Category Archives: Optech

Building A Godly Business – Part 7

Part 7 of this series is The Financial Wall. There are three key financial resource ingredients required in the running of a business:

  • Revenue
  • Profit
  • Cash Flow

Revenue is the money that flows into your business as a result of the products and services you provide to your customers. Profit is the difference between what your customer pays you and that total cost you incur in the production of your products and services. Cash Flow is the amount of funding required to keep your operation going during the ebbs and flows of paying bills and generating revenue.

Questions To Answer About Any Financial Resource

When you are running, or considering starting a business, there are some key questions you need to honestly answer:

  1. Have you earned the right to handle the money in your business? If you are not fiscally responsible at home, the chances are very great that this problem will be magnified in your business. Are you a wise spender or do you always splurge on the latest toys and technology? How do you view your financial resource responsibility to both your customers and your employees? Are you prepared to make personal sacrifices to see your business succeed? Do you have sufficient personal financial resources to weather an economic storm that causes a downturn in your business?
  2. What are your investment priorities? Do you have a clear vision of where to strategically and tactically invest money in your business in a way that will produce the most positive results? Are you attempting to grow your business too quickly and without the proper underlying asset base?
  3. What is your view of debt? Are you an all-in, borrow as much money as I can, and then pray that things work out kind of person? Or do you have a pay as you go mindset? What are the pros and cons or both these philosophies as they relate to the longevity of your business and the security of both your employees and customers?
  4. Do you take jobs under the table? In other words, what is your definition of financial integrity? Are you honest and above board in all of your dealings?
  5. What role does “mercy” play in your business dealings? Are you a hard-nosed manager who will take customers or suppliers to court at the drop of a hat if everything is not perfect and paid on time? Or do you have a heart for others such that you are willing to work with them to come to fair and equitable resolutions on critical issues?

Take the time to seriously consider and evaluate yourself on each of the questions. When you dig deep enough, you will find that all of them are rooted in your heart – and your true desires for your life and business.

©2014 by Gary L. Smith and Optimum Performance Technologies, LLC (optechs.com).  All rights reserved.

Building A Godly Business – Part 6

All companies are in the production business. Delivering either a product or service to your customers requires some sort of production process – no matter how simple or basic it may be.

How you manage your production can make a huge difference in things like the stress level, productivity, and ultimately the longevity and success of your business.

 Building The Production Wall Of Your Godly Business

Here are some tips to help you succeed in your production processes:

  • Stay organized.  Lack of organization causes confusion at all levels of the enterprise. Consider some of these examples that impact productivity, increase costs, and hurt the quality of customer service:
    • Lack of a good materials storage system with FIFO (First In First Out) capabilities.
    • Lack of a process for handling customer orders.  Result?  Orders are misplaced – or even worse – lost – and never find their way into the production queue.
    • Lack of process controls.  This causes wide-ranging variation that impacts quality and produces scrap.
  • Communicate.  This is true with both your employees and your customers.  When there is poor communication with your employees, confusion and apathy abound.  When there is poor communication with customers, they feel ignored and will take their business elsewhere.
  • Be realistic about your capabilities.  Don’t try to be all things to all people. Focus on what you excel at and learn to make wise choices about outsourcing. Not good at a particular machining operation?  Find another shop where that kind of work is their sweet spot.  Not an expert at marketing or HR?  Look for other people who can fill those voids. All these boost production.
  • Be positive and uplifting.  Abraham Lincoln reminded us that we can catch many more flies with honey that we can with gall.  Nobody likes a negative, grouchy person.  He or she does nothing but drag down the rest of the employees who are striving to do a good job.  Bring your “A” game and attitude to work every day

How Optechs Can Bring You Newfound Production Numbers

Need help with your production processes?  That’s one of our sweet spots.  Give us a call at 203.599.1467 to schedule your free consultation to find out exactly how we can help you get on track.

©2014 by Gary L. Smith and Optimum Performance Technologies, LLC (optechs.com).  All rights reserved.

Building A Godly Business Part 5

For the next few weeks we’re going to get back to the subject of building a Godly Business. This week we’re going to talk about the Human Resource Wall.

Once again, credit for much of the content for this series of articles goes to my dear friend and brother in Christ, Drew Crandall. Drew owns a marketing and advertising company called Keep In Touch, and you can find him at either www.keeptouch.com or www.ChristAtWork.org.

Why The Human Resource Wall Builds A Godly Business

A major part of the Human Resource Wall involves how you, as the head of your organization, lead your team.  Whatever example you set, either good or bad, will be mirrored in your organization.  So consider carefully how you lead, and make sure that you work diligently to set the right examples in your work ethic, attitude, and integrity.

Let’s look at two critical aspects of your HR wall in forming a Godly Business.

Working with your employees:

  • Lead by serving.  Want your employees to serve your customers? Then show them how through serving them. The quality of your service to your customers determines the impact of your business in the marketplace, and your service to your employees impacts their ability to effectively serve your customers.
  • Teach employees to have a Godly, realistic perception of work. Work – life balance is important for employees to be effective at their jobs, so help create an atmosphere that nourishes both family and business life.
  • Teach continually. Take every opportunity to spend time “in the trenches” so that you can both teach and learn from your employees. Host “learning lunches” to give employees the chance to learn new things and develop new skills.
  • Help employees understand that they are employees, not owners. This may sound strange, but the burden of ownership rests on you, not them. Gladly solicit and use their ideas and input – and give them credit for all of the wonderful ideas they bring to the table – but don’t foist the burden of leadership on them. It’s not their responsibility.
  • Inspire and innovate for Godly Business. Employees can get discouraged and tired. Have a positive, inspirational attitude toward them and encourage them to be innovative in their approach to the valuable work they do.

Hiring employees:

  • Look for cultural fit, not just job skills. I have often mentioned to business owners that I hire more for personality, organizational fit, and desire than I do for job-related skills.
  • Always check references. Due diligence is crucial when hiring someone. Everyone always puts their best foot forward in an interview. Make sure they’re on the up and up!

The HR Wall is crucial, especially when it comes to caring for your existing employees. Take the time to become the caring, involved leader they need and deserve.

©2014 by Gary L. Smith and Optimum Performance Technologies, LLC (optechs.com).  All rights reserved.

Gary Smith Interviewed By ‘Never Say Impossible’ Radio

Gary Smith, Founder of Optimum Performance Technologies, was recently interviewed by Never Say Impossible Radio to discuss his business strategies, his time spent as a business and personal coach and much more. The interview, titled “Is Your Business At A Standstill?” lets Smith delve into what has helped him become a successful business man, which comes with a ‘seasoned veteran’ point of view.

Why They Chose Gary Smith

According to an excerpt from www.myragoldick.com, who hosts the show, Smith was able to provide insight to those who have yet to see some portions of business due to the size of their company. This allows them to keep from making common mistakes and to take advantage of someone else’s expertise and knowledge. It highly increases the chances of growing at triple digits in the same amount of time.

Why A Business Coach Is Beneficial

Choosing the right coach can be a daunting task. There are lots of questions to ask yourself and your potential coach. For example, are you the type of person who needs hands on one-on-one coaching, or is group coaching better for you with the input of the leader as well as your fellow students?  Do you need eye to eye contact, or is working on the phone a better option for you? Those are just a few of the things Gary Smith was able to discuss in his interview with Myra Goldick.

Gary Smith’s Approach To Business Coaching

Gary Smith takes a focused approach to his business coaching. He works with business leaders (owners and managers), as well as groups of their employees, to impart knowledge and skills related to their daily work and the success of the business. The coaching can include anything from a simple one-off training session, to a complete needs analysis followed by multi-day training sessions. Optechs offers business coaching in the following areas:

• Business planning
• Mission and vision statement development
• Strategic planning
• Problem solving
Leadership development
• Communication skills
• Conflict resolution

Get Inside The Mind Of Gary Smith

You can hear the full interview from Never Say Impossible Radio here and check more about Gary Smith at Optimum Performance Technologies.

4 Keys To More Effective Marketplace Competition

Super Bowl XLVIII: The Seattle Seahawks beat the Denver Broncos by 35 points. A Seahawk’s defensive player thinks he knows why. Cornerback Richard Sherman claims that the Seahawk’s defense had cracked the code of Bronco’s quarterback Peyton Manning’s hand signals. Sherman says they knew the basic play the Broncos were going to run based on the last-second hand signals Manning gave his team at the line of scrimmage.

I’ll leave the accuracy of the decoding to the sports analysts, but I want us to focus on a key principle.

Knowing The Opponent’s Strategy In Marketplace Competition

Want to beat your competition fair and square?  As a business consultant, here are some ideas that I’ve employed effectively over the years:

Know who your competition is: It all starts with knowing your competition.  But it’s not just about knowing who they are.  It goes further than that, and involves knowing what they do and why they do it.

Become a student of your competition.  Ask yourself questions like:
– What markets do they serve – locally, nationally, and globally?
– What products and services do they offer?
– How do they market their products and services?
– Why do people buy from them?  Is it price?  Quality?  Delivery?  Hype?
– What are their core strengths and weaknesses?
– What is it that has enabled them to be successful?
– How do they differentiate themselves in the markets they serve?
– How do they leverage all of this to gain market share?

Apply Questions From Above To Your Business

Finally, create your competitive strategy.  Ask yourself:
– How are we different from our competition and how can that be used to create a competitive advantage?
– What can we offer to the marketplace that will significantly differentiate us in the eyes of potential customers?  Remember that it is all about the perception of the customer, not your perception of the value you offer.  You can have a very high opinion of your business and your capabilities, but it means nothing if potential customers don’t feel the same way.
– What can we offer to the customers of our competitors to make them want to do business with us?  Should we even be focusing on the competition’s customers, or is it more strategic for us to block the competition from gaining a foothold in other areas?
– What do we need to do, be, and have in order to be more effective at gaining future business?  It’s not just about knowing what you do and how it compares to your competition.  It’s about being honest with yourself and understanding the gaps that must be filled in order to create more value in the marketplace – value that will compel others to do business with you.

Above all, as you consider these action steps, learn to look at competition as positive, not negative.  Many business people see competition as inherently negative, but it is not.  Competition means that there are opportunities out there waiting to be seized.  Marketplace competition says there is a need for what we do.  And above all, competition drives all of us to be the best and bring our “A” game to every customer and every opportunity.

©2014 by Gary L. Smith and Optimum Performance Technologies, LLC (optechs.com).  All rights reserved.