1. MONITOR HOW YOU CURRENTLY USE YOUR TIME: If it seems like your day slips by all too quickly, try creating a log of your daily activities. Once you see where you are spending your time, you can identify and focus on the activities that provide the greatest returns for you personally and financially. Start your log by writing down what time you wake up, get ready, and begin work. Calculate how much time you spend on individual activities such as email, phone calls, and client work.

=> FREE TIME TRACKING TOOL: Here’s a personal time survey to help you discover how much time you spend on various work activities: Personal Time Survey Tracker

2. CALCULATE HOW MUCH YOUR TIME IS WORTH: Time is money. Knowing how much your time is actually worth can help you make better decisions as to whether you should perform a task or outsource it. For instance, if your time is worth $200 an hour, you are far better off paying someone $30 an hour to edit your newsletter. You can “bank” the other $170 per hour by spending your time on profit making activities. Also take the time to determine how much time a day you need to spend on billable activities to make your desired profit. I try to spend 1.5 hours a day on money making projects.

=> FREE TIME COSTING TOOL: Here’s a time costing worksheet to help you determine how much you are actually when you subtract the expenses. Time Costing Sheet

3. CREATE A DAILY SCHEDULE: Don’t start your day without a to do list. Make a list of tasks and categorize them into business building activities, client activities, and personal items. Then break bigger unmanageable projects into smaller “doable” chunks so they less intimidating and are easier to accomplish.

=> FREE DAILY TO DO LIST: Try this free all inclusive WebMomz To Do List

4. PRIORITIZE: Have more to do than hours in the day? By prioritizing your tasks, you’ll make sure that you are tackling the items that matter most. Create a system that works for you. One standard way of prioritizing is to mark items with A, B, and C.

Ask yourself these key questions:

What items MUST be done today?
Which items can be rescheduled?
What can be delegated?
Which tasks most closely match my priorities and goals?
Which items can be eliminated?

5. LEARN TO SAY NO: Are you adding one more item to your never-ending TO DO list? You are in control of your time. Be strong and uphold your personal boundaries. When you are well rested and treat yourself and your family to the time off you deserve, you’ll feel happier and more productive when it’s time to go back to work. **

Before you say yes, ask yourself these questions:

Do you really have the time or energy to do that extra task?
Do I like this customer? Are they good for me?
Will it be profitable?
Does it invade on your personal time?
Does it involve doing something you enjoy?
Does it fit in with your list of priorities and goals?

6. REMOVE DISTRACTIONS AND TIME SUCKS: Time sucks are lurking everywhere like viruses. Think about which activities are eating up your time. For me personally, these items include email, social calls, and telemarketers. I “conquer” the email demon by shutting down my Outlook when I am working. When a family member calls during work time, I politely ask if I can call them back during the afternoon and remind them of my work hours. Caller ID valiantly saves me from the “would be” telemarketer time thieves. With one glance, I can quickly differentiate telemarketers from important client calls.

7. STICK TO THE PLAN: Try not to get sidetracked from your plan. One of my friends has a motto, “A lack of planning on your part does not constitute an emergency for me”. It’s a smart one to live by. Unless it’s a true emergency, or you are being paid “rush” time, you probably don’t need to squeeze a last minute request in today. Also, by assigning yourself project deadlines, you can keep on top of projects and avoid those dreaded last minute emergencies.

8. CHOOSE AN INSPIRING PLACE AND TIME: We are all “built” differently. Do the tasks which take your most “brain power” when you are at your prime. Are you a morning person or do you work best burning the midnight oils? Create an ultimate work haven that is clean, distraction free, and inspiring. My office overlooks my flower garden and is right in the heart of family activity. As I glance to the right, our Angel fish “Spike” proudly parades across the fish tank. In front of me, Monet has a glorious display of peach poppies in a field. Above me, Monet is painting a vivid portrait of his flower garden. In the living room, my son is softly singing the Spiderman theme to himself – music to my ears!

9. BUNDLE LIKE TASKS TOGETHER: As you work through your daily list, try to chunk your tasks into like activities. By creating a separate “chunk” of time for answering email, invoicing, making return phone calls, you’ll save time and mental energy.

10. AVOID INTERRUPTIONS: Trying to do the same thing over and over again with interruptions can be maddening. Once you start a task, try to finish it to the end. If something comes up that you need to remember or do, unless it’s urgent, simply add it to your list and continue on with your current project.

11. BE ORGANIZED: When things are tidy, it saves you time and frees you to focus on the task at hand. Digging through a pile of papers and finding a squished Twinkie isn’t very conducive to the work experience. Follow your own organizational style. PHONE LISTS: For instance, I arrange my phone lists into groups according to how I use them: friends, family, doctors, my children’s playmates, etc. I also list people in my phone book that I talk to on a first name basis by their first name alphabetically. For instance, I list my mom under “M” and my brother under “T” for Troy. “D” has a list of all my doctors. This works for me, because it’s how I think.

EMAILS: Another time saving idea is to color code your emails. In my personal color scheme I use one color for clients, one for newsletters, and another for my coworkers. You can also group your emails using categories and folders.

ONE CALENDAR MEETS ALL: Keeping track of work appointments, Brownie meetings, and committee meetings can be very difficult. My secret to keeping on top of family and work appointments is to schedule them all on one calendar.

DAYTIMER SPECIAL SECTION: Create a special section of your Daytimer just for special interests, hobbies, or kids. My husband keeps one with all his stock info. I have a special kid section with phone numbers for Brownie leaders, playmates, doctors, school contacts, bus number and other items.

SUMMARY: Why wait for success when you can literally schedule it! By mastering your time, you can accomplish much more with less effort. Be choosey about how you spend your time. Focus on activities which most closely match your goals. By taking time to monitor, measure, and manage your time, you will enjoy an abundance of success and happiness.

11 Secrets To Better Time Management For Entrepreneurs is a post from: Business Blog | Lilamitre-arte.com

1. Understand their behaviour

People at work naturally tend to adopt instinctive modes of behaviour that are self-protective rather than open and collaborative. This explains why emotion is a strong force in the workplace and why management often reacts violently to criticisms and usually seeks to control rather than take risks. So, in order to eliminate this kind of perspective and to increase employee motivation, it is best that you influence behaviour rather than to change personalities. Insisting what you expect from your employees will only worsen the situation.

2. Be sure that people’s lower-level needs are met.

People have various kinds of needs. Examples of lower-level needs are salary, job security, and working conditions. In order to increase employee motivation, you have to meet these basic needs. Consequently, failures with basic needs nearly always explain dissatisfaction among staff. Satisfaction, on the other hand, springs from meeting higher-level needs, such as responsibility progress, and personal growth. When satisfaction is met, chances are employee motivation is at hand.

3. Encourage pride

People need to feel that their contribution is valued and unique. If you are a manager, seek to exploit this pride in others, and be proud of your own ability to handle staff with positive results. This, in turn, will encourage employee motivation among your people.

4. Listen carefully

In many areas of a manager’s job, from meetings and appraisals to telephone calls, listening plays a key role. Listening encourages employee motivation and, therefore, benefits both you and your staff. So make an effort to understand people’s attitudes by careful listening and questioning and by giving them the opportunity to express themselves.

5. Build confidence

Most people suffer from insecurity at some time. The many kinds of anxiety that affect people in organizations can feed such insecurity, and insecurity impedes employee motivation. Your antidote, therefore, is to build confidence by giving recognition, high-level tasks, and full information. In doing so, you only not refurbish employee motivation but boost productivity as well.

6. Encourage contact

Many managers like to hide away behind closed office doors, keeping contact to a minimum. That makes it easy for an administrator, but hard to be a leader. It is far better to keep your office door open and to encourage people to visit you when the door is open. Go out of your way to chat to staff on an informal basis. Keep in mind that building rapport with your staff will effectively increase employee motivation.

7. Use the strategic thinking of all employees.

It is very important to inform people about strategic plans and their own part in achieving the strategies. Take trouble to improve their understanding and to win their approval, as this will have a highly positive influence on performance and increasing employee motivation as well.

8. Develop trust

The quality and style of leadership are major factors in gaining employee motivation and trust. Clear decision making should be coupled with a collaborative, collegiate approach. This entails taking people into your confidence and explicitly and openly valuing their contributions. By simply giving your staff the opportunity to show that you can trust them is enough to increase employee motivation among them.

9. Delegate decisions

Pushing the power of decision-making downward reduces pressure on senior management. It motivates people on the lower levels because it gives them a vote of confidence. Also, because the decision is taken nearer to the point of action, it is more likely to be correct. Consequently, by encouraging them to choose their own working methods, make decisions, and giving them responsibility for meeting the agreed goal will encourage employee motivation among your staff.

10. Appraising to motivate

When choosing methods of assessing your staff’s performance, always make sure that the end result has a positive effect on employee motivation and increases people’s sense of self-worth. Realistic targets, positive feedback, and listening are key factors.

If you follow these simple steps in increasing employee motivation, rest assured you will have a good working relationship with your staff at the same time boost you company’s productivity. Just bear in mind that people are employed to get good results for the company. Their rates of success are intrinsically linked to how they are directed, reviewed, rewarded, trusted, and motivated by the management.

10 Ways To Stimulate Employee Motivation is a post from: Business Blog | Lilamitre-arte.com

1) Avoid meetings. Test the importance of a meeting by asking, “What happens without it?” If your answer is, “Nothing,” then don’t call the meeting.

2) Prepare goals. These are the results you want to obtain by the end of the meeting. Write out your goals before the meetings. They should be so clear, complete, and specific that someone else could use them to lead your meeting. Also, make sure they can be achieved with available people, resources, and time. Specific goals help everyone make efficient progress toward relevant results.

3) Challenge each goal. Ask, “Is there another way to achieve this?” For example, if you want to distribute information, you may find it more efficient to phone, FAX, mail, E-mail, or visit. Realize that a meeting is a team activity. Save tasks that require a team effort for your meetings.

4) Prepare an agenda. Everyone knows an agenda leads to an effective meeting. Yet, many people “save time” by neglecting to prepare an agenda. A meeting without an agenda is like a journey without a map. It is guaranteed to take longer and produce fewer results. Note, without an agenda, you risk becoming someone else’s helper (see tip #6 below).

5) Inform others. Send the agenda at least a day before the meeting. That helps others prepare to work with you in the meeting. Unprepared participants waste your time by preparing for the meeting during the meeting.

6) Assume control. If you find yourself in a meeting without an agenda walk out. If you must stay, prepare an agenda in the meeting. Collect a list of issues, identify the most important, and work on that. When you finish, if time remains, select the next most important issue. Note: you can use a meeting without an agenda to recruit help for your projects.

7) Focus on the issue. Avoid stories, jokes, and unrelated issues. Although entertaining, these waste time, distract focus, and mislead others. Save the fun for social occasions where it will be appreciated.

Be selective. Invite only those who can contribute to achieving your goals for the meeting. Crowds of observers and supporters bog down progress in a meeting.

9) Budget time. No one would spend $1,000 on a ten-cent pencil, but they often spend 40 employee hours on trivia. Budget time in proportion to the value of the issue. For example, you could say, “I want a decision on this in 10 minutes. That means we’ll evaluate it for the next 9 minutes, followed by a vote.”

10) Use structured activities in your meetings. These process tools keep you in control while you ensure equitable participation and systematic progress toward results.

10 Things That Lead to One Great Meeting is a post from: Business Blog | Lilamitre-arte.com

By now, you’ve set a working direction for the year, established clear-cut objectives. Your first-iteration plan to reach them should be in place. This now seems like an ideal time to rethink the whole thing, doesn’t it? After all, one of the effects of internet time is that plans are subject to change just as soon as – or perhaps even before – they are written.

Along these lines of thinking, perhaps there are some items you missed. Maybe there are issues you didn’t have time to consider, or even things your mind touched on, but quickly passed over to deal with more urgent and pressing events. If you are off-cycle, and on the verge of a new period, you can use this exercise ex ante, rather than ex post. To help you stimulate your neural pathways and hopefully create an idea or two, I offer the following thoughts for your consideration. These “considerations” are not sequenced in order of importance. I think they are important.

1. How far in the distance is your planning horizon? Most companies today plan 12-24 months out, calling anything beyond that “vision.” Internet time implies a shortened time frame for activities, but does that time-collapse extend to a shortened vision as well? How much have you thought about what you will accomplish this decade? What will be your company’s impact on the millennium? (OK – perhaps millennium is too far out. What about the century?) You may say you have more pressing fish to fry. Your investors would like to see increased returns sooner than that. While this might be true enough, taking the long view can inform the short view, leading to greater returns for years to come. What do you see when you take the long view?

2. How are your prospects’ needs going to change? How is their world affected by the dramatic increases in connectivity and the compression of time? What are you doing to understand their changing environment – their changing business issues? What are you doing to improve your customer’s business under these slippery conditions? To take it one step further, what do your customers’ customers want? While you are at it, you might stop to consider how your suppliers’ needs are changing? Could those changes open up new opportunities for you, or darkly portend changes downstream totally derailing your business model? What about your distributors? Is their world shifting? Can you both benefit?

3. Who in your organization simply isn’t contributing? As they say, your mileage may vary from individual to individual but everyone has the responsibility to go some distance, to make something valuable happen. Not everyone will make good on that implied promise. The often observed 80-20 rule applies to your staff as well: 20% of your people will produce 80% of the value.

That leaves 80% producing only 20%. Do the math: the bottom 10% of your organization produces almost nothing.

Who isn’t making the cut? Should you be doing something about it? You may think it beneficent to provide that bottom percent with a paying job – don’t. It isn’t. The non-performers know who they are, but they won’t cut the cord on their own. Do what you can to help them reach the bar, but if after a while they don’t make it, set them free to find an environment in which they can succeed. Free up your own resources for people who make a difference.

4. Are you creating solutions to today’s problems? What about next week’s, next year’s, or the problems of several years from now? How are you figuring out what those problems are going to be, way out there on the time horizon? Because the solution you sell today should certainly address today’s problems, but the solutions on today’s drawing board better not. Who in your organization is responsible for trend-tracking and forecasting?

Are you building scenarios for the future? What about prospect focus groups, or some other market-based feedback mechanism? Who is your resident futurist?

5. What do you believe about the business you are in? For most people this is a strange question – we rarely spend time thinking about our own beliefs. The collection of beliefs you hold about your business – what the Germans call Weltanschauung – is decisive in most of the choices you make. How much risk to take. What’s risky and what isn’t. What projects and initiatives to undertake. What kind of resources you need and whom to hire.

Whom to partner with, or should you have partners at all?

Cooperate or compete. How to treat your team. What your customers should expect from you. How hard do you expect people to work?

All these decisions stem from your beliefs, and it will help you to make them explicit. Once you surface those beliefs, you can start to distinguish which are useful beliefs and which are not.

What is the benefit of a particular belief? Is this belief relevant to your current world, or is it a holdover from some past part of life? Then, when you are ready, you can experiment with new beliefs.

6. What are the obstacles to proceeding along your current path? Yes – you’ve set a plan in motion, and you are taking steps toward its achievement. But what roadblocks may rise up to stop you? What things could get in your way – foreseen and unforeseen? (I know, if it’s unforeseen how are you going to see it? Use your imagination, that’s the point of this exercise.)

Rank these obstacles in terms of likelihood, then rank them in terms of severity. Consider how you might deal with them if they come up. The value of this is a) like the Boy Scouts, you are better prepared; b) you may illuminate issues you have been trying to sweep under the rug; and c) you just may invent a whole new approach to get where you are going, and it just might be better than what you are doing now.

7. What, if you only knew how, would you be doing? What would you do now if you had additional resources – and should the lack of resources be stopping you? What, if you were sure it would be successful, would you jump on right away? What would you begin immediately, if your resources were limitless? (Yes, limitless can be relative.) What are you betting the future of your company on? What would you be willing to bet the future of your company on?

8. What are the most important issues, right now? Make separate lists for issues in your market and issues in your company.

Which of these issues are you dealing with, which ones are on the backburner, and which ones aren’t even in the kitchen? What are the processes you use to deal with these issues? Which issues are you ignoring, or hoping will go away?

What breakthroughs might be possible by addressing or resolving issues in the latter category? Where are you “resolving” issues by compromising? What possibilities are available by refusing to compromise, or by breaking your compromises? What old stories or old ways of looking at things make these compromises seem inevitable? Where could new technologies (either material, virtual, or societal) be applied to break these compromises?

9. What are you sacrificing to accomplish your current objectives? The definition of sacrifice is giving up something of value for something of even greater value. Did you intend to give up that thing of value, or is it a thoughtless byproduct of your other choices? Do not dismiss this lightly.

In your business there are a number of priority-conflicting critical success factors. These include profitability, product development, new sales, customer satisfaction, recruiting and retention, revenue growth, sufficient capital – which one gets the most attention? And in this operating cycle – will each area get the attention it needs? Even in a lower position of priority, these areas cannot be neglected. What isn’t getting done that needs to be done and how are you going to do it?

10. What is the purpose of your organization? I don’t just mean increasing shareholder wealth that simply won’t inspire your people to greatness. What besides that – a given – is the purpose of your company. Purpose is not something you invent, it is there already – you have to uncover it. Why do you come to work each day? What do you hope to accomplish in the long run?

What about your executive team? Your individual employees – why do they come? What do they think they are doing each day? Do you know? Have you bothered to find out? You’ve just completed a planning cycle, and I’m asking what your purpose is! If you can’t answer this question easily, now would be a great time to start.

Bonus question for consideration: Are there any questions I’ve listed above that you do not have easy answers to, but wish you did?

Every so often I do an exercise called the “One-Hundred Questions.” Download a copy of a recent 100 questions at http://www.paullemberg.com/tipsandtools.html, along with how to use this simple thought-provoker.

(c) Copyright Paul Lemberg. All rights reserved

10 Questions To Consider When Growing Your Business is a post from: Business Blog | Lilamitre-arte.com

1. Barter
If you have a business you should be bartering goods
and services with other businesses. You should try to
trade for something before you buy it. Barter deals
usually require little or no money.

2. Network
Try networking your business with other businesses.
You could trade leads or mailing lists. This will cut
down on your marketing and advertising costs. You
may also try bartering goods and services with them.

3. Wholesale/Bulk
You’ll save money buying your business supplies in
bulk quantities. You could get a membership at a
wholesale warehouse or buy them through a mail
order wholesaler. Buy the supplies you are always
running out of.

4. Free Stuff
You should try visiting the thousands of freebie sites
on the internet before buying your business supplies.
You can find free software, graphics, backgrounds,
online business services etc.

5. Borrow/Rent
Have you ever purchased business equipment you
only needed for a small period of time? You could
have just borrowed the equipment from someone
else or rented the equipment from a “rent-all” store.

6. Online/Offline Auctions
You can find lower prices on business supplies and
equipment at online and offline auctions. I’m not
saying all the time, but before you go pay retail for
these items try bidding on them first.

7. Plan Ahead
Make a list of business supplies or equipment you’ll
need in the future. Keep an eye out for stores that
have big sales. Purchase the supplies when they go
on sale before you need them.

8. Used Stuff
If your business equipment and supplies don’t need
to be new, buy them used. You can find used items
at yard and garage sales, used stores, used stuff
for sale message boards and newsgroups etc.

9. Negotiate
You should always try negotiate a lower price for
any business equipment or supplies. It doesn’t hurt
to try. Pretend you are talking to a salesman at a car
lot.

10. Search
You can always be searching for new suppliers for
your business supplies and equipment. Look for
suppliers with lower prices and better quality. Don’t
just be satisfied with a few.
—-

10 Effective Ways To Reduce Your Business Costs is a post from: Business Blog | Lilamitre-arte.com

1) Definition: A meeting is a business activity where select people gather to perform work that requires a team effort.

2) A meeting, like any business event, succeeds when it is preceded by planning, characterized by focus, governed by structure, and controlled by a budget.

3) Short meetings free people to work on the essential activities that represent the core of their jobs. In contrast, long meetings prevent people from working on critical tasks such as planning, communicating, and learning.

4) Three things guarantee an unproductive meeting: poor planning, lack of appropriate process, and hostile culture. Effective leaders attend to all of these to create an effective meeting.

5) Effective meetings require sharing control and making commitments.

6) The ultimate goals of every meeting are agreements, decisions, or solutions. Meetings held for other reasons seldom produce anything of value.

7) Unprepared participants will spend their time in the meeting preparing for the meeting.

It is better to spend a little time preparing for solutions than to spend a lot of time fixing problems.

9) Meetings are an investment of resources and time that should earn a profit.

10) A meeting can be led from any chair in the room. And if it’s your meeting, you want it to be your chair.

10 Characteristics of Effective Meetings is a post from: Business Blog | Lilamitre-arte.com

Coaching is a fairly young discipline, so there are a lot of definitions of the term “coaching”. Let’s take a look at various descriptions offered on the World Wide Web.

Coaching can be defined as:

* A process providing an individual with feedback, insight and guidance on achieving their full potential in their business or personal life.

* A strategy used to help individuals reach their fullest potential and achieve their goals.

* A set of practical skills and a style of relating that develop the potential of both the individual being coached and the coach.

* A professional relationship in which you work together with your coach to clarify your options, set goals and develop action plans to achieve these goals.

The notion of coaching originated from sports, but nowadays there are lots of different coaching types. However, in this article we’ll look at the two main types of coaching: life (personal) coaching and business (corporate) coaching.

Benefits of Corporate Coaching: Organizational Development.

1. Increase of performance. This is perhaps the main advantage without which coaching literally would have no sense. Coaching develops the best qualities of people and teams and enables the usage of these qualities at work for the benefit of organization. Thus using coaching in management significantly increases staff productivity.

2. Improvement of relationships at work. Questions asked during the coaching process add value both to the person being asked and his/her answers. Thus an atmosphere of mutual respect and trust is being established. Good relationships at work provide the fertile ground for staff productivity, while the instructions and directions typical for the directive style of management aren’t likely to bring such positive changes.

3. Staff development. Staff development means not only educational seminars and trainings, but also unlocking the inner potential of the company’s employees. Whether the employees are going to develop themselves or not depends mainly on the company’s management style. Initially, all of us have a great potential which can be revealed through coaching. Coaching allows the employees to develop themselves directly in the workplace, thus increasing their efficiency.

4. Flexibility and adaptability. Improving competitiveness on the market requires such skills as flexibility and adaptability. Coaching aids in quickly adapting to every kind of change, which is quite important in today’s business world.

5. Staff motivation. Nowadays people work under their own will, not under constraint. Coaching helps people to fully develop their potential, increase their self-esteem and thus raise the quality of their work. Of course at the same time people become motivated to be productive and work efficiently.

Benefits of Personal Coaching: Personal Development.

1. Life quality improvement. The most important constituent of a person’s quality of life is emotional satisfaction. This factor must be taken into account in regard to HR management. When using coaching, apart from improving relationships, every employee gets higher emotional satisfaction from their work, which cannot but motivate them to perform at their best.

2. Creativity. Coaching itself and the working environment created by it encourages employees to make creative suggestions. At the same time employees aren’t afraid of being laughed at or rejected. Moreover, they are motivated to put forward their suggestions to improve business processes. And one creative idea, when properly evaluated and accepted, generates lots of new ideas.

3. Fast and effective response to critical situations. If people feel an atmosphere of respect and recognition, they’re always ready to stand for the company’s interests in critical situations. Working overtime and temporary changes to the working environment won’t be a great problem for them and will be accepted with understanding. Moreover, the employees will do their best to avoid such a situation, and will handle it themselves, without any direction from management.

4. Unlocking hidden resources and potentials. Coaching creates an atmosphere of trust and confidence, where a person discovers inner resources that they didn’t know about earlier. The coach’s questions help the coachee to see the ways of achieving their goals. Coaching helps a person to find their inner ‘assembly point’, from which the way of approaching goals becomes clear.
Conclusion.

We can talk about the benefits of coaching for a long time. Today it’s indeed the most effective personnel management style, a powerful tool, which allows achieving amazing results. Coaching is not a theory, first of all it’s a practice, not difficult to master, but at the same time extremely efficient. To make sure it works, all you have to do is try to use coaching at work, and the results could well be positive, even the first time.

There is lots of useful literature and training on coaching. However, coaching can also be learned online. We offer the “Corporate Coaching” online course. http://www.speedteach.com/corporate-coaching-training.aspx This course gives you not only theoretical knowledge, but also gives you the opportunity to practicing coaching with business case characters. We wish you success on your way to becoming a successful coach!

9 Facts About Coaching – You Need to Know is a post from: Business Blog | Lilamitre-arte.com

As a small business owner, your company most likely represents a significant portion of your net worth. That’s why it’s crucial not to let litigation wash it away when the time comes to convert your years of hard work into cash.

Selling a business involves substantial amounts of money and a wide range of issues including warranties and representations, disclosures and contractual obligations. Consequently, there are many opportunities for litigation to arise. Not only is litigation highly unpleasant and disruptive to your lifestyle, it is also very, very expensive – even if you win.

But other than wishing, hoping and praying, what’s a small business owner to do? Rather than complaining try something more constructive. Here are eight strategies to follow when selling your business that can help minimize litigation issues.

1. Honesty is the best insurance policy. Tell the truth about your business. Do not attempt to hide any problems or issues that, if left undisclosed, might be the basis for future litigation. Rest assured that the cost of disclosure in a transaction is very small when compared to the cost of litigation for non-disclosure.

2. Develop a confidential business review. This is a high-quality and comprehensive document that describes your business and its background. Within this document, clearly disclose any negative issues that are involved in the business. Not only will disclosure reduce litigation risks, it will also add to your credibility with potential buyers and save you time by eliminating those who are unwilling to accept the realities of your business.

3. Accurately communicate historical financial results. Do so in a manner that demonstrates the earning power of your business. Ideally, this information will be presented in a summarized format that recasts your discretionary and certain other expenses to show EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization).

4. Require your buyer to go through extensive due diligence. Due diligence is the process by which a buyer conducts an independent investigation of the information you have provided about your business. The written due diligence materials should be incorporated into the final legal documents to minimize your litigation risks.

5. Assemble a strong team of experienced professionals. Your accountant and your attorney will play key roles, and their expertise will reduce litigation risks. You may also benefit from the assistance of an experienced intermediary, broker, or merger and acquisition firm that specializes in selling privately owned businesses. However, before hiring an intermediary, make certain that they do not charge up-front fees and that they have a litigation-free track record.

6. Ensure that closing documents are thorough and complete. Not only must these documents contain appropriate legal language, they also must anticipate and address potential disagreements that may occur after closing – disagreements on issues like equipment or inventory values and condition, collection of accounts receivable and more. These issues are easily addressed during the courtship phase with a buyer, but they can cause major problems after the transaction is closed and the honeymoon phase is over.

7. Be careful with employment, transition and consulting agreements. If you enter into longer term agreements with your buyer, make sure the terms are entirely consistent with your retirement plans. Otherwise you run the risk of being unwilling or unable to perform your obligations, and that can lead to litigation.

8. Maintain confidentiality throughout the entire selling process. Although confidentiality will not directly protect you from litigation, it will help minimize the risk of losing valuable employees, customers and vendors during the process. One of the best ways to avoid litigation is to help ensure your buyer’s success, because that success significantly reduces the basis for damage claims.

The goal is a successful, worry-free transition. Take the time to recognize and act on the many opportunities you have to minimize your litigation risks and reap the benefits later.

8 Ways to Avoid Litigation When You Sell a Business is a post from: Business Blog | Lilamitre-arte.com

A recent Gallop Poll stated that about 20% of people queried described themselves as “actively disengaged” at work. Most of these people also said that they were not given the proper tools to do their job or that they were not given clear directions for completing the task. From this Poll, we see statistics that are astounding. These employees who are being described as “actively disengaged” are costing employers more than 300 billion dollars a year! This same Poll showed that these people are more likely to go hooky or to be late and are also described as less enthusiastic to their jobs.

A frequent mistake that employers make is levying too many regulations for employees to follow. This is highly de-motivating for the employee! They feel that they are not empowered to creatively carry out tasks for fear of breaking a rule.

Having employees feel that they are not trusted is another critical mistake that management makes. Creating rules and polices that question an employee’s trustworthiness is common practice in major businesses. An example includes allowing a certain number of days off when a family member dies. This assumes that if there were no limit on the number of days, the employee would take advantage of their time off.

The following are tips to create a work environment that fosters motivation.

Guidelines for an Enjoyable Work Environment

• Minimize rules and policies to the essential. Rules are there to protect your business and create structure; if a rule does not serve that purpose, then you will need to consider retiring that particular policy.

• After the rules are established, it is essential that all employees know what is expected of them. Ensure apt promulgation of all regulations.

• Establish a code of conduct. Implement a collaborative effort which involves all or most of the employees that work with you. A vision and mission statement keeps the ship sailing towards a common goal.

• Follow the rules- no exceptions. If management fails to practice what it preaches, can it expect its employees to keep within the bounds?

• Management should address inappropriate behaviors immediately before they become habits. Use counseling or a progressive discipline approach rather than a “you’re in trouble” approach.

• Clearly broadcast work place guidelines for professional behavior.

• Seek employee feedback on rules and policies. Request for ideas to enhance these policies for greater employee empowerment. Sometimes staff have great ideas; after all, they do the job everyday!

• Ensure that these novel ideas of consistency in enforcing policy don’t come as a cold shock to rank and file. If you have been letting employees “get away” with things in the past, you should meet with them and explain that the new policies are there for everyone’s mutual benefit.

8 Golden Techniques To Get People To Love The Rules is a post from: Business Blog | Lilamitre-arte.com

Most people look to what they know they CAN do as a guide to what they WILL do; I think to get anything important done in the world, you have to look towards what you WANT to do, and then figure out how to do it.

When most people think about what they are committed to, they consider where they can build a bridge to from where they already are. What would happen if you chose where you wanted to go without considering your current circumstances and then worried about how to build that bridge?

There is nothing wrong with being reasonable, except that “what is reasonable” is a poor guide to action when designing actions to push the future. Being reasonable will help you feel safe in the sense of knowing that your actions will turn out pretty much the way you expect them to. But it is dangerous in that same sense of producing predictable results; what is predictable has, by definition, been done before. And what has been done before is unlikely to make much of a difference in the future.

Paul Lemberg

Seven ways to be unreasonable.

“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adopt the world to himself. Therefore, all progress depends on the unreasonable man.” – George Bernard Shaw

“Insanity is doing the same thing over and over expecting different results.” – Rita Mae Brown

“So what else is new?” – Paul Lemberg

Being reasonable

My dictionary defines being reasonable as being rational. Rational, it says, means being reasonable. A vicious circle: I know I’m in trouble already. Going further, reasonable also means being governed by reason; which in turn means explanations, justifications, underlying facts, good judgment, normalcy, plus the capacity for logic and analytic thought. Further, being reasonable means being within the bounds of common sense, as in arriving home at a reasonable hour, and lastly it means not excessive or extreme.

I’m all for logic and analytic thought, but does following the dictum “be reasonable” sound like a good way to build a breakthrough business?

The very idea of “being reasonable,” prescribes something restrictive. It exhorts us to remain “within the box,” to do what sensible people would do: not to over commit ourselves, to be cautious, to avoid risks, to hold our trump cards.

What is the alternative?

To be unreasonable, of course. Being unreasonable, like it’s more cautious cousin, suggests multiple meanings. Here are seven applications of being unreasonable.

1. Think beyond what is normal, proper, and appropriate.

Typically, one of the first things prospective clients say to me is, “But you’re not from our industry. How can you understand our problems, much less provide solutions?” My response is always the same: “That’s the last thing you need. You already have plenty of people thinking similarly and use over-used ideas.” What you need is thinking un-bounded by the traditional logic of your industry; ideas that can bring an un-reasoning perspective.

2. Eliminate the reasons why.

There are reasons why we have to do things a certain way. There are reasons why certain approaches to business are going to work and others will not. There are reasons why things should be the way they are and not some other way. Challenge the reasons why and ask people to set them aside. Ask, “Well, what if we did. What would happen then? Would that work? What would work better? What would really rock you?”

3. No more excuses.

When someone in your company doesn’t produce the desired results–results to which they have committed, perhaps promised themselves and their departments–they usually have a reason why not. Looking at it this way, you always have one or the other: desired results or reasons why you don’t. People act as if those reasons are almost as good as the results. How do I know this? Because they always say something like, “Well, it didn’t work, but here’s why not,” or “We didn’t get ‘it’ done, because…” Or, worse still, ” We didn’t even try because…”

Remove people’s option to resort to reasons why not. Take away their option to resort to excuses. I think the entire working world would shift if there was no recourse to the “excuse” option–if all you could do was produce the desired result, or try another way to get the desired result, or try another way, and so on.

4. Set unreasonable expectations.

Ask people to go beyond what they think is reasonable or normal, Ask them to go beyond cautious commitments that hedge their bets, to make risky pronouncements that exhilarate them but might threaten the natural order of things.

Place big giant stakes in the ground–then figure out how to deliver. Figure out how to turn those unreasonable expectations into reality. Taking this approach will dramatically increase effectiveness and productivity–and ultimately cash flow, if it works nicely–in any business. Why should you settle–why should your customers settle–for what is reasonable and predictable? Why accept the norm, the average, the median? Apply unreasonable thinking. Set unreasonable expectations.

5. Make unreasonable requests.

This approach will aid every executive when working with vendors, contractors and employees. Remember “Just say no?” Try “Just ask for more.” Keep asking for more, better, sooner. Up the ante. Ask people to perform beyond their best.

This is not a negotiating tactic. It is not “nibbling.” It is asking people to perform beyond their own sense of what is reasonable. Sometimes people will fail to meet these unreasonable commitments–don’t beat them up for it. Sometimes you will get stellar results you wouldn’t have dreamed of previously.

6. Make unreasonable plans.

Does this sound like an oxymoron? Most companies plan to achieve reasonable results relative to past successes and failures, or even worse, relative to questionable industry lore. Instead of setting these kind of goals, begin with a more profound question: what would make a really big difference? What would cause a breakthrough for the company? What would dramatically increase shareholder value or profits? What would be “worth doing?” The answers may not be reasonable; they may instead take you down a path towards huge success.

7. Forecast unreasonable futures.

Most businesses forecast their results–revenues, growth rates and so on, based on prior year’s results. They call this reasonable, and similarly they assume industry norms and consider them reasonable. But in the twenty-first century, driven by the incredible rate of change in all aspects of our: culture, industry, customer’s businesses, our workforce, available technology–to think that anything dating from last year remains the same in this one–this isn’t just not reasonable, it might be totally ridiculous.

Take into account all the factors–bring everything you know about the situation up-to-date, add to it all the future changes you predict–and use that to forecast unreasonable results and make unreasonable plans.

So what to do?

Should you give up all pretense of rationality and logic? Should you step outside the norms and ignore the accumulated wisdom of your industry? “That would be great if it works out,” you say, “but if it doesn’t, my job is on the line.” Right? Well, yes, but…

Unreasonable thinking does not mean un-thinking. Unreasonable thinking is about exploring. Pushing the envelope. Cross pollinating. Intuitive inventing. It may be that the line separating unreasonable ideas from ridiculous ideas lies where thinking is left behind. Or perhaps the line lies only in hindsight.

I think the fear of failing, the fear of jeopardizing your future, is the biggest obstacle to creating great results. Yet the only way to create big giant breakthrough results is to take the road less traveled–to create ideas and programs that are unreasonable–and going for it. If you fail people will–with perfect hindsight–call your idea ridiculous. But if you succeed… wow!

7 Ways To Be Unreasonable is a post from: Business Blog | Lilamitre-arte.com