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Finishing Well ( Part 2 )

By on May 4, 2009 in business finance, Mindset

Remember in the last post I was talking about endurance riding.

Remember the final visit to the vet and the fact that the horse had to be fit to do another 40 kilometres?

Many business owners in their haste to make profit forget to feed their business and it becomes run down. They take every piece of profit out and forget to leave some money in the business to sustain it.

Sustainability is about making sure you have a horse that you’ve kept hydrated throughout the ride; that you have not ‘run into the ground’ and that can take you throughout an endurance season.

To do this you must make sure that you look at two things while riding the endurance race.

  1. Keep an eye on how fast you’re running because remember it is a race and you’re trying to do your best time.
  2. Keep an eye on how the horse is doing so that you make sure it can go the distance.

So in your business you must keep an eye on your profit and loss account because that will help you make sure you’re progressing well and are not going backwards but also keep an eye on your balance sheet because that will tell about the sustainability of your business and whether you can go forward from this particular part of the journey.

Watch for my last entry in this series where I will look at the importance of the quality of your end Financial Fence post…….

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Finishing Well ( Part 1 )

By on April 29, 2009 in business finance, Mindset

I used to be an endurance rider which involved riding horses over long distances. The most popular distance was 80 kilometres and this would involve two sections of 40 kilometres each.

The ride would usually take place on a Sunday morning and we would travel to the location on a Saturday.

The programme would look like this:

  • Step One – Take horse to the onsite vet for a pre ride check.
  • Step Two – Ride first 40 Kilometres.
  • Step Three – Present horse to vet for second check.
  • Step Four – Ride second 40 Kilometres.
  • Step Five – Present horse to vet for third check and gain a completion certificate.

You may be asking, “Why all the vet checks? Surely it would simply be a matter of making sure you followed the course and got to the finish line”?

Well, the vets checked the horse for such things as heart rate and lameness but the most important part of their work was to ensure the horse was fit for the next leg.

So the check at the finish was to ensure the horse would, in their opinion, be fit to complete another 40 kilometres.

So how does that relate to a business?
Many business owners only think about their Profit and Loss Account. That’s like being out on the ride. But they never really think about their Balance Sheet which is like going to the vet and checking whether their business is OK to carry on.

Watch for my next post on this topic where I will expand this thought further…..

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SELF FULFILLING PROPHECY

By on March 20, 2009 in Mindset

Isn’t it amazing watching the rhetoric flowing through the media at the moment?

Ever thought about what drives the media?

It’s BAD news because bad news spreads much faster than good news!

So why do you think that is?

FEAR is one of the fastest moving emotions that is known to man and when it gets let loose, it drives everything in its path to being negative.

I was reflecting recently that our brand promise actually ‘flys in the face of this’…

Can you remember what it is?

FUTURE CONFIDENT .. that’s what business people want to FEEL..

Sure we may be in tough times but through them we must feel confident about the future.

That’s what walking with a Sherpa can do for you.

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Benefits of being involved in a mastermind group

By on November 21, 2008 in Mindset

Hope you have been finding this series on the Mastermind Group benefical.

In the series so far we have looked at the power of a Mastermind Group and the characteristics of a good one.

A well structured and properly run mastermind group can add immense value to its members. In this, the last post in the series, I have outlined for you some of the benefits you could expect to get from joining and commiting to a mastermind group.

Benefits of participating in a mastermind group:

  • Increase your knowledge
  • Gain an instant and valuable support network
  • Be stimulated with new ideas and increased creativity
  • Enjoy a sense of shared endeavor
  • Participate in collaborative learning
  • Receive encouragement and accountability
  • Benefit from the power of synergy in thought
  • Have a place to be energized and invigorated.
  • Share an opportunity to give of yourself to help others

When you join a group of like minded people who come together to brainstorm ideas and get feedback, to start talking and sharing around what’s working for you and what’s not, you have a unique opportunity to accelerate the results you achieve and to supercharge your creativity.

In a mastermind group you can also save a lot of time by learning from the experience and mistakes of others, so you find out early what NOT to waste your time on.

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Characteristics of a Quality Mastermind Group

By on November 18, 2008 in Mindset

The Power of the Mastermind group I spoke of some of my experiences from being involved in a mastermind group.

Today I would like to set out for you of some of the characteristics to look for in choosing a quality mastermind group.

Listed below are some of the key elements particpants should look for.

  • Be committed to the goals of the group
  • Be supportive of other group members
  • Contribute energy and ideas to the group
  • Be prepared to challenge and encourage each other
  • Treat other members with respect and compassion
  • Act as catalysts for each other’s growth
  • Share a common interest in the topic or purpose of the group
  • Be self-motivated and prepared to take action
  • Be willing to learn and receive constructive criticism
  • Communicate openly and honestly with each other

In essence a Mastermind group is about people coming together to create “synergy”, where the output of the whole is greater than the sum of the parts. As with everything in life those who contribute the most get the most in return.

The key is to look for a group that you are compatible with and that focuses on something you are interested in and then get committed to it. If you can’t find such a group then why not consider starting one yourself?

In the final post of the series, I will be looking at the benefits of being part of a Mastermind Group.

I would be interested in any feedback from anyone that has experienced this synergy in a mastermind group?

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