The Coveted Commandment & 10 Do’s and Don’ts of Wealth Building Through Customer Relations © 2013 by Wayne Dan. Lewis, Sr.

 

For many of us who are current and future business owners, I am sharing with you below what I, as a customer, noticed is missing in customer relations.  Unless it is personal towards me for everywhere I go, that someone singles me out for rude and sometimes obnoxious behavior, then many of your businesses are headed for closure, or for sure, a tremendous loss of valuable customers.  Today, from The Coveted Commandment, I would like to share with you 10 Do’s and Don’ts on how to show appreciation to your customers, guests, or clients as I have observed from my own experience as a customer.

 http://managementhelp.org/training/basics/reasons-for-training.htm

If you have been in business for any length of time, you may have been able to stay in business for any number of reasons.  Some reasons could be:

1. You provide a great service for those who have a great need;
2. You provide a needed service, that despite how poorly you treat customers, they have to use your product or service;
3. You provide a meaningful service, but you inherited or picked up customers of a former business owner.  In other words, customers do business with you because of a prior relationship that built good customer relations;
4. Your business is seasonal and you are only providing your products for a limited time;

How ever long or how ever you do your business, I want to believe that your business will always be successful.  But there are some of you, as managers and business owners, who are oblivious to either your business model or perhaps, you, may not have one.   In that case, you are doing this customer a grave injustice. I believe that your business is headed for early closure.  It may not be this year, or next year, but the signs are there to me.  Where is that initial sign?  When I walk through the door.  So it is just a matter of time.  Mark my words.

 http://www.ehow.com/about_4796469_customer-relationship-management.html

I can only imagine, that if everyday, as a manager that when you report to work, or that when you open your doors for business, you want to thank me, in general, for entering your operation.  I can only imagine that if I enter your place of business, that if I shop in your place of business, that you appreciate not only my spending money in your operation, but that you appreciate me, specifically.  Now, maybe that’s not apart of your business model.  That may not be why you are successful, today.  But, for what it is worth, I have witnessed major corporations change their business models to meet customer expectations that they once overlooked.  I hope this small, but insignificant reminder gets to you in time.

 

I have watched some of the most successful businesses either change their business model, or loose customers.  I have watched hospitals, drugstores, department stores, grocery stores, gas stations, and cosmetic companies change to meet customer expectation, or go out of business because of customers like me.  Why me?  Because I spend my hard-earned money where I am appreciated, or I go somewhere else.  I am not going to be ignored. (See Building Principle # 22 of The Coveted Commandment: Don’t spend your money where you are not appreciated[1]).

 http://www.inc.com/tools/employee-disciplinary-action-form-with-checklist.html

What I have witnessed, Mr. or Ms. Business Owner, however successful your operation may be, is three types of businesses that have either survived or failed.  They were:

1. Those businesses who were on the front end of change, and lead the way and either remained successful, or were able to become successful;
2. Those businesses who played it as close to the vest as possible, choosing to make only enough changes to follow the lead of those businesses who were making greater sacrifices, and as such may have benefited from their lead, or fell by the way side because they did not want to invest enough in their businesses to change for the future. Last, but not least,
3. Those businesses who believed that change was not something that they needed to do.  Those businesses for example who thought that fax machines weren’t for them, or the internet.  Those businesses that believed that they did not need new trucks, or new computers, or computers at all.  Those businesses eventually either closed down, or had to remake themselves, and spend the time catching up.

 http://www.techrepublic.com/blog/project-management/how-to-develop-and-maintain-client-relationships/222

Whatever business you are in, know that the above three examples are ongoing.  Everyday, there is a business that sees the importance of doing what it takes to keep a customer, and puts forth the extra effort to make sure that they keep that customer, happy and satisfied.  But even with those businesses that fit in category A above, they never get away from the basics.  No matter what technological gadgetry or nuance they acquire, or install, those businesses remember why they are in business.  Yes, to make money, but to also build wealth.  And one important way to build wealth is through people.  And the important ingredient is to interact with people, talk to people, thank people, and to remember how important people are to your business.  Below are my do’s and don’ts for customer service.  I don’t care if you don’t have a computer in your business.  I don’t care if you don’t have new trucks, but at least, give me the time of day when I walk in your operation.  Make me feel like I am the best thing walking. 

 

When I call your business on the phone, I want you to make my day, (I owe you Dirty Harry).  Why?  Because I want to spend a $1.00 in your business.  Why?  Because I want to buy a case of something in your business.  Why?  Because I want the name of your business on my lips when someone asks me do I know someone or some business that makes widgets, and guess whose name I am going to call?  Not yours!  Especially if you don’t make me feel like the best thing since slice bread.  Can you handle that Mr. and Ms. Business Owner?  Because if you can’t, someone up the street, or down the street don’t have a problem making me feel like I just landed on Pensacola Beach for the weekend.  Is that too much to ask?

 

Here are my do’s and don’ts for customer service.  If you have heard these before, and you are not following these do’s and don’ts, check your receipts.  Check your invoices.  If you are doing the same amount of business today that you were doing 3 months ago, or 3 years ago, then maybe, with all that you have done to improve your business, maybe these Do’s and Don’ts may help you to improve your business.

Don’ts

1. Don’t greet a customer at the door (Let them walk in and wonder if someone works in your place of business.  They may even leave because they think the place is empty)
2. Don’t thank them for their business (Many employees are trained to say thank you to customers.  For some reason, thanking a customer is not in today’s employee’s pay grade.  You maybe loosing customer at this very critical moment)
3. Don’t have what the customer wants in a business dedicated to their needs (If you are electronics store and don’t have MP3’s or joysticks, it’s not the end of the world.  But if you are not asking customers how you can help them, you will never capture them.  If you don’t have it, order it for them, overnight if it will keep them as customer.  Then stock up on that item because that customer is about to bring a cavalry of customers)
4. Don’t get offended when customers complain  (As a business operator, you want customers to complain.  You want them to tell you what’s on their mind.  And you want to be able to respond in a way that wins that customer over.  I have witnesses some of the best managers win the most outraged customers over because they listened, offered them a cup of coffee, soft drink, a free something, and asked that outraged customer to come back, to give them (manager) another chance to win their business.  It is not rocket science, it is business art, because customers, like me, want to believe that you want my business).
5. Don’t forget to offer options when customers’ needs aren’t met (To compliment #3 and #4 above, you will never know how much business you may have lost when a customer walks out of your business empty-handed.  You will never have a clue if you never greeted that customer and asked them a simple $1.50 question: “How can I help you?”  If a customer walked out of your store, your place of business and no one so much as sneezed on them, you are basically closed for business.  You will have that one customer for whom you don’t have what they want, and it is that point in time, you are in fantastic position to capture not only their dollar that day, but a long time to come.  Here is a good $5.00 question: “Can I help you find what you are looking for?”)

Do’s

1. Do follow up with customer satisfaction (When I worked at a rent-to-own store, nothing impressed me more than when I saw my manager ask a question about something that customers complained about 2 months prior.  The customers always seemed impressed.  It was another great opportunity to ensure that more dollars would be coming in).
2. Do make sure employees are friendly and respectful (Employees are usually the lowest paid.  They have things on their minds besides your business.  If something goes wrong they are going to be blamed, fussed at, or docked their time, often for something that is more minor than what you require of them with a greater emphasis:  Customer Service.  If you are fussing at your employees, treating them like they work for you, instead of with you, the first place to suffer will be your customer service.  Maybe your employees can’t stand toe-to-toe with you, but your customers are not going to get friendly service.  Your customers are going to get exactly what they ask for, or even less.  It is a vital balance between correcting employees and ensuring a positive workplace, but anything that affects customer’s interaction, including the attitudes of your employees, is money going out the door.  Maybe your customer won’t order that cheese with those fries, or won’t order a large drink, or a drink at all, because you made your employees feel like crap before they greeted customers.  That’s a shoot yourself in the foot move if ever I saw one.  Help your employees be friendly and respectful to customers, and to each other)
3. Do open on time (Whether you open at 5, 6 or 10a.m., customers plan a lot around your opening.  Even if they only come to your operation once a week, or once a month, being opened on time, and greeting customers increases the likelihood  dollars spent in your operation.  Even if by phone, not answering the phone at the time in which you are supposed to be opened is asking for your customers to choose your competitors).
4. Do make time to show customers what they can’t find (I have been to stores where as often as I shop there, something has been moved around.  If I try to ask for help, the help avoids me like the plaque.  They don’t make eye contact, or try to walk past you, especially if you have the deer in the headlight thing going.  I thought everyone recognized that look.  I do give credit to Home Depot[2], they are pretty good about that.  But for the most part, Wal-Mart[3] seemed to have invented the idea of helping customers find that which they can’t find.  Whether your operation is a big boxy one, or your system has been newly configured, customers need to feel like they are welcomed, and that they are not being trapped, or even that they are not supposed to find what they are looking for.  I know for me, it could be more frustrating if I think you, as a business, are trying to keep me in order to get me to spend more.  For me, it could have the opposite effect.  Please have some on standby to assist me as I need it).

         http://www.inc.com/guides/201101/how-to-build-better-business-relationships.html

5. Do remember why you went into business in the first place (to build wealth).

 

In Conclusion

I shared all of the above information not because I had something new to share, but because I find that as basic as much of this information is, many businesses either don’t think that I am important enough to greet at the door, or to ask me if I need help. Or worse yet, how they treat me is the same way that they treat other customers who want to do business with them.  As paranoid as I maybe, and believe that its always about me, I am going to go out on a limb and say that much of the customer service that I have received, or have not received, is the norm for all customers in certain businesses.  I can only hope that I am wrong, but hopefully, you are working to prove me wrong, on both accounts.  Don’t forget why you went into business.  Building wealth as Mr. & Ms. Business Owner, your key to building wealth is through your customers, clients, or guests.  How you get there will be measured by how much your customers continue to do business with you.  Best wishes, and remember The Coveted Commandment:  Thou Shalt Build Wealth.

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[1] Building Principles for the Coveted Commandment © 2013 by Wayne Dan Lewis http://thecovetedcommandment.blogspot.com/2013/01/building-principles-for-the-coveted.html

 

[2] Home Depot

http://www.jagsreport.com/2013/02/home-depot-stock-rating-reaffirmed-by-deutsche-bank-hd/

[3] Wal Mart  http://investing.money.msn.com/investments/stock-price?symbol=US:WMT&ocid=en-us_bingiaquotebtn

 

Identity Theft is Not Funny or, © 2013 by Wayne Dan. Lewis, Sr

Identity Theft is Not Funny or,

7 Things you can do to protect your identity © 2013 by Wayne Dan. Lewis, Sr.

 http://www.youtube.com/watch?v=uO12W35DpsQ

One of the top box office movies is “Identity Thief”[1] starring Melessa McCarthy.  I love her in Mike and Molly, and think that she is a wonderful actress.  Her personality is not overshadowed by her acting.  I see a real down-home person and I am very proud of her and the whole cast of the Mike and Molly Show[2] .

 http://www.idtheftcenter.org/

The movie, Identity Thief, reminds me of another movie from over 10 or so years ago with another great actress, Sandra Bullock.  She starred in: “The Net”[3]. The one thing both of these movies have in common, despite their time difference, is their relevance to the unauthorized, illegal, or, literal theft of people’s identity.  While one movie has a comedic punch to it, the issue that both brings home are nothing short of serious.  While I have not seen “Identity Thief”, you can be sure that it is high on my list of anticipated movies to catch soon.  But the point remains that identity theft, in its very form, is the very depth of practically removing your identity and using it by person(s) known or unknown for an activity or activities that you may not be involved in, nor would sanction, if you were in such a position.

http://www.justice.gov/criminal/fraud/websites/idtheft.html

 

I have personally been a victim of identity theft, however on a small enough scale, as far as I know, to a point where it was minimized as quickly as possible.  It was over a year ago, but nothing to this date suggests that any further compromises have occurred.  But I was lucky that time.  But what about next time?  Will I know in time?  Will I get laxed and not check my bank account?  Will the bank call me to let me know?  Should I check other avenues?  I have included a few links to answer some of these very questions within this blog.

 

http://ssa-custhelp.ssa.gov/app/answers/list/c/16,35/search/1

There are so many ways that our identities can be stolen, and too often, we don’t find out until the damage is almost irreparable.  While it is not absolutely impossible to steal our identities, there are things that we can do to protect our identities, and just as importantly, our wealth.  Here are 7 things that I suggest that we can focus on to protect our identity, in no set order. 

 

1. Change our passwords on bank accounts or investment portfolios. You can set the pattern.
2. Don’t write your passwords on or near your ATM cards, or leave your pass codes in your wallet or purse.  I remember one time when I investigated a theft from a safe, the combination was written next to the handle on the safe.
3. Avoid saving your passwords on your computer or phones to your bank accounts.  It may seem easier the next time you try to pull up your accounts that your entry will automatically come up and you won’t have to bother about putting your password or code in, but for today’s identity their, you will have saved them a lot of work, or maybe, made their day.
4. Give kids gift cards instead of your credit or ATM cards.  While we would all like to believe that all of our children are responsible, let’s be real.  Kids have little regard for the consequences of their actions, and unless they know that they are going to be hacked into little pieces (no cards and letters please), they generally act with little regard to loosing a credit card or even protecting the value of it.  Suggestion:  get your kids a gift card for a set amount, and that way, they will be more likely to protect it, and learn more responsibility.
5. TMI-Too Much Information!  Often I can tell people more about themselves by how loud they talk on their cell phones.  They seem to forget that everyone isn’t ignoring them, and that something they may say or do will actually result in their being victimized, if not right there, perhaps to be followed and then taken advantage of.  Suggestion:  try to hold your private conversations in private, don’t reveal personal information such as where you are going tonight, or that you’ll be “all alone tonight”, leaving yourself and family vulnerable to an attack and loss of important papers.
6. Your car holds your insurance papers, vehicle registration and perhaps other important papers.  Obviously, when you are stopped by the police, you have to produce these documents.  One day, we will hopefully have all of this information where it can be scaned and there won’t be a need to search through the old glove compartment (inventors anyone?).  Yes, your car is an extension of your home and naturally, we want to treat our car as our second home.  Unfortunately, that means light bills, gas bills, telephone bill receipts, etc.  Any of these documents could be used to establish a new identity.  Suggestion:  Keep with your records at home, or tear them up and throw them away.
7. Email alerts!  They are pretty frequent.  “My bank” sends me alerts on numerous occasions warning me that my account has be hacked and that I should “click here” and be prepared to give information that they don’t ever ask for in an email.  Suggestion:  Don’t “click here” and don’t give information to sources that you did not contact first.

http://www.identitytheft.org/

While these suggestions are not necessarily new, neither is stilling someone's belongings, as well as their identity.  The important thing to remember about wealth building, is that it is not enough to build it, if you don’t know something about protecting it.  To me, wealth building is a daily activity, and so it protecting it.  Some of the greatest millionaires have lost thousands, if not millions of dollars after working so hard to acquire wealth.  While there is no fool-proof way of protecting your wealth, at least for those who have intentions of taking it, give them a run for your money.  Continue to protect your wealth, as you continue to build your wealth. 

The Coveted Commandment-Thou Shalt Build Wealth © 2013 by Wayne Dan Lewis, Sr.

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[1] Identity Thief  Movie 2013 http://www.imdb.com/title/tt2024432/

[2] Mike and Molly on CBS-http://www.imdb.com/title/tt1608180/fullcredits

[3] The Net Sandra Bullock-http://www.imdb.com/title/tt0113957/

Can We Ever Be Paid for Our Time? (C) 2013 by Wayne Dan Lewis, Sr.

 

Good morning, and thank you taking the time to stop by.  I would like to address you as a fellow CEO’s because I believe that each one of us, for whatever reason, have a business perspective when it comes to living our lives.  Obviously, many of us work in some capacity to sustain ourselves and our families and we do an extremely great job.  To what extent that we do our jobs, is of no importance, as long as each of us have a clear indication of the need to not only survive, but to live comfortably in our day to day lives.

I’ll be brief as I know that each of us has a tremendous number of important obligations to fulfill as CEO’s, and besides that, today is Friday.  But here is what I like to discuss:  our time.  Our time, as we each know it, is very valuable.  Heck, I don’t have to tell you, look how you spend it.  You spend it going about your day planning important events,  preparing for family activities, and confirming everything necessary to be sure that you and your families are well cared for.  I do hope too, that one of the things that is included in that time, is time for you to spend with your family, or to take some time away from your busy schedule for just yourself.   We know that things can get so hectic, that we sometimes spend too much time putting out every fire that occurs in our lives, and then forget the main reason why we do what it is that we do.

Correct me if I am wrong, but you very work hard in order to make sure that you have a great quality of life.  And with respect to time, you ensure that the time that you commit to building a life for you and yours is time that becomes well spent.  So when it comes to time, our time, it is very, very valuable. Forgive the redundancy.  Not just in dollars is your time important, but in terms of the overall benefit to you.  So your overall goal:  to be successful, to minimize as much of the conflicts that life presents so that you can be happy, and have the necessary things that you want and need to make your life the best that it is.  But let’s not be fooled, we do, from time to time, try to assess a dollar value to our time.  What is that dollar value? 

Before you answer, understand that I am not asking you how much do you get paid on the job where you work, or how much does your contract pay. I don’t want to know that someone pays you an annual salary of $150,000.00, or that you get paid $12.00 an hr.  I am talking about your dollar value.  Now, before you run off and say that whatever it is, no one can pay you for your time, I want you, as the CEO in your life, to place a dollar value on your time.  Why?  Because, as we all know, or perhaps many of us agree, time is valuable.  So I ask you again, how valuable is your time if you had to put a dollar amount on it?  Disregard whether anyone would pay it to you, just how much is your time worth?

Let me digress for a few seconds.

I worked in the Rent-to-Own business for over 5 years.  Back then, I don’t know about today, but you could have rented a 19” television for approximately $10-$15 a week (plus tax and insurance).  And if you had kept that television for the allotted time (12 months), you would have owned that television outright for $988 (check my math).  Never mind the fact that that television in a retail outlet would have sold for $200.00.  But it was then and still is, a service that the rent-to-own franchise provided.  The same can be said for renting a car, a piece of equipment, or a hotel room.  The service for that which you wanted cost more than the item itself.  But the service allowed customers to enjoy that product or service, without the benefit of overhead, or maintenance.

Now, back to us. What is the value of your time? 

It may seem conflicting, but our time despite how valuable we perceive it to be, we would have to conclude that if someone had to pay us for our time, they would actually be paying us less than our time is worth.  Which, when you look at the television example above, seems backwards.  Am I making sense?

Obviously, if you work for someone, you work on their schedule, you work in their place of business, you agree to be paid according to the scale of what their job entails.  That is an agreement, because that is what we need to do, in order to take care of our family.  But what about those times when we are not working?  Does our value in time remain the same as the job that we work, or does our value return to that which we establish?   Or, does our value of our time, go down?

If you had to put a dollar value on your time, I believe that we would all agree, that no one can us what our time is worth.  Yet, we find ourselves accepting jobs that pay us minimum wages, union wages, contract wage, or whatever the job pays at the time.  We find ourselves, breaking away from what we believe our time is worth, to take on jobs, or projects that, in essence, devalues our time.  Am I wrong?  I believe that we take jobs that pay us less than our time is worth because of the relevancy of our time, to that of those who run their business on a different plane than we exist.  Obviously, there is no job that will pay us $100,000.00 hr to wash dishes, to wash cars, to drive trucks, to be a police officer, or to be the President of the United States.  Why? Why won’t someone pay 10 people $100,000.00 an hour to bake bread? To sell cars? Or to be military airman?  Why?  Because, someone will always take less.  Why?  Because the price is always right for someone else to the job. 

I call us CEO’s because our lives are very much like a business.  As long as we need money to live on, we run our own personal businesses.  But there are those among us, who run actual businesses, and their responsibilities, while financially greater in many cases, have an obligation to share-holders, who dictate how that CEO run’s their operation.  Those CEO’s determine how to value time as well for production achievement.  Conversely, between that CEO, who is not unlike us in many ways, because many of them have families too, but they have the responsibility to place a value on the productivity of their companies.  Those CEO’s, as we all know, require men and women like us, who are willing to give of their limited, precious time, to help them achieve a goal.  That goal is to produce a widget.  Our goal, is to provide for our family.  Between the CEO of the Widget producer and us, who are looking to provide for our families too, we come to an agreement.  We come to an agreement that we will give of our time for a value, that while it falls short of our overall value of time, will be sufficient to help us achieve our goal:  to provide for our families.

The thing for all of us to remember, is that accepting something that seeks to pay us a living wage for not just our time, but improve our skills, increase our knowledge, and improves our quality of life, is a good thing.  And if nothing else, taking on a job responsibility that pays us less than our time is worth improves the value of the very time for which no one can pay us.  For our efforts, we become viable members of our communities.  And whenever we have free time, and invest it into our communities, then our time increases value even more. 

 

Our time increases value when we volunteer at our schools.  Our time increases value when we volunteer at the playgrounds.  Our time increases value when we volunteer in our civic groups such as our neighborhood associations.

 

When we are not working, or engaged in something other than our families, our time is all the more valuable when we finally give to our family and cherished friends.  And while some of us may have placed a dollar value on our time, to spend it with family and friends, makes our time all the more priceless, and for that reason, no one can ever pay us what our time is worth, and shouldn’t even try.

 

Thank you all for your priceless, yet precious time, and I wish you all a great weekend, my fellow CEO’s.

You are the CEO in your life.  Your decisions determine your choices for success.
                                                                                                  Wayne D. Lewis, Sr.

Please stop by to read my entire blog at your earliest convenience:
http://thecovetedcommandment.blogspot.com/
 

Does Increasing Minimum Wage Reduce Poverty, or Cause Financial Harm?

The Coveted Commandment-Thou Shalt Build Wealth © 2013

by Wayne Dan Lewis, Sr.

 

Can more harm than good come from raising the minimum wage?
 

http://www.upi.com/blog/2013/02/12/WATCH-Obama-calls-for-minimum-wage-increase-in-State-of-the-Union/2131360727252/?rel=37331360659600

 For those of us who heard President Obama’s speech on Tuesday night, among the many highlights mentioned was the encouragement of Congress to pass an increase in the minimum wage.  The magic number:  $9.00 an hour.  That would be an increase of approximately 20%, up from $7.25 an hour.  For many low-wage earners, that would be great news, and I sincerely hope that they are able to get it, somewhat. 

 http://www.dol.gov/whd/minwage/america.htm

 

I say ‘somewhat’ because for what it is worth, we hardly discuss the fact that wage increases of this nature, on a national level, hardly translates into a rise from poverty.  Let’s be fair and straight with America’s minimum-wage earners regarding the real impact of an increase in the minimum wage and how it eventually looses its power to raise hard working, poor people out of poverty.

 http://www.minimum-wage.org/wage-by-state.asp

 

While the increase is a means of ensuring that American workers are able to make some type of, dare I say, decent wage in order to survive, it doesn’t do enough, and perhaps, and hear me clearly, it could never do enough for America’s wage earners.  Why?  For 2 reasons, as I hope you will hear me out.

 
http://www.whitehouse.gov/state-of-the-union-2013

First of all, on the plus side, increasing the minimum wage helps struggling families to “momentarily” improve the quality of their lives.  For example, if a 4-member family with one (1) wage earner is able to increase his or her income to $9.00 an hr, all things being equal, that family would go from an annual earning of $15,080 to $18,720.00.  That is a 20% increase to their family income, or $3640 a year more.  Or more specifically, $70.00 a week more.  This is great, and because I have been on that side of minimum wage, I always rejoiced whenever I received a raise, whether it was minimum wage, merit raise, or a “I’m in a good mood” raise (never happened by the way). 

As I remember growing up, beginning work as a high school kid, making above minimum wage because I was in a Union, I always remember someone always saying that even as we received an increase in wages via the union, it didn’t amount to much because the government was going to “take it before you make it.”  My union buddies would always remind me, that because I was in high school, and that I was single, that the government was going to clean me out on taxes.  And they were right.

 

http://www.treasurydirect.gov/indiv/tools/tools_savingsbondcalc.htm

 

Additionally, someone else would remind me of the fact because I was making more, even if 50 cents more an hour, that I would now be spending more, inspired to spend more than I actually made.  And because of that sidewalk, locker room consultation, I found myself in the very boat that they described.  But not all was grim.  My parents always continued to emphasize that I was to put money on the side.  My parents always wanted me to put money in a savings account.  They always wanted me to buy savings bonds.  But would I listen?  Nooooooo!

http://www.goldprice.org/gold-price.html 

On the negative side, everyone is not going to necessarily get a raise.  I repeat, everyone is not necessarily going to get a raise.   While the money will be on their payroll check as $9.00 an hour, many wage earners may see their hours reduced, or perhaps, have their hours cut all together.  Why?  For employers, with 10 to 50 employees for example, full-time, that money has to come from somewhere.  10 employees with an increase from $150,800 to 187,200, would be an additional $30,000 from their profits, plus any additional costs that comes with paying higher wages.  With 50 employees, an employer’s payroll goes from $754,000 to $936,000, an increase of $182,000.  Where is an employer supposed to come up with that money, when the government says they have to do it, and there is nothing or anyone else stepping up to fill in the difference?  

There is no question that employees are entitled to a raise, but how are employers going to make up that increase in payroll?  Could it be reasonably considered the cost of doing business?  Where is the money going to come from?  We know that employers have this as a question, and often the answers aren’t choice ones.

1. From the sky?
2. Employee pay-back plan?
3. Employee lay offs?
4. Federal government who passed the increase in the minimum wage law?
5. The consumers who buy and receive services?
6. Out of the employer’s profits?

Several of these answers are ridiculous, no doubt.  But then again, perhaps they all are.  Let’s take a quick look.  No, the raises aren’t going to fall out of the sky; employees aren’t going to pay their employers back their hard-earned wages.  Layoffs may not always be a good option if the business is there for the owner.  The government has its hand out already waiting for the taxes from the increased wages, so forget them helping out.  Asking customers to pay for the raises can sometimes be a self-closing move, even if the owner/employer goes up 2 or 3 cents here or there.  And of course, asking the employer to cut their profits?  Well, that’s a tough pill to swallow.  Plus, I left off one other possibility:  Close down all together.  That one final option is not one that is out of the question for some business owners.  And, where would that leave employees if the business closes down?  We would, no doubt, see unemployed workers.  This of course is in the context of how employers’ would look at the circumstances of an increased payroll by way of increasing the minimum wage.  No suggestions here, but these are the circumstances a business owner have to consider when the President and the Congress increase the minimum wage.

http://www.ehow.com/how_6763183_calculate-cost-doing-business.html

Conversely, this is an opportunity for those on minimum wage to look at these circumstances, where employers weigh out their options in the face of increasing not only minimum wage, but perhaps other employees who often want a raise as well, whether to cut payroll by laying off employees, cutting hours of existing staff, closing up all together, or just grinning and bearing it..  For the minimum wage earner, this could be a wake-up call to be on guard.  This is an opportunity to weigh your options for improved opportunities, several of which you may be able to create.  Why?  Because of several of the reasons mentioned above, minimum wage earners should be putting together a plan to prepare for their next move. 

 

If an employer decides to cut payroll by cutting employee hours, or to lay off employees, or worse yet, close down, today’s wage-earner needs to be sure that they have something to fall back on.  While another job would be great, it’s not promised.  Today’s minimum wage-earner needs to prepare for their next move and here are some options:

1.      Consider going to school (trade, junior college or 4 year).  There are some programs that provide financial aid or assistance.

2.      Consider starting your own business (obtaining an equity line of credit, Small Business Loan, partnering with family or associates)

3.      Consider getting a second job, but with the intent of building a savings plan that itself has a long term benefit.  A second job that only provides a supplement to the 1^st job, and no means of increased savings put today’s wage earner more at a disadvantage than leveling the playing field.

 

Increasing the minimum wage is a small step toward reducing poverty.  But today’s minimum-wage earner needs to think outside the box.  That minimum wage position is constantly being evaluated by employers for either elimination or reduction in value.  Regardless of how great an employee is, an employer has his or her own family and business to be concerned about.  And no doubt, they are going to put a minimum-wage earner low on the lists of priorities when it comes to maintaining their business.

However slight a wage increase maybe, it could very well be for a short time, where today’s minimum wage-earner finds him or herself looking for another position due to layoffs or business closings.  The chances will be a challenge because today’s employers will all be looking at positions on their roster that can be minimized in order to maximize their profits.  It would be in today minimum wage earner’s best position to consider other options that will help them prepare for tomorrow by finding ways to improve the quality of their lives by increasing their marketability, or striking out on their own. 

In conclusion, I believe that increasing the minimum wage will lift people out of poverty, temporarily, but without the benefit of preparing them for the outcome of a wage increase, it is possible that more harm than good can come from raising the minimum wage for those who may actually fall victim rather than benefit.

Forty Days and Forty Nights-Thou Shalt Build Wealth[1] © 2013 By Wayne Dan Lewis, Sr. [2]

Forty Days and Forty Nights-

Thou Shalt Build Wealth[1] © 2013

By Wayne Dan Lewis, Sr.  [2]

 

If you will recall, that in the Bible, there are several references to “40 days and 40 nights” as it related to several major incidents.  One of those incidents involved Moses on Mt. Sinai. [3]   He is reported to have spent two tours of engagement prior to descending Mt. Sinai with the stone tablets that we have all come to know as, the 10 commandments.  A brief research of the reference to 40 days and 40 nights, suggests that there may have been several interpretations of this specific reference of time.  That perhaps, it may have not been in the absolute context as we know it today, but that it may have been more, or less time, than we associate with today.  It was suggested that the people of that time, may have used a different form of calendar to measure time than we do today. 

http://www.todayifoundout.com/index.php/2010/08/the-biblical-expression-40-days-and-40-nights-just-means-a-really-long-time/

Nevertheless, our means of measuring time today is as accurate as possible in these our times, whether by intent or subsequential action to our goals,  and as a result, 40 days and 40 nights have been incorporated into many aspects of our lives.

http://wiki.answers.com/Q/What_does_40_days_and_40_nights_mean

Effective February 13, 2013, The Coveted Commandment seeks and attempt to use this same measurement of time, 40 days and 40 nights, to help as many of us possible, to build wealth.  How? 

First of all we will review how the Coveted Commandment came to be.[4]

Secondly, we will review the building principles that have been suggested through this concept in order to help many of us to get our minds engaged in wealth building.

http://www.40day.com/40_in_the_bible.html

Third, we are going to review and put together an overview of some general financial goals, that may or may apply to all of us, but will nevertheless, serve as a model for putting together our own personal plans to achieve something more significant in our lives.   Some of these goals maybe relevant to some of us, as some may not to others of us.  So, hopefully, we can all be tolerant as we each attempt to find creative and productive ways of improving the quality of life for ourselves and for our families.

You may ask whether we need as much as 40 days and/or 40 nights to help us find and build wealth.  Or, do we need more time than 40 days and 40 nights?  The answer is entirely up to you.  This is a designated time-frame to focus on any and everything imaginable that has sat on the back burner, or has only been a passing idea when it came to pursuing our dreams, for example, to start a business; to become a securities investor, or, to just start a savings account.

It is the intent of the Coveted Commandment,[5] from its inception, from its discovery and revelation, to provide a platform to share, to learn, to encourage, to build and to achieve whatever is possible for the everyday, average individual, group or family who have needed some type of incentive, to build wealth.

It is a commandment that is not decreed by a governmental or authoritative body.  It is a commandment, as I suggested before, that I believe was either left on Mt. Sinai; interpreted by Biblical scholars, but not revealed to the masses, or it was never meant to be released for whatever means to help those who needed inspiration to build wealth.  However, it is here now, and it is a commandment designed to encourage each and everyone of us to take our earnings to the next possible level.  It is a commandment that encourages us to, once and for all, to put together that business plan and start that coffee shop, that grocery store, or to invest in ourselves to whatever degree in order to be successful.

Whether we need 40 days and 40 nights to improve the quality of our lives will depend on 2 things:

1. What are we willing to put into this wealth building opportunity, and
2.  What are we willing to get out of it.

(Note:  It’s not an either-or to this event.  It’s both: what you are willing to put in, and what are you willing to get out of it.  I invite you to participate fully, knowing that the results will be up to you because of what you are willing to do.)

For example, what you may bring to the table is 10 years of experience in running a business, you may leave with a new employee who knows how to put a program together to run your business more successfully; you may bring to the table how to write a will, you may get a client who needs a succession.  Last, but certainly not least, you may bring a need to buy life insurance for your children, and leave with a long term investment opportunity.  Whatever you bring to the table, expect to get something out of this process, as a result of your vigilance, your dedication and/or your contribution.  It is all up to each one of us.

Be prepared to share within this short period of time how you achieved your level of success, however slight, however great, knowing that something you will have shared will have made a difference in someone else’s life.  Be forewarned however, that your benefit may not be immediate.  Be forewarned, that the benefit to you, may not be from the person who may directly benefit as a result of your contribution.  And if that is alright with you, then feel free to bring something to the table, knowing that the benefit may not be immediate to you.

Also, be prepared within this short period of time to take with you an important piece of information, or contact that may possibly increase your net worth, not only for 2013, but for well beyond.

For FORTY DAYS AND FORTY NIGHTS, you have an opportunity to do many things for your well-being.  Shouldn’t one of those things result in you becoming financially better off?  Shouldn’t you be able to open a Roth IRA account?  Shouldn’t you be able to own an ounce of gold? An ounce of silver? Or any other precious metal?

In FORTY DAYS AND FORTY NIGHTS, shouldn’t you be able to start your own business? Buy a life insurance policy?  Shouldn’t you have changed your spending habits, including not spending your money in places where you are not appreciated? Or, as a result, shouldn’t you have increased your customer-base because you found a way to improve customer relations?

Whatever you want to do, to improve your life financially for you and your family, you have the opportunity to make it happen with FORTY DAYS AND FORTY NIGHTS.  It may never come this way again, and it may never be this easy.  Using social media in a way that it has never been used before, here is your opportunity to follow one commandment if no other:  THE COVETED COMMANDMENT-Thou Shalt Build Wealth.
Notice:  No indication of exchange or promise of money directly or indirectly implied or suggested as a result of involvement or association with this social media event.  There are no costs to those who participate.

Remember, you are the CEO in your life.  The decisions you make (today) determine your choices for success (tomorrow).  Thou--------------------Shalt------------------- Build--------------------- Wealth.

 

 

 

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[1] The Coveted Commandment-Thou Shalt Build Wealth © 2013 by Wayne Dan Lewis, Sr.

[2] No information shall be considered professional consultation. Information deemed to be from reliable sources, but not guaranteed.  Please consult your respective professional regarding legal, medical, financial or any other information that you deemed relevant to your circumstance as your results may vary.

[3] http://www.dltk-bible.com/exodus/moses_and_the_10_commands-cv.htm

 

[4] http://thecovetedcommandment.blogspot.com/  The Coveted Commandment-Thou Shalt Build Wealth © 2013 by Wayne Dan Lewis, Sr.

[5] https://twitter.com/covetedcomandmt  The Coveted Commandment-Thou Shalt Build Wealth © 2013 by Wayne Dan Lewis, Sr.