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Letter From The Editor

Dear Friends,

The holidays are a time for reflection, communication, learning to enjoy what we have, gift giving, hug giving, effective listening, and doing all of the things we don’t do, and know we should do, each and every day of the year. On the other hand, this time of year is also when we have to finish our preparations for 2006 – updating our business plans and financial plans, as well as mapping out our plans for taking care of our physical well being in 2006. In other words, now is the time to get our houses in order.

The need to get our houses in order, however, seems to be in direct conflict with taking the time to stop and get grounded in the importance of family and relationships, and both can be difficult to balance when your heart is in both places. But note, I said “difficult”, not impossible! So how can you balance both?

First, give yourself permission to enjoy the holidays. Eat your favorite cookies, go fishing in between Christmas and the New Year, make snow angels in the front yard, dare to put the toys your kids receive together without looking at the directions, and take time to be a kid yourself!

Giving yourself permission, and actually taking the time, to be fully involved in everything that the holidays represent will provide you with the energy and passion to take care of the practical side of your life – business planning, financial planning, and your plan for your physical well-being. Think about it. If you shut yourself in your office and feel as though you are missing out, how outrageous do you think the plan will be that you create? And which headspace do you think is the best place to create from? Guilt, sadness, make wrong or happy, alive and loving life?

Second, choose to have both sides of the coin. Who says that you can’t be grounded in your family, relationships, who you are, what you want, and how you are going to get there and by-when? As a matter of fact, I say you can have it all! You just have to choose it.

So, I ask you this holiday season, which do you choose?

Warmest holiday wishes to you and yours,

Clay S. Nelson

Keeping Your Family Business Out of Your Holiday Celebrations

Being in business with a family member can be both rewarding and difficult, and at no time is the “difficult” side more obvious than when the entire family gathers together for the holidays. As human beings we want to catch up on things when we are together, and all it takes is Uncle George asking, “How’s the business going guys?” to take the entire room to a discussion on the family business—who’s responsible for what, what’s going right, and what’s going wrong—instead of being about the people in the room and your love and care for each other as human beings.

To keep your family’s business out of your holiday gatherings, everyone has to agree to be together as a family, and not as business partners. And why shouldn’t you be? Your relationships are ultimately about who you are, who you be, and your love for others, not the work you do!

Yes, keeping the business chatter at your gatherings to a minimum, at the very least, is a test in an often stressful time. But if you will commit as a person, not a boss or a partner, to be about people and your care for your family members and your relationships with them, then putting the family business aside comes much easier than you think. And when Uncle George asks, “How’s the business going?” give a short and polite reply and change the subject. Not only will you spare yourself from having your family business be a part of your family holiday celebration, but you will also spare the rest of your family from having it invade their holiday too!

You’ve Decided to Start Your Own Business in 2006: Now What?

So you’ve decided that 2006 is the year to follow your life-long dream and begin a new business venture, one where you are your own boss. It is exciting stuff and if you aren’t careful, your excitement could derail your success.

Don’t get me wrong. Excitement, passion, and commitment are musts if you are going to succeed in any business climate. Yet, all of these must be balanced with a cool head, planning, and concise focus. So where do you start?

1. You need to draft a written document (call it a business plan, idea factory, or whatever suits you) and state everything from who you are and what it is you produce, or provide as a service, to what your brand and packaging will be and how it is produced, to who will be a part of the team that makes it all happen.

   Do you have a great memory and don’t think you need to write it all down? Think again! Without a written plan for where you are headed:

   • You don’t have anything to keep you on course and your team certainly won’t know where they are going either!
   • You have nothing to keep you focused on what YOU want, and you risk allowing the everyday trials and tribulations that starting a business brings to cloud your vision.
   • You will spend money that is unnecessary, either fixing problems that could have been avoided, or on efforts or supplies you don’t really need.
   • You will get completely worn out remembering what it is you want and what needs to be done to get it!

   So write everything down!! You will learn what you don’t know about the plan you are writing. You will create space in your mind to develop further ideas or questions that need to be explored, and you will then have a tool for communicating to others (most essentially your team and investors) what you are going to do and by-when you are going to do it.

2. You should have a years worth of cash on hand, so that as your business builds, the inconsistencies of cash flow won’t create problems for you. At the very least, you need a set of financials that clearly shows what you need to meet your monthly obligations.
3. Know your competition, inside and out, because you can count on them getting to know you. Don’t make the mistake of underestimating your competition. You’ve obviously created a product or service that you believe is competitive, or you wouldn’t be starting a business. However, don’t get cocky believing yours is the best. Some of the best products and services never make it off the ground because the creator underestimated the current competition and the amount of customer loyalty to the competitor brands.

4. Don’t be afraid to ask for help. I don’t know of one successful person who isn’t willing to share the secrets of their success. So find someone who is currently doing, or has done, what it is you want to achieve, and then listen!

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