Laura Humphreys's Blog (24)

What’s the one question every business owner should ask to decrease owner dependency and increase value?

When I interviewed 2012 Young Entrepreneur of the Year Sam Hazledene, I asked him about his strategy for growth.  This is the guy who built the largest medical recruitment company in Australasia from scratch in a few short years.  He told me that he’d grown organically, starting out with just himself and his wife travelling the country trying to convince hospitals to use…

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Added by Laura Humphreys on May 13, 2013 at 5:47pm — No Comments

If life is a game of soccer, which half are you in and how well are you playing?

Here is another extract from Liber8 Your Business, the soon to be released must have hand book for every small business owner.  In this chapter I talk about the importance of being a visionary, starting with a concept called ‘The soccer game of life”…

“Earlier in the book I talked about successful people having an ability to see their success ahead of them – and…

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Added by Laura Humphreys on May 8, 2013 at 7:22am — No Comments

Listen to the brand guys… and change the name of your book!

So the book is written… yes, it’s finished and off to proof reading next week.  Yipee!  One year and two months in the making.  That’s approximately three hundred 5 am starts, 70,000 words and a heck of a lot of late nights.  It ain’t no breeze this book writing thing.   But it’s done, my editor is happy (so far) and it moves onto the next stage.

Now we are…

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Added by Laura Humphreys on April 28, 2013 at 5:25pm — No Comments

Go boldly into the unknown… and make mistakes, they’re good for you!

Recently I interviewed Shane Bradley – former owner of GrabOne and founder of new online retailer pet.co.nz.  Shane’s top tip for small business owners was this: “if you’re not making mistakes, you’re not trying hard enough”.  He told me about his first business, which went under due to bad debts.  It was humiliating and humbling he said.  To go from being a big shot to a big nobody…

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Added by Laura Humphreys on April 25, 2013 at 5:01pm — No Comments

Would Someone Invest in Your Business?

I’m currently looking at my investment portfolio and deciding how much of my wealth I want tied up in businesses… my own and others.  Investing in business is a high risk strategy as so much depends on the people running the business and their understanding of what business really is.  I’m always on my soap box about small business owner operators needing to grasp the basics of what makes their business valuable.  I know what I think, but I wanted to see if other business experts think the…

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Added by Laura Humphreys on January 14, 2013 at 10:00am — No Comments

Starting Your Own Business

Why do people get into business for themselves?  When I present to business groups I often ask people why they decided to start a business.  The answers are always the same.  To be my own boss/to be free to choose how I work/I’m good at what I do… so why should I line someone else’s pockets/I’ve got a great idea, I know it will work…

The reality of owning your own business is that it is hard work, it is high risk, it takes its toll on your time, your pocket and your energy.  In the…

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Added by Laura Humphreys on January 6, 2013 at 6:00pm — No Comments

Game, Set and Match: Lessons in Business from Tennis

My lovely client Bridgette (from Village PR in Tauranga) told me the funniest story about a tennis game she played in Fiji recently.  The parallels to and lessons about business were clearly apparent to us both so I just have to share it…

Bridgette it turns out is a bit of a gun tennis player, or at…

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Added by Laura Humphreys on January 1, 2013 at 9:00pm — No Comments

How Healthy Is Your Worry Factor?

I remember a conversation I had with my friend Melissa Clark Reynolds many years ago.  She probably won’t even remember it.  We were standing in the changing room of the local swimming pool centre at the time.  Melissa had just sold her first business to Southern Cross and I was still mid way into the building…

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Added by Laura Humphreys on December 25, 2012 at 4:00am — No Comments

Things a Business Buyer Will Pay a Premium for - Clients

In the business world, clients mean money.  Have no doubt, a buyer will pay a premium for what they perceive is more money.  A buyer will look at your clients and ascertain the value of your business to them on the basis of the average spend and longevity of your clients.  They will look to find a way to…

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Added by Laura Humphreys on December 16, 2012 at 5:30pm — No Comments

7 Things a Business Buyer Will Pay a Premium For – #7 People

A business buyer will pay a premium for a business they feel sure will run without its owner. Unless you are planning to sell a concept or a leveraged business model (business models for exit are covered in the Liber8me programme), you are going to need people in your business to help you grow.   If you do it…

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Added by Laura Humphreys on December 10, 2012 at 10:00pm — No Comments

Thou Shalt Not Interrupt!

Reading Tim Ferriss The 4-Hour Work Week at the moment.  Am about to adopt one piece of advice as of Monday.  As Tim points out email is the greatest single interruption in the modern world.  How many times have you sat down with your to do list for the day only to find its midday before you’ve finished answering…

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Added by Laura Humphreys on December 3, 2012 at 10:30am — No Comments

Sexy Machine, Sexy Business, Sexy Model… It’s a Winner!

I love great business models.  Here’s a simple one, yet technically so right on many different levels. 

It’s Nespresso, maker of coffee machines.  My mum in UK has one and I fell in love with the taste of the coffee and the simplicity of the making of said coffee every morning when staying with my mum for…

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Added by Laura Humphreys on November 26, 2012 at 4:30pm — No Comments

Womentrepreneurs… the Double Edged Sword We Wield

Having been interested in an article posted on Facebook about the lack of women seeking and gaining investment capital, I feel inspired to make a commentary on some characteristics that can both make and break women in business.  I’ve coined the phrase ‘womentrepreneurs’ as merging words to…

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Added by Laura Humphreys on November 19, 2012 at 5:00pm — No Comments

Trust Your Gut

 

This morning it dawned on me that I haven’t been employed by someone now since 1990, when I left my job as an advertising copy writer.  That’s 22 years of fending for myself!  I realised that not only am I totally unemployable now, but that I’ve also become quite wise in certain areas.

One of these areas is decision making.  I used…

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Added by Laura Humphreys on November 13, 2012 at 10:00am — No Comments

Grasp the Trends

I think Bob Dylan said it best, “The times they are a changing”… and ironically this fundamental truth hasn’t changed. Change is inevitable, I’m sure you are aware of it yourself… how fast things are changing these days.  Just look at social media, just when you think you’ve got the hang of Facebook and Twitter, someone comes up with Pinterest and you’ve got to start learning all over again!

This is just an example of clever people, backed by…

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Added by Laura Humphreys on November 12, 2012 at 10:30am — 2 Comments

Try this Formula for Effective Goal Setting

 

Now is the time of year for goal setting. Every year I make sure I’ve got my goals clearly defined and most importantly, written down.  There is something so powerful about putting your goals down in writing.  I’m sure it triggers something in your subconscious that makes you do the right things towards achieving them, even when you’ve forgotten what they…

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Added by Laura Humphreys on November 11, 2012 at 8:00pm — No Comments

Friday Business Mentoring Tip – Create Rituals

FINALLY back from my holidays… 6 weeks in total… where on earth did September go???  So back to posting business tips for all of you who appreciate a daily morsel of practical business advice.   This one is a goodie and absolutely crucial if you have a team of people around you.

Rituals are the glue that holds the culture of an organisation together.  They are the things that you do together as a team on a regular basis.  The rituals of your company become the elements that give your…

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Added by Laura Humphreys on November 9, 2012 at 11:00am — No Comments

Business Mentor Tip – The 80/20 Rule of Leverage

Everyone should be familiar with the old 80/20 rule as it seems to apply across most things in life.  In business it generally means that 80% of your income comes from 20% of your clients.  Or that 80% of your trouble comes from 20% of your clients, which is usually about right…

But I believe there is another 80/20 rule in business.  I believe that you should be spending 80% of your time working ON the business and 20%…

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Added by Laura Humphreys on November 8, 2012 at 11:00am — No Comments

Putting Your Man on the Moon – A Business Mentoring Tip from Space

One of my favourite business mentoring tips is to plan your business as if you were NASA planning to put a man on the moon.  This is what I learned to do at the 1991 Accelerated Business School for Entrepreneurs with Robert Kiyosaki in Hawaii.  The teacher was Blair Singer and the business planning technique we used was based on PERT (Programme Evaluation and Review) planning technologies, which apparently is what NASA used…

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Added by Laura Humphreys on November 7, 2012 at 6:00am — No Comments

Why Would Someone Invest in Your Business? Or Why Wouldn’t They?

I’m currently looking at my investment portfolio and deciding how much of my wealth I want tied up in businesses… my own and others.  Investing in business is a high risk strategy as so much depends on the people running the business and their understanding of what business really is.  I’m always on my soap box about small business owner operators needing to grasp the basics of what makes their business valuable.  I know what I think, but I wanted to see if other business experts think the…

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Added by Laura Humphreys on September 21, 2012 at 11:00am — No Comments

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