R. Shawn McBride Live

Posts for for December, 2017

So You Want to Be a Speaker

Posted on: December 31st, 2017 by R. Shawn McBride No Comments

It’s a common question I get.  People see me on stage and imagine the lifestyle of a speaker.  Whipping in, collecting a fee, having fun interacting with the audience and stopping by the bank on the way home.

Well I have been speaking for a while now. And as they say, you are only seeing the tip of the iceberg.

R. Shawn McBride speaking to an audience.

Speaking isn’t really as simple as dropping in and getting a check.

This is a business…like any other business.

Value propositions.

Marketing.

Sales.

Follow-up.

Good customers.

Bad customers.

But it is fun.  And you can help a lot of people.

So if you just know this is right for you and are dying to move forward as a speaker, check out this article from the legendary Pegine Echevarria.  She points out here first steps for being a speaker. That is just a start of the hard work you’ll need to do.

 

Still sure it is right for you?  Leave your comments below.

Four Basic Steps to Self-Publish Your Book

Posted on: December 30th, 2017 by R. Shawn McBride No Comments

When I wrote Business Blunders,  I made the decision to self-publish, which is becoming a popular choice these days. Because of the changes in the publishing industry and the advent of the internet, traditional publishers are struggling to be able to commercialize books. I decided I wanted to own my content and control its distribution.

I went the self-publishing route, which meant preparing the book and getting it ready. A few of the basic steps are as follows:

#1. Hire an editor. A gentleman named Howard helped me prepare the book for publishing.

#2. Upload to chosen platform. In our case, it was Amazon after we set up the book and inserted the graphics.  Initially, Amazon was our primary means of distribution. We uploaded the book so that it could be read both as a Kindle edition and purchased in paperback by CreateSpace.

I was surprised by the number of people who actually ordered paperback copies of the book. Many people later brought those copies for me to sign. CreateSpace offered a discounted rate for authors to get books printed, though they were still a very expensive on a per-copy basis.

#3. Print paper copies of the book. Because we used an outside printer, Howard had to reformat the book to set it up for the requirements of the new printer. They were able to physically print books at a much cheaper rate per book than CreateSpace. This allowed me to stock my shelves for book signings and to provide courtesy copies for my best clients.

#4. Commercialize the book. Since I did not have a traditional publisher, there was nobody out there letting the world know about my book. That became my job.

I had to do more writing, make more public appearances, which I was already doing as part of my speaking career,  and I also had to think about how to get my name out in the world. I did more blogging, and more articles for publications like the Huffington Post, or my own blog.

Self-publishing is not simple, but it does have rewards. I highly encourage you to look at it as an option if you are considering what you want to do next.

Have you had experience with self-publishing? Are you apprehensive about it, does it seem unsettling, is it something you might try? Let us know in the comments below.

Make sure you download our free checklist to assess your business. 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer  Adam Ciesielski.

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

Would You Work More Hours for More Money?

Posted on: December 29th, 2017 by R. Shawn McBride No Comments

At a sales conference a few years ago, the speaker posed this simple question to the audience. Surprisingly, no hands were raised. The salespeople were content with the money they were making, and where they were in their careers.  I think salespeople, and many other people, are not purely money-motivated; other factors are important to them. Certainly, they have some baseline of income they need, so that they can pay their expenses, take care of their families, and maybe enjoy the occasional vacation. But, they are in their jobs for different reasons.

They are looking for more than just sales and money. They want satisfaction. There are reasons why people choose the careers they choose. We have discussed being intentional in earlier blogs, about finding your focus and putting your attention in different places.

Intentionality will allow you to make more money, spend less time, and do the things you want to do, the things you love. It starts with small steps. It starts with the right delegation. Then you can stop doing those things that are not your favorites, and spend more time on the things you do like, the things in the marketplace that your customers love and need.

Just small steps in this direction will have huge impacts over time. The more focus you have on your value-added when you fulfill your customers’ needs, the more your income per hour will go up.  Now you can make more money and work fewer hours. Things will start to pay off–not just for you, but also for your family, for those around you. For your employees. You will be creating jobs and opportunities for people that match their particular skill sets, their desires, and their interests. Everybody wins when people become focused economically.

One of the greatest benefits of being part of an economic system is that everybody is pulling their own weight. Everybody is doing what they are best at, and everybody benefits from the trade. If we apply this on a micro level, within our companies, we are going to see more profits.

What are you doing to focus your energy and attention on the things that you are really good at? On the things that you love, and the things that provide the most value to yourself and your customers? Focus, and figure out where the real value-added is, and spend more time doing that.

What has been your experience in the past? Have you been pushed in certain directions by customer requirements or other things? What will you do differently in the future to maximize your wealth and income? Join us in the comments below, and let us know.

Make sure you download our free checklist to assess your business. 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Mike Johnson. 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

Partnerships, Scary, But Profitable

Posted on: December 28th, 2017 by R. Shawn McBride No Comments

Often, when I mention partnerships in a speech, people recoil. I hear “I will never go into another partnership again.”

But partnerships can be wildly profitable. A great, working, partnership brings together different skills and helps accelerate the business to a higher level.  We have seen businesses owned by two or three owners in the private sector, and we have seen mega companies formed by partnerships. Microsoft, Apple, and Google are examples of partnerships, that have this combination of skills.

From the beginning, partnerships need to be done right to lead to their long-term success. Most of this comes down to planning. In The 3 Laws of Empowerment,  www.yourbusinessspeaker.com, I talk about preparing, planning, and protecting. From the start, prepare yourself, and make a plan that works. Involve other partners, making sure they understand all the various aspects of the business. Make sure that each one understands what their visions are and that they share the same ones. It is important to talk about reality and things that can and will happen. The four Ds. Death, disability, divorce, and disagreement.

If these difficult conversations can be had upfront, the partners can lay a path for success. They can make sure that they are going to go forward, and do the things they need to do with their business. Communicating, sharing visions, and working through problems in the beginning will make a stronger business plan, a stronger partnership.

If you are thinking about a partnership, if you know somebody that you have a unique chemistry with, someone you can create value with, don’t run away. Consider it as an option, but make sure you are doing the right planning.

Discuss the difficult things up front, talk about what the future of the business is going to be, and how problems are going to be dealt with. If you face reality sooner than later, you may be able to build that next successful partnership.

What has been your experience with forming new partnerships? Are you open to forming another one?  Join us in the comments below.

Make sure you download our free checklist to assess your business. 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Toni Mihailov. 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

Is it Time to Reinvent Your Business?

Posted on: December 28th, 2017 by R. Shawn McBride No Comments

Business can be reinvented if you allow yourself the ability to rethink things. One of the keys in The 3 Laws of Empowerment is knowing that you can change your direction, that you can reset your course, that you are indeed empowered. You can execute plans the way you want.

Your business can be re-engineered. You are not stuck in one place. Regardless of where you are now, things can go differently in the future.

I have worked with business owners who have completely rethought their time investment and changed the way their businesses are run. They have freed themselves to go in different directions. They felt empowered and knew what the new direction was.

If you are starting to feel stuck, I encourage you to stop. Think about where you are, how you got there, and why. Build a new vision of the future. Think about what you want your future to be. Then start to work backward, and decide what you need to change now to start going from here to there.

Take that first step. Start moving towards that next thing that you want to accomplish, and start building in that direction. As you take that first step forward, you are going to start building momentum toward where you want to be.

What has been your process? Have you ever felt stuck?  How did you break out of it? Join us in the comments below and let us know.

Make sure you download our free checklist to assess your business. 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer lionel gosseries. 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

I Wish I Could Be Half as Disciplined as my Dog

Posted on: December 28th, 2017 by R. Shawn McBride No Comments

I jokingly said this the other day.  Dogs tend to be very disciplined, you tell them what to do, and they will do it.

Truthfully, I am a pretty disciplined person. I schedule my days because I have tasks to get done. I have a tight schedule with many meetings, speaking engagements, client discussions, and various other things. It is not unusual for me to be rushing between telephone calls and meetings, and getting ready for the next speaking engagement, while at the same time updating my blog and keeping in touch with friends and business contacts.

You may feel the same in this busy world. The key is discipline and establishing good habits, because, usually, good habits lead to successful business. When you do the right things over and over, you are almost always assured of success. We want to build good habits and make sure we utilize those habits in our business. If we practice self-discipline and do the right things, we will build those routines and schedules.

When contacts are initiated from the outside, perhaps a new client calling, or emailing, we must have a process and procedure, a routine, in place to make sure that they are properly cared for. When things snap into place, the client feels welcome and appreciated. They know that everything is under control.

The key is that we all be disciplined. Talking about the discipline of a dog is a bit of a joke, but it does set a good example of how to build actions and reactions. When building our processes and procedures, if we make sure we have the same reaction when things happen, we will be predictable. The predictability gives us the ability to do process improvements and make our businesses better.

What has been your experience with discipline? Have you struggled with this? Do you have any tips for how to be more disciplined? What will you do differently in your business future? Join us in the comments below.

Make sure you download our free checklist to assess your business. 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Jack Monterrey.

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

Business Blunder as a Relationship Book

Posted on: December 27th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about his Business Blunder book.

Shawn here with you talking about my book, Business Blunders but business blunders as a relationship book. I didn’t write Business Blunders as a relationship book. It wasn’t the original intention. It’s really a business guide. I saw people come to me after they had made mistakes, and I kept seeing recurring mistakes I really wanted to answer. And that’s where the idea for Business Blunders came from.

Let’s get ahead of problems before they become problems. Let’s build our businesses. Let’s take them to the next level, so we built Business Blunders. We really put together a manual, a how-to, and a checklist. But it also became a relationship book, because if you use Business Blunders in building your business, particularly among business partners and employees, you’re going to get ahead of a lot of issues before they become problems, sort of help you manage it. Also, it’s going to give you a framework for communication.

So I encourage you to check out a copy of Business Blunders and think about using it as a tool in your business to manage your relationships, to have everybody communicate, to do more. I’d really love to see what you’re doing with the business and how you’re using Business Blunders. Shoot me some comments. Let me know what you’re doing. Thumbs up or thumbs down our videos on YouTube, McBride For Business. Check it out. Subscribe. Let us know what you think about the videos. Comment on them. I’d really love to hear your feedback.

Become part of the R. Shawn McBride Fans and Audiences Group on Facebook. Like the page. Come hang out with us. Share ideas. Let me know how I can help you. We’d love to come help with some keynotes, training, or coaching within your organization, www.YourBusinessSpeaker.com, if you want to check that aspect of my business out. But I’m really about you. How can I help you? Let me know. Reach out. I’ll talk to you soon. I’m R. Shawn McBride. I’m signing off, but I hope to talk to you very again very soon.

Make sure you download our free checklist to assess your business. 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Adam Ciesielski. 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

Not Enough Hours in the Day: Join Us for Tips to End This Feeling

Posted on: December 27th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about how to make the most of the hours you are given daily.

Hey everyone, Shawn here with you, how are you doing? I am really excited to talk to you today about time. You know, it’s been a popular topic, I really didn’t realize how much interest there was in getting time under control until it accidentally came to me. I was asked by a conference to speak about time and time management, and it was something that really wasn’t on my radar. I wasn’t thinking about the fact that how many people were struggling with it, and how fundamental it is to building and executing your business plans, right?

We talk about business planning as one of the things I do. I help successful private business owners build companies that stand the test of time. If you’re going to do that, you need to manage your time. That is one of the biggest challenges out there these days.

So, here I am today to talk to you about managing your time, doing more of what you want to do, and the ways you want to do it, and one of the biggest things we hear now that I’ve talked about this, now that I’ve written issues about time, is people say there’s just not enough hours in the day. So, how do we combat that feeling, and how do we get to the next level to make sure that we are being effective managers of time, and we are doing the things we need to do to build the lives that we want to build, to be the people we want to be.

So, what is the trick, what is the answer to where we constantly feel like we’re out of time? We’re being bombarded by society, right? Everybody wants stuff now. Instant Messaging, Facebook Lives popping up, our demands, people calling, texting, tweeting, it seems like every day, there’s another channel of communication – ways that people are ringing us on the phone. I mean, constantly, always something’s happening, and how do we deal with this feeling? And how do we make sure that we are being effective team members and managers of time?

Well, one thing to know is that we all feel like that there are not enough hours in the day. And we all feel like we could be doing more. And so, we got to know this is natural, and this is part of who we are, and part of society and I imagine that farmer back in the 1800’s, living on the prairie, not having a car, not having places to travel to, also felt like they were out of time. And, it goes all the way back into history, and I’m sure the caveman probably felt like they didn’t have enough time to go out and hunt and do all the things they wanted to do, to gather, to join, to go out and find people. So, how do we deal with it?

Well, the first thing we need to know is we’re not going to have more hours in the day. Regardless of what any of us do, we will never create more hours in the day. We have a finite number of hours, we only have so much work we can get done in a day, and then we’ve got to add on all the other things that we need to do. Of course, we have to eat, we have to sleep, we have to bathe – hopefully, we’re bathing every day. We want to do a lot of stuff in a day, and there’s only so many hours, and what this leads to everybody saying is, there’s just not enough hours in the day. But, what it really means, when we dig below the surface, when you’re saying I don’t have enough hours, there’s usually a core problem, which is, there are too many commitments for the amount of time. When we’re saying we don’t have enough hours in the day, what we’re really saying is, we’re having a hard time picking what we want to do. We didn’t really have a true plan for the day, or we didn’t execute on that plan for that day.

It would be interesting to me to know whether your problem is planning or execution. Is your problem more about I didn’t have a plan? Or I didn’t execute that plan, things happened. There’s usually a whirlwind of activity at every given day and every given week. Unexpected calls, emails, things happening in your business, things happening in your personal life. You know, hurricanes come, different challenges come, and we’re all dealing with these things, and they throw us off our schedule and make us feel like there are not enough hours in the day, like we can’t do enough. So, what we want to do, is have solutions for that. We want to know what we’re going to do to deal with the fact that there are not enough hours in the day, and that means prioritizing.

Now, in “It’s About Time,” I talk about a principle base of time management, right? It’s not about any one system. I think this is the biggest mistake that so many people have made, and other people that have pitched time management, is there’s some simple formula. Do it this way, and you’ll get all your time back and you’ll be so happy. Call this many people per day, do this many emails, do this every morning for 15 minutes, write down everything you want to do. These are all great tips, there are lots of great tips for how to manage your time, but the problem is, none of them are authentic to every person. Every person has different needs, wants, and demands. And we need to build time management systems which are authentic to us, and to what we want to do, and the lives we want to live.

So, I challenge you to think, if you’re saying there are not enough hours in a day, the problem is probably the priorities, and are you truly understanding what’s important to you? Part of the value is what is important to you as a person? Do you want to spend time with your children? Do you want to be able to call your parents twice a week, or whatever the magic number is for you? What are the important things that you want to do? I’d start building with that and understand those.

Then, from a business perspective, so many of the business people that are frustrated with not enough hours a day, is because they’re having struggles with their things. Somebody once told me, that when we feel like we’re out of time, or when we’re working more hours, we’re cheating in business because we should only be working a normal number of hours, whatever that is. And, one way a lot of people mask inefficiency, I’ve found, is they work more hours, and that’s not necessarily the right answer. Working more hours is not always the best answer because it means you may not be efficient in the things you’re doing. The client development activities that you’re doing, the work that you’re completing, if you’re working more and more hours to stay ahead, then you’re probably being inefficient at what you do.

So, the core message here today is, if you’re feeling like there are not enough hours in a day, you’re probably not thinking about your priorities enough, and you don’t have a clear schedule of what you need to do in a given week. So, I want you to stop and think about it, and prioritize what’s important to you. Once you’re prioritized, once you know what’s important, once you know what you want to get done, then we can start talking about building of systems.

Now, we have an offer out there right now for “It’s About Time.” This is not about selling, but it is available now for pre-order. If you pre-order a copy of “It’s About Time,” not only will you get a copy of this book – and in fact, we’ve got some block orders coming in now, people are ordering it for their entire sales organization, so, not only will you get a copy of “It’s About Time” for your use, but you can also join the Time Tribe. The Time Tribe is a very valuable group where we’re discussing time and time-related issues.

So, I’m looking forward to hearing from you, reach out to me. I’m R. Shawn McBride of McBride for Business. You can see me over at the R. Shawn McBride Fans and Audiences page over at Facebook, we also have a very active Twitter feed, @mcbrideforbus, go check it out, join up there. We put a lot of quotes and tips, both things that I see from talking to audiences and business people and others, and, of course, reach out to me, let me know what time management challenges you have, and I hope you buy a copy of the book and join us over at the Time Tribe.

And of course, subscribe to our YouTube channel, McBride for Business. I’m going to talk with you again very soon, looking forward to being helpful to you. Let me know what you need and we’ll be talking again about getting more out to your time.

 

Make sure you download our free checklist to assess your business.  

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer andrea petrov.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

How to Do a Ten-Year Vision

Posted on: December 26th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about how to do a ten-year plan.

Hey, folks, Shawn with you here. I want to talk to you about something important, it’s called negotiating with openness. We want to think about how we’re negotiating, right? Negotiations, I always say are controlled communications. We have information flowing back and forth, and based on various information we’re going to make decisions, we’re going to work our way to an outcome. A lot of leverage and other things in the background make a difference in where we end up in a negotiation, but what we’re doing throughout the negotiation process is controlling communication.

I want to talk about a specific strategy, which is negotiating with openness. The more information that can be shared between the parties of a negotiation, the more likely we are to get to a refined outcome. So, if you can talk to the other party about the things you’re doing, the things you need, but more specifically about them, you want to focus the conversation on them, and what they need. So show some openness on your end, provide some real information, really expose yourself a little bit, but get information back from them. You want to know what the other party has, what they need, what they rely on, what’s important to them. These are all things that are going to allow you to craft an offer, and adjust your negotiation to their specific needs, so that you can meet their demands. Also, you might learn that they have access to some things that are very low-cost to them but might be of value to you. These are things you can ask for as negotiation sweeteners.

The key to all this is conversation. We need to have a negotiation with a discussion, it should be friendly, it should be open, it should be some exposure from both sides; it should be a mutual risk. And if we’re doing it that way, we’re building a community, and we’re working on an answer, and it’s going to lead to a better outcome because we’re going to be moving forward together. So I want you to try in your next negotiations to be a little more open, but expect openness from the other side, make it a mutual conversation and do more.

Are you dealing with negotiation situations? Are these the kind of issues that are resonating with you? If so, check out the McBride for Business blog, we’ve talked about it before, we’ll talk about it again. Become a subscriber. Same with the McBride Attorneys Blog, you may find great value there. The R. Shawn McBride public page on Facebook has great information, and the McBride for Business YouTube channel has great videos which will help you in your negotiation and negotiation strategies. And get the Business Valuation Checklist.

If I can help you in any way let me know. If I can come in and help you, get by your side and help you work on negotiation strategy, or train your organization, or give a keynote speech in an event on negotiating better, these are the kinds of things we want to do. We can make huge differences in our outcomes, just by getting a little more in tune with our negotiation strategy. R. Shawn McBride, let me know how I can help you, reach out to me, drop me a note, I am looking forward to hearing from you. I’ll talk to you soon.

Make sure you download our free checklist to assess your business.  

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer typofi.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

Issues for Bankers

Posted on: December 26th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about issues concerning using the service of bankers.

Hi folks, Shawn here with you, talking about issues for bankers. If you are building a business, if you are growing, at some point you are going to need more capital and one of really usual avenues to go for is to go to your banker. Go to the bank, and ask for money, right? Get a loan. And a lot of people prefer loans over equity because the loan will typically go away. You pay some fees upfront. You get the loan. You borrow the money. You grow the business. You pay the loan off. And you keep all the upside. So people love it, right?

Equity. You’ve got somebody that’s going to be in it for a long time. They might be hard to buyout. They might be asking questions about the business. They might want management rights. But in order to get the loan, you are going to have to work with your banker. And your banker’s issue is – the banker may love you, they may want to write you a loan, but they typically have an underwriting committee. They have a group of people that look at your loan and decide whether you get the money or not. Those people are typically looking at risk. They want to understand, they want to know that the bank is going to get their money back.

So, what are they looking for? First, they want to look at cash flow, right? Is there money that’s going to come into this business that’s going to be enough to pay back for whatever the loan is? They’re going to look at your existing cash flow, and they are going to look at whatever your cash flow looks like with the new expansion, or whatever you are going to use the money for.

They are also going to be looking at assets. What assets do you have involved? Business assets? And then often these loans are going to come with personal guarantees. So, they want to look at how your personal finances look like. Is there money there? Does the bank have a very good chance of getting paid back? They want to look at these key avenues. Revenues, assets, look at the business overall. They really want to be secure. The bank really doesn’t want to take risks. They want to collect their interest. They want to make money. And they want to return that money to their bank treasury so they can pay it out to the depositors, and grow their wealth. So, a bank is very conservative.

So, when you are working with a banker, they are going to want to understand all of the issues with your business. They are going to make sure they have a very high probability of repayment. And when they start seeing that, that’s when they are going to start lending you the money. That’s also going to let you know you have a good, solid business plan. Because you are going to have to have that business plan in place to do it.

So, if you are thinking about borrowing money, get some people involved. Talk to your banker. Build a relationship with somebody you trust. Work with them. Get your documents in order. Work with an outside consultant. Maybe they have been through this a couple of times so they can help you strategize for that. You really want to be prepared with that bank relationship. You want to show that you are secure. You probably don’t want to approach them twice. You want to get this done at one time. So, you really want to go with your best foot forward. Show you are a secure borrower. Otherwise, they are going to make you wait for some period of time before you can reapply.

So, be very careful about it. Think about it. Understand banking from your banker’s perspective. If these are the types of things you are dealing with and, you’ve got that growing business, successful private business, check out the R. Shawn McBride fans and audiences page on Facebook. Like us. Become part of our community. Communicate with us. Check out videos there. And on the McBride for Business YouTube channel. Subscribe. Like some videos. Give us some thumbs up or thumbs down. Let us know what you need. And let me know how I can help you.

I’ve spent years working with businesses. I love helping people. Whether that’s coaching, training, or speaking. Let me know how McBride For Business can help you, how I can be there to help you do more. And finally, make sure you get your business evaluation checklist at mcbrideforbusiness.com. It will really help you pen-point some issues in your business to help step things up to the next level. I’m R. Shawn McBride. I’m looking forward to talking to you very soon. And I hope that I can help you in some way. Talk to you soon.

Make sure you download our free checklist to assess your business. 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Vera Berard. 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

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