Professional Equities - November 2020

Professional Equities - November 2020

Insider Passive Residual Income THE ULTIMATE PASSIVE RESIDUAL INCOME TM NOVEMBER 2020 The

- FROM THE DESK OF

Bill Moist

A FRESH PERSPECTIVE IT’S TIME TO SET GOALS FOR Q1 2021

The Forgotten Customer H ave you ever felt like no one knows your Many businesses don’t even know their customers’ names, emails, addresses, or phone numbers. How can they take care of you if they don’t even know your name? We once had a bank in North Texas that held 30 of our different business accounts. Due to poor service and lack of communication, we closed all the accounts. Only until I closed the last account, my personal account, did a banker decide to call me and ask why we had left the bank. name at a local business and they would have no idea if you stopped patronizing them? Unfortunately, that happens all too often. In contrast, on Sept. 28 as I was leaving the Grapevine Rec Center, I was given a breakfast box and a T-shirt. After I said thank you, I was told they appreciated me. It made me feel pretty good that they showed a little customer appreciation. It’s a good practice to emulate. On Sept. 26, we hosted a barbecue dinner for a few of our local partners. It was an awesome outdoor event. Everyone who attended seemed to enjoy the evening. The team who helped me included Meet U Anywhere Barbecue, Party Angles, and some of our team. On a regular basis, Professional Equities, Inc. sponsors special events for its partners so they never forget how much we appreciate them. The next event will be a construction party in Ennis, Texas, at Dallas Luxury RV Resort & Storage. We want our partners to know we appreciate them and we couldn’t do what we love to do without them. Stay tuned for updates.

This year was a mess. Many businesses were not prepared for the roller coaster ride that started in early 2020. By March, most businesses were told to close their doors or restrict access to the general public. As a result, many businesses struggled and some never reopened. There was a lot of bad news. But we’re not here to talk about bad news. We’re here to talk about good news: your goals to kick off the first quarter of 2021! There’s a good chance many of your growth goals for 2020 fell to the wayside. After all, you had more important things to focus on, like keeping your business up and running. No matter, it’s time to look at your goals with a fresh perspective and use the lessons learned from the past year. One of the benefits of steering a business through a pandemic is that you can better identify its pain points. What sort of worked? What didn’t work? What flat-out failed? Turn Pain Points on Their Head Start by evaluating your pain points, if you haven’t done so already. Shaping your first-quarter goals around these pain points means you can start the year off by addressing them.

For instance, are there parts of your business that you can trim? Are there areas that need a complete overhaul? Maybe in 2020, you were carrying too much baggage. For instance, a lot of businesses were operating under the assumption that employees needed to be on-site to be productive. Because of this, most avoided the work-from-home model. Business owners just didn’t see the benefits or assumed it wouldn’t work for them. But in spring of 2020, many businesses were forced to adapt, and several lessons were learned along the way. One major lesson: Work-from- home is feasible and cost-effective. A Lesson in Productivity Nicholas Bloom, a professor at Stanford University, researches productivity and has contributed to the body of research that suggests remote employees are, on average, more productive than on-site employees. In 2013, Bloom ran a study on remote workers; it looked at their productivity when they shifted to a four-day workweek while working from home. On average, productivity rose by 13%.

–Bill Moist

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