Posted by Dave Lorenzo - Business Coach

This is a topic where I usually disagree with the conventional wisdom. 

I’m one of those people who throws himself into his work.  I like to build businesses that are “lifestyle” businesses – in other words the business fits in with my lifestyle and I tailor my work to match the way I live.  Because I am heavily invested in this philosophy I have absolutely no problem hiring my friends.  This allows me to work with people I like. 

In order to make this work I set strict rules for the working relationship. Here are some of the more important rules I set when I hire friends:

My friends are overpaid.  I don’t ever want money to be an issue between us so I make sure I go out of my way to pay my friend more than the “going rate” for a job.  I also make sure they know know that I am going the extra mile financially.

I only hire friends for jobs where they have no peers.  I don’t believe that you can have multiple people in the same position and one of those people is a personal friend and the others were just hired “off the street”.  This will kill morale.  If you are going to hire a friend they should be in a position that is unique.

My friends know that they don’t get the benefit of the doubt.  As a condition of their employment, friends must go above and beyond the call of duty each and every day.  If they don’t, they get fired.  Period.  There are no second chances.   Everyone in the outside world must think that I am harder on my friend than I am on everyone else.

I never give a friend a financial interest in the company.  This is a non-negotiable item.  I don’t like having partners.  Joint ventures are fine.  Sharing revenue is fine. But I never want to get myself into a situation where I have to continue working with someone because I’ve giving them a share of the company.

Now here are some qualifiers: 

First:  This only works in entrepreneurial situations.  This would never work in a corporate environment.  This will also be a disaster in any company you plan on taking public or soliciting outside investors to support.  If you own it, you can do whatever you want.

Next:  If you are a “Type A” control freak you shouldn’t hire your friends.  You’ll kill the business, the relationship and probably yourself.

Finally:  If you have any doubts about your ability to make tough, emotional decisions, you shouldn’t work with friends. If you have a hard time deciding what color to paint the office, you definitely don’t want the added difficulty of managing a relationship and a business.

Ultimately, if you’re the kid of person who enjoys sharing fun, laughs and business success with others, working with friends has definite advantages.  In may cases it can make going to work an absolute joy.

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Posted by Dave Lorenzo - Business Coach

Entrepreneurs spend a good deal of time working on the day-to-day aspects of their business.  It is often difficult for them to spend time thinking about and planning for the future.   When they do take the time to write something down it is often a short term plan for achieving sales goals. Although I celebrate anytime a small business owner sets time aside to think about the future, there is one type of plan they should move to the top of the list. Every small business needs a succession plan.

It is critical that a business owner take the time to figure out how the business will continue on if something happens to him/her.  I counsel all my clients to have three different types of succession plans in place not only to make certain that their legacy continues but also to continue to serve their customers.  The three types of succession plans are:

Emergency Plan – This is a plan to keep the business operating for the immediate three months following the death of an owner.  Three months gives the owner’s partners or family an opportunity to catch their breath and figure out what to do next. What happens tomorrow if the business owner gets hit by a bus?  Who takes over?  What do they need to know?  What should they do in their first 30, 60 and 90 days?

Prepare and Sell Succession Plan – If the partners or family decide to sell the business, this plan details how the current owner would recommend they go about it.  All of the details of the business’s assets and financial agreements should be included with this plan. 

Legacy Succession Plan – This plan outlines how the business owner recommend that the business move forward without him/her.  This should be a forward looking document that is updated at least twice a year.   

Now this may seem like a little too much detail but believe me you’ll sleep better knowing that your business is protected.

For more on this topic check out the article from the Wall Street Journal titled Small Talk.

Technorati tags: career intensity, succession planning

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Posted by Dave Lorenzo - Business Coach

Working Solo has a great summary of The Secret for the self employed:

1. Intention rules all. Successful solo entrepreneurs understand that singleness of purpose is a potent force.

2. Clarity is crucial. Be specific in your targets.

3. Seek the joy. Chase passion, not profits.

4. Magnetize your connections. Be the type of person you want to associate with, the type of company you would like as a partner.

5. Take action. Merely thinking about having a successful company is not enough.

6. Expect the best. Expect great things from yourself and your company, and put forth the effort to build the professional foundation to support your aims.

7. Multiply the gratitude. Give thanks for all that you have, for no matter what your situation, there is much to be grateful for.

In case you missed it, The Secret is a book and a movie about the law of attraction and how it can help improve your life.

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Posted by Dave Lorenzo - Business Coach

As a business owner or manager you are forced to make decisions each and every single day.  Some of the decisions will have more impact on your business than others, but they are all important.  When you make these decisions you will not always have time to do a thorough analysis of all the factors involved in your decision. 

How can you make certain that you make the best decision possible when time is of the essence?

Click here to read the entire article.

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Posted by Dave Lorenzo - Business Coach

One of the most valuable qualities an entrepreneur can possess is the ability to find creative solutions to difficult problems.

This week’s Time Magazine highlights the amazing creativity of the US Troops in Iraq:

American troops in Iraq have become masters of improvisation, like bolting jury-rigged armor to humvees to shield themselves from sniper fire and shrapnel. Lately, an even more novel item has joined their battle kits… Silly String.

Marines working in Iraq have shown Army combat engineers how it can be used to detect trip wires. Before searching buildings, for example, soldiers spray doorways from at least 10 ft. away with streams of foam–and see if they’re snagged by barely visible wires, which are often affixed to bombs. The Army acknowledges the off-label use.

So the next time you waste string at a party, remember it could save a life.

 

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Posted by Dave Lorenzo - Business Coach

Here are some year-end tax tips from the New York State Society of Certified Public Accountants and other tax experts:

Max out on your retirement plan. Each year the IRS allows you to put a certain amount of money into your 401(k) plan. This year, that amount is $15,000 for someone under 50 and $20,000 for anyone over 50. In the case of an IRA, the amount is $4,000 for those under 50 and $5,000 for people over 50. If you can live without that money, put it into your retirement account. The deadline is the end of the year for a 401(k) plan and April 15 of the following year for an IRA.

Do a tax projection that will see if you are subject to the Alternative Minimum Tax. You will then know if you should accelerate your deductions or defer them.

Review your income and deductions. The most fundamental year-end tax move is to adjust the timing of income and deductions. If your income is high, putting off receiving more income at the end of the year can save taxes. For example, if you’re close to the line on itemizing deductions, accelerating payment of deductible expenses such as job hunting costs or professional dues might save on taxes.

Postpone income. If you are in line for a bonus, see if your employer will hold off writing the check until January. If you own a cash-basis business, you can time receipt of income by waiting until the end of the year to send your December billings. But remember, you can’t defer taxes by simply not depositing a check.

Get charitable. Donating clothing and household goods to charities before Jan. 1 is not just a good deed, it’s also deductible on your 2006 return. Be sure to get a receipt from the organization you’re donating to. Keep in mind that the deduction is limited to the items’ current fair market value, H&R Block advises.

Offset capital gains. Review your investment portfolio to determine whether you should sell some losers before the end of the year in order to offset capital gains you’ve already realized.
Capital losses are limited to $3,000 a year.

From the New York Daily News.

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Posted by Dave Lorenzo - Business Coach

One year ago:

Money is a means to an end. It helps us live the type of life we want.

We are guaranteed nothing in life. We must work and plan as though we will be around for an indefinite period of time and we must make the most of every waking moment we have. Money helps us do this.

Money is a scoreboard. It helps measure our current success relative to our past successes and our goals. I believe it is dangerous and unproductive to use money as a means of comparison between two people.  I do believe it can be a great motivational tool for an individual to benchmark his or her own success. I think money works well for goal setting, achievement measurement and motivation. I don’t think it makes the world go around and I don’t think it can buy anything that is truly important.

When I think about money and personal belongings, I start by imaging the kind of life I want to live and how I want to live it. What material items are truly necessary and what would be nice to have?  I then plan my financial future by taking steps to acquire those things.

I believe that how I go about acquiring those things is as important as getting the result.  It sounds cliché but it really is about the journey and not the destination.  The path I take to get to the end result is just as important as the actual goal. The means is more important than the end.

There are two qualities that I require in making money (or making a living if you prefer that terminology). The first is that I need to have fun doing it. I must really enjoy going to work everyday. The second is that I have to learn something from the process. Learning is growing and the minute I stop growing I believe I start dying and I don’t want that to happen.

 

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Posted by Dave Lorenzo - Business Coach

From WebProNews via Business Opportunities Weblog:

It’s hard to avoid certain mistakes, especially when you face a situation for the first time. In fact, many of the following mistakes are hard to avoid even if you’re an old hand.

1. Big Customer Syndrome. If more than 50 percent of your revenues come from any one customer you may be headed for a meltdown.

2. Creating products in a vacuum. You and your team have a great idea. A brilliant idea. You spend months, even years, implementing that idea. When you finally bring it to market, no one is interested.

3. Equal partnerships. Maybe you and a friend start the company together. In each case, you and your new partner split the company 50/50. That seems fine and fair right now, but as your personal and professional interests diverge, it is a sure recipe for disaster.

4. Low prices. Some entrepreneurs think they can be the low price player in their market and make huge profits on the volume.

5. Not enough capital. Check your business assumptions. The norm is optimistic sales projections, too-short product development timeframes, and unrealistically low expense forecasts.

6. Out of Focus. Many entrepreneurs - hungry for cash and thinking more is always better - feel the need to seize every piece of business dangled in front of them, instead of focusing on their core product, service, market, distribution channel.

7. First class and infrastructure crazy. Many a startup dies an untimely death from excessive overhead. Keep your digs humble and your furniture cheap.

8. Perfection-itis. This disease is often found in engineers who won’t release products until they are absolutely perfect.

9. No clear return on investment. Can you articulate the return which comes from purchasing your product or service?

10. Not admitting your mistakes. Of all the mistakes, this might be the biggest. At some point you realize the awful truth: you have made a mistake. Admit it quick. Redress the situation. If not, that mistake will get bigger, and bigger, and… Sometimes this is hard, but, believe me, bankruptcy is harder.

Thanks again WebProNews and Business Opportunities Weblog.

 

Business Coach, Paul Lemberg is the President of Quantum Growth Coaching (www.quantumgrowthcoaching.com), the world’s only fully systemized business coaching program designed to rapidly create More Profits and More Life™ for entrepreneurs.

 

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Posted by Dave Lorenzo - Business Coach

Here are the twelve most persuasive words in the English language (according to Yale University):

• Easy
• Results
• Save
• Discover
• Guarantee
• Safety
• Health
• Love
• Money
• Need
• Proven
• You

How many of them can you work into your next sales letter or presentation?

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Posted by Dave Lorenzo - Business Coach

Free Money Finance has a good post up today about discipline.  FMF says:

1. Discipline is a vital ingredient in anyone’s financial plans. Without it, you can read, study, and understand all you want to about personal finances, but it won’t do you any good. The undisciplined part of your life will keep you from growing (or at least maximizing) your net worth.

2. Most people don’t want to hear #1. Yes, they understand that it’s true, but they don’t want to hear it — from me or from anyone else

That’s so true.  We all need discipline but we all hate the fact that we need it.  If you can embrace discipline, you will be successful.  Period. 

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Posted by Dave Lorenzo - Business Coach

Amazon is wooing seasonal employees with a chance at a $100,000 bonus.  Here’s how it works:

“Amazon expects to hire 1,000 seasonal workers at its Coffeyville, KS warehouse for this year’s holiday shopping season.  For each week of perfect attendance from Nov. 26 to Dec. 22, seasonal workers will be included in a drawing to win $100,000.  On Dec. 22, Amazon will pick a name from all of the entries and the winner will receive $2,000 plus the chance to choose one of 100 envelopes.  One of the envelopes will contain the $100,000 prize.”

-From Internet Retailer Magazine

So there is a 99% chance nobody will win – but the promotion should generate some publicity.

Hat Tip – Marketing Headhunter

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Posted by Dave Lorenzo - Business Coach

What does the word strategy mean to you? 

In most large companies, strategy is a complicated process.  Large firms take a look at their position in the industry, they contrast this with the position of their competitors and they look for opportunity in the market.  Once they have identified the opportunity, the reposition the company – or adjust the company’s offerings – to capitalize on the “hole in the market that they believe exists.  This is an oversimplified description of the classic approach to business strategy. 

Small businesses can benefit from conducting a market analysis.  They can also benefit from understanding the industry and aligning their efforts with current industry trends.  Where small businesses fall short of the classic approach to strategy is in adjusting to take advantage of market conditions.  In most cases, a small business does not have the resources (money) to constantly adjust to keep up with cutting edge industry trends.  It is just not fiscally responsible for a small business to chase the latest innovation.

The big opportunity for entrepreneurial businesses exists in their personal nature.    Many business owners have become successful precisely because they are resourceful.  In most cases, this means that they have learned to do most of the day-to-day business tasks themselves.  In fact, they have become very good at those day-to-day tasks. They may be so good at them that their customers many have come to EXPECT the business owner to personally handle their transactions. 

This philosophy, while necessary during the start-up phase of a business, can stunt that business’ growth as sales increase. 

Some time within the first few years of a business’ existence the owner come upon a moment of truth.  That moment comes when the owner reaches his capacity to “do everything”.  This is precisely the time when frustration sets in.  Why?  Because these amazing people have built up a nice income while literally working day and night.  They are afraid that if they turn over some of the day-to-day tasks to others, the business will immediately fall off a cliff.  Vendors won’t get paid so supplies won’t show up. Customers will leave. The business will go bankrupt.

This is just not true.

It is at this moment of truth that small business strategy should kick in.  Small business strategy is about aligning the strengths of the owner with the goals of the business.  If the owner is a fantastic salesperson, he/she should delegate (or subcontract) all of the work that does not involve sales.  If the owner is a great operator, he/she should hire the best sales person on the planet to bring in business and use their talent to squeeze efficiency out of the business while delivering top-quality service..

I know this is a difficult concept to grasp but it works.  It works so well that many entrepreneurs find that they double the size of their business when they embrace it.

So how do you make this transformation?  We’ll discuss that next time.

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Posted by Dave Lorenzo - Business Coach

This Business Week article discusses successful people and their drive to win at everything they do. “Successful people are delusional,” says Goldsmith. “They’re not as good as they think they are, but they have the confidence to pursue big things.”

I love this thought—that successful people are somehow a little miswired to try anything and never give up. Extremely successful people are certainly the exception to the rule, and the difference between them and everybody else really does come down to self perception.

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Posted by Dave Lorenzo - Business Coach

The next key component of small business success is Business Intelligence and Creativity. 

In the post that kicked off our discussion I asked some questions of my readers.  I’d like to address this topic by explaining the importance of affirmative reactions to those questions.

Do you have street smarts and common sense?

This is actually a tricky question.  Common sense is not common at all.  Understanding the fundamental principles of life is the best way to make sure you are acting with common sense.  Let’s start with the golden rule – “Do unto others as you would have them do unto you.”  Business is not about screwing the other guy.  It is about getting what you want by helping others get what they want. 

The next step in measuring and using your common sense is to run your business by what I call the “big three” test.  All of your activities should fit the following criteria:

• They must be legal.
• They must be moral.
• They must be ethical.

If you need a test to determine if an activity meets these criteria, I’ll give you one: Before undertaking any activity ask yourself if you would be proud to read of your activity on the front page of the NY Times.  If the answer is “no” then it probably does not the test listed above.

If you use these tips to guide you, you will be pretty far down the road toward common sense.

Can you make lemonade out of lemons?

Each situation is what you make of it.  As a business owner you will be forced to take a bad situation and turn it around.  This will happen without fail.

Here is a way you can prepare for this eventuality – Take a look back at your life.  Examine a couple of challenging events.  Did anything good come from that time period?  Did you lose a job only to find a better one?  If not, why?  What could you have done better? 

There is always a positive “spin” to every situation.  You need to find it if you are going to be a success in any business. 

Can you anticipate problems before they arise and to take preemptive steps to avoid them? 

As a business owner you must prepare for all contingencies.  The best way to do this is to go plan for situations at the extreme ends of the spectrum.  So if you are doing contingencies for a marketing approach, you would plan for 1) Double the number of customers accepting your offer and 2) Nobody accepting your offer.  Once you plan for the extremes, you can adjust for anything in between.

Can you “rearrange” solutions from other businesses or areas to meet the demands of your customers? 

This is one of the most important qualities for an entrepreneur.  You must be able to take solutions from other businesses or industries and adapt them to your own situation.  There is no time, money or energy to reinvent the wheel. 

As an entrepreneur it is critical that you adopt and adapt.  By that I mean adopt a practice from someplace else and then adapt it to your business. 

I know that everyone reading this post has business intelligence and creativity  – after all you found this blog, didn’t you?

Other posts in this series include:

Small Business Success - What it takes

Small Business Success - Sacrifice

Small Business Success - Service Orientation

Small Business Success - Leadership Ability

Our discussion of these topics will continue next week.

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Posted by Dave Lorenzo - Business Coach

When you decide to open your own business, and you take action based upon that decision, you become a leader. Leaders take action.  Leaders inspire others.

Small business leaders do not have subordinates -  they have people who follow them.  Following is always a voluntary activity.  Small businesses often do not have fantastic fringe benefits. Small businesses often don’t pay well.  The number one reason why many people go to work for a small business is because they are following the owner.

What does it take to create this type of following?  Here are a few of the characteristics of a good leader:

Charisma 
Barking out orders does not inspire people to follow you. You have to engage them emotionally. You must show people that you care about them.  You need to take an interest in the things that are important to the people with whom you work.  They must want to follow you enough to stop what they are doing and change the direction of their career.

External Orientation
This type of personality trait comes from a focus on others.  Leaders are good with people.  They give credit to others and often take the blame for mistakes themselves.  They create loyalty by focusing on other people first.  Helping others get what they want will help you get what you want.

Comfort with Risk
While leaders are not necessarily thrill-seekers, they are comfortable operating in an environment of risk. They expect to encounter problems and hurdles that must be overcome along the way to success. They often see routes toward success that others do not.  Often times this quality stems from successfully overcoming adversity.  Each challenge is viewed as an opportunity to become stronger.

The chances are good that if you started your own business you already have some leadership ability.  The challenge is to make the most out of your opportunities to lead.  The more time you spend leading, the stronger your business will be in the long run.

Tomorrow we will discuss Business Intelligence and Creativity.

Other posts in this series are:

Small Business Success - What it takes

Small Business Success - Sacrifice

Small Business Success - Service Orientation

 

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Posted by Dave Lorenzo - Business Coach

This is one of the qualities that many would-be business owners overlook when they venture out on their own.  It is not just enough to provide value to your customers, a small business owner must provide value in a way that makes those customers want to return. A focus on providing value in this fashion is called having a  service orientation. 

As a business owner, your customers must be your priority.  You succeed by helping them succeed.  If you are naturally good with people, and you enjoy what you do,  you may personally be the best customer ambassador for your business. If you do not enjoy interacting with the often demanding public, then you will need to find someone (or several people) to work with you customers. 

Many entrepreneurs are fantastic business tacticians but they find the customer interactions tiresome.  Trouble occurs when these folks attempt to handle customer relationships in spite of their distaste for that aspect of the business.  Putting the wrong person in front of your customers is bad for business.  If that “wrong person” is a stubborn owner, the costs can be devastating. 

If you hate taking orders from others (literally) and you cannot see yourself patiently interacting with people, hiring an outstanding “people person” is be a short term investment that will provide a long term return.

Here are five questions to ask yourself to determine if you have a service orientation:

• Do you accept feedback from others in a constructive way?
• Can you work to find win-win solutions when you interact with potentially difficult people?
• Do you have the patients to explain things to others several times?
• Can you separate your personal feelings from a business transaction?
• Can you persist until you win a client over?   

If you answered “no” to any of these questions you may want to consider hiring someone to work directly with your customers each day. 

One way or another service will be a differentiating factor for your business.  Good service will give you an advantage.  Poor or marginal service gives an advantage to you competition.

Tomorrow we will be talking about Leadership Ability.

Other posts in this series:

Small Business Success - What it takes

Small Business Success - Sacrifice

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Posted by Dave Lorenzo - Business Coach

As we discussed yesterday, owning a small business takes several specific personality traits.  Today we are going to discuss the need to sacrifice when you are a small business owner.

When I coach small business owners and the topic of sacrifice comes up I often shift the dynamic of the conversation.  To me sacrifice is not about time commitments.  Once you learn how to leverage your talent, skills and knowledge,  you can maximize the time you spend working on your business. You’ll learn how to do the things that come naturally and you’ll outsource the rest. 

Sacrifice in a small business is more personal. It comes in the form of discipline. The greatest sacrifice you make as a business owner is in giving up the instant gratification that comes from making impulsive decisions.

For example: It is tempting to lease that fancy office space, or purchase that piece of equipment that has more capacity than you need.  But it is better to find some customers first and set up the shop second.  You sacrifice the instant gratification of getting something accomplished for the dedication of pursuing the business deals that will enable your business to survive over the long-term.

You are sacrificing feeding  your ego for the health of the business.  That’s tough to do.  Everyone wants a great office.  Everyone would like to drive the Mercedes convertible.  It takes discipline to get to the point where your business can afford those things.  Get the clients first and the great office second.  Believe me, my clients still pay me big money when I meet them to discuss their business at Starbucks.  Helping their business grow, and getting paid for it, feeds my ego even more than having a nice office.   (Although my office is fantastic).

So how can you prepare for this sacrifice/discipline before you start your business?

I encourage all potential small business owners to do something difficult and lonely.  It can be something physical – like training for a marathon or it can be a mental exercise – like finishing the NY Times crossword puzzle.  By doing these tough challenges on a regular basis you are forced to acclimate yourself to sacrifice and discipline.  You are giving up the instant gratification of doing something easy for the reward of greater satisfaction and fulfillment down the road. 

It is that satisfaction and fulfillment that makes business ownership so special.

Tomorrow we will talk about Service Orientation.

Previous articles in this series:

Small Business Success - What it takes

 

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Posted by Dave Lorenzo - Business Coach

How do you know if you have what it takes to be successful in your own business?  When people ask why your “cut out” to be a business owner how do you answer?  

There are ten personality traits that successful business owners possess – at least to some degree.  Read the list below and see how many of them apply to you:

• Willingness to Sacrifice — Are you willing to accept the fact that you will be the last one to be paid? Are you willing to sacrifice your free time to your business? Are you willing to give up vacations, holidays, time with the kids, ball games and birthday parties?
• Service Orientation  — Do you have what it takes to deal with suppliers, customers, employees, lawyers, accountants, government officials, and everybody who calls on the phone and walks in the door? Are you willing to ask your customers for feedback and then adjust your business based upon what they say? Are you willing to spend time with the last customer of the day even if it means working after closing time? Can you come to win-win agreements with everyone mentioned above?
• Leadership Ability  — Are you willing to be the “go to” person for your business? Can you be the person who will lead a team to the promised land? Can you come up with the answers when others ask tough questions? 
• Business Intelligence and Creativity — Do you have street smarts and common sense? Can you make lemonade out of lemons? Can you anticipate problems before they arise and to take preemptive steps to avoid them?  Can you “rearrange” solutions from other businesses or areas to meet the demands of your customers? 
• Management Ability and Organization — Do you have what it takes to manage relationships with your customers or clients, with your employees, with your suppliers, with your accountant and lawyer, with your banker, and with your family?  Can you manage all of them at once….when you tired and hungry and when your worried about something else?  Can you keep track of everything that’s going on in your business?  Can you set priorities and get things done?  Can you develop systems to automate the repetitive tasks in your business?
• Optimism — Can you see the silver lining in each dark cloud?  Can you keep your family and employees “pumped up” about you business and your ideas? Will you start each day looking for the possibility that it could be the best day you’ve ever had? 
• Persistence – Can you keep coming back for more even after you have had several setbacks?  Do you believe that each time you you attempt something you learn and grow?  Is it in your nature to come back over and over again until you get what you want?
• Competitive Nature – Do you have to win? Are you the kind of person who needs to be the best at everything? Does competition bring out the best in your creative ability?
• Sales Orientation – Can you sell yourself to others?  You are you business.  Can you convince others to work with you, buy from you and help spread the word about your business?  Northing happens in business until somebody sells something.  As an entrepreneur that somebody is you.  Are you comfortable with that?
• Confidence – Do you believe that risk is placing your future in the hands of someone else?  Can you take on a difficult challenge head-on with the feeling that you will be successful? When the going gets tough do you instinctively feel that you will become stronger from the experience?

If one or more of these traits is not second nature to you, don’t fret.  During the next two weeks we will be discussing each of them in detail.  We’ll talk about ways to leverage your current skills, knowledge and experience to make up for a lack of strength in one or more of these areas. 

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