Successful Blog

Is It Time for a Business Partner?

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If you are a sole proprietor, there may come a time when you begin to wonder if it is a good idea to take on a business partner.

Getting a business partner can bring many changes, and you have to be prepared to adapt to a whole new way of running your business. It is important to make sure that your new business partner will contribute positively to the growth and success of your company.

So, when is the right time to bring on a small business partner?

You are unable to solely manage business growth

 While a growing business can bring more profits, it also requires you to invest more time and effort.

If you are running your business all by yourself, you probably have to oversee every aspect of your business and do all the decision-making yourself. Even if you are a very capable business person, there may come a point when you will not be able to cope with the growth.

Taking on a business partner is a good way to manage growth, because it enables you to share your management responsibilities with someone who truly wants your business to succeed.

A partner who has extensive knowledge and experience in certain aspects of management can be an invaluable addition to your business. He or she can also help ease your decision-making burden and contribute new business ideas.

You need to team up with another business to compete with the big players

If your ambition is to become one of the major players in your industry, joining forces with another company can help you reach your goal.

Partnering with another company can be beneficial in many ways. It enables you to obtain additional expertise and knowledge of your industry, increase specialization, access valuable assets and funds for new development, reduce costs and expand your market share. With a greater market share, you will have a more significant influence on market trends.

Your business is on the verge of closing

Getting a business partner does not only help you manage and stimulate growth; it can also be an effective defensive business strategy. If your business is in serious trouble, it may be better to form a partnership with a strong company than to close it down.

A business partner can provide the necessary expertise and resources to get your business back on its feet. However, one disadvantage of entering into this kind of partnership is that you will have less control over your business.

If you want to gain back full control of your business later on, you can make an agreement with your partner to end the partnership on a certain date.

Taking on a partner can be a great business move if you do it at the right time.

To ensure that the partnership will be harmonious and successful, it is essential that you select an individual or company that has the same vision and values as you.

Photo credit: kclink.com

About the Author: John McMalcolm is a freelance writer who writes on a wide range of business topics, from small business management to biographies of famous entrepreneurs such as Richard Branson, Mark Cuban and Steve Wynn.

Great Team Ice Breakers To Loosen The Group Up

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By Deb Bixler

Whenever a group of adults come together for the first time, be it work-related or otherwise, the atmosphere can be a little bit uncomfortable.

After all, making friends and getting to know someone is oh so much easier as a kid than it is as an adult.

team meetingAll leaders involved in team meeting planning should consider incorporating ice breakers into every event.

When multiple people are coming together for the first time, you may want to try some team ice breakers.

These activities are great as group team building exercises and really allow people to get to know one another.

#1 – The Team Interview

You’ve all probably done this exercise at some point growing up, most likely at school. Interview is a simple game in which you divide your group into pairs. Each pair is responsible for interviewing each other and reporting their findings to the rest of the group. Encourage the participants to find at least three interesting facts about their partner to share with the group. This is a great way for your group to learn about each individual without the awkwardness of having to talk about yourself in front of a room full of strangers.

#2 – Fact or Fiction?

This is among the most popular team ice breakers out there. Have each person in your group write down two facts about themselves that most people don’t know and an additional fact that isn’t true. The entire group can then go over each list together and try and determine which two facts are true and which is the lie. It is a fun game that really gets people out of their shells.

#3 – My Name Is?

This fun activity is super easy. Have each person go around the room and tell everyone their name. They must also add an adjective starting with the same letter of their name that describes themselves. For example, someone named Joe might go with “Joyful” Joe. For the remainder of your time together that day, each person must refer to each person with their new name.

Getting a group of individuals together for the first time can be hard to do. Most people are very reserved and have their guard up to some extent. These team ice breakers are a great way to make people feel more comfortable in their new environment. It will make your team more productive and easier to work with. Give them a try!

Author’s Bio:
Deb Bixler retired from the corporate world using the proven business systems that made her a success working for others by incorporating them into her home business. In only 9 months Deb replaced her full time income with the sales and commissions from her home party plan business. Find her on Twitter at: http://www.Twitter.com/debbixler

Don’t Miss Out on Round 2 of the Liz Fundraiser Auction

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Via Terry Starbucker & The SOBCon Team

In case you haven’t seen it yet, we’ve got some wonderful contributors for Round 2 of the official fundraiser for Liz Strauss. This round of auctions expire at midnight on June 26th, so get your bids in now.

Remember, if you want to donate directly to Liz rather than bid, you can donate through Paypal here.

This week’s auction contributors include: (click link after the name to see the specific item)

Derek Halpern http://bit.ly/17mRT76
Brian Clark http://bit.ly/11ZDjxu
Scott Stratten http://bit.ly/12KkXTh
Ted Murphy http://bit.ly/12VtGDj
Ric Dragon http://bit.ly/15k2fO9
Steve Farber http://bit.ly/10xuAUV
Les Mckeown http://bit.ly/17YbiL8
Michael Port http://bit.ly/17YboSQ
Barry Moltz http://bit.ly/11LOHZM
Brian Solis http://bit.ly/12VtnIM
Dave Taylor http://bit.ly/14iPEfa
Jim Kukral http://bit.ly/11Of2ax
Danny Iny http://bit.ly/1atc02k
GM http://bit.ly/11LOyp5
Mo Krochmal http://bit.ly/1915Wja
AJ Leon http://bit.ly/142STa8
Molly Cantrell Kraig http://bit.ly/14iX4PE
Diane Brogan http://bit.ly/11yrxqJ
Karen Hanrahan http://bit.ly/19RTXnC
Gayle McCain http://bit.ly/16KnmMN

Please help us spread the word about the fundraiser using the hashtag #LizFund on Twitter.

Liz has touched us all with her deep insights and love for community. She passionately believes in its power to “not let us fail”.

Let’s put that power of community, and those words, into action for our dear friend.

Thank you,

Terry Starbucker & The SOBCon Team

Beach Notes: Aspiration – Reaching Beyond

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By Suzie Cheel & Des Walsh

This is a sand spire we found at the beach, you make it by dripping wet sand steadily from one’s fingertips, so the spire builds up.

A spire reaches for the sky. When we cultivate our aspirations we are reaching upward or beyond. We aspire to be better, to achieve more.

Aspirations are usually achieved by patient steady application, like the building of a sand spire.

What will you aspire to today in your life and business?

What do you aspire to do?

Suzie Cheel & Des Walsh

If You Don’t Know Where You’re Going, You’ll Never Get There

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By Jennifer Dunn

Where is your business headed in 40 years? Yes, that question probably sounds ridiculous to you right now. You’re busy trying to survive another year, month, week or day, or even attempting to get your business off the ground in the first place. At what point are you supposed to think about 40 years in the future?

Honestly, you should be thinking about the future, because it will be here at some point. While you may not have to specifically worry about 40 years ahead, you should be considering where you want your business to be. If not, it could lead to some pretty bad situations for you that could lead to the demise of your business.

If you don’t have a plan for your company, it’s like it’s a plane without a destination – you can fly high for a while, but at some point you have to come down. If you don’t know where that is, you could be in for a rough landing.

Goals and Vision

Everyone has a vision for their business as well as a reason for getting into business in the first place. This reason could be absolutely anything – you wanted to spend more time with your family, or had a great idea for a product, or wanted to escape the rat race. It could even be to prove to yourself you could do it.

There is no wrong or right answer here. Your reasons are your own. The point is you have to honor those reasons and your vision for your company. If you don’t, you could end up with a monster you can’t control.

For example, let’s say you wanted to never compromise your product line as you believe it can change the world. It’s a lofty goal, but a great one nonetheless. Now let’s say you have an opportunity to sell your company to a bigger company. At some point you may realize the big conglomerate wants to change your product. Now you have a big problem – do you choose the money or the reason you went into business in the first place?

Find Your Destination

While this initially may not seem like such a big deal, eventually moving away from your original goals could lead to a point where you abandon your business. If you struck out on your own to spend more time with your family but you let your company get so big that you no longer have no time for them, you’ve defeated the entire purpose of starting your company.

This is why it’s important to look toward a destination for your company. If you have a place in mind for your company to land, you can make better decisions that will keep you happy and invested in your business. Even if something unexpected pops up you’ll be able to handle it with ease as you know where you want to end up.

Keep in mind this destination and your goals may change. You may start out wanting to make a ton of money and get rich but switch it later on to just being comfortable and being happy working on your own. Again, there’s no wrong or right answer – just make sure it’s what you want for your business and yourself!

Where are you heading?

Author’s Bio: Jennifer Escalona Dunn is the owner of Social Street Media where she writes about small business, tech and finance for sites like WePay and Outright. You can find her on Twitter @jennescalona.

Writing a Company Profile in LinkedIn – Make It Short and Effective

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By Leslie Anglesey

LinkedIn is the leading social networking site for professionals. With over 200 million members (and growing), it is an excellent place for you to promote your products and services, find talent and share news and updates. If you’re in business, you should be taking advantage of this business-to-business resource.

If you want to motivate viewers to follow your business, you need to create a compelling profile. Here are some tips that will make your profile stand out from the pack.

Update your LinkedIn profile

1. List your most important product or service first.

Don’t make viewers hunt through the listing to determine what your company is all about. Make it clear from the outset exactly what your company sells, makes, offers, distributes, or does.

2. Avoid writing with jargon.

Write a draft of your company description. Go back and read it from the point of view of someone who has just clicked on the profile and who knows nothing about your company. Is the description clear and easy to understand? If you are left scratching your head wondering what it really means, then you need to go back and do some editing. For writing use short, simple language that talks directly to the person reading the profile, not above the person’s head.

3. Add an image to grab visitors’ attention.

The cover photo appears at the top of the home page of your LinkedIn company page. Make sure that you choose one that is visually appealing and appropriate to what your company does. The idea is to entice viewers to learn more about your business. Be sure to include a message in the image that describes what your company does in a few words; your summary doesn’t appear until the bottom of the home page.

4. Give your description from a unique angle.

The “About Us” portion of the LinkedIn profile will be at the bottom of your home page, but that doesn’t mean that you shouldn’t take care to present your company in an interesting manner. What sets your business apart from your competition? Share something about how it was founded or a noteworthy accomplishment. Let your visitors see the human side of the business. People like to buy from people, not corporations, and if you can let them get to know your company, they are more likely to become customers instead of browsers after reading your profile.

You want your company profile page to be found through relevant searches, so be sure to use appropriate keywords in your About Us section.

5. Fill in your products and services tab.

This is the section of the profile where you can include product images and descriptions, as well as links where customers can buy from you online. Fill in this part of your profile to highlight what your company has to offer. By writing your advantages you can show potential customers the benefits of your products and services directly from your LinkedIn profile.

6. Add a career information page

LinkedIn is a great resource for finding talent for your business. If you are currently looking to expand your workforce, add a Careers page to your LinkedIn profile. Job seekers are using this resource to find opportunities and you could be missing out on some great candidates if you don’t have a way to connect with them.

7. Include company updates.

Give people a reason to check out your company profile by writing some interesting information. You will want to create some content that your followers will find noteworthy. Has your company reached a sales goal, won an award, or introduced a new product? Write it on the LinkedIn profile page! These are the kinds of events that you will want to share with your followers.

You can also write testimonials from customers or product or service reviews on the profile. Feature them on the profile page so that new visitors can see your company in a positive light from the beginning. You’ll want to make a positive impression, and it’s a way to fill in space without having to keep creating content yourself.

Writing your LinkedIn profile should be an ever-evolving process. Don’t let it grow stale. Feature different pages so that your visitors can see some fresh content when they visit, you’ll be able to use this resource to help your business grow.

Have you buffed up your company LinkedIn profile lately?

Author’s Bio: Leslie Anglesey, PhD, is an affiliate professor who loves to dedicate all her free time to writing. She is an editor at http://www.essaytigers.com and is always helping others to bring passion to their writing.

Image: Ideagirlmedia via Flickr CC.