Resource Center

Pivotal Moment Minute: Three Major Areas Businesses Have Control Of Grab Control of Your Business Now - Part 1 of 2

he

Pivotal Moment Minute

Relevant Topics Impacting Your Business

July 22, 2020


Why Do I FEEL like I have MONKEY BRAIN?

images 4

If you are a business owner or are in the C-Suite level for your company, you probably have experienced Monkey Brain over the last few months. You know what it is, you just have not defined it or knew what it was.
In Buddhism, it is called Monkey Mind. Not into that, if you are, ok. There is a link that talks about it and how you can tame your brain if interested...HERE.
With all the uncertainty, challenges, frustration, and loss of sleep, it is a wonder most of us aren't crazy yet. That lack of concentration and focus, along with a little anxiety and depression can impact how you are running your business.
For us entrepreneurs, I have determined, after talking to numerous business owners out there, the cause of Monkey Brain is lack of control...or the feeling that you don't have control. Running a business means having control, at least most of the time. That was the reason you got into having your own business is being able to call your own shots and doing your own thing, right?
During this time, we feel more isolated and out of control more than any other time. You do not have control over what is happening with the Coronavirus and what the government is doing or not doing to move everything forward.
There are three major areas you do have a good amount of control over. How you manage it is up to you.
These are:
  1. Managing Cost
  2. Managing Employees
  3. Managing Time

Managing Cost

2343 300x232

  • Lease of your office space or mortgage payments if you own the building
  • This is automatic. Everyone should have talked to your lessor and other vendors already.
  • If you received a PPPL loan, great, but now what? What actions do you need to take now that may save the business 3 months from now? Note: What strategies have you put in place to get you through this crazy time?
  • Employees and Payroll (Biggest Challenges for Monkey Brain)
  • Having to terminate someone or cut their hours is a tough one and one that must be swift in action. Yes, they are family, but you have another family at home relying on you to bring home the bacon.
  • Once you have made the decision to let employees go, anxiety and tension set in with the employees that remain. Get with these employees and have a discussion on how the business will survive and thrive. Share action plans, strategies, and road maps of getting through this situation. Be confident and know you are getting through this.
  • STRATEGY - Having an HR Attorney and Specialist can be of tremendous help to work through this!!! (Hamilton Edwards can help)
  • NOTE: Unemployment claim amounts subsidized federally could be extended to some amount. More about it here: Fed Subsidy
  • Health Benefits (Needed for Recruiting and Retain Good Employees)
  • Hamilton Edwards in two different cases has saved one company 37.5% in the health care benefit cost through an association program with BCBS and a company with 21 employees over $10,000 in claims being refunded by being in a level-funded national carrier plan. Click HERE MORE INFO
  • Yes, there are plans and options out there to bring quality coverage and savings to your business.
Note HERE: Do not cut your marketing and sales budget if at all possible. Get creative, whatever you need to do, but you need to continue to market your business.

 OUTSOURCING - Ultimate in Cost Savings

Outsourcing Essential but Not Critical to Core Business can save thousands of dollars and help keep you and your team focused on growing the business
  • Payroll, HR and Benefit Administration are critical areas and essential, but you and your staff are not experts. There are great PEO (Professional Employer Organization) and ASO (Administrative Services Organization) that can bring tremendous value and cost savings, like Hamilton Edwards, to reduce cost and improve efficiencies.
  • Organizations like PEOs can bundle services along with having a team of experts that can help companies not only save money but remove workforce administrative headaches and so much more.
  • IT and IT Security. This area of your business goes down...don't want to think about it. Cybercrime is on the rise and one mistake here can cost plenty. The right IT company can help you sleep better at night!
  • Business Advisers. You need advisers in and out of your connections to help you through the minefields and just be able to advise you. This can save countless hours and dollars. Hamilton Edwards can help provide those people to support you.
  • CPAs /Fractional CFOs/Bookkeepers/Property/Casualty Insurance these professionals can be tremendously beneficial in saving money and protecting you from not only Monkey Brain, but also the business.

Managing Employees & Time

PPE

We will discuss this in our next Pivotal Moment news to help get back control and eliminate or at least tame the Monkey Brain.
Listen to Anthony DeNino's podcast - Tales from the SMART Side to get a more in-depth look at Hamilton Edwards and how you can manage cost, employees, and time. Just click on the link below.
We would love to hear from you about all the information we are providing. Please contact us at This email address is being protected from spambots. You need JavaScript enabled to view it.. We are more than happy to access your situation at no cost or obligation.
Tales from the SMART Side
Subscribe to our Newsletter
Please enter your first name
Please enter your last name
Please enter your email
Invalid Input

Telephone

(704) 375-1112

Admin
Ext. 107
The Buck Stops Here!
Ext. 103

 

 

Contact us

Hamilton Edwards, Inc.
9101 Southern Pine Blvd, Ste 320
Charlotte, NC 28273

REQUEST A CONSULTATION


For immediate assistance call us at:

  (704) 375-1112

Highly Recommended by Locals On Alignable

Copyright © 2020 Hamilton Edwards. All rights reserved.