Business “Success” Development
Isn’t it funny when we place a lable on something, how our mind jumps off the cliff to imagine and create a meaning. Take for example the phrase “Business Development”. Now it would likely be a lable that genders up images of say, marketing and advertising, or perhaps product and service development. Business Development could in fact create an unlimited number of images we conjur up in our mind once we read the phrase.
So to avoid confusion in our mind, allow me to take a few moments here and explain as a Business Entrenprenuer and as a Mentor what I mean when I use the phrase “Business Development”.
I see every business as having a life cycle. Take for example General Electric (GE). Here an industry leader, and back in the day early twentyieth century era, a true industrial giant. When we speak of Business Development in terms of GE, we can look to Six Sigma as their appraoch to business development. It gave them extended life cycle that allowed it to survive many economic downturns, even thrive during a few.
You see business development for GE was all about developing the people; down to a single human being everybody mattered.
In that context this is exactly what I am speaking of when I speak of Business Development. What is your business life cycle? What is your business cycle? What is your business? Who are you and what do you do? Why does it matter? These and countless dozens of other important questions are the questions I had to ask about my businesses. If I had any hope to expend their life cycle it was critical, no in fact imparitive that I had answers to these and countless other questions.
When I speak of Business Development in the context of Mentoring what I am really speaking of is that passion that ignited in your heart and soul the inspiration and confidence it took to risk everything and start your own gig! You had balls to do that when everybody likely told you not to take such risks!
Coaching for example, as good as it is for what it does is limited. It (coaching) creates an environment that shows you HOW TO do something, then teaches you HOW IT WORKS. For the most part today you can hire a coach for almost anything! Seriously look on the internet and you’d be shocked at what people offer in the way of coaching.
Mentoring on the other had provide an opportunity to create an experience. The art of “doing”. The first tow letters in doing is D O….Do something, figure it out, what works and most important what doesn’t work. Do more of what works, less of what doesn’t work and presto; the magic of Mentoring creates the experience of DOING!
Take for example today
We are closing in on the end of the year 2020
A new decade already has begun.
Baby Boomers this year started turning age 65 on January 1st 2020 at a rate of 11,000 per day and this will go on for 15 more years! Give or take
What are these “Boomers” going to do? How will they pivot to an ever fast changing world. How will they move into retirement? How will they exit their businesses or rental real estate? How will they find their piece of the American Dream protected in a world of turmoil and chaos with their plans to retire?
Take GenX and GenY
These two groups of human beings are staggering in their total numbers. They live in a very different way. They do not start businesses; they develop “gigs” that allow them freedom to move when and where they desire and make money in ways we hardly imagined ten years ago. How do they do their “gig” in a way that gives them the most in financial reward while at the same time feed their desire to have a clean environment, safe streets, and more freedom to come and go when and where they wish?
Each generation has with it a unique syntax or language they and only they understand. In all three of these examples, what is lacking is a model that fosters the innovation of each person within each group while at the same time creates an opportunity to create an experience driven model through Mentoring such that they are getting what they desire. Coaching alone is not enough. One must have an experience for it to have meaning, purpose and outcomes that meet desires.
Business development thus is about taking what you have, creating an experience-centric approach to create what you desire and through a Mentor create that unique model that saitisfies the personal and financial rewards important to every person who owns a business.
As an example I am Mentoring a client now in an exit strategy from their business beyond a simple stock sale of the business. The mentoring assignment will have in it all of the financial and tax benefits well defined working with their financial advisor, and attorney. What I bring to the table equally of value is the bridge being built to post business ownership and saving as much in financial risk and taxes as possible, while at the same time, creating a path that allows the client to move into active retirement. Notice I said “Active” retirement. No Boomer will retire and be inactive. Not happening!
I have identified three areas we will focus on over the next nine months in this assignment.
Financial aspects pre/post retirement
Personal goals/desires in year 1 retirement
Developing a Retirement Objective and Outcome (creating the things to experience in year1)
The good news is now working with the other advisors and with my background in business and taxation as an Enrolled Agent we have identified and already have saved $228,000 in taxes and now have the business on the market with a Plan B in case it does not sell for the price it is valued at.
In closing I can say this is one of many examples whereby a Mentor at this level will not only save money and time (time is money) it will also allow the passions and desires to come alive and to create the experiences with someone who will be there step by step through the process as a Mentor to support every experience.
Let’s talk
A cup of coffeee or glass of tea
Let’s just have a conversation and let’s see if you are ready to take that important step in creating an Mentoring Relationship in support of your business development and soar in having every experience you desire.
I always offer a free consultation and a free Mentoring evaluation
This evaluation will identify where you are, where you desire to be and if Mentoring is what you are ready to move to. Not everybody is ready at first. I have learned that many times there are any number of prepatory things that must be done before a Mentoring Relationship will be productive for both the Mentor and Mentee.
The consultation is free; the evalaution is free and even if you are not ready at this time, you at least know when and how to know when you are ready for a Mentor Relationship.
Best regards in your journey of this wonderful life we all have,
Kindly,
James
