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Why some people fail where others succeed?

Why some people fail where others succeed?

Success comes easily to some people. For others, it seems like no matter how much effort you put in something gets in the way or goes wrong. Trying harder makes no difference.

Many people believe that to have success in business and life is synonymous, inherent or earned. So people define success is wrong. How hard are you willing to work if you believe that success is earned?

You need to set realistic goals, making worthwhile plans, having great interpersonal relationships, having confidence and self-belief. You will create the habit of lifelong learning and continuous improvement. Have you discovered what your personal values are?

Success happens not by chance, but because you were given a chance and took advantage of it.
Kevin Geary

Everyone wants to succeed, but few people take the time to study success. Similarly, everyone dislikes failure, but few people invest the time and energy necessary to learn from their mistakes.

We are often to busy, yet those who wants to improve their chances of success can ill afford to disregard the issue of why; despite seemingly equal levels of intelligence and education, some people succeed where others fail.

Don’t believe that that opportunity provides a possibility of success, a probability of success.

How hard are you willing to work if you believe the opportunity you were born with is a probability?

Success doesn’t always come from hard work. Many people are under the false impression that ”Work is Wrong”. Many business people claim that one aspect of work is physical labour.

So what motivates you? Are you living on purpose? What is your intent?

Generate optimism, how can you fulfil it? What are you afraid of? How much money do you need to be happy? What is important to you?

Whilst there is a minority of people who actually choose to fail, the majority that fail simply make poor choices or have a poor outlook. People defeat themselves.

“Striving for success without hard work is like trying to harvest where you haven’t planted” David Bly

How to overcome failure?

Failure is inevitable if we are to succeed in life. Unfortunately, many people do not know how to overcome failure. The ability to overcome failure is one big difference between successful and mediocre people. After all, we should pass failure on the way to success, so it is the ability to pass it that makes the difference between those who eventually reach success and those who don’t.

So, knowing that overcoming failure is essential, what should we do? Here are some tips to help you overcome failure:

Understand that failure is there to bring you wisdom
Don’t give up; maybe you are only one step away from success
Keep dreaming big dreams

You’re looking for a business mentor and executive coach. But, you want someone who’s actually been there and done it.

Mentum made millions of dollars in business for clients, so they can show you how to do it.

Well, you’ve come to the right place. As a mentor I work with you in a totally supportive way. I focus on your agenda, discuss your business with you, ask you questions to widen your understanding, listen to you, provide feedback to you, bring a different perspective, help you sort out the many and complex issues of running a business, share their knowledge and experience with you and support, motivate and inspire you.

Please visit my website www.mentum.com.au to arrange a free consultation. What do you have to lose? Call me or email me as my appointments are filling up quickly or take free test http://www.mentum.com.au/questionnaire.html

Robert Knapp

0413529528 or Robert.knapp@mentum.com.au

Business mentoring and coaching newsletter – Jan 2010

Business mentoring and coaching newsletter – Jan 2010

A very Happy New Year to you all. January is the time we are bombarded with “practical” and “innovative” ways – through the web or other means of communication – to improve our business and performance.

We’re told there are ways we can do it just by purchasing a book for $39.95 or getting in touch with some whiz bang company who – if you employ them – will tell you the secret to success.

The secret to success is there is no secret – Randy Gage

We have been conditioned that on the first day of January we should set goals for the year. And once we clarify those goals they will all come true by December 31st.
The truth is, to achieve your goals you first need to do some work that nobody considers part of the achievement.

1. You need to create a plan

Adapt to your new reality. The last year’s recession forced changes upon everybody. The crises in the Automotive and Financial Services industries have attracted a huge amount of attention. But every industry is being affected. Adapt your way of doing business. Making the right changes now will make you stronger coming out of the recession.

2. Work your plan

With all the new knowledge and emotion you’ll experience, at times you might doubt whether reaching your goals is possible. Create plans, ways to keep you on track to achieve your end result. You’ll need a written plan, spe¬cific steps and most importantly, deadlines.

3. Motivate yourself and people around you

Go back to basics and look at your core business. What is essential? With the right marketing support you will create an immediate and enduring competitive advantage, even in a difficult environment.

4. Focus on your specific market niche

The narrower your focus, the easier time you’ll have establishing your expertise in the minds of your prospective clients! Determine who your ideal clients are. Then target them with every single communication and action you take to promote your services.

5. Find a mentor

To achieve the type of success that you want seek out a mentor who has achieved the same type of success. If they have courses or material on the subject mat¬ter, invest in the knowledge, become a student and never stop learning.
You might think successful people are too busy to simply stop what they’re doing and talk to you. However, I have found that if you’re persistent, show great enthusiasm and continually follow through, people are more than happy to share their million dollar secrets with you.

6. Create an unique, powerful brand for your business

Set yourself apart from the pack. Show the results you’ve achieved for your clients so that your prospects can see that you can do the same for them! Testimonials and other specifics really help enhance your credibility. Make sure your clients know that ONLY YOU can offer what they need. And if you’re not sure that’s true, find a way to make it the case!

The difference between successful people and those that give up, is that successful people don’t let failure turn in to road blocks.

Successful people learn from their failures, make changes in their strategy if they need to, and keep moving forward.

Do you know the definition of insanity? “Doing the same thing over and over and expecting different results.” While the definition of success is that, “There is no failure, only results“.

Inspire your customers

Along with innovation, optimism has been a key ingredient in inspiring consumers and building great brands through the last ten recessions. Never underestimate the power of optimistic marketing to bolster people’s mood and drive sales at the same time.

Keep your eye on the future

What we are living through today may be an once-in-a-lifetime economic downturn. It’s a time when tough, short-term decisions may need to be made. But always keep one eye on the future. Use your marketing communications to promote key brands and, wherever possible, communicate optimism about the future.

Look to solve problems

Nurture and promote creativity. Keep your focus on your customers and your clients and maintain a frequent dialogue with both.

“Hi Robert, Its amazing…for a year that was supposed to be in crisis. With the GFC and the likes, I think we seem to have survived and reached some exceptional results. Of course this has everything to do with you, and we’d would like to take this opportunity to thank you for your support this year. We also would like to wish you the very best Christmas and a prosperous New Year, with the best of health, some rest and continue business success.
Yours faithfully J.L. CEO and “The Netseek Team”.

Be adaptable

Adaptability is the ability to flourish and sustain high performance. Adaptability can be improved through conscious effort and creating a partnership with your mentor based on mutual trust and respect. Both of you need to be comfortable enough within the relationship to be challenged and extended. This can form an unbeatable combination of enthusiasm, energy and innovation.

A quick message from our sponsor ie me

Would you spare 30 minutes if you knew it could be the beginning of an amazing turnaround in your business or personal life? In my half hour free initial consultations, I sit down with you and discuss your most pressing problems. I’ll give you clarity on how to get back on track and achieve you highest potential. It’s a taste of what to expect from me as your mentor.

And should you decide you would like me working as your mentor and coach I 100% guarantee to help you achieve your goals. If for any reason you’re not satisfied with your progress or results, I refund your money in full (a few conditions do apply).

So the only question you really need to ask yourself is, “What do I have to lose?”

Until next time, I wish you success,
Robert Knapp AIIM
Principal Mentum Pty Ltd

Exit Strategy Plan

Exit Strategy Plan

An Exit Plan is one of the most important tools you should have in your business. It’s a plan that considers your future desires and ensures that you remain focused on achieving those goals whilst removing you from the business. A good Exit Plan enables a smooth transition with less likelihood of disruption to the operation. By planning your exit well in advance you can maximise the value of your business and enable it to meet your future needs. Make sure your plan is attainable – set a realistic timetable and measurable milestones along the way and stick to them.

Why Exit Planning is Important

Any business advisor who wants to play a meaningful role in the orderly transition and subsequent management of this wealth must be versed in the field of exit planning. Business owners who want to exit their businesses during the next 20 years face increasing competition for quality buyers. The increase of the supply of available businesses and the relatively fixed number of qualified buyers limit an owner’s exit options.

The only effective way to deal with these facts is to develop a strategic exit plan ensuring that the business owner builds value and seizes opportunities that present themselves.

Without a good sense of the value of a business, all other exit planning decisions are flawed.

Our market-based business valuation process provides owners and their advisors with an accurate sense of the highest price they can expect to receive for their business, the optimal financial structure for a sale, and how much seller financing (if any) is required to make the transaction work. Remember, money in the wallet is no longer money in the business. If you’re in a business that must invest to grow, taking out too much money can hurt you down the road.

Also, if you have other investors, taking too much can upset them. Imagine their surprise when investors in a small business I once worked for received the company’s internal loan repayment spreadsheet, showing that the business owner was pulling out bucks by paying his family exorbitant interest on loans while investor loans were repaid at rock-bottom rates over as long a time period as possible.
In addition to my services we have secured an initiative:

R&D Tax Credit (AusIndustry)

Mentum mentoring service is covered by the new R&D Tax Credit; is a broad based and market driven incentive package. The two core components of the package are:
* a 45 % per cent refundable tax credit (the equivalent to a 150 % concession) for companies and individuals at less than 20 million per annum turnover.
* a 40% standard tax credit (the equivalent of a 133 %t deduction.
Information on the Government Innovation Agenda, Powering Ideas -An Innovative Agenda for the 21st Century, is available at the department’s web site:
www.innovation.gov.au. Support Line: 1800 77 7275.

Adaptability is the ability to flourish and sustain high performance. Adaptability can be improved through conscious effort and working with creating a partnership with your mentor based on mutual trust and respect in which both people realise they are comfortable enough within the relationship to be challenged and extended.

This can form an unbeatable combination; a combination of enthusiasm, energy and innovation.

In just 30 minutes discussing with me your most pressing problems, (free of charge) you will have clarity on how to get back on track. What kind of difference will it take to achieve you highest potential. I offer a money back guarantee to help you make every day more productive and more profitable.

New research and statistics for Australian Business owners

New research and statistics for Australian Business owners

I am constantly doing research to find ways to get even better performance out of my clients to help them achieve their goals. Recently I attended the 2009 Maus Business Systems Accredited Partners annual conference where we saw new products and research material to improve business efficiency.

I have been working with Peter Hickey (CEO) since 1998 and through local and international affiliations I am using materials that have been developed to help successfully integrate services and effectively implement systems and programs developed based on years of research.

Australian business owner statistics

  • 1.26m There are 1.26 million Businesses in Australia (Non ag business)
  • 60% Are categorised as family businesses
  • 64% SME Owners have their house on the line >

(PWC Private Business Barometer – 09 of 756 enterprises interviewed for the addition of the barometer 63.2%recorded an annual turnover ranging from A$10 million – A$50 million. Average turnover enterprises interviewed was A$49 million)

Business owners concern

Not meeting Targets 71.3% poor execution plan Good Economy

Business Planning – linked to success

  • 37-40% Have no formal business plan
  • 56% Owners develop business plan for credit application
  • Success Owners relate relationship between plan and success

Top 5 issues

  • Profit
  • Conflict
  • Compliances
  • Business Management
  • Succession

(KPMG and Family Business Australia of Family Businesses Needs 2007)

Aging Business Owners

  • 500,000 Business owner over the age of 50
  • $1.6 trillion SME Owners have their house on the line
  • 76% Indicated they would consider selling their business if asked
  • 55% Of all exits are due to Death, disability, bankruptcy, receivership or cessation

A CEPA Certified Exit Strategy Plan

An Exit Plan is one of the most important tools you should have in your business. It’s a plan that considers your future desires and ensures that you remain focused on achieving those goals whilst removing you from the business.

A good Exit Plan enables a smooth transition with less likelihood of disruption to the operation. By planning your exit well in advance you can maximise the value of your business and enable it to meet your future needs. Make sure your plan is attainable – set a realistic timetable and measurable milestones along the way and stick to them.
In addition to my exit strategy services we have secured an initiative called:

R&D Tax Credit (AusIndustry)

Mentum mentoring service is covered by the new R&D Tax Credit; is a broad based and market driven incentive package. The two core components of the package are a:

  • 45 % per cent refundable tax credit (the equivalent to a 150 % concession) for companies and individuals at less than 20 million per annum turnover
  • 40% standard tax credit (the equivalent of a 133 %t deduction.

Information on the Government Innovation Agenda, Powering Ideas – An Innovative Agenda for the 21st Century, is available at the department’s web site: www.innovation.gov.au. Support Line: 1800 77 7275.

Is your business adaptable?

Adaptability is the ability to flourish and sustain high performance. It can be improved through conscious effort and creating a partnership with your mentor based on mutual trust and respect. Both people must realise they are comfortable enough within the relationship to be challenged and extended. This can form an unbeatable combination; a combination of enthusiasm, energy and innovation.

In just 30 minutes discussing your most pressing problems, (free of charge) I can give you clarity on how to get your business back on track. Remember, I offer a money back guarantee to help you make every day more productive and more profitable.

Top tips for recession-proofing your business

Top tips for recession-proofing your business

On October 4th I was asked to speak at the 33rd Annual ASAPS conference on dealing with the Global Financial Crises, the effects if it continues and when it ends the influx of patients wanting services.
ASAPS is a combined New Zealand and Australian Specialist Plastic Surgery Society whose primary function is the promotion of excellence in Aesthetic (Cosmetic) Plastic Surgery and Dermal Therapist.

The primary objectives of ASAPS were:

  • Education in Aesthetic Plastic Surgery including ongoing education of its members
  • Provision of specialist training experience in Cosmetic Surgery for Plastic Surgery trainees
  • To promote Research in Aesthetic Cosmetic Plastic Surgery
  • To promote and maintain the highest principles of Aesthetic Plastic Surgical practice and ethics
    The title of my presentation was The Business Facelift and the content would be relevant to all businesses in the present financial climate..
    What is really happening is an emergence from a catastrophic tsunami which has wiped out the wealth of many individuals, closed down businesses, put people out of work and created social disruption. In addition, it has impacted heavily on the public purse causing governments to take on enormous debt and place bets on untested strategies.
    There are now signs that governments are becoming alarmed at their own adventurousness.
    Everyone has to move forward in this uncertain world, but in a climate where confidence is gradually returning despite the ongoing aftershocks that will inevitably visit us. It is a time for prudent caution coupled with a degree of optimism that the worst is over.
    While there is no silver bullet to recession-proof your business, there are some things you can do to manage the business through the difficult times and position it for future growth.

5 Steps to recession-proofing your business

1. Do a financial health check of your business

2. Improve your cash flow

Typically in an economic downturn, the most significant problem faced by many businesses is poor cash flow. Ideas to improve your cash flow include the following:

  • convert your outstanding debt into cash
  • prepare regular cash flow forecasts
  • skew promotions to products and services that can be turned into cash quickly
  • measure and reward the behavior of your staff that improves cash flow
  • make full use of your terms of trade
  • don’t let personal drawings from the business get out of hand
  • reduce stock levels
  • replace slow-moving and obsolete stock with stock that has a faster turnover
  • sell unnecessary assets
  • seek finance from external source.

3. Improve or return your business to profitability

4. Do a SWOT analysis

In a downturn, you should adopt a risk management mindset and take stock of your business more broadly. You should therefore:

  • conduct research to find out how your customers and competitors are responding to the current economic environment
  • not starve your business of essential investment
  • review your business operations and look for improvements

5. Create a Business Plan

The business plan is the blueprint for your business. You wouldn’t walk over to an empty lot and just start nailing boards together if you wanted to build a house. Starting a business without a business plan is just as foolish.

Yet unlike a house, a business isn’t static. We often make the mistake of thinking of a business plan as a single, static document that you just put together when you’re first starting out and then set aside.
In actuality, the business plan for any business will change over time as the business develops, and any particular business may have multiple business plans as its objectives change.
Here are good reasons why you should write a business plan:
a) To test the feasibility of your business idea.
Writing a business plan is the best way to test whether or not an idea for starting a business is feasible, other than going out and doing it. In this sense, the business plan is your safety net; writing a business plan can save you a great deal of time and money if working through the business plan reveals that your business idea is untenable. Often, an idea for starting a business is discarded at the marketing analysis or competitive analysis stage, freeing you to move on to a new (and better) idea.
b) To give your new business the best possible chance of success.
Writing a business plan will ensure that you pay attention to both the broad operational and financial objectives of your new business and the details, such as budgeting and market planning. Taking the time to work through the process of writing a business plan will make for a smoother startup period and fewer unforeseen problems as your business becomes established.
c) To attract investors if necessary
Make a marketing plan!
With less money being available, it is important that your marketing plan helps you to achieve key objectives to get you through the downturn, particularly improving your cash position and profitability

6. Find a Business Mentor you Click With

Ask questions to help you determine whether a Business Mentor executive coach has the expertise you need.

7. Look for New Opportunities.

Sometimes, problems or challenges aren’t the cause of burnout; it’s the lack of them. Recapture the thrill you experienced when starting your business by considering expanding or enhancing your products and service lines. Make sure you plan staffing and resources to support any new venture, however, so you don’t unnecessarily add to your workload.

8. Multiply your referrals – without looking or feeling like a salesman

While most specialists (in group or solo practices) rely heavily upon professional referrals, few doctors have any kind of ongoing strategy to build their relationships in order to win their fair share of doctor referrals. That’s a shame, because in the real world doing good work is essential – but simply not enough.
What’s worse, for most practitioners, 80% of referrals come from a handful of referring doctors. If one key referral source was to move, die, change insurance, change allegiances or retire, what would the consequences be to the bottom line?
The good news is that you can build, grow and maintain referral relationships, even if you are shy, extremely busy or don’t have a big budget. I can show you how.
Before you run out and hire someone off the street, or make unnecessary (or even dangerous) changes to your practice or organisation, seek out some expert guidance to create a Professional Referral Growth Plan for your business.
I can teach you “what works,” consult with you privately, analyze your business, make specific recommendations and create a step-by-step 1-year Referral Building Plan.
In just 30 minutes discussing with me your most pressing problems, (free of charge) you will have clarity on how to get back on track. What kind of difference will it take to achieve you highest potential. I offer a money back guarantee to help you make every day more productive and more profitable.
Visit my website: www.mentum.com.au and take the next step to change your life. Leave your details and I will contact you to discuss your personal mentoring.