At age 37, Buckhead resident Adam Bloomston has already proven himself as a successful entrepreneur, business manager and salesman.
Thursday morning, the co-president and CFO of Buckhead-based Payscape Advisors sought to “motivate and inspire” members of the Buckhead Business Association in a very untypical CFO presentation of his 10 tips to running a successful business.
Speaking at the BBA’s weekly breakfast meeting at the City Club of Buckhead, Bloomston started out by telling the group, “Everyone is selling something to someone all the time.” He was selling the BBA audience on a business culture that based on 10 points that all “interconnect to focus on the bottom line.”
And, Bloomston has the background to speak from.
|Payscape Advisors CFO Adam Bloomston|
Over a decade ago, Bloomston started his own business in the transportation industry, called The Boundless Bus. Boundless became a household name with over 20 vehicles generating over $1 million per year in revenue.
During the same time he acquired and built The Peachtree Social Club, an interactive social group, which hosted multiple large-scale events each year. He grew Peachtree Social Club to over 14,000 members with corporate sponsors.
In late 2005 Bloomston sold both companies to form Payscape Advisors with two business partners, Jeremy Wing and Leo Wolf, beginning the business in Wing’s basement. They built it into a 10-office, 150-employee company that will process over $1.3 billion in volume and generate over $40 million in revenue. Bloomston was named CFO of the Year by the Atlanta Business Chronicle in 2011.
Here’s the advice Bloomston gave those attending the BBA meeting:
- “Make money now--today. He said he constantly sees people “not focused on making money today.” They will claim to have built incredible business infrastructures but are failing for lack of sales.
- “Stop getting ready to get ready. It means you’re not ready to go and sell that product.” He said even if you don’t have the product perfected, go see the business owner now and build a relationship.
- “Everyone has to be selling something to someone at all times.”
- “Think about your opportunity costs at all times”….what you lost out on by making one decision over another. “That’s how you maximize efficiency.”
- “When creating a compensation plan, think of individuals first and the company second. How can I make you money today. The company will make its fair share over time.” He said it’s important for every employee in the company to feel important.
- “Learn how to communication in depth with people” He said that is important in order to have success and to make sales. “You have to get buy-in in life. You’ve got to talk about the good and not just the bad.” He said if you have to scold an employee, first focus on something positive.
- “Your moral compass has to point north.” He said you can’t let your team use poor judgment in dealing with others. “Your team can’t even think you might use some poor judgment on them.”
- “Protect the well! Your well is your company atmosphere, your company mojo. Create a positive environment in the workplace.”
- “Surround yourself with the right people,” he said calling it a cliché used by everyone. “Round pegs go in round holes. Square pegs to in square holes.” He said that is very important in interviewing people for jobs. “Make people fit for what you are looking for.”
- “Business has to be a two-way street at all times. Both parties have to prosper.” He said that applies to relationships with clients as well with employees--all relationships.