IS YOUR BUSINESS READY FOR HIGH-LEVEL COMPETITION?

A case study - The Little Guy vs IBM

TheChallenge

A client (a small software company) was attempting to sell to a significant international prospect covered by a teamof40IBMsalesreps.

The client CEO knew they had better products and could turn the transaction into a lucrative long-term account if they could get to the right peopleandmakeaninitialsale.

TheFoundation

The client had an account manager with the right talent and mindset to conductanexecutiveconversation

The client did have better products andarobustimplementationprocess, buttherewasnonamerecognition,so itwouldtakesomehardworktogetin, letalonelandadeal.

But they had good testimonials and some impressive accounts already. Getting the business was very doable if they were willing to be patient and workstrategically.

TheStrategy

The first thing we did was a little homework to determine where IBM's weaknesseswereandhowtheclient's strengths mapped with those of the internationalprospect.

Next, we identified the people and positionsattheprospect'sorganization where we thought our client could havethemostimpact.

The company took the list to their existing clients and asked if they knew anyoneonthelistorhadaconnection outside of the list. If yes, they asked to be introduced - introductions are twenty times more potent than a cold call.

TheResult

It took nine months, but the company was able to land its first deal Their implementation process included a weekly meeting, where all attendees completed an implementation report card.

Any time a particular target area fell belowacertainmark,theteamspulled together to raise the impact within a week. This strategy caused all the stakeholders and the implementation team to work consistently, moving in thesamedirection.

Theprojectfinishedaheadofschedule and was the smoothest project in the internationalcompany'shistory Itwent so well that the value expectation was exceeded,andthecompanywasgiven anotherdeal.

LongTermSuccess

After getting the same results three consecutive times, the international firm's leadership invited the client to participate in his company ' s annual planning meeting. To date, they are the only company ever invited to participateinthismeeting.

It took eighteen months to land and implementthefirstthreedeals.Forthe lastthreeyears,theinternationalfirm's CIOhasallowedmyclienttohandpick thedealstheywanttoengageineach year, resulting in multi-million-dollar revenues annually and more business throughreferrals

InSummary

Most companies focus on transactions and fail to understand that regardless of the company ' s size, their ability to tap into and understand a prospect's value proposition will allow them to meetorexceedexpectationsanddrive long-termsales.

Onlysomecanachievewhatthisclient did.. Because they had leadership with a clear and concise vision, a strong foundation, a superior product, and a well-defined implementation process, theycouldcompeteatthehighestlevel andslaythegoliathIBM!

The strategies in this book changed my business, improving revenue sources and increasing profit.

By Robert Slayton, MSEd, CFO Strategist

Myfavoritetimeofyearishealthcarerenewal and open enrollment; why is it my favorite time? Indeed, it is not the 18-hour days but rather the ability to assist small business owners and senior leadership teams in managing their healthcare benefits more effectively

In this article, I offer tips for a cost-effective andcomplianthealthcareplan

But, before we start, realize that a renewal is ready60daysbeforeyourrenewaldate.Ifyou haveanagentwhodropsintwoweeksbefore, they are not doing their job, and you may wanttoseekoutanotherresource.

CostControlStrategies

Note that some states may have specifi regulations preventing smaller companie fromimplementingsomesolutions.

Raisethedeductiblefrom$1000to$6000 Pu the savings in a Health Reimbursemen Arrangement (HRA) to pay the difference betweenthe$1000and$6000deductible

Most people are healthy and will never reach even a $1000 deductible, so chances are onl 10%-30%wouldevenmakeclaims.

TheGapPlan

Alternatively,youcouldpurchasea"GAP" plan. This insurance pays the difference between$1000and$6000.Thatway,you are off the hook if you have a terrible year Estimatedsavingsisaround7% An example would be a company of 50 employees leveraging the above strategy,savingaround$42,000.

TheHealthBasedPlan

Consider moving from a fully insured plan to one based on your group ' s health.Ifyourgroupisgenerallyhealthy, you'll save 10% and possibly get even more money at the end of the year if yourclaimsarelowerthanexpected.

@slaytonins.com

AnInsuranceAlternative

If you have 25 or more employees, you can look at a plan that doesn't use the regular insurance companies (but still includesanentirenetwork).

In this case, you can design a plan for your employees, usually giving them better benefits, lowering deductibles/outof-pocketcosts,andsavingatleast10%to 20%. Even if you save a little, giving your employees better benefits makes this an attractivesolution.

Usingthesameexample,a50-employeesized company could save around $60,000

Moving to a plan based on your employee's health will help you obtain betterdatatomanageyourplan.

Forexample,ifyourealizeyouhaveahigh number of people with diabetes, you can implement a program that pays for medications 100% and coaching to help peoplebettermanagethedisease.

This results in lower claims year over year andsavingstoyou,theemployer.

Compliance

Nobody talks about the number of items an employer needs to do to comply with stateandfederalregulations

Here are some of the dates you need to be aware of. This is not an exhaustive list and is only for health insurance-related purposes.

Note that the dates change each year slightly based on whether they fall on a weekendorholiday

February28(paper)April1(electronic)–The deadline for employers to file form 1094-BorCwiththeIRS.

March 1 – The deadline to provide CMS with a disclosure on whether your plan's drug coverage is credible or noncredible.

March 2 - is to provide 1095 forms to employees.

July 31 – deadline to file Form 5500 for benefits if you have more than 100 employees on some form of insurance (this is not the same 5500 form used for 401kplans).

July 31 – Patient-Centered Outcomes ResearchInstitute(PCORI)feesaredue.

October 14 – Medicare Part D Notice of Creditable Coverage due to Medicareeligible participants/dependents. This is anannualrequirement.

Annually – Provide notice to employees on the Women's Health and Cancer Rights Act and CHIP Premium Assistance notices (for those residing in states offeringpremiumassistance)

There may be other notices required by yourstatewhichshouldbeincluded.

Ifyou'dlikemoreinformationaboutreducing yourcostofbenefitswhilekeepingand improvingthequalityforemployees,senda requestforRobert'sbook,"TheHealthcare Manifesto,"whichgoesintomuchmoredetail onthistopictowwwslaytoninscom

Youcanschedulea30-minute,free,noobligationconsultationwithRobertat https://goslaytoninscom/calendar