Worcester Business Journal

18 Worcester Business Journal | April 15, 2019 | wbjournal.com 1 0 T H I NG S I know about . . . ... Outsourcing By Anupam Koul Anupam Koul is founder and CEO of Marlborough engineering solutions provider Envisage, Inc. Reach him at 508-386-9648 and akoul@envisageinc.com. 10) Always be prepared. Buyers should exercise care in determining what they do, who they approach and how they conduct themselves. The need for outsourcing should be well recognized, fully understood, properly analyzed and clearly articulated. 9) Go for a custom fit. Each organization has a distinct persona and personalized needs. A generic solution provider may not provide the best fit. A more congruent solution would be to find a provider delivering a tailored solution. 8) Anyone can do a great dog-and-pony show. Buyers carry the burden of being able to discern between the doer and a sayer. An authenticity test of DWUSWUD (do what you say, say what you do) should reliably help discern between the two. 7) Look for a partner. In an act of self- aggrandizement, buyers often treat themselves to lop-sided empowerment. They forget they should be looking for a partner and not a vendor. 6) Don't lob it over the wall. Outsourcing is simply a means of fulfilment through use of non- owned resources. It is not a license to pass the burden of results fully to someone else. Buyers ultimately own responsibility of final outcome. 5) WYSIWYG. Accomplishing goals is magical, but requires unison of word and action. Goals have to be well defined, unwavering and being pursued with relentless, consistent and persistent effort. Success in such cases hinges on each party living the "what-you-say-is-what-you-get" mantra. 4) Is the dollar truly almighty? Outsourcing, like all business, is subject to dollar norms and boundaries. One needs to be conscious of preserving dollars. However, cost needs to be looked at more holistically. 3) Quantity versus quality. Higher quantity does not always result in better productivity. Quality of output is a more effective gauge of output efficacy. Delivering solutions expediently is good, but significantly better when delivery is effective and efficient as well. Quality should be the focus as it helps avoid expensive wastage and thrashing. 2) Ownership or task orientation. People are at their best when they are fully vested in collective success. Team dreams do make dream teams! Look for a partner with an ownership orientation mindset opposed to one with a task-oriented demeanor. 1) Outcome certainty. Trust needs to be earned and not given. Each party should endeavor to earn trust of the other. Partners should be truly empowered. Buyers should be responsible for ensuring outcome. Both parties need to be motivated to attain final outcome through appropriate risk-reward sharing. K N O W H O W Succession planning for Hispanic businesses 10 1: S L O W I N G D O W N T o better understand what's driving of one of the fast- est-growing segments of the small business sector, Bank of America surveyed more than 300 Hispanic entrepreneurs across the nation to identify their motivations, aspirations and concerns. A strong majority of Hispanic business owners anticipated increased revenue and growth in 2019. ey are ramping up efforts to bring on new staff in a tight labor market. With unem- ployment in the Worcester area sitting at 3.6 percent as of February, competi- tion for talent is fierce, with no signs of easing up any time soon. Regardless, the growth-minded approach of Hispanic business owners persists. According to our third annual Bank of America Hispanic Small Business Owner Spotlight, 79 percent of Hispanic entrepreneurs plan to grow their busi- ness over five years, surpassing non-His- panic peers by 24 percentage points. Reflecting on their career paths, more than one-third of Hispanic entrepre- neurs say their business has grown beyond what they originally envisioned. Many Hispanic business owners see the long-term growth of their business as a multi-generational asset, with 38 percent intending to pass their business on to their children. One oen-overlooked step in ensur- ing the future of a business is to create a business succession plan – which is especially significant for family-owned firms. While every business and family situation is unique, here a few key tips to help get started with succession planning. Tip #1: One size does not fit all e planning process should take into account a wide range of dynamic variables including roles, relationships and skills, personal goals and expec- tations, health and financial circum- stances, market conditions, and the economic climate. e transfer of ownership within a family can come with a number of personal and business challenges – especially when family members are employees, partners or co-owners. It requires the current owner (generally a parent) be willing to cede some form of control to the new owner (generally a child or children). is includes the process of selecting the best person to be in control. Proac- tive business succession planning not only helps in the process of identifying potential family successors, but it facili- tates and prepares them to take over the business. Tip #2: Consider the financials Key financial issues must be consid- ered in the case of transfers to family members. One of the first consider- ations is the impact on the current business owners' wealth and cash flow. If the company is transferred by gi, be sure to understand the implications of any relevant gi taxes. Tip #3: Write out the plan e plan itself will certainly take time to develop, but the upfront effort is important to ensure a meaningful transition meets the best interests and needs of the business, the current own- er and heirs. Taken together, these tips will allow business owners themselves to proac- tively decide upon the type of trans- action, the type of tax and the timing of business succession – rather than allowing life events, liquidity needs or the tax code to decide for them. BY CLAUDIA MINAYA Special to the Worcester Business Journal BY SUSAN SHALHOUB Special to the Worcester Business Journal H ow many times in the past week or two have you an- swered the question, "How are you?" with, "Super busy," or "Swamped at work"? By continuously spinning on a corporate hamster wheel – and with your subordinates following suit – it means not as much work is getting done as it may seem. Here are ways to slow down, focus better and jumpstart productivity. Acknowledge you can't get it all done. is is a freeing method restoring some sense of control for those of us who may be squeezing in extra tasks and rushing through quick lunches at our desks. "Even using the word 'busy' adds to your anxiety, which reverberates through your body. at jolt you feel is your brain's amygdala reacting to the fear of not getting everything done, in the same way primitive humans reacted to the threat of a saber-toothed tiger. According to your modern brain, there's no difference between the two scenari- os, and your creativity is suppressed as a result," writes Deborah Goldstein of Forbes.com. Clear the way for clarity. Inc.com's Andrew omas suggests blocking out an hour a week for a check in, where you take a deep breath and review the past week or so. "Reflect on your intentions and observe the challenges or opportunities showing up in front of you. ink about what's working, what isn't working, and where you can focus your energy next week," whether that's multitasking, more meeting preparation or more pro-active recruiting. Make way for mindful decisions. eJobNetwork.com's Peter Jones says managers and leaders will have more confidence in their decisions if they are mindful decisions. It's a process of get- ting away from knee-jerk reactions and moving toward choices made with the "slower, more logical 'parasympathetic' nervous system," he said. e rational brain kicks in, mental loops are much less likely – and good decisions result. Claudia Minaya is relationship manager for Bank of America's financial center on Grafton Street in Worcester. W W W

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