The Virus Is Changing Our Shopping Lists

May 14, 2020 | News

I read an article in the April 24th issue of the Wall Street Journal that examined the way that the pandemic has changed not just the experience of grocery shopping but what we buy. It reminded me of a joke I heard recently: I have discovered a new restaurant—it’s called the kitchen. But I don’t think it’s going to be in business for long.

This has been my experience living in downtown Portland, Oregon. I have taken up cooking at home again and I’m enjoying it.

The article says that consumers are cooking and cleaning more while spending less time and money on grooming and makeup products. For the time being, this virus has changed our personal lives.

How about your business? If your business is slow or shutdown currently, what about taking this time to work ON your business?

A slowdown presents the opportunity to step back from your business to look at the big picture, something you often don’t have time for when business is good and you are too busy working. Now is a great time to examine your business and improve what was going well and correct anything that wasn’t.

We can help. We are experts in business. Let’s discuss how we can help you improve top-line revenue and bottom-line profit. Take steps now so you can make more money once this shutdown is over. If you don’t take time now to improve your business, when will you? Call us: 503-312-3145

The picture is of a recipe I cooked: Pork Chops with Chorizo and Spanish Rice along with a great bottle of a Cabernet from Napa, CA.

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Minimize Risk to Your Banker with Succession Planning

May 12, 2020 | Gary Furr Expert Tips

Many of the bankers I surveyed said that not enough business owners have succession plans, but that their very best customers are working on them. A succession plan protects your banker from unnecessary risk, and it also protects your business as well as your personal wealth.

Having a succession plan does not mean that you are planning on selling your business right away. It does mean that you are planning for the future of your business should something happen to you prematurely.

EXPERT TIP | Gary Furr, Organizational Development Consultant:

If you are thinking of selling or leaving your business, you should start preparing at least three years in advance. The sales or transition process takes time—more time than most business owners realize. One of the major upsides to thinking and planning for succession is that it forces you to take a hard look at your business.

With over 40 years of C-level business experience and an MBA in organizational development, I am uniquely qualified to help you achieve success in your business. Give me a call to set up a free consultation: 503-312-3145.

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Don’t Let Uncertainty Paralyze You

May 7, 2020 | Business Leadership

We are currently facing tremendous uncertainty as a result of the economic impact of a nationwide shutdown of business. This uncertainly about the future creates a great deal of stress and causes us to focus on the immediate situation rather than the broader possibilities that may become available to us.

In his recent article for Harvard Business Review, “Don’t Let Uncertainty Paralyze You,” my oldest son, Dr. Nathan Furr, a strategy professor at INSEAD in France, examines how innovators, entrepreneurs, CEOs, gamblers, and even surfers approach and navigate turbulent times. Not surprisingly, all of them are skilled at discovering the hidden potential in uncertainty.

You can read the article here: https://lnkd.in/gcSSqiz

If you would like to discuss how you might navigate the current situation and discover the potential opportunity for you and your business, give me a call. The call is free. 503-312-3145

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Your Banker Wants a Proactive Approach

May 5, 2020 | Gary Furr Expert Tips

Bankers want to see business owners with a proactive vision for the future and a plan, because that increases their chances of success. If you are being reactive and do not have a plan, your banker will be concerned.

The business owner who does not have a plan or is not following the plan is a potential risk for the bank. Being reactive is when you react to everything that comes your way.

Vision and a detailed plan are the guardrails that prevent you from getting lost in being reactive. That is why bankers want to see this kind of planning. They want to know that your actions are being guided by something more lasting than the day-to-day issues and problems that crop up.

EXPERT TIP | Gary Furr, Organizational Development Consultant:

Being able to explain to your banker how you will execute on your plan is important and demonstrates your proactive mindset. This gives them greater confidence that you will achieve your goals and continue to grow as a company—because all great companies have plans.

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How Bank Ties Are Impacting Federal Aid

April 30, 2020 | Business Finance Banking

Several news outlets, including the Wall Street Journal on Tuesday April 21st, have reported about the aid businesses received under the federal government’s Paycheck Protection Program (PPP) and the fact that many of the businesses that received aid were not the ones with the greatest need.

It looks as if receiving PPP was heavily influenced by how and where companies banked. Many of the companies who received funding from the PPP already had loans with the bank they applied through. The Wall Street Journal states; “thousands more that lacked the right ties, weren’t approved.”

In my book Make Your Banker Happy, available on Amazon, I describe how essential your banker is to your success because business doesn’t always go as planned. It pays to establish a relationship with your banker in good times because when bad times come (as they always do), you will have that trusting relationship in place. The current situation with companies applying for PPP funding is a perfect example.

Your banker should be an important partner in your business, but that relationship requires an effort on your part. Owners of small and midsize businesses who invested in that relationship are seeing the payoff now.

If you are experiencing difficulty in your business, this is a great time to look at the big picture and uncover what has been working well and what has not been. From there we can unlock ways to make your business more efficient and effective.

Give me a call. I am an expert in business process improvement and can help you increase top-line revenue and bottom-line profit: 503-312-3145

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Appreciate Your Banker

April 28, 2020 | Gary Furr Expert Tips

Consider your banker to be a partner in your business success. How do you facilitate partnerships? You do so by taking care of the relationship, and one simple way to do that is to express appreciation.

EXPERT TIP | Gary Furr, Organizational Development Consultant:

Just like you want to have a great relationship with your customers, bankers want to have a good relationship with you, their customer. It is your responsibility as a business owner to treat this relationship with your banker as one that is about more than money. Consider it a long-term investment in your future and develop it accordingly.

The more that your banker understands you and your business, the lower the risk to the bank. If you want an excellent relationship with your banker, it means you are not switching banks for a quarter or half basis point. It means you are putting value on the relationship and not just the finance charges and interest rates.

Think of your ideal customer or client. Do you want them switching vendors over a few cents or dollars after you have worked hard to build a great relationship? Of course not! Express your appreciation for your banker by sticking with them.

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Communicate Your Customer Focus

April 21, 2020 | Gary Furr Expert Tips

Your banker is invested in your success. For that reason, they want to see a strategy geared toward customer focus, because that is a strategy that breeds business success. Can you explain to your banker how you are meeting your customers’ needs?

EXPERT TIP | Gary Furr, Organizational Development Consultant:

In order for your business to succeed, you need to be focused on meeting your customers’ needs. Very few customers will pay to have you meet a non-need. Get to know your customers and what they need from you so you can organize your business to meet those needs.

As a business owner, you want to understand your customers so that you can exceed their expectations in solving their problem or achieving their goals. Your banker wants to see this understanding because they know it will benefit your strategy.

You should be able to explain to your banker who your customers are, what product or service you are providing to meet or exceed their needs, and where they are located geographically. How is your company organized to meet those needs and provide superior performance? Presenting this information will help inspire your banker’s confidence.

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How to Face Uncertainty

April 16, 2020 | Business Leadership

Last week I posted an article written by my oldest son, Nathan Furr,* for Harvard Business Review, which you can find here or on my website. Nathan discusses his interview with Nobel Prize winner Ben Feringa, who shares his wisdom about uncertainty.

Mr. Feringa says that we need to be resilient in the face of the frustration that comes with uncertainty; of course, we could not be in more uncertain times than now. On April 2, I posted an article about resilience, which was part of a recent Crisis Management for Small & Medium Enterprises publication; I noted that if we can skillfully manage these problems and struggles, then we would become stronger as individuals while also helping our organizations emerge stronger. What we are experiencing now and the ways in which we learn to adapt can and will continue to serve us, and our organizations in the future.

In an interview with Australian filmmaker Benjamin Gilmour, Mr. Gilmour was quoted as saying, “Most people see obstacles and they interpret it as a sign to stop. I’ve learned to see obstacles as a sign I was heading in the right direction.”

Talent and skill are important for success, but resilience and persistence are just as critical. We all face obstacles, and we need to exercise resilience and persistence to overcome them. Now as always, focus on what is within your circle of control and influence. Be vigilant, remain calm, and take prudent caution. The current crisis will pass.

Are you sticking to the plan you made in late 2019 or early 2020? The landscape has changed and your plans should too. It’s time to be flexible and adapt to this change. If you need guidance, I am here to help you: 503-312-3145

*If you are interested in reading more from Nathan Furr, a strategy professor at Insead, the International Business School in France, he has written four books: Nail It, Then Scale It, (2011), The Innovator’s Method (2014), Leading Transformation (2018), and Innovation Capital (2019).

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Demonstrate Professionalism with Your Banker

April 14, 2020 | Gary Furr Expert Tips

Like any relationship, your banking relationship is facilitated by certain standards. By demonstrating professionalism through respect and preparation, you will help to build your relationship with your banker and increase your odds of business success.

EXPERT TIP | Gary Furr, Organizational Development Consultant:

Preparation is an excellent way to demonstrate professionalism. Meeting with your banker should not be a shoot-from-the-hip experience. Instead you want to think through what your banker needs and how you can present your information in an organized format to help make things easy for your banker. Consideration helps to facilitate your relationship.

Here are a few tips for cultivating a professional relationship with your banker:

Show competence by being prepared with accurate documents as well as knowledge about your industry and your business.
Be polite and treat you banker with the same level of respect you would treat your very best customer.
Always be on time for meetings. Being reliable shows respect.
When communicating through written correspondence with your banker, make sure that you are brief and to the point.

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You’re Not Powerless in the Face of Uncertainty

April 9, 2020 | Business Strategy

These are uncertain times and the path forward is not yet clear. Many times in business and life we find ourselves dealing with issues outside of our circle of control. How we deal with those issues has a tremendous impact on our businesses and our lives—and even the lives of those around us. One approach that can help is learning how to effectively frame the uncertainty and lack of control.

Nathan Furr, Professor at INSEAD, has published an article in Harvard Business Review entitled, “You’re Not Powerless in the Face of Uncertainty” that may help you as you navigate these unsettling times.

You can read it here: https://hbr.org/2020/03/youre-not-powerless-in-the-face-of-uncertainty

If you need advice and guidance during these uncertain times. I am here to help you. Please reach out for a free 30 minute call.

503-312-3145

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