Tip 5. Everyone is born with an ability to perform better than others at some things (and maybe not so good in others). In sport we recognise this – Michael Jordan was born to play Basketball, Usain Bolt to run, and Bradman to play Cricket.
It is the same in business – people are born with a preference for one part of the business cycle over another. They may be best at coming up with new products, selling those products, running the teams or any other aspect of business, but being born with a predisposition is just as true in business as it is in sport.
You can discover what part of business people are born to do by discovering their ‘profile’. There are a number of profiling tools that will shed light on the subject, starting with Myers-Briggs, and continuing on through DISC, Wealth Dynamics and Visual Profiling.
There are many others that you may already be familiar with, and the real point is that you should use one that you have confidence in. getting the right person in the right role will take your business (or your career!) to a new high.
What has your experience been with these tools, either as the person doing the evaluation or the one having others evaluated?
Tip 6. Control your money. This one might seem pretty obvious, but many Clients of mine were not good at managing their money when we first met.
One Plumber was a great plumber, always in demand and with a fee structure that was one of the highest in his area – but his money management was lousy. He sometimes didn’t even invoice for work performed!
Managing *your* money means keeping track of all income producing activities you perform and billing for those activities. It also means making sure those bills are paid by your clients, and that your money is kept busy.
Money is kept busy by being income producing. Start by making a deposit in a bank account and build that into higher interest bearing accounts, and larger investments that generate wealth for you.
A single source of water can flow through several gardens and make them all flourish, and each dollar you earn can be put to work. This isn’t the place to describe a full “Make Your Money Work” system, but stay tuned.
Tip 7. Improve your negotiation skills. Negotiation doesn’t just mean ‘sales’ by the way. You negotiate a new lease on a building, you negotiate a salary package with a new hire, and yes you negotiate when selling.
Your negotiating will improve is you do your homework. Find out all you can about the other participants. Can you help them get what they want while getting what you want? If so the task to find the solution will be much easier.
Looking for the ‘Win/Win’ is always more likely to end in a successful negotiation.
Although you want to find the common ground it also helps to know what you will do if the negotiation fails, and to allow the other side to find out. Don’t make it a threat, but when the other side knows that you will work together but if no agreement is reached you have a plan then they often are more likely to work together to a mutually beneficial solution.
Tip 8. Never buy in a hurry. Well, never buy anything over the cost of a good dinner in a hurry!
Research the options before you buy a vehicle, some business equipment, a computer or any other substantial purchase.
Researching options means not only finding the make and model that best suits your needs, it means talking to your Accountant too. They will inform you about ways to buy the item in ways that makes the best financial sense to your business – or to put that another way – the cheapest way to buy it.
Your Accountant isn’t just someone who can record the financial history of your business, they can help you plan the financial future too.
Have you tried any of these tips already? What happened? Let us know about your experiences.