Shop Talks

Shop Talk Series

Welcome to the EBITDA Growth Systems’ (EGS) webinar series that we call “Shop Talks”.

“Shop Talks” were designed to provide owners of small-to-medium sized manufacturing organizations to come together in a more informal setting to discuss some of the challenges that we are all facing.

Each “Shop Talk” is free and will be limited to 8 participants in order to remain true to the original small group design.

The following are brief descriptions for the first three “Shop Talk” topics.  Feel free to select and join the “Shop Talk” that best suits your current needs.

Shop Talk #4

What’s your number?

July 16, 2020
9AM MST

“What’s Your Number?” Business owners should be thinking about the necessary steps that prepare them for a successful & profitable exit. This session will cover the following topics:

  • Where are you at now and what steps are you taking to get you to your desired “number”? What is the current gap?
  • How much is your company worth?
  • How much cash will you need to fund the retirement
    that you desire?

    Many experts recommend that working adults plan to have 70-80% of their pre-retirement income to use in retirement. We will debunk myths and misconceptions about valuation, investment strategies, and calculations that should help you plan for a profitable & successful exit.

Shop Talk #5

Closing the Gap

August 5, 2020
12:30PM MST

Closing the Gap

This topic is designed to engage with Baby Boomer business owners, and to get them thinking about the steps necessary to prepare for a successful exit.
Once the business owner has identified the gap between what they will need for retirement and the current valuation of their company, they will need to develop a plan to close it.

To close the gap:

1.    Must identify True North

2.    Invest in your People

3.    Have repeatable Processes

4.    Sustain a healthy Culture

Shop Talk #6

Planning for Execution

August 12, 2020
9AM MST

Planning for Execution

Business owners don’t plan to have “survival profits”; they get “survival profits” because they don’t plan to get “thriving profits”!
We are going to explore a working definition of a plan.

We are going to explore the important role that planning plays in enabling the business owner to step out of the “whirlwind” and work on the business (Urgent/Important Matrix).

We are going to explore the important role that planning plays in moving the business owner well beyond “survival profits” to experience the life changing impact of “thriving profits”.

Shop Talk #7

Executing Flawlessly

September 2, 2020
9AM MST

Executing Flawlessly

Planning gets all the cachet and all the ink, but the most creative, visionary strategic planning is useless if it isn’t translated into action.  Especially now, in a sluggish economy, execution takes on greater importance.  It’s what separates the companies that prosper (experience “thriving profits”) from those that simply survive or go under.
The execution phase forces the business owner to translate their broad-brush conceptual understanding of their strategy/plan into an intimate familiarity with how it will all happen –

·         Who will take on which tasks in what sequence?

·         How long the tasks will take?

·         How much they will cost?

·         How they will affect subsequent activities?

EGS resources come alongside the client company leadership team to provide a bi-monthly accountability rhythm to the flawless execution of the strategy/plan that guarantees “thriving profits”.

Shop Talk #8

Understanding Interpersonal Communications

September 9, 2020
9AM MST

“The enemy of communication, we find, is the illusion it has taken place.”
Effective communication = Successful use of the 2-Way Communication Model

Explore the fact that Communication isn’t the objective of good leaders.  Understanding is the objective. Communication is simply the most important tool for accomplishing Understanding.

In simple words, Understanding is nothing but the presentation of views by the sender in a way best understood by the receiver.

Explore some important factors that impact effective communication and enhance understanding:

·         Active listening

·         Simplicity

·         Straight forwardness

·         Feedback

·         Speaking clearly/articulation

·         Knowledge of the receiver / audience

·         Relationship between the sender and the receiver

Shop Talk #9

Employee Retention

October 21, 2020
9AM MST

 

Many organizations treat their employees like they’re a dime a dozen. These companies think that even their best workers can easily be replaced, particularly in today’s tricky economy where there’s no shortage of folks looking for work. 

They’re wrong.

Great businesses understand the importance of keeping their employees for a long time. In doing so, they don’t have to regularly spend the time and money necessary to replace employees – which could devastate their bottom lines.
Employee retention – the “why”

Three main reasons why employee retention is of critical importance:

1.    It is extremely expensive to lose an employee – lose of knowledge

2.    It is extremely expensive to lose an  employee – lose of productivity

3.    It is extremely expensive to lose an employee – opportunity cost

Employee retention – the “how”

The following are 10 ways to boost employee retention:

1.    Train your Managers

2.    Onboarding and orientation

3.    Employee compensation

4.    Communication and feedback

5.    Annual performance reviews

6.    Training and development

7.    Recognition and rewards systems

8.    Work-life balance

9.    Flexible working arrangements

10.  Fostering teamwork

Most owners don’t seem to have the time to do the items listed above, but they seem to have the time to source and interview new employees after missing revenue opportunities and worrying about missed deadlines, because they lack human resources.

Shop Talk #10

Overcoming Barriers to
Interpersonal Communication

October 30 , 2020
9AM MST

Effective communication in the workplace can have a significant impact on nearly every aspect of a company’s productivity and success. Understanding potential communication barriers, as well as communication strategies to overcome them, can yield more effective employees and promote more successful communication at work.
Explore the most common barriers to the successful use of the 2-Way Communication Model and explore the strategies that may be employed to overcome the barriers.

The strategies may be reduced to four categories:

1.    Nonverbal communication strategies

2.    Active listening strategies

3.    Verbal communication strategies

4.    Written communication strategies

Shop Talk #11

Conflict & Confrontation

November 3, 2020
9AM MST

Conflict and confrontation often occur together. Neither is very pleasant, but both are part of our working and home lives.  In fact, conflict and confrontation typically arise from a perceived difference in goals and objectives – which takes us back to ground zero.

In other words, documenting the mission/vision/values, goals and objectives for the organization is only the beginning.  The stakeholders “own” them only after refining them through the energy and intensity that is generated by conflict and confrontation.  In this context, conflict and confrontation is good.
Explore conflict and confrontation – how to anticipate it, identify it and handle it.

Explore the following concepts related to conflict and confrontation:

·         Myths about Conflict

·         Why Conflict is critical

·         Constructive/Destructive Conflict

·         Reactive/Proactive Conflict

·         Steps for Handling Conflict