As Seen in Multi-Unit Franchisee - The Emotional Toll Of The DOL Ruling

As Seen in Multi-Unit Franchisee - The Emotional Toll Of The DOL Ruling

Changes to the DOL rules may stir up concerns of employee turnover, especially in an environment where it is difficult to find good committed people. Learn how to motivate and retain employees that are affected by the new ruling on overtime pay.

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How to Handle Underperforming Family Member Employees

Family members are attracted to the family business for a number of reasons. Most of my clients are thrilled to have their offspring involved in their businesses and many have high aspirations for their children. The truth is, family members can represent a profound asset especially if they enter the business with humility, adequate training, and meaningful prior work experience. These individuals tend to be a delight to have around and are relatively easy to manage. Conversely, entitlement, arrogance and a less-than-stellar work ethic can be problematic. So what happens when a family member does not carry his or her weight?

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Bulk Up and Charge Up - How Vacation Can Reveal Your Business' Bench Strength

I recently wrote an article about managing one’s business as if it were always for sale. One of the key points was getting management proficient at running the business successfully in the owner’s absence. But what about management’s absence?

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How to Attract and Retain High Performers for Your Business

  • Do you have key employees who are telling you they want a piece of the action – an ownership interest in the dealership? 
  • Do you have key employees whom you want to retain in the dealership over the long term? 
  • Do you have highly compensated employees who are getting killed income tax-wise and want to know what you can do to help? 
  • Are you looking for ways to create greater incentives for your key employees? 

If you answered yes to any of the above questions, then you should consider utilizing some type of non-qualified deferred compensation plan(s) in your dealership. The Fortune 500 companies have been using NQDC plans for years to attract and retain their key employees and so should you. 

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The Incentive Trap, Are You Caught In It?

Here’s something that may challenge your current thinking about incentives: Not all incentive programs motivate people towards better and higher levels of performance.  In fact, a good many of these programs have just the opposite effect. They can also serve as a source of motivation for the wrong people or a source of entitlement.

Basically, there are three types of motivation:  Fear (self-imposed or direct threats); Extrinsic (outside programs such as bonuses, special perks, etc.); and Intrinsic (internal drive for accomplishment).  While fear and extrinsic motivation may have some immediate impact on performance levels their impact is generally short-lived.

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Employee Motivation - How to Power Your Organization from the Inside Out

If your overall compensation package is at least competitive and provides a reasonably comfortable life style for your employees and family members, then it is going to take more than additional money to bring out the creative and productive energy that your staff carries around with them.  It’s going to take INTRINSIC motivation.

Intrinsic motivation is the compelling desire to do and be better because we want the satisfaction that comes from doing something simply because we love to do it.  In his book, Drive, Daniel Pink tells us that there is a “mismatch between what science knows and what business does.”

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Employee Appreciation-Motivation - Unexpressed Gratitude Communicates Ingratitude

At the risk of sounding like I’m contradicting my first two posts, I don’t believe that the business owners, their children, and their employees who all benefit from one another’s contribution are completely ungrateful..  I do believe they suffer from the same thing I suffer from, and perhaps that you suffer from; they are thankful, but just haven’t expressed it. Maybe they are unsure how or they have communicated to everybody their gratification, except for the person that made the contribution.

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Effective Leadership - How to Express Gratitude and Impact Lives

In my first post on this topic I discussed a dangerous trap that many business owners fall into of “ungratefulness.” As the business owner, you were likely the holder of the big idea, capital, cutting edge strategy, or great leadership skills, however; no matter the great skill you may possess, your empire was most likely built by a team of people who bought into your mission. 

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You Didn't Get Where You Are By Yourself - The Importance of Employee Appreciation

One of the ugliest words in the English language is “ungrateful.” Nobody wants to be ungrateful. 2010 was a particularly busy year for succession planning. Many business owners capitalized on the opportunity to transfer assets to their children at deep discounts due to de-valuations and low interest rates in this struggling economy.  Subsequently, I have had the opportunity to  coach people in expressing gratitude.

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Incentivizing Performance: It Takes More Than Money to Bring Lasting Change

The common practice in motivating adults in the work force is to create opportunities for them to increase their compensation.  We have followed that practice for untold centuries; and still, some of us are shaking our heads and wondering why “money just doesn’t seem to matter to them.”

Well, money does matter.  And, for some of us, it matters a lot!  Our work suggests that people who are confident risk takers; fast, fluent communicators; results focused; and seek change and innovation are more likely to be positively influenced by variable compensation and incentive systems.  

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Effective Leadership - You Set the Tone

A few days ago I came across the following piece titled IT'S UP TO ME by Haim Ginott

“I've come to the frightening conclusion that I am the decisive element in the classroom. It's my daily mood that makes the weather. As a teacher, I possess a tremendous power to make a child's life miserable or joyous. I can be a tool of torture or an instrument of inspiration. I can humiliate or humor, hurt or heal. In all situations, it is my response that decides whether a crisis will be escalated or de-escalated and a child humanized or de-humanized.”

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Want to Change Behavior? Feed the Right Beliefs

Roy H. Williams and I have not yet met.  But I think I know him.  When we do meet, I am pretty sure I am going to like him.   Roy, who is known in the business world as the “Wizard of Ads” has been sending me a Monday Morning Memo since April 13, 2003. Last week, the Monday Morning Memo was all about beliefs, which gave me the inspiration for this series of blogs, which will focus on the impact of beliefs on behavior and the impact of behavior on other people

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Successor Development - How Good is Good Enough?

I was recently in a meeting with a son of a business owner, who was the identified 3rd generation successor leader to his family’s business. We were talking about some communication challenges he was having with his dad. His dad is a larger than life kind of guy, one whose shoes are hard to fill.  So, I asked, “What seems to be causing the difficulties?”

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How A Missing Toothbrush Can Cost $37,500 - Keys to Avoid This Mistake

Meeting expectations is the key to satisfying friends, family, colleagues, and employees.  Whether we talk about a company or an individual, experience teaches us that there is often a gap between what is promised and what is delivered and the difference can be expensive.

For example, a friend who travels a great deal forgot to pack a toothbrush.  She was pleased to see one of those “Forgot Something?” stickers on the mirror in her room.  The promise was that the hotel had your back if you had forgotten something simple like a toothbrush or toothpaste.  When she went back to the lobby, she stopped by the desk, explained her situation, and asked for a toothbrush. 

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Want Respect? Look at Character and Competence

We all have multiple roles; and there is a brand that accompanies each of those. We have a brand as a parent, a business owner, a spouse, a trusted advisor, a leader. While the responsibilities are certainly different, there is a common element in how well received each of those “brands” are in their respective marketplace.

That element is Trust. And that trust comes from consistent and predictable behavior on our part. It’s broken more easily than it’s built, but here are some ideas that you can put into practice that will help you in the construction process.

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How to Build Value in Three Forms of Capital Assets

I like to use the words capital and resources interchangeably.  So, from my perspective, there are three kinds of capital and/or resources available to us all the time.  Those three kinds of capital or resources are basically:  People; Time; and Money.

Let’s put people first, so we will begin with building the value of human capital.  There are probably several varieties available, but the more recognizable forms include Leadership Capital, Family Capital, and Culture Capital.

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Employee Appreciation - What Message Are You Communicating?

Apathy, skepticism and disgust are sentiments shared by millions of Americans as a result of the greed and selfishness pervading our society today. For some, it is definitely all about the money even if generating business profits is at the expense of others. Others see money and profitability as a measuring stick/scorecard of how well they are leading and operating their businesses or how many lives they are impacting through their businesses. So I ask, which category do you find yourself in?

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How to Be a Better Leader Using Both Your Positional and Personal Power

Today, let’s talk about how you brand your use of power and influence within your business and/or within your family.

To begin, you should know that, for many years, I have maintained that the use of power and influence is at least the skeletal definition of leadership. Many have suggested that somehow the “intention” or the “outcome” also has to be considered; but, personally, I believe that gives leadership a moral connotation that is more properly the responsibility of the individual using leadership rather than leadership itself. I guess that’s another way of saying that some people give leadership a bad name.

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Business Is Tough, But Life Is Good - How to Impact Employees Through Your Attitude

Last week, while making my way home from a few meetings in South Florida, I had the opportunity to meet a long standing client of our firm (let’s call him Mr. Wise) for dinner. He is respected as an intelligent, conservative business leader who has an excellent track record when it comes to evaluating business opportunities. Naturally, we talked about his family first and eventually the discussion transitioned to his businesses and the current state of the economy.

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