August President’s Message: Focus

Dear Members,

As the summer winds to a close (too quickly!), I am thinking a lot about focus.

In general, I feel that once the hecticness of summer commitments is behind us, I can re-focus on my business for the remainder of the year.  I can re-visit our strategic plan and the initiatives that we intended to complete this year, and I can re-apply myself and my team to ensuring their completion.  With 4 months to go, focus is critical.

And specifically, I am thinking about the focus that the EFBC uniquely provides.  Specialty Sales, and I personally, have been dealing with a very difficult personnel situation with a long-time employee.  In an emotionally fraught and professionally difficult situation, I always appreciate being able to confidentially discuss with my EFBC colleagues.  They provide empathy and shared experience, steeped in the EFBC culture of emotional intelligence, that allows me to focus on the business’s core values and my personal core values.

This clarity helps me move through the situation in line with our values, and get out of the “head trash” that can bog us all down when we are facing difficulties in our businesses.  I am grateful to the EFBC for that focus.

In other news, the EFBC is currently actively recruiting to our committees.  This is a member-run organization, which is what makes it great.  That requires members to volunteer their valuable time to keep the organization.  The good news, and I speak from experience, is that it is a two-way street.  Being on the board of the EFBC has been an enlightening experience of personal growth for me personally, and I highly recommend it.

We are currently looking for the following:

• Marketing & Membership: The M&M Committee is looking for members with marketing experience or interest, specifically in content marketing, that can help us share the value of the EFBC with even more prospective members.  We will be developing a strategy and working with staff to create, share and measure content to drive new member growth.
• Programming: The Programming Committee is looking for members who have an interest in driving the ideation and execution of all the events we provide to members.

If you have interest, please reach out to Liz Fidanovski or Bob Carmody, our current Governance Chair, who are actively working on committee succession and recruitment.

Lastly, I’m excited to share that we’ve recently rolled out an update to our EFBC CommunityHub mobile app. You may have already noticed the new, sleeker design. The homepage now features a “summary” of all the pages available in the menu, providing a dashboard-style overview at a glance – from posts and events to groups and the discussion board. This update is aimed at making it even easier for you to stay connected and engaged with our community. If you haven’t downloaded the app and activated your account yet, please do so by clicking here to download it from the Apple Store and here to get it on Google Store.

Warm regards,

Darrin Shillair – EFBC President 2024-2025

Leveraging Technology to Drive Business Growth

Making Today’s Tech Trends Work for You

From e-commerce to customer service chatbots, it seems that these days every company is a “tech” company on some level, and for a good reason. The right technology, when used correctly, can help businesses deliver better customer experiences, improve efficiency, and drive growth.

But using the “right technology,” and using it in the correct manner to achieve your desired outcomes, isn’t always as easy as it seems. Navigating the various options available to you can seem like a full-time job, and you also have a business to run! Not to mention, integrating new technology into your business practices can be challenging at its best, and scary (with more than 2,200 cyber-attacks occurring daily) at its worst.

So, which new technologies are right for your business? And how do you make sure the rewards of using them outweigh the potential drawbacks? Of course, the answer to those questions ultimately lies in your hands, but there are certain market-wide trends to be on the lookout for. And we’re here to break down four of those trends (as well as potential risks associated with them), so you can make the most informed decisions possible about your business needs in terms of tech.

• Tech Trend #1: Increased Cyber-Security

First thing’s first: protect yourself. As businesses increasingly turn to technology run their operations and store important data, they leave themselves vulnerable to cyber-attacks, and even legal action, if that operational data isn’t well managed and protected. As stated above, over 2,299 cyber-attacks occur daily, so having some form of cybersecurity is crucial in order to protect your business, your employees, your customers, and yourself. Luckily, there are a number of cybersecurity solutions available, including firewalls, anti-virus software, multi-factor authentication, and encryption. Keep in mind, every added layer of security protection does have an accessibility trade-off. Firewalls can block websites that employees need to be able to access, multi-factor authentication takes time and requires employees to have multiple devices, and so on. Consider these trade-offs and the level of security needed to protect the type of data you work with on a daily basis. Other security strategies that businesses are starting to employ include phishing tests and standardized cybersecurity trainings throughout the year. These strategies are shown to reduce the instances of security-compromising employee mistakes by up to 60%.

• Tech Trend #2: Cloud Computing

Chances are that your business is already using some sort of cloud computing. Cloud computing is a tech trend that is here to stay, especially as remote work continues to be the norm, because it is the only way employees can collaborate and access company resources without being physically in the same location. It’s also a money saver because it is highly scalable and reduces the need for expensive hardware and software. So, for cloud computing, it’s not really a question of “if,” but “which one?” The top three most popular cloud service providers are currently Amazon Web Services, Microsoft Azure, and the Google Cloud platform. Different industries tend to have different standards and preferences in terms of which of these they use, so it’s worth looking into which cloud service provider is most popular in your industry. Choosing that “most popular” option will reduce employee learning curves, as new hires are more likely to be familiar with the industry standard. It’s also worth thinking about the security/accessibility tradeoffs associated with each of these platforms. Microsoft tends to be looked at as a more secure, but less user-friendly, option, whereas Google Cloud offers a little less in terms of security but is very user-friendly. Take your specific business needs into account when deciding which one to use.

• Tech Trend #3: Generative AI

When we talk about AI in 2024, we’re usually actually talking about a subset of the technology called “generative AI:” AI that creates things like text and pictures. Other forms of AI, such as facial recognition and smart assistants, have been around for a while, and may already have a place in your business practices. But generative AI has only relatively recently become accessible on a wide scale, and businesses across industries are grappling with how to use it ethically and effectively.

Like with cloud computing, there are many different applications to choose from when it comes to generative AI. Open AI’s platforms (like Chat GPT) are among the most broad, popular, and user-friendly, but industry and job-specific technologies in this subset are being developed all the time. So, if you have a specific task you feel your business could benefit from partially off-loading onto AI, it’s worth looking into what already exists, as well as what other businesses in your industry are using. With AI, content generation can happen quickly, saving time and manpower.

Keep in mind, however, that generative AI is only as good as the data it is trained on, which means it can be unoriginal at its best and, at its worst, can be subject to biases and stereotypes associated with that training data. That’s where the ethics piece comes in. It’s important when employing this technology to do so IN TANDEM with trusted creators and DEI teams who know your brand and how to protect it.

• Tech trend #4: Business Process Automation (BPA)

For family-owned and entrepreneurial businesses, maximizing efficiency while maintaining a personal touch is crucial. Business Process Automation (BPA) is a technology trend that helps streamline repetitive, time-consuming tasks, allowing your team to focus on higher-value activities that drive business growth. BPA involves using software to automate routine processes such as invoicing, payroll, inventory management, customer relationship management (CRM), and even aspects of sales and marketing.

For example, Customer Relationship Management (CRM) systems like Salesforce can automate customer interactions and sales processes, ensuring that no lead or opportunity falls through the cracks. Similarly, Enterprise Resource Planning (ERP) systems can automate and centralize core business functions, providing real-time visibility into operations, financials, and supply chain activities.

In family businesses, where roles and responsibilities often overlap, BPA can help create clear, efficient workflows that ensure tasks are completed accurately and on time. However, while automation can save time and reduce operational costs, it’s essential to maintain a personal touch in areas that require human interaction, such as customer service and client relationships.

Conclusion: Balancing Technology with Human Expertise

While the latest technology doesn’t make or break a business, it is a tool (and an increasingly important one) that can help your business grow and stay both solvent and competitive. The right combination of cyber security, cloud computing, generative AI and BPA can protect your business while taking it to the next level. But, with any new technology, there are always risks. Those risks include learning curves and security concerns of course, but they also include homogenization and the risk of losing the beating heart of your business: its people.

As a leader, it’s up to you to decide how much of your business operations you want to automate or delegate to technology. However, be cautious about over-reliance on tech, as it’s your employees and their unique contributions that will ultimately set your business apart.

Turn Your Sales Team into Gold Medalists: Tips for Small Businesses

Now that the Olympics are winding down, “performance” is the word on everyone’s lips. And while most people are talking about the athletic performances of athletes like Simone Biles and Lebron James, we know that small business owners think a little differently.

If you watched the Olympics, you probably wondered if you could take any lessons from the Paris 2024 games back to your “starting lineup,” also known as your sales team; and the answer is “yes.” In fact, building and motivating a good sales team is not dissimilar to building and motivating a good sports team. Both endeavors require strong and purposeful recruitment (hiring), extensive training, and, ultimately, empowering a team to succeed. So here are some tips that will make you feel like the hours you spent in front of the T.V. watching the Olympics were productive for more than just entertainment value.

Tips for Recruiting & Hiring Your Team

• Rookies vs. Allstars
  • In the same way that sports teams managers acquire players for different reasons, so should sales managers. It might be tempting to always hire salespeople with lots of experience on their resumes (Allstars), but that may not be what your business needs right now. Think about the amount of time you have to train your new salespeople and what you want them to be able to do. An Allstar will be able to hit the ground running, but will have preconceived notions and ways of doing things. A rookie (someone fresh out of college for example) offers the opposite: a blank canvas with a lot of enthusiasm who is willing to try a variety of sales tactics.

For an example of this at Paris 2024, look no further than the women’s skateboarding events, which featured both the youngest Olympian at the games (Zheng Haohao of China, 11) and the youngest gold medalist (Arisa Trew of Australia, 14). Both athletes were first time Olympians, announcers cited their hard work and lack of experience as driving factors behind the fearlessness with which they went into their runs. And that’s exactly the benefit of hiring a “rookie” salesperson: fearlessness, a willingness to work hard, and a blank slate.

• Diversify Your Roster
  • A who’s who of NBA royalty, Olympic Team USA men’s basketball did give us a roster made up entirely of Allstars, but that doesn’t mean it was a homogenous team. An equal blend of guards, centers, forwards, and swing athletes like Anthony Davis, this team was expertly assembled by coaches to have diversity in positions and play styles, and that is another lesson you can take back to your sales team. In addition to having salespeople who specialize in selling to different demographics, you probably want to create a sales team that has some combination of roles. These roles may include sales managers, account executives, sales specialists, and customer services representatives. As a small business owner, you should take time to understand these roles and their needs. This will help you put together a roster full of people who can all play their positions, play them well.
• Look Beyond Skills
  • It may seem counterintuitive, but there’s more to a good salesperson than strong sales skills. Like in sports, the skills need to be there, but when you’re looking to hire, it’s likely you will come across several candidates who have the necessary skill sets. After narrowing it down to those candidates, think like a coach and look for the intangibles: attitude and habits. The former will help motivate the rest of your sales team, and the latter will help your new hire grow in their role. Just look at the GOAT of this Olympics: America’s Sweetheart, Simone Biles. Of course, we all know she has the skills to be a great gymnast, which she has proved time and time again, even before these games. But what was striking about her at this Olympics in particular was how many of her teammates cited her attitude, candor, and leadership as a driving force behind their success stories. That’s the kind of person you want on your team.

Tips for Training Your Team

• Have a “Playbook”
  • Even if you fill your team with all the right people, it’s hard to guarantee that they will hit their targets. That’s where a playbook comes in. If you watched any of the court volleyball games, you saw examples of playbooks in action. Those playbooks included when to set, bump, and spike, where to move, and often who to move. In other words: everything the players needed to make it to the next point. Like a good volleyball playbook, a good sales playbook contains everything a salesperson needs to make their next sale. Things you might want to outline in a playbook include company structure, sales team structure, messaging and positioning, product overview, differentiators, buyer personas, use cases, sales methodology, sales plays, lead sources, sales processes and definitions, sales collateral, cases studies, competitor battle cards, a pitch deck, tips for objection handling, tools, software, dashboard, and metrics.
• When Possible, Train Your Team Together
  • Team building may seem like a cliché at this point, but it’s as important to your sales team at it is to the U.S. Women’s rugby team (who cited it as a major factor in their history-making, bronze-medal-winning performance at the 2024 Olympic Games). And while your team doesn’t necessarily have to create their own chants, cheers, and TikTok routines like those women did, building a strong sales team with a lot of camaraderie is important. It not only fosters healthy competition, it also creates an environment in which sales team members are more willing to share their struggles and successes. This is turn leads to honest peer feedback that will increase outcomes and take some of the training burden off your shoulders.

Tips for Empowering Your Team to Succeed & Win!

• Be The Coach, But Listen to Your Players
  • As a small business owner, you should have the faith and respect of your sales team, and if you’ve followed all the tips up to this point, you probably do. But just because you have a team that trusts you to run the show, doesn’t mean you should do so with impunity.

Take, for example, the adorable relationship between Norwegian sprinter Karsten Warholm and his coach Leif Olav Alnes. Though Alnes has coached Warholm to success never seen before by a Norweigan sprinter, he continues to emphasize that his partnership with the athlete is just that, a partnership. Alnes doesn’t have a sprinting background, he is a sports scientist, and he knows that Warholm sees things on the track that he isn’t privy to. So, he focuses on, in his words “making the boat go faster,” while Warholm brings him real-time feedback about what is happening with his body and his opponents while he races.

The same is true of your sales team. They are out in the field, and able to see things that you cannot. So, create space for them to share those things with you, and balance their feedback with your goals for the team. Once again, this will help you win together. Plus, it’s a great chance to demonstrate one of the key truisms about sales: it’s 80% about listening. If you lead by example, your sales team is sure to follow.

• Make Sure Everyone Understands What Winning Looks Like
  • If you watched the Olympics, you probably encountered at least one sport with which you were unfamiliar. Maybe you had heard of it, or even seen it before, but as you watched you realized that you had no idea how rules or scoring worked. For us, this was fencing. We enjoyed watching every minute of it, but we had no idea why the points were being awarded. This is NOT an experience you want for your sales team, and it is important to define the “rules of the game” early in the process. These rules should include how sales reps should interact with prospects and customers, with each other, and with other departments in the company. They should also clearly define things like lead assignment, territory assignment, and cross and up-selling procedures. With commission often being up to 50% of a sales rep’s pay, defining these specifics off the bat will help your team see what winning looks like, and allow them to “go for the gold” (or in this case, the green).

Building a high-performance sales team is an ongoing process that requires dedication and strategic planning. By implementing these tips and fostering a positive team culture, you can increase sales, improve customer satisfaction, and drive overall business growth.

Ready to build a high-performance sales team? Join us at our upcoming Sales and Marketing Roundtable on September 12th to learn more about effective sales strategies, explore how marketing can leverage data, AI tools, and fundamental strategies to scale and enhance sales efforts and connect with fellow business owners.

Meet Benjamin Wright, President at Chicagoland Hearing

Get to know Ben, a new member of EFBC!

Chicagoland Hearing
Founded: 2009
Location: Chicago, IL

1. Tell us about your background and career leading up to where you are now

I graduated college in 2004 and worked for another company for five years. After gaining experience, I decided to start my own business in 2009 with one support staff – receptionist, as my sole employee.

Over the years, we’ve grown significantly, expanding from 25 locations in the Chicago area to approximately 150 locations across eight or nine states. We’re continually seeking new growth opportunities.

2. Are you planning to expand outside the United States?

My wife and business partner have discussed the possibility of expanding overseas. However, the healthcare systems in many countries differ significantly from the United States, with socialized medicine being more common. We’re carefully considering this option but haven’t made any concrete plans yet.

3. What do you like the most about what you’re doing right now?

The most rewarding aspect of our work is helping people regain their quality of life. Whether it’s an older individual or a child, hearing loss can significantly impact relationships and overall well-being. We’re proud to be able to provide solutions that restore those connections.

4. How did you first hear about EFBC?

I learned about EFBC through a friend, John Kabance, who joined a few years ago. We’ve known each other for a long time, and our children attend the same school.

5. What motivated you to join EFBC?

As our company has grown rapidly from a small team to a large organization with over 150 locations, I’ve found myself increasingly focused on business management rather than direct patient care. I joined EFBC to gain insights and support as I navigate this new phase of business growth.

6. What do you hope to gain from your membership?

Beyond networking, I’m looking for practical tools to run my business more efficiently. There are many aspects to consider, from HR to other operational areas. I hope to learn from other business owners and discover resources that can help me grow in my role.

7. Have you been in any other organizations like EFBC before, such as peer networks?

I haven’t been in a membership-based organization like EFBC. I’m part of a group of audiology practice owners, but it’s more of a networking circle without formal dues. While similar in some ways, it’s focused specifically on the audiology industry.

8. Do you have any passions or hobbies outside of work?

I enjoy traveling with my family and we try to go overseas two or three times a year. I also play tennis and have recently taken up metalworking as a hobby.

Join us in welcoming Ben Wright to the EFBC community! Members can log in and connect with Ben via the EFBC Member Directory.

Optimism and Opportunity: A New Leadership Era

We’re excited to introduce you to our new EFBC President for 2024-2025, Darrin Shillair! To kick off his tenure, Darrin has shared a heartfelt video message and a thoughtful letter with our valued members.

Dear Members,

As I step into the role of president of the board of the EFBC, I am filled with a profound sense of optimism and excitement. It is truly an honor to serve a community of dedicated family business owners and entrepreneurs who play such a pivotal role in our economy and society.  As business owners and entrepreneurs, I believe we all are optimists at heart, otherwise we would never take the risks required.  We believe in the future and believe that our businesses will thrive, and I believe the same for the EFBC.

Our organization has always been a beacon of support and guidance for family businesses, and I am looking forward to building on this legacy. I am particularly optimistic about the future because of the strength and resilience I see in each of you. Your dedication to your businesses and to this organization is truly inspiring.

In the coming months, I will be sharing with you our strategic plan, which has been crafted with great care and insight by our Board of Directors and staff. This plan is designed to ensure the continued growth and prosperity of our organization, and I believe will set a strong foundation for our future.

I will be asking to visit each of your forums in the coming months, and I’m looking forward to discussing our plans with you, getting to know more members, and hopefully convincing you to help us achieve those goals.

Thank you for your continued support and commitment to our organization. I look forward to working closely with each of you and to hearing your ideas and feedback. Together, we can achieve remarkable things and ensure a prosperous future for all our members.

Let’s embrace the future with optimism and enthusiasm, knowing that our collective efforts will make a lasting impact.

Warm regards,

Darrin Shillair – EFBC President 2024-2025

The Battle of the Management Acronyms: EOS vs. GGOB

In the ever-evolving landscape of business management, entrepreneurs and family businesses constantly seek the best methods to steer their enterprises toward sustained success. In 2024, two major schools of thought exist that have evolved around coaching entrepreneurs in the best ways to manage their businesses. Both have spawned websites, books, training videos, and almost cult-like followings. These are the Entrepreneurial Operating System (EOS) and the Great Game of Business (GGOB); and a visit to either of the websites centering around these methodologies (eosworldwide.com or greatgame.com) offers testimonials and statistics from companies that have used and loved their tools. For example, EOS boasts 695 “implementer companies” ranging from non-profits to advertising agencies, and Whole Foods credits GGOB as a major factor in the 20% average annual sales growth rates they experienced since implementing the program.

But if you’re looking to spend your valuable time (and even money) investing in upgrading your management game, you’re probably asking yourself: which one of these strategies is, in fact, better? And, of course, the answer is: “it depends.” But what does it depend on? To answer that question, it’s worth looking a little deeper into these two management methodologies, as well as their benefits and limitations.

What is EOS?

The first (alphabetically anyway) of these two management methodologies is the Entrepreneurial Operating System, or EOS. This method focuses on understanding and strengthening the “Six Key Components of any business that must be managed and strengthened to be a great business.” According to the EOS website, these six components are Vision, People, Data, Issues, Process, and Traction.

How does this methodology help businesses?  

According to companies that use and love EOS, the major advantage of this methodology is that it helps companies break things down and refocus on what is important. EOS really hones on defining a company’s core values associated with the “Six Key Components” and making sure those values are understood by employees and customers alike. It also values compartmentalization of surface-level problems in favor of a focus on root-cause issues, as well as a constant asking of the question “how will this help us achieve our goals.”

EFBC’s Members Insight: Dave Westerman’s and Sean Hoffman’s Experience with EOS

Dave Westerman, Owner of Carbit Paint, has enhanced his business’s internal communication with the EOS Meeting Pulse. A Meeting Pulse entails having regular meetings, optimized for frequency and duration, and including only those company members pertinent to the function of the team. For instance, the leadership team meets weekly for 90 minutes, every Wednesday to check on progress vs quarterly goals, share headlines, and resolve issues. The leadership team also meets annually, in January for a different purpose. This strategic 2-day off-site meeting focuses on team-building exercises and forward planning, helping his team reflect on the past year and create comprehensive blueprints for the next quarter, year, and three years. “These 2 days are often my favorite of the year, as it allows us to work ‘on the business’ instead of ‘in the business,’” says Dave.

Sean Hoffman, Owner of Nuance Solutions, utilizes the Vision Traction Organizer (VTO) to simplify complex strategies and align his team with the business’s vision, goals, and strategies. Over the 90 days, his Senior Leadership team crafted their VTO, outlining both long-term and short-term goals. “Nuance has already seen great benefits from this commitment, and we look forward to becoming a better organization!” says Sean.

This methodology might help your company if…

1. You recently experienced rapid growth: With a focus on… well… focus and a commitment to advising entrepreneurs on the value of saying “no” to things that don’t align with company values, EOS can help a rapidly growing company slow down and focus on what is important.
2. You might be losing sight of why you started: Again, focus is the name of the game with EOS, so if your company feels disorganized or like your values are starting to feel muddy, this methodology could prove invaluable.
3. You are visual learners: EOS tends to break things down into categories and infographics, which can be helpful if you have a lot of visual learners on your management team.

What is GGOB?

Where EOS is about compartmentalization, definition, and structure, GGOB focuses on transparency, an “open-book” management style, and ensuring that all employees feel ownership over their company. The idea is that employees who know more will be able to do more, and that “people will fight for” things they feel they’ve helped create.

How does this methodology help businesses?

Again differing from EOS, which advocates for putting people with specialized training into the roles best suited for them, GGOB enables companies to create teams of people who could theoretically step into any role, because everyone has access to the same level of knowledge.  Advocates of this management style say it encourages flexibility, accountability, and collaboration, and that its implementation leads to innovative solutions coming from employees at all levels.

This methodology might help your company if…

1. You’re a small start-up: Transparency tends to be most easily achieved within small companies, which is good because that’s where it’s the most necessary. Start-ups and other companies with small workforces often require “all-hands-on-deck” projects, and radical transparency allows employees to jump into these projects with the least amount of lead time.
2. You want to empower upward mobility in your workforce: For companies looking to develop and promote internally, GBBO allows employees to get a “head start” on training for their net role in the company while still thriving in their current one.
3. You have a lot of employees who are “jacks-of-all-trades:” GGOB works best when everyone in a company has a little background knowledge about a lot of different facets of the work. GGOB can be implemented in companies with highly specialized roles, but it will take a little more training and groundwork to do so.

Making the Right Choice for Your Business

Both EOS and GGOB offer valuable frameworks for enhancing business operations. As business owner, your choice should align with your specific needs and goals. Whether you prioritize structured focus or transparent collaboration, understanding the core principles of these methodologies will guide you in making the best decision for your business.

At the Entrepreneur and Family Business Council, we understand the complexities of choosing the right management strategy. Need help deciding? We’re here to assist you along the way.

Happy managing!

WHEN…

Dear EFBC Members,

As my tenure as president of EFBC draws to a close, I find myself reflecting on a simple yet profound word: “When.” Throughout my journey, knowing when to make pivotal decisions has been a gift I’ve been fortunate to possess. It’s about discerning the right moments in life – when to embark on new chapters, when to embrace challenges, and when to graciously step aside.

Reflecting on my journey with EFBC, I am deeply grateful for the opportunities and growth it has afforded me. Joining the EFBC in 2008 was the right “when” for me, followed by my involvement with the Lighthouse Forum in 2014 and later joining the EFBC Board in 2021. Each “when” marked a significant milestone in my personal and professional development.

Serving as vice president in 2022 and then president in 2023 has been a privilege beyond measure. It has been a period of immense learning, growth, and adaptation to the evolving needs of our dynamic community. I am immensely proud of what we have achieved together during my tenure – from launching initiatives to enhance member engagement to overseeing successful events that brought us closer as a community.

Looking ahead, I have full confidence in the leadership of Darrin as the incoming president and the entire board. Their dedication and vision will undoubtedly propel EFBC to new heights, continuing to serve our members with excellence and innovation.

I would like to express my heartfelt thanks to Liz, Danielle, and Cha Mi of the EFBC staff for their unwavering support and dedication. Your hard work behind the scenes does not go unnoticed.

A special thank you to Darrin for your invaluable partnership as vice president and to Andy for your guidance and leadership as past president. Your insights have been instrumental in shaping our organization’s success.

Lastly, I extend my gratitude to the Lighthouse Forum for the inspiration and camaraderie over the years. Together, we have made a difference in the lives of our members and the broader community.

As I transition into the role of past president, I look forward to supporting EFBC in new capacities and witnessing its continued growth and impact.

Please remember to join us for our Summer Golf Social outing & Leadership Award ceremony at Itasca Country Club on August 5th – a wonderful opportunity for networking and celebration.

Thank you all for your support, and dedication to EFBC. It has been an honor and privilege to serve as your president.

Warm regards,

Dave Horvath | EFBC President 2023-2024

Summer Recharge: Strategic Planning for the Second Half Your Business Year

As most, if not all, entrepreneurs know, strategic planning is one of the most important elements of small business success, but that doesn’t mean it is always an easy thing to do. While start-of-year-strategic planning comes at the perfect time, coinciding with the natural lull of the holiday season and other end-of-year festivities, mid-year strategic planning often comes when schedules are at their most hectic and businesses must continue to operate more-or-less as usual. Despite that fact, business coaches and leaders alike say it is important to take a beat during the summer months to reassess, address shortcomings, and strategize about changes that will help you better hit your targets in the second half of the calendar year.

That doesn’t mean, however, that mid-year planning must or even should be as robust as end-of year planning. Especially since it coincides with busy season for many small businesses, mid-year planning should be more of a re-direction than a true interruption. It is a time to address the most important things that can spell the difference between a weak and strong second half of your year, rather than a time to address each and every thing you might want to change.

But what are those “most important things?” Though they vary from business to business, strategists tend to suggest three overarching high-yield aspects that you might want to look at in your business during your mid-year planning session. Those things are:

1. Assessing First Half-Year Performance

Evaluating Key Performance Indicators (KPIs) from the first half of the year is crucial. Key areas to assess include:

• Client Acquisition Cost (CAC): How much are you spending to acquire new customers? And is it working? If your CAC has risen significantly and your costumer spending has remained the same, this might be the first place to make an adjustment.
• Employee Utilization: Measure how effectively your employees are contributing to revenue. If performance metrics are not being met, reassess and make necessary changes.
• Sales Revenue: Compare current sales revenue with the same period last year to determine if you’re on track to meet yearly goals. Make adjustments if sales numbers are below expectations.

2. Financial Planning and Potential Budget Adjustments

After reviewing your KPIs, you may have to adjust your company’s budget for the second half of the year. This is where experts recommend utilizing a CRM or financial tracking software to access economic data in real time, which may allow you to switch to a rolling or monthly budget instead of a yearly or quarterly one if that better suits your needs. Whatever the case, it is important that any budget adjustments match the current realities of your cashflow, rather than the other way around. This may mean having to let go of certain things you had planned at the beginning of the year, and that’s okay. The most important thing is balancing the realities that your KPIs brought to light with the needs of continuing to run and grow your business.

3. A Marketing Strategy Refresh

The thing that is most often overlooked during mid-year planning is marketing, and it really shouldn’t be. Marketing is an area with great potential for optimization, where businesses can significantly improve their efficiency by updating and refining campaigns to ensure they are current, effective, and contributing positively to sales leads. Mid-year is a great time to revisit these numbers and strategize with your marketing department.

Strategic planning is a continuous process. Mid-year planning allows businesses to realign their strategies and make necessary adjustments based on their performance and market conditions. By focusing on key performance indicators, adjusting financial plans, and refreshing marketing strategies, businesses can ensure a robust finish to the year. Engage your team, use strategic tools, and set clear objectives to navigate the second half of the year successfully. The EFBC is here to support you throughout this process.