Every successful (and not-so-successful) sports team on the field starts the game with a huddle. Heck, sometimes even during the game, they need to go for a quick huddle or two. The purpose? To re-group, make sure everyone knows what the mission is, and say what needs to be done to be successful. In business, we aim to do the same thing, only we often fail at it. Case in point – the painfully long and drawn-out meeting.

Most businesses hold meetings, especially for those who are in management positions. Held weekly or even daily, these meetings become bull sessions where people talk about what they did over the weekend and what they should have for lunch. Truth be told, maybe 15 minutes of important dialogue goes on for every hour of meeting that someone sits through.

So enough with the distractions already! It’s time to get serious here and head for the huddle!

Why Huddles Work

Holding morning huddles, rather than meetings, is a concept that has been catching on, in recent years. That’s because a lot more can be accomplished throughout the day when you skip the coffee-drinking, slouched-seated, full-blown meeting. Rather than holding meetings where everyone gets comfortable, kicks back, and gets off topic, change the concept.

If you want to improve productivity in your office, hold a morning or mid-day huddle. Hold it at the same time each day, and have each employee come into the boardroom ready to share one minute’s worth of news. They can provide an update on what they are working on, what their plans are, what they need, etc.

By the time everyone has taken one minute to go around the huddle and bring everyone up to speed, the team knows what is going on and the direction they are taking. If someone needs to speak further to someone else about an issue, they can do so after the huddle is over. No need to hold up the whole team for such a thing (especially once you figure out the dollars being lost by doing so).

Laying the Ground Rules

You are the coach. Don’t feel bad about implementing a daily huddle and laying down some ground rules to go with it. After all, if everyone is on the same page and aware of what is going on, the company will have a better chance of scoring.

So take some time to determine what you want your huddle to look like, and what you want out of it. Many people opt for the “standing only” huddle, which is the ideal way to run it, since it keeps people from getting too comfy. If you are standing, you are more likely to wrap up the huddle quickly and get back to your office. (And before some of you finger-wagging sticklers write to me, I know that not everyone can stand through a huddle! I’m suggesting that those who are able to, should.)

Gauging Results

If you do nix the lengthy meetings and go the route of the quick, yet effective, huddle, pay attention to the results. Not only will you be chewing up less of your employees’ time, but they will also be forced to really think about their work goals each day, in order to share them with the group. You may just find that the huddle helps to increase productivity, create a team atmosphere, and keep people from gaining extra weight from eating all those morning-meeting donuts and bagels.

By Mike Michalowicz, Author of The Toilet Paper Entrepreneur

Compiled by Mike Michalowicz, Author of The Toilet Paper Entrepreneur

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As an entrepreneur, you may be looking to start a business for the long haul. But you may also be one of the many who start businesses with the idea in mind that you will eventually sell it. There is nothing wrong with this approach, but one size does not fit all. You have to know what you are getting into before you take on this approach in order to be successful.

The Dos and Don’ts

It may sound simple enough to get a business started and then simply throw a for sale sign up, close the deal, and walk away with a fat stack of cash. But if it worked that easy (trust me, I’ve done it a few times already), everyone would be doing it. In fact, it takes a lot more planning and patience than that in order to see it through.

Here are some of my top dos and don’ts when it comes to growing a sell-able business:

·        Don’t. If you start a business just to “pump and dump,” you may be in trouble. This strategy of growing fast and selling fast often undermines strong business fundamentals since the long term considerations of the business are ignored. Savvy investors won’t want a business that is going to be dead on arrival. Unless there is a strategic reason to acquire your business, you will get very few bidders.

·        Don’t. It is important to not have the business dependent on you. Instead, your business will get premium dollar if you can walk away from it and it continues to grow on its own. This makes your business very “plug and play” for your prospective buyer, and that will get you a premium.

·        Do. Take the time, sometimes it may even take years, to make sure your company has as many of the attractive factors in place as it can. These factors include 1) Consistently growing revenue and profits; 2) Protected intellectual property; 3) Long term, favorable client contracts; 4) Patented systems, products and/or technologies; 5) Rock solid infrastructure. No so ironically, these are also all the things you want to have in place even if you do not want to sell your business.

·        Do. Get a broker or investment banker involved. Selling a business on your own is doable, but the ongoing negotiations can be distracting and can be emotionally draining. And with your efforts concentrated on something other than running your business, your business may start struggling at the exact time you are trying to sell it. That’s never good! A broker or investment banker will handle a huge portion of the negotiations and will probably get you better terms than you would on your own. Plus, they will become a much needed buffer when the negotiations get intense.

·        Do. Always get multiple bidders. When multiple suitors are looking to buy your business. you are likely to have a bidding war on your hands. I have seen instances where businesses have gotten 20 percent or even 50 percent more than the first offer when there are multiple companies bidding on your business. That is always a great thing for you!

Planning Wisely

Growing a business takes time, patience, and sticking with it in order to see it through. You absolutely can sell it, but you need to make sure you have followed the right path to get to that point first. If you haven’t, you may not even be able to make a profit from the sale. So take the time to grow it right, and then work the selling phase. If you do, you should come out ahead!

By Mike Michalowicz, Author of The Toilet Paper Entrepreneur

When entrepreneurs first get started, they usually ask a lot of questions. Everything from how to get started to the best way to hire employees pops up. These questions are imperative in helping to get them on the right course and get them started. But something happens not long after that – they get comfortable, and they stop asking questions. By not asking questions your business may be suffering, especially if you are not asking the right questions!

Self Evaluation

Most entrepreneurs fall into a trap of doing the same thing over and over. This can be problematic because if your business is struggling, you are simply doing the same thing over and over, yet probably working harder and harder. Every business should be asking a couple of questions in order to make sure they are on the right track. Not doing so could be holding you back from growing your company, or it could be sending your business down the wrong path.

Here are the two most important questions that every entrepreneur should be asking every 90 days:

1. What have I done in the last 90 days that is bringing in results?
2. What have I done in the last 90 days that is not bringing in results?

It is just that simple. Put it on your calendar as a reminder, and then every 90 days ask yourself those two questions. Be honest in your assessment so that you really gauge where things are going and where they need to go. Look back over everything you did over the last 90 days, such as advertising, promotions, projects, etc. Determine whether these things helped your bottom line, did nothing for it, or even hindered it.

Action from Answers

Once you have a good assessment of these questions, you are ready to do something with the information you have discovered. With the answers to these two questions, instead of staying stuck in a routine of just working harder on both, take this new action:

a)      Start doing more of what is working. You want to really amplify this.

b)      Do what you can to do less (or ideally none) of what is not working. Try to alleviate this.

When you do this, you will help keep your business on the right track. Every 90 days you will determine what is working, what isn’t, and make some adjustments that keep you on the right path.

Right Routines

As a business owner there is no doubt that you get into routines. But a lot of those routines just keep the status quo, rather than actually doing something to make things better or further your success. No matter where you are with your business, you can always benefit from asking yourself the questions above and taking action from the results you learn.

Rather than getting into routines of just doing the same thing over and over, get in the routine of doing this evaluation every 90 days. With a routine like this, and putting it into action, of course, you can’t go wrong. Think back to the beginning with all the questions you used to ask. Now it comes down to two very important ones that will help grow your that business, which you asked so many questions to get started!

By Mike Michalowicz, Author of The Toilet Paper Entrepreneur

Compiled by Mike Michalowicz, Author of The Toilet Paper Entrepreneur

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One of the biggest fears of every entrepreneur is competition. After all, play your cards right and the customers will spend their money with you; play them wrong and you will lose your customers to your competition. Rather than fear the competition, what if you use it as motivation to learn about how to keep your clients coming to you? It can be done. You just need to be a little more proactive about making sure that it happens.

Sam Walton, of Walmart fame, once said “There is only one boss: the customer. And he can fire everybody in the company, from the chairman on down, simply by spending his money somewhere else.” It’s true, and everyone in business knows it. Therefore, we are all in competition to get that customer and the money they are spending.

You know how to bring in new customers, but retaining your old ones is also crucial to long-term company success and growth. Fortunately, there are steps you can take to prevent your competitors from taking your clients, including:

●        Be great. This one should be obvious, but it can’t be overstated. The best way to keep a client for life, and to fend off the competition, is to be the best option. Always be the best and you will have a major leg up.

●        Master the insider games. Many clients are lost or uncomfortable when they begin to deal with someone new during a transition. The guy that liked you left, and the new guy likes someone else, so you are out. To overcome this, try to build relationships with employees and your client beyond just the immediate contact. That may be just enough to keep you on board when a new guy tries to flex some muscle.

●        Let the new guy feel that it’s his choice. Building on the last tip, when you a new contact comes in, recognize that you are at your riskiest point. Arrange a meeting quickly, and let the new guy feel he is exercising control. Seek his direction and input. Avoid saying, “This is the way it was done before.” Instead, seeking the customer’s direction may turn the new guy into your newest friend or champion.

●        Use contracts. Try arranging long-term contracts with your clients. Perhaps you could discount your offering in exchange for them signing up with you for the long haul. Such contracts prevent the competition from getting in, and also make your company more valuable to the potential acquirer (a double bonus).

●        Don’t shout it out to the world. I can’t tell you how many of my competitors make the mistake of listing every company they service on their website. I recognize that they are trying to show off their accomplishments, but they are also unintentionally providing a call list for their competitors. Don’t publicize your entire client list; keep it quiet. Just highlight a few of them, for the testimonials you need.

Competition is part of any business out there. And if you think you have a company that has no competition, just give it time; if you have a decent product or service, your competitor will soon be coming around the corner. It is something we can’t get away from. But we don’t have to simply take it on the chin while our customers make a bee line in the other direction.

Our job is not to stop the competition. Rather, it is to hold on to our customers by using the tools and means we have available. When you keep the above tips in mind, you will have a much easier time retaining your customer’s business. Use competition to motivate you into finding new ways to keep your customers, rather than simply focusing on the fear of losing them.

By Mike Michalowicz, Author of The Toilet Paper Entrepreneur