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80-20 - The Parieto Principle in Joint Ventures
We know that 20% of the people get 80% of the results in any group. That same 20% does most of the work and also makes most of the money. This applies to any group. That Inner Circle of committed, smart people actually understand that “What goes around, comes around”, that we reap what we sow and that repetition builds momentum, which in turn builds exponential wealth.We also know that 65% of the business ideas we try, will probably fail. And 20% of those that work can make your very rich. Now if you’re in a conventional business, that could be disastrous – a huge risk – you could lose everything – so we take less risks and try less things. As a Joint Venture Broker, however, it doesn’t matter! If we approach JV’s with a “No money, no risk, win/win” mentality, we have nothing to lose except a little time. So we can be the Babe Ruth’s of business, striking out at will and enjoying it! The more you try, the more you succeed – it’s a numbers game, after all. We can go crazy trying new things, having fun, being creative with Joint Ventures – it’s magical.So here is a simple Joint Venture Success Formula that works really well for me:First, choose your JV partners very carefully. Don’t listen to what people say; talk is cheap and money buys the wh

nk business owners require divine intervention (although maybe sometimes they do). I include the story because it contains a wonderful lesson for business owners.

Regardless of what you believe about the origin of the Bible, most people agree it is a complex work with multiple themes and messages contained in its pages. And yet in a few words, the old man summarized the content, presenting it in a form many people would agree captured the essence of the document.

Reduce Workers Compensation Premiums and Increase Employee Benefits
American employers have generally been required to carry Workers Compensation Insurance, or provide a suitable alternative coverage for their employees, since the early 1900s. The early benefit employers received from participating in Workers Compensation plans -- a reduction in litigation -- is no longer self-evident. In fact, new causes for litigation addressing job-related illness and injury have risen over the decades.Workers Compensation typically covers three expenses: medical treatment for job-related injuries (they may not have to occur on the job, but each state's laws govern specific criteria) or illnesses, providing for the support of disabled workers, and (in some cases) providing for rehabilitation of injured and disabled workers. Each state sets the criteria under which its compensation act is to be applied.Although the states mandate basic Workers Compensation premium rates, other factors which affect your premiums include the industry classification of your company, the size of your payroll, job classifications for your employees, and the frequency and severity of filed claims. In the early 2000s, the cost of Workers Compensation as a percentage of payroll rose from about 1.6% to 1.8%, according to the U.S. Bureau of Labor Statis

If I suggested that you drive to a place you have not visited before, without a map or a clear set of directions, you would probably tell me it was a bad idea. Why? Because without one of these tools it is likely you would get lost, arrive late, or perhaps never arrive at all.

It seems obvious, if you are not sure how to get to your destination, you need a map! And yet, every day I meet business owners who drive their businesses with no map nor a clear set of directions. The result – they get lost, fail to meet their objectives, or fail completely. As a small business owner, you need a business plan! Without it, you are traveling blind.

Get Started Now!

Do not put off writing your plan for someday, when you have the time. You will never have enough time, unless you make it. The busier you are, the more you need a plan to streamline your decision making process and automate your day-to-day operations.

Building a plan does not have to be overwhelming or incredibly time consuming. Take the simplest approach to get started; you can always refine it along the way.

Get your thoughts on paper, and then revise them. Too often people get stuck trying to make the first sentence perfect and never get to the second page. Do not let that happen to you! Do not get hung up on grammar or spelling. This first draft is for you. It does not have to be a Pulitzer Prize winning novel or a doctoral thesis.

Limit the Details!

There is a story about an impatient young man who went to visit an old Bible scholar. He demanded the old man tell him everything he needed to know about the Bible while standing on one foot. The old man smiled, stood on one foot and said, "Do unto others as you would have them do unto you! All the rest is commentary."

Why do I include this story in an article about business planning? It is not because I think business owners require divine intervention (although maybe sometimes they do). I include the story because it contains a wonderful lesson for business owners.

Media Savvy - Treat Them As You Would Your Best Customer
The ability to lead, persuade and influence are integral skills for effective managers. The capability of telling a story that inspires, motivates and informs is an essential part of this process. In an age of convergence in the media and increased scepticism over traditional communication methods, a new breed of managers and leaders is emerging that sees the media as an opportunity and not a threat. They use the media in a pro-active way to build their organisation's image, reputation and identity.Business Review Weekly's cover story "Future Leaders" editorial reported "new chief executives must have better presentation skills, for they will be required to perform in the electronic and printed media. Poor presentation will be perceived as a weakness in leadership, and arrogance or condescending attitudes will only be tolerated while the company is on top," (BRW December 14, 1998 P.14).So what is the best way to deal with the media to build and grow your business?Well, I believe you should treat them as you would your best customer or client. All the rules that apply to dealing with customers and providing outstanding customer service should apply when you interact with the media.Remember the media are very busy and the better you can

ions. The result – they get lost, fail to meet their objectives, or fail completely. As a small business owner, you need a business plan! Without it, you are traveling blind.

Get Started Now!

Building a plan does not have to be overwhelming or incredibly time consuming. Take the simplest approach to get started; you can always refine it along the way.

Limit the Details!

Let’s Talk Recruitment
Recruitment consists of knowing exactly what you are looking for, determining how to know when you’ve found it and making employment offers that get accepted. The first step is determining exactly what level of competency you are looking for:THE IMPLICATIONS OF COMPETENCIESPeople have and get COMPETENCIES (Combinations of knowledge, skills and attitudes)We apply these in the form of BEHAVIOR (Actions, thoughts feelings)Our behavior produces OUTPUTS (Products and services)How this is done yields RESULTS (Criteria for managing the prior three steps)In order to determine the kinds of people you are looking for, it sometimes helps to start with a picture of the “ideal candidate.” This person would possess the competencies and exhibit the behaviors that generate ideal results.What would happen if someone:• Negotiated the best deal every time you placed an order? • Romanced the Reps that call on you? • Aggressively worked on getting the right new lines? • Placed literature orders weekly? • Used every order to get a favor? • Really planned and prepared for sales meetings? • Kept a leash on salespeople giving away margin? • Assured that you h

ding a plan does not have to be overwhelming or incredibly time consuming. Take the simplest approach to get started; you can always refine it along the way.

Limit the Details!

More Change Demands More Leadership
"Leadership is about coping with change. Part of the reason it has become so important in recent years is that the world has become more competitive and more volatile...doing what was done yesterday, or doing it 5% better, is no longer a formula for success. Major changes are more and more necessary to survive and compete effectively in this new environment. More change always demands more leadership." — John Kotter, "What Leaders Really Do," Harvard Business ReviewChange is a fact of life. And as the pace of change accelerates, organizations are being pulled in many directions by factors such as new technologies, customer demands, e-commerce, workforce demographics, business model challenges, fierce competition, shareholder expectations, shrinking cycle times, and shifting work ethics. Now, more than ever, organizations need the bonding glue of a strong culture to hold everything and everyone together.At the core of a high performance culture is a strong leader who knows where he or she wants to lead their organization, but is highly flexible and opportunistic in pulling teams together to try new approaches, to experiment, and to learn (as well as occasionally fail) their way to success...As Winston Churchill put it, "True genius resides in the cap

r a doctoral thesis.

Limit the Details!

Marketing 101: Act Promptly
You can create excellent business relationships through following up quickly. If you go to a meeting with a potential customer, you will spend some time just chatting about what each of you would like to see happen in the future. You will also be giving some free advice or steering the conversation towards a possible contract. During these conversations you will more than likely promise to send a link to a special website, you may promise to give some information about a valuable resource for this person. When you make these promises, you need to make sure that you write them down. Do not rely on your memory or you will fail to follow-up with the information. As soon as you leave the meeting and go back to your office, you need to send the information. This means you had the meeting today, you immediately look up the information requested or suggested and send it NOW.The potential client will be very impressed with how promptly you act. This will leave a good impression on them and they will likely relate this to how you do business. Promptness will also help to build the business relationship as you will gain the reputation of getting things done and getting them done quickly. Nothing works better than quick responses. I also respond to meeting requests t

nk business owners require divine intervention (although maybe sometimes they do). I include the story because it contains a wonderful lesson for business owners.

The lesson is simple; as you write your business plan, imagine you are writing for an impatient young man and try to meet his challenge. Boil down the description of your business to a simple message, deliverable while standing on one foot. Too often, particularly in the product description, owners get bogged down in the detail, providing way too much information for the reader.

Limit the product description section of the plan to a simple overview of your product, the problem is solves and its unique features. Information regarding variations or new features to be added should be included in the product strategy. Product specifications, charts and graphs regarding product performance and detailed sketches and descriptions belong in the appendix. The same is true for the management section, summarize your career highlights and put the detailed resume in the appendix.

Research is important, but don’t get bogged down in the details. As your review your research, select the most relevant facts which support your plan of attack. Also include references to your sources (so the reader can check your facts).

Clearly Define Your Customer

Everyone is not your customer. Too often small business owners, afraid to walk away from even one potential customer, try to define their market so broadly that they include everyone. The danger … Without a focus you end up spreading yourself so thin that you don’t effectively reach any particular customer.

The chiropractor who defines his target as anyone with a spine may think he is indicating to potential reader that he has unlimited potential. In reality, he is showing a lack of understanding of the buying characteristics, beliefs and bias of consumers in his market. There are large groups of people who do not believe chiropractic treatment is “real medicine.” It is not prudent to spend money trying to

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Many people find themselves working in a dreary office, with very little to inspire and stimulate. As office space becomes smaller for the regular working person...

Morris has been a Texas Ranger for 15 years. This officer would go on patrols and respond when an emergency occurred. Having lived in Houston while growing up, it was easy to do the job. One night, Morris met a friend who left the force 4 years ago. This person now had a private investigator service in the city. Business was good and it was time for it to expand.

Most companies with a long and storied corporate history have a similarly colorful story behind their internal processes. System limitations, management fads and product introductions have shaped everything from invoice generation to marketing campaign design.

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