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In
this issue:
Upcoming
Events
"When
Should a Turnaround Consultant Be Hired?"
by David Kellogg
Breakfast
Brainstorms Calendar
Members
in the Spotlight
Book
Review:
Poor Richard's Branding Yourself Online
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Copyright
© 2003
IMC New England
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Upcoming
Events
Monday,
January 27, 2003
3:00 p.m. - 9:00 p.m.
Sheraton Lexington, Lexington, MA
Afternoon
Workshop
Corporate Responsibility and You:
What every consultant should know about ethics in today's business
climate
with Lee Essrig of the Ethics Officer Assn. of America, Phil
Holberton of the Holberton Group, and Michael Rion of
Resources for Ethics and Management.
Moderated by Harvy Simkovits, CMC
Evening
Dinner Program
Re-Spiriting the Workforce Lessons
from The Corporate Shaman
with Richard Whiteley of the Whiteley Group, author of The Corporate
Shaman
Click
here to learn more...
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When
Should a Turnaround Consultant Be Hired?
by
David Kellogg
There
is no easy answer to this important question, but the factors that
should be considered are as follows:
- Are
the owners not satisfied with the companys performance?
A few of the more common indicators are:
- Financial
losses.
- Revenue
growth lags that of the industry.
- Financial
leverage is increasing.
- Lack
of strategic direction.
- Are
other stakeholders getting nervous? Some of the clear signals
that the lenders are not happy are:
- Loan
defaults.
- More
restrictive loan terms.
- Reduction
in loan availability.
- Higher
loan pricing.
- Extension
of the line of credit for a shorter period than has been customary.
Once
company management, owners or lenders realize that there is a problem,
how soon should an outside consultant be brought in to help?
In all situations, the sooner the better. There are many problems
that occur when companies wait too long to seek outside help. Some
examples are:
- Typically,
the troubled company is incurring losses, burning through cash,
working capital is shrinking or leverage is increasing. Each day
that goes by reduces the companys financial flexibility.
Without financial flexibility, companies are forced to make decisions
based purely on short-term considerations, but these decisions
often in fact hurt the company in the long term.
- If
a company takes the initiative to hire a turnaround consultant,
then they will be able to choose the firm that has the best skills,
pricing and personal fit with managements style. Alternatively,
if the company waits too long, the lender will eventually require
that a consultant of the lenders choice be engaged.
- Once
a borrower is managed in the "workout department" the
lenders relationship with the borrower changes dramatically.
However, if a turnaround consultant is hired when the loan
is not handled in workout, then a plan can be developed which
will be in the best interests of both the lender and the company.
It is truly a "Win/Win" situation.
Conclusion
There
is nothing to be gained by delaying the decision to hire a turnaround
consultant. Those companies or lenders that take the initiative
to improve a deteriorating situation early will have a much better
chance of success.
David
Kellogg, President
Kellogg
Associates
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Breakfast
Brainstorms Calendar
Monday,
January 27, 2003
7:45 a.m. - 9:15 a.m.
Hancock's Coffee Shop, Quincy Marriott, Quincy, MA
Note: Date changed due to holiday Jan. 20th
Friday,
January 31, 2003
8:00 a.m. - 9:30 a.m.
The Hampton Inn, Sturbridge, MA
Note: Date changed from originally scheduled date of Jan. 17th
Monday,
February 3, 2003
7:45 a.m. - 9:15 a.m.
Bickford's Restaurant, Manchester, NH
Monday,
February 10, 2003
7:45 a.m. - 9:15 a.m.
Rebecca's Café, Burlington, MA
Monday,
February 24, 2003
7:45 a.m. - 9:15 a.m.
Hancock's Coffee Shop, Quincy Marriott, Quincy, MA
Note: Date changed due to holiday Feb. 17th
Want
to host a Breakfast Brainstorm in your area? Contact IMCNE President
for details.
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Members
In the Spotlight
Marisa
D'Vari (Deg.com
Communications) gave a seminar at IMC's Confab 2002 in Reno in October
2002 entitled, "How to Achieve Celebrity Status As a Management
Consultant."
Isn't
it your turn to be in the spotlight? Send your name, your business
name and 1) recent awards/distinctions/professional certifications
you've received; 2) public speaking engagements; and 3) published
articles. (Be sure to include key facts, such as when, where and
for whom.) You must be a IMC member or affiliate to be featured.
Send
; indicate Subject: IMCNE spotlight
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BOOK
REVIEW
Poor
Richard's Branding Yourself Online
by
Bob Baker
Top Floor Publishing, 2001 $29.95
Imagine
a normal business day. You dress professionally and project sincerity
in all interactions, since you know it's this "personal connection"
that turns prospects into clients.
So,
how are you perceived online?
Just
as you would never venture out of the house with mismatched shoes,
failing to "brand yourself" online ruins the reputation
you worked so hard to build.
Enter
the Need for Internet Branding
In
Branding Yourself Online, Bob Baker explains how consultants
can brand themselves via email, their web site, through an email
newsletter (called an ezine), and even "brand" themselves
via discussion group email.
For
example, in the chapter about using email to reinforce your brand,
Baker discusses the use of signature files (catchy slogans that
motivate the reader to click on the link leading to your services)
subject lines, necessity for short sentences, your brand identity
statement, and more.
Much
discussion is devoted to web site branding, with Baker urging consultants
to "keep it simple" and maintain a uniform theme. Of special
note is Baker's suggestion of adhering to the three-click rule,
which means any piece of information on your site should be no further
than three clicks from the home page. Baker is also a fan of interactivity,
and suggests that you create polls, surveys, quizzes, and chat rooms
as a way to more intimately involve people on your site.
More
than a book, Branding Yourself Online is more of a course, giving
you the basics of Internet Branding 101. Even if you have a webmaster
and other tech experts designing your web, this is a book to keep
handy on your reference shelf and refer to often!
Marisa
D'Vari, President
Deg.Com Communications
is a communications consultant in Boston, MA and the author of several
books. Two of the latest are Presentation Magic: Dazzle and Deliver
Talks with Confidence, and Media Magic: Profit and Promote
with FREE Media Placement. Both are available at her web site,
with the added advantage of free teleseminars via her web interface,
Club Deg.
Read
any good books lately?
Book reviews of up to 150 words are needed monthly. Business books
and those you found helpful from other genres are of special interest.
Send
; indicate Subject: IMCNE book review
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