Episode 25:  Cyber security and cyber theft are real issues for small business owners.  There are now cyber liability insurance policies available to cover you, should you fall victim.  In this episode, I interview Beth Combs and David Goheen from Gallagher, a large insurance company providing multi-line insurance, risk management and consulting services. Thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!

Grow For It!

Cyber Liability Insurance Are You Covered?

Episode 24:  Ever think about writing a book?  In this episode, I interview Cathy Fyock who’s a professional book writing coach.  We’ll discuss how she works with her authors, why you should consider writing book and part of the process involved in accomplishing it. Cathy began coaching after writing her own books.  She had been consulting, but wasn’t as happy in this role, as she’d hoped.  She had managed to write 4 of her 5 books in less than 6 weeks.  A colleague asked her about her process for accomplishing this so efficiently.  That’s when it actually dawned on her that her process did, in fact, exist.  She was invited to give a program on it and engage in a coaching role.  That’s where it all began. Many people want to write a book.  They recognize the need, but they don’t understand where to get started or how to stay on course to complete it.  Cathy has the solution to these and many other challenges. What Types of Clients Does Cathy Fyock Help? Cathy works with professional speakers, consultants, coaches, thought-leaders, solopreneurs, wealth advisors, CPAs, attorneys and realtors.  If you use your expertise as a strategy to serve your client base, codifying that expertise is a way to educate, inspire and sell your client base. Having published a book can position you as an industry expert.  It lends a high-level of credibility to your personal and professional brand.  The topics in your book can help people realize an alignment between their goals and your ability to help them to achieve those goals.  Your book will help promote a sense of trust and authenticity between you and your target audience.  Cathy is a huge fan of writing your own book, rather than using a ghost writer.  The process will help you to clarify your thoughts and mastery of the topic. It May Not Be Easy Cathy admits, writing a book is hard work.  In fact, most of her clients don’t actually love to write.  This is why having a coach is vital to the book’s organization, your accountability or other support issues. Authority is one of Cathy’s latest projects.  It’s about the power of authorship.  It’s an anthology of stories and perspectives from 15 different thought-leaders who share their advice and experience.  It’s already a Wall Street Journal and USA Today best-seller. 3 Basic Challenges for Authors The first challenge is FOCUS.  It’s developing the strategic plan for your book that aligns with your business strategy.  The second challenge is TIME.  It relates to disciplining yourself to find the time with an already busy schedule. The third challenge is DEALING with that NEGATIVE INTERNAL VOICE.   It’s the classic imposter syndrome.  This can be one of the greatest obstacles for some authors.  Cathy serves as their cheerleader to encourage them to accomplish what they’re capable of accomplishing. Once the Manuscript is Written Cathy functions as a “developmental editor.”  Cathy can work with you to ensure all the correct pieces fit together regarding flow, logic and the ability to foster reader-engagement.  She is not a publisher, but she has extensive connections with publishers and can help an author to find the right one for him/her and the subject matter.  There are different models for publishers.  Cathy realizes the need for her authors to be able to purchase their own books at cost.  They need to maintain creative control and own the copyright (as well as future rights).  You have to understand the fine print.  Cathy can help you to navigate part or all of it.  She understands the business aspect of writing a book. How Does Cathy Fyock Work with Authors? Cathy loves to speak with anyone who’s even thinking about the idea, with no obligation.  For those who are ready, she offers multiple types of services.  Her Coaching Service is her main program.  It’s a one-on-one process that lasts 6 months.  It encompasses strategy planning, accountability calls, connections and post-publishing activities. She also provides workshops, writing retreats, master classes, online courses and other services, all of which are described on her website. Dealing with Accountability This is obviously a significant factor for some people along their journey to writing a book.  She can help to problem solve to determine what’s getting in the way of progress.  Did you forget to book time to do it?  Did it go on the To Do List, instead of the calendar?  There are strategies Cathy can offer to help her offers to cope and to complete the journey. While the subject matter will vary by author and the author’s experience, the process of writing a book is fairly similar.  Cathy Fyock is your book-writing Sherpa as you climb this incredible mountain.  Blog-to-Book This is a concept for helping people to repurpose their blogs to discover the book you’ve already written.  Cathy will add direction and perspective to help along the way.  Part of the strategy is to map the content progression from the blogs to the book outline. Finding Your Brand Voice Figuring out how you, as an author, want to present the ideas can concept, is an important step.  This is vital for a speaker who may be giving a talk on the stage and selling their book in the back of the room.  You need to be the same on the page as you were on the stage.  This relates to your brand voice.  It’s about authenticity and congruency. You may have multiple degrees and accomplishments, but your audience wants you to be more conversational.  You should try to overcome the worry of what your peers will think if you present the material in a more digestible format.  Write for the audience. Creating a Book on Tape This is more of a publishing issue, rather than a coaching issue.  Nonetheless, Cathy is a big fan of the audio-based format for books and related products.  Hearing the actual voice of the author can convey the style and personality more effectively than just words on a page. Cathy’s 3 Tips for Someone Who’s Considering Writing a Book Begin with a strategic focus.  Identify what you want your book to do for you and your business. Identify your thesis statement. It helps you define what it is your book is about. Be very clear about your targeted reader. They should be aligned with your targeted client, in most cases.  Consider the physical demographics and the readers’ psychographic characteristics. These three tips enable you to avoid speaking at the reader.  Instead, you’ll be able to talk with him or her because you’ve figured out how to connect with the audience.  As you’re writing, always remember the WIIFM – What’s In It For Me?  If you neglect your audience’s needs, they’ll be more apt to neglect your book, from the outset. Are You Interested in Writing a Book? Here’s how to contact Cathy: Email Her:  Cathy@CathyFyock.com Website:  CathyFyock.com   Thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!

Why You Should Write a Book - Cathy Fyock

Episode 23:  I invited my friend and colleague Andrew Aebersold to join me to discuss mental health marketing.  He’s the Founder/CEO of Mediaura, a digital marketing company in Jeffersonville, IN.  Today’s discussion will focus on issues related to effectively marketing a solo practitioner (e.g. therapist), a practice group or a larger company, such as a behavioral health facility.  Both of us have experience in this healthcare segment. Marketing a mental health practice requires an understanding of the unique issues both practitioners and prospective patients/clients have regarding treatment.  One of the realities we deal with is the fact that often, really good practitioners are not typically good marketers.  It requires a different skill set. This can create some significant challenges for the practice, especially in the digital marketing space. There are universal issues most businesses face: Competition is strong Conveying the specific area(s) of mental health you serve Differentiating your practice’s services offerings from the competition Targeting the ideal type(s) of clients for your practice Cultivating and deploying the proper messaging to overcome the above challenges Insurance coverage is often a factor.  The person contacting your office may be clinically viable, but not financially viable due to insurance coverage issues.  If your practice doesn’t accept insurance, it adds another variable.  Mental health marketing is very complex. Andrew and his team at Mediaura have distinct experience marketing behavioral health practices, on a regional basis.  Many of them are located outside of our local area.  He comments about how even the best marketing tactics and strategies can fail, if the internal processes are not executed properly, when people begin contacting the practice.  We’ll explore that later in this episode. Common Mistakes Practice Owners Make It’s not uncommon to see a mental health practitioner turn over the marketing responsibility to people who may have been involved with the practice in the past.  There’s often a motivation to help that person by entrusting them with your marketing, because they may be acutely aware of the issues and can speak to them.  That sounds well and good, but it doesn’t always result in the progress the business needs to maintain and to grow. If you’ve been burned by the above effort, you may be tempted to engage a large agency as a way of overcompensating for the first attempt.  This can quickly lead to significant expenses for a new website and other moves that sound good on paper.  These engagements may also require the practice owner to sign long-term contracts, regardless of performance.  It’s important to understand that what works for a general business, may not work when it comes to marketing a mental health practice.  Finally, the practice owner may decide to throw up the hands and task the office manager with handling the marketing for the practice.  This decision might neglect to consider the amount of work responsibilities that person already has on his/her plate.  It may not be a skill he/she has to generate the results you’re hoping to deliver.  Remember, marketing is about much more than simply posting pictures and memes on Facebook or Instagram.  Those images need to be “on brand.”  They’re affecting and influencing the way people perceive your brand and how the react to your brand’s value proposition.  If executed poorly, it can cripple your brand. However, it might be a good idea to make your internal person the liaison between the practice and the marketing team.  It can make the communication much more efficient.  The scheduling of onsite activities can be more easily coordinated.  Using Different Messaging Effective mental health marketing means differentiating your messaging, based on the separate communication platforms you engage.  For instance, what might work in Instagram, may be different from what you would post to LinkedIn.  Understanding your intended target for that message is critical to your success. Many mental health practitioners understand the need to focus on multiple target groups, which may include: Prospective Patients/Clients Family Members, Friends and other Influencers Referral Sources (e.g. colleagues and associations/organizations) One piece of content may not properly resonate with needs and concerns of each of these constituencies. Branding vs. Lead Generation This is another challenge mental health practitioners need to consider.  Not every marketing agency or firm is the same.  Some are stronger in certain areas.  There are specific skills required to develop a solid brand concept for a healthcare client.  This goes beyond the logo’s icon or color scheme.  Brand voice and brand positioning are important elements of cultivating clientele from your desired target audience.  However, just because you have great brand assets, doesn’t mean your phone is going to ring. Lead generation involves systems and tactics meant to strategically place your brand and messaging in front of your target audience.  How those posts and communications are deployed and tracked are core parts of your lead generation activities.  As you might imagine, even if your marketing partner can get your brand placed properly, if the brand itself is off-message or misses the mark when it comes to the cues a target segment needs, your phone still won’t ring. An effective strategy will combine both brand positioning and lead generation.  Your content should be developed as part of a plan to guide your target audience to a desired outcome, namely, engaging with you or your practice.  Measuring the impact of your messaging and marketing activities will provide valuable insights.  Those insights are important to understand what’s working, what isn’t and thus where you should invest more time and budget. Honest Conversations Your marketing partner wants you to succeed.  It’s how we maintain the relationship.  It’s how we build our reputations and it’s at the core of why we’re in business.  We need good feedback, and time to engage with you, to understand how the efforts are working in terms of helping you to achieve your objectives. Those conversations work both ways.  We may be able to uncover process-issues that are inhibiting your performance.  We know lead generation and intake are important business metrics.  Our experience can be extremely helpful in helping you to grow in ways you weren’t expecting. Content Generation Tips for Mental Health Marketing There are 3 basic objectives you should consider when developing your content strategy and topics.  This applies to blog posts, website pages, videos, podcast episodes and others: Educate and/or inform Differentiate you approach or services Describe your patient’s/client’s journey or experience Be mindful of balancing these objectives.  You also need to be sure to have a plan for your content.  What’s the purpose of that particular piece?  Is it professional (to preserve your brand position)? Getting Found on Google and other Search Engines We briefly explain “search engine optimization” (SEO) and a concept known as “the long-tail search.”  You can structure your content in ways that will work better on search engines.  This can involve the works, the structure and the coding.  At a high-level, this is the foundation of SEO. Avoid purchasing generic content from a vendor.  Some syndicated content can be found on other websites.  The vendor is simply selling the same article to multiple clients.  This duplicate content isn’t a good search engine tactic.  Even though it’s content per se, not all content is treated equally by Google et al.  Well-produced content can rank organically, when someone is searching for related information.  This is different and sometimes more effective than buying paid ads (e.g. pay-per-click or Adwords). Long-tail Search Optimization Not everyone searches using the same queries.  “Addiction center” is a basic search, often referred to as a vanity phrase.  However, other consumers use more specific or details queries, such as “outpatient rehabilitation center in Jefferson County.”  These types of searches are referred to as “long-tail” searches.  Interestingly, because they’re more specific, they tend to convert better.  Podcasting is a terrific medium for providing long-tail content. Often, to achieve specific business objectives, your marketer will recommend a balanced combination of paid search and content geared toward organic rank.  Good content can also easily be cross-posted across social media platforms. Vary the Types of Content You Produce Depending upon where you post the content, you should consider the audience.  Instagram is a highly visual platform, so written words don’t really work there.  Facebook allows for multiple types of content formats, but brief is usually better.  Videos work well on Facebook.  LinkedIn is a great platform and may accommodate a more in-depth article or video.  When using social media, you can also upload teaser excerpts and provide a link back to your blog or website core page. Regardless of which social media platform you decide to use as part of your strategy, keep it current.  No one wants to see a “Latest News” section that hasn’t been updated in several months or years.  Trust us, it happens. Online Reviews Positive reviews can be extremely beneficial for your practice.  The aspect everyone fears is the impact of a negative review.  Andrew recommends checking with your in-house counsel or other attorney to decide how best to deal with a negative review.  You always need to be mindful of HIPPA regulations, but at the same time, there are effective ways to respond.  The key is to do it professionally.  Equally as important, try to urge the person to speak with you offline so you have the chance to fully listen and understand the issue.  You can then deal with the core issues at hand.  You may also be able to have the person post a positive review as a result of how you addressed his/her issue.  Alternatively, he/she may also decide to remove the negative review. If You Want It to Grow, You Have to Feed It It’s important to remember to consistently update your website’s content.  You’ll send valuable signals to Google and the market that you’re still relevant and engaged. Content Ideas for Mental Health Practitioners Your story as a practitioner. What lead you to this field?  What do you love about what you do? Frequently Asked Questions (FAQs) Myths & Misconceptions Authentic discussions about the “true reality” of the situations your market is facing Thoughts/Perspectives on current events (be careful to avoid politics) Presentations/Articles/Event Attendance Discussions with other colleagues or related professionals Collaboration with Other Professionals If you’re a solo practitioner or in a small practice, consider collaborating with another professional(s) to engage in discussions about common issues/concerns.  This is a great way to share the cost of a podcast or other platform.  You can co-brand it so each of you benefits.  Both of you will get exposure to the other person’s network.  You’ll also be able to benefit from the other person’s energy, which makes it an easier lift. 3 Final Tips Use a podcast to incorporate a human element into your content Videos are also effective for helping you to differentiate yourself from the competition Look for unique angles for rich-content, rather than the same vanilla topics others use   To contact Andrew Aebersold: Phone: (812) 590-9900 Website:  Mediaura.com   Thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!    

Mental Health Marketing Tips and Advice

Episode 22:  The business assumptions, rules and paradigms you used to guide your business through 2020 and previous years won’t necessarily apply in 2021.  Join me for a discussion with Industrial psychologist and business coach Rita Ernst and photographer/brand & image consultant Coral Abood.  If 2020 was the year of pivot, 2021 will be the year of flex. Rita discusses how her background as an industrial and organizational psychologist gives her a unique perspective in how she approaches her client issues.  She works with small businesses who have achieved significant earnings, but now realize that the tools and approaches the business leader relied upon during start-up may no longer be the right tools, as the business evolves. Rita can assist with defining the organization structure, roles and responsibilities, culture, etc.  She works to bring clarity to business challenges and to empower the leaders to resolve issues and continue making solid progress. As a small business owner, do you feel as if your business is running you, instead of you running your business?  Maybe it’s time to engage a business coach to help you. Coral has been in business for almost 12 years.  She works with businesses to create and/or improve their images and brand positioning.  She often begins with 2 key questions: What sets you apart and makes you unique in your marketplace? Who is your target audience? Coral brings a level of intention to how and why the images are going to be used to appeal to the audience and convey meanings.  This is about visual story-telling and your imagery needs to support your brand’s story.  Evolving Business Require New Skills I asked Rita Ernst about the importance of recognizing that your skill-set has to change if your business is going to be managed effectively.  Rita understands that when leaders fail to understand this, they themselves can actually be a roadblock to the company’s success.  Business leaders bring passion and vision to the business.  They have enormous energy to devote to the details, as well as the overall operation.  Delegation of some decisions and/or responsibilities can be very difficult for some people. The number one result of engaging Rita as a business coach is that the leader is now active spending time working on the business, rather than in the business.  The impact in almost instantaneous. Rita views herself as a catalyst.  The results created are created by the leaders.  She shares the effort, but in the end, they need to implement the changes and enable the results to occur.  Perspective and Commitment Leaders sometimes struggle because they are too close to the situation.  Hiring a professional business coach enables you to consider another perspective.  It’s always valuable to have another pair of eyes on the business challenge.  At the same time, you’ll be forced to speak out loud.  This simple step promotes ownership of the situation and of the potential solutions. Solopreneurs and small business owners don’t have those multiple layers of support often found in larger corporations.  Besides the need to be really effective in your role, you also need to recognize when it’s time to raise your hand and admit you might not have with the knowledge or skill to effectively navigate your current business challenges.  Industrial and organizational psychologist Rita Ernst is a resource whom you can look toward for help. Do you ever wonder if it’s time to engage a business coach?  Rita offers a free coaching assessment on her website.  Rita brings an intentional presence, the ability to listen without judgement and a competency to form observations from a perspective that’s not bogged down by being so wrapped up in the situation. Recognizing the Impact of Millennials We’ve heard many stories and read articles about how different the millennials are.  While Gen Xers learned to grind through it and take a DIY approach, millennials are much more into speed.  This generation is very different and, in many cases, are now stepping into larger and larger roles.  They want to connect with people who can help them to “get there” faster.  The legacy norms and perspectives are rapidly being discarded.  It’s sometimes requiring a disruptive change when it comes to your business.  As a leader, you need to be ready. Tip for Approaching 2021 One of the most important tip Rita recommends is to avoid carrying the negative energy of 2020 forward in to the new year.  There two basic reason: Realize the old assumptions you operated regarding your business are irrelevant after this pandemic. This is the year of flex. You may need to alter your business practices, processes and expectations.  There’s still a tremendous amount of uncertainty.  It may be time to cast a new vision for your business. While change can be disruptive and often uncomfortable, with the right perspective, it can unleash a huge number of opportunities for those who are prepared to understand what’s happening and to provide innovative solutions to challenges.  Be optimistic! Coral Abood’s approach and capabilities are going to be increasingly important as businesses push into this new frontier.  She notes that not only are audiences changing, but more importantly the behaviors of those audiences are also changing.  Her company, Willow Tree Imaging is ready to help you. Coral focuses on the customer experience when it comes to working with a client’s business.  How to customers interact with the online properties?  What do they expect from that business if they are to buy products and services?  Imagery plays an important role in the customer journey.  It will either draw them in or push them away. Interestingly, this isn’t just about taking great pictures.  Coral works with a researcher who provides details about the target audience.  This can also impact the imagery the business needs to use in conveying information about their brand positioning and the overall user experience.  This is increasingly important, especially since the onset of the pandemic and the resulting change in customer behavior or patterns. Returning to the millennials, they tend to be more focused on the experience and emotions and less so on the words. Coral comments we are the most connected we’ve been, but at the same time, the most isolated.  The message conveyed by the images on your digital marketing are vital to your success. Visual Story Telling Willow Tree Imaging works to tell a story through pictures.  Many websites continue to use stock photography.  Coral explains, “If you use stock photography, you’re telling someone else’s story.  You’re not saying what sets you apart from your competitors.” Effectively telling a client’s story moves beyond pictures.  It’s an obvious lead in to branding work.  It includes a range of brand elements including: Imagery Font Color Choice Brand Voice, and more Consistency across all of your marketing platforms builds consumer trust.  Coral can work with the business owner to identify key subsets of a customer base related to revenue, margin or other KPIs.  She can then begin to help that owner focus the imagery (and thus the brand experience) to cultivate more of those valuable interactions with the specific subset(s).  It’s akin to working smarter, not harder. Rita describes how she used Coral to take photos during a client event.  Coral played the role of a “personal paparazzi.”  The result is those particular photos were extremely effective for Rita when posted to LinkedIn in terms of generating Likes and Followers.  The authenticity of these non-staged images are much more impactful.  This is definitely important if your audience includes millennials. Images and the Dopamine Effect The power of social media is that is induces a dopamine hit.  When scrolling through posts and images, people are often looking for that image which will cause them to feel an emotion.  The dopamine release results in a feeling of happiness or relaxation.  For a business owner, effective imaging conveys a response in the mind and subconscious.  The online experience you curate for your clients impacts their next step.  This may be further interactions with your website or page, the setting of an appointment and the eventual purchase of your particular goods and services. Additional Services Coral’s unique approach to the branding brings research and knowledge the business owner can rely on, but even more, the approach can also put time back into the owner’s schedule.  She explains a recent discussion with a client that lead to her taking over as the project manager of the website upgrades.  She was able to provide clarity to the developer and copywriter regarding the brand positioning.  When combined with the images she took, the client’s online presence was much more coordinated and effective.  This subtle but important factor is often overlooked.  That neglect can lead to ineffective messaging, wasted time, effort and money. We discussed an innovative image subscription service Coral offers.  This is an arrangement enabling her to schedule a series of ongoing photography.  This provides many different ways to strategically plan for opportunities, while also being available in an on-call arrangement for a client’s events and/or interactions. Coral and Rita have worked together for many clients.  Both of these ladies are big picture thinkers.  The ability to approach business challenges from multiple directions provide interesting synergies for the business owners. In wrapping up this episode and focusing on 2021, here are a few closing thoughts: You must find a way to stay new and relevant in this evolving marketplace. You’re going to need accept that things have change and evaluating how you interact with your target audience is extremely important. Remember to stay flexible and adaptable as we push forward. It’s going to be an exciting time.   Contact Rita Ernst Her digital card:  https://www.onedigicard.com/mycard/ignite-your-extraordinary Phone: (502) 235-6791 Website:  https://www.igniteextraordinary.com   Contact Coral Abood at Willow Tree Imaging Phone: (502) 612-9286 Website: https://www.willowtreeimaging.com Thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!  

Businesses Should Think Differently in 2021

Episode 21:  Louisville attorney Parker Wornall joins Jim to discuss the work he does for healthcare providers.  His focus includes dental offices, foot and ankle practitioners, APRN practices, chiropractors, mental health practioners, adult day-care practices and others. There are legal aspects to establishing a practice, developing the internal forms and processes, HR-related policies, regulatory compliance issues, planning for growth and eventually a sale or wind-down of the practice.  Parker handles both transactional and litigation matters.  Ideally, he enjoys getting involved in the early stages to protect the healthcare provider and the practice.  He works to help avoid potential legal exposure.  Entity Startup There are both strategic and practical considerations for the entity structure.  This could include PLLCs, LLCs, PSCs and others.  There are issues surrounding non-provider members (e.g. investors, directors, practice business manager).  Due diligence for the proper structuring of shares may also need to be considered. Parker has a network of colleagues in related fields, such as CPAs, who can also add valuable perspectives. Compliance Checks A thorough review of forms, policies and procedures is extremely important.  While COVID has highlighted some of the compliance requirements from governmental agencies, there are always the day-to-day issues related to the Department of Labor, Kentucky wage and hour and/or Federal wage and hour laws, the Fair Labor Standards act and more. There are disparities between some of the Kentucky regulations and the Federal DEA regulations.  Testosterone clinics (nurse practitioner clinics) can run afoul of the various regulations because of the various requirements. Employment Law Issues for Healthcare Providers Your practice will often include individuals who are there to help run/manage the business.  Some may be salaried, while others could be 1099-based.  You may need to perform adequate reviews of credentials.  How you work with your employees and practitioners may also require guidance from your general counsel. Non-compete and other restrictive covenants may come into play in the hiring of employees.  Parker can work to either defend the covenant or to prove why one may be invalid.  This can also include the protection of trade secrets (enforceable under the Kentucky Uniform Trade Secrets Act and Defend Trade Secrets Act of 2016).  The 3 common types of restrictive covenants in Kentucky are: Non-Compete Agreements Non-Solicitation Agreements Confidentiality Agreements Having properly drafted and executed contracts in place, before they are tested, is a smart option to reduce your legal expenses should an action need to be filed or defended. Insurance Coverage Issues Parker can help communicate the needs of the practice and its business plan to insurance professionals to ensure the risks are fully considered and adequately quoted.  Often, business specialists tend to look at the issues from a single perspective (e.g. insurance agents, CPAs, etc.).  In the role of general counsel for the healthcare practice, Parker can coordinate with each of the business partners to provide clarity and to maintain a focus on the overall business plan for the practice. Hiring and Firing Parker is very familiar with cases involving the Kentucky Human Rights Commission and the EEOC.  At times, these cases can also end up in litigation.  An interesting issue recently surfaced deals with older employees who were either working from home or off work due to COVID.  If the practice is ready for them to come back to work, but they refuse, you may have exposure to actions under the Age Discrimination and Employment Act, the Federal Civil Rights Act and the Kentucky Civil Rights Act.  Each situation is unique and often complex.  Having proper contract verbiage and documentation can reduce the risk of litigation to the practice.  Workplace Investigations These can involve in-house HR professionals, or out-sourced HR resources.  However, some of instances may require the professional to see the advice of legal counsel to determine the best way to approach or handle a particular investigation.  Again, having well-drafted, comprehensive contracts can shield the practice from potential adverse legal actions.  Medical Licensure Defense Parker has significant experience defending the licenses of healthcare providers.  Most of the licensure issues are handled before the licensing boards.  Parker has successfully defended both doctors and nurses, as well as other medical providers. Certificate of Need Applications Many healthcare providers are required to apply for a Certificate of Need (CON) if they plan to expand a practice or start a practice.  Ambulatory surgical centers, adult day healthcare programs and others are typically required to show a need exists and how their expansion would impact that community need.  Parker can guide the application process.  He will represent the provider at the hearing.  In some cases, existing practices may want to prevent the expansion of a competitive practice.    Sale, Dissolution or Wind-Down of a Practice Healthcare providers may decide it’s time to transition the ownership of the practice.  In some instances, the provider receives an unsolicited offer to purchase.  Parker can help in the due diligence of the sale or purchase of the practice.  These transactions are highly complex and involve much more than often appears on the surface.  There are multiple ways to engage Parker for your healthcare practice.  Fees and billing arrangements can be arranged to best meet the needs of the practitioner or practice at large. If you’d like to contact Parker: Phone: (502) 805-2303 Website: https://www.ccgattorneys.com Thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com. Got Podcast? Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!  

Protecting Your Healthcare Practice with Parker Wornall

Episode 20:  My good friends Wendy and Alan Hall joined me in the studio for a discussion about the Alan Hall Agency.  They work with various types of insurance.  In June of 2018, they appeared on my small business radio show, Let’s Get It Started.  Their business recently went through some changes, so I thought it would be a good idea to ask them to walk us through the process. Their business was founded in 2013.  Today, they primarily focus on Medicare, health, home and automobile insurance.  Earlier this year, they relocated their office, just before the COVID crisis.  All things considered, the business is still doing well. One of the drivers behind the relocation was the opportunity to expand their lines of business insurance policies.  However, that area if far more complicated and takes much longer to process.  The other types of insurance they provide are much more efficient to quote and process, based on their years of experience. The learning here is that they noticed the strain on their productivity and took steps to make a vital decision for the health of their agency.  Small business owners often simply try to gut it out, often to the detriment to both their businesses and their clients. The Alan Hall Agency is a brokerage.  They have access to multiple insurance carriers.  Other agencies may be a “captive” agency, which only offers one carrier’s product (e.g. State Farm).  Alan feels the inherent advantage to being a broker is the ability to shop for the best coverage, based on the needs of their clients. Don’t Buy on Price Wendy addresses the common mistake of purchasing insurance policies based on price.  There are often gaps in the levels of coverage.  Insurance policies aren’t always apples to apples, because they can be customized to achieve certain types of coverages and premium price levels.  Buying insurance on price can lead to unanticipated risk and exposure. Automobile Insurance Issues Alan, Wendy and I have a mutual friend, Steve King of MK CPAs.  In one of Steve’s podcast episodes, Steve discussed the importance of performing a mid-year review for your business.  As your business and personal situations change, your needs often change as well.  Wendy and Alan are happy to help you assess your coverage. In the area of auto insurance, I described some good coverage recommendations my friend attorney Jim Desmond made to me about the value of maximizing your UM/UIM coverage.  Wendy fully agrees that a minimal price increase to the premium can add thousands of dollars in coverage.  She also described a tragic situation her client experienced after deciding not to upgrade his insurance policy. Life Insurance Issues Regarding life insurance and those types of issues, I mentioned how attorney Scott Scheynost recently helped us draft a Will, POA and healthcare directives for my college-age son.  Anytime your children reach the age of 18 or older, they are legally considered adults.  Having these important documents in place, even for young adults, is extremely important; especially when vital decisions need to be made on their behalf. Taking out a life insurance policy at a young age gives you the advantage of locking in rates at a much lower price that if the individual were to wait until they’re older.  Alan discusses how some policies are considered convertible. Insurance for Business Owners One way to protect your spouse and heirs is to consider using a term life insurance policy to pay off the note on a commercial property, should you pass away.  It can prevent them from being burdened with unexpected debt and the loss of your income. Business owners commonly underestimate the need for proper levels of health insurance and disability insurance.  Unforeseen emergencies can easily place your business at risk.  The sudden decrease or elimination of your income or ability to operate your business is something we don’t like to consider.  Nevertheless, it happens. Long-term disability insurance can be one of the strategies you can implement to replace some or all of the income you were producing before the accident or illness occurred.  To contact Wendy and Alan Hall: 502-345-9440 AlanHallAgency.com Thank you for taking the time to listen to this episode.  I hope you found the information insightful.  To listing to additional episodes of the Grow For It podcast, please visit my small business consulting website, search for it on Apple Podcasts (iTunes), Google Podcasts, iHeart Media Podcasts and other podcast directories.  Be sure to subscribe, at no cost, to keep up with the most recent episodes. Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information. Until next time, remember, if you need help with your small business, Let’s Grow For It!  

Insurance Topics with Wendy and Alan Hall

Episode 19:  I’m proud to welcome Dr. Frank Raymond to today’s podcast.  He’s Bellarmine University’s Interim Dean of the Rubel School of Business, the MBA Director and my former professor.  In this episode, we’ll discuss how business owners are making sense of the 2020 economy.  There’s a surprise announcement toward the end of the episode, so I hope you’ll listen in for that exciting news. The economy is dealing with a number of important issues, including the impact of the COVID-19 pandemic, including a virtual lockdown of the economy.  At the same time the country is dealing with extreme social unrest and an upcoming presidential election.  The June and July economic performance reports are encouraging.  While business owners are looking for certainty, we’re not out of the woods; far from it.  The Stock Market Isn’t a Complete Indicator of the Economy There are a lot of speculators in the modern market.  This increases the sensitivity to the news cycle.  Information moves more rapidly.  The reporting is more homogenous than in previous decades.  This results in a market that’s a bit detached from the actual performance of the broader market. Fear of a second wave of COVID, employees not being able to return due to the closing of a business, supply chain interruptions and other factors are instilling fear in the consumer, resulting in further uncertainty for business owners who are able to weather this crisis. This Crisis Is Different Unlike previous crises, this is a healthcare crisis.  It’s risky to ignore the necessary mitigation steps to prevent the spread of COVID-19.  Even if your business reopens, consumer fears may prevent them from walking through your door. The oil shocks of the 1970s, the dot com bust in 2001 and 2002, as well as the 2008-2009 banking failures were economic crises.  These each had slow, but strong recoveries. This COVID-19 crisis is different.  We may snap back quickly if a cure is discovered.  People are now adapting to new ways of conducting business.  The adoption of tech-based solutions has accelerated a structural change, unlike the previous downturns. The China Impact There’s a lot of negative opinion surrounding China, right now.  Bringing jobs back from China may not be as easy as it sounds.  There’s still an increase in labor costs that must be absorbed and that negatively impacts profitability and innovation.  Meaningful change must be practical and feasible.  This may be more of a challenge that the headlines would lead us to believe.  Unless capital is cheap, it may not offset the increase in labor costs. CARES Act Stimulus This necessary program has added a tremendous amount of debt to the country’s balance sheet.  We can’t continue to pump in this massive cash influx.  Dr. Raymond questions where the concern was in previous years?  The impact of current stimulus is short-lived.  We need continued tax relief for small businesses, but more importantly, we need a long-term strategy. The Payroll Protection Program and the increase in unemployment benefits were still short-term solutions.  US Tax Policy The US tax rates are relatively low compared to other countries.  Still, many of the tax cuts are short-term in duration.  Unless they are made permanent, it still doesn’t lead to certainty for medium to long-range budgeting and planning. Repatriation of overseas held funds is risky.  Who makes the policies and how businesses are incentivized are important.  Still, how they are implemented is critically vital.  Individual businesses will be left to make their own decisions.  Some innovators will lead the way for a larger shift in a desired direction. Transitional support systems need to be improved to help people understand which sectors will provide specific opportunities.  We should increase efforts in effective training and planning to enable them to get there. Disruption is Actually Normal The economic environment is still shifting.  Patience is an advantage, if you can afford it.  Supply chains may need to be diversified.  Your focus on expense control is paramount.  Tax policy should be simplified to get rid of loopholes.  Level the playing field so companies can plan. In closing, as a business owner, get back to your company’s core competencies.  Remember, during any economic downturn, many of your competitors are going to pull back, especially in marketing.  You may find opportunities to increase visibility, reach and impact by increasing your market-exposure before your competitors return.  There’s still market share to be gained in advance of an economic recovery. Important Disclaimer: This discussion is intended to be an informal exchange of ideas.  These ideas do not necessarily reflect the views of Bellarmine University. Listeners should be reminded that information provided by the participants is not a substitute for getting formal professional legal, financial or other advice. Listeners should seek advice from their lawyers, accountants, tax consultants, financial experts, or other professional advisors before making decisions that may impact their jobs or businesses.  

Interview with Bellarmine's Dr. Frank Raymond

Episode 18:  There’s a lot of negative news with COVID-19, protests, riots and other factors.  Jim and Dr. Tony Sheppard will discuss some useful perspectives and tips for filtering out that negativity so you can maintain positive mental health as you manage your business and protect your family. Dr. Sheppard is the owner of Groupworks Psychological Services in Louisville, KY.  He’s a certified group psychotherapist.  The practice provides various types of psychological services for children, adults and families.  During the COVID-19 crisis, his practice has successfully transitioned to a tele-health format. Many of Dr. Sheppard’s 2020 business goals have been delayed or sidetracked.  This is a common theme for many business owners, entrepreneurs and managers.  In fact, Tony actually contracted the coronavirus at a conference in New York, earlier this year.  Luckily, he’s made a full recovery. Business owners are struggling with financial pressures, increased stress and anxiety, feelings of helplessness and maybe even failure.  I’ve also dealt with so many distractions and a general inability to focus. The temptation to constantly check the news for information is adding to the issue.  We don’t deal well with uncertainty.  Humans are wired to look for what’s coming next and to scan the environment for threats.  It’s amped up and primed our anxiety levels.  This anxiety spreads to and elevates our concern for our businesses, our families and our extended family.  Tips to Maintaining Your Mental Health at Work Give yourself permission to reframe and adjust to the current business climate. This year is simply going to be different than what we anticipated.  It’s okay to understand you’re not in control of everything. Keep things in perspective. It’s important to stay in the present and deal with what’s actually in front of you, rather than the false narrative your fear may be whispering in your year.  Live today and don’t spend too much time thinking too far ahead. The human mind is programmed to focus on negative information. One way to limit the impact of all of this uncertainty, is to limit your exposure to the constant stream of media stories and/or social media.  Focus on the things you do know. Concentrate on tasks and hobbies.  This can add a sense of control and normality to your day.  Try making lists to counteract your anxiety. Routines are also helpful, especially in the midst of chaos.  This is especially important for your kiddos who are struggling with the disruption. Tips to Help Your Children’s Mental Health Find ways to implement structure back into your child’s day. Routines are familiar and can help them to feel less anxious. Maintain positive communication. Be conscious of the need to reassure them.  We will get through this current situation.  That positive message is a safety zone. Focus on the aspects of life that can be controlled. There’s a lot outside of our control right now.  Don’t waste time worrying about things we can’t control.  Find ways to maintain social connectivity. This promotes quality time with people whom you love and care about.  Try taking a hike or some other outdoor activity.  You may also need to ease the rules to allow your children to spend time with their friends.  Dr. Tony Sheppard’s practice, Groupworks Psychological Services is taking new clients.  If you’re asking if you need to seek help, maybe that’s a good sign you should.  The stigma around seeking mental health services has diminished.  You don’t have to make a commitment for years of therapy.  Some people find a few sessions with a qualified therapist to be extremely helpful. Visit www.GroupworksKY.com.  Feel free to explore the COVID-19 page and the Services page for additional links to additional resources. For more information about Jim Ray Consulting Services, additional episodes of the Grow For It! small business podcast or to contact Jim Ray, visit www.JimRayConsultingServices.com. Thanks for taking the time to listen to this episode!

Interview with Psychologist Tony Sheppard

Episode 17: In this episode I interview Jason Hawkins, First United Bank’s CEO and President. We discuss a regional view of the economic crisis related to the COVID-19 lock down and its impact on small businesses throughout Kentucky. Jason’s Background Jason and I are very good friends. We went to college together at Murray State University and are brothers in the Sigma Chi fraternity. Jason has an undergraduate degree in Finance and an MBA. While in college, he worked at a community bank. He took a job in the trust department for Old National Bank, in Evansville, Indiana, after graduation. He worked in corporate trust doing bond issues and escrow arrangements. In 2005, he moved to First United Bank and Trust, based in Madisonville, Kentucky. He eventually became the CFO. In 2017, he assumed his current role as President/CEO. Community Banks vs. Large National Banks First United Bank focuses on what is best for the communities they serve. They currently have loans in more than 40 Kentucky counties. They are servicing about 1/3 of the state on a county by county basis. Community banks don't have to work through a lot of red tape. They want to bring local decision making to their markets. When clients come in, they are able to have a personal touch because they are not dealing with 800-numbers. Local, community banks don’t have to send their decisions off to a remote location. They don't have to call committee meetings with people across the country to make a decision. They decide how to operate and then put that into action. First United Bank establishes strong connections and relationships with their clients. Jason and his team provide a high level of client communication to ensure they are servicing local needs. Macro Climate The Covid-19 crisis came out of nowhere. The government’s decision to lock down businesses across Kentucky has been economically devastating. This is not meant to be a political statement. Rather, an observation that the environment changed overnight. When the government funding came through, it became a challenge for the banking industry and remains a challenge. The Treasury’s guidance was delayed and confusing to both small business owners as well as lenders. The SBA’s infrastructure was overwhelmed. It’s been a huge learning curve for everyone. Typically, when the government institutes a program it takes 6-12 months to implement, and in this case, they had 2 weeks. Congressman Andy Barr said, “In the first 14 days of this program, there were more SBA loans made than in the last 14 years.” In one of my previous podcasts, I interviewed Tommie Causey of the SBA, and Dave Oetken of the Louisville Small Business Development Center. Both of them were really proud of the work they did to assist small business owners. I also interviewed my CPA, Steve King on the Make the Numbers Work podcast. We talked about it from an accounting standpoint. One of the biggest concerns was the US Treasury did not initially tell the banks how to treat this money and the specific requirements. The guidance has been slow to come out. It has been frustrating for small business owners. However, the US Treasury has created a list of FAQs to clarify many of the issues. Here’s a link to that information resource.  Please make sure you’re reading the most recent version. A Community Bank’s Response As Jason explained, the banks took a first come first served basis. Speed of action wasn’t related to the size of the loan. They tried to deal with customers as they received applications. In Episode 16, I explained that deal with a larger bank, but they had trouble because of the onslaught of PPP applications. I went across the street to a local community bank and within a matter of hours I had the loan approval numbers and with a matter of days directly thereafter, I had money sitting in my account. I was surprised how quickly a community bank moved this through the system. Whereas a large bank tends to get bogged down for a lot of different reasons. One of the proactive steps Jason has implemented is to provide deferments on existing loan payments. This refers to loans outside of the Payroll Protection Program. This local decision typically allowed up to 90 days of payment deferral to help his banking clients. He required them to be current in order to get that, meaning they had to pay through their March payment in most cases to be able to qualify for deferral for the months of April, May, and June. This is another advantage of the local decision-making provided by community banks. PPP Loans First United Bank is roughly a $330 million-dollar institution. He has processed about $25 million in PPP loans, comprised of more than 300 loans. While there have been some large loans, the majority have come from smaller loans. Jason commented that if you talk to other community bankers, they'll say that they had people work on weekends and nights trying to make sure that they could and get these applications in and get them approved. Jason and Jim discussed the impact of the PPP loan activity. It has had a significant impact on capital requirement ratios. PPP Loan Forgiveness Based upon what Jason is seeing right now, he thinks forgiveness is probably going to run anywhere between the 70 and 90%. Solid documentation including payroll and 941s will be critical. The banks are cautious and trying to measure risk related to this process. Your community banks want you to be successful. They want to make sure that you succeed, because that's good for the community. Communication is key. If you are having a problem with your business, banks are much more favorable if you communicate and tell us here's the issue that I'm having, here's the struggle, here are the frustrations, and here's what my cash flow looks like. They are much more willing to work with you than if you try to just say everything is fine. Ultimately, the banks want you to succeed because that helps them succeed. If you would like to speak to Jason Hawkins regarding your situation, here’s his contact information: Office: (270) 824-1633 Website: www.efirstunitedbank.com Address: 162 N. Main St., PO box 1190, Madisonville, KY 42431   Want more information? To listing to additional episodes of the Grow For It podcast, please visit my small business consulting website, search for it on Apple Podcasts (iTunes), Google Podcasts, iHeart Media Podcasts and other podcast directories.  Be sure to subscribe, at no cost, to keep up with the most recent episodes. Thanks for taking the time to listen!

Interview with Bank President Jason Hawkins

Episode 16:  Louisville Attorney Parker Wornall and I discuss small business guidelines and considerations for getting started, now that small businesses are reopening during the COVID-19 crisis.  Crisis Funding The government and the SBA are providing funds to help small businesses.  There were initial questions about whether companies qualified for the funds. Now, the focus in on how the funds need to be used.  New details are coming out and this is adding confusion and frustration.  An initial step is to deposit the funds in a separate account to isolate them and provide an easier way to track how the specific funds were used. Protecting Employees and Customers As small businesses reopen, it’s important to be mindful of the CDC guidelines.  Start with the basics.  Consider hiring a cleaning service to ensure you’re actively taking measures to keep the environment and surfaces clean.  You may need to consider appointment scheduling to ensure adequate spacing is provided. Convert your plans into a policy and make sure you publish the policy for the benefit of both your employees and customers.  Consider using printed formats, videos, internal podcast episodes, etc.  Make sure you’re providing adequate access to masks, hand sanitizers and other PPE-related items. Note that some of the guidelines are easy to understand, while others are more subjective.  As a small business owner, considerable “the reasonable man status.”  Even though it can be debated, you need to take reasonable steps.  Was there a plan in place?  How was the plan communicated?  Did you take steps to protect employees and patrons? The Department of Labor and other agencies have requirements for making specific business notifications visible.  You may consider posting your policies and procedures near these other notifications.  If a claim is being investigated or litigated, the attorneys will ask for your policies and procedures.  Having these organized, published and updated will help your case. Engage Your Attorney Be sure to involve your business attorney in important communications and decisions.  This is especially important with compliance issues.  It also can add the protection of attorney-client privilege. It’s a good idea to have an attorney act as your general counsel.  Parker does this for many clients.  The advantage is that documents, contracts and policies can be reviewed and updates made.  Going forward, your general counsel can efficiently and proactively help you to avoid potential exposure to adverse claims and lawsuits. Who is Monitoring Non-Compliance? There aren’t any CDC police roaming the streets. However, small business owners may need to consider how other government agencies and regulators can use the CDC guidelines. State licensing boards have enabling statues and regulations to give them the ability to govern your professional license.  Communicable diseases have a history of enabling an entity to comply to federal guidelines. OSHA inspectors may be able to incorporate CDC guidelines to levying notices and fines. Tort Liability is another area to be concerned with, as a small business owner.  If a patron makes a claim that you failed to take steps to comply with CDC guidelines, and that failure resulting in the patron becoming ill with COVID-19, you may be exposed to a negligence claim.  In Kentucky, the governor has set up a hotline for citizens to report concerns.  Engage Your Employees It’s critical that you actively communicate and reinforce your policies and procedures.  Consider team meetings to ensure your staff understands the steps you’re taking.  It will enable them to ask questions, so they can begin to feel more comfortable.  It also provides a way for you to demonstrate that you’ve taken necessary steps to educate your employees on the company guidelines. Seek Out Original Sources Rather Than Interpretations It’s important that small business owners stay informed and up to date on the information regarding COVID-19 and required measures.  Don’t rely on commentary.  It’s a good idea to seek out the information, directly from the source.  Governor Beshear’s Executive Orders for Kentucky Governor Beshear’s 10 Rules to Reopening Team Kentucky Official COVID-19 Information Kentucky Cabinet for Health and Family Services Managing Your Managers and Supervisors Legally speaking, you need to be aware of who can bind your company.  Communications to employees by managers and supervisors could expose you to adverse legal actions.  You need to be sure you’ve effectively communicated the policies and procedures to your managers and supervisors, so they properly communicate it to your staff. Force Majeure Clauses - Are You Still Covered by Your Insurance Policy? Sometimes, a policy or contract contains language related to “acts of God.”  This is commonly referred to as “force majeure.”  Pandemics may be considered a nullification of coverage by means of a force majeure clause.  Insurance companies may attempt to use this clause to avoid paying a claim.  You may need to review your policies and other contract to see how a force majeure clause may impact your small business.  However, this also applies to terms of various contracts you may have with third parties, such as vendors, suppliers or other business relationships. Bringing Employees Back Businesses need to be very careful in how they are bringing back their employees and independent contractors.  Misclassification issues are taken seriously by the Department of Labor and the IRS.  You may have to alter the individual’s scope of work.  Some small business owners may attempt to reclassify the person as a 1099 individual contractor, thus reducing tax liability.  This can be a dangerous decision.  There are gray areas, but there are also very important red lines related to the amount of control you exert on the activities of the individual. As you reopen your business, you should consult your attorney to review any changes you are considering.  If you misclassify an individual, there could be significant legal consequences, fines and other penalties. FMLA vs. the Families First Corona Virus Response Act There will be a lot of compliance issues with this.  If you have fewer than 50 employees, you may not have to provide the paid leave, due to financial constraints.  However, it’s a very subjective standard regarding whether the company can afford to pay this leave.  There will be complications when an employee who is considered a high-risk by the CDC (e.g. 60 years or older).  What happens if you ask an employee to return, but they don’t want to due to the Corona virus?  Related to this is a cut-off for an employee who is 40 or older regarding potential age-discrimination claims.  You need to approach these situations very carefully.  Engaging your attorney is a very prudent step in helping you to avoid or minimize legal exposure. Consistency is Important Even when you have well designed policies and procedures, it’s critically important to be consistent in the application and enforcement of them.  Deviations could open the argument that the actual policy in question, wasn’t actually a “real” policy.  That’s when you may open yourself to unanticipated claims, lawsuits and expenses. For more information about Parker Wornall and his firm: Commonwealth Counsel Group, PLLC Website:  www.ccgattorneys.com Office:  (502) 805-2303 To listen to more episodes of the Grow For It podcast, please visit my small business consulting website, search for it on Apple Podcast (iTunes), Google Podcasts and other podcast directories.  Be sure to subscribe, at no cost, to keep up with the most recent episodes. Thanks for taking the time to listen!

Reopening a Small Business During COVID-19

Episode 15: There’s no doubt the COVID-19 crisis has negatively impacted small businesses.  Now the initial $349 Billion in relief has been depleted.  In today’s episode, my guests will discuss what business owners should do now, and how they may be able to help. I’m joined in the studio by two, local contacts.  First, Tommie L. Causey, Lead Economic Development Specialist, Kentucky District Office, U.S. Small Business Administration.  With over 20 years of experience in federal contracting, lending, and economic development, Tommie is responsible for accessing, researching and identifying market national and local trends to develop or adjust value propositions tailored to fit customer needs.  He collaborates with community leaders to help start and/or grow existing small businesses. Second, I’m joined by Dave Oetken, the Director of the Louisville Small Business Development Center which provides free consulting, market research and debt capital sourcing to businesses in the Greater Louisville region.  He has extensive experience owning and managing businesses both large and small across numerous industries including manufacturing, food services, hotels, recreational facilities, professional sports teams and commercial real estate & development.  He holds an MBA from Bellarmine University, is a Certified Economic Finance Professional (EDFP), Certified Commercial Property Manager (CPM), Certified Exit Planner (CEPA) and a Certified Mergers & Acquisition Advisor (CM&AA). A quick clarification:  I mentioned in the introduction that Tommie and I were recently involved in a Bellarmine Rubel School of Business Roundtable.  I commented that Tommie was a host and I was a “guest.”  To clarify, I was not invited as a presenter.  I participated in the event. Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) The SBA is helping to administer these programs.  The PPP funds are exhausted, but there may be another $250 Billion coming soon.  The EIDL provides $10,000.  The PPP is provided via banks and the EIDL comes directly from the SBA.  It’s important for business owners to go ahead and apply for these programs, regardless of the current lack of availability of funds.  You want to be in line for future funding, related to this COVID-19 business crisis. Some of these funds will be forgiven, provided you use the fund for the intended purposes.  There was a level of confusion as to how to access the loan applications. The Louisville Small Business Development Center (SBDC) is available to work with small business owners to access their individual situations and begin to develop a survival plan.  The services provided by the SBDC and the SBA are free.  Where Do I Begin? If you have a relationship with a lender/bank, start there.  Some of the programs will be applied for via your local lender.  The EIDL is applied for directly via the SBA.  The SBA is a one-stop shop for small businesses.  They are there to support you.  They are standing with you to help you find sources of funding, business expertise and guidance.  Can Non-Profit 501(c)(3) or Faith-Based Organizations Apply? Yes.  The rules were amended to help these organization. Can Self-Employed People Qualify for these Programs? Yes.  Some of the programs are now available to self-employed, 1099 and other types of individuals.  Contact Tommie Causey at (502) 276-6873.  His email is:  Tommie.Causey@SBA.gov.  For more information visit:  www.SBA.gov/KY Contact Dave OetKen at (502) 594-3871.  His email is:  DOetken@GreaterLousville.com.  For more information visit:  www.LouisvilleSmallBusiness.com Additional Information for Small Business Owners Finally, the specific number of available programs, their intended purposes and how you can take advantage of them may seem overwhelming.  I get it.  There’s a ton on your plate right now.  I recently helped CPA Steve King produce a series of short videos that may help you to better understand some of those programs.  You can watch these videos on LinkedIn at Meyerowitz & King, PLLC, or if you prefer to use Facebook, search for MKCPAsLouisville.  I hope you have found all of this information helpful.  Believe it or not, it’s all temporary, even though it may seem like the end of your world.  Hang in there.  Make smart decisions and ask for help when you need it.  There are many people ready, willing and able to help.  If there’s anything I can do, then Let’s Grow For It!

SBA Programs for COVID-19 Relief

Episode 14:  As we discuss topics related to new business start-up, marketing and other important topics, this episode features a conversation with husband and wife team who launched the Dogwood Veterinary Clinic in Norton Commons.  They offer some innovative procedures and services, combined with a strong focus on building relationships with their clients.  We’re going discuss their vision, their journey (so far) and a few comments on facts you need to know about your pet and the corona virus (Covid-19). Dr. Katie Franklin and Dr. Chris Franklin met while attending the Auburn University College of Veterinary Medicine.  Katie earner her undergraduate degree at the University of Kentucky.  Chris earn his undergraduate degree at Murray State University, where he was also a quarterback for 5 years. After an extensive search, they decided to build their new practice in Louisville’s Norton Commons, rather than buying an existing, veterinary practice.  The risk is that they started off without a client base, but were confident that their vision for the business would lead to success. Creating a Vision: While both initially thought they’d focus on equine medicine, Katie and Chris explain how and why they decided to transition to a small animal veterinary practice.  Some of the advantages include a better work-life balance, more opportunities to build relationships and the chance to create a unique environment for pet and the pet-owners.  For them, it’s about creating a terrific experience. Developing Unique Selling Propositions to Standout in Your Market: Concierge Service – An optional service to provide cell phone access 24/7 for emergencies.  You can see if your pet is having a true emergency, or if it’s something that the pet-owner may be able to handle the following day.  It can be a significant cost savings vs. a trip to an emergency veterinary hospital.  If it is an emergency, Dr. Katie and/or Dr. Chris can communicate directly with the other vets about your pet’s history. Loyalty Program – A way to reward loyal clients.  You earn rewards based on the money you spend to be used toward the cost of future services at Dogwood Veterinary Clinic.  They want a way to give back to their clients for deciding to support a local business. Regenerative Medicine – A new procedure involving using your pet’s own stem cells and platelet-rich plasma to help it recover more quickly.  The entire process is handled at Dogwood.  The benefits include: Cheaper than a full surgery Less pain and anesthesia for your pet Your pet can usually go home the next day It’s used on both cats and dogs House Calls – You can schedule a home visit with your vet and a technician for your pet.  This is an excellent option if you have limited mobility, multiple pets, large pets or even if you’re worried about avoiding the corona virus. The Dogwood Veterinary Clinic offers a variety of standard surgical procedures including broken bones, abdominal surgeries, bladder stone removal, spay and neutering services.  Dr. Chris discusses how they specifically target the market opportunity to provide these services much more cost-effectively than going to a board-certified surgeon. They also offer dental cleanings, extractions and other veterinary dental procedures. The clinic’s website features an online store.  This enables you to order medication for your pet and other items to be shipped to your home.  You can use the clinic code to order pet food from Purina Vet Direct. During this time of dealing with the Covid-19 virus, Dogwood is offering home delivery. Can My Pet Get the Corona Virus (Covid-19)? Dr. Katie and Dr. Chris explain that while one dog, in Hong Kong, did test weakly positive, it’s not clear that your pet can pass Covid-19 to you.  The AVMA’s current position is there’s no evidence a pet can contract, transmit or get sick from the Covid-19 corona virus.  Animals do and can carry a corona virus.  Note however, that this doesn’t mean it’s the Covid-19 virus.  The risk to any virus is its ability to potentially mutate. Spring & Summer Tips for Your Pet: With Easter approaching there’s a risk that certain house plants (e.g. lilies) can be dangerous if your pet chews on them. the plastic grass in your Easter baskets can be very dangerous for cats. Chicken bones, beef bones and fatty foods are dangerous and could lead to pancreatitis. Dogs can be susceptible to sun burn on their noses, ears and bellies. You should be prepared to carefully apply sunscreen.  Be sure to avoid using aerosol-based products around your pet. Warm weather means fleas and tick are back. Heart worms and intestinal parasites are also a risk to humans.  Remember, there are simple ways to prevent all of them. Important Thoughts from this Conversation: Understand the impact of starting a new business on your work-life balance. Before you start you own business, develop your unique selling proposition(s), so people notice you and take notice of you. Once you’ve developed your business plan, have the courage to actually start. I hope you enjoy this season’s new podcast format.  I’ve worked with small businesses for many years.  If you’re thinking about launching your business, or would like to discuss ways to improve and accelerate your growth, contact me.  You can find information about my small business consulting, my business Facebook page and my contact information via my website at JimRayConsultingServices.com.  Finally, if you’ve ever considered launching your own podcast for your business, check out my podcast production service.

Interview with Dogwood Veterinary Clinic

Episode 13:  Today, Louisville estate planning attorney Kelli Brown joins me to discuss important topics, including the March 20, 2020 launch of her 2nd book, Estate Planning When You Have Pets.  Kelli has over 20 years of experience in helping individuals and families. Kelli graduated from the University of Dayton.  She earned her law degree from the Northern Kentucky Chase College of Law and her Masters of Laws in Estate Planning from the University of Miami.  She’s licensed to practice in Kentucky, Ohio and Tennessee. Estate Planning Basics The primary objective is to decide and document who should be in charge in the event of your incapacity or death.  Your estate plan should include directions for medical care, finances and how your assets should be distributed. If you don’t plan, the government plans for you. While we don’t want to think about it, it could come into play more quickly that we think.  You could be injured or killed in a traffic accident or while traveling.  Once your child turns 18, he/she should have some of these documents in place.  They need to specify someone to make medical decisions, now that they are considered an adult in the eyes of the law. Important Estate Planning Documents Power of Attorney Document – specifies who can handle your finances, your business and other issues, on your behalf, even while you’re alive but cannot act for yourself. Remember to also name an alternate Power of Attorney (POA). These can be very specific or more general in nature. Living Will Directive (Healthcare Directive) – specified who can make medical and related healthcare decisions, if you are incapacitated. Last Will and Testament – specifies what happens to your assets, after you pass away. Common Mistakes People Make Fast Food Estate Planning – be careful of free dinner seminar presentations that turn into expensive sales pitches. The documents are often oversold based on fear and scare tactics. Failing to keep a digital inventory of your assets, accounts and passwords. Your heirs, trustee and or executor may not know how and/or where to find this important information.  You need to update the lists of your information and providers. Not having a financial planner. You need a quarterback who can help you and your heirs to fully understand your finances.  You may want to have a number of trusted advisors and an alternate(s). Not updating your documents and beneficiary designations after life changes (e.g. divorce, remarriage, sales of assets, birth of a child). What if You Have an Addicted Child?  There’s a tremendous risk of your child blowing through substantial funds, and possibly engaging in self-harm, should they suddenly have access to a large amount of money.  A trust can help to ensure the assets and money are better managed, on behalf of your addicted child.  There are many ways to structure the trust of protect your child.  Kelli’s book (see link, below) provided options you may want to consider. How Can You Provide for Your Pets in a Trust? Kelli’s new book will launch on March 20, 2020.  If you have a pet, you may want to consider providing for the future care of your pet.  A trust is one option to help you make it easier on the person who is going to help re-home your pet, upon your death.  It’s important to think about the expenses related to veterinary expenses, food, grooming and other necessary events.  It can also specify who will assume the care of your pet(s). Important Final Thoughts Make sure you discuss the cost of the estate planning services and documents.  Know how much it costs, before you hire an attorney.  You should feel comfortable the attorney and the fees should be reasonable. Additionally, it’s important to remember your lawyer should not be appointed as your executor, trustee, attorney-in-fact.  Your lawyer should be your “drafter” but not in a leadership role. Can I Get Kelli Brown to Speak to My Organization? Kelli speaks regularly on the estate planning topics.  She’s available to make presentations to your group or organization.  You can contact her via her personal profile (see link, below).   Helpful Links: Kelli’s Professional Profile and Contact Information Kelli’s Book Website Kelli’s Book on Estate Planning When You Have an Addicted Child Kelli’s Book on Estate Planning for Your Pets

Estate Planning with Kelli Brown

Welcome to Episode 12 of the Grow For It small business podcast.  As we wrap up 2019, I'd like to take a few minutes to share a few thoughts and perspectives for 2020. There are so many opportunities at your finger tips.  We've never had so many advantages, compared to previous generations.  One of the advantages is the experience we gained during this past year.  We're another year smarter.  Both mistakes and successes can lead to learning opportunities. Take time to think about your dreams.  What's holding you back?  What are you willing to do in pursuit of them? With 2020 knocking at our doors here are a few key thoughts: Dream Big.  There's so much out there to learn, to accomplish and to achieve.  That process begins with allowing yourself to dream. Set Audacious Goals.  Don't worry if they seem impossible.  The best long-term goals are supposed to feel that way.  The important point is to commit to your success by taking steps toward them. Become Your Biggest Cheerleader.  Your progress, and happiness, is ultimately up to you.  Remember the importance of also cheering for others.  Their success doesn't take away from yours. Expect the Storms.  Life is full of them.  Regardless of the situation, it's only temporary.  You can and will get through them. Remember to Breathe.  Stress and pressure will try to shut you down and derail your pursuit of those dreams.  Remember to breathe and believe in yourself. Be Thankful for What You Have.  As I often remind myself and my friends, "I compete against me."  Life is full of temptations and reasons to feel less than successful.  Others have worked hard to try to provide you with opportunities and to make your path a little smoother.  Be thankful. Finally, Believe that there are a million opportunities out there.  Most importantly for 2020, have the courage to chance one of them.  

Perspectives for 2020

Welcome to Episode 11 of Grow For It! This is a podcast for small business owners, managers and professionals. I’m Jim, and my goal is to work in the space between your ears - you know on your mindset – to help you move closer towards your Vision. Today’s topic deals with Income Tax for Business Owners. My guest CPA Steve King offers advice on some of the impacts and changes to tax laws.  We wrap up the episode with 5 End of Year Tax Moves. Steve is a partner at Meyerowitz & King, CPAs in Louisville, Kentucky.  His phone number is (502) 587-9833.  You can visit his website at www.TheLouisvilleOffice.com Today's discussion covers Qualified Business Income Deductions, Qualified Opportunity Zones, New Equipment Depreciation, Changes to the Deductibility of Alimony, the Loss of Entertainment Deductions, the Loss of Moving Expense Deductions and a brief point about the new Secure Act which was recently passed, but has not been signed into law as of this recording. 5 End of Year Tax Moves Max out your HSA contributions to take advantage of the tax deduction. Max out your Retirement Plan contributions. Think about everything included in your Home Office deduction. Harvest your Tax Losses (remember the Wash Sale Rule). Take your Required Minimum Distribution if you are required to do so to avoid a significant penalty. I interviewed Steve King on my small business radio show, Let's Get It Started, in May of 2018. Here's a link to that interview:  http://jimrayconsultingservices.com/radio/tax-issues-for-small-businesses/.  Previous episodes of this podcast, as well as podcasts of my small business radio show are available on my website JimRayConsultingServices.com.  You can also find them on iTunes.  Just type my company name in the podcast search bar.  While I tried to limit previous episodes of the Grow For It podcast to less than 10 minutes in duration, my radio show features interviews lasting about an hour.  As we move forward in 2020, my Grow For It podcast will feature more in-depth content and interviews. As we close, remember, there’s no time like the present to begin planning for your 2020 tax strategies, if you need a talented CPA and advisor, call Steve King.  When you’re ready, Let’s Grow For It!  

Interview with CPA Steve King

Grow For It! is a business podcast designed to help you stay focused on your vision. This is meant for small business owners, managers and professional trying to achieve more in a competitive environment. Jim Ray will provide insights, examples and raises questions to help you develop your mindset around issues that really matter, instead of distractions. Ready to move forward? Then let's Grow For It!

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Grow For It!

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