Harrison Law Group - August 2020
August 2020 Te Contractor’s Advantage
www.HarrisonLawGroup.com (410) 832-0000 jwyatt@harrisonlawgroup.com
The Many Lessons Learned From a Summer Job
When I was younger, I had my fair share of summer jobs. So when my kids get older, I fully intend to help them get summer jobs too. They're a great opportunity to see what the real world is like outside of the home and school and to learn about responsibility. My kids live a life of privilege. It’s all too easy to get caught up in a certain way of living and not recognize the sheer number of other ideas and perspectives that exist in our world. I want them to understand what it’s like to have a job defined by hard work. No cushy office jobs for them! At least, not while they’re teenagers. I say that, but my first job was in an office. I was about 13 or 14 at the time, and I was working as a gofer. It was definitely a learning experience — and an experience in personal responsibility. At the time, my parents were working for the U.S. military and were stationed in Wiesbaden, Germany. My job was on the military base. For the most part, the summer job had me doing things around the office. Delivering parcels, taking things from one place to another — all your typical gofer stuff. But one summer in particular, I learned a valuable lesson in phone etiquette. The military operates a special phone network called the Defense Switched Network, or DSN. This network enables callers to communicate with anyone else on the network anywhere in the world. You don’t have to use international phone codes. It has its own way of operating, and it makes international communication fairly easy. One day, while working my gofer job in Wiesbaden, we received a phone call. I answered, and it was someone located in California — a world away. They had a specific question, and I told them I would find someone who could help. I put them on hold and went to look for someone to take the call. I didn’t find anyone. But I also forgot I had left the person on hold. I realized my mistake an hour later. Needless to say, I had dropped the ball. That’s something that stuck with me from my first summer job. After that, I was employed just about every summer. I worked at the Post Exchange (PX). I was a pizza delivery
guy, and I managed a Domino’s Pizza while in college. Once I started working, I couldn’t stop.
I have even worked as an orderly in a neurobehavioral ward of a children’s hospital. I worked with kids suffering from autism and mental illness. That was a challenging job and, at times, it could be a violent environment. As my career in law advanced, I came to appreciate the benefits of working in a calm office. While I learned many lessons over the years, including not to leave people on hold for an hour, there is one that really stuck with me. It’s to treat people with respect, no matter who you’re dealing with or the situation. I’ve been fortunate to travel the world, both on my own and with my parents when I was growing up. I’ve interacted with people who have many perspectives on the world.
In the legal context, this has proven to be hugely beneficial. I meet people who disagree with me — and sometimes those who strongly disagree with me. But I’m going to listen to what they have to say. I’m interested in understanding their perspective. It’s a powerful resource in my role as an attorney.
-Jeremy Wyatt
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How Telling Your Story Helps You Keep Customers BUSINESS IS PERSONAL
When it comes to figuring out the best way to market a business, getting personal is a choice that many business owners shy away from. Some think they have no worthy story to tell, while others find it hard to imagine that their personal life will strike a chord with another person, let alone get that person to buy a product or service. But the reality is that numerous studies and market tests have shown that when business gets personal, it can yield great results. No business owner got to where they are today without experiencing moments that fundamentally changed their perspective in some valuable way, and consumers love to hear about these insights. These stories are important and need to be shared with current and prospective customers if a business is going to succeed. It’s a fact that consumers want to do business with people they know, like, and trust. When a consumer is engaged with a company on a personal level, they’re more likely to delete a competitor’s emails or ignore its ads, even if the competitor offers a better price. If a consumer has a negative experience with a business they feel close to, then they’re also much more likely to give it a chance to make it right. The opposite is true too — people are quick to sever all ties the first time something goes wrong if they don’t feel any personal connection to a company or the people who run it. The logic behind personal marketing is simple: Your competitors can duplicate your product, your pricing, and your models, but they can’t duplicate you . If you’re recoiling at the very thought of sharing your stories, consider how much easier marketing can be by injecting some personality into it. Your greatest marketing tactic could be found right in your head. That episode of "Law & Order" you caught last night may have you thinking about the perils of overworking, whereas a family trip to the beach may have offered insight into the value of relaxing. These revelations are powerful glimpses into the true brand of your company: humans! For as fast and innovative as technology is, humans will always crave interaction with other humans. It’s that connection that fuels your business. Remember, your marketing messages are not the place to flex your Ph.D. or awards. Those can be valuable marketing tools, but they shouldn’t be the main message. What makes you human is what bonds you to your potential and current customers. This is called personal marketing.
Giving customers a peek into your life via personal marketing, whether it’s about your pets, your family, or your own journey through the pandemic, is important. Remind people that you’re an expert in your field and that you know how to help them, but don’t forget to show them your character and give them a reason to want to connect with you. Embracing vulnerability in your communication with your clients and prospects can lead to a dramatic increase in your customer lifetime value. That’s something that every business needs as they continue to navigate through these strenuous times. Your stories can be great for your bottom line, but they’re important in more ways than one. They can provide more value and insight for your customers and yourself than you might be giving them credit for.
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Manage Cash Flow With 'Profit First' Mike Michalowicz Shares What You Need to Know
Running the day-to-day operations of a business while also managing the money can be difficult to juggle for many small-business owners. Even if they have systems and processes in place, these methods don’t always work as well as they should and can easily become difficult to navigate. When you hit this kind of wall, it can be hard to keep your focus on growing a profitable business. Enter Mike Michalowicz and his book “Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine.” The book was published in 2014 but was updated in 2017. It’s been a huge hit, garnering rave reviews from the business world due to its simple yet innovative profit-first formula. The book has been so successful because Michalowicz has faced these types of challenges before, and he used these experiences to develop principles that make life (and business) that much easier for small-business owners.
You’ll get the scoop on Michalowicz’s profit-centered approach and how his innovative system flips traditional accounting on its head, making money management more streamlined. If you find yourself struggling to manage the financial side of your business, then he has you covered. His tips are especially useful for businesses that have cash flow that varies from month to month or that have a peak season. Michalowicz’s insight is even more valuable in the wake of the COVID-19 pandemic, as business owners and entrepreneurs everywhere look to get back on track in the second half of 2020, boost their businesses, and recover lost profits. If you’re a seasoned business owner and are already money-minded and exceptionally organized, this book will likely serve as a quick refresher, but if you’re a startup business owner and want to improve your accounting systems and catapult your profits, then “Profit First” is just what you need.
HAVE A Laugh
The Most Famous Art Heist You’ve Never Heard Of
One hundred and nine years ago this month, one man — or was it three? — fled from the Louvre Museum in Paris, carrying what would quickly become the world’s most famous painting: Leonardo da Vinci’s “Mona Lisa.” Historical accounts of the theft agree only on who was the ringleader: 30-year-old Louvre handyman Vincenzo Peruggia. At some point on Aug. 21, 1911, Peruggia lifted the glass case he himself had constructed to house the “Mona Lisa” and stole the painting. Some versions of the story say Peruggia was assisted by two brothers, fellow Italian handymen Vincenzo and Michele Lancelotti. Peruggia successfully spirited the painting back to his one-bedroom apartment, where it lay concealed in a false-bottomed trunk for more than two years. Peruggia was eventually caught attempting to sell the painting in Italy and spent eight months in jail.
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Jeremy Wyatt jwyatt@harrisonlawgroup.com www.HarrisonLawGroup.com (410) 832-0000
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Inside This Edition
1.
The Many Lessons Learned From a Summer Job
2. 3.
Why Your Story Matters for Your Business
What Small-Business Owners Can Learn From ‘Profit First’
Meet the Man Who Stole the ‘Mona Lisa’
4.
Cultivating Creativity to Optimize Efficiency in 3 Steps
Battling Mental Hurdles 3 Habits Entrepreneurs Use to Excel During COVID-19
inconsequential decisions. You won’t be distracted by wondering when you’ll get lunch or if you’re missing a big meeting. It’s all already on the calendar. Reducing daily decisions gives you more time to think about what matters and helps you dedicate more of your mental energy to solving problems or refining big ideas. They take time to recharge. This doesn’t mean spending all day watching Netflix. Recharging your imagination is an active process. If you’re feeling creatively drained, go to a place that inspires you. This could mean taking a walk around a park, going on a hike in the woods, or visiting your local library. Immersing yourself in others’ ideas can also help recharge your creative batteries. Swing by an art museum, pick up a new book, or treat yourself to a solo movie date. Ask yourself why a particular piece of art inspires you,
what makes it worthwhile, and if you would have done anything differently.
They practice creating. You don’t have to wait for inspiration to strike. Cultivate creativity by making something every day, even if it has nothing to do with your projects at work. Doodle during lunch, sing along to the radio during your drive home, or write a few sentences of a short story each night. Don’t worry about whether these personal projects are “good,” just focus on bringing them into the world. Practice makes perfect. If you believe that creativity is something that only a select few are born with, then you might find yourself struggling to be imaginative during difficult times. However, when you view it as a skill that can be strengthened, you’ll develop habits to see you through what might otherwise be a creative drought.
Why did some companies thrive during the COVID-19 pandemic while others had to shut their doors forever? The answer is simple: Successful companies embraced creative solutions to overcome the obstacles of the shelter-in-place orders. Creativity is key to a profitable business. Innovative problem-solving is how business leaders come up with new ideas, address unexpected issues, and inspire their teams during difficult times. Here are a few habits that resourceful entrepreneurs share. They make a schedule. Though it may sound counterintuitive, structuring your day actually improves your ability to be creative. Establishing a schedule in advance allows you to avoid having to make small,
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