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One of the great difficulties entrepreneurs and small businesses face is finding and keeping good employees. It is easily one of the top three front of mind issues business owners share with me, day in and day out. There is a prevailing belief, particularly in Detroit, that their is a paucity of talented, hardworking people. There may and is some truth to that. However, here's a suggestion that could be a game changer, and help alleviate this challenge.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
One of the most frequent challenges I encounter when working with new and established entrepreneurs alike involves overcoming insipid feelings of or a fear of sales. And it’s easy to be dismissive of this necessary but often misunderstood element of business ownership. Because at the end of the day, you’re dead in the water if you’re unwilling to communicate with temerity and unabashed belief about why you believe your services and products are worthy of people parting with their hard earned currency to patronize you.
And you might as well pack your bags if you haven’t developed the alligator skin required to overcome rejection, fears, and anxieties regarding whether your value proposition is superior to the competition. Or any consternation you may be experiencing articulating how you can meet the needs of another party.
The simple, curt response is get over it. And it's true, you must get over it quickly. However, also know that these feelings are natural, and there is a solution.
On the other hand you may be enthusiastically shouting to the rooftops about how great your products and services are, but you’re simply unable to gain traction or people are sprinting the other direction when you introduce yourself.
What I'd submit to you is if you're dealing with any of these obstacles, it may be simply a matter of improving your FORM.
Why is Improving Your Form Necessary
First, we all have to understand that people ultimately won’t conduct business with you unless they like, know, and trust you. Gone are the days when sales professionals took a shotgun approach whereas you overwhelm people with a laundry list of features and benefits, and expect them to succumb to glossy power points, esoteric overviews, or Machiavellian sales pitches.
Because of the advent of the internet primarily, people can mid presentation pull out their phones, and immediately price, feature shop, and literally retrieve hundreds of alternatives to whatever you’re selling. Never mind, you may actually have the most unique, cost effective, and beneficial offering available. In today's world, people win frequently not because of their actual deliverables, but because of their veneer and marketing. And what they’re willing to promise may be more attractive than whatever you’ve cooked up.
People don’t want to be sold, they want to buy. And despite the growing dominance of online marketing and purchasing options, people still desire to spend or invest their monies places where they have developed a relationship of trust. The operative word being, trust.
What is Good Form
I submit that the best way to adapt to this current dynamic is to adopt good FORM. And what does good FORM look like? FORM is an acronym for Family, Occupation, Recreation, & Motivation. Here's the thing. If you can extract information about a person's family, their occupational interests, recreational habits, and the things that motivate and keep them awake at night within the first 5 minutes of your interactions with them, they’re going to start developing warm fuzzy feelings for you.
Now, here’s the thing, people aren’t stupid. Intention matters. You need to be nosy, genuinely interested in them, and how you can help them to gain maximum results. In other words, rather than being focused on being interesting, turn your attention to being interested. If you want to know what good form sounds like, watch the video.
What are some of the benefits of this approach? FORM allows you to qualify individuals, ascertain whether they are your idea client or target market, or whether they have challenges you're best suited to solve. And because you are being genuinely inquisitive and helpful, the party on the receiving end is developing feelings of I like you; I trust you; I know you're here to help me. Taking this approach also allows you to learn about any emotional dissonance, potential objections, or negative exposure to your industry someone may have had experienced allowing you to them in advance.
Remember when people are speaking with you, they are unconsciously processing in their minds: am I enjoying this encounter; am I comfortable with this person; and OK with this person being introduced to other people I know. The quickest route to a destination is a straight line, and it doesn't get anymore straighter and profitable than having a business model that produces large numbers of referrals. To be purposely redundant, people refer others to people that they like, know, and trust.
Know Your Reason Why
One last area where most entrepreneurs drop the ball time and time again, is not having a WHY pitch. Why? Look, money is a means to get things done. It is the life blood of your business, however, it cannot be the sole purpose of your business. The uber majority of people are uncomfortable with unabashed greed. No one’s waking up and saying to themselves, who can I find to extract money from me today.
I lead with my WHY, end with my WHY, lightly sprinkling it in throughout my interaction and presentation with people. At the end of day, I want to attract, build relationships with, and conduct business with my tribe. Or another way of thinking about it is, I want to build a business network of 3000 fans. Ala Tim Ferris slash Kevin Kelly. I'm laser focused on resonating with and attracting people who are looking for what I’m doing, appreciate and value my services, and gladly compensate me for my deliverables. If you want to know what a good WHY pitch sounds like, watch the video.
For example:
I believe ardently that entrepreneurship is empowerment. If you’re tired of being last hired or first fired; become the employer.
If you don’t want to be stuck in a position whereas your ability to level up is predicated upon the next time someone dies or self sabotages themselves, or retires; constantly looking up at someone else's arse for a breadth of oxygen, politicking to be liked constantly..... Entrepreneurship is an answer.
There are two ways to vote. At the ballot box which is very important. Or with your wallet. If you desire to put yourself in a situation whereas you can afford the politicians you feel like you and your community deserves, entrepreneurship is an answer.
Entrepreneurs see things first. We live on the fringes, and seek solutions to pressing problems. Introducing solutions (value) into the ecosystem. And while everyone is not ready for entrepreneurship, we don’t need everyone to be one, just more. And we call can benefit from a more entrepreneurial mindset.
WHAT IS YOUR WHY?
If you want assistance with your FORM, curating a good WHY pitch, or if this small plate resonated with you, and you want more! Like, comment, give me a shout out. Join the email group to receive notifications about my best stuff! Or you want to go a step further, and desire an initial free initial consultation? Check for me in the following links below.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
"Hi JuJuan, I'm doing great, thank you. My aim: I'm trying to get a degree in business and nursing. My challenge is that if I went full fledged into entrepreneurship, my family would not support my idea."
Good Evening Ms. Naomi Campbell & Thank you for taking the time to respond to my message. I celebrate your academic and professional success in advance! And I welcome you to entrepreneurship!
Here's the thing.... families dissuade most people from choosing entrepreneurship. When you choose the entrepreneurial life, you're making a decision to join the approximately 10% of people, who choose to go the opposite direction. 1 out of 10.
Think how we treat the nerdiest people in high school. Think how we treat people when they exhibit weird or disturbing behavior. Almost all of us, dismiss or ridicule them, or have been dismissed or ridiculed for being different. Your family's response is natural, because in most instances they're simply trying to protect you.
What I encourage 99.9% of individuals to do is start part-time businesses on the side. Develop the thick skin, the skills (entrepreneurship is skilled trade), and give yourself enough time to mature into it, like a baby, child, teenager, needs to mature into a sport or artistic endeavor. And once you've developed these entrepreneurship muscles, then step into it with two feet.
I'd encourage one of two things:
1. Start your business on a very part-time basis, beta test your business (if you need insight on how to, let's chat further), earn a couple dollars (earning money shuts up critics real quick), and build up a consistent flow of clients.
2. Or try network marketing, with a good, solid company (track record and a real service). I'm a huge fan of the network marketing industry, because the good companies are inexpensive to join, they provide educational opportunities and professional development (that can be applied to almost any business endeavor), and you can earn while you learn (generate profits right away, shutting down the haters, and building your confidence).
I encourage you to view the following talk by serial entrepreneur and author of "Rich Dad, Poor Dad", Robert Kiyosaki for more perspective. http://bit.ly/kiyosaki_businessof21rstcentury
I'm excited for you, and respect your tenacity "Future Business Owner."
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
The percentage of businesses that successfully transition to the next generation:
30% of businesses to the 2nd generation
12% to the 3rd generation
3% to the 4th generation
When you consider what this means practically speaking, this represents an epic loss of wealth. For example, let’s take a business that consistently generates $50,000 a year in revenues for example. A business succession plan is put into place that accounts for the reality that the kids may not want to operate it, but they’re ok with managing it, or owning it.
Over the course of 20 years that’s $1,000,000
Invest 50k annually into an asset that gives you a 5% return = 1,653,563
Over the course of 40 years that is $2,000,000
Invest 50k annually, 5% return = $6,341,988
Over the course of 80 years that is $4,000,000
5% = $50,989,513
You see where this is going right? It’s enough to make you sick to the stomach when you’re a former investment advisor operating in the B2B space, and speaking with business owners who are so nonchalant about putting a business succession plan in place. No this simple illustration doesn’t account for taxes….
BUT, It doesn’t account for capital re-investments, and it doesn’t account for what the numbers look like at the 3rd and 4th generation either.
This is what I’m thinking every time I’m sitting in front of a small business owner, with an even smaller vision. The impact of not having a business succession plan is disastrous.
HELLO FELLOW ENTREPRENEURS 100% OF US ARE GOING TO DIE.
WHY IS ARE BUY SELL AGREEMENTS AND KEY PERSON AGREEMENTS IMPORTANT?
It costs 250% of a key employee’s salary to find a replacement. Wow.
When you’re first starting out in business, your key employees are your system. They are invaluable.
Some would say they can’t afford to pay their key employees more…. However compensation can take many forms. If you’re saying these things, you’re not being creative or thoughtful enough. Also, if you want to truly own or build a business (something that functions independently of you), you cannot afford not to invest in your key employees.
You can make a lot of money and be a bad business owner. I’ve seen this a million times. An entrepreneur that knows how to generate revenues, but won’t onboard employees or potential partners who are superior to them in some area; refuses to invest in a business plan, origination documents (operating agreements, NDAs & confidentiality agreements, non-circumvents, or actual contracts), because they must focus on the bottom-line.
AND WHAT IS THE BOTTOM LINE? ARE YOU BUILDING A JOB / CONTINUAL HAMSTER WHEEL FOR YOURSELF, OR BUILDING A BUSINESS?
No systems. No key employees. No business. Or they don’t want to give up any ownership. Ok. What do you want? 10% of a 25 million dollar company or 100% of $100,000 that you have to toil 24/7 around the clock to keep afloat?
Documents that you should view as frequently as you view your bank account statements:
Cash Flow Statement
Balance Sheet
Income Statement
Borrowing from family to start a business is a problem (especially if they need their money back); because the ROI on a business typically isn’t going to come back right away.
Estate Planning for Business Owners. What does it address? Why is it a Priority?
What happens in the event of death, disability?
Especially as it relates to ownership? Don’t assume.
Who is going to be responsible for dividing things up?
How are things going to be divided?
If you best friend, business partner, brother dies, do you really want to have to make decisions with his absent wife and four children?
What if you have three children:
Child 1: is a knucklehead.
Child 2: wants to be an artist or teacher, and has no interest in the business at all.
Child 3: was parroting your sales pitch perfectly by four years of age, and by age 13, was generating more prospects per week for the business than you are.
Should each child really have equal say so, and receive equal interests in the business?
RULES TO LIVE BY:
Have a professional (an estate planning attorney) build the estate plan
Have witnesses, and put everything in writing
Don’t delay on the plan. No one rehearses funerals.
A couple slides to take note of.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
