C-Suite Network™

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Advice Best Practices Management

 Can a Corporation or LLC build its own Credit? 

Starting a business can be a daunting but exciting task. There are countless things to consider before taking the plunge; from creating a plan and budget, to finding the right investors, vendors and employees. One of the most important aspects of starting a business is building your credit, which is often one of the biggest hurdles entrepreneurs face. Fortunately, corporations and Limited Liability Companies (LLCs) have the ability to build their own credit in order to access financing for their business endeavors.

Having multiple corporations or LLC’s gives you more borrowing power than if you only had one entity. Having several entities also allows you to diversify your funding sources and manage credit risks better as well as gain benefits that come with doing business with multiple lenders. For example, lower interest rates can be accessed when dealing with several creditors instead of just one. Additionally, having several corporations or LLC’s mean that you have more options when it comes to loan types such as lines of credit or term loans that best suit your purposes for different projects.

While having multiple entities may seem like a complicated structure, it does not have to be difficult when done correctly. You should work closely with an experienced team who can help set up each company in accordance with state regulations as well as recommend tax strategies that fit your individual situation. It’s also helpful to establish an ongoing relationship with lenders so they become familiar with your businesses and recognize their value; this helps build credibility which makes it easier to obtain funding when needed. Not only will this increase your chances of getting approved for loans but also provide access to more flexible terms and lower interest rates over time.

Ultimately, understanding how corporations and LLC’s work together will give you an advantage when seeking funding for business endeavors; having multiple entities gives you more borrowing power while also providing added financial flexibility through different loan types and terms offered by various lenders. Working closely with experienced advisors who understand both corporate structures as well as financing options can help ensure success in leveraging all available resources in order to build strong foundations for long-term success in business ventures.

Schedule a call today with one of my experts http://www.calendly.com/Stephan-controllers or call my office for a complimentary consultation at 775-384-8124. 

 Much Success, 

Scott L. Arden, CEO Controllers, Ltd www.controllersltd.com 

Categories
Advice Growth Leadership Management

Fight Complacency

An excerpt from my new book, Ingaged Leadership Meets the Younger Generation

Complacency comes in a variety of forms. You can recognize it in statements like:

  • “Business is good—I’d like it to keep going well, so I don’t need to do anything.”
  • “If it ain’t broke, don’t fix it.”
  • “I’m making enough money; I don’t need to make more.”

I actually had someone tell me, “I don’t need to raise my margins. I’m making enough money. I’d rather just give more to my customers.” On the surface that sounds noble, but it isn’t. Profits might seem like greed, but they’re not. They’re about growing and investing in your business. They’re about protecting your job and your employees’ jobs. Every business needs profits.

If you’re suffering from this pitfall and believe your business is so good that you don’t need to grow it, I urge you to shake things up a bit and shift your perspective.

Unfortunately, your competitors probably didn’t get that same message that they are doing well enough. They are innovating and growing their businesses. That is one reason why you constantly have to work to make your business better.

Another temptation to become complacent:

Some people seem to believe that if they work harder, they will destroy their work-life balance. I am a very big believer in establishing a good work-life balance, but the reality is that you want your business to achieve all it can achieve. I like to remember that even in a company that has become wildly successful, it is still possible for people to enjoy time with their families.

To summarize, work-life balance doesn’t mean your business goes on hold so you can attend to personal pursuits. The reality is if your business is on hold, your business is going backwards; some other company is going to outperform you. You will then have a serious issue when your business encounters problems in the future. Leading an enterprise that is going downhill will have a way of doing more harm to your work-life balance than you believed possible.

Cultivate the Ability to “Eat Elephants”

You have probably heard the old question, “How do you eat an elephant?” The answer: “One bite at a time.”

The answer to that question is a good one to keep in mind every day as a leader and a manager. Instead of feeling overwhelmed by the enormity of certain critical initiatives or processes that you would like to tackle, simply get started by taking a small step—in effect, by “taking one small bite at a time.”

Those big elephants are the projects that seem so complex you tend to put them off. One could be writing a business plan for a new company or division that you would like to launch, so that you can obtain funding. Another might be studying the efficiencies of the outsourced call centers you are using so that you can decide whether to open an internal call center of your own. 

When we are faced with tasks like those, “taking a first bite” is critically important. That bite could be creating an internal task force to explore an issue or calling some of your contacts to ask for input.

The first bite can be small, but here’s one piece of advice that I can offer: Whatever that first bite will be, try to take it soon. Do it today, if possible.

Categories
Capital Leadership Management

UNLOCKING YOUR ULTIMATE HAPPINESS: THE TWO SURPRISING FACTORS YOU NEVER KNEW EXISTED!

If I could show you a way to be much happier, incur no out-of-pocket cost, and you can start to receive benefits much faster than an Amazon Prime delivery, would you be interested?

Just practice Gratitude and The Love of Learning.

Gratitude. Being grateful takes up space in the brain that might otherwise be occupied by fear. Being fearful happens to be one of the root causes of many mistakes. Once that space is filled with gratitude, certain things begin to happen

Gratitude also leads to feelings of optimism. Optimists outperform pessimists by 31 percent. 

Gratitude leads to better thinking. 

Gratitude reduces stress. When you’re under stress, your body releases cortisol, a hormone that decreases your creativity, problem-solving capacity, and life span.

Many studies have shown people receiving pensions are much more grateful and outlive people who live off the ups and downs of their market portfolios.

Staying grateful is the best way to overcome life’s challenges.

What can you be grateful for right now? Even the simple things like your cup of tea or coffee this morning will work. Having a family member or friend or just waking up today. The list is endless, so make yourself a checklist!

Love of learning is the other key factor in personal happiness.

We’re dealing with continuous change and overwhelming information, which is not slowing down. So, when confronted with a problem, we may need to learn something new. This new situation forces some of our brain’s warning lights to go on for many of us, alerting us that we are in new territory and trying to get us back to the comfort zone that worked before.

Once you realize that your current level of knowledge is not insufficient for a solution and your mind is working against you, the Love of Learning will allow you to learn these new things by overriding the brain’s comfort zone. Instead of stressing, you can calmly approach the concern and not be deterred by the brain’s warning lights. Now it’s full steam ahead as you confidently approach the problem because you love to learn. 

For more Healthy Money Tips Listen to our PodCast “Money 911”

Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com/

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me or text (951) 926-4158

Categories
Advice Management Strategy

UNLOCKING THE MYSTERY PART 1: THE ESSENTIAL GUIDE TO UNDERSTANDING THE VITAL TOOL ALMOST 50% OF PEOPLE OWN, YET FEW TRULY GRASP – A MUST-READ FOR HR AND BUSINESS OWNERS!

Hey, what’s almost 50? Many people own one, and everybody wants it, yet very few understand it, including HR and Business owners.

It’s the IRA and its slightly younger cousin, the 401(k).

The IRA and Section 401(k) were established as part of the Employee Retirement Income Security Act (ERISA) of 1974 to help people save for retirement. Also, part of the Act is section 404(c), which applies responsibilities to HR and employers to maintain employee education. Your account growing tax-deferred each year was a great idea; therefore, more of your money grow because less is going to the IRS. Two years later, the 401(k) was added to the tax-saving marketplace, and this new plan became the new pension for many workers.

Tax savings was welcomed back in 1971-1980; the highest marginal Federal Income Tax rate was 70%. With that in mind, everybody started pouring money into these accounts and took advantage of the tax deduction for faster growth. Another benefit we were told of was that taxes during retirement would be lower because retired people have lower incomes.

People were so stuck on tax savings and poured trillions into these accounts. Sadly, these trillions hastened the ending of many guarantees in traditional pension plans.

Several flaws have developed or worsened over the last few decades with the 401(k) and IRA, yet we were so stuck with what we were doing already that it was hard to see the truth.

Flaw #1 Believing a 401(k) plan is a pension plan.

What is a 401(k) plan? We will tell you what it is not to get to the point. Contrary to what many believe, it is not a Pension Plan-it is a Retirement savings account. And that is very different.

A pension plan guarantees that you will receive a specified sum for your and or your partner’s lifetimes, and a 401 (k) does not have that protection. If the market crashes or your investment decreases in value, there is no floor, and you’re on your own. There is no guarantee of how much income you will get or how long it will last.

To safeguard the guarantee of income for life in pension plans. The US government created an insurance company called the Pension Benefit Guarantee Corporation (PBGC). The PBGC guarantees you will get your monthly pension up to its legal limits even if the company you worked for goes belly up or the market crashes, depleting pension assets.

Was The PBGC ever used? In 2021 the PBGC paid monthly retirement benefits, up to legal limits, to nearly 1.5 million retirees in over 5,000 employer plans that ended. That’s a lot of protection you do not have with a 401(k)!

Flaw #2 Believing you will be in a lower tax bracket

That high 70% marginal tax rate that was used in marketing only affected a tiny percentage of the population, and the great majority paid much less. It is a very good possibility that taxes will rise and not be lower. I mention this because, in the long-term, the only way to deal with the National Debt, deficit, Social Security, and Medicare trust funds will be to increase tax rates. We can safely say that taxes will not be lower in the future!

Flaw #3. The New Jersey double tax.

Many people are surprised to learn that New Jersey does not allow a deduction for contributions to IRAs and 403(b) plans, even if they are deductible for federal income tax purposes. With that in mind, preserving your tax records showing your deposited amount each year is critical. Keeping old tax records is challenging enough. However, if you cannot show how much you put

  1. Then every dollar you take out will be taxed again. Wow, paying taxes again on the money you already paid taxes on. Therefore. It is critical to permanently maintain tax records to determine how much of the account has been taxed. These records are vital for our beneficiaries of your retirement accounts, who will be clobbered if unavailable.

Flaw #4 Believing your retirement savings plans can pass tax-free.

Most people realize that you can leave a large estate without having estate taxes due. However, retirement dollars like IRA, 401K, 403(b) will always be subjected to income taxes at the state and federal levels. Estates of 6.5 million and more for a couple will pass estate tax-free to beneficiaries. Income taxes will be due, and the beneficiary tax rates from the first dollar.

Flaw #5 For certain people, an additional tax is due – NJ. Inheritance taxes.

Yes, NJ has both an estate tax and an inheritance tax. New Jersey residents must be aware of the effect of the Inheritance Tax, which is applied to 100% of the balance in these accounts. Luckily, spouses, children, grandkids, and even your parents are exempted and charities.

Everyone else is like brothers, sisters, nieces, nephews, cousins, and close friends. Inheritance Tax rates range from 11% to 16%, depending on the beneficiary’s relationship with the account owner and the estate’s value. For these reasons, planning for these accounts is essential and should not be delayed.

Flaw #6 Believing the family can continue these accounts.

IRS took away a great family IRA planning tool. The/Stretch IRA, as it was referred to, allowed an IRA owner to continue payments to their children, grandkids, and even great-grandkids over their lifetimes (spouses are exempted). Sometimes, this wealth-producing engine could last 80 years after your passing. Passing wealth over many generations was what the super-wealthy were for generations.

Sadly, the IRS decided you no longer could use what the rich were doing. Even though it is your money, you are being denied the ability to continue payments for decades. They decided that the inherited IRA must have some distributions taken yearly and must be emptied entirely by the end of the ten years. Decades of deferred tax growth are lost forever. I joke; the tax rules are written in pencil – easily and frequently changed.

The Six Flaws will be addressed in a little more depth over the next few days.

 

For more Healthy Money Tips Listen to our PodCast “Money 911”

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com/

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me or text (951) 926-4158

Categories
Advice Body Language Growth Management

THE ART OF CONCENTRATION: HOW TO DEEPEN YOUR FOCUS AND ACHIEVE YOUR GOALS

Low productivity is a focus problem.

If you keep feeding your distractions, you can’t make real progress. If you are trapped in a wealth of online distractions, you must start thinking about a different approach to work.

Focus, a valuable commodity for getting real work done, is increasingly becoming a lost art.

If you’re trying to be more productive, don’t analyze how you spend your time. Pay attention to what consumes your attention.

If how you work is not working, design a different system that makes progress possible every day, increasing efficiency and output.

Your present life and career total everything you’ve focused on. If you are unhappy with your productive life, change the system that drives it.

New tools and technology are meant to help us work better, faster, and more intelligently, but they often distract us.

Many productivity apps are meant to improve our lives, but they get in the way of deep and accurate work.

You can’t stop responding to those notifications. The zero-email mindset is a productivity trap that keeps you constantly responding to emails.

How can you get real work done when you can’t stop reacting to almost every notification?

“Feed a cold and starve a fever.

To gain productivity, feed your focus and starve your distractions.”

“It’s not that I’m so smart; it’s just that I stay with problems longer.” Albert Einstein once said.

Many people have a real plan to get important stuff done — they are not necessarily lazy and don’t know how to stop feeding their distractions.

Attention distraction is one of the biggest obstacles to getting real done. “Focus is the art of knowing what to ignore.

People who cultivate their ability to concentrate without distraction will thrive:

To feed your focus, start separating your urgent work from essential tasks. And most importantly, identify your distractions and how they starve your focus. Knowing your distractions can help you understand how you spend your attention.

For every focused work you want to do, identify the potential distractions, and stop them before you get in the focus zone.

Deep workers often find that notifications, no matter how important the message, takes their deep focus away from the task, and it takes twice as long to get back to focus mode again.

To produce at your peak level, you need to work for extended periods with total concentration on a single task free from distraction. 

To feed your focus, create healthy work boundaries that allow you to concentrate on essential tasks fully. Build a system that starves distractions. Create intentional constraints that will enable you to assume focus mode.

When you’re ‘on,’ be entirely on — use headphones, and when possible, hide your phone, turn it upside down, or block notifications. Block internal and external distractions.

The ability to focus for about 30/40/60 minutes is the only difference between truly productive people and those who struggle to get things done.

Measure your work and find the most suitable focused time that works for you. Your degree of focus determines how fast you make progress.

Structure your day in chunks of focused work to make in-depth work sessions work. Start your day with intention. What is the one thing you have to accomplish today? Start your focused sessions with that task.

Set up your environment to support your focus mode. And plan purposeful breaks in-between deep work sessions. (Pomodoro method)

One final insight about prioritizing involves getting disciplined about what you don’t put on the stage. This means not thinking when you don’t have to, becoming disciplined about not paying attention to non-urgent tasks unless, or until, it’s genuinely essential that you do,

Deep work is a habit and working for long stretches at a time takes time to develop. You can start today. Do more focused work daily, and it will become a habit that helps you get real work done weekly. Better routines are the personal habits of highly efficient people.

What do you do to become more productive?

 

For more Healthy Money Tips Listen to our PodCast “Money 911”

Meet with Kris Miller – Financial Fitness Strategy Sessions

https://healthymoneyhappylife.com/

Kris@HealthyMoneyHappyLIfe.com

(951) 926-4158

Categories
Best Practices Management Personal Development

Employing Your Children

As the IRS website states: “One of the advantages of operating your own business is hiring family members.” That family member can be a spouse, sibling, parent, or even a child (between the ages of 3-18). In fact, while hiring a child may not seem like a top- of-mind move for many businesses owners, if you play by the rules there can be a surprisingly broad array of tax benefits to doing so!

With the Tax Cuts and Jobs Act increasing the Standard Deduction up to $12,200.00 (in 2019), children employed in a family business can earn that much in income and enjoy a zero-tax rate on their income. In addition, many states will also permit children employed in the business to avoid unemployment (FUTA) taxes and children working for their parents’ sole proprietorship, partnership, or LLC, may also avoid employment (FICA) taxes as well , which can be a material tax savings for many families, especially those with high-income parental business owners. This allows you to reduce the amount of income you need to take home personally by $12,200.00 per child which results in paying less in personal taxes.

Furthermore, employing a child in the business also creates earned income that can qualify the child to make a Roth IRA contribution, and/or qualify the child for other employee benefits. This means that you can take $6,000.00 of the $12,200.00 and place it in a Roth IRA, which will grow completely tax free until your child is able to withdraw it at the age of 59.5 years of age. Just one of the many ways to create Generational Wealth.

With the remaining $6,200.00, it can be put into a children’s bank account with parental control and used to cover things like, Sports, Band, Dance, and other hobbies your child or children may enjoy. When you personally cover these expenses, they are not tax deductible to you as an individual. 

Although the caveat is that employing a child in the business still requires that he/she d o bona fide, age-appropriate work in the business for a “reasonable” wage. The work must also comply with the Federal Fair Labor Standards Act (FLSA) rules which fortunately are flexible for parents employing their children in their own wholly-parental-owned business and state child labor laws as well. 

Let me qualify the above. If your LLC or Corporation is taxed as a “C” Elected or “S” Elected company, you will need to withhold taxes just like any other employee. 

Let’s discuss how you can implement this in your business, contact our offices at 775-384-8124 or send an email to contact@controllersltd.com. 

Much Success, 

Scott L. Arden, CEO 

Controllers, Ltd. 

www.controllersltd.com 

Categories
Advice Capital Leadership Management Women In Business

CHAINED CPI AS AN ALTERNATIVE FORMULA TO THE CONSUMER PRICE INDEX, AND THE COST THAT COMES WITH IT

The government wants to reduce expenses by using a different CPI version of the (Consumer Price Index). Their new attempt, known as chained CPI (Consumer Price Index) (aka C-CPI-U), this alternative formula reflects how consumers change their purchasing habits when prices rise or fall for a broad range of services, including food, housing, clothing, and medical expenses. 

The Congressional Budget Office (CBO) estimated that government spending on Social Security, Medicare, and other benefits would decline by about $300 billion over ten years if this less-generous index were in place.

The idea of switching to a chained CPI has garnered bipartisan support to rein in entitlement spending. But at what cost? There will be plenty.

Many elements of the federal tax code — including tax brackets, personal exemptions, standard deductions, limits on contributions to 401(k) plans and similar accounts, and critical parameters of the earned income and child tax credits — are also adjusted annually for the CPI. According to the CBO, switching to the chained CPI would raise an additional $150 billions of tax revenue through 2026.

The chained CPI grows on average by about 0.3 percentage points per year more slowly than the official CPI (which is weak at best gauge to the actual cost of living). The Social Security actuaries, in their projections, assume the gap between the two CPIs will continue to average 0.3 percentage points per year in the future. 

The Chained CPI will chain you to a lifetime of higher taxes. According to Congress’s Joint Committee on Taxation, if individual income taxes had been indexed to the chained CPI starting July 2013, by 2022, 69 percent of the gains in revenue would come from taxpayers with incomes below $100,000, while those in the highest income brackets would barely be affected. In other words, raise the taxes on the middle class while leaving the rich alone.

Higher taxes are coming; start planning now!

For more Healthy Money Tips Listen to our PodCast “Money 911”

Sign up for a Financial Fitness Strategy Session:  Meet with Kris Miller – Financial Fitness Strategy Sessions

You can reach me at Kris@HealthyMoneyHappyLIfe.com, (951) 926-4158

Categories
Body Language Growth Leadership Management

Staying Positive Amid Adversity

Increasing inflation, higher interest rates, decreased investment, and interruptions brought on by Russia’s invasion of Ukraine are all factors why the World Bank said in its most recent Global Economic Prospects that the world economy is currently contracting severely.

If you add in any additional negative incident, such as higher-than-expected inflation rate, abrupt increases in interest rates (to manage inflation), a possible resurgence of the COVID-19 pandemic, or growing geopolitical tensions, it might send the world economy into recession, given the already precarious economic conditions. This is the first time that two worldwide recessions occurred within the same decade!

Here in the US, the economy is predicted to slow down even further and suffer a minor recession. According to an economic forecast by JP Morgan, the US economy is anticipated to have a modest 0.5-1% real GDP growth rate in 2023, taking into account the possibility of a light recession starting in the latter half of the year. From 1.5-2% in 2022, 6% in 2021, and the longer-term average annual growth rate of 1.8%, this would represent a further slowdown in growth. However, is this just a lead-in to a more aggressive recession expected in early 2024?

All these numbers may sound confusing, but to make things short, we’re in for some tough times ahead. It’s one of those times when we have to tighten our proverbial belts and steel ourselves for some adversity and some uncomfortable change.

If there’s anything the recent pandemic has taught us is that change can happen slowly at first and then suddenly come crashing all at once. To survive, we often hear from others to “stay positive”—but what does this even mean? Does this simply mean embracing a positive, more hopeful outlook? Or do you have to have a concrete plan to bring those positive thoughts into reality?

We offer a slightly different perspective.

We struggle in the face of adversity not because we lack positivity but because we are unable to handle negativity. They’re not the same at all.

Positive thinking has been lauded for a good reason countless times. According to studies, it has a direct correlation with health, lifespan, and a higher standard of living. There is no question about that. Positive thinking is important, but it’s not enough to help you change the circumstance you’re in.

As explained by Kazimierz Dbrowski’s theory of positive disintegration, changing one’s self-concept is the only way for humans to progress. A person can be compelled to modify their self-concept if their current self-concept cannot handle or does not fit their current circumstances.

Think about your life—you may recall that every instance of severe suffering and agony, most often than not, is followed by unprecedented personal growth. The majority of successful people who experienced difficulty used the same as a catalyst in their lives at some point. They grew because they could no longer function in the same way. In short, they learned to adapt. They transformed not because of their surroundings, not because of society, but because their internal needs and wants can no longer be fulfilled by their past selves.

So how do we go about transforming ourselves?

According to Dąbrowski, self-concept reformation involves three phases, or levels, of development:

  1. You have to learn to adapt to your impulses and surroundings. People are influenced by their impulses or their social environments. This is known as primitive or primary People rely on cultural, social, and even religious influences to create a picture of how the world works. The people who remain at this level their entire lives have the most trouble becoming self-reliant, independent, and generally moving up in life.
  2. Once you realize that most of what you believe in is “borrowed” from others, you set out on a journey of self-discovery. You begin to explore your intrinsic desires. Eventually, you’ll realize that you are either going to progress or digress. Dąbrowski explains that you begin to ask yourself whether to “follow your instincts (first factor), your teachings (second factor), or your heart (third factor)”? For example, you may begin to reform and transform your lower-level instincts, like anger or aggression, into positive motivation, empathy, and understanding.
  3. You begin to form a worldview that’s based on your own beliefs. This is the stage where people that shift into higher thinking begin to see that the events of their lives are related to their mindset and response systems. Once this is understood, it becomes “impossible” to revert to lower levels of thinking. Once you see how much control you have over your life, you can’t unsee it.

What we can learn from this

Introspection, thinking about what we have gone through, and looking back at our past can sometimes paralyze forward motion, BUT, at times, looking back is a catalyst for moving ahead.

One of the important lessons we can take from looking back is the realization that we are not the first, or only ones, to encounter difficult circumstances.

Another lesson we can pick up from looking into our past is that even if you were not lucky enough to have a rosy heritage—even if you have suffered abuse, absence, addiction, anger, or disinterest, you can use these experiences to break negative patterns and establish new priorities.

Conclusion

Positive thinking is more than just being hopeful. It entails discovering what your catalyst would be to help you weather any adversity and help you move forward. This means you have to deal with a lot of discomfort—rather than trying to cultivate more comfort. Positive thinking means that you start to view your struggles not as a judgment of your status in life but rather as a cue that positive change needs to occur. Instead of trying to avoid intense feelings and call them a solution, we can listen to those feelings and consider them messengers, even purveyors of change.

To know more about positive thinking and what the upcoming recession means for business, tune into Charged Up Studio, the podcast, on February 7th to hear economist, Bill Conerly, talk about what we can expect in 2023.

Categories
Body Language Growth Leadership Management

Are Your Learners Using New Skills after Training Ends?

You and your organization are spending money on training. But are your trainees really using the new skills they learned in training, or do they immediately go back to business as usual?

Here are seven strategies that can help assure that they are:

  1. During training, explain what you will be monitoring afterwards. This sounds basic, but it can be effective. For example, if one of your goals is to have your salespeople follow up a minimum of four times before giving up on a sale, tell them they will be tracked on that. There is wisdom in the old saying, “What gets measured, gets done.”
  2. Schedule additional training sessions. This sounds pretty fundamental too, yet some companies seem to assume that once training is done, it’s done. The fact is, follow-up sessions can be highly effective in making sure that training “sticks.” Deliver follow-up content in online lessons or to mobile devices.
  3. Let trainees monitor and support each other. Try setting up weekly calls where trainees check in with each other to ask, “What have you tried so far . . . how is it working for you?” This can be more effective than having upper management look in.
  4. Follow training with coaching. Your trainer can take on a coaching role and work directly with trainees after training ends. Or executives within your organization can.
  5. Use technology to keep things percolating. You can send a daily tip or motivational message or video to trainees via text messages or email. We can help you integrate them seamlessly into your training program at very little cost.
  6. Shake up the way your trainees do their jobs. Instead of having each member of your sales staff make sales calls alone, for example, let them partner up and make sales calls in pairs. It can be a great way to make sure your trainees step out of their comfort zones and try new things.
  7. Consider adding incentives or awards. When a customer service rep successfully hits one of the benchmarks you set out in training, you can give her an award and share that news with all the other trainees. Used in the right way, awards can assure that more of your learners apply the lessons they learned in training.

 

Should You Use Social Media to Support Training?

We have been seeing more of this lately – trainees are so excited that they set up a Facebook page, a LinkedIn group or other social media presence to discuss their new skills. There is one additional consideration to keep in mind, however. Do you want your competitors, customers, clients and other company outsiders to look at those pages and learn all about your training? If that is a concern – and perhaps it should be – consider setting up groups that require interested people to apply for membership and get approved before joining.

 

Categories
Biography and History Branding Capital Case Studies Entrepreneurship Growth Industries Investing Management Mergers & Acquisition

Dumpster Diver Created the $1Billion Patagonia Cult With His Last Fifty Cents…

The Billion dollar Patagonia brand was started by a bullied teenager living off fifty cents a day learning how to be, a falconer

And the original source material for the products he made, came from the dumpsters he was diving in.

 

The Bizarre Beginning of the Patagonia Brand

From it’s very beginning, the brand never really cared about being cool or even making money. Instead, it focused on making gear for the sport they loved while being environmentally responsible. Today they’ve become a status symbol for the biggest and richest companies in the world.

Here’s the story of how the Patagonia company was born…

 

WATCH:

 

 

Patagonia’s Roots in Black Smithery, Falconry, and Rock-Climbing…

Patagonia’s founder, Yvon Chouinard was born in 1938 in Lisbon , Maine and raised in a French-Canadian community that spoke little English.

His father, a hard working blue collar man, moved the family to Burbank CA when Yvon was only 8 years old.  An experience that turned out to be a pretty shitty one for little Yvon.

Shitty because Yvon was bullied at school for not being able to speak English. He was also the smallest kid in his class which didn’t help his position. Not knowing what to do, Yvon would just simply run away. He spent most of his time alone in the wilderness. Hunting and fishing by himself.

Then one day, Yvon discovered, of all things, falconry…

 

 

He joined a local falconry club where he made friends and learned how to train hawks and falcons. For the first time, Yvon belonged to something.

One of the members, Don Prentice, was a mountain climber who trained the club how to rappel down cliffs to in order to access falcon nest located high up on mountain rock ledges.

 

So What’s the Blacksmith Connection?

The club became obsessed with the sport. Traveling all over the country rappelling down America’s tallest cliffs. They did it for the most part, without any gear…

Eventually the group turned their attention from rappelling to climbing. Were they’re lack of equipment became problematic (opposed to repelling down, climbing up requires a lot more than a rope).

With only 200 mountain climbers in those days and no store to provide their climbing gear, the group was forced to make their own in the early days of the sport. One of those items were pitons (the stakes mountain climbers hammer into the rock face to clip onto for, “safety”).

 

 

 

“Hey Mountain Climbers, Clean Up Your Shit!”

The problem with the original pitons was they were permanent. Climbers would just  leave the stakes poking out of the side of the mountain for others to use later on…It became an eyesore and Yvon wasn’t having it.

Yvon taught himself how to be a blacksmith (in a chicken coop in his parents backyard) where he invented the first sets of removable pitons, changing the sport forever. They even turned out to be stronger and more reliable than the permanent European pitons they originally used.

He didn’t even charge his friends for them in the beginning. He would just hand them to other climbers to help clean up the mountain side. They were an instant success.

 

 

From Climbing Gear to Clothing Icon…

Pategonia eventually got into the clothing business after Yvon took a climbing trip to Scotland where he bought a Rugby shirt because the material looked tough enough to climb a mountain in (and it looked cool). Plus he thought the collar would help keep the climbing ropes away from his neck.

Climbing in his Rugby shirt back in the states, Yvonn stuck out like a sore thumb in his flamboyant colored shirt. In a good way. Other climbers asked where they could get a “fancy colorful climbing shirt”.

Here’s a review of some of the original 1980s rugby shirts they launched with:

 

WATCH:

 

So Yvon licensed a series of durable and colorful rugby (I mean climbing) shirts. They sold like hot cakes…

But while the clothing brand famously went through many ups and downs over the years, Patagonia today is one of the most recognized clothing brands on the planet.

All thanks to a badass little kid who climbed his way up in life on his own terms.

Watch for the full story…

 

WATCH:

 

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