Category Archives: Business Development

Business, Business Development, Business Tips, Chambers of Commerce, Communication, Community, Motivation

2013: Reflecting on the year that was and what 2014 has in store

2013-2014As 2013 draws to a close,  I have drawn on the inspiration of a friend of mine, Luke, to reflect on what has happened in the year and what 2014 has laying ahead for me.

  • My biggest success was losing 18 kilos. I feel a lot better about myself both physically; emotionally and mentally. I did this by making  lifestyle changes that I knew I would continue with, meaning no fad diets! To learn how I did this, read “How I Lost 18Kg By Eating An Elephant”.
  • I have continued with my community work, sitting on several not for profit organisation’s. Unfortunately at the end of 2012 I had to cease being a mentor to the Flagstone Junior Chamber of Commerce at Flagstone State Community College due to my work commitments this year. I remained the Treasurer of the South East Queensland Indigenous Chamber of Commerce (SEQICC) and President of the Indigenous Construction Group Australia (ICGA).  The SEQICC has under gone some major changes this year which I am proud to be a part of,  including securing office premises and taking on a full time CEO. The ICGA is undergoing its own review after some set backs, but I am positive about its role and contributions it will make to the sector.
  • I started an event management business, Murritsi Events, with 2 partners at the end of 2012. In October of this year the other partners decided to pull out of the business. I decided to continue with it. I learnt you really need to have business partners who are as committed and as hungry as you are to make the business succeed by doing the hard yards. Otherwise they will lose interest, slow down and drop off.
  • For my bookkeeping and consulting business, Foley Business Management,  I completed the units I need to obtain my BAS Agent Registration. I have also submitted a proposal to a potential client and I’m looking at office space near the city.
  • I am in the process of having a provisional patent lodged for a phone app concept I’ve had for some time now. This will allow me to start discussing the idea with developer’s and other’s who can provide valuable input and feedback on the concept.
  • I recently posted on my Facebook page how I have been so focused on my work this year, I have become a recluse to my friends. It took the wisdom and life experience of 3 mentors to tell me to enjoy myself,  as life is a journey and not a destination.
  • I have started to reconnect with old friends. More so at the end of this year as I started to reflect on how busy I have been. I caught up with an old school friend who works  not far from where I live. It was great to meet up with the guys I did a Tafe course with a few years ago and find out what they are doing. Needless to say, arvo drinks turned into dinner that then turned into more drinks.
  • I took on a comment a friend made while we were at dinner. He described me as ‘conservative’. Its true, and as a result I thought I needed to revamp my appearance. So I have new glasses, changed my hairstyle, grew facial stubble (on weekends!) and updating my wardrobe also due to the weight I have lost.
  • I have also taken on the comment from Sass of being a ‘Judgie McJudge’. That is in my personal life I am quick to make judgement of people. So I am going to make a concerted effort to be less critical of people in my personal life. This has started by getting to know Sass better!

So what does 2014 have in store

  • I hope to start taking on clients for Foley Business Management early in the year, building on my existing relationships and identifying new ones, namely in the Not For Profit sector. A goal of my business life is to leave the legacy of “creating a better world for our children’s children”.
  • Murritsi Events will be second, with Foley Business Management taking priority. But it will find its place I am sure with the right approach early in the year.
  • The Phone App will begin to come together as I start to put together a rough business plan after talking with the right people. There are no definite times for this as IT start ups are a new area to my skill sets. So I will be looking for the right people to make it happen!
  • I will be looking to move closer to Brisbane in the first half of the year. An office in near the city will be the incentive I need to move in there to save myself the 1 hour travel to work each morning at peak hour. With the office I will also try to separate my work/personal life better. A home office means you’re at work when you should be at home and at home when you should be at work!
  • I’ll continue with my health and fitness, by looking to return to study/train in martial arts.
  • I’ll continue with my community work by providing my services on a voluntary basis for organisations I feel are worthy to the community. This for now includes the SEQICC and ICGA. I will limit myself to being involved with no more than two organisations in a voluntary position, as I have done in 2013.
  • To enjoy myself more and be more social, planning my weekends as much I do for my work days. I will look to join some social groups to get out and mingle with people outside of my professional network, be it cooking classes, photography etc.
  • TAKE A HOLIDAY that isn’t a stop over on a business trip or a few hours between meetings!!!!
Business, Business Development, Human Resources, Motivation

Having The Right Mindset For Success And Business

(2013.07.22) Having The Right Mindset For Success And BusinessToday I had two things happen to me that gave me two different feelings.

The first was attending a meeting as the President of the Indigenous Construction Group Australia (ICGA) to discuss some future opportunities. The meeting went well and I came out of it feeling very positive.

The second event was after attending the meeting I returned to my car to find it had been towed. Someone had removed the bollards to prevent people parking there to undertake some construction. Though I found it strange the manager had parked his car in the same area before I arrived. But I had parked where I wasn’t meant to even though I didn’t know and there was nothing to tell me otherwise. Naturally I wasn’t very happy at having to pay $350 to have my car taken out of the impound when I wasn’t at any fault!

So on the bus ride to the impound I thought about these two events. I thought about how I should be feeling. My feelings were mixed. On one hand I had a great meeting which had me feeling good. But on the other hand I had my car towed because someone had not properly secured the area to prevent me parking there or put up signs telling me not to park there, which cost me $350.

So I thought back to last night. Last night I attended a meeting with some friends of mine. We all share a common interest of investment and wealth creation. We started meeting about 5 years ago but we slowly became less involved as the global financial crisis took a greater hold and was beginning to bite into our pockets. As our first meeting, we agreed for the next two weeks we would not start looking at investment strategies. Instead we would first get our mindset right by listening to audio books on the subject.

I personally listen to people like Anthony Robbins “Awakening The Giant Within” and other business books that include creating a positive mindset. When I first listened to Robbins I thought it was just a ‘touchy feely’ approach to setting goals. I was raised that goals are achieved by hard work, not thinking about your emotions. But the more I replayed and listened to the audio book the more I took on what he was getting at.

One of the story’s Robbins tells is of Honda, the maker of Honda cars and motorcycles. Honda had a number of setbacks but he persevered until he achieved his goal. He could have given up due to any one these major setbacks. But he didn’t, he continued forward focusing on his goal. As a result he created the Honda motorcycle and car manufacturing companies we know today. Honda overcame these negative events to become a household name.

So today I had a positive and negative influence on how I would feel about the day. You know, having my car towed cost me $350. but it’s just money and I can make it back if I set my mind to it. So I am not going to let that affect how I feel. But the meeting for ICGA today will have a positive affect for not just myself, but also other people. And for that reason I can feel good about my day today!

~ Damien Foley

Business, Business Development, Business Tips, Chambers of Commerce, Marketing, Motivation, Sales

Its Not What You Know, Its Who You Know!

Grant Hackett and Damien Foley
Grant Hackett and Damien Foley- RDA Gold Coast Event October 2011.

We have all heard these words before, but how true are they? Is it more important to have contacts then it is to learn and gain knowledge? Are the two independent of each other or is there a relationship?

I attend a number of networking events so I wanted to share with you what I do when preparing for a networking event.

1. Identify key events– your time is just as precious as money in business. Choosing which events to attend is crucial. Networking is about meeting people that will add value to your business.

2. Cost of attending– There is not only the money cost but the trade off. You could attend the event or you could spend that time working in or on your business (“Work on your business, not just in it“).

So I have decided the event is worth attending as it could create some great opportunities for me.

3. What is the purpose of me attending– Give yourself goals or objectives for the event.

Now I need to prepare for the event

4. What do I need to know before attending– You may need to do  research before going to the networking event so you go prepared.

5. What do I need– You will need 20-50 business cards, an elevator pitch to introduce your business and possibly brochures. TIP: I highly recommend a pen and a notepad. Extra TIP: stick to the basic essentials. SECRET TIP: Your own personalised name tag!!!

6. Clothes– You have found out what the event or location dress code is, so dress to this. TIP: it is easier to dress down then to dress up. Extra TIP: Wear something eye catching that grabs attention.

7. Logistics– Know how you are getting to the event and leave enough time to arrive on time. TIP: Find out parking places and cost from the event venue. Extra TIP: Give yourself extra time to freshen up before walking into the event.

8. Personal Grooming– Look how you want to be remembered, as you only get one chance at a first impression. TIP: brush your teeth if you’re a smoker or strong coffee drinker. Secret TIP: Tic Tacs or mint chewing gum can be used for mouth freshener.

You are now at the event.

9. Remember your goals and objectives at item 3.

10. Moving around– don’t walk around asking for business cards and handing out your business cards like a black jack dealer. Take your time to talk with people.

11. Alcohol– my personal preference is to not drink. But if you are, moderation is essential.

12. Relationship– take the time to listen to others as well as talk yourself.  TIP: build a repour/relationships. Extra TIP: Don’t spend all your time talking with people you already know or with one person/group. Secret TIP: We have 2 ears and 1 mouth, use them accordingly.

13. Finishing the conversation– If you want to meet the person for a follow up meeting after the event, let them know.TIP: by saying. “[name] I would like to meet up again for a chance to talk more. Would you like to meet later for a coffee?” Extra TIP: When you say you are going to call them, call them. Secret TIP: read the Extra TIP again so you remember.

So, is it not what you know but who you know? It is a combination of both. If you go prepared knowing what you need to know, then when you do meet the right people, you will be ready to build a relationship with that person. I leave you with these words

“Luck is where opportunity meets preparation” ~ Benjamin Franklin

~ Damien Foley

Business Development, Business Tips

Business Plans- Your Business Road Map

Light Bulb Business Plan Traffic LightsA good friend of mine called to tell me his daughter, aged 18, had just bought a dog grooming business. Hearing anyone’s story about their business always excites me. I asked him to pass on my congratulations and should she need any assistance, to let me know. Driving myself, I started to go through some ideas of what she may need. After a few minutes I stopped, pulling myself back to the golden rule of any new business- does she have a business plan?

There are many businesses that have set up and done great without needing a business plan. But we all know that the 80/20 Rule applies to business, where 80% of new businesses fail. We don’t set out to fail, but it happens for any number of reasons. So what is a business plan? A business plan in its most simplest form is a road map for your business.

How A Business Plan Is Like A Road Map

1. Written document– Planning a road trip involves working out a number of variables. The best way to plan and to record all these decisions is to write them down. A business plan is exactly that, a document outlining your goals, strategy and actions to deliver the outcome you want. I discussed the importance of working on your business in “Work On Your Business, Not Just In It!”. This goes triple for a start up business and should be done before anything else. Invest in research and writing your business plan to prove to you and potential investors/financiers that your idea for a business has commercial reality and you have a plan.

2. Destination– When we start a journey we always start planning with an end destination in mind. We should do the same thing for a business plan. This is our ‘Exit Strategy’.  Look at what you want to achieve with your business and what you want to do when you get there. Do you want to sell your business after 5 years or after achieving turnover of $5m? Do you want to pass the business onto your family or sell out to existing partners? What if there is the unforeseen death of one owner and their share of the business is then owned by their spouse? Starting with this in mind can help plan for the day it happens. I just recently had a client being several partners who, as part of their business plan, are speaking with their solicitor about buyout agreements.

3. Fuel stops– At some point in time your business is going to need financial input to keep the business going. This could be as a personal contribution,  loan borrowings from family and friends or third parties as a bank, share investment, or sale of assets etc. Knowing how much and when you need before starting out will ensure you can prepare and be ready for when you need to go looking.

4. Route to Destination– When we set out on a trip we have a planned way of getting there. But like all great plans, they are susceptible to changes and variations, such as roadworks and road closures etc. So we have to find an alternate route to get there. A Business Plan is no different. We may start out with an idea of how we are going to reach our destination but events occur that change our strategy and action. For this reason a business plan is something we must review periodically and reassess with changes in our circumstances. These could be our personal  or economic changes. For this reason, a Business Plan is known as a living document. It is always open to change and variation and should always be reviewed and assessed periodically.

5. Resources– So an important resource for a road trip is a licensed driver and a car. What about clothes, fuel, a service before leaving, organising passengers who also help with the driving etc? A business will also need resources at start up and along the way. For example, a business structure,  a business name, insurances, an advisor to assist with planning such as a consultant, accountant or solicitor, website, bookkeeper etc. All of these things need to be planned for and considered. As a result you may realise  you cannot run the business on your own. You may need a business partner to do some of these things where you have neither the time, money, skill or expertise to do yourself.

6. Decide To Proceed– Finally, while you have the great idea to go on a trip, when you start to plan what is involved you may realise it is not realistic to do. We would all love that around the world year long trip but can we afford it both with our time and money? A business is the same. You may have a great idea but realise that it isn’t going to happen for any number of reasons. But you have worked this out in preparing your business plan and doing your research. You have lost some time and money but not nearly as much as you could have if you went ahead with it. Alternatively you may realise that the business has greater potential then originally thought and you can sell your idea with a business plan to investors to raise capital.

So a business plan should always be written down. We should always start with our exit strategy from the business. We need to work out how much money is needed now and later and what resources we need to make the business work. Finally, we then decide if we should proceed to start the business. Do you have an idea for a business you want to start? A business plan is a worth while investment isn’t it?

~ Damien Foley

Below is a link from the episode “South Park- Underpants Gnomes”. It brings to light some misunderstood ideas about business and the importance of a business plan.

South Park- Underpants Gnomes

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Business Development, Business Tips

Work On Your Business, Not Just In It!

Russian Dolls
You can grow your small business into a big business by working on it.

Many big businesses began as a micro business. The owner in this small business did everything- take calls, do paperwork, find sales, and finally the work to make the product or service sold. As a small business owner you can relate to the long hours and the small pay! And if you don’t work you don’t get paid!

So how did these big business owners become big? how did they turn their small business into a big business? They no longer do everything, they employ people to do it for them. They still work hard, but not the same as they did when they started. Many big business owners became big, because they planned to become big. That is, they not only spent time working in the business, but took time away from it to work on it! this is an important part of any business growth story. You have to plan for your business to grow and start putting milestones in place to work towards.

But How?

  • Commit Time– Block out a few hours per week to work on your business. This means no interruptions or doing it here and there.
  • Jot Notes– Keep a diary or book that is dedicated to your Business Development. Then when you reach your Block Out time you can review your notes. This could be anything from identifying ways to improve production, a new supplier, a possible new product line or offering, new business alliances or venture opportunities- anything. Write it down!
  • Experts and Mentors– Many entrepreneurs who grew their business will tell you how important it is to have the input of others. Be willing to ask for advice and guidance. Experts such as accountants, solicitors and business consultants are a valuable resource. Mentors are a good sounding board for any challenges you have, acting as both guidance and support. Input and ideas from outside the business brings diverse thinking and new opportunities.
  • Self Sabotage– Sometimes the thing preventing your business from growing is you! A business owner can, mostly out of comfort and fear of the unknown, be the biggest hurdle preventing the business from growing. They could prevent putting in management or taking on new investors, seeing them as threat to control. They could view business growth as too risky when the business is fine the way it is. Fear is a big component of self sabotage! Be open to change.
  • Plan Ahead– Use your business development time to set goals and milestones. It is important to put when you want to achieve a goal or milestone. “A Goal not written down and without a deadline is a wish. A written goal with a deadline is a commitment!”
  • Personal and Professional– Not only plan for your business goals, but also your own personal goals. These could impact on your business goals. Making money is not the outcome, it is what the  money can  do for you that is the outcome. On a deserted island or in death, money has no worth.

These are just some of the ways to work on your business. In order to grow your business, you must dedicate time to achieving the outcomes you are wanting. Use experts and mentors to guide and support your business to grow. Don’t be your own enemy to success, be open to the change that will take place, don’t fear it. Plan where  you want your business to be in the future, but also plan where you want to be personally so there is no mismatch in goals.

~Damien Foley

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