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Holding Regular Meetings With Your Partners Is Very Important. (Part 4).

Entrepreneurs are generally very busy people, and they spend their time running around trying to sell their products and to make "ends ...

Entrepreneurs are generally very busy people, and they spend their time running around trying to sell their products and to make "ends meet" (as they say). Unfortunately many entrepreneurs, consider having formal meetings, as a waste of time, and simply want to get out there and do things.

This is not very wise.

It does not matter what business you are in, or how small it is: its important to sit down and have proper meetings. And by this I do not mean, "chatting things over, whilst relaxing, over coffee". I mean you must have scheduled meetings, during working hours, when you sit down with your partners, and and also with your staff to discuss what is going on in your business.

.... Always hold such meetings, during normal working hours. It serves as a remainder that you consider it to be an integral part of your business.
Holding Regular Meetings With Your Partners Is Very Important. (Part 4).
Before you start your discussion, you must agree what you are going to talk about, and select someone to keep a record ( "minutes of your meeting"). Before the next meeting, everyone must agree that the record of your previous meeting, is the correct one. This is one of the most important discipline for you to learn, if you want to grow and build your business.

As I have said before such meetings are not serious, if they do not begin, and end with a discussion on the finances. This is the engine and lifeblood of a business:

Proper financial reporting, followed by robust competent discussion of the figures.

When we were very small, I would begin by saying, "book keeper, take us through your report", and now thirty years later, it is the same, " CFO pleases take us through your report."

Practice to spend most of your time discussing figures, not just exchanging stories....remember you are in business now! In your agenda, you must always, have agreements, on what constitute your policies as a business. And these you must write down, and jointly sign with your partners.

.... "Keeping proper, written records, is key to your success...". Keep the records safe, and always have copies.

It is very bad to operate your business, in this day and age (someone as educated, like you), on verbal agreements!

In your discussion, make sure your discuss, sensitive and difficult issues, for example:

"- so how much are we going to pay ourselves in salary? What can we afford?"

"- how many shares do we each have in this business? Let's agree; let's sign... This is business now... Aha, aha!"

And remember:

Pay everyone their due... Including that little cousin, helping to clean the place.... She has dreams too! Aha, aha... That's business now.

Pay your taxes also...

The End.