Nicole Darmanin’s Post

Each year, business owners have the opportunity to reflect on their performance and implement new strategies. Doing so can help them resolve operational inefficiencies, improve their company’s culture, and boost their bottom line. If you’re wondering which business strategies to focus on in 2024, check out the following article for an outline of the most worthwhile ones to consider: #BBSIPortland #PEO #2024initiatives #businessowner

Advisory firms of different sizes, business models, and growth plans all encounter the same pain points that come with building a team. And even for more seasoned entrepreneurs, the challenges around building a team that can work well together never really stop – they just take on different (and often more complex) forms. We dive into data with John Bowen, CEO and founder of CEG Worldwide and CEG Insights, on what makes advisory teams work, how strong teams can help firms attract high-net-worth clients, and how a team-based approach – despite the higher complexity and managerial duties involved – can actually improve the well-being of advisors who are stressed beyond their capacity on their own. https://bit.ly/4bJWjGo #advicers

Advisory firms of different sizes, business models, and growth plans all encounter the same pain points that come with building a team. And even for more seasoned entrepreneurs, the challenges around building a team that can work well together never really stop – they just take on different (and often more complex) forms. We dive into data with John Bowen, CEO and founder of CEG Worldwide and CEG Insights, on what makes advisory teams work, how strong teams can help firms attract high-net-worth clients, and how a team-based approach – despite the higher complexity and managerial duties involved – can actually improve the well-being of advisors who are stressed beyond their capacity on their own. https://bit.ly/4bJWjGo #advicers

Pivoting to Stay Afloat I recently joined a conversation that turned on Founders who owe employees, and the reasons for this phenomenon.  Based on my experience in advising businesses, and my own experience, in running ME Consult and ME Academy, here are a few tips that can help prevent this ugly phenomenon from occurring in your business: 1.  Hire with an eye to the future and growth: Given that the cost-to-company of an experienced hire is typically higher than a less experienced employee, it is very tempting to go with the employee that costs the business less. This strategy, while it appears to save you money, makes you lose time you need to focus on building the business. Experienced and committed hires (emphasis on experience and commitment), is many times, the best use of the business’s scarce monetary resources. 2.  Operating Costs: Watch for leakages, plug the holes, strengthen your internal audit processes.  Have clear limits for credit exposures to any one business/client, and stick to that limit. Study patterns so that you can anticipate and prepare for clients who may have cash-flow challenges. Identifying early on, and plugging the leaks in the business, can make the difference between attaining unicorn status, being very profitable or just merely surviving. 3.  Chase those bills: Ensure that your bill collection process is seamless. Make sure there are consequences (including salary deductions) for employees who drop the ball. I am happy to advise on how you can achieve this. 4.  Pivot if you need to: Sometimes, you may be better off, changing the focus of your business, or focus on just playing to the key strength of the business. 5. Take a Salary-cut: Sometimes, reducing the salaries of everyone starting from the Founder, the executives and senior management team, might be the only way to keep going, 6. Collaborate: Consider a merger or partnership arrangements with other players in your industry or sector. A friend of mine did this recently, and his business is the much better for it. 7.  It is Okay to Let Go of Employees: Ideally, this should be the last resort. However, it is important for Founders and business owners, to learn how to do this, properly and in time (when it can still save the business). It makes no sense to keep on dead weights, even if they are family and friends, on the already strained pockets of the business. Excellence must be the watchword. So, what if after you have taken all these steps, the business is still floundering and there are no new investors, and it near impossible to keep paying employees, it might just be time to close shop, as this is more honourable than owing employees.  I am DM away, if you are a Founder or a business owner considering a restructuring. #businessrestructuring #optimisingforgrowth

Are You Building Enterprise Value or Just Running a Lifestyle Practice? As financial advisors, you eventually face critical decisions: are you building enterprise value for the long term or simply running a lifestyle practice? Matthew Jarvis, CFP from The Perfect RIA highlights this in a recent interview. Early in his career, he grew his practice with just one team member. By investing in key hires and shifting focus from short-term cash flow to long-term enterprise value, he doubled his revenue and positioned his business for a more profitable exit. "We all exit our practices eventually. Maybe it’s on your terms, or maybe life forces your hand. The key is being ready. "So, are you building enterprise value to get the highest multiple when you exit or are you just running a lifestyle practice?” The choice is yours, but investing in a strong team today could be the difference between a profitable future or an uncertain one. What’s your exit strategy? Watch Full Interview Here: https://lnkd.in/emh6HE2n #PracticeValue #ExitStrategies #BusinessGrowth #LeadershipTips #SelfManagingTeams #EntrepreneurLife #SuccessMindset #Financialadvice #Financialadvisors #aum #ria

Scared of putting your time, energy and money into bringing in associates - only to have them leave you? Well, what happens if you DON'T train them and they STAY? Look - creating an environment where your people KNOW that they are better off with you than without you is a bigger conversation, but a BIG factor is your commitment to developing your people. See it this way: when you develop and equip your team members for success, you're not just investing in them - you're investing in expanding the CAPACITY of your practice - and that has an immediate ROI 🌟and a long-term ROI when you EXIT Need help investing in the future of your practice? Let's chat. Click here to schedule a call 👉 https://loom.ly/C0ZFpUE #StrategicInvestment #PracticeGrowth #TeamBuilding #Chiropractor

From start-up to scale-up: Six key questions that growing businesses leaders should consider https://bit.ly/3VZFCm7

“The Key to Creating Long-Term Value for Businesses and Society” In today’s fast-moving business world, true success isn’t just about short-term profits. The best companies deeply understand their purpose and build around it. The focus isn’t just on maximizing financial gains, but on creating lasting value that benefits both the company and society. Deep visioning is not simply a catchy phrase—it’s a transformative way of doing business. It’s about embedding purpose at the core of every decision and action, making it the foundation for long-term success. This approach can radically change how a company operates, delivering benefits that extend far beyond immediate financial results. It leads to value creation for customers, suppliers, employees, shareholders, and the broader community. When companies commit to deep visioning, they connect deeply to their purpose, creating not just financial gains but a sustainable and meaningful path forward. This method emphasizes the need for companies to move away from short-term thinking and embrace long-term, holistic value creation. The key components of deep visioning include: 1. Purpose as the Central Driver: Purpose isn’t an add-on; it’s the operating system of the company. Every action and strategy should align with this core mission, ensuring it drives long-term success and creates lasting value. 2. Creating Long-Term Value: Deep visioning shifts the focus from immediate profits to building long-term benefits. Companies that prioritize purpose beyond financial gain—integrating social responsibility and environmental concerns—achieve more enduring success and benefit society at large. 3. Building Win-Win Stakeholder Relationships: Businesses practicing deep visioning create positive relationships with all stakeholders. This leads to greater customer loyalty, stronger supplier partnerships, improved employee engagement, and solid returns for shareholders, all while contributing to a better society. 4. Purpose-Led Leadership: Effective leadership is crucial for deep visioning. Leaders must align decisions with the company’s mission and inspire teams to pursue this shared purpose. This approach fosters a united, innovative workforce and drives long-term success. Companies with deep vision not only succeed financially but also generate positive social impact, creating win-win scenarios. This long-term vision keeps the company adaptable in changing markets and competitive environments. In essence, deep visioning is a new way to run a business, making purpose the foundation of all decisions. When businesses embrace this vision, they go beyond surviving in the market—they thrive while creating lasting social and economic value. Companies that fully embrace deep visioning don’t just compete—they become forces of positive change, shaping a better future for both their business and society. This is the mindset entrepreneurs and innovators should strive for to ensure long-term success. #DeepVisioning

Scared of putting your time, energy and money into bringing in associates - only to have them leave you? Well, what happens if you DON'T train them and they STAY? Look - creating an environment where your people KNOW that they are better off with you than without you is a bigger conversation, but a BIG factor is your commitment to developing your people. See it this way: when you develop and equip your team members for success, you're not just investing in them - you're investing in expanding the CAPACITY of your practice - and that has an immediate ROI 🌟and a long-term ROI when you EXIT Need help investing in the future of your practice? Let's chat. Click here to schedule a call 👉 https://loom.ly/C0ZFpUE #StrategicInvestment #PracticeGrowth #TeamBuilding #Chiropractor

📈 Unlocking Growth Potential with a Small Business Consultancy 🚀 Running a small business is a journey filled with exciting opportunities, but it’s also one that comes with its fair share of challenges. Sometimes, the difference between where your business is today and where you want it to be comes down to having the right guidance. That’s where a small business consultancy can play a transformative role. Here are a few key benefits: 1. Objective Perspective – Sometimes, being too close to the business can limit your vision. A consultant brings an external, unbiased perspective, identifying growth opportunities or potential obstacles you may not see. 2. Specialised Expertise – Business consultants often bring a wealth of knowledge across different industries and disciplines. Whether you need help with marketing, financial management, operational efficiency, or strategy, consultants can offer targeted expertise without the cost of hiring full-time staff. 3. Focused Strategy Development – A consultant can help you refine or develop a clear, actionable growth strategy aligned with your specific goals, whether it’s expanding your customer base, enhancing profitability, or streamlining operations. 4. Efficiency and Speed – With their experience, consultants can often help implement changes more quickly and efficiently than if you were to tackle it alone, allowing you to focus on what you do best. 5. Cost-Effective Solutions – Small business consultants work with you on a project basis, meaning you’re not committing to a long-term salary. You get high-impact solutions without the overhead. If you’re ready to take your business to the next level but are unsure of the next steps, a small business consultancy might be the strategic partner you need. Invest in growth, gain clarity, and make your business goals a reality. 💼 Give the guys at Ozboz a call and see how they can help your business grow.  ☎️ 0330 122 6132 📧 hello@ozboz.co.uk #SmallBusiness #Consulting #BusinessGrowth #Entrepreneurship #Strategy #BusinessDevelopment #ozboz