Posts Tagged ‘John Gray’

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Vision, Strategy, and Tactics

Wednesday, January 25th, 2012
  • Vision: What you want the organization to be; your dream.
  • Strategy: What you are going to do to achieve your vision.
  • Tactics: How you will achieve your strategy and when.

Your vision is your dream of what you want the organization to be. Your strategy is the large-scale plan you will follow to make the dream happen. Your tactics are the specific actions you will take to follow the plan. Start with the vision and work down to the tactics as you plan for your organization https://ed-oesterreichische.at/.

Concepts Are The Same

Whether you are planning for the entire company or just for your department the concepts are the same. Only the scale is different. You start with the vision statement (sometimes called a mission statement). When you know what the vision is you can develop a strategy to get you to the vision. When you have decided on a strategy, you can develop tactics to meet the strategy.

Vision

A vision is an over-riding idea of what the organization should be. Often it reflects the dream of the founder or leader. Your company’s vision could be, for example, to be “the largest retailer of automobiles in the US”, “the maker of the finest chocolate candies in London”, or “the management consultant of choice for non-profit organizations in the Southwest.” A vision must be sufficiently clear and concise that everyone in the organization understands it and can buy into it with passion.

Strategy

Your strategy is one or more plans that you will use to achieve your vision. To be “the largest retailer of automobiles in the US” you might have to decide whether it is better strategy for you to buy other retailers, try to grow a single retailer, or a combination of both. A strategy looks inward at the organization, but it also looks outward at the competition and at the environment and business climate.

To be “the management consultant of choice for non-profit organizations in the Southwest” your strategy would need to evaluate what other companies offer management consulting services in the Southwest, which of those target non-profits, and which companies could in the future begin to offer competing services. Your strategy also must determine how you will become “the consultant of choice”. What will you do so that your targeted customers choose you over everyone else? Are you going to offer the lowest fees? Will you offer a guarantee? Will you hire the very best people and build a reputation for delivering the most innovative solutions?

If you decide to compete on lowest billing rates, what will you do if a competing consulting firm drops their rates below yours? If you decide to hire the best people, how will you attract them? Will you pay the highest salaries in a four-state area, give each employee an ownership position in the company, or pay annual retention bonuses? Your strategy must consider all these issues and find a solution that works AND that is true to your vision.

Tactics

Your tactics are the specific actions, sequences of actions, and schedules you will use to fulfill your strategy. If you have more than one strategy you will have different tactics for each. A strategy to be the most well-known management consultant, as part of your vision to be “the management consultant of choice for non-profit organizations in the Southwest” might involve tactics like advertising in the Southwest Non-Profits Quarterly Newsletter for three successive issues, advertising in the three largest-circulation newspapers in the Southwest for the next six months, and buying TV time monthly on every major-market TV station in the southwest to promote your services. Or it might involve sending a letter of introduction and a brochure to the Executive Director of every non-profit organization in the Southwest with an annual budget of over $500,000.

Firm or Flexible?

Things change. You need to change with them, or ahead of them. However, with respect to vision, strategy and tactics, you need some flexibility and some firmness. Hold to your dream, your vision. Don’t let that be buffeted by the winds of change. Your vision should be the anchor that holds all the rest together. Strategy is a long-term plan, so it may need to change in response to internal or external changes, but strategy changes should only happen with considerable thought. Changes to strategy also should not happen until you have a new one to replace the old one. Tactics are the most flexible. If some tactic isn’t working, adjust it and try again.

Manage This Issue

Whether for one department or the entire company, for a multi-national corporation or a one-person company, vision, strategy, and tactics are essential. Develop the vision first and hold to it. Develop a strategy to achieve your vision and change it as you have to to meet internal or external changes. Develop flexible tactics that can move you toward fulfilling your strategy.

By F. John Reh, About.com Guide

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Making Daily Progress Towards Your Big Goals

Monday, January 23rd, 2012

Often we make New Year’s Resolutions, because we are dissatisfied with something in our lives. When we make our resolutions, we want things to change as soon as possible. What we often forget is that long-term lifestyle changes take time, patience, and effort.

I believe you have to know what your long-term goals are so you can make small goals (i.e., daily tasks) have direction and purpose. I only work with people who are 100% committed to change. But what does that mean? When you commit to changing something about yourself, then you have to ask yourself and know the answers to these two questions.

(1)    How much is it worth to me to achieve this goal? What am I willing to pay? What will I sacrifice now, so I can achieve this goal sooner, rather than later?

(2)    How will I know when I’m successful? What will make me satisfied, but encouraged to keep working harder?

I believe you have to remind yourself daily of your answers to the two questions above, otherwise you may find yourself quickly coming up with lots of things to do on your to-do list that are not aligned with the daily action you must take to achieve the goals that are most important to you, your happiness, and success.

Psychologists Teresa Amabile and Steven Kramer latest program of research called The Progress Principle encourages people to focus on small immediate changes at work where they can see the progress they’ve made to increase their motivation, job satisfaction, and productivity. This is counter to what many people do when making resolutions and goals for themselves (whether it is at work or in their personal lives) that take a long time to achieve. Ronald Riggio, Ph.D., explains how these two psychologists stumbled upon what computer game programmers have known for years: that people become strongly motivated (sometimes even addicted)  to accomplish small tasks (i.e. get to the next level); he further explains how to use this knowledge to get ahead at work.

If you’ve been reading the latest articles on major news websites like Kathy Kristof’s on 7 Ways to Keep Your New Year’s Resolutions the last few weeks, you may have noticed two trends often mentioned: choose small bite-sized goals and celebrate every time you surpass or meet these small goals. For example, if you’d like to lose 30 pounds, then focus on losing 1 pound per week for 30 weeks. Each week you lose 1 pound, then celebrate with a reward such as a manicure or a bubble bath. If you’d like to run a marathon and you don’t run, then focus first on running 5 miles the first week, and increase your mileage by 10% each week, celebrating your breakthroughs each week. I completely agree; however, know why you’ve committed to challenging yourself to do, or think, or feel differently each day.

Be Aware of the Big Picture

What this means is that even though we are focusing on small daily tasks, before we commit to what we’re going to do each day; we also need to be cognizant of what our BIG, long-term goals are so that somewhere in the busy-work of our days we’re doing the small tasks that will get us closer to our long-term goals. Knowing what the big picture is for why we work on daily and weekly goals will help us stay focused on the direction our lives are moving towards while providing daily structure.

Lyndsay Katauskas, MEd

Mars Venus Coaching

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Fathers and Daughters: Passing on the Family Business

Monday, January 16th, 2012

More women are taking over family-owned companies, but the handover isn’t always smooth

By Karen E. Klein

Family-owned companies account for 80 percent of all businesses worldwide, and about one-third of them are owned by women. Although U.S. Census data and recent research shows that daughters and wives are increasingly taking over family businesses, few studies have been done on the process. That’s the subject of a new book, Father-Daughter Succession in Family Business, (Gower, 2011) by Daphne Halkias, a social science researcher at Cornell University and senior research fellow at the Center for Young & Family Enterprise at the University of Bergamo in Italy. The book seeks to illuminate the process of father-daughter succession around the globe and find ways to encourage it, Halkias says. She spoke recently to Smart Answers columnist Karen E. Klein. Edited excerpts of their conversation follow.

What got you interested in this topic?

In 2005 I was a visiting MBA professor in Greece. About half my students were women, many of them from family-owned businesses. They were concerned about succeeding their fathers, because many were only children, or one of two sisters, and they had a lot of emotional conflicts with their fathers.

What kinds of conflicts would arise?

She might want to take the initiative, but the father didn’t want to give up control. Or a father might be waiting for his daughter to get married, so she could do PR for the company and her husband would come in as a kind of surrogate son and successor.

You did surveys on this topic in various countries. What did you find?

Sons were gung-ho: 100 percent of them were ready to succeed their fathers in business. Most of the girls, however, did not want to continue in the family business. They wanted to be independent and go into business on their own. They adored their families, but they encountered so many cultural and emotional conflicts with their fathers, they wanted to leave or let a future husband take over the company.

What are some takeaways from the case studies in the book?

Across cultures, we saw the repeated desire to maintain harmonious family relationships. It’s as if the daughter were constantly involved in a course correction with every new and difficult step in the succession process, in order to ensure a state of community with the father and among the various stakeholders of the family business.

Are women gaining ground when it comes to family succession?

Women, and daughters specifically, have increased chances of higher education, and a younger generation of fathers are accepting women in the workforce. Consequently, [women] have quietly been ascending to the ranks of many lesser-known family businesses around the world.

What factors still hold women back from taking over a family company?

There is still gender and age bias. In some Asian cultures, especially, we found that a woman was able to move more easily within the business and within the succession process once she was married. In many cultures, it’s very difficult for a single woman to move in business circles.

Also in many cultures, unlike in Europe and the U.S., the extended family is very involved in a business. So conflicts might not just be between the father and daughter; male cousins and uncles, and brothers-in-law could get into the conflict also.

Were there any cultures you studied in which women were forbidden to assume control of a family business?

We did not find that anywhere, even in the most conservative cultures we studied. That might be surprising to us in the West, because we often have a narrow view of what goes on in other cultures. The reality is that women have made great strides all over the world and across many cultures, religious backgrounds, and geographic locations.

That desire for work-family balance keeps some women in the U.S. from taking top-level management jobs or becoming entrepreneurs. Did you see that in other cultures?

In certain countries, women don’t have a choice to remain single or not to have children. Their families arrange marriages for them within large circles of extended family and friends. But once they have children, the extended family gets involved in raising the children.

So two-career families have grandmothers and cousins and siblings, many of whom live in the same big building or the same neighborhood, and they all help out. It’s a very natural way of life, and in many cases, working women are not as isolated as they often are in the West.

[Karen E. Klein is a Los Angeles-based writer who covers entrepreneurship and small-business issues.]

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The Entrepreneurship Gender Gap Isn’t Shrinking

Thursday, January 12th, 2012

Women still start fewer businesses than men and are less likely to achieve business success, according to a comprehensive new international survey

By Karen E. Klein

Drawing on interviews with more than 175,000 adults and multiple sources of data, the Global Entrepreneurship Monitor 2010 Women’s Report, released earlier this week, is the most comprehensive study to date of women’s business activity, says Donna J. Kelley, associate professor of entrepreneurship at Babson College and lead author of the report. Evaluating 59 economies, it found that more than 104 million women ages 18 to 64 were actively engaged in starting and running new business ventures, and 83 million women were running businesses that were more than three years old.

Despite the impressive numbers, the report reveals a persistent gender gap. Kelley spoke this week to Smart Answers columnist Karen E. Klein about the findings and the policy implications of the report. Edited excerpts of their conversation follow.

Karen E. Klein: This GEM survey is the first to look specifically at women entrepreneurs since 2002. What’s changed?

Donna J. Kelley: We continue to see consistently that fewer women become entrepreneurs than men. In some economies you have ups and downs in entrepreneurship and women follow those trends. But in general, fewer women participate in most of the world’s economies.

In our 2010 data, only one country had more women than men involved in entrepreneurship and that was Ghana. What we see there and in many developing countries is that women participate out of necessity because they need to create income for their families and they have few other job possibilities.

Which countries had the highest participation rates for women entrepreneurs?

The Latin American economies and the sub-Saharan African region had more relative participation from women compared to men and there are higher entrepreneurship rates overall in those countries as well. In the Middle East, Eastern Europe, and Northern Africa, we see both lower entrepreneurship rates overall and less participation by women.

What about Asia?

That’s interesting. Korea has the lowest participation rate for women relative to men even though the country as a whole has pretty good entrepreneurship rates. Japan also has low participation rates for women, and low entrepreneurship rates overall. China has both high rates of entrepreneurship overall and pretty good participation rates for women, with 16 percent of the male population engaged in entrepreneurship and 12 percent of women.

What kinds of factors determine how many women participate in business ownership?

There are a lot of factors, including the availability of employment options for women and the availability of child care. It’s hard to identify specific reasons in specific countries, but culture is really important. Talking with some of my Korean colleagues, they say there are definite role expectations for women and fewer day-care options. In China, women typically have their parents take care of the children so they are empowered to go out and work.

Which countries had the greatest level of equality between men and women?

Australia has equal numbers of women and men participating in entrepreneurship, but more than twice as many men running established businesses as women. In the U.S., 8 percent of the male population and 7 percent of the female population is engaged in entrepreneurship. But again, there are more male established business owners than female business owners.

Interestingly, in Norway we saw a reverse trend. There are three times as many males as female entrepreneurs, but only 1.5 times as many males as female established business owners.

What attitudes hold women back from starting businesses?

For one, we found that women are just as likely as men to see entrepreneurship as attractive, but they are less likely to see opportunities for starting businesses. In fact, since 2002, the perceptions about entrepreneurial opportunities declined among women in developed economies.

One thing that is critical is women’s belief in their own capabilities is far lower than men’s. Less than half–47.7 percent–of women believe they are capable of starting a business, while well over half–62.1 percent–of men believe they are capable. That lack of confidence persists through all economies and cultures we studied.

Fear of failure is another stumbling block that’s more common among women than men.

Yes. Women are more likely dissuaded from entrepreneurship due to fear of failure and they tend to have smaller and less diverse support networks. They are more likely to rely on family members for support and they are less likely to know an entrepreneur. Men have larger business networks, know more entrepreneurs, and they are more likely to rely on business colleagues for help and support than on family members.

What conclusions do those results lead you to?

We think that mentoring and entrepreneurial role models can boost women’s confidence. Also, women are just as well-educated and as likely to create innovative products as men, but they have half the growth expectations for their businesses as men. So, for those female-owned businesses that do have high-growth potential, we need to get them the resources, support, training, and mentoring they need to move to that next level.

Your report reviews some government, nonprofit, and private-sector programs aimed at trying to enhance women’s entrepreneurship. What did you find?

In Ireland, we covered one initiative that is focused on growth entrepreneurs. They get a female mentor to run roundtable forums focusing on growth, where women business owners can share what they’ve learned and do group problem solving. The lead entrepreneur acts as a role model and a mentor, and it has been really successful at helping women with limited resources tap into their own creativity. More than 150 women entrepreneurs have benefited.

[Karen E. Klein is a Los Angeles-based writer who covers entrepreneurship and small-business issues.]

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16 Steps to Write New Year’s Resolutions that Work

Monday, January 9th, 2012

Are you wondering how some people can make New Year’s Resolutions and stick with them, while other people can’t or don’t or won’t even thing about writing them out, let alone completing them. Here’s how to be successful at following-through on the new you in the new year.

  1. Start thinking about what your short term goal is for the next year.
  2. Remember or come up with your 5 and 10 year goals.
  3. When you make your New Year’s Resolutions, make sure that they relate in some way to either your short term or long term goals. The reason behind this is to link your resolution into what naturally motivates you to pursue change. This also helps you keep your resolutions high on your priority list as well.
  4. Plan out 2012. On a calendar pencil in the BIG events for the year.
  5. Pick a day where you have space and time to think, plan, and write out your resolutions. Anticipate writing out your resolutions. Make it fun and memorable. Our bodies are wired to seek pleasure.
  6. Brainstorm and jot down the things you’d like to change or do more of in the next year.
  7. Next, look at your calendar to see how much time you have each month to devote to each of your resolutions. Estimate how many hours or days per week you can work on each resolution.
  8. Plan for wiggle room. We usually have a head’s up for when there are good stressors or life events such as births, weddings, birthdays, celebrations, etc. However, illnesses, deaths, accidents, layoffs, car troubles, are usually unexpected. Give yourself time and compassion to deal with these unforeseen events.
  9. Set start and end dates for each of your resolutions. Before you commit to due dates, read through and do steps 10-13 first.
  10. Next look at how far you think you’ll get with each resolution in the next 90 days. Define what you will have to do to accomplish that resolution in the next 3 months. Write each step out. It’s okay to have 10 to 20 steps.
  11. Then looking at your calendar, define how many of those steps you can do in the next 30 days.
  12. Before you commit to what steps you’ll do in the first 30 days, check-in with your calendar to see how much time you can devote for the next 4 weeks.
  13. Set weekly due dates with 1 or 2 days to allow for the unexpected.
  14. Remind yourself of when things are due. Set up reminders in your phone, with software, or online calendars.
  15. Tell someone what you’re planning to do.
  16. Ask someone to hold you accountable to follow-through on your resolution. Someone who does not want your time themselves, who can be objective, can offer feedback, ask the hard questions, and help you brainstorm how to trouble-shoot setbacks, loss of motivation, etc. will guarantee a higher level of commitment out of you to perform and accomplish what you’d like to change.

Lyndsay Katauskas, MEd

Mars Venus Coaching

Corporate Media Relations

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5 Ways Stress Affects Your New Year’s Resolutions

Friday, January 6th, 2012

We often make New Year’s Resolutions at the stroke of midnight. We choose to improve things we’re unhappy with about ourselves. What we forget to think about is how stress affects whether or not we’ll actually follow through and stick with our resolutions for however long they’ll take to accomplish.

  1. We forget there are good (and bad) stressors that knock us off track.

Did you know there are two types of stressors: good and bad? Both cause an elevated spike in our stress-producing hormones: cortisol and adrenaline. We often forget that the good stressors can stress us out too. Even if we’re anticipating good stressors like: births, weddings, birthdays, anniversaries, holidays, parties, and other celebrations…we can still end up feeling overwhelmed or anxious about the event. Our good intentions to follow-through on our resolution to exercise, lose weight, sleep more, eat healthy, invest money, etc., often are the first things to fall by the wayside.

  1. Stress is stress.

If our bodies have excess cortisol and adrenaline, then despite our best intentions, we find ourselves going back to old habits. Why? It’s easier, it feels safe, and our energy is going towards ridding our bodies of excess cortisol and adrenaline. It takes over 90 days for new behaviors to become automatic habits. When you’re resolving to do something new or different, concerted effort must be taken to think and then act on the new behaviors. If your motivation is down, then it becomes difficult to convince and hold yourself to carrying through with your new resolutions.

  1. We ignore our bodies’ warning signals…physically.

Fatigue, headaches, indigestion, migraines, weight gain, high blood pressure, clenched jaws, tight muscles, not being able to slow down/relax, and insomnia are signs of too much stress.

  1. We ignore our bodies’ warning signals…emotionally.

Feelings of being alone, overwhelmed, unsupported, anxious, ignored, unimportant, rushed, or angry means for:

Women—we do not have enough of our stress-producing hormone, oxytocin.

Men—we do not have enough of our stress-producing hormone, testosterone.

  1. We ignore our bodies’ warning signals…mentally.

We set ourselves up for failure when we heed the negative talk in our heads.  Fogginess, confusion, and black and white/all-or-nothing thinking are signs that your brain is not working at peak capacity.

Solutions

  • When making your resolutions, plan around and anticipate that BIG life events (good stressors) will happen sometime during the year.
  • Make your resolutions have specific start and end dates.
  • Pencil in the dates on your calendar for the fun and happy events (good stressors) that you already know will occur.
  • Plan down-time into your life, so you can off-set stress and replenish your stress-reducing hormones. You need to do stress-reducing activities daily to keep stress levels low.
  • Sit down with your calendar, and write in your start and end dates for your resolutions.
  • When you do have bad stressors happen—like accidents, deaths, illnesses—re-visit and re-define your new end date for your resolutions.
  • Find someone who can keep you accountable. When you ask someone to help keep you on track—make sure they are willing to give you feedback. When you’re held accountable and have access to objective constructive criticism to what’s working and what’s not working is a great way to fireproof your resolution and ensure 100% commitment to accomplishing your goal(s).

Life happens. When we’re able to roll with the unexpected changes, then we can do things pro-actively to work with both kinds of stressors so our stress levels remain low and our motivation high. It’s when we forget to plan ahead for the contingencies that we lose motivation.

Lyndsay Katauskas, MEd

Mars Venus Coaching

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Provide constant celebrations of your client’s successes

Wednesday, January 4th, 2012
Stan Mann, Success Coach stan@stanmann.com

Welcome to secret number 5!  You have learned how to be in the right frame of mind to create a 7 figure business and a free life filled with bliss; how to have prospects compelled to call you and meet you; how to easily without selling share your unique service offering; how to WOW your customers and now you are ready to provide constant celebrations of your customers success.

Many people wonder what I mean by a customer’s success.  Let me address this right away.  When a customer hires your company or buys your products or services that in itself is cause for a celebration of them making a great decision.  I instantly celebrate their success with a letter, note, brownies and other items.  I write personal note cards as well.

When else could a customer have success?  Here are some examples in my own personal life of my success as a customer of other people where I wasn’t acknowledged and could have been.  I had an expert re-do my social media look.  When this was done a celebration was in order.  I had my attorney file my papers for my foundation and no celebration occurred.  And I reached a major medical change for the better and my doctor missed the celebration opportunity.

How many of these opportunities do you miss?  Each time you miss one you show the customer they aren’t really special, you don’t really care deeply about them and you certainly aren’t exceeding their expectations.

Today I want you to think about all the celebration’s you could be having.  Create a big list.  Include holidays, birthdays, purchases, milestones and anything else you can think of. Be a bit wild and crazy and include as much as you can.

Then pick at least one item and implement that with every customer.  In a week or so create a list of 12-24 ways you will celebrate each of your customers regularly.  The sky is the limit so have great fun coming up with these items.  When you see how much your customer’s appreciate you caring about them and again wowing them, you will be excited to do more and more celebrating.

I celebrate all my customer’s because they are my customers.  They are my extended family and I acknowledge and honor and celebrate them regularly.

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Effective Planning Is About What to Leave Out

Monday, January 2nd, 2012

posted by: John Jantsch

Mon Dec 19, 2011

Today my staff and I are taking the entire day to create a strategic plan for the coming year. The process, and its ongoing nature, is something I call Commitment Planning. This is a practice that I highly recommend, but perhaps not for the reason you may assume.

But first, the rules

  • No one has a specific role today
  • Let brainstorming be brainstorming – possibilities and ideas
  • Be present
  • Be judgmental tomorrow
  • Remember, you are planning for the entire year

And, then my requirements

  • Food and drink should be awesome
  • Leave lots of time and space for physical movement
  • Make it easy to capture everything

Lots of companies completely neglect the need for planning and some that do it consistently view it as a way to determine new things they want to address in the year ahead.

To me, the greatest benefit of any planning session is to decide what not to do.

There’s always more to do than you can possibly get done and what happens all too often is that we give a little attention to a lot of things and effectively water down what should be our priorities.

When we plan the right way, we look long and hard at what makes us money and (hopefully) find ways to focus on doing more of that better, rather than thinking up more of something to divert our attention.

I recently hired my own business coach and one of the first things we’re focused on is getting me to stop doing things that don’t make sense and start spending more concentrated time on my highest payoff activities.

This idea holds true for entire organizations as well and one of the best ways to get to the heart of what’s holding you back is planning.

The first planning principle you must embrace however, is that the goal of the process is to help you limit what you are going to do and do well. Instead of creating a laundry list of wants and dreams, your charge in the planning process is to create a very small list of objectives and goals grounded in the overriding purpose of the business. Everyone in the organization then must commit to this list. From your small list you can carve out a requisite number of strategies and tactics that support these business objectives.

In fact, your aim is to create a total plan outline that fills no more than one sheet of paper. (No 6pt type allowed.)

Note also that we’re not spending the day to make a business plan or create a marketing plan – plans aren’t the secret, planning is. It’s the continuous process of planning, acting, measuring and planning that moves the organization in the direction of its goals.

Using and teaching a continuous planning process like this is one of the ways you empower your staff to know they are taking right action on the most important things at all times and knowing this brings a confidence that in itself is a commitment generator.

Commitment planning is a management style that frees your people to be creative instead of forcing them to be bound by a process only system driven activity.

Planning is not a one-day event or even year-end activity. Sure, there may be certain time bound planning periods that occur naturally, say at the end of a quarter, but the real way to keep commitment alive is to live it through a creative process that allows everyone to focus on the things that matter most.

Ben McConnell, coauthor of the Church of the Customer Blog and principal of management consulting firm Ant’s Eye View, has written about a planning process he calls OGST (Objectives, Goals, Strategies and Tactics.)

What I love about McConnell’s framework is that he uses each of these planning words in ways so simple as to actually create a useful set of definitions for these ridiculously misused terms.

Go get this visual representation of OGST and I think you’ll see what I mean.

As you can see, a planning process like this can help the kind of simple clarity that is so often missing in the “what should we do next” business management style. We borrow heavily from McConnell’s framework add some of our own magic to help put the focus on results and bust through constraints.

No matter what exact process you use for planning, with a one page plan full of your committed priorities in hand you can analyze any idea in about two seconds and determine if you should pursue it or dismiss it. Focusing on your strengths and finding ways to turn them into even greater assets is how individuals and organizations realize their potential.

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What if your business partner wants to break up?

Friday, December 16th, 2011

By Jeff Haden

Setting up a business partnership is a little like starting a romantic relationship, although admittedly the benefits package and perks are a lot different.

In the beginning stages it’s easy to only focus on the positives, but a solid partnership agreement also takes into account a number of scenarios, especially the potential for negative outcomes. If the worst does happen, your partnership agreement should protect both you and your partner.

Make sure your partnership agreement covers what will happen if:

One of you wants out. Exit clauses are standard in partnership agreements. For example, if you want out, your partner may be obligated to purchase your ownership share.

That’s the easy part. The tricky part is determining the value of the business when that happens. Business valuation is part science, part art, and different approaches often result in very different results. Whether you agree to use liquidation value, book value, or the income, asset, or market approaches, stipulate in your partnership agreement how the business will be valued and whether a third party will conduct the valuation. Then the breakup will be a lot cleaner and less emotional.

One of you passes away. Say your partner dies. Typically his or her ownership stake passes to the spouse or children. You automatically get new partners — new partners you may not want. A buy-sell agreement can allow you to purchase your deceased partner’s share, but what if you don’t have the money or can’t get financing?

There’s an easy solution: Stipulate that each partner will carry life insurance sufficient to cover the purchase of the other partner’s share. Each partner designates the other partner as beneficiary. Then, if your partner passes away, you always have the funds to complete the buy-sell agreement. Just make sure you add additional coverage as the value of your business grows.

One of you wants to change the agreement. Paul Allen claimed Bill Gates asked him to change their ownership split of Microsoft several times. Perspectives change as a business evolves, and partnership agreements can be amended as often as you like — as long as all partners agree.

Sometimes one of you might not agree to proposed changes, so stipulate how fundamental disagreements will be resolved: Mediation, arbitration, triggering a buy-sell clause, etc. Knowing how a problem will eventually be resolved if you aren’t able to agree often makes it easier to work through differences.

You can no longer get along. No matter how well you work together now, misunderstandings, hurt feelings, and changing priorities can damage the best relationships. When that happens, falling back on the terms of your partnership agreement can help both of you stay objective.

For example, your partnership agreement may stipulate you are responsible for 60% of the work since your partner provided a greater share of initial capital. If he feels you aren’t doing your share, the more clearly you defined what “the work” means in your agreement, the easier it is to determine whether you are in fact pulling your weight. Whenever possible, use hours, numbers, dollars — quantifiable measurements.

Your business is already established. If the agreement you have is insufficient — or if you don’t have a written agreement — it’s not too late.

Take a step back and create a comprehensive partnership agreement. If your partner hesitates, explain you aren’t trying to change your current working conditions. All you’re trying to do is eliminate as many ways you might disagree in the future as possible.

Fortunately, talking about potential negatives with a potential business partner is a lot easier than having a similar discussion with a romantic partner. Setting up a prenuptial agreement may not be the greatest way to start a relationship, but setting up a comprehensive written partnership agreement is the perfect way to start a business partnership.

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Curing Resentment Flu

Tuesday, December 13th, 2011

As a woman, sometimes it’s easier to blame everyone else for how crummy we’re feeling when we feel overwhelmed, unsupported, exhausted, ignored, or rushed. We catch resentment flu when we feel run down from spending too much of our time and effort on making everyone else happy, instead of first turning to filling our own love needs before we nurture others. Applying your own oxygen mask first during a crisis applies in this scenario. We often need an extra dose of love vitamins during the holiday season to ward off any ill feelings toward our loved ones or mere by-standers. If you’ve caught resentment flu, we’ll teach you how to get better soon with the tips below.

John Gray, Ph.D., author of the Men are from Mars, Women are from Venus relationship book series, playfully uses this term to describe what happens to a woman when the score that she is mentally keeping in her head is uneven—whether it’s 0:1000 or 5:20. Martians generally keep score by assigning points based on the size of the accomplishment. The story goes that on Venus, score is kept differently than on Mars, because every gift of love is scored equally—1 point. On Venus, little things are important as they make a big difference. For women, noticing the little things, means that you care and are paying attention. If Martians redirect their energy and attention, then they can be more successful in supporting their Venusian partners and friends. When Martians are talking to Venusians the quickest way to score points is to NOT try to fix her, change her, or make the conversation about you. If the score is uneven, there may be resentment flu in the air.

This tool doesn’t need to be used solely within a love relationship between the opposite sexes. It can also be used with friends, family, or same sex partners if the intent is on finding creative ways to show your appreciation and kindness towards one another. The other person does not need to know the score, or that you are even using this tool. The intent is a quick check-in with the only person you can control in this situation: you. Ask yourself how you can optimistically reframe how you are showing gratitude in the relationship.

If you like having fun in your relationships, then here are a few entertaining ways that men and women can pump healthy doses of love into their relationships throughout winter flu season.

How You Can Score BIG Points with Men:

You can score points with men by doing things, but most men will give you BIG points for when you respond with appreciation for their efforts to help. Showing appreciation is high on most men’s love needs. Praising what they are doing well, will usually net you more of the same behavior, because you are positively reinforcing what you like, instead of nagging or putting him down for what you don’t like. The quickest way to start feeling better is to catch a man doing the things you like. Show appreciation by verbalizing what he is doing that helps you. The more you thank a man, the more he will want to do things for you.  This has worked for me with every man or boy I’ve shown appreciation to whether they are related to me or not.

Another way to score big points with a man is to overlook his mistakes. If he gets lost driving, for example, graciously forgive him. Refrain from giving him a hard time, or pointing a finger at his error. You will score big with him. Remember men give 50 and 100 points at a time.

How You Can Score LOTS of Points with Women:

  • Give lots of hugs throughout the day.
  • Any time you do something without being asked, you score a bonus point.
  • Any gentle, non-sexual touching scores you a point.
  • Notice out loud when she looks cold, and then ask if you can turn the heat up…score 1 point for each thing.
  • (Offering to build an open fire may score more points than just flipping the heat switch to on.)
  • Three times a week spend the first twenty minutes giving her your undivided attention. The longer she shares, the more points you get.
  • Plan a relaxing or romantic getaway.
  • Tell her in advance about the getaway=more time for her to share with friends=more points.
  • Leave little notes lying around, post on the mirror, leave in her purse, put on the fridge, on her dashboard, on her computer. Every note scores a point.
  • Do easy things on her to-do list, eg pick up the kids, drop something off, call somewhere for her. Again, each thing nets a point.

Women spend much of their time planning, thinking, and nurturing their relationships, because this is how they show their love, and it’s what’s important to them. When men reciprocate these small acts of love, then women feel cared for, treasured, and loved.

The point scoring analogy is only to be used with humor and good will. Check-in with your emotions. Regardless if you’re male or female, young or old, we are all individuals and we all attach different meanings to acts of love. We all get off-balance during times of heightened activity or stress. Scoring points is a fun tool to assess the health of our relationships, and place attention back on what matters most: connecting and having a good time together.

Lyndsay Katauskas, MEd

Mars Venus Coaching

Corporate Media Relations

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