THE “SEVEN Cs”: PARTNERSHIP DANGER SIGNS - The 6th C: Changing Vision

Written by Dorene Lehavi


A series of articles exploringrepparttar seven critical areas that can indicate a partnership is in trouble. The 6th C: Changing Vision In order for a business to be a successrepparttar 103830 vision and mission must be reflected in all aspects ofrepparttar 103831 structure,repparttar 103832 culture andrepparttar 103833 strategy by which business is conducted. Contained in these are core values and principles set forth byrepparttar 103834 owners and leaders. If there are discrepancies between any of these, I can assure you there will be problems. There are two parts to vision. One isrepparttar 103835 partners' vision forrepparttar 103836 business andrepparttar 103837 other is each partner's personal vision for their life. The personal vision of each should be in sync withrepparttar 103838 vision ofrepparttar 103839 business and enhance it. Obviously it is important to have clarity of both before enteringrepparttar 103840 partnership and to revisit them periodically as they may change over time. For example, Justin and Romero were partners in a chain of do-it -yourself stores for about 15 years. The visionrepparttar 103841 business fulfilled was to provide easy access to low cost supplies for homeowners in various locales who were involved in do-it-yourself home fix up projects. One-stop shopping at discounted prices. They were quite successful and overrepparttar 103842 years added a significant number of stores to their chain. There was a 20 year age difference betweenrepparttar 103843 partners, and that seemed to have served them well. Justin was younger and more of a risk taker; Romero was more cautious. They respected each other's opinion and were able to create a balance in their decision making aroundrepparttar 103844 business. Investments of profits, adding new stores, dealing with suppliers, changing their inventory focus based on changing markets overrepparttar 103845 years were easy discussions for them. About 15 years later Justin decided it was time to take some major risks by adding additional services such as a food and household supply division and a pharmacy. Justin was interested in a much broader base of customers. This would not only changerepparttar 103846 focus of their clientele, but also vendors, marketing strategy and ultimately taking risks previously avoided. Atrepparttar 103847 same time, Justin was eagerly ready to move into this new level of business, Romero was thinking of retirement. He was becoming more cautious and did not want to forge ahead with new risks. Obviouslyrepparttar 103848 changing perspective ofrepparttar 103849 partners' personal goals created a dichotomy of opinion regardingrepparttar 103850 previous agreement ofrepparttar 103851 purpose and vision forrepparttar 103852 business. The resolution emerged through coaching sessions. The communication betweenrepparttar 103853 partners had always been open and respectful of each other. So in this situationrepparttar 103854 goal of finding a win/win resolution and a carefully crafted plan designed to endrepparttar 103855 partnership was not too difficult. A buy-out of Romero based on their original agreement with some new amendments took place and Justin found a new partner with whom he could implement his plan forrepparttar 103856 future. In another example, Thomas and Fred were excited to be launching a new internet business. The vision forrepparttar 103857 business was to provide a unique means of networking geared to members ofrepparttar 103858 fitness industry. It would enable people in that industry to find both employment and services supporting their industry. It also allowed new participants to feature their products. A particular mode of qualifying forrepparttar 103859 service would insurerepparttar 103860 trustworthiness of those benefiting fromrepparttar 103861 service.

Five Ways to Stay Motivated

Written by Kate Smalley


Remember how you feltrepparttar first day you opened your small business? It’s a time of excitement and joy for most of us. We’re ready to go and conquerrepparttar 103829 world!

However, oncerepparttar 103830 honeymoon is over and reality sets in, we find that there are challenges as well as successes inrepparttar 103831 world of business. Some days we get overwhelmed withrepparttar 103832 challenges. After a string of those days, we begin to lose our motivation.

It’s challenging even when you are an employee to stay motivated in a job. However, employees usually have peers they can talk with to vent about their day or to keep their skills sharp. That’s not true of employers. More often than not, we walk that road alone. And unlike an employee, our motivation level is more likely to be tied torepparttar 103833 performance of our company! If our motivation is low, it could hurtrepparttar 103834 entire business.

Focusing on keeping yourself motivated may not be what you think. Most of us think of motivation as cheerleading or rallyingrepparttar 103835 troops. That may be true for employees at times, but for business owners self-motivation can be very different.

Here are five ways to keep being motivated for business owners:

1. Take a vacation. When WASrepparttar 103836 last time you took time off? Really took time off – without a cell phone, a laptop or a digital pager? If it’s been more than a year, you need to do it! Taking time to relax and recharge isrepparttar 103837 best thing you can do to keep yourself motivated. Vacations help stave off burn out, and refresh you mentally and physically.

2. Join an association. A trade organization is a fabulous way to get contacts with your peers. You’ll have access to a large pool of people who sharerepparttar 103838 same success and challenges every day. Don’t worry about being exposed torepparttar 103839 competition – you can find people who have similar businesses that are in a different part ofrepparttar 103840 country or who focus on a different area. Most associations have conferences and conventions that are great places to learn about trends and develop your own new ideas.

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