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messy finance

Do I need a Factoring Company? Alternative Financing? Asset Based Lending? Maybe I need Help?

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There is no denying that the details of finance can be challenging.  With a gamut of terminology, phrases, and specialty topics, comprehending what things really mean can make your head spin very quickly.  You thought you had your financing needs understood, then a new growth opportunity came about, or a dip in your sales created a cash flow shortfall.  Even more challenging, the very nature or your company growth or sales slide made it necessary to adapt your borrowing style or product, based on the way your company operates, rather than simply because you needed to borrow cash.  What does it all mean!?

Both new and experienced Business Owners alike can be challenged by financial matters.  Many of you entered your business with great expertise in the product or service you provide, but not necessarily an acumen for what it would take to finance and capitalize your operations.  When sales are good and margins are strong, that might be something that is overlooked, but it remains very important.  When sales are dragging and operations are challenged, financing can become the most daunting specter you encounter every day.  The answers are in the details, so understanding what leads to improvements in meeting your financial needs is very critical.

When it comes to both seeking out and maintaining your financing and capital needs, understanding what is going on, and having the ability to answer the questions that will be asked is critical.  When the answers are not apparent, and the terminology begins to sound a bit foreign, asking for HELP is okay.  HELP is not a bad word at all.

With over 30 years of finance, banking, and capital experience, Mile Marker Business and Consulting Services, LLC is the great resource you need for navigating your journey.  Finding the right answers and understanding how you can be the most effective in your financing will provide you the peace of mind you need.  It will allow you to get back to the business of showing the market that your products and service are the best.  Stop at the Mile Marker, and develop a solid financing strategy.  Let’s start a conversation.

David R. Alexander

Mile Marker Business and Consulting Services, LLC

www.milemarkerbusiness.com

[email protected]

513-295-7196

Thinker

INDECISION: a good way to move nowhere

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A Prospective Client of mine recently reached out with a plea for assistance.

“I need help! I have a project approaching, I have some ideas, but I need to fine tune my approach. I want to be ready for questions, and have the right presentation. I need to be the most informed person in the room, and I want everyone to be well informed when I finish!”

The plea was followed by a few email communications, which asserted that the need was NOW!

Making time for a Prospective Client or Client can be a must, especially under such pressure. I agreed to meet THAT DAY, at their convenience.  Despite icy and winding remote roads, I blocked out the afternoon, and spent the remains of the day discussing their need.  Good information, and while the projects scope changed a bit in our meeting, we identified a point where our process should move forward.   My Prospective Client identified a specific date to schedule the session for building strategy and planning for the meeting.

Then…..silence.

Several calls and communications later, with no response, I could begin to ask if perhaps I had done something wrong. Just shy of identifying a point at which things went strange and out of bounds, the real answer is “No.  There is likely indecision that has entered the picture.”

People have a variety of reason why they do not pursue well planned strategies:

  • Price – the obvious killed of many GREAT ideas, and likely a COMMODITY decision
  • Distractions – these  can happen at any time, and depending on personal style, can block vision
  • Focus – Is this person serious about the request, or is this simply the flavor of the moment?
  • One More Thing – too many issues, and not enough people to assist.

Or, maybe it is…..

  • Indecision – A word that reveals a gamut of reasons, most of which are driven by an inability to establish a sound platform for actually moving forward.

Decisions can be difficult.  On a minor scale, it an be something as simple as finding the place to have lunch, but you can’t decide.  It can be as major as having a critical deadline, and a decision based on the options is too daunting.  Regardless of reason, the fact is that not making a decision will only accomplish one thing: that a decision will not be made.

Ultimately, RELATIONSHIPS, REOURCES, TIME, MONEY, and PROGRESS, amongst other things, are jeopardized or wasted due to indecision.  Worse yet, when others are affected by lack of decision, TRUST can be lost by those who are relying on good decision making: a facet of relationships that might be permanently lost.

So what became of my Prospective Client?  Who knows?  They have yet to respond, and their deadline is still approaching.  Perhaps they have found another answer, or direction, or perhaps they are hiding under a rock. I am hopeful for their wellbeing, but the quality of their response and lack of communication leads me to wonder how much more I can put into the solution if they reappear: there are other things going on that might take priority due to greater reliability of other Clients.

When it comes to a decision, why let INDECISION take the lead?  Consider making the one decision that will help the process move forward: stop at the MILE MARKER.  Mile Marker Business and Consulting Services, LLC knows how difficult decisions can be, and has the acumen to help navigate through obstacles that create indecision.   Let’s start a conversation!

David Alexander

Mile Marker Business and Consulting Services, LLC

www.milemarkerbusiness.com

[email protected]

513-295-7196

Start Line 2

Are You Ready For 2018?

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A great start of the year for my Client!  2018 has many new opportunities looming on the horizon, with many new aspect to the existing business:

  • New lines of business that could expand client services and breadth of delivery.
  • Challenges with revenue sources, including growth, competitive threats, client needs, and focus.
  • Personnel challenges requiring fine tuning, good incentives, and fair compensation.
  • Exciting goals requiring informed capital decisions on facilities, working capital, and maintenance.

Whose business would not want to be up to the challenge of making the most informed and practical decisions?  Certainly not this company.  Over the past several months, amidst the daily grind, my Client found time to make a plan.

  • Prepare a Budget: Check!
  • Outline new lines of business, with details on who is served, which services are provided, and when sales would likely occur: Check!
  • Assess the competition: Know who they are. Know their customers.  Know their strengths and weaknesses.  Leverage this company on its best qualities.  Check!
  • Reviews with people. Know what drives them to perform.  Ask and understand what they like and perceive as incentive to work at their best, with good quality of life choices, and a satisfing payroll each payday.  Check!
  • Outline Goals for 2018. Determine capital needs in all areas, and plot out a long term strategy for achievement.  Check!

A Perfect Strategy?  Not necessarily.  But the game plan for the year was well thought out, with time to spare, and a mindset of setting goals ahead of action, actively developing a PLAN  (not just having plans), and being at the starting line when the starting gun sounded!

I would be remiss in not mentioning that my Client reached out a few months back, and started a conversation with Mile Marker Business and Consulting Services, LLC about being ready for 2018.  It would be very easy to avoid planning, or to throw caution to the wind in favor of luck, which happens more often than most of us realize.  But taking the proper steps to be ready in ANY effort put this company in a position to move forward on January 1, and to plan accordingly when things are happening.

What is holding you back from starting this year out right?  Hopefully, nothing!  Then again, have you taken the right steps to be at the starting line and ahead of your competition?  If you aren’t there yet, perhaps a good place to stop, and make that strategy, is at the Mile Marker.  Let’s start a conversation!

 

David Alexander, President

Mile Marker Business and Consulting Services, LLC

[email protected]

www.milemarkerbusiness.com

513-295-7196

New Year Run Leader

Start the year out right, by making the right decisions…

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The New Year is just around the corner.  You are ready for the challenge and excitement of a fabulous coming year:

  • You are closing out the efforts for the current year in smooth fashion. No problems there!
  • Your budget, planning, and preparation are all in order
  • You have a handle on all of the goals for 2018.
  • The pipeline is full, and the calling efforts are in motion.
  • Capital equipment is in place for future success!

It sounds like a planning dream come true; a recipe for successful planning, likely built by a fully capable team of people ready to take on the next task at hand.  Let’s go get that business!!

In many cases, all or many of these pieces are in place.  A prudent business owner or manager has the foresight to create a proper plan for readying the team, placing the tools, and knowing the market. In most cases, however, companies are missing parts of this plan.

It does not mean you are doing things wrong, but it’s tough to have all of the areas of business covered.

  • You have a limited number of people doing an unlimited number of things.
  • You don’t have the right financing to support the next piece of equipment, or the game plan.
  • Your competition is poaching your clients.
  • You didn’t have the time to put the budget in place.
  • You don’t have a true action plan in place.

It may be alarming to know this exists in your business.  It might also alarm you (or provide a bit of relief) to know that other companies are in the same boat. But, that’s no reason to avoid doing the right thing: DEVELOP THE PLAN.

It’s also great to know that there are resources to help you create solutions to these problems, and when you need help, you should ask.  Asking for help is not a crime, or a sign of weakness.  It’s the right thing to do!

Mile Marker Business and Consulting Services, LLC believes in your company, and believes that, with the right actions, you can have the plan to create a successful 2018.  It’s not too late to create that strategy for success, and to empower your people to achieve great things.  It’s a great time to develop a financing and capital plan that works, and puts you “at the ready” for new opportunities.  Why not start today?

On your journey, a great place to stop and develop a strategy, is the Mile Marker.  Let’s start a conversation, today!

www.milemarkerbusiness.com

[email protected]

513-295-7196

 

 

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We’re past the Great Recession. Let’s get back on track with the smart planning…..

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A banker and former colleague of mine commiserated with me the other day, about a dilemma his client is facing:

  • Sales and operations are stuck in “lack of progress” mode.
  • New ideas go untested, unheeded, and unpursued.
  • Suggestions from internal managers are going un-noticed.
  • The owner is busy collecting a salary, and less interested in making changes.
  • The owner is not showing the energy and zest that once made this client’s business fun.

A bit more background was shared: The owner is 70+.  There is nothing wrong with that, except, that the owner once planned on getting out of the company at the age of 60. Then 2 things happened: The Great Recession, and an heir apparent made a decision to not succeed the owner in pursuit of another career.

The owner stayed on, fought the good fight, and made it through the tough times.  But time has taken a toll, and the owner, as I am told, is tired, out of new ideas, and really needs an advisor or breath of fresh air to help lift the load.  It’s also a time to talk transition, and when understanding the value of the company is a must.  Markets and product appeal move fast these days.  Not knowing where the company is going or what it is worth is a real disadvantage if you are not growing and thriving.

My banker friend is also struggling with the fact that, if operations do not improve, his longtime customer might be asked to go find another bank, which would be one more problem to overcome.  That means the owner’s problem is also affecting other people outside of the company.

So the banker asked me, “What would you do?”.  My answer: “How about introducing me?”.

It is at a time like this that need a new set of eyes to find clarity.  An independent view from someone who likes to help companies succeed, see happiness, see progress, and make informed decisions and a plan that turn out to be great strategies for future success.

It’s also a time when transition should be in discussion, and when understanding the value of the company is a must.  While we believe that we can work forever, all of us have a limited number of days at the helm, or for that matter, on the earth.  That might mean when you are in your 40s or 50s as well.  Value of the enterprise is very important, and having an informed understanding of value puts YOU in a place of strength, and preparation.

I’m awaiting for the next step.  Perhaps a call for an introduction, and some background on where the owner wants to be in the next 1-5 years.  We might discuss the company’s future, and if a sale, or growth opportunity might be something to consider, or simply knowing what the company is worth makes any sense.  This can be a good conversation, if there is a willingness to listen, and to understand that the future is at hand, right now.

When it comes to Developing a Future Strategy, Looking at New Directions and Corporate Transition, or Understanding Enterprise Value, today is good day to start!  On your journey, you can always look back at your past, and look forward to the future.  How will you get there?  A good place to start is the MILE MARKER.  Mile Marker Business and Consulting Services, LLC has great resources and sound acumen for helping companies to be the best prepared and informed that they can be.  Let’s start a conversation about how to make your corporate future bright!

David Alexander, President

Mile Marker Business and Consulting Services, LLC

[email protected]

www.milemarkerbusiness.com

513-295-7196

Laundry room

It’s not your fault. But, you can continue to do something about it….

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Imagine yourself in a routine business exercise:

  • A potential client is REFERRED BY A GREAT RESOURCE.
  • The potential CLIENT EXPRESSES CONCERNS about their own business.
  • You have several meetings, the problems become clear: the ISSUES MUST BE ADDRESSED.
  • You can provide a VALUABLE SERVICE to the potential client.
  • YOU ARE ASKED FOR HELP.
  • YOU SPEND AN EXTENSIVE AMOUNT OF TIME developing a proposal, with clear deliverables.
  • You DELIVER THE PROPOSAL, on time, as agreed.  It is VERY FAIR.
  • The potential client goes silent, and DOES NOTHING.

What went wrong?  Why won’t they respond?  Was it something you said?  Did you not understand what was being asked?  Didn’t the client indicate that they had great interest, and needed your help?

Chances are, the issues are much greater than you realize, and the reasons the potential client did not respond are likely not your problem, but are theirs.  Not responding is often seen as an insult, however, it’s something you cannot control.  If you did your work, and the client was there to get the message, then the next step is up to them.  In the end, the client is going to do what THEY believe to be the best thing for their company, even if that means they do nothing at all.  Or worse yet, they do something odd and avoidable: THEY FAIL!

This situation really just happened to me.  The issues at hand are compelling, deep, and if the information provided by the company owner was legitimate, the financial, legal, and credibility damage that could follow will be horrendous.  I am up to the challenge, and provided a fair and responsible proposal.  But the potential client knows best (or so it seems).

I have done my work: the next step (to fix the problem, as opposed to avoiding it), is up to them.

All businesses have issues.  Some are small.  Some are perpetual and ongoing.  Some are deep and need assistance from an experienced set of eyes.  All need attention.  We can act like they don’t exist, or avoid them, or you can push them off to someone else.  Sometimes, they can be horrendous and can threaten operations to the core.  But make no mistake: the issues and problems don’t just go away.  They need to be addressed, and fixed.

So, what is the takeaway?  Try this:

  • Be positive. Hard work does pay off. You won’t win every job, but continued good work will ultimately mean new opportunities.
  • Be persistent. Don’t be annoying, and bothersome, but certainly let your audience, clients, or potential clients know you are good at what you do, and that you have good solutions.
  • Learn from each lesson. Reassess the situation, and determine if there are things you can do better.  Adapt to a more effective delivery as necessary.  Avoid being a commodity to a would be client.
  • Strive Forward with Confidence. Don’t take a setback personally. Worry about what you can control.  In the case above, the problems that don’t go away should bother them more than you.

One more important thing: Thank your Referral Source.  People who think of your business and provide you avenues for new business are often hard to find.  Let them know you appreciate their assistance.

Now, go get that next piece of business!

David Alexander is President of Mile Marker Business and Consulting Services, LLC, a business consulting service whose mission is to help companies and their owners solve the REAL issues and problems, moving aside the things that get in the way of progress.  Whether a company is in difficult times or in growth mode, or in times of financing, operational or organizational needs/assistance, the MILE MARKER is a great place to stop, and prepare for the next steps to success.  Let’s start a conversation!

[email protected]

www.milemarkerbusiness.com

513-295-7196

Hope

If it’s bad, know that it could be worse, and you can make it better….

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*  Today is Monday.  That in itself can be a demotivation for most people….

…then again, Tuesday is usually a pretty good prospecting and selling day, and it’s not that far away.

 

*  The weather is getting cooler, and for those who are not big fans of the cold, this is the beginning of the long cold season….

               …then again, many of the best festivities, holidays, and time together with friends and family happen during the cooler months of the year.  Something to look forward to.  A quick 3 or 4 day weekend in parts south can also change that perspective if you plan accordingly.

 

*  Someone ran into my car this weekend, crushed my pride and joy vehicle, and has created a ton of runaround work for me over the next few months….

               …then again, we are all safe and not injured, the insurance company responded fairly quickly, and I know the company that will be doing the work on my car.

 

*  You went over your company books and your latest jobs, and realize that things are not going the way you had hoped, and the end of the year looks a bit more challenging….

               …then again, the end of a fiscal year is really just another day at the end of a plan, and there is  no better time than the present to STOP…..and BREATHE…..and MAKE A PLAN that diverts from the current challenge.

It really could be worse, and standing around worrying about it, or not doing anything at all, usually does not make the problem any better.

I recall a former client, telling me his turnaround story.  In his words:

  • My job went away, along with many other of my friends.
  • I went home and thought for about 24 hours
  • I went out and bought 3 sewing machines
  • I reached out to people I knew that might need my new service idea
  • I started an embroidery business in my garage
  • I embroidered the Super Bowl Winning Logo for the New York Giants on a gazillion ball caps several years later!!

The point is very clear:  when things are not so good, making a success of things is not about contemplating the past or a perceived future. It is about taking ahold of the moment, and making the best outcome of what you are holding, RIGHT NOW!

Today is a good day to make a positive change.  Today is a good day to take on the future with a new perspective.   Today is a good day to consider a new direction, or to seek out help from a trusted source, or someone who has seen and lived a lot of tough situations, and spends their time making the bad things better, and the good thing GREAT!  Today is a good day to stop at the MILE MARKER, assess the situation, and plan a strategy for business success.

Let’s start a conversation, about planning, finance, strategy, and solving problems.  MILE MARKER BUSINESS AND CONSULTING SERVICES, LLC is ready to help.

[email protected]

www.milemarkerbusiness.com

Corp Health Assessment 10232017

Mile Marker Business and Consulting Services, LLC rolls out CORPORATE FITNESS ASSESSMENT

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Mile Marker Business and Consulting Services, LLC has announced a new assessment model for helping companies better understand their financial, operational, organizational, and competitive health.

Corporate Fitness Assessment provides a full review and diagnosis of company operations, with a focus on identifying where companies reflect strength, and where there are “health issues”.

“This is a unique approach in many respects,” said David Alexander, President of Mile Marker. “Very often owners and managers are busy running their companies, with little time or focus on what is really going on IN the company.  Limited time or expertise for addressing the major issues can often lead to overlooking or missing beneficial opportunities.  This can lead to tripping on unanticipated problems, missing the prospects for growth and new sales, and repeating major mistakes, which can be costly.  Much like each of us seeing the doctor for a physical, locating issues early can be of great benefit in avoiding bigger problems down the road.  This is GOOD PREVENTIVE MEDICINE!”

Mile Marker’s Corporate Fitness Assessment focuses on key questions and discussion with a company and its people, a review of past and current operational results as well as projections, a diagnosis of how systems operate and flow, and a dive into the markets and industry to determine where real competition might be lingering, and how you company holds an edge on the market.

“It’s much like working your body up to a high performance level, taking a reading, then diagnosing where things performed.  When the company’s “cholesterol” or “blood pressure” are elevated, a plan is needed for making improvements and avoiding further ailments,” says Alexander.  “Why take the risk of finding out later when it might be too late?  Today is a good day to find out just how healthy your company is”.

Mile Marker Business and Consulting Services, LLC provides a wide array of business support, consulting, and financing services.  The goal is to address real problems, overcome distractions, and provide real solutions that help owners and their companies prosper and grow!

So, ask yourself:

  • Do you know how your “company fitness” stacks up to the industry?
  • Can you identify the internal issues that are holding your company back?
  • Is something preventing your company from taking the next step or gaining the capital you need?

A good place to stop on your journey, and assess the situation, is the Mile Marker!  Let’s start a conversation about a Corporate Fitness Assessment, find out how things are performing, and how to make your company a healthier operation!

For more information, contact David Alexander at [email protected], or call Mile Marker Business and Consulting Services at 513-295-7196.

www.milemarkerbusiness.com

Value Shock

So, what is your company REALLY worth anyway?…..

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A common question.  How much is your company truly worth?  It might be a good thing to know.

You can guess.  You can come up with a methodology that best suits our belief.  You can talk about it over dinner, or on the golf course, or at a bar (NOT a good idea) with our friends and colleagues, and through some intriguing dialogue and accumulated reasoning, come up with a number that best suits our thoughts.  It would be a dollar amount showing what you have put into the business, what you believe out sweat and hard work are worth, and what a prospective serious and interested buyer would pay.

But…..is it right?  And more importantly, is it realistic and does it make sense?

Value can be defined in some many ways, many of which are pertinent to that conversation, but not so correct when it comes to the topics of insurance, sale of the company, actual value of assets, a distressed liquidation, enterprise value, or a transition to relatives with a change in a generation of family ownership and management.  Each one of these areas may yield a different value for very different reasons.  In simple terms, it is a bit like trading in your used car for a new one, versus selling the car on your own: the amount of the transaction and who is handling the sale are likely to yield very different amounts!

So, what is your company REALLY worth?

When it comes to value, why take a chance at missing the mark?  You have worked hard for your living, building your company, turning up new clients and investing in new products.  You have banked your livelihood on doing the right thing throughout the life of the company.  Why take a chance with an invalid answer or an under-represented value for your needs, or for something so near and dear to you?

Mile Marker Business and Consulting Services, LLC IS NOT a valuation company or an appraiser, and does not profess to be that, but cares deeply in helping companies and clients make valid and informed decisions.  Mile Marker works closely with trained, reliable, and experienced professionals who know what they are doing, who ask the right questions, who work to understand the purpose of your value request, and (here is the most important point) have your best interest at heart and want your company represented correctly! It is one of the same principles on which Mile Marker was founded: focus on CLIENT NEED.

Why not consider your company’s value, and what it is truly worth?  If for any other reason, knowing the answer places you in an informed position, and likely helps with how you make decisions regarding operations, strategy, investment, and allows you a strong place at the table when you consider your long term or exit strategy!

Let’s start a conversation!  The Mile Marker is a great place to stop and design a strategy for VALUE.

[email protected]

www.milemarkerbusiness.com

meerkat

Keep your ears open, and allow others to assist….

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A week ago, I received a message from a good friend, indicating that he had noticed what he thought was a typo on one of my blog posts.  In my efforts, there are very few things more frustrating than messing something up in the minutia.  Sure, enough, he was absolutely correct!

I knew exactly how that mistake had taken place.  I could sit and try to come up with a reason for how I had overlooked it, how it really meant what I said, or that it was a new concept I had come up with, but that would be kind of fruitless (although I have worked with many who would make a herculean task to argue their correctness).  The point is clear; someone saw an error and pointed it out.  What a kind and thoughtful thing to do, and what a great gesture in assisting me with fixing what could be an embarrassing public presentation.

Thank you, friend!

A reflection on this gesture brings up a good point to be taken seriously; there are many people along our journey that are there to assist, and with good reason (not just good intentions).   While we often are enamored with how successful we can or have become, none of us get there by ourselves.  We have friends, clients, employees, vendors, associates, partners, colleagues, and even our children and spouses, who contribute heavily to all of the facets in our efforts, and have a hand in carrying the load,  offering the advice, and pointing out the errors.  They are an objective set of eyes and hands and thoughts, that do much of the heavy lifting and supplying, making the job easier for all of us.

Self-made we are?  I think not.  We should be grateful for the assistance and input of others.

Benjamin Franklin put it best in a short poem that shows the impact of others that contribute, and what we potentially lose if we do not accept even the simplest input of others;

“ For the want of a nail the shoe was lost,

For the want of a shoe the horse was lost,

For the want of a horse the rider was lost,

For want of a rider the message was lost,

For the want of a message the battle was lost,

For the want of a battle the kingdom was lost,

And all for the want of a horseshoe nail.”

All at the cost of a nail, or the good input of a friend and colleague….

In our daily efforts, we encounter the seen, and the unforeseen.  Growth challenges.  Strategy challenges.  Competition challenges.  Financing challenges.  The need to make a best decision is critical, and the need to have an objective and informed decision is equally as important.  What we don’t see CAN HURT US if we are not careful.  The results could be Sales Stagnation, Rudderless Steering, Loss in Industry Status/Missed Opportunities, all of which could be detrimental or terminal if we are not careful.

Have you looked at your environment lately, through someone else’s eyes, to see if you are missing anything?  A good place to stop and take a look at your efforts is at the Mile Marker.  Mile Marker Business and Consulting Services, LLC is focused on looking at your business with you, and bringing fresh perspective to assist you in determining how things can be better.  Let’s start a conversation.

[email protected]

www.milemarkerbusiness.com

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