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Customer Benefit Feedback

1/25/2021

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In order to gain favorable attention and create openings as we call on new prospects and existing clients to expand business, we find it vital to discover the meaningful outcomes that have been attained through the eyes of existing, satisfied customer relationships. To support preparation for this activity, start by contacting (ideally by phone, or face to face) the five best customers you feel are well satisfied in doing business with ________________________________

1.  The goal is to ask for feedback by way of responses to the questions below and write down as much word for word what is said, rather than summarizing.

2.  Do this with people in various levels of responsibility.


3.  This feedback is vital in crafting language that allows us to initially impact what other customers and potential prospects hear. Each of these questions is meant to be a starter question. We want to dig into initial responses as they describe the impact in their business. Each question is designed to focus on their results, not just what they say about us. You may want to write responses on the back of this sheet.

4.  DO NOT SEND THIS TO CLIENTS AND ASK THEM TO COMPLETE
IT! It will take away any follow up questions.

​5.  As you accumulate responses, you will see patterns to incorporate into your approach to others. It will broaden your results, allow you to speak much more from client and prospects viewpoint, and impact the number of people with whom meaningful business conversations are possible.
•    Make 5 blank copies to start, and then continue doing with each person you have contact.
•    Put the customer’s name and position title on each sheet.
•    In contacting, ask customers if they would be open to giving some
“feedback” about their business relationship with our firm. 
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Remembering Martin Luther King...

1/18/2021

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...in Business and in Life!

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Tom Stamborski- Alternative Business Financing

1/11/2021

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Typical Situation: Our client needs funding to pay bills on time. They have orders coming in, but are not getting paid on time or “in time” to pay bills. They could also be getting a large order, that may require up front funding to vendors.

When you hear a business owner say:
·        “My cash flow is poor”
·        “I’ve got good customers but they’re paying my invoices slow/beyond terms”
·        “I received a large order but can’t pay my supplier/s”
·        “I’m too new to get bank financing”
·        “My bank won’t provide enough financing to meet my company’s needs.”
 
An Accounts Receivable Consultant provide strategic financing solutions for business to business companies.  Strategies include accounts receivable financing as well as purchase order financing, work-in-process financing and asset based loans.

How they Work The Consultant visits our client and conducts a comprehensive analysis of the client’s situation as to the history of the business, opportunities and challenges, current financial condition and current financing, if any, as well as their financing needs.

Matching Ideas with Resources:
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FEDERAL RELIEF PACKAGE SUMMARY

1/4/2021

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Congress agreed on a $908 billion second stimulus package. The package includes:

Unemployment insurance ($120 billion).
 Revives supplemental federal pandemic unemployment benefits but at $300 per week — through March 14 — instead of the $600 per week benefit that expired in July. Extends special pandemic benefits for “gig” workers and extends the maximum period for state-paid jobless benefits to 50 weeks.

Direct payments ($166 billion). Provides $600 direct payments to individuals making up to $75,000 per year and couples making up to $150,000 per year — with payments phased out for higher incomes —- with $600 additional payments per dependent child. In March under the CARES Act, it was $1,200 and $2,400, respectively, and $500 per dependent child.

Paycheck Protection Program ($284 billion). Revives the Paycheck Protection Program, which provides forgivable loans to qualified businesses. Especially hard-hit businesses that received PPP grants would be eligible for a second round. Ensures that PPP subsidies are not taxed.

Vaccines, testing, health providers ($69 billion). Delivers more than $30 billion for procurement of vaccines and treatments, distribution funds for states, and a strategic stockpile. Adds $22 billion for testing, tracing and mitigation, $9 billion for health care providers, and $4.5 billion for mental health.

Schools and universities ($82 billion). Delivers $54 billion to public K-12 schools affected by the pandemic and $23 billion for colleges and universities; $4 billion would be awarded to a Governors Emergency Education Relief Fund; nearly $1 billion for Native American schools.

Rental assistance ($25 billion). Provides money for a first-ever federal rental assistance program; funds to be distributed by state and local governments to help people who have fallen behind on their rent and may be facing eviction.

SNAP Food/farm aid ($26 billion). Increases SNAP benefits by 15% for six months and provides funding to food banks, Meals on Wheels and other food aid. Provides an equal amount ($13 billion) to farmers and ranchers.

Child Care ($10 billion). Provides $10 billion to the Child Care Development Block Grant to help families with child care costs and help providers cover increased operating costs.

Postal Service ($10 billion). Forgives a $10 billion loan to the Postal Service provided in earlier relief legislation.

Transportation ($45 billion). Includes $4 billion for the MTA, $15 billion for airline payroll support, $10 billion for state highways, another $2 billion for airports and related businesses, and $1 billion for Amtrak. 

Arts & Entertainment ($15 billion). Provides $15 billion Live venues and theaters, which have been completely shut down or limited to a fraction of their regular capacity since March. The bill lists eligible businesses as live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, and movie theater operators. 
​
Employee Retention Tax Credit. Extends the payroll tax credit for paid sick leave and paid family leave through and until March 31, 2021. However, the stimulus bill is silent with respect to extending the FFCRA leave framework itself. Based on this, although employers will not be required to provide employees with paid sick or family leave after December 31, 2020, if they choose to allow employees to take leave for a COVID-19 related reason under the FFCRA framework between January 1 and March 31, 2021, they may still claim the payroll tax credit.

*Please note, all this is subject to Change...

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Happy New Year from your Friends at GLM

12/28/2020

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Happy Holidays from your Friends at GLM

12/21/2020

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John Martin- Printing "Leave-behinds"

12/14/2020

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Typical Situation:
Our client has are looking to increase sales. Maybe they are looking to do a direct mail campaign. They need to revisit or update their marketing collateral. They have multiple locations and each location needs marketing collateral. Could be looking to revamp their marketing material

When you hear a business owner say:
• “Our printer charges us for last minute jobs.”
• “We need a web to print solution.”
• “Our marketing collateral is obsolete.”
• “Our process for collecting dues is a nightmare.”
• “I need to get more out of my print campaigns.”
• “I would like to personalize and customize our marketing collateral. “

The Print Consultant provides fully integrated print and mail fulfillment services and technology. They consult with companies of all sizes to craft customized solutions that meet their needs. Personalized print collateral delivered via print on demand eliminating obsolescence.

How they Work:
They meet with clients to understand their marketing goals and objectives and gain an understanding of the tools/resources that are currently being used to market to their target markets. They then offer a solution to deliver results in one or two areas
1. Increase customer engagement
2. Offer savings on overall print spend.

Matching Ideas with Resources:
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2021 Business Planning

12/7/2020

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Well, it that that time of year again. Time for some business planning for 2021. I am guessing there are not too many business owners who planned the 2020 pandemic in their business plan. But at least they had a business plan. Here is an outline of a business plan you can use. If you have some trouble, you can ask Tom Gosche, Business Strategist from GLM! tomg@goglm.com and/or 630-675-8971

1. Executive Summary

2. Current Situation

3. Vision
  • Mission Statement
  • Goals (long range)
  • Objectives (short/medium range)

4. Management

5. Product / Service Description

6. Market Analysis
  • Customers
  • Competition
  • Opportunities
  • Risks

7. Marketing Strategy
  • Personnel
  • Facilities / Equipment
  • Pricing & Profitability
  • Advertising & Promotion
  • Public Relations
  • Selling Tactics
  • Distribution Channels
  • Business Relationships

8. Production / Manufacturing Strategy
  • Personnel
  • Facilities / Equipment
  • Intellectual Property
  • Regulation / Compliance
  • Supply Chain
  • Business Relationships

9. Administrative Strategy
  • Personnel
  • Facilities / Equipment
  • Management Information
  • Worker Administration & Benefits
  • Regulation / Compliance
  • Business/Professional Relationships

​10. Financial Information 
  • Pro Forma Balance Sheets (for 5 years into the future)
  • Pro Forma Income Statement (for 5 years into the future)
  • Detailed Budget (for next 12 to 24 months into the future)
  • Cash Flow Projection (for next 12 to 24 months into the future)
  • Break Even Analysis (show growth steps, if applicable)
  • Summary of Existing Resources (people and money)
  • Potential Sources of Funding
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Giving Tuesday- Local Non-Profits

11/30/2020

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​Causes to Check Out, With Local Ties

As you may know, I am a networker. I am involved in a few organizations (many of them with events highlighted above). I get to meet some great business people and many of them focus any spare time they have to a cause. I wanted to highlight a few of them today.
 
1. Rotary Club
Rotary's International goal is to rid the world of Polio. Local Clubs, support that cause and even more! I am a member of Rotary Club of Schaumburg/ Hoffman Estates (Meets on Fridays at Noon in Schaumburg.  

2. Walk to End Alzheimer's
I have known Kari-Ann Ryan for many years and in all that time, she has spearheaded a movement to End Alzheimer's. Her life has been affected personally. You can also be added to her email list for all the events she organizes, by emailing her: kari.ann.b.ryan@gmail.com

3. National Association of Parks Foundations
The NAPF's vision is to build effective, active, local park foundations, volunteers and other citizens that support their park systems to enhance the park experience in their communities. These Park Foundations usually provide funding for Park District Activities for people in the community that generally cannot afford them.
 
Please contact my longtime friend,  Donald Ortale, Executive Director of NAPF, to learn more about how you can help. Call him at 630-965-1000 or email dortale@ortaleassociates.com 
 
4. The Business Ledger- 2020 Guide to Business Philanthropy & Social Responsibility
This is a list of notable local nonprofits and charities. 

#GivingTuesday is a global day of giving fueled by the power of social media and collaboration.
 
The following is a summary of a full article at Charity Navigator:
 
A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax if you itemize deductions.
If the gifts are deductible, the actual cost of the donation is reduced by your tax savings. 
  • A contribution to a qualified charity is deductible in the year in which it is paid. 
  • Most, but not all, charitable organizations qualify for a charitable contribution deduction.
  • You can deduct contributions only if they are made to or for the use of a qualified recipient. 
  • An organization could lose its charity status if it devotes a substantial part of its activities to formulating propaganda or otherwise trying to influence legislation. 
  • There are limits to how much you can deduct, but they're very high.
  • Rules exist for non-cash donations.
  • Remember to document.
  • Organizations to Which You Can Give and Deduct Your Donation:
    • Churches and other religious organizations;
    • Tax exempt educational organizations;
    • Tax exempt hospitals and certain medical research organizations;
    • A government unit, such as a state or a political subdivision of a state;
    • Publicly supported organizations such as a community chest;
    • Certain private foundations that distribute all contributions they receive to public charities within two-and-a-half months after the end of the foundation's fiscal year;
    • A private operating foundation which pools all of its donations in a common fund;
    • Certain membership organizations that rely on the general public for more than a third of their contributions.
Read Complete Article From Charity Navigator Here
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Business Owners need to know about Unemployment Insurance

11/23/2020

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A little longer then the regular "Ten Minutes with Tom" but GREAT information for Business Owners on the upcoming unemployment rates.

Circle Jan 2nd, 2020 on your calendar. That is the last day the CARES Act is in Force.

​Listen to learn more!

More info from the State Of Illinois: 
​https://www2.illinois.gov/IISNews/22388-State_of_Illinois_COVID-19_Update_-_Monday_November_23.pdf

Typical Situation: Our client has seen an increase in their Contribution Rate Determination (unemployment tax rate) that is mailed to all Illinois employers on or about December 1st every year.  They also have protested their own unemployment claims but have not been successful at getting benefits denied.
 
When you hear a business owner say:
•           “I do not understand why someone was allowed to collect benefits”
•           “I hate dealing with the unemployment office as it is a no win situation”
•           “General: complaints about their unemployment claims “
 
The Consultant educates them on the unemployment laws in Illinois and to help them reduce their state unemployment taxes.
 
How they Work: They protest the claims filed against the employer and represent the employer at all unemployment hearings and go to their locations to do training sessions to educate the employer on how to handle different types of situations.  They will verify all the charges to the employer’s account to make sure they are not being charged more than they should be charged. 
 
You can introduce them:
“It sounds like you may need some help with your unemployment claims against you. I can introduce you to someone that can help. They would be happy to have a telephone consultation to discuss your situation.   
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    GLM's Blog

    In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order. 

    Tom Gosche

    Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him:

    630-675-8971
    tomg@goglm.com
    View my profile on LinkedIn

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GLM, Inc.
 
300 N. Martingale Rd., Suite 750
Schaumburg, IL 60173-2097
 
Phone: (847) 884-1781
Fax: (847) 884-1830
E-mail: info@glmfinancial.com
Website: www.goglm.com 

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