Are Private Bankers Poor at Describing What They Do or Simply Just Anti-Social by Nature?

Last night I attended a private reception for Financial Services Professionals (FSP) specifically focused on private bankers, investment bankers, hedge fund managers et al and a few of the companies that service them. As I moved around the room I’d ask ...

Me: “What do you do?”

... to which I received the response either

FSP: “eh ... what do you mean?”

... or they proceeded to recite the entire glossy corporate brochure by heart. Every one was wearing name tags with their name and the company so you knew where they were from and unless you were a complete industry outsider (in which case you wouldn’t be at the reception anyway) you knew what the company did. So I’d ask again,

Me: “Yes, but what do YOU do?”

FSP: “eh ... what do you mean?”

... I remained tight lipped and allowed a pregnant pause to ensue ...

FSP: “eh ... well I’m a XYZ Manager” or  “I work in the XYZ department”

Me: “Let me ask it differently; what do ***YOU*** do that adds value to your clients?”

The majority of the responses to this were along the lines of ...

FSP: “What do I what?”

In all fairness there were the occasional good ones, possibly proving the 5% 95% rule.

For now forget the question about value though and go back to the original question, ‘what do you do?’. What I found amazing was that these people all seemed to identify themselves as part of a corporate machine that does ‘something’, as opposed to being able to articulate what it is that they do within that environment that differentiates them as a person, an expert in their field, or a professional who makes a difference.

Remember that this was an industry reception so there was no need to tell peers what their company does ... everyone in the room pretty much knew what each of the companies did. I would have thought it more important to tell your peers what makes you the big swinging dick of your company or your department, blow your own trumpet, beat your own drum, and don’t bore me to tears with your corporate slogans.

Certainly this type of reaction is not exclusive to the financial services industry; I have seen it at other more generic neworking events and receptions. What stood out for me on this occassion was the number of people who seemed firewalled from the reality that they work in a service industry and that their right to survive (at least should) depend(s) upon the value they bring to their clients. Clearly the financial services companies they all work for are not creating a work environment that fosters this understanding; or am I simply over-reacting?

Warmest regards,

Paul 

About Paul J. Lange:

Paul J. Lange is a business mentor and business performance coach who helps small to medium enterprise and entrepreneurs to apply big business, enterprise disciplines and solutions to gain a competitive advantage and increase profits. 

Paul's 'Business DIET'© system has helped countless entrepreneurs and business owners around the world to launch start-ups, expand existing operations, and greatly improve bottom lines.

Paul is also one of Australia’s most connected management consultants, and leading business strategists, with a passion for helping corporate leaders, entrepreneurs and business owners who are committed to achieving outstanding results.

Paul’s support will help you to develop strategic direction, implement it, execute and make more money. He will have you starting to work on your business, instead of in your business, right from day one; and if you have already started down this path, he will help you to complete the transition to business owner from business manager.

Web: http://www.paullange.com.au

Twitter: http://twitter.com/pauljlange

Facebook: http://www.facebook.com/pauljlange

Ecademy: http://www.ecademy.com/user/paullange

Klout: http://www.klout.com/pauljlange

Peerindex: http://www.peerindex.net/pauljlange

Empire Avenue: http://www.empireavenue.com/pauljlange

Posted via email from Blue Oceans

11 Key Leadership Attributes for Restaurant Managers

Much of the following can be applied to almost any industry. In this article though I’ll use the restaurant and hospitality industry as an example, as it is one in which the lessons are particularly pertinent.

Your value to your brand as a leader in the restaurant and hospitality industry is derived from your ability to manage various metrics that contribute to excellence in service and profitability of the venue. These metrics include but are not limited to costs for food and labour, and table turnover. Staff engagement and training, and production efficiency also form part of your commercial brief.  All of these are areas you are expected to manage and monitor, and improve!

Note above that I have not said you are responsible for managing the staff, but you are responsible for staff engagement and training. Some restaurant managers believe that they are responsible for the day to day management of the personnel; however effective managers know that their brief is to manage processes and things and to lead the people in their charge. The following points offer some important traits of good leadership that every manager who seeks to improve themselves, their people and their venue should master:

1. BE STEADFASTLY COURAGOUS - A leader’s courage is based upon their knowledge of their subject matter, confidence in their abilities, and understanding of their functional role within the venue. You will find that the venue personnel will not tolerate being told what to do by a manager who does not possess self-confidence and courage. Employees are intelligent and will cease to follow such a leader, even work against a weak leader, quite rapidly.

2. ALWAYS MAINTAIN SELF-CONTROL - A restaurant manager must always be in control of his/her actions, especially in pressure filled situations. Without self-control you cannot hope to lead your staff effectively. Good self-control sets a shining example for your personnel and you will find that they will start to emulate you. This is a case of do as I say AND do as I do!

3. BE CONSISTENTLY FAIR & JUST - All employees expect to be treated fairly. If they do not have a sense that their treatment, indeed the treatment of the staff generally, is measured, fair, and just they will not pay you the respect you need to be able to lead through either difficult or good times. Good restaurants will have an operational manual and policy handbook for personnel. The policy handbook provides you with a reference guide that is known to the employees what they may expect when an infraction occurs.

The policy handbook will be helpful in maintaining consistency in respect of the consequences of unacceptable behaviours, and consistency is the key. Also remember that an effective leader must not ever play favourites. At the same time, you will forge relationships that could lead to the perception of favouritism. If the need arises to redress an infraction with someone where the perception of favouritism is likely, be on your guard to also not over react in a kind of affirmative action in an attempt to set an example that you are not playing favourites. If you do you will weaken your powerbase and circle of influence even more .

4. CLEAR AND DECISIVE DECISION MAKING - The restaurant manager who is unable to take decisions and wavers when a decision is required broadcasts to the staff that he or she is not sure of themself. Such a manager will find it challenging to obtain buy-in from his staff. Be clear, be decisive, take a decision and stick with it. You may not always make the correct decision, but you will be respected for your strength of character in taking the decision without hesitation and following through. Staff who smell weakness will quickly lose respect and an indecisive approach will lose you respect very quickly. If your motto is ‘I used to be indecisive but now I’m not so sure’ then be a follower and don’t aspire to leading.

5. EFFECTIVE PLANNING - You’ve probably heard the famous quote “The failure to plan is planning to fail. “. Although this is attributed to a great many people it is originally from Joe Paterno, a famous American football coach born in 1926. Any leader wishing to succeed in his role of restaurant manager must plan his work, and then work his plan. A restaurant manager who works reactively and predominantly by guesswork (most of the time delusional and calling it instinctively) without practical and definite plans, is comparable to a plane without landing gear. It will land but the result will be everything from bumpy to disastrous and fatal. Every restaurant should use systems that assist and structure the planning process.

6. OVER DELIVER ON EXPECTATIONS - A good leader will always lead by example. People don’t care as much about what you say as they care about what you do and how you go about doing it. A leader must be willing to do more than he demands of his staff if and when required. As a restaurant manager you must you be able to manage staff training on top of being able to step into and perform any of the functions in the restaurant, at least to an adequate level. This is different to some industries where the leader can remain above the operational aspects of the business but in a restaurant or hotel the leader must be able to lead by example and assist when necessary.

7. PLEASANT DEMEANOUR - Being rude and overbearing is not a quality or trait anyone should have at the best of times. As a restaurant manager this type of behaviour will contribute to your failing quite rapidly. Leadership demands respect, both of others and of you. Staff will not respect a leader who does conduct himself in a socially acceptable manner and exhibiting a pleasant personality.

8. BE FIRM BUT BE EMPATHETIC AND UNDERSTANDING - If you wish to be successful as a restaurant manager you must have empathy for your staff. How your personnel perform has a lot to do with the success of the restaurant. A leader must understand his people and their problems; if necessary he/she must also be ready to come to their rescue, for example with a difficult guest. Remember the guest is always right, except on those occasions when they are WRONG. As their leader there will be times when you must step in and defend your staff. A good leader will recognise such occasions.

9. ATTENTION TO DETAIL - The successful leader of a restaurant must pay attention to detail and more to the point have a keen eye for it. In the restaurant and hotel industry, perhaps more than any other, it is important for you (and your staff for that matter) to see the restaurant through the eyes of the guests. You as the leader also need to see the restaurant through the eyes of your staff. Remain vigilant and look for ways you can both improve the guest's experience and make the functions and roles for your staff easier to perform.

10. THE BUCK STOPS WITH YOU - ASSUME FULL RESPONSIBILITY - To be successful as a restaurant manager you must assume full responsibility for the mistakes and the shortcomings of your staff. Do not try to move responsibility or you will very rapidly be deposed as leader either actually or effectively as you will lose the respect of the people working for you. If one of your followers does make a mistake and/or shows himself to be incompetent, as the leader you must consider how you can prevent the situation from happening again. This is of course referring to genuine mistakes and not wilful acts with malicious intent.

11. COOPERATION IS KEY- A good leader is in service of his people. You have probably heard this before but may not be quite sure what to make of it. If you think the concept is rubbish then you are probably not yet ready to lead. A successful restaurant leader understands the principle of cooperation and applies this consistently. He uses cooperation as part of his standard operating procedure and through his example causes his followers do the same willingly.

Do not confuse cooperation with weak command and control. On the contrary, a leader who is a strong commander and in control of his people will have the cooperation of his people without force. A weak leader will only ever gain cooperation begrudgingly.

In Conclusion

As a restaurant manager you should continue to invest in yourself and attend leadership training and leadership development courses. There are many great courses to take including from Dale Carnegie Institute and Franklin Covey as well as a large number of more boutique training programmes offered by exceptional individuals. Look in your city and I am sure you will find them. These course and continued education will prove invaluable to your effectiveness as a leader. If you are serious about developing yourself as a leader, whether to continue in the restaurant and hotel industry or to branch out into other industries, consider also finding yourself a good mentor and/or coach to be a guiding light and to assist you with your career path.

Although the above list is not intended to be exhaustive, nor is it, it provides a solid basis on which you can successfully develop your own style of leadership as a restaurant manager that your staff will respect and follow. If you do not have the ability to lead, you will rapidly discover that there is no one following you. As my grandfather used to say, if you are leading but there nobody is following, we call that taking a hike.

I trust this has been valuable.

Paul

 

About Paul J. Lange:

Paul J. Lange is a business mentor and business performance coach who helps small to medium enterprise and entrepreneurs to apply big business, enterprise disciplines and solutions to gain a competitive advantage and increase profits. 

Paul's 'Business DIET'© system has helped countless entrepreneurs and business owners around the world to launch start-ups, expand existing operations, and greatly improve bottom lines.

Paul is also one of Australia’s most connected management consultants, and leading business strategists, with a passion for helping corporate leaders, entrepreneurs and business owners who are committed to achieving outstanding results.

Paul’s support will help you to develop strategic direction, implement it, execute and make more money. He will have you starting to work on your business, instead of in your business, right from day one; and if you have already started down this path, he will help you to complete the transition to business owner from business manager.

Web: http://www.paullange.com.au

Twitter: http://twitter.com/pauljlange

Facebook: http://www.facebook.com/pauljlange

Ecademy: http://www.ecademy.com/user/paullange

Klout: http://www.klout.com/pauljlange

Peerindex: http://www.peerindex.net/pauljlange

Empire Avenue: http://www.empireavenue.com/pauljlange

Posted via email from Blue Oceans

An Entrepreneurs Insights into Family Office Data Base Trends

The fast growing and rapidly evolving Family Office space as a separate vertical industry is a phenomenon not to be underestimated. This article is intended to highlight some of the top trends that affect the creation, use, and expansion of Family Office data base resources. Whereas this space was hitherto below the mainstream radar, there are daily more competitors jockeying for position and for the attention of Family Offices so that they might gain access to the very large pools of concentrated wealth that these organisations manage.

Some of the top trending items within the Family Office space include:

Trend #1

Frequently more fund managers from large fund management companies and middle to large investment banks are committing to monthly or annual subscriptions to ensure they regularly receive the latest updates to their Family Office data base resources. Given the amount of money involved for these people and organisations, they clearly have prioritised the need to have the most up-to-date information possible, the instant it is available.

Trend #2

I discussed in a recent article that spamming of any kind is never a good thing, especially not with Family Office lists that you purchase. Clearly that message hasn’t yet filtered down to some hedge funds that are still making the mistake of sending spam, or mass emails, to ultra high net worth (UHNW) wealth management firms. What’s surprising is that they are still not surprised by the low rate of response they receive from their canon full of buckshot campaign. Ultimately this will only serve to hurt (what is left of) their reputation within the industry.

Trend #3

The Family Office database product has almost become a mainstream list product. It’s not quite as mainstream yet as buying a list of people who are in the market for a holiday within 12 months, but if this trend continues it will go down that route. The major difference however will remain quality. There is an increasing number of media companies and individuals who offer Family Office directories for sale on the open market. The volume is at levels never seen before. Certainly, this growth will reflect the number of ultra high net worth (UHNW) families out there but a lot of it is opportunistic and mostly not worth the pixels it is displayed on the screen with. As a result you must perform thorough due diligence before acquiring a Family Office database or list.

Trend #4

The more sophisticated hedge fund managers and private equity fund managers have turned their attention to using the contact details of multiple Family Office lists. They deploy a complex multi-modality marketing method aimed at raising more capital. The basic principle of their methodology is to send out mailings, send emails, place phone calls et al that are all sequenced strategically to maximize the response rate, and over time convert more leads to funds. I have very little doubt that more fund managers will take this up over the next few years and the practice will grow. The irony is that the concept is already outdated, and the reality is that the true innovators and early adopters within that sector of the financial services industry, which targets Family Offices, are already deploying more intelligent multi-modality marketing automation to their processes.

Trend #5

You can still find Family Office databases for less than $1,000; if you look around you may event find a couple that are worth the purchase price, or more. The simple fact is that many Family Office database sellers are increasing their prices, and that is understandable to some degree as these resources do cost a lot to maintain and keep up-to-date year-in and year-out. What can you expect to pay for a Family Office database of reasonable quality? Your budget should start somewhere around $2,000, and ultimately expect to pay anywhere from $5,000 to $8,000 on the top end.

Years ago it would have take the Hubble telescope connected to a super computer to find a lot of detail on the Family Office industry and identify trends or patterns in the way the industry players are interacting with the resources that are available to them. These days it is much simpler. The information is out there if you look in the right places. The question is, with this new knowledge what are you going to do?

By watching trends and changes in specific parts of the investment industry you can discover how to use Family Office databases significantly more effectively. Who knows, as a result perhaps you will be able to fund, or be at least be a part of launching, the next great discovery that serves mankind.

Kind regards

Paul

About Paul J. Lange:

Paul J. Lange is a business mentor and business performance coach who helps small to medium enterprise and entrepreneurs to apply big business, enterprise disciplines and solutions to gain a competitive advantage and increase profits. 

Paul's 'Business DIET'© system has helped countless entrepreneurs and business owners around the world to launch start-ups, expand existing operations, and greatly improve bottom lines.

Paul is also one of Australia’s most connected management consultants, and leading business strategists, with a passion for helping corporate leaders, entrepreneurs and business owners who are committed to achieving outstanding results.

Paul’s support will help you to develop strategic direction, implement it, execute and make more money. He will have you starting to work on your business, instead of in your business, right from day one; and if you have already started down this path, he will help you to complete the transition to business owner from business manager.

Web: http://www.paullange.com.au

Twitter: http://twitter.com/pauljlange

Facebook: http://www.facebook.com/pauljlange

Ecademy: http://www.ecademy.com/user/paullange

Klout: http://www.klout.com/pauljlange

Peerindex: http://www.peerindex.net/pauljlange

Empire Avenue: http://www.empireavenue.com/pauljlange

Posted via email from Blue Oceans

How to Choose the Right Family Office Database

As I have discussed in other articles there are many different Family Office list resources to choose from. Many are quite worthless, some are very good, and a few are outstanding. I trust the following will provide you with some guidance on how to tell which family office database resources are worth your investment, if you are looking to use them to compliment your efforts to raise capital, or perhaps enhance your marketing activities, within your company.

Here are some basic criteria to watch out for when choosing a Family Office database resource:

Reject web-only resources. If you cannot export to a common spreadsheet format such as Excel or even basic CSV it will cause you a load of additional grief to be able to exploit the data. With web-only resources you lose the ability to upload the data to your customer relationship management (CRM) system. For this you will commonly need XLS(X) or CSV. Also, depending upon how solid the company is that you purchase the service from, if it is web-only you risk losing access to the data altogether in the event the vendor goes belly up without warning, or if you miss a subscription payment you will most likely find your account suspended and your access to the data is denied. For my money, why even risk it? Go with a company that provides the data for download in a common format.

Avoid companies that insist on sending you a CD or a DVD with a code that locks the use of it to one computer. Seriously, where do we find these people? This is so archaic that it should not rate a mention but I have come across a few dinosaurs like this. Information must flow freely, and frequently. CD’s & DVD’s are neither and typically anything that wants to lock use to one system can be a costly technical nightmare when you realise that this is impractical.

Always work with an organisation that displays their team publicly on their website with biographies of all of the team members; or at least the key team members. Also expect to see phone numbers, possibly email addresses, and most certainly a professional looking website. Bottom line, ask yourself whether they look like they are a real business; more specifically do they look like they are a real business that has the skills and ability to develop, maintain and update a Family Office database resource seriously?

Always consider the refund policy of each company you are evaluating. You might not expect it but the terms and conditions of refund can differ dramatically from one vendor to another.

Be quite particular and consider carefully the future update process. How will you ensure the Family Office directory you purchase today is kept up-to-date into the future? Obviously you and your team could update the list internally, but if you have chosen the right vendor, it will be much more cost effective to subscribe semi-annually, annually or bi-annually for automatic updates. Check whether your Family Office resource provider offers this service and subscribe. In reality, it isn't that you are not able to maintain and update the Family Office list yourself. It is simply that the vendor is probably better positioned to do it and if, as said, you have chosen wisely they will be expert at updating and maintaining Family Office lists. A subscription could save you and your team hundreds of hours.

I trust that you will ultimately connect with a vendor of a higher quality for your Family Office database, and when you do, and start to use it, I wish you the very best of luck in your fundraising activities.

Kind regards,

Paul

About Paul J. Lange:

Paul J. Lange is a business mentor and business performance coach who helps small to medium enterprise and entrepreneurs to apply big business, enterprise disciplines and solutions to gain a competitive advantage and increase profits. 

Paul's 'Business DIET'© system has helped countless entrepreneurs and business owners around the world to launch start-ups, expand existing operations, and greatly improve bottom lines.

Paul is also one of Australia’s most connected management consultants, and leading business strategists, with a passion for helping corporate leaders, entrepreneurs and business owners who are committed to achieving outstanding results.

Paul’s support will help you to develop strategic direction, implement it, execute and make more money. He will have you starting to work on your business, instead of in your business, right from day one; and if you have already started down this path, he will help you to complete the transition to business owner from business manager.

Web: http://www.paullange.com.au

Twitter: http://twitter.com/pauljlange

Facebook: http://www.facebook.com/pauljlange

Ecademy: http://www.ecademy.com/user/paullange

Klout: http://www.klout.com/pauljlange

Peerindex: http://www.peerindex.net/pauljlange

Empire Avenue: http://www.empireavenue.com/pauljlange

Posted via email from Blue Oceans

How to Make Hotel Investments

Emerging markets such as India and China are augmenting an otherwise lack lustre global travel industry. The reality is that the upswing in recent years in the hotel industry is due mainly to travellers from these too massive regions. It should therefore not come as a surprise that hotel investment experts are excited about the trend and the potential growth it can bring with hotel owners, hotel operators and industry investors all being prompt to pounce on new acquisitions.

At the same time though, investment in the hotel industry is still plagued with all of the normal complications and commercial risk. There is always very large amount of capital at stake, and this requires meticulous planning and considerable expertise by and of the investor. Investors should upon expert opinion, and often do, before finalising a decision for an intended investment. Several points that should be considered, and indeed re-considered, prior to outlaying any investment funds in a hotel are outlined below.

Always Inspect, or Have the Property Inspected

The property may be useless for the purpose you intended upon completion of the deal; this can occur, and does occur often, despite the hotel displaying all of its best attributes during the negotiation and paper due diligence process. The most common reasons are often:

• underground environment pollution
• interior mould infestation, and
• structural damage from termites and rodents.

You should only ever finalise a deal once you have completed a thorough physical investigation of the property yourself or by your trusted advisors and professional service providers. Remember though in the case of the latter they too can ‘get it wrong’ and their contracts with you will indemnify them if they do, so you are still left holding the bag. That said you should certainly engage an engineer to check for the conditions mentioned above and authenticate that the property does not present any of these problems. Such authentication will usually be something you can rely on at law and is necessary for you to be sure that the investment property complies with all building codes.

Familiarise Yourself with Your Hotel Management Company

If you are contemplating engaging a specialised hotel management firm to oversee the operations of your hotel business, reassure yourself of that company’s capabilities via several sources. Look into and consider its operational performance, and also run some cross-checks with other properties that it has under management. Look closely at and analyse its track record with regard to maximising revenues and managing expenses responsibly.

Analyse Where Your Visitors Come From

The hotel should have a good mix of visitors across various market segments including commercial, group travel, business travellers, and leisure or vacation travellers. If the hotel depends on a single segment, unless you have a very specific and focused niche you should reconsider your investment as such properties rarely do well throughout the entire year. Properties that attract visitors from across several or all segments of travellers are able to bridge slow periods in one segment with increased traffic in another.

DO NOT Depend Upon a Single Business for Your Hotel

Amazing as it seems this happens a lot. Hotels cater to a single client and when that client takes a dive, so too does the hotel. If your hotel exists to service visitors from one company, you are relying on that company’s ability to perform and grow. Frankly you would be better putting your money into the S&P500 or similar. Properties that depend upon obtaining visitors from an airport, another company, a business park, or an amusement park, can go crazy when these businesses cease to generate the income they once did, or worse they shut the doors completely.

For example, with airports, when less people travel by air and the airlines are hurting; your business will suffer the knock on. In regional areas an airport might be relocated or a new larger regional airport may be created elsewhere. Either way if your hotel is relying on traffic from the airport you will feel the pinch very quickly. Similarly if the business on which you are relying for your visitors decides to change its headquarters, or the business park starts to lose clients, or the amusement park is hit with heavy competition from a better, your business will fall. It is important that you look at your revenue sources so that if one segment hits on hard times, it does not impact you to the point of distinction and you can progress through the tough times keeping the hotel fires burning.

When is the Hotel In-Season?

Your new hotel should have an in-season of at least eight months of every year. If it doesn’t then, unless there are extreme extenuating circumstances, it simply is not an option worth your consideration. If the in-season is shorter than eight months your hotel will need to have premium rate occupancy during the in-season to cope up with annual operational costs. The in-season months should also be consecutive lest you will most likely experience lower than potential revenue.

Some Obstacles You May Face

Some markets already have extensive land allocations that are zoned for hotel development and acquiring land in these markets can be relatively simple. Subsequently, when requirements for obtaining finance are made easier through pre-zoning and pre-development approval, these markets will experience overcrowding with a large amount of competition going up around your hotel. If a market has barriers that make entry for the hospitality trade difficult, the possibility of over-population and/or overcrowding of other hotels is less likely.

In general, it will more often be preferable to invest in a market where the barriers of entry are higher than average. A word of caution though, do approach this carefully. You do not want to be the trail-blazer who did all of the hard yards at exorbitant expense to enable a market to be opened for your competitors to flock to and reap the reward of your hard labour.

KISS - Keep It Simple Stupid ... ‘it’ in this case are the Terms

Every investment should have an exit strategy. Hotels are no different. Always consider the eventuality that you will sell the hotel at some point in the future. Your hotel acquisition should be planned with this or some other exit strategy in mind. The Management Contract and Franchise Agreement should be designed with clauses that permit termination without having to jump through hoops. There are a number of ways you can maintain a more dynamic and flexible capability with your hotel investment. For example, assign or prepay the mortgage, buy out existing partners and use a good industry experienced chartered accountant to assist you to minimise your tax exposure.

Take Care to Choose the Brand for Your Hotel Wisely

Like with any business, how you brand your hotel will have major implications on the type of visitors you attract. In the hotel industry most people don’t invent new brands but reach an agreement with an existing brand subject to a variety of pre-conditions, quality and other control parameters. The established brands are generally safer than newer brands seeking to establish an identity and a footprint in the market. However newer brands may be more dynamic, and easier to deal with than the more established brands. Irrespective of whether you choose an established brand or one of the new kids on the block, look to the visitor demographic attracts.

• Are the visitors to your hotel more likely to be travelling for business or leisure?
• Is the brand better known as a business hotel or vacation lodging?
• How does the brand fit in the area where you are considering your hotel investment?

These are just a few of the questions you should consider.

In Conclusion

The above is simply a guide to assist and is by no means a complete plan on how to ensure your hotel investment is a successful one. I do suggest that if you consider the above and take action on at least these areas before any funds change hands, you will certainly be better positioned to expect a better outcome and realise dividends from your investment.

About Paul J. Lange:

Paul J. Lange is a business mentor and business performance coach who helps small to medium enterprise and entrepreneurs to apply big business, enterprise disciplines and solutions to gain a competitive advantage and increase profits.

Paul's 'Business DIET'© system has helped countless entrepreneurs and business owners around the world to launch start-ups, expand existing operations, and greatly improve bottom lines.

Paul is also one of Australia’s most connected management consultants, and leading business strategists, with a passion for helping entrepreneurs and business owners who are committed to achieving outstanding results.

Paul’s support will help you to develop strategic direction, implement it, execute and make more money. He will have you starting to work on your business, instead of in your business, right from day one; and if you have already started down this path, he will help you to complete the transition to business owner from business manager.

Web: http://www.paullange.com.au

Twitter: http://twitter.com/pauljlange

Facebook: http://www.facebook.com/pauljlange

Ecademy: http://http://www.ecademy.com/user/paullange

Klout: http://www.klout.com/pauljlange

Peerindex: http://www.peerindex.net/pauljlange

Empire Avenue: http://www.empireavenue.com/pauljlange

How to Value a Family Office Database Resource - What to look for before you buy

I’ve discussed these elements before in other articles but a recent stream of questions from people in my network has prompted me to reiterate these points in a more summarised way and all in one place ... eh ... blog.  I trust this blog will help you to establish a value for a Family Office database resource you are considering purchasing, and also hope that as you explore family office databases you will quickly learn what makes them worth acquiring or not. More specifically I hope to provide in this summary basic insights into how to value specific Family Office lists and database resources.

Here are some of the components that make a Family Office database worth the asking price. Ask yourself and/or the vendor these questions:

How often is the Family Office database updated? It should be at least semi-annually. If not what is the reason behind it and does the reason make sense to you?

Is the vendor active in the industry? e.g. does the vendor have a consulting business for Family Offices, or do they operate a Family Office association, an online or offline Family Office social network or networking group? If not, what qualifies them to create, maintain, and update a Family Office list?

Does the vendor offer a refund and what is their refund policy in respect of the Family Office list resource you are considering? At the very least there should be an accommodation for bad data. The best firms in the Family Office industry will gladly offer between a double and quadruple pro-rated refund for bad date in the Family Office resource. This keeps them honest and on top of their game.

What level of work and effort went into the creation of the Family Office list? Okay, so this is tricky ground. How can you determine that? Well, use a couple of basic pointers to the level of seriousness both of the company and the information they offer about the database resource.

• What does their website look like?
• How detailed is their FAQ (Frequently Asked Questions) section?
• What level of statistics do they give you in respect of the list?
• What do they say about their methodologies for creating, maintaining, and updating the Family Office database?

This next one is crucial to your productivity. Even if everything else is great this one can cause more frustration than it is worth.

In what format does the vendor supply the Family Office database to you? Here’s the thing. If the list is web-only, i.e. you can only access it via the web then you could lose access, for example, if the company goes belly up or if your subscription payment does not go through. How often does it happen that a credit card is nearing its limit because the accounts department hasn’t processed the expense reports? Or even more basic, the expiry date lapses, you forget to update it in the system, and the vendor doesn’t have an early warning system to remind you. 

Make sure that you have a resource that can be downloaded (i.e. avoid CD & DVD based resources if you can) and where the format in which it is supplied is at least Microsoft Excel (.XLSX), or Comma Separated Value (.CSV) These formats are the most flexible and allow you to quickly and easily integrate the new data into your customer relationship management (CRM) system, for example Salesforce.com.

Value is a tricky thing and like beauty it is in the eye of the beholder. If you use the above suggestions to assess for yourself the value of the resource I hope you will make some good decisions. Ultimately the proof will be in the quality of the relationships you are able to build with the Family Offices listed in the database resource that you purchase. Until you have the list though you need to use your gut, some good common sense, and the above tips to figure out whether or not your money to purchase the list is about to be invested wisely or simply spent.

 

About Paul J. Lange:

Paul J. Lange is a business mentor and business performance coach who helps small to medium enterprise and entrepreneurs to apply big business, enterprise disciplines and solutions to gain a competitive advantage and increase profits. 

Paul's 'Business DIET'© system has helped countless entrepreneurs and business owners around the world to launch start-ups, expand existing operations, and greatly improve bottom lines.

Paul is also one of Australia’s most connected management consultants, and leading business strategists, with a passion for helping entrepreneurs and business owners who are committed to achieving outstanding results.

Paul’s support will help you to develop strategic direction, implement it, execute and make more money. He will have you starting to work on your business, instead of in your business, right from day one; and if you have already started down this path, he will help you to complete the transition to business owner from business manager.

Web: http://www.paullange.com.au

Twitter: http://twitter.com/pauljlange

Facebook: http://www.facebook.com/pauljlange

Ecademy: http://www.ecademy.com/user/paullange

Klout: http://www.klout.com/pauljlange

Peerindex: http://www.peerindex.net/pauljlange

Empire Avenue: http://www.empireavenue.com/pauljlange

Posted via email from Blue Oceans

Positioning Your Start-up Using Blue Ocean Strategy - Part 1

By using Blue Ocean Strategy innovative start-ups can identify market spaces that have no competition, and in doing so render their traditional industry competition irrelevant.

The basic premise of Blue Ocean Strategy is that every market can be segregated into both a red ocean and a blue ocean.

Red oceans are consensus driven; more specifically a consensus that defines a default customer, the vendors and their expected behaviours and characteristics, and the type of product the market has to offer. You end up with a situation where everyone is doing the same thing with the same stuff, selling it to the same people; the result, commercial carnage with massive competition and paper thin profit margins.

Uncontested Market Space - the New Frontier

Blue Ocean Strategy is about breaking free from the bonds of traditional market thinking and realising new vast blue oceans of untapped resources. The first realisation of understanding Blue Ocean Strategy is like standing inside a large box leaning against the wall and suddenly there are no walls. You realise there is no box. Blue Ocean Strategy focuses entrepreneurs and business leaders in the direction of a new uncontested market space for their industry. They create a market niche where the venture is so uniquely positioned that competition is rendered irrelevant.

How does that work? How can one recognise these new market niches?

The answer: Value Innovation

Identifying market niches requires a thing called "Value Innovation". Value innovation involves seeing the values and desires behind peoples’ spending decisions. When you witness these patterns you can take a decision yourself to restructure your business resources to provide an alternative that is significantly better and which remains consistent with the values you have witnessed. 

Let’s look again at Cirque Du Soleil. It seems to be the one that everyone quotes from the book Blue Ocean Strategy and it is an example I myself have referred to before in articles, blogs, and speeches. When Cirque du Soleil began the circus industry was on its tail. It had stagnated itself into virtual oblivion. Not exactly an industry one would imagine entering if profit had anything to do with the equation. Rather than creating yet another big top, or little top, circus, the founders of Cirque du Soleil looked at the overall value system of circus goers and the live entertainment industry more broadly so that they might understand what the people, who went out for the evening of entertainment, were looking for.

What motivates or persuades people to go to the theatre or the cinema, instead of going to the circus?

What they found was that the circus was viewed generally as low-brow, juvenile, even crude level of entertainment. The founders of Cirque Du Soleil found that the concept of the traditional three ring circus distracting, annoying, and off-putting to the majority of the public.

Also, public opinion was swaying away from the use of animals in circus. This was pretty dramatic as animals have always been a centrepiece of the circus experience. Driving this was the sensitivity to the possible abuse of the animals behind scenes.

Take Out the Trash: Remove That Which People Don’t Value

The result is Cirque Du Soleil, an experience that is world renowned for being very different to anything else that is out there; indeed since Cirque du Soleil start nothing has even come close to knocking them off their number one spot. The recipe was simple for the founders. They eliminated the three rings; they presented the entertainment more theatrically, more sophisticated and in the form of a narrative; and they removed the animals from the equation – which probably saved them a bundle as well.

By combining the popular and most valued fundamental elements of what people sought from live entertainment, more specifically from both the theatre and circus perspectives, and removing everything that was seen by the public as a negative of both, the founders of Cirque Du Soleil were able to create an alternative far superior to the original; an alternative that neither other circuses nor the theatre industry can contend with directly.

About Paul J. Lange:

Paul J. Lange is a business mentor and business performance coach who helps small to medium enterprise and entrepreneurs to apply big business, enterprise disciplines and solutions to gain a competitive advantage and increase profits. 

Paul's 'Business DIET'© system has helped countless entrepreneurs and business owners around the world to launch start-ups, expand existing operations, and greatly improve bottom lines.

Paul is also one of Australia’s most connected management consultants, and leading business strategists, with a passion for helping entrepreneurs and business owners who are committed to achieving outstanding results.

Paul’s support will help you to develop strategic direction, implement it, execute and make more money. He will have you starting to work on your business, instead of in your business, right from day one; and if you have already started down this path, he will help you to complete the transition to business owner from business manager.

Web: http://www.paullange.com.au

Twitter: http://twitter.com/pauljlange

Facebook: http://www.facebook.com/pauljlange

Ecademy: http://http://www.ecademy.com/user/paullange

Klout: http://www.klout.com/pauljlange

Peerindex: http://www.peerindex.net/pauljlange

Empire Avenue: http://www.empireavenue.com/pauljlange

Posted via email from Blue Oceans

Some Basic Tips on How Not to Use a Family Office List

Many people make some very basic mistakes when interacting with Family Offices and lists of Family Offices that they acquire. It is as if by simply having these lists they feel connected, empowered, and invulnerable, and end up making some often irreparable mistakes. The reality is that you should conduct yourself with the same level of decency and integrity as you would with any other human being.

Hopefully the following will provide you with some basic tips on what not to do with a Family Office list, so that you can avoid making common mistakes often made by people seeking to raise capital via a Family Office. Obviously the best way to raise capital via a Family Office or individual Ultra High-Net Worth (UNHW) person is through personal relationships founded on trust and confidence. If you, like most others, are in the situation that you have to start out by buying a list as a first step, strive to achieve such a relationship over the long term and if your enterprises are good you may one day join their ranks.

Here are IMHO the top five Family Office list mistakes you should avoid:

1. After you buy a family office list you cannot simply send an unsolicited email or snail mail to them with your offer to them. This is still considered spam, and you are not permitted to spam, even after buying the list. This is not like a double opt-in list of people interested in blue widgets. You must first develop relationships with each group on the list and they must opt-in to receive communications from you; double opt-in if by email.
2. Don’t delude yourself that you have unearthed the Holy Grail and that henceforth capital-raising is going to be a walk in the park because you have bought THE list. Certainly, by obtaining a resource such as a Family Office List will make your capital raising efforts and processes more efficient. If used correctly it will save you an immense amount of time. But how effective you are will rely on other criteria. Capital-raising is essentially a challenge at the best of times. It can be a wonderful challenge that people such as myself thrive on, we love the process and every step in it. Realise that you have increased your chances by obtaining a Family Office list and accept that it will require real work and genuine effort. There is simply too much money at stake and too much competition for the investment dollars for the process to be a cakewalk. 
3. Once you purchase a Family Office list, do not assume that you will receive a lifetime of free updates. These lists are expensive to update, maintain, and they take considerable time and patience to complete. Ask your list provider to see if they are included or not within your package.
4. Snatching up the first offer of a Family Office directory that you come across, just because it looks good enough is not really a good strategy. Be sure that you source the list from a legitimate company that has a phone number you can call and talk to real people. You know the ones. They have a pair of lips and a voice connected to a brain that gives real responses. Unless you have come across someone with terminal cancer and 30 days to live, do not believe people who tell you they have a boutique private list that they have worked with for the last 40 years or more. Such people exist, but unless the last item on their bucket list is to donate the list to some lucky schmuck you will not gain access to them. Go through a company that is reputable and has a real website. Before you buy anything do whatever you need to do to gain sufficient confidence that what you are buying is something of value.
5. Don't think you are smarter than the rest and use their list to create and sell your own Family Office list product. Apart from illegal (check the terms and conditions of your purchase) it is morally wrong and UHNW individuals have a way of smelling bullshit in the proximity. If you only have half a brain and do decide to take someone else’s list(s) to create your own, unless you are going for a smash and grab type of sale, how on earth will you ever maintain it? Be respectful, be ethical and use the list as the seller intended; hopefully to launch some great (new) product or service that will benefit many people and (at least by extension) society as a whole.

Hopefully these tips will help you know what not do once you have obtained your database or Family Office list. I am sure you will realise that this is all pretty common sense, but as the saying goes, there is nothing common about common sense.

About Paul J. Lange:

Paul J. Lange is a business mentor and business performance coach who helps small to medium enterprise and entrepreneurs to apply big business, enterprise disciplines and solutions to gain a competitive advantage and increase profits. 

Paul's 'Business DIET'© system has helped countless entrepreneurs and business owners around the world to launch start-ups, expand existing operations, and greatly improve bottom lines.

Paul is also one of Australia’s most connected management consultants, and leading business strategists, with a passion for helping entrepreneurs and business owners who are committed to achieving outstanding results.

Paul’s support will help you to develop strategic direction, implement it, execute and make more money. He will have you starting to work on your business, instead of in your business, right from day one; and if you have already started down this path, he will help you to complete the transition to business owner from business manager.

Web: http://www.paullange.com.au

Twitter: http://twitter.com/pauljlange

Facebook: http://www.facebook.com/pauljlange

Ecademy: http://http://www.ecademy.com/user/paullange

Klout: http://www.klout.com/pauljlange

Peerindex: http://www.peerindex.net/pauljlange

Empire Avenue: http://www.empireavenue.com/pauljlange

Posted via email from Blue Oceans

The BDSM of Business – Part 1: Introduction

The BDSM of business for most people is Business Development Sales & Marketing. This is at least what most people would have guessed. However my exposure to the Adult industry through some unique clients has opened up other discussions as to whether there is another BDSM (Bondage, Discipline, Sado, Masochism) that is relevant to business, and how the principles of this might be applied.

After all there is the S&M of wealth and happiness from Your Money Mistress, Larissa Zed Zimmerman (www.yourmoneymistress.com). As ‘Your Money Mistress’ Larissa discusses openly the strategies and path to how to have sizzling sex and more money. This is not some fly by night get rich quick book attempt. It is actually solid stuff that every … well … secondary student (at least) should learn.

Larissa’s methodologies and processes are based on years of developing her own courses and coaching under a vanilla brand.  These vanilla courses and her coaching have been delivered in both the corporate world and through the Australian government into public departments and schools et al. Larissa is now in the process of white labelling her courses for some of the larger financial services players.

Think of BDSM as an alternative SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). These map directly 1-to-1. In part two, I’ll discuss the BDSM/SWOT Analysis model and how to use it in your business for achieving greater focus and realising better results.

Be outstanding!!

Paul

-- 

PAUL J. LANGE – BLUE OCEAN STRATEGIST & RAINMAKER

ASSURING YOUR SUCCESS THROUGH VALUE INNOVATION AND FOCUSED ACTION

paulj@paullange.com.au | GSM: +61 414 317579 | URL: http://www.paullange.com.au

Most Connected Management Consultant in Australia on LinkedIn.
http://www.linkedin.com/in/pauljlange

Follow me on Twitter - http://twitter.paullange.com.au 

Join my Blue Oceans Mailing List - for today's leaders and those who aspire to be
tomorrow's - http://eepurl.com/bKqO

Connect with me on Ecademy - real people, real business, real outcomes.
http://www.ecademy.com/user/paullange

Posted via email from Blue Oceans