The life blood of what we do as human beings and the glue that keeps us all together as a society whether at a local, regional, national or indeed international level is the ability to communicate with one another.  Many times that communication breaks down and many times this leads to negative consequences.  All entrepreneurs are familiar with a Business Plan and a Sales and Marketing Plan but not everyone has heard of a Communication plan.  So what is a Communication plan?

A Communication plan is an attempt to standardize the message that goes out from the business to its customers.  It complements and dovetails with a Business Plan and Sales and Marketing Plan.  In some instances there can be an overlap but essentially it includes all written, spoken and electronic communications.
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Everyone is familiar with the Christmas song, The 12 Days of Christmas.  Without going into every verse of the song, the carol works forward with the first day of Christmas being a partridge in a pear tree, the second day of Christmas two turtle doves and so on.  The song is full of optimism and hope that the giver and receivers of the gifts will be thankful for life, the opportunity to share and hope for the future.

From researching the origins of the song, I came across something interesting.   One of the articles I read suggests the 12 days of Christmas is not about the 12 days prior to Christmas but in fact, the 12 days from Christmas until the beginning of Epiphany which begins on January 06.  When I thought further about this, it naturally combined with another favorite thing we do during the Holiday Season and that is to make New Year’s Resolutions.
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One of the hardest aspects of being an entrepreneur is staying on top of some things you may not like to do because you either don’t enjoy them or simply aren’t good at them…or both.  Doing math back in school just wasn’t fun for me.  I enjoyed almost every other subject except anything to do with numbers as there seemed too many rules and exceptions to remember.

Most entrepreneurs do not enjoy numbers.  They are happy to delegate the task of debits and credits or journal entries or double entry book-keeping to someone who enjoys it.  Define your core competencies and what you do well and then delegate to other people who have the right skill set and aptitude to do the things they do well.  In simple business terms it is called ‘outsourcing.’
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Owning, running, buying or selling a business is a major step for all entrepreneurs.  It comes with obvious financial risk which everyone understands and is one of the key focus and responsibilities all business owners.  It also prevents many would-be-entrepreneurs from starting their journey to own and operate their own business.  However, an element not all business owners understand or acknowledge is that the business ownership comes with many emotional risks that play just as an important role as the money itself.

Emotional risks constantly challenge all business owners.  The obvious one is success or failure.  For most entrepreneurs, once they come to terms with the financial risk, they must come to terms with the fact there is a possibility the business will fail.  The fear of failure links with the real concern about what to say to family and friends.
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In most business transactions it is standard to include a Covenant Not To Compete. The logic is simple. The current owner of the business decides they want to sell and a buyer wishes to buy the business. As one of the conditions of buying the business, the buyer stipulates that the seller cannot open the same type of business that the seller currently operates as the buyer is concerned the existing customers will want to do business with the seller rather than transfer their loyalty to the buyer.

When used as a part of a change of ownership on a business between a buyer and a seller, the seller agrees not to engage in the same business or a similar business in a particular area for a period of time. Both these items form part of the negotiations. Generally the buyer wants the geographic area to be as large as possible while the seller as small as possible. Additionally, the buyer wants the time period to be as long as possible while the seller wants it to be as short as possible. Obviously, if the seller is retiring and no longer wishes to be active in a business, the time and geographic area may be of little concern and so they are willing to accept whatever the buyer wants.
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Successfully selling a business requires a lot of preparation, attention to detail and organization. Most sellers badly underestimate both what they need to do and what to do if a qualified buyer comes along. A good rule of thumb is that it takes about ten buyer inquiries to reach a potential buyer who has the qualification to buy the business. There is not a shortage of buyers; there is a shortage of buyers who have the right industry and management, a downpayment and good credit score and the most important ingredient of all, the motivation to move through the process to buy a business. So if you find the right buyer, you need to have you’re “A” game ready.

Here are 5 tips to help you prepare and be ready.

1. Assuming you know what the buyer wants.

Buying a business is a unique experience; every transaction is unique. If you meet a buyer with the right qualifications and assume you understand their needs, wants and motivations it is a bad practice as a smart buyer will not reveal their true motivations.
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There are many things you need to do when planning to sell your business.  Because there are so many things to do it is easy to make mistakes.  There are also things to avoid and here’s 5 things to avoid so you successfully sell your business.

1. Talking when you shouldn’t.
This may sound obvious but when you sell a business it’s more important to listen and ask questions than continually talk to try and “sell” the business. Often there is more information in hearing the type of questions being or not being asked and the follow up comments. If you are the only one talking that means there is little interest or other negative perceptions that need to be removed so the buyer is comfortable moving forward.
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Owning and operating a business always comes with many challenges. For different reasons the current recession seems “the worst we’ve ever experienced.”  Whether that’s true or not, this particular recession is marked by how low the economy has gone, high rates of unemployment, but I think worst of all, how it’s taken so much longer than normal to work its way through the economic system.

Perhaps it’s a good time to remember that things don’t always flow smoothly and that bouncing back “to get on with it” is part of an entrepreneur’s tool kit of things to do. Here are some things to consider that will put a little spring back into your step.
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Everyone hates to fail. Everyone hates to fail at anything. Sometimes it is difficult to find out if and when you are failing. It’s like falling over when you trip. Often you don’t even know you have tripped and fallen until you hit the ground. Owning and running a failing business can be the same. However, the process can be slower and more painful and possibly avoidable. If your business is struggling but you’re not sure how to tell if it is failing, bluntly and honestly answer the following six questions.

1. Do you have cash flow problems?
A quick look at the bank statements for the last few months will show the opening balance and closing balance. If the opening balance is higher than the closing balance for each of the last three months then you may have a problem. If the business doesn’t carry Accounts Receivables you do. If the business does carry Accounts Receivables and they are growing, your business has now become a bank for your customers and you now need to quickly manage this problem. If the Accounts Receivables are increasing quickly then you have an urgent problem that needs action now.
The other test is more frequent questions from your internal accounting person saying suppliers are calling for payment but we do not have sufficient funds to pay the Accounts Payable.
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Do thoughts of selling your business ever cross your mind? As a business owner you certainly know that the day will come when you will walk away from your company’s operations. Selling your business will likely be one of the biggest decisions of your business life.

No doubt you have a good idea of what your business is worth. But there are many factors to consider when putting your company on the market. Is now the best time to sell? Should I look for a cash deal or should I consider certain terms? What about confidentiality? 

Working with a professional business intermediary will provide the expertise to help you make those decisions. Consider teaming with a Certified Business Intermediary (CBI), a professional who fully understands what it takes to successfully sell a business. A CBI can bring significant value to the complex process and help you complete a sale that will include the best possible value and some peace of mind. 
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The baby boomer generation spans many years creating a unique situation in the business world. Aging boomers are looking toward retirement, while many younger boomers find they’re ready to be their own boss. For those younger boomers, and others looking to be a business owner, buying an existing business is a great option; especially as a means to grow your existing business.

But be aware that buying a business is a timely process. Some buyers never find the right opportunity, while others spend too much time exploring too many options.

• Consider a step-by-step approach to get you where you want to be owning your own business.
• Ask yourself some important questions – Why do I want to be an owner? What types of activities do I like? What lifestyle is important for me? You’ll also want to be sure to include your family as part of the assessment.

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If you are thinking of selling your business, its critical to prepare your business for sale. It will likely be the biggest financial deal you’ll ever make, so it’s vitally important to be sure you are properly prepared when selling your business. Taking the proper steps to get your business ready for sale can significantly improve the likelihood of a successful sale.

For many business owners, the prospect of selling the business after years of pouring every effort into growing the company can be emotional and difficult. That’s a major reason why it pays to structure a plan to prepare for the sale. Remember, it’s crucial to use the same care and patience that is used to grow and sustain a business.
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As a business owner, and part of the baby boomer generation, you’ve seen your share of ups and downs in the business world. The time is coming to step back and take life in a different direction. You’ve decided it’s time to seriously consider selling your business. Where do you turn? 

Many business owners in similar circumstances look first to their accountant or their business attorney, people they’ve worked with and have developed a relationship with. But the fact of the matter is they aren’t experienced in selling a business, just as you probably would not ask them to sell your home for you (which is much easier). No doubt, you’ll consult with them as you prepare to sell your business. But an initial step should be to enlist the help of a professional business broker or intermediary. 
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Are you looking for tips for a successful business loan? Money tends to rate high up on the list of needs for people planning on starting or moving into business ownership. Here’s 7 tips if you need financing for your business.

1. Clearly identify how much you have available.
The best place to start is yourself. If you have some capital available to invest in a business this is a great start as other parties you approach will take you more seriously. They will take you more seriously as they want to see that you have “skin in the game.” Once your position is clear, family and friends are the next to approach. If you say they have money make sure it truly is available. There is nothing more frustrating than approaching professional lenders with your well thought out business plan showing a clear financial plan that includes a partial capital injection from family and or friends. The lender then approves their loan subject to the other parties contributing but then everyone finds out the family and or friends have changed their mind and all the planning by all parties has been a waste of time.
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Is it time to reject the recession and grow your business? Many economists are predicting that with GM filing for bankruptcy on June 01, 2009 that the economy has hit bottom and will start to improve. With this being the longest recession since the Great Depression and many “green shoots” in the economy starting to appear, it’s now time to prepare for future growth and not sit back and wait for it to happen. Besides, if you don’t do these things now when will you have time?

So here are eleven tips to be ready for growth:
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