Know YOUR Business

simplify, Simplify, SIMPLIFY ..1 ..2 ..3

2007-05-11T10:54:00.000+02:00

Trevor writes:

From this post - MAD 7. It Only Takes 'HALF-A-DOZEN' Things! (extract below) - I am reminded that it is all to easy to fall into the trap of adding unnecessary complexity to ideas, projects, strategies, et al, that should be as simple as ...1 ..2 ..3

Too many people look to make the simple things in life too complex to understand.

Yes, most often it takes only a few things... 1, 2, or 3 things... just a 'half-a-dozen' things to ensure success in most projects.

I am resolving to simplify every idea, project, strategy I have into a 'simple as ..1 ..2 ..3' graphic presentation.

Regards
Trevor Nel - 011 - 705-2790 - www.innercircleforum.com
trevor@innercircleforum.com

See ENTREPRENEUR Series Links

2007-04-08T14:52:00.000+02:00

Trevor writes:

Have placed The STAR Workplace Entrepreneur series of Press Articles on these links:

1. Entrepreneurs - SA's New Economic Powerhouses

2. Entrepreneurs Are Not Born, They're (Self) MADE

3. Guidelines For Entrepreneurial Success

Regards
Trevor Nel - 011 - 705-2790 - http://www.innercircleforum.com/
trevor@innercircleforum.com

Just DO It!

2007-04-08T14:47:00.000+02:00

10. Way Forward

To sum up: The lessons to be learnt from the previous 9 points are that if we get it right, owning a business and entering into marriage can be very rewarding on a long term basis.

However, we must really work at it - if not the wheels can fall off.

The most important issue is that we must do our homework to ensure we are entering into the right association - if we fail then we must know how to exit - which mechanism must be put in place when we enter the association.

Whatever contracts we enter into we must clearly understand and agree to before we sign

ADVICE 10 -Owning a business and being in marriage can be very rewarding - but there are many pitfalls - the risks are there but the result is very rewarding.

by Bob Power

Plan For GROWTH

2007-04-08T14:38:00.000+02:00

9. Expanding The Business

Many businesses flounder when they expand and going from a small business to a bigger one has to be carefully assessed. Likewise in marriage when children come along the whole structure of the marriage changes and problems appear.

ADVICE 9 - Drastic changes in running a business or in marriage can result in many problems where the partners must make major changes

by Bob Power

Beware The WINDOW Dresser

2007-04-08T14:35:00.000+02:00

8. Skeletons In The Cupboard - Window Dressing

As stated one does not buy a business until a thorough due diligence examination has taken place - and the buyer is satisfied that what the seller said he was selling is what the buyer is actually buying. The seller will tell the truth the whole truth and sometimes anything but the truth. He will dress up the business to ensure that he can get the best price. In marriage we are inclined to put on a good act to impress our partner - we can overdo it

ADVICE 8 - Whether we like it or not things can change - Love turns to hate may be harsh words but they are reality

by Bob Power

Prepare an EXIT Strategy, Just In Case

2007-04-08T14:32:00.000+02:00

7. Have An Exit Policy

When you enter into marriage the anti-nuptial contract defines what happens when the marriage no longer works and divorce takes place. Business is no different - you must have a clearly defined agreement on what happens when you want to exit the business - which usually is in the shareholders agreement.

It is a reality that over time things change and although you may have worked very hard on making the business or marriage to work - the business or marriage is floundering and there is no alternative than to exit.

ADVICE 7 - If the marriage or business is not working and you have tried all you can - you must get out. It is smart to negotiate this at the beginning not when things are not working - not when there are problems.

by Bob Power

Passionately In LOVE With Your Business

2007-04-08T14:28:00.000+02:00

6. You Have To Work At It

You have to work at marriage to ensure that it succeeds - in business if you have the passion for what you are doing the rewards will be there. In business you soon find that successful negotiation skills can be very beneficial. In marriage you also have to become a good negotiator.

ADVICE 6- No marriage or running a business is that easy - you must work at it

by Bob Power

Responsibility & Accountability

2007-02-04T18:10:00.000+02:00

5. You Are The Boss

Once in business you have to take responsibility for the management and control of the business - likewise in marriage you have not only yourself to think but also a partner and later children - you no longer have the freedom you had previously.

Many people cannot make the adjustment from being an employee to becoming an employer. Being single also has many advantages and when married some people cannot move away from their previous freedom and independence.

ADVICE 5 - Going into any form of partnership has its risks - one has to adapt which is not always easy.

by Bob Power

SANLAM Testimonial re: Bob Power

2007-01-25T11:43:00.000+02:00

Fax dated: 15 Jan 2007 - on file
on Sanlam letterhead - 2 Strand Road, Bellville
From Erna Wentzel
MARKET MANAGER: SANLAM COBALT
Sanlam Group Marketing & Communications

To whom it may concern:

Sanlam contracted Bob Power as a keynote speaker during a series of 12 country-wide seminars for business owners in 2005. Bob is an expert in the field of mergers and acquisitions, and his experience clearly showed in the effortless way he communicated a soemwhat cumbersome topic, which can get very technical if not approached correctly.

Bob has a keen sense of humour, which lightens the topic. He also uses true-life case studies to illustrate the pitfalls of buying and selling a business.

Our on site feedback from delegates Bob a rating of four out of five, with glowing comments on the impactful added value to the seminar.

I will recommend Bob for any speaking slot on this topic.

Kind regards
signed: Erna Wentzel
MARKET MANAGER: SANLAM COBALT
Sanlam Group Marketing & Communications

'Til LACK Do Us Part

2007-01-22T07:44:00.000+02:00

4. Cash is King

In both marriage and business if there are financial constraints it can have serious detrimental affects.

ADVICE 4- Without money marriage and business cannot work

by Bob Power

Beauty Is Skin DEEP - Dig Deeper!

2007-01-14T15:13:00.000+02:00

3. Do your homework - Due diligence - The main reasons for failure in marriage and business centre around the following:

· Entering into the partnership without understanding the other partner. It is estimated that out of every 100 people who say they want to enter into business only 1 does so. The reason for this is that many do not have the nerve to own their own business preferring to stay as employees - with their monthly cheque and guaranteed annual leave. In marriage the same caution should prevail - we all have many associations before the right person comes along. But love is sometimes blind and do we really know the person we are marrying until we marry them and then it could be too late.

· Another concern following from the above is that persons enter into a business whereby they do not understand the product or service being supplied - failure is usually the result.

· In marriage a long term courtship will assist in ensuring that the marriage relationship will work.

ADVICE 3 - Make sure you know who you are marrying and what business you are entering - things are not always what they appear to be

by Bob Power

'Til Death Or Mega BUY-OUT Do Us Part

2007-01-10T09:02:00.000+02:00

2. Long term relationship - Entering marriage should be for life - likewise entering business must be to start and grow a business and not to make a quick buck and exit

ADVICE 2 - Have the intention to keep a long term relationship

by Bob Power

Beware The Verbal CONTRACT - As Good As The Paper It's Written On!

2007-01-07T10:29:00.000+02:00

1. Signing contracts. If we start at the beginning we sign agreements we do not understand, whether anti-nupital contacts - buying business contracts - leases etc. When the marriage or business fails we often find that we can be in very difficult financial straits - because we signed documents making certain commitments which we did not understand

ADVICE 1 - Do not sign contracts you do not understand - get advice

by Bob Power

Entering Into BUSINESS - For Better or For Worse

2007-01-07T10:13:00.000+02:00

Bob Power is working on a draft paper entitled: COMPARISONS BETWEEN MARRIAGE AND ENTERING BUSINESS

Interesting concept, given that the typical marriage vow might go like this:

I, (Bride/Groom), take you (Groom/Bride), to be my (wife/husband), to have and to hold from this day forward, for better or for worse, for richer, for poorer, in sickness and in health, to love and to cherish; from this day forward until death do us part.

Writes Bob in his introduction to the piece:

'The reason for this paper is not only to show the similarities between marriage and business but to also highlight areas of importance which, if fully understood, will help to keep marriages together and to prevent businesses going bust.'

'It is noted that 3 out of 5 marriages fail and that 80% of start-up businesses fail - 60% in the first 6 months, whilst 75% of acquisitions fail. Very few ask the question WHY? This paper will try to answer this question.'

Over the next few days Bob Power shares extracts from his publication.

Forming An HONOUR Venture

2007-01-04T14:24:00.000+02:00

This 'Know YOUR Business' venture is born out of a meeting of minds between Bob Power & Trevor Nel at an INNER Circle Business Forum meeting in Cresta.

Bob Power (PCC - POWER CORPORATE CONSULTANTS) provides many years of experience in business broking, mergers & acquisitions, joint ventures, training, mentoring, coaching, negotiations, and due diligence. Author of business books and published articles.

Trevor Nel (Growth Holdings & INNER Circle Business Forum) is a Business Development Strategist with numerous successful business projects to his name. Author of ebook: 'Confessions of a SERIAL Entrepreneur'.

Bob & Trevor will be complementing each others business resources in an 'HONOUR Venture' (a collaborative joint venture conducted purely on a handshake in an almost-forgotten time-honoured old-fashioned way) to produce business information products in the form of newsletters, blogs and seminars... and anything that appeals to their passion for doing business.

Early Brainstorming Sample Logo

2007-01-04T13:19:00.000+02:00

Looking forward to sharing some interesting business insights and practical tips here.