SMALL BUSINESS LEADER October 2005

Small Business Leader
Marian Banker, MBA, Business Leadership Coach, and creator of the Save-Your-Business System.
"Lead Your Business to Success"
ISSUE #75
October 2005

in this issue
Save-Your-Business Lesson & Assignment
Save-Your-Business Tip
Calendar of Events
Small Business Marketplace

Note from Marian:

Recently I asked a group of business owners if they considered their business a success. Of those who said "yes" over half said they spent at least three hours a week working "on" their business. Of those who didn't consider their business a success, over half of this group said they spent less than an hour a week. How would you answer?

Do you consider your business a success? Please take one minute (I promise that's all it will take) and click through to this web survey. Respond to these same two questions. You will remain anonymous, of course. With enough response I'll publish the results next time.

In this month's Feature Article, "Groom Your Replacement" we're introducing a new way to gain more time for working "on" your business, using the techniques of mentoring. You can also request a Fr.ee Report on Building Your Business Through Mentoring. Details are in the Save-Your-Business Tip below.

Ramon Ray, Publisher of SmallBizTechnology.com, is the Guest Expert for our October 27th Telephone Roundtable. The topic is "Simple, Low-Cost Tech Tools for Awesome Customer Service", http://primestrategies.com/roundtable_oct05. Ramon's passion is staying on the cutting edge of technology for small business and he's eager to share what he knows.

I've just joined a brand new Business Network International (BNI) group that's growing rapidly. It has proven to be a good place to connect with my target market. I'm busy getting to know the members and creating some new business. If you'd like to find a group in your community, go to the BNI website at http://www.bni.com/.

October starts the last quarter of the year. Plan to spend a little more time focusing "on" your business this quarter so you can up the odds of being able to call 2005 a success.

To your success,

Marian Banker
Publisher
Small Business Leader
NOTE: We have had to disguise some words in order to keep them from getting caught in the sp^m filters. Please bear with us.

Save-Your-Business Lesson & Assignment

Groom Your Replacement

"But I don't want a replacement", you say. Well, maybe you will after you read this article.

Would you genuinely like to change the way you spend your business day? Is the business running you or are you running it? Are you doing jobs yourself that someone else could do because you want to hold down expenses? Or are you concerned that no one else will do the jobs as well as you?

What if you could not only delegate, but you could duplicate yourself? That means having another person who is able to manage your business in your absence. If you have aspirations of growing your business, this is a critical element of preparation. Growth always puts an additional strain on the person in charge, so you'll want someone who can replace you in as many areas of day to day operations as possible.

The key is "mentoring" - taking a carefully selected individual and immersing him or her in your philosophy and experiences. Ideally this person is your second in command. Up to this time it may have been just you or it may have been someone with a title, but undefined responsibility.

When you decide you are really ready to gain some freedom for yourself, you'll want to start looking for the right person to whom you can give authority to make daily decisions.

Think about what you do and organize it by activity:

Marketing
Providing Services/ Producing Product
Information gathering and review
Personnel organization and interaction
Decision making
Customer Service
Problem Solving
Look for the right person to whom you can give some authority to make daily decisions. This person may already be an employee or in your supply line somewhere. Think of who you know that has these skills or might have the potential to learn them. You probably won't find anyone who fills all the slots as well as you'd like, but come as close as you can. If the person's not already on board, recruit with the specific intent of mentoring the individual--and get their agreement. Plan to delegate to someone else in your organization any area of responsibility not covered by your mentee.

Choosing the right person is the most important step. Look at the person's style as well as their skills. Trust must be a basic element of the relationship, so make sure you can have confidence in the individual's ability to respond appropriately in any situation.

Find someone who both wants a mentor and can become passionate about your mission. Share your intent with your mentee. As you interact with this person on a regular basis, keep your plan in mind. Start by allowing your mentee to take on small assignments and be responsible for the outcome. Reward success and help him learn from failure. Give permission to make a few mistakes. By building on the complexity and importance of the decisions involved, you're increasing the odds of success.

Whether you aspire to gain more time for growing your business, developing a new product or pursuing your personal interests, consider becoming a mentor and gain the freedom of having a replacement.

The true test comes when you can take that 2 week vacation and really not worry about business. Now that's freedom. At this point you can redefine your job. Your role can take on more planning, directing strategy and true decision-making. If that's what you aspire to -- consider becoming a mentor and developing the person who will replace you in the day to day management of your business.

Assignment:

Identify the roles you play in your business. Decide which of these can be handed off to a "replacement" so you can gain the time you want and need to lead your business. Then set a goal-date for identifying and reaching agreement with the right person.

Those who mentor usually gain as much as those who are mentored. Give yourself and your business the benefit of becoming a mentor.

Save-Your-Business Tip

If you'd like more information on mentoring send for the FR.EE Report: Ten Steps to Build Your Business Through Mentoring. Send a blank e-mail to mentor@p rimestrategies.com. You'll have it in your mailbox within a few minutes.

If you're serious about taking action and would like even more help, send an e-mail to marian@pri mestrategies.com with the Subject as Mentoring. We'll schedule a time to talk.

Calendar of Events

Brain Exchange Roundtable
Monday, October 24, 2005, 6 - 8:30 p.m. EDT

Join with peers in New York City to exchange ideas, knowledge, experience and resources in a low- pressure give and receive environment.
Find out how...

October Lunchtime Telephone Roundtable
Thursday, October 27, 2005, 1 - 2 p.m. EDT.

Join the increasingly popular Telephone Roundtable where we sit around the virtual table, learn from small business experts, compare notes with peers and enjoy the camaraderie. There is no charge for this Virtual Roundtable.

"Simple, Low-Cost Tech Tools for Awesome Customer Service", with Guest Expert Ramon Ray, is the topic of our October Telephone Roundtable. Get full details and register to receive the call- in number

Small Business Marketplace

Introduce your product or service he.re.

"The Power of Networking" - The Rights, the Wrongs, the Reasons & the Results. Hear how to maximize the benefits of a networking event. Everyone needs to network: entrepreneurs, small business owners, job seekers. Learn from two networking pros, Biba Pedron and Steve J. Willett. Details at www.biba4network.com/businesscorner.html

Up to 50 words in 3 issues, only $25
Send your ad to marian@pri mestrategies.com with Subject as Newsletter Ad.

About the Publisher & Feedback

email: marian@primestrategies.com
phone: 212-679-1209
web: http://www.primestrategies.com