Lori Stuckert

Improve Your Decision-Making (and Critical Thinking) Skills

By Dave Ramsey, CEO, Ramsey Solutions

Being a leader means facing problems that don’t have easy solutions and making decisions that feel way above your pay grade. But if you want to win big in business, you’ll have to face uncharted territory time and again—even when it comes to decision-making.

Hey, welcome to leadership!

So, how do you get the confidence to see challenges as opportunities and make hard calls? You develop decision-making skills. When your decisions aren’t complicated, your automatic decision-making process kicks in so you can choose quickly, almost instinctively. But often in business, the stakes are higher—leasing or buying a building space, making the right hire, or expanding your market reach—and you could lose a huge chunk of change, time or trust if you make the wrong decision.

That’s when it’s time to call in these critical decision-making skills:

Reasoning – This is when you analyze details and weigh the pros and cons logically with emotions in check so you can stay neutral.

Intuition – At the other end of the logical, facts-based spectrum, you’ll find natural instincts. Intuition is less about analyzing deeply and more about following feelings and gut checks. As you gain more experience, you can give more weight to your instincts.

Problem solving – If you’re feeling overwhelmed by a big problem, try breaking it into smaller ones. It’s easier to unravel issues one knot at a time.

Creativity – This is problem-solving’s best friend. Creativity leads you to new ways of thinking and better ideas.

Emotional intelligence – The best decision-makers are cool, calm and collected folks, who are aware of their emotions and express them in healthy ways. That’s emotional intelligence. And when you use it, you’ll manage stress better and process decisions easier.

Time management – Time is your friend when you manage it well. But it’s your worst enemy when you don’t. That’s why it’s so important to know when to slow your roll, and let a decision simmer and when you need to charge ahead. Make sure you control the timing of a decision instead of letting it control you.

Teamwork – Your best bet for making a complicated decision is to call in a special operations team. When you get the right mix of personalities and experiences beside you, you’ll learn more, come up with better ideas and conquer challenges faster.

How to Improve Decision-Making Skills

You’re not wrong if you’re sweating a little at the thought of how much practice it takes to develop these skills. Great decision-making takes work, and these do’s and don’ts will help you improve your decision-making ability and raise your critical-thinking skills:

Do:

  • Get enough sleep so you can think clearly.
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  • Take the right amount of time to decide. Acting on impulse is foolish and dangerous, but so is thinking yourself to death. If the impact of the decision is small, don’t waste too much time making the call. But if it’s big or risky, spend more time thinking it through.
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  • Set a deadline, or let the actual deadline sink in. This will help you overcome procrastination or freezing in fear of making the wrong choice.
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  • Understand that deciding not to decide is a decision. Sometimes it’s the best one you can make for the short term.
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  • Learn how to delegate so you have more brain space to make decisions.
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  • Teach your team to bring you several possible solutions, not just problems. If they come to your office with a problem and try to drop it on your desk for you to solve, teach them how to solve it, and tell them to take their problem with them when they leave.
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  • Gather several options. Options are the fruit of creative thinking and lead to amazing solutions. You’ll feel more confident and stay in the driver’s seat when you gather ideas and information, study what you’re dealing with and conquer what might’ve seemed impossible before.
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  • Play out your worst-case scenario. When you think through the worst that could happen, you’ll see that making the call won’t kill you—even if you’re wrong.
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  • Commit to your decision and follow through.

Don’t:

  • Make decisions when you’re mad, afraid or weak. Come at them calm and classy.
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  • Dwell on the roads not taken. Be bold. You can always course-correct if you get new information.
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  • Forget your guiding values. Stay aligned so you can keep your priorities straight.
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  • Let negative voices influence you. Criticism and opinions come with the territory when you’re leading. But opinions are a lot like armpits—everybody’s got them, and most of them stink. Go win, and win big in spite of critics.
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  • Get distracted by too many options or feel limited by too few options. Find the sweet spot so you don’t get bogged down by infinite choices, but also don’t settle on dumb and dumber. There’s no perfect decision.
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  • Doubt yourself once you decide. It will rob your satisfaction and momentum.   

It has been said that tolerating a problem has the same consequence as not identifying it—disaster. But mastering decision-making skills gives you muscle to weigh your options wisely and make hard, brave choices.

* Leadership and small-business expert Dave Ramsey is CEO of Ramsey Solutions. He has authored eight national bestselling books, including EntreLeadership, and is a host of The Ramsey Show, heard by more than 18 million listeners on more than 600 radio stations and multiple digital platforms.

Reveal Business Information Gradually

By Bob Wolter, Creative Business Services

It’s easy for a business owner to get excited by an inbound request from an interested prospective buyer and eagerly respond with all of their business’ information. That’s a mistake. There are three main reasons why business owners should slowly reveal information to prospective buyers:

  1. Buyer stimulus

Individuals who own and operate their firms or deal with mergers and acquisitions (M&A) advisors are well aware that presenting just the right amount of information can sway the market. While releasing all your proprietary information at once can be intimidating, supplying it in stages can help you develop a greater connection with a potential buyer.

  1. Competitive tension

Rather than focusing all of your resources on a single buyer, encourage creating a competitive rivalry with a few key buyers. By gradually exposing information to multiple clients, you may be in a position to negotiate more favorable agreements.

  1. Favorable outcomes

Beneficial outcomes also include competitive tension, which may assist in keeping a contract on track throughout the transaction process. Multiple bidders in attendance encourages potential buyers to adhere to the deadlines and avoid extending negotiations.

  • Business owner’s support team

It is critical for the seller to retain an experienced M&A attorney rather than a general attorney.

Additionally, apart from being advantageous to the seller, an intermediary (investment banker, M&A advisor or business broker) is similarly helpful to the buyer and greatly increases likelihood of a successful sale.

Selling your business is a process that needs identification of appropriate “who’s who.” This targeted list is likely to generate many offers for your company, providing you with a competitive edge and increased probability of the best value for your company.

  • Elements to consider when selecting an intermediary

M&A advisors fall into two categories: generalists and specialists.

The generalist will have to scramble to understand your business and what makes it an appealing opportunity. Most likely the generalist will not have connections with potential buyers or strategies.

The specialist in your field already understands the specific industry and will have a good sense of how your business operates. Working with a specialist M&A advisor provides a smoother process for you, not to mention the specialist’s valued relationships with potential buyers which enable him to implement a most efficient approach. As a result, buyers are better able to discern what makes your business unique. Additionally, a buyer’s relationship with the specialist is also valuable, as subsequent purchases are likely.

When interviewing prospective intermediaries, ask them to describe what distinguishes your firm from others. It’s always a red flag when they group your business with others in the same industry not knowing the features that make your business unique. Classifying your business as a commodity can reduce the value of your business.

  • Establishing a relationship with an M&A advisor may take time

It is strongly recommended that you take the time to develop long-term relationships with a few qualified M&A advisors. Select a reputable advisor that you are most comfortable with. A relationship with an M&A advisor is a two-way street.  If feasible, catch up several times a year to share an update on what’s going on with your business. When you have decided it’s time to sell, your M&A advisor will prepare you for the process ahead.

  • Buyer beware: Private equity groups (PE) versus strategic acquirers

Neither are good nor bad, but it’s important to enter into conversations with an understanding of their motivations. The PE strategy in its crudest form is to buy low and sell high. They usually pay a little less than strategies, they use debt and they’ll attempt to sell at a higher multiple a few years later.

Professionalization is required to increase the profitability of an acquired business. In most circumstances, business owners find it incredibly difficult to upgrade corporate processes and protocols to enhance revenues.

But, if you know this going in, it can inform communication and, ultimately, the terms and conditions of the deal. Ask Private Equity groups what they stand to gain by doing so.

Developing a relationship with your buyer during the transaction process will give you a sense of what to expect after the sale. On the other hand, if you believe the PE group can have a significant impact on your business in the future, you may wish to acquire a sizable equity position in the new venture.

The seller conflict is, if I’m going to put a lot of eggs in one basket, I want to own the basket. It’s important to understand that when you sell your business, even if you roll your equity, you’re selling control in most cases.

  • Incentivizing buyers and sellers through managing conflicts

It is critical to understand the incentives of everyone involved in a transaction — from the accountants to the intermediary to the buyer. Incentives exist for all parties engaged in a transaction

Example: When the business began, it utilized a profit-sharing structure. PE acquired the business. PE will be the sole beneficiary of the profit-sharing arrangement. The proprietor of the business, on the other hand, may argue that profit sharing is required. Divergent perspectives may come from the incentives offered by each side. Prioritizing profit over corporate culture has the potential to result in long-term decreased profitability.

PE firms will adopt this hands-off portfolio company management strategy where it makes sense.

There’s a real opportunity in private capital markets to create flexible capital solutions that can expand the way owners and capital partners work together.

While business owners may believe that selling their company is a once-in-a-lifetime event, this is not necessarily the case. Typically, the selling process is gradual. Earn-out clauses and other arrangements that commit you to a business for an extended length of time after the sale are relatively frequent. Entrepreneurs should start the selling process earlier than what feels comfortable in order to improve the business.

  • COVID-19 and the decision to sell

Today’s day-to-day transactional business owners are obsessed with market values. For the buyer, who values a business based on its trailing 12-month earnings, and the seller, who loves the business based on its pre-COVID performance, the goal is to identify common ground on which both sides can agree.

For acquirers, determining a firm’s economic cycle vulnerability is based on its performance during COVID. In the buyer’s eyes, the less susceptible item is the more valuable.

A survey of business owners pre- and post-COVID found that they are now much less likely to pass their businesses on to family members. According to the theory, business ownership has been too stressful during COVID, and they want their offspring to avoid the hardships of business ownership. They’d welcome the option of appointing someone else to run it.

By generating consistent recurring revenue, you can build resilience against future downturns. Entrepreneurs may benefit from the challenge of securing recurring revenue. To enhance revenue, segment your clients into highly targeted, homogeneous cohorts with exact and unique needs for your products or services. Once you’ve identified the recurrent income streams common to those businesses, you will be able to build new revenue streams on which you may rely.

  • What knowledge or talent would you impart to the global business community if you were emperor for a day?

Curiosity possesses actual strength. It’s the interest that drives people to solve problems, and conquering obstacles propels them onward. Curiosity has been the superpower of countless entrepreneurs throughout history. We improve our talents by becoming more proficient in them.

Bob Wolter is Mergers & Acquisitions Advisor of Creative Business Services/CBS-Global.

Call us to 920-432-1166. All your inquiries are strictly confidential.

Prioritize Human Connection in the New Year

By Dr. John Delony, Ramsey Solutions

We live in a crazy world where we get into heated debates with strangers on the internet and show we like stuff by pressing tiny digital hearts. Who came up with this weirdness? And as we have more and more digital interactions, the data shows we’re losing actual human connection. A report by Harvard suggests that about 36% of Americans (including 51% of mothers with small children and 61% of young adults) experience “serious loneliness.”1

And even though we tend to see independence as a strength, the stress of disconnection contributes to a ton of issues, including substance abuse, anxiety, depression and heart disease.2 Those are some pretty high stakes—which is why we need to do what we can to change those statistics. Here’s what we all need to know about human connection and how to achieve it.

What Is Human Connection?

Human connection is what happens when two or more people choose to engage in vulnerable interactions where each person is heard, seen, known and valued. You’re connecting with others if you feel better about yourself, or the world, after you’ve been with them. At the same time, connection is a risk because people may accept you, challenge you, love you, or call you out.

For your closest relationships, connection is being fully known and fully loved. Sadly, most of us believe we have to choose between being known and loved. We hide and edit parts of ourselves that have gotten us hurt before. We live in the shallow end of our relationships, afraid to go deep because of the potential consequences.  

But real connection is like scuba diving. You can’t stay on the surface if you want to have rich and meaningful relationships.

What Human Connection Isn’t

Close and intimate relationships might sound like rainbows and butterflies, but they’re actually super messy. Sooner or later, you’re going to screw them up. You’re going to be disappointed. But a messy relationship doesn’t always mean you’re doing something wrong.

Human connection isn’t digital. Snapchat, TikTok, Twitter, Instagram, Facebook and any other platform I’m not cool enough to know about do not foster human connection. They can act as a starting point or provide information updates, but they don’t offer the depth and excitement of true connection.

Human connection is not proximity, either. You can be close to someone physically but not be connected to them. If you’re married, you know what it’s like to be in the middle of a fight or struggling to get on the same page: That six-inch space between you in bed can feel like 1,000 miles. Connection needs proximity, but proximity does not guarantee connection. 

How to Find Real Human Connection

Learning to connect with people is a lifelong adventure. It’s going to look different for everyone, but here are a few practices to help steer you in the right direction:

Put your screens down

Technology is often counterproductive to connection. As much as possible, choose movement and/or conversation with people over screen time. A new rule in my home is this: When someone speaks, all phones go down and all eyes go to the person. I want everyone in my home to feel more valuable than a flashy metal box.

Schedule time with people

Quality time comes from quantity time. If you want connection, make time for it. Turn off Netflix and call a buddy to invite them over. Stop spending your nights and weekends checking in on work, and have dinner out together or take your kids to a park. Make time for people.

Look people in the eye

This one seems pretty basic, but it makes an incredible difference in how connected you feel to someone. Eye contact is a simple and powerful way to create connection. And while you’re looking people in the eye, put down your screens and take out your headphones or earbuds. Physically demonstrate that you’re connected.    

Ask questions, then listen

When people are talking to you, pay attention. Listen. Focus on what they’re saying. Ask follow-up questions. Dig deeper. Show people you care by practicing the art of conversation. 

Be generous with forgiveness and grace

Relationships are risky, and they are messy. We live in a cancel culture that is constantly putting people on trial, scrutinizing their every move, and giving them death sentences for their first offense. Be different. Forgive. Be hospitable. Extend grace, compassion and forgiveness to people‚ just like you’d want someone to do for you. Redemption is the best part of every good story.

Find groups that matter to you and be an involved member

Connection should first happen in our most intimate circles with friends and family. But eventually, we should all consider how we can be an engaged member of the larger community around us. From church to school to nonprofits to local politics, follow the thread of interest that connects you to a group of people you care about. Be present. Be engaged. Let your walls down. Remember, connection is a choice. Proximity alone won’t do the trick.

If you remember nothing else from this article, please hear me on this: You are worthy of having deep, life-giving relationships. I’m talking about the kind of relationships that keep you up past midnight in deep discussion, make you laugh so hard you pee your pants, and push you to take risks and grow and change. Do whatever it takes to be well and learn new skills. Do what it takes to heal. If that means forgiving people, do it. If it means forgiving yourself, do it. If it means working with a therapist, do it

You deserve to be happy, healthy and whole. And there’s no better time to make this happen than right now.

* Dr. John Delony is a mental health expert with PhDs in Counselor Education & Supervision and Higher Education Administration from Texas Tech University. Prior to joining Ramsey Solutions in 2020, John worked as a senior leader, professor and researcher at multiple universities. He also spent two decades in crisis response, walking with people through severe trauma. Now as a Ramsey Personality, he teaches on relationships and emotional wellness. Follow John on TwitterInstagramFacebook and YouTube or online at www.johndelony.com.

Facing Your Mortality with Proper Exit Planning

By Michael Schwantes, Creative Business Services

An estate plan or buy-sell agreement is no substitute for an exit plan if you have to unexpectedly sell your business. Exit planning covers a wide variety of factors and ensures a smooth transaction that has arrangements in place for elements including everything from your staff and vendors to landlords and leases. Exit planning with a qualified M&A advisor will also ensure that when you sell your business to take on another venture or retire, you will get maximum profit with minimum hassle.

Life Happens!

All entrepreneurs and business owners are immortal until they are not. If you have an emergency exit plan with contingencies for your unexpected demise this will help your heirs to settle your business affairs more quickly and profitably.

What if you don’t unexpectedly pass away, but still have to sell your business long before you planned to? Approximately 40% of all people, including business owners, retire early for health reasons. In these unfortunate circumstances, it probably means your business has suffered.

However, if you have an exit plan created with the help of a trusted advisor, you won’t have to resign yourself to taking a lesser offer. You will most likely be able to avoid dealing with a long and drawn-out process that further exacerbates whatever difficult life circumstances might be forcing you to sell.

What If Nothing Happens?

What if you live a long and successful life and head into retirement as planned? Your estate plan or buy-sell agreement are again fairly useless. If you don’t have a solid exit plan, you may end up working a lot longer than you planned, as the sale process drags on. Or it may fail entirely due to small details that have derailed many a business transaction.

If you want to enjoy the fruits of your labor, you will probably be relying on converting some of the equity in your business to support your retirement lifestyle. For most owners, their business is a liquid asset. You will need a way to access the cash locked within it.

You will also need to spell out how you will exit the business. Will your exit be at the closing or will it be sometime later because you agree to staying on as a consultant to facilitate a smooth transfer? What happens to your employees, with your partners, vendors and other people you have agreements with? The good news is that if you to begin your exit planning with a qualified M&A advisor, all of these issues will be resolved when you are ready to sell your business.

Exit Planning is for the Living 

A good exit plan will ensure when the time comes to sell your business, you will be ready and will enjoy a virtually hassle-free process. The end result will be that you gain maximum profits so you can enjoy your post-businessowner life to the fullest.

Michael J Schwantes is President & CEO of Creative Business Services/CBS-Global.

Call us to 920-432-1166. All your inquiries are strictly confidential. 

Generosity Isn’t Just for Christmas

By Rachel Cruze, Ramsey Solultions

No matter what your holiday plans look like, one thing most people can agree on is that giving is a huge part of the Christmas season. And it’s fun to think about our own wish lists, of course. But somehow, it’s even more fun to give and be extra generous during this special time. But here’s the thing: Generosity shouldn’t just be a priority at Christmas. What if we committed to being generous so often that it actually became a habit—something we naturally do all the time?

Growing up as Dave Ramsey’s daughter, my parents taught me the importance of giving from a very early age. In fact, one of my favorite memories from my middle school years (and trust me, there were many—I’m a 90s kid) is the time my dad gave me a unique opportunity to participate in outrageous generosity. My sister, Denise, and I were watching TV one Saturday morning when my dad came in and said, “All right, girls! You’re going to do something a little different today.”

He then handed each of us a massive envelope full of cash and said Denise and I were going to take two teenage girls shopping. He explained that he’d already made a phone call to a local outreach program and set it up. I wish I could say we were instantly on board and ready to serve, but that was not the case. I mean, we were teenagers after all, and we didn’t even know these girls! Honestly, it sounded kind of awkward.

We jumped in the car anyway and headed to pick up our shopping buddies for the day. Once we got to the mall, we pulled fun pieces for them to try on, swapped out sizes while they were in the fitting rooms, and had so much fun. It felt like we were in our own episode of an early 2000s makeover show.

Eventually, we made it to the cash register. As we handed the employee our wads of cash to pay for their items, one of the girls started crying. I’ll never forget that moment. She looked at us through tears and said, “I just can’t believe this is my life right now. I don’t know how I’ll ever thank you.”

Looking back, that experience was super formational for me as a 13-year-old kid. At the time, I remember feeling pretty out of my comfort zone, but I’m thankful my parents gently pushed me to do something new because it ultimately laid the foundation for a lifelong love of giving. And today, I can honestly say that giving is one of the main reasons I choose to live a debt-free lifestyle. Generosity motivates me to be smart with my money so that I have more to bless others with.

And you know what else? This act of generosity helped us grow closer as a family because it was a team effort! My parents gave up something they had (money), and Denise and I gave up something we had (time). Not only did I get to share quality time with my older sister and our new friends, but I also got to practice being a good steward of resources that were never mine to begin with. And isn’t that what generosity is really about? Not just during the holidays, but all the time.

I hope this little memory inspires you this holiday season. But what I really want is for you to take the spirit of giving into the new year and beyond.

And don’t forget, money isn’t the only thing you have to offer! You can give your time, talents, possessions and so much more to make someone’s load a little lighter. Here are three steps to help you make generosity a habit all year.

  • Make a commitment. Decide that you’re ready to get serious about making some sacrifices and invite people in your life to partner with you.
  • Do some brainstorming. Make a list of non-money “gifts” you can be generous with, like a professional skill that can serve someone else or a knack for hosting and hospitality.
  • Balance your budget. Create realistic margin in your monthly budget so you have the funds to fuel your giving habits.

The practice of giving takes intentional thought and preparation, so start with these simple steps today. And hear my heart on this: You don’t have to immediately start giving away huge envelopes of money like my dad did, but I hope you choose to believe that generosity is possible at any income level.

Happy giving!

* Rachel Cruze is a two-time #1 national best-selling author, financial expert and host of The Rachel Cruze Show. She has appeared on Good Morning America, TODAY Show and Live! With Kelly & Ryan, among others. Since 2010, Rachel has served at Ramsey Solutions, where she teaches people to avoid debt, save money, budget and how to win with money at any stage in life. Follow Rachel on TwitterInstagramFacebook and YouTube or online at rachelcruze.com.

The Culture in Your Organization

By Grandy & Associates

The success and endurance of your business is highly influenced by its culture. The culture is determined by the practices, values and expectations of the entire organization. Culture is your organizations overall character.

A healthy organization culture represents its desire to create, establish and encourage a positive environment. Culture is developed through its actions and behaviors, not its marketing and policies. You can observe a company’s culture when its leadership is challenged with a crisis, how the company responds to a change in its business environment, and how the team is praised and/or disciplined.

Culture is one of the major advantages when hiring and attracting new talent for your organization. Most workers consider a company’s culture before applying, and almost half of employees would leave their current roles for a lower-paying opportunity at an organization with a better culture. The culture of an organization is also one of the top indicators of employee satisfaction and one of the reasons that almost two-thirds of employees stay in their job.

If a potential employee’s point of view doesn’t match your company culture, internal struggles are likely to be the result. Organizations should hire for culture, and support it during the hiring process and onboarding. Practices and expectations must be taught and values should be communicated.

In the hiring process, ask questions focused on cultural fit, like what matters to the them and why they are attracted to working at your company. These questions shouldn’t be the only determining factor when evaluating a candidate. Organizations must keep an open mind to different views that may keep their culture inviting and current.

Your employees, just like your customers, expect tailored experiences so you need to focus on ways to help each team member identify with your culture. Once you start treating your employees with the same care you treat your customers, a culture that inspires each employee within your organization is sure to develop.

Building a workplace culture that can handle challenges requires establishing strong connections between team members. Encouraging collaboration and engaging in team building activities, even when working remotely, are ways to bring your team together and promote communication.

Encourage shared personal interests between team members. This can create new pathways for understanding and empathy that are essential to improving communication, creativity, and even conflict resolution.

Recognizing the contributions of all team members has a far-reaching, positive effect on organizational culture. When everyone on the team recognizes the accomplishments of others, individuals start to see how they’re part of a whole. Employees want to know their work matters and they notice when they aren’t appreciated by superiors. When an organization makes appreciating employees’ part of its culture, employee engagement, retention, and productivity improve.

Making recognition part of your culture means it must be a regular occurrence, not something that is only reserved for major achievements or work anniversaries. Encourage team members to practice frequent social recognition, in addition to monetary recognition. Providing social recognition on a consistent basis has a remarkable business impact. Companies that invest in social recognition increase the odds to improve individual performances.

Your company’s success in building a strong workplace culture rests in the hands of team leaders and managers. Your leadership team can help build the culture you need by prioritizing it in every aspect of their work lives. They need to openly and clearly discuss the organization’s culture and values, and they should also be prepared to include feedback from employees into their cultural advocacy efforts. Leaders need their employees’ perspective on culture. When employees see leaders living your culture, they’ll follow suit.

Great workplace cultures are developed by employees who are continually learning and companies that invest in staff development. Training initiativescoaching, and providing employees with new responsibilities are all great ways to show your team that you’re invested in their success.

A culture of learning has a significant business impact on both, the business and employees.

Ultimately, leadership needs to take center stage in your recognition efforts, as they’re the cultural trendsetters for your entire company. As leaders, your actions and efforts are being evaluated, assessed and will impact your culture. Include recognition training and implementation into your leadership and share ideas and processes with managers on how to recognize others and why it matters.

Your culture needs to align with your organization so they feel valued, supported and comfortable. Companies that acknowledge the significance of its culture time and again, endure the difficult times and challenges and even emerge healthier and stronger.

If you want to make sure that your team is meeting your Key Performance Indicators, take a look at this month’s special of ProfitSmart KPI TrackerNormally it is $399.00 but this month is only $299.00.  Enter coupon code ps25 at checkout HERE.