2006 Challenges for Peace Talks

2006 is a challenging year. Peace Talks Mediation Services, www.peace-talks.com, needs to make the transition between entrepreneurial venture (read: fly by the seat of one’s pants) to mature business. The temptation to dive into the next to-do list item must give way to taking time to develop a strategic plan, a budget and financial plan, and a meaningful update to the business plan.

During the first 2 quarters of 2006, revenue has inexplicably fallen off. I don’t know why this has happened. I’ve gone over [what seems like] every possibility, and nothing makes sense. Los Angeles is the epicenter of people getting divorced, people who are willing to try new things, and people who have plenty of secrets. Mediation is a perfect fit. Even the web site, our best source of business, is getting twice as many hits this year as last. I need a plan on how to deal with the ups and downs of revenue, and how to budget for the lean times. http://www.peace-talks.com/divorcemediation/index.php for the full story.

Financial challenges for 2006: I need a budget and financial plan for the next 6 and 12 months. Specifically, I need to get a handle on my business-related spending, which isn’t excessive, but it is haphazard. I also need to pay myself a decent wage. Six years into this business, I should be making at least something close to what I'm worth. This transition is exhilarating yet daunting. I've created one of the only full time family law mediation practices in the country in an industry with huge barriers to entry and profitability. I see myself as a trailblazer, and the challenge of being one of the first mediation-only practices in the country is part of the incentive to continue. Plus, I love my job. Our clients are really great people having the worst day of their lives, and our work makes things better for them. My marketing company has been really supportive, www.golden-media.com, but it takes awhile for marketing to work.

Business challenges for 2006: I need to decide where Peace Talks, www.peace-talks.com, is headed in the short and long term future. Do I position it to sell? To make a franchise offering? I need to delegate some of the marketing projects and schedule some in-service days to work on the business rather than in the business.