Grow For It!

Episode 28:  It’s my pleasure to welcome Michael Hall, Executive Advisor with Hall & Associates to discuss the topic of Human Analytics.  As Mike describes it, think of this as Moneyball for companies.  He uses analytics to help business leaders to gain valuable insights when it comes to managing, leading and inspiring employees and managers.

Human Analytics

Mike begins with a definition, from Google, that captures the essence of Human Analytics.  “The systematic identification and quantification of the human drivers of business outcomes.” 

Similar to the move Moneyball, this approach focuses heavily on analytic data, rather than the more subjective evaluations of a person’s innate wiring and likely performance in a particular role.  Mike quotes Jim Collins from his book Good to Great, the objective is to “Get the right people on the bus, get the wrong people off the bus and the right people in the right seats.”

Could You and Your Organization Benefit from a Conversation with Mike?

Contact Mike Hall for a confidential discussion.

Website:         http://www.mikeghall.com

Phone:             (502) 303-2164

Thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com.

Got Podcast?

Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information.

 

Until next time, remember, if you need help with your small business, Let’s Grow For It!

Episode 27:  I’m happy to welcome Rita Ernst to the studio to discuss the launch of her new Show Up Positive book.  You may remember Rita from Episode 22.  She is an industrial/organizational psychologist, who became a business consultant and now, a published author.  She’s appeared in the local news, on radio and to a book signing with 70 people.  Let’s learn about how her approach to helping individuals to have a positive impact.

To order a copy of the Show Up Positive book, click one of the links on this page:  https://jimrayconsultingservices.com/podcast/the-show-up-positive-book-by-rita-ernst/

I want to thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com.

Got Podcast?

Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information.

Until next time, remember, if you need help with your small business, Let’s Grow For It!

Episode 26:   I’m happy to welcome Marcy Young to the studio for today’s episode.  Marcy is the Founder and CEO of HR Alliance LLC, in Louisville, Kentucky.  She’s developed a business model enabling companies to contract with her and her team of HR specialists, without having to hire them in-house.  It’s an ideal way to get the HR expertise a business needs for ongoing help, project-based initiatives or a hybrid plan customized to meet specific needs and/or situations.

Does Your Company Need Help with an HR Issue?

Contact Marcy Young and her team of HR Professionals for a confidential discussion.

Website:         https://yourhralliance.com/

Phone:             (502) 689-6009

Thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com.

Got Podcast?

Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information.

Until next time, remember, if you need help with your small business, Let’s Grow For It!

 

Episode 25:  Cyber security and cyber theft are real issues for small business owners.  There are now cyber liability insurance policies available to cover you, should you fall victim.  In this episode, I interview Beth Combs and David Goheen from Gallagher, a large insurance company providing multi-line insurance, risk management and consulting services.

Thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com.

Got Podcast?

Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information.

Until next time, remember, if you need help with your small business, Let’s Grow For It!

Episode 24:  Ever think about writing a book?  In this episode, I interview Cathy Fyock who’s a professional book writing coach.  We’ll discuss how she works with her authors, why you should consider writing book and part of the process involved in accomplishing it.

Cathy began coaching after writing her own books.  She had been consulting, but wasn’t as happy in this role, as she’d hoped.  She had managed to write 4 of her 5 books in less than 6 weeks.  A colleague asked her about her process for accomplishing this so efficiently.  That’s when it actually dawned on her that her process did, in fact, exist.  She was invited to give a program on it and engage in a coaching role.  That’s where it all began.

Many people want to write a book.  They recognize the need, but they don’t understand where to get started or how to stay on course to complete it.  Cathy has the solution to these and many other challenges.

What Types of Clients Does Cathy Fyock Help?

Cathy works with professional speakers, consultants, coaches, thought-leaders, solopreneurs, wealth advisors, CPAs, attorneys and realtors.  If you use your expertise as a strategy to serve your client base, codifying that expertise is a way to educate, inspire and sell your client base.

Having published a book can position you as an industry expert.  It lends a high-level of credibility to your personal and professional brand.  The topics in your book can help people realize an alignment between their goals and your ability to help them to achieve those goals. 

Your book will help promote a sense of trust and authenticity between you and your target audience.  Cathy is a huge fan of writing your own book, rather than using a ghost writer.  The process will help you to clarify your thoughts and mastery of the topic.

It May Not Be Easy

Cathy admits, writing a book is hard work.  In fact, most of her clients don’t actually love to write.  This is why having a coach is vital to the book’s organization, your accountability or other support issues.

Authority is one of Cathy’s latest projects.  It’s about the power of authorship.  It’s an anthology of stories and perspectives from 15 different thought-leaders who share their advice and experience.  It’s already a Wall Street Journal and USA Today best-seller.

3 Basic Challenges for Authors

The first challenge is FOCUS.  It’s developing the strategic plan for your book that aligns with your business strategy.  The second challenge is TIME.  It relates to disciplining yourself to find the time with an already busy schedule. The third challenge is DEALING with that NEGATIVE INTERNAL VOICE.   It’s the classic imposter syndrome.  This can be one of the greatest obstacles for some authors.  Cathy serves as their cheerleader to encourage them to accomplish what they’re capable of accomplishing.

Once the Manuscript is Written

Cathy functions as a “developmental editor.”  Cathy can work with you to ensure all the correct pieces fit together regarding flow, logic and the ability to foster reader-engagement.  She is not a publisher, but she has extensive connections with publishers and can help an author to find the right one for him/her and the subject matter. 

There are different models for publishers.  Cathy realizes the need for her authors to be able to purchase their own books at cost.  They need to maintain creative control and own the copyright (as well as future rights).  You have to understand the fine print.  Cathy can help you to navigate part or all of it.  She understands the business aspect of writing a book.

How Does Cathy Fyock Work with Authors?

Cathy loves to speak with anyone who’s even thinking about the idea, with no obligation.  For those who are ready, she offers multiple types of services.  Her Coaching Service is her main program.  It’s a one-on-one process that lasts 6 months.  It encompasses strategy planning, accountability calls, connections and post-publishing activities.

She also provides workshops, writing retreats, master classes, online courses and other services, all of which are described on her website.

Dealing with Accountability

This is obviously a significant factor for some people along their journey to writing a book.  She can help to problem solve to determine what’s getting in the way of progress.  Did you forget to book time to do it?  Did it go on the To Do List, instead of the calendar?  There are strategies Cathy can offer to help her offers to cope and to complete the journey.

While the subject matter will vary by author and the author’s experience, the process of writing a book is fairly similar.  Cathy Fyock is your book-writing Sherpa as you climb this incredible mountain. 

Blog-to-Book

This is a concept for helping people to repurpose their blogs to discover the book you’ve already written.  Cathy will add direction and perspective to help along the way.  Part of the strategy is to map the content progression from the blogs to the book outline.

Finding Your Brand Voice

Figuring out how you, as an author, want to present the ideas can concept, is an important step.  This is vital for a speaker who may be giving a talk on the stage and selling their book in the back of the room.  You need to be the same on the page as you were on the stage.  This relates to your brand voice.  It’s about authenticity and congruency.

You may have multiple degrees and accomplishments, but your audience wants you to be more conversational.  You should try to overcome the worry of what your peers will think if you present the material in a more digestible format.  Write for the audience.

Creating a Book on Tape

This is more of a publishing issue, rather than a coaching issue.  Nonetheless, Cathy is a big fan of the audio-based format for books and related products.  Hearing the actual voice of the author can convey the style and personality more effectively than just words on a page.

Cathy’s 3 Tips for Someone Who’s Considering Writing a Book

• Begin with a strategic focus.  Identify what you want your book to do for you and your business.
• Identify your thesis statement. It helps you define what it is your book is about.
• Be very clear about your targeted reader. They should be aligned with your targeted client, in most cases.  Consider the physical demographics and the readers’ psychographic characteristics.

These three tips enable you to avoid speaking at the reader.  Instead, you’ll be able to talk with him or her because you’ve figured out how to connect with the audience.  As you’re writing, always remember the WIIFM – What’s In It For Me?  If you neglect your audience’s needs, they’ll be more apt to neglect your book, from the outset.

Are You Interested in Writing a Book?

Here’s how to contact Cathy:

Email Her:  [email protected]

Website:  CathyFyock.com

 

Thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com.

Got Podcast?

Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information.

Until next time, remember, if you need help with your small business, Let’s Grow For It!

Episode 23:  I invited my friend and colleague Andrew Aebersold to join me to discuss mental health marketing.  He’s the Founder/CEO of Mediaura, a digital marketing company in Jeffersonville, IN.  Today’s discussion will focus on issues related to effectively marketing a solo practitioner (e.g. therapist), a practice group or a larger company, such as a behavioral health facility.  Both of us have experience in this healthcare segment.

Marketing a mental health practice requires an understanding of the unique issues both practitioners and prospective patients/clients have regarding treatment. 

One of the realities we deal with is the fact that often, really good practitioners are not typically good marketers.  It requires a different skill set. This can create some significant challenges for the practice, especially in the digital marketing space.

There are universal issues most businesses face:

• Competition is strong
• Conveying the specific area(s) of mental health you serve
• Differentiating your practice’s services offerings from the competition
• Targeting the ideal type(s) of clients for your practice
• Cultivating and deploying the proper messaging to overcome the above challenges

Insurance coverage is often a factor.  The person contacting your office may be clinically viable, but not financially viable due to insurance coverage issues.  If your practice doesn’t accept insurance, it adds another variable.  Mental health marketing is very complex.

Andrew and his team at Mediaura have distinct experience marketing behavioral health practices, on a regional basis.  Many of them are located outside of our local area.  He comments about how even the best marketing tactics and strategies can fail, if the internal processes are not executed properly, when people begin contacting the practice.  We’ll explore that later in this episode.

Common Mistakes Practice Owners Make

It’s not uncommon to see a mental health practitioner turn over the marketing responsibility to people who may have been involved with the practice in the past.  There’s often a motivation to help that person by entrusting them with your marketing, because they may be acutely aware of the issues and can speak to them.  That sounds well and good, but it doesn’t always result in the progress the business needs to maintain and to grow.

If you’ve been burned by the above effort, you may be tempted to engage a large agency as a way of overcompensating for the first attempt.  This can quickly lead to significant expenses for a new website and other moves that sound good on paper.  These engagements may also require the practice owner to sign long-term contracts, regardless of performance.  It’s important to understand that what works for a general business, may not work when it comes to marketing a mental health practice. 

Finally, the practice owner may decide to throw up the hands and task the office manager with handling the marketing for the practice.  This decision might neglect to consider the amount of work responsibilities that person already has on his/her plate.  It may not be a skill he/she has to generate the results you’re hoping to deliver. 

Remember, marketing is about much more than simply posting pictures and memes on Facebook or Instagram.  Those images need to be “on brand.”  They’re affecting and influencing the way people perceive your brand and how the react to your brand’s value proposition.  If executed poorly, it can cripple your brand.

However, it might be a good idea to make your internal person the liaison between the practice and the marketing team.  It can make the communication much more efficient.  The scheduling of onsite activities can be more easily coordinated. 

Using Different Messaging

Effective mental health marketing means differentiating your messaging, based on the separate communication platforms you engage.  For instance, what might work in Instagram, may be different from what you would post to LinkedIn.  Understanding your intended target for that message is critical to your success.

Many mental health practitioners understand the need to focus on multiple target groups, which may include:

• Prospective Patients/Clients
• Family Members, Friends and other Influencers
• Referral Sources (e.g. colleagues and associations/organizations)

One piece of content may not properly resonate with needs and concerns of each of these constituencies.

Branding vs. Lead Generation

This is another challenge mental health practitioners need to consider.  Not every marketing agency or firm is the same.  Some are stronger in certain areas. 

There are specific skills required to develop a solid brand concept for a healthcare client.  This goes beyond the logo’s icon or color scheme.  Brand voice and brand positioning are important elements of cultivating clientele from your desired target audience.  However, just because you have great brand assets, doesn’t mean your phone is going to ring.

Lead generation involves systems and tactics meant to strategically place your brand and messaging in front of your target audience.  How those posts and communications are deployed and tracked are core parts of your lead generation activities.  As you might imagine, even if your marketing partner can get your brand placed properly, if the brand itself is off-message or misses the mark when it comes to the cues a target segment needs, your phone still won’t ring.

An effective strategy will combine both brand positioning and lead generation.  Your content should be developed as part of a plan to guide your target audience to a desired outcome, namely, engaging with you or your practice.  Measuring the impact of your messaging and marketing activities will provide valuable insights.  Those insights are important to understand what’s working, what isn’t and thus where you should invest more time and budget.

Honest Conversations

Your marketing partner wants you to succeed.  It’s how we maintain the relationship.  It’s how we build our reputations and it’s at the core of why we’re in business.  We need good feedback, and time to engage with you, to understand how the efforts are working in terms of helping you to achieve your objectives.

Those conversations work both ways.  We may be able to uncover process-issues that are inhibiting your performance.  We know lead generation and intake are important business metrics.  Our experience can be extremely helpful in helping you to grow in ways you weren’t expecting.

Content Generation Tips for Mental Health Marketing

There are 3 basic objectives you should consider when developing your content strategy and topics.  This applies to blog posts, website pages, videos, podcast episodes and others:

1. Educate and/or inform
2. Differentiate you approach or services
3. Describe your patient’s/client’s journey or experience

Be mindful of balancing these objectives. 

You also need to be sure to have a plan for your content.  What’s the purpose of that particular piece?  Is it professional (to preserve your brand position)?

Getting Found on Google and other Search Engines

We briefly explain “search engine optimization” (SEO) and a concept known as “the long-tail search.”  You can structure your content in ways that will work better on search engines.  This can involve the works, the structure and the coding.  At a high-level, this is the foundation of SEO.

Avoid purchasing generic content from a vendor. 

Some syndicated content can be found on other websites.  The vendor is simply selling the same article to multiple clients.  This duplicate content isn’t a good search engine tactic.  Even though it’s content per se, not all content is treated equally by Google et al.  Well-produced content can rank organically, when someone is searching for related information.  This is different and sometimes more effective than buying paid ads (e.g. pay-per-click or Adwords).

Long-tail Search Optimization

Not everyone searches using the same queries.  “Addiction center” is a basic search, often referred to as a vanity phrase.  However, other consumers use more specific or details queries, such as “outpatient rehabilitation center in Jefferson County.”  These types of searches are referred to as “long-tail” searches.  Interestingly, because they’re more specific, they tend to convert better.  Podcasting is a terrific medium for providing long-tail content.

Often, to achieve specific business objectives, your marketer will recommend a balanced combination of paid search and content geared toward organic rank.  Good content can also easily be cross-posted across social media platforms.

Vary the Types of Content You Produce

Depending upon where you post the content, you should consider the audience.  Instagram is a highly visual platform, so written words don’t really work there.  Facebook allows for multiple types of content formats, but brief is usually better.  Videos work well on Facebook.  LinkedIn is a great platform and may accommodate a more in-depth article or video.  When using social media, you can also upload teaser excerpts and provide a link back to your blog or website core page.

Regardless of which social media platform you decide to use as part of your strategy, keep it current.  No one wants to see a “Latest News” section that hasn’t been updated in several months or years.  Trust us, it happens.

Online Reviews

Positive reviews can be extremely be

Episode 22:  The business assumptions, rules and paradigms you used to guide your business through 2020 and previous years won’t necessarily apply in 2021.  Join me for a discussion with Industrial psychologist and business coach Rita Ernst and photographer/brand & image consultant Coral Abood.  If 2020 was the year of pivot, 2021 will be the year of flex.

Rita discusses how her background as an industrial and organizational psychologist gives her a unique perspective in how she approaches her client issues.  She works with small businesses who have achieved significant earnings, but now realize that the tools and approaches the business leader relied upon during start-up may no longer be the right tools, as the business evolves.

Rita can assist with defining the organization structure, roles and responsibilities, culture, etc.  She works to bring clarity to business challenges and to empower the leaders to resolve issues and continue making solid progress.

As a small business owner, do you feel as if your business is running you, instead of you running your business?  Maybe it’s time to engage a business coach to help you.

Coral has been in business for almost 12 years.  She works with businesses to create and/or improve their images and brand positioning.  She often begins with 2 key questions:

• What sets you apart and makes you unique in your marketplace?
• Who is your target audience?

Coral brings a level of intention to how and why the images are going to be used to appeal to the audience and convey meanings.  This is about visual story-telling and your imagery needs to support your brand’s story. 

Evolving Business Require New Skills

I asked Rita Ernst about the importance of recognizing that your skill-set has to change if your business is going to be managed effectively.  Rita understands that when leaders fail to understand this, they themselves can actually be a roadblock to the company’s success. 

Business leaders bring passion and vision to the business.  They have enormous energy to devote to the details, as well as the overall operation.  Delegation of some decisions and/or responsibilities can be very difficult for some people.

The number one result of engaging Rita as a business coach is that the leader is now active spending time working on the business, rather than in the business.  The impact in almost instantaneous.

Rita views herself as a catalyst.  The results created are created by the leaders.  She shares the effort, but in the end, they need to implement the changes and enable the results to occur. 

Perspective and Commitment

Leaders sometimes struggle because they are too close to the situation.  Hiring a professional business coach enables you to consider another perspective.  It’s always valuable to have another pair of eyes on the business challenge.  At the same time, you’ll be forced to speak out loud.  This simple step promotes ownership of the situation and of the potential solutions.

Solopreneurs and small business owners don’t have those multiple layers of support often found in larger corporations.  Besides the need to be really effective in your role, you also need to recognize when it’s time to raise your hand and admit you might not have with the knowledge or skill to effectively navigate your current business challenges.  Industrial and organizational psychologist Rita Ernst is a resource whom you can look toward for help.

Do you ever wonder if it’s time to engage a business coach?  Rita offers a free coaching assessment on her website. 

Rita brings an intentional presence, the ability to listen without judgement and a competency to form observations from a perspective that’s not bogged down by being so wrapped up in the situation.

Recognizing the Impact of Millennials

We’ve heard many stories and read articles about how different the millennials are.  While Gen Xers learned to grind through it and take a DIY approach, millennials are much more into speed.  This generation is very different and, in many cases, are now stepping into larger and larger roles.  They want to connect with people who can help them to “get there” faster.  The legacy norms and perspectives are rapidly being discarded.  It’s sometimes requiring a disruptive change when it comes to your business.  As a leader, you need to be ready.

Tip for Approaching 2021

One of the most important tip Rita recommends is to avoid carrying the negative energy of 2020 forward in to the new year.  There two basic reason:

• Realize the old assumptions you operated regarding your business are irrelevant after this pandemic.
• This is the year of flex. You may need to alter your business practices, processes and expectations.  There’s still a tremendous amount of uncertainty.  It may be time to cast a new vision for your business.

While change can be disruptive and often uncomfortable, with the right perspective, it can unleash a huge number of opportunities for those who are prepared to understand what’s happening and to provide innovative solutions to challenges.  Be optimistic!

Coral Abood’s approach and capabilities are going to be increasingly important as businesses push into this new frontier.  She notes that not only are audiences changing, but more importantly the behaviors of those audiences are also changing.  Her company, Willow Tree Imaging is ready to help you.

Coral focuses on the customer experience when it comes to working with a client’s business.  How to customers interact with the online properties?  What do they expect from that business if they are to buy products and services?  Imagery plays an important role in the customer journey.  It will either draw them in or push them away.

Interestingly, this isn’t just about taking great pictures.  Coral works with a researcher who provides details about the target audience.  This can also impact the imagery the business needs to use in conveying information about their brand positioning and the overall user experience.  This is increasingly important, especially since the onset of the pandemic and the resulting change in customer behavior or patterns.

Returning to the millennials, they tend to be more focused on the experience and emotions and less so on the words.

Coral comments we are the most connected we’ve been, but at the same time, the most isolated.  The message conveyed by the images on your digital marketing are vital to your success.

Visual Story Telling

Willow Tree Imaging works to tell a story through pictures.  Many websites continue to use stock photography.  Coral explains, “If you use stock photography, you’re telling someone else’s story.  You’re not saying what sets you apart from your competitors.”

Effectively telling a client’s story moves beyond pictures.  It’s an obvious lead in to branding work.  It includes a range of brand elements including:

• Imagery
• Font
• Color Choice
• Brand Voice, and more

Consistency across all of your marketing platforms builds consumer trust. 

Coral can work with the business owner to identify key subsets of a customer base related to revenue, margin or other KPIs.  She can then begin to help that owner focus the imagery (and thus the brand experience) to cultivate more of those valuable interactions with the specific subset(s).  It’s akin to working smarter, not harder.

Rita describes how she used Coral to take photos during a client event.  Coral played the role of a “personal paparazzi.”  The result is those particular photos were extremely effective for Rita when posted to LinkedIn in terms of generating Likes and Followers.  The authenticity of these non-staged images are much more impactful.  This is definitely important if your audience includes millennials.

Images and the Dopamine Effect

The power of social media is that is induces a dopamine hit.  When scrolling through posts and images, people are often looking for that image which will cause them to feel an emotion.  The dopamine release results in a feeling of happiness or relaxation. 

For a business owner, effective imaging conveys a response in the mind and subconscious.  The online experience you curate for your clients impacts their next step.  This may be further interactions with your website or page, the setting of an appointment and the eventual purchase of your particular goods and services.

Additional Services

Coral’s unique approach to the branding brings research and knowledge the business owner can rely on, but even more, the approach can also put time back into the owner’s schedule.  She explains a recent discussion with a client that lead to her taking over as the project manager of the website upgrades.  She was able to provide clarity to the developer and copywriter regarding the brand positioning.  When combined with the images she took, the client’s online presence was much more coordinated and effective.  This subtle but important factor is often overlooked.  That neglect can lead to ineffective messaging, wasted time, effort and money.

We discussed an innovative image subscription service Coral offers.  This is an arrangement enabling her to schedule a series of ongoing photography.  This provides many different ways to strategically plan for opportunities, while also being available in an on-call arrangement for a client’s events and/or interactions.

Coral and Rita have worked together for many clients.  Both of these ladies are big picture thinkers.  The ability to approach business challenges from multiple directions provide intere

Episode 21:  Louisville attorney Parker Wornall joins Jim to discuss the work he does for healthcare providers.  His focus includes dental offices, foot and ankle practitioners, APRN practices, chiropractors, mental health practioners, adult day-care practices and others.

There are legal aspects to establishing a practice, developing the internal forms and processes, HR-related policies, regulatory compliance issues, planning for growth and eventually a sale or wind-down of the practice. 

Parker handles both transactional and litigation matters.  Ideally, he enjoys getting involved in the early stages to protect the healthcare provider and the practice.  He works to help avoid potential legal exposure. 

Entity Startup

There are both strategic and practical considerations for the entity structure.  This could include PLLCs, LLCs, PSCs and others.  There are issues surrounding non-provider members (e.g. investors, directors, practice business manager).  Due diligence for the proper structuring of shares may also need to be considered.

Parker has a network of colleagues in related fields, such as CPAs, who can also add valuable perspectives.

Compliance Checks

A thorough review of forms, policies and procedures is extremely important.  While COVID has highlighted some of the compliance requirements from governmental agencies, there are always the day-to-day issues related to the Department of Labor, Kentucky wage and hour and/or Federal wage and hour laws, the Fair Labor Standards act and more.

There are disparities between some of the Kentucky regulations and the Federal DEA regulations.  Testosterone clinics (nurse practitioner clinics) can run afoul of the various regulations because of the various requirements.

Employment Law Issues for Healthcare Providers

Your practice will often include individuals who are there to help run/manage the business.  Some may be salaried, while others could be 1099-based.  You may need to perform adequate reviews of credentials.  How you work with your employees and practitioners may also require guidance from your general counsel.

Non-compete and other restrictive covenants may come into play in the hiring of employees.  Parker can work to either defend the covenant or to prove why one may be invalid.  This can also include the protection of trade secrets (enforceable under the Kentucky Uniform Trade Secrets Act and Defend Trade Secrets Act of 2016).  The 3 common types of restrictive covenants in Kentucky are:

1. Non-Compete Agreements
2. Non-Solicitation Agreements
3. Confidentiality Agreements

Having properly drafted and executed contracts in place, before they are tested, is a smart option to reduce your legal expenses should an action need to be filed or defended.

Insurance Coverage Issues

Parker can help communicate the needs of the practice and its business plan to insurance professionals to ensure the risks are fully considered and adequately quoted.  Often, business specialists tend to look at the issues from a single perspective (e.g. insurance agents, CPAs, etc.).  In the role of general counsel for the healthcare practice, Parker can coordinate with each of the business partners to provide clarity and to maintain a focus on the overall business plan for the practice.

Hiring and Firing

Parker is very familiar with cases involving the Kentucky Human Rights Commission and the EEOC.  At times, these cases can also end up in litigation. 

An interesting issue recently surfaced deals with older employees who were either working from home or off work due to COVID.  If the practice is ready for them to come back to work, but they refuse, you may have exposure to actions under the Age Discrimination and Employment Act, the Federal Civil Rights Act and the Kentucky Civil Rights Act.  Each situation is unique and often complex.  Having proper contract verbiage and documentation can reduce the risk of litigation to the practice. 

Workplace Investigations

These can involve in-house HR professionals, or out-sourced HR resources.  However, some of instances may require the professional to see the advice of legal counsel to determine the best way to approach or handle a particular investigation.  Again, having well-drafted, comprehensive contracts can shield the practice from potential adverse legal actions. 

Medical Licensure Defense

Parker has significant experience defending the licenses of healthcare providers.  Most of the licensure issues are handled before the licensing boards.  Parker has successfully defended both doctors and nurses, as well as other medical providers.

Certificate of Need Applications

Many healthcare providers are required to apply for a Certificate of Need (CON) if they plan to expand a practice or start a practice.  Ambulatory surgical centers, adult day healthcare programs and others are typically required to show a need exists and how their expansion would impact that community need.  Parker can guide the application process.  He will represent the provider at the hearing.  In some cases, existing practices may want to prevent the expansion of a competitive practice.   

Sale, Dissolution or Wind-Down of a Practice

Healthcare providers may decide it’s time to transition the ownership of the practice.  In some instances, the provider receives an unsolicited offer to purchase.  Parker can help in the due diligence of the sale or purchase of the practice.  These transactions are highly complex and involve much more than often appears on the surface. 

There are multiple ways to engage Parker for your healthcare practice.  Fees and billing arrangements can be arranged to best meet the needs of the practitioner or practice at large.

If you’d like to contact Parker:

Phone: (502) 805-2303

Website: https://www.ccgattorneys.com

Thank you for taking the time to listen to this episode.  From more information on business-related issues, visit my website at www.JimRayConsultingServices.com.

Got Podcast?

Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information.

Until next time, remember, if you need help with your small business, Let’s Grow For It!

 

Episode 20:  My good friends Wendy and Alan Hall joined me in the studio for a discussion about the Alan Hall Agency.  They work with various types of insurance.  In June of 2018, they appeared on my small business radio show, Let’s Get It Started.  Their business recently went through some changes, so I thought it would be a good idea to ask them to walk us through the process.

Their business was founded in 2013.  Today, they primarily focus on Medicare, health, home and automobile insurance.  Earlier this year, they relocated their office, just before the COVID crisis.  All things considered, the business is still doing well.

One of the drivers behind the relocation was the opportunity to expand their lines of business insurance policies.  However, that area if far more complicated and takes much longer to process.  The other types of insurance they provide are much more efficient to quote and process, based on their years of experience.

The learning here is that they noticed the strain on their productivity and took steps to make a vital decision for the health of their agency.  Small business owners often simply try to gut it out, often to the detriment to both their businesses and their clients.

The Alan Hall Agency is a brokerage.  They have access to multiple insurance carriers.  Other agencies may be a “captive” agency, which only offers one carrier’s product (e.g. State Farm).  Alan feels the inherent advantage to being a broker is the ability to shop for the best coverage, based on the needs of their clients.

Don’t Buy on Price

Wendy addresses the common mistake of purchasing insurance policies based on price.  There are often gaps in the levels of coverage.  Insurance policies aren’t always apples to apples, because they can be customized to achieve certain types of coverages and premium price levels.  Buying insurance on price can lead to unanticipated risk and exposure.

Automobile Insurance Issues

Alan, Wendy and I have a mutual friend, Steve King of MK CPAs.  In one of Steve’s podcast episodes, Steve discussed the importance of performing a mid-year review for your business.  As your business and personal situations change, your needs often change as well.  Wendy and Alan are happy to help you assess your coverage.

In the area of auto insurance, I described some good coverage recommendations my friend attorney Jim Desmond made to me about the value of maximizing your UM/UIM coverage.  Wendy fully agrees that a minimal price increase to the premium can add thousands of dollars in coverage.  She also described a tragic situation her client experienced after deciding not to upgrade his insurance policy.

Life Insurance Issues

Regarding life insurance and those types of issues, I mentioned how attorney Scott Scheynost recently helped us draft a Will, POA and healthcare directives for my college-age son.  Anytime your children reach the age of 18 or older, they are legally considered adults.  Having these important documents in place, even for young adults, is extremely important; especially when vital decisions need to be made on their behalf.

Taking out a life insurance policy at a young age gives you the advantage of locking in rates at a much lower price that if the individual were to wait until they’re older.  Alan discusses how some policies are considered convertible.

Insurance for Business Owners

One way to protect your spouse and heirs is to consider using a term life insurance policy to pay off the note on a commercial property, should you pass away.  It can prevent them from being burdened with unexpected debt and the loss of your income.

Business owners commonly underestimate the need for proper levels of health insurance and disability insurance.  Unforeseen emergencies can easily place your business at risk.  The sudden decrease or elimination of your income or ability to operate your business is something we don’t like to consider.  Nevertheless, it happens.

Long-term disability insurance can be one of the strategies you can implement to replace some or all of the income you were producing before the accident or illness occurred. 

To contact Wendy and Alan Hall:

502-345-9440

AlanHallAgency.com

Thank you for taking the time to listen to this episode.  I hope you found the information insightful.  To listing to additional episodes of the Grow For It podcast, please visit my small business consulting website, search for it on Apple Podcasts (iTunes), Google Podcasts, iHeart Media Podcasts and other podcast directories.  Be sure to subscribe, at no cost, to keep up with the most recent episodes.

Finally, if you’re interested in developing and launching a podcast for your business or organization, I’d be happy to help.  I provide this service on a regional basis.  Visit my podcast production services page for more information.

Until next time, remember, if you need help with your small business, Let’s Grow For It!

 

Episode 19:  I’m proud to welcome Dr. Frank Raymond to today’s podcast.  He’s Bellarmine University’s Interim Dean of the Rubel School of Business, the MBA Director and my former professor.  In this episode, we’ll discuss how business owners are making sense of the 2020 economy.  There’s a surprise announcement toward the end of the episode, so I hope you’ll listen in for that exciting news.

The economy is dealing with a number of important issues, including the impact of the COVID-19 pandemic, including a virtual lockdown of the economy.  At the same time the country is dealing with extreme social unrest and an upcoming presidential election. 

The June and July economic performance reports are encouraging.  While business owners are looking for certainty, we’re not out of the woods; far from it. 

The Stock Market Isn’t a Complete Indicator of the Economy

There are a lot of speculators in the modern market.  This increases the sensitivity to the news cycle.  Information moves more rapidly.  The reporting is more homogenous than in previous decades.  This results in a market that’s a bit detached from the actual performance of the broader market.

Fear of a second wave of COVID, employees not being able to return due to the closing of a business, supply chain interruptions and other factors are instilling fear in the consumer, resulting in further uncertainty for business owners who are able to weather this crisis.

This Crisis Is Different

Unlike previous crises, this is a healthcare crisis.  It’s risky to ignore the necessary mitigation steps to prevent the spread of COVID-19.  Even if your business reopens, consumer fears may prevent them from walking through your door.

The oil shocks of the 1970s, the dot com bust in 2001 and 2002, as well as the 2008-2009 banking failures were economic crises.  These each had slow, but strong recoveries.

This COVID-19 crisis is different.  We may snap back quickly if a cure is discovered.  People are now adapting to new ways of conducting business.  The adoption of tech-based solutions has accelerated a structural change, unlike the previous downturns.

The China Impact

There’s a lot of negative opinion surrounding China, right now.  Bringing jobs back from China may not be as easy as it sounds.  There’s still an increase in labor costs that must be absorbed and that negatively impacts profitability and innovation.  Meaningful change must be practical and feasible.  This may be more of a challenge that the headlines would lead us to believe.  Unless capital is cheap, it may not offset the increase in labor costs.

CARES Act Stimulus

This necessary program has added a tremendous amount of debt to the country’s balance sheet.  We can’t continue to pump in this massive cash influx.  Dr. Raymond questions where the concern was in previous years?  The impact of current stimulus is short-lived.  We need continued tax relief for small businesses, but more importantly, we need a long-term strategy.

The Payroll Protection Program and the increase in unemployment benefits were still short-term solutions. 

US Tax Policy

The US tax rates are relatively low compared to other countries.  Still, many of the tax cuts are short-term in duration.  Unless they are made permanent, it still doesn’t lead to certainty for medium to long-range budgeting and planning.

Repatriation of overseas held funds is risky.  Who makes the policies and how businesses are incentivized are important.  Still, how they are implemented is critically vital.  Individual businesses will be left to make their own decisions.  Some innovators will lead the way for a larger shift in a desired direction.

Transitional support systems need to be improved to help people understand which sectors will provide specific opportunities.  We should increase efforts in effective training and planning to enable them to get there.

Disruption is Actually Normal

The economic environment is still shifting.  Patience is an advantage, if you can afford it.  Supply chains may need to be diversified.  Your focus on expense control is paramount. 

Tax policy should be simplified to get rid of loopholes.  Level the playing field so companies can plan.

In closing, as a business owner, get back to your company’s core competencies.  Remember, during any economic downturn, many of your competitors are going to pull back, especially in marketing.  You may find opportunities to increase visibility, reach and impact by increasing your market-exposure before your competitors return.  There’s still market share to be gained in advance of an economic recovery.

Important Disclaimer:

This discussion is intended to be an informal exchange of ideas.  These ideas do not necessarily reflect the views of Bellarmine University. Listeners should be reminded that information provided by the participants is not a substitute for getting formal professional legal, financial or other advice. Listeners should seek advice from their lawyers, accountants, tax consultants, financial experts, or other professional advisors before making decisions that may impact their jobs or businesses.