July 2011

Business Valuation Management – Episode #83

by Richard Wilson on July 31, 2011

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.   Positioning your business for a high valuation is really valuable for business managers and CEOs.  At some point, you might probably want to sell off either a portion of your business or the entire business and getting a high valuation is clearly important for selling your business or raising capital for your business.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. The first tip is to document everything in your business so that you are constantly following a recipe.  This will allow someone else to run your business without missing a step.
  2. Be wary not to give away too much information that might leave you vulnerable to your competitors copying your strategies and processes. 
  3. Be as transparent as possible in your accounting, taxes, revenue, specific costs and profits. 
  4. Another tip is to make sure that you understand the different types of revenue and how an investor or buyer will view these types of revenue.
  5. Another important aspect is brand promise: people want a well-positioned brand and it may boost the multiple that prospective buyers offer for your business.
  6. Make sure that you include any patents, trademarks and proprietary processes. 
  7. Be aware of what type of buyer you are appealing to and how you can make the process easier and more attractive to that person.
  8. Make sure that agreements and partnerships that you have in place will be secure throughout and beyond the selling process. 
  9. Invest in a financial audit to show that you are serious about selling your business.

I hope that these tips on how to position your business for a valuation help get you a higher multiple and improve your business.

Thanks for joining us, and I will see you again soon,

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The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.   Customer service is one of the most important areas of a business.  Even a business that has a great product can suffer if the company has really poor customer service.  In this video, I offer some tips and strategies for managing the customer service department and customer service professionals.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. The first tip is to over-train your customer service representatives.  This refers to both internal training and external training.
  2. Test your employees regularly on all aspects of the business–such as by sending them e-mails and testing their response or calling into the business.
  3. Another tip is to give your customer service professionals as much autonomy as possible so they can give discounts and other ways to help satisfy customers.  This also cuts down on the hassle for you and gives your customer service representative a greater sense of power.
  4. Another best practice for managing customer service is to make sure that you constantly update your frequently asked questions (FAQs) page.
  5. You should also look for ways to implement technologies that will make your customer service much more efficient.  
  6. The last tip is to have as many systems and processes in place for your customer service staff. 

Managing the customer service department requires constant work, but if you use some of the tips offered in this video you can have better customer service and make you and your customer service professionals happier.

Thanks for joining us, and I will see you again soon,

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Business Management Income – Episode #81

by Richard Wilson on July 31, 2011

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  In this video, I cover some tips and strategies on how to make more money in business management.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. You are probably a knowledge worker.  If you want to make more money you have to consider knowledge as your main asset and always be looking for ways to grow your knowledge and this will help you make more money.
  2. Another tip is to identify within your company or corporation who the top five decision makers are and make business friends with them.  Partner with them, go to lunch with them, etc.
  3. You should also work to be very good at completing projects quickly and accurately.  If you do this, people will start to recognize you as someone who can get things done and you will be rewarded with more responsibilities and potentially a higher income to match.
  4. Think of everything that you expose yourself to as what you become.  If you watch four hours of business training instead of four hours of sitcoms, for example, you will be more productive and more likely to boost your income.
  5. You should also surround yourself with people or mentors that are highly-successful, which will naturally change how you think, feel and act in business.
  6. Think of everything you do in your day as a habit.  Ask yourself for each habit whether it is the most healthy or productive habit that you could have?  In relation to money, you should see your money habits as whether they are making you money or whether they are losing you money.

Making more money is always a big incentive for improving your business management and I have included in the video some of the ways that I have made more money.  I hope that this helps you make more money in business management. 

Thanks for joining us, and I will see you again soon,

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Business Bottleneck – Episode #80

by Richard Wilson on July 31, 2011

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  Identifying the choke point, or bottleneck, in your business can be an important step toward improving and growing your company.  In this video, I explain the business bottleneck and how you can identify this choke point.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. A business bottleneck is the area that if you controlled you would have a lot of leverage in the industry over price, quality, etc.
  2. John D. Rockefeller was a master at identifying bottlenecks in his business, such as the oak barrels used to transport oil and the iron bands that held the barrels together.
  3. The trick to this is identifying the choke points in your particular business or industry.
  4. You should look at your industry or niche and identify the top five ways to get leads, the top five largest costs and figure out which one of these areas has a business bottleneck.

I have included the business bottleneck in several of my training programs because I feel that it can be so valuable yet few people take the time to really understand how it relates to their business.  I hope that this video has helps you identify bottlenecks in your business. 

Thanks for joining us, and I will see you again soon,

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Business Productivity Solutions – Episode #79

by Richard Wilson on July 30, 2011

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  One practice that I strive to maintain in my business is to be “powerfully productive.”  In this video, I explain how you can be more powerfully productive and how increasing your productivity will help your business.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. The difference between an ineffective business and an effective one is like a light; a laser is a ton of energy focused on one location and a normal light is spread out throughout a room. 
  2. Another analogy is that of a $3 disposable camera versus a $10,000 professional camera.  If you don’t focus the more expensive camera, it can be the same quality or even worse than a $3 camera.  Even if you are a top business, if you lack focus you will lose out to smaller, productive competitors.
  3. Utilize focus periods.  Spend 30-90 minutes working non-stop without any interruptions.
  4. Make sure that you have a “not to-do list” on your desk.  This will prevent you from forming bad habits like constantly checking your e-mail. 
  5. Make sure that you have your number one priority in mind, as well as your top five priorities. 

This is just one of many videos that I will be posting on being powerfully productive because it is such an important aspect of managing a business. 

Thanks for joining us, and I will see you again soon,

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Business Management Schedule – Episode #78

by Richard Wilson on July 30, 2011

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  Many business managers can manage all aspects of the business, except one: their work schedule.   Having a great work-life balance is really important whether you are an executive at a large corporation or a small business owner.  In this video, I cover three approaches to developing a work-life balance.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. The first approach is from Tim Ferris’s Four Hour Work Week, he argues that people want to have an enjoyable life now, not in fifty years when they retire.  The idea is to work less, enjoy life now and have a more balanced work life. 
  2. Another model that was actually brought up in one of my mastermind groups is that work makes you more productive and a lack of work in life is unfulfilling.  This is almost the exact opposite to Ferris’s theory, so it can be different for everyone. 
  3. The final business management schedule idea comes from marketer Frank Kerns.  He found that once he became very wealthy he found that he was still unfulfilled because his life revolved around his money and he did not have any goals in his work life.  Kerns decided that he would no longer live for a tangible goal, instead he designed his ideal day.
  4. You should ask yourself what is your ideal work schedule? 
  5. Which of these three approaches fits your life best?

Managing a business can be very time-consuming and if you do not take steps to balance your worklife with your other responsibilities and passions, you could become very stressed and your work performance might suffer.  You should take some of your time to make sure that you are living the life that you want to live and that you have struck a comfortable balance between working too much and too little.

Thanks for joining us, and I will see you again soon,

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Business Management Internships – Episode #77

by Richard Wilson on July 30, 2011

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  Internships are a great way to learn more about an industry, meet potential employers, or just get your foot in the door to a new career.  In the following video, I give you some quick tips on getting a business management internship.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. Besides learning about business management, learning about finding a business management internship is important. 
  2. Create a spreadsheet of the top 30 companies that you would like to work with.
  3. Be sure to track your progress with each of these 30 companies and make sure that you always have at least 30 firms on your list. 
  4. Another tip is that once you start to form a relationship, use different methods to follow up on that lead and demonstrate that you are persistent and interested in the internship.
  5. Consider making up a project.  Your prospective employer may not be able to think of something you can do to stay busy during the internship, but if you provide that employer with a possible project then that person will understand that you are really interested in working for them and that you are proactive.
  6. Consider working for free.  You do not want to do this long-term but it could be a great way to get your foot in the door and prove yourself. 

When I was first starting my career, I used some of these tips–most notably, I worked for free to get started at a job that I really wanted.   I know that it business management internships are very competitive so hopefully these strategies help you find that perfect business management internship.

Thanks for joining us, and I will see you again soon,

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Business Mastermind Group – Episode #76

by Richard Wilson on July 30, 2011

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  If you read the title of this video and thought, what is a mastermind group?  Don’t worry, in the following video I explain the mastermind concept and how you can use it in your business management.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. A mastermind group is a group of 5-7 professionals who meet once a week over the phone.  Usually, you meet once a week via phone and one person each week talks about the troubles and issues facing his or her business, then the other people on the call give advice and suggestions on how he or she should resolve the issue or improve the business.
  2. Start forming one right now.  I’m sure that you can gather people in your industry very easily to form a mastermind. 
  3. Ideally, the people that are joining your mastermind group are at least as successful as you are so that you are learning from them.  
  4. Make sure the mastermind group meetings are free-of-charge.
  5. Meet weekly.  If you meet monthly you will have less time in rotation each year, so I suggest a weekly meeting.
  6. Keep the team very diverse so that you can all benefit from each others’ different experiences and perspectives.
  7. Require an accountability report.  The person who was in the “hot seat” last week should report on how he or she used the advice given in the last mastermind group meeting.

I regularly hold mastermind group meetings and I have benefited tremendously from others’ perspectives and advice on the problems and decisions that I face in my company.  I strongly encourage you to form a mastermind group if you have not already done so. 

Thanks for joining us, and I will see you again soon,

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The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  Scarcity is a psychological principle that can be incredibly effective when used as a motivating tool.  In this video, I explain how you can use this psychological principle to motivate your team, make sure that people respect your time and run your business more effectively.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. Scarcity is basically the idea that if you have two business managers and one is always available, never busy and always willing to devote all of his time to whatever comes up and there is another manager whose time is very scarce and important, then the latter manager is more important, has more work going on and his time is very important.
  2. This psychological principle can be an effective motivating tool and when you make sure that your time is seen as scarce, you will find that it improves your business management.
  3. A way that you can use this is to make sure that when you are working with your team you use time line-based bonuses.  For example, you can tell your employee: “If you get this task done this week, you can have half a day off.”  This makes that bonus more scarce because there is a time line for finishing it.
  4. Another technique is to become more in-demand.  If you do this, people will respect your time more and you will extract more value from your meetings and interactions.
  5. The more that you leverage this scarcity principle, the more you will be perceived as an in-demand authority. 

If you are recognized as an in-demand person with scarce time, your peers, superiors and others will grow to respect your time and abilities. 

Thanks for joining us, and I will see you again soon,

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Business Management Authority – Episode #74

by Richard Wilson on July 29, 2011

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  Becoming an authority can lead to great success within your business and understanding the psychological principle of authority will help you find ways to become that authority.  In this video, I explain what it means to be an authority, the psychology behind authority and ways that you can use this psychological principle in your business management

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. Scientific studies have shown that, all else equal, people are more willing to work with individuals that they perceive as an authority.
  2. One way to boost your authority is through education.  Many business managers already have a college degree, but what continuing education have you completed?  Have you completed a master’s program, a certification or training program, or attended conferences.
  3. Another way is to dress more formally.  This sends a signal to your peers and employees that you are a business manager and lets them know that you are more authoritative.
  4. You should also consider writing a book.  This will impress your peers, your boss and others in your field.
  5. These three techniques will help you gain a reputation as an authority.

If you are looking to become a more powerful and effective business manager, you need to work on growing your authority.  Constantly be seeking out ways to improve your authority and demonstrate that you should be respected as an authority in your business area.

Thanks for joining us, and I will see you again soon,

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