Small Biz Musings - By a small town girl.
Small Biz Musings - By a small town girl.
Small Biz

Pivot Part 3: Planning and Action

I know we’re all sick of the word pivot, but I gotta finish the blog series so just hold on through this last part. If you’re new to this riveting blog series, read Part 1 here and Part 2 here.

Let’s wrap this sucker up and discuss the painful steps I had to take as a business owner to ensure my company survived and continues to survive this damn pandemic.

Step 3: Planning

Our office manager and I spent a lot of time on this phase, we sat through countless calls and webinars with the Grand Rapids Chamber and the Small Business Association of Michigan determining how to implement what we had learned in the education phase.

The key to our success, thus far, is absolutely the people and companies we surrounded ourselves with. Always hire people smarter than you and retain companies that possess the expertise you don’t.

The first thing we did was map out our priorities and the steps we needed to take:

  • Finances: We knew we had to layoff staff immediately, apply for funds available through grants and the federal government, and cut expenses. We determined what grants we would go after, identified the information we would need to apply, and then reached out to our accountants at Hungerford Nichols to pick their brains on other options.
  • Layoff: I pride myself on being very transparent and honest with my staff. Once we made the difficult decision to layoff two staff members, we set a date and asked other staff to work from home that morning to respect the privacy of our two employees. Our office manager sat down with each of them and assisted them in applying for unemployment as well as providing them the information they needed from 8THIRTYFOUR. We also checked in with them weekly to see if we could offer any other assistance.
  • Staff conversation: We spoke with staff immediately and let them know the tough decision we made. We answered any questions they had and talked about next steps. I honestly thought they would think I failed them, I certainly felt like I did. They were amazing, I honestly could not ask for a better team, they were understanding, complimentary, and appreciative. It was an incredible relief the way they handled it.
  • Work from home: I know of multiple companies that struggled with their employees working from home. It was definitely a transition for us. We wrote up a policy, purchased Zoom to stay connected, and adhered to our same hours…although I had to step in when staff was working too much. It’s one of the reasons we wrote the blog on working from home guilt. I was concerned they would become burned out.
  • Staff morale: Our team thrives on togetherness, we all really like each other, and being a small team we are pretty tightknit, not to mention very social. To keep spirits up, I sent packages bi-weekly to their homes. I sent a journal with notecards, an inspirational book, and a coloring book and markers. It was as much for me as for them, I wanted them to know how much I appreciated them.
  • Worst case scenario: My leadership team and I mapped out our worst-case scenarios to help us plan our steps to recover. We outlined milestones that if we hit we would take the next step in the plan. For example, if we lost another client, we would cut staff salaries or we would negotiate our office rent.

Step 4: Action

I’m not going to map out every action we took, but below is what we were absolutely consistent on which I truly believe set us up for success.

  • Daily internal check-ins
  • SBAM daily briefings, including the weekend
  • Calls and emails with our banker, accountant, and lawyer
  • Research, research, and more research. We read every piece of information out there – PPP, EOs, and every other acronym.

We also worked around the clock, we had calls on the weekend and were in constant contact. Well, things have started to settle down, we know returning to work is our next big priority.

We lost revenue, employees, and a lot of peace of mind…but we survived. Years from now I will reread these blogs to give myself some much-needed perspective when things seem dire for a completely different reason.

 

 

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Small Biz

The benefits of team retreats

The 8THIRTYFOUR team, took time out to reconnect, strategize and explore a small town in Northern Michigan this past week. Since we began implementing the Entrepreneurial Operating System® (EOS®), we have made it a priority to spend time talking about the company, plans for the future and each employee’s individual goals. The benefits for doing so are hard to see at the time, but looking back now on a year of EOS®, it is very evident how important ‘company time’ is.

Here are the top 3 reasons, to disconnect and reconnect.

  1. One vision, one team. Having all staff members working towards the same goal will only make your company stronger; this will involve transparency on the side of the leadership team. Be willing to share revenue and organizational goals with staff. At our yearly retreat, we discuss one-year and three-year revenue goals, as well as future org charts. We also take a look back on the current year and see how we are tracking to meet the goals set the year prior. This is a great time to ensure everyone is clear on what is important moving forward and how the work they do daily is contributing to the success of the company.
  2. Temperature check. A fun exercise to lead with your team, is called roses and thorns. It is an interactive way to identify strengths, weaknesses and improvement areas within your company. Our friends at Atomic Object break it down for you here. This exercise gives you a snapshot of what each team member thinks the company is doing well, could do better and needs to focus on for future goals. For example, our team identified that we do a great job at client reporting, which is something we have worked very hard at streamlining and perfecting in the last 6 months. We also noted that we need to do a better job talking about community engagement and highlighting the importance of it. The best part is the exercise sets the foundation for your quarterly and yearly goals.
  3. Fun. Employees work hard for you and they deserve a little fun and relaxation to recharge for the upcoming year. Your retreat should be an even mix of planning and team bonding. I know that is hilarious coming out of my mouth, but when you are intentional about culture, your company will flourish.

What else would you add to this list? By the way, Leland is gorgeous this time of year and there is an amazing bookstore you have to check out.

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Small Biz

2018 Planning

The holidays are a great time to sit back and strategize on your business for the coming year. The weeks leading up to Christmas are a great reprieve from email, meetings and conference calls.

So make the most of it and set your goals for 2018. Grab the spiked Eggnog, a cozy blanket, your laptop and lets get to work.

  1. Before you get started, take a look at what you accomplished in 2017. Focus on the positive, what did you do well? What was the most profitable part of your business? For example, 8THIRTYFOUR grew our digital division while we saw a steady growth in public relations services as well.
  2. What didn’t work this past year? Make a note of the issues the business encountered. What did you do to correct it? Do you need to add this to your plan for 2018? This past year we tackled strategic planning, which resulted in some really tough business and staff decisions. What this did, was set us up to hit our revenue goals in 2018.
  3. Ok, now that you have taken stock of the past year, it’s time to look ahead. What is outside your control that can affect your business? Just recently the GOP passed their tax plan, what does this mean for your business? Will this impact your revenue? What can you do to offset it?
  4. Let’s talk numbers. What are your revenue goals for 2018? Setting this will determine your plan of action, which is the next step.
  5. Great, we got numbers…but how are you going to achieve them? Might, I suggest looking at the digital realm? Whatever your business might be, your potential clients are more than likely looking online to find you offer. If lead generation is a goal (isn’t it for everyone), then marketing must be a priority. And yes, it takes money to make money.
  6. Good, we all agree – marketing is super important. With your tools and tactics mapped out, you need to create a roadmap or timeline. Pull your leadership team together and set the milestones to reach your goals – break it down by week, month, 90 days.
  7. Looks like you are all set for 2018! Wrong. You need a ‘oh shit’ plan, because nothing ever goes according to plan. If you suddenly lose a major client, what will you do? Outline the steps you will take to protect your business.

Now that you are thoroughly buzzed up from your Eggnog…pat yourself on the back for taking this slow time to plan for the coming year. Oh, and call 8THIRTYFOUR so we can launch that lead generation strategy.

2018 is going to kickass.

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Small Biz

The value of core values

The definition of core values according to dictionary.com is the below:

Core values are the fundamental beliefs of a person or organization. … Core values also help companies to determine if they are on the right path and fulfilling their goals by creating an unwavering guide.

Just this week we rolled out 8THIRTYFOUR core values. As we move into our 10th year, it is important that our small team is on the same page on what the agency embodies and what our approach is.

I’ve never been one that thought defining a vision or core values was important, honestly it sounded pretty cliche’ to me.

Here is why I was wrong:

  1. If your staff doesn’t know what you stand for, then how are they supposed to embody it? For example, one of our core values is “We are not assholes.” That means we go above and beyond for our clients, are respectful of each other, approach each day with a positive attitude and go out of our way to make others feel welcome.
  2. Our tagline is “It’s About You.” We do a great job communicating this to our clients as an outward facing message, however the message you communicate internally is just as important.
  3. Core values build camaraderie. We asked each staff member to display 8THIRTYFOUR’s core values at their desk. It serves as a reminder of what is expected and what their job performance will be measured on. If an employee doesn’t live and display those core values then you know there is an affect to the overall culture.

Core values have given 8THIRTYFOUR a measurement for all future employees and clients. Once you have your core values defined then you can build the rest of your plan for a year, 5 years and 10 years.

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Small Biz

KPI and other acronyms that frighten me

When I first heard of KPIs (thanks Sue), I immediately felt dumb. I mean, what the hell is a key performance indicator? Also, why are there acronyms for everything?

Sarcasm ahead.

Anyway, back to KPIs. Apparently it is good to set these for your team, who knew?  To save you the embarrassment of asking what these are and then being mocked, let me break it down for you.

The dictionary defines KPIs as: a quantifiable measure used to evaluate the success of an organization, employee, etc., in meeting objectives for performance.

Doesn’t that clear it up for you? Essentially, KPIs are goals that you can measure, meaning you will know when a person meets that goal because you have defined what success looks like. When setting these with your team, do the following:

  1. Make sure you are on the same page. Ask your employee to describe what they are responsible for, then compare to your expectations and adjust accordingly. This will help you define areas of responsibility which play into determining the KPI.
  2. What is the main purpose of the role? What is it they do that has the biggest impact on your business? For example, our project managers are responsible for client retention and growth.
  3. A KPI must be measurable. This doesn’t mean it will translate into dollars, it could be a behavior such as demonstrated collaboration. KPIs are easy to understand when you look at them as dollars and cents. For example, our web division is currently at $$ net revenue and by the end of 2017 they are expected to be at $$$. For a project manager, it could be keeping a client happy which results in them staying on with 834. In other words, of the 8 clients you manage the KPI is retain all of them into 2018.

If a KPI is a behavior, it could be Employee X needs to demonstrate collaboration in the following ways: attendance at all team meetings and participation in the annual strategic planning retreat. Obviously the more detailed the better.

Once the KPIs are set, be sure to schedule check-in times with the various team members to help them stay on track and to keep you apprised of their progress.

The fact is, KPIs are measurable goals. Success is defined by A and B and they will do C and D to meet A and B. I am certain that last sentence couldn’t have been clearer.

What do you think?

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