The Simple Rules of Business Golf

November 25, 2011

Golf isn’t merely a leisure sport. It’s the martini lunch of the modern workforce, the buoyant venue where business gets done.

Business gold has been described as a ‘Six-hour sales call’ or a “Relaxing networking catalyst”. According to Bill Storer, the president of Business Golf Strategies, if done properly and by following these simple rules everyone wins.

1. Pick Your Partners Wisely
This isn’t the Ryder Cup. You want to play with decision-makers, not the golfers who can shoot the lowest scores.

2. Don’t Sandbag or Tank It
It’s the most common question, Storer says: to win, or not to win. The answer is: play to your ability, fair and square. Gauge the personality of your partner and determine how intense he or she is about the game. If you decide to play a match, use the handicap system to establish even ground. An intentional “tank job” can be insulting to a potential client. But a flagrant sandbagging can be even worse.

3. Patience is a Virtue
Don’t discuss business before the 5th hole or after the 15th hole. Like golf itself, you’re in this for the long haul.

4. Play Ready Golf
Par is less important than pace of play. When Storer says that business golf is like a “six-hour sales call,” that includes post-round drinks or dinner. Six hours on the course is way too long.

5. Know Thy Partner
Storer calls this the “platinum rule.” Don’t do unto others as they would do unto you. Treat people as they want to be treated. Pay attention to the personality. If your playing partner is solemn and serious, act accordingly. The same goes if he’s a garrulous goofball. Remember: though the course isn’t a stage, you’re still performing. Just as you get to see them in an informal setting, they get to see you too.

6. Don’t Drink
Save the six-packs for weekend outings with your buddies. This is business. Storer tells the story of a sales executive who had a few too many, lost control of his cart and sent his partner from the passenger seat. The potential client soon became a hospital patient, treated for a serious head injury. Long before the bandages came off, a business relationship had been undone.

7. Focus on Results
And by results, we don’t mean score. Before the round, think about what you hope to get out of the day, outlining your goals and how you plan to meet them. It’s a vital component to business golf, as key to good performance as a pre-shot routine.

8. Play for the 20th Hole
Don’t feel like you have to have everything wrapped up by the end of the round. Sign your scorecard before you worry about signing a deal. Your first priority is making sure your playing partner has fun. Spare the formalities, unless they’re called for. Storer recommends following up afterward with a thank you letter, a souvenir or other appropriate correspondence that will get you back in front of your customer.

Read more…

LDP Wine of the Week

November 21, 2011

Our Wine of the week is the award winning Kumkani – Lanner Hill Sauvignon Blanc 2009

This wine has expressive varietal aromas ripe gooseberry flavours touch of green notes. Full rich palate with lingering finish. Well balanced which will compliment a wide range of dishes.

Click  here  for the full tasting notes

Managing business finances- Tips and guidelines

November 17, 2011

Managing SME’s finances are one of the most important functions and aspects of sustainable business practises.

Keeping personal and business finances separate is the first rule in managing business finances. Treat your business as a separate financial entity with its own receivables and expenses. You may personally lend money to your business or withdraw money from your business, but those transactions must be purposeful and clearly documented.

Here are a few guidelines.

1.Open a business checking account. Use that account’s checks or debit card for virtually all business expenses. Doing this will give you a paper trail for expenses so you won’t be caught short at tax time. With debit cards so widely accepted, there is little need for petty cash in today’s market. If you do choose to keep petty cash for small expenses like tips, keep the amount small and document how you use the cash.

2 . Set up an accounting system to manage business finances. Intuit’s QuickBooks is flexible enough to work with micro- to medium-sized businesses, and most accountants are set up to work with it easily. If you use QuickBooks or a comparable system and work with an accountant quarterly or even annually, you can simply transmit your financial file.

3. Decide whether and how you want to take money out of your business. Your business can set you up as an employee and pay you a salary or  your business can pay you as a consultant.

4. Develop a relationship with an accountant and have him review your finances periodically to ensure that you are meeting state and federal taxing and reporting guidelines.

Read more: How to Manage Business Finances

Monday’s quote

November 14, 2011

Monday’s great quote: “Only two things are infinite, the universe and human stupidity, and I’m not sure about the former.” – Albert Einstein (1879-1955)

What Does Working Capital Management Mean?

November 11, 2011

Here’s a short but insightful description of this management strategy:
A managerial accounting strategy focusing on maintaining efficient levels of both components of working capital, current assets and current liabilities, in respect to each other. Working capital management ensures a company has sufficient cash flow in order to meet its short-term debt obligations and operating expenses.

Tips on ordering wine at a business dinner

November 7, 2011

Ordering wine at a business or office dinner can sometimes be a tricky affair. But no need to worry, here’s a few pointers to keep in mind:

• Know the boss’s price range. You don’t want to order that R900 Bordeaux if the boss just got back from a cut the budget meeting.

• Don’t try to impress everyone with your wine knowledge. The way to a promotion is not to announce to the table that the wine has leathery, cigar box overtones.

• Don’t be afraid to ask for help. That’s what the waiter or sommelier is for. Tell them how much you want to spend, what the table’s preferences are (we just want wine with dinner as opposed to we want to pair the wine with the meal), and let them work their magic. The staff at most quality restaurants will be up to the challenge.

• Order what you know. This is not the time to take a chance on that new wine from with and interesting name. Stick to what you know.

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South African Blog Awards: Please vote for our blog

November 1, 2011

Please vote for our blog in the South African Blog Awards.

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