I am therefore eagerly looking forward to seeing him in Perth this weekend at the National Achievers Congress.

Thus it seemed timely to look back through my early notes, where I found this wonderful extract from his book, ‘Losing my Virginity’, which I highly recommend.

“Later, it became apparent to me that business could be a creative enterprise in itself. If you publish a magazine, you’re trying to create something that is original, that stands out from the crowd, that will last and, hopefully, serve some useful purpose. Above all, you want to create something you are proud of. That has always been my philosophy of business. I can honestly say that I have never gone into any business purely to make money. If that is the sole motive then I believe you are better off not doing it. A business has to be involving; it has to be fun, and it has to exercise your creative instincts.”

Sir Richard Branson

So, if you are not having fun in your business, maybe it’s time to take a step back and review what you are trying to achieve.

Many people find it helpful to discuss that with a business consultant like myself.

If you would like to do that, please feel free to contact me.

Meanwhile, I’d highly recommend reading any of Sir Richard’s books, which will definitely make you think.

David Price – Price Advertising & Consulting

‘I felt like my business had become routine and was too dependent on me grinding away day after day.

Tony recently helped me to re-evaluate my goals and direction and together we developed a plan whereby I could build the business, hire and develop new, competent staff and review our systems. I am hoping this will free me up to have more time with my family both here in Australia and overseas. I guess only time will tell.

Tony helped me interview prospective candidates and gave me advice on our business proposition. We are now re-branding our business and I am re-enthused.

I am happy to recommend Tony’s services to small business owners who seek the benefit of an experienced consultant to give them a fresh perspective.’

David Price

Managing Director,

Price Advertising and Consulting

Subiaco, Perth WA

It’s great to know the secrets of so-called ‘success stories’ and their habits, but it’s just as important to learn from ‘failure’.

Perth business consultant, coach and mentor, Tony Inman explained that one of the key traits of the successful is that they are willing to learn from other peoples’ experience – good and bad.

“The old saying that you can’t put a square peg in a round hole absolutely applies to the world of business and the selection of personnel”, said Mr Inman.

“Most of us have experienced the rude check-out operator or the forgetful waitress in our daily lives and we know how frustrating that can be as a customer, so here’s a phrase to well and truly lock into your memory bank – ‘Hire for enthusiasm. Train for skills.’”, he continued.

The business coach explained that of course it helps a lot if the person already has the skills set and that in some industries there may have to be technical pre-requisites – e.g. It’s no good hiring someone as a welder, if they don’t know how to weld!

“My point really is that you are looking for someone whose philosophy, traits and values closely match those articulated in your mission statement”, elaborated Mr Inman.

Define your mission!

“One of the issues for many small business owners who are often ‘under the pump’, is that they have not clearly identified their own values and have probably not taken the time, or don’t know how, to write down their purpose, vision and mission statement for the business. That’s a situation I come across a lot as a coach and mentor”.

Mr Inman remarked that it is also crucial to clearly define not only the role and responsibilities of the position, but to also define the traits, personality and attitudes of the ideal employee.

“The difference between hiring the right people and the wrong ones may mean the difference between success and failure – it really is that critical!” he asserted.

So, to ensure you select the right people:

•    Clearly define the role and responsibilities with a ‘job description’
•    Review your mission statement and identify the traits, attitudes and philosophy needed
•    Set your intention to find the ‘right person’ to join your team
•    Don’t settle for someone you know is not quite right – wait and if needed, readvertise
•    Reward the ‘right person’ properly – underpayment makes people feel ‘unappreciated’

“Remember that it’s not all just about the salary and the perks”, he continued, “People actually want to enjoy the experience of going into work, so things like: creativity, opportunity to grow, flexible working hours and especially working with a good boss and a good team of people make a huge difference”.

“With all of my businesses, if the employee was not working out, the first person I would look at was ‘me’. I’d ask myself, ‘Did I train them properly?’ or ‘Do they have the resources they need to do this job properly?’”

Mr Inman added, “Another key point to remember is that when you do stumble across one of those people whom you know is an absolute gem, hang onto them! Find them something to do to keep them in the company, until you can create the right position for them!” (Subject to your financial constraints of course).

The coach went on to talk about the importance of delivering feedback on performance.

Remember to acknowledge good work

“It should never come as a total shock to a staff member that you are not happy with their work standards. A lot of bosses think feedback stops when the ‘probation period’ ends, but it’s not true. We all appreciate a pat on the back for our efforts – it makes you feel wanted. It’s just as important, however to invest time in training people and showing them how to improve. I’m not saying you should micro-manage though, just that staff perceive you as a leader who cares about them when you put time into developing them”, said Mr Inman.

*****

Mr Inman’s company, Club Red helps business owners to be more effective, so they can lead more fulfilling, less stressed and happier lives. Information is available from http://www.clubred.com.au or by calling (08) 9328 2203.

Tony Inman is an entrepreneur, presenter and author with over 34 years of management experience, mostly in retail, tourism, transport and cleaning, of which over 19 have been spent running his own businesses here in Perth. He has also mentored at Curtin University’s Centre for Entrepreneurship.

ENDS

Business Coach, Consultant and Mentor

Tony Inman is a presenter, trainer and author

Tony Inman is often called  ‘The Reinvention Specialist’

Club Red Consulting’s CEO, Entrepreneur, Coach, Author & Presenter – Tony Inman

The following is a media release issued by Club Red CEO Tony Inman on 1st February 2013…

Imagine you had an opportunity to pitch your business idea, product, service or concept to a panel of five multi-millionaire captains of industry, with a view to gaining even one of them as a business partner who will inject capital and expertise that could lead you to a level of success beyond your wildest dreams…

Perth-based business coach, consultant and mentor, Tony Inman is an avid fan of the BBC’s wonderful television programme, ‘Dragons Den’ and he loves to see how these multi-millionaire investors make their investment decisions.

“Here are the questions I have noticed that are most commonly asked by the dragons (business investors or venture capitalists) of the entrepreneurs, who are pitching for investment funding”, said Mr Inman.

1. What exactly is your product or service? (If not made clear in the pitch)
2. What problem does your product or service solve?
3. Does the product stand up to scrutiny? E.g. does it work and is it robust?
4. Do you have any patents on your intellectual property?
5. If Q4 is yes, where are you up to with that process? I.e. is the patent pending or approved, and does that patent stand up to scrutiny? In which countries are they patented? Do you personally own the patent or is it under the company you are asking me to invest in?
6. What is unique about your product or service compared with your competition? (USP)
7. What is your trading history? – Usually last 3 years turnover; gross profit and net profit.
8. If it made profits, what did you do with them?
9. Did you draw a salary out of this company or project?
10. What are your projected figures for next year / 3 years? – T/O, GP and NP.
11. How many units have you sold?
12. What is the unit cost of production?
13. What are the wholesale and retail prices?
14. Who have you approached so far? (wholesalers and retailers)
15. What was their response?
16. Do you have any offers or commitments to buy certain quantities once the product is manufactured? (And do these offers stand up to scrutiny or are they vague?)
17. What advertising have you done, if any?
18. How are you marketing this product or service?
19. What qualifies you to do this? What is your background, skills, expertise? I.e. are you, as the entrepreneur worth investing in as a person, or team? Can you actually do what you are claiming you can do?
20. How much have you invested personally in this project so far?
21. Is your business worth the valuation you are putting on it? (E.g. if you are asking for $250k for a 25% stake of the company, then you are valuing the business at $1m)
22. What amount of my (the dragon’s) time will this project take up?
23. In what ways can I (the dragon) assist you to achieve your goals?
24. What are your long term aspirations with this product/service/company?
25. Do you have an ascendency plan? (I.e. what spin off/ up-sell products can be developed?)
26. How scalable is this business? I.e. would the profits increase with the economies of scale? E.g. would the unit cost of product drop with mass production?

*****

Tony Inman summarised his observations by saying that the Dragons (venture capitalists) want to be as sure as possible of the following:

1. The risk/reward ratio is worth the punt. After all, it is their money that they have earned themselves that will be at risk.
2. They want to know that the product or service is a good one with a strong USP.
3. The product or service is stronger if it is really unique or if it can be protected by a strong patent, ideally in multiple countries.
4. They want to assess how long it will take to get a return on their investment and at what rate. Otherwise they might as well stick the money in the bank!
5. They want to be sure that the entrepreneur is capable and competent to run a business, or that they could be, with the right guidance.
6. They are looking for passion, enthusiasm and absolute commitment from the entrepreneur.
7. They will sometimes take a punt on the person or the team, rather than just the product, if they see potential.
8. They ideally look for investments where they perceive that they can add value, in terms of industry knowledge or experience, contacts (database and networks) or general managerial mentoring, without it being a big drain on their time, or requiring further investments of working capital.
9. They want to know that you have done your homework. They will expect you to know the answers to the preceding questions, or at least, to have a good idea.

*****

Tony Inman’s Overall Summary of ‘What it takes to secure the investment deal’

Show me the money!

Dragons understand that you may not have all the experience or knowledge required and that perhaps this where they can add value because of their vast experience. What they will not do is tolerate time wasters or people who try to bluff or ‘b/s’ their way through the Dragon’s questions.

It has often been said that people buy on emotion, not logic. The dragons’ evaluation process also has an emotional and ‘gut feel’ or instinctual element – after all, operating at that level is what helped them make their money in the first place.

If they like you, they like the product and it is an area that interests or excites them personally to become involved with, your chances of success are significantly increased.

The biggest difference between dragons and laymen though, is that their experience has taught them to trust in the numbers as well as their instincts.

Sometimes very good ideas brought to them by very good people just don’t stand up to scrutiny as products or services that can be scaled up to become an investable business.

Sometimes, the ideas are so whacky or zany, that you wonder what planet these entrepreneurs come from!

If you do have a good product or service or concept, that can be up-scaled and you have done your homework properly, there is a good chance that you will receive an offer, though you can expect that the dragon will want to see a return on investment commensurate with the perceived risk or level of assistance required.

On the whole, these are good-hearted people who have done it the hard way, so they know the importance of a helping hand. They are also in the fortunate position of being able to be benevolent.

If they respect your effort but the deal is just not a match, they will wish you well and may even still offer advice.

Conversely however, they are nobody’s fool, so if you go in unprepared with a fanciful idea, be prepared for a ‘reality check’ in the form a fire-breathing dragon who will tell you it like it is, followed with the unequivocal words, “I’m OUT!!!”

*****

Mr Inman’s company, Club Red Consulting helps business owners to be more effective, so they can lead more fulfilling, less stressed and happier lives.

Information is available from http://www.clubred.com.au or by calling (08) 9328 2203.

Tony Inman is an entrepreneur, presenter and author with over 34 years of management experience, mostly in retail, tourism, transport and cleaning, of which over 19 have been spent running his own businesses here in Perth. He has also mentored at Curtin University’s Centre for Entrepreneurship.

David Payne – Owner, Book Builders

“Tony has helped me define our company’s purpose, values, vision and mission.

We are now growing our business to the next level with even greater clarity and cohesion.

I think that where he adds the most value is when he comes in and helps owners define what it is that they find hard to, or do not have the time to, articulate.

I am definitely happy. ”

David Payne – CEO, Book Builders

John Denton – Denton & Associates

“I thoroughly recommend everyone to attend Tony’s seminar!”

John Denton

Business Ready for Sale Consultant

The flight recorder or ‘black box’ as it is known!
Image courtesy of www.jetairblog.com

You see a lot of articles these days about the secrets of success, the habits of winners, how to do this, that and the other, but you can often learn just as effectively by looking at why things went wrong.

Perth business consultant, coach and mentor, Tony Inman cited the example of the aircraft industry, where the examination of a ‘notifiable incident’, or in the worst case, a crash, leads to a focus on attention to details and a commitment to avoid repeat instances.

“When you look at the statistics of small business failures, something approaching 95% in the first two to five years, then it’s important to understand what mistakes those people made, so that you can get it right and avoid crashing in business yourself”, said Mr Inman.

“There’s an old acronym of ‘the Five P’s in management studies that goes, ‘Proper Planning Prevents Poor Performance’, he continued.

Mr Inman was reminded of a well-known saying that, ‘He (or she) who fails to plan, plans to fail’, which he said is particularly true in this context.

“I’ve been fascinated by why some businesses succeed and others fail, ever since I was completing a management course as a teenager and I had to read case studies from management theorists such as Peter Drucker and John Adair about companies like General Motors and Ford, and I began to follow the stories of people like Sir Richard Branson of Virgin fame.”

Where do I start?

Mr Inman remarked that he had begun consulting and coaching after selling his tourism business of 14 years, as a result of a casual conversation with a fellow swimmer at Beatty Park Leisure Centre one day.

“This gentleman was considering setting up a business doing a lawn-mowing round and he started asking me questions about what he needed to do, how to structure it and so on. I thought they were obvious questions until I realised that the answers were obvious to me because I had been in business for years and had set up nineteen of my own, some successes and some not. The answers were not obvious to him at all because he had never run his own business and didn’t know where to start.”

Mr Inman said that it was crucial to the success of an enterprise to put together at least a basic business plan, though the more detailed, the better. As a minimum it should include:

•    Why you are tackling this business project
•    Who your target market will be
•    What problem or problems you are solving for your intended customers
•    The amount of money required to set up and start your venture and the potential return on your investment
•    Whether you have the skills or experience to succeed in your chosen market
•    Some notion of the eventual exit strategy (selling the business, licensing or franchising the concept etc)

Mr Inman added there would be many more facets of the business that would have to be considered in the areas of: marketing; financial controls; personnel planning; administration and operational systems; and the development of products and services.

Fail to plan = Plan to Fail

He expanded that not only must you consider and develop your strategies in each of these areas, you also need to bind the whole thing together by establishing the key areas of values, purpose, vision and mission for the business, so that you can be clear on your objectives and build a business culture for you and your team.

Mr Inman added that, “I never cease to be amazed at how many businesses just don’t do this, even those that have been trading for a few years sometimes. One of my maxims has always been that ‘Unless you’re moving forwards, you’re slipping backwards’, so it’s important to revisit your plan, at least on an annual basis, because nothing stands still for long in today’s fast changing business world.”

He concluded that you should also research, “Who’s doing it well, and who has failed and why?”, so you can learn from other peoples’ experiences, good and bad, which may save you costly mistakes.

Mr Inman’s company, Club Red consults to, and coaches business owners to be more effective, so that they can lead more fulfilling, less stressed and ultimately happier lives. Information is available from http://www.clubred.com.au or by calling (08) 9328 2203.

Tony Inman is an entrepreneur, presenter and author with over 33 years of management experience, mostly in retail, tourism, transport and cleaning, of which over 18 have been spent running his own businesses here in Perth. He is also a registered business mentor at Curtin University’s Centre for Entrepreneurship.

The legendary Jim Rohn

Jim Rohn, despite his passing in 2009, remains one of my favourites, as an influential thought leader, author and coach.

He had such a lovely, gentle style about him, yet he pulled no punches when it came to the topic of taking responsibility for your own destiny.

Here are Jim’s words on being enterprising…

“Being enterprising doesn’t just relate to the ability to make money.

Being enterprising also means feeling good enough about yourself, having enough self worth to want to seek advantages and opportunities that will make a difference in your future.”

– Jim Rohn

If you’d like to discuss your opportunities, why not schedule a chat with business and lifestyle consultant, Tony Inman.

Call (08) 9328 2203 or click here to register your interest.

Have a great day

I would smile and say, ‘Yeh right, I’ll just get the other 27 band members together!’

Of course, I thought that to play that song on my own with just an acoustic guitar would be impossible.

Yesterday, I was surfing acoustic tunes on good old Youtube when I came across this…

Newton Faulkner – I salute you sir!

If you really want to do something, never let anyone tell you it can’t be done!!!

He liked to sing because it made him happy…

What talents are you hiding from the world?