Welcome to Michael's Article Collection

Business Legacy Less Important Than Comfortable Retiremen...

Half of Canadian entrepreneurs worry about retirement and succession planning, finds study(NC)-About half of Canadian owner-managers say they're concerned about retirement and succession planning, according to a recent study by Grant Thornton LLP. These business leaders say they're most focused on providing adequate financial resources for their retirement. Securing their "legacy" as business o. . .

Eight Steps To Buying Your Own Business

How to avoid costly mistakes - take it one step at a time(NC)-Being one's own boss is an enduring Canadian dream and buying an existing company might offer the best way to realize this dream. Making a business acquisition can be an exciting opportunity - if it goes well. Avoid costly mistakes by following these eight essential steps. 1. Develop and implement an acquisition strategyIt is of para. . .

Financial Planning: Dismal Family Business Survival Stats...

Five steps to start a solid succession plan(NC)-The statistics are worrisome. About 70 per cent of family businesses never make it to the second generation, found a recent Grant Thornton research study. A stunning 90 per cent of family companies go bust before a third generation can take over the management of the firm. Poor succession planning appears to be the primary culprit for these dismal. . .

The Estate Planning Process

(NC) - How do I begin? Start by making a list of those you wish to remember in your Will. You will want to provide for your dependants first, but here is your chance to be creative. You can give a meaningful item to a favourite relative, honour a friend or arrange gifts to organizations and charities that you believe in and support.Prepare a list of the names and addresses of all the people tha. . .

The "What's Next" Syndrome

Terms like Postpartum, Post Traumatic and Post Gulf War are all well-known Syndromes - mysteries no longer to the medical community or even those of us who count ourselves among the great unwashed. We hear and read everyday about the negative outcomes from life-threatening trauma. The 9/11 attacks in New York City demonstrate all too clearly the psychological devastation left behind long after . . .

Why Bother With Customer Centricity?

"The absolute fundamental aim is to make money out of satisfying customers" - Sir John Egan Hi Friends, CRM Magazine recently asked their subscribers "What is the number one concern that keeps you up at night?". I found it interesting that none of the responses resembled anything like: "My kid is failing out of school", or "My spouse works too much", or "I can't make the mortgage payment". Oddl. . .

How to Automate Your Collections

Having been a landlord since the early part of 1994, I feel fairly safe in stating I've tried almost every imaginable way of collecting monthly payments from my residents. I want to run through some of these methods and let you in on the pros and cons of each technique. I'll wrap it up by telling you what I do now.Personal CollectionsScheduling appointments to pick up payments was never even a . . .

Directionals Move Properties

One of the most effective and frequently overlooked methods of filling or selling a property is the use of directional arrow signs. I'm guilty of it myself, although usually I'm merely lazy instead of overlooking this great marketing technique. Being lazy usually costs me in terms of holding costs, especially if you happen to be in a buyer's market as I currently am. Even if you're in a hot mar. . .

Improving Customer Service

Improving customer service starts at the top - with us owners and managers. We need to be living pictures of how we want our staff to treat customers. Having 10 plus years operating, owning and working in the food business and being a customer myself, I know what good customer service looks like. If I don’t place a high value on the best customer service possible, then my staff won’t make it a . . .

But isn't Outlook Good Enough?

I was recently speaking with a mutual friend who has been in sales for several years about the benefits of CRM. (For the sake of this newsletter, we'll call him Jim) Jim was quick to comment on how he didn't like any of the current CRM software packages, and had used several of them for his various employers. Jim told me how he swore by Outlook and that he had used it for many years, and had de. . .

Maximize Cost Savings with Increased Efficiencies

"The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency." - BILL GATES Hi Friends, 2003 is upon us! New visions, new goals, and new anticipation for what lies ahead accompany our minds and daily activities. In the midst of. . .

The Mystery of the Unknown!

Your Work place is no longer available, disaster has struck, and time is money! How many times have you heard these statements? It is a nightmare for CIOs and IT directors to have to explain downtime to their CEO and CFO.For many CEOs and CFOs, what was important yesterday is no longer valid today. Too much concentration and spending has been invested into the infrastructure of networking which. . .

The Art of Succession Planning

Succession planning, like any business acumen, is both an art and a science. That is to say, there are many proven strategies that can and must be followed so that successful transition can occur.Too often organizations address the succession challenge through the rearview mirror. They wait for someone to step down or even worse, be removed. Then and only then do they entertain thoughts of who . . .

The Laws and Ethics…. Who’s Kidding Who?

Years ago I read an article by a renowned psychologist wherein he wrote his studies found one percent of all human beings would never lie, cheat or steal. One percent would always lie, cheat or steal and given the right set of circumstances, the rest of us would likely lie, cheat and/or steal.I mention this to highlight the fact that, if we can buyoff on this one principle – sobering though it . . .

How to Get Comps

There are primarily four ways to get information on comparable sales (comps) when trying to determine the value of a target property. Those four are: Doing Your Own Research Internet Searches Service Companies Access to MLSDOING YOUR OWN RESEARCHWithin this category, there are four subcategories. Those are: Courthouse Searches Newspaper Listings Tax Appraisal Districts Master the Neighborhood. . .

Yes, the Seller Can Get a New Loan

One of the questions I see asked over and over on the REI newsgroups is “Can the seller get another loan?” This is a great question because it so often is one of the objections raised by a seller when a creative offer is being discussed.The short answer is “yes”. Only in rare situations would a seller not be able to qualify for another loan. This, of course, assumes . . .

Successful Offshore Call Center Outsourcing

HOW TO MAKE OUTSOURCING WORK FOR YOUThere is much hype about the growth of outsourcing. There are an increasing number of success stories but the number of failed projects is also on the rise. This is particularly true of India where weak management and poor infrastructure are damaging the reputation of the whole offshore outsourcing industry even for countries with greater attention to quality. . .

Are YOUR Toes Bruised?

What a question! What's THAT supposed to mean? I ask the question because so many people today who profess to be interested in operating their own business spend far too much time "tire-kicking." While I would never underestimate the importance of exercising due diligence when investigating any type of business or income opportunity, there comes a time when you simply have to make a decision an. . .

How We Eluded The Bear Of 2000

The date October 13, 2000 will forever be embedded in my mind. It was the day after our mutual fund trend tracking indicator had broken its long-term trend line and I sold 100% of my clients’ invested positions (and my own) and moved the proceeds to the safety of money market accounts. Some people thought we were nuts, but I had come to trust the numbers. The shake out in the stock market, whic. . .

How Do I Bring Consulting Into My Lease Purchase Business

As you are making your cold calls on property, you will run into sellers that are having a hard time selling, however, the numbers just don't work for you to take on the deal. Do you just say, "I can't work with those numbers". Heck, no. In fact, I don't even use that phrasing. After I get all my information on the house, financing, why they are selling, and what their needs are; I know whether. . .

10 Ways To Work Through A Business Slowdown

In running any kind of business, it's inevitable that sometimes business will slow down. This might occur due to an upcoming holiday, seasonal variations, or uncontrollable circumstances. As a small-business owner, you have a choice in terms of how you view the slowdown - it can either be a time of increased stress, frustration, worry - or you can view it as an opportunity to upgrade your busin. . .

10 Tips To Overcome Your Fear Of Selling

Ahh. Selling. Sometimes, this is a word that is dreaded and feared by all but the most intrepid business owners. It seems that, even though we all know we need to "sell" our products and services, many of us feel fearful or anxious about actually doing so.These 10 tips are designed to help you shift out of your fear, and into excitement, about sharing your product or service.1) Know the source . . .

Learned Any "Secrets" Lately?

I mean, REAL secrets about business success - the ones that will make you rich? You know as well as I that there really isn't any such thing as a secret - just a truth that you haven't discovered yet. (I read that somewhere and I don't know who said it - but it is profound). The SECRET is - discover your own truths - the ones that will help grow your business. Use your imagination; it's amazing. . .

Succession Planning? ... Not on My Watch!

At first blush, it would appear there is no shortage of Succession Planning Advocates convinced in theory, the importance and benefits of corporate Succession Planning. In practice, however, real succession planning - or the overt lack thereof - runs juxtaposed to principle. The important question then is, “Why?”In November 2002 I wrote an article *The Art of Succession Planning in which the ar. . .

Solve Your Health Care Headaches With A PEO!

There are many complications to being a small business owner but none so pressing as the need for health, dental and life insurance. Many small business owners obtain coverage through the employment of their spouse. However, there are just as many small business owners who are not married, whose spouse is also self employed or not offered benefits through their employer.Another option for a s. . .

Building A Sales Force That Pays For Itself

The elements involved in building a sales force, especially one that pays for itself and also adds value to any business, are many and varied. The whole purpose and direction of a sales manager needs to be directed to creating a sales force that causes the employing company to expand through increasing sales. This is done by the following general steps: Training sales staff to be able to sell t. . .

How To Create A Better Brochure

Having a quality brochure makes a positive impression on a potential customer. It gives the appearance that you’re serious about your business. And it may give you an advantage over competitors who don’t use brochures. Printing technology has made big advancements in the last decade, including high speed, high-resolution color photocopiers and laser printers. This has reduced the need for usi. . .

Do Lifestyle Funds Provide Greater Security?

With the stock market stubbornly refusing to settle down and smooth out, Wall Street has been scrambling to come up with "product" they can sell to gun shy investors. One such new concept is the Lifestyle fund; an extremely diversified package designed to be the single fund in an investor's portfolio. There are two general types of these funds, in which assets are spread out across a wide range. . .

The Solution-Sell is a Myth!

Who among us is not already up to here with the omni-smarts who wax poetic the benefits of "Solution Selling." Now it may seem strange for me, the author of the book “Up Your Income! Solution Selling for Profitability” to cast aspersions on the merits of this approach. Nevertheless like so many things in the real world, theory is one thing, application thereof is quite another. The question t. . .

Fraud in Real Estate, Are You Being Victimized? - Part II

The phone range and Peter was on the other end of the line. "Willard, I have a friend of mine that has a real estate problem." I said, "Send him over." Two hours later, Jerry sat in front of me terribly upset. Three years earlier, he had been talked into buying a 4 unit building in partnership with Smooth Talker, a knowledgeable, smooth talking real estate salesman. Smooth Talker offered to fin. . .

Unsung Heroes! Small and Homebased Business Owners

The homebased and small business owner is the "Unsung Hero". Why? The small business owner and today even the homebased business owner are the cornerstones of our society. The homebased business owner employs a number of independent contractors. Small businesses account for a large percentage of our economic work force.Think of the homebased and small business owner as the leaders of a team. T. . .

Where Business Ideas Come From

I was reading the local paper and came across a picture of the cleanest garage I ever saw. In addition to a picture of the garage there was a picture of a gentlemen, in his late 60's cleaning the cobwebs with an extension pole. I thought to myself I have never seen a garage so clean in my life. The accompanying article was discussing how this individual and another had painted and put cabinets . . .

The 3 Basic Secrets That Will eXplode Your Sales This Year

In this article, I would like to talk about the three "well-known but often ignored" secrets for creating a successful product. These secrets are still valid in real world as they are online. The main mistake most entrepreneurs do is to create a product and then they WORK HARD TRYING to sell it. Wrong! Wrong! Wrong! SECRET NO. 1Always create a product ONLY if there is a market for it! How. . .

35 Surefire Ways to Kill a Meeting

1. Play “find the meeting” by changing the location and time of your meeting at the last minute.2. Don’t bother to book your meeting room in advance. Lead the group from room to room trying to find another place to meet.3. Bring 5 handouts for 20 attendees.4. Leave and say, “I’ll be back. I’m going to make handouts.”5. Don't use an agenda because “everybody knows why we are here.”6. Kee. . .

How To Furnish Your Home Office Inexpensively

This is part 3 in a series of home office tips! Furnishing your home office should be a cost effective and easy process. Follow these tips to furnish a home office inexpensively. Everything Old Is New Again. Take a trip to your basement or attic. Do you have discarded chairs, an old desk? Clean them up and install in your home office. Recycle. Find another use for old cardboard boxes or . . .

Enron’s Ultimate Victim: Ethics

FROM the 'MORAL HIGH GROUND', where we imagine ourselves, the Enron fiasco should have come as no surprise. Enron is simply a quintessential example of the degradation of principles such as trust, loyalty and ethical standards. Why it happened,however,is what really needs to be understood if business is to restore its ethical foundation and survive tumultuous times.Few will argue that business. . .

Branding Fiasco -- Better Be Who You Say You Are!

Our experience as customers offers great instruction into the concept of branding. Come with me on a recent “experience” and you’ll see what I mean. Here’s the situation:I want to order an 800 number. On my AT&T bill is a customer services number. I call it. A voice mail gives four options. None of which I want. Just TRY to get a representative. I am instructed to dial another number. I am . . .

Resume Success Factors--What Exactly Is A Resume Anyway?

You know you're good...real good. The problem, though, is that you are struggling to demonstrate just how good you are on paper.Ah...the resume. If you've ever written one you know what a challenging task it can be.The Gregg Reference Manual tells us some fundamental facts about resumes: The purpose of your resume is to get you an employment meeting. An interview. Your resume will not get you a. . .

Business Start Ups... Let's Play Ball

Starting a business is like starting your own baseball team. Start-up (Spring training) is when you are doing your research, deciding on a business name, zoning requirements, setting up your business, deciding on what form your business will take (sole proprietorship, corporation, LLC). You're assembling all the parts of your business (team), getting ready for the season (your opening day).Once. . .

The Business Day (Lease Purchase or Otherwise)

For those of you conducting a lease purchase business (or any other business), the first thing for you to do each morning is to check your goals. How many calls are you to make, how many contacts, articles, etc. Your goals will depend on where you are in your business - just starting, in business for a year, two years, etc.The next thing to do for those in lease purchasing or any other business. . .

Reminders For Running A Better Business

The following tips are from an article we contributed to Compute magazine. These are ideas that we all should know, but many times forget. It constantly amazes us how quickly a basic tenent of business can be shoved by the wayside in the heat of daily transactions.If we all try to keep these simple principles in mind, they may keep us on the straight and narrow in our pursuit of home office bli. . .

My Job Rocks!

When was the last time you heard someone say that? More importantly: When was the last time you said it?Sadly, too few people today can honestly admit they love their job, their company or in particular their long-term personal outlook. No one has to be reminded how fragile our current economy is especially in light of a [pending] new war in Iraq and how that can threaten our very way of life –. . .

Ready, Fire ... Aim!

Almost every book about starting a new business begins by telling you to write a business plan. Many readers run in terror, others jot some notes on a pad and a very few sit down to write out a comprehensive strategic plan for their business. After all, the majority of business owners start their businesses without outside financing, so why do they need a business plan? But, along the way, with. . .

Are You Throwing Good Time After Bad?

We've all heard the old saying "throwing good money after bad" referring to losing more money on something rather than cutting your losses and moving on. Laura was doing the same thing in her business -- only it was time she was wasting. After two years in business, she was still networking with the wrong people. As a project management consultant, her ideal target market consists of large corp. . .

What's For Lunch?

As an entrepreneur, I'm always intrigued by small businesses, home-based or not, that exceed the expectations of their customers in a big way. Let me tell you about one of them. Recently I spent some time with my daughter in her college town of Tuscaloosa, Alabama. We were spending the day getting her apartment ready for her return to school in the fall. When it was time for lunch, she wanted t. . .

Greed can cost you your shirt!

The proper action when things are going well is to pay off debt and consolidate your position. Then you will be financially strong and can go for further expansion without fear of loosing what gains you already have. When you are not deep in debt you do not have to worry about your creditors getting paid. Since the usual history of a business is cyclic (boom and then every 7 years (plus or minu. . .

The Incentive Dilemma:

Manufacturers and distributors are rolling out more sales incentive programs for their channel partners than ever before.Some of these programs are not as successful as they could be, however, because they fail to appreciate fully what motivates salespeople and drives them to overachieve. Read on to learn six key concepts that can make your incentive programs more effective. The dangling of the. . .

Want More Money & Less Stress?

At 2pm last Wednesday, I got a call from one of my clients. Before I could barely utter my "hello," she launched headlong into her story - "I am so frustrated! I have this client who has been dragging her feet at every stage of our project. I'm working on a branding campaign for her company and expected to be finished nine months ago, but every time we get to a stage in the project where the b. . .

If you Sell a Product, Use Online and Web Site Marketing

To sell products, you not only need sales and benefit-driven copywriting for your 2, 3 or more paged Web site, you also need to get new potential buyers to your site. Here's 11 ways to sell more products. 1. Get a Low-Cost Web Site You don't need a lot of Web pages. You need a home page with benefit-driven links to your product sales letter. From your sales letter, you need a link to a secure p. . .

So Where Do You Fit In?

Many of you reading this are working full-time, with a dream to eventually leave your job for complete independence from home. Some of you are also working at a home-based business; others are exploring the idea of one. Others are working part-time outside the home, and supplementing your income with a part-time home-based business. Still others are unemployed outside the home, either voluntari. . .