Want some great business advice?  Here are some of my favorites from the past week:

Tales from the Front:  Getting Business From Corporate Clients by Larry Bodine on The Law Marketing Blog.  This one is specific for lawyers.  The post reinforces my theory that hourly rates are going away and that corporate clients want fixed fees and budgets for legal expenses.  Also gives great advice to use news aggregators and subscribe to RSS feeds. 

Indifference Kills by Brett Rogers on Beat Canvas.  Brett is writing passionately about Listening Well.  It’s true, people need to know you care.

Speaking as a Performing Art by Guy Kawasaki on How to Change the World.  The biggest fear for most people is public speaking and you can never read enough on how to improve your presentation skills.  The greatest speakers I know practice, practice, practice.

Do you have any suggestions for great business advice over the past week?

Michael Libbie had a great post on the recent 2007 Iowa Employment Values Study showing that more than anything workers want R-E-S-P-E-C-T.  Being respected in the workplace is the value Iowa workers feel is most important. 

But what if more employers were like Tony Dungy?  A post from TechRepublic says it very well,

"Dungy is one of the exceptions, and is part of a new breed of coaches who do things differently. He’s not a yeller and he does not lead or motivate with fear. Instead, he believes in putting the right personnel in place, building a winning strategy based on the strengths of that personnel, and then treating them with the respect they deserve as professionals and human beings. As a result, the performance of his players is not driven by a fear of his wrath. The only fear they have is a fear of letting him down or disappointing him because of their trust in him and their loyalty to him."

Studies have shown that how well-respected employees feel is directly related to how enthusiastic they are about their overall employment situations.  Employees who feel well-respected are several times more likely to stay in their jobs.  Interestingly, one study says the main reason employees don’t feel respect is not related to abusive management behavior as much as it is indifference or the failure of management to go out of its way to demonstrate respect to employees.

For the record, just check out my Number 1 out of 7 Ways to Avoid Employee Lawsuits written several months in advance of the Iowa Employment Values Study.  As I said then, it seems like a basic philosophy but it is amazing how many employers forget to treat their employees with respect.  Employees that are humilated or treated in a disrespectful way are much more likely to sue your company. 

"More business decisions occur over lunch and dinner than at any other time, yet no MBA courses are given on the subject." – Peter Drucker

Adampic Networking is a key for every successful professional. A growth capitalist with Transition Capital Management in West Des Moines, Adam Steen will teach professionals at our Secrets of Successful Professionals Revealed seminar how to connect with others on many different levels. He helps small to medium sized companies gain access to key relationships and resources in order to grow and gain value.  He has also developed speed networking events in Central Iowa that have been a tremendous success. 

To enhance this process, Adam and his company have built a network of experts in various disciplines in order to effectively drive private company growth.  At present, he represents the ‘eyes’ and ‘ears’ of Transition Capital Management in the private company marketplace.  Prior to his position with Transition Capital Management, Steen spent a period in Minneapolis as an insurance agent and coordinated several small business related networking groups.  Before that he enjoyed a brief stint in the Philadelphia Phillies minor league system as a pitcher.  His education background includes an undergraduate degree in Marketing from Minnesota State University in Mankato.

For more information on the Iowa Business Conference 2007 seminar and the other speakers check out our Events Page.  The seminar is July 20th.  Register today!

Questions?  Email Brett Trout at trout@bretttrout.com or Rush Nigut at rnigut@sullivan-ward.com.

The Tennesse Business Litigation Blog has a post discussing the use of an ombudsman in business to prevent lawsuits.

"The ombudsman position can be a very effective tool which provides an outlet for disgruntled employees to air disputes and reinstate respect in the workplace. A large percentage of litigation, including employment litigation, is spawned from misunderstanding. Imagine how much money a business can save by having an experienced neutral person review and assess a dispute before lawyers become involved. An ombudsman can also educate managers about dealing with workplace conflict and identify certain weaknesses in specific managers relating to interpersonal dealings that can be valuable come evaluation time."

Sullivan & Ward lawyer Larry McLellan is likewise a huge proponent of an ombudsman in a business.  Larry, who frequently serves as a mediator and has a master’s in law degree in dispute resolution, has studied how businesses can reduce their legal costs through the use of an intermediary in the workplace.  Naturally it tends to be large businesses that use ombudsman programs but small businesses should also consider it.   Larry is always available to discuss with businesses and industry groups how they can reduce their legal costs by incorporting effective dispute resolution strategies in the workplace. 

Wolf A few days ago Brian Honnold had an excellent post about the fear of lawsuits by America’s small businesses over on IowaBiz.com.  The most alarming statistic?  Small businesses bear 69% of the total cost of the tort system to all U.S. businesses.  That’s $98 billion a year in costs.  Further, six in ten small business owners feel constrained when making business decisions because of the fear of lawsuits.

So what’s the solution?

Many call for legal reform.  That’s what the Institute for Legal Reform is all about. But is it really working?  Despite millions of dollars poured into extensive campaigns, it is apparent our nation’s small businesses do not feel any safer.

Should we kill all the lawyers?  Wait . . . I shouldn’t have said that.  I am a lawyer.

The best protection for small businesses is to build a solid foundation.  A house of bricks rather than one of straw or sticks.  As Brian discussed, insurance is a component in building that solid foundation but other protections are necessary.

Here are five suggestions on how to protect yourself from lawsuits:

  1. Use written agreements.  Unfortunately the day is over when you could rely on a handshake.  Make sure that your agreements are comprehensive.  The agreements should always set forth the rights and responsibilities of the parties in detail.  It is a good idea to have your written agreements drafted and/or reviewed by a business attorney.
  2. Have a comprehensive employee manual.  Employee lawsuits are on the rise and a major distraction for your business.  A written employee handbook affords you a better opportunity to avoid misunderstandings that can lead to litigation.  Disputes are are less likely to occur when your employees know the rules.  Keep in mind that a well-written employee handbook can help your business but a poorly written handbook can cause even more problems for your business.  Don’t pull a template from the Internet without consulting an employment lawyer.
  3. Maintain your corporate or other limited liability structure.  Make sure to keep your personal guarantees to a minimum, stay current with corporate records, pay your applicable taxes and do not mix your personal assets with your business assets.
  4. Protect your intellectual property.  Consider obtaining trademarks, copyrights and patents as applicable.  Consult an intellectual property lawyer in order to protect yourself against infringers.  Likewise, avoid infringing someone else’s intellectual property.  Before deciding on a business or product name you should check to see if the name is trademarked by someone else.  Similarly, be careful not to steal copyrighted materials for your own use.
  5. Consider alternative dispute resolution.  Mediation is often an efficient way to resolve business disputes.  It is a process in which the parties to a dispute, with the assistance of a neutral third party (the mediator), identify disputed issues, develop options, consider alternatives and work to reach an agreement. There is a time to go to court but consider the costs of the litigation before making that decision.  Approach the decision of whether to litigate in a business-like-manner rather than emotionally.

Be proactive.  Don’t wait for the wolf to knock on your door before you protect yourself.

P.S. I wrote this post originally for IowaBiz.com.  The blog sponsor, Professional Solutions Insurance Services, and its parent company, NCMIC, had a nice write up in the Des Moines Business Record this week. 

Photo by Laenulfean on Flickr.

We are excited to have entrepreneur and local radio star Jim Goodman speak at the upcoming Secrets of Successful Professionals Revealed seminar.  Are you routinely looking at ways to help your clients get what they want?  Perhaps even outside your professional discipline?  If not, you are likely missing golden opportunities to grow your business. 

Jim is the CEO of Customer Ease, Employer Ease and Emerging Growth Group in Des Moines. He is a frequent speaker on business topics and is the host of the Iowa Business Hour. Jim’s program emphasizes the 4 M’s of creating a successful business venture – Money, Management, Marketing and Model.

Although Jim played college football at Saint John’s University (there is a story there) we won’t hold that against him.  One of the philosophies he learned from his legendary football coach is, "We are just ordinary people, doing ordinary things, extraordinarily well."  Jim personifies that philosophy.  Don’t miss the chance to hear him talk on how you can succeed by bringing others success.

For more information on the Business Conference seminar and the other speakers check out our Events Page.  The seminar is July 20th.  Register today! 

Questions?  Email Brett Trout at trout@bretttrout.com or Rush Nigut at rnigut@sullivan-ward.com.

On her Employee Handbooks Blog Jill Pugh discusses 10 things to keep in mind if you need to fire an employee.

A no-no I see the most on the list is the desire to withhold money from the employee’s last paycheck.  (See No. 5). 

Employees are often issued laptops, cell phones and other technologies. Unfortunately employees will often fail to return equipment when they leave the company. When that happens many employers want to deduct the value of the equipment from the employee’s last check. Iowa employers must familarize themselves with Iowa Code Chapter 91A.5 concerning deductions from wages. This chapter prohibits an Iowa employer from withholding or diverting all or a portion of an employee’s wages unless permitted by state or federal law or a court order. An employer may be allowed to deduct wages if the employer has written authorization from the employee to deduct for a lawful purpose that benefits the employee.

Consequently an employer may want to consider a written agreement with the employee upon issuance of the equipment. The agreement should authorize the employer to deduct the value of the equipment from wages if the equipment is not returned. With the appropriate language an employer may be allowed to deduct from the last paycheck.

Please be sure to consult an employment lawyer for specific advice concerning your circumstances.

Joe Kristan, Central Iowa’s premier blogging accountant, reminds us in a recent post that LLC and corporation owners are responsible for unpaid payroll taxes.  The most important take from the post:

The moral? Never, ever fail to remit your payroll taxes; if you do, don’t expect an LLC, or any other entity for that matter, will fend off the IRS.

Joe also expands on his post in a recent article on IowaBiz.com.  I encourage you to subscribe via RSS to Joe’s blog and also IowaBiz.com.  Joe’s blog is entertaining and informative.  Who knew an accountant could have such a sense of humor?  IowaBiz.com is particularly interesting because it features 12 business bloggers from several different disciplines including marketing, law, accounting, networking and more. 

Shirley Have you ever been in a meeting where everyone avoided the "elephant in the room"?  In our business and daily lives we all avoid certain conversations.  At work we send emails when we should talk to someone in person.  Or, we often ignore issues altogether which only makes matters worse.  Mastering Crucial Conversations and confrontations is a key to high performance and improving relationships.

At the upcoming Secrets of Successful Professionals Revealed seminar Shirley Poertner will introduce you to the concepts in how to master your Crucial Conversations.  When stakes are high, opinions vary, and emotions run strong, top performers turn disagreements and differences into dialogue. That’s where Crucial Conversations skills are critical. They turn diversity into synergy and synergy into results.   

Shirley is an accomplished presenter who provides two-day workshops on Crucial Conversations and Crucial Confrontations in Iowa.  Her background includes management and business experience with Pioneer Hi-Bred International, Meredith Corporation and First Interstate Bank (now Bank of America).  Her company, the Poertner Consulting Group, is focused on helping business professionals achieve their full potential.

For more information on the LAWpportunities seminar and the other speakers check out our Events Page.  The seminar is July 20th.  Register today!

Questions?  Email Brett Trout at trout@bretttrout.com or Rush Nigut at rnigut@sullivan-ward.com.

Brett Trout and I want to stress one thing about our upcoming seminar Secrets of Professionals Revealed.  It’s a business conference!  Yes, we are lawyers and lawyers are invited but so is every other professional on the planet. 

Here’s our theory behind this conference:  We attend continuing legal education seminars frequently.  Unfortunately those get to be a bit boring, and dare we say, a bit repetitive.  So we wanted to listen to great speakers talk on interesting business topics.  We thought you might like to listen too.

You won’t find a better lineup of speakers at one conference in Iowa this year.  Kevin O’Keefe from Lexblog is coming all the way from Seattle, Washington.  Kevin is a successful entrepreneur (and lawyer) that has already sold one company to LexisNexis.  His new company is the premier company building blogs for lawyers and other professionals.  We are really excited and fortunate to have a speaker of his caliber join us. 

But that is not meant to take anything away from our strong contingent of Central Iowa presenters.  They are all success stories themselves.  A couple are lawyers but the others are all business professionals.  We even have a business coach to kick you in the pants.  (Take a look at the lineup). Some of the topics at the seminar include marketing and branding, networking, crucial conversations, office politics and work/life balance.

So don’t be fooled into thinking this seminar is only for lawyers.  If you’re not a lawyer and have the courage to swim with the sharks we’ll see you on July 20th.  So don’t wait, Register today!