This week has seen the first episode of the BBC’s new series, The Fixer - where Hotel turn- around guru Alex Polzzi of the Forte family fame, has finally been allowed to check out of the UK’s worse Hotels, only to be thrown into dubious world of Family run Businesses.
Now as you may or may not realise - The Business Wealth Club is very much a Family run Business, Paul `(Master Business Coach) co founder and glorious leader is ably supported not only by me (his doting wife) - but also Angela Beaugeard, a partner in the Business who run’s the Oxford Club and Manages our Network of Mentors, who also just so happens to be his Sister-in-law!
This week Alex was faced with a Wedding Dress business run by a Mother and her two daughters, and what she uncovered was alarmingly common place in our experience. With-in minutes of looking at the books, Alex was asking the question Paul very often poses to Clients... Is it worth being in this Business...?
Well in this case, thankfully - it seems the answer turned out to be “Yes!” But the things that they needed to focus on are by no means the exclusive property of a Family run Business, although I have to admit that the added tension of the personal relationships can make for a little extra spice!
So, first things first... know your numbers. We know from experience that Profit and Loss sheets are often a scary concept for Business Owners - but Alex uncovered that like a lot of the Business’s we encounter at the Clubs... this Family had no idea how much money they needed to make each month to keep their doors open, and MD and Mum certainly would never have dreamed of sharing the money situation with her daughters. It’s a constant frustration that Paul has with many of the Business Owners he has Coached over the last 8 years - they just don’t want to share the financial situation with the very people who they need to help get out of it!
Frequent reasons or excuses as to why “if I tell them they may leave the business!” The reality is that when people know the situation they usually spring into ideas and action to help solve the financial challenges.
Another key Business Coaching topic was the devision of labour in their business. They needed to go back and look at everyones skills and make sure they were being used to the best advantage for the Business. Alex had the great idea of getting the girls to “interview” for the jobs they wanted. Whilst I was watching, I was reminded of a question I have heard Paul asking in seminars again and again.... if you had the chance to tomorrow to re-hire your team knowing them as you do now... who would you hire back - and who would you let go? Interesting thought isn’t it...
And the last thing I wanted to mention was how much I enjoyed Alex conferring with her Mum, Olga Polizzi CBE, on the issue to re-branding. And her wisdom was that while it was sometimes clearly necessary to rebrand - if you wanted to take client “good will” with you, it was important to keep some links with the old branding. In other words, move on - but take your history with you, Love It!
I’m looking forward to next week...
Sue Avins
This week has seen the first episode of the BBC’s new series, The Fixer - where Hotel turn- around guru Alex Polzzi of the Forte family fame, has finally been allowed to check out of the UK’s worse Hotels, only to be thrown into dubious world of Family run Businesses.
Now as you may or may not realise - The Business Wealth Club is very much a Family run Business, Paul `(Master Business Coach) co founder and glorious leader is ably supported not only by me (his doting wife) - but also Angela Beaugeard, a partner in the Business who run’s the Oxford Club and Manages our Network of Mentors, who also just so happens to be his Sister-in-law!
This week Alex was faced with a Wedding Dress business run by a Mother and her two daughters, and what she uncovered was alarmingly common place in our experience. With-in minutes of looking at the books, Alex was asking the question Paul very often poses to Clients... Is it worth being in this Business...?
Well in this case, thankfully - it seems the answer turned out to be “Yes!” But the things that they needed to focus on are by no means the exclusive property of a Family run Business, although I have to admit that the added tension of the personal relationships can make for a little extra spice!
So, first things first... know your numbers. We know from experience that Profit and Loss sheets are often a scary concept for Business Owners - but Alex uncovered that like a lot of the Business’s we encounter at the Clubs... this Family had no idea how much money they needed to make each month to keep their doors open, and MD and Mum certainly would never have dreamed of sharing the money situation with her daughters. It’s a constant frustration that Paul has with many of the Business Owners he has Coached over the last 8 years - they just don’t want to share the financial situation with the very people who they need to help get out of it!
Frequent reasons or excuses as to why “if I tell them they may leave the business!” The reality is that when people know the situation they usually spring into ideas and action to help solve the financial challenges.
Another key Business Coaching topic was the devision of labour in their business. They needed to go back and look at everyones skills and make sure they were being used to the best advantage for the Business. Alex had the great idea of getting the girls to “interview” for the jobs they wanted. Whilst I was watching, I was reminded of a question I have heard Paul asking in seminars again and again.... if you had the chance to tomorrow to re-hire your team knowing them as you do now... who would you hire back - and who would you let go? Interesting thought isn’t it...
And the last thing I wanted to mention was how much I enjoyed Alex conferring with her Mum, Olga Polizzi CBE, on the issue to re-branding. And her wisdom was that while it was sometimes clearly necessary to rebrand - if you wanted to take client “good will” with you, it was important to keep some links with the old branding. In other words, move on - but take your history with you, Love It!
I’m looking forward to next week...
Sue Avins
Hi, nice blog. There are couple of writings that are similar but none of them is as excellent as yours.
Posted by: Freight Bill Factoring | February 13, 2012 at 01:20 PM
Hi, nice blog. There are couple of writings that are similar but none of them is as excellent as yours.
Posted by: Freight Bill Factoring | February 13, 2012 at 01:20 PM