I am off to Base Camp at Mt. Everest

First, I want to thank you for reading my blog posts. I hope you find them useful. If ever you have suggestions on what I can do to make this blog more useful to you, please do share your thoughts with me. I really want to know and I welcome your suggestions. This is my first time at having a blog, which I started as many of you had encouraged me to start one and therefore I want this to be of use to you.

Secondly, I wanted to mention that most likely you will not see any posts from me this coming month of October. I am off to Nepal, trekking to Base Camp and there I will have very limited access to the net. I'll be back end of October and will resume at that time.

Till then, take care everyone and thanks again for subscribing and for being part of my community.

How to Make More Money, with Less Time and Effort

• Are you feeling stretched, and stressed?

• Are you feeling stuck, want to earn more but not sure what to do?

• Are you sick and tired of working long hours, saying to yourself, this is not why you went into business for yourself?

Through my own experience, as well as what I have learned through the process of helping others develop their business plans (a MUST, if you don't have one for yourself), the problem I find is not that they are not doing enough, but rather they are trying to do too much for too many people. In essence, they lack focus. They are generic, a small fish in a big pond.

So if you answered yes to the above questions, then I have a suggestion for you. Over the next 4 weeks, do the following.

1. Determine the profile of your ideal client. This is the person with whom you enjoy doing business and it allows you to generate your desired revenue with relative minimal effort (in doing the work and marketing wise, as couple of factors to take into account). This includes profiling both the organization as well as the individual client. Once you know who this is, then you can actively spend time in a more focused way.

For example, let's say you're an executive coach offering leadership development. While this is nice, imagine being an executive coach to introverted engineers within the aerospace industry. By focusing and niching, you just went from being a small fish in a big pond to a big fish in a small pond. From being a general "generic" surgeon to a heart surgeon specializing in repairing damaged aortic valves. Now more of the clients will seek you out, paying you more $$$ per unit of time for now you're a specialist.

2. Review what products and services are giving you the greatest revenue and profits. Indirectly you'll get a sense of what's in demand, and what are the biggest challenges your clients are facing, and therefore buying what they are buying from you.

If you like to see how we applied this to the business I was a co-owner in, that we grew 28 folds, while at the same time increasing profitability, client retention, and having better quality of life, read my post entitled Sweet Spot: Maximizing Business Growth and Profitability.

Taking the time to determine your Ideal Client Profile (ICP) and narrowing your offerings down to say 2-3 key offerings will help you get focused. From that will emerge list of action items and where to spend your valuable time. You'll not only make more money, you'll also find you have more time for things you love to do.

Work Smart, Not Hard!

Don't Let this Tear Your Business Apart

In business, after some initial success, partners and family members who are in business together at times start to go in different directions. It's not intentional. Just that each has their own vision of the future. If this is not brought to surface and resolved, it can turn into a tug-of-war, wasting precious resources. It can even tear apart the business. Everyone looses.

Let's dig deeper and look at what happens.

In business, according to Bradford, Duncan and Tarcy, authors of Simplified Strategic Planning (an excellent read) there are six different strategic focus areas by which one can lead the business. These include:

1. Product/Service
2. Market/Customers
3. Technology
4. Raw Materials
5. Distribution Channel
6. Capabilities

For the business to be successful, while it may contain elements of more then one of these, only one can be the primary driver. If the primary driver/focus is not chosen and agreed upon, significant resources end up being wasted in the tug-of-war that follows. For the purposes of this post, I want to focus on two of the six:

1. Market/Customer Focus
2. Product/Service Focus

In market/customer focus, the focus is more on serving the target market. If say one partner feels really connected with a specific space, s/he will want to go deeper into this space. For example, let's assume a partner serves the dental market, supplying tooth brushes. Given the excellent relationships she experiences with those she serves, she may choose to also sell other products to this market, such as floss, tooth paste, x-ray film, office equipment, and so on. She simply loves her clients and want to do more for them. It's more about the market then what is sold.

In product/service focus, say for the other partner, it's not about the dental market but that he just loves brushes. His view is if dental offices buy brushes, then he can expand his product line to include other kinds of brushes and expand into for other markets. For example, this could include selling brushes to auto repair shops, to manufacturing facilities, and so on. He simply loves brushes regardless of type of brushes and who they are sold to. It's more about what is sold then the market.

When this difference surfaces, if partners are not aware of what's happening here, they may conclude something like that the other is just stubborn, just doesn't get it, and so on. Before you know it, wedge has been driven, going deeper and deeper overtime, and eventually leading to the partnership being split. Alternatively, they continue to have this tug-of-war, wasting precious resources and experiencing stress as well.

If you are experiencing this situation or know of business partners who are, it's important to discuss this objectively and settle on one strategic focus, for the sake of the business and the partnership.

10 Tips for Making The Family Business Work

(I had written this prior to leaving for vacation, but in rush of things forgot to post. Anyways, posting it now).

Many when they hear of a family business, they imagine family members happily working side by side singing songs, floating through the days, happily ever after. While are there certainly numerous benefits of being in a family business, families in business together also experience tremendous stress, something those on the "outside" don't see nor experience.

It's hard enough to exist peacefully in a family. Add to that a successful yet very demanding business, things get really complicated. Business meetings at work turn into family meeting and home gathering become business discussions, often leaving those who are not involved feeling left out. And home tensions go into the workplace and tough decision made at work leads to feeling isolated at home with one getting "the stares, glares, the looks". It never stops. At time it can feel as if walking on a mine field.

If you're experiencing stress being in the family business (or partnership), here are 10 tips, to keep you and the business healthy:

1. Get involved in some group that nourishes your soul, something that has nothing to do with business and something in which you can participate without other family members involved. Some separation and break is healthy.

2. Exercise regularly and eat healthy. It'll relieve the stress and keep you healthy. You must stay in shape for family business is not for the weak.

3. Have a sounding board, a thought partner. In such a business setting, it's easy for one to feel isolated. I know I used to feel that very often, isolated and frustrated, wondering who to talk to freely, without causing waves. Have someone in your corner with whom you can have on-going conversations, to help you think through your challenges, help you see things from a different perspective, help you stay focused and sane, listen to you without judging and trying to fix you. This person must be someone who understands family business dynamics and is an "outsider", is objective, neutral, and has nothing to gain or loose.

4. Have regular meetings. You can never have too much communication. If you think regular meetings aren't needed, and you assume everyone is on the same page, you're wrong. Many business problems in family businesses find their roots in lack of communication.

5. Hold at least once every year an off-site retreat, preferably facilitated by an outside moderator, who can keep the conversation moving forward while keeping everyone together.

6. Be always watchful of unexpressed expectations, mood changes, issues brewing under the surface. When you detect them, resolve them before they turn into volcanoes for if situations reach that stage, it becomes very difficult to resolve even the seemingly simplest issues.

7. Run personality profiles on each family involved in the business and have the results discussed among the members, with the discussion being led by someone who is an expert in this. This leads to structured conversations and then the better everyone understands each other, the more effectively everyone can appreciate and leverage each others differences rather then have those differences tear the group apart.

8. Take the necessary time to establish clear roles, responsibilities and accountability for each family member who is involved in the business. While these may not be set in stone, it will lead to greater clarity for everyone.

9. Separate as much as possible, family roles from business roles. While this is far easier said then done, it's an important element to lasting success and peace. For example, if you're a couple in business, be the couple at home but when you're at work, be the professionals you are supposed be, doing what your roles require of you.

10. Last but not least. As business changes and grows, so do the family members. While they may have started with a similar vision and goals, overtime their own visions and desires change. To keep everyone on the same page, once each year, set aside time away from the office for business planning. Such planning is not only important for business success, it provides a forum for having structured conversations, which are vital to keeping everyone together, focused and aligned.

2 Ways to Minimize Costly Hiring Mistakes

No matter how solid the business plan, it's simply hard to execute it without good people. Yet one of the biggest challenges we faced in our family business was in the area of hiring, in particular hiring sales and customer service reps. Literally we lost hundreds of thousands over the years due to bad hires, let alone the mental stress we experienced due to it.

Many of the candidates looked good, sounded good, seemed to have the right skills and experience, yet didn't work out. Not only was it costly in-terms of money lost, it was also tiring because of all the hours lost that went into training and getting them up to speed. Over the years, I gained important insights which I'll share with you here, to help you make better hiring decisions.

While we can't bat 100%, though we like to, I like to share two suggestions that will help you increase your batting average.

1. Use Personality Profiles

The one I use is called TriMetrix and it looks at individuals through 3 different lenses. The assessment identifies, objectively and neutrally, behavioral strengths and blind spots, what the individual focuses on, as well as what moves 'em into action. If you find there is a significant gap between what you need and what this individual has to offer, inspite of their experience and skills, I would think seriously before making the hire. This small investment upfront can save you literally thousands of dollars, as well as your valuable time and energy. Not using this in my judgment is penny wise, pound foolish.

2. Ask These 4 Essential Questions

In the interview, questions often revolve around skills and experience. While these are important, they alone are not enough. For example, just because someone was successful in sales at another organization doesn't mean they'll succeed in yours. There are many factors that lead to success. Therefore, in addition to the usual questions, I would also ask the following types of questions:

A. What are some of your values, guiding principals? You want to look for a reasonably close match to ensure their values match to your organizations.

B. What's your vision for your own life? In other words, probe to learn what matters to them, what do they want to create, how do they enjoy spending their time, what motivates them, what their dreams are.

C. How do you see this job, this role, helping you live the life you want, helping you make your dreams come true?

D. Share with them your vision, your values, who you serve, why your clients do business with you. Also share openly some of the challenges people in your company currently face. Then ask the interviewee this question: Given what I have shared with you, how do you see yourself fitting into this organization?

It's important to hire people who get excited by your vision and connect with your values. The greater the match, the greater the chances of success. And it's not just for your own benefit but also the benefit of candidates. When bad hiring happens, both suffer. By investing time upfront to ensure good fit, everyone wins.

Getting Along with Your Business Partners

In my experience, majority of business problems, especially in partnership based businesses find their roots in communication breakdowns. When business partners don't get along or are not working effectively, and this is even more true for businesses involving family members, you'll find gaps in communication. What then takes place is "I said, you said...I thought, you thought...". Moles turn into mountains, no one wins.

The solution is very clear - communicate, communicate, communicate! Communicate expectations, roles & responsibilities, vision, values, purpose, base strategy and strategic focus, critical success factors, and so on.

Sounds pretty easy, right? Yeah. Sounds easy but tough to do.

In today's fast pace, we get so caught up in day-to-day tasks that we don't make time for such important conversations. This is even more true for family businesses where they don't incorporate regular meetings. It also happens because sometime we don't know how to start and have such conversations. And the more delicate the issue, the tougher and therefore even more critical to have communication.

Otherwise, while everyone may think everything is progressing smoothly and that everyone is on the same page, likely there are unresolved issues stewing underneath that hamper future business and relations. Furthermore, when such dialogue is missing, "grapevine" runs rampant, organization lacks focus and alignment, valuable resources are split into multiple directions, to name just a few.

If you want your business to last, on-going communications are vital. If you are at a point where emotions run hot during your meetings, make the investment in an outside moderator, a facilitator, someone who understands the unique challenges associated with partnership and family based businesses. They, being neutral and objective, can help you manage conflicts and keep conversations on track.

On-going communication is one of the best investments any partnership and family business can make to ensure lasting success. Whatever you do, please make time to regularly communicate. It's vital to your success.

How to Rebuild Business Relationships

Do you know couples, siblings, friends, families who are in business together? And in spite of having achieved business success, now they can't seem to get along and they are constantly going at each other?

I grew up in a family business environment as well as have been in one. In addition to having experienced the joys of partnership and family business, I also have experienced the struggles and the pain. I have seen up close way too many relationships fall apart, among those who are otherwise good kind loving individuals, each doing their very best. It's painful to watch and to experience it.

It doesn't have to be that way.

Business relationships can fall apart for many reasons: miscommunication, lack of communication, lack of understanding, behavioral differences, apathy, separate schedules, busy schedules, or disagreements. Sometimes blow ups happen and other times the relationship just slowly falls apart.

The challenge becomes even greater in family businesses where members are unable to communicate about sensitive or heated subjects without ending up in some kind of an argument. One person may yell while another may shut down, and yet a third may storm out of the room. Each reacts differently, and no one understands why the others don't see the situation his or her way.

While it's true that every family and every business group has disagreements, when you mix family members with business issues, the conflicts are more intense and more frequent. Specially since family members know how to push each other's buttons, and they do can do so, and do, freely.

I know when I was in business, I yearned for a way of addressing heated topics with family members in a manner that does not impede on the company's success, and vice versa. Not knowing how at the time, I used to often feel very isolated and frustrated.

As they say, if I knew then what I know now.

When my own business relationship fell apart, after being together for nearly 20 years, I silently wowed to figure out how this happens and how it can be fixed, or prevented in the first place. After spending nearly 3 years delving into this, I believe through real life application, that nearly every business relationship can be repaired, or reinstated. While there are many ways of doing that, I will discuss one of those ways here.

When a relationship has gone south, one of the biggest challenges is how to open up the dialogue. One of ways to open up and restart the conversation, first step to repair, is via the use of personality profiles. The one I myself use with business partners and business teams is called The Trimetrix, and it's one of the most powerful instruments I have come to use.

What's valuable is not just what the reports provide, and do so in an objective neutral way, it's that they provide a means through which conversation can begin. As the results from these profiles are discussed, first individually and then as a group, I have experienced over and over that conversation once again begins to flow, people start to open up, misunderstandings start to turn into understandings, conflicts begin to turn into synergy, participants start to release long held thoughts, their perspectives start to shift, to name just a few of the many benefits.

Key to make this work is to have an outside expert administer the assessments and conduct the debriefs individually as well as facilitate the group conversation when conducting the group debrief. In addition to the expertise, they are neutral and objective and keep the group together and moving forward. Also, as an added benefit, these profiles also provide a common language for communication and that's often very helpful.

If you are experiencing tensions, communication breakdowns, cold war, or open heated arguments, I urge you to seriously consider the use of personality profiles and follow what I am suggesting. It's one of the best investments you'll make. In addition to getting your relationships back on track, you'll begin to also notice the very positive impact this will have on your business as well as other aspects of your life.

If you have any questions, please just ask. I wish you the very best.