Video: Canucks goalie Roberto Luongo hits the reset button

Video: Vancouver Canucks goalie Roberto Luongo hits the reset button.

I love his last comment “the mind is a powerful thing”.  But it not only needs reast at nights it needs downtime for a period before it can come back to high functioning.

In North america we don’t give our employees as much tme off as our counterparts in Europe and that doesn’t always mean that we’re more productive.  I suggest that you take a look at when the last time that you or key members of your team took a proper, relaxing break of a week or more.  If it is over six months ago then I suggest that you set that straight as soon as possible.  Believe it or not, your results will thank you.

BTW it’s Easter next week……

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7 Tips for Developing a Great Business | Business Blogs

7 Tips for Developing a Great Business | Business Blogs.

If you don’t even read this article any further then check out point number one and make a note of how much time you are spending in each area and how much time you would ideally LIKE to spend in each area.

Point number 3 is a clue to how you might bridge that gap.

How to Network Well: It’s Not All About You – Global Business Hub – Boston.com

I find it somewhat astounding that these articles are still required.  I understand that there is a fresh draft of newbies to networking each week but shouldn’t we old-timers be setting a better example. This is not new news. Come on people, step up, listen, add value, givers-gain and all that.

STFU and listen and try to help people.  Karma’s a powerful thing in business.

How to Network Well: It’s Not All About You – Global Business Hub – Boston.com.

Know how you’ll get out before you get in

Businesses, like an underfilled swimming pool, are easy to get into but pretty tough to get out of (nicely) unless you have a plan.  Good analogy?  Maybe not but let’s move on.

Any decent investment advisor will tell you to know when you plan to get out of your investment before you buy it.  A business is the biggest investment that most of us make, in terms of time and energy if not cash but so few business owners give it a thought.  I was coaching a three man partnership last week and, despite the fact that the ink is not yet dry on the purchase agreements, we have already identified that they have no idea how they will exit.  This isn’t too bad, they are all in their early fifties so have a number of years to work it out (and work it through) but I wish that I had been party to the negotiations.  I’ll bet that I would have saved them some heartache and probably a lot of money in the future.

For example if one partner is planning to pass his share along to his son (for a price one assumes) but another had his eye on grooming the business to be acquired by a competitor, don’t you think that there are going to be some raised voices in that boardroom in the coming years?  Both strategies are feasible, both are possibly lucrative but demand massively different tactics to deliver them between now and then, starting tomorrow.  We haven’t even covered off what partner 3 may have in mind.

So if you already own a business then your task is to work out as soon as you can how you’ll get out and work towards that end.  If you don’t yet have a business then great, start the business with the end in mind and grow your business accordingly.

My plan for instance is not to grow a business per-se but to use the cashflow from my role as a coach to purchase cash generating assets that will, over time, replace my income to leave me free to wind down the coaching to a level of desire rather than require.  I won’t be generating lists to sell to someone as an asset (because I think that is a) wrong and b) a poor ROI on my time).  I may change my plan over time but for now that’s what I’m working towards.  I’m clear on that goal and I’m working towards it.  If I wanted to create a coaching practice with several coaches working for me then what I’d do tomorrow would be dramatically different to my current plans for tomorrow.

How clear is your plan and what is your exit strategy?   Do you have one really or was that a task for next year?  Don’t let it be, start now.  The difference could not only be hundreds of thousands of dollars in your retirement/investment account but also a crippling amount of stress and anxiety that you could avoid.

For a full discussion of your business’ exit strategy, what it is, what it could be and what you need to start to do differently feel free to contact me at rwhiting@focalpointcoaching.com.

Not poverty, but not retired either | Family Finance | Personal Finance | Financial Post

Not poverty, but not retired either | Family Finance | Personal Finance | Financial Post.

This is the story of two employees but many business owners are no better off.  The difference between a survivable retirement and a decent one could be the extra $100,000  or so that a well planned exit from your business has the potential to generate.  Depending on your business and how long you have the uplift in your lifestyle can be dramatic.  The sooner that you start to talk to your team of advisors the better.  At the very least, if you haven’t done so already and you don’t have a clear plan that you are all working on then you MUST talk to a tax and estate planner tomorrow.  You’ll do better still if you involve a business coach and an investment advisor in that mix and top it all off with a lawyer to help you prepare for the sale.

Sounding onerous?  Sure but it won’t be as big a drag as thirty more years of unoptimized income and the risk of regretting your decisions. Act now, surround yourself with top quality advisors and you may yet have the retirement that you always dreamed of.

Trying To Replicate Other People’s Success Isn’t Worth It | Share on LinkedIn

Trying To Replicate Other People’s Success Isn’t Worth It | Share on LinkedIn.

This is not to say that one can’t take a lot from the lessons learned by others but it does (correctly IMHO) make a good case for not following too closely in someone’s footsteps.  There are simply too many nuances to any success story to render a total repetition impossible.  You can never repeat a success, only emulate it your way or draw inspiration from it.

So don’t look too hard at other people, merely register the fact that they have succeeded and take that as evidence that you can too.  How you succeed can be totally different to them and indeed, probably should be.

And what is very often understated in the media is the degree to which famous success stories rely on a legion of anonymous people to do the work.  We look at the big names and are fed the line that they did it themselves.  They will tell you that nothing can be further from the truth.  So don’t try and go it alone.  If you look over your shoulder and no-one is following you, use that as feedback and adjust something.

Staying Healthy as an Entrepreneur | Small Business BC

Staying Healthy as an Entrepreneur | Small Business BC.

I found this interesting.  For me it is a great reminder.  I think that it is a pre-requisite for success.  Although I am sure that there are exceptions to this rule I don’t want to be an exception to it.  Do you?