Every new business goes through phases, some representing expansion (hopefully, often) and some contraction and as these phases unfold your business can fluctuate in size and require different resources. Sometimes, the business will get to a certain plateau and seem to stick, almost spinning its wheels despite your efforts. At this point in time you will want to consider all your options and may feel that a business partner could really help to un-glue the potential and allow you to make significant forward strides. Finding a business partner can be quite a difficult task and is much more involved than one might think. Look at a business partnership like a marriage and you will be ideally placed to begin hunting!

You should start by asking yourself why you really need a business partner. Do you often find that your really lengthy work week is still not enough time and that you are spending inordinate amounts of time on rather mundane tasks? While you could consider taking on employees, they will not necessarily be an investment in terms of business prospects and sometimes a business partner can help to alleviate and spread a workload while working, like you, to grow the business.

Beware the burnout – this can occur when you’re pouring every hour that is sent to you into the business with little relief. If you are spreading yourself too thinly and trying to expand at the same time as you are running in place, then you could end up becoming less efficient with all the negative connotations.

If you have never had a business partner before and you are out looking for the first time, then stick to one partner. Don’t think that the more input you receive the better, as this is rarely the case. If things work out with your new partner you can always look at different options down the road. Remember what we said about a marriage, it is going to be quite a task for you to find and get to know someone before you dive in, so don’t make it that much harder by trying to find more than one partner.

As you start your process of discovery you should look around you, within your closest circles. Do you have any friends or good acquaintances who may be potential targets? Ask your closest friends and family if they can think of anyone you might talk to. Ask your existing business contacts, if you have an open type of relationship with them of course, for their input.

If you are unable to find a resource from within close circles, networking events may be your best bet. Remember that this process is going to be a lot longer as you must really get to know a complete stranger rather well before you move forward. Take your time here as this period of revelation is important from both your points of view. You will both need to to get to know each other, your backgrounds, current circumstances and aspirations as much as possible.

When you believe you have found your business partner and before you actually move ahead, conduct a summit meeting. Go through a formal exchange of ideas, representing the next few months and years and outline how you will interact as you move forward. Try not to leave any stone unturned here, so that there are no surprises or misunderstandings of any kind after formalities have been completed.

Always form an LLC or other formal Corporation. Never be tempted to engage a business partner on merely a handshake or verbal agreement. You really need to employ the services of a legal expert here and make sure that the attorney covers a period of vesting, so that the partner’s shares accumulate over time. It’s hardly fair for him or her to receive a significant portion of the business early on, should you get into a position where the corporation has to be liquidated.

When all is said and done, even the most arduous selection process cannot prepare you for what will happen in the real world. It may or may not work out and you may have to start again and look for other business partners. This happens all the time and is just another facet of doing business. Be diligent and you will stand a great chance of boosting your business success.

Does anyone have any gems of wisdom to share, relating to partner-hunting?

Adam Toren

There was a time when human interaction seemed to be a lot simpler, when we were able to pass our opinions back and forth and consummate agreements on a handshake, without fear of any protracted legal ramifications. Those days are long gone and when you are in business of any kind you need to be very careful, especially when dealing with personal issues, how you approach and how you cover yourself from all angles.

Employment can be a very thorny area and we have many different laws to take account of and best practices to maintain. It can always be difficult to take on new employees and to know how to best gather the information necessary upon which to base your decision. Employers often rely on information being passed by other employers in relation to a potential new hire. While you want to receive as much information from a previous employer as possible, you understand the difficulties that they might face when putting together truly accurate and informative material. You also understand the difficulties you might face when other organizations contact you to ask you for references about a former employee. You want a lot of information coming in, but are very careful about sending a lot of information out!

Within the litigious environment that we live, every employer must be extremely careful about providing references. On the one hand it is expected of you to do so, but on the other hand you must be very careful that you do not provide any information that could be construed as defamatory, or otherwise incorrect.

To cover all eventualities, put the task of providing references in the hands of one trustworthy individual within your organization, if not yourself. This will ensure stability and help to maintain a standard practice. Compose a template and restrict the information that you send out to the facts. Never give any personal opinions as to whether a particular person is “good for a particular job” or would be hired again.

Make it a point to keep a comprehensive file for each employee and one which is frequently maintained. Whenever any incident takes place involving the employee, make sure it is documented and the information kept in the file. Any regular review should also be notated and contained within.

You have a duty of responsibility to let others who seek information know if anything particularly negative should be brought to their attention. If the person concerned was involved in a legal or conduct issue of some kind while in your employment, if you do not bring the facts to the attention of another probing employer then you could lay yourself open to further action. Once again, stick to the relevant facts.

It might be a good idea to compose a reference letter prior to the employee’s departure from your organization and have him or her sign off on the content before leaving. If it is not possible, make sure that all documentation is up to date and that you have made copious notes within the file.

If your organization has many employees, you would do well to seek the advice of legal counsel when it comes to drafting a template for future references. An attorney would be able to give you the best pointers, relevant to current case law and thinking.

Do you have any stories, good or bad, to share?

Adam Toren

Financial planning seems to be more important than ever these days. Few would have imagined the catastrophic changes that we are seeing all around us, the “too big to fail” failures and the highly publicized fraud cases. Many people and businesses have suffered lasting damage and understand that their definition of security has changed almost overnight. Against this backdrop, the selection of a financial planner takes on additional urgency and must be approached with some care, if we are to avoid some of the pitfalls and past performance horrors that are all too fresh in our minds.

Many make the mistake of looking at a designation, those three or four letters after the professional’s name, assuming that their very presence is enough. Nothing could be further from the truth and we need to understand that there are many different qualifications and “horses for courses.” Make sure that your professional is best qualified to help you with your primary goal, to start off with. Further than that, though, you do need to choose an advisor who is able to help you view the bigger picture. Is he or she able to work with other professionals, such as life insurance agents or attorneys to pull together your plan? Often financial planning is more about life planning, and individual elements cannot be viewed in a vacuum.

Try and select a financial advisor who most closely mirrors your situation insofar as experience, track record, understanding and ability are concerned. You really need a financial coach to help you build a plan or indeed to help you resurrect your damaged dreams. You will need advice on taxation, insurance and money management.

It is important to understand the professional’s fee structure before you start as there is a big divergence. While some opt to charge a quoted fee, others will suggest a percentage of the asset value covered and some might earn commissions from the financial products that they initiate and manage. Be aware of this latter option and seek for clarity to unearth any potential clash of interests.

Thousands of people have lost a sizeable part of their assets due to their involvement with professionals who have subsequently been charged with fraudulent activity and have achieved notoriety in doing so. Your due diligence will include a lot of research, the gathering of testimonials and the checking of references. It is fairly easy these days to find out if any ethics actions have being taken against a professional by contacting the relevant board, or by just doing a targeted Internet search. Once you have asked all your questions and completed all your research, make sure that you have a very frank discussion with your financial planner and confirm everything in writing before you agree to move forward.

Adam Toren

In a complex work environment, daily activities require an interaction between all members of the organization. While each employee from the most senior level to the most junior has his or her specific job description and requirements to uphold, each contributes toward the overall goal and should one element be out of place then the overall cohesiveness of the business operation is likely to suffer.

We do not of course live in a fully automated world, where robots control every element or complete every facet of the operation and thus many additional human factors come into play, including personalities, experience, ability, objective, ambition and there are many influences from the outside world including personal issues and agendas. Management can face a dilemma trying to correlate all this information together to enable them to direct the corporate ship as best as possible. In recent times a format known as a 360 degree evaluation has found favor when trying to analyze individual performance and to put together a common direction.

The concept of a 360 degree evaluation is to provide input from everyone who has an involvement in the work environment where the reviewed employee is stationed. This means that an input will be sought from peers as well as supervisors and management and each person will be asked to honestly review according to a given set of criteria. Reviews received in this way are anonymous, as they are all grouped together into a final summary of sorts, which will be analyzed by management before the “summit” meeting with the “reviewee.”

To initiate a 360 degree evaluation, the employee in question will be given a self-evaluation form requiring them to answer a number of honest questions, including their acceptance of the procedure and whether they have adopted any of the goals set by the previous evaluation. They must “call themselves out” if there is room for improvement and advise whether they need additional training. This is their chance to inform management about every improvable area, including company policies.

The concept of 360 degrees refers to the interaction of all those individuals who are effectively in “a circle” around the employee being reviewed. This will generally include coworkers, subordinates and management and everyone will be asked to submit an evaluation form. During this stage, a score of between one and five should be allocated according to the employee’s ability to interact, communicate, exhibit flexibility, give feedback, meet deadlines and work on initiatives. In addition, comment areas will allow input and direct specific details.

When management is in possession of all completed questionnaires and forms, they must be analyzed and their findings brought together to create a summary document. This will now be, by definition, a comprehensive review of the chosen employee from a personal perspective, including the views of all the figures important to the employee’s daily operation and an accurate rendition of the worker’s contribution to the organization.

Have you ever faced a 360 degree evaluation yourself?

Matthew Toren

If you approach it correctly, attending a conference can be a truly valuable endeavor and can really help you to stretch your business. Whatever line you are in, the chances are that from time to time there will be a conference associated with this niche and if you are lucky it will be in a city nearby. Think long and hard about attending, even though it may represent a budgetary spend that you are not too happy with. You may well come away with a value that could far exceed the actual cost of attending itself.

When you commit to attending a conference, don’t just go through the motions. You must pay particular attention to how you interact with people so that you get the most out of your trip. Remember to prepare in advance and be ready to attend as many conference related functions as you can fit in from the time that you leave the hotel room in the morning to the time that you are ready to retire.

While the core of the conference may be its main events, there are a multitude of other functions, some of which may not be “official” but are nevertheless good places for you to see and be seen or hear and be heard. Try and share the breakfast table with complete strangers (and not friends!) and take your time to get to know as many people as possible, as you never know where new friendships may lead. After the main sessions and breakouts are completed, see where everybody is “hanging out.” These after parties are especially valuable as people are often looser than they would be earlier and you may well be able to pick up additional tips and ideas, or formulate new relationships.

If you are new to all of this, or have a new business venture, then make sure you are prepared before you leave. Get some professional business cards made up. They need to stand out from the crowd. Practice a thirty second pitch until you can repeat it without thinking, but please don’t make it too “wooden,” as it will seem too cheesy. You should be able to include the pitch naturally during a conversation and not use it as a conversation starter or as part of an otherwise awkward delivery.

Plan your attendance carefully to ensure that you fit in all the important sessions. Be proactive during these gatherings and be ready to ask questions and interact with the expert speaker and other panelists. Don’t resign yourself to taking notes and really get into the spirit of the subject.

We know the power of networking, but it has a time and a place. Try to go about this naturally and aim to cement some good contacts at the very least. There seems little point in going from person to person just to collect elevator pitches and business cards!

We can learn something from everybody. Don’t focus on yourself or your business all the time, whatever you do. When you engage with somebody else, show some real interest in what they are saying. Offer to take someone out to dinner that evening if you feel that this has the makings of a particularly good relationship.

Following a successful conference, debrief yourself upon your return. Make copious notes on a sheet of paper and attach the business card for each person. Take some time to draft a note, follow up and compose a schedule to get in touch with them in a week or two if you do not automatically hear from them in return.

Make this conference fun and productive.

How have you made the most out of conferences?

Matthew Toren

There is a wealth of information available online, composed by people who have generally learned the hard way and have come up with tips to help you shorten the learning curve. Many of these resources are available at no charge and we have put together a list of suggestions for you to consider.

Marketing

1. Strategic marketing process

2. 147 killer epublishing strategies

Motivation and Psychology

3. The effective presentation – talk your way to success

4. The chief engagement officer

5. Secrets of great management

6. How to program your mind for wealth

7. Virology

8. Total brain leadership and innovation

Internet Marketing

9. Customer service, the art of listening and engagement with social media

10. Secret twitter manifesto

11. Building your business with google

12. 10 steps to making a living online

13. Adsense revenue exposed

14. Bloggers guide to profits

15. My seo e-guide

16. Twitter your way to happiness

17. Getting started with google adsense

18. Increasing response to your b2b e-mail marketing programs

Communications

19. Just listen: Discover the secret to getting through to absolutely anyone

Business Issues

20. Business presentations to persuade, engage and get results

21. 50 steps to business success

22. Top 100 free e-books for business students and entrepreneurs

23. Business plan success

24. Guide to business management

25. Bridging the gap

26. Increasing efficiency in business

27. Time management for creative people

Web

28. Creating webpages for dummies

29. Secrets of website marketing

30. Search engine optimization – an hour a day

31. Creating websites – the missing manual

32. Landing page optimization-definitive guide to testing and tuning for conversion

33. Three vital steps to kickstart your web business

34. How to pick a shopping cart system that makes you money

Self Employment

35. Saving time and money for work-at-home entrepreneurs

36. Complete guide to home business

37. Seven figure secrets

38. The definitive guide to making money Blogging

Share some of your secret resources?

Matthew Toren

Many people are being lured to the world of Internet marketing as our new age unfolds before us. People are now becoming multidimensional and looking for multiple streams of income, once only touted by those late-night infomercial gurus. But is there room for everybody in the Internet world? Will this process of jumping on the Internet bandwagon lead to oversaturation and the headlong rush into something else? Of course this is highly unlikely if not impossible as we see the growth of the Internet and the explosion of social media platforms, only seeking to solidify the online experience for thousands of people, who are discovering the phenomenon on a daily basis.

The question still remains in many minds however – how is it possible to make money through Internet marketing? The short answer is that you should select a product or service as something of a compromise, bearing in mind that you should ideally be passionate about what you do but also be fully aware that there is a market out there to enable you to sell whatever that product or service should be.

Experts, such as Matt Cutts of Google, advocate that you should always be passionate about your Internet endeavors. This will enable you to keep at it, maintaining enthusiasm for those daily blog posts or those regular site updates, the creative content provision necessary to ensure that your presence is relevant and welcomed. It is reasonably argued that without an element of passion for your work, you may not be able to maintain it over the long term or worse still, the lack of passion will come across in your creativity.

Coupled with this passion for what you do, the Internet entrepreneur must ensure that there is an adequate market for his or her wares. It is true to say that we are all passionate about something and most of us have more than just a passing interest in many different spheres. Does this translate into a good business plan? This is where adequate research comes in prior to launching a project and the selection of expertly targeted keywords to ensure that your research provides you with information which is totally relevant to your concept. If you can see that large numbers of people are often searching for information on your subject and that the market is not overly saturated by other individuals or companies, then you are off to the races.

There are many ways of earning money online, through e-commerce, affiliate marketing, service provision, various advertising platforms. Whichever approach you choose, create value or you’ll never earn the income you desire. For instance, it is no good creating a website around a keyword with the sole intention of driving people immediately away from that website to a revenue earning alternate. This approach is sometimes known as “made for Adsense,” as these webpages are composed of nothing but adverts provided by the Google advertising company. There’s nothing of value on the pages and the visitor has little choice but to click one of the ads to move forward. When the click is made, the site owner earns a commission.

There is no longevity in “made for Adsense” sites and they are not recommended. Whatever your niche, make sure that you create your own value. As long as you have something different to say you have a good chance and will, over time, build your presence, creating your role as niche expert and making long-term money through having supplied something of value.

Have you found your niche?

Matthew Toren

You spend many a sleepless night worrying about the presentation of your business, your image, what sets you apart from everyone else and trying to keep one step ahead of the competition. We all know that to succeed you need a unique angle and a great deal of our efforts, as entrepreneurs, are spent developing this thread and in constant search for that special edge. Isn’t it amazing, therefore, that very many of us neglect to put as much effort into the creation and design of one of our most crucial marketing elements – the humble business card.

Networking is an important part of every business and even though we spend a lot of time in virtual communication, there are many opportunities to personally pass our message across to others. We interact for any number of reasons and a point of contact with someone can lead to many different opportunities, not all of which are necessarily to do with a direct sale.

While we tend to apply the least thought to the design and creation of business cards, arguably we should apply our most creative talents here. We know that first impressions are everything, yet after we create that first impression through a contact with a stranger, the business card will be the extension of the memory and can often prompt an action from the other party.

Think about all the ways that you could portray your business and keep its image alive. Don’t be stuck in the rut of thinking that a business card has to be a conventional size, shape, material, format and presentation. It does not and often if you’re creative enough the card itself can create its own “buzz.”

Remember that while conventional thinking tells us to create a standard sized business card as it will be included within a desktop business card holder, this is becoming less the case as time goes by. People use business cards in a variety of ways and can often staple or attach to a file, scan electronically into an online database. Remember that if your card looks much like every other, it is likely to get lost in a sea of “sameness.”

Whatever line of business you are in, the chances are that you could design your card to reflect an element of it. What is iconic about your product or service? If it has certain characteristics, try and incorporate those into the makeup of the card. It does not have to be made of paper, it could be a very thin plastic, a metal of some kind, a fabric. Remember to think this through – weigh up your options. If you have a really “cool” card, either through presentation or makeup, then the chances are that it will be retained because of its novelty.

Many people and organizations only use one side of a business card. Put a creative graphic on the back, referring to an element of your business and always try and think outside of the box. Be tasteful, but create a conversation point.

If you want potential clients to retain your card, consider making it into a redeemable item. This could be a coupon of some kind, with a code, which would prompt people to get in touch with you. If it is something that you want to be used more than once, remember to make it from a sturdy material.

If you’re in the information business, what are people often looking for? Incorporate the answers to commonly asked questions, solutions, tables, equations, shortcuts – whatever will prompt the recipient to hold on to it.

If your business could benefit from the distribution of as many cards as possible, consider creation of tear off tabs. While you will not be able to use conventional card stock, you should nevertheless apply creativity to the design and retention factor for the tear off to be retained. Place these pads in heavily trafficked areas, on community bulletin boards, supermarket notice boards and so on.

Why not create a cartoon? People love humor and if you are relevant and to the point and pertinent, people will remember you for it. However, do not be tempted to be too minimalist as the main purpose of a business card is to give people a means of contacting you. You might not feel that you have to include your street address, your fax number or other such information and may feel perfectly confident just referencing your website or e-mail. Remember that you do not have the luxury of waiting for someone to work out what your card is all about. The impact must be immediate and your message obvious.

Remember that you can access any number of great desktop publishing software suites these days and you are only limited by your creativity. Your print shop will be able to apply a variety of effects to your finished item as well.

Think outside of the box, certainly, but don’t be tempted to be just too “cute,” there is a fine line between.

How have you made your business card stand out from the crowd?

Adam Toren

An interesting and enticing initiative is being put forward by Britain’s flagship air carrier, British Airways, in an effort to “jumpstart” the US corporate economy and to give small to medium-sized operations a clear incentive to get out and meet potential clients.

Dubbed “Business Opportunity Grants,” the program is an extension of an already successful idea put forward by the airline and its partners in an effort to stimulate global business. British Airways is well aware that businesses have cut back on travel significantly during the recent recession and is surely aware that this trend may continue for some time. Many organizations may not realize the importance of face-to-face meetings with clients and prospects. Such meetings can be critical to establishing and building relationships and can often make the difference between a commitment or otherwise.

The aim of this project is to help reassure and to incentivize small to medium size corporations, to tell them that it is once again time to travel and seek out good opportunities. In a study with the Harvard Business Review, BA found that 87% of professionals believe face-to-face meetings to be essential for sealing the deal, while almost all of those interviewed agreed that long-lasting business relationships depend on this type of interaction.

British Airways will offer one of their Business Opportunity Grants to each of 100 companies and they are soliciting applications accordingly. Each grant consists of a year’s worth of business-class travel to anywhere the airline flies, worldwide. This translates to 10 round-trip Club World business class flights, which may be used during calendar year 2010.

To make the prospect even more enticing, BA has teamed up with partners to flesh the deal out. $1000 is being put towards accommodation by hotel group Courtyard by Marriott, Regus Businessworld Gold Cards will allow access to business lounges worldwide, Canon is giving one of their PIXMA MX860 wireless all-in-one printers and BA’s World Cargo operation is donating 5 free freight shipments of up to 500 kg to worldwide destinations.

“Connecting people globally is our number one objective and we’ve long known that it is the key to building successful long-term business partnerships through face-to-face meetings,” said Simon Talling – Smith, the executive VP for the Americas, British Airways. “Even after giving away close to 1000 seats during phase one of the campaign to help US entrepreneurs grow their businesses, we realized there was still more we could do. Our hope is that the “Business Opportunity Grants” help these businesses increase their revenues and reach important milestones in their strategic growth plans.”

Those who are interested had better move quickly, as they will have until midnight on September 30 to put applications in to the airline. A group of BA’s executives and partners will review each application and will notify winners by late November. To be eligible, US companies must have a valid federal ID and 500 employees or less. To apply, visit Business Opportunity Grant.

This program should present just the right incentive for those companies who have been sitting on the fence. At the very least, the grants provide a solid justification to initiate those pending engagements.

Adam Toren

To a certain extent, becoming an entrepreneur requires you to be a multi-talented individual. First and foremost, however, you need to be driven and have a firm desire to be your own boss. You should be very tenacious and not be willing to take the word “no” for an answer easily. If you understand that you will be faced with a long, seemingly never-ending, list of problems, yet see your glass as being always half-full, then you are off to the races!

Do not underestimate the amount of time and effort and raw energy that it requires to be a successful entrepreneur. You will need a good list of people skills, with the ability to be persuasive and to motivate. Be prepared to be the driving force at all times and understand that you are probably your organization’s most valuable asset. You should be able to do everything that you expect from others (should you employ them within your organization) at a push.

To help you stock up on some key information and to prepare yourself for all eventualities that you will undoubtedly face, here are some great resources.

First of all, you need to structure yourself accordingly. Some people choose to set up as a sole proprietorship, while others choose an S. corporation or a limited liability company. Each one has its own legal repercussions. Once you’ve decided on your setup, you will need to establish a record-keeping system and keep up with this every week. The proper process of accounting is essential in the early days as you will need to be right on top of critical cash flow and performance levels.

Secondly, know when to hire and what to look for. It goes without saying that you do not need to burden yourself with labor costs if not necessary, but equally as important you must know when to delegate and whether or not you should outsource instead.

Thirdly, you must have your web presence. For many entrepreneurs this will be the shop window to the world and it’s also your first point of contact. It goes without saying therefore that you must put a lot of thought and planning into web design and hosting. If you are doing it yourself, make sure you have a sound knowledge of building a website, or use an online tool such as Wordpress. Once you have it up and running, you need to be tracking to see whether visitors like what they see, how long they spend on the site, what they read and there is no better tool than the free one provided by Google. If you like graphics and cool tools, this analytics supplement is  for you – Crazy Egg.

Lastly, do not be afraid to ask for help at any time. Those who have been there before you may have made the very mistakes that you could avoid. Here are ten common mistakes that we have outlined, which could end up costing you more than your shirt!

Been there and done that? We would love to hear your tips for first-time entrepreneurs.

Matthew Toren