Client: Eddie Senatore Advisory.
Content - eBook 1
eBook – Eddie’s Quick Business Quiz
2. Article
Top 4 reasons your business will fail
If there’s one thing I’ve learnt in 30 years of business and consulting, it’s that no one ever sets out to fail in business. However, all is not equal in the business arena.
In many cases, a post-mortem will easily pinpoint where and even when a business first began to fail. In many cases it’s far earlier than you’d expect, which is way earlier than the business owners and management ever realised.
What I can also tell you is, businesses today will fail for exactly the same reasons they failed 30 years ago or more…
On far too many occasions, business owners don’t see the early warning signs and by they ask for help, it’s often too late or the pathways out of the mess are narrow.
I’d like more vulnerable business owners to reach out earlier and ask for help or a check-up to see if they are heading in the right direction or headed for disaster. So, how do you know if you’re in the vulnerable category?
The answer is, you won’t know if it’s in your blind-spot. A blind-spot can only be seen from a different perspective. That’s why it’s your blind-spot. This is why it’s so important in any business that matters to you, to have at least 1 external strategic business advisor, possibly an advisory board for larger businesses.
If you’re in one of these categories of business, chances are, you need a check-up:
Construction
Business and Personal Services
Retail
Property and Business Services
Manufacturing
So, who am I? I’m a Performance Improver, I improve business performance. To the credit of some smart business operators, I don’t always work with failing businesses. Many are good businesses which can or should be great businesses.
Testing your business, its assumptions and you, is what I do best.
Don’t underestimate the value an independent set of eyes and different perspective on your affairs.
Like most of us, you get so involved and immersed in your affairs on a day to day basis that it is too hard to step back and take an objective view. An independent perspective can take on many different forms, from a detailed review of your business, to drilling down on your numbers or simply a discussion about your business.
Here are the top four reasons business owners say they failed at their business:
Poor strategic management of the business
Inadequate cashflow or high cash use
Trading losses
Poor financial control, including lack of financial and other records
As a reminder, I mentioned earlier that these reasons never change over time. So, with over 30 years’ experience, it stands to reason, I’m damn good at what I do, and one of the keys to this is my passion for people succeeding in business. I’m deeply invested in your success, your health & wellbeing.
If you feel your business is not going the way you expected it to, if you think your business could be doing better, or if you’ve already hit troubled waters, please get in touch with me and let’s have a chat and a good look under the hood. You’ll be glad you did. You must understand where you are today and where you want to get to. It’s only when we know these two reference points can we start the performance improvement path.
3. Article
Taking early action prevents unnecessary heartache, pain & suffering
There are lots of business terms which are thrown around and often poorly understood, such as Business Turnaround, Workouts and Business Recovery Management. Today, I’m going to clear that up for you.
If you’re a business owner, chances are, you’ve done it tough, or could soon be knocked about in the business arena. Forces beyond your control, such as a Global Pandemic, Bushfires, and other natural disasters or economic events can rock your business and play havoc with your livelihood.
On the other hand, forces within your control can also shatter your business dreams and aspirations. These especially are preventable, provided you take action early and seek the right advice.
If you have recognised signs of strain and financial pressures within your business, or feel like you have lost a hold of the controlling reigns of your business, it’s likely a good idea to trust your instincts and seek independent advice.
What exactly are business workouts, turnarounds & recovery management?
Workouts occur where business owners recognise issues with its business and take early action to prevent the situation from getting worse. The key is to get in early, engage with key stakeholders and come to an agreement on how to manage the business.
An independent perspective is critical in this circumstance.
If a business is analysed & assessed early enough, there are high chances we can cause a business turnaround and shift the business from a downward trend to an upward, stable and sustainable trend. This involves assessment of the number, which to me is the easy part. It also involves assessment and testing of the business assumptions, key individuals, and attitudes. It’s people are the core elements of the business, or you could say – the heart of the business. We all understand, we can’t survive without a heart. The same is very true for your business, without it’s people thriving, it’s highly unlikely your business will thrive or even survive.
Recovery needs time, the earlier you start the better your chances.
Change Management or Recovery Management is challenging but rewarding. The success of any change management program hinges on a plan and more importantly ‘buy-in’ from all key players.
If you feel your business is not going the way you expected it to, if you think your business could be doing better, or if you’ve already hit troubled waters, please get in touch with me and let’s have a chat and a good look under the hood. You’ll be glad you did. You must understand where you are today and where you want to get to. It’s only when we know these two reference points can we start the performance improvement path.
4. Article - Mediation.
Being a ‘Right Fighter’ is no way to win a business dispute
Amidst flaring tempers, heightened emotions and conflicting views, being stuck in the middle of a business dispute can be devastating to all involved.
With 10’s of years of experience in dealing with people in difficult situations who are stuck trying to find solutions, I’ve learnt a few home truths about mediating and achieving the right solutions.
Whilst the topic of the conflict may vary, there are a number of common threads to any dispute which can make or break those involved. Any conflict or dispute undoubtably creates uncertainty, instability and can end up being extremely costly if handled the wrong way.
Mediation is a process of negotiation between the parties involved. At all times, it must be managed by an unbiased, independent, and impartial voice within a confidential, structured, and personable setting. Ultimately, there are no winners whilst the state remains hostile and positions entrenched.
Mediation provides cost effective outcomes either before or after relationships break-down. For my clients in this position, I provide a bridge to your solutions and a voice which will be clearly communicated, acknowledged & heard. I ensure a safe & respectful environment to meet and discuss the issues.
Mediation creates 4 key outcomes:
· Allows you to be heard equally and fairly
· Work out which issues are important to each party, and why
· Uncover areas of agreement and common ground, and to
· Help the parties to find solutions for the identified issues.
It’s important to remember, in a mediated outcome, the solutions are by nature, what you agree to, rather than a dictated WIN/LOSE death dual. In real life, it’s not an episode of SUITS involving smoke and mirrors and loads of drama.
As a facilitator of solutions, my job is to help you create & achieve your desired, realistic solution. One which you choose to agree to.
Whilst the outcomes achieved are imperative in any conversation, It’s just as important to understand clearly what a mediator will NOT do.
The Mediator will not:
· Give any advice – legal, counselling, financial, or other
· Judge or decide who is right or wrong
· Take sides or make decisions for any party
· Tell the parties what agreement should be made.
Mediation is a voluntary process, in which the parties involved take ownership of, and are responsible for finding workable solutions to the identified issues. Whilst some solutions are better than others, and often these solutions may not be perfect, they are indeed solutions all parties can live with, and begin moving forward in their own lives.
If you are experiencing or wish to prevent business conflicts & disagreements, please get in touch with me and let’s have a confidential chat. You’ll be glad you did. From experience, I can say, the earlier these matters are addressed, the lesser the pain, suffering and cost.
5. Article
Why mediation? Here’s 9 reasons why
When business conflicts occur, they can often arise with or without notice or warning signs, and can feel like you’ve been hit by a freight train.
If there could be just one thing I continually recommend above all else to anyone enduring or wishing to avoid forceful & hostile conflicts, it’s this – ‘Don’t hesitate, ask for help!’
30 years of experience has shown me, the earlier you ask for help, often the smoother, easier and less costly the outcome. Disputes and issues have a way of compounding and gaining momentum – just like a snowball does. It’s always best to start whilst you’re at the top of the slope. It can afford you a better perspective and foundations to work from.
Sorting out issues and conflicts in mediation, is a far better choice than going through the courts. Some reasons are more obvious than others.
So, here’s my 9 Reasons Mediation will keep you out of Court:
· Commitment. Mediation by nature is a voluntary process. Parties who agree to mediation do actually want to resolve the issues.
· Confidentiality. Mediation is strictly confidential and always private. Going to court is not. Mediation by law must remain confined and may not be used outside these parameters without permission.
· Cost. Mediation simply costs less than going to court. Your fixed cost is known up front so there will be no hidden surprises or mounting costs.
· Time. Mediation can be arranged at short notice – usually within a week or two so parties are not forced to survive a conflict environment for a long.
· Flexibility. Mediation is a flexible, informal process. You decide what you will discuss and can take a break whenever you need. Unlike court processes, which are very formal and controlled by a judge.
· Honesty. Mediators are skilled professionals, whom create a safe environment where you are able to speak honestly about the impact the conflict is having on you and what you require to resolve it. This allows you to discuss issues, explore options and reach agreements that meet your needs, interests & expectations.
· Support. Non-participating support persons are welcome to attend the mediation, subject to the agreement of all parties.
· Agreement. Your agreement may result in a simple handshake agreement, a written reminder, a signed agreement, which has some legal weight, or you can take further steps to turn your agreement into a contract. It’s totally up to you.
· Finality. Agreements reached in mediation are yours to decide upon what works for each of you. Therefore, they are generally much more likely to be more successful in the long run and not require further resolution or legal action.
If you are experiencing or wish to prevent business conflicts & disagreements, please get in touch with me and let’s have a confidential chat. You’ll be glad you did. From experience, I can say, the earlier these matters are addressed, the lesser the pain, suffering and cost.
Content - eBook 2 - 6.
The 7 golden keys to mediation excellence?
I’m going to make a bold statement. Not all mediators are equal.
Some of you have already learnt this the hard way. I hope many of you never have to discover this at all. Business disputes & conflicts are never easy, never fun, but unfortunately do happen.
If you find yourself having to deal with business issues, it’s always best to do this with confidence, & clarity, and sooner rather than later.
To help you to make a clear decision upon mediation vs the courts, I’m sharing with you my top 7 golden keys to achieving good outcomes through excellent mediation. Good mediation will ger the job done, but great mediation will touch you at your core and stay with you as peace & gratitude.
The key things that make mediation unique and so powerful are:
• Confidentiality - Mediation is a strictly confidential process. Your mediator may only speak about your mediation to other people with your permission. Therefore, only your mediator’s authorised advisors or close & immediate support people may be privy to any discussions in mediation.
• Release of Information - Your mediator may only release information at the completion of mediation as instructed & agreed to, by both parties unless obligated to by law or permission is given to do so.
• Ground rules - Mediation is a respectful discussion and free from any threats or abuse. This is achieved by the facilitation of all parties agreeing upon a set of ground rules. This will outline clearly how you will treat each other during mediation. These ground rules will be maintained & upheld by your mediator.
• Neutrality of Mediators - Your mediator must always be neutral & impartial. They will not benefit from a specific outcome of the dispute. A mediator will not be bias towards any party, and must not have any real or potential conflict of interest. Any real OR potential conflict of interest must be disclosed & discussed immediately. This allows you to raise any concerns you have if you become aware of any.
• Mediators are NOT your Advisor - Your mediator assists you to reach an informed and voluntary agreement. As such, they will not provide legal, other advice or judgement under any circumstances. Your mediator may however, assist you to make an informed decision and may suggest/refer you to independent advice or counsel.
• Inadmissibility - Offers made, information shared, and the things discussed and considered in mediation are not admissible as evidence in court. This allows you to carefully & clearly consider your options without fear or force to do something you haven’t fully agreed to.
• Agreements – Mediated agreements are done so freely. If not, you may speak privately with your mediator to share your concerns with them. If the agreement is written, signed and dated it will have some legal weight and can be admitted and presented as evidence in court. Ultimately, in this event, the judge decides if they will order you to follow the agreement you reached.
If you are experiencing, or wish to prevent, business conflicts & disagreements, please get in touch with me and let’s have a confidential chat. You’ll be glad you did. From experience, I can say, the earlier these matters are addressed, the lesser the pain, suffering and cost.
Digital content package:
2 x infographics:
Business Failure,
Stages and Phases.
2 x eBooks:
Eddies Quick Business Quiz,
7 Golden Keys to Mediation Excellence.
3 x videos