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Blog

Growing your business Part 2

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This is the second part of the article in Success Magazine about taking on a partner in a new business.

 Q: I have started a business and a friend wants to join me. I am not sure if I should make him a co-owner and partner or not. What do you think?

Nancy Michaels: I don’t recommend friends work with each other. Should something go south in the relationship or you feel that obligations are not being met in the business because there’s some perceived leeway due to friendship, problems are likely to arise. Personally, I feel partnerships are inherent with problems. They’re like marriages without the physical intimacy and, therefore, a challenge to maintain long term. Even hiring a friend can be risky business because oftentimes familiarity breeds contempt, and you may be listening to too many excuses when your friend (turned employee) can’t show up one day, misses an important appointment, etc.

Mark LeBlanc: Congratulations on starting your own business. The decision to partner with another person is a serious one most people take too lightly. Partnerships fail because people often get into them for the wrong reasons. Sometimes, a person is insecure about his or her ideas or the potential of the business, and seeks someone else who bolsters confi dence and will share the risks of venturing out into the entrepreneurial world.

Partnerships can succeed when two people share common values and complement each other’s skill sets. When two people share a similar work ethic, and agree to share the risks and the rewards, it can be very exciting to link up with a partner.

A real partnership agreement is crafted with help and support from a trained professional. Go online or find a template for creating a partnership agreement, and then find someone who can help facilitate the hard but important questions, such as the process for dealing with different perspectives and navigating different ways of running and growing your business.

 

 

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Growing your business Part 1

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Q: I have started a business and a friend wants to join me. I am not sure if I should make him a co-owner and partner or not. What do you think?

John Assaraf: It may feel like a great idea to have a friend in business with you—someone who can help boost your confidence as you grow the business and manage all the tasks at hand. However, a partnership in business is no different than getting married. Two friends usually don’t get married just because they’ve known each other for a while. More often than not, a business  partnership is a recipe for disaster because the rules for friendship are vastly different than the rules for growing and maintaining a business. Sometimes it will even lead to the loss of the friendship because of the many complexities, including money, that get in the way.

The key to a successful partnership in business is to make sure both of you have complementary skills, vision, work ethic and expectations. Once that is established, I would set a timeline of six to 12 months to “date” and really experience the business relationship.

In addition, you can agree on what the terms of the deal are in advance and set measurable benchmarks to strive for. Once these benchmarks are achieved, you can offer whatever piece of your company you want to offer for cash, sweat equity or a combination of both. I always suggest the “Four Season Rule,” allowing four seasons to pass to make sure you really get to know your potential partner under as many situations as possible.

 

This article is from 1- on -1 Growing your business Q and A in Success Magazine

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Flaws that derail leaders

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What type of leader are you and more importantly what do your followers say about you?

This is an article from the Harvard Business Review listing ten fatal flaws of the worst leaders. 

Lack energy and enthusiasm. They see new initiatives as a burden, rarely volunteer, and fear being overwhelmed. One such leader was described as having the ability to “suck all the energy out of any room.”

Accept their own mediocre performance. They overstate the difficulty of reaching targets so that they look good when they achieve them. They live by the mantra “Underpromise and overdeliver.”

Lack clear vision and direction. They believe their only job is to execute. Like a hiker who sticks close to the trail, they’re fine until they come to a fork.

Have poor judgment. They make decisions that colleagues and subordinates consider to be not in the organization’s best interests.

Don’t collaborate. They avoid peers, act independently, and view other leaders as competitors. As a result, they are set adrift by the very people whose insights and support they need.

Don’t walk the talk. They set standards of behavior or expectations of performance and then violate them. They’re perceived as lacking integrity.

Resist new ideas. They reject suggestions from subordinates and peers. Good ideas aren’t implemented, and the organization gets stuck.

Don’t learn from mistakes. They may make no more mistakes than their peers, but they fail to use setbacks as opportunities for improvement, hiding their errors and brooding about them instead.

Lack interpersonal skills. They make sins of both commission (they’re abrasive and bullying) and omission (they’re aloof, unavailable, and reluctant to praise).

Fail to develop others. They focus on themselves to the exclusion of developing subordinates, causing individuals and teams to disengage.

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Time Management

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How much time do we spend on menial tasks? Not to be confused with necessary seemingly mundane tasks like checking, responding and managing our emails...

Time is a very expensive commodity that we need to use wisely. So what do we know already?

  • Good time management skills gives us much needed control of our personal and professional lives
  • Our stress levels are much decreased
  • We are able to maintain satisfactory work life balance
  • Energy levels are boosted
  • We experience greater productivity and effectiveness and
  • Time management is one of the most frequently taught skills

Why do we, knowing the tremendous benefit this one skill has to our lives still have difficulty in managing our time, or procrastinate and refuse to set wise priorities?

There are many reasons why the above is true. They could include:

We lack focus or clarity. Our goals for the day or a task are not clearly defined and so we don’t maximize our time. Perhaps we don't own the tasks we need to carry out.

To manage time we must fully accept responsibility for its best use. We need to challenge our tendency to squander it. Ask the hard questions. What is the state of my personal, business or professional life? How can I improve it by making better use of my time?

The key is in not spending time, but in investing it.
Stephen R. Covey

For coaching on Time Management contact us

 

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A truly inspirational evening

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Women gathered for a truly inspirational event held by Julianmiles Limited on 7th March 2009. Titled Global Living, Global Impact, this event featured five amazing women who live locally but have global significance and influence through their personal and professional lives.The event  was managed by up and coming company The Event Company UK.

Comments from guests.

"A thoroughly enjoyable evening, when is the next one please?" 

"This event was fantastic, the company, food and setting were just amazing"

 

 

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