Unlike a typical time bomb, this one will not be ticking. There won’t be any warning signs. No specially trained dogs will sniff it out. No swat teams will swoop in and prevent its detonation, and as luck would have it, it will probably go off at the worst time.Fortunately, you can find this time bomb quite easily before it detonates. You can begin your search by checking your filing cabinets, file boxes, desks and drawers for any documents with “agreement” written on it. If they’re still active agreements, slowly pull ‘em out.Agreements form the foundation of many small business transactions. Transactions between customers, landlords, vendors and government agencies are frequently governed by written agreements. What’s interesting about agreements is that they govern future activities to be performed under known and unknown circumstances – an inherently risky proposition, unless you can predict the future.So let’s think back to when you first started your small business. How many actual “knowns” did you have? Would you say a lot has changed since you first entered into agreements necessary to get your small business going? If your small business is like most small businesses, a lot of things have changed, good and bad. As a result of these changes, you may be in breach of an agreement without even knowing it. We’re going to take care of this though.On a nice slow morning or afternoon, grab a hot cup of coffee, tea or booze (if it has been one of those weeks) and take a few hours to flip through those agreements you pulled out to determine if you might be in breach of any of them. Boring? You bet, but it’s one of those necessary boring things, like filing a tax return or waiting in a doctor’s office. So with your agreements in hand, you may use this non-exhaustive list of clauses that might need to be reviewed:
Restrictions on permitted use of leased equipment
Restrictions on who is permitted to use leased equipment
Restrictions on use of leased property
Insurance, license and certificate requirements
Restrictions on items stored on leased property
Written consent requirements
Restrictions on leasehold improvements
Restrictions on modifications of equipment
Lessee obligations
Lessor obligations
Now, if you find something, I don’t expect you to wake that sleeping giant (I probably wouldn’t), BUT you may be able to start putting a plan together to help soften the blow in case the other party starts looking for a reason to terminate the agreement for a more lucrative opportunity. You can start planning a defense, perhaps a worthwhile explanation for your breach, or looking for substitutions, such as new suppliers, a new location or whatever it may be. Once you collect information for Plan B, just keep it on file in case you have to move quickly. You may even want to keep a cash reserve on hand in case the issue might result in litigation. Who knows, but you’ll be following the Boy Scout motto (i.e. Be Prepared), and your small business will thank you.I appreciate your reading this post, but we both know you’re probably not going to rush to your files at this minute and start going through all your legal documents (unless you know you’re in breach and this post has reminded you of the possible financial time bomb that’s seriously near going off), but I highly recommend you pull out your lease agreement, if you have one, and this can be for equipment or real property, and just flip through some of the pages to see if you’re a beneficiary to a very favorable lease agreement on account of a change relating to the property you’re leasing. (I say favorable lease agreement because that would most likely mean it’s unfavorable to the other party.)For example, if you entered into a lease for retail space in an underdeveloped community when property values were still low, but because of several revitalization initiatives in the same community, the value of your leasehold has quadrupled over the past few years, you should be especially weary of your landlord looking to replace your leasehold with a higher paying tenant. Handshakes and smiles are great, but at the end of the day, it’s business, and if there’s a lot of demand for your space, and you’ve opened the door with an inadvertent breach, you will want to be ready for a breach of contract claim by your landlord.All isn’t bad with agreements, however, so don’t fret yet! Agreements can also swing the other way. You may find that the counterparty is in breach of something, or because of a certain event, such as a substantial change in prices, breach by other party or change in control of the other party’s company, you may have an out of a contract that’s not particularly in your favor. So in just reviewing your agreements, you may be able to get out of the unfavorable arrangement and stop a leak of money you weren’t even aware you had.PLUS, by reviewing your agreements, you may even find you have more wiggle room to do things related to your agreement that you thought were restricted or limited. Perhaps on second look, you have 11 parking spaces instead of 10, or that your landlord is obligated to reimburse you for some of your capital improvements. Instead of a time bomb, a jackpot might be sitting around your office too!So to just summarize the above, periodically review your agreements. You don’t have to read the all of the boring documents. Most will have headings that make finding relevant clauses really easy. Agreements should be reviewed frequently to ensure your small business is not breaching any existing contracts and to determine which clauses may no longer be applicable, and they’re primed for negotiations with the other party for their removal. Without a thorough and periodic review of its existing contractual obligations, you may be (i) subjecting your small business to additional and unnecessary expenses, (ii) limiting your small business without reason or (iii) unknowingly positioning your small business for a breach of contract claim by the counterparty. So don’t let that time bomb sneak up on you, be proactive and defuse it ahead of time.

Our mailboxes are flooded with direct mail “hype”. We get phone calls promising us “simple” proven home based business opportunities. The internet is full of promises to make us “millionaires”. How do you sort it all out? Who can you believe?

What we really want is a realistic way to make extra money and eventually say goodbye to our “job” and be boss free. You can sort through all the hype. Here are 7 steps to find your own home based business opportunity.

1. The Why- To start to sift through all the offers available, you must know… the why? Write down your top 25 reasons for starting a home based business or wanting to work from home. Find out what you really want your life to be like. What do you expect?

2. The What- review your reasons why. The list should give you an idea of the direction you want to go towards. Do you want to make something like jewelry or soy candles? Provide a service like catering or house keeping? Maybe sell a product or become an affiliate for some info product? Possibly set up a website or a storefront. You will find some areas that are yeses, maybes, and definitely not interested.

3. The How- Armed with a list of your whats you can now search for the how. Use the search engines and review your options. Take your time searching until you find home based businesses that interest you. Don’t rush this step… explore a lot of options.

4. The Promise- There is a lot of “hype” surrounding the “promise” of “easy money”… make $100,000 to $200,000 your first year”… “earn $1000 a day”. I believe the old adage “If it sounds to be good to be true… It Is!”

There are a few resources you can use to find out what other people have experienced with the product or program. The best is ripoffreport.com. It has real world feedback and rebuttals on programs etc. Another good online resource with a lot of information is Internet Fraud. The Better Business Bureau may provide some information but, they are usually local or state organizations. They often don’t have much information on the national programs. Another way to get more knowledge is to do a search on the business,the person,or subject and find relevant comments. Be careful of the online “reviews” as a lot of them are affiliate marketers wanting a commission for the sale of the product. You can usually tell if there is an active link to a sales page in the “review”.

5. The Investment- All home based businesses require some money to get started. You may need cleaning supplies, brochures, a website, a product to sell, or a storefront. Write down a list of everything you can think of that you may need. When you talk to the representative of the company their “enthusiasm” can distract you from finding out the “hidden fees”. There may be a monthly maintenance fee, a website charge or upfront or backend money that will be due. Refer to your list when the sales pitch is over to see if your questions were answered.

6. The Commitment- There is a commitment for any new business. How much time can you devote daily or weekly? You will also have to “learn the ropes” of your business. Will you start off part time until you can replace you “job’s” income? Or can you financially afford to make this business a full time adventure? Energy and enthusiasm are the easy parts.

7. The Decision- You now have enough information on some home based business opportunities. Which business appeals to you the most? Which one do you see yourself enjoying doing? Remember you don’t want it to seem like a “job” down the road. Now… go ahead and get started!

You now know the 7 Steps to find your own home based business opportunity. Mixed with your new enthusiasm there is an element of fear. Don’t worry! You can learn anything you put your mind to. You will get better at your business each and every day. Join the 50,000,000 independent business owners in the United States. If they can do it… so can you!Our mailboxes are flooded with direct mail “hype”. We get phone calls promising us “simple” proven home based business opportunities. The internet is full of promises to make us “millionaires”. How do you sort it all out? Who can you believe?

What we really want is a realistic way to make extra money and eventually say goodbye to our “job” and be boss free. You can sort through all the hype. Here are 7 steps to find your own home based business opportunity.

1. The Why- To start to sift through all the offers available, you must know… the why? Write down your top 25 reasons for starting a home based business or wanting to work from home. Find out what you really want your life to be like. What do you expect?

2. The What- review your reasons why. The list should give you an idea of the direction you want to go towards. Do you want to make something like jewelry or soy candles? Provide a service like catering or house keeping? Maybe sell a product or become an affiliate for some info product? Possibly set up a website or a storefront. You will find some areas that are yeses, maybes, and definitely not interested.

3. The How- Armed with a list of your whats you can now search for the how. Use the search engines and review your options. Take your time searching until you find home based businesses that interest you. Don’t rush this step… explore a lot of options.

4. The Promise- There is a lot of “hype” surrounding the “promise” of “easy money”… make $100,000 to $200,000 your first year”… “earn $1000 a day”. I believe the old adage “If it sounds to be good to be true… It Is!”

Business coaching is a relatively new discipline. As a result, many small business owners are probably not aware of the coaching process and why they might consider coaching as a resource to fuel their business growth and personal leadership development.

What benefits can a coach bring to you and your small business? Will a coach help you become more effective in the day to day management of your small business? What specific skills or experience should you look for in a business coach? How do you find a business coach?

Benefits of Coaching

Coaching can offer a number of benefits to those that embrace the possibilities and enter into the experience with a positive attitude. Ed Rankin, Executive Coach and Founder & President at Manera Group in Dallas Texas, believes that coaching offers small business owners an increased level of self-awareness with respect to their strengths and weaknesses, better focus, and tangible strategies and tactics for addressing real-world concerns. He also states that “coaching helps people become more effective by bringing clarity to real challenges and opportunities.”

Virg Setzer, President and Executive Coach at Performance Point Solutions LLC, has many years experience as an internal and external business and executive coach. He feels that coaching offers up the following benefits for small business owners:

A fresh and objective view of a small business owners situation
A unique, competent and confidential resource that may not be available within the organization
The opportunity to have a “partner” in your small business that is focused on your success
A confidential partner that is available to test ideas and brainstorm possibilities
Assistance in looking at the “big picture” and long term results as well as short term goals
The opportunity to get challenged and receive candid feedback
Opportunity for Strategic Thought
It is a well known fact that owning a small business can be all consuming – so much time is spent on managing the day to day tasks that little thought ever goes into strategic planning. Gina Duvall, Owner of Business Sculpting, expands on the benefits of generating new ideas and focusing on strategic thought. “Coaching is a great opening for this kind of thinking. Left to their own devices, small business owner won’t get off the merry-go-round of finding the next customer, or producing more widgets, long enough to engage in critical thought,” says Duvall. “Having a business coach allows this to happen and have it happen within a partnership. It’s easier for a business owner to do this kind of thinking in partnership with a coach, as opposed to locked in their office alone hoping to not be interrupted.”

One might assume that the primary benefit of having a business coach would be an ample supply business advice. Not really – the benefits of a good coach extend beyond management consulting. “Many people start a business without understanding their real motivation and a good business coach can do much more than just work o the business process – a good consultant could do that. We ask different kinds of questions and have a different quality of conversation,” says Anne Wilkinson, Managing Director at Executive Playground Ltd in Birmingham, UK. “A coaching relationship is based on skilfully guiding a client through a process of increasing self awareness backed up by solid business acumen. This has the added value of increasing confidence and establishing a better process for making decisions in the long term.”

The Coaching Relationship

In my opinion, a key benefit of coaching is the opportunity for small business owners to develop a special relationship that adds real value to their organization. Francis Laleman, International Consultant, Coach and Trainer at Beyond Borders Training and Consultancy in Antwerp, Belgium, believes that “the mere fact of having an objective outsider at hand, someone who delivers insights from experience, who asks the right questions, who doubts the answers given, who suggests alternatives and ponders over chances and opportunities, can really have a miraculous effect.” In Laleman’s opinion “the key strength is in the mutual process of the business owner and the coach, working gently together in order to understand the dynamics of growth and change.” What to Look for in a Business Coach

There are some set criteria that you should look for when hiring a business coach. As with any other position within your small business, experience, is a key factor. Gil Gerretsen, President at BizTrek International, Inc in Greenville, South Carolina, suggests that you look for a combination of business experience and a history of proven results and warns that “too many coaches shoot from the hip with counsel based on a limited set of experiences in one venue/industry.”

Anne Wilkinson advises that you look for a coach that has general business experience as well as specific experience in the areas of your business that you know you need to develop. “I personally don’t agree with some of the coaching purists that say you can be a good coach without the business experience. My clients expect me to understand their business issues and wouldn’t tolerate a coach they couldn’t respect.”

In addition to business experience, Ed Rankin reminds small business owners to not forget that coaching in itself is a special and important skill. “A coach should be educated and trained in the process of coaching. Coaching is not mentoring, consulting, advising or counselling. It’s something different.”

Coaching Case Study

Merri Bame, an Executive Communications Coach, shares the following real life coaching story:

The owner of a small business came to me with a common, yet fragile matter. He had been an owner for several years while his mother remained board president.

What “John” experienced was the demotion of his authority every time his mother was present. From John’s perspective, his staff, managers and board all viewed him with little respect in her presence. He came to me, (an outsider; a neutral third party) for fresh perspective on how to have a very honest talk with her because he was intent on releasing her from her duties. With two major relationships hinging on this outcome, “John” was at a loss on how to proceed. Since this was a single circumstance, we met for an hour to give him guidance on focusing on the intent (restoring good relations) while broaching a difficult subject, and also wanting a good outcome.

John learned he could speed up (in his career and influence) if he chose to slow down (to address things properly and with care). Without a third party coach, he didn’t feel neutrally supported. And using one, he experienced a new way to address both conflict resolution and professional growth.

How to Find a Business Coach

Your needs and comfort level will have some bearing on searching out a business coach. For example, if you prefer face to face coaching, you will need to search locally, whereas, telephone coaching presents the opportunity to engage in a coaching relationship outside your geographic area.

In Gil Gerretsen’s opinion, face to face coaching offers more value to small business owners. He suggests looking for someone in your area by checking with your local Chamber of Commerce or asking for referrals from other local small business owners. He adds “if there is no one available locally, check the nearest big city and drive to see them there. Before I first launched my business, I flew to Los Angeles once per quarter to meet with my coach. It was worth every penny!”

Another thing to remember is to ask any prospective coach for references, training background and accreditation. “The best way, really, is to find a coach on personal recommendation because then you know what you are getting,” says Anne Wilkinson, “Certainly go for a professionally trained coach, even if they are not certified.”

The Heart of Coaching by Thomas G. Crane states the following: “As coaching becomes a predominant cultural practice, it will create a performance-focused, feedback-rich organization capable of creating and sustaining a competitive advantage.” If you are open to the process, coaching can provide you and your small business with a number of great benefits – and offer a new perspective on how to plan, manage and grow your organization.