About Me 0069: Making Money Easy

Telling you Derek Jeter registered his 3,000th hit yesterday would be like telling you the sky is blue or water is wet. Unless you are living with those GEICO guys under some rocks, you and the rest of America already know Captain Jetes reached the 3,000-hit milestone. Sure, I can talk about how great he is, how much this means, etc. But I think we’ve had enough coverage to last us a lifetime. It was especially nauseating if you were watching the Yankees broadcast on the YES Network. Michael Kay sounded as though he had a bucket underneath his chin to catch all the drool. Apparently, Jeter also created the universe, defends us from super villains like Lex Luthor, and makes Barry Bonds (circa 2001) look like a tee-ball hitter. Or, at least according to Kay.

I want to focus on the fan who caught the ball. In case you missed this part (not sure how that’s possible), Jeter notched his 3,000th hit in style by homering. I must admit, that was cool to see. It was especially funny for me as my roommate, a Yankees fan, was sitting here when they announced that specially marked balls were being used in case he hit one out. Knowing Jeter left his power stroke back in 2009 (he had two HRs this season, which came in the same game), I scoffed and told my roommate, “I don’t think they’ll need those; Ha!” Well, I was wrong. Some lucky fan caught Jeter’s 3k hit and became instantly rich… or wait.

Okay, you need to understand that catching Jeter’s 3,000th hit, which happened to be a home run, is the same as catching a winning lottery ticket. Not a lottery ticket with a chance to win, a WINNING ticket. That fan, Christian Lopez as we found out, could have sold the ball for a couple hundred thousand dollars. Instead, Lopez gave the ball back so Jeter could have it, which is respectable, but also moronic.

Lopez gave away a retirement nest egg, his future kid’s entire college fund, a house, etc. He gave a billion-dollar company and multi-millionaire a money-making souvenir. Sure, the Yankees gave him four Champion suite tickets… for the rest of this season. But the Yankees can’t even give them away – wait, they just did – well, they definitely can’t sell them. You can still select from several seats for purchase right now! If anything, they should have and Lopez should have asked for lifetime season tickets. Then, the value would have been more in line with the ball’s value.

I’m sure people claiming to be “fans of history” or “those who respect the game and the moment” will yell and bash me for saying Lopez should have kept the ball for the money, or at least worked out a better deal… I already have. The fact is 99 out of 100 people would make the same decision I suggest. It’s easy to sit here and say giving the ball back for nothing – and don’t forget, that was his original thought – is respecting the game and the right thing. It’s a whole other story when a winning lottery ticket is sitting in your hands. 99 out a 100 would agree with me in the moment; we just found the one goof who didn’t.

Today's Action

Good Bet (50 chips)

San Francisco Giants - It’s quite possible the Mets could face seven straight All-Star pitchers. They went up against Clayton Kershaw in the last game of the Dodgers series, had Ryan Vogelsong, Tim Lincecum and Matt Cain (tonight) pitch for San Fran, and if Philly chooses, could face Roy Halladay, Cliff Lee and Cole Hamels after the All-Star Break. Ouch. The Mets answer to Cain tonight is Mike Pelfrey… wrong answer.

All In (100 chips)

Detroit Tigers - You can never go wrong with the Tigers when Justin Verlander is pitching. Okay, he has four losses, but that doesn’t mean much when facing Jeff Francis and the Royals. Lock it up.

Settling Up

Is this what I get for being cute and trying to include a new team in my picks? I guess so. Not only did the Pirates not beat the Cubs (thank you Kevin Correia), but Germany lost in the Women’s World Cup. Germany was a big shock, as they were one of the favorites, the hosting country and lost in extra time. The Pirates were less surprising, but Ryan Dempster has been struggling, and Pittsburgh is playing well for a change. None of that matters in the end though.

Chip Stack: Up 3,000

Wiffle Ball or Cornhole. Paul Konerko or Kevin Youkilis. What should you decide? I tell you in What’s the Call? over on RotoExperts.com.

We’re in business, so we don’t get to sit the tough seasons out and come back when it’s all better. Despite the economy, the small business owner still has serious management issues to address. We can tackle them head on, grow our businesses and ourselves–or we can ignore them, but that could eventually put us out of business. Success is the goal, and the better the team, the better the business.

Here are three suggestions to help you take care of your team, so that they can take care of your clients.

1. Focus on the little steps and everyday strategies.

Your team is no good if you can’t keep them focused. And you can’t keep them focused if you can’t keep yourself on track. Have you ever tried to build a business with your eyes glued to the television? It doesn’t work. In the same vein, jumping from one task to the next without focus and an ongoing sense of completion is just as unproductive. You’re busy, but so is a cat when he’s chasing his tail.

In “It’s All About the First Downs,” Diane Helbig gives some great tips to help you grow your business in “baby steps.” Instead of focusing on that big, amazing, and sometimes overwhelming plan, she has you shift your focus to the little steps. If we address the day-to-day details consistently, then we will eventually arrive at our big goals.

Diane says, “I’ve been confronted with people who are having trouble focusing.” She believes the “root cause is…an inability to see a big idea in small pieces.” I like what she says, because I believe your company’s future rests in your ability to manage the details of the dream, the day-to-day elements. In fact, the more focus you have on the daily strategies of your company, the more focus you can expect from your team.

Making the shift from the big idea to a daily grind that will get you where you want to be isn’t always easy. But Diane’s advice will get you started.

As you focus your team—and reap the benefits from it—you’ll probably want to find a way to reward them.

2. Try a new kind of raise: performance-based pay rewards.

You can’t grow your business without your team. So how do you take care of them if you are in a situation where you have just enough cash flowing to keep the doors open? Anita Campbell discusses performance-based raises in “Should You Pay for Employee Performance?”

You can’t give raises with money that you don’t have. So, if they make it, then you pay it. Anita explains, “A good pay-for-performance plan will focus on the aspects of employee performance that increase sales and profits. As a result, there will be more money available to pay employees for their performance.”

In the article, Anita tells you the type of employees that are most likely to appreciate this plan, as well as suggestions on how to implement pay-for-performance, including the advisors that can help you set it up.

Anita says, “When handled properly, a pay-for-performance program can motivate employees,” and that can move your business forward. Just keep in mind that your team needs to know the rules of engagement and it’s up to management to make that clear upfront and document it.

When it comes to performance, some people just don’t live up to it, and tough decisions have to be made. That brings us to point number three.

3. Fire what doesn’t work; hire what does.

In high school, college and the rest of life we try out for sports, audition for plays, interview for jobs, etc. We have to qualify for what we want, and the older we get, the higher the standards. We aren’t babies anymore—so we’re also long past being rewarded for being cute and cuddly. Everyone can’t or won’t perform at the level that your company needs and requires, and you have to do something about it.

In “3 Things to Consider When Hiring and Firing,” John Mariotti gives some well-balanced advice on firing team members without disrespecting them or breaking their will. He says, “Firing people is no fun at all—at least it shouldn’t be—but it is necessary.” John also advises us to “Always remember that it takes two errors to create a failed employee:

an employee who doesn’t perform in the job, and

the supervisor who put them in a position to fail.”

I try to remember that making the tough decisions can set us up to succeed where others fail.

From Small Business TrendsManaging Staff in a Tough Economy: Who Do You Fire, Who Gets That Raise?

Read more posts on Small Business Trends »

About Me 0069

Monday, August 1, 2011

Making Money Easy

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