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What are the best kept secrets of successful business people?

Phil KhorFounder at SavvySME
I reckon it's grit, some people have it, others don't. Grit is a personality trait of passion and perseverance for very long-term goals. I wrote about it here https://www.savvysme.com.au/article/445-do-you-have-the-will-to-succeed-do-you-have-grit-to-grow-your-business
Yee TrinhCo-founder at SavvySME
Perseverance. Whether you're an actor, an entrepreneur, an athlete or otherwise, if you are aspiring to grand "success", you will encounter roadblock after roadblock after roadblock. What differentiates the failures from the Michael Jordans and Richard Bransons is often a string of setbacks in which the latter two pushed and persisted through.
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Regulatory and compliance

Businesses could face $100,000 penalties for excessive credit card surcharges

The competition watchdog has been given stronger powers to crack down on excessive credit card...read more

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Questions

What pitfalls or issues did you look for if you bought your company?

Speaking to the owners out there, did you buy your business? If so what were some of the primary... read more

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Yee Trinh Co-founder at SavvySME
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Questions

What is the use of bearings?

hey friends can you please tell me the actual use of thrust bearings for different-different... read more

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Buying and selling businesses

Top Ways to Increase the Value of Your Business and Make it More Attractive to Buyers

When selling your business you will want to get the best possible price. You have put blood, sweat... read more

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Buying and selling businesses

How to Find a Bargain When Buying a Business

When buying property they say buy the worse house on the best street. When purchasing a business... read more

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Lina BarfootEditor at SavvySME
Very interesting, great article!
Litigation and dispute resolution

The Real Deal with mediation, Part 1: What is it? Who Goes?

You deal with varying levels of conflict in your daily life. Whether it’s a work, at home, at... read more

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Litigation and dispute resolution

The Real Deal with Mediation Part 2: Where and When to Mediate

In part 1 of this 2-part guide you learned what mediation is and who attends. You found out what to... read more

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Lina BarfootEditor at SavvySME
Great article! or articles rather, I very much recommend reading the first part of these 2 articles as well. It's so useful for business owners and managers (and pretty much everyone) to have some idea of where to turn if a dispute or conflict becomes unmanageable.
Buying and selling businesses

Business Exits: How Earn Outs Work in Detail - Part One

Investment banks and corporate advisors use earn outs as a way of bridging the gap between what you... read more

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Buying and selling businesses

Selling Your Business: How to Get Agreement on Price Using an Earn Out

Forbes Magazine said recently that the number one reason businesses fail to sell is because the... read more

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Buying and selling businesses

Business Exits: How Earn Outs Work in Detail - Part Two

This is the second part of the article I've written before. You can read the first part of the... read more

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Buying and selling businesses

Roll Ups as an M&A Technique to Rapidly Create Value in Your Business

When your company is looking for growth, a roll up might be the answer. A "roll up" or... read more

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Business structure

What to Consider When Deciding on a Business Structure - a Company or Sole Trader?

Your business structure is the first and maybe most important decision you need to make when... read more

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Regulatory and compliance

What Should You Include in Your Social Media Policy?

No matter if your business is on social media or not, your employees and partners most probably... read more

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Competition, consumer and trade practices

Do You Have to Purchase that Extended Warranty Under Australian Consumer Law?

A new investigation by CHOICE reported that 85% of Australian electronic stores do not adhere to... read more

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Buying and selling businesses

How to Avoid Being “Pushy” in Sales

Open more conversations with respect The other day one of the General Managers of a company I’ve... read more

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Jef LippiattOwner at Startup Chucktown
I totally agree with the respect angle (especially as a potential client as no previous relationship has been established). Also, I would bring up the mantra, "The User Is Not Like Me". This could be modified as, "A Client Is Not Me". You could also look through the lens of potential client. If you were a client, would this entice you to take action or would you be annoyed? From this self evaluation you can learn quite a lot.
Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
Great article Jenny. Sometimes we write things without really realising the effects it has those we are trying to work with.
Buying and selling businesses

How to Sell a Business

"Start with the end in mind."  That’s the key to selling your business for its maximum... read more

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Brent Szalay Owner at SEIVA
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Brent SzalayOwner at SEIVA
Thanks for your comments Jeff. I agree to maximize the value everything must be documented. This should be a practice that every business should undertake whether they are looking to sell the business in the short to medium term or not.
Jeff GordonPrincipal at Prestige SME Business Solutions
One major mistake business owners make is not documenting everything such as Processes, Procedures, Job Descriptions. If management keep most of the IP in their brains and not documented it will make it more difficult to sell a business and get a higher price!
Questions

What would you like me to write about for SavvySME?

Next week I will be putting together my writing strategy for March and April, so I am wondering,... read more

Jef LippiattOwner at Startup Chucktown
I know that it is important to have clearly written contracts and agreements, but when disagreements arise would it be wise to have them drawn up and signed as an audit trail to limit the same problem from resurfacing at a later time? If that is the case, would it be wise to have a third-party or notary sign-off on the disagreement document as well? I think knowing more about that would be helpful (at least for myself).
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Litigation and dispute resolution

Why I Do What I Do

When I am at networking events or social occasions I am often asked, after ten years as a... read more

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Phil KhorFounder at SavvySME
What an inspirational story! I can see how important it is for clients to be able to express themselves (and feel that they were heard) can really help them cope with resentment. Brilliant! Thanks for sharing Rebecca.
Buying and selling businesses

How to Buy an Existing Business: A Comprehensive Guide

Many people dream about owning their own business. However, few convert that dream into a reality.... read more

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