Take your business to a new level in 2010
Posted on | March 11, 2010 | No Comments
Take your business to a new level in 2010 . Attend this amazing & free class sponsored by Xpedishon Coaching.
Xpedishon provides group coaching to solopreneurs and small business owners. Xpedishon was co-founded by Rainmakers CEO Tony Scelzo, Matthew Griffith, Ed Turi, and Jack Klemeyer. We are looking for 150 individuals who want to grow their business to over $500,000 per year in revenue. We have a proven system that has helped hundreds of individuals signficantly grow their business.
March 19th , 10:00 – 11:30 am
Details & Free Registration for the March Xcelleration Event.
- Are you willing to invest 90 minutes of your time to find out how to significantly grow your business in 2010?
- Are you done with this slow economy? Ready for better times?
- If you are frustrated with the challenges of running your business in this tough economy we would like to invite you to a free workshop to show you how you can double and even triple your business in 2010.
Matthew Grffiith, Tony Scelzo, Jack Klemeyer, and Ed Turi, the owners of Xpedishon Coaching, will lead an inspiring and dynamic presentation where you will learn-
- The three areas that you must focus on to grow your business.
- The top limiting beliefs that you must eliminate before you can ever succeed in business.
- How to structure your business to grow bigger than you ever thought possible.
People come to Xpedishon, because they are motivated and committed to growing their business despite the challenging economy. If you are committed to growing your business in 2010, then this free one-hour workshop is for you.
Business goals & limiting liability
Posted on | January 28, 2010 | 3 Comments
Chances are that your lawyer has never encouraged you to establish business goals as a legal strategy. In this blog, I hope to convince you that goal setting is a great way to reduce your chances of getting sued or having other legal troubles. Of course, setting goals is only part of the battle. What’s a goal worth, if you never take the next step: Implementing a plan to meet those goals? But, let’s start here- Goal Setting.
I think business goals are best defined as components of your “Vision.” What is it you are trying to create, build, rebuild or restructure? What will your company look like in 12, 25, 60 months from now? For example, I am involved in helping to launch a virtual law service- www.IndianaVirtualLaw.com. IndianaVirtualLaw has a vision of its intended future. It is becoming the best, online law firm providing a wide range of legal forms, documents and other “unbundled services” with no fewer than 80 regular clients and 200 annual clients within 12 months. IndianaVirtualLaw intends to be an automated, forms-driven service that is almost entirely online to serve a specific market segment.
I could describe the vision for IndianaVirtualLaw in more detail, but you get the idea. The more specifically I can defined the vision of any company, the more likely I will be able to create a plan to reach that goal- realize the vision.
Once you have a well-defined vision, you can determine the steps required to move your company from where you are today to where you need to be to realize the vision. And this is the stuff of business planning.
With a well-defined vision and business plan, you can chart your conduct, define operations, establish employee roles, etc. You can create operations manuals, policies, procedures, etc. And in those operational tools, you can identify risks and create ways to keep customers happy, safe and out of the courtroom suing you. Remember that HAPPY CUSTOMERS WON’T SUE YOU.
Your company will also be able to manage cash flow better. That reduces disputes with vendors over payments, because you won’t be late on payments.
If cash flow is good, you can avoid doing business with less desirable customers and clients, especially slow-paying customers and clients. Thereby, you can avoid having to hire attorneys or collection agencies to collect your accounts receivable.
If your company is functioning well, you can afford to retain professional advisors, like lawyers, CPA’s, insurance advisors, business coaches, etc. And, this enables you to implement preventative measures that reduce liability risks, rather than the more costly way of reacting to problems.
Etc., etc., etc.
The advantages of setting goals and implementing business plans are enormous. So, I think it is critical that business attorneys understand business to help their clients with goal setting and planning as part of the client’s asset protection plan.
Why Your Business Must Have An Operations Manual
Posted on | July 8, 2009 | No Comments
Businesses fail. Most businesses fail, because they run out of momentum. You’ll hear that described in various ways, like:
- High debt service.
- Shift in markets.
- Poor cash flow.
- Insurmountable rise in costs.
- Inflation.
- Recession.
- Insufficient capital or “under-capitalization.”
- And so on.
Those are just sad excuses for a business to fail. In the end, every business failure is the result of the owners and managers failing to identify and plan for future opportunities and threats. I am not a big fan of SWOT analysis (Strengths, Weaknesses, Opportunities, Threats), because it usually does not translate into action. SWOT sessions make management feel good that they involved the whole “team,” but concrete action steps are not often listed, assigned to personnel and followed up later.
Done well, SWOT can benefit a business. It’s just not done well often enough.
Another approach is more akin to Kaizen theory, which is generally defined as incremental but continuous improvement. That works well, if a business has two key things:
1. An Operations Manual
2. Regularly scheduled meetings to review and improve the Operations Manual.
SYSTEMS! That is the key to operating a business well. A system enables a business to all these things as a part of what the business itself does:
- Deliver the same quality good or service each time to every customer.
- Identify quickly the cause of any problem resulting in lower quality.
- Identify new customer needs and wants, which is often a signal for a new market opportunity.
- Identify trends suggesting that your current offering of goods or services is becoming obsolete.
- Reduce inefficiencies.
- Reduce risks and losses.
- Grow market share by effectively communicating with customers and future customers.
- Identify new vendors, alternative sources of materials, labor-saving equipment/services, and strategic partnerships.
- And so much more.
I’ve watched dozens upon dozens of businesses fail over the years. In the final analysis, each one failed because each lacked systems. None were fully committed to systematic business operations. The owners and managers thought too much about making widgets and not enough about building a business enterprise.
So, what is your business doing? Are you building widgets? Are you simply creating or maintaining jobs for the owners or managers?
Or are you fully committed to building a business? Are you developing the systems needed to build your business enterprise?
Tags: business plan > operations manual > Small Business > systems
Recessions Offer Opportunities
Posted on | May 20, 2009 | No Comments
During a recession, marketing is often the first budget item to be cut, even though marketing is the most important tool a business has during difficult times. I would argue that now is a great time to make lemonade out of “economic lemons.” There are at least two ways to do that. First, consider this a time to reach out to potential strategic partners to develop co-marketing and co-sales opportunities. You might also have opportunities to re-package, or distribute products or services differently to reach new customers or old customers in new places or ways. Creativity can be developed, grown, nurtured and fostered, but only if creativity is first valued.
Does your company value creativity and calculated risk-taking?
Really? How?
Secondly, consider whether your customers’ needs or motives have changed. If so, your message should change to reflect new customer needs, wants, desires, anxieties, etc. Consider a few examples recently shared by Raquel Richardson, owner of Silver Square, in a recent e-newsletter:
- A-1 Steak Sauce’ changed its message to- “A-1 Steak Sauce isn’t just for sirloin anymore.” The target was hamburger lovers, and the strategy worked.
- Dow’s Ziploc food bags saw increased sales when Dow shifted funds from glass cleaners to help introduce a new line of Ziploc freezer bags that protect the freshness of leftovers.
- Quaker Oats developed new recession-driven messages:
- “Grain products are inexpensive sources of protein.”
- “Oats for breakfast cost just pennies a day.”
- Lipton pushed up its soup sales by promoting packaged cups of soup as both convenient and inexpensive.
Several companies have gone so far as to mention the recession in its messages. Wendy’s message is: “Look, I know you have less to spend these days, but that doesn’t mean you have to eat less.”
The list of companies that have enjoyed increased market share by spending more on marketing during recessions is long and storied. Interestingly, in each case, the competition spent less on marketing and tried to “ride out the storm.” When your competitors are avoiding risks and pulling back, they are potentially losing both today’s and tomorrow’s customers, and future opportunities. That’s your chance to gain market share that will likely mushroom when the economy recovers.
Be a Pelican- Dive In!
Posted on | March 24, 2009 | No Comments
Two weeks ago, I was sitting on a beach, looking out across crystal clear blue Caribbean waters with the sun about three hours from setting. That’s when I noticed this pelican fishing. Pelicans are large birds, so it takes some effort to lift off, clear the ocean’s surface and fly nearly straight up 50 feet or so.
The pelican slowly drifted in flight a few yards, searching for fish just below the surface, 50 feet in the air, and then the pelican folded in its wings to its sides, and would dive straight down to the ocean. It torpedoed into the water, using its beak to stab at and capture a meal of fresh fish.
Amazing. I watched that bird for nearly an hour. It must have made 15 dives while I was watching.
What in the World does this story have to do with business?
You need to be “pelican like” in your business operations. I know, I know. . . we’re in a recession. You have to watch cash flow. You can’t afford to make mistakes. Blah, blah, blah.
What was your excuse when we weren’t in a recession? Frankly, you can’t afford NOT to take risks.
Too many businesses are too passive in exploring growth opportunities or bettering existing operations. In a recession or in good times, you’ve got to be calculating, smart and aggressive. Sometimes, you’ve got to go for it, just like a pelican diving for a meal!
You can be smart and aggressive. You can take calculated risks. Sometimes, a pelican dives but misses the fish. Sometimes, businesses take chances that don’t work out well. However, doing the same thing over and over without innovation, calculated risk taking and determination leads to slow deaths, for pelicans and businesses both.
Virtually every successful entrepreneur had several failures before their first success. Then again, successful entrepreneurs understand the art of being “pelican like.”
What are you doing this week to catch more fish?
Tags: business plan > economic growth > Economy > entrepreneur > Indiana > Indianapolis > Small Business > stimulus
Vacations Are Essential to Good Business Operations
Posted on | March 20, 2009 | No Comments
If you run a business, you need a vacation. In fact, you need to take a vacation regularly. And NOT just a vacation to “recharge your batteries.” I’m talking about a great vacation that makes both your personal life and your business life better.
Here’s what I did on my recent vacation and how my experience can help you as a business person.
Rule #1- Do NOT try to “get away from it all.”
DO take your cell phone. Do check your email. Do call into the office.
It’s hard to relax on vacation when you’re stressed out about your office, missed calls, office emergencies, clients or customers looking for you, etc. The notion that we have to separate our business life from our personal life with a “Chinese Wall” is completely ridiculous and completely unrealistic. If you feel better while on vacation by checking in with your secretary, assistant or manager a few times, then do so. Don’t WORK, but do check in a few times. You’ll have a better, more relaxed and fun vacation, if you know that you’ll return home and not have to face a catastrophe.
Rule #2- Eat well. Exercise.
Vacations are a time to replenish, refocus, re-establish and renew. That applies to our minds, bodies and souls. Our hectic lives at home wear us down and wear us out. We fall into bad eating habits and exercise routines. You can stop those bad habits and establish new ones during vacations. In fact, establishing good habits is really the best thing you can do on vacation.
I just returned from sailing through the Caribbean, and time in Panama and Costa Rica. I always wanted to sail through the Panama Canal. Now I have! It was fun, adventurous and relaxing. And, I ate well. There are no fast food or drive-thru restaurants in the mountains of Costa Rica or along the Panama Canal. I ate locally cooked rice, beans, chicken, plantains, etc. Normally, I try to cut out caffeine during vacations, but I wasn’t going to pass up fresh coffee served at the haciendas in Costa Rica. I did refrain from processed foods almost entirely, and I exercised. Now my job is to get past the difficult first week back and stay on track to eat well and keep exercising.
Rule #3- Read. Something fun. Something educational.
I read often at home and every day at the office, but there is always a growing stack of books and magazines by my bedside table. Vacations allow me to read important business books and books of leisure. I also read those magazines that have stacked up. I read the magazines first, usually in the airport and in the plane. I cut out the articles I want keep or read again. Then, to lighten my suitcase, I throw away the other parts of the magazines. I save the books for the beach!
Rule #4- Come Home With Ideas.
Take some paper and a pen. This is a time to reenergize and become motivated to be a better person and businessman (businesswoman). You should outline ideas, hopes, concepts, aspirations, etc. that you’d like to accomplish when you return home. Do NOT rewrite your business plan. DO think about larger, exciting and interesting ways to come back from vacation and become better than ever. Consider a few new ideas that you could implement when you’re back at it next week. If you took the right books and magazines, you’ll have new ideas that excite you about the future of your company, firm or career.
And this Rule #4 applies to your roles as a father, husband, wife, daughter, girlfriend, friend, partner, etc. This is not just about business. I came home with ideas about being a better friend, father, son, brother, etc.
My financee and I spent hours on vacation talking about her law immigration law practice, our pending nuptials, and our future together. We took a very fun “marriage workbook” with us, and had a blast going through it. We talked about a wide range of topics, both personal and professional, and we came back ready to take on the World together.
Rule #5- Make It Memorable
Have a great time. Try doing something you’ve always wanted to try. Maybe try white water rafting. Or deep sea fishing. Or, sailing through the Panama Canal. Whatever it is, give yourself reason to remember how good it felt to reward yourself with time away from your routine and sources of stress. Take a few vacation photos and tape them to your PC or desktop. If you can remember your positive vacation experiences, you’ll remember that the routine stuff is worth it. And, you’ll be more likely to take another vacation sooner than later.
Rule #6- Follow Up When You Get Home
Now that you’re back, make the most of your vacation. Schedule time on your calendar, or in your PDA or planner to follow up with things planned on your vacation. Do these things:
- Do eat better.
- Do get better sleep.
- Do exercise.
- Do implement those business concepts, plans and goals.
- Review your notes and the magazine sections you kept.
- Do make changes in your personal life to feel more successful as a father, daughter, wife, etc. . . and businessperson.
Here’s a final idea. . . print a copy of this blog today, and put that copy in your favorite suitcase. Tomorrow, schedule your next vacation. Then, when it’s time to pack the suitcase, pull out and read this blog again. Pack your magazines and books. Get on the plane and start at the top with Rule #1.
Do these things, and your business will benefit tremendously.
Tags: business plan > Collections > corporation > economic growth > Economy > Indiana > Small Business > stimulus
“Branding Can Save Your Business”- Class Next Week
Posted on | March 4, 2009 | No Comments
There are a few spots left for the class Kyle Lacy and I are teaching on branding and legal protection for brands.
If you’re serious about saving, growing or starting a business, branding is vital. Protecting that brand is equally important. That’s why you should attend this class.
Let me introduce you to Kyle Lacy. Kyle is a social media mastermind, truly. Check him out at www.getbrandswag.com or www.kylelacy.com
My law firm does a lot of trademark work for our clients. We trademark company names, product names, service marks, tag lines, etc. We also develop strategies to protect names and logo’s
Kyle Lacy develops marketing strategies that utilize great branding.
Together, we are going to teach how to develop a brand strategy and then legally protect it.
March 10, 2009 , 12:00 – 2:00 P.M. 8604 Allisonville Rd. Suite 300, Indianapolis, 46250
$25.00 TUITION FEE
EMAIL KYLE OR ME IF YOU’RE INTERESTED.
Tags: attorney > branding > business plan > economic growth > entrepreneur > Indiana > Indianapolis > intellectual property > service marks > trade marks > trade secret
Make sure you get paid on every transaction.
Posted on | February 5, 2009 | 4 Comments
Times are tough. Now more than ever, you need to make sure that you get paid for every product and service you provide. Make no mistake about it- your clients and customers are watching THEIR cash flow closer today than in many years past. So, you need to make sure that your customers’ cash flow difficulties don’t become your accounts receivable problems.
Every business has experienced some difficulty in getting paid at one point or another, and many business plans are formed with the presumption that a certain percentage of the business’ accounts receivable will go uncollected. The problem of collecting accounts receivable is not usually the cause of a business’ failure, as more businesses fail from undercapitalization. However, collections problems can prevent a business from growing and will always negatively affect the business’ profitability.
So, how do you avoid the risks that an account receivable will become uncollectible? As is usually the case, preventing the problem from occurring is far less costly than curing the problem once a client or customer fails or refuses to pay you for your goods and services. Try following these basic collections rules.
Get It In Writing.
Have signed contracts and forms. Any change in terms should also be in writing and signed.
Get Paid In Advance.
You should require substantial deposits and down payments before you begin ordering parts or using materials. And you should require payment-in-full before you begin performing services or relinquish control of your property.
If You Don’t Get Paid In Advance, Get Security.
This rule does not apply to leasing agreements or the simple cash transaction such as the sale of a dozen doughnuts. In larger transactions, particular those involving the sale of moveable personal property and real estate, the seller should demand a security interest in something of value. A mortgage, a recorded land contract, a mechanic’s lien and a lien on personal property are familiar examples of security interests.
If The Customer is Credit Risky, Demand A Guarantee.
If you fear that a customer is a credit risk, ask for the signature of a guarantor who promises to pay the customer’s debt to you in the event the customer does not. Remember, however, that the guarantee is only as good as the guarantor is creditworthy. An owner of a business is the natural person to guarantee the debt of his or her own company.
If Your Contract Does Not Allow For Collection Costs,
You Cannot Get Them.
The “American Rule” is that litigants pay their own attorneys’ fees. So, if you must retain an attorney to collect a debt, you will pay the attorneys’ fees and most other collections costs. The exceptions to the American Rule are the existence of a written contract allowing the recovery of attorneys’ fees, a statute allowing such recovery; or the assertion of a frivolous, unreasonable or groundless claim or defense. The easy solution to the American Rule is to include a provision in your contracts allowing YOU to recover your attorneys’ fees, collections and court costs. Your customers should not have the same right to recover against you.
The Check Is Never Truly In The Mail.
The lesson here is to begin legal proceedings as soon as possible and not to delay in collecting your money or retrieving your property.
Call Your Lawyer Early.
As a final suggestion, consult your attorneys as soon as you suspect difficulty in collecting a debt. Often a stern letter from an attorney on a law firm’s letterhead can have a dramatic effect on a delinquent customer. You also should consider consulting your attorneys to review your entire billing and collections processes. A good lawyer does his/her best work before problems arise. I have assisted businesses whose agreements, leases and other forms were outdated or lacking important provisions which would allow the business to pursue additional remedies against a delinquent customer. That’s when I’m most effective- in preventing problems rather than solving them.
For a more detailed version of this article/blog, go to my law firm’s website: http://www.indiana-attorneys.com/articles_news/index.htm
Tags: A/R's > Accounts receivable > attorney > Collections > damages > Economy > Indiana > Indianapolis > lawsuit
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