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AEC Managing Partner Newsletter May 2009
"Dedicated to helping architects and engineers earn the profits they deserve for their creative efforts"
Welcome to the May Edition of the AEC Managing Partner newsletter. I am excited to announce that I am now posting my PowerPoint Videos on both my website and on You Tube. My first video is on solving the age old problem of getting employees to turn in their timecards. I will be updating my website and You Tube at least once a month with a short but helpful presentation. I look forward to your comments and feedback. In this Issue: 1. Solving the Timecard Challenge - PowerPoint Video 2. Cash Flow and Collections Webinar on CD 3. Tech Tip of the Month -- How Strong are Your Passwords? 4. Business Don'ts for Difficult Times 5. Incentive Compensation and Bonus Survey Release Date 6. Upcoming Events Solving the Timecard Challenge One of the most frustrating aspects of managing architecture or engineering firm is dealing with the timecard issue. No matter what we do, some employees are constantly behind in turning in their timecards. It is not unusual for some employees to be two, three or even four or more weeks behind in their timecards. I am sure your firm is no exception. Over the years I have developed some simple strategies that have helped immensely in the continuing struggle for timecard compliance.
I have posted a short PowerPoint video on my website that shares my most effective strategies. http://www.aecmanagementsolutions.com/public/214.cfm Dramatically Improving Cash Flow and Collections Webinar - on CD In good economic times, collecting money on a timely basis can be an extraordinary challenge. In tough economic times, it can seem near impossible. Over the last 25 years in the A/E industry, I have personally developed a comprehensive system to dramatically reduce any company's outstanding accounts receivable. This system is not some untested theoretical exercise - it has been implemented at dozens of firms over the years with outstanding results. Our recent Webinar, Dramatically Improving Cash Flow and Collections is now available on CD. This fast moving 70 minute Webinar, will show you how to dramatically reduce your accounts receivable and put more money in your bank account where it belongs. For more information visit: http://www.aecmanagementsolutions.com/products/item7.cfm Tech Tip of the Month How Strong are Your Passwords? Too many people think that identity theft will not happen to them and they prove it by using extremely weak passwords. I am not sure if it is laziness, lack of time, or simply password fatigue but invariably most people (myself included) can occasionally fall into the trap of using easy to hack passwords. What is an easy to hack password? One that has too few characters; doesn't combine letters, numbers or symbols; doesn't mix upper and lower case symbols& Fortunately the evil empire (a.k.a. Microsoft) has a free and easy to use password checker. Simply go to the link below to visit their site. They also offer tips on what differentiates a strong password from a weak one. http://www.microsoft.com/protect/yourself/password/checker.mspx Business "Don'ts" for Difficult Times
by John Forde (02/9/2009) You can't open a newspaper, flip on the television, or open an Internet page these days without seeing something about the current economic crisis. When all the media trumpet the same tune, that's supposed to indicate a trend reversal in the making. So does that mean we've hit bottom and things can only get better? Um& maybe not this time. 2009 probably WILL deliver a lot more rough stuff. Many, especially business owners, are at a loss for what to do to prepare. BusinessWeek recently had some suggestions. And while I'm usually skeptical of populist media advice, these tips seem pretty sensible. Here's the "Cliffs Notes" version: 1. Don't panic. You can't sit still, but you also don't want to swerve like a drunk on ice skates. Cycles happen. Sometimes they happen hard, but we'll come back around eventually. 2. Cut fat, not muscle. And marketing is muscle. A slowdown is the ideal time to snatch up market share. 3. Don't water down your sales message to "go wide." When you're desperate for customers, it's easy to try to widen your market appeal. Stick to your focus. Just get better at it. 4. Watch out for "discount training." If you keep offering "special deals," eventually the deals are no longer special. And all you're doing is training your customers to learn to wait for the next deal instead of buying right now. 5. Don't ignore the facts, just have a plan. You can't wish away the economic crisis by ignoring it. Mention it to your employees, but do so in the context of showing leadership on how to get past it. This article appears courtesy of Early To Rise, a free newsletter dedicated to making money, improving health and secrets to success. For a complimentary subscription, visit http://www.earlytorise.com. Incentive Compensation and Bonus Benchmark Survey Are you tired of paying $445 for industry benchmark surveys? If you are tired of paying outrageous prices for A/E industry benchmarking surveys, you are not alone. My commitment is to produce surveys that equal or exceed competing surveys in every way. There will be charts, tables, graphs and narrative that will allow you to benchmark your company against your competition. The survey results will be presented in a way that will allow you to immediately zero-in on areas of your company that need the most attention. The Incentive Compensation and Benchmark Survey will be ready to Ship June 30, 2009 Upcoming Events Herb Cannon will be speaking at the Texas Council of Engineering Companies Leadership Forum for the 7th consecutive year. The TCEC always provides quality programs for its members. I encourage all professional organizations to check out what they are doing at http://www.cectexas.org Axium Users Conference October 22-24, 2009 Herb Cannon will be speaking at the Axium User Conference for the 4th consecutive year. Details will become available soon. This is always a great event that is focused on how to get the best use out of your Axium software. There are also multiple breakout sessions focused on industry specific issues. Visit the Axium Website for more details: http://www.axiumae.com/events/userconference09/uc-home.aspx href="http://www.axiumae.com/events/userconference09/uc-home.aspx">http://www.axiumae.com/events/userconference09/uc-home.aspx Want to Reprint an Article from AEC Managing Partner? As a publisher of a print or web-based publication, you are hereby granted the right to reprint any article contained in this newsletter with the following provisions I am looking for guest writers for my monthly newsletter. I you have an idea for an article, please send an e-mail to hcannon@aecmanagementsolutions.com hcannon@aecmanagementsolutions.com
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