The BALD TRUTH: Are you using protection?

Are you using protection?

Every day businesses and business owners are susceptible to many attacks and challenges that could devastate their hard work and livelihood.  Are you one of those businesses or owners? A survey by Forbes Magazine showed some interesting facts:  Over 500,000 new businesses are started each month. Almost 40% of these small businesses never make it to their second anniversary. Yet another 55% never make it past 5 years. Only about 1/3^rd make it to 10 years. Why?

Three main killers of a businesses

1.    Lack of cash flow

2.    Poor leadership and customer service

3.    Lack of a strategic plan

Over the next few posts I will address each of these three major challenges that business leaders fail to protect themselves from and will kill a business.

Lack of Cash flow.

Starting a new venture takes a bunch of things, one of which is a basic knowledge of business and how to sell your product or service.  Over the past 11 years I have been working with clients to create sustainable and profitable businesses I have found that this is the thing that will kill a business.  So you are probably asking yourself, how this relates to the 3 killers of a business.

Bottom line, no sales, no cash flow, no cash flow, no business. Simple but true.  So often a client has made the decision to step out, start a business based on their technical expertise and has yet to learn how to sell what they do. They also start without enough capital in reserve.  Result.  FAIL!  It has been said and I believe “that nothing happens until a sale is made”.  If no one is selling, I can guarantee tis, no one is buying. 

 

Ok how does lack of cash flow kill a business?  I have learned that cash flow is king and with a consistent flow of cash into a business there is hope. Now if it is a negative cash flow, there is a challenge for sure. When I opened my first restaurant in 1981 we did everything on a shoestring and were literally taking from Peter to pay Paul. What does that mean? What it means is we used cash flow to pay immediate critical bills (electric and staff) while others  (beer and food vendors) we used float time to let our cash reserves replenish to take care of other these less critical expenses. My partner and I became known as the kings of the float.

We would pack the bar out on Thursday Friday and Saturday with happy hour and late night biz.   What that means is we would always write checks late on Friday to the beer and food vendors knowing they would wait until Monday to deposit, giving us three days to use the cash flow and float to keep us going.  Now this just was used as a strategy as we started, once we established the business and we began to see positive cash flow, things smoothed out.  Still I learned that cash flow is king.

So to protect your business, focus first on your cash flow and protect it like a chastity belt protects a virgin. But that's something for another time.  Until next month protect your business and remember cash flow is king.

Coach Rick Kolster, CBC is a certified business/life coach, the author of Selling for Geniuses and Roll Up Your Sleeves and Get To Work as well as a motivational speaker on personal growth. He can be contacted at 817-748-7425 or Rick@CoachRickKolster.com www.CoachRickKolster.com

Walking in Your Faith at Work

Walking in Your Faith at work

Taboo subjects in the office include politics, sex, money and of course religion or faith. How have we come to this? Over the years faith has become such a touchy subject that we refuse to even acknowledge it in the workplace. 

One of the toughest things I have to do every day is to live my life as a man of faith and walk my “talk” and show my beliefs in my actions daily. You see, I AM a man of faith, I DO believe in Christ and God. Part of this belief is a profession of this faith in all I do.  The disciples that speaking of thier faith out loud and publicly was very unpopular and even got all but one killed for the profession.  WHOA!  Killed? I’m not quite ready for that.  I mean I’ll believe but I really want to keep living my life.  

As a believer I understand that my Lord gave his life for me, so that I may live with Him forever. Does this mean I have to die too?   NO  but what it does mean is that I have to live my life in such a way that I represent my faith in a light that will make other want to know more about my God. That is what got the early church started. The disciples lived their lives in such a way that others wanted to know what was going on and how could they get the peace and strength they had for themselves.

As a professional speaker and executive coach I interact with many people each week. IN fact I sometimes get to talk to hundreds of people at a time. What a platform to change others and share a message of God’s might and love.  Now if you have seen me speak you know I am a business and inspirational type speaker.  I look for the good in life and help inspire others to do what it takes to live a great life.  www.coachrickkolster.com   It is a rare occasion that I quote scripture or even reference God in my speeches. However I do ask God to make my words strong and my message heard. By that I know my words are touching lives for Him.  But one of the most joyful moments I have had in my speaking career has been the couple of times that after stepping off the stage from giving a speech I was approached by someone who said, “Loved you talk, I can tell you are a man of faith”.  Walk the walk and Talk the talk.

Through just the way I carried myself on stage, they could tell who I was to my core.  That I had faith and belief in a higher power than myself and would go on bent knee before the king. Just by the way I acted.   Is this something others can say about you?  In the workplace what can you do to show that you are a Christian? That you love God and know that He loves you. What actions can you take that will show that?

So why is it such a taboo?  Why do we shy away from talking about our faith?  Because we have been beat down by the world as a whole.  We are afraid of “hurting” someone’s feelings of making them uncomfortable.  It is the wussification of our world. The political correctness has gotten out of hand. If I believe something different than you, I must be wrong and if it involves one of the four taboo subjects,  I must be a radical!  SERIOUSLY???  Have we become so bland and milquetoast that we are afraid to take a stand?   Can’t talk about Gods, might hurt little Timmy’s feeling or confuse him into needing some kind of meds.  We have taken a Christian God out of our schools and government and anything but our church and even then we have watered Him down. 

God is God. He loves us more than we love us.   He care so much about us that He gave His son for us.  Why is this scary to so many?

 Because we are wimps!  I say take a stand.  I could care less what you stand for, but please stand for something. The disciples stood for what they believed knowing full well it was probably a death sentence and still they stood their ground for what they believed to be right.  This is where we  need to get to. A place where we stand for what is right and good.

The one thing I know without a doubt is this… God is Good! Share that message wherever you go. I dare ya!

Coach Rick Kolster is an executive coach and thought leader who works with business owners and executives to help them maximize their efforts, gain life balance and learn how they can be the best leader they can be.

BRIDGING THE GAP - Booomers to Millennials

Bridging The Gap:  Boomers to Millennials

We are going to look at the differences between generations and show what have been some of the major events that have impacted and shaped the way the millennial generation lives. Let’s view this from some distinct perspectives.

·         Societal Norms

·         Political Events

First it is important o know how we define the generations. As of today there are four generations that are still or are potentially still in the workforce as of today.  They are:

•          The Veterans (the Silent Generation or the Greatest Generation) 1922–1943

•          The Baby Boomers 1943–1964 (the largest generation) 84 million

•          The Gen Xers 1965–1982  (Lost generation, Half the size of baby boom)

•          Millennials/Echo Boom 1982-2002 (peak 1990 almost as large as the baby boom) 81 million

The largest part of the workforce today is the baby boomers, however they are steadily decreasing in numbers and being replaced by the Gen X/and Millennials. With the changing work force and workplace make up there comes a plethora of challenges. Communication style and methods, work ethic, life priorities, etc.  Some of the issues are the way that we connect as well as our expectations of the younger generation.

Generation Y -  follow Gen X  and are also known as the Net Generation - internet, cell/smart phones, computers, infinitely comfortable with technology. They are a part of the rebound or echo boom with baby boomers having more children that Gen Xers. There is an Echo Boom  “population momentum” happening as we speak.

So the question is how did this generation come to be? These so called Millennials.

First, the Baby Boomers started having a “bounty” of babies! Boomers chose to become older parents in the 1980’s and 1990’s. Then the next generation made a choice to look back at the “good old days” and chose to revert back to the earlier birth-age norm for women.

The baby boom is attributed to economic and military crises that caused GI’s to delay having their babies, whereas a cultural upheaval caused the Boomers to delay having their (Millennial) babies.

The ‘echo boom’ can be compared to the original baby boom in that most generations were having babies at what historically has been a typical age range. The shift came from the baby boomers being influenced by social changes, “free love, integration, Vietnam war, Peace movement and political activism in the late 50’s  and 60’s.  Basically they were allowed to speak more freely act more independently and forgo responsibility until a much later age. My father (b.1929) waited to get married until he was 29 years old and I am exactly 30 years his junior by 6 days.  Older parents having families like their parents.  We had 4 children over 8 years in my family. 

This is Part one of a two part article.  Check back for part two: Strategies to Bridge the Gap.

 

Coach Rick Kolster is an executive coach who works with business owners and executives to help them maximize their efforts, gain life balance and learn how they can be the best leader they can be. Rick@CoachRickkolster.com

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Destiny

Destiny is something we all wonder about.  What is it? what will it be? Is it preordained, and mostly can we alter it?  Our destiny is what we choose it to be.  Regardless of you belief system from a spiritual or religious perspective your destiny is your own and no one else’s.  You are in control of it.  If you see we are heading down the path that doesn’t meet with your vision of who you want to be or what you need/want to have it is your responsibility to change direction.  Each of us has the power to alter our destiny. 

Bottom line, it is a decision. Your decision. No one else can change your destiny. It is all you! The biggest challenge and  first step is simple (yea right) It's just making a decision. Deciding what your destiny will be.  This ties back to establishing goals and getting clarity with your goals.

 

Second is accepting that you have the potential to make your destiny a reality or even being great.  You have to want to be the best you can be.  For that, it has been said that it takes a commitment. Being the best is not a sometime thing, it is something you strive for all the time. It is not a part time job. It is a full time job and you must do what it take to be great.  It's doing the right things, all the time. Not a few of the right things some of the time.  You do the right things all the time. No excuses.

It is a decision to be great. You must say yes to greatness. Then and only then you can move towards becoming great.  It takes a decision first.  Once you have made that commitment, you have an amazing power of that commitment to drive you, it is in your mind.  Once you get this into your heart and mind it becomes a part of you.  The actions follow the commitment.

 

Vince Lombardi once said that “The quality of a person’s life is in direct proportion to their commitment to excellence, regardless of their chosen field of endeavor.”

 

No matter what you do or hope to do, make a commitment to being the best.  Say yes to greatness!

Coach Rick Kolster is an executive coach who works with business owners and executives to help them maximize their efforts, gain life balance and learn how they can be the best leader they can be.

Rick@CoachRickkolster.com

www.CoachrickKolster.com
www.facebook.com/coachricksBALDTRUTH

Are you HAPPY?

Are you Happy?

Today I saw one of the best pictures that described happiness.

The thought process goes like this. Ask yourself: Am I Happy? If the answer is yes, then the answer is simple, Keep doing what you are doing. If the answer is NO, ask yourself “Do I want to be happy?” If the answer is YES then change what you are doing. If the answer is NO, keep doing what you are doing. The choice is yours.

I understand and believe that happiness is a choice. Each morning we have a choice in which way we approach the day. Happy or pissed off. Your choice. Do you wake up and grunt, groan and moan that you would rather be back in the bed. Or do you wake up, embrace what is in front of you, the day that is yours to use and look at the opportunities it will provide. It doesn't matter what opportunities you face, it is how you deal with them that really determines your outcome. Are you choosing to make the best of it or are you going to find the whine in it? Your call.

Waking up with the thought that I want to be happy will get you start looking at what do I have to do to be happy. You see the moment you ask how can I be happy or say I want to be happy you begin to find happiness. So, to make the day, your day, it is critical to look for the positive. The good in the time you have. This month I have had the chance to meet one of the bravest men I think I have ever met.

Let’s call him Bill, and we will call him that because, well, that’s his name. Bill has lived a very full life, he has lived, traveled, experienced so much and has been in love and loved by a wonderful woman. Let’s call her Mary. Yes, that’s her name too… They have felt what I can see is true, deep real love for one another for over 30 years. This is a real accomplishment in this day and age of disposable relationships. Commitment. They lived and loved and even fought and got mad too. The point is they chose to be happy.

Well, growing older has it’s challenges as many of us know. Bill, over the years has seen his body break down some. Over time his kidneys lost some of their function and had to start dialysis. No big deal, he and Mary handled it. They still did things, laughed, loved and lived a full life. She drove; he was the copilot, three times a week to dialysis. Recently Bill was served up what must be one of the toughest diagnoses a person could have. Cancer. Damn! Options are limited. Chemo, surgery, radiation, but only if they can find the source. One kicker, if you choose to treat the cancer, you cannot do your dialysis. Without Dialysis... Life expectancy is 4 weeks.

WOW! Talk about decisions. They really don’t come much tougher than this in my book. BTW The cancer was stage 4 and left untreated would take him in 6-8 weeks.

Talk about lose/lose. Bill chose to turn it into a win/win. This is what I mean by choosing to be happy. Bill chose to hang in there, not treat the cancer with chemo and finally stop dialysis. During this time he had a loving family all around him, continued to tell jokes, make everyone else smile with his strength and humor. He put his family at ease; put his family ahead of his needs. He was and is more concerned about Mary and the family than himself. This is choosing to be happy. He spread joy, peace, laughter and happiness to all that came by to visit and talk with him. Heck he was even telling jokes and making others laugh at every chance.

The point is while we can’t really control what happens, (Bill sure couldn't’t, in fact he had what I call a pretty crappy situation.) we can chose how we react to what happens. Choose to be happy. Bill has!

Now make the choice, Roll Up Your Sleeves and Get To Work!

That's why they call it illegal!

Are we legalizing illegality?


Almost daily I hear something about illegal activity. Illegal immigrants, illegal drugs, illegal business practices, all kinds of illegal activities and the list goes on and on. I don’t know but when I was growing up if it was illegal, it was wrong. Plain and simple, wrong. No don’t get me wrong, I have done my fair share of this wrong, some of them I’m sure even “Illegal”. But what does the word really mean nowadays?


Let’s take a look at Webster’s definition: Not according to, or authorized by, law; contrary to, or in violation of, human law; unlawful; illicit; hence, immoral; as,
An illegal act; illegal trade; illegal love.


Illegal is simply a violation of human law, immoral and or illicit or in other words wrong! I guess my question is why are we trying to legalize illegal activities but still calling them illegal? Case in point we are trying to protect the rights of “Illegal” aliens. WHY? They have circumvented the legal process to arrive here in the good ol’ US of A. If I circumvent a legal process are my rights going to allow me to continue to violate the process. I HOPE NOT! That is why we have put into place specific rule, guidelines and regulations.


So why do some think that the rules don’t apply? Why do they continue to do whatever they please regardless of the agreements they have in place then cry “oh woe is me”. When did we become a nation of spineless weak leaders? The rules seem to only apply to those that abide by them and agree to abide by them. Anyone else gets a pass. I think it is time for people and leaders to stand up and do what they say. Be congruent with your words and actions. If you call it illegal, then don’t do it. If you say you will do it, then do it!


It is time for each of us to do what it takes to make this the society we know it is. Stand up for your rights, give our word and keep our word. Today what can you do to make a change.


I say… Roll Up Your Sleeves and Get to Work



Coach Rick