Blog Posts - GLM Financial

Bring Soft Skills To A Hard Skills World

2/8/2021

Tom Gosche had the pleasure of being the guest or Frank Again.

Explore how Tom Gosche got into business development for a CPA practice as well as insight on how to build B.R.A.N.D.

Do you need to network to generate great success? Do you want to be better at networking to better position yourself, both personally and professionally?

If so, this is the podcast for you.

Drawing from his own experiences, observations and research, Frank Agin ... entrepreneur, attorney, author and founder of AmSpirit Business Connections ... will share insights and ideas for building a better more productive life through a better understanding and execution of professional networking.

Don't miss an episode ... subscribe today!

To contact Frank Agin, e-mail frankagin@amspirit.com.

The Networking Rx podcast is a production of AmSpirit Business Connections. All Rights Reserved.

Covid Cleaning- Elliot from ServPro

2/1/2021

What is a “Typical Situation” people are in when they realize they need your help?
Anytime you have an issue with water/flooding or fire. When the cleanup is a result of fire, flood, and also biohazard. Typical examples would be- sewer backup, broken pipes or a broken appliance that spills water into your place of business or home. Many times these incidents are covered by your insurance. We also can assist with a cleanup after a fire. We also are a resource if you need mold removal. Usually this is an unexpected situation as disaster can strike at any time.

What is something someone might say that would lead me to think of you?
First line would be someone in this type of emergency. But normally we receive our business and jobs from Insurance agents, Property Managers, Facility Managers, and Operations Departments

What (Specifically) do you do (3 lines Max)?
We are the world leader in disaster recovery and restoration services. We are ready whether the job is large or small- 24 hours a day, 7 days a week

How do you do it (3 Lines Max)?
We respond within hours to your situation and get you back to business as soon as possible. We also can put your emergency back to its original form. It is one call, we can get you back in business.

Customer Benefit Feedback

1/25/2021

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.

Remembering Martin Luther King...

1/18/2021

...in Business and in Life!

Tom Stamborski- Alternative Business Financing

1/11/2021

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:

FEDERAL RELIEF PACKAGE SUMMARY

1/4/2021

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...

Happy New Year from your Friends at GLM

12/28/2020

Happy Holidays from your Friends at GLM

12/21/2020

John Martin- Printing "Leave-behinds"

12/14/2020

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:

2021 Business Planning

12/7/2020

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