Book Review > Nobody Else's Business
|Author: PAVUK, Andrew||Publisher: Generation Publishing Pty Ltd||ISBN: 9780987224620|
|Location: Australia||Price: 29.95||Reviewed by: Jeff Walsburg|
As much as a book review should be a detached and objective view it is, all the same, a subjective single perspective – with that said let’s dive into “Nobody Else’s Business”. This book is not a “how to” but a “what to” do book and is the next logical step up from the Robert Kiyosaki books that many of us have read. This is a book that covers the underlying information for the technical strategies that we need to successfully run our businesses.
This is a simple book – that is not a put down but praise. For many of us, we started our businesses because of our passion for something which probably wasn’t business administration so a book that simplifies that aspect and gives us good strategies to pursue is to be welcomed. It follows what the author defines as the seven deadly sins of business – know your business; don’t suffocate your business; invest wisely; correctly finance your business; understand the risks to your business; prepare to exit your business; and plan to preserve your estate. As simple as those items sound understanding what makes them up and having a strategy for them requires knowledge which this book supplies at a basic level. It doesn’t supply “how to” knowledge; it supplies enough information to think through the basics and ask good questions of your advisors. I know that was what I lacked when I first started out – the knowledge to ask good questions.
Certainly one of the traps for many of us as we get older is not planning with the end in mind. We don’t look at how we will exit our businesses or preserve our estates. As the book says: “Depending on your business model and your timing requirements you will either: fund your retirement by regularly and correctly extracting profits from your business; prepare your business for sale and ultimately sell; or a bit of both. Whatever approach you take, to retire gracefully and successfully, you need a retirement succession strategy that articulates how it will all take place. The right retirement succession strategy for you depends on your particular circumstances, but whatever it is, it must be correctly funded, documented, monitored and reviewed.”
For me the best section and the section I wished I’d read before entering into a business was “Cash is King”. It gives an excellent overview of cash flow putting it into perspective with the balance sheet and profit & loss statement. In particular the parts on your business’s cash cycle and reporting were very useful.
If you are looking for detailed, in-depth knowledge in specific business aspects you are not going to find it in this book. In that regard the book makes no claim to being a business bible. It defines itself as a road map and that is an apt analogy. It gives you a set of strategies at each junction point with enough information to differentiate which may suit your business journey and that is all. However, as I’ve stated, that is precisely what those needing to understand business require in order to get effective help from their advisors.
Advanced business owners please take note: this may be an interesting read but is unlikely to advance your knowledge at all. If you’ve been in business a little while and feel you’re struggling this book may give you some avenues to pursue with your advisors but it doesn’t tell you how to do it yourself so you will be dependent upon your advisors knowledge.