SubscribeSMALL BUSINESS LEADER September 2005
Small Business Leader
Marian Banker, MBA, Business Leadership Coach, and creator of the Save-Your-Business System.
"Lead Your Business to Success"
ISSUE #74
September 2005
in this issue
Save-Your-Business Lesson & Assignment
Save-Your-Business Tip
Calendar of Events
Small Business Marketplace
Note from Marian:
August seemed to me like one big blur. My husband and I have been facing a challenge that's increasingly common with boomers.
My 87 year old mother-in-law's health has been failing over the last few months. Since she lives alone and is dependent on us to help her, finding appropriate and agreeable care for her has taken many hours and produced lots of frustration. She's finally in a health related facility, but because she is subject to frequent falls, she may not be able to stay there long term.
As I'm sure you know, family issues can often steal a lot of time. I've had to learn where to draw the line. Setting boundaries was what I had to do. If you're facing similar situations, consider what boundaries you need to set and where you need to ask for help from others. If anyone would like the benefit of what I've learned, please be in touch.
Quite a few people signed up for the complimentary Summer Check-up. It was an eye opener for some and confirmation for others. Everyone, however, agreed they had moved at least one step forward. Here's just one follow-up comment. "The Summer Check-up was a wake up call that my actions are not in sync with my words when it comes to my biz. Now I have an action plan and tools to move the biz forward." Kathleen Booker, What's Next?
With this issue we have an updated newsletter format that I'm hoping you'll find easier to read. Do let me know what you think.
Our September calendar is jam-packed with programs and events, both virtual and in-person. See the Calendar of Events section below. You're invited to join us whenever you can.
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
The Confidence to Decide: A Case Study
Wow! The confidence to decide. Wouldn't that be great?
Sometimes the consequences of a decision will bring about major changes; sometimes the impact is barely noticeable. What do you need in order to have the confidence to decide, especially when the future direction of your business hinges on your decision?
Michael Goodman had to make a decision; a big one. He had built a small but growing financial planning division in a mid-size New York City accounting firm. The date for his contract review was fast approaching. The terms he had negotiated regarding equity when he had started a year and a half earlier were no longer acceptable to him. He felt he n0w deserved much more equity because he had built the division from the ground up into a substantial pr0fit center.
Michael's challenge was to determine the equity percentage he felt was acceptable. The more he thought about it, the higher the percentage became. He knew he was putting his position on the line and he didn't feel prepared to face the decision.
What gave him the confidence to decide and take a stand for what he wanted? In this case he needed to get a clear sense of his own value and put dollars to it. He also needed to get confirmation from others and from the marketplace that his thinking was correct.
Although he really didn't want to leave, by the time he had to make his presentation he knew that if the decision-makers were not willing to meet his terms, he was ready to walk. He had thought through and made a basic plan and budget for what it might take to go out on his own. He even had a couple of options sitting in the wings as the time grew closer, because he saw how inflexible things seemed to be. He had gained the confidence to walk away and go out on his own when his terms were not met.
Today Michael is an independent financial planner who is the principal of Wealthstream Advisors, Inc., http:// www.wealthstreamadvisors.com. In less than 2 years he has doubled assets under management and exceeded his goals. His staff are carefully selected and trained to support his vision and his plan. He obviously made a good choice in setting his boundaries and sticking to them.
Do you have an important business decision to make? Here are the steps to help you make it with confidence.
1 - Gather as much pertinent information as possible. What are the critical factors? What is your goal?
2 - Is there a tipping point for you? Where does something no longer make sense?
3 - What does the market tell you? What are the financial considerations?
4 - Ask others who might be affected by your decision. Get feedback from colleagues and staff.
5 - What plans do you need to have in place to support your decision?
6 - Consider the probable outcomes of a few possible choices.
7 - Put a timeframe on your decision to help you focus on gathering and analyzing your information.
8 - Make your decision and communicate it to everyone who needs to know.
9 - Follow through and take action on your decision.
Assignment:
Apply these decision-making steps to the next decision you have to make. Being prepared and getting confirmation on your thinking goes a long way toward giving you the confidence you need to make a good decision.
Your decision might not always return the results you desire, but you'll drastically increase your odds by arming yourself with adequate information and support prior to making it.
Save-Your-Business Tip
Decision-Making Test
Before making a final decision on anything, check it against your gut feelings and intuition. If you're feeling uneasy even though you've justified the rationale for a hard decision, it's a good idea to test your assumptions again. You don't want to make a decision that leaves you feeling unsupported. Chances are it will backfire in some fashion.
Calendar of Events
Save-Your-Business Tele-Boot Camp
Begins Wednesday, September 7, 2005
The Save-Your-Business Tele-Boot Camp brings together business owners, just like you, all of whom are working to save their business. In 9 high-action - high results teleconference sessions, you'll be led through the steps to change the course of your business. Stop struggling and take back control! Find out how...
Brain Exchange Roundtable,
Monday September 19th, 6 - 8:30 p.m. EDT.
Join with peers to exchange ideas, knowledge, experience and resources in a low-pressure give and receive environment. Find out more...
September Lunchtime Telephone Roundtable
Tuesday, September 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. Get full details and register to receive the call- in number
Small Business Marketplace
Introduce your product or service here.
"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
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As a valued subscriber of Small Business Leader you are eligible for a complimentary 2-year subscription to The New York Enterprise Report print magazine. The Report features "how-to" articles written by experts and tools to help small and midsize businesses grow. To subscribe, visit www.nyreport .com/prime.
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Grow your business with The Complete Ezine -- a professionally written, designed and formatted monthly e-newsletter that makes it easy to stay in touch with customers and prospects. No writing, no coding, just insert your logo and hit send! Works with all major email service providers. Subscription details at http://www.c ompleteezine.com/.
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Transformative Leadership Summit, Metropolitan Club, New York City, Sept. 14-15, 2005. Learn from master coaches the insider knowledge that, until n0w, has been practiced by only a few exceptional entrepreneurs, business owners, industry leaders and CEOs. http:/ /www.liminalgroup.com/index.html
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Come meet--and learn from--Crain's Small Business Award winners at a special networking breakfast on September 22! http://www.newyorkbusiness.com/calendar.cms.
Crain's 14th Annual New York Expo is back! Don't miss this perfect opportunity to connect with over 1,000 small business owners and entrepreneurs. http://www.craini2i.com/crainsny/expo/index.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
Save $125 NEW SERIES STARTS September 7th
Save-Your-Business Tele-Boot Camp Nine (9) telesessions to kick you off dead center and give you what you need to make effective changes QUICKLY. If your business is struggling and you're not sure what the future holds, learn how to take control n0w and begin making strategic decisions that can "save your business".
Here's the deal...
Start Date: Wednesday, September 7, 2005, 1 - 2:30 p.m. EDT.
Program Duration: Three (3) months
Program Tuition: $500
Pay Full Amount Upfront and the price is $375 (save $125)
Learn more
email: marian@primestrategies.com
phone: 212-679-1209
web: http://www.primestrategies.com