Browsing articles tagged with " joint ventures"

How to Clean up your Businesses Mess!!

Nov 29, 2011   //   by Kevin Jimeno   //   Blog  //  1 Comment

Business mess picOne thing that all of us entrepreneurs fall victim of is creating one big mess in our businesses.

Sometimes it is temporary mess and sometimes it is long term fatal disaster.

The most important point is to STOP!!

Yes, realize that you are going to go insane if you continue to ignore it, so just stop and deal with the mess.

First point:
Here at Accounting Guide & Taxes we hold entrepreneur mastermind workshops where we go over working in “The Zone”. One of the key points of “The Zone” is to know when it is time to delegate.

That old cliche “if you want something done right you have to do it yourself” is part of the 90% who do not make it past the 5 year survival mark.  Finding quality help is juts as important as finding new clients for your business.

If what you have to do is not something your great at, have a passion for, and doesn’t give you a substantial ROI (return on investment) then DELEGATE it to someone who does have a talent for the task.

You will end up better off sticking to the money making activities you enjoy and that you excel at.

If your thinking to yourself you can’t afford good help, the truth is you can’t afford not to.
Find a joint venture partner if you can’t bring someone full time to free yourself from being the jack of all trades.

Second point:
Clean up that desk!

If your desk looks like someone is buried under it, how do you think your brain feels?

Every Monday before you even turn on your computer make sure your desk is in order and all the “to-do” piles are taken care of.  Oh, yea and you know those drawers you haven’t opened in months….do the same thing! 

If you really want to transform your business and you have the freedom to work remotely, get rid of the desk all together.

Work a couple weeks at your local coffeehouse and you will realize how much space you actually need to be effective!

Final point:
Stick to what you do best.

There will always be a chance to make money by doing something outside your area of expertise, but the successful 10% never chase fool’s gold.  Resist the temptation to take on something outside your niche without already having the business model in place to do it right.

That means if you do not have a system for production, marketing, sales, and post follow up then this is not something you should take on.

If you can stick to these simple points within your business plan, you will see your stress levels start to become productive profit levels for your business.

Share any points that have cleaned up messes in your business in the comments below…thanks!

 

How doing business with a friend was the Best and Worst Idea…

Nov 18, 2011   //   by Kevin Jimeno   //   Blog  //  1 Comment

Getting in a business with a friend is most likely the hardest and yet the easiest thing we can all do.

I know, I know, sounds confusing but I have more then one experience with business partners and joint ventures that prove both ends of my point.

Every time I have an idea for another entrepreneur venture I usually run it by a close friend who has some type of experience in the subject that can validate or kill the idea. That is a great advantage to have but it also becomes very easy to want to work on it together if it’s a good one.

For example, my first business venture that lasted 5 plus years was opening my mortgage company back in 2003 (the good old days). When I first thought of the idea I ran it by my closest friend in the industry.

I knew I could trust his opinion, not to mention he was older and had more life experience at the time.
I did all the research and flooded him with facts, figures, and strategy.

By the time we went over all the pros and cons we had already decided to go in to this venture together.
Two like minded professionals wanting to take over the world, helping as many people as we could, and making a ton of money doing it.

Easy, right? ….

I learned a lot from him,  I can honestly say he was one of my first mentors.  We had some real good years in the real estate boom and everything pointed in the right direction that we had made a great decision.

Now came the hard part, I was unhappy with my career . I was making great money but I wasn’t happy doing it. I wanted to try something else in hope of finding my true purpose. 

Even though I had bills and employees, I was still in a place where I could make a change since I didn’t have a wife and kids who depended on me. However there was one major thing that was weighing on me,  a business partner and friend to consider before making any decisions about my future.

Eventually, in the early part of 2008 when banks started to close I took the opportunity and ran with it  applying my exit strategy. Even though there was no issues in closing down our operation and giving our employees plenty of time to find another job I couldn’t shake the feeling in the pit of my stomach.

I wasn’t worrying about me, my future, or the new road I was planning to take.
Instead I was more worried about my friendship and doing things the right way so we can split and continue as friends.

To this day we are still great friends, but now that I can look back at the complete experience  and make a long list of pros and cons.

Pros:
I knew trust was number one priority between us.
The lessons and professional growth I experienced having a good partner was priceless.
Getting to run ideas and brainstorm with someone who cares just as much as you do for the plans success.
Sharing great experiences and profits with a good friend.

Cons:
Having to make decisions with someone who has a different perspective on a certain idea.
Always needing to be on the same page with someone else.
Handling communication with employees in a way you do not undermine each other.
Delegating the responsibilities between each other, especially the one you hate doing the most.
Loosing trust in a partner if something bad happens between each other.
Having to let go of an employee when the other person does not agree.
Trying to decide on the right effective marketing campaign that you all agree on.

And the list goes on and on….

The best way to take on a partnership whether they are friend, family, or even a stranger is having the same core values and purpose. This was the biggest lesson learned from my experience. 

If there is just one hint of disconnect in any of the values you can be sure it will grow to drive a wedge in between, sooner than later.

That is the first step, from there everything else can be discussed and game-planned.

Business Information

Accounting Guide & Taxes, Inc.
6135 Northwest 167th Street
Miami, FL 33015, USA
305-826-1711
info@Agtaxes.com

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