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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Less IS More: Why Fewer Goals Lead to More Success

Fewer Goals Lead to More Successes

What are your goals for 2020? You may have a long list but setting fewer goals can actually lead to more success. When I joined Trilogy Partners years ago, the company had just started practicing the Entrepreneurial Operating System® (EOS®) and I had no idea what it was. I had to educate myself and delved into Gino Wickman’s book Traction. I became immediately enamored by the simple, clean, and structured operating system. The thought of being accountable for quarterly goals or rocks which is a major part of EOS® was enticing to me as I thrive on actionable items. My inclination was to go full throttle and assign myself as many quarterly rocks as I could handle which I figured was 5-7, no problem. Fast forward 90 Days. Gulp. There […]

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Thinking About Transitioning Away from Your Business?

Transitioning Away from Your Business

Are you thinking about transitioning away from your business? There’s a startling statistic out there for us baby boomers. According to the U.S. Census Bureau’s 2017 National Population Projections, all baby boomers will be older than 65 by 2030 which means that we need to be preparing for retirement…NOW. At Trilogy Partners, we’ve seen the trend of business owners who are seriously contemplating the transition out of their business whether by selling, merging or shifting from the top role. I commend those owners who have the courage and foresight to recognize that their business will or should outlast them. It’s a hard pill to swallow. When owners come to us looking for support and guidance, they often think we will start with the typical process: 1. Reviewing both company and […]

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Staying Focused for Success in Business

Staying Focused for Success in Business

I’m often asked about the secret to success in business. I’m tempted to run off a list of points like understanding your financials, finding a mentor, taking calculated risks, filling a need in the marketplace, etc. While those elements have undoubtedly helped in my 30 years of entrepreneurship, the secret to me is a simple concept – Staying Focused. Staying focused is a simple concept, but adhering to it is another story. As a Visionary and Entrepreneur, I naturally generate new ideas each day. These ideas are not burdensome to me, in fact, I thrive on them. I truly believe that each one has merit and would love to see my concepts come to light. More idea generation means more forward movement and growth. Makes sense, right? This is where […]

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