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JUTC Wi-Fi usage suggests data privacy concerns fading, says Growth Tech CEO

With more than 100,000 passengers connecting to the free Wi-Fi service on Jamaica Urban Transit Company (JUTC) buses over the last five months, the company installing the devices believes data-privacy fears, which surfaced among commuters before the project began, have been subsiding.

“There is no doubt that you will have a few persons uncomfortable using their phones in public. You will never get around that. You have people who don’t even want to use their phones when they go to the supermarket,” said Neil Lawrence, CEO of Growth Tech Limited. “What we are seeing in the numbers is that people are using their phones [to access the service] anyway. They are not concerned about that. The fear about safety that was raised before is clearly not an issue on the buses.”

The installation of Wi-Fi devices on roughly 400 buses that operate within the Corporate Area and St Catherine is still in infancy, although the project was scheduled to be completed by December 2018. Approximately 30 per cent of the 400 buses, around 120 buses, have been outfitted with Wi-Fidevices so far.

Lawrence says the missed deadline is due in part to some buses not being in good condition and the technical team wants to make sure the service, once installed, works properly.

“Buses come off the road sometimes because of issues. … We have a strategy where we aim for the most reliable buses as much as possible,” he said.

“We have had a few issues with the hardware, where we added a few components to optimize the service on it.

Being the first time Jamaica is rolling out this type of Wi-Fi technology to a mass of persons, obviously there will be some learning. We have learned and have adjusted,” he explained.

“[We could] just go and install and fit a box and say, ‘Hey, Gleaner, we have installed all the Wi-Fi in the buses’, then when you check it, there are issues.

Being the captain of the ship, I won’t put something forward unless I am comfortable.”

Lawrence, who said customer feedback has been positive, indicated that the company is aiming to outfit 75 per cent of the buses by next month and complete the project by April. JUTC Communications Manager Cecil Thoms yesterday acknowledged the issues affecting the roll-out of the service.

“We had some kinks. Persons, for example, would have complained about not being able to get on from time to time, so we are working on that. Sometimes it is a case-by-case basis that we have to resolve. We are hoping there is no significant fallout,” he told The Gleaner.

“Essentially, we had some kinks, but we have since been able to address those. We are now projecting that by the end of the financial year, there will be a complete installation of Wi-Fi on all buses.

That is the agreement with our partner and after that its full speed ahead and then there will be a launch,” Thoms said.

jason.cross@gleanerjm.com

Source: Ceo Search Results
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Google CEO Sundar Pichai totally stans ‘thank u, next’

“Thank you, next!”
Image: Justin Sullivan/Getty Images / Kevin Winter/Getty Images

Hearing Google CEO Sundar Pichai mention pop star Ariana Grande’s smash hit during an investor earnings call was endlessly amusing.

While talking up YouTube’s success Monday, Pichai included the detail that Grande’s “thank u, next” music video broke records, with more than 50 million views within 24 hours of premiering on the Google-owned video streaming site last November.

During the dry, formal phone call with investors, listeners were caught off guard hearing the CEO drop the artist’s full name and slang-tastic song title after listing revenue numbers and percentage gains.

We weren’t the only ones amused by the juxtaposition.

It was a subtle moment of levity during the cut-and-dry earnings call which discussed Google parent company Alphabet’s more than $31 billion in earnings.

We can totally see Pichai rocking out and we’re so f*cking grateful.  

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Source: Ceo Search Results
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NAPCO Security Technologies, Inc. (NSSC) CEO Richard Soloway on Q2 2019 Results – Earnings Call Transcript

NAPCO Security Technologies, Inc. (NASDAQ:NSSC) Q2 2019 Results Earnings Conference Call February 4, 2019 11:00 AM ET

Company Participants

Patrick McKillop – Director of Investor Relations

Richard Soloway – President and CEO

Kevin Buchel – Senior Vice President and CFO

Conference Call Participants

Matthew Pfau – William Blair

Gary Mobley – The Benchmark Company

Joseph Osha – JMP Securities

Abba Horwitz – OS Capital

Operator

Greetings and welcome to the NAPCO Security Technologies Inc. Fiscal Second Quarter 2019 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Patrick McKillop, Director of Investor Relations. Thank you. You may begin.

Patrick McKillop

Thank you. Good morning. My name is Patrick McKillop and I’m the Director of Investor Relations for NAPCO Security. Thank you all for joining us for today’s conference call to discuss our financial results for our fiscal second quarter 2019. By now, all of you should have had the opportunity to review the press release discussing the results. If you have not, a copy of the release is available in the Investors Relations section of our website, www.napcosecurity.com.

On the call today is Richard Soloway, President and CEO of NAPCO Security Technologies, and Kevin Buchel, Senior Vice President and CFO. Before we begin, let me take a moment to read the forward-looking statement. This conference call may contain forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements may differ materially from those anticipated in such forward-looking statements, as a result of certain factors, including those set forth in the company’s filings with the SEC.

During the call, we may also present certain non-GAAP financial measures such as adjusted EBITDA and certain ratios that are used with these measures. In the press release and on the financial tables issued earlier today, you’ll find a definition of these non-GAAP financial measures, a reconciliation of these non-GAAP financial measures with the closest GAAP financial measure, as well as a discussion about why we think these non-GAAP financial measures are relevant to our results.

These financial measures are included for the benefit of investors and should not be considered instead of GAAP measures. I will turn the call over to Dick in a moment, but before I do, I just wanted to mention a few things on the IR front. In terms of upcoming investor outreach, we will be marketing in Dallas on February 7 and on March 18, we will be attending the ROTH Conference in Dana Point, California. Also recently we received the new sell-side coverage from William Blair. Matt Pfau and his team did a great job on the report that was issued. Investor outreach is crucial especially for small cap companies such as NAPCO and I would like to thank all of those folks that assist us in these conferences and marketing trips.

With that out of the way, let me turn the call over to Richard Soloway, President and CEO of NAPCO Security Technologies. Dick, the floor is yours.

Richard Soloway

Thank you, Patrick. Good morning, everyone, and welcome to our conference call. Thank you for joining us today to discuss our results.

The second fiscal 2019 marked another record revenue and profitability performance for NAPCO. We now have 18 consecutive quarters of year-over-year record sales. Our recurring revenue continues to grow at a rapid rate. The annual run rate is now $17.2 million as of December 2018. Our strategy of targeting professional installations and mostly commercial end markets is driving our continuous growth.

Our balance sheet remained strong with zero debt as of this report and our cash balances continued to grow. We remained focused on capitalizing on key industry trends. These trends include smart connected home, recurring revenue growth in cellular alarm communication, and the creation of school security and safety products. The key metrics of growth, profits and returns on equity are equally important to both shareholders and the management team here at NAPCO. Our business strategy is executing well and our interests are aligned with our shareholders and senior management at NAPCO owns 38% of the equity.

Before I go into greater detail, I’ll now turn the call over to our CFO, Kevin Buchel, who will provide an overview of our fiscal second quarter financial results and then I’ll be back with more on our strategies and outlook. Kevin?

Kevin Buchel

Thank you, Dick and good morning everybody. For the second quarter net sales increased 18% to $24.8 million which was a record second quarter performance and the 18th consecutive quarter of year-over-year record sales as compared to $21.1 million last year. For the six months ended December 31, 2018 net sales increased 14% to $48.2 million as compared to $42.2 million last year. The increase in sales for the three and six months ended December 31, 2018 were primarily related to increased sales of our door locking products, alarm communications and intrusion products, and access products.

Recurring monthly revenue increased 46% for the quarter to $4.1 million versus $2.8 million a year ago and for the six months increased 46% to $7.9 million from $5.4 million last year. Recurring revenue now has an annual run rate of $17.2 million based on December 2018 recurring revenue.

Gross profit for the second quarter increased 26% to $10.7 million with a gross margin of 43% as compared to $8.5 million with a gross margin of 40% last year. For the six months gross profit increased 19% to $20.2 million with a gross margin of 42% as compared to $17 million with a gross margin of 40% last year. The increase in gross profit and gross margin for the three and six months was primarily due to the increase in sales.

R&D expenses for the second quarter increased 8% to $1.8 million or 7% of sales compared to $1.6 million or 8% of sales last year. For the six months R&D expenses increased 8% to $3.5 million or 7% of sales as compared to $3.2 million or 8% of sales last year. The increase for the three and the six months is primarily due to increased salaries and some additional personnel.

SG&A expenses to Q2 decreased 1% year-over-year to $5.6 million or 23% of sales as compared to $5.7 million or 27% of sales last year. For the six months SG&A expenses increased 2% to $11.7 million or 24% of sales as compared to $11.5 million or 27% of sales last year. The SG&A decrease for the quarter was primarily due to lower sales promotion costs and the increase for the six months was primarily due to higher commission and freight driven by higher sales level.

Operating income for the three months ended December 31, 2018 increased 183% to $3.3 million as compared to $1.2 million last year. Operating income for the six months increased 127% to $5.1 million as compared to $2.2 million a year ago. Income tax expense for the quarter increased by $508,000 to $419,000 as compared to a benefit of $89,000 last year.

The company’s effective tax rate was 13% for fiscal Q2 2019 as compared to negative 8%for fiscal Q2 2018. For the six months income tax expense increased $613,000 to $667,000 as compared to $54,000 last year. The company’s effective tax rate for the six months was 13% as compared to 2% for the same period last year. The increased income tax expenses for both the three and the six months was primarily due to the aforementioned increased operating income.

Net income for the first quarter increased 133% to a second quarter record of $2.9 million or $0.15 per diluted share as compared to $1.2 million or $0.07 per diluted share last year. Net income for the six months increased a 106% to $4.4 million or $0.23 per diluted share as compared to $2.1 million or $0.11 per diluted share for the same period last year. The increased net income for the three and six months was due to the items previously mentioned.

Adjusted EBITDA for the quarter as outlined in the schedule included in today’s press release increased 135% to $3.8 million or $0.20 per diluted share as compared to $1.6 million or $0.09 per diluted share last year. Adjusted EBITDA for the six months increased 94% to $5.9 million or $0.31 per diluted share as compared to $3 million or $0.16 per diluted share last year.

Moving on to the balance sheet, cash balance at December 31, 2018 was $7.9 million as compared to $5.3 million at June 30, 2018. Our working capital as of December 31, 2018 was $43.3 million as compared to $44.3 million at June 30, 2018 and the current ratio was 4.3 to 1 at December 31, 2018 as compared with 5.7 to 1 at June 30, 2018 and debt remained at zero at December 31, 2018.

Net cash provided by operating activities for the three months ended December 31, 2018 increased 144% to $3.2 million as compared to $1.3 million last year and for the six months net cash provided by operating activities increased a 125% to $6.3 million as compared to $2.8 million for the same period last year.

CapEx was $695,000 during the quarter and for the six months period was $1.1 million. Our stock buyback remains open and we make purchases opportunistically as we have strong belief that the future remains bright for NAPCO. We bought back 147,000 shares during the quarter ended December 31, 2018 and have bought back approximately 186,000 shares for the six months ended December 31, 2018.

That concludes my formal remarks and I would now like to return the call back to Dick.

Richard Soloway

Kevin, thank you. We continue to be excited about the growth in our business which is being driven by the addition of recurring revenue and school security products. We expect that the growth trend in recurring revenue and school security as well as the other parts of our business to continue in the future. We continue to see demand for recurring revenue products coming from alarm communicators including fire, intrusion, and the growth of the smart home category.

The topic of school security remains an important issue in the United States and we continue to believe there is a significant opportunity in this vertical. During 2018 there were 82 reported school shooting incidences at K-12 schools, the most since reporting of incidences restarted in 1970. As you all know, last year we witnessed many horrific school shooting tragedies. We remain dedicated to providing solutions and products that the schools so desperately need. We believe that this market is very large with over 100,000 K-12s and 10,000 colleges and universities in the U.S.

In total, states have poured approximately $1 billion into school security since February 2018. As an example recently, Senator Clausen in Minnesota recently stated that he will be proposing legislation which will appropriate $500 million for violent protection and facility security. During 2018 Minnesota budgeted $25 million to school security and a grant request totaling 10 times that amount or roughly $250 million. The pipeline for school security projects looks robust and we will continue to announce new wins when we can as we need to receive approval from the schools prior to doing so.

The professional alarm monitoring market will continue to grow over the next few years we believe as demand for connected systems over traditional systems continue. In the U.S. there are approximately 133 million homes and just 22% have alarm systems. The growth of the connected home market is in its infancy and best is yet to come in our estimation.

Our StarLink alarm communicators are the most extensive product offerings in the industry currently. We offer four different versions; intrusion, fire, both single path and dual path and the Connect. The fire versions are commercial while the intrusion and Connect are primarily residential and small business.

The StarLink communicators allow for the transmission of alarm signals over the cellular networks in lieu of the traditional phone lines that have been used for many years. The use of traditional phone lines has been declining in residential homes for years. The commercial market is being impacted as well with the major telecommunications companies declining to support old fashioned telephone lines in buildings.

Last quarter we announced the latest addition to our smart home offering, the video doorbell. The video doorbell has become a popular product and our dealers have been asking for us to offer one. Our new video doorbell can be integrated with NAPCO systems as well as many of our major competitors’ brands. Additionally, our video doorbell will contribute to our recurring revenue line which as you know has been growing at a very strong rate for the past few years.

Another recent addition to our product portfolio is the commercial FireLink fire alarm control panel. FireLink is an all-in-one fire alarm control panel with a built-in cellular StarLink powered alarm communicator for use in commercial buildings. It comes preconfigured and preactivated enabling easy installation and cost savings for dealers. We believe that it can become a new strong contributor to our recurring revenue for years to come.

This April, we will be at the ISC West tradeshow in Las Vegas. It is the largest industry tradeshow with over 30,000 security installing professionals attending. NAPCO will be showing some strategic products that are a combination of hardware and recurring revenue and we expected them to become great drivers in our business for the future.

This show is taking place from April 10th through the 12th. We invite all investors and our covering analysts to attend. You’ll be able to see our products as well as meet the dealers who are purchasing them, driving our sales to record level. If you are interested please contract Patrick, our Director of Investor Relations and he can arrange for passes so you can enter this show.

Our R&D team continues to work on developing work products that will bring recurring revenue to our business. We have had great success with our current recurring revenue products and our goals include the continued growth of that product line. The potential application of access control as a service is one example that our engineers are working on.

We will begin our Q&A session portion of this call in a moment. Our second fiscal quarter 2019 was a very successful record breaking quarter for us as we continue to grow the company and deliver strong profit. Our shareholders have been rewarded with a very healthy returns and stock performance. NAPCO is in a strong position to continue its growth in sales and profits going forward. We are excited about the rest of the fiscal year 2019 and beyond.

NAPCO’s senior management maintains a high level of ownership in our equity, approximately 38%, and I would like to thank everyone for their support and for joining us in this exciting future we have. Our formal remarks have now been concluded. We would now like to open the call for the Q&A session.

Operator, please proceed.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] Our first question comes from the line of Matt Pfau with William Blair. Please proceed with your question.

Matthew Pfau

Hey guys, thanks for taking my questions and nice job on the quarter. I wanted to start off with the recurring revenue business and a nice result there in the quarter, maybe just an update on how you feel about attaining your $40 million in recurring revenue goal? And then relative to non-StarLink recurring revenue products when do you think we could start seeing contribution from those products in the results?

Richard Soloway

Thanks so much. Our goal is to come out with many new products which have a recurring revenue component and it all piles on to our successful result. We keep added new StarLink communicators, now we’re adding integrated control panels with communicators inside of them and then at the ISC show we’re going to show some new products and it’s all part of our goal. So if you take the growth rate we’ve been talking about 45% and 50%, you compounded out we should be into the $40 million number in a couple of years.

Matthew Pfau

Got it. And then I wanted to hit on the school security opportunity, it seems like that was a significant driver of some of the hardware outperformance in the quarter. These school shooting incidents have been happening for quite some time. Obviously 2018 was a bad year, but I guess where do you think in terms of the results in the quarter and what you’re seeing in the pipeline, where are we at in terms of a tipping point in schools getting more serious about their security?

Richard Soloway

Well Matt, we’ve been saying that we saw the tide turning so to speak after the shooting Parkland in Florida about a year ago, it’s February 2018. As a result of that it seemed to be a tipping point change where schools were waking up and finally doing something about this horrible problem school security. And so for us, we’ve seen a lot of quoting activity. We’ve had more wins.

We’ve had more press release announcement. Sometimes they don’t let us announce it, but lot of times now they are and this is just the beginning we fee. But there’s been a lot of money that’s come down from government to schools to make it easier, especially K-12 was always faced with budget issues and the universities who have big endowments are starting to spend that money.

So what you see this quarter I think is just the beginning. We think that there is a lot more to go. We talk of this and termed it early stages or early innings of school security, much more to come, much more to be done and we are there for the schools and I think you could expect to see more of this in the quarter to come.

Matthew Pfau

Got it, and then just one more on the school opportunity, one of the deals you press released this quarter was the Lewisville ISD in Texas, that seemed like based on the press release a more comprehensive deal at least for a school district than you’ve done in the past, so maybe can you just talk about is, is that the case, what drove them to you perhaps purchase a more comprehensive set of products in other school districts and then you know is this – can this potentially be the trend going forward?

Richard Soloway

We like to cross sell in a lot of division and we’re the only company that has locking, access control and alarm. Our business cards have a whole lot of different divisions and a brief description of what they do and when a school closes in for school safety and security, we always like to present the full NAPCO complement of product. And in this case they needed more burglary products, so our sister divisions did that job. That’s kind of the MO that we’re going for.

Typically the security department or the locking department, lock shop department of the schools call you in. We have dealers and we have access control specialists in all these territories around the country because we have thousands and thousands of dealers, more than 12,000. We have 2000 – we have 10,000 security dealers, 2000 system integrators and they are in every territory. So they get called in and then they call us and we try to figure out what is the best mix of the products that will protect the school.

So we go beyond a normal just school locking product, we go into fire, burglary, and access. And because we have a – the only company with that, and because we have a fusion, backbone network which is our software network everything integrates well together and the good – it helps us a lot. We try to sell the schools because we are one integrated solutions rather than dealing with a bunch of different companies, so they try to cobble together a system. So that’s an advantage. So that’s a big marketing push that we have going on here.

Matthew Pfau

Great, and just one last one from me in terms of the hardware revenue, I believe this is the first non-fourth quarter to have hardware revenue over $20 million which is obviously an important mark for you guys. How should we think about this going forward, is this something that you think you can reach on a more regular basis now or was there something sort of one off in the quarter that where still a bit away before you can hit the $20 million hardware revenue in a non-fourth quarter on a more regular basis?

Richard Soloway

Long term goal in a couple years, couple or three years is to be $100 million worth of hardware revenue and $40 million with recurring monthly revenue. Put those together, you are talking about much greater profitability for the company. So this hardware growth this quarter is part of what you’re going to be seeing going forward in the future. But our goal is, we don’t look at it quarter-to-quarter, but it seems to be coming together pretty quick and we expect to hit our goals a couple of years out. And I think that Kevin has been modeling with you guys where we could be profitably wise and it’s very, very positive for the company.

Matthew Pfau

Great, that’s it from me guys, I’ll pass it on, thanks.

Richard Soloway

Thank you, Matt.

Operator

Thank you. Our next question comes from the line of Mike Walkley with Canaccord Genuity. Please proceed with your question.

Unidentified Analyst

Hi this is Anthony on for Mike. Thanks for taking my questions and congrats again on the strong quarter. Just in terms of your hardware gross margin expansion we saw was that attributed primarily to higher margin projects like – with the schools or are you starting to see some progress on the cost saving initiatives as far as like sourcing components from Asia?

Richard Soloway

It’s a combination Anthony. So we talked a lot about how we get leverage from our Dominican factory when it grows about a certain point. So when we’re over the $20 million mark that’s a key for us and so the leverage starts to kick in on getting margin expansion, overhead absorption, we saw that. We see a lot of that Q4, but when you go over $20 million you get to see it in other quarters. So you saw it in this quarter as well.

The initiatives from Asia, that’s begun as well. That takes time to get to true long term effect, but there is a little bit of that too. There’s a lot more of that to come in the future. And also school jobs, they can be very profitable, depends on what the schools buy. We had some of that in this quarter also. So we had a little bit of everything, But if you get to the point where the $20 million level has exceeded then you get that margin expansion on the hardware side plus great margins on the recurring get both things working, you get numbers like you saw this quarter.

Unidentified Analyst

Got it, got it, great. And then on the R&D, it remained elevated I’d say relative to last year, somewhat of the Q1 levels and is this kind of uptick in investment. I think you had mentioned you know more focused on the recurring revenue side, any sense for the types of offerings we might expect? I know you had just mentioned in your prepared remarks, access control as a service, any other color you can provide on what’s coming out of the R&D Investment there?

Richard Soloway

Oh, we talked about the integrated alarm, fire alarm systems with recurring revenue communicators inside. So there has been more of that type of things. And we’d like to get recurring revenue from all our divisions and we’re very diligently to do that. We have 50 engineers now, we increased their engineering budget, so we could get more people and do these exciting thing.

We have a lot of ideas and turn them into finished products. So it all bodes very well for our company for years and years to come. Everybody needs more security. We’ve got the creative concept and now we have more engineers, so we can turn more products out. I would say comes to the ISC show and see a couple of things which kind of be pretty, pretty revolutionary for our industry. And then you can talk to some of the dealers that are using our products see how they are going to be responding to the nil things we are going to be showing, so it could be a real eye opener.

Unidentified Analyst

Right, right and then just lastly from me, I’m just coming off the holiday quarter, any data points or callers from dealers on StarLink Connect, relative to some of the other…?

Richard Soloway

The StarLink Connect has a very, very large market. It’s a market that we are penetrating, it’s a good contributor to our growth and it will continue for years and years. As you know, the StarLink Connect modernized 20 million, 30 million alarms that were sold previously by dealers before such a thing as connected home was invented.

So if the StarLink Connect makes those symptoms which many of them were working fine, they just don’t have app control or thermostat blocks the lights and live video makes all of that available to those existing alarms and the dealers love it because they can be in and out of a premise in an hour, rather than days and days.

We had to rip out the old alarms system and put a new modernized Connect home alarm. Now we’re installing Connect which is all down in an hour and it’s quite an innovation. It works on every brand of control panel that is out there that is going to install and includes like big would project here to get it done and it is reaping nice benefits for the company.

Operator

Thank you. Our next question comes from the line of Gary Mobley with The Benchmark Company. Please proceed with your question.

Gary Mobley

Hi guys, good morning. Congratulations to the strong quarter. Want to start asking about the accelerating RSR or previous known as RMR revenue. That quarter-to-quarter delta has been growing consecutively for the past three quarters and so I’m wondering if that is mostly a function of the two-way radios which I believe carries a fivefold increase over the normal or the average for the different radios?

Richard Soloway

We have very large assortment of radios now, because we make the original burglar radio which was small business in residential, stores, shopping centers and things like that and that was $5 to $9 a month. And then we have fire radios which get us up to $25 a month both single path and dual path fire radios and they’ve been just approved in the most strict jurisdiction, be it a replacement or leased phone lines that commercial buildings have to have. This is a comparative substitute. We get up to $25 a month for those. And then we have the connect radios which are the ones with a home automation hub built in, we get up to $13 for those.

And now we came out with the StarLink with the integrated radio built into it, fire, commercial fire, big business for us, big new growth for us. And as we like to say, fire is on fire. So we expect more and more business from the integrated solutions that we offer the dealer. They go in very quick and a very modern don’t have to rely on the telecommunications carrier.

Now the dealer can make a profit by installing it that the money is going to the telecommunications company, it goes to the dealer and also the property owner. They split the difference that the telecom companies will normally be getting. So there are a lot of exciting things and at the ISC show we will show more exciting things with recurring revenues, so it’s a good scenario for us and for our dealers and for people to be protected.

Gary Mobley

Okay, I know in the past you haven’t broken out the continental axis business attributes to the overall revenue, but I wanted to ask about the diversity of the Continental Access business or in general the building access security business? How much diversity was there in the quarter which contributed to the overall product revenue strength and any level of detail with respect to overall revenue contribution Continental Access will be helpful as well?

Kevin Buchel

We break out the revenues somewhat and you’ll see it when the Q is published. We combine our locking companies together, locking piece was up about 11% for the quarter and 7% for six months, recurring was up 46% for the quarter and it’s up 46% for the six months. The intrusion and access we combined that because they’re kind of related if anyway and so the best I could give you in terms of a breakout is that piece was up 16% for the quarter and 13% for the six months comp. I think that everything was going also in this working.

Gary Mobley

So is the diversity of that growth was it driven by one or two specific installations?

Kevin Buchel

I would say it was across the board. We always say we’re not a one trick pony, we’ve got a lot of things going and was a lot of things clicking this quarter on all divisions, on all fronts, and that’s what we work hard to do. We want everything clicking. We don’t just want the recurring working; we want the hardware working, we want to each of the divisions within the hardware to do well. So there’s more that can be done, we could do better even yet, like we’ve said earlier, the goal of $25 million quarters, $100 million hardware, that’s our goal. We’re going to work hard to hit that as fast as we can get there.

Gary Mobley

Okay, that’s helpful. That’s it from me. Thanks guys.

Richard Soloway

Thanks Gary.

Operator

Thank you. Our next question comes from the line of Joseph Osha with JMP Securities. Please proceed with your question.

Joseph Osha

Hi there, my compliments on the quarter.

Richard Soloway

Thank you.

Joseph Osha

I’m wondering if we could return to this issue of integration with third party hardware. Obviously you’re doing very well with your own products, but you’ve got some companies out there [indiscernible] for example really pushing on price points for third parties and I’m just wondering when you interact with your dealers, what type of feedback you’re getting in terms of in-house versus third party? It interests me that you still see this 60:40 hardware versus recurring revenue mix even a couple years out. I wonder if can comment on that? Thank you

Richard Soloway

Well, some of our products, the access products work with competitors products, the key competitors products, so we integrated with those. There are some jobs that we run into where they want to use our locking systems and our access systems and they want to network up with the existing systems on large building or campus, so we integrate with those other systems. But we’re very diversified in the fact that we have our totally integrated solutions that we like to sell we make, but we try to make our stuff attach to the key software platform that are in the industry, so we’re getting, you are seeing a lot of that.

Joseph Osha

And do you think that – obviously you’ve got this very nice operating leverage out of the DR which is which is great, do you, I mean there will come a point at which you have to decide whether to add to that scale or perhaps more to the third parties, do you see the mix shifting over time or is the idea even over the longer term to be the – to borrow your phrase, sales so what you make?

Richard Soloway

We’re going to constantly drive forward to increase our sales both with the integration into others and also with our total vertically integrated product line. We have a lot of capacity in integrated bubbling. We can do a $100 million per shift. We can get all the people we need to make all these products. So we’re going to keep building up the factory. As we hit these magic numbers of $100 million, $40 million profitability really starts jumping tremendously and that’s our goal, that’s where we want to be in a couple of years from now.

Joseph Osha

Okay, thank you very much.

Richard Soloway

Thanks, Joe.

Operator

Thank you. Our next question comes from the line of P. Enderlin with Mars Partners [ph]. Please proceed with your question.

Unidentified Analyst

Thank you. Good morning.

Richard Soloway

Good morning.

Unidentified Analyst

I have a few longer term questions. First, is there any realistic way, practical way that you can address the international potential of some of your products and thereby of course help fill up that plant as well?

Richard Soloway

A lot of the international, we use to sell more overseas, but it became complicated because different countries have different specs. And we didn’t want to have all these different product lines and there’s all the engineering into all these different product lines because it just confuses our growth areas which is South America which has plenty of needs and plenty of business. So we decided that we will make a couple of universal items like our access control for overseas, but a lot of the other items we don’t spend a lot of time developing versus we just be a sap sucker into our engineering efforts.

We try to keep our expenses in line. We did spend more money on engineering, hence you are seeing more new products coming for the North and South American market which is a big market. Schools are a big market. Modernizing alarm systems for commercial building is a big market and we can go into really high, high volume and profitability with just focusing on these things, so that’s kind of direction.

Unidentified Analyst

Okay, fair enough and well so, now with your debt free and generating increasing cash flow would you consider a dividend?

Richard Soloway

It’s one of our considerations. Yes, that’s on the list, so we’ll keep that in mind.

Unidentified Analyst

Okay and then lastly, Dick, you’ve done a great job and a lot of this is coming to fruition, what can you tell us about potential succession planning to the company?

Richard Soloway

Well, we have a very good group here with Kevin, George, Michael, this is our executive team. And we’re going to get to a point where these guys can take over and run the place, but we all run it together now and we all know what we’re all doing. We have many management discussion and meeting as far as where we’re going.

Kevin is involved in not just in the finance but he is in the operations of the business, the directions, product where we’re going with product and marketing. Jorge Hevia is involved in all aspects of the business, also and so is Michael Carrieri, our engineering Vice President. So that’s how we operate the business and we’ve been doing it for a lot of years together and now that the business has hit these paradigm shifts we’re really making a lot of hay out of it.

With the recurring revenue products and the technology that we’ve developed over the years and it’s great that the industry is going more tech because it kind of suit us just right. And all of our guys here that I mentioned are all in these meetings and having discussions and we come up with great direction and ideas, this quarter was very nice representation to that.

Unidentified Analyst

That’s very helpful. Thanks very much.

Operator

Thank you. Our next question comes from the line of Abba Horwitz with OS Capital. Please proceed with your question.

Abba Horwitz

Hi, guys congratulations on a wonderful quarter.

Richard Soloway

Thank you.

Abba Horwitz

You guys are in a unique position today because you have no debt to pay down and your cash is building and I assume over the next two years through the excess cash flow you’ll generate, you’ll have quite a bit of money on the balance sheet. And from what I understands also is that you’re really not interested in acquisitions because there’s enough to do in the company itself today that actually would say don’t do an acquisition. So you’re going to have a real serious cash build and I’m wondering, what do you propose to do with that cash build that you have?

Richard Soloway

That’s a high class problem that where we started the phase. We’ve been generating a lot of cash for a number of years and it’s accelerating. We paid off the debt originally with this cash how it is building. So, there’s a lot of people that are asking what you are you going to do with it? The previous caller to you said once you start giving dividends, so we have a list of how to solve this high class cash problem and that’s where we’re facing now, so that’s it, is our goal.

Abba Horwitz

Okay, is there a limit in the stock purchase price, do you have a limit where you’ll buy it and what level is there a number here on – based on free cash flow or free cash flow yield or something like that?

Richard Soloway

When we buy back stock Abba?

Abba Horwitz

Yes, is there, do you have a certain price, would you buy back stock at $20 or is it more closer to you know 14?

Richard Soloway

Very strict guidelines and so – we do and we always say we do it opportunistically and we keep our eye on it and it’s worked out well for us. If you look at our average price over the time that we’ve been doing this versus the stock price today, we’ve done a really, really good job at that. One of the ways we’ve spent the cash, I wouldn’t rule out an acquisition either, but it has to be perfect.

We’re always saying if we hit the buyer’s criteria that we want, that’s a possible [indiscernible] use of cash, the five criteria being going to be pay for multiple, it’s got to be accretive to day one, it has got to utilize our dealer network, got to be able to manufacturing at the Dominican Republic and we’d like to have a earn out associated with it. So if we could hit on those five points, and acquisitions could be on the table too, but we don’t need to, have plenty to here.

Abba Horwitz

Okay, wonderful. When can we get some more color on the products that will be coming out to understand better what they do and how the – I guess the model works?

Richard Soloway

Are you talking about the new product?

Abba Horwitz

Yes.

Richard Soloway

Well, there will be showing at the ISC show and unveiled there and there will be press releases about there, so that’s in April.

Abba Horwitz

Okay, wonderful guys. Thank you very much.

Richard Soloway

Any time.

Operator

Thank you. We have reached the end of our question-and-answer session. I would like to turn the call back over to Mr. Soloway for any closing remarks.

Richard Soloway

Thank you everyone for participating in today’s conference call. As always should you have any further questions please feel free to call Patrick, Kevin or myself. We thank you for your interest and support. We look forward to speaking to you all again in a few months to discuss NAPCO’s fiscal Q3, ‘19 results. Bye-bye.

Operator

Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

Source: Ceo Search Results
Author:

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SHC orders FIA report in cases against CEO Omni

SHC orders FIA report in cases against CEO Omni

KARACHI: The Sindh High Court on Monday directed the Federal Investigation Agency (FIA) to file a report on the status of cases against the Omni group CEO, while acting on a petition filed by the Omni Group chief against alleged harassment and registration of cases by the agency.

The petitioner, Anwar Majeed, a close aide of Pakistan People’s Party leader and former Pakistan president Asif Ali Zardari, had submitted in his petition that the FIA had registered false cases against him and his family members during an inquiry into a multi-billion-rupee money laundering scam. Majeed, Zardari, his sister Faryal Talpur and others were charge-sheeted by the investigation agency in the scam.

The petitioner asked the court to provide the details of cases pending against him. The FIA’s focal person submitted that the FIA was transferring the case record to the National Accountability Bureau in line with the Supreme Court’s directives and sought time to file the report. The court granting time, adjourned the hearing till February 8.

Meanwhile, the SC on Monday set aside former chief minister’s decision of restoring district education officer, Sukkur, who was removed from service for making illegal appointments in the education department.

Hearing a petition, the SC’s two-member bench, headed by Justice Gulzar Ahmed, took an exception to the restoration of Abdul Ghaffar Mahar, the former officer of education department, who was removed on the recommendations of the chief secretary on allegations of making illegal appointments in 2015. The court was informed that the sacking orders were withdrawn by the CM in 2016. The court observed how could the CM withdraw the decision without the departmental proceedings and the summary’s approval by the competent department. The bench observed that the CM’s decision was discriminatory and liable to be set aside. While setting aside the CM’s orders, the court issued notices to the chief secretary and Abdul Ghaffar Mahar to file comments.

Source: Ceo Search Results
Author:

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For The Love of the “Game”

Welcome to February!

This is the month where we celebrate Valentine’s Day, it’s also Black History month, Super Bowl Sunday and if you really like to celebrate every day you might also add National Margarita Day, Carnival Day and Public Sleeping Day.

Every month we show our love of entrepreneurship by showcasing some of the best and brightest CEOs, entrepreneurs and business owners but we are especially excited during February, which is why we this month’s theme is For The Love of the “Game.”

Expect the following this Month:

  • More great podcast interviews on the I AM CEO Podcast
  • Full interviews from the I AM CEO Podcast and more on CBNation TV
  • How to rebound from business mistakes
  • Roundup on Heapreneur what entrepreneurs love about being an entrepreneur
  • Roundup on Hearpreneur what entrepreneurs love about the industries they work in
  • Loads of great guest posts on Rescue a CEO
  • Some new great products on CEOGear.co
  • Even stronger synergies with Blue 16 Media

And so much more…

This month is all about love and accepting the ups and downs of owning and running a business or organization and even though the downs can be difficult at times–You still love the “game.”

Here’s to all the CEO, entrepreneurs and business owners that take the leap and charge ahead to create some really phenomenal ventures.

-Gresh

Source: Business Startup ideas, Entrepreneur News, Tips | CEO Blog Nation
Author: Gresham Harkless Jr.

Posted on

Use These Strategies to Minimize Profit Loss

Nearly all CEO’s
preoccupy themselves with maximizing profit. That’s the point of a business,
after all—to make profit. Most of what you do in a given week is probably
centered around generating sales.

But it’s just as important to put
time and effort into minimizing profit loss. This is especially true if you
have a successful product; the trick is to ensure your business never becomes
obsolete. There are several strategies you can use to protect your business
from loss of profit. Some of these strategies take longer to implement than
others, so read on to discover how to integrate these tactics into your
business plan as soon as possible.

Product Differentiation

Product differentiation may be one
of the most effective ways to protect your business. It also may be one of the
most difficult strategies to implement. Product differentiation is when your
business:

  • Offers a product that is different than other
    products on the market
  • Offers a diverse line of products

Nearly every market is saturated
with the same products, so the only way to rise above the pack is to offer
something that has unique qualities about it. Let’s say you run a company that
produces shoes—big whoop, there’s no shortage of shoe manufacturers out there.
But, while other companies produce shoes with gel insoles, your company
produces shoes with bouncy water-based insoles (unrealistic, perhaps, but you
get the point). Consumers want to buy your shoe because it’s different and
unique.

Product differentiation also means
that your company creates a diverse line of products. In the case of your shoe
company, product differentiation could mean that the business also produces
socks and athletic gear, in addition to shoes. If one of your products tanks,
you’ll have other products available that can generate revenue for your company
(people don’t enjoy your water-sole shoes, but they love your wool socks).
Products often suffer sudden drops in sales mostly due to social and economic
conditions. A recession would likely reduce consumer spending. Or, public
interest in a product might dissipate (as is often the case with “fad”
products, like the fidget spinner).

Of course, it’s not easy devising,
manufacturing,
and advertising a new product. But the more products your company has in its
arsenal, the more immune it will be to changing market conditions.

Cost Control

You can generate high profits, but
that’s all for naught if your business has even higher costs. Cost control is
the practice of reducing your company’s expenses so you can generate higher
profit.

How you control costs, and which
costs you try to reduce, depends entirely upon your company. First, you need to
know how much each facet of your business costs—wages, manufacturing,
advertising, office costs, etc. Then you need to figure out where you can cut
expenses.

Is your office rent too high?
Maybe it’s time to move to an office that’s cheaper. Do you spend too much on
company outings? Reduce the number of company dinners and lunches. Is a certain
department lacking productivity?
You might have to reorganize that department’s workload. Dig into your
company’s finances and find places to trim fat.

Also remember to make money where
you can. For example, let’s say your company manages real estate and you’re
trying to find a tenant to fill an unoccupied unit. It’s custom for tenants to
move into units on the first of every month (for accounting reasons), but
you’ve found a tenant who wants to move in a week earlier than the first.
Should you let the tenant move in, or should you let the unit go unoccupied for
another week?

This should be an obvious
answer—you let the tenant move in and charge them prorated
rent
for the remaining days of the month. Nice! You’ve just made a
week’s worth of extra money. Your business likely has plenty of opportunities
to get cash in its pocket. There are plenty of consumers who wouldn’t buy your product
unless it was cheaper, so don’t let their money slip away. Be prepared to offer
discounts
to keep their business, whether that be a group discount,
educational discount, or bulk discount. Just set a discount limit so you don’t
lose money on these sales.

Low Prices

Try and keep your product prices
as low as possible. This hearkens back to one of the principal rules of
capitalism: consumers tend to buy the products that are cheaper than competing
products. When more consumers buy your product than another company’s product,
you’ll gain a larger market share—another
good way to protect your profits.

Whether you’re in the beginning
stages of building a business, or whether you already have a booming
product line or service
, these three strategies—product
differentiation, cost control, and low prices—will protect your company’s
profits no matter how the market looks.

Source: Business Startup ideas, Entrepreneur News, Tips | CEO Blog Nation
Author: Sponsored Post

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18 Entrepreneurs Explain What Being A CEO Means To Them

Here at CBNation, we love to hear what being a CEO means to different entrepreneurs and CEOs. We understand it entails a great responsibility and expectations from both the clients and the team you’re leading but its meaning varies with each CEO.

We asked entrepreneurs and business owners their definition of the word CEO and here’s what they had to say.

#1- Effective leader

Photo Credit: Tim Hebel

My definition of being a CEO is being an effective leader. It’s someone who can properly balance many aspects of work and life. An effective CEO isn’t too emotional when times are tough, yet embodies compassion and understanding when needed. They balance a laid-back environment with strict standards and expectations. A CEO inspires through efficient management, fairness, and setting the right example.

Thanks to Tim Hebel, Beanstalk Web Solutions LLC!


#2- Two definitions

Photo Credit: Ryan Coon

The CEO within an organization has two primary responsibilities – building and empowering a team. To build a team, the CEO must constantly think about the roles that need filled and seek out individuals who have the skills, experience, and cultural fit for the organization. CEOs must take this responsibility very seriously, because hiring someone to your team is a big commitment. The costs of making a mistake are really high – both financially, and the impact to the morale of letting someone go. After building a team, it’s time to empower them and get out of the way. Make sure the team has the necessary training, resources, and guidance, but then trust them to execute on the vision. No one likes the overbearing micromanager. As CEO, it’s also important to make sure that the individuals on the team have opportunities to learn and grow. This ensures people remain interested in the work they’re doing.

Thanks to Ryan Coon, Avail!


#3- Winning battles at hostile territory

Photo Credit: Andrei Vasilescu

Being a CEO or a business owner provides me the opportunity to act like a troop commander in unknown territory. When you are the sole responsible person of your entrepreneurship, your decisions make the fate of your business. It’s like commanding a group of soldiers while fighting a battle in a foreign field. As a CEO of your business you have to take the right decisions that settle whether your can win or lose the challenge. It feels awesome and increases the self-confidence to a great level when your idea or decisions as a CEO of your business work out in the field to achieve specific goals.

Thanks to Andrei Vasilescu, DontPayFull!


#4- Three things

Photo Credit: Jordan Wan

It has been an incredible four years and I’ve learned a lot running this business. For me, being a CEO means:1) You get to constantly experiment with new ideas and initiatives in a rapid fashion. Without bureaucratic processes and inherent risk-averse corporate environments, you can make mistakes, learn quickly and change directions on a whim.2) You understand how extremely rewarding it is to mentor and train new hires and then witness their development and growth to become leaders in the company.3) You have to swim upstream at first against market norms and peers who doubt your vision. When your business finally clicks and your vision starts to
become reality, your achievements feel magnified and your career has purpose.

Thanks to Jordan Wan, CloserIQ!


#5- Holding three pillars

Photo Credit: Karthik Sridharan

Being a CEO is one of, if not the, most difficult thing I’ve had to do. It’s been a journey not only in professional development, but in personal
evolution. For me, there are three pillars of being a CEO that are non-obvious and critical to understanding the role – letting go of one’s ego, being adaptable to change, and being the steward for your company’s vision and culture. For such a seemingly powerful role, the CEO position is not at all about throwing your weight around. As one of our board members once told me, as CEO you must always be ready to fire yourself from every job you handle at the company. This flows into being adaptable to change. As the company grows, you must determine which jobs you are the absolute best person for, and which need to be handed over to a new person. Throughout all the changes and growing pains, you are responsible for being the steward for your company’s vision and culture. Thinking about what differentiates your company and ensuring that each and every person on your team understands this at a high-level, is a key responsibility of the CEO. It flows into how successful your hiring efforts will be, how harmoniously your teams can work together, how effective your managers are, and how well your company can weather the inevitable growing pains.

Thanks to Karthik Sridharan, Kinnek!


#6- Moving barriers and creating opportunities

Photo Credit: Jason Brewer

Being a CEO means moving barriers out of the way so talented people on your team can perform at the highest level. It means setting the tone for the company, leading by example and pointing directly at a single North Star (and constantly reminding everyone of it). Finally, a CEO is responsible for creating opportunities… not just in a new business deal flow sense, but, opportunities for the team to grow,  learn and invest in something bigger than any one individual.

Thanks to Jason Brewer, Brolik!


#7- Master of your own destiny

Photo Credit: Deborah Sweeney

As a CEO, I feel like I am the master of my own destiny. I have the ability to pursue the field I am passionate about and find innovative ways to differentiate myself and our company’s offerings in this industry. It’s a job that comes with a lot of responsibilities, but it’s full of rewards and I work with the most fantastic team members ever!

Thanks to Deborah Sweeney, MyCorporation.com!


#8- Taking responsibility

Photo Credit: Alisa Nemova

I am running my own small digital marketing consultancy and coming from technical background there are a few exciting and challenging things that I am facing. For me being a CEO means taking responsibility and being pro-active. No one else would make decisions on my behalf and if it won’t be for me, the business won’t progress or grow, regrettably, as no one else would be concerned. Continuous stepping out of the comfort zone and learning how to enjoy selling to people even when you were not born with this skill is the key on early stages. Learning to trust other people and not being a perfectionist when it comes to your business baby is another important thing. Being a CEO means prioritizing profits and opportunities over the vanity, which may seem obvious however is a common mistake that I personally saw business owners do many times.

Thanks to Alisa Nemova, SEO with Love!


#9- Authenticity and transparency

Photo Credit: Stuart Hearn

The role of a CEO is extremely multi-faceted. It is a role that demands you to look not only at the big picture but also at the inner workings of all workplace processes. For me, being a CEO means being creative. After all, I had to build my company from the ground up. I had to make decisions regarding company culture, our values, what we stood for, what we wanted to achieve and how we should go about achieving it. At the heart of what I was trying to achieve with Clear Review was flexibility. I wanted to offer people greater flexibility with regards to their performance management systems, so I felt I had to build flexibility into my own company — if you want to sell something, you have to believe in it and you have to live it. In that sense, I think being a CEO is also all about authenticity and transparency.

Thanks to Stuart Hearn, Clear Review


#10- Persistence and sacrifice

Photo Credit: Elizabeth Bradshaw

Being the CEO of my company means being able to ride out the tough times, like when your supplier stops being responsive, or when your sales team is not meeting the expected quota. It also means putting in long hours that could be spent with friends and family. Ultimately, being a business owner means being prepared to sacrifice time, money, and energy to hopefully build something that’s greater than the sum of its’ parts, and leaving behind a legacy.

Thanks to Elizabeth Bradshaw, Canvas Art Boutique!


#11- Decision maker

Photo Credit: Jens Jakob Andersen

To me, being a CEO means that I am the one who makes the unpopular decisions. Decisions for the better. As a CEO, you know things others don’t and shouldn’t. You base decisions on information unknown to others, which often makes you look bad. It’s a tough job, a lonely job, but also a very meaningful job, where you lead others towards a shared goal. In the end, my ultimate goal as a CEO is to satisfy shareholder interest. As I own 100% of the business, I need to satisfy my own interest, and my interest is to have a good life. That can be obtained in many ways. My way is to work in a flat-structured company with maximum flexibility that makes a profit and that is growing. Other CEO’s have other interests, but these are mine.

Thanks to Jens Jakob Andersen, RunRepeat!


#12- Chief Experimentation Officer

Photo Credit: Ketan Kapoor

Being the CEO of Mettl, I think being a CEO has a wider dimension to it. I see any CEO as the “Chief Experimentation Officer”, that also holds true in my case. Steering the ship of small business, the CEO can’t blindly follow pre-defined rules and practices and expect every proven strategy to work for their business. All too often, successful CEOs have to gather the courage to expand their horizons, take calculated risks to explore unchartered territories and see how the results are shaping up. A CEO is bound to witness times when proven strategies won’t be working and they have to figure out alternatives, every now and then. Sometimes, the business sails smooth; however, there are times when CEOs have to make course corrections to ensure their business can weather any storm. This mindset stems from having continuous experiences and without experimentation, there can be no experiences.

Thanks to Ketan Kapoor, Mettl!


#13-Making a Difference

Photo Credit: Tom Malesic

Being a business owner means having the opportunity to make a difference in the world. It is an honor to provide a great place to work for our team. I love seeing the excitement when one of our team learns something new or accomplishes something that they have been working on. In my heart, I know that by taking the risk to start a business has allowed other people to accomplish their dreams.

Thanks to Tom Malesic, EZMarketing!


#14- Observer and Implementor

Photo Credit: Chris Willatt

Being a CEO is recognizing that you cannot dictate the market. You cannot control what your clients or consumers want for themselves. All you can do is observe needs. Your reaction to those needs is the measure of your success. If your people want more flexible jobs and your clients want less commitment, it is your job to adapt and meet in the middle. At the end of the day you are working for your clients and your employees. Your job is to make sure that you are meeting both of their needs in the most accessible and creative ways possible.

Thanks to Chris Willatt, Alpine Maids!


#15- Main responsibility holder

Photo Credit: Alex Membrillo

The CEO is the “Chief” over other company officers and/or the Board of Directors. The CEO is responsible for the corporate direction, major corporate decisions, and managing the overall operations and resources of the company. As CEO, I know that I’m responsible for making major decisions, while evaluating risk. I’m also responsible for building relationships with large clients and overseeing the strategic direction of the company.  Additionally, I work to ensure the integrity of the business as well as our corporate culture. For me, every day is unique. I’m consistently faced with new decisions and challenges.

Thanks to Alex Membrillo, Cardinal Digital Marketing!


#16- Several things

Photo Credit: Devon Vocke

Being a business owner/entrepreneur means having a perspective and an idea, and being willing to push toward it despite roadblocks and headwinds. It means inspiring yourself and others to see the same vision and work toward it together. And, it means giving – be it your knowledge, time, or financially – to bring others along on the journey. Better yet, you need to learn to enjoy the journey.

Thanks to Devon Vocke, Evoke Strategy LLC!


#17- Wearing many hats

Photo Credit: Danica Kombol

Being a CEO means wearing many hats and feeling comfortable in all of them. You are chief cook and bottle washer one day and captain of the enterprise the next. CEO’s carry both the vision and are constantly on the lookout for risks to future sustainability. A great CEO knows the buck stops here, yet empowers people around her to make decisions.

Thanks to Danica Kombol, Everywhere Agency!


#18- Orchestrator of the business

Photo Credit: Brian Essig

Being a CEO, means being the orchestrator of the business.  The CEO is the face of clients, and also the puller of strings to ensure projects and individuals are and stay on track.  It means working with clients to ensure satisfaction.  It also means being the last line of defense for issues that come up and knowing when to have difficult conversations as early as possible.  It means setting the expectations, processes, and procedures to be followed.  Most of all, when something goes wrong it means looking internally first to see where went wrong.

Thanks to Brian Essig, Creating Digital LLC!


What does being a CEO mean to you? Tell us in the comments below. Don’t forget to join our #IamCEO Community.

Source: Business Startup ideas, Entrepreneur News, Tips | CEO Blog Nation
Author: Mercy – CBNation

Posted on

2019: Swinging Big with Everything You’ve Got

I swing big, with everything I’ve got. I hit big or I miss big. I like to live as big as I can. -Babe Ruth

Welcome to 2019. As the saying goes the days are long but the years are short. Every year seems like it’s speeding ahead which is why time is of the essence to “go big or go home.” It’s time to be bold. It’s time to be decisive and go after your dreams.

As Babe Ruth said, the goal is to “swing with everything you’ve got.” Even if you succeed or fail, the key is that you control what you can control.

As a CEO, entrepreneur or business owner swinging big might be starting the business that you’ve been researching or it might be starting that new podcast or hiring your 100th employee or increasing your revenue to 8 figures or writing the book you’ve been brainstorming.

The bottom line is this year, remember that whether it’s success or temporary defeat, the one thing you can control is how you swing. Make sure you swing big!

How we’re swinging big in 2019

January 2019

This month, we will look at some of the following:

  • How to make bold decisions
  • Defining what it means to be bold
  • Bold actions entrepreneurs and business owners are taking in the new year
  • Biggest hits and biggest business misses
  • And so much more…

Wishing you a phenomenal start to 2019!

– Gresh

Source: Business Startup ideas, Entrepreneur News, Tips | CEO Blog Nation
Author: Gresham Harkless Jr.

Posted on

You Are a Media Company Course is HERE – (RECIP^3E)

At the beginning of the year, I set out to create content that would help showcase what I call my “marketing gospel.” Throughout the year on the CEO Chat Podcast, I did just that. Every other week for the entire year, I would focus on a digital marketing topic in accordance with the You Are a Media Company (YAMC) philosophy.

When I decided to merge Blue 16 Media and CBNation.co together, my goal was to “take my own medicine” or employ and execute on the marketing strategy that I thought was true–that we are all in the media business. How media is defined can vary from person to person and organization to organization. But at all of our fingertips, we have powerful tools that allow us to create content and connect with people, transmit messages and influence others, at the drop of a hat.

This is partially why I decided to call the company Blue 16 MEDIA. However, I hadn’t employed it to the degree that I thought I should largely because I was overextended with other projects and bootstrapping the business.

The Reinvention of Journalism

That changed a little when I had to decide what to do with this community of blogs called CEO Blog Nation. While the traffic was relatively high (40k views/month), I had to figure out how I could grow this journalistic endeavor while I saw so many fail largely because of a lack of a solid business model. People craved the news, yet it seemed like the journalism industry was quickly dying.

Simultaneously, I saw billionaires like Warren Buffett buying newspapers and Jeff Bezos purchasing the Washington Post. I started to see that maybe something was there. I saw the convergence of business and entrepreneurship. Businesses were not just advertising in newspapers or on podcasts or on TV, they were building their own–media companies. As I heard others like Gary Vaynerchuk explain this philosophy, it further reinforced this idea. I saw local editors providing services and developing products in addition to traditional advertsing to help build and support their media companies.

The Pivot: Powered by Blue 16 Media

Blue 16 Media continued to grow, but I didn’t have the energy to grow both at the same time as two separate entities. It was too much. So, I pivoted. Rather than choosing one or the other, I saw that I could do both.

CEO Blog Nation became CBNation.co powered by Blue 16 Media and became the media company for Blue 16 Media. It’s why everything we create is powered by Blue 16 Media. It was the thing that I preached to clients. Leverage digital marketing platforms and tools to connect, interact and engage with your target market and generate leads, sales and opportunities. It hit me…CBNation.co was my way of “Building a Media Company” for my ideal clients.

The goal was to align my passion for journalism and what I felt was going to be the future of marketing and how entrepreneurs and business owners could promote their products and services.

During the course of 20+ podcast episodes, I broke down marketing from web design to SEO to social media and so much more including Virtual Reality, Augmented Reality and podcasting. While I did cover a lot of topics over the year, I really wanted to create this to not overwhelm business owners. The focus was not to do everything but to pick 1 or 2 essential “ingredients” to your marketing strategy so that when you “built your media company” you would do it in alignment with your goals and your ideal client.

I was hoping to no longer hear things from business owners and leaders like “I joined or signed up for [INSERT SOCIAL MEDIA PLATFORM OR SHINY OBJECT SO AND SO] because I heard that it’s where everyone is.” This course wasn’t a knock against any platforms out there or any new ones that will emerge. It was merely a call to a strategic focus coupled with strategic actions to crush goals.

With an influx of “shiny objects,” it became more and more important to do the latest and greatest thing rather than focus on what actually moved the needle.

I too had fallen victim of trying to be everywhere and be all things to all people. While I have been able to pull back from doing and being all things, I wanted other entrepreneurs and business owners to do the same. So, I decided to focus on publishing my “playbook.”

The You Are A Media Company Course – (RECIP^3E)

While being omnipresent is still important, echoing the words of the book Essentialism–Less is Better. The reality is that the philosophy of the Pareto Principle or Price’s Law reigns true. There are a few essential things that move the needle. There are the few essential things or “ingredients” that you should be using to promote your product or service and reach your goal. The question that the course answers is how to choose which marketing tools or platforms you want to use to reach your unique goal and connect with your target market. The course takes you through how to come up with the strategy or recipe (RECIP^3E) to accomplish this.

The You Are a Media Company Course is packed with over 10 hours of content that helps entrepreneurs, startups founders, business owners, and CEOs build their own media companies. Whether you know it or not, you are in the media business and if you are a CEO, entrepreneur, business owner or marketing professional, your job is to create and generate content, information and connect with your ideal client or customer to reach your goals.

This course is great for:

  • Entrepreneurs and business owners who are looking to generate more sales and opportunities.
  • Solopreneurs and brands looking to increase their visibility.
  • Organizations that are looking to increase their visibility unsure of which digital tools to leverage.
  • Leaders and innovators looking to distinguish their products or services.
  • Marketing professionals that are looking to focus their marketing efforts and searching for a strategic way to reach their goals.

Here’s what the course looks like:

  1. Day 1: Overview
  2. Day 2: My Story
  3. Day 3: Prework: Before You Get Started
  4. Day 4: REcipe / Your Marketing Plan
  5. Day 5: Crust / Your Foundation (e.g. website or blog)
  6. Day 6: Ingredients / Your marketing tools (e.g. SEO, social media, networking groups, flyers, etc)
  7. Day 7: Pick & Pepare / Select the 1 or 2 ingredients that are central to your strategy (e.g. podcast, LinkedIn)
  8. Day 8: Put it in the Oven (but check it) / Execute
  9. Day 9: Enjoy the final product / Keep working to perfect it but enjoy the process
  10. Day 10: Putting it all together

Looking forward to seeing you in the course. To enroll in the course visit: http://youareamedia.company

-Gresh

Source: Business Startup ideas, Entrepreneur News, Tips | CEO Blog Nation
Author: Gresham Harkless Jr.

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Daily Podcast? We Think So

What’s better than a weekly podcast? A daily one. 

Starting in 2019 expect the I AM CEO podcast to be a daily podcast featuring CEO’s, entrepreneurs and business owners. Earlier this year, we launched the I AM CEO Podcast as a laser-focused offshoot of our CEO Chat podcast. The CEO Chat podcast will move from a weekly podcast to more of an experimental podcast featuring video content and unique posts like Who’s Interviewing Who? (see below) and less regular podcast but still on CEO Podcasts

The focus was to have a short and value-packed podcast that would give guests the opportunity to talk about their story, background, and their businesses and also provide insight that would help out other entrepreneurs and business owners. In other words, hitting both parts of our mission to celebrate entrepreneurs and business owners and to provide resources and support for them. Lastly, the goal was to spark around conversation around the definition of what it means to be a CEO and the future of business and entrepreneurship. 

Some of the guest we also hoped would be interested in being on the CEO Chat podcast for a longer chat or interview. 

The pilot season featured a majority of Healthy CEOs (entrepreneurs and business owners with businesses in the health, sports, fitness or wellness industries) and Season 2 will feature a mix of Health CEOs and PodCEOs (entrepreneurs and business owners with podcasts). 

Questions for the Show: 

In each episode we ask entrepreneurs about eight questions in around 16 minutes or less: 

Community - I AM CEO Community
  • What’s your CEO story? 
  • How do you serve the clients that you work with? 
  • What’s your or your organization’s ‘secret sauce’ or unique selling proposition? 
  • What’s your favorite CEO Hack or app, book or habit that makes you more effective or efficient? 
  • What’s a CEO Nugget or piece of advice you would tell your younger business self? 
  • How would you define being a CEO? 
  • Anything additional?
  • How can people get in touch with you? 

These episodes have been extremely impactful and because they are short and laser focused, there’s loads of value. 

Don’t forget to subscribe to the podcast on Apple Podcast, Spotify and Google Play and everywhere you listen to podcasts under CEO Podcasts! Also, don’t forget to leave us a review on Apple Podcast. 

Source: Business Startup ideas, Entrepreneur News, Tips | CEO Blog Nation
Author: Gresham Harkless Jr.