Finding Bethany

Inflation has been a top concern of our clients and according to The U.S. Chamber of Commerce Small Business Index, roughly four in five business owners say rising prices have had a significant impact on their business this year. * The economy is slowly recovering from the pandemic, but it will take time for businesses to fully recover. Many never will, but those that do, will still struggle with their finances, sales, retention and recruitment. Small business is in decline, ** and it is alarming to me at how many of our legislative leaders and business owners are not able or willing to adapt to these dramatic changes. Why does this matter? Because that’s where 60 to 80 percent of all new jobs come from. When new businesses aren't being created, our free enterprise system declines. That means less revenues and smaller salaries to tax, which, in turn, result in less money for the elderly, the poor, non-profits, our veterans, our schools, military, communities and infrastructure. Absolutely everything.?

But I have faith in God and the entrepreneurial spirit that made this country once great thanks to visionaries like Benjamin Franklin, Thomas Jefferson, John Adams, Henry Ford, John D. Rockefeller, Andrew Carnegie, Thomas Edison, Sam Walton, Walt Disney and Ray Kroc. I spoke at over 30?organizations to hundreds of CEOs who are ready and able to adapt. They are shifting gears and doing what it takes to prepare for the New Year. These modern-day visionaries, I believe, will turn this decline around.?

Below are the 5 main takeaways from my seminars that I hope you will find helpful as you gear up for 2023. Focus on:?

>>Making “Your Bethany” a priority?

>>Maintaining a strong cash stream?

>>Gaining market share?

>>Identifying & Rewarding your super star employees?

>>Connecting Deeper to Those Who Matter Most to You?

• Recharging - For Jesus, Bethany that was his happy place. Everywhere else, he was rejected. In his hometown of Bethlehem everyone rejected him including his family.?When he tried to get into Samaria, the city rejected him. In Galilee, they plotted to kill him. In Jerusalem, he wept because they would not receive him. Jesus said, “Foxes have holes and birds of the air have nests, but the Son of God has nowhere to lay his head.” He had no home or warm welcome anywhere. Except in Bethany. The small village near Jerusalem was a refuge for Jesus. This was the home of Mary, Martha, Lazarus, and Simon the leper. They were his friends. It was a place of safety, seclusion, and feelings of being home. It was where Jesus could be spiritually, emotionally and physically recharge. For me, my Bethany, is the following:??

• Hiking regularly – My husband and I have always enjoyed hiking in exotic places like Utah. But over the past few years, our schedules made it difficult. During the pandemic, however, we made it a priority. Talking with my husband helped me?begin each morning with joy even during the most stressful days. It now is a regular routine I cherish.?

• Doggie playdates ?– In addition to having dog fun at home, one fun way I have been able to engage with my neighbors who I don’t have much in common with, is to invite them to my backyard for doggie playdates. Sometimes my friend Liz Giacco Brown joins us too. It is something I have done over the past year and has been a great way to connect more deeply with neighbors using our common love of animals. The hour we spend listening to barks, howls, growls and laughter is one simple way I can refresh others and myself from the daily stresses of life.??

Connecting with relatives - My father, Nabil Morgan, a first generation Egyptian, was my best friend. He died more than 5 years ago. Not a day goes by that I do think about him. My parents took us often to Egypt and we even lived there for a year. I have known my cousins, uncles and aunts since I was 11 years old. We had our first Egyptian Family Reunion this year in Florida hosted by my second cousin Joe and his family with his mom Inas Barsoum sharing the family heritage. It was such joy! Many of us had not seen each other in years. Some, I had not met since we were children, but you never would have known from the great conversations, belly-jiggling laughter, hysterical jokesters like WADID DAOUD , and moments of joyful repose. Before dinner, we all held hands and prayed before we ate a spectacular Egyptian meal together. It was such a blessing feasting with those who love Jesus as much as I do. I hope to make these special gatherings a more frequent occurrence.?To me, making the effort to connect deeper with my family, community and my Egyptian relatives is my “Bethany” and will be a big part of my vision for 2023.?What about You? What is your Bethany? How do you plan to carve our time to make it a propriety, regardless how busy your schedule is, in 2023??

• Think Back-Office only when Cutting Costs - Don’t follow the pack and immediately fire employees or start making 10% cuts across the board. Never let someone go to save money. Let them go only if they are not performing. Instead, look at critical, but non-customer facing costs. The rental market is going down. This is a perfect time to negotiate your office rental agreement. Pull out your insurance contracts and equipment leases. See if you can shop around for better rates, renegotiate your contracts, or raise deductibles to save money. Get lower technology and health insurance providers. Look for a different bank–like a local community bank or credit union– that offers more free perks, less fees and even–yes–corporate interest-bearing checking. Pay off as much debt as possible to stay as cash strong as possible. Put whatever extra cash you have in CDs or U.S. Treasury Bonds as the interest rates are now at historic highs. No one knows how to make the numbers of a business easy to monitor than Ed Dolan . If you would like to have a complimentary assessment to see how your business compares to the industry average, contact me at [email protected].?
• ?Increase your Sales and Marketing efforts – Most companies, unable to compete with the fast-paced technological revolution we are currently experiencing, reduce customer facing expenditure rather than slash fixed costs during hard times. However, studies, and our experience, have shown that companies that increase their sales and marketing efforts during slowdowns consistently outsell their competitors who cut back. In today’s market, the riches are in the niches. Laser focus on your most profitable prospects. To learn 3 easy tips to build a “Raving Fan Base” feel free to set up a time to speak with me here. ?

• ?Review Current Staff & Hire – Everyone wants feedback on how they are doing and not from annual or bi-annual reviews, but, rather, in real time. Incorporate a feedback loop based on specific behavior instead of a scheduled review date; it will be much more effective both for you and your direct reports because it is data-driven, not personality or drama driven. Jim Power has given one of our best seminars on how to keep employees productive, engaged and on fire. To learn more about seminars and workshops on how to Maintain and Build Your Company’s Culture, click here.?
• Connect Deeper with your Family, Employees & Customers - Use these slower times to?connect with those who matter most. This could be done by writing a simple postcard, making a call, taking them to a meal, sending a gift basket, going to a play or?a walk together. Take this 2-minute Personality Assessment to see how to best connect to those who matter most to you.?

If you have a success story, feel free to join our CEO think tank, YourCrossTALKS LinkedIn and Face Book pages to share your story. I look forward to highlighting your insights and wisdom to other hard working business owners. It would be my privilege and honor!?

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* U.S. Chamber of Commerce Small Business Index??

** United States Congress Joint Executive Committee 2022?