Retail Marketing

A Handshake is Not Enough, You Need a Partnership Agreement

Author: Marissa Smith

If you set up in business with one or more other people but do not wish to set up a limited company, a partnership arrangement will be deemed to exist at law without the need for a formal contract. However, whilst a written partnership agreement is not required to form a partnership, if you wish to avoid uncertainty and the automatic application of potentially unsuitable statutory law, a formal agreement is a wise investment.

What happens if we donít sign a Partnership Agreement?

In the absence of a written agreement, the provisions of the 1890 Partnership Act will apply. In essence, these state that all the partners are equal and share profits, losses, start-up and running costs as well as the workload equally. Whilst the provisions are intended to provide an equitable framework for running your business, in reality, there are significant implications. For example;

- all partners will be entitled to share the profits equally regardless of how much capital, effort or skill they bring into the business

- any partner can bring the partnership to an end just by giving notice to all the other partners and the partnership will automatically dissolve if a partner dies

- all partners will be jointly and severally liable for the liabilities incurred by the company. This means that if one partner takes on a commitment and fails to deliver on it, you will be equally liable to remedy the situation. And if a debt cannot be paid, then the creditor may pursue each of you individually, meaning that one of you may be forced into the position of paying the whole debt by yourself

- should a partner get into financial difficulties then his or her creditors can take assets from the partnership to settle them

- all partners will be considered "agents" of the business and so can act on behalf of the other partners. This means an individual may enter into contractual and financial arrangements which are not good for the business, but these will be binding

- all partners have an equal say in the business, which means that it can take time to reach decisions. Unresolved disputes may result in the break down of the business.

What benefits will a Partnership Agreement offer?

A partnership agreement will provide a written structure for your business clearly setting out each partner's responsibilities, rights, profit/liability sharing, rules relating to business entry and exit, and also the terms on which disputes are resolved and the partnership can be terminated. Carefully drafted, it will ensure that you have a common vision for the business with mutually agreed goals. Critically, it will help avoid costly misunderstandings and conflict.

Key areas to cover in your partnership agreement include:

a) ownership interests, taking into account any cash, assets, loans or investments made by individual partners

b} salaries and compensation: how will profits or losses be allocated?

c} how the partnership will be managed

d) each partnerís specific responsibilities within the business, and what level of performance is expected from them

e) whether partners expected to make a full-time commitment to the venture, or are permitted involvement in other business activities

f) what processes should be followed if one partner wants to leave the partnership or a new partner is admitted

g) whether partners will be allowed to sell their interests in the business to outsiders and, if so, how will their share be valued

h) on what grounds a partner can be expelled from the partnership (e.g. misconduct, non-performance of duties)

How do I put a Partnership Agreement in place?

While there are many internet sites offering seemingly cheap pro forma partnership agreements, this can be a false economy for several reasons:

1) there are three different kinds of partnership: general partnerships, limited liability partnerships and limited partnerships ñ you need to be sure that you set up the appropriate vehicle for your needs;

2) no two partnerships will be alike in terms of specific requirements;

3. you are unlikely to reach amicable consensus on an agreement without involving an impartial third party advisor;

4) without using a solicitor, you canít be sure that the agreement complies with partnership laws.

A better way to save money is to do some preparation before instructing your solicitor: get together with your partners and compile a list of provisions that you wish to include in your partnership agreement. Your solicitor will then have a good starting point from which to clarify your requirements and draft a suitable agreement. However, since one lawyer cannot represent the interests of all partners, each partner will need to instruct their own solicitor to review the final document on their behalf.

Article Source: http://www.articlesbase.com/entrepreneurship-articles/a-handshake-is-not-enough-you-need-a-partnership-agreement-1073398.html

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The No-Money-Down Marketing Plan: Improve Your Marketshare without Spending a Penny

By John Haskell

The economy is nothing short of "lousy." Business is really tough. Customers are canceling events. A local party and event rental company asked its team what they could do to create an adequate amount of revenue to survive the recession.

The group had the benefit of being together for a number of years. They wrote up a marketing and sales plan every year for the last three years. They also recognized planning is the launching pad for success. Without a plan, they would not have any chance to survive. Together, they came up with a strategy to attack new markets and meet new people. The CEO increased his involvement with the sales team and with customers. The results were immediate. After making a three-hour trip to a military base, the CEO closed a big deal because the sergeant in charge of the event was so impressed the owner came to see him. 

As your organization braces itself for tough times, how can it can it boost revenue without breaking the budget? Here are some steps to building your own no-money-down marketing plan.

1.  Write a revised marketing plan and execute it:  Assuming you have a plan in the first place, go back and review every element to see how it fits into the current environment. If you don't have a plan in place, move fast to create one.

2. Uncover your opportunities: Do you have certain products that stand out? Do you have particular financial strength so you can help your customers through hard times? Do you have other services can you offer? What other competitive strengths do you have? 

The starting point for all business planning is "opportunities." What opportunities still exist in the market for your company? Check out your key competitors who are weak and whose customers may be feeling uncertainty or doubt. The word gets out during bad times. You don't want to badmouth anyone, but you can certainly point to the solidity of your company, your long history, your repeat customers, etc. Sowing the seeds of doubt about competition's ability to deliver, to service, to respond is part of the competitive world.

3. Develop new terms and conditions for doing business: Now is the time to look at ways to exploit your opportunities with new thinking. For example, your customer may not have the money for inventory, but you know they can sell much more if they have goods in their stores.

What can you do? One answer that may work to your advantage is "consignment." By putting goods in your customer's stores without asking for payment, you make it possible for them to sell more of your product. You may be able to force the customer to drop competitive merchandise in return for this major support. Work out terms and conditions to protect your investment and make it profitable for you.

4. Don't accept "no," "We never did it before" and the big one, "Our systems won't allow it." If you let the finance people or the "naysayers" stand in your way, you will not succeed. Just because you have never done it before doesn't mean it won't work. Systems are there to serve the company – not prevent progress. There is always someone who can figure out how to make a program work within the confines of IT or other systems. As a leader, you cannot allow "no" or other objections to stand in the way of a program that has great upside potential. These are times when leaders must be bold.

5.  Promote your company's major skills:  Your company does certain things very well. Is your technology particularly good? Are you great promoters? Do your people relate to customers especially well? Look at your company very honestly and figure out the one or two things you do best. Then promote these to your customers and to your own people constantly. You may not be perfect, but if you are better than competition, promote it! If you have skills that make a difference for customers – promote it! If you are universally loved by customers – promote it!!

6.  Go back to lost customers: When business was good, losing a customer may not have seemed important. Now that the market is significantly smaller, the customers who have survived are much more important.  All it may take is a simple "we are sorry" … sometimes it may take much more. You must do whatever it takes to see those past customers who are not buying, and find ways to win them back.

Price will be important, but it is not the only thing. There are other valuable tools you can bring to the table. Start by asking every salesperson to name the one potentially significant customer who used to buy, but now isn’t. Then work with the salesperson to figure out a tactical plan to get business back from that customer. If you do get some business from them, be sure your company handles it perfectly. Then go back and get more!

This No Money Down Marketing Plan is the starting point for survival in these difficult times. Get going now so you can put these tactics to work to help your company increase its marketshare now.

 

John Haskell, aka Dr. Revenue®, is a Professional Speaker, Seminar Leader and Marketing and Sales Consultant.  As a former CEO/COO of divisions of Fortune 500 companies and as President of The Professional Marketing Group, Inc., he consistently demonstrates the value of written marketing and sales planning.  He helps his clients write and implement marketing and sales plans, and his “Dr. Revenue Marketing and Sales Clinics” result in immediate sales and marketing focus.  For more information, e-mail drevenue@drrevenue.com.

What’s Your Tagline?

By Michelle LaBrosse

With the explosion of social media, you’re hearing a lot about personal brands again.  Now, Andy Warhol’s infamous 15 minutes of fame is a reality for anyone who can upload a video to YouTube or create a blog.  However, as a project manager, when I think of personal brands, I like to think about it in terms of how people experience you.  What do people think about you?  What’s your reputation? 

Since it’s the start of a new year, let’s turn those questions around.  How do you want people to think of you?  What do you want your tagline to be?  If you think about what you want to accomplish this year, what is your mantra?

Think of a word or a tagline that will inspire you this year.  Some people like the clarity of a single word like “simplify.”  Others get more inspired by a tagline like Nike’s famous Just Do It.  My tagline for the year is “energize,” because I plan to wrap up my first round of energy self-sufficiency projects around the country as part of my Cheetah Power initiative.  I also need to keep my energy high for all the Cheetahs around the world who are practicing fast and fantastic Project Management. 

In a survey conducted by taglineguru.com, here are their top taglines -- just to get your creative engines roaring.

1. Got Milk? (1993, California Milk Processor Board)

2. Don’t leave home without it. (1975: American Express)

3. Just do it. (1988: Nike)

4. Where’s the beef? (1984: Wendy’s)

6. Think different. (1998: Apple Computer)

7. We try harder. (1962: Avis )

8. Tastes great, less filling. (1974: Miller Lite)

9. Melts in your mouth, not in your hands. (1954: M&M Candies)

Once you have your tagline, here are some ways to bring it to life: Write your tagline down or create a simple graphic of it, and post it where you can see it.  What we can visualize, we can make happen.

Think of 3-5 specific behaviors you need to model for your tagline to be experienced by others.  For example, if your tagline is “simplify,” what are you going to do so people can experience you as someone who simplifies things?  Are you going to create agendas and e-mail them at the start of a meeting?  Are you going to come up with a new way for your team to collaborate online?  Are you going to be a rallying cry and driver for getting rid of time-wasting tasks?

Build into your year four things (one for each quarter) that would be significant achievements underneath the mantle of your tagline.  If “simplify” were my tagline, I might donate all the things I no longer use to the Salvation Army or a local charity. When you’re writing a project plan, ask yourself what you might include in your plan to show your tagline in motion.

Make it tangible and have fun with it: Your tagline is really a tangible way to motivate yourself to be the person and project manager you want to be.  We all write resolutions, but the key is finding the way to motivate ourselves long after the ball drops.  Try the tagline, and see how it works for you in 2010.

Michelle LaBrosse, PMP®, is an entrepreneurial powerhouse with a penchant for making success easy, fun, and fast.  She is the founder of Cheetah Learning, the author of the Cheetah Success Series, and a prolific blogger whose mission is to bring Project Management to the masses. Cheetah Learning is a virtual company with 100 employees, contractors, and licensees worldwide. To date, more than 30,000 people have become “Cheetahs” using Cheetah Learning’s innovative Project Management and accelerated learning techniques.  

 

 

Why Isn’t My Business Making Money?

By Sam Horn

The hotel bar/restaurant had a problem.  No one was coming to their happy hours.  Why? They were one of dozens of restaurant/bars in the area hosting happy hours. No wonder they weren’t making any money; they were getting lost in the crowd. The question is, how could they stand out from the crowd?

The enterprising manager noticed that one of their loyal patrons tied his dog up outside when he came in for a cold one after work. Light-bulb moment.  Why not offer a special happy hour for professionals who wanted to bring along their poor pooches that had been cooped up all day while their owner was away?  They could put out water bowls, hand out dog biscuits and offer a discount on beer so it was a win for everyone.

What to call this?  Well, use a POP! technique called Alphabetizing in which you talk your word through the alphabet, “Aaapy Hour, Bappy Hour, Cappy Hour, Dappy Hour”…and you eventually get to Yappy Hour!  You may be thinking, “Big deal, so it’s a clever name.” 

You bet it’s a big deal.  The Washington Post wrote an article about the throngs of people showing up for the restaurant’s wildly popular (and profitable) Yappy Hour.  That article was picked up by a hundred newspapers across the country. As a result, millions of people now know about the Alexandria, VA Holiday Inn’s successful Yappy Hour.

Is your business not making as much money as it could or should? Chances are you’re one-of-many.  One of many restaurants, consultants, stores or companies that all look alike. If you’re offering the same services and products as everyone else, how are people supposed to notice you? Here’s five of the top ten ways to be one-of-a-kind (instead of one-of-many) so you break out instead of blend in and increase your volume of customers and income.

1.  Give your business a one-of-a-kind name that generates free media attention.  Sure, you can call your business The Nail Place—or you can call it Texas Chainsaw Manicure.  Guess which attracts clients from around the world because they’ve read about it in syndicated columns or seen it featured on TV?

2.  Zig where your competitors zag.  Enterprise wanted to enter the crowded car rental industry but Hertz, Avis, Budget and Alamo owned the market.  Hmmm . . . how to differentiate themselves?  What did competitors have in common? They’re all situated next to airports.  So, Enterprise located their branches in neighborhoods. What didn’t the other agencies offer?  No pick up and drop off service. So, Enterprise offers to drive you to and from your home or hotel. The moral of this story? Don’t do what everyone else is doing; do the opposite. The best way to stand out from your crowd is to lead it, not follow it.

3.  If you have fun, your customers will too.  Art Buchwald said, “I learned when I made people laugh, they liked me.”  Read your signage, web copy, and marketing material.  Does it make you laugh?  If not, it’s probably costing you sales.  Inject some humor into your communication to increase likeability.  A local ice cream store has a sign by the cash register that says, “Why do we have square containers?  Because we don’t cut corners on the quality of our ice cream.” A shoe store replaced their standard “Sale” ad with “ Shopportunity.  50% off -- and that’s just the half of it.” Which ad do you think generated more business?

4.  Turn generic into genius.  Jay Sorenson saw what everyone else saw – those cardboard insulating sleeves you put around your cup of coffee so you don’t burn your fingers– and turned them into a 15 million dollar a year business.  How?  By giving a common product an uncommon name -Java Jacket.  Sorenson said, “That trademarked name is worth more than our patents – it has such a dominant market awareness that people who meant to call our competitors call us instead.”  That’s branding!  Say Dunkin Croissants.  Best Purchase.  Those words sound clunky, don’t they? Now sayDunkin Donuts. Best Buy. Give your business a short, alliterative name that’s easy to pronounce and remember . . . and you’ve just given yourself an attention-getting, money-making brand.

5.  Listen to your customers whine. “What?!” you may be asking in disbelief.  “Why should I listen to people complain?”  Because they’re telling you what they have a problem with.  If you fix that problem, they’ll flock to you.  For example, a Hawaii dive shop got tired of turning away customers who didn’t have a current scuba certification. Solution? Why not have an air hose from the boat people keep in their mouth, kind of like an elongated snorkel?  This way, anyone can swim with the fishes 10-20 feet down without risk (you can resurface in seconds) and without hauling around heavy oxygen tanks. Let’s use a POP! technique to coin a brand new name for this activity.  It’s half snorkel – half scuba. It’s SNUBA!   Solve a common industry problem and give it a clever name and customers will seek you out because you’re the only one offering this first-of-its-kind option.

 

Best-selling author/branding expert Sam Horn has helped more than 50,000 individuals create one-of-a-kind approaches that dramatically increased their name recognition, visibility and sales.  Visit www.SamHornPOP.com for a free article on the other five ways to get your business noticed and remembered . . . for all the right reasons.

Charisma from the Feet Up: How to Stand with Confidence

By Adele Landauer

Jim tried to be all things to all people. He was, after all, a company representative for a large company. He was an ambassador for their product, an information resource, a networker, a promoter of values, and a communicator of the company’s message and ideals. During any given week, he would find himself in front of customers, board members, the press, office staff, or factory workers. Jim felt that the best way to connect to his audience was to present himself in a way which he felt was most appropriate to them. So during worksite visits, he was crude and one of the boys. When he met with staff, he was overly sympathetic to the demands placed on them by upper management. With board members, he presented himself as fierce and cutthroat while with the press he portrayed himself as a man sensitive to the environment and world politics.

Despite all his hard work, despite all his attempts to emulate and appease his audience, Jim continually failed. His message was simply not getting through. His work became unsatisfactory. What could he be doing wrong? Wasn’t he giving the audience what they wanted? It couldn’t have been him, he thought. It must be the content. Yet his coworker Anne was working with the same content and experiencing success. She was doing what he couldn’t, namely making a connection with her audience, inspiring them, and getting positive results.  

He watched Anne present in front of the board, then at a staff meeting, in front of a union, and finally for the press. The content at each was of course different. The level of formality was as well. But at each event, her presence was strong and her body language convincing. She was natural and authentic. She was charismatic. And Jim thought he could never be that. Charisma—also known as presence—is something that you are either born with it or your not, he thought. There is no way that he could make such a strong connection or inspire people as she had. He bemoaned this to her over coffee one afternoon. She told him that she was not born with it but learned how to let her natural charisma come through.

Anne told Jim to think of musical notes. They can be read and understood, but until they are played, they do not have the power to touch an audience. The notes need an instrument. Content works the same way. Your words are like the notes. They can be heard or read and then understood, but they cannot touch an audience without an instrument. And that instrument is you—your body and your voice. Your charisma. Just as a musician needs to be trained to learn how to play, so does a presenter or speaker. So how can Jim learn how to play? How can he learn to be charismatic?

Decide how you want to appear before your presentation begins. How would you like to appear during a presentation? Self-confident, knowledgeable, friendly, empathetic, etc. What about arrogant? Or tired, bored, insecure, incompetent, or dishonest? Nobody wants to appear that way, yet how many people come off that way? Many. But why? Is it what they say? Sometimes it is, but it is more the impression they make. It’s how they act. As Mom would say, “It’s not what you say but how you say it.” But remember: you control your appearance. Think of an actor. He is in character before he steps on stage. And long before he utters a line, the audience knows who he is. It is the way he walks. The way he carries himself. It is not the crown that makes the king, but the way he holds his head. It is not the rags that make the pauper, but the way he moves across the stage. Long before you speak, transmit the message you want to send your audience.

Let your body support your message. A strong posture means strong content. You will appear more confident which in turn strengthens what you say. Learn how to stand properly. Imagine roots growing from your feet and connecting you to the middle of the earth. From your stomach there is a stick going straight down to your feet like a third leg. The stick goes up as well connecting you to the sky. Bring your spine in alignment with it. Relax your chest and breathe easy. Your stance is strong and so is your presence. You are connected with earth and sky and now with the people around you.

Come across as in control and capable. While you feel rooted to the center of the earth, do not become stiff like a tree. Find a comfortable position where you can move naturally. Do not bob or fidget back and forth.

Find your center. How can you appear confident and knowledgeable when all you feel is tiredness and stress? By learning how to locate and go to your center. To find your center, imagine that you have to hold a nut with your butt checks (Nut in the Butt Technique). Your pelvis suddenly stabilizes. Now pull back your shoulders and relax your chest. Your body is now centered. From here, you can access your energy and power. Practice this to commit it to muscle memory and to be able to move into your center at a moment’s notice.

Let your body speak but in a relaxed manner. Every gesture should come from your center and then return there or be replaced by an appropriate, natural movement.

Be authentic. In the end, it is not about being all things to all people but about allowing your natural self to come through. Your natural presence is charisma. By presenting yourself in a confident and natural way, you are able to create connections. When people can trust you, they can trust your content. When you hide who you are, you obscure not only yourself but your content.

These techniques are the start. With them, Jim was able to present himself more naturally and confidently. By having more confidence, he was able to show more and more of his natural self. The same is true for you. When you are present, you are charismatic and your light can shine. Your true being comes through. You will be connected with the people and world around you making your content stronger and the music more beautiful.

 

Adele Landauer witnessed the fall of the Berlin Wall first hand. Inspired by this tremendous event, she has gone on to show others how they can tear down the walls in their lives with her keynote address: “Tear Down Your Walls and Feel Free to Achieve”. As a coach, Adele’s client list includes BMW, Bayer AG, VW, Axel Springer, and Microsoft. Her first international book is entitled, “Experience Total Freedom: 6 Steps to Tearing Down Your Walls and Living Your Life with Happiness, Balance, and Success. Inspired by the Fall of the Berlin Wall”.

Dispel Those Publicity Myths: Get Your Business the Attention it Deserves

By Pam Lontos

Every business needs a cost-effective way to keep their name, their products, or their services in front of their prospects and customers. For many business owners, publicity is the key to such recognition and awareness. When done correctly, publicity develops your name recognition, gives your business instant credibility, and ultimately leads to increased sales. And best of all, publicity is absolutely free.

Publicity can come from anywhere and in many different forms. It can be as simple as having a letter published in the editorial column of your local newspaper, or as dynamic as having a front-page article with your company’s name splashed across the headlines. Unfortunately, because of the many myths that shroud the whole concept of publicity, many business owners fail to seek it out.

Before you can get your business the publicity it deserves, you need to separate the PR facts from the media fiction. Below are the most common publicity myths and the truths behind them.

Myth #1 – I need to own a “big” business to get the media’s attention: While it’s true that big business names are common in magazine and trade journal articles, the fact is that big business makes up only a small percentage of the American economy. Most readers know the big business names, but they often can’t identify with them or their challenges. That’s why many magazines and trade journals are eager to hear the opinions and perspectives from owners of small and medium-sized businesses. So whether you’re a solo entrepreneur, a franchise operator, or a family business owner, find out what the reporters want and then enthusiastically give your slant on the topic.

Myth #2 – My business will be a household name from that one big hit: Getting mentioned in or interviewed by a major national publication with a circulation of over one million readers is certainly impressive. But will such a stroke of luck make your business a household name? Not likely. To become a household name, you need to develop “top of mind awareness.” What is top of mind awareness? It’s when people think of you first to fulfill their product or service needs. It’s when publications of all sizes quote you and publish your articles. It’s when customers and prospects say, “I’ve seen your company everywhere.” Most important, it’s when people purchase your products or services because they know your company’s name and they perceive you as the marketplace leader. The only way to get top of mind awareness (to become a household name) is through constant exposure in a variety of publications.

Myth #3 – I need to use big words to impress the interviewer: In most cases, the person interviewing you, as well as the publication’s readers, are not as intimate with your industry as you are. Therefore, they need the information you give them to be understandable and at a layperson’s comprehension level. The best approach is to avoid speaking with industry jargon or using techno-terms. Instead, speak as if you were explaining something for the first time. The simpler you can make your information, the better your chances of being quoted as the expert source.

Myth #4 – I need a unique theory or insight: While you don’t want to rehash old news, there’s no need to rack your brain for a totally new theory or perspective. The best approach is to present your findings, opinions, or topic of expertise in a new light – one that may be close to someone else’s, but that catches the reporter or editor’s interest. Perhaps you have information that can refute a recent claim or that shows how a current business challenge is affecting the publication’s target readership. When you simply put a new spin on a current theory or insight that interests the publication’s readers, reporters will want to present your findings.

Myth #5 – I can’t get my business into that publication: It’s common for small and medium-sized business owners to feel intimidated by the big name publications. They envision high-powered magazine editors schmoozing with big company CEOs and lining up interviews with well-known figureheads for the next six months. In reality, editors scramble daily to find people to interview who have knowledge on the latest trends and topics. Realize too that editors must find new and exciting people to interview either weekly or monthly, so the more knowledgeable people they can add to their database, the better. Make yourself stand out as a reliable information source and you will get the media’s attention.

Myth #6 – Small publications don’t matter: Small publications are just as important as the big ones. Why? Because you never know who reads them. You may think that a magazine with only a 10,000-15,000 circulation could never get your business the kind of publicity you want, but what if half of those readers were your target customers? Even better, what if your interview or article in a small publication prompted an editor from a large publication to call you? So target small publications as well as the large ones. As long as your information is interesting and accurate, you will gain more attention and get the publicity you need.

Getting publicity is the best way to promote your business. And when you know the facts of the PR business, you can attain the publicity you need easily and then use it to your best advantage. With a constant stream of good publicity, your business is destined to grow.

 

Pam Lontos is owner of PR/PR, a public relations firm based in Orlando, FL.  A past vice president of Disney-owned Shamrock Broadcasting, she knows the media and how to get good publicity and how to use it to really boost your profits. Call for a free consultation at 407 299-6128 or see www.prpr.net

Developing a Mindset for Prosperity

By Randy Gage

How come someone can be comfortable spending $5,000 a month for fresh flowers, while others would hesitate to spend that much on a car?  Why do some people earn $25,000 a year, while others pay ten times that much just for their annual Country Club membership? It has to do with their mindset for prosperity.  And mindset is a fascinating thing.

Because it doesn’t just come into play for the things you buy.  It also dramatically affects how you view your earning and profit potential.  The wellness or lack of it you manifest.  It determines what you believe you can accomplish.  And what you expect from your relationships.  Your money mindset will be pretty consistent with the way you view other forms of prosperity. 

People have a chance at unlimited income potential.  But no one actually thinks “unlimited.”  If they have been making $20,000 a year, they equate unlimited income with earning $30,000 or $40,000 a year.  If they are used to taking home $65,000, they think unlimited is making $100,000.  And if they are used to being paid $100,000 annually, then they probably envision about $200,000.  The degree they see “unlimited” in money terms will be consistent with how they will view their prospects in health, relationships, and their career.  

The other thing that becomes apparent is how people’s consciousness can expand.  And that is what has to happen with you, for you to develop a prosperous mindset.  It is a continuous process that never stops. 

You start out thinking that $75 is an outrageous amount to pay for a floral arrangement.  Gradually you begin to see the beauty of a $150 arrangement.  Next you are thinking it would be nice to have some fresh flowers delivered to your home each week.  Next thing you know, you’re spending $1,500 a week on fresh flowers.  And loving it, because you appreciate the beauty it brings into your world.

Could you spend $10,000 on a purse, a pair of shoes, or a beautiful coat?  Can you see yourself spending $15,000 for a First Class seat, instead of $700 in coach?  Do you believe you could spend $450,000 for a painting for your living room, or a sculpture in your entranceway? 

Of course things are relative.  If you make $20,000 a year, it would be crazy to spend ten grand on a purse.  But then again why would you make $20,000 a year when you could earn so much more? 

Creating true prosperity consciousness is about expanding your vision of what can be for you.  Abundant people see opportunity.  They never think something is too good to be true.  They expect good things.  People with prosperity consciousness are dreamers.  They imagine a better way, then work to make it so.  More importantly, they don’t buy-in to the negative and erroneous beliefs around them. 

When they are told something is too difficult or not possible, they simply smile at the thought.  They are not easily swayed with the cowardly cautions of the crowd.  The crowd is not lying.  They honestly believe that things can’t be done.  They don’t know the difference between facts and beliefs. 

Let’s say a single guy moves to Detroit.  He goes to a nightclub and asks a girl to dance.  She looks him up and down, and says, “With you?  I don’t think so.”  He beats a retreat home to nurse his wounds. A few days later he tries another nightclub, and a different girl.  He gets rejected again.  This is all the “proof” he needs to illustrate the “fact” ladies are stuck up in Detroit.

Another guy moves to Detroit the same week.  He meets the couple in the apartment next door in the elevator, and they invite him over for dinner.  A few days later, his car breaks down and a passing motorist stops to offer him assistance.  He becomes convinced of the fact that people in Detroit are friendly and welcoming.  

So which guy knows the truth? Well in each case, it is the truth as they know it.  But in neither case is it a fact.  Both guys have developed a belief.  One has a belief that serves him, the other has one which does not.  Each will probably attract more of what he expects, and each will likely fall prey to confirmation bias, finding continuing “evidence” to support his belief.

You probably developed your beliefs about money by the time you were ten years old and have carried them into adulthood.  For most people these are very limiting beliefs.  But the good news is these beliefs can be changed. You can’t be treated for prosperity; you have to be open to receive it.  And this means expanding your prosperity consciousness. 

Instead of thinking what is “realistic,” you must dream about what you really want.  Things like driving through wealthy neighborhoods, studying vacation brochures, and reading luxury magazines all expand the window you see the world through and helps you develop a larger prosperity consciousness. 

When your prosperity consciousness expands, your subconscious mind works to make these dreams come true.  It creates confidence, drive and ambition.  Your beliefs change and you begin to attract more prosperity in your life.  But it all starts with mindset.

 

Randy Gage has been called “the Millionaire Messiah” because he believes that you are meant to be rich, and it is a sin to be poor.  A former high school dropout, Randy rose from a minimum wage dishwasher to become a multi-millionaire.  He is the author of seven books on success, including his latest, “Why You’re DUMB, SICK, & BROKE… And How To Get SMART, HEALTHY & RICH!”   To find more about Randy, go to: www.RandyGage.com

Eight Steps to a Professional Online Presence

By Pam Lontos and Martha Ciske

Creating a professional online presence is a must for businesses these days.  Many business professionals are wondering how they can be online without sacrificing personal privacy or appearing less than business or Internet savvy.  The following strategies can help you feel more comfortable and make sure you build your online presence in a professional manner that will help get you clients, customers and business.

1. Use a professional photo of yourself and use it consistently on all of your online profiles.  Using the same photo helps potential clients and the media recognize you.  Using cropped or unprofessional photos can really hurt your image.  If it was taken on your cell phone, it shouldn't be your profile picture. Also, use a picture of you, and not your logo on the accounts with your name on them.  A photo of you makes you more approachable. If you have a company page or account, logos are fine, but make sure they are correctly sized and clear.

2. Use established social media sites.  These include MerchantCircle, Facebook, Plaxo and LinkedIn.  The idea behind using social media is for you to reachable and visible on the sites where your clients and customers already are. You might personally find an up and coming social media site to be great, but the majority of your potential customers are on the major social media sites and may not want to join you on a lesser known site. Don't forget the Yahoo! and Google local business directories which can help you show up to local searchers. Beware of the business directories that solicit your business wanting you to pay for your listing and promotion on their unknown site.

3. Sharpen up your resume and experience, and be consistent.  If someone is looking for you on the Internet and gets three or four different versions of what you have been up to these past few years, they are not likely to call you or visit your establishment. Be honest and straightforward about your experience, awards, and purpose.

4. Tweet professionally.  You may have a personal Twitter or other microblogging service where you keep up with friends and family.  That's fine but make sure your personal tweets like the fact you had a miserable time at the company picnic to yourself. Keep a separate account for your professional updates and share information that is helpful to your readers, not just memes about how great you are.  Share tips and advice that makes your readers’ day better and they will return to you when they need your professional service.

5. Use privacy controls. You might already have personal accounts on social media sites, but these should not be synonymous with your business persona.  Use privacy controls to make sure your personal conversations and activities are not getting in the way of your business.  You can "like" a political party candidate or post those pictures that show what a great time you had out on the town last night on your own account but make sure you limit who can see that information.

6. Put your best foot forward by having a short summary of who you are and what you offer.  Many professional sites have space for a summary, which allow you to highlight your strengths.  This is a great spot to point out how you are unique and how your experience and skills work to your customer’s advantage.  Be creative and catchy in your self-description, but don’t sound like a braggart or unprofessional. This is your career, not a dating ad.  “Licensed Financial Advisor and Youth Volunteer” is far more likely to get you a call than “Perky Fun Video-gaming Gemini.”

7. Consider a video interview or demo. Many sites like VisualCV, MerchantCircle and Facebook have the ability to host short videos.  These can help highlight your abilities to your clients.  For a retail location, shoot a short video showing your establishment and describing your services. For a service-based business, include a description of what you do, and how you do it. Trainers, coaches, salespersons and anyone who delivers presentations as part of their job can use a short video to show their effectiveness, humor, clarity, and style. Showing your comfort working with various groups, and your ability to deliver a message effectively over video is important to many career paths and for clients who want to see who they will be working with.

8. Remember to offer information you would want to receive as a customer.  When building and reviewing your online profiles, remember to think like your potential client or customer.  Is your contact information readily accessible?  Did you include a link to your website or address of your location?  Do you clearly state the purpose and offerings you and your business have to offer? Ease of finding information on your social media profiles is what starts the client or customer’s experience working with you and your company.  If your profiles are only half completed or don’t offer helpful information, your potential clients and customers will assume the same is true about you and your business.

Before you start building your online presence, make sure you have the tools to do the above steps at hand. Gather them all in one place so you can reference them quickly.  It is also better to have a few well-done social media and online profiles than to have a multitude of incomplete profiles.  If you work in a niche market, search online to see where your competition or similar organizations or professionals have online profiles and view their pages.  That way you can make note of what you do or don’t like about their profiles, and what seems to be working for them as they interact with their customers.

Most importantly, if you need help, find someone to help you.  It may be hard to admit that you need help with all this technology, but biting the bullet and asking for assistance is much better than the potential of ruining your professional or business’ online reputation.

 

Pam Lontos is owner of PR/PR, a public relations firm based in Orlando, FL.  A past vice president of Disney-owned Shamrock Broadcasting, she knows the media and how to get good publicity and how to use it to really boost your profits. Call for a free consultation at 407 299-6128 or see www.prpr.net.

Seven Key Steps To Move Your Company From Surviving to Thriving

By Kenneth H. Marks

How does the board of directors or management team of a small or mid-sized business think about reversing a declining or distressed business?  It is a common question given the turmoil in our financial and business markets.  There are many good companies that find themselves with weak balance sheets, attempting to recover and reposition for the new reality in the markets and to take advantage of emerging opportunities.  Where to start and how to change the momentum in your favor? It can be done!

In their book “Corporate Recovery: Managing Companies in Distress” Stuart Slatter & David Lovett articulated the foundational areas and steps that have proven valuable in turning companies in the right direction.  Couple these with solid cash management practices and you will have a road map for real progress.  The core areas to address begin with gaining control of the cash and end with “fixing” the balance sheet.  Management that tries to start at the end will likely find it very difficult without a credible, well vetted plan that is believable.  So let’s walk through and discuss each of the areas (which can be viewed as steps)

1. Crisis Stabilization - this is about addressing a deteriorating situation and taking control of cash flow and short term financing.  This begins with fully understanding all cash sources and minimizing cash outflows until there is a recovery plan.  If possible, short-term bridge funding sources are identified and pursued to fill the gaps.

2. Leadership - this step involves making sure you have the right talent in the right seats on the bus …particularly at the top. If existing leadership expects to stay in place, they may need to re-prove themselves to their stakeholders to assure continued support.

3. Stakeholder Support - is all about communication with those involved in the business – internally and externally. Sometimes it is not easy, but you must communicate the progress and trials as they happen to keep stakeholders from being caught off-guard or being surprised.

4. Strategic Focus - this step deals with asset reduction and a focus on the core business.  Part of rejuvenating a business is making the tough decision of where to focus and what resources to harness.  It also means that you may have to sell off some non-core assets to generate cash.

5. Organizational Change - involves establishing new terms and conditions for employment and making structural changes to run with a smaller team.  Once the strategic direction of the business is set, the team needs to be shaped to implement the plan.  Laying-off teammates is never easy …but a positive way to view this step is that it can re-energize the remaining team with confidence in a clearer and focused plan.

6. Critical Process Improvement - focuses on cost reductions, quality improvements and increasing revenues.  The business got in trouble for a reason.  This step involves taking a critical eye to the core business processes and indentifying opportunities to operate more efficiently while accelerating revenues.  In a production environment this would be an ideal time to consider implementing lean manufacturing concepts; and for administrative and service operations, similar lean enterprise concepts may be of value.

7. Financial Restructuring - this step is what many of us think about when we hear restructuring.  It involves the work-out of liabilities and making financial commitments to a level that the renewed organization can meet.  It may mean raising capital or finding longer-term bridge sources of funding until the business can return to predicable profitability and positive cash flow.  This step may also open the door for conversion of some liabilities to equity and renegotiating the terms of existing debt.

Let’s circle back to cash management, given its importance in the turnaround process. Here are the guiding concepts that have been battle tested and proven to work.  Some of these are tough- medicine and not easy to implement, but all have the same critical objective in mind …generate and preserve cash to assure the business has adequate resources to make it through the recovery process. In reality there are always exceptions, but they should be few –

• No disbursing cash unless it directly relates to more cash generation (i.e. revenues).

• Implement a weekly cash flow management routine so the team has visibility to cash in-flows and committed cash out-flows.

• Prioritize cash payments to those that help move the company forward and that are part of the solution; others will have to wait.

• Focus on critical sources of supply that enable revenue generation.  Develop payment and financing plans to assure these suppliers have priority.

• Communicate the truth with creditors and be positive. At first, share that you are creating a work-out plan so you can have a realistic repayment schedule; and then periodically provide status - good and bad news.

• Only sell to customers that pay quickly and dependably.

• Aggressive collections of accounts receivables.

• New money (i.e. bridge loans, stock sales, etc…) goes to resources that generate revenue and to pay for go-forward activities, not to pay old debts.

• Communicate the plan to all stakeholders and periodically provide status on progress and issues.

Most suppliers and creditors realize that a company in bankruptcy will have less to pay them, not more; but they won’t support your recovery if you cannot convince them of a realistic go-forward plan.  Part of this means sharing the truth and setting expectations and commitments that you can meet.  In today’s economy many companies are confronted with cash issues and strategic problems. Being proactive will likely increase your chances of recovery and positioning so that you can move from surviving to thriving.

 

Kenneth H. Marks is a Principal and Managing Partner of High Rock Partners, Inc. (formerly Marks & Company Inc.) providing strategic consulting, investment banking and interim leadership services.  Marks' past positions included President of JPS Communications, Inc., a fast growth technology subsidiary of the Raytheon Company and President / CEO of an electronics manufacturer that he founded and grew to $22 million. He was a director for a RTP, NC area investment bank focused on raising capital for early stage and middle-market companies during the late 1990’s

Your Company's Future May Be Online

By Peter DeHaan

I have long been a proponent of the necessity for companies to have Websites.  In fact, I view a Website as a veritable requirement for success in today's market.  To the point, organizations lacking a Website are quickly viewed as second-rate providers and not worth the consideration of first-rate prospects.  With the current concerns over attracting new customers, now is the time for site-less companies to embrace the Internet as a means of marketing and validation.

I know that there are still organizations out there that have not yet fully embraced the Internet revolution.  Sadly, I hear from them on a somewhat regular basis, claiming that they lack Internet access.  In addition, some business owners and managers are adamant that they do not have an email address.  Lastly are those who do not have a Website or who state that “it’s not up yet.”  Although this is anecdotal evidence, it suggests that there are still companies without Internet access, an email address, or a Website.  How can they serve customers, market to prospects, and stay in business?  If you are one of these organizations, take action today to embrace the Internet before it is too late, with your business paying the price.

Website Basics: Although it can cost thousands of dollars to have a whiz-bang, high-tech, professional-looking Website designed, there are less costly options.  After all, we don't all drive aMercedes-Benz -- sometimes a Chevy will do.  You can make an inexpensive Web site yourself for under $100.  The goal is for it to not look cheap.  Most hosting companies offer do-it-yourself Web site templates that you -- yes, you -- can customize to provide a basic, yet professional-looking site.  However, there are a few beginner mistakes that you will want to avoid:

• Stay away from line art graphics or any artwork that looks like it was homemade.

• If you need to resize a graphic, be sure to keep it proportional.  Otherwise, it will become distorted, either being stretched or squished.

• Take time to proofread the text, verify spelling, use correct grammar, and employ commonly accepted punctuation.  Have others double- and triple-check your work.

• Don't get carried away with different fonts.  Use one or two at the most.

• Uppercase text is strictly verboten; people will feel like you're screaming at them.  (The one possible exception might be listing your company name at the top of the page.)

• You might be tempted to insert a page counter or some other nifty gadget.  Resist that urge.  Just because those features are available doesn't mean you should use them.

• Although not available with predesigned Website templates, you might think you need to have a flashy animation on your home page.  Don't go there; the only ones who will be impressed will be you and the person who designs it.  Everyone else will be irritated, and the search companies will dismiss you.

• Don't piggyback off someone else's domain name; get your own.  This can be inexpensively obtained from your hosting company.  While you're at it, set up an email account using thatdomain name.  Post that email address on your Website.  If need be, you can have this new address forwarded to an existing email account.

Search Engine Optimization: Now that you have a functioning Web site (which avoids all the beginner errors), you want people to find it.  Aside from telling everyone you meet and listing it on every piece of literature and stationery that you have, you need to be noticed and appreciated by the search engines.  This is called Search Engine Optimization (SEO).  Although this is more of an art form than an exact science (since the search engine companies closely guard their methodologies), here's some generally agreed upon SEO basics:

• Each page of your site needs a title tag, and each page's title should be different.

• Each page also needs a description tag; again each one should be different from the other pages.

• Adding reasonable and accurate keywords is recommended.  Although it is generally accepted that Google ignores them, some search engines will use them, so it's a good idea.  Again, they should not be the same for each page.

• Although some people still value reciprocal linking (that is, "I'll link to your site if you link to mine"), the conventional wisdom is that in most cases this no longer helps and may actually hurt your visibility with the search engines.

• Most of the companies that guarantee you top search engine placement for a fee, fail to deliver or can't do so for the long-term.  There are experts who can do this, but they are in a minority and their skill is often hard to substantiate.

Search Engine Marketing: If you want people finding your site and contacting you, the next step to consider might be Search Engine Marketing (SEM).  This is when you sign up with Internet advertising companies such as Google, Yahoo, or a host of others.  Basically, you tell them how much you are willing to pay each time a person clicks on your ad, and they place your ad on Websites where potential prospects frequent.  If you go this route, proceed slowly and carefully until you have a good understanding of how this works.  I have heard stories of novices spending hundreds of dollars in a couple of hours with not much to show for it.  A key thing to remember is that just because they clicked on a link that points to your Website does not mean they will become a customer – or even contact you.

Given the current concerns over the economy and finding new business, organizations need to do everything they can to help them succeed.  The Internet is a cost-effective and increasingly popular method.  It doesn't matter if you are a beginner in this area, have experience, or are a veteran, there are always more opportunities waiting in the rapidly growing realm of cyberspace.

 

Peter DeHaan is publisher of Connections Magazine (for Teleservice call centers) and AnswerStat magazine (for hospital and medical related call centers). He also specializes in custom publishing and Internet publishing. Check out Peter DeHaan's writers blog Byline or visit his website: author Peter DeHaan.