with an pyramid illustration. He dives into each type of dysfunction, explaining how to recognize and address them. At the end, Lencioni offers a quiz that you and members of your team can take to understand your strengths and weaknesses within the pyramid.

Key Take-Aways:

Managing and working as a team not only takes discipline and communication, but also courage to overcome obstacles that can seem personal. The five dysfunctions teams often experience are:

  1. Absence of trust
  2. Fear of conflict
  3. Lack of commitment
  4. Avoidance of accountability
  5. Inattention to results

Reviewers Say:

“Lencioni shares simple truths about teams that should be more intuitively obvious to everyone. Yet, these things are very easy to grasp while being very difficult to actually practice … without practice. This book focuses on what prevents a good team from forming and describes what’s needed. His companion book [Overcoming the Five Dysfunctions of a Team: A Field Guide for Leaders, Managers, and Facilitators] focuses on the implementation of these ideas but does not stand alone. If you only get one, get this one. The biggest problem I see is that both books are framed about C-level and top-level executive teams. Very few mid-managers would have the leverage and ability to implement all of these principles at lower levels of the organization. It’s definitely possible in some cases, but it would significantly more challenging. His principles are universally true, but his coaching is directed at executives.”

“A must-have in any manager’s toolkit. I have loved this book for awhile and regularly give it on loan. A perfect way to understand the people aspect of team and support managers through what is a common situation. Very cleverly written and full of tools to help get dysfunctional teams moving in a shared direction. Also good for some self-analysis as everyone will identify their own character.”

Monthly Must-Read Business Books:

August, 2019 – Blitzscaling

September, 2019 – The E-Myth Revisited

October, 2019 – Influence: The Psychology of Persuasion

November, 2019 – Built to Last

December, 2019 – Multipliers

January, 2020 – Start with Why

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How to Use Yoga to Destress at Work

How to Use Yoga to Destress at Work

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It’s been a crazy day at work today. There are customer issues to deal with, employee management concerns to figure out, and you just realized there was an error in a recent order that was placed. You’re feeling frazzled, and all you really want is to center yourself and find some calm, but your next yoga class isn’t until the weekend, and you’re not sure you’ll make it that long.

You may not be able to use yoga to destress at work, especially if you don’t have the space for a mat or time for the practice, but there are many things you can take from yoga to center yourself in the workplace.

1. Focus on Your Breathing

One way to use yoga to destress at work is by being mindful of your breathing.

“By controlling your breathing to get calm, you start to adjust your nervous system,” says Melody Lima, an E-RYT 500 level yoga teacher. “The stress of day-to-day living and working activates our sympathetic nervous system to protect, survive, and prepare for intense physical activity, like running to safety. By controlling our breathing, we activate our parasympathetic nervous system, also known as rest and digest. Our heart rate slows, blood pressure decreases and our entire body relaxes and calms down. Easy gentle breathing stimulates this process and helps to reduce our stress level.”

Travis Baird, founder of Mindful Productive, agrees: “Even in the heat of an argument, you can come back to center by feeling the air move past your nostrils with one slow inhale and one slow exhale. Then, intentionally bring your focus back to the discussion at hand.”

 

Check out these 3 breathing techniques by Yoga and Meditation Teacher, Caren Baginski:

2. Practice Mindfulness

Meditation, the practice of concentration and mental relaxation, is an integral part of the yoga experience, and one way to use yoga to destress at work. If meditation comes easily to you — great! Take a few moments out of your day to meditate. However, if you find it anxiety-provoking because you don’t know how to quiet your thoughts, practice being mindful instead.

Baird says, “Since mindfulness is non-judgmental awareness in the present moment, you can practice it when you’re opening the building for the day, checking emails, or cleaning your workstation. Normally, we do these activities without any awareness, and as a result, we become disconnected from our routine activities. By practicing mindfulness for just a few moments, you can anchor yourself back in the present moment and enjoy a deeper connection with your lived experience.”

man painting at work while practicing mindfulness

Photo by Eddy Klaus on Unsplash

3. Observe Your Thought Patterns

Our inner monologue can be loud, especially if we haven’t mastered calming the “monkey mind” (as many yogis would call our thought processes). However, the patterns or topics we think about can tell us a lot about how we are feeling, and that isn’t necessarily a bad thing. In fact, we should pay more attention to what our thoughts are telling us, so we can move through them to calmer or happier experiences.

Baird explains how to accomplish this: “First, observe your thoughts for a moment instead of ignoring them. Second, name the experience that you’re having. Do you feel anxious or worried? Is there a tightness in your shoulders or a pit in your stomach? Then, the third step is to choose where to place your focus.When I use this ‘notice, name, choose’ process, I often find myself choosing to focus on one tiny positive and productive step that I can take to reduce the pressure of stress. Or, if I realize that I need to step away from my computer for a few minutes, I’ll take a brief walk outside and choose to focus on my senses as I walk.”

Lean about Monkey Mind so you can understand how to calm it!

4. Move Your Body

You may not be able to break out your yoga mat and move through a sequence in the middle of a busy workday, but stretching or moving your body can be restorative. There are many ways to accomplish this, whether you sit at a desk or are on your feet all day. Lima suggests, “If you sit a lot at your job, stand up. Reach your arms up overhead, and then to your sides, and finally, fold forward to touch your toes. Be kind and gentle by bending your knees and soften other joints like shoulders and hips. This helps to melt away the stiffness, as opposed to adding more stress to joints.”

Check out this short sequence of stretches you can do at your desk!

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business loans for franchise

The Best Business Loans for Franchise Purchases and Improvements

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Are you exploring business loans for franchise purposes? You’re likely bringing some of your own money to the table to finance your dream. However, that doesn’t mean that you won’t need help with other startup costs, future expansion or ongoing funds. You might be surprised at how many options there are in the marketplace. This guide will help get you up to speed on the most popular franchise financing options according to two main objectives: buying a first/additional/multiple franchises and funding existing franchise operations.

Get ready to feel better about your financing options for the next chapter in your entrepreneurial careers. Your franchise ownership goals are within reach.

Buying Your First/Additional/Multiple Franchise Locations

Whether you’ve got your eye on owning your part of a franchise or ready to expand your franchise footprint, you’ll need one of the many flexible-use business loans for franchises.

The three most popular types of franchise financing are:

  • Traditional loans
  • Small Administration (SBA) loans
  • Franchisor financing

Look at how each of these financing options can fit the needs specific to someone purchasing an initial franchise.

Traditional loans

When considering the different business loans for franchises, traditional business loans top the list. Proceeds can help purchase or expand franchise holdings.

Traditional loans are smart financing options for small business owners confident that they have the financials and good credit to qualify. With generous loan limits, highly competitive interest rates, and flexible terms, these loans will likely offer some of the best rates in the market. You’ll need to come to the table equipped with solid financials. The rigorous underwriting process is one of the reasons these loans typically offer the most competitive terms. Traditional loans might be an attractive option. Show three years of tax returns, a strong personal financial history and a good credit score. The lender will verify fund source you’re using for your down payment.

With traditional loans, your franchise choice could play a significant role in the approvals process. Lenders like to see big brand names with proven track records in the market. Franchises with few locations might hurt your application. These franchises haven’t worked in multiple markets and various economies. Yet, if you’re a new franchise owner, a traditional loan can use your personal credit and financial history to launch your new venture.

SBA 7(a) loans

The SBA 7(a) loan program is hands-down the most popular loan program. It’s a reliable option for financing franchise startup and expansion costs. When you use these types of business loans for franchises, you’ll find competitive rates and virtually unlimited use of funds. Loan Limits are generous, and flexible terms are perfect for a franchise on the rise.

The first step to qualify for an SBA (7a) loan is to make sure your franchise is listed in the SBA Franchise Directory. If they don’t list your franchise type, you can apply for participation in the directory (note: the SBA will require additional documentation).

Loan limits are up to $5 million and terms range from 10 to 25 years. Interest rates are generally in the single digits (7% to 9.5% is a good range to consider). Prospective borrowers will usually have to be in business for at least two years. This makes the SBA 7(a) loan a better match for existing franchise owners, or those purchasing a franchise in an industry where they have a proven careers track record. Lenders will use your credit score and business financials for qualification. While the approvals process isn’t speedy, you’re rewarded with some of the best rates and terms, aside from traditional loans.

The only limit to an SBA 7(a) loan is borrowers can’t use the funds to finance franchise or royalty fees. If you choose to go the SBA 7(a) route, make sure you earmark other funds for these startup costs.

Franchisor financing

Many of the nation’s leading franchises offer direct financing to entrepreneurs. Of course, they want to make it simple for owners to get up and running. This one-stop-shop approach is potentially perfect for those looking to open their first location, adding a location, or purchasing multiple locations at once.

While the rates might not be as competitive as traditional loans or the SBA 7(a) loan, there’s something to be said for a streamlined process. As you consider all the options for business loans for franchises, it’s worth it to speak to the franchise and see what options are available. Be sure to have your attorney or accountant review any financing options offered by the franchise. Then you can compare the terms between a traditional loan, SBA 7(a) loan and the franchise’s direct financing side-by-side.

Funding Ongoing Franchise Operations

You may find times where you need a cash infusion to help fuel operations and growth. The best business loans for franchise needs in these cases is the one that matches:

  • The reason you need the funds
  • How long you need to repay the funds
  • How much you need to borrow

Here are three financing options franchises can use to keep operations running smoothly and make specific improvements.

Traditional business loans

If you know you need a fixed amount of cash for an upcoming franchise improvement or expansion expense, a traditional business loan can help. With fixed terms and rates, small business owners can fund franchise expenses with a predictable impact on their monthly budget.

Repayment terms are often flexible, including payment frequencies based on your current cash flow. Traditional loans have stringent qualification guidelines, and not all businesses can qualify with ease. You’ll need to have existing operations with a proven balance sheet, a plan, and your financials in order.

Lines of credit

If you’re looking for a more flexible way to access the cash your franchise needs, a line of credit might be the ideal tool.

Lines of credit can be used for nearly every purpose imaginable. You can draw as much or as little as needed–and only pay interest on the funds drawn. Once you pay it back, your credit line is once again fully available for use. There’s no need to go through the qualification process again.

For businesses that may not qualify for a traditional loan, lines of credit can fill that financing gap. Credit scores aren’t weighed as heavily in the approval process for most lines of credit, either. These features combined make lines of credit ideal to fund everything from cash flow gaps to seasonal inventory ramp-ups. The sky’s the limit.

SBA 504/CDC loans

While the SBA 7(a) loan is an ideal fit for initial or additional franchise purchases, you’ll need a different SBA loan type for funding ongoing business concerns.

The SBA 504/CDC loan has a narrow scope of use. Funds must be used for acquiring, renovating, or improving real estate or equipment. A borrower’s franchise location must also be U.S.-based. This type of loan can help fund making improvements to franchise real estate, buying real estate, or even upgrading heavy equipment to speed operations.

As with the SBA 7(a) loan, your franchise needs to be listed in the SBA Franchise Directory to be eligible. While these loans are slower to fund than traditional bank loans and lines of credit, you’ll likely be rewarded with some of the best interest rates. With all of the options for business loans for franchises, there’s one out there that makes perfect sense for your financials, credit and goals. And, if you’re still trying to determine the next steps in your franchise financing plans, you can always reach out to a loan officer to discuss.

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How to Recover from a Small Business Loan Rejection

How to Recover from a Small Business Loan Rejection

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Rejection always hurts, and when it’s from the bank on a small business loan, it can sting a little bit more than it did in high school. Loans are the lifeblood of most small businesses, and without them, the company could crash and burn. In fact, according to the Small Business Administration, 27% of the small businesses surveyed stated they weren’t able to receive the funding they needed to expand their businesses.

However, there is hope. Many businesses have been rejected only to recover and secure the financing they need on the next application. Here are our tips to help you recover from a rejection.

Determine the Reason

First thing’s first, you need to be able to pinpoint your misstep to correct it in the future. Most lenders will give you the reason that your application was denied and it is usually one of two issues:

  • Low FICO Score
  • Not enough revenue

Before lending to a small business, just like any loan, they want to ensure that you have a solid history of repaying your debts on time and in full. If your business and personal credit scores are less-than-stellar, lenders will perceive you as a risky investment.

Additionally, lenders want to know that borrowers can make the minimum monthly payments on the small business loan. This is where your business’ cash flow comes into effect – they’ll calculate your debt to income ratio to see how you would be able to handle the monthly payments.

Correct the Problem

There are both short-term and long-term solutions. You can’t fix your credit score in a week, but if you make it a priority, over time, you’ll be able to improve it. In the short-term, you can, first of all, ensure that your credit report is error-free. It happens more often than you would think as 23.17% of all complaints to the Consumer Financial Protection Bureau in 2016 were about credit report inaccuracies.

Also, to improve your credit rating, you can take steps to pay off your debts to improve your debt to income ratio which will make you look more favorable to lenders.

To improve your revenue streams and to show the lender that your business is bringing in enough money to cover expenses and the loan payments, you should do your best to reduce expenses while increasing your profit margins. Improving cash flow can be a challenge for some small businesses. However, many are finding success after putting all of their attention and efforts into the process.

Other Things to Consider

There are a few things you can do to improve your odds of securing a small business loan, and are intended to make you appear more trustworthy as a borrower.

You can make a sizeable down payment on the loan to show that you’re serious about repaying the loan. You can also get a cosigner with an excellent credit score to make you appear more trustworthy. However, the cosigner would be on the hook for the loan as well, so ensure that you can confidently make the payments.

If you have a low FICO Score, you should also look into alternative financiers that could provide you with financial options. Big banks aren’t the only lenders out there. Additionally, a low credit score won’t necessarily take you out of consideration with alternative lenders.

What to Do Before Re-Applying

Before potentially going through the frustration and wasted time of a loan rejection again, you need to take a look at yourself and your businesses from the lender’s point of view; are there any red flags?

We recommend taking a hard look at your credit report. Even asking a lender’s advice about any problems they see. It may seem scary to ask them to point out problems, but the issues might arise when you re-apply for the loan anyway. So, it’s better to know beforehand.

managing difficult employees

5 Tips on Managing Difficult Employees

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For most employers, dealing with difficult employees is almost inevitable. Since employees are human, they can occasionally demonstrate inappropriate or undesirable behavior, which must be addressed sooner or later. The stakes are simply too high to ignore these behaviors or pretend they don’t exist.

Why? Think about the repercussions of having one or more difficult employees in your workforce.

A problem employee can cause serious damage to your brand.

When a customer walks away unhappy with their treatment, “this makes them associate poor service and bad quality with the brand,” notes Great People Inside. A “damaged reputation takes years to bounce back from and in some extreme cases, it is irreversible.”

A difficult employee can negatively impact morale in the workplace.

An individual with a poor work ethic, a negative outlook; someone who is a chronic complainer. These employees can sap the initiative of others around them. “This toxicity can impact your entire team,” according to AllBusiness, “and if this difficult employee recruits like-minded employees, the poison can spread and infect your business.” This, in turn, can lead to “performance issues, service concerns, product defects, and potential legal action” if and when wrongdoing occurs. In a worst-case scenario, this problem employee triggers an exodus of valued workers from an organization.

A difficult employee disrupts workflow and productivity.

Any employee who causes a disruption or otherwise impedes the flow of work can also inflict significant harm on the organization. Such employees demand “special treatment” from managers or HR. This results in a loss of time and resources. The longer the disruption goes on, the greater the potential damage to both the business and its brand.

Take action to fix the problem

One or more difficult employees in the workplace represents a potentially serious threat to the company’s well-being. That’s why it’s important to take action, including the following:

1. Don’t let the situation fester.

Sometimes owners or managers know a problem exists with a particular employee, but either ignore it or just pretend it doesn’t exist. This might be the worst strategy to employ under the circumstances. Bad behavior rarely goes away on its own. If it’s allowed to fester, it’s almost certain to spread to other employees as well.

2. Address behaviors, not personality.

When it becomes clear that something’s wrong, have a private conversation with the employee and objectively review the situation. The focus should be on specific examples of undesirable behavior, not an indictment of the individual themselves. Sometimes a problem employee isn’t conscious of their actions negatively affecting others. Describe what he or she is doing wrong in a professional way. Don’t criticize their character. This is more likely to generate revised and improved behavior.

3. Be sensitive about the timing of your actions.

Finding the best moment to talk with the problem employee is important. As Talent Gear notes, an employee who is “currently highly emotional, vulnerable or otherwise unlikely to be able to hear and understand your concerns” probably won’t be moved by your intervention. In the same respect, “if you are too angry to have a calm discussion or to show any patience,” it’s best not to have the conversation at that time.

4. Provide focused coaching.

Look for ways to provide ongoing, structured coaching. Suggest more acceptable modes of behavior and allow time for the employee to adopt these suggestions. Also, be sure to document all encounters with the employee. It’s crucial to establish a history of your interactions, the offer to coach and repair any damage done thus far and other actions you or the employee take. Not only does this “paper trail” help to keep everyone on the same page, it may prove essential if and when any legal action occurs as a result of the difficult employee’s behavior.

5. Make the decision to terminate employment.

When all is said and done, there may be times when the best course of action is letting the problem employee go. It’s never ideal to have to terminate an individual’s employment, but putting it off only makes matters worse. As business owner Gene Marks notes on Small Biz Ahead, “in the instances where I did let someone go … I looked back months later and kicked myself that I hadn’t made the move a long time before I did.” Delays “not only caused more problems in the office, but also I wasn’t showing my existing employees the respect they deserve.”

 

Small business owners encounter many challenges, but having a difficult employee in their ranks is one challenge they must address directly and overcome. The health and well-being of the business depends on it.

 

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joseph hoelscher

Joseph Hoelscher: Using Creative Marketing To Help Customers Avoid Your Services

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If your marketing helps people avoid needing your products/services, it seems like you might be going in the wrong direction. After all, isn’t the whole point to land more customers? In the right situation, though, this counterintuitive approach can lead to terrific results. Joseph Hoelscher, a DWI lawyer and partner at Hoelscher Gebbia Cepeda, built his marketing campaign on one key concept. They want to stop people from driving drunk so they don’t need services in the first place.

Finding a Legal Specialty

Hoelscher has been practicing law for about 14 years and specialized in DWI for several reasons. “I was good at it, it pays well and unfortunately it happens a lot. Anyone can accidentally have too much to drink.”

After working in this field, Hoelscher has seen plenty of the horrible results from DWI. “I’ve had vehicle manslaughter cases where the outcomes have been just horrific. Clients with serious injuries, losing their kids to CPS, and of course seeing the harm done to victims.”

Even though Hoelscher makes his living from DWI law, he longs to see the day when this is no longer an issue. If it meant him practicing another form of law, he’d do it.

Taking a Different Marketing Approach

Hoelscher felt uncomfortable with how the typical DWI firm handles marketing. “I’d see a lot of ads where the behavior seemed almost encouraged: hire us and you won’t get in-trouble.”

He wanted to try something different while potentially helping with this troubling issue. Hoelscher and his representatives attend events where people are partying and drinking, like San Antonio’s version of Mardi Gras, the Fiesta Festival.

At the event, they’d hand people cards with a code for a free Uber ride. “We’d put our info on the back along with a slogan, “we’d much rather you pay for an Uber than our retainer.” Hoelscher would also give these cards to parents at college events so they could pass along to their children.

Building Loyalty

Hoelscher said the response was overwhelmingly positive. “People would get a laugh and make sure to hold onto our cards.” He noted that humor was a good way to bring up the topic. “At these events, people are out to have a good time. We weren’t trying to judge them.”

Even though Hoelscher tried to cut down on DWI with the free rides, he’d still end up getting clients. “People would call, “ah I should have used your free ride.” Or they’d refer a friend, a family member who got in-trouble.”

Ultimately, Joseph Hoelscher finds clients by showing he cares and it shows how you can drive business by leveraging community engagement.

Seeing Cost-Effective Results

“We’ve also run radio, print, TV, and social media ads. The ROI was better on this targeted, personal outreach.” Hoelscher said they pick events where people are going to be drinking, their target audience, and that definitely helps their ROI versus print, radio and TV where they’re hitting a broader audience.

He also commented that his contrarian approach remains affordable. “We’ve had good success with social media, but the cost per lead had quadrupled over the past few years whereas the cost per lead is still the same for our rideshare campaign.” That’s another benefit of trying something unique, you aren’t fighting for resources with the competition.

Finally, he points out that the rideshare campaign helps get more out of his other marketing. “People take pictures of themselves getting into rideshares and link to our social media. When people see our other ads, they remember ‘oh that’s the guy who helped me avoid drinking and driving.'”

joseph hoelscher

Advice for Other Business Owners

If you’d like to try a similar campaign, Joseph Hoelscher says put yourself in the customer’s shoes. “Where are your customers coming from and what’s getting them in trouble?” In his case, he finds that people often drink and drive not on purpose, but because they didn’t plan on how to get home. His firm gives them that ride home they need.

When customers create problems for themselves, he recommends pointing out the issue, but doing so with humor. “If you engage in nonjudgmental outreach, people appreciate it. You aren’t trying to sell on fear.”

Above all, this style of marketing works. It shows customers you care about them. “I’ve had so many clients say they hired me because I was looking out before they had a problem, not like everyone else who only came knocking after they needed a lawyer.”

 

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