Good record-keeping will help the sale of your business

Written by Praneetha Aniruth on . Posted in Business

When you are considering selling your business make sure you have all your systems and processes in place, documented and up-to-date.

There are people around who can help with preparing this documentation.

Most advice around selling a business focuses on the financial side of the sale although they might recommend you have an operations manual.

However they may not specify the need for a sound classification system for filing electronic documents.  Yet this is a critical part of the preparation for sale.  If the new owner can’t find the key business documents you have left behind in the business, then it will be very frustrating for him or her to effectively run the business.

A new owner won’t thank you if s/he has to keep phoning or emailing you to ask where to find the information needed – right now. Nor will you enjoy having to keep thinking back to what you did and where you stored your business information.

If you have a well thought out system for organising your business records that you have used properly, you will be able to delete or move whole folders instead of having to locate and deal with individual documents.

Preparing to sell your business is also an opportunity for you to clear out any personal documents that have got caught up in the business files.

So there are benefits to both seller and buyer to having a good filing structure for your business.  If you don’t have a good system already, then my eWorkbook is a very cost-effective way to set one up quickly ready for the sale of your business.  You can be sure you’ll get a much better price if your business information is well organised.

Top Ten Tips for a successful negotiation

Written by Praneetha Aniruth on . Posted in Business

1.You need to have a good understanding of your own requirements. This is easier said than done. It requires clear communication within the various teams, groups or divisions of the business to ensure all the various requirements are understood and represented at the negotiating table so that decisions can be taken accordingly.

2.You need to develop an understanding and be clear about what results you want out of the negotiation. Distinguish them in what would be nice to have and what is a must have. This must then be further developed by adopting a best and a minimum position.

3.You will need to be clear about what, from your own position, is negotiable and what it is not. You will also need to have clear escalation procedures for those points where it may be difficult to find a compromise.

4.You will need to be clear about the risks you may be assuming and find a mutually agreed fair allocation of risks and shared responsibility especially in critical provisions such as the limitation of liability. If you seek to limit your liability to a particular sum of money, you must consider: (i) the resources available to allow you to meet that liability; (ii) the extent to which insurance cover is available; (iii) if the insurance is limited on an aggregate rather than a per-claims basis, or (iv) if other claims outside the scope of the insurance might potentially arise under the contract.

5.You will need to be able to look at the same problem from different points of view. From your own, your supplier you customer and be able to find an acceptable solution. However, be careful, at the end of the day you need to protect yourself. Understanding the other party’s argument does not mean necessarily agreeing with them.

6.Make sure you understand the cultural differences (if any) and also ensure that any arguments are not made personal to the negotiating team.

7.Ensure that you try to understand the reason why the other party is making the comments they make and the impact they may have on other parts of the contract or indeed on other contracts. Before deciding on a particular upper limit on liability, you should therefore discuss with your insurers the type of loss in respect of which it may be possible to obtain insurance, and the level of such cover. Your resources will also be relevant in determining an appropriate upper limit, although in practice few companies, however large their resources, will wish to accept potential liability for losses which are not covered by insurance.

8.Do not discount and prevent ideas that were not viable in prior contracting situations

9.Have a clear timetable and stick to it.

10.Ensure that the goal for all the contracting parties is the same and always clear: do business together.

Business success is putting people before profit

Written by Praneetha Aniruth on . Posted in Business

For small business owners to succeed there is a cultural requirement to be altruistic, and the difference between success and failure is based on whether you are interested in helping yourself, or helping others.

People before profit is not a philosophy, it’s an expectation that the public have. For some business owners this is a difficult concept because they want to make money. The irony is that putting people first can actually be profitable.

A business can move to putting people before profit by creating a mission, or a singular business philosophy, based on the key benefit of whatever service or product you sell.

You are in business to solve people’s problems and to give them what they want. In exchange they give you money. In other words, ask yourself how your business helps people, and then seek to achieve that solution in every transaction.

For example, if you sell ice-cream the purpose of your business is to make people happy. If you sell accounting services, the purpose of your business is to provide people with the information they need to make sound decisions.

If a customer is unhappy for whatever reason, give them their money back – no argument.You would think it’s a no-brainer, but so many business owners resist the idea because they see it as a loss or, ironically, as an unfair exchange in value, which misses the point.

Business focussed on delivering the benefit you promise, not the bottom line, will end up with a healthy bottom line regardless.

How to Say What You Really Mean In Business Networking

Written by Praneetha Aniruth on . Posted in Business

As a team leader, it’s important to make sure that your entire team knows what the company goals are and how you mean to accomplish them. In making sure that you communicate in clear ways, you can avoid those misunderstandings down the road that can slow your progress down.

Be ‘smart’ about setting goals so everyone involved in your networking efforts can understand the process clear as a bell.

Your intentions need to be specific, measurable, attainable, realistic, and timely. For example, if you have a sales goal for the month, choose what product needs to hit what sales volume, make sure it’s realistically achievable in a realistic time frame, and have the tools in mind of how you are going to reach this goal. If you make ‘smart’ goals, they can be much more easily accomplished without confusion.

Business networking means communicating clearly and sounding self assured.
One of the best business networking tips that you can incorporate into your language and team word choices is this: business networking tips.

Since communication is vital to the success of any business, it’s important to make sure that you say what you really wish to project, and setting goals helps to make this happen more easily.

6 Basic’s to Rethink Marketing

Written by Praneetha Aniruth on . Posted in Business

1. Certainty.

Certainty happens with trust ,trust of a friend explaining their experience, or trust with the brand because they’ve experienced it firsthand. Certainty – or consistency , is one of the hardest needs to fulfill for brands, especially if you’re selling service where interactions can be unpredictable.

2. Variety.

For marketing, it’s no secret that the customer journey has been turned upside down, in that there isn’t one sales pipeline or channel that works alone anymore. Today, every story should be told within the context of where it’s delivered  social, mobile, SMS text messaging  because consumers are using every one of these channels.

3. Significance.
When brands find ways to personalize their stories to a 1:1 level, it gives their audience the significance they crave. It’s achieved by listening, acknowledging, and reflecting it back to the originator in a way that makes them feel special and important.

4. Connection

This basic need is the primary reason why social exploded and will never go away.The reason we join them is to belong to something we all believe in with a common purpose. People need to feel connected  to themselves, their families, their community, their country, their planet, their Universe  and for brands, it goes without saying that if you can’t connect with your audience, you need to identify the problem and approach it differently.

5. Growth.

Every human being has a need to grow – mentally, cerebrally, psychologically, ethically – in other words, we were built to never stop learning. As marketers, part of our role is to help others become successful through teaching and learning.

6. Contribution.

Everyone needs to feel like what they’re doing is making a difference.In social, it’s called “engagement”,when you’re engaged, you increase your chances to make connection with others sharing common interests. As a brand, you can tap into this basic need by making your customers feel like they’re making a difference in the success of your mission.