When the economy is unstable, as it might feel like right now, businesses (and yet to be businesses) have to make choices.
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What do you fear when it comes to expanding your company, your business, your mind, and the goals you are stretching for?
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For the final installment in our mergers and acquisitions theme, I wanted to pull in some personal experience and share five things I did before I merged my printing company with another that really helped solidify our relationship and give me the confidence to make such a huge move. These same things are what I discuss with my own clients in their mergers.
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When it comes to mergers and acquisitions, there is a lot going on right now. Perhaps you've considered it for your own company. One thing is for sure...timing is everything. To help you know if the time is right for you, I've put together a few helpful tips.
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Mergers and acquisitions is the theme this month and this week I want to talk about the personal relationships within your business relationships that make a big difference. Read more.
It seems to be the season of mergers and acquisitions. In harmony with that, I have three tips on what to look for when you're merging, acquiring, or selling.
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As we close out the series this month focused on scaling your business, remember these three elements.
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A big part of scaling your organization is scaling a team. Is it wise to wait until you actually need the support to hire or should you hire before you need it? I like to reverse engineer it. Think about who you can hire that would be an asset to scale. Put your systems in place before you hire. Keep in mind that once you hire it can take 3 to 6 months to get your new team member up to speed. Finally, ask yourself the two questions I mention in the video as you prepare to scale your business.
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The entire month of September we are going to focus on the components of scaling a business.
You might think growing and expanding your business is the same as scaling, but there is one key difference. When you are growing a business, you are also putting out a lot of money. You are hiring, training, buying equipment and software, adding new locations, creating marketing material, etc.
When you are scaling a business, the revenue is coming in at a lot faster pace than the expenses are going out. You are playing in a new field.
To scale is to bring in a higher revenue, with strategically investing, yet not increasing your overhead, as much as when you are in the early stages of growth.
Why do you want to scale?
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Back to school means that "September feeling" for me. What does that mean for business? For me it means thinking about what will be accomplished for the rest of the year. It's a great time to focus on sales development and a key to that is networking. What are the keys to successful networking? Optimizing where you network, following up, and following through. What are you doing to set yourself up for success for the rest of this year and into the next?
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The lesson today is about the power of your CALENDAR and PRODUCTIVITY. Yes, this would have helped me immensely in remembering to pack and take the milk.
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Summer is a great time to get in last days of vacation and getting the kids ready to go back to school. When we are ready to jump back in, what should we focus on? Visions and actions, long-term goals, and what we want to accomplish by the end of the year should come first. Then identify the actions steps from that they will support us in getting reaching those goals and implementing the vision.
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Last week, I read an article that the Labor Department stated U.S. employers added 528,000 jobs in July. Wages were also on the rise. The unemployment rate is actually back to where it was pre-pandemic. Yes, the U.S. has seen two consecutive quarters of economic contraction, which is typically thought of as the start of a recession, but other data points show that we are hopefully not headed in that direction. No matter what the data says, or what the outcome will be, it matters how we feel. We cannot change what is happening, but we can be prepared.
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How can you use August to create, expand, and refresh your business while creating opportunity for the last quarter? Let the energy and space of August motivate you for future success.
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“No squats, no lunges, no jogging!” My doctor's orders were clear. “Stay off that ankle!” “Can I go swimming?” I asked with hope. “Yes! Swimming is okay,” he said. This is the epitome of the “what can I do” attitude that I work on with my clients.
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To grow our businesses, we have to tap into our creative minds to look into the main areas of business to see what's working and what's not. Yet, expansion doesn't happen during the busyness of the day-to day. It happens during the quiet moments. Summer is the perfect time to create the quiet moments that will lead to great success.
Read MoreAn interesting little story for you this week. All set for my West Coast travels, I had a slight fall and rolled my ankle. While I could still walk with no issue, the wearing of high heels was absolutely out of the picture.
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The little things are so important in business, with our clients, our team and ourselves. The little things for clients can include acts of thoughtfulness, a note, a gift. For your team, it can be a small gift or notes that expresses appreciation when they have really been showing up for you and your business. Doing something for ourselves doesn't have to be about business. I like to get a massage, a facial, or have lunch with a friend. It all really comes down to relationships and friendships and helps us lead a better business and our teams to the fullest.
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There I was, ready to pull a coffee mug out of the dishwasher the other morning and I realized the dishes were still dirty because the soap never released. To be fair, that dishwasher is 30 years old. It happens!
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Are you building your business from a place of joy? When we do, we can accomplish anything. It very much comes down to mindset and what we believe we can accomplish. If we think we can't, we are missing out on the opportunity to grow and scale. Instead, see the possibility, believe it, and do it.
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