Still a few days left for year end tax tips

These are some great tips posted by MyCorporation.com last month. They are absolutely worth a once over these last few banking days of 2013!

Experts Weigh In: End of the Year Business Tips for 2013
Posted on November 20, 2013 by Deborah Sweeney   

End of the Year Business Tips for 2013
Here at MyCorporation, we’re busy prepping for the end of the year and looking forward to what 2014 will bring for small businesses and entrepreneurs. But while our prep involves helping to file delayed filings or incorporating or forming LLCs for small businesses, we’re curious to see how other companies are closing out 2013. Today, we have 24 small business professionals giving us a look at what they’re working on for their brands and their biggest business tips on how to close out the end of the year!

1. “Make a resolution to focus on one social media platform. Social media is not going away and it’s time for small business to step up.”

- Lisa McTigue, Social Media Expert, LisaMcTigue.com

2. “We are making sure all inventory is in stock and organized, all marketing materials ready to go and short lead press releases being sent to appropriate parties. We look forward to a successful holiday season!”

- Sally Goodgold, Founder, WarmTradition.com

3. “At year end, I always check in with everyone who was interested to hire us during the year but didn’t. Many times companies find “use it or lose it funds” on the books at the end of the year and if you hit the timing right, they may just reopen the conversation where you left off before and have you invoice them in December to get the found money off the books. Then you can start the new year strong with motivated clients who will return your calls fast since they have already paid you!”

- See more at: http://blog.mycorporation.com/2013/11/experts-weigh-end-year-business-tips-2013/#sthash.kS0J58ed.dpuf

Experts Weigh In: End of the Year Business Tips for 2013

Posted on November 20, 2013 by Deborah Sweeney

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Here at MyCorporation, we’re busy prepping for the end of the year and looking forward to what 2014 will bring for small businesses and entrepreneurs. But while our prep involves helping to file delayed filings or incorporating or forming LLCs for small businesses, we’re curious to see how other companies are closing out 2013. Today, we have 24 small business professionals giving us a look at what they’re working on for their brands and their biggest business tips on how to close out the end of the year!
1. “Make a resolution to focus on one social media platform. Social media is not going away and it’s time for small business to step up.”
- Lisa McTigue, Social Media Expert, LisaMcTigue.com
2. “We are making sure all inventory is in stock and organized, all marketing materials ready to go and short lead press releases being sent to appropriate parties. We look forward to a successful holiday season!”
- Sally Goodgold, Founder, WarmTradition.com

3. “At year end, I always check in with everyone who was interested to hire us during the year but didn’t. Many times companies find “use it or lose it funds” on the books at the end of the year and if you hit the timing right, they may just reopen the conversation where you left off before and have you invoice them in December to get the found money off the books. Then you can start the new year strong with motivated clients who will return your calls fast since they have already paid you!”
- Paige Arnof-Fenn, Founder and CEO, Mavens & Moguls

4. “Owners with lots of income in 2013 (in the higher tax bracket) should try to pull in expenses from 2014 by negotiating a discount from their vendors – get the discount AND the tax savings. Put it on a short term cheap line of credit or 0% teaser credit card. If you have a low income and tax bracket in 2013, business owners should try to pull in revenue by offering a deal to their customers to pay next year early and their customers get the tax savings. Don’t just ask though, educate them.”

- See more at: http://blog.mycorporation.com/2013/11/experts-weigh-end-year-business-tips-2013/#sthash.kS0J58ed.dpuf

Experts Weigh In: End of the Year Business Tips for 2013

Posted on November 20, 2013 by Deborah Sweeney

• 
  
• 
  
• 
  
• 19
  inShare
• 
  
• Share

Here at MyCorporation, we’re busy prepping for the end of the year and looking forward to what 2014 will bring for small businesses and entrepreneurs. But while our prep involves helping to file delayed filings or incorporating or forming LLCs for small businesses, we’re curious to see how other companies are closing out 2013. Today, we have 24 small business professionals giving us a look at what they’re working on for their brands and their biggest business tips on how to close out the end of the year!
1. “Make a resolution to focus on one social media platform. Social media is not going away and it’s time for small business to step up.”
- Lisa McTigue, Social Media Expert, LisaMcTigue.com
2. “We are making sure all inventory is in stock and organized, all marketing materials ready to go and short lead press releases being sent to appropriate parties. We look forward to a successful holiday season!”
- Sally Goodgold, Founder, WarmTradition.com

3. “At year end, I always check in with everyone who was interested to hire us during the year but didn’t. Many times companies find “use it or lose it funds” on the books at the end of the year and if you hit the timing right, they may just reopen the conversation where you left off before and have you invoice them in December to get the found money off the books. Then you can start the new year strong with motivated clients who will return your calls fast since they have already paid you!”
- Paige Arnof-Fenn, Founder and CEO, Mavens & Moguls

4. “Owners with lots of income in 2013 (in the higher tax bracket) should try to pull in expenses from 2014 by negotiating a discount from their vendors – get the discount AND the tax savings. Put it on a short term cheap line of credit or 0% teaser credit card. If you have a low income and tax bracket in 2013, business owners should try to pull in revenue by offering a deal to their customers to pay next year early and their customers get the tax savings. Don’t just ask though, educate them.”

- See more at: http://blog.mycorporation.com/2013/11/experts-weigh-end-year-business-tips-2013/#sthash.kS0J58ed.dpuf

Experts Weigh In: End of the Year Business Tips for 2013

Posted on November 20, 2013 by Deborah Sweeney

• 
  
• 
  
• 
  
• 19
  inShare
• 
  
• Share

Here at MyCorporation, we’re busy prepping for the end of the year and looking forward to what 2014 will bring for small businesses and entrepreneurs. But while our prep involves helping to file delayed filings or incorporating or forming LLCs for small businesses, we’re curious to see how other companies are closing out 2013. Today, we have 24 small business professionals giving us a look at what they’re working on for their brands and their biggest business tips on how to close out the end of the year!
1. “Make a resolution to focus on one social media platform. Social media is not going away and it’s time for small business to step up.”
- Lisa McTigue, Social Media Expert, LisaMcTigue.com
2. “We are making sure all inventory is in stock and organized, all marketing materials ready to go and short lead press releases being sent to appropriate parties. We look forward to a successful holiday season!”
- Sally Goodgold, Founder, WarmTradition.com

3. “At year end, I always check in with everyone who was interested to hire us during the year but didn’t. Many times companies find “use it or lose it funds” on the books at the end of the year and if you hit the timing right, they may just reopen the conversation where you left off before and have you invoice them in December to get the found money off the books. Then you can start the new year strong with motivated clients who will return your calls fast since they have already paid you!”
- Paige Arnof-Fenn, Founder and CEO, Mavens & Moguls

4. “Owners with lots of income in 2013 (in the higher tax bracket) should try to pull in expenses from 2014 by negotiating a discount from their vendors – get the discount AND the tax savings. Put it on a short term cheap line of credit or 0% teaser credit card. If you have a low income and tax bracket in 2013, business owners should try to pull in revenue by offering a deal to their customers to pay next year early and their customers get the tax savings. Don’t just ask though, educate them.”

- See more at: http://blog.mycorporation.com/2013/11/experts-weigh-end-year-business-tips-2013/#sthash.kS0J58ed.dpuf

Seven Ways to Kill a Perfect Pitch

The pitch is a crucial time for small businesses. It's stressful, sometimes adrenaline fueled, sometimes smooth. Make sure YOURS is with these great tips from Entrepreneur.com

Why do great startups fail to get funding? Often, it’s not because of a business shortcoming or how the entrepreneur presents the company. A wrinkled shirt or a poorly received joke make subliminal impressions. Sometimes, a minor flaw can derail the most well-rehearsed pitch.

To avoid killing your pitch and your growing enterprise, make sure you’re not committing these seven fatal errors:

Not Making Eye Contact. Most entrepreneurs spend a lot of time rehearsing what they’re going to say but don’t actually look at investors when they say it. Make direct eye contact to project confidence, openness, and credibility. When do you stop looking? When the investor acknowledges your gaze.

Read more: http://www.entrepreneur.com/article/230185#ixzz2mzoO6Tck

How to Balance Your Personal and Professional Presence Online

The following article is from Entrepreneur.com.  So many small business owners struggle over this. We wanted to pass along some great insight!

As Twitter has grown in influence as both a social platform and a communication channel for companies, I have recalibrated the way I interact with people there--and, by extension, any social network where I represent my brand. It has been a subtle shift, but an important one.

This was on my mind when a question came up at a marketing event where I spoke recently: How do you balance the personal and professional on social networks?

I advocated for a blending of the two. At its heart, that's the real opportunity of social media, isn't it? People do business with people--not faceless, soulless edifices. Don't you want your prospects and customers online to have an opportunity to get to know you, just as your contacts in real life do?

However, since that event, I've given the subtleties of the matter more thought. It's a delicate issue that needs to be handled deftly. So, what is the best way to balance these two sides of your online identity?

Read more: http://www.entrepreneur.com/article/229376#ixzz2mzl5uXPh

12 Successful Entrepreneurs Share the Best Advice They Ever Got

From Entrepreneur.com-- some great advice to some of the current greats of business!

Being a successful entrepreneur frequently involves a series of missteps and mistakes before finally nailing the right idea or business. The difference, for many, between giving up and persisting through the toughest times can be getting advice from people who have done it before — and being smart enough to listen.
From investor Mark Cuban's dad telling him that there are no shortcuts to Lululemon founder Chip Wilson's realization that people actually enjoy helping others, we asked 12 successful entrepreneurs to share the best advice they ever got, discovering the lessons that stick with them to this day.

Follow the link here> http://www.entrepreneur.com/slideshow/230239#ixzz2mzluf7lQ

Small business advice to avoid the January slump

We all face the possibility of a December slump- so getting a jump on January is key. Thanks to CWA Studio for the wonderful tips from the U.K.:

It happens year after year.  Christmas, that is. It still comes on the same date every year and yet still manages to catch everyone off guard and distract small business owners. January is a difficult month for SME ’s.  Planning ahead for a potential decline in sales after Christmas is a smart way to secure a better start to January.  If you are an SME and are worried about the potential January slump, generating new enquiries and growing your client base is something you need to start planning now.
We’ve put together some helpful suggestions:

Existing Clients:
Now is an excellent time to talk to your existing clients/customers. For example, ask your clients what new products or services they would like your business to provide?  By communicating with your clients and addressing their needs you can forge a greater business relationship and become more valuable to them as a service provider.


Read the full article for all tips at: CWAStudio.com

Top 5 Tips for Dealing With Holidays in a Small Business

Thanks to SME Blogs for these reminders. While they meant "holidays" in the vacation sense- this info is solid at this time of year too. Whether your team will be shuffling religious holiday absences or vacation days... It's coming!

Top 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners.

1. Don’t let it come as a shock to you when an employee is off on holiday. If you are unaware of their coming absence until the day they go away, there is most likely something wrong with your system.

2. Remember that ... a lot of your customers will also be away. Try to take the possible payment slump into account when planning ahead.

3. Always make sure that there is someone who is available who knows how (and is authorised) to perform specific tasks, such as making payments to suppliers.

4. Ask staff if they mind handing over access to their emails to someone else for the time they are away – this will help avoid nasty surprises or annoying your clients by not responding.

5. Train staff to be flexible in their job roles so that when someone goes away they can easily cover some of the work of the person on holiday.

Thanks SME Blogs for the reminders!!!!

Networking: Giving, Taking, and the Fine Balance of Both

Networking requires giving and taking to be mutually beneficial. It's common to see people who are more comfortable with either one aspect or the other, but good skills in both arenas are imperative for success.
"Giving" comes first or at least should. In building relationships, it's easier to break down barriers to trust, respect, and reciprocity by being the first one to extend help to a potential networking partner. "Giving" includes, but is not limited to:

1. The sharing of industry information that is helpful to the potential partner.
2. The sharing of resources and suppliers helpful to the partner.
3. The sharing of new technology with these partners.
4. The sharing of information about the potential partner's competitors.
5. After a level of comfort has been established based on your own business ethics and standards, the sharing of business leads.

At some point in time, you can reasonably expect some of the same type of help in return. You are entitled to get help, or the relationship isn't mutually-beneficial Many people find it uncomfortable to take the following steps when there is no information coming back to them after they have given more than their fair share.

What do you do when you aren't getting anything in return?

1. Make sure that you have made your needs clearly known. Is your 60-second introduction presentation precise enough? Have you asked for specific information that the potential partner would be likely to have access to and gotten no response?

2. Ask the potential partner WHY there has been nothing coming back from their side. This can be tough but doesn't have to be. I teach people to ask the following:
If there were something about my firm or me that would prevent you from feeling comfortable sharing information with me, would you tell me about it, or would you keep it to yourself?

This approach works MAGIC!

3. After exhausting the above options, it's time to walk away. Don't be discouraged. Start the process again and again and again. There are far more people looking to share than just to "take".For the very few people who are ONLY "takers", you can do nothing more than you have. The reality of it is- you are entitled to give and get. And any relationships that don't encompass both aspects, will never be mutually beneficial.

Networking Effectively Part 4: Connect, respect, and refer

To start with, let's look at some connection types:

Casual:
Casual networking can happen anywhere, any time, and for any reason. It is the sort of thing that is spontaneous, usually based on recommendations from friends, and is normally just a matter of being in the right place at the right time.

These types of referrals are based on personal feelings more than anything else. They are better than trying to run down new sales, but they are not normally the highest quality referrals. That will depend on the person you're dealing with, but overall, people think they're doing you a favor by simply sending you work. They forget to think about the payment end of things. Or just what a nuisance their brother-in-law can really be. These tend to be haphazard things that many people consider an extra, rather than a regular part of doing business. That's a mistake. If you can get to the point where you are selective about which jobs you accept this can be a lucrative source of extra business for you.

Directed/Personal:
Still on the seemingly casual side, this is a more deliberateform of networking. It involves being aware of the opportunities involved in making sure people know what you do and have the kind of thinking that will encourage them to send you business.The person who uses this type of networking is usually known for their contacts, but not in an overt way. They'll often be the ones you hear people talk about when they say "I don't know. Ask Chris. Chris usually knows who to go to..."

This is the person who has made the decision to take the first step and make the referrals to good businesses. They have learned to listen well and identify those businesses. And they treat others with respect and genuine concern for their well being.

Planned/ Personal:
This is the most profitable aspect of personal networking. It is also surprisingly easy to do. The idea here is to make sure that you have a conscious and active plan to make new contacts each week.Do things that get you out and around new groups of people. Make yourself accessible to them. And remember the basics. Keep in mind that your circle of acquaintances is not necessarily limited to the people you know now.

That last is an obvious statement, but it's one that people forget. If you make a real effort to be helpful or pleasant to people you don't know, they will likely return the favor, and will certainly be more receptive to getting to know you better. You know that already, but do you use that idea to widen your circle of contacts deliberately ?

What kinds of activities are the best for this ? Anything that will put you in a setting where you get a chance to talk with new people.

Some suggestions :

•Attending trade shows
•Taking adult education classes
•Frequenting new businesses
•Attending parties
•Attending charity functions
•Joining a gym/health club
•Joining community organizations
•Rotary/Kiwanis/Lions Clubs
•Going to different restaurants
•Chamber of Commerce meetings

While at these places, keep in mind that you have a purpose of your own in addition to participation in the groups activities. Meeting people who can help you to get more business. The way to do that is to help them get more business.

As you can see, there are an enormous number of ways to connect on a personal basis. The next post, we'll delve into the professional side of things!

Networking Effectively Part 3: Making the Contact Concept Work for You

In Part 2 we learned about the Contact Concept. So how do you make it work for you?

• Start to think actively about who you know that you can refer people to. And who could refer business to you.Set a specific goal for the process
• Develop an awareness for opportunities to develop contacts.
• Make a point of listening and asking the right questions.
• Let people know the exact type of customer that you want. Learn to ask the questions that will tell you the exact type of customers others want.
• Develop a 30 - 60 second commercial, telling people in a quick and clear way what you do and why you're the person they want to do business with.
• Network on purpose, and with a purpose!

Defining your perfect customer/prospect
This may seem like an obvious thing to you, but it might not be to the people you deal with. You have to be specific when you let people know your ideal customer.

Examples are a better way to explain this:

* You sell insurance. Don't say "Everyone's a good prospect." Say something like : "I'm looking for middle income people who have recently bought homes or had children. The types of changes that make them start thinking about the future."

* You are an interior designer. Your ideal prospect might be : "Someone who has bought a home in the suburbs that is looking to add to their property values, or someone who was recently promoted to a position that requires more entertaining than they are used to."

* You sell cars. Specifically Mercedes Benz. Your ideal prospect might be "Someone who is moving up the ladder, has an eye for quality and is long term thinker."

Get the idea ? Sit down right now and come up with a short, clear description of the person who is most likely to want, use, and afford your product or service.

Define your ideal customer.
This is a valuable exercise not only for networking, but for your marketing efforts as a whole. You might find that it gives you a clearer focus on where and how you advertise, what you can do to be more efficient, and who you *don't* want as customers.

What are you grateful for?

“The grateful mind is constantly fixed upon the best. Therefore it tends to become the best. It takes the form or character of the best, and will receive the best.” – Wallace D Wattles

We all have many things to be grateful for. Our families, our friends, our relationships… the fact that we are alive and have nothing but opportunity in front of us.

Gratitude keeps you focused on the good in life and that is critical in bringing more good into your life.

Don’t negate all the good in your life by focusing upon what you don’t have. That will only bring you more of what you don’t have and don’t want!!! It becomes a self-fulfilling prophecy and why you see some people who seem to always be spiraling downward.

Another concept to appreciate is that if we aren’t grateful for the good in our lives, and express this, then these good things will start to diminish. Be thankful for your loved ones and tell them so often. If you want more than being thankful for what you have will open the door to more and your ability to go the extra mile where you are… which will bring you to what you desire.

Make a list and add to it every day of the things that you should be grateful for. Read it every day.

Doing so will change how you think and therefore what you have and will receive. What you have is based on your ‘old’ thinking. What is coming to you is based on how you think from this moment forward.

Regards,

Eric

Eric W. Leaman

Trustee

Organization for Entrepreneurial Development

Unleashing the entrepreneurial spirit.

Change your mind ... and EVERYTHING changes

Networking Effectively Part 2: The Contact Concept

Simply put, this can be said as : "Connect, respect, refer." As you meet people, make a real connection with them. Ask them about themselves. Learn to really *listen*. Find out who their best prospect is and keep your eyes open. Show them respect, and refer them to people who can use their services.

How does this get you what you want ?
People will almost always return a favor. And they tend to assume that anyone who sees the quality of their work and their worth as a person will share the same values. They recommend people who are like themselves.

This will also help you develop a deserved reputation as a helper. That reputation is a major plus when dealing with networking. People like to be associated with those who are seen as being helpful.

Many people in business have a healthy respect for those who have "connections". They are seen as movers and shakers. This is an old and established view that holds up across the business scene no matter what part of the world or what culture you are looking at.

The most important thing in having connections is *being* a connection. There is also simply no better way to develop a relationship of trust than to make the first move. If they don't return the favor, you have lost nothing but a short amount of time. The returns from this type of "Putting the other guy first" thinking are tremendous. The downside is quite small. Try it. You'll be pleasantly surprised.

Networking Effectively Part 1

We're approaching the time of year that is riddled with holiday parties, year end events, and any number of chances to mix and mingle with contacts, current and new. So we're taking this time to kick off some tips for effective networking. We hope you learn and grow from them!

What are the advantages of networking ? What's in it for you ?

Networking has a lot of advantages over traditional advertising and marketing. These are the most important advantages:

More business: As you develop networking skills and contacts, you'll find that the amount of work you get from referrals accounts for the largest part of your new business. And the most profitable.  When properly handled, networks of contacts have a real tendency to grow. This will mean a constantly growing stream of new customers.

Better business: The business you get from referrals will usually be from happy customers. This will mean that your best customers, those who pay on time and without headaches, will be the ones who send you the additional business. Or those business contacts who value their association with you and respect your integrity and quality of work. Either way, good quality referrals.

Cost savings: As you get more business through referrals, you'll find less and less need to advertise and market your business. This means less of the associated costs. And since you'll be getting better quality business, it means less bad debts.

Time savings: Less need for cold calling and selling of work. Most of the referrals you'll get are for people who are already prepared to pay for your service and simply want to find some one they can trust to do the job properly. You'll be able to spend your time working at paying projects, rather than chasing questionable prospects.

Picking up the pace: Business slow ? Just starting ? There is no better way to get things going faster than through a solid referral. Or better yet, through a network of them.

Broader range of opportunities: Networking gives you exposure to more people and, as you develop relationships with those people, often leads to early information on new business opportunities. It also opens the option of initiating new ideas where you introduce contacts to make for a whole new business.

Creating a Council of Advisors

"Experience is one thing you can't get for nothing." Oscar Wilde

Family-owned and other closely-held corporations often experience the need for independent, unbiased advice to guide the business through the ever changing business climate, as well as through personality and family differences that can harm and even destroy a business.

Traditionally, corporations have looked primarily to Boards of Directors to provide the expertise and counsel necessary to manage the business. Often Boards of private companies are supplemented with members who are neither shareholders nor officers of the corporation. However, in the context of family-owned and closely-held corporations, a Board of Directors has significant shortcomings even with the use of outside independent Directors. The stockholders may not feel comfortable granting legal management control of the business to an enlarged Board comprised in part of non-family members. Potential Directors are also reluctant to accept Board membership because of the potential liability to the shareholders, the corporation and third parties arising out of a Director's legal status as a fiduciary.

A developing alternative to the traditional board of directors is the use of a Council of Advisors which can provide an independent forum to address and discuss business policy and practices without many of the concerns attendant to the Board of Directors.

Cash Flow - The Business Lifeline

All business owners know what cash flow is-if not technically, then emotionally. Nevertheless, it's worthwhile to approach this subject from the very beginning because it is key to business success. Some business school professors have even begun to impart to their students the latest thinking about cash flow: "Cash flow is more important than your mother."
A useful way to think about cash flow is to view the business as a living organism. Cash is the nutrient that runs through its arteries and veins. The brain might be viewed as the product or service, the heart as the marketing, and the stomach as the finances, at which point it all begins to get a little messy. If you don't have enough cash flow, though, rest assured that the living organism turns into a skeleton.

The essential point about cash flow that is often overlooked is that it is different from profit and, for a growing business, much more important. It's possible to run out of cash and go broke even if you have a lot of purchase orders because you aren't being paid in a timely way.

This is a problem that has afflicted more than one Inc. 500 company. One such company that sold a big-ticket item (a computer software product for $50,000 and up) was caught in that bind as its sales climbed from $2 million to $5 million. The orders were there, but the cash came in as late as six months after a salesperson received a commitment to buy. That's because the corporate purchase orders might take another two or three months to be executed and the bills another one to three months to be paid after that. This company's executives had to skip a few paydays, negotiate with suppliers to keep essential products and services coming, and otherwise struggle to stay afloat until the cash came in. Things were so tight that the company's treasurer found himself monitoring cash flow on a daily basis.

Cash flow can also be used as a planning tool. By monitoring cash flow on a regular basis as cash comes in and goes out, you'll see a pattern that enables you to plan for the future.

This becomes very important, especially if you want to expand or go after new markets. You can quickly calculate the effect of such actions on cash flow and determine whether you'll need to seek a bank loan or other financing or whether you can support the new activity from internally generated funds.Calculating cash flow. Quite simply, cash flow is a record of cash available at different points in times. It's usually monitored on a monthly basis. A cash flow statement seems complicated at first glance, but it's really very simple, and it's extremely important as a planning tool.You begin with the cash on hand at the beginning of the month. Then you add the receipts during the month-from customers, royalties, commissions, interest, and so forth.From that, you subtract the actual disbursements-the cash going out each month in the form of fixed and variable expenses. Fixed expenses are such things as rent, debt, salaries-items you're committed to for the long term and can't easily change. Variable expenses include advertising, office supplies, promotion, consulting, and other such expenses that can be easily increased or decreased from month to month.

The result is the amount of cash available at the end of the month. The cash flow is the difference between what you started with and ended with.

Using a Business Consultant

How can a small business achieve big-business results without spending a fortune on expensive employees? In many cases, the answer is to engage the services of outside consultants. As a business owner, you don’t need full-time staff to cover every operation and function. But you do need to know how to tap into additional resources when necessary. That’s where consultants can be of assistance and value.

Reaching for a consultant when problems arise has become a natural exercise for American business. When you're not feeling well, you call for the services of a doctor. If your car isn't running right, you take it to a mechanic. When businesses encounter a problem, whether in advertising, accounting, computer use, sales, or customer relations, wise business owners are seeking the advice of those with a background in the field. To be successful, a business must keep abreast of the ever-changing world in which it operates. The consultant helps businesses of all sizes make the transition between their present level of operation and the more successful level needed to maintain and grow their share of the market.

Using the right consultants can be a cost-effective way of addressing a wide-range of business issues and operating problems, or the means to elevate a business to the next level. But what should you look for when selecting a business consultant? Here are some suggestions:

1. Experience – Your consultant should be a seasoned business person, who has experienced the difficulties of running a business and can successfully find hidden opportunities.

2. Resources – Your consultant should have access to a wide range of resources and be able bring together the expertise needed to improve the business.

3. Ethics – Your consultant should adhere to a professional code of business practices.

4. Value – Your consultant must provide value, such that the business receives greater benefit than the cost of the services.

5. Real-world – Your consultant should help the business achieve its goals using practical and pragmatic methods.

6. Tailored – Your consultant should provide advice that is customized to the business’ unique issues, opportunities, and specific circumstances.

7. Long-term – Your consultant should be able to step away from the daily flurry of activity to think both strategically and tactically about the goals of the business.

8. Client-focus – Your consultant will provide useful assistance if he/she listens to and cares about the people running the business.

What Do Effective Leaders Have in Common?

"The best executive is one who has the sense to pick good people to do what they want done, and self-restraint enough to keep from meddling with them while they do it.” – Teddy Roosevelt – US President

What characteristics do all leaders possess? Here are four to consider:
1. Commitment to a vision
2. A means to communicate that vision
3. Ability to build trust among associates
4. A positive self-image--leaders believe in themselves.

In addition to these four traits, a good leader also possess two vital people skills: communicating with and motivating employees.

Communication. To be a leader, a manager can't believe he or she is on a pedestal. One company limited the dividing walls in its building so there is easy access to every employee with no knocking required. This company also holds formal meetings weekly for a group of managers who try to identify problems in each department.

A telecommunications company holds a meeting of the entire company every six months and once a year holds a series of roundtables. This company also conducts employee attitude surveys in which employees anonymously ask questions of upper-level management.

Motivation. Can a leader best provide a sense of direction for his or her company by quantifying goals? There is mixed opinion on this.

One theory is that goals need to be specific for each individual. Target bonuses are seen as helpful.

The opposing view considers the adverse consequences of not meeting goals--if employees fall short of the goals, it can act as negative reinforcement. People have built-in insecurities, so goals must convince employees that they are incredible.

Some systems make everybody a winner. A goal system at IBM was mentioned as one illustration of positive reinforcement. IBM emphasizes respect for the individual by tilting the review system to the affirmative--70% of employees make the goals.

Principles for Effective and Ethical Consulting

• Take the time to really understand your client’s perspective on their issues, including what they have tried, what has worked, what has not worked and what they think should be done now. It is better to go slower with your client than faster without them.

• Come to every engagement with a basic implementation framework in mind. Early in an engagement, the major purpose of the framework can be as a common frame of reference when talking about the project goals, methods, evaluation and learning. Be willing to modify that framework as you and your client work together.

• Your value is in collaboration and communication. Your client will value you if both of you continue to work together in a process that is collaborative, well understood, communicated to all and focused on results.

• Success comes from who you are as much as (or more than) from your expertise. This is true, especially if your client perceives you to be authentic and respectful, and consulting with focus on results and learning. Similarly, one of the most powerful influences that can have with your clients is to model the behaviors that you want from them.

• Do what you say you are going to do. In every engagement you will help improvement almost immediately by remaining grounded and centered, clear and consistent. Your consistency builds trust and commitment with clients and their employees as well.

• Always explain the reasons for your recommendations and the benefits that will come to your client as a result.

• Clients often struggle with certain issues. They may not want to change and might resist your attempts to help them. In those instances, remember that those responses are their choices but your role as facilitator and mentor for them will help them move past their hesitancy. And remember… people learn only what they are ready to learn.

• Experienced consultants remember there are many perspectives on an issue in the organization. Those perspectives should be encouraged and explored because they often lead to more successful problem solving.

• You are an “instrument” of change with your client, so you should be willing to suspend your overall biases, assumptions and beliefs when working with people.

Prepared by the Organization for Entrepreneurial Developments Editorial Staff July, 2010
Copyright OED 2010

Ten Ways to Be A Leader

Ten Ways to Be A Leader
1. Begin with praise and honest appreciation.
2. Call attention to people's mistakes indirectly.
3. Talk about your own mistakes before criticizing the other person.
4. Ask questions instead of giving direct orders.
5. Let the other person save face.
6. Praise the slightest improvement and praise every improvement.
7. Give the other person a fine reputation to live up to.
8. Use encouragement.
9. Make the fault easy to correct.
10.Make the other person happy about doing the thing you suggest.

Dale Carnegie (1888-1955) American writer and speaker

Leadership Characteristics

“A good leader takes a little more than his share of the blame, a little less than his share of the credit.” - Arnold Glasow

Leaders have the authority of knowledge. Leaders have demonstrated ability/talent that colleagues and subordinates admire. To be a leader you cannot just be a talker ... you must bring something special to the situation.

Leaders are visionaries. Leaders see things, that others see as ordinary, in a way as to make them extraordinary. Leaders can make the complex seem simple. Leaders look beyond today.

Leaders produce positive change. Change is seen by leaders as an opportunity and a challenge. Leaders always question why things work, or are done, the way they are.

Leaders give their all. Leaders do not hold back. They do not allow themselves to be sidetracked and always exhibit a high degree of energy and ability.

Leaders are good listeners. They are able to really hear what people are saying and empower people to follow their vision.

“A good listener is not only popular everywhere, but after a while he knows something.” - Wilson Mizner

Leaders are good communicators. They are clear and concise, complete and consistent. They create enthusiasm and excitement.

Leaders are students. They never stop learning and growing. They are willing, and able, to learn from their mistakes. Leaders read ... read ... and read!

Leaders take risks. They create change which requires risk because they visualize how things can be done better.

Leaders are ethical. People will not follow someone who cannot be trusted, consistently.

Leaders are optimistic. Trust and hope are the basis on which leaders empower other people. They believe (and have proven) they are winners!

What Do Effective Leaders Have in Common?

“The best executive is one who has the sense to pick good people to do what they want done, and self-restraint enough to keep from meddling with them while they do it.” – Teddy Roosevelt – US President

What characteristics do all leaders possess? Here are four to consider:
1. Commitment to a vision
2. A means to communicate that vision
3. Ability to build trust among associates
4. A positive self-image--leaders believe in themselves.

In addition to these four traits, a good leader also possess two vital people skills: communicating with and motivating employees.

Communication.
To be a leader, a manager can't believe he or she is on a pedestal. One company limited the dividing walls in its building so there is easy access to every employee with no knocking required. This company also holds formal meetings weekly for a group of managers who try to identify problems in each department.

A telecommunications company holds a meeting of the entire company every six months and once a year holds a series of roundtables. This company also conducts employee attitude surveys in which employees anonymously ask questions of upper-level management.

Motivation.
Can a leader best provide a sense of direction for his or her company by quantifying goals? There is mixed opinion on this.

One theory is that goals need to be specific for each individual. Target bonuses are seen as helpful.

The opposing view considers the adverse consequences of not meeting goals--if employees fall short of the goals, it can act as negative reinforcement. People have built-in insecurities, so goals must convince employees that they are incredible.

Some systems make everybody a winner. A goal system at IBM was mentioned as one illustration of positive reinforcement. IBM emphasizes respect for the individual by tilting the review system to the affirmative--70% of employees make the goals.

Finding a Mentor

A mentor is important to all business people but especially the entrepreneur. A mentor will help the entrepreneur avoid the pitfalls (and pratfalls) of owning a business and serve as a strong rudder when the water gets rough.

There are mentors everywhere – no matter where a person starts a business they can find a mentor. How?

Look for a person you can or do admire – someone is living the lifestyle your wish to live. Write them a note and then call them. Tell them you respect them and would like to buy them breakfast. Meet with them and let them know you would like them to serve as your mentor and why. Most people will be flattered and accept readily.

What is often not discussed is that BOTH the mentor and their “pupil” benefit from a good mentoring relationship. Mentors will learn and grow along with their entrepreneurial students.

Success is not built on convenience!

When you change your thinking, you change your beliefs;
When you change your beliefs, you change your expectations;
When you change your expectations, you change your attitude;
When you change your attitude, you change your behavior;
When you change your behavior, you change your performance;
When you change your performance, YOU CHANGE YOUR LIFE!!!!

Managing Stress Begins with Knowing Its Source

Stress has long been known as a common curse of the entrepreneur. While there is no easy prescription for this problem, a helpful remedy is for entrepreneurs to get together and share their problems and frustrations.
When entrepreneurs get together, here are some of the factors they identify that increase stress.

When the initial vision of success gives way to disappointing sales. As one example, a business venture began based upon a single product that the owner really believed in -- a product that often drew praise when demonstrated ... but wouldn't sell. The owner heard over and over from prospective customers that the product was "a clever idea but I can't use it in my business." Stress was the by-product as this entrepreneur had to tear himself away from this single product, look at the facts, and begin again -- this time producing for the market, not for himself. A new product was the solution.

Partnership conflicts and coordination. When you start a business, friendships as well as investments are on the line. The backgrounds and talents of partners can make a difference. For instance, one partnership's co-entrepreneurs had very similar backgrounds, making the division of labor problematic.

Abandonment of reliable careers. The pressure to succeed is multiplied when new entrepreneurs find themselves taking a severe cut in their personal incomes in order to pursue their own business.

Overcoming bureaucratic barriers to small business marketing efforts. The difficulty a small company often has in dealing with layers of big-business bureaucracies can cause a great deal of strain. Reaching the CEO of a larger corporation may require a level of aggressiveness unnatural and, therefore, stressful to a small business owner. This frustration had been so great for one owner that he decided to direct his marketing efforts exclusively at other small companies.

Being too dependent on one company. Another business mentioned that his company had to swallow a very large loss on a major project when the single large firm his company had depended upon for its market suddenly ended the relationship.

Eric W. Leaman

Trustee
eleaman@oedglobal.org
http://twitter.com/oed4smallbiz
Organization for Entrepreneurial Development
Unleashing the entrepreneurial spirit.
Change your mind ... and EVERYTHING changes

Budgeting and Your Small Business

“I have always thought that one man of tolerable abilities may work great changes, and accomplish great affairs among mankind, if he first forms a good plan, and, cutting off all amusements or other employment’s that would divert his attention, make the execution of that same plan his sole study and business.” - Benjamin Franklin (1706–90)

Many business people run their businesses without a planned goal… by the seats of their pants. In trying to survive from week to week and from month to month, such people overlook an important management tool, budgeting. Budgeting can help just as a map helps you to keep on the right road.

Budgeting is a tool for dealing with the future. It helps you turn expectations into reality.

An increase in profit should be the first consideration when you think about the prospect for your business in the next year. Making a profit is the ONLY reason for being in business! Working up a budget helps you to determine whether or not your profit goal is within reach.

 Why Budget
A budget is a plan that enables you to set a goal and list the steps that are necessary to reach that goal. Thus, a budget helps you think about what you want your business to do in the future. By planning, you are in a better position to act to prevent crises.

In its simplest form, a budget is a detailed plan of future receipts and expenditures - projected profit and loss statement. Thus, once the period for which you have budgeted is completed, you can compare actual results with anticipated goals. If some of your expenses, for example, are higher than you expected, you can start looking for ways to cut them. Conversely, if you have fallen short of your goal, you may want to look for ways to increase your income.

Budget makers can start either with a forecast of sales and work down or with a forecast of profits and work up. Most businesses use the latter method. In other words, you decide what profit you want to make and then list the expenses that you will incur in order to make that predetermined profit.

 A Plan For Increased Profit
Before you can use a budget as a plan for increased profit, you have to be sure that your present profit is what it should be. In a business, the year-end profit should be large enough to make a return on your investment and a return on your own work-pay.

Value Of Owner's Service.
Skilled crafts people who own businesses are kidding themselves if their firms' profits are less than they can earn working for someone else. Your net profit after taxes should be at least as much as you can earn if you worked at your trade for a weekly pay check.

Return On Investment.
The year-end profit is too low it does not also include a return on the owner-manager's investment. That investment includes the money you put into the firm when you started it and the profit of prior years which you left in the firm - retained earnings

Your Targeted Income.
After you know what you made last year, you can set a profit goal for next year. Be sure that your goal includes a return on your services and a return on your investment.

5 Mistakes Women Business Owners Make

We came across an archived article on BusinessNewsDaily.com that struck a chord with several contributors. If you are a woman running a business, do you see yourself in any of these? We'd pose the same question to Advisors working with women-owned businesses.

The 5 mistakes are listed below. The link to the complete article is after the jump:

1) Running your business impulsively
2) Setting prices too low
3) Avoiding Sales and selling
4) Under-utilizing social media
5) Getting by instead of getting ahead

Did you recognize yourself or anyone you know? View the complete post and share you thoughts!

The Ten Commandments of Small Business Ownership

I. Establish the Strategic Direction of the Company ... Mission Statement!

II. Build Loyal Employees

III. Hold Employees Accountable

IV. Continue Upgrading Management

V. Build Strong Relationships ... vendors, customers, and advisors.

VI. Keep Margins and Markups as Low as Possible

VI. Always Produce and Provide Quality

VII. Strive to be the "Low Cost" Producer

VIII. Grow ... but do so prudently and profitably.

IX. Create Excellence in Operations and Execution

X. Control the NUMBERS!

XI. THOU SHALT MAKE A PROFIT!!!

Advertising and Public Relations

That is the kind of ad I like. Facts, facts, facts. - Samuel Goldwyn (1882–1974), U.S. film producer.

Advertising is the paid form of a non-personal message communicated through various media. Advertising is persuasive and informational and is designed to influence the purchasing behavior and/or thought patterns of the target audience.

The most powerful advertising is advertising that can accomplish two things effectively. First, it must remove all of the risk from the prospect's side, thereby making it risk-free for the client/customer to respond to your ad. This is critical because most of the people who will answer you ad have never done business with you before!

When you assume the risk FIRST, you make it easy for your prospect to pick up the phone or come in and begin a dialogue with your company… all without risk. The next thing that is important is that you must offer something of value to the person who makes the effort to visit or pick up the phone and call your company. Use videos, special reports, booklets, newsletters, fact sheets, or other "free" items that appear to have significant value to the prospect. This is especially effective if the information is not available elsewhere.

You can have anything that you want...

You Can Have or Be Anything That You Want

Your ‘brain’ may fight this concept but that is because it has been trained by others that you CAN’T have everything you want. Forget all those who have said ‘you can’t’… they were wrong. 

 

Tell your brain what to expect and it will help you get it! Think positive, be positive, BELIEVE positive, and you brain will show you the path to whatever you want… it is powerful enough to hold you back and it is powerful enough to get you what you want!

 

You are what you think about most.

 

All success starts in the mind.

Decide what you want, believe it is possible and that you deserve it. Then focus on it, visualize it (see it).

 

Said another way, your every act is preceded by a thought. Your dominant thoughts determine your dominant actions. Control your thoughts and your will control all your actions. Think before you act and think about your thoughts!

 

Your character is the sum total of your habits and your habits are formed by conscious acts and every conscious act is preceded by a thought. Control your thoughts, change your actions, change those habits you need or wish to change or amplify those that you wish to.

 

Regards,

 

Eric

 

Eric W. Leaman

Trustee

Organization for Entrepreneurial Development

Unleashing the entrepreneurial spirit.

Change your mind ... and EVERYTHING changes

 

Interested vs. Interesting

OED Certified Advisor Sandy Riser of The Next Level Business Solutions brings us this simple and critical perspective on networking events.

When was the last time you went to a networking event where you felt someone was really interested in you? I like the theory about being interested in who you are talking to vs. what we think we should be at events which is being interesting.


If you switch those around, they will turn your networking into a powerful piece of your marketing. It is not all about you.
See more of Sandy's tips by visiting Next Levels's blog, or by follwoing them on Facebook and Twitter.

What is a Marketing Plan?

It is a written plan that describes your product in detail and how it will be sold to the markets that will best use it and that you can best reach.

A marketing plan should be developed when a business first starts, as part of its business plan, and should be updated at least 2 times a year (preferably four times).

Most failures in marketing can be attributed to executive oversight, neglect, or lack of facts.

A marketing plan consists of a total volume goal broken down (at least) by products, customer types, areas, and time periods. That is, how much of each product is to be sold to each type of customer in each territory over each month or quarter? How much profit is each to produce?

Good business organization calls for management to:
 Establish the business goal
 Analyze the market potential
 Plan a marketing program to get the job done
 Organize manpower, equipment, capital
 Train people to execute assignments
 Execute-administrate the program
 Control it - goals, budgets, performance as planned

Factors that must be consider in writing a marketing plan:
 What products and services are you selling?
 Where will you be located and why?
 How will you get or produce these products or services?
 What is the industry?
 What is the past, present and future outlook for the industry?
 Who will buy what you are selling?
 How many buyers are there?
 Why will they buy from you?
 How will you sell them?
 How often will they buy from you?
 How much will they buy from you?
 How will they know about you?
 Where are your buyers located?
 Who are the competitors?
 What are they selling and how are they selling?
 What will make you better then the competitor?
 What suppliers or vendors will you need?

Personal Responsibility

“The price of greatness is responsibility.” – Winston Churchill

 

There is only one person responsible for your life and that person is YOU.

You must take 100% responsibility for your life and your actions.

You can’t blame others for what you have or don’t or what happens in any area of your life. It is all your responsibility and you have created the life you are living and only you can change it.

You must take responsibility for your life and be accountable for your wants, desire, and dreams. Accountability unlocks the door to your future.

Responsibility and accountability are about results. If you hold steadfast to your wants, desires, and dreams and do everything you can to attain them… then they will be yours. But they will not fall into your lap you must have a plan and hold yourself steadfast in moving forward every day. You control you destiny… not luck or others.

And you can create a life of abundance and goodness… that is the beauty of life. You can change anything you want to, improve anything you want to… all you have to do is want it powerfully enough (have a burning desire) and keep the belief that it is yours to have and it can and will be yours… if you hold yourself accountable for attaining it all.

No more stories, no more excuses, no more unfulfilled dreams… just do it.

Regards,

Eric

 

Eric W. Leaman
Trustee
Organization for Entrepreneurial Development

Unleashing the entrepreneurial spirit.

Change your mind ... and EVERYTHING changes

 

Ask People Why They Do Business With You

Testimonials are great, but successful companies do something more direct.

How often have you actually asked a person why they do business with you, and not your competition?

Have you ever?

Most people don't bring up the subject. They're afraid that the customer might start thinking about whether or not they should switch. Believe it that's not at all likely, unless they were on the verge of switching already. In that case, you'll find out now, when you have a chance to fix it, instead of later, after they're gone.

When the customer hears a sincere question from you that you genuinely want an answer for, you'll be surprised at how often you'll GET a direct answer. And you'll be surprised at some of the things you hear.

What you consider important might not be at all what the customer thinks matters. Ask them with a genuine interest (You DO want to know why people spend money with you, don't you?) and then listen. Ask for specifics. And when they've answered you, thank them.

When you see a pattern forming, use that in your advertising. Look for the things that are common to your most valued customers. Build on those strengths.

You'll also notice that, when your customers tell you out loud why they buy from you, they're also telling themselves. They reinforce the reasons that you are the one that they do business with. And that's the best advertising you can get.