Tag: cut cost

Maximize Your Resources – Part 1

Maximize Your Resources – Part 1

Posted on by Doogie Levine

Title Photo

Over the next few posts, we’re going to talk about how to take a hard look at your current resources and get the most out of them. Your resources can help your capital go further and increase your profit margin.

Today we’ll cover three different ways to maximize what you already have. These include:

  • Recognize the obvious
  • Unconventional breakthroughs
  • Face the facts

Recognize the Obvious

Sometimes when you are too close to something, you can’t make out the big picture. You need to step back and take a hard look at the resources you currently have in front of you. You are surrounded by opportunities that can boost your career and help your business become more successful.

To identify your resources, I suggest starting with setting aside 1 hr a week to look at an aspect of your business. Make sure you select a location that is not your place of work or your home. Go to an area, that it will be challenging for someone to interrupt you. Then ask yourself any of the following questions:

  • What is the one thing you need to change or do differently that would make you more successful?
  • What is the one thing I could teach my employees to make them better at the tasks I’ve asked them to do?
  • What is one thing about my business that I need to know more about?
  • What is one thing I could do to bring additional value to my customers/clients?

This process is scalable; as you become comfortable with 1 hr a week, you can add, setting aside an entire day a month. Then, when you get to the Bill Gates level, you can take a whole week-long retreat to just focus on yourself and your business. 

If the lesson of “seeing the obvious” is not clear, it is as simple as setting aside time to identify the problem, plan a new course of action, and go back with energy to make a change.

Unconventional Breakthroughs

Don’t sit around waiting for breakthroughs; you need to create them yourself. A breakthrough is merely a new way of doing things or finding a new process or system for the same or better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas any time they have them.

Some great examples of breakthroughs are:

  • A health and beauty company discovers a side effect of a product that can be re-marketed and sold.
  • A company creates a roll-on deodorant inspired by the shape and size of a ballpoint pen.
  • The founder of Nike poured rubber onto waffle iron and created the most innovative and successful running shoe ever.

When attracting or strategizing for a breakthrough, there are some key objectives you need to keep in mind. They are:

  1. Looking for the hidden opportunity in every situation.
  2. Looking for at least one cash windfall for your business every three months.
  3. The more value for your client, the better your breakthrough.
  4. Creating multiple streams of ideas to find the best breakthroughs.
  5. Effective breakthroughs remove all risk or resistance.

Face the Facts

Before you can put your breakthroughs to work, you need to face the facts of the processes and systems that are not working for you and work to correct or get rid of them. System analysis is an excellent way to do this. Once you have a listing of your strengths and weaknesses, you need to compare those to the strengths and weaknesses of your competitors. 

You can present some great questions to you and your team to get a handle on where your business is right now. They are:

  1. Why did I first start this business? Why am I in this industry?
  2. What products/services did I offer then? Which were the most popular?
  3. Why are my customers/clients buying from me right now?
  4. How did I generate new customers/clients then?
  5. Which of my marketing efforts were bringing in the best results?

Once you’ve got some answers to these questions, you’ll know better how to approach your weaknesses. 

These three areas we’ve gone over give you a jumping-off point for how to utilize your current resources to their fullest potential. If you need any help with your strategic or systems analysis, please don’t hesitate to reach out. I look forward to offering what advice I can. 

I appreciate you taking the time to read this article. If you have enjoyed it, please share it with someone you feel could benefit from it and leave a like.

5 Quick Tips for a Kick A$$ Internship

5 Quick Tips for a Kick A$$ Internship

Posted on by Doogie Levine

Internships are no longer a tool for massive companies to get grunt work out of college kids. It is a significantly underutilized option for small businesses to develop high-quality talent. Entrepreneurs tend to be overworked and stretched thin. Many of them have dreams of growing their business by adding digital marketing, business outreach, sales teams, or taking a real vacation. However, most feel they lack the funds to invest in their business. 

Here comes the power of an internship. The internship provides you the opportunity to get high-quality inexperienced talent at a low to no cost. It also is a fantastic tool for building relationships with major educational institutions.

Take a minute and review the graph to understand the cost and benefits of adding this program. It is always essential to understand what your committing to before you get started.

Cost/ Benefits

I have created several internship programs, from short 4-week middle school programs to multi-year professional programs. Here are my tips for creating an effective program for both you and the participant.

Set aside time.

It is pivotal before you get started creating a program, you first organize your schedule. Most internships require a reasonable amount of time upfront to get up and running. Then minimal time to maintain the progress.

Here is a rough time breakdown to run an effective small business internship program.

  • 3-5 hours for initial planning
  • 4 hours for onboarding 
  • 1 hour a day for the first two weeks 
    • Specifically for skills training and internship planning
  • 15 min a day for daily check-in
  • 1 hr every two weeks for the remainder of the internship 
    • Continued skills development
    • Performance review

Start with the talent.

Now that you have a rough idea of the time commitment, my next tip is to start by finding great talent. Most people will tell you to start by having a problem in mind and then find the person to solve it. 

However, when it comes to internships, most of the people you talk to will not have extensive experience or knowledge. It is best to look for two things talent and attitude. The rest you can teach them or even better they will learn themselves. Hire fast and let them have some control of the scope of their work.

Define the scope.

When starting a program, make sure you keep the project somewhat vague. Once you have great talent, engage them in identifying the work that will benefit the organization. How do you do this?

Tell them your desired outcome, for instance, if you would like them to take on your marketing. Then simply say that you would like to see a 10% increase in inbound leads. Then they can figure out how to achieve this goal, and you can coach them to this desired goal. 

Find the right partner.

Go to your local high school, junior college, college, technical school, or university and offer an internship for the semester by connecting with the student affairs office and at least one professor in a field similar to your business. Set up a meeting and discuss the possibilities.

For example, every business needs additional administrative help, so offer an internship to a student majoring in business administration. The schools LOVE it when a company provides internships since they act as a value-add to their educational offerings by providing their students with real-world experience. Make sure you negotiate that the school will give the student credit. On the flip side, if you find the right student, they can do all of this for you.

Prepare to mentor, be patient. 

Have a plan to mentor and develop the missing skills of your interns. Once you have created the space for them to successfully make sure you provide them access to the coaching/skill development to achieve your desired outcome. 

I strongly suggest taking a scientific approach to coaching. What I mean is be prepared for your interns to fail. Use their failure as a chance to improve your process. Remember, an internship is a low risk and high potential reward. The only way to get those results is to create a process around failure. 

Measure Your Results.

The final tip is to make sure you measure your results. I strongly suggest committing to running your internship at least three times before you scrap it. Each time you run, make sure you measure it against the previous results and against what your business was like before having the program. Make adjustments and improvements with each iteration.

Here are few categories to consider when evaluating your program:

  • Revenue/profit
  • Where you spend your time
  • Problem solved vs. created
  • Customer satisfaction
  • Intern satisfaction 
  • Your happiness

Let me know your thoughts in the comments section and feel free to share your top internship tips. For additional business improvement strategies, get your free copy of my book here. 

I am actively seeking business case studies for my next book; if you would like to be featured, please email me at doogie@ideasactionsuccess.com to set up a time chat.