Archive for the ‘Risk’ Category

No-one likes a crisis. That’s why it’s far too common for even the most successful entrepreneur to overlook crisis planning. The challenge is that once you’re in the middle of a true business crisis, you rarely have the time or the resources to deal with it as well as you would want to.

After all, you could find yourself thrown into a very tense situation — trying desperately to deal with members of the media, angry clients, disenchanted employees, wary investors, intrusive regulators and other critical stakeholders.

It’s an emotional time and all it takes is saying ONE wrong word and your business can suffer. That’s why in BusinessCast episode #123, Robert and I “pick the brains” of one of the Nation’s leaders on crisis communications. Dr. Allan Bonner and his team have advised Canada’s most senior business leaders, political figures and sports figures to successfully avoid a crisis, deal with a crisis and turn around a crisis to their advantage.

Listen to BusinessCast episode #123 and get some practical insights on how you can make sure that you’re prepared when a crisis hits your business.

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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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All entrepreneurs, at one time or another, must contend with business succession. For example:

• Are you buying a business from someone?
• Are you planning to sell your own business?
• Are you taking a back seat/different role in the business you’ve built?
• Have you taken over the helm of a business for an aging/exiting family member?

Regardless of the circumstances, you’re going to face succession issues and challenges. And the way, you deal with these issues will have a tremendous impact on you, your friends, your family and your business.

That’s why in BusinessCast Podast #110 Robert and I sat down with succession-management guru John Geddes who recently authored one of Canada’s business top sellers “Succession and the Family Business: A Road Full of Potholes or Paved With Gold“. The old school of thought for succession had been “get the legal and accounting issues dealt with and everything would be fine.” But, John’s worked with enough entrepreneurs to know that the interpersonal challenges unique to family businesses must be dealt with properly to ensure a successful and smooth succession. And, that rule applies whether you’re an entrepreneur taking over a family business or an entrepreneur making plans to leave a family business to take on other opportunities.

But, John’s wisdom is universal. His insights about the emotional dynamics that play out in family businesses during succession can help any entrepreneur who serves or sells to family businesses going through difficult transitions.

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Information Technology (I.T.) plays a critical role in every entrepreneur’s success — at every stage of business growth.

That’s why for BusinessCast Podcast # 109 — I.T. Support for Entrepreneurs, we sat down with ThinkQuick’s Michael Donovan. Michael brings a rare combination of strategic and hands-on experience solving I.T. issues — in hardware, software and systems.

Michael also has an uncanny way of getting to the crux of I.T. problems and describing them clearly without technical jargon. So, we focused on one of the most basic I.T. issues: I.T. support. In short, when should you get I.T. support? And, who should provide it?

After listening to BusinessCast Podcast # 109 — I.T. Support for Entrepreneurs you will have a much better idea of what you should do in order to find and secure the kind of  I.T. support that will keep your computers, and therefore your business, up-and-running.

BTW, here are 15 key questions you should ask when choosing your I.T. support — whether that is to solve an immediate problem or to head-off issues before they interrupt your business:

1. What steps will you take to ensure that my data is safe/recovered?

2.  How are you going to diagnose my technical issue(s)?

3. What guarantee will you give me on the work that you do?

4. On what basis do you charge (i.e. hourly/per project/retainer)? Do you charge for estimates?

5. What kind of computers/software/systems have you worked on in the last 2 to 3 years?

6. How do you keep current on the latest I.T. challenges/technologies?

7.  What do you see as the single most important thing in resolving/anticipating my business’ technology issues?

8. What is your troubleshooting timetable (i.e. how often do you look for ways to avoid problems before they arise)?

9. What is your method for delivering I.T. support (i.e. on the phone, on the web, via email, via Twitter, via Instant Messenger, in person)? Can I, as a client, choose what support method I want?

10. What are your hours of operation? Do you charge differently for “off hours”? Do you charge differently based on how quickly technology issues need to be resolved?

11. Can you give me the name of three entrepreneurs that you have helped overcome similar issues or are providing ongoing support?

12. How big is your operation? On average, how many calls does each member of your Support Team handle per day? What’s the average turnaround time that I can expect before I receive a call and/or service?

13. Do you support PC/MAC/LINUX or mobile technologies like Blackberry and iPhone?

14. What’s the range of support services you offer (i.e. from individual workstations to servers and networks)?

15. Do you sell hardware/software if I need something replaced or installed? What sort of additional markup do you add on top of retail (or discount do you take off)?

You can reach our I.T. expert Michael Donovan by email at: Donovan@ThinkQuick.com.

Don’t forget to enter the contest to win a Blackberry Bold! All it takes is 100 words (or less) on why a Blackberry Bold will help your business. Send your note to Robert@businesscast.ca.

Subscribe to the BusinessCast Podcast at iTunes

Congratulations, you’ve done it — you found investment funds for your business!  But now, what can you expect from those who have invested in your dream? Is all the hard work really over?

To answer these questions, in BusinessCast Podcast #106, we sat down with John Loewen, CEO of Loewen & Partners, a specialty private equity investment bank, to help provide clarity about what life is like for entrepreneurs after receiving investment funds. It turns out that this can be a great time — if the “fit” is right. John brings a wealth of experience as well as provides some straight-talk and practical insights.

After listening to BusinessCast Podcast #106, you will be much better informed about what you can expect after you receive investment and therefore when it’s truly the right time for you to seek and secure investment.

When you are ready for investment make sure that you listen to BusinessCast Podcast #74 – Money Magnet -- where we review one of the finest and most effective resources to help entrepreneurs secure investment funding.

Don’t forget to enter the contest to win a Blackberry Bold! All it takes is 100 words (or less) on why a Blackberry Bold will help your business.

Subscribe to the BusinessCast Podcast at iTunes