SubscribeSMALL BUSINESS LEADER March 2007
Small Business Leader
Marian Banker, MBA, Business Leadership Coach, and creator of the Business Success System.
"Lead Your Business to Success"
ISSUE #91
March 2007
in this issue
**Business Success System Course**
Feature Article / Lesson
Events
Small Business Leaders' Marketplace
Note from Marian:
Small Business Summit 2007 was a resounding success! Many of you were present and were generous with your compliments about the program. We felt your energy and it was great. Our Sponsors and Partners loved it too. The hotel was a wonderful venue and the only glitch was we got a vinyl banner rather than a foam board banner, but it was corrected by midday.
It also feels great to have some reward for all our hard work. We're in the black this year, and that feels very good.
Ramon Ray, my strategic partner in producing the Summit, is my perfect complement. I'm the straight guy, he's the comic. Ramon contributes so much to the audience experience. It goes a long way toward how people feel about the event.
Now that the Summit's over I have to get back to my OTHER goals for this year.
The Business Success System Course has been a strong starter. More people need to know about it, so that's where I'll be focusing in the short term.
Many of you have asked for some type of "accountability" as you're working through the Course. So I'm offering the first Business Success System Intensive, starting in April. You'll have the text of the Course PLUS a 90 minute small group teleconference session for each Step to keep you on track. Use this as an extra boost to help you keep the commitment you make to yourself. Take the very first step in our f*r*e*e introductory Take Command of Your Business Tele-Workshop on March 28th. See details below and at http://primestrategies.com/teleworkshop3-28- 07.
Although my Summit partnership was a success, I've worked with quite a few people recently who are dissatisfied partners in an unstable business. So I've titled this month's Feature Article "Help! I Want to Dump My Partner". If you're a partner or considering a partnership, you'll definitely want to read this. These same guidelines apply to agreements with providers and clients, so there's something here for everyone.
To your success!
Marian Banker
Publisher
Small Business Leader
P.S. - Want to make a difference on your vacation this year? Take a look at this video, http://www.habitat-nola.org/projects/st_bernard.php, of the physical contribution that volunteers are making in New Orleans. Contact Habitats for Humanity, http://www.habitat.org/cd/local/, to learn how you can help.
NOTE: We have had to disguise some words in order to keep them from getting caught in the $pam filters. Please bear with us.
------------------------------------------------------
**Business Success System Course**
Want your own Personal Roadmap to Business Success? Take Command of Your Business with the Prime Strategies Business Success System Course. Gain the confidence to make well-calculated strategic business decisions in spite of challenges and crossroads.
Included is a step-by-step guidebook, interactive tools to organize your thinking and your actions, plus coaching audios to support you as you take each step in the system. It's totally risk f*r*e*e because it comes with a 100% satisfaction *guarantee*.
Get the full scoop at http://primestrategies.com/business- success-system.
------------------------------------------------------
Feature Article / Lesson
"Help! I Want to Dump my Partner"
By Marian Banker
A client, we'll call her Susan, had a business that was struggling financially and operationally. She was totally disgusted because her partner of 10 years was no longer carrying his weight and didn't seem to understand the gravity of the situation. She was so stressed she was seriously considering liquidating the business if things couldn't be changed for the better in a very short time.
What to do? Her first commitment had to be to herself. Susan was able to realize that it was up to her to take command of this situation. She was coached to create some measurable goals with timeframes. She decided she wanted to give the business and her partner one last chance. Susan knew she must bring her partner, and eventually her staff, into the picture in order to get their buy-in.
She created Job Roles for herself, her partner and each of her staff (Office Manager, Buyer and 2 Salesmen). Because of the longstanding relationship between her and her partner, we agreed it was best if I met with the partner and her to present things up to this point. Preparing for this was anxiety-producing for Susan, but also liberating. NOTE: Using a third party (like a coach or consultant) can offer a different perspective to a known problem.
The partner was cordial and listened politely, as had been expected. But, of course, he didn't really GET IT that things had to change. Susan gave it 3 months under the new plan. Unfortunately, she had to bite the bullet and make the decision to liquidate the business. Fortunately, she was able to see the handwriting on the wall way in advance and gave herself six months to finalize the liquidation. Susan is in the process of purchasing a new business which will be hers alone. She could only do that once she realized she didn't actually need a partner. She had been carrying the business alone for several years anyway.
If you're in a partnership or a long-standing working relationship that isn't working, ask yourself why you got into the relationship to begin with. Many times people just don't feel ready to take on the full responsibility of running a business so they look for anyone who is interested and willing to work with them. Having the wrong partner is the basis of many partner problems. How to find the right partner is the topic for another article.
If you can answer yes to one or more of the following it may be time to take command of your business and make the necessary changes.
You're feeling like you're carrying more than your share of the work.
Your partner seems to have lost interest in the business.
You find more and more to disagree about.
There have been changes in your partner's life that are interfering with his ability to function in the business.
Your interest in the direction of the business is different from that of your partner's.
Here are the steps I suggest you take if you're seriously considering making changes to your partnership arrangement.
1. Review your Partnership Agreement.
Your partnership may exist in the form of a Partnership or a Corporation. Either way, you have a legal entity that binds the two of you.
Have your attorney review your documents and tell you exactly where you stand from a legal perspective. This is important so you will know your limitations as you begin to plan.
If you have a written agreement about Roles and Responsibilities for each of you, assess whether it is still appropriate or needs to be updated.
2. Decide and document exactly what you want for your business and yourself.
Being in a state of dissatisfaction is the spur that will get you to take action. But you don't want to take action until you've thought through exactly what you're trying to achieve. Consider probable and possible outcomes for different scenarios to help you finalize a plan.
3. Create and write up a plan to accomplish your goals.
The most positive thing you can do is create a plan for yourself and the business as you see it and be prepared to present that to your partner. If dissolving the business is in your plan, be prepared with both the reasons you want to leave...and what you plan to do in the future. You're not just leaving the business; you're going into something else.
4. Schedule a time to "talk business" with your partner.
A change of venue from your typical meeting might be helpful. Sitting down over lunch or coffee could be a good place to start.
Be prepared for whatever response comes back to you. It can be anywhere from thankful to downright hostile. It will likely require some time for your partner to think through the ramifications of your proposal. Be forewarned; it's very difficult for people to make changes unless not making changes will jeopardize something of value to them. The bottom line is you don't want to back down from what you want. Compromise only if you're still OK with the terms.
If your partner is looking for an excuse to blame you for the ills of the business, you may hear about it when you bring up the subject. I know it's tempting, but be careful not to get into a blaming match. The objective is to present what you want for the business and yourself, and your plan to make it happen. Outlining how you see their role in the business is totally appropriate. Then it's up to them to agree or respond with another suitable option.
5. Be willing to walk away.
If you cannot come to terms, or if you do and the partner does not keep his agreement, you must be prepared for a change in business status. You may decide to close the doors, sell the business, sell your share to the partner, buy him out or any other option that will allow you to move forward with YOUR plan.
I know it's not easy to give up on something you've worked so long and hard to achieve. It's a lot like a marriage that's gone bad. At some point, however, you have to make the decision not to be the victim of circumstances any longer and make your move to position yourself for a better future.
Being proactive; thinking through what you want and how you will get it is the first step toward taking command of your business. If you continue to wait for the partner to do something you may wait a very long time. Your frustration will keep building and the business will surely continue to suffer.
Is it time to "take command of your business"?
------------------------------------------------------
Events
Quantum Leap Thinking with James J. Mapes
April 19, 2007 , 1:00 - 5:00 p.m., Alice Tully Hall, Lincoln Center, New York City
In business and in life, the way you view change and manage your mind can make the difference between defeat, mere survival or Quantum Leaps. By understanding how certain beliefs and mindsets get in the way of making real progress in today's business world, you can achieve levels of performance you never thought possible.
Your assumptions will be shattered; your mindset challenged; your productivity unleashed.
Prime Strategies is proud to be a partner in bringing you this outstanding leadership program. And as a member of the Small Business Leader community you're entitled to a 10% discount. Get full details and register at http://www.liminalgroup.com/mapes/index.php? dc=PRIME.
Back by Popular Demand!
F*R*E*E Intro to the Business Success System
Take Command of Your Business Tele- Workshop
Wednesday, March 28, 2007, 1 - 2 p.m. EST. - Teleconference Call
Take the first step toward regaining command of your business and be coached on how to get onto the fast-track to success. It's an eye- opening and action oriented hour of working "on" your business.
- Learn the steps of the Business Success System and how they get the job done
- Discuss challenges that are common to most small businesses and ways to overcome them.
- Find out which challenges are facing your business right now.
- Identify next steps, set priorities and create a plan that will put you in command of your business.
This tele-workshop is the introduction to the Business Success System Course,
http://primestrategies.com/business- success-system and the new Business Success System Intensive, http://prime strategies.com/intensive.
Get full details and register at http://primestrategies.com/teleworkshop3-28- 07.
------------------------------------------------------
Small Business Leaders' Marketplace
Introduce your product or service he.re.
Get BIG Results for Your Small Business! Would you like the same results as the business that doubled their sales and cut expenses in half? Would you like to creative ways to grow your business? Need ideas you can implement n0w? Get your *FREE* e-book packed with creative ideas to grow your business. Go to http: //www.promoneyinc.com/Prime.htm.
Finally...The Secret Formula That Can Double, Even Triple Your Sales Quickly! Are you frustrated you're not closing more sales? Learn exactly what you need to start doing N0W that will dramatically increase your $ales in record time. Sign up for F*R*E*E weekly sales ezine and F*R*E*E bonus article at https://www.mcss l.com/app/adtrack.asp? MerchantID=67148&AdID=284639 .
Manufacturing in China - We can manufacture your product(s) in China. My partner is based in Shenzhen, China and has over 30 years of manufacturing experience. Contact Anya Feinberg at 212-255-5597 or email me at manufacturinginchina@rcn.com.
Whether you are a start-up or have been in business for a while,you can benefit from cost-efficient, targeted public relations activities. Morgan Communications has over 20 years helping to build visibility for a variety of business services and products through writing/editing, media relations, and other PR activities. Contact: danhall@morgancommunications.org, 212 874- 2687.
The Power of Networking - If you're like most small business owners or entrepreneurs who network like crazy but still just can't get results and for whom networking has never really worked, I found the solution for you. It's "The Power of Networking", a 5 Step Program to Maximize Your Networking Results. Learn more at http://www.marketerschoice.com/app/? af=496107
Up to 50 words in 3 issues, only $25
Send your ad to marian@ pri mestrategies.com with Subject as Newsletter Ad.