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June 2011
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Chief
Executive Boards International Update
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8 Alternatives to Working Harder
CEBI members are a hard-working lot. All business owners are. Hard work is a virtue, and critical to getting a business off the ground. Working harder, however, is not
a strategy by which to grow your business, or even to make it
better. It's a self-defeating vortex that will drag you, your business
and your employees into a cycle of futility. Think
about it. If your premise is that working harder will make your business
better, what's the next stage beyond that? Working even
harder? Pretty soon you run out of hours, heartbeats, or
both. You sacrifice your health, your relationships, your family, and
eventually your sanity. What's the other
option? Working less. Particularly working less in your
business. Put that time into working on your
business. That's not selling, managing or executing.
It's planning, strategizing and creating a business that's different than the
one you have. Working harder is a lousy
strategy, a bad idea, and a ticket to mediocrity. Here
are 8 Alternatives to Working Harder......
Hire Sales People in Pairs
You know how hard it is to hire
great sales people. One of our members says 1 out of 3 good hires is a
pretty good hit ratio -- and the hit ratio on hiring sales people is even
lower.
So, what about increasing the
odds? Bet on two horses instead of one. Here's
what one CEBI member has decided -- to hire sales people in pairs, to
increase his odds of success.
What's Inside Matters
Many business
owners and hiring managers have made grave hiring mistakes by picking the
candidate with the most experience, industry knowledge, or interviewing
skills.
Behavioral
interviewing teaches us that the biggest predictor of future behavior is past
behavior -- that people will do
what they've done
before, and that their personal talents will outshine their
experience.
So,
perhaps we want to hire the person and train the skills -- 180
degrees opposite most interviewers' and hiring managers'
inclination.
How
do you do that?
Nobody Ever 'Splained It
That Way Before
Do you have employees who just
don't "get it"? They come up with a zillion excuses why they
can't accomplish what you want?
Ever try incentives?
No, not those typically lame "improve net profit" schemes.
Rather, an incentive that directly connects the behavior you want with cash in
their wallet.
I've long been convinced that great sales people have an anatomical connection
between their hearts and their wallets. One CEBI member recently proved
that. He had something he wanted that sales people said couldn't be
accomplished.
What did he do? Put
some bait in the game -- explained it a different way, in the form of the
incentive plan.
Here's
how......
Are You Voting Yourself
Unnecessary FICA Taxes?
In a CEBI meeting this month, I heard another
example of a business owner making a voluntary contribution of thousands
of dollars in FICA taxes, by virtue of the way he set his own
salary.
If you're an S-Corp or C-Corp and still struggling for
profitability in a tough economy, this article will be worth big money
to you.
In this case, the owner was loaning money back into the
business to keep it liquid and also taking a handsome salary out.
That decision was costing him about $7,500 a year down a rathole -- FICA taxes
he levied upon himself that he'll never get back. I've done
the math. I've run the models. Paying unnecessary FICA is a
charitable contribution to a charity that doesn't make very good use of your
money.
And, as always, we're
interested in your ideas for newsletter articles. Would you perhaps write
a guest Editorial? Please let us know if you have ideas or material you'd
be willing to share with others.
Thanks,
Terry Weaver
CEO
Chief Executive Boards International
TerryWeaver@ChiefExecutiveBoards.com
864 527-5917
www.chiefexecutiveboards.com
www.chiefexecutiveblog.com
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Medjet
Assist
You're on a trip.
You're sick or hurt and in the hospital. How do you
get home?
Many CEBI members count on Medjet
Assist
Pam was recently hurt in Honduras, reminding
us how desperately you want to get out of a third-world
country if you need medical help.
Thankfully, she
wasn't hospitalized, but I called the Medjet operator and it
was good to know they would come get us if her condition
worsened.
FYI: Average cost for air evacuation
is about $25,000. Would you spend a few hundred
dollars a year to know they'll come get you at no cost
if you're
hospitalized?
More
CEBI Members Saving Big with MERP
Another
CEBI member discovered this month that he could save big money
- about $40,000/year, by taking control of his Health Care
Benefit costs.
Are you missing
out on this? Why? Have a look at the video
overview of Medical Expense Reimbursement Plans.
If you're
interested in saving some serious money on Health Care coverage, follow
this link: free
assessment of your savings potential.
Investing
in Bonds for Safety? You May Want to Rethink
The current retail investor mistake is investing in bonds or
bond funds, thinking they're a "safe" place to preserve principal. Not
so, considering the near-100% likelihood of a rise in interest rates, starting
soon and continuing for several quarters, if not years. A small uptick in
interest rates will hammer the principal value of longer-term bond investments.
How
do bonds perform in a rising interest rate environment?
Nominate a Member
CEBI
members are continuing to nominate business associates as new
members. Would you do someone else the favor of
introducing them to CEBI?
Just use this Nomination
Form, and we'll contact you to decide the best
way to approach your nominee.
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Chief Executive Boards International is an
exclusive group of business owners, presidents and CEOs whose members are
committed to helping each other achieve both their business goals and their
life goals. Members
meet regularly to help each other become
more focused, effective and strategic.
The result? More
fulfillment. More
free time. More
profit.
Are
you a CEO, President, Business Owner or GM of a profit center?
You may qualify as a CEBI member. Request
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