Michael Smyth Articles

Why you shouldn’t copy someone else’s terms of business - Click To Read Article
Why you shouldn’t copy someone else’s terms of business “Never Re-invent the wheel” was the advice I was given when I started in business. And that’s a great adage which I still use today. But if you are looking for a wheel for your car, you don’t go to the local cycle shop. That’s what some people do when it comes to their terms of business – copy those of another business and then realise (when it is too late) that they are completely unsuitable.

Why every business should have a strategy for growth and how to do it - Click To Read Article
Celia made great cookies, but she wasn’t making great money. Six years of hard work and she’d virtually cornered the cookie market in her home town. Her new range of corporate cookies (cookies for corporate gifts) had enabled her to capitalize on a new market segment and charge a higher price. But, she was working harder than ever and her dreams of taking long holidays in the sun seemed to be a distant fantasy.

Why running your business is no different to running your car - Click To Read Article
Jason had travelled the length and breadth of New Zealand in his VW Beetle, but strange noises under the engine in a desire for more acceleration off the lights, meant it was time to move on. His Beetle was going to be the deposit on his new car … that was until he realised he couldn’t sell it.

Where the Bible teaches us how to improve our cashflow - Click To Read Article
No cash means stunted business growth, worry and sleepless nights wondering to how you are going to pay your bills. So you're lying there at night, eyes wide open, thinking how you are going to face your creditors the next morning. In this situation, many business owners (religious or not) would plead for some kind of divine intervention. Well believe it or not, one strategy for getting your customers to pay on time is actually sitting there in the bible. You just need to know where to look…

Three important checks every business owner should make before choosing their trading name - Click To Read Article
Judith nearly choked on her coffee when she saw the ad in the paper. Judith had never had a problem with competition, but the name and logo of this new business looked remarkably like hers. There were differences of course, but she feared her customers would get confused. Her fears were confirmed when one customer complimented her on "her advertising campaign".

The Secret of Business Success - Click To Read Article
Either you, or someone you know, will have seen or read “The Secret” – an inspirational work that teaches us that the law of attraction really does work and that positive thinking really can bring us success and riches. So presumably, the law of attraction applies to business as it does to every other field of our lives? Is it really as easy as sitting in our armchairs and visualising our business raking in the money, or is there more to it than that? Are we misinterpreting how the law of attraction applies to business?

The best way to reduce your chances of facing a personal grievance when you dismiss an employee - Click To Read Article
You know when your partner is upset when your soup lands in your lap and you are left sitting alone with a nearly full bottle of wine, half eaten plate of food and everyone in the restaurant staring at you. You’ve just experienced that lovely emotion we call anger and it is virtually inevitable that you will experience it if you are breaking up with your partner. It is also virtually inevitable when you dismiss an employee. The question is, will that anger turn into a personal grievance?

How to stop your business partner ripping you off - Click To Read Article
Laura thought she had all the bases covered by having a comprehensive suite of Intellectual Property and Restraint clauses in her employment agreements. What she didn’t expect was that her own business partner would leave the business and set up in direct competition to her utilising the company’s IP.

How to protect your IP being stolen by your employees - Click To Read Article
How would you feel if someone broke into your house and stole your TV, stereo, DVD player, furniture, CD collection and some very personal items of jewellery? Initially you would feel shock…then once that had passed, rage and an immense desire to bring the perpetrators to justice... and then regret that you didn’t install a burglar alarm. You get exactly the same feelings when an employee steals your intellectual property and sets up in competition down the road.

How to get an employee to resign - Click To Read Article
When faced with a poor performing employee, the reaction of a number of employers is to think of an ingenious way to encourage that employee to resign. After all, it saves all the hassle of going through a performance management process, and if they resign then there is no comeback, right? Or maybe that is not the case.

How to ensure your business becomes an asset not a liability - Click To Read Article
After ten years the plan was to retire: either Trevor could sell his business and generate a retirement fund, or pass the business onto his children with it paying him a yearly consultancy fee to see him through his twilight years. But after ten years neither was possible. Nobody would buy his business and his children perceived it to be a liability.

How to decide when you need a written agreement (and when you don’t) - Click To Read Article
“You have a deal!” said John as he reached over to shake Paul’s hand. Paul was elated. He knew the new business venture could reap rewards for both parties. However, Paul had been burnt before in a similar deal and knew he should have a written agreement with John. But, he wasn’t sure John would go for it – and he didn’t want to lose the deal.

How to get free credit without burning bridges - Click To Read Article
You lay the wad of envelopes out on the table. A quick scan tells you that there will be more bills than cheques. As you open each one in turn you mentally add up what is owed and what you have received. The big payment you are expecting isn’t there and the deficit is bad news for your ailing bank account. A story familiar to many business owners and a problem which the business owner must grapple with immediately.

How to get your customers or clients to pay up - Click To Read Article
When the 20th of the month ticks around and your bank balance isn’t looking as healthy as it should, you know you have a problem. A quick look at your debtor’s ledger reveals that there is a lot of money out there but it is no good to you unless it is sitting in your bank account earning interest. So what do you do to get it in?

How directors can prevent themselves being liable for their company’s debts - Click To Read Article
The reason most start up business owners decide to form a company is to protect themselves in the event that their business goes belly up. The so called “limited liability” protection offered by the company structure may psychologically persuade us to take more business risks than if we were trading on our own account. However, in times of hardship, limited liability may not be all its cracked up to be and business owners could end up being personally liable for their company’s debts if they fail out to carry their duties as a director properly.

Cashflow tips: How good is your fuel gauge? - Click To Read Article
When was the last time you were driving your car and you ran out of petrol? If you answered yes, then I suspect that the reason had something to do with a faulty fuel gauge or not knowing how long it was until the next petrol station. So why is it that many businesses seem to suddenly run out of cash, splutter and then fail? Well, cash for your business is the equivalent of petrol for your car, and what does every car come equipped with?

Are your dreams of retiring on the sale proceeds of your business pie in the sky? - Click To Read Article
Whether you went into business with a plan to sell your business in the future or not, at some stage you will need to exit. But have you planned an exit strategy that will fund your retirement? Or, are you just presuming that someone will come along one day and pay you handsomely for all your toil and struggle? If you are in the latter category, think again. Market predictions show that all your hard work building your business could disappear in a puff of smoke. However, it doesn’t have to be that way.


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