#Immediacy on speech making

But it is easier to fool yourself in such a case, when ...

But it is easier to fool yourself in such a case, when you know much less about one of the businesses. While the presence of synergy can make a project more attractive, you should not refuse to consider a proposition because it is absent.

The important thing is that you do not imagine it is there when it isn't and so overestimate the profit potential. This can lead you into paying too much and thus condemning yourself to long-term low return or even a loss.

Always be thorough in your checking and realistic in assessment.

What you can do right Now Online : Think over all the ideas you have had in the past for new products and services. Write down all you can remember.

Carry out the brainstorming exercise, alone or with others, and write down all the ideas which emerge for new products and services. Study other businesses, trade press and publications such as Exchange and Mart, and write down any ideas these throw up for new products and services.

Take the section appropriate to your business manufacturing/selling/service opportunities and go through it thoroughly, writing down any ideas relevant to your business. Look through the other sections to see if they trigger off any ideas. At this stage, have you any thoughts about changing to a different type of business? Do you think you might be getting close to market saturation? Do you think you may need to develop a new product or service if your business is to grow much more? Can you think of anything which goes 'naturally' with your product or service? Could this provide your new opportunity? Go back over all the items listed above Underline those which might provide synergy, subject to more careful checking. Cost-Reduction Programme No entrepreneur deliberately spends more money than necessary and yet a cost-reduction programme almost invariably produces results.

How come? In a new business, habits are established very quickly and soon become traditions set in concrete. Your first assistant copies how you do things and, in turn, teaches your second assistant the 'correct' way to do things. But sometimes the method you used the first time was the only way you could think of at the time, not necessarily the most cost-effective.

Sometimes you knowingly adopt an expensive method because it is the only ...

Sometimes you knowingly adopt an expensive method because it is the only way to get the job done in time; ... read more

If well planned and carried out, such a campaign can only result ...

If well planned and carried out, such a campaign can only result in the business becoming financially stronger. He may even be able to suggest, from his broader ex... read more

Once the peak is reached, however, enthusiasm starts to wane. It is ...

Once the peak is reached, however, enthusiasm starts to wane. It is better to end the investigation with a few projects still to be tidied up than to let it drag on. The law of diminish