Profit Mastery Workshops for Jewelers
Business Needs a Board of Directors
Build It and They Will Come...
- Tip of the Month:
Gift from the Heart
month's article appeared in the October 2003 issue of Changeability, a
bi-monthly e-zine written by Urs Koenig, a business coach and BRS Performance
Group facilitator. Find out more about Urs by visiting
send an email to
Do you sometimes feel overwhelmed with all the decisions you have to make as a small business owner? Feel you could often use more information about taxes, PR, finance, business law, HR, strategy… before making a decision?
Should I buy the new equipment now or wait until the next tax year?
How do I get 20 new clients FAST?
How do I find the best person for my job opening?
How can I get the money owed to me without a lawsuit?
What is the next BIG selling thing in my industry?
This is where a board of directors can help you to make meaningful rather than mediocre decisions.
Building Your Board
Write down all the people you would love to call upon for support with your business. Here are some examples: A sales and marketing professional, a PR expert, a financial expert, a business coach, an HR specialist, an Internet guru, a seasoned business owner in a non-competing area (different industry, different geography).
Think of your board as your close circle of advisors. You will share important information with every person on your board, so be sure to choose carefully. Never shoot too low. Always choose the finest people you know in the field.
Make sure however, that your board members can actually commit some time to you. When choosing between a very seasoned yet chronically over-committed person and a slightly less-experienced but better organized person, go with the latter any day!
As you invite each person to the board, communicate your expectations clearly to each member:
What sort of input and feedback do you expect from them?
How much time will they have to commit?
How frequently will you meet or communicate?
How will you compensate them for their time?
Have a simple written agreement in place with your board. Always.
Working With Your Board
The frequency of meetings needs to reflect the quantity of major decisions you are making in your business. If you are facing a major crossroad, monthly is appropriate. If the sailing is smooth, quarterly or even twice a year might suffice. I recommend starting off with at least a quarterly interval in order to gain some momentum.
For compensation you might consider a trade of services or a small gift. If necessary, offer to pay a small fee. If you have chosen the right people, the value of their feedback will outweigh the fee many times.
Remember, the quality of guidance and suggestions you receive from your board depends on the quality of information and insight you provide to them. The board is here to advise, support and coach you, but the final decision must always be yours!
ChangeAbility is published by Business Coach Urs Koenig MBA, PhD. To subscribe, send a blank email to
Visit his website: www.redpointcoaching.com,
or call 206.322.1335.
It and They Will Come:
Create Your Strategic Vision
for the Year
just for your business, but your entire life...
article begins here
Tip of the
Month: A Gift from the Heart
After visiting your local jeweler and neighborhood drug store to buy your sweetie a
Valentine's Day gift and card, don't forget to stop at your
attorney's office. Huh? Give your sweetie another gift from the heart this month: either make a will or re-visit an existing one to make sure
it's up to date. While you're at it, make sure
you've got a power of attorney, durable power of attorney for health care decisions, guardian (if you have minor children) and living will. Next, put together a report with all the information related to your estate, including where they can find the original documents, and share it with your estate executor as well. Not romantic enough for you? Wrap it up in a nice red bow!
Our FIT software’s Planning for Transition module even has a handy reporting feature for this type of information. You can download
FIT at http://www.brs-seattle.com/downloads.html (You’ll have to supply your own red bow.)
Workshops for Jewelers
Fun, Fabulous, Financial
you ever thought how great it be if you could:
your bills on time?
more cash in your company?
your product quicker?
finally, and at last get a handle on the numbers
side of your business?
fun doing all the above?
make plans now to join us for one of our four 2006
Profit Mastery Workshops for jewelers. This year
our workshops are a convenient one-day format, followed
by an optional
Plus Day for those who want to drill down into their
Mastery Performance Groups for
Pharmacy Owners and
to improve your bottom line, BRS Profit Mastery Groups
work! Our members are taking their businesses to a new
level. Get peer support, focused meetings, and
help in making and keeping goals. Find out if you're
ready by taking our Profit Mastery assessment
Over 97% of the people who attend our workshops say they've
substantially increased their understanding of the health, strengths and
weaknesses of their companies. Change the way you manage your
business, increase your cash flow, and find profits you never knew
Calendar of Events
Software Like having a trusted
financial advisor at your fingertips – 24x7.
Let FIT do the "what-if" so you won't do
the "if only." Get your fully functional
evaluation version here.
the guesswork out of pricing your products.
With this Profit Finder
wheel, you select a target profit margin and it
automatically helps you find the right price every
time. $10 purchase
Road Map to
Great Management Tool!
We've taken our Road Map, enlarged (22x28) and
laminated it so you can write on it over and over again.
At only $26.95, it's a great investment.
Info | Purchase
free to forward this newsletter to your colleagues.
Business Resource Services
Resource Services respects your privacy and does not give out or
our subscribers' names and/or email addresses.