June 2020 Te Contractor’s Advantage
www.HarrisonLawGroup.com (410) 832-0000 jwyatt@harrisonlawgroup.com
Navigating the ‘New Normal’
These are interesting and challenging times. Everyone has to be nimble and adaptable because of the countless changes to everyday life and to society as a whole. Many people haven’t been able to spend time with their friends and family or engage in the typical activities they normally enjoy. Hopefully by the time you read this, we are in the slow shift back to normalcy, but as I write this, there is no telling how things will pan out as we enter the summer months. We have been fortunate at our firm to be well equipped to work remotely. We can handle the bulk of our work wherever we need to. That said, working from home has had its difficulties. It’s interesting to think about the “work office” versus the home environment. Each has its specific use, and for the most part, many of us keep the two separate. We compartmentalize our workspaces and our home spaces and never intend for them to meet. When they do, that work-life balance can shift and not always for the better. As I’ve mentioned in the past, I have two kids who are 5 and 7. They have been out of school for a couple of months, and they are both a bundle of energy. It’s great to spend more time with them, but when you are trying to focus on work, you can guess where the challenge comes in. Fortunately I get up early, so I can get started on my workday before the kids get up. As schools started closing earlier in the spring, my daughter’s school shifted to remote learning, so that gave her something to do during the day. She has had a set schedule every day, including physical education activities, which was fun to see incorporated into the remote learning setup. My son, however, hasn’t yet started kindergarten, so we have had to learn how to keep him occupied. But that idea really encapsulates the last several months: learning. We have had to learn how to adapt as a family, whether it’s adapting to distance learning or learning how to live and work in the same space every day.
remotely, I had to learn how to work in a different environment and away from colleagues and clients.
I will admit I do miss driving to and from work. It might sound strange to some, but I enjoy the drive. I find that there’s a sort of rejuvenation that happens on that drive. It’s a time to clear your mind and reset for the day or the evening. The drive also provides a clean transition from one aspect of your life to another, coming back to that idea of compartmentalization.
This whole situation has brought about a new perspective on the world and on our daily lives. A lot of uncertainty still hangs in the air, and uncertainty will likely reverberate for many more months to come, especially as we navigate the return to normalcy, whatever that may be.
-Jeremy Wyatt
For myself, I have had to learn how to get business done remotely. While I may have had the tools I needed to work
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Right now, finding new customers is easier said than done, but relationship marketing could be your ticket to surviving and thriving. After all, there’s no better asset to a business than its customers. Relationship marketing places a high value on the customers you already have and focuses on how you can continue to serve them so they keep doing business with you. The idea is to go above and beyond what the customer expects from you and continually keep in touch with them. This includes sending monthly newsletters, communicating via email, offering monthly specials, and providing loyalty and referral rewards. In turn, your customers will remember your name and be more likely to recommend you to their friends and family. People take the word of their loved ones very seriously, and your customers could serve as the driving force you need to get new business in the door. In fact, studies point to consumers placing a higher value on the word of their loved ones than advertisements. It’s one thing for you to talk about your customer service, but it’s a whole other ballgame to hear about it from one of your customers. In addition, this constant contact with your customers gives you a plethora of feedback opportunities. When your customers trust you, they are honest with you, and you learn more ways you can grow or find weak links in your process. Granted, relationship marketing can be one of the more expensive marketing tactics, but according to Harvard Business Review, a 5% increase in customer retention can translate into 25%–95% profit increases. That value is worth more than a little extra investing. Now more than ever, you must focus on the customers you are already serving. Get your team together and collaborate on the ways you can show up for your customers, encourage them to recommend you, and wow them into becoming lifelong clients. Pro Tip: If you want to get in contact with your customers on a more frequent basis, reach out to our team about this newsletter! We can connect you with The Newsletter Pro, which helps us create it each month. Maximize Your Business’s Success With Relationship Marketing YOUR CUSTOMERS MATTER
RISK VS. REWARD How to Handle Loss Aversion in Your Business
We’re all afraid of loss: loss of revenue, income, customers. We could make an incredibly long list of the things we'd rather not lose. But it’s not just loss. We’re also afraid of the potential of loss, and that fear overrides our desire to gain something. This is loss aversion, a psychological and economic bias that suggests people would rather not lose something than gain something. It’s not uncommon to see traits of loss aversion among business owners and entrepreneurs. However, successful business owners don’t let the thought of loss aversion deter their success and growth; they’ve figured out how to limit it instead. According to Daniel Kahneman, a 2002 Nobel Prize winner for his work in economic sciences, the biggest thing standing between you and overcoming loss aversion is risk. You accept that every decision you make comes with a measure of risk. Sometimes it’s minor; sometimes it’s not. Your goal is to have confidence in your decision-making, which makes it easier to overcome loss aversion.
So how do you increase confidence and reduce your risk in any given decision? The answer is data.
Let’s say you’re developing a new marketing campaign. It’s going to cost you $10,000 to run for a quarter, but you aren’t confident about how it will perform. Ideally, it brings in $100,000 worth of business, but you did minimal research. You just copied someone else’s campaign you read about online. Your first instinct may be to scrap it because you decide it’s not worth the risk. You aren’t confident in the campaign or the results, so it’s best to spend the $10,000 on a safer campaign or aspect of your business. But what if you ignore that first instinct and do your due diligence? You work together with your marketing expert or department to pull relevant data related to your campaign, like demographics, rate of interest, and deals your competitors are offering. Unless the data suggests otherwise, chances are you launch the campaign. It still comes with risk, but you understand the risk. You have data that shows your investment of $10,000 will bring in business. Confidence is key, and confidence comes from information.
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5 Words to Control the Conversation Lessons in Communication From Tim Cook
In the third quarter of 2019, Apple’s quarterly report showed an unexpected slip in profits. Even iPhone revenue had slipped. But instead of taking a bad hit, Apple’s stocks spiked higher after the report was released. Why? Apple CEO Tim Cook used five magic words. Knowing how to successfully talk about your business is key to continued success. You know your work better than anyone else, so you know if things are going well or if you need to course-correct. However, the outside perspective doesn’t always match the reality of the situation. If someone comes in with concerns or outright anger because of what they think the situation is, you need to reframe the conversation and quickly show them the bigger picture. Tim Cook does this with the simple phrase, “The way I see it …” When addressing concerns about Apple’s dip in profits, Cook took control of the narrative
and presented the message he wanted people to focus on: Apple’s record service growth.
"The way I see it," Cook said, "we had the strongest hardware portfolio ever. We've got new products on the way. The pipeline is full of great new stuff on the product and the services side. We're very fortunate and have worked very hard to have loyal customers ... The installed base is growing — hit a new record. That's obviously a good thing. And we've got the wearables area that is doing extremely well." Suddenly, investors weren’t worried about the iPhone anymore because Cook reminded them that Apple’s wearables and services alone were close to a Fortune 500 company. Cook provided important context about his company by taking control of the conversation. Controlling the conversation is how leaders steer their teams through stormy weather. They pair their deep
knowledge of the business with effective communication skills so people understand the bigger picture and aren’t hung up on details that only show half the story. Keep in mind that leaders like Cook don’t mislead people with false or exaggerated information. They stick to what’s true while reframing it in a way so outsiders will better understand. If you need to reframe the situation or explain some complicated aspect of your business, start with the magic words: “The way I see it ...”
BE Inspired
PUZZLE
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Jeremy Wyatt jwyatt@harrisonlawgroup.com www.HarrisonLawGroup.com (410) 832-0000
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Inside This Edition
1.
Navigating the Challenges of the 'New Normal'
2.
Maximize Your Business’s Success With Relationship Marketing
Minimizing Loss Aversion in Your Business
3.
Communicate Like an Apple CEO
Be Inspired
4.
The Secret to Leading in a Crisis
Unsure of How to Lead Your Business Through a Crisis? ‘The Agony of Decision’ Has Answers
When business coach and scholar Helio Fred Garcia published “The Agony of Decision: Mental Readiness and Leadership in a Crisis” back in 2017, he had no way of knowing that a pandemic would break out just three years later. Now, his book about how to make tough calls under pressure is more relevant than ever for entrepreneurs. “The Agony of Decision” teaches that when your company is on the line, it’s quick thinking — more than smooth communication, effective execution, or even expertise — that can save it. The book offers a framework to guide you through the decision-making process, helping you identify and weigh each outcome, then choose the right one. Answer that first big question, Garcia teaches, and the rest of the tumblers will click into place, allowing you to lead your company forward. To prove it, he weaves his personal experiences and decision-making scaffolding with notable stories of past business failures and successes. As one Amazon reviewer writes, “Helio Fred Garcia provides a thorough discussion of the do’s and don'ts of crisis response with both current and historical events (remember Exxon Valdez or Tylenol?) that clearly demonstrate the right way to respond … and the gateway to disaster.”
With more than 30 years of experience mentoring massive international companies and nurturing business leaders at top American universities under his belt, Garcia is the perfect person to give voice to these tough lessons. His prose is self-assured, knowledgeable, and easy to read, which makes “The Agony of Decision” a surprisingly comforting book for an entrepreneur going through hardship. There’s a reason BookAuthority named it one of their best crisis management books of all time!
In the last few months, the coronavirus has proven to be the ultimate test of crisis management. If you’re in the process of figuring out how to lead your business effectively through the turbulence and could use a decision-making toolkit to help you when the phone rings with bad news, “The Agony of Decision” might be your ideal summer read.
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This flyer was created by OSHA. https://www.osha.gov/Publications/OSHA4000.pdf
COVID-19 Guidance for the Construction Workforce OSHA is committed to protecting the health and safety of America’s workers and workplaces during these unprecedented times. The agency will be issuing a series of industry-specific alerts designed to keep workers safe. When working in the construction industry, the following tips can help reduce the risk of exposure to the coronavirus: Encourage workers to stay home if they are sick. Allow workers to wear masks over their nose and mouth to prevent them from spreading the virus. Continue to use other normal control measures, including personal protective equipment (PPE), necessary to protect workers from other job hazards associated with construction activities. Advise workers to avoid physical contact with others and direct employees/contractors/visitors to increase personal space to at least six feet, where possible. Where work trailers are used, all workers should maintain social distancing while inside the trailers. Train workers how to properly put on, use/wear, and take off protective clothing and equipment. Encourage respiratory etiquette, including covering coughs and sneezes. Promote personal hygiene. If workers do not have immediate access to soap and water for handwashing, provide alcohol-based hand rubs containing at least 60 percent alcohol. Use Environmental Protection Agency-approved cleaning chemicals from List N or that have label claims against the coronavirus. To the extent tools or equipment must be shared, provide and instruct workers to use alcohol- based wipes to clean tools before and after use. When cleaning tools and equipment, workers should consult manufacturer recommendations for proper cleaning techniques and restrictions. Keep in-person meetings (including toolbox talks and safety meetings) as short as possible, limit the number of workers in attendance, and use social distancing practices. Clean and disinfect portable jobsite toilets regularly. Hand sanitizer dispensers should be filled regularly. Frequently-touched items (i.e., door pulls and toilet seats) should be disinfected. Encourage workers to report any safety and health concerns. For more information, visit www.osha.gov/coronavirus or call 1-800-321-OSHA (6742).
OSHA issues alerts to draw attention to worker safety and health issues and solutions.
• osha.gov/coronavirus • 1-800-321-OSHA (6742) • @OSHA_DOL
jwyatt@harrisonlawgroup.com
www.HarrisonLawGroup.com
(410) 832-0000
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