In practice building (and getting clients) it seems to be
that most self-employed people just hope for the best. They
simply keep doing what they’ve been doing and don’t have a
strategy for creating the practice they’d be truly and
deeply happy with. This is a big mistake in my opinion.

I used to write down my goals each year, but it never
really worked for me. I just didn’t feel really excited
about my new goals. They didn’t seem to propel me in motion
and so I kind of viewed them as being useless. I never
really looked at them, probably because they seemed like
“shoulds” rather than “really-meaningful-wants.”

Then I came across the concept of creating 3-year visions
instead of just a list of goals for the upcoming year. This
visioning wasn’t just about business goals, but also
family, financial, spiritual, and relationship goals. It
became a “holistic” way of looking at what you wanted in
your life. All the pieces looked like they would work
together, but only because you were compelled to make it
all work together, which was the first time I’d done that
in such depth.

The coolest thing about visioning 3 years out came to me
after I started doing this regularly. I noticed that ONE
year goals were never too much of a stretch. They seemed
like timid goals, goals that didn’t really get me excited.
But having to create a vision of what 3 years down the line
would look like allowed me to REALLY think BIG.

Inhibitions dropped. My creative side started going and I
really took time to see, “Hey, what WOULD I want my life to
look like in 3 years, if I could have time to create it?”
SHAZAM! I felt like I’d hit the jackpot.

The 3-year vision was a way for me to create something to
strive for that REALLY spoke to me. Something that made my
heart beat a little faster after I read it, excited to get
going, and just a little bit scared of the thought of me
reaching it. Now THAT would propel me into motion the way a
yearly list of goals wouldn’t be able to do. (By the way,
my deep down secret is that I strive to reach these in 1 or
2 years, not 3, and that’s usually what happens.)

So, each year, around this time, I create a 3-year vision
of what I want my practice to look like. I write it in the
present tense, as if it were 3 years later, that same day.
For example, this past year I wrote mine on January 4, 2007
as if it was January 4, 2010, and I talked about all the
things that had happened since 2007. All the things I’d
accomplished in my business, with my finances, my
investments, my family, and myself over the “last 3 years,”
which obviously hadn’t actually happened yet.

Such a cool exercise and it really gets the blood flowing
when you read it back to yourself, now and over the year.

“When you can clearly see yourself being there, you can see
much more clearly how to get there. You can imagine the
path to your dreams, and then start to actually walk it.
Play an active role in your own future. Imagine with
passion and detail how you’d most like it to be.”
—Ralph Marston, http://greatday.com

You see, I’ve figured out that it’s not just about goals.
Yes, goals are important, but the way I look at it, it’s
about focusing on what you REALLY want for your life, not
the “shoulds.” It’s also about putting into effect the Law
of Attraction in a big way. When you know what you want for
your life, when you can imagine it with passion and feel
what it feels like to have it, it’s almost guaranteed to
come to you.

So, this weekend, I’ll be taking a couple of hours to work
on my own 3-year vision. I wouldn’t dream of not doing it.
My success depends on it and it does for you too.

YOUR CLIENT ATTRACTION ASSIGNMENT:

Your turn. Sometime this week, create a 3-year vision dated
January 4, 2011. Your 3-year vision must be one that will
literally PULL you into your future, will scare you just a
little bit, and make your heart beat a little faster than
normal whenever you read this.

Make your 3-year vision very specific, realistic, and a big
STRETCH (that’s what’s going to move you forward quicker
than you would if you didn’t have it). If you’re right
brained, use bullet points for categories such as business,
finances, personal, family, spiritual, fun, health, etc. If
you’re left-brained, then write freely, and remember to
keep it all grounded in the specific, with lots of
MEASURABLES and TANGIBLES thrown in there so you can keep
track of your progress over the next 3 years (that’s what I
do).

Be sure to write in the present tense as if it were 3 years
from now… If it doesn’t scare you just a little bit or
get your mind racing, then it’s probably not enough of a
stretch. By the way, I just looked back to last year’s
3-year vision and I was SHOCKED to see how many of the
goals in my 3-year vision I’d already achieved in just a
little over a year. This stuff really works!!

—————————————————-
Once you’ve done your 3-year vision and are ready to get
marketing in a big way for 2008, invest in your success by
getting yourself the Client Attraction Home Study
System™. It’s all step-by-step, not a big mishmash of
things. So, you do step one of the system, and when you’re
done with that, you move on to step two, and so on.   You
can get it at http://www.TheClientAttractionSystem.com .

Copyright (c) 2007 George Sierchio www.business-buying-help.com

So, what is really involved when finding a business to purchase and how complicated could it be?

I’d like to say the answer to this question is “it’s very simple”, but since it really isn’t, I won’t insult your intelligence. And it is definitely not similar to searching for a home. Except for the fact that there are Brokers to help you and market trends involved to assist in valuations, there is no comparison to buying a home.

Believe me, if you have not bought or sold a business before, this process will come as a shock to you if you are looking to compare it to house hunting.

In this process, you will be highly analytical and the Seller will be highly emotional. This is their baby that they have built on their own, or like you are attempting to do, have bought from someone else and made it their life.

Hopefully I can help prepare you for the general process steps that will occur. Before you go forward and read the steps below, it is important that you have already prepared yourself to buy a business. To make sure you are ready for the information in this article, please read my other article that precedes this one entitled Buying a Business- Prepare Yourself.

Step 1: Shopping- There are many places to look for businesses for sale and there are ways to go about buying unadvertised businesses. This second way is a little complicated and too much for this article so we will stay with advertised businesses for sale.

As far as looking for advertised businesses are concerned, the internet is a great place to look. The newspaper is the worst place to look and in a moment I will tell you why.

You will find two types of businesses in your hunt: those for sale by the owner and those for sale through a Broker. Not to get too in-depth since it is a subject in itself, you are much better off sticking with Broker based sales. These can be found on Broker websites and they also occupy 95% of the listings on general business for sale sites.

I recommended staying away from newspapers because most of those ads are for sale by owner (FSBO) businesses. On top of that, they do not give you enough information to warrant truly looking into the business. Concerning dealing directly with Sellers, it is a rare instance that this is ever a good experience. The pricing is normally way off and the information is very often inaccurate. If you get past that, then the negotiating will often be very unpleasant.

Working with a Broker is a good idea and you don’t have to work with just one company. Go to as many as you can find but only continue working with those that you feel comfortable with and those that pay attention to you. If you are a prepared Buyer and a Broker does not give you the attention you deserve, get another one within that brokerage.

You will often find listings on a particular internet site to be the same because most Brokers work on a non-exclusive basis. Don’t get confused if you see very similar listings since they are probably the same business.

By the way, when I say use a Broker, I mean a BUSINESS BROKER. Do not waste your time with any listings you find with a Real Estate Broker. The majority have conned a not-so-savvy business owner into thinking that they know how to price and sell a business just to lock them into a 6 month contract and hope a sucker comes by to purchase the business.

Don’t be that sucker. Again, this is not like selling or buying a house so stick to a Business Broker.

Step 2: Taking action- If you see something you like, take the next step in getting more info from the Seller or Broker. You will most likely need to sign a non-disclosure form. If a Brokerage gives you this form, you will only have to sign it once and it will carry over to every listing they show you.

Respect this short but very legally binding document. It should basically state that you will be receiving confidential information and you agree to keep it confidential. Confidentiality will also mean not exposing the for sale status to any employees, vendors, customers, etc.

Lastly, it will have a circumvention clause that states if you try to pull a fast one and go around the Broker after you have this vital information, you will be caught (believe me you will) and you ,as well as the Seller, will owe money to the Brokerage company. It’s shady and not right so just don’t do it.

Step 3: Information gathering- Once you have signed the non-disclosure and asked for further information, you will receive a packet of vital information. In most cases you are not going to get 3 years worth of tax documents or even P&L reports for that matter. You can ask for it, but the odds are slim on getting it.

That’s too much information at this point to give to a semi-committed Buyer. What you will get is a profile which will give the latest 12 months of revenues, expenses and cash flow information. Other provided information may be whether inventory is included in addition to its value, the value of furniture, fixtures and equipment (FFE) but not a list, an extended business description, and lease or property purchase information.

At this point the address and name of the company may be given to you, but often that is done after you have reviewed the information and request to see the business. Again, this avoids giving tire-kickers vital information and the location when they are really not serious Buyers. This may disrupt the business or waste the Seller’s time.

Step 4: Review- Once you have the vital information you need you must really review it. This is the time to ask questions. However, it is not the time to start negotiating.

If you are getting into a business that you are not very familiar with regarding the technical aspects, get some help with good questions to ask. Believe it or not, asking irrelevant questions will not be received kindly with either the Seller or the Broker you may be working with.

There is nothing wrong with going into a fairly unfamiliar business, but asking the right questions with help from a Business Advisor or Broker will become essential in this type of circumstance. Asking nothing at all, whether you know the industry or not, is also not a good idea.

Some basic questions would be:

Is there anything missing in the profile or something that doesn’t make sense? An example would be a profile that says there are 3 full time employees but there is no payroll information at all.

Is there any seasonality to the business?

Is there any heavy competition in the area?

Again, you and your advisors can come up with many questions depending on the type of business. The kinds of questions that won’t usually be answered are along the lines of very in-depth financial inquiries or those related to contacting vendors and such.

You are looking to ask mostly surface type questions to determine if you would like to get to the next level of digging into the company. There is still no real commitment to purchase at the next level, so don’t feel you need to know everything to get there.

Step 5: See the business/Seller meeting- When you have done your review and things still look interesting, this is the time to request a viewing of the business and/or a meeting with the Seller.

A meeting with the Seller will not be made to negotiate price when dealing with a Broker. This is neither the time nor the place. Doing this separately with the Broker in the middle of the Seller and you is crucial. If a Broker is not involved, this meeting will probably end up being the start of negotiations between you and the Seller.

Again, it often ends up not being pretty unless you are going to offer very close to the asking price. This is why I do not recommend dealing with FSBO businesses. Most smart Brokers will also have you conduct a visit before allowing a Broker-mediated meeting with the Seller.

Assuming a Broker is involved, they will give you the business address to visit it. Depending on the type of business, a discrete “drive-by” will be permitted or an arrangement to see the business after hours will be made. Retail establishments will almost always allow you to do the “drive-by”, which entails seeing the business through the eyes of a customer.

Talking to employees, customers or looking for the owner will get you immediately blacklisted from this business as well as any others you want to see if working with a Broker. If working with a FSBO, you will probably get yourself thrown out very quickly and the deal will be dead.

Step 6: Determine an offer price- Here is the one thing that almost all first time business Buyers do not do well. First, you need to understand that if the business was appealing enough to get you this far, then you should come up with an offer to the Seller. If you are going to completely insult them by low balling well below market value, don’t do it, but you really don’t know what they will accept without putting some kind of offer on the table. This is an automatic missed opportunity if you don’t give it a shot.

For example, a business could be on the market for $300k and it was attractive enough for you to get to Step 5 of the process. Let’s say you determined there are factors in your research that lower the value of the business such as the need to replace some of the equipment. Now you think an offer of $200k would make more sense.

Well, offer a little less than the $200k with your reasons behind it. If it is a price you can live with and it makes sense, go for it. The Seller just might take it. If the Seller balks, then you move on. That decision by the Seller will probably tell you they are unreasonable and someone you don’t want to deal with anyway.

Maybe he will change his mind before you find another suitable deal. Or maybe he will come up with a counter offer. You will never know if you don’t put it out there. Don’t make assumptions.

Hopefully you initially chose to look at this particular business because it fit all of your pre-business hunting criteria that you established. On top of that, I will assume you have conferred with an Advisor that has market/industry knowledge who determined that the original asking price made sense based on preliminary information.

If this is all ok, then the process of determining an offer price in this step should be relatively painless. The offer will sit well with you when you make it regardless of whether the Seller takes it or not. That’s the goal.

Congratulations, you are now ready to make an offer! At this point you have done everything possible to determine that this business is right for you and you have come up with a corresponding price tag.

Copyright (c) George Sierchio www.business-buying-help.com

So you have decided that you would like to run your own show and buying an existing business versus starting from scratch is the way to go. This is a very wise decision if you have not been involved in a start-up before. The question then is: Are you ready?

The following steps need to be taken in order and looked at very seriously. This is just the beginning but it is necessary to be in the right position to make what will be a very big, life changing move.

Step 1: What type of business?- You need to decide what kind of business you want to be in. At least whittle it down to two types. If you don’t, a few things will happen. First, you will be looking for a long time in a very wide circle. It is hard to get a grasp on a good business opportunity when you have no idea where you want to be. If you are all over the place, you are not ready to buy a business.

Second, the people who will most likely be helping you (advisors, brokers, etc.) will not want to be around you for long. They will be spinning their wheels with you and will quickly put you at the bottom of the list. Even sellers who are attempting to sell on their own will get annoyed with you very quickly if you bombard them with questions but otherwise don’t seem too interested in their business.

Step 2: Do you need a partner?- Partners are necessary for two things. Either they will supply you with capital or they will provide you with skills you may not have. The latter is a better reason for a partner and a combination may work as long as you are going in with an even money 50-50 deal. I don’t recommend picking a partner based on their bank account. You will most likely have major problems within 12-18 months. Trust me, I’ve been there.

Running a business by yourself, especially for the first time, is a scary proposition. But having a good accountant, lawyer and a business advisor is the way to go. At one point or another, even your best friend will turn on you as a partner.

You are better off having someone that covers your shortcomings as your employee, along with a deal to give them a small piece of the pie while they remain an employee. Having a partner or two holding a large chunk of the business over your head will quickly stifle you and make you regret the purchase.

Step 3: What kind of buyer are you?- In my experience, there are three main types of true buyers: those that look only for high cash flow, those that look for decent positive cash flow with the thought of using their experience to grow the business, and those I like to call bottom feeders.

Bottom feeders like to look for sellers in a really bad position such as fighting partners (see step 2), or negative cash flow due to an inexperienced owner. These are perfect to scoop up for next to nothing because the sellers not only want to get out, but they need to get out.

If you are a bottom feeder though, you better be good at turning things around quickly because these businesses are in major disarray. Being able to see how to get them into a positive cash flow or a good light quickly is a necessary skill too. A bottom feeder could also be looking for the opportunity to grab equipment and fixtures cheaply for their already running business.

Also keep in mind that it will be next to impossible to get seller financing from these types of purchases. The last thing these people want is to remain tied to the business or their arch enemy ex-partner.

I should point out that if these are “true” buyers, then there are also “false” buyers. These people are either the unprepared and uncommitted buyer that I am trying to not let you be or they are just looking for information. This means either they already have a business and they are trying to scope out competitor info to help them or they are prepping to start a business from scratch and could use the information to help them get a leg up in the process.

Step 4: How am I going to pay for this?- Please don’t make the mistake of thinking that because you are buying an existing business that a bank is just going to hand over the money. Even if this business is doing extremely well, this most likely will not happen. It is true that buying a solid business with strong cash flow will help, but the business type, collateral and your background are very significant.

And no, you can’t just apply for an SBA loan. These are not easy to get and yes you do have to pay them back. The government isn’t that nice. Again, business type, your personal collateral and a lot of other factors determine this loan process. Normally, this is not the fastest way to get a loan either.

Please know that your own money (including your house) as well as friends and family are going to be your main resource. Property involved in the sale is a big help. Keep in mind that the “cash based” business you may be dying to get into is the hardest to get funded by a bank. There is usually not enough proof on the books and in tax records for a bank to give you a loan based on the merits of the business. That’s the main drawback of the cash business.

There is one other way to get a loan. That would be through the seller and it’s called “holding a note”. Risky businesses like bars and restaurants (especially without property), as well as any other retail type business, are a prime target for a seller holding a note. Typically you will being putting down 30%-70% with the rest financed with or without interest for a period of 2 to 5 years.

It may take some convincing, but most sellers will give in when they realize that in order to get what the business is worth, they need to hold a note. Business Brokers come in handy when this kind of convincing is needed.

Step 5: What can I afford?- Usually the cash flow of the business is the best indicator to use for valuing a business. Often a “rule of thumb” multiple for the industry combined with factors such as location, years in business, revenue trends, market situations, etc. are used to multiply against the cash flow. When this is the case, the buyer and seller will be closer to being on the same page for determining a fair price.

It is also a good indicator to use because this is how you will determine if you can pay off a loan using the business cash flow. For instance, say a business has a $100k cash flow and you buy it for $200K with 50k down. That means you have a note for $150k. Say that the note has a 2 year time frame with no interest from the seller. That means you will be paying out $75k a year for two years.

Can you survive personally on $25k or less a year for 2 years? Don’t forget that things will probably slip a little when you take over and that you may need additional capital as is often the case. Do you have enough in the bank to handle this for 2 years?

You need to know this. Having these scenarios in your head ahead of time will eliminate looking at businesses that don’t completely fit your needs. This will also avoid wasting time, money and energy. It’s not as simple as finding a business with a great cash flow and hoping all is well.

Hopefully this very simplified example will show you that it takes money to make money even in an established business. If it were that easy, anybody could buy a company with a million dollar cash flow.

Step 6: Commitment to buy- This sounds obvious but it really isn’t. You will be wasting a lot of your time, seller time and broker time if you are not absolutely sure you are ready to do this. In addition, you will waste money if you get an advisor involved to help you determine if this business is a fit and worth purchasing (I highly recommend this by the way) without being mentally ready and committed.

Believe me when I tell you that a seller or broker is not going to give you much financial and business information unless you are committed enough in the buying process. An uncommitted buyer is very easy to spot, especially to a business broker.

Congratulations! You are now ready to start shopping for a business and will be prepared to buy when the right opportunity presents itself. I know I have said it a few times before, but I highly recommend using a business advisor to prepare yourself in determining the right business and price range for you before business hunting.

Again, having a broker between you and the seller is also a good idea. Most importantly, do not get a lawyer involved at this time. Unless you need a pre-emptive agreement made between you and a potential partner, attorneys are unnecessary and a hindrance at this stage. They really should not be introduced into the process until you are in the due diligence stage.

Copyright (c) 2007 George Sierchio www.business-buying-help.com

Buying a business can be a complicated process. This is not at all like buying a house. Facts such as location, age, industry and your experience all play a part in making the purchase of a business complex and difficult to compare to other similar businesses.

Even more so, the seller’s mindset and reasons for selling as well as their importance to the business will complicate things and be a variable concerning the value of the company.

I am in no way trying to discourage you from buying a business, but I am letting you know that things are not cut and dry in this type of transaction. You must be mentally prepared and committed to purchasing a business before you even bother looking.

A plan must be made to fit your business objectives. Are you looking for a business based on the industry, cash flow, price, size or other factors you have determined important to you? When the right opportunity comes up, it is best to move swiftly, which can only be done if well prepared.

Why would you choose to buy an existing business instead of building one from scratch?

Expansion
If you are in the position where you already own a company and you are looking to branch out into a new market or add a new product/service mix to a current market, buying a business is a good idea. That is, if there is a viable competitor that exists and is willing to sell.

Checking with area business brokerages and also making a list of competitors to solicit an offer to is the way to go.

Momentum
Buying a business is a great way to begin a new business venture with a running start. As long as the business is making money, you can continue operating it as it has been prior to making major changes.

I highly recommend not changing much at all in a profitable business until you have had enough time to find out where you can make changes. Coming in like gang busters is never a good idea. There may be very particular reasons why certain things happen in the business the way they do and a change without knowing this could blow up in your face.

Additionally, making swift changes could also disrupt your employees causing problems very quickly.

Opportunity
Sometimes being a bottom feeder is not a bad thing. That’s the term used for those who choose to look for viable business that are running at a loss or recently closed shop. These could be businesses that will never do well due to location but have the inventory and equipment you could use in an existing business or use at a very good location that is available to you.

They could also be perfectly good businesses that the current owner has let slip because they are not interested any more or because they just can’t cut it as an owner. In these cases, your skills would be the key that is currently missing and will quickly turn the business around. Obviously any entities fitting these profiles can be bought at a bargain price.

Know why you want to run a business and what your skills are.

Pitfalls
A bad reason to purchase a business is to actually buy yourself a job. Buying a job will quickly turn into a very ugly scene to those involved in your business, as well as family and friends, when you are not making the money you need to survive.

In many instances, you will be making less money than you were as an employee elsewhere. It takes time to build up enough cash flow to take a consistent and fruitful salary, especially when you need to pay off business loans. True entrepreneurial spirit will get you through the lows and make the highs an even greater experience.

Another pitfall to buying a business is funding. Money becomes an issue very quickly when you purchase a business. You are laying out much more money up front than when you are starting from nothing. You can’t just quit.

This brings with it a tremendous amount of drive for many people to pay back the money or get it back into their savings account. But it also brings about a tremendous amount of stress knowing you owe a lot of money and may be stuck.

Also, be aware that you will most likely need some reserve funds when you take over a business for dips that often initially occur. One of the main reasons for business failure is lack of capital.

Skills
When you build a business, you learn about the various aspects of operating a company and dealing with employees as they come. You may develop the skills necessary to deal with them or realize you need help. When you buy a business these things are already there and you will be relying on skills you may not have.

For example, if the previous owner was the main salesperson and you do not have these skills, you will be in big trouble very quickly. Many people make the mistake of starting or buying a business that is in the industry they know well regarding technical issues, such as making a widget or stocking a store. What they don’t realize is that there is a lot more involved with owning a company than there is with just being an employee.

Business Breakdown
Every company has 3 main parts to it; Technical, Sales & Operations. It is very rare for an owner to have all 3 of these skills. The importance of realizing that these aspects of a company exist, and which aspects you actually have experience with, is incredible. It will immediately affect how well you do with your new business.

You need to already know who will be handling the areas that you do not have the background in, especially if they were occupied by the former owner.

Are you coming from the world of big business?

I really think it is important for me to point out that the small/medium business world is a much different place than big business. If you are getting into your own business after only knowing what the big corporate world is like, you are in for a huge shock.

Traditional courses taught in an MBA program, other than some Entrepreneurial courses, are not going to help you in most situations. Also, the skills gained in running a department are not going to cut it either.

There are no department budgets here and there are very little separations from the owner and the low man on the totem pole. At first, you will be doing a lot of things you might have normally considered to be “not my job”.

Every dime coming in and going out is yours and your ultimate responsibility. You will most likely know every employee and a lot of your suppliers very well making things very personal. Decisions are made very quickly in this arena, there is very little time for wasteful meetings. Be ready for the ride of your life.

A Few Final Thoughts
Hopefully I did not discourage you from wanting to own your own business or for taking the path to buy one. My point is that owning a company is a great experience but it really isn’t for everyone. Even if you have all of the above points covered in your reasoning for buying a business and plans to deal with issues that are new to you, you may not like it.

Seek help in preparing yourself to buy a business, finding a business, determining if it fits your criteria and determining if the price is right. I recommend using a business advisor, business broker and accountant to help you. Bring in the attorney when you are fully prepared to go to contract and purchase the business.

There’s one way that you can quickly and easily start earning more and working less in your business.

That’s by getting someone else to do most of the work.

Maybe you’ve heard all about the power of outsourcing.
Certainly many people tried to convince me of its value
when I first set up my business.

But, like many business owners, I resisted embracing it.

All the reasons seemed good at the time – I didn’t know how
to find people, I thought I could do it better myself and I
was reluctant to spend money that didn’t seem necessary.

Yet at the same time, there were not enough hours in the
day to do everything that was needed. And I gradually
realized that I didn’t even know how to do many of the
things that were essential for running a business.

It was only when I simply ran out of time to do everything
needed that I began to see the true value of outsourcing.
And boy do I regret not doing it sooner.

Why outsource? Here are some of the advantages I’ve
discovered: It allows you to focus on your priority tasks;
You cut the learning curve by employing an expert; They can
probably do the job faster than you; It frees you up to do
things you enjoy; Outsourcing can help you get projects
making money faster; The outsourcing providers take on some
of the risks involved; You get a fresh injection of
thinking and creativity into your business.

What can you outsource? You can outsource just about
anything you can think of, including: Customer support;
Website design and programming; Graphic design; Copywriting
for websites, scripts, advertising and eBooks; Accounting;
Search engine optimization.

How to outsource Through the Internet, somebody in another
part of the world is in a position to help you – probably
at a fraction of the cost you’d pay someone around the
corner.

The best way to find vendors is to get recommendations from
other people. If you can’t get recommendations, try them
out yourself with small tasks before you give them anything
big or important to do.

There are also several websites such as elance.com,
rentacoder.com and scriptlance.com that provide access to
outsourcing services.

This is how they generally work: You post details of the
project or service you need help with; Vendors or
freelancers post responses or bids; You select the vendor
most suited to your needs, based on their proposals and on
your view of their portfolio of past work; These services
are usually free to buyers with the vendor paying a fee to
the site when they are awarded the work; You agree payment
terms; You keep in touch with them until the project or
task is completed.

Of course, there are more like this and you should satisfy
yourself that any suppliers you use are suited to your
needs.

I certainly recommend the value of outsourcing and the
power it can add to your business and your life.

—————————————————-
Robert Greenshields is a marketing success coach who helps
entrepreneurs and independent professionals develop the
success mindset and marketing strategies for a better
lifestyle. Sign up for his 7 secrets of earning more and
working less at http://www.MindPowerMarketing.com

They say every cloud has a silver lining. But when I recently spent a whole day desperately giving the kiss of life to a relatively new computer, it was hard to see the bright side.

Yet, when the machine finally started working again, I made
a fantastic discovery.

That little icon at the bottom of my screen that flashed as
each new email arrived was no longer there. And, not only
did I survive the day quite happily, I realized I was much
more productive.

It helped me recognize the importance of taking control of
my time. As business owners, time is arguably our most
precious resource. We can choose to sell it, invest it or
waste it. So the more effectively we use it, the greater
our chances of success.

Here are my 7 tips for mastering time.

1. Know how much your time is worth – The first step in
getting control over your time is knowing its real value.
The most obvious way to value your time is just to divide
your annual earnings figure by the number of hours you work
in a year.

But our number of productive hours is much lower than the
actual hours we work. So to get a better picture of the
real value of your time, estimate your number of productive
hours – for most people it’s less than three a day.

Once you know your hourly value, you should ask yourself if
what you are doing is worth your hourly rate. Outsourcing
activities is now so easy that you can often pay someone
else significantly less to carry out tasks.

2. Clone yourself (or your work) – While it’s not yet
possible to clone yourself, you can easily clone your own
work without any ethical issues. When you’ve written
something, leverage it for maximum benefit. With a little
additional work, a presentation script easily becomes a
magazine article or a sales letter, for example.

3. Spend more time on output than input – Are you spending
too much of your time reading emails and learning new
things? When you’re inputting information, you’re not
outputting. And it’s only output (like working for clients
and developing products) that makes money. New knowledge
and different ideas are valuable but sometimes us info
junkies need to go on an info diet!

4. Decide what work you are willing to leave undone – No
matter how efficient you are, you can’t do everything you’d
like to. If you’re busy, one of the most useful things you
can do is to transfer some unnecessary tasks from your
“to-do” list onto a “not-to-do” list – then quickly forget
about them.

5. Manage your day with time limits – When I stopped
reacting to that flashing notice of every new email
arriving, I set aside specific times each day for reading
emails. I now limit the time for doing that and scan them
quickly using a “one-touch” approach where I immediately
act on the email or delete it.

Another technique that works well is to use a timer to help
you focus on work for fixed periods. Some people work well
in short bursts completing specific 15-minute tasks before
moving on to the next one. For other people – and other
tasks – longer time limits of 45 or 60 minutes work better.
But you need to be disciplined and stick to the limits.

6. Focus on your priorities – Decide which one, two or
three big tasks you need to complete today or this week.
Then concentrate on them before doing anything else.

7. Develop systems and processes – If you have your work
organized into clear processes, you can more easily manage
your time. While it makes tasks much easier to delegate,
it’s also a better way of using your own time more
efficiently.

The more you control your time, the more profitable your
business will be.

—————————————————-
Robert Greenshields is a marketing success coach who helps
entrepreneurs and independent professionals develop the
success mindset and marketing strategies for a better
lifestyle. Sign up for his 7 secrets of earning more and
working less at http://www.MindPowerMarketing.com

Networking, cocktail parties and business lunches are an important part of our everyday working life. Being at ease in these situations and behaving in the most appropriate manner doesn’t always come easily to everyone. It pays to perfect some of these social skills if you’re looking to get ahead in your career.

The way we present ourselves especially in social
situations says a lot about us. We may come across as
insecure or lacking in confidence if we bumble through
introductions at a networking event. Our lack of table
manners could raise the eyebrows of the all-important
client you’re trying to do business with. Perhaps having a
few too many drinks at a networking function is not a good
idea especially if you end up telling a client what you
really think about him or her.

As business entrepreneurs, we’re busily attending
functions, meetings and networking events to woo and win
clients and customers. We’ve learned sales and negotiating
skills to help secure business, proposal writing,
marketing, publicity and a host of other “tools” to help us
in our business life, but what about the softer skills or
the intangible elements of the work relationship that may
help us land the deal?

Personal public relations can go a long way toward
achieving the success you desire in your business life.
After all PR is really “relationships” with your  “public”.

One way of achieving personal PR success is to be aware of
appropriate business etiquette. Most of us learned basic
table manners around the dining room table as we were
growing up but with our modern take-away, fast food
lifestyle, some of our earlier learning may have gone out
the window. So let’s look at a few do’s and don’ts for
acceptable behaviour at a business lunch.

* If you’re taking a client to lunch you pay -  the one who
is likely to benefit the most from the business should pay.
Leave your credit card with the cashier beforehand or
politely excuse yourself before the end of the meal and
settle the bill.

*Shaking hands is the accepted greeting. If it’s a
male/female lunch avoid the kiss on the cheek unless you
know each other very well. It’s best to keep the
relationship business like.

*Recommend the restaurant and if possible book a table in a
good position -  away from the kitchen or restrooms. Have
the client in the best seat facing into the restaurant or
toward the view.

*Recommend food choices you may have had previously and
perhaps something that may be expensive on the menu so they
feel comfortable with that choice. Be guided by their
choices. For example don’t order dessert if they are not
having it and expect them to wait while you finish off a
piece of chocolate cake.

*Don’t get drunk or drink too much. Also don’t smoke if
your client doesn’t.

*Don’t wave your knife and fork around like a conductor, or
use the wrong utensils. Your bread & butter plate will be
on the left while your wineglass will be on the right near
the tip of your knife. Observe basic good manners, such as
not talking with your mouth full!

*Start the lunch off with some small talk first. Although
you are there to discuss business, bring it up after eating
the entree.

The idea of a business lunch is to build rapport and a
relationship with your client. It’s not so much about the
food or wine but more about making them feel happy and
comfortable with the time they’ve spent with you.

—————————————————-
Sue Currie, the director of Shine Communications
Consultancy and author of Apprentice to Business Ace  -
your inside-out guide to personal branding, is a business
educator and speaker on personal branding through image and
media. Sign up for free monthly tips at
http://www.shinecomms.com.au/contactmanager/default.cfm
To learn more about how you can achieve recognition,
enhance your image and shine,  visit
http://www.shinecomms.com.au

After all, the most common reason for people to start their own businesses is to allow them to take control of their lives and find a better work-life balance.

How much Much is your Your Time Worth?

Let’s say you want to earn $50,000 per year from
your business. After weekends and holidays, you work 200
days of the year and you do 10-hour days. That means your
time is worth $25 per hour. Remember that when
deciding how you are going to spend it.

Definition of Time Management

Time management is the organisation and execution of work
and leisure activities based on always prioritising what
needs to get done.

Advantages

• Achieve control over your life
• Balance work, rest and play
• Be pro-active rather than reactive
• Relieve pressure and stress
• Stop working on time
• Increase your personal sense of achievement

Action Checklist

Plan your year first and your day last

1) Enter key yearly planning dates in your diary:
• Regular Meetings
• Known one-off events – trade fairs, company accounts,
Board board meetings
• Holidays
• Family Occasions
• Planning days

2) Plan your next month:
• Count the available unplanned days available
• Duck less important events
• Reserve a free day each week
• Reserve key task time (review sales, do expenses, plan
marketing activities)

3) Plan this week:
• Develop regular habits (e.g., review of weekly figures,
preparation of management accounts, writing down expenses,
etc.)

4) Plan each day at the outset:
• List and prioritise jobs. Give each a time and a deadline
• Make a list of phone calls and allocate a time when you
will get through them
• Tackle jobs based on the impact they will have on the
business
• Do the tough jobs before the more enjoyable ones
• Don’t be too ambitious
• Be ruthless with paper and post that you don’t really
need
• Make a list at the end of each day of what you did not
get done and a list of what you want to do the following
day
• Build an ‘interruption hour’ into the day

Get the Whole View

At the end of each week, think about what you have achieved
in the context of your monthly and yearly business goals.

Get a Diary Format

To be really efficient, you need to create a diary format
that helps you plan ahead and prioritise. You should also
include leisure activities in this diary to ensure you are
balancing work and pleasure.

And Finally……

Don’t forget to reward yourself for achieving your goals.
Go out to dinner, buy yourself something or take a holiday.

If you manage your time well, running your own business
will be the best job in the world.

—————————————————-
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Before you give up your career and order those cards for your spanking brand-new business startup, think twice.

The fact is financial success in a new business startup may
take a while.  If you can transition, rather than jumping
without a parachute, your bank account will thank you.

First, let’s go over the major “career paths’ you can
choose to earn a living.  They are:

1.  Employee 
2.  Self-Employed 
3.  Business Owner

As an Employee, you are hired to perform a specific role in
a company.  Many jobs allow you to leave your work at work,
and spend your free time with your family, without worry.
You also may receive great benefits, like healthcare,
retirement plans, and most importantly, paid vacation.

If you are considering stepping out of the role of
Employee, you need to make sure that your dissatisfaction
with your job is not job-related.  What I mean by that is,
just because you hate your job, it doesn’t guarantee that
you hate all jobs.  There are many opportunities with
flex-time and relaxed work environments, where you can
enjoy some of the freedom of self-employment, without the
added responsibility.

If you can, it’s best to start your business while you
still have your job.  You can work evenings and weekends
while your business gets started, and ditch the job only
after your business income is greater than your salary.

So, how can you possibly make as much money part-time as
you can working as an employee full time for someone else?

It’s actually fairly simple.  Skip option two
(Self-Employment) and move right into option
three—Business Ownership.

The reason most people have to work so hard in their
business is because they are Self-Employed.  They are the
ones producing the product or service in their business.
The problem with this is that they are limited to how much
time they can personally put into their business.

If your business does not operate without you doing the
work, it’s very difficult to transition out of the role of
Employee.  And if you do, you will probably find that you
work much harder when you are Self-Employed than you ever
did as an employee.  Not only are you doing the production
work, you are also in charge of administration, marketing,
finances, and even making sure there is coffee for the
coffeepot.

Consider starting a business that does not rely on you to
perform the work.  You could sell a product by mail order,
and outsource fulfillment services.  Or start a service
business like cleaning or lawn care, where you hire staff
to perform the work.

Granted, you should ideally have a work environment that
allows you to take care of your business occasionally
during work hours.  You could also work with a partner, so
you can share the responsibility, and cover for each other
when necessary.

You could also create an internet business, and automate
many of your activities with technology.

Be creative.  Rather than dumping your stable income,
figure out a way to “test the waters” before committing
full time.

In addition to keeping a steady paycheck, you also benefit
by being forced to systematize your business from Day One.

One of the biggest challenges startup business owners have
is transitioning out of “doing everything”.  They limit
their business to only being able to perform what they can
get done, and end up exhausted and frustrated.

If you transition, you’ll be forced to put systems in place
that allow your startup business to work without you.  Your
role can be limited to guiding and directing you business,
which is the true role of the business owner.

Bonus points for playing it safe!  Who knew?

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You’re energetic.  You’re focused.  You start off with a fabulous idea that you are absolutely certain you can take you to places of amazing success.  It’s not just you who
thinks that your business concept is a great one.  Nearly everyone you talk to offers their support for your bold move.  Some of them even envy your chutzpah.  You embody the stuff dreams are made of.  You are proud to call yourself an entrepreneur.

You know your business inside and out because you’ve had
your hand in every decision and every move from the get go.
Essentially you have become your business!

But wait!  What happened?   Suddenly, you’ve got more
business than you can handle on your own.  You’ll have to
bring in new people, new systems, new processes.  Making
that shift can be daunting if not completely debilitating.

This growth phenomenon is a very common challenge shared by
entrepreneurs.  We have seen this process time and time
again.  An entrepreneur’s business starts to grow, and then
he or she wakes up one morning and decides to close the
business doors.  Over the last decade, I have noticed that
most businesses don’t fail because they go bankrupt, but
rather because the owners decided that the amount of effort
they must put into their businesses is simply not worth it
relative to the payoff they are currently receiving.  When
it all boils down, this credo holds true:  Learn to work
smarter, not harder.  First, here’s the typical cycle:  The
business grows, and the owner pulls back because he or she
is faced with more decisions.  More decisions mean more
fear and indecision.  More fear and indecision mean less
dialogue because people shut down when they’re afraid.
Weakened dialogue means that business is becoming less
visible and well known in the marketplace.  The less that
business and its principles are expressed, the more fear
the entrepreneur feels, because he or she is sensing the
downward spiral.  It’s a vicious circle, and suddenly
people start saying “What happened to John?  Is he still
around, or did his business fall off the face of the
earth?” If this scenario sounds familiar, you may be asking
“What do I do now?”  The down and dirty answer is this: 
You shift your thinking from being an entrepreneur to being
a leader!  You may have begun as an entrepreneur.  To grow
and thrive, however, you must become the leader of your
company…and not just in word but in deed.  Take
responsibility for deciding what you want your business to
look like, and start taking the bold steps you need to take
to make things happen!   Follow these five principles, and
your actions will speak volumes for you.

1) Vulnerability: This may sound like a touchy feely word,
but it’s really quite practical.  First, identify the
weaker threads of your leadership and/or your company.
Recognize any weak spots or sinkholes in your foundation.
Second, address specifically-with your team, your Board,
your coach or mentor-how you’re going to work on those
issues to shore them up.  Be specific.  Many leaders are
afraid to discuss their shortcomings for fear of appearing
incompetent.  The truth is that vulnerability engenders
trust, which engenders camaraderie, which engenders growth!
People respect honesty because it creates a level playing
field where they know who’s in what position – what the
strategy of the game is.  Ironically, addressing your own
vulnerability will make you less vulnerable in the
marketplace because you’ll inspire the loyalty of your team.

2) 50/50 Likeability: With a new business, it’s easy to
fall into the trap of doing whatever it takes to attract
the greatest amount of business, being everything to every
person you meet.  You want to make everyone happy,
regardless of whether or not their request falls outside of
your business principles, core values or mission.  One
piece  of advice…Stop this insanity!  Instead, work to
create a leadership style that demands a reaction from
people; they’ll either love you or they just won’t like
you, and that’s okay.   Think of leaders like Abraham Lincoln or Elizabeth I.  They served and lead amidst
inconceivable controversy and left some of the most amazing
marks on humanity.  Think of an Apple vs. Microsoft
computer.  Each has its own function and reaches a unique
market.    Allow your customers, your clients, your
team-the people whose lives you touch-to experience a
legitimate emotional reaction to your business.  They’ll
remember you and they’ll return because they know what you
stand for.  As you develop 50/50 Likeability, you will be
attracting people who are perfectly suited for your
business, and when people are perfectly suited for your
business, you will do your best work, which results in very
happy customers.

3) Find the gold in toxic feedback: How often do you get
negative feedback about your business?  Whether that
nasty-gram of an email or that verbal tirade came from
someone on your team or from one of your customers, look at
it closely.  It may be exaggerated, but there’s most likely
a nugget of truth in there. Realize first that it’s just
feedback; you have a choice as to what to do with it.   For
starters:  Don’t take the feedback personally.  Step back
from the feedback, boil down the issue, address it, and use
it to help you grow as a leader.  If someone has had a
negative reaction to your business, look closely at what
you have done to contribute to the problem.  Chances are
very good that this feedback will be the key to unlocking
your next business opportunity.    Last but not least,
thank the person for the insight!  Shift your perspective
and realize that they’ve given you a fresh perspective for
examining your business and your style as a leader.

4)  Delegate: Yes, it’s the “D” word.  Most entrepreneurs
have spent so much time in total autonomy mode that
allowing themselves to delegate is a monumental task.  I
highly recommend a simple three step process for delegation.

a) Clearly articulate your expectations, but don’t be glued
to an exact vision of the outcome.  Leave some wiggle room
for people to bring their own energy into the process so
that the outcome is stronger.

b) Communicate in spades the process you want to see.  Be
specific about the who, what, when, why and how of the task
you are delegating.  People respect and respond well to
boundaries, so don’t be afraid to spell things out in
detail.

c) Provide feedback and make adjustments.  Respectfully
interact with your team and employees as you move toward
completion of the task at hand.  Let them know exactly what
they are doing well and what types of improvements you want
to see, and above all, give your employees permission to
fail.  If you are afraid to delegate, because you are
afraid people will fail, chances are very good that your
team and your business will never grow into its full
potential. The synergy created in delegation should be
greater than you.  Let people exceed your expectations.

5) Agility: Say the word agile, and you probably think of a
gymnast.  Instead, think of yourself and your business. 
Learn to bend…not break.  You can grow in many more
exciting directions when you have the courage to bend and
stretch beyond your comfort zone.  The beauty of it is,
you’ll inspire your team to do so right along with you!
And the more you’re willing and able to find out what’s new
and different in the world on a daily basis-be it
technology, information or even something as seemingly
simple as expanding your team or seeing their skills in a
different light-the more your agility will develop.  Soon,
you’ll be doing cartwheels around the competition! The
proof is in the pudding.  These principles can be
instrumental in your own evolution from entrepreneur to
leader.  When that shift happens, hang on!  Your company
can then take the amazing journey from successful to
significant!

—————————————————-
This article was written by Bea Fields and Corey Blake. Bea
Fields and Corey Blake with Eva Silva are the co-authors of
Edge! A Leadership Story. Fields is an Executive Coach and
the President of Five Star Leader Coaching and Training.
Blake is an author, screenplay writer and the President of
Writers of the Round Table, Inc.  http://Edge-Book.com .