Harvest Is Over – Better Get the Ladder

When business is good and customers are eager to buy, it sure is a great time. Business seems bountiful and everlasting. You’re hot. The phone is ringing, orders come through a cornucopia of the internet, customers stand in line… easy pickings… like harvest time in an orchard and all you have to do is just walk over to a tree and pluck another apple… one customer after another… you feel that you are a business genius. Here’s some advice from someone who has been there: better enjoy it while it lasts.

Because, after a while, the orchard is picked over. Sometimes there is a drought. Insects or disease or a frost attacks the crop. Customers now are standing in line somewhere else for the next shiny thing. The market swings in other directions away from you. The easy pickings are long gone. Customers have dwindled. You are no longer a genius, what oh what to do? Wringing your hands doesn’t help.

In the orchard, some starve because they can’t get to the harder-to-reach fruit, even standing on your tippy-toes, sigh, and give up; survivors build ladders to climb higher. In business, some give up and close shop. Those who have the resources and the gumption to survive evolve by changing product, marketing harder and smarter, perhaps even changing their business model. They change their offerings and bring out new, improved colors or sizes or capacities or groupings. They take groups of products or services into and put them into different combinations or bundles with new pricing.

Survivors have a way of going after an increasingly more elusive harvest. They have larger crops in good times when the picking is easy and can sustain themselves when there is a drought or other calamities. Whether the tool of survival is a ladder, a marketing plan, a customer retention plan, customer service training, sowing, fertilizing, weeding, pruning, and harvesting… it all needs to get done year after year.

Increase your reach now, plan your evolution when business is good, before the drought, before customers defect for the latest fashion, before the next shiny thing comes and replaces you in the marketplace, before something else gains favor. Always be aware of events that arise and affect your market and circumstances beyond your control. Keep your eyes and ears tuned to the changes happening around you and your business. Do that and you will survive and prosper in good times and bad.

Taking Meaningful Action

Productivity. Priorities. Planning.

There are a lot of buzz words right now (and they all seem to start with the letter P!) that are intended to help us make the most of our time and efforts.

But in all the buzz about how to get more done, there is surprisingly little talk about what, exactly, we should be doing. Are all “to do” items created equal? Checking things off a list doesn’t guarantee that we are moving ourselves forward.

Growth Activities

Some things on our list need to get done, and you could argue that they are “important.” Many people fill their days doing client projects and customer service. After all, we have to deliver on our promises. But those are not growth activities.

Of course, we also fill a surprising amount of our time with “distractions.” Some are more obvious than others. Many of us lose hours in reading and responding to e-mails, which might feel like “work” but how productive are we really being?

How many of your activities are true “growth activities.” What things will grow your business? Expand your impact? Allow you to make a bigger difference? Really fulfill your purpose?

When you really look at it, those things happen primarily in two ways. When you create things. And when you connect with people.

Create

As a Content Creation Coach, these types of activities are dear to my heart. I see the power of creating new things. Of putting your ideas into tangible pieces. Whether you are writing a blog article or a book, creating a program, shooting a video, making a new presentation… creating things generates value.

You are increasing the assets of your business. You are putting valuable things into the marketplace (even if they don’t cost money). You are giving value that expands your worth and inevitably returns to you.

I often ask people, “What are you creating next to grow your business?”

The most powerful thing about creating content and other pieces in your business is that it gives you something new to share. Creating something new doesn’t mean anything if others don’t see it.

Which leads me to the second type of growth activity…

Connect

When you connect with other people, that is when all sorts of magical things happen. You might end up with a new client. You could find out about a fantastic opportunity. You could impact that person and create a ripple effect in their life and beyond.

The incredible web of possibilities that exists in a conversation with another person is huge. There is a real art to finding the places where your interests, needs, and capabilities intersect. That’s why it’s called “networking”!

Being able to impact someone else is at the core of our purpose. Each of us brings our own area of expertise and focus to each interaction, of course. But if we approach it openly, each conversation is an opportunity to live out our purpose.

That’s real growth.

And business growth follows real growth.

I’ve been spending a lot of my time recently connecting with others. And I often share things that I have created with the people I am connecting with. Sharing value and making a difference. Win win!

Looking at your task list, how many items involve creating something new or connecting with others?(And sitting at your computer writing e-mails doesn’t count!) Identify some real growth activities to put into your schedule.

Estate Tax Planning & Family Limited Partnerships

The general partner(s) manage the assets contributed to the family limited partnership. Limited partners generally have no rights with respect to the assets held by the FLP. The lack of Marketability and the fractional ownership of the limited partnership interests held by the limited partners are two of the well-established reduction principles that diminish the value of the taxable estate. The discounts allowed by the restricted rights provides for the reduction in the value of the assets held by each limited partner, but also increases the amount of annual tax-free gifting that can be attained. The current high marginal estate tax rates allow for wise and prudent planning which is necessary to preserve the family’s wealth.

Centralized Management of Family Assets
When using a corporation as the general partner, the general partner controls all of the assets in the partnership. This corporation can also employ family members and others. It will call meeting, conduct training sessions and facilitate wealth management. With a corporate general partner, continuity must be ensured even in the event of the husband and wife.

Minimize Probate
By using an FLP, the time and expense of probating an estate can be greatly reduced. When a Living Trust is also used, then there is no probate. Living Wills are not public record and therefore no one but those involved in the family know of its contents.

Cure Title Defects
The procedure for transferring assets to an FLP can help with the discovery of title defects. This can be a significant issue for real estate assets if not discovered and corrected.

Coworking Spaces for Business Travelers

Travelling is a very basic component of every business institution. Meeting with the partners and remote coworkers every now and then is crucial to intensify the growth of the business. Generally, the business executives prefer meetings in person. For countless reasons you may have to travel to different cities or countries and host business meetings.

However, the work ethics has changed significantly in the world, making things more digitalized but there are not enough ideas in the world that can put an end to business travelling. While hotel conference rooms are always a pick for the business travellers, the meetings can also be held in the coworking spaces.

Hotel conference rooms charge immensely to arrange meetings. And since these meetings are quite frequent, you always look for an outlet that can save you some money. So today, we will be discussing some of the choices that you have to hold meetings or presentation for your business-

Business Centers- To begin with, we would like to introduce Business Centers as your initial choice of holding business meetings. This alternative does not require any former investment. The presentation rooms and business meeting rooms are rented on hourly basis or for days. You can rent the room as per your needs. Most of these places are equipped with internet, printers, workstations, meeting tables in different sitting capacities, projectors, etc. The Business Centers are designed to give you real-life office experience on a remote location.

Business Hotels- As we were discussing earlier, Business Hotels is the common-most choice of every business traveller to host business meetings. These hotels usually have meeting rooms, classrooms, private office, individual desks etc. The ambience is amazing and you can also quickly arrange lunch for the clients. The Business Hotels are usually equipped with all the major amenities that you may need to hold meetings. The rent however is a troublesome element. You will find business hotels to charge massively for the services delivered. You can rent it for hours or days, as per your needs. Of course, you can also stay at the same hotel and make arrangements for the meeting.

Coworking Spaces- One of the most pragmatic option that is available on an affordable rate are the coworking spaces. Coworking spaces are still creating their market as not many business people know about it. These offices are available at low prices and can be rented for hours or days. They have fine suitable for different kinds of professionals. The amenities that you get at coworking spaces are internet, projectors, meeting rooms, etc. You can also conduct meetings in the dedicated coworking places and meet new people. This will also help you to connect with professionals that may help you with your business as well. It is a perfect choice for the professionals with budget constraint.

Music Producers – You Can Pursue Your Passion

Something thats always bugged me about music production is we limit it. If you tell someone that you are a music producer you either have a Benz, or a loser with a dream.

For some reason people have this idea that there is no middle ground in a music production career. Either you’re making millions or its a hobby.

Thats just not true. Why can’t you be a music producer who makes a modest 60-70k per year? That’s more than most people make with their little college degrees. Not to mention you’re doing something you enjoy. You were born with a passion and talent for music, why not take advantage of it?

You don’t have to be the next timbo or neptunes. Their is a lucrative career in TV music, movie score, commercial jingles, etc… Those are just a few of the things you can do to make money as a music producer.

I think the real reason people are scared of pursuing a career in music is because it requires you to be an entrepreneur. Sure there are production companies you can work for, but you still are an entrepreneur. You are CREATING a product. The product obviously is your music.

You can choose to sell your product any way you choose. Some producers choose to sell them to production companies, who then re-sell them for more profits. Some producers sell them online to up and coming artist. Some producers sell them to big budget artist for $40-$50k per beat.