Looking after Your Wealth

We’ve all seen businesses rise and fall. But, why do some businesses implode while others flourish? We’re fascinated to find the different answers to this question which has perplexed entrepreneurs since the onset of commerce. That’s why Robert and I are constantly exploring the critical components and conditions that make entrepreneurs and their businesses succeed.

It turns out that one of the fundamentals to determining success or failure hinges on an often unspoken assumption: entrepreneurs equate business success with their wealth. But, what happens when that isn’t the case? What happens when an entrepreneur’s long-term wealth is hampered by their very own life’s work (i.e. their business)?

In BusinessCast #117 — Family. Business. And, Wealth — Robert and I explore how entrepreneurs can ensure long-term wealth by sitting down with Thomas Deans, author of the widely-acclaimed book: Every Family’s Business. Thomas takes a truly practical — and sometimes controversial — approach to ensure that entrepreneurs can build and sustain the wealth they’ve worked so hard to build…even if that means drastically changing their relationship with the business that’s been in their family for generations. While that might sound sacreligious to many, his disciplined approach and rationale is a wake-up call to every entrepreneur.

Whether you’re managing a family business, selling a family business, investing in a family business or purchasing a family business, you’ll want to listen to Thomas’ insights in this episode of the BusinessCast podcast.

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More Free Business Resources

Robert and I are constantly gathering and sharing useful business resources with BusinessCast podcast listeners. For example, last month, we gave away a Blackberry Bold to an intrepid entrepreneur in our Entrepreneur Be Bold!” contest.

And, we’re always adding to our library of practical business books. In fact, recently, we added several new titles including:

  • Business Lessons from the Edge – Learn How Extreme Athletes Use Intelligent Risk Taking to Succeed in Business
  • Digital Strategies for Powerful Corporate Communications
  • Financial Statements Demystified
  • Click: Ten Truths for Building Extraordinary Relationships
  • Fearless Leadership
  • Winning Sales Letters
  • Every Family’s Business – 12 Common Sense Questions to Protect Your Wealth
  • Turn Small Talk Into Big Deals

To get any of these free resources,  just send a note to robert@BusinessCast.ca.

Later this week, we’ll be posting an interview with Tom Deans, author of Every Family’s Business. Because this book is focused, practical, easy-to-read and truly universal, it’s become  a “BusinessCast Essential” book — that is, a critical resource that we believe all entrepreneurs should spend time with. Tom takes a fascinating, controversial and unique approach to ensure that every entrepreneur — buying or selling a family business — can retain wealth.

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Business by Inspiration – Part One

Every successful entrepreneur eats, breathes and sleeps their business. But, what keeps entrepreneurs constantly growing and striving for greatness? It’s rarely as simple as a desire for money or notoriety. Rather, it’s usually some intangible and perpetual pool of inspiration. When that source of inspiration is coupled with the ability to harness core business disciplines the outcome is, well…inspirational!

When we sat down with Jennifer Beale, public relations and networking professional, for BusinessCast episode #116 we clearly saw the outcome of her inspiration. At the same, her success reveals some  important business lessons that will truly inspire and direct every entrepreneur.

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Success by Association

Over the last several months, Robert and I have been identifying those things that are common to Canada’s most successful entrepreneurs. So, we’ve been spending time where entrepreneurs ‘hang out’ to gather key business insights, exchange ideas with influencers and secure resources. And, it turns out, not surprisingly, that successful entrepreneurs ‘hang out’ with specific business groups.

So, in BusinessCast episode #114, Success by Association, we focused on one of Canada’s most well-known groups — The Toronto Board of Trade(B.O.T.) — that shares our passion for ensuring entrepreneurs’ success.

We sat down with Carol Wilding, President and CEO, to uncover the value that groups like the B.O.T. bring to their entrepreneur members. Carol also shared some great success stories and highlighted how the B.O.T. continues to evolve so that they are always relevant for entrepreneurs.

If you are evaluating what combination of online/offline professional groups will help you succeed, listen to BusinessCast episode #114, Success by Association.

Also check out the following BusinessCast podcast episodes, where Robert and I gather stories from the leaders of some of the most popular Canadian entrepreneur-focused business groups:

Episode #111 – Canadian Association of Women Executives and Entrepreneurs

Episode #104 – LinkedIn Groups

Episode #94 – Canadian Franchise Association

Episode #85 – Canadian Federation of Independent Business

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Overcoming Common Sales Objections

Entrepreneurs know: The sales cycle never stops. And, so it makes sense that entrepreneurs always have to be prepared to face sales objections. Many BusinessCast loyal listeners have asked Robert and me to offer more advice/content on overcoming common sales objections. So that’s exactly what we’ve done.

In BusinessCast podcast episode #113, Robert and I sit down with award-winning sales guru Warren Coughlin. Together, we run through the most common sales scenarios and how you can address them.

So that you can comfortably address sales objections, we’ve also developed some additional guidelines and point to resources that will help you successfully overcome objections prior to, during and after any sales conversation.

Guidelines

1) Keep in-mind there is no “silver bullet” response to any real customer/prospect objection. Addressing real customer objections takes time, patience and commitment to understanding their priorities.

2) Anticipate objections. That means, prepare for ALL of the major objections and the subtle nuances that come with them. Role play with colleagues, friends and relatives. Don’t try to develop an ‘out of the box’ script. Rather, rehearse tackling each objection from several different angles.

3) The more you learn about the prospect/customer before your sales discussion, the more success you are likely to have dealing with objections. This also shows respect for your customer/prospect and helps to demonstrate that you care about helping them succeed.

4) Recognize that regardless of how well you probe, there are simply some objections that you cannot overcome during a particular conversation. That’s okay. Not everyone is going to be a customer in the short-term.

5) How you deal with sales objections sends a very strong message to your customer/prospect. As a result, always be respectful, enthusiastic, courteous, professional and honest.

6) Don’t take any sales objection personally. Objections are not a reflection of you or your product/service.

7) Apply what you learn through the discussion about the objections in subsequent discussions. So, make sure that you always leave the door open to carry on the discussion at an other time. That means promise some kind of follow-up deliverable and meet that deadline.

Resources

Turning Sales Objections Into Opportunities — some good tips and depth of understanding.

Top 10 Lies Customers Tell Sales Reps and Top 5 Dirty Tricks Customers Play on Sales Reps. There are some good tips here. But don’t let the article titles cause you to think of a would-be client as a liar or adversary. If you do, your relationship will be built on mistrust. As soon as that happens, you’ll hate working with them and they’ll feel the same about you.

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Greening Your Business…For Business

Greenyour business?  Why should you? After all, you’re busy dealing with day-to-day business challenges in the middle of a soft economy. Do you really have time to be thinking “green“? What’s the payback? Will it really matter to your top line or to your bottom line?

Well, “greening” your business means a host of different things to different people. So, in BusinessCast Podcast episode #112 – Greening Your Business — we sat down to get a perspective on greening from an entrepreneur who has a strong track record of successfully implementing green practices. Rob Grand, the President of Grass Roots Store has a relevant perspective for all entrepreneurs. For the better part of 15 years, Rob has worked through the various ways that businesses can become more green. In so doing, he’s weeded through the hype and chosen strategies that have seen his business grow its customer base, its revenues, its brand and achieve operational efficiencies.

If you’ve ever wondered about the value of greening your business, listen to BusinessCast Podcast episode #112.

Here are some additional resources to help you to determine if, when and how you should green your business:

  • A carbon footprint calculator that allows you to play out various scenarios regarding the impact of items such as servers, travel, facilities, etc.

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Business by Association

If you’re like most successful entrepreneurs, you’ve found great value in belonging to professional associations. But, what about getting involved in the leadership of an association? What’s involved? What are the benefits? Is it right for you? Is it right for you now?

To answer these questions, in BusinessCast Podcast #111 — Business by Association, Robert and I gather practical insights about this topic from the President of one of Canada’s most prestigious and dynamic associations — the Canadian Association of Women Executives and Entrepreneurs (www.CAWEE.net). As a successful entrepreneur herself, Beth Parker speaks candidly about the realities of leading this forward-looking association.

After listening to Business by Association, you’ll know if/when it makes sense to pursue a role in leading an association — for you and your business. Finally, here are some resources that you can tap into about association leadership/management:

Resource Centre for the American Society of Association Executives/and The Center of Association Management; and

List of Publications by the Canadian Society of Association Executives.

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