CATCHJSBUFORD

Wealth & Legacy Building is Skilled Trade. Learn Why Having An Estate Plan (Will, Power of Attorney, Medical Directives, Trust Planning) Important?

Posted by JuJuan Buford @JSBUFORD

 

Estate Planning 101 Overview. Click the pic to learn.  

 

 

IF YOU ARE A BUSINESS OWNER OR YOU OWN REAL ESTATE 

WHAT CAN HAPPEN IF YOU DON'T HAVE AN ESTATE PLAN? 

 

1. YOUR BUSINESS OR ASSETS COULD END UP IN PROBATE COURT

During probate, the court oversees your will’s administration to ensure your assets (including your business  and or real estate holdings) are distributed according to your wishes. However, probate often takes months to complete and can be extremely costly for your heirs—both of which can seriously disrupt your business operations and even lead to your company’s ruin. 

In other words, your business and other assets will be held in limbo, and if you need important decisions, transactions, or other important affairs to be handled there is a good chance your affairs won't be executed. Your family or business partners may know how to operate your business and assets, but their hands will be effectively tied. And perhaps worst of all, probate is a public process, leaving your business affairs open to whoever wants to know what’s going on.

All the aforementioned means paying additional expenses to access your assets, and it opens to door for others to try to disinherit your family and business partners. The confusion may also inspire or prompt other family members to cause conflict, further depleting your business or real estate holdings. 

2. IF YOU ARE INCAPACITATED OR UNCONSCIOUS, OTHER PEOPLE NOT OF YOUR CHOOSING, CAN DETERMINE HOW YOUR CARED FOR, AND MANAGE YOUR BUSINESS AFFAIRS

Gasp!! There shouldn't need to be much more said here.

The court will appoint a “financial guardian,” sometimes called a conservator, to assume control of your assets. What is the likelihood that they'll operate your business or affairs like you intended? What kind of conflicts might arise between family members, your business team, employees, and your clients (yes your clients and tenants will find out that you're missing in action). 

When you return, it may be to a pile of rubble. Who is determining compensation, how to handle disagreements, or promotions? Who is going to execute your road map?  

 

3. ABSENT AN ESTATE PLAN, KISS YOUR DREAMS OF GENERATIONAL WEALTH AND LIFTING AS YOU CLIMB GOODBYE   

As an entrepreneur, most of your time, monies, and financial well being, and wealth is likely tied up in your business; especially if you're a start up, or first generation business owner. If an estate plan and business succession plan is not implemented, how is the business to be transitioned properly to the next generation, or at the least sold for a fair price that enriches the family.  

Questions that need to be answered

1. What family members or children are best equipped to actually manage and own, operate, and build the business. Each one of these elements are skilled trade. 

2. How do you make other family members whole (keep them from being disgruntled) who are not included in the ownership, operation, and building of the business? 

3. What are the guiding principles or management philosophy regarding the management of your business and or real estate holdings (rent, buy and sell, fix and flip, etc., etc., etc.......)

4. Or maybe, it would be best to set up some type of arrangement whereas an employee, member of the leadership team, or an outsider manages, operates, and builds the business, and the family is compensated for a period of time. 

Often physicians, accountants, financial agency owners, attorneys, real estate investors, engineers, construction professionals, accountants, architects, and other service and technical assistance providers choose to operate their businesses under the owner-dependent model, as do many general contractors, local restaurant owners and countless other businesses. Owner-dependent, meaning every or almost every critical decision is made by you, the owner. 

When the owner dies, the family is finally thrust into making business decisions (assuming it survives probate court) like continuing liability coverage. Did you have buy-sell agreements, key person obligations, and other financial arrangements to insure a cash infusion is made into the business to acquire the expertise, talent, and experience that no longer exists with the owner's passing? How about estate taxes? 

Learn what happens when people die without having accounted for estate taxes.

 

What's next? The best time to learn, plan, make decisions, and implement estate planning decisions is before you die. 

Set an appointment today. Worried about the expense? Don't be. 

Learn more about estate planning, and how we help you acquire big business resources for your small business dollars, and protect what matters most today. 

 

#entrepreneurshipisempowerment

_______________________________________

JuJuan Buford is a Detroit native, entrepreneur, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Learn More & Follow him online here:

Website: https://thebufordco.com/
Website: https://www.nextoppsocial.com/  

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD

Trademarks and DBAs: What’s the Difference?

Posted by JuJuan Buford @JSBUFORD

 

 

By Deborah Sweeney | January 14, 2020

 

 

Trademarks and DBAs may seem like the same concept, if you’re fairly new to understanding small business terminology. Trademarks may include business names and other media that distinguishes a startup and its uniqueness to the world while a DBA is an acronym for “doing business as.”

 

Businesses may register for trademarks and DBAs to protect their marks. However, each form of protection has a different function for your company’s intellectual property. Let’s take a look at what sets trademark and DBA registrations apart and whether or not entrepreneurs receive exclusive rights to both marks.

 

Trademarks

A trademark protects much more than the name of a business. Additional media that may qualify for trademark registration include phrases and taglines, logos, symbols, and designs unique to the business.

How do you know that your trademark is unique? The easiest way to find out is by conducting a trademark search. One of the simplest ways to start doing this is to search through a trademark database. Consider using The U.S. Patent and Trademark Office’s popular tool called the Trademark Electronic Search System (TESS). This database allows you to see which trademark applications have already been registered or if there are any pending or similar marks. If you notice a pending or registered mark is similar to your own, you’ll cannot register your existing mark. Your impending registration will infringe upon the other mark. Instead, you will need to revise the trademark you wish to register to be a bit more unique or come up with a new idea altogether.

If you discover that there are no pending applications for your trademark, it’s a good idea to start filing for federal trademark registration. File a trademark application with your local Secretary of State or get help from a third party document filing service, like MyCorporation!

The sooner you file to register a trademark,.... (continue reading @ https://gosmallbiz.com/trademarks-and-dbas-whats-the-difference/)

 

Do you have additional questions, desire consultation, or would like assistance with setting up your own trademark or DBA? Click the following link to set up a free consultation today! > https://calendly.com/jsb_business_solutions

 

 

CLICK THE LINK TO SUBCRIBE

 

#entrepreneurshipisempowerment


__________________________________________________

JuJuan Buford is a Detroit native, entrepreneur, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Learn More & Follow him online here:

Website: https://thebufordco.com/
Website: https://www.nextoppsocial.com/  

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD

 

 

VERY IMPORTANT QUESTIONS YOU NEED TO ASK WHEN STARTING A BUSINESS

Posted by JuJuan Buford @JSBUFORD

 

IT’S NOT WHAT YOU KNOW THAT KILLS YOU IN BUSINESS. IT’S WHAT YOU DON’T KNOW. THE SMALL DECISIONS TODAY, CAN CUT DEEPEST TOMORROW. BE CURIOUS. BE A LITTLE PARANOID.

 

• ASK WHAT TYPE OF BUSINESS STRUCTURE WOULD BE MOST APPROPRIATE? DON’T ASSUME THAT AN LLC OR A DBA IS ALWAYS THE MOST APPROPRIATE. WHAT IS THE DIFFERENCE BETWEEN AN DBA, LLC, S-CORP, C-CORP, L3C? 

• WHAT IS THE DIFFERENCE BETWEEN A SINGLE-MEMBER AND MULTI- MEMBER LLC?

• ASK HOW DO YOU KEEP YOUR BUSINESS COMPLIANT OR IN GOOD STANDING? 

• ASK WHAT ARE THE TAX REQUIREMENTS, RESPONSIBILITIES, AND CONSEQUENCES ASSOCIATED WITH EACH BUSINESS? 

• WHAT TAX DEDUCTIONS AM I ELIGIBLE FOR? WHAT IS THE SELF EMPLOYMENT TAX? 

• SHOULD I PAY MYSELF 1099 VS. W-2?

• WHAT IS THE TAX RAMIFICATIONS OF PAYING MYSELF 1099 VS. W-2?

• IF I HAVE A BUSINESS PARTNER, A FRIEND, A PART TIME OR FULL TIME EMPLOYEE THAT WORKS FOR OR WITH ME, SHOULD I PAY THEM W-2 OR 1099? 

• IS THERE CITY, COUNTY, STATE, OR FEDERAL LICENSING REQUIRED TO START MY BUSINESS?

• HOW CAN PAYING SOMEONE UNDERNEATH THE TABLE HURT MY ABILITY TO GROW MY BUSINESS?

• HOW DO I AVOID COMMINGLING PERSONAL AND BUSINESS INCOME? WHY IS IT IMPORTANT? 

• HOW DO I PROTECT MY INTELLECTUAL PROPERTY RIGHTS? YOUR BUSINESS NAME? YOUR DESIGNS, LOGOS, OR SYMBOLS THAT IDENTIFY YOUR BUSINESS? WHAT IS A COPYRIGHT? WHAT IS A TRADEMARK? 

• DON’T SIGN CONTRACTING, AFFILIATE, LICENSING, OR VENDOR AGREEMENTS WITHOUT HAVING AN ATTORNEY REVIEW IT. 

• WHY IS An INDEPENDENT CONTRACTING AGREEMENT IMPORTANT?

• WHY IS A CONFIDENTIALITY AGREEMENT OR A NON-DISCLOSURE AGREEMENT IMPORTANT? 

• WHAT IS THE DIFFERENCE BETWEEN A NON-COMPETE AND A NON-CIRCUMVENT?

• WHAT IS AN OPERATING AGREEMENT & WHY IS IT IMPORTANT? 

• IF YOU ARE SECURING CUSTOMERS/CLIENTS ACROSS STATE LINES, WHAT IS YOUR TAX EXPOSURE / RESPONSIBILITIES?

• IF I LOAN MY BUSINESS MONEY OUT OF PERSONAL INCOME, HOW DO I ACCOUNT FOR IT?

• IF SOMEONE GIFTS ME MONEY, OR LOANS ME MONEY, HOW DO I ACCOUNT FOR IT?

 

This list is by no means complete, but these are the questions I wished I would have known to ask, and received answers about when I first began my entrepreneurial journey 20 years ago.

Desire additional information? Or additional technical assistance? Listen the following corporate overview to learn more about how we may be of service to you. > Abbreviated Audio of Small Business Support Services

 

AND REMEMBER,......................

 

 

#entrepreneurshipisempowerment


__________________________________________________

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Follow him online here:

Website: https://thebufordco.com/
Website: https://www.nextoppsocial.com/  

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD

 

 

 

 

 

Starting a Business With Family. No One Wins When the Family Feuds.

Posted by JuJuan Buford @JSBUFORD

 

Disclaimer: This content has been made available for informational and educational purposes only and is not meant to be a substitute for legal, accounting, or other professional advice. If you have specific questions about any legal matter, you should consult with an attorney or other professional services provider.  

 

You’ve started a business with a dynastic vision serving as your inspiration. You scheduled the family gathering, corralled all the interested parties, inventoried everyone’s commitments, and stepped boldly into the incredible future that awaits you. Very soon the capital starts pouring in, and smiling faces and good feelings abound. You’ve won. 

However, just as there was a beginning to the honeymoon, there will be an end. The open house was a hit, and the winds of support and enthusiasm are very much still at your back. However, there’s been some attrition. A key employee has recently become engaged, and is planning to move to another state. Another found a better job, allowing for more time with the children. A couple family members have begun to behave nonchalantly, arriving late and leaving early. 

You’ve exhausted your warm market collectively, and entrepreneurship is skilled trade. Unfortunately, you’re discovering that much of your staff doesn’t  have the skills to pay the bills. This new phase of your business requires that you upgrade your current roster of employees, and invest in marketing your business more effectively. Additionally, after a couple months of managing your accounts payables and receivables, you’ve realized you need to tighten up your operating expenditures. In other words, you turn off the spigot on unnecessary spending and immediately put a halt to family members using cash deposits, and the business account like their personal piggy bank. 

In business - especially in the beginning - you often have to do things you’re not being compensated for, so later on down the line you can be compensated for things you longer have to do. Your people are still investing time and energy, but some are feeling entitled to receive more income because of the increased profitability, ignoring the fact that reinvestments need to be made. 

Does any of this sound familiar? If so, you know what is about to happen next. 

Very soon people’s feelings begin to creep into discussions and impact expectations; accountability begins to fade; and smoldering animosities begin to surface. Finally, one of the siblings, aunts, or cousins decide they’ve had enough and want their initial investment back. Another, decides to start up a competing venture, and siphon your business resources to launch it without telling you. And depending on how much time you can dedicate to bandaging egos and wounds, accusations of theft and betrayal begin to inundate relationships, and the rest becomes bad history.  

Unfortunately, some version of this narrative transpires everyday in business, and often with devastating consequences. The owner or owners believe these people are my friends, my family, and lacking the business acumen and professionals who have the life experience to help owners prepare and anticipate these challenges there misguided beliefs often become their own undoing. Call it willful ignorance, pomposity, or a combination thereof. The bottom line is these types of conflicts can be more easily managed and avoided by taking a couple simple steps. 

 

Implement An Operating Agreement / Partnership Agreement

Plainly speaking an operating agreement is an arrangement between members or shareholders of a business entity regarding how they conduct business affairs. It spells out the rights of members or shareholders, obligations, and procedures regarding how the business is to be managed. It provides clarity, and helps parties stay in their lane, and play nice. 

As a business owner/s your value proposition can be phenomenal and you can be surrounded by all the talent in the world, but if individuals aren’t clear about what is expected of each other, things can go south very quickly. People don’t rehearse accidents resulting in disabilities, untimely deaths, divorces, or simply losing personal interest in a business. And regardless of how fine of character you believe someone to be, we all have been surprised at one time in our lives by wolves hiding in sheep's clothing. Operating agreements resolve these issues and more. 

• Voting rights,
• Issues related to parties leaving and possibly becoming competition,
• How a buyout may need to be handled,
• How & When profits are distributed,
• Expectations regarding how monies invested will be handled, 
• Buyout provisions,
• Clarification regarding roles and responsibilities,
• What happens in the event of disability or death,
• How the business will manage its tax obligations and debts,
• And how personal infusions of cash will be handled. 

As an aside, having an operating agreement also helps to demarcate the lines between personal affairs and business affairs, offering greater protection from legal challenges arising from tax issues as well. 

 

Non-Compete, Non-Solicitation, Non-Circumvents

These documents place restrictions upon employees, contract workers, shareholders, and even passive investors from directly or indirectly competing against your business. Depending on how these documents are drawn up, they can address issues relating to an employee or contractor joining another competitor while employed by you, after the end of working relationship, or a period following termination. They can also be effective at preventing parties from investing in or lending monetary assistance to a competitor. 

They are especially effective at preventing or limiting activities such as disclosing confidential information, information regarding clients, sharing information for the purposes of disparagement, or usurping activities involving suppliers or providers of technical assistance.

 

Address Intellectual Property Concerns Upfront - Trademarks & Copyrights Specifically

Trademark protections can be used for business names, logos and symbols, and some creative artifacts, assuming they are being used to distinguish, or identify goods and services being offered by a specific person or entity. In other words you trademark content that is being used to brand or draw a distinction between you and your competition. 

You can register for trademarks on the state level or employ ghetto copyright tactics however taking these steps only offer limited protection, and if your intellectual property rights are abridged, there is a strong likelihood that you will not be able to pursue punitive damages. And complications can occur resulting in your rights being denied altogether. 

In other words, don’t do it. Your intellectual property rights are evergreen. They have long term value, because they are assets. Invest in your assets casually, and your business will become a casualty. Go through the proper channels, and don’t cut corners when it comes to your IP rights. While filing a trademark registration yourself may be the least expensive method, you may encounter name conflicts or other registration issues that require legal or other trademark professional input.

Employ copyrights to protect written works, artistic expression, songs, paintings, and drawings, designs, symbols or logos even if the work is purely for decorative purposes. If you desire for your business to grow away from you, meaning become an income producing asset that generates revenue independently of your sweat equity, copyrighting your content is essential. While some protection exists without registration, such as a copyright, you need to register for protection of other intellectual properties and generally to defend your property rights in court, including copyrights. 

To help assess whether you want to file trademark or copyright registrations yourself review the following sites for additional information::

United States Patent and Trademark Office > https://www.uspto.gov/trademark

United States Copyrights Office > https://www.copyright.gov/

As with anything, it is best to be proactive. Take the time to determine ownership rights of all intellectual property before launching and be sure to determine how intellectual property will be handled in the event that a business is dissolved. 

 

While there are no foolproof methods to prevent conflicts from occurring when conducting business with family, especially if there isn’t an established culture (hierarchy) of business ownership and collaboration among relatives. These aforementioned considerations can both dissuade and provide incentives for desired outcomes. And in the event that things do go south, there is an established blueprint and road map to resolve conflicts, rather than decisions being made in the heat of the moment or while passions are high. 

Lastly, understand the moment you believe you know it all, your obituary is being written. No different than an athlete believing they no longer have to review film or prepare any more. Seek professional guidance and expertise regarding these matters. And remember nobody wins when the family feuds.

 

__________________________________________________

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Follow him online here:

Website: https://thebufordco.com/
Website: https://www.nextoppsocial.com/  

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD

Interview with Mari G. Byrd, Founder of Facebook Broadcast "Becoming the Best Version of You"

Posted by JuJuan Buford @JSBUFORD

 

In this interview with Mari G. Byrd - Founder of Facebook broadcast "Becoming the Best Version of You" and Detroit civic leader - we cover some of the biggest mistakes and potholes that sideline entrepreneurs frequently, and stops entrepreneurs can take to thrive during the pandemic. 

We know that there are two, starkly differing tales to the pandemic induced recession that we are all experiencing, however while some are suffering, there are others that are growing, prospering, and significantly improving their circumstances in the marketplace. 

Tune into this interview to learn how you can as well.  

 

 

 

#entrepreneurshipisempowerment

__________________________________________________

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Follow him online here:

Website: https://thebufordco.com/
Website: https://www.nextoppsocial.com/  

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD

YouTube: http://bit.ly/catchjsbufordatyoutube

Facebook:  https://www.facebook.com/catchjsbuford/  

 

Winning on LinkedIn as an Entrepreneur: Engagement, Branding, Scheduling Appointments

Posted by JuJuan Buford @JSBUFORD

 

What follows is a redacted training from Sunday, May 24th at 3:00pm, Business on LinkedIn: Engagement, Branding, Scheduling Appointments, sharing effective strategies for establishing presence, garnering credibility, and onboarding clients on LinkedIn.

 

Know Who Your Target Market is or Buyer Avatar

Take time to understand what your end user or ideal client is interested in; what they're searching for; and reflect on the type of content that would attract their attention. Understanding that people's favorite station is WIIFM (What In It For Me) is a reoccurring theme throughout this training. Inevitably sharing what you want your audience to know about you will waste a lot of time, energy, and currency, if you don't understand what they want to learn. 

If you own a hair distribution company, and your products are high end. Ask yourself, where are my high end clients? What type of occupations do they have? Where are they spending their time online, whether it be for the purposes of networking or sifting for opportunities to level up? What are their habits?

For example. Womenpreneurs and women who are higher achievers in corporate america have both the disposable income, and are motivated to brand themselves as successful, well off, sophisticated, etc., etc., They are more inclined to invest in the veneer. I'd find a way to curate content that directly takes aim at this desire. Rather than posting a million hair product pics on Instagram competing with everyone else doing the same thing, especially if you don't have the capital to spend or access to influencers in the beginning stages of your business. 

I posted an article that is a good precursor to the remainder of the content that follows regarding how to show up for prospective clients. It is a brief recap of advice shared with a creative entrepreneur looking to gain traction on LinkedIn. 

 

Who is Your LinkedIn Title or Profile Description Serving? Jettison the Idea that LinkedIn is Your Resume. LinkedIn is a Landing Page.

Is your LinkedIn title a vanity project to show off how credentialed you are, or is it worded to let the world know how you may be of service to them. Remember to view your content through the eyes of your ideal customer. Jettison the idea that LinkedIn is your resume. LinkedIn is one of your landing pages. 

Remember, you're not interviewing for a job. You're not a W-2. You're looking to attract a buying client, who is motivated to secure your services or products. 

Ask yourself, which set of profile descriptions are going to attract the attention of a person who is primed to acquire a service or product from you?

OR

Which Set of LinkedIn Summaries Informs Your Audience About How You Can Be of Service to Them?

OR 

What is Your Body of Work? Third Party Credibility Wins on LinkedIn

 

Content is King. Be the Subject Matter Expert (SME) on LinkedIn.

Start With a Salutation As Opposed to a Presentation

Be a human being that is interested in the people you are marketing to. Be more than an instant sales bot. I've read some really good first approaches, and no doubt some of them work on a macro-level, especially if you have the budget to pay for mass advertising techniques.

It's like paying for 10,000 pieces of mail, knowing only 100 people will lay their eye balls on the contents, to land 1-5 good clients. If you have it in the budget to pay $10,000 to $20,000 to to execute this technique, and your average client results in compensation of approximately $10,000 it can work. 

Remember, people ultimately conduct business with those they like, know, and trust. People don't like being spammed. People, don't know you yet, so you better get them to like you right out the gate. And depending if you've curated your title and summary correctly, and outfitted your LinkedIn page with plenty of third party credibility, they may not trust in your ability. 

Don't show up like this during an initial connection request.

Try showing up like this instead.

How Do You Lean In, & Ask People to Do Business with You on LinkedIn

Well, first off don't be weird or behave like a bull in a china shop. What do I mean by weird or obnoxious behavior? Read the following article, and peruse the section titled, "A MORE EFFECTIVE PROSPECTING METHOD." 

 

 

Are you interested in additional insight regarding..........

What verbiage to use when showing up in people's inbox to lean in and ask for the business?

What is the thought process or philosophical mechanization behind these tactics?

Still trying to figure out what success looks like on LinkedIn for you? 

Have questions about how many posts, how many connection requests... basically how much time and activity is required?

You want my sales scripts, language, or samples of my wording to set appointments that stick?

What does it look like & how does it sound like when onboarding new clients? 

Want more direct assistance or coaching on how to build on LinkedIn absent time consuming, money gulping strategies?

VIEW THIS BONUS POWERPOINT > JSB BUS SOLUTIONS GROUP - LINKEDIN POWERPOINT

AND OR SCHEDULE AN APPOINTMENT & REMEMBER.......

 

 

 

#entrepreneurshipisempowerment


__________________________________________________

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Follow him online here:

Website: https://thebufordco.com/
Website: https://www.nextoppsocial.com/  

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD

Building an Event Planning Business. Pivoting During the Pandemic. Moving Forward w/ Nina Payne of Foundation Management, LLC

Posted by JuJuan Buford @JSBUFORD

We are excited to introduce you to Nina Payne of Foundation Management, LLC. Nina made the decision to liberate herself from the 60-70 hour work week in corporate america, and chose to climb a different ladder, strategically laying the building blocks from building a business part time, to transitioning to full time entrepreneurship in the highly competitive artist and international event management industry.

Nina shares tips, insights, and wisdom regarding how to build a successful event planning business, and how she's meeting the challenges of pivoting during the pandemic.

 

In this week's episode of Next Opportunity Social we invite Nina to share the triumphs and challenges, successes and failures, and the passionate commitments that have shaped her entrepreneurial journey. We’ll be uncovering what inspired her and where did she find the courage to launch her business. And given the circumstances associated with the pandemic, how she has pivoted to meet the challenge of entrepreneurship during this period, managing family life, and what advice she shares with fellow entrepreneurs to overcome the pandemic.

Next Opportunity Social is an online webcast that highlights the achievements of entrepreneurs and small business owners throughout the Detroit Metropolitan; providing an avenue for entrepreneurs to promote their businesses; while providing our audience with an opportunity to learn from others who are leveling up.

Top income earning DOers. > Check!
Entrepreneurs who EARN A LIVING being entrepreneurs. > Check!
Problem Solvers & Top Thinkers, Leveling Up. > Check!
Who are Committed to Help Others Do the Same. > Check!
Committed to Bringing You ACTIONABLE CONTENT. > Double Check!!!

 

YOU ARE THE BEST THING ABOUT WHAT WE DO!! 

Do you know of other entrepreneurs or business owners you'd like us to interview?
Would you like to learn how we can help you promote your business?
Interested in resources to help you grow, scale, and protect your venture?

CONTACT US!

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Desire a free initial consultation? Schedule Your Initial Consultation Here

Follow him online here:

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD
Blog: https://www.catchjsbuford.com/
Facebook: https://www.facebook.com/nextoppsocial/
Facebook: https://www.facebook.com/catchjsbuford/
YouTube: http://bit.ly/catchjsbufordatyoutube
Instagram: https://www.instagram.com/catchjsbuford/
Website: https://thebufordco.com/testimonials/

The Only Constant is Change. & We Need Your Help.

 

Posted by JuJuan Buford @JSBUFORD

 

Good Morning,

As you’ve hopefully noticed, I am always looking for new ways to help people level up, whether you are transitioning into entrepreneurship or if you’ve been established for some time, and you’re looking to simply gain an edge on your competition. 

Whether it’s providing access to tools and resources like Small Business Services; vlogs from entrepreneurs by entrepreneurs - Next Opportunity Social -  to assist you with informative, actionable content to help you achieve immediate results; or long form content, insights, articles, vlogs, and kick you in butt motivational posts at CATCHJSBUFORD….what I like to refer to as entrepreneurial soul food to help refocus, energize, and ensure constant learning. Or for those who desire direct action, right now marketing and prospecting results, individually or as a team, I introduced Project 3000, a no holds barred training program to build your network of prospects, acquire endless referrals, and convert contacts into clients.  

And I know enough to know that I don’t know everything about you, and what I’m doing isn’t enough. The only thing that we can be certain of, is that the pandemic has changed our realities forever, and thus new and different approaches will be required. 

AND WE NEED YOUR HELP. 

As the organization continues to grow, relationships continue to be built, our ability to influence the entrepreneurial ecosystem expands, and larger initiatives continue to be introduced, I want to be sure that we are providing exactly what you need. I want your voice included at the table regarding our present and future endeavors. 

I’ve created a brief questionnaire to help identify what matters most to you, what challenges and issues you are facing, what you want to learn, and what resources you want available to you. It’s most multiple choice, and I’ll be using your answers to determine what resources we create next. 

Also, I invite you to make suggestions, comment, and ask questions at CATCHJSBUFORD on FB. And remember we eat positive feedback and critiques like skittles. So no need to be shy. 

I believe entrepreneurship is empowerment. The impact of a thriving entrepreneurial ecosystem is apparent at every level in our communities, nationally, regionally, locally, and in our households. And while everyone may not be ready to make the leap, everyone can benefit from a more entrepreneurial mindset.... and we simply need more.

So, are you willing to help me help you?

Click here to complete the questionnaire > https://bit.ly/protectgrowscalequestionnaire

Thank you in advance for doing this.

#enterpreneurshipisempowerement

Sincerely,

 

JuJuan Buford, Business Development Officer

248.560.7564 / j.s.buford@buildlastingsuccess.com

https://thebufordco.com | http://bit.ly/linkedinpublicprofilejujuanbuford

 

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Goal Setting. Goal Executing. & Entrepreneurship. - Next Opportunity Social Episode 005

 

Posted by JuJuan Buford @JSBUFORD

 

"Why bother setting goals? New Years resolutions don't work? It's boring and tiresome. Goal setting is a waste of time." Any of these refrains sound familiar? No judgement. Because these refrains are right. Gasp.

Absent, a goal execution plan that is.

Jordan had Phil. The Williams sisters had their father Richard. Michael Jackson had voice coaches. Track athletes. The best CEOs. The most effective activists. Educators. Chefs. Your favorite yoga instructor. Accountability partners are part of the goal setting process. 

In this episode of Next Opportunity Social we address why is goal setting important; especially for entrepreneurs? Why is the process met with such trepidation, and how do you meet this important task with confidence systemically. What are some recommended systems, books, or content to help with the goal setting process?

 

 

Being an entrepreneur can be challenging and even lonely at times. Entrepreneurs see things first, often living and building on the fringes. Where do you go for for stimulating conversation; live coaching from business experts; commiserate with fellow business owners; coupled with opportunities to promote and learn about the triumphs and challenges of others.

Next Opportunity Social is committed to promoting entrepreneurs, events, and initiatives highlighting the deep well of talent and tenacity of Detroit Metropolitan business owners. We are dedicated to proving content that motivates, informs, and most importantly, showcases "Actionable Business Content."

 

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Desire a free initial consultation? Schedule Your Initial Consultation Here

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LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
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Website: https://thebufordco.com/testimonials/

Creating Your Online Presence. Attracting the Right Clients. - Next Opportunity Social Episode 004

Posted by JuJuan Buford @JSBUFORD

Are you spending too much time talking to the wrong people? Feeling frustrated about the lack of engagement, or you're attracting the wrong audience? Haven't quite figured out what valuable engagement looks like versus empty vanity stats? We've got answers and actionable content.

In this episode of Next Opportunity Social we cover how to create a social media presence (particularly on Linkedin & Instagram) that attracts your idea client. How to ascertain the difference between empty calorie activity and vanity stats versus engagement that results in appointments and clients. And how to show up in people's inboxes in a way that garners credibility, respect, and trust.

 

 

Visit Our Next Opportunity Social FB Page: https://www.facebook.com/nextoppsocial/  

Next Opportunity Social Blog Content: https://www.catchjsbuford.com/next-opportunity-social/

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Desire a free initial consultation? Schedule Your Initial Consultation Here

 

Follow him online here:

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD
Facebook: https://www.facebook.com/nextoppsocial/
Facebook: https://www.facebook.com/catchjsbuford/
YouTube: http://bit.ly/catchjsbufordatyoutube
Website: https://thebufordco.com/testimonials/

 

COVID19 Funding Opportunities. Business Planning - Next Opportunity Social Episode 003

Posted by JuJuan Buford @JSBUFORD

 

Visit Our Next Opportunity Social FB Page: https://www.facebook.com/nextoppsocial/  

Next Opportunity Social Blog Content: https://www.catchjsbuford.com/next-opportunity-social/

 

 

 

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Desire a free initial consultation? Schedule Your Initial Consultation Here

Follow him online here:

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD
Facebook: https://www.facebook.com/catchjsbuford/
YouTube: http://bit.ly/catchjsbufordatyoutube
Website: https://thebufordco.com/

Next Opportunity Social. Responding to the Pandemic. Actionable Content, Tips, Suggestions

Posted by JuJuan Buford @JSBUFORD

 

Struggling with how to survive, pivot, or thrive ethically during the pandemic? Be encouraged, take a breadth, and resist the urge to throw your head in the sand. Rachele Wilson, digital marketing expert, and I do an intermediate dive and share three critical steps that can make all the difference for your business.

Leave comments, share, provide feedback, and if you desire additional information, strategic planning, or need to flush out some ideas click the link in the footer below.

#entrepreneurtips #businesstips #entrepreneurshipisempowerment #businessmarketing #businessadvice #marketingtool #clientsfirst #clientservice #nextopportunitysocial

 

 

 

 

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Desire a free initial consultation? Schedule Your Initial Consultation Here

Follow him online here:

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD
Facebook: https://www.facebook.com/catchjsbuford/
YouTube: http://bit.ly/catchjsbufordatyoutube
Website: https://thebufordco.com/

 

How Do You Find Good Employees?

Posted by JuJuan Buford @JSBUFORD

 

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Desire a free initial consultation? Schedule Your Initial Consultation Here

Follow him online here:

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD
Facebook: https://www.facebook.com/catchjsbuford/
YouTube: http://bit.ly/catchjsbufordatyoutube

Website: https://thebufordco.com/

Overcoming the Fear of Selling. Want to Improve Your Closing Ratio? Improve Your FORM.

 

Posted by JuJuan Buford @JSBUFORD

 

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Desire a free initial consultation? Schedule Your Initial Consultation Here

Follow him online here:

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD
Facebook: https://www.facebook.com/catchjsbuford/
YouTube: http://bit.ly/catchjsbufordatyoutube

LESSONS LEARNED FROM NEXT OPPORTUNITY SOCIAL - BUSINESS SUCCESSION & RETIREMENT PLANNING 101

Posted by JuJuan Buford @JSBUFORD

 

What follows is an uncut, unfettered, non grammatical, politically incorrect splicing of my thoughts immediately following the NEXT OPPORTUNITY SOCIAL - BUSINESS SUCCESSION & RETIREMENT PLANNING 101

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. 

Additional documents that banks and investors look for to determine the stability of your business. https://www.catchjsbuford.com/2019/10/business-origination-documents.html

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? 

 

Book Recommendation. Traction: Get a Grip on Your Business by Gino Wickman

 

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.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Desire a free initial consultation? Schedule Your Initial Consultation Here

Follow him online here:

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD
Facebook: https://www.facebook.com/catchjsbuford/
YouTube: http://bit.ly/catchjsbufordatyoutube

3 Easy to Do Commitments for Entrepreneurs in 2020

Posted by JuJuan Buford @JSBUFORD

 

I stopped being a huge proponent of New Year’s resolutions, and ritualistic goal setting exercises at the top of the year some time ago. At least not in the way people have traditionally approached them. But I’m all about systematically identifying the things, or better yet priorities, that matter most and making small, steady incremental improvements to achieve them. Why would I recommend entrepreneurs adopt a more incremental approach?

Goal setting is a skilled trade. And in part, that is why there is so much mystique and apprehension around setting goals today. It’s not like we’re teaching this important life skill in our elementary or secondary schools. And very few of us have taken a class on how to learn and practice goal setting, or have read books like the “7 Habits of Highly Effective People” by Steven Covey or “Today Matters” by John C. Maxwell. 

There is an often quoted 1979 Harvard MBA study on goal that inventories the life outcomes (financially speaking) of the graduating class to determine how many had set goals and written plans to attain them. In the study on goal setting, the graduating class was asked about their goals in life. The question was, have you set written goals and created a plan for their attainment? 

It was discovered that 84% of the entire class had set no goals at all; 13% of the class had set written goals but had no concrete plans; 3% of the class had both written goals and concrete plans. So, what were the results? According to the study, it was found that 10 years later, the 13% of graduates that had written goals without definite plans were enjoying twice the incomes of the 84% that didn’t set goals. And the 3% that had both written goals and a plan, had incomes exceeding ten times as much as 97% of their graduating class.  

Despite the obvious implications of this goal setting story, most of us still won’t take the time to study, learn, and practice this skilled trade. And therefore, it’s a false expectation to believe most are going to make herculean changes absent some herculean pain. Unfortunately, the majority of human beings won’t take proper action when the ground starts to tremble below our feet, but rather we have to see the train’s bright headlights before we're ready to jump off the tracks. 

Still, there are a couple simple choices or commitments we can all make to ourselves to enjoy a more fulfilling and prosperous 2020. 

 

STARVE YOUR DISTRACTIONS

It all starts out simply enough. You’ve begun securing clients with some regularity, and you tell yourself you’ve earned the right to pamper yourself a little. You upgrade your vehicle. An extra $250 per month is worth it, to enjoy the comfort of more reliable transportation, feel better about your commute, and no longer have to park at the back of the lot. 

After a couple more months of consistent revenues, the itch to acquire a nicer, more respectable residence needs scratching. After all, having a much more spacious environment to live in will help you work better, and will serve as a nice milestone, serving notice to your family, friends, and acquaintances that you’ve arrived. You’d never think of spending $250 on a shirt or $700 on a new dress or suit before, but everyone should have at least one in their closet. Then two. OK you need at least seven of them, because you don’t want people to see you wearing the same threads repeatedly. 

When you started you were lean and didn’t give a rats ass what people thought of you, investing every extra cent into your business. Your baby business grew, and you grew in competency and the income started to flow. However, now you have to work harder, and more frequently to keep up the lifestyle you deserve. Or to be more honest, the one you’re renting. 

When you stopped feeding your baby slash business, it stopped growing and maturing. The organs (systems) didn’t fully develop, whereas things could begin to operate absent your constant involvement and supervision. Rather than divest, it was time to reinvest more into the vehicle that was carrying you to your best life. You would have been better served to starve yourself of the accouterments of success a bit longer. Remember Amazon’s Steve Bezos, Microsoft’s Bill Gates, etc., etc., went a full decade before taking days off or a vacation. 

Yes, it’s hard to forego the bowling nights, steak & egg my life is a vacation Instagram pics, unnecessary FB disputes (sadly, I get sucked in on rare occasions), the afternoon glass of beer or wine, and the hamburger and garlic fries excursions ...birthday and anniversary parties, and all manner of obligatory commercialized holidays. 

But what’s harder? Denying yourself 2-5 years of missed vacations, or knowing you short circuited the growth of an enterprise that would have employed people; matured into a recognizable brand and culture that would have attracted the clients, partners, and the associations you desire... for the rest of your life?

 

“We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons.” - Jim Rohn

 

Attention is like the sun. What you focus on grows and what you choose to ignore withers. When you feel your resolve weakening, place pictures, notes, and all manner of reminders to keep you focused on what you’re here for, and starve the distractions. 

 

TAKE IMPERFECT ACTION

Here’s the thing. The majority of the people whose opinions you’re allowing to hold you back from the life that is waiting for you, won’t be around when you level up. And the people who were there when you level up, won't be there when you reach even greater heights. The higher the climb the thinner the air gets; the greater the scrutiny and expectations; commitments and excuses can't co-exist; the pursuit of excellence takes a special kind of drive. 

Also, consider for a moment, these same people wouldn’t attend your funeral if the weather was bad. And if they aren’t willing to support your business, what makes you think they would be there to care for you if you fell ill; no longer able to care for yourself. Don’t take it personal. 

Some just aren't ready to make the climb. It's not lonely at the top, you just have to make new friends. It doesn't mean you have to diss people, but you may have to distance yourself sometimes. I’ll never diss the brothers and sisters whom I grew up with in southwest Detroit and Highland Park, Michigan, but I had to distance myself from some of them to make the impact I wanted to make in the world. 

Is this message harsh? Perhaps. 

Let’s address what’s really harsh. Living a life of regret, knowing what you could have achieved. Living day to day with your music dying inside of you. Reflecting on the experiences you could have memorialized, and the people you could have loved on: family members that needed you; coupled with the impact you wanted to make in the community. Embarrassment and most uncomfortable moments only last for a handful of minutes out of 80 years, 960 months, 4,160 weeks, and 29,200 days. But regrets can nag you endlessly. 

Now take your hands and dig them deep into the depths of your goals, and start plowing. Learn as you grow; give yourself time to level up; improve and pay the price; and surround yourself with people who will support you in spite of your ugly duckling stage (real friends, not social media fictions). Identify people who share your priorities and goals, and allow those who are attracted to your mission to make the climb with you. Take the bricks that will inevitably be thrown at you and build a stronger foundation. Remember, people barely remember this gal. 

However, we all recognize Ms. Oprah Winfrey.  

And remember, the refusal to let people define who you are, show up uninvited, and curate our own lives is evidence that  entrepreneurial DNA, flows through your veins.

 

PAST PERFORMANCE, DOESN’T EQUAL FUTURE RESULTS

If you desire new or better results, or a different future, accept that the old you is going to have to die. The skills required to launch a micro-business are different from those required to build a self-employed practice. The skills and wisdom required to grow into a small business of 10, 20, or 50 employees are different than those required to build a micro-business.The future you that you are curating requires will inevitably require more of you. 

Arrogance is the kiss of death in business. You must grow more, learn more, and be more, to build more. You’ll have to learn new skills, read new books, and allow new people with new insights to sharpen you. It’s not what you know that kills you in business, but what you don’t know. The moment progress stops, starts with the moment you believe your success is owed to you, or that you actually earned the accolades being bestowed upon you.

Old leaders are not as wise as their trophies and hanger-ons would like you to believe, nor youth as misdirected as people would have you believe. If you want to know what entitlement looks like; watch a person work harder to hold people back, hold people down, discredit and speak ill of others, rather expending that same energy to simply build taller buildings.  

Growth is found in learning and creativity. Embrace the process of self-curating a better you. Identify a skill or subject that you’d be both inspired and made better by learning. Be the person that continues to build taller buildings. 

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.

Follow him online here:

LinkedIn: http://bit.ly/linkedinpublicprofilejujuanbuford
Twitter: @JSBUFORD
Facebook: https://www.facebook.com/catchjsbuford/
YouTube: http://bit.ly/catchjsbufordatyoutube

 

Business Origination Documents

Posted by JuJuan Buford @JSBUFORD

 

Disclaimer: This content has been made available for informational and educational purposes only and is not meant to be a substitute for legal, accounting, or other professional advice. If you have specific questions about any legal matter, you should consult with an attorney or other professional services provider.  

If you were to ask most business owners, especially during the fledgling stages of their enterprises, what is one of the most significant challenges they face today, it is finding and retaining good, talented employees and business partners. Unwittingly, many business owners actually sabotage their efforts to attract and retain talent by not having the following documents in place: an operating agreement, a confidentiality agreement, contracting agreement, and a non-compete or non-circumvent agreement. 

 

Many will argue that because they are still just a small operation (the attitude comes before the altitude), they are not generating significant revenues, or they are a sole-prop there is not a pressing need for these documents. However, what entrepreneurs frequently fail to realize is that these documents are very important not simply because of their utility, but  because of what they broadcast to the world about your business. 

 

Having these documents at your disposal or not having them signals to prospective business partners, affiliates, employees, contract workers, and prospective investors whether you’re a swashbuckling pirate attempting to collect some quick bounty, or whether your running a serious operation with a solid foundation that should be respected. 

An Operating Agreement

Plainly speaking an operating agreement is an arrangement between members or shareholders of a business entity regarding they conduct business affairs. It spells out the rights of members or shareholders, obligations, and procedures regarding how the business is to be managed. It provides clarity, and helps parties stay in their lane, and play nice. 

As a business owner/s your value proposition can be phenomenal and you can be surrounded by all the talent in the world, but if individuals aren’t clear about what is expected of each other, things can go south very quickly. People don’t rehearse accidents resulting in disabilities, car accidents and untimely deaths, divorces, or simply losing personal interest in a business. And regardless of how fine of character you believe someone to be, we all have been surprised at one time in our lives by wolves hiding in sheep's clothing. Operating agreements resolve these issues and more. 

• Voting rights,
• Issues related to parties leaving and possibly becoming competition,
• How a buyout may need to be handled,
• How profits are distributed,
• Expectations regarding how monies invested will be handled, 
• Buyout provisions,
• What happens in the event of disability or death, and
• How the company will be taxed.

As an aside, having an operating agreement also helps to demarcate the lines between personal affairs and business affairs, offering greater protection from legal challenges arising from tax issues as well. 

A Confidentiality Agreement

You have this incredible idea, and you throw 100% of your will, intellect, and finances into birthing it into a living, breathing, profit creating reality. You’ve included your best buds and trusted confidants in the process, and sought out talent that you don’t possess to help you scale your blossoming business. Ony to find out someone has “stolen” your idea, your recipe, insight into your marketing strategy or business plan, or information about your customers. 

Confidentiality agreements dissuade parties from committing the aforementioned offenses and protects your business interests. 

Non-Compete, Non-Solicitation, Non-Circumvents

These documents place restrictions upon employees, contract workers, shareholders, and even passive investors from directly or indirectly competing against your business. Depending on how these documents are drawn up, they can address issues relating to an employee or contractor joining another competitor while employed by you, after the end of working relationship, or a period following termination. They can also be effective at preventing parties from investing in or lending monetary assistance to a competitor. 

 

They are especially effective at preventing or limiting activities such as disclosing confidential information, information regarding clients, sharing information for the purposes of disparagement, or usurping activities involving suppliers or providers of technical assistance.  

 

Contracting Agreement

Contracting agreements outline expectations regarding services to be provided or products to be delivered, accompanied with agreed upon compensation for products and services. This document provides the basis for recompense if a client, vendor, or other parties you’re engaged in business activities with. This isn’t your granddaddy’s economy or society anymore. Unfortunately, a handshake or verbal commitment isn’t worth what it used to be. 

 

You’re interviewing idea candidates for work in your business, and they continually opt to work elsewhere? You’ve been taken advantage of, having experienced material theft or property right infringement? Your employees or contract workers arrive late and unprepared, destroy or lose equipment or supplies, or disparage you openly or covertly? You're finding that potential investors listen to you politely, and disappear shortly thereafter? 

Remember, the way you introduce your business and on-board someone - the presence of the aforementioned documents being a critical part of the process - for the purposes of seeking their labor or currency informs them how seriously to take you, and dissuades the bad behavior that occurs all to often in business.

______________________________________

Desire to Learn More? 

Want to Know Where you Can Inexpensively Acquire Support, Access, & Assistance with securing these Important Documents? > Build, Scale, & Protect Your Business 

I encourage you to take a moment to learn more about how we serve entrepreneurs who wish to grow and scale their businesses: helping them to conduct research, acquire clients, become loan ready, protect their intellectual property rights, secure and review legal document properly, reduce operating expenses, and make better financial and legal decisions.

 

LISTEN to How We Serve Business Owners > 

http://bit.ly/growscaleprotectyoursmallbusiness    

 

________________________________________

JuJuan Buford is a Detroit native, entrepreneur, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.

Follow him online here:

LinkedIn: https://www.linkedin.com/in/jujuan-buford-25997a2a
Follow JuJuan Buford on Twitter: @JSBUFORD 
Learn, Ask Questions, Review Actionable Content at: https://www.facebook.com/catchjsbuford/
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Lessons Learned From the Building Your Brand Workshop hosted by Rachele Wilson

Posted by JuJuan Buford @JSBUFORD

 

What follows is an uncut, unfettered, non grammatical, politically correct splicing of my thoughts immediately following the Building Your Brand - Grow From Ideation to Launching Your Business workshop with Rachele Wilson, digital marketing trainer and strategist, and CEO of Wright Outcomes. 

A couple of quick takeaways from last Tuesdays event.  

 

SOCIAL MEDIA PLATFORMS ARE TOOLS   

Just like a hammer. However, if you don’t swing it at something, or know how to use it, you’re not going to get much work done. And just like anything else, there will be a learning curve. In other words you may suck for a period of time, and that is part of the process. The most important thing you can do is get started.  

Facebook - Engage Them 

Instagram - Get To Know Them 

LinkedIn - Educate Them 

Pinterest - Share With Them 

YouTube - Show Them 

You can't get dirty and look good at the same time. Just do the dirt. 

 

IDENTIFYING WHO YOU SERVE 

You’ve launched your labor of love. You’re passionate about what you do. You’re confident that everyone who learns about what you do, will be just as enthralled as you. Nope. Or you have a product or service that you believe a particular demographic will find attractive, and instead you find yourself servicing a different client base then you expected. It happens. Or, you find out, you’re really not sure what your selling. It happens more frequently than you think.  

What is the difference between a $700 grandfather clock and a $5,000 grandfather clock? What is the difference between a 2 cent paperclip and a $1,000 + paperclip? Lol?  The materials and time spent to craft such things? Perhaps. The end user’s perspective regarding the value of the service or product? That would be a yes. Your willingness to lean in, and unabashedly ask for, and root out what the market believes your wares are worth, and get out of your own head? Bingo.  

https://www.tiffany.com/accessories/desk/everyday-objects-18k-gold-paper-clip-bookmark-35917179/

Understanding who your ideal customer really is, or what many refer to as your buyer persona is critical. It doesn’t mean you dismiss potential clients, but know who is already seeking or predisposed to patronize you, don’t need much in the way of education regarding your value proposition, and can easily afford your services. Your branding, marketing and prospecting techniques, and how you execute your client services should all be geared to attract and retain your ideal client. 

Besides, not being willing to do the work. This unarguably kills a small business faster than anything else.   

 

FACTS TELL & STORIES SELL: THE SUCCESS STORY 

Here is a great format to follow.  

• What does your idea client look like? What is their challenge before they met you? 
• How did/does your service or product save the day? 
• What does your idea client look like, sound like, how has their lives been changed as a result of knowing you or what you do? 

 By the way, if you’re concerned about what to post, and do you have time? It’s because you’re thinking too hard about it.  

 Share the success stories. Share the process of creating - the product, prepping to deliver the services, the sweat equity put into delivering - the deliverables. Share the excitement, exhaustion, elation, epic failures, and the end result of the happy client. If you’re doing the work, you’ll never run out of stuff to post.  

 

PEEL BACK THE ONION – TELL YOUR STORY 

In a world of curated lives. The constant stream of steak and egg, trips to little known vacation destinations, grape juice, celebration of our best lives pics. People want to know if you’re real. Do you really have the academic chops or are you studied? Are you really passionate about what you do, or is this just here to part me with my money? Do you have the experience, or access to the experience. What inspires you, because I’m also looking for inspiration.  

 Are you creating emotional attachment? 

This is a Budweiser commercial, curated by VeynarMedia. But is it?

People don’t buy the chocolate chip cookies because they’re cookies. They buy the cookies because of the love that is cooked inside. Until your wares are branded, you’re the brand. If you’re being your authentic self, and you’re not an offensive SSOB, you’ll be ok.  

 And remember, TONE, is important too. That was one of the biggest gems for me personally.  

  

CHOOSE QUALITY OVER QUANTITY? ON SOCIAL MEDIA? 

Don’t get it twisted. In order to stay relevant, you must be present. The more regularly people are exposed to you, it’s like priming the pump, baking the popcorn, bringing that prospect one step closer to FEELING more familiar with you, and being willing to do business with you.  

However, identify 3-5 topics that capture who you are, what you do, and why you’re doing it. And consistently drive messaging about these 3-5 topics across all the social media platforms you’re employing. In the beginning, concentrate on the platform that gives you the most traction, and then spread out to the other platforms.  

Don’t be all over the place. Keep your messaging as consistent as possible.  

 

“SOCIAL MEDIA IS INTENDED TO HAVE CONVERSATIONS.” - Rachele Wilson 

 Nothing else needs be said.  

  

WHAT ARE THE BEST TOOLS & TACTICS THAT ARE WORKING PRESENTLY? CAN I GET THE WORKBOOK, AFTER THE FACT? 

 You should have come. Be checking for the next one. We’re evolving. Changing. And only going to get better. So keep your eyes peeled for the next, NEXT Opportunity Social in your neighborhood. By the way, Rachele is the real deal, Evander Holyfield. Down to earth. Truthful. Gritty, with a nice splash of lemon juice and honey. 

  

THE BEST COMPLIMENT WE COULD EVER RECEIVE. 

 One of the attendees uttered the following words.... I may have gotten the sequence wrong.  

 “This was really good. I can tell you are really doing it. Experienced at this.”  

 When I heard those words repeatedly shared from attendees, all the other stuff didn’t matter anymore. Our goal is to put our clients (those in the audience) in front of people who have done something other than read a book, watched a YouTube video, received a bunch of recognition from well-connected friends. We are about actionable content. Introducing people who are about the entrepreneurial life and are living it: learners, doers, evaluators, sharers, elevators.

It’s about informative, actionable content. YOU, the most important thing, about what we do. Leaving more informed, but also ready, willing, and in a comfortable place to execute.   

We believe entrepreneurship is empowerment, and while everyone isn’t ready. We don’t need everyone to be an entrepreneur, although we can benefit from a more entrepreneurial mindset. We simply need more entrepreneurs making a living and making a difference.  

 

JuJuan Buford is a Detroit native, entrepreneur, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction. 

Follow him online here:

LinkedIn: https://www.linkedin.com/in/jujuan-buford-25997a2a
Follow JuJuan Buford on Twitter: @JSBUFORD 
Learn, Ask Questions, Review Actionable Content at: https://www.facebook.com/catchjsbuford/

Common Traits of Successful People - Darren Hardy

Posted by JuJuan Buford @JSBUFORD

 

 

 

There are no overnight success stories. There are no pre-determined failures. We all make an appointment to be where we are. It can be a tough pill to swallow. You desire to change your current appointment. Change your itinerary.

A powerful talk

 

JuJuan Buford is a Detroit native, entrepreneur, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.

Follow him online here:

LinkedIn: https://www.linkedin.com/in/jujuan-buford-25997a2a
Follow JuJuan Buford on Twitter: @JSBUFORD 
Learn, Ask Questions, Review Actionable Content at: https://www.facebook.com/catchjsbuford/

Business Tips & Entrepreneurial Lessons from Being a Waiter

Posted by JuJuan Buford, Entrepreneur & Writer @JSBUFORD

 

Many an article has been written and an unflattering joke told at the expense of restaurant workers subjecting them to ridicule, with an occasional plug espousing the virtues of the profession. If you’ve ever worked in the profession, you are acutely aware that being a waiter is one of the most underappreciated jobs one can take on, especially given the import of the occupation. They are literally on the front lines, dealing with every manner of insult from condescending and rude customers, insensitive tippers, drunks, etc., while still having to memorize food and drink pairings, negotiate the tastes of picky eaters, and solve for food allergies. And do it all with a smile. 

Most people wouldn’t consider waiting tables to be a gateway for unbridled success as an entrepreneur, however upon close inspection many would be surprised.  At the end of the day, waiters are in the business of managing people in what is one of the most chaotic work environments you can imagine. Doesn’t it sound a lot like the organized noise that entrepreneurs grapple with everyday? However, the similarities don’t end there. 

 

Success is Determined by How You Show Up

U.S. citizens are more stressed out and angry than they’ve been at most periods in history during the last couple decades. If you were to ask most people “how are you doing today”, it would not be a stretch to expect a down pouring of complaints ranging from their mistreatment at work; feelings of malcontent with their home lives, and their partners in particular; to their angst regarding the current political atmosphere. 

Restaurant workers from management on down to the dishwashers understand that the majority of restaurant patrons walk in the door to escape it all. Being a waiter requires a surreal degree of empathy, and almost every decision made from the time the first glass of water hits the table until the last crumb is bussed is designed to make the disgruntled spouse, underpaid teacher, or stressed out intern remember that they matter. It all starts with a delightful smile, jovial yet calibrated banter, attention paid to the emotional state of their customers along with their palate preferences, and the repeated acquiesce to some of the most absurd requests one can imagine. 

All the while, that waiter's life may be headed to hell in a hand basket. And he or she still has to show up with all the positive vibes their sore feet can muster. 

It’s no different as an entrepreneur. When you wake up in the morning the world could care less about whether your rent is due, you endured a car accident yesterday, you were involved in a drag out screaming match with your significant other all night long, your child just spilled a milkshake on your favorite suit jacket, or your mulling bankruptcy. The world doesn’t wake up thinking, how can I help you build your business today. The market doesn’t care. 

People conduct business with people they like, know, and trust. And the fastest and most effective way to establish rapport is to exude a positive attitude and a genuine interest in the person standing in front of you. Showing up on time, 15 minutes early. Being prepared, having taken the time to research or ask qualifying questions initially, before you sit across the table from a potential client matters. People easily forget or misconstrue what others say regularly, but how they feel sticks to their bones. 

Yes, showing up is 80% of success, but how you show up is 90% of the 80%.

 

Getting Out of the Weeds

You quickly learn as a waiter, that certain things are just out of your control. The hostess sits three tables simultaneously in your section. You deliver a plate to the table, and the person who requested their steak medium rare insists that he desired, medium well, or running around the plate rare. You grab a bowl of macaroni with chicken off the expo line, and as you turn the corner you realize it was cooked with red pepper flakes, and the customer specifically requested no pepper flakes. 

The best waiters develop tactics and exercise a keen of understanding what is important versus what urgently needs to be addressed to prevent things from going from bad to worse. It may involve dropping off a free round of samples, accompanied with waters to guests; having a profanity laced, yet warm discussion with one of the kitchen staff to expedite a dish; and covering a lot of ground at a breathtaking pace, etc., etc., while smiling the entire time. 

You install a new contact manager, and realize you haven’t been receiving your emails until the evening. You awake to find growling emails and voicemails from three of your highest net worth clients, requesting that you immediately resolve their challenges, and your appointment book is full. One of your business partners or key employees steps away to address a family or health matter indefinitely, jeopardizing the solvency of your business. 

When circumstances like the aforementioned occur you learn very quickly that time management is an oxymoron. You can’t create or buy more time, or stop the clock. Instead, being able to resolve conflicts, and properly measure the difference between what is urgent, important, and inconsequential can mean the difference between enduring a lot of unnecessary pain and hardship versus a temporary inconvenience. It is not a question of whether the customer is right or wrong, it boils down to committing to what will always be most important.  

All of your branding, marketing, operations, and client services activities must work in concert to deliver more value, than is anticipated by the customer. 

 

Speed Kills & There Are No Traffic Jams Along the Extra Mile

As a waiter you may have three to six tables that you must commandeer, and every moment that guests are left waiting for a beverage, their appetizers, entrees, deserts, and for their tables to be bussed delays the next time that table can be sat again. It’s a balancing act between taking the time to develop rapport versus moving speedily to expedite the actual delivery of services. 

Every extra moment spent responding to a text, watching a social media post, or taking one too many ESPN bathroom breaks is a moment not being spent helping your guests forget about their trials and tribulations, bussing the table (hastening their departure), or developing enough rapport for them purchase a high ticket bottle of wine or dessert. All the aforementioned requires a greater degree of commitment, speed, and sweat equity, and make the difference between an average experience versus a memorable one equating to bigger tips and repeat customers. 

It can mean the difference between earning $100 versus $300 in a night.

We live in a society that monetizes speed and convenience above all else. Think Blockbuster versus Netflix. Borders vs. Amazon. Consider the growing trend - especially among Millennials - for people to order their food to go or via Uber Eats like services, rather than dine in for an hour or so at a time. Success in entrepreneurship often boils down to arbitrage and being willing to do what your competition will not. The ability to provide an employee handbook in three days as opposed to a week. Being able to respond to a request for information 24/7 around the clock as opposed to during regularly scheduled business owners. Taking the time to level up your learning and competency in anticipation of a significant verbal exchange or emerging shift in the market.

Be more present, more engaging, and less sale-sy..... In other words wish people happy birthday more frequently, ask how was your vacation experience, how did your recovery from surgery go, or how else can I help you more speedily reach your goals. All of the aforementioned can mean the difference between brokering a highly lucrative wholesale deal before the competition, or securing the corporate account that makes a difference in the operating budget. 

Here’s another related, but unrelated business tip if you’re wondering how to exercise this level of TLC with prospective clients. Invest in a good contact manager. 

JuJuan Buford is a Detroit native, entrepreneur, business development professional, public speaker, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.

Follow him online here:

LinkedIn: https://www.linkedin.com/in/jujuan-buford-25997a2a
Twitter: @JSBUFORD
Blog/Website: https://www.catchjsbuford.com/
Facebook: https://www.facebook.com/catchjsbuford/
Instagram: https://www.instagram.com/catchjsbuford/
YouTube: http://bit.ly/catchjsbufordonyoutube

How to Attract & Retain Good Employees - Tip for Small Business Owners

Posted by JuJuan Buford @JSBUFORD

 

Disclaimer: This content has been made available for informational and educational purposes only and is not meant to be a substitute for legal, accounting, or other professional advice. If you have specific questions about any legal matter, you should consult with an attorney or other professional services provider.  

If you were to ask most business owners, especially during the fledgling stages of their enterprises, what is one of the most significant challenges they face today, it is finding and retaining good, talented employees and business partners. Unwittingly, many business owners actually sabotage their efforts to attract and retain talent by not having the following documents in place: an operating agreement, a confidentiality agreement, contracting agreement, and a non-compete or non-circumvent agreement. 

 

Many will argue that because they are still just a small operation (the attitude comes before the altitude), they are not generating significant revenues, or they are a sole-prop there is not a pressing need for these documents. However, what entrepreneurs frequently fail to realize is that these documents are very important not simply because of their utility, but  because of what they broadcast to the world about your business. 

 

Having these documents at your disposal or not having them signals to prospective business partners, affiliates, employees, contract workers, and prospective investors whether you’re a swashbuckling pirate attempting to collect some quick bounty, or whether your running a serious operation with a solid foundation that should be respected. 

An Operating Agreement

Plainly speaking an operating agreement is an arrangement between members or shareholders of a business entity regarding they conduct business affairs. It spells out the rights of members or shareholders, obligations, and procedures regarding how the business is to be managed. It provides clarity, and helps parties stay in their lane, and play nice. 

As a business owner/s your value proposition can be phenomenal and you can be surrounded by all the talent in the world, but if individuals aren’t clear about what is expected of each other, things can go south very quickly. People don’t rehearse accidents resulting in disabilities, car accidents and untimely deaths, divorces, or simply losing personal interest in a business. And regardless of how fine of character you believe someone to be, we all have been surprised at one time in our lives by wolves hiding in sheep's clothing. Operating agreements resolve these issues and more. 

• Voting rights,
• Issues related to parties leaving and possibly becoming competition,
• How a buyout may need to be handled,
• How profits are distributed,
• Expectations regarding how monies invested will be handled, 
• Buyout provisions,
• What happens in the event of disability or death, and
• How the company will be taxed.

As an aside, having an operating agreement also helps to demarcate the lines between personal affairs and business affairs, offering greater protection from legal challenges arising from tax issues as well. 

A Confidentiality Agreement

You have this incredible idea, and you throw 100% of your will, intellect, and finances into birthing it into a living, breathing, profit creating reality. You’ve included your best buds and trusted confidants in the process, and sought out talent that you don’t possess to help you scale your blossoming business. Ony to find out someone has “stolen” your idea, your recipe, insight into your marketing strategy or business plan, or information about your customers. 

Confidentiality agreements dissuade parties from committing the aforementioned offenses and protects your business interests. 

Non-Compete, Non-Solicitation, Non-Circumvents

These documents place restrictions upon employees, contract workers, shareholders, and even passive investors from directly or indirectly competing against your business. Depending on how these documents are drawn up, they can address issues relating to an employee or contractor joining another competitor while employed by you, after the end of working relationship, or a period following termination. They can also be effective at preventing parties from investing in or lending monetary assistance to a competitor. 

 

They are especially effective at preventing or limiting activities such as disclosing confidential information, information regarding clients, sharing information for the purposes of disparagement, or usurping activities involving suppliers or providers of technical assistance.  

 

Contracting Agreement

Contracting agreements outline expectations regarding services to be provided or products to be delivered, accompanied with agreed upon compensation for products and services. This document provides the basis for recompense if a client, vendor, or other parties you’re engaged in business activities with. This isn’t your granddaddy’s economy or society anymore. Unfortunately, a handshake or verbal commitment isn’t worth what it used to be. 

 

You’re interviewing idea candidates for work in your business, and they continually opt to work elsewhere? You’ve been taken advantage of, having experienced material theft or property right infringement? Your employees or contract workers arrive late and unprepared, destroy or lose equipment or supplies, or disparage you openly or covertly? You're finding that potential investors listen to you politely, and disappear shortly thereafter? 

Remember, the way you introduce your business and on-board someone - the presence of the aforementioned documents being a critical part of the process - for the purposes of seeking their labor or currency informs them how seriously to take you, and dissuades the bad behavior that occurs all to often in business.

 

JuJuan Buford is a Detroit native, entrepreneur, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.

Follow him online here:

LinkedIn: https://www.linkedin.com/in/jujuan-buford-25997a2a
Follow JuJuan Buford on Twitter: @JSBUFORD 
Learn, Ask Questions, Review Actionable Content at: https://www.facebook.com/catchjsbuford/
Follow CATCHJSBUFORD on IG: https://www.instagram.com/catchjsbuford/
YouTube: http://bit.ly/catchjsbufordonyoutube

How Micro & Small Business Owners Can Attract & Retain Good Talent?

Posted by JuJuan Buford  @JSBUFORD 

AUDIO VERSION - http://bit.ly/microsattractretaintalent

 

 

Talent is Not Tantamount to Leadership 

Nine times out of ten, if you made the transition from a highly accomplished, overachieving professional to an entrepreneur, you may be overconfident in your own ability. In traditional work environments being exceptionally competent or having an invaluable skill set that is not easily duplicated, affords you recognition, perks, and material rewards (ideally). And of course we all know that birds of a feather flock together, and this creates cultural bias or blind spots. 

More often than not, overachievers assume that other people have the same baseline of knowledge and skill sets. They can become irritated when others don’t execute to their expectations or at the level they would expect of themselves: asking questions and offering critiques that dissuade others from taking initiative around them; ultimately behaving like idiosyncratic overseers, driving down morale and eventually fomenting decreasing levels of performance than previously experienced. 

Good leaders know that the more you learn, the more you understand what you don’t know. They are empathetic to the fact that even the most talented individuals come to the table at different places developmentally. Instead of asking why certain tasks aren’t being implemented to standard, they ask what systems can I put into place to help everyone one level up? Instead of asking “why aren’t you/they doing this?” They approach with “how can we accomplish this task…. let’s discuss how we can improve the situation.”

 

Leadership is a Skilled Trade 

For well over a two decades you endured organized schooling, attended an innumerable amount of training, delved into self education, and worked assiduously to chisel yourself into the fine oiled machine you’ve become today. If you are an exceptional writer, musician, world class athlete, salesperson, attorney, doctor, real estate agent, cook, celebrity stylists, etc., etc., this sounds familiar.

Becoming an excellent leader requires the same commitment. Not only do you have to become technically sound in your skilled trade and a subject matter expert in your industry, but you have to become exceptionally skilled at influencing people. At the end of the day, that is what good leaders do. Military leaders are able to induce people to follow them 50 yards against the hail of bullets. Football coaches can engender such respect and affection that grown men, earning millions of dollars (with accompanying colossal egos) to continue to play despite horrific pain and adverse physical effects.

In other words, you must become a student of how to motivate people, engender belief, inspire sacrifice, and influence people.  

Here is one caveat to remember though. Don’t expect your employees to want the success of your business, more than you do. However, if they believe in you, and see you running a hundred miles per hour, they may keep pace at 90 miles per hour.

 

Don’t Be a Butthead 

People are emotional creatures. We make decisions predicated upon gut feelings, our level of excitement and belief, or our level of distrust or discomfort. Then we use our cerebral cortex to justify our decisions after the fact. Ever hear of the axiom, people don’t remember what you said, but rather how you made them feel? Don’t be lazy with language.

Before you unleash your justified wave of indignation and self righteous criticisms, remember you were an ugly duckling at one time. You stumbled. Made mistakes. At a certain age most of us learn to flee from people who believe they can do no wrong. People are more receptive when you talk with them, rather than at them.

 

More Conventional & Non-Conventional Strategies and Tools

1. Golden handcuffs. Offering benefits such as key person insurance, identity theft and legal services, access to child care resources, the provision of transportation options, etc., etc.,  These types of benefits help to alleviate expenses that today’s generation of employees are becoming increasingly sensitive to….in other words there is more than one way to compensate an employee.
2. Take the time to hire a professional to help you identify the key performance indicators (KPIs are tasks and activities) that drive the most profitable outcomes for your business. Then gamify or simply find ways to incentivize employees that exhibit the ability to hone in and execute on these KPIs.
3. Host events that recognize peak performers, but more importantly, highlight the KPIs  (key performance indicators) that contribute to their achievements.  
4. Incorporate into the on-boarding process (invest in an employee hand book and/or operating manuals) an informal interview process whereas you help employees to identify what they’re taking aim at financially and personally. Find ways to marry their performance and success in your company, to their short and long term goals. If your employees can’t envision how working for you can serve as a means to achieve their goals, your business becomes just another job, pit-stop, or bus stop on the way to the next one.
5. Not to be redundant but incorporate an on-boarding process, and invest in an employee handbook, training, and or operating manual. The way you on-board an employee sends a clear signal about whether your business is built to last. Stop complaining about not being able to find "good" employees, when you don't have a "good", professional onboarding process. 
6. Don’t operate out of fear or jealousy, and be ok with others being more competent in other areas than you. If you truly desire to scale your business, you're going to need good leaders to hand the ball off to.
7. Resist the urge to be nepotistic!! Here is a checklist I adopted and refined for my purposes after reading a book on leadership authored by John C. Maxwell.

• What is this person’s value to the team: skills, talents, aptitudes?
• What natural abilities or energies do they possess?
• Are they self motivated, doers, self-starters, who take responsibility for their performance?
• Is the timing right for them to be a part of the team, or are they operating in a tempest?
• Do they have potential that can be identified via their performance?
• Are they a good mentoring fit and willing to be held accountable?

 

#entrepreneurshipisempowerment 

 

 

______________________________________

JuJuan Buford is a Detroit native, entrepreneur, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.

IS THERE MORE? YES! Join my email group to receive my best stuff!! Continue to Learn & Grow

Learn More & Follow him online here:

Website: https://thebufordco.com/
Website: https://www.nextoppsocial.com/  

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Twitter: @JSBUFORD

 

SmallBiz Episode 60: Anger Management & Emails

Posted by JuJuan Buford, Entrepreneur & Writer @JSBUFORD