Articles

CARES Act – Coronavirus Aid Relief & Economic Security

CARES Act - Coronavirus Aid Relief & Economic Security

On March 31st, Trilogy Partners hosted a town hall call with over 50 business owners to discuss the CARES Act. We thank our guests who addressed the legal and tax implications of CARES Act. Below is their contact information as well as links to their respective COVID19 Resource Centers: Norris McLaughlin, P.A. Hon. Rebecca Warren, Esq: rwarren@norris-law.com Dolores Laputka, Esq: dlaputka@norris-law.com Norris McLaughlin https://bit.ly/39zjxzb Withum Tax & Audit Advisory Rick Coyne, Partner: rcoyne@withum.com Mike Yarrow, Partner: myarrow@withum.com Withum https://bit.ly/2UWGirx DISCLOSURE: Please check with your trusted professionals prior to acting for your business. This Q & A recap should not replace professional services from legal, financial, payroll, HR, insurance, or consulting professionals. If you need a resource in one of these areas, please reach out to Hal Levenson at hlevenson@gettrilogypartners.com or […]

Read More....

Modifying Your Business Operations During a Crisis

Modifying Your Business Operations During a Crisis

Let’s talk about how are you are modifying your business operations during the COVID-19 crisis. What a difference just a few short weeks can make. Prior to January 2020, when completing strategic plans with our clients, no one could have imagined including a global pandemic crisis as part of a SWOT analysis. However, this is what we face as a nation and now is the time to adjust appropriately. Business owners, including me, all need a plan to minimize disruption and keep our organizations moving forward. The legal professionals at Norris McLaughlin P.A. created a useful and practical tool, a sample emergency crisis response checklist that may be used as a template for your organization. The checklist includes considerations from five critical business areas: Employee & Staffing Business Operations Financial […]

Read More....

How to React During a Business Crisis

How to React During a Business Crisis

Let’s explore how to react during a business crisis. Irony can be a funny thing. I was prepared to publish a blog this week on Selective Exposure and how it relates to business consulting. With the Coronavirus front of mind, it dawned on me that my blog may be taken out of context for those who are unfamiliar with the term and definition so instead, I’ve chosen to go down a different path to convey a message about something I call Selective Reactions. (For those in the world of chemistry, it’s not what you think.) These are strange times, indeed. In a matter of days, our lives have shifted and I’m sure you’ve received countless emails, articles and postings on how to handle it all. As a result of the […]

Read More....

Outsourced Bookkeeping – Taking the Plunge

Outsourced Bookkeeping

I’m often asked by my clients when they should take the plunge and outsource their bookkeeping. Since Outsourced Bookkeeping is a service Trilogy Partners offers, my answer sometimes surprises them. I tell them to do it only when it feels right. There are many advantages to outsourcing bookkeeping such as lowered costs, time savings, maintaining privacy, no training required, better financial reporting, etc. Finding a company that does bookkeeping with controller oversight also provides peace of mind that higher level tasks such tax and audit preparation are done accurately and expeditiously. There are perceived disadvantages too. With good reason, business owners may not want to let a trusted bookkeeping employee go if the role is made redundant. Also, most outsourced bookkeepers are virtual which obviously means no on-site presence. This […]

Read More....

Leadership Development: Vulnerability Redefined

Practicing Vulnerability in Leadership

Recently I read Brene Brown’s 2019 book, Dare To Lead. For years, she has done fascinating research on vulnerability. Her universal message is that vulnerability is actually a strength not a weakness as some, like me, would tend to think. As the leader of a business and a man in his 50’s, vulnerability was not a quality that I felt comfortable admitting, to let alone expressing. For me, I’ve always wanted to be the strong one which meant having all of the answers, armoring up (Brene Brown’s words) and being known for giving, not receiving. This notion was so pervasive for me that my team would sometimes joke that I was in “Mr. Fix It” mode when an issue came up. In these instances, before my team even finished their […]

Read More....

What Should You Do with Excess Profits?

What Should You Do with Excess Profits

What should you do with excess profits? It’s a great problem to have but it can also be difficult to navigate. Imagine your business is pushing out excess profits (business owners often dream of such times). What should you do now that you find yourself with a robust bottom line? Here’s 3 Suggestions for What Should You Do with Excess Profits 1. Place one-third aside for your owners or shareholders as a return on their investment. Make sure you include yourself in order to establish personal financial independence and stability. 2. Keep one-third with the company for future investment. Make sure you properly capitalize the business areas that need attention and will produce results. 3. Put the last third into an employee profit sharing pool. Your people are your greatest […]

Read More....

Artificial Intelligence – Are You Ready for a Braver New World?

preparing for the rise of Artificial Intelligence in business

Have you spent time thinking about or preparing for the rise of Artificial Intelligence in business? It may sound like the distant future, but the dawn of AI in business is just a few short years away. Change is inevitable. There are many kinds of changes that can transform your business environment – market, economic, political, workforce and ownership transition, just to name a few. The one kind of change that I find fascinating and perhaps a bit terrifying is the development of Artificial Intelligence or AI. Within the near future, autonomous cars will fill the streets, manufacturing jobs will be taken over by AI powered robots, “virtual assistants” will work alongside humans in fields such as healthcare, customer service and education. Heck, I already see a robot named Stuart […]

Read More....

In Sickness & In Health

does your business function in your absence?

How does your business function in your absence? In March 2019, I came down with a debilitating health issue. Due to the severity of the illness, I was not able to work full time and missed many days with doctors’ appointments. Even when I was physically able to make it into the office, I did not have the stamina nor energy to put in a full day’s work. I know that my productivity and effectiveness were compromised as a result. As the Integrator at Trilogy Partners, by definition my role is to be the glue that holds people, processes, systems, priorities and the strategy of the company together. You can imagine how terrible I felt knowing that I couldn’t perform to my standard; I felt like I was letting my […]

Read More....

Pain Relief in Business: Return on Investment vs Return on No Investment

Return on Investment vs Return on No Investment

There’s lots of talk about Return on Investment but what about your Return on No Investment? Not sure what I mean. Let me explain. In November 2018, I heard that Tony Robbins, the inspirational coach was coming to Newark, NJ for one of his “Unleash the Power Within” weekend seminars. It sounded intriguing so I signed up. The theme of the weekend reflected one of Tony’s famous quotes: “Change happens when the pain of staying the same is greater than the pain of change.” While at the seminar, I started thinking about my approach with clients. I often used Tony’s quote with those who were struggling with financial, strategic or organizational issues. I clearly saw that they were held back by their limiting beliefs and referencing his quote was the […]

Read More....

Both Sides of the Coin: Fundamental & Behavioral Disciplines

Fundamental Disciplines & Behavioral Disciplines

In my role as an advisor, I’ve encountered many owners who are frustrated with their company’s lack of growth. Oftentimes, they feel that if only their sales increased, then all would be well. That may be the answer in some cases, but through Trilogy’s deep analysis, we often find that the root cause of their challenges lies in both the Fundamental & Behavioral disciplines of business. Fundamental disciplines are the tangible aspects of your business that make up the day-to-day building blocks consisting of: Operations Management – steps and procedures that are updated and constantly improved to drive quality, efficiency, increase revenue, control costs and mitigate risks Financial Management – reporting and analysis, KPI’s, budgets and forecasts People/Organizational – internal structure made up of employees whose skills and experience align […]

Read More....