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David Solomon

Business Performance Strategist at

Member Since November 2012

Sydney, NSW, 2000

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I help women entrepreneurs to build a Higher Purpose Business – a business that serves their values – one that works for them, not them working for it. My mission is to help women in business unlock their magnificence. The end game? To help women build businesses that are rewarding for the heart and for the purse - thereby to economically enable and empower women to help heal the world.

Entrepreneurship

Please don't stop the rain...

It’s been raining a lot around our way recently – I mean a lot. Don’t get me wrong - I’m not complaining as we do need the precipitation after the warmest Australian Spring on record (2013) and a hot, dry and above average temperature Summer. This isn’t just my imagination either as you’ll see on the rainfall deficiency graph on the Bureau of Meteorology website. I just find it intere...

Research and Innovation

It’s world voice day on 16th april – so why should you care?

If you’ve ever fully lost your voice or perhaps had a cold that has severely restricted your vocal use, you'll know just how frustrating it is to function in your everyday life when you can't make a sound. We use our voices to communicate with each other, to laugh, cry, sing and even scream. There isn’t really much you do in your daily life that doesn’t involve the use of your voice in som...

Research and Innovation

How to achieve your best - part 2

"To tap the tremendous unrealized potential that exists in all of us, we must think of meaningful work as an essential ingredient of a fulfilling life. We can move past success to significance when we realize our purpose is found in serving others. Then we connect to something that goes far beyond the bottom line."                         ~ Laura Cardone The ancient Chinese view o...

Research and Innovation

Bhags and mpogs

I was driving into the city and traffic being what it was, we were crawling along. I happened to look out the side window and saw the name of the street we were passing – Beehag Avenue. Even though I have driven that way many, many times before it was the first time I’d noticed the name. My thoughts went straight to the concept of BHAG – a Big Hairy Audacious Goal. Do just about any goal ...

Research and Innovation

How to achieve your best

Achieving your best is a personal thing. In the same way that success for you really should be defined by your lifestyle, family, financial and other goals – rather than what society says success “should” be – being “your best” works the same way. And from a work perspective this applies whether we are considering being your best in your business or someone else’s business. We kno...

Business Management

The glass table

A couple of nights ago we had a pretty wild wind storm at our place. (When I say at our place it obviously wasn’t just our place but it does sound more dramatic that way!) My wife and I both heard lots of things rattling and flapping through the night, but we didn’t hear the big bang some time in the early morning. The wind had caught the big canopy umbrella and lifted it out of its slot so...

Research and Innovation

Over the christmas break I decided to start a business…

Every January and February I hear the words “over the Christmas break I decided to start a business.” And whilst it makes my heart sing to see the enthusiasm of new entrepreneurs, I also have some trepidation. Many people start a business for exactly the right reason. These include a burning desire to create their own “thing”, needing more flexibility (especially with the kids now at sc...

Customer Retention

Business and customer service health check

  In the last 3 months have you… Actively solicited client feedback on your products or services? Yes / No Ensured your quality control processes are effective (or established some if you didn’t previously have them)? Yes / No Experienced your own products or services? Yes / No Spent time working “on” your busin...

David Solomon answered this question

Jeffrey Joel
Jeffrey Joel, MD at Auspac Trading NSW PL

Team Management

Apart from a pay rise, how else can you reward your staff?

There are some brilliant ideas above! The key issue is whatever you do try to keep it a variable cost, or more specifically, it doesn't become a fixed cost such as a salary increase. It needs to be a reward. Any reward that becomes standard ceases to be a reward and becomes an expectation.

David Solomon answered this question

Tim Greig
Tim Greig, Owner at Green Galah Pty Ltd

Branding

What's the one word you could use to describe your brand?

It's actually mu business name - Quiddity  :)

Noun

The inherent nature or essence of someone or something.Synonyms

essence - substance - gist 

Market Trend

Does having a higher purpose exclude commercial outcomes?

Does having a higher purpose exclude commercial outcomes? And vice versa? If you are driven to profit at any cost it would appear so. However, if you define your commercial success and profit as being driven by the amount of value you deliver, isn’t that higher purpose? Equally, it is fallacy to have your passion blind you to the commercial reality that your business is unsustainable. A Highe...

Online Business

Sell your soul

If you can make money doing what you love, that’s a Higher Purpose Business. Working at your heart’s desire, at the best you have to give, will often be your greatest source of profitability. Think about your favorite music artist or author. Or how about the big brands you love to spend money with like Apple, Disney or Virgin. They certainly don’t peddle goods they don’t believe in or hav...

Business Planning

6 Practical Tips To Keep Your Business Above Water In A Downturn

There is nothing fancy to be done, rather a back to basics approach. Here are the top 6 things to do. 1. Deliver a quality product or service. Whether this is your personal labour or your company’s output, the message is the same – below average won’t cut it. 2. Deliver it from the point of view of the customer/purchaser. What do they want? What do they need? What are they willing to pay f...

Business Coaching

More differences between men and women in business

Business can be tough… Most every business owner has some mixture of fears and frustrations about their business. Whether it’s dealing with the typical business issues that keep entrepreneurs awake at night  - cash flow, sales and staff issues just for starters – or if you go a bit deeper, issues like “Is it all worth it?”, fear of failure or even fear of success. There are many reaso...

David Solomon answered this question

Gill Walker
Gill Walker, Owner Director, Principal CRM Business Consultant at

Sales and Marketing

What are the differences in the way men and women do business?

Great questions Gill.
There
are very many differences between the way men and women do business. Of course
I’m going to generalise but there are infinite shades of grey. In considering
this question it is worth acknowledging that the “game” of business is a game
created by men. It used to be about conquering other races – now it’s done in
business (and on the sporting field).



Men will
typically do business from a win-lose (or scarcity) point of view. From their
perspective “Sorry – it’s nothing
personal, but for me to win, you have to lose. The ‘pie’ of business is only so
big, and my job is to go and carve out as big a piece of pie as I can.”



In
contrast the attitude generally taken by women is, “Well here is a pie that’s only so big. Why don’t we see how we can
make that pie go further? Or why not share the pie and enjoy it? Or why don’t
we work at making another pie - then I can have a pie, and you can have a pie
and we’ll have more pie.” So it’s very much about win-win and abundance.



Men will often
go to extreme lengths to compete and win while women want a completely
different business experience. So
what do most women do? Some will play along with the men’s rules, but many will
start their own businesses looking for win-win solutions.



This
is further reflected in the differences in how men and women network (a critical
precursor to selling).

Men tend to be quite perfunctory i.e. “Nice to
meet you. What do you do? Can you help me?” Yes - great => next step. No -
OK, nice to meet => move on.
Women tend to be more focused on "Let me find
out who you are and what you are about before we see whether there is anything
we can do together."Simon Sinek says it well - people are more
interested in why you do things rather than what you do.



And I think this is the key to how to sell
differently to the 2 sexes. In summary, for men it’s all about performance, and
for women it’s all about the relationship.



There are many more differences such as the
greater reliance on rationality versus emotion that is often pointed out, but I
think what is discussed above is a very significant driver.   

Business Coaching

A key difference between men and women in business

One of the inspiring things that women have brought to the world of business has been a much more overt examination of purpose and meaning. They will often start their businesses around their personal values, their families, their causes, their desired lifestyles, their passions and their natural gifts. But many times I’ve seen women entrepreneurs forget that their business is a vehicle that al...

David Solomon answered this question

When is "critical" for a small business owner to call on a business coach?

Good business coaches can play different roles depending on what is needed. Those with little experience will be more limited. At various times I have been a sounding board, motivator, mentor, business
consultant, teacher, task master, spiritual guide and friend to each of my
clients. So my tongue-in-cheek answer is that it's always critical :)


David Solomon answered this question

Who should a business owner call on for help when it’s “all too late”?

Ideally someone else who has been through it themselves. There is no substitute for experience when it comes to this. If you are going to talk to any sort of business advisor, be sure to ask whether they've ever been involved in a failed business before. In the USA the venture capitalists often look for people with business failures to invest in because they know about the learning that comes with it. It's somewhat different in Australia though.

David Solomon answered this question

Mark Henderson
Mark Henderson, CEO and Founder at Espressogrow

Business Management

How do you define success?

Success is a very personal thing. Success should be defined by your financial, lifestyle and other
goals and aspirations, rather than what society says they “should” be. It’s
crazy that we consistently let others dictate what it means to be successful.
That generally means money and material possessions by the way.

But what about health, happiness, peace and love for starters? Why don’t
they get measured more openly when evaluating a person’s success?

And what if your success goal for being in business is simply
making enough so that your family can go on a paid vacation every year? Or you
can afford the cost of private school fees? Or braces for Amanda?

That’s why I talk about building a "Higher Purpose Business” – one that
revolves around the values and aspirations of the owner of the business,
particularly those linked to their personal higher purpose.  

David Solomon answered this question

Does every small business need a business coach?

I'm a bit biased on this answer :) but perhaps this will illustrate how important it is - I have several specialist coaches of my own! Even a coach needs a coach...
By definition you can't see your own blind spots. Everyone needs someone to help, even if it just to hold up a mirror.

David Solomon answered this question

Wendy Huang
Wendy Huang, Full Time Blogger and YouTuber at A Custom Blog in 4 Minutes

Entrepreneurship

What does being an entrepreneur mean to you?

There
is so much misunderstanding about the term entrepreneur. After all, depending
on where you were born or how long you have lived, being an entrepreneur may be
either a good thing or have negative connotations. Here are the top 6 characteristics
in my definition of an entrepreneur:



Passion - Every
entrepreneurial individual starts with a passion for what they are doing. For
them money is a motivator, but not the prime motivation.



Problem orientation - Most entrepreneurs set out to solve a problem. For many
it is about doing something for customers that would enhance their lives. They
are passionate about providing value and quality to customers.



Perseverance - Success
has been a long time coming for many entrepreneurs, and most have to work long
and hard at getting it “right”. It doesn’t happen overnight, but these
individuals have the determination and belief to keep going when many would
give up and get a job.



Lack of orthodoxy - Entrepreneurs think of doing things differently: a pocket
sock, a flat chicken, a new way of looking at financial planning. They put ends
and means together in different permutations.



Vision
- All have a vision of a business that helps lots of people – a big dream.



Fearlessness about changing direction - If top entrepreneurs hit a
roadblock, they will find a new way to do things rather than give up. They make
things happen.



Some entrepreneurs end up being very
wealthy as a result of their endeavours, but this is only a small percentage.
Many will have business failures and many will simply make a living. But the
rationale for the entrepreneur is “At least I am doing it on my terms”. 

David Solomon answered this question

How should a small business owner pick a business coach?

These are all good answers and I feel a bit redundant weighing in to the discussion. However, I'd like to summarise it to 3 things you should be looking for:
1) relevant experience of the coach,
2) superior communications skills and the ability to teach,
3) a relationship built on mutual rapport and respect.
Where do you find a great coach? The best source is referrals from people you trust and who have had a positive experience. But you MUST be satisfied yourself on the points above and not just accept a straight recommendation - everybody's needs are different. It's an important relationship so take the time to make sure it is right. You'll know in your gut if it is or not :).

David Solomon answered this question

What’s the difference between a life coach and a business coach?

While
coaches may come from various backgrounds, there are basically 3 types:

1)
A business coach

2)
A corporate / executive coach

3)
A life coach.

So what is
the difference?

A business
coach collaborates with the managers and / or owners of smaller companies to
ensure people work on their business, rather than just in it.

In
contract, executive and life coaches work to develop individuals rather than
businesses. Coaches may work one-on-one or with groups.

A life coach
works in a more holistic fashion to help develop people’s personal and
interpersonal skills and set in place strategies to achieve both career and
life goals.

In many
ways the work of both executive coaches and life coaches can overlap. The
difference between life and corporate coaching is blurred given you deal with
work / life balance when you are coaching.

In my experience - or maybe it’s just the way I approach my
coaching (which is quite holistic) – a coach can play multiple roles. For
example, at various times I have been a sounding board, motivator, mentor, business
consultant, teacher, task master, spiritual guide and friend to each of my
clients.

But here is the really big problem - the coaching industry is virtually
unregulated.

There are still no special qualifications that are widely recognised. There
are no minimum criteria and there is not even a common terminology. People call
themselves advisers, coaches and facilitators. It’s very easy to get into,
there are no barriers to entry and anybody can call themselves one. Choosing
the right coach is a whole other subject. 

David Solomon answered this question

If a small business cant afford an accountant who can help?

I recommend you use a specialist where specialist skills are appropriate. This is certainly true for compliance type issues and structuring etc. There are a number of bookkeepers who are qualified accountants that can provide great service and a broader perspective for the routine things (I use one myself), but when it comes to things like tax planning you really need someone who knows their stuff. As someone said above, it will pay for itself.

David Solomon answered this question

Henrik Larsen
Henrik Larsen, Director at IePlus Pty Ltd

Risk Management

What backup recovery measures do you have for your business?

I back everything up to an external drive on a weekly basis. It takes a while but I've had too many computer meltdowns to risk not doing it. It's like brushing your teeth - you resent the time whilst doing it, but you wouldn't not do it. It's mostly automated but I make sure the key files are done by me. I also use Dropbox for shared files, and sometimes Google docs. 
Remember though, whatever backup system you use, you need to check that what gets backed up is useable!

David Solomon answered this question

Nick Chernih
Nick Chernih, Founder at LinkBuildSEO

Selling a Business

How do I calculate how much my business is worth?

Good answer Phil. The thing I'd add to that is that your business will be worth much more if you are not in it! By that I mean that if the business relies on you then the purchaser of the business really needs to buy you as well - or at least some of your time. You want to make yourself redundant through effective systems, training etc. You can still work in the business if you want to of course.

David Solomon answered this question

Brent Hall
Brent Hall, CEO at HelloMedical

Banking

Is it possible to use multiple trading names via same company?

It's an expensive and very time consuming process to set up multiple merchant accounts. My suggestion would be to advise people at the time of the transaction that the name on their statement will be XXXXXXX but that it is from you so not to worry. I've seen this done many times.
e.g. "Please note that the name on your bank statement will be XXXXXX."

Entrepreneurship

Please don't stop the rain...

It’s been raining a lot around our way recently – I mean a lot. Don’t get me wrong - I’m not complaining as we do need the precipitation after the warmest Australian Spring on record (2013) and a hot, dry and above average temperature Summer. This isn’t just my imagination either as you’ll see on the rainfall deficiency graph on the Bureau of Meteorology website. I just find it intere...

Research and Innovation

It’s world voice day on 16th april – so why should you care?

If you’ve ever fully lost your voice or perhaps had a cold that has severely restricted your vocal use, you'll know just how frustrating it is to function in your everyday life when you can't make a sound. We use our voices to communicate with each other, to laugh, cry, sing and even scream. There isn’t really much you do in your daily life that doesn’t involve the use of your voice in som...

Research and Innovation

How to achieve your best - part 2

"To tap the tremendous unrealized potential that exists in all of us, we must think of meaningful work as an essential ingredient of a fulfilling life. We can move past success to significance when we realize our purpose is found in serving others. Then we connect to something that goes far beyond the bottom line."                         ~ Laura Cardone The ancient Chinese view o...

Research and Innovation

Bhags and mpogs

I was driving into the city and traffic being what it was, we were crawling along. I happened to look out the side window and saw the name of the street we were passing – Beehag Avenue. Even though I have driven that way many, many times before it was the first time I’d noticed the name. My thoughts went straight to the concept of BHAG – a Big Hairy Audacious Goal. Do just about any goal ...

Research and Innovation

How to achieve your best

Achieving your best is a personal thing. In the same way that success for you really should be defined by your lifestyle, family, financial and other goals – rather than what society says success “should” be – being “your best” works the same way. And from a work perspective this applies whether we are considering being your best in your business or someone else’s business. We kno...

Business Management

The glass table

A couple of nights ago we had a pretty wild wind storm at our place. (When I say at our place it obviously wasn’t just our place but it does sound more dramatic that way!) My wife and I both heard lots of things rattling and flapping through the night, but we didn’t hear the big bang some time in the early morning. The wind had caught the big canopy umbrella and lifted it out of its slot so...

Research and Innovation

Over the christmas break I decided to start a business…

Every January and February I hear the words “over the Christmas break I decided to start a business.” And whilst it makes my heart sing to see the enthusiasm of new entrepreneurs, I also have some trepidation. Many people start a business for exactly the right reason. These include a burning desire to create their own “thing”, needing more flexibility (especially with the kids now at sc...

Market Trend

Does having a higher purpose exclude commercial outcomes?

Does having a higher purpose exclude commercial outcomes? And vice versa? If you are driven to profit at any cost it would appear so. However, if you define your commercial success and profit as being driven by the amount of value you deliver, isn’t that higher purpose? Equally, it is fallacy to have your passion blind you to the commercial reality that your business is unsustainable. A Highe...

Online Business

Sell your soul

If you can make money doing what you love, that’s a Higher Purpose Business. Working at your heart’s desire, at the best you have to give, will often be your greatest source of profitability. Think about your favorite music artist or author. Or how about the big brands you love to spend money with like Apple, Disney or Virgin. They certainly don’t peddle goods they don’t believe in or hav...

Business Planning

6 Practical Tips To Keep Your Business Above Water In A Downturn

There is nothing fancy to be done, rather a back to basics approach. Here are the top 6 things to do. 1. Deliver a quality product or service. Whether this is your personal labour or your company’s output, the message is the same – below average won’t cut it. 2. Deliver it from the point of view of the customer/purchaser. What do they want? What do they need? What are they willing to pay f...

Business Coaching

More differences between men and women in business

Business can be tough… Most every business owner has some mixture of fears and frustrations about their business. Whether it’s dealing with the typical business issues that keep entrepreneurs awake at night  - cash flow, sales and staff issues just for starters – or if you go a bit deeper, issues like “Is it all worth it?”, fear of failure or even fear of success. There are many reaso...

Business Coaching

A key difference between men and women in business

One of the inspiring things that women have brought to the world of business has been a much more overt examination of purpose and meaning. They will often start their businesses around their personal values, their families, their causes, their desired lifestyles, their passions and their natural gifts. But many times I’ve seen women entrepreneurs forget that their business is a vehicle that al...

Customer Retention

Business and customer service health check

  In the last 3 months have you… Actively solicited client feedback on your products or services? Yes / No Ensured your quality control processes are effective (or established some if you didn’t previously have them)? Yes / No Experienced your own products or services? Yes / No Spent time working “on” your busin...

David Solomon answered this question

Jeffrey Joel
Jeffrey Joel, MD at Auspac Trading NSW PL

Team Management

Apart from a pay rise, how else can you reward your staff?

There are some brilliant ideas above! The key issue is whatever you do try to keep it a variable cost, or more specifically, it doesn't become a fixed cost such as a salary increase. It needs to be a reward. Any reward that becomes standard ceases to be a reward and becomes an expectation.

David Solomon answered this question

Tim Greig
Tim Greig, Owner at Green Galah Pty Ltd

Branding

What's the one word you could use to describe your brand?

It's actually mu business name - Quiddity  :)

Noun

The inherent nature or essence of someone or something.Synonyms

essence - substance - gist 

David Solomon answered this question

Gill Walker
Gill Walker, Owner Director, Principal CRM Business Consultant at

Sales and Marketing

What are the differences in the way men and women do business?

Great questions Gill.
There
are very many differences between the way men and women do business. Of course
I’m going to generalise but there are infinite shades of grey. In considering
this question it is worth acknowledging that the “game” of business is a game
created by men. It used to be about conquering other races – now it’s done in
business (and on the sporting field).



Men will
typically do business from a win-lose (or scarcity) point of view. From their
perspective “Sorry – it’s nothing
personal, but for me to win, you have to lose. The ‘pie’ of business is only so
big, and my job is to go and carve out as big a piece of pie as I can.”



In
contrast the attitude generally taken by women is, “Well here is a pie that’s only so big. Why don’t we see how we can
make that pie go further? Or why not share the pie and enjoy it? Or why don’t
we work at making another pie - then I can have a pie, and you can have a pie
and we’ll have more pie.” So it’s very much about win-win and abundance.



Men will often
go to extreme lengths to compete and win while women want a completely
different business experience. So
what do most women do? Some will play along with the men’s rules, but many will
start their own businesses looking for win-win solutions.



This
is further reflected in the differences in how men and women network (a critical
precursor to selling).

Men tend to be quite perfunctory i.e. “Nice to
meet you. What do you do? Can you help me?” Yes - great => next step. No -
OK, nice to meet => move on.
Women tend to be more focused on "Let me find
out who you are and what you are about before we see whether there is anything
we can do together."Simon Sinek says it well - people are more
interested in why you do things rather than what you do.



And I think this is the key to how to sell
differently to the 2 sexes. In summary, for men it’s all about performance, and
for women it’s all about the relationship.



There are many more differences such as the
greater reliance on rationality versus emotion that is often pointed out, but I
think what is discussed above is a very significant driver.   

David Solomon answered this question

When is "critical" for a small business owner to call on a business coach?

Good business coaches can play different roles depending on what is needed. Those with little experience will be more limited. At various times I have been a sounding board, motivator, mentor, business
consultant, teacher, task master, spiritual guide and friend to each of my
clients. So my tongue-in-cheek answer is that it's always critical :)


David Solomon answered this question

Who should a business owner call on for help when it’s “all too late”?

Ideally someone else who has been through it themselves. There is no substitute for experience when it comes to this. If you are going to talk to any sort of business advisor, be sure to ask whether they've ever been involved in a failed business before. In the USA the venture capitalists often look for people with business failures to invest in because they know about the learning that comes with it. It's somewhat different in Australia though.

David Solomon answered this question

Mark Henderson
Mark Henderson, CEO and Founder at Espressogrow

Business Management

How do you define success?

Success is a very personal thing. Success should be defined by your financial, lifestyle and other
goals and aspirations, rather than what society says they “should” be. It’s
crazy that we consistently let others dictate what it means to be successful.
That generally means money and material possessions by the way.

But what about health, happiness, peace and love for starters? Why don’t
they get measured more openly when evaluating a person’s success?

And what if your success goal for being in business is simply
making enough so that your family can go on a paid vacation every year? Or you
can afford the cost of private school fees? Or braces for Amanda?

That’s why I talk about building a "Higher Purpose Business” – one that
revolves around the values and aspirations of the owner of the business,
particularly those linked to their personal higher purpose.  

David Solomon answered this question

Does every small business need a business coach?

I'm a bit biased on this answer :) but perhaps this will illustrate how important it is - I have several specialist coaches of my own! Even a coach needs a coach...
By definition you can't see your own blind spots. Everyone needs someone to help, even if it just to hold up a mirror.

David Solomon answered this question

Wendy Huang
Wendy Huang, Full Time Blogger and YouTuber at A Custom Blog in 4 Minutes

Entrepreneurship

What does being an entrepreneur mean to you?

There
is so much misunderstanding about the term entrepreneur. After all, depending
on where you were born or how long you have lived, being an entrepreneur may be
either a good thing or have negative connotations. Here are the top 6 characteristics
in my definition of an entrepreneur:



Passion - Every
entrepreneurial individual starts with a passion for what they are doing. For
them money is a motivator, but not the prime motivation.



Problem orientation - Most entrepreneurs set out to solve a problem. For many
it is about doing something for customers that would enhance their lives. They
are passionate about providing value and quality to customers.



Perseverance - Success
has been a long time coming for many entrepreneurs, and most have to work long
and hard at getting it “right”. It doesn’t happen overnight, but these
individuals have the determination and belief to keep going when many would
give up and get a job.



Lack of orthodoxy - Entrepreneurs think of doing things differently: a pocket
sock, a flat chicken, a new way of looking at financial planning. They put ends
and means together in different permutations.



Vision
- All have a vision of a business that helps lots of people – a big dream.



Fearlessness about changing direction - If top entrepreneurs hit a
roadblock, they will find a new way to do things rather than give up. They make
things happen.



Some entrepreneurs end up being very
wealthy as a result of their endeavours, but this is only a small percentage.
Many will have business failures and many will simply make a living. But the
rationale for the entrepreneur is “At least I am doing it on my terms”. 

David Solomon answered this question

How should a small business owner pick a business coach?

These are all good answers and I feel a bit redundant weighing in to the discussion. However, I'd like to summarise it to 3 things you should be looking for:
1) relevant experience of the coach,
2) superior communications skills and the ability to teach,
3) a relationship built on mutual rapport and respect.
Where do you find a great coach? The best source is referrals from people you trust and who have had a positive experience. But you MUST be satisfied yourself on the points above and not just accept a straight recommendation - everybody's needs are different. It's an important relationship so take the time to make sure it is right. You'll know in your gut if it is or not :).

David Solomon answered this question

What’s the difference between a life coach and a business coach?

While
coaches may come from various backgrounds, there are basically 3 types:

1)
A business coach

2)
A corporate / executive coach

3)
A life coach.

So what is
the difference?

A business
coach collaborates with the managers and / or owners of smaller companies to
ensure people work on their business, rather than just in it.

In
contract, executive and life coaches work to develop individuals rather than
businesses. Coaches may work one-on-one or with groups.

A life coach
works in a more holistic fashion to help develop people’s personal and
interpersonal skills and set in place strategies to achieve both career and
life goals.

In many
ways the work of both executive coaches and life coaches can overlap. The
difference between life and corporate coaching is blurred given you deal with
work / life balance when you are coaching.

In my experience - or maybe it’s just the way I approach my
coaching (which is quite holistic) – a coach can play multiple roles. For
example, at various times I have been a sounding board, motivator, mentor, business
consultant, teacher, task master, spiritual guide and friend to each of my
clients.

But here is the really big problem - the coaching industry is virtually
unregulated.

There are still no special qualifications that are widely recognised. There
are no minimum criteria and there is not even a common terminology. People call
themselves advisers, coaches and facilitators. It’s very easy to get into,
there are no barriers to entry and anybody can call themselves one. Choosing
the right coach is a whole other subject. 

David Solomon answered this question

If a small business cant afford an accountant who can help?

I recommend you use a specialist where specialist skills are appropriate. This is certainly true for compliance type issues and structuring etc. There are a number of bookkeepers who are qualified accountants that can provide great service and a broader perspective for the routine things (I use one myself), but when it comes to things like tax planning you really need someone who knows their stuff. As someone said above, it will pay for itself.

David Solomon answered this question

Henrik Larsen
Henrik Larsen, Director at IePlus Pty Ltd

Risk Management

What backup recovery measures do you have for your business?

I back everything up to an external drive on a weekly basis. It takes a while but I've had too many computer meltdowns to risk not doing it. It's like brushing your teeth - you resent the time whilst doing it, but you wouldn't not do it. It's mostly automated but I make sure the key files are done by me. I also use Dropbox for shared files, and sometimes Google docs. 
Remember though, whatever backup system you use, you need to check that what gets backed up is useable!

David Solomon answered this question

Nick Chernih
Nick Chernih, Founder at LinkBuildSEO

Selling a Business

How do I calculate how much my business is worth?

Good answer Phil. The thing I'd add to that is that your business will be worth much more if you are not in it! By that I mean that if the business relies on you then the purchaser of the business really needs to buy you as well - or at least some of your time. You want to make yourself redundant through effective systems, training etc. You can still work in the business if you want to of course.

David Solomon answered this question

Brent Hall
Brent Hall, CEO at HelloMedical

Banking

Is it possible to use multiple trading names via same company?

It's an expensive and very time consuming process to set up multiple merchant accounts. My suggestion would be to advise people at the time of the transaction that the name on their statement will be XXXXXXX but that it is from you so not to worry. I've seen this done many times.
e.g. "Please note that the name on your bank statement will be XXXXXX."

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