Tag Archives: professional women

What If Everybody Wins?

 

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I just got off the phone with a colleague. We were discussing how to mutually benefit our respective clients who are adversaries in a case so they can end up in a win/win situation…

I love practicing in the Bankruptcy Bar in Nashville, TN, but a few years ago I overheard an attorney from another state complain that our bar was too conciliatory, too nice and not adversarial enough. This attorney felt there was no criticism of our skills and knowledge base and we were not getting a good deal for our clients. In fact, many of us lecture locally and nationally and our judges’ legal opinions are respected and looked to for precedent value in other parts of the country.

It is difficult enough and challenging enough to work in an environment where you have to continuously focus on strategy and the weaknesses and strengths of other parties without attorneys superimposing artificial adversarial positions, constraints, and general lack of civility simply for the sake of doing so.

While the Bankruptcy Bar in Nashville has been doing this for a long time, recently I learned that the Divorce Bar has begun promoting a conciliatory approach as well – called collaborative divorce – where an attorney represents both parties and, if an agreement is not reached, he or she cannot represent anyone. It seems that everyone should be motivated to reach a win/win situation under those circumstances instead of leaving a lot of scorched earth behind them before a divorce is concluded.

I think that if this trend bleeds over into other areas of law, not only would clients benefit greatly, but the quality of an attorney’s work environment would as well.

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How The Heck Did That Happen?

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Running a business is both exhilarating and scary.  It’s exhilarating to have total intellectual and artistic freedom to do what you want as you earn a living.  It’s scary because all the responsibility falls on you as the business owner.

Expect that you will have a few “how the heck did that happen” moments. These moments can arise from many situations.  Perhaps you discover that a trusted employee has stolen company money or property.  Perhaps you learn that a key supplier has gone bankrupt just as you are about to enter your busiest season, leaving you scrambling to meet your sales goals while searching for a replacement supplier.

Planning can make all the difference between failure and success for your business.  Planning involves taking three key steps:

 

  1. The first step is to ask “what if” questions. What if my key supplier suddenly disappeared? Asking this question means that you will immediately begin looking for a backup supplier. Or it could mean that you decide to use several suppliers at all times so that you have an existing relationship and can quickly ramp up orders to the surviving supplier. This type of planning is a component of what the pundits call your “business continuity plan”.  A good business continuity plan works in conjunction with a good disaster recovery plan or emergency response plan.

 

  1. The second step in planning is to buy insurance to cover your risks. If you have employees, it is always a good idea to get a policy that covers employee dishonesty.  These policies can restore you cash flow while your former trusted employee is living in the islands on your money.  At least your business won’t fail due to the sudden, acute loss of cash.  These days, most insurance companies offer package deals on property and casualty insurance that cover the basic liability risks faced by any business.  A basic P&C package can be supplemented with a “rider” that adds more coverage for specific risks.  Your agent or broker can help you decide which coverage best fits your company’s risks.

 

  1. The third step in planning is to remember that your advance planning will probably not fit the crisis that you face in your “how the heck did that happen” moment.  No matter how well you plan, something will boondoggle in unexpected ways. But having a plan means that you can improvise a solution. An existing plan can be tweaked to fit the unexpected and that will save your business. Not planning in advance is a guarantee of failure for your business.

 

If you follow the three key steps outlined here, I believe you will have the basics for a good corporate compliance plan.  After all, the point of a corporate compliance plan is to sort out all those boring back-office details that make the difference between failure and success, when you find yourself asking, “How the heck did that happen?”

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Welcome to HerSavvy!

Savvy: sav-vy n.

Shrewdness and practical knowledge, adj. well informed, vti. to understand something, especially what somebody has said. Synonyms: know-how, confidence, sense, savoir-faire, knowledge, ability.

Twenty-first Century women are closer than ever to “having it all.” We’ve come a long way baby from the corsets, girdles, beehives and typewriters of previous generations. And while it’s true women have always had savvy and been savvy, today we can show it off and share it with the world.

HerSavvy is the product of a networking group for professional women in Nashville, Tennessee, known as B3 or “Building Better Business.” B3 began in 2009 as way for women to support each other, problem solve and enhance their professional lives. In short, B3 is a safe place for professional women to grow and develop. The group continues to meet weekly in the wee hours of the morning for what the members call the “B3 fix.” The sessions are so inspiring, the members decided to share their enthusiasm with the world in this blog. In the pages of HerSavvy you can expect to find personal stories, professional advice and exploration and, of course, lots of fun!

So who are the women of HerSavvy? We are doctors, lawyers, writers, business owners, engineers, bankers, performers, artists, mothers, daughters, sisters, wives and friends. We challenge each other, inspire each other, support each other. We live our lives with savvy and invite you to be a part of our savvy world!

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