Succeed As Your Own Boss

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with LaShonda Bracey on selling your products and services to the Federal Government. She is an author of Your A-Z Guide to Government Contracting. As CEO & President of Health-Works and ASAP Training and Course Development. For more info: www.LaShondaBracey.com

SmallBizLady: Who can qualify for a government contract?

LaShonda Bracey: Any legal business that sells products and services to private sector, except liquor and check cashing companies can sell their products and services

to the Federal Government. The government is the largest corporation in the world and more small businesses should be using the opportunity to grow their business through government contracting.

SmallBizLady: What advice would you give someone who’s brand new to government contracting?

LaShonda Bracey: As you are getting started with government contracting identify your ideal client. Let’s be clear. You can’t market to everyone. Oftentimes, small businesses fall into the trap of trying to register for every government agency under the sun. Consistently study the market and stay on top of your ideal client’s radar. Remember, it’s your niche that makes you rich. Research, Market, and Network with those Ideal clients. You cannot sell your products or services to everyone.

SmallBizLady: Can you recommend some really quality sites for our listeners?

LaShonda Bracey: Individual State Procurement Sites are a great resource right now as our economy is changing and shifting, there are tons of opportunities that are being overlooked on the state level.

SmallBizLady: What big mistakes do you see others make when it comes to trying to do business with the federal government?

LaShonda Bracey: Not being registered and completing the paperwork properly. As a small business desiring to work with the world’s largest conglomerate—the federal government—you must be registered properly. The process is tedious – there are a lot of I’s to be dotted, and T’s to be crossed, in the contracting process. So your paperwork must be thorough. The government can’t take risks on the businesses they work with.

SmallBizLady: In your experience, what’s the best way to get your first government contract?

LaShonda Bracey: In order to get your first contract, you must do your due diligence as a small business owner. You have to be diligent and stay abreast of the latest industry information. In most cases background information is readily available through the Federal Procurement Data System-Next Generation. After identifying a potential opportunity where your business can best serve take a step back and process requirements. Pull your paperwork, applicable resources, get to writing and respond timely. Whatever you do, don’t miss deadlines.

SmallBizLady: Do you have a formula for gaining and winning contracts?

LaShonda Bracey:

Strategy: Know what you are getting yourself into
Perseverance: Know that you won’t win every opportunity you go after
Persistence: Don’t be alarmed or disappointed if someone doesn’t call you back right away. You have to show you are persistent and interested in the work, but not annoying.

SmallBizLady: What are some of the key points you look for when searching for opportunities?

LaShonda Bracey:

Key #1 – Make sure the opportunity is right for you and your organization.
Key #2 – Make sure it’s an opportunity you can deliver on.
Key #3 – You don’t ever want to be in a position where you can’t produce on a government contract.

SmallBizLady: What would you say is the one more important thing you’ve learned?

LaShonda Bracey: Build lasting relationships with clients. In the government contracting space relationships are key. When a client remembers you and the type of work you do they will continue to seek out your products and services. I had a few clients leave one particular agency, settled at their new positions and needed assistance. This allowed me to gain contracts with two other agencies Amtrak and the Securities Exchange Commission.

SmallBizLady: What do you think are the keys to becoming a successful government contractor?

LaShonda Bracey:

1st – Have past performance. Make sure your capabilities statement speaks for itself and send it to the right people at the right agency.
2nd – Network Correctly. A key mistake that small businesses make is not networking with government procurement officers. Don’t think that business will just come to you.
3rd – Put the work in. Small businesses don’t see themselves as marketers when actually, they’re walking and talking billboard for their business.
4th – Keep Following Up. A response from a client should never be assumed to be an irrevocable no, think of it as not yet. It’s important to stay optimistic.

SmallBizLady: Please share one or two of your favorite, and most helpful resource links?

LaShonda Bracey:

gov – where the majority of your opportunities will be located
gov – where you can do extensive research on your competition
gov – where you can get training and access PTAC centers to get leads.

SmallBizLady: What’s the first thing you recommend our readers do after they’re read this interview?

LaShonda Bracey: Make sure you’re keeping proper accounting records, register with www.SAM.gov and start marketing your products and services to the agencies that best fit in your wheel house.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Sell Your Products and Services to the Federal Government appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Dawn Brolin, Certified Public Acount on how best to handle an IRS Audit. She is Chief Executive Officer and Managing Member of Powerful Accounting, LLC. Her firm can provide IRS Representation and Bankruptcy Accounting. For more info: www.powerfulaccounting.com

SmallBizLady: Dawn, what could trigger an IRS audit?

Dawn Brolin: Dawn Brolin: First, let me give a disclaimer – nothing guarantees you will be audited these are simply recommendations.

Unreported Income and Cash Businesses – you cannot simply file a small business gross revenue on the 1099’s you have received.
Foreign Bank Accounts – if you deal in foreign currency and have business overseas and don’t report it on a FBAR
Home Office Deduction – Claiming 35% business use of your home – an exclusive use of an area of your home is for your business, not your kitchen table.
Business Losses – repeatedly reporting a business loss each year and you cannot substantiate or prove you are truly investing time and money

SmallBizLady: What happens if the IRS suspects a business owner of fraud or criminal wrongdoing?

Dawn Brolin: Dawn Brolin: If the IRS has been “tipped off” from a disgruntled employee, divorced ex, or a former partner reporting wrongdoings and making “a deal” with the IRS. Although, difficult, the IRS has to prove that you have intentionally made a decision to evade taxes. It may start with a civil audit, meaning, the IRS is just trying to understand what you have reported on your return. In many cases, audits result in a “no change,” meaning they wanted proof of what you reported.

SmallBizLady: What should you do if the IRS decides to pursue your business criminally?

Dawn Brolin: NEVER talk to an IRS agent who knocks on your door. Take their card and call a tax attorney immediately. Just because they pursue you doesn’t mean you have done anything wrong. Don’t take it lightly and make sure you line yourself up with a reputable tax attorney, not a 1-800 number!

SmallBizLady: Is it possible to have client/accountant privilege similar to that with an attorney?

Dawn Brolin: The simple answer is yes but it cannot be privileged if you, the business owner, have committed a criminal and fraudulent act to evade paying your taxes. If you are investigated criminally and engage an attorney, they can protect an accountant from the IRS – typically this is not your tax preparing accountant. Of course, you always have your 5th amendment right, but use that strategically!

SmallBizLady: What is the difference between business Tax Evasion and Tax Avoidance?

Dawn Brolin: Tax Evasion is the absolute intentional “cooking the books” and the willfulness to evade your tax obligation. Tax Avoidance is a legal ability to minimize your tax “exposure”, or, “taxes owed”.

SmallBizLady: Dawn, I’ve always heard “don’t mess with the IRS.” Should I negotiate with them directly?

Dawn Brolin: You would be surprised how much more flexible the IRS is compared to your state taxing agencies. The IRS can be very serious if you ignore them. If you respond and communicate you can avoid any harmful actions.

SmallBizLady: I’ve heard where the IRS has frozen business and personal accounts, why is this done?

Dawn Brolin: Your account isn’t frozen, it is “levied”, meaning a one-time clearing of the money in your account. Unless you do not respond to the levy. JUST COMMUNICATE! This typically happens because when an IRS notice arrives, most people don’t even open the envelope for many months. Ignoring a notice is not a good idea. If you do not make a payment arrangement or communicate you can be levied, meaning you can have your bank account levied.

SmallBizLady: What options does a business owner have if their accounts are frozen, for example getting money to meet payroll?

Dawn Brolin: If you are at a point where the IRS is levying your accounts, you MUST engage a professional. Again, not a 1-800 person but rather a professional who you can contact, the same person, not a random one. Don’t put yourself in a situation where you cannot pay your payroll or your payroll taxes. Take your business as serious as oxygen, your family, and your health. Do not get in a position where you are worried about meeting payroll obligations.

SmallBizLady: What type of proof is requested, acceptable or required to satisfy the audit?

Dawn Brolin: DOCUMENTATION – your documentation on expenses is critical to your position with the IRS. Do not assume that anything under $75 doesn’t require a receipt, always keep your business expense proof. The IRS will accept an electronic copy of a receipt, do not assume the IRS will accept the simple credit card or bank statements, they want to see what you are spending your money on.

SmallBizLady: What happens if you cannot produce business-related documents?

Dawn Brolin: The IRS has to be “reasonable” in their acceptance of potential recreated information. You cannot produce $500,000 in revenue, at no cost. Keep in mind, with technology today, you have limited excuses to retain expense documentation. Get yourself positioned NOW by using electronic and mobile business devices for recordkeeping.

SmallBizLady: Exactly how long does an audit take?

Dawn Brolin: An audit is a process. It can take from 3 months to 3 years. It 100% depends on your ability to support your small business revenue and expenses. It is SO important to keep your records. The proof is on YOU. Small business owners are not W2 employees. There is an inherent responsibility that you take on when starting a business. Be patient, and DON’T freak out – hire a professional.

SmallBizLady: Can I be audited again and what advice can you give?

Dawn Brolin:

You can be audited again, yes.
Minimize your flags.
Keep good records.
And, work with a true professional.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Handle an IRS Audit? appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Jill Nelson, CEO and Fouder of Ruby Call. Her company provides virtual receptionist services to small businesses throughout North America. For more info: www.CallRuby.com

SmallBizLady: Jill, what prompted you to start a remote receptionist company?

Jill Nelson: My aim was to help small businesses become more efficient by “offloading” their phone duties. As with many start-ups, those days were both exciting and filled with a lot of worry about whether the money would run out before we made a name for ourselves and clearly articulated the value of our service. Thankfully, we found a small and dedicated customer base who were willing to share how we helped them grow their businesses.

SmallBizLady: There are a lot of virtual receptionist services out there, what makes Ruby unique?

Jill Nelson: It isn’t about just answering phones; it’s our naturally friendly receptionists making real connections to customers’ callers. We establish and keep alive those real human connections that can easily be lost in today’s technology-focused environment. The virtual receptionist fosters a people-powered culture that empowers employees to use their natural talents and ideas to deliver WOW-worthy service.

SmallBizLady: What sparked the growth of Ruby?

Jill Nelson: Primarily, the growth started and continued through friendly and well-trained receptionists. Capitalizing on the real need and hunger for more than the simple mechanics of answering the phone and taking messages – every small business deserves a cheerful, professional receptionist to help their callers – and Ruby Receptionists was born!

SmallBizLady: You’ve mentioned culture and service as key factors in your success – is there a direct correlation?

Jill Nelson: A service-driven culture fosters happy customers and employees that translates to increased revenue and business growth. Research shows that 78% of customers will recommend a brand to others if satisfied by their customer experience valuable to growing a business – it’s estimated the cost of acquiring a new customer is from 5-25 times more expensive. Bottom line, work hard to keep the customers and employees you have!

SmallBizLady: How do you create a culture of service?

Jill Nelson: It starts with knowing what you stand for and hiring people dedicated to those same values. Find people who live to make connections and sees every phone call as an opportunity to make a small difference in their day – a powerful reason to want to come to work. Also, it’s important to create a workplace where employees are excited to come to each day and are inspired to learn, grow, and connect with others.

SmallBizLady: Jill, if you were to start over, what would you do differently?

Jill Nelson: I would determine how the idea is meaningful to me. What does it stand for? Then, nail down our core values such as: Practice WOWism, Foster Happiness, Create Community, Innovate and Grow. These types of values and being mission-driven will perpetuate real, meaningful connections that propels growth.

SmallBizLady: What are some successful tips to creating core values?

Jill Nelson: Identify what your customers are struggling with to keep their doors open. Have confidence that your service will be invaluable for the company to survive. Be incredibly focused on delivering what is important to both your team and your customers. Start incorporating the values into everything you do, which can help grow your customer base.

SmallBizLady: When incorporating values, how does that impact decision-making?

Jill Nelson: Oftentimes, after identifying your core values, decision making has never been easier. With each decision – whether it involves your service, technology, budgeting, hiring, or your culture – look to your core values to make sure the choice made reflects what you believe in. Always ask… “Does this align with our core values?” if the answer is no, move along.

SmallBizLady: Jill, what’s one trend that really excites you?

Jill Nelson: The phone call renaissance! Consumers can interact with companies may ways, it’s surprising that the preferred method is the old-fashioned phone call! Research shows people in the market for goods and services are making more phone calls than ever—giving small businesses a profound opportunity to make personal connections over the phone, helping them win new business and create raving fans.

SmallBizLady: What is one failure you had as an entrepreneur, and how did you overcome it?

Jill Nelson: After surveying our employees for the first time in 2005, I learned that the employees were happy with their salaries and benefits, but they did not feel like they were making a difference. Although, we received compliments from our clients on how we had positively affected their business and gotten a new client because of the receptionist. This was a turning point in the company. We stopped hiring based on experience and started looking for people who saw 250 calls as opportunities to make someone’s day.

SmallBizLady: As an entrepreneur, what is the one thing you would do over and recommend to others?

Jill Nelson: Get out of the way to avoid creating bottlenecks. Make sure you hire really fantastic and qualified people who were excited about what they do to avoid hampering your teams. So, my advice is “get out of the way”, and empower your team to do what you hired them to do.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post The Benefits of Using a Remote Receptionist appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Clint Author, CEO of Status Factory. Clint is a Leadership and Performance Expert. His company empowers Authors, Speakers, Coaches, and Entrepreneurs to book themselves on network TV News & Talk shows. For more info: www.StatusFactory.com

SmallBizLady: Clint, is it really possible to be the only choice for a customer or prospect?

Clint Arthur: Keep in mind, people like Tony Robbins has no competition. Neither does Oprah, Deepak, or Kim. Celebrity=Unique. If you’re an Author, Speaker, Coach, Seminar Leader or Entrepreneur, you don’t have to be a superstar to use this strategy you just need to be “more famous” than your competition to make a huge difference in your impact, influence and income.

SmallBizLady: How can someone begin the process of establishing truly unique positioning in the marketplace?

Clint Arthur: The only thing that is most effective is speaking. Don’t be included with the runners; otherwise, you become known as “also ran”. That’s no good. You want to be known as the only runner amongst millions. When you speak on stages in front of people – you are positioned as someone special.

SmallBizLady: When is the best time to start?

Clint Arthur: The essential element to getting started is deciding that you are going to be a speaker on stages or TV. Then, begin studying how you make it happen. It’s not a miracle, no one is going to pick or find you. You have to make it happen.

SmallBizLady: Do you need a book to be successful in this process?

Clint Arthur: No, but it’s helpful and a very good shortcut in establishing credibility. Ideally, you need to recognize a trend that you see that will be around for a while and write a book about it. Use books to create credibility & relevance. It’s easy to create a “book” that’s good enough to help you get on TV — but you don’t “need” a book.

SmallBizLady: How long does it take to become a celebrity?

Clint Arthur: Getting on TV is a matter of convincing one person to put you on TV.

As soon as you convince one person – it can happen immediately. It depends on how much you want it. Write a proposal that will get you booked. Your 1st TV appearances begins your celebrity journey. It lasts as long as you keep “manufacturing celebrity.”

SmallBizLady: Do you have to look like a model or celebrity to get on TV?

Clint Arthur: Getting on TV has nothing to do with you looks. It has to do with your message and your passion for sharing your message. A “Manufactured Celebrity” rarely generates paparazzi. You control your publicity, which turns off when you stop your TV appearances. Your looks and weight are basically irrelevant. If you have a message you want to share, that qualifies you to go on TV.

SmallBizLady: What if you’re afraid of public speaking?

Clint Arthur: The best things you can do is to become a speaker on Local TV and talk shows. You’re in the room with one person and a video camera. If you can have a conversation with one person you can get on TV and be a “speaker”. Eventually, you will need to break through your fear of public speaking.

SmallBizLady: How can selfies with Celebrities help to increase engagement and visibility?

Clint Arthur: When you are in the picture with a celebrity, some of that star power explicitly attaches to you and increases engagement. The more you do this, you’ll transform into a celebrity. Celebrity Attachment marketing is one of my favorite specialties. It’s fun, fast, free, versatile and powerful — and gets easier and easier as you go! When you become a Celebrity, you tend to meet more Celebrities. Celebs play the Celebrity Attachment game – because in the end, Celebrity is All About MARKETING.

SmallBizLady: How can I win prestigious awards like “Info-Marketer of the Year”?

Clint Arthur: That’s not what it’s really all about. It’s really how can you win an award for what you do. Start with why would you want a reward, which gives you credibility and marketing power. Use it correctly to gain additional positioning and marketing power. The best way to stand out is to be a celebrity. All of this coupled with visibility and happy clients, will position you for awards and increased revenue.

SmallBizLady: How much should I spend on mentorship, seminars, info-products, and why?

Clint Arthur: I’ve invested over $250k in the last 7 years in mentorship and training. For the average person, that would be a mistake. Invest whatever you can afford to invest without putting your family in jeopardy. The mentorship investments vary, but can aid in skyrocketing your Author, Speaker or Coach career. Mentors speed your progress and help you avoid mistakes.

SmallBizLady: How can entrepreneurs raise their status in the eyes of customers and prospects?

Clint Arthur: This is the most important thing – money follows and flows to high status people. The only real way to raise your status is to be a celebrity in the world or in the room. That translates into having TV, news and talk shows. The extra value you get from TV comes from the evergreen lifespan you get from being on a show. Being a speaker is great, especially if you have a good video and appear at prestigious places, like Harvard or Google. Otherwise, your celebrity status expires when the event is over and as the memories fade.

SmallBizLady: Can you monetize from my TV experience?

Clint Arthur: That is a big misconception. The real value is making your customer and prospects aware of your appearance on the show. Deploying these marketing aspects like weapons in a battle to win the wallets of your prospects & convert to customers.

If you don’t use the weapon in the battle, you don’t win. Being on TV produces marketing videos that are produced for free, by the best video producers in the world.

Deploy the videos: send them out as the subject of multiple emails about each appearance & post on social media.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Get Booked for Media Appearances appeared first on Succeed As Your Own Boss.

#Smallbizchat is a weekly conversation where small business owners can get answers to their questions. The focus of #Smallbizchat is to end small business failure by helping participants succeed as your own boss.

Please join us live on Twitter every Wednesday 8-9 pm ET. Here’s how: follow @SmallBizChat on Twitter and follow the hashtag #Smallbizchat and click here for directions to join the weekly conversation.

In July, we’re not doing a show on July 5^th in honor of the holiday on the 4th, but we’ll be back on July 12^th talking about small business sales, and later this month we’ll share tips on being a successful online retailer, and how to build business partnerships to grow your business.

Here is a list of who is on #Smallbizchat in July.

July 12th – How to Hit Your Financial Target This Month, @SimoneCraig

Simone Craig is the CEO of Simone Craig where she has built a solid business advising women entrepreneurs on how to become powerful and create thriving businesses that they love. Visit her site at www.simonecraig.com.

July 19th – Independent Retailers vs. Amazon – 7 Tips to Compete, @getpointy

Caroline Brady is a Product Guru for Pointy that it directs users to a physical shop where you can see your products before you purchase them. Find out more at www.pointy.com.

July 26th – Why Focused Collaboration is the New Business Currency , @Lymanmontgomery

Lyman Montgomery is the CEO of Focused-Driven Lifestyle, that works with individuals and organizations to focus in the right areas by removing distractions, setting profitable priorities and achieving focused driven outcomes. Visit Lyman’s site at www.focuseddriven.com.

Every Thursday morning on Melinda’s blog, a complete Q&A interview from each #Smallbizchat is posted as a recap http://www.succeedasyourownboss.com

The post Who’s on #Smallbizchat July 2017 appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Simone Craig, CEO of SRC International. She has built a solid business advising women entrepreneurs on how to become powerful and create thriving businesses that they love. For more info: www.simonecraig.com

SmallBizLady: What is the first step to hitting your financial target each month?

Simone Craig: The first step is to create a financial structure from which your financial goal will be generated. I suggest creating a 1 Month forecast that has 3 sections: (1) in the first section, list your Income goal for the month, (2) in the second section, list your expected expenses for that month, (3) in the third section, subtract your expenses from your Income goal to calculate your expected Net Profit for the month.

SmallBizLady: Once we have structure in place, then what’s next??

Simone Craig: The next and second step towards hitting your financial target each month is to create a financial strategy that reflects your Income goal. Essentially, a financial strategy is a breakdown of your products and/or services that you will sell in 1 month to achieve your 1-month financial goal.

SmallBizLady: How is mindset a part of the equation for hitting your financial target?

Simone Craig: It boils down to the 80-20 rule. Studies show that 80% of our success as entrepreneurs is due to our mindset – how we think and feel about ourselves, our business and about money. It’s a vital component to financial success. The other 20% is strategy.

SmallBizLady: Is having a successful money mindset about thinking positively?

Simone Craig: Somewhat. Positive thinking is helpful for sure. It’s more constructive for your business than negative thinking. But our feelings are more powerful than your thoughts. Feelings outweigh thoughts. Successful money mindset is based on a powerful and positive overall feeling about yourself, your business and your money. When you can start running your business from an overall positive feeling, your cash flow will increase with more consistency.

SmallBizLady: How do you create a financial strategy for your business?

Simone Craig: A financial strategy is the means through which you achieve your income goal, i.e., it is very exact and specific. A very effective way to get clear on your financial strategy is to ask yourself the following questions:

What products and/or services will I sell to reach my Income goal in 1 month?
How many products and at what price point will I sell to reach my goal in 1 month?
How many service packages and at what price point will I sell to reach my goal in 1 month?

SmallBizLady: Can you give an example of a financial strategy?

Simone Craig: Sure. Let’s say my Income goal for the month is $10,000. An example of a financial strategy would be the following: Sell 1 $5,000 coaching package @ $5,000, Sell 5 $1,000 digital products total of $5,000, totaling $10,000 for the month. So essentially, selling 1 $5,000 coaching package and 5 $1,000 digital products is a financial strategy to achieve your Income goal of $10,000.

SmallBizLady: How then does mindset come into play with a financial strategy?

Simone Craig: Mindset helps you to stay focused on your Income goal without getting distracted by doubts, and other shiny objects that may take you off track. Ideally, to achieve a short-term financial goal, like 1 month, I highly recommend a daily mindset practice.

SmallBizLady: What mindset practices do you recommended to hit a financial target?

Simone Craig:

Get clear on your PPK, which stands for Personal Prosperity Key. Your PPK is the positive feeling that hitting your financial target this month will give you.
Use Visualization. Before going to sleep at night, visualize yourself successfully hitting your financial goal. Especially focus on how you are going to feel when your success comes. Then, go to sleep.
Keep a Journal Bedside. When you wake, focus on how to take action, make a list of five things you’ll do that day to meet your financial goal. Then move forward you’re your task list to hitting your monthly goal.
Affirm Your Goal: ‘Today I’ll see evidence to successfully hit my financial target this month.’ Say it with power and passion.

SmallBizLady: How often do you recommend doing mindset work during the month?

Simone Craig: Daily – mindset work keeps you thinking/feeling positively towards a 1-month goal, which is 80% achievement & 20% physical. The most valuable question an entrepreneur should ask themselves when they wake is, “How am I feeling about myself, money & business today?” If it’s a good feeling, awesome. Keep going. If it’s not, stop. Go for a walk or run, call a mentor or fellow business owner to give you a pep talk, go read your recommendations for clients. Find a way to feel better in that moment, then continue with your day and work, executing on a clear and focused financial strategy.

SmallBizLady: What’s the best approach to monitoring your financial performance during the month?

Simone Craig: What you focus on expands. Track your cash inflows (income) and outflows (expenses) in a financial forecast spreadsheet, every day. Once you do that, watch your cash flow expand during the month, and hit you’ll hit your financial target!

SmallBizLady: What happens If someone follows your suggestions, but they fall short of reaching their goal? Any advice for them?

Simone Craig: If you follow the suggestions and did not achieve your financial goal in 1 month, it’s likely you like have a money block or you don’t have an effective value proposition for your target customer. A money block is a negative association that you have with yourself, your business or making money. It’s a consistent pattern of events in your business and life, that seem to keep getting in the way of you being successful in your business. Talk with your customers and make sure you know why they buy from you. It might also be a perfect time to reach out to a business coach who can help you release what’s getting in the way of you hitting your financial goals.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Hit Your Financial Target This Month appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Caroline Brady from Pointy. Her company Pointy helps businesses bring customers to their store, get products online and appear higher in ranks on Google with the purpose of selling more products. For more info: www.pointy.com

SmallBizLady: What do you think is the biggest challenge facing independent brick and mortar retailers today?

Caroline Brady: Visibility online is a huge problem for brick and mortar stores. Currently, most independent retailers rank number one when you search for their store’s name. However, even if someone is 50 feet away from them searching for a product they stock, the customer is going to see an Amazon result rather than their local store.

SmallBizLady: How can retailers overcome this challenge?

Caroline Brady: A lot of the time, people have a clear intent when it comes to what product they want but they don’t know where to find it. These are the customers you want to make sure they find your store. In order to improve your store’s visibility, it’s vital that you display your products (name, image and short description) online.

SmallBizLady: What are independent retailer’s main strengths and how can they use them to compete with Amazon?

Caroline Brady: Convenience, customer service and in-store experience are all huge strengths that Amazon cannot mirror. Customers who are doing local searches for products are usually in a hurry. They want the product now and they are not willing to wait for shipping. Local stores can beat Amazon by providing customers with the products they’re searching for instantly. Brick and mortars should use this to their advantage by providing additional services that Amazon can’t. Ordering products for customers and offering personal advice will help to promote repeat purchases.

SmallBizLady: Does being online mean you need to sell online?

Caroline Brady: No, a lot of brick and mortar retailers believe they need to be doing e-commerce in order to compete with Amazon. This is simply not true. You can be found online, but sell offline. An independent retailer’s main strengths lies in the in-store experience they provide. 72 percent of US consumers cite “the ability to touch, feel and try products” as their top reason for shopping in brick and mortar stores. It’s all about leveraging your online presence in a way that drives more traffic into your physical store.

SmallBizLady: How can I improve my customer’s in-store experience?

Caroline Brady: One big advantage independents have over online giants is their ability to build personal relationships with their customers. Remembering people’s names and giving helpful recommendations will make your customers feel valued. Go the extra mile by hosting in-store events such as customer demos and special sales. These events will give you the opportunity to get to know your customers better and promote repeat purchases.

SmallBizLady: Is it difficult to improve my customer’s online experience?

Caroline Brady: Not really. A robust online presence is essential in this day and age. A one-page website with your contact details and opening hours just isn’t enough when you’re competing against giants like Amazon for customers. Having a live catalog of your in-stock products online not only helps drive new customers to your store but also lets your existing customers check what you have in stock, prompting them to return to your store instead of buying from Amazon.

SmallBizLady: Is there a way to get my products ranking highly on Google?

Caroline Brady: One place where the online giants consistently win currently is in their rankings on Google and other search engines. The more places your store is visible online, the better you’ll do in Google search results. In order for your products to rank highly you’ll first need to list them online. Explore using simple tools that will help by displaying all of your products online and optimizing your product catalogue so that it displays on page one for local searches.

SmallBizLady: Are social media and newsletters an effective way to compete with Amazon?

Caroline Brady: Social media has transitioned from being a fad to being a mainstay of any store owner’s strategy. Independent retailers need to remain in their customer’s mind space consistently. A combination of social media and newsletters will help you to develop customer relationships and remind them when they need to make their next purchase. Use social media to interact with your customers, gain feedback and keep them updated on what’s happening in store. Use newsletters to let them know about new products or events in-store that you think they’d like.

SmallBizLady: Does it matter if my website is not mobile-user friendly?

Caroline Brady: Absolutely! Mobile is critical! Mobile traffic is now much bigger than desktop, particularly true for local searches. However, a lot of retailers have not updated their websites to be mobile friendly. Use tools that evaluates your website across different metrics and provides you with a detailed report on what you could be doing to improve your website and attract more customers.

SmallBizLady: How can researching retail trends help me to compete against Amazon?

Caroline Brady: With Amazon and others building artificial intelligence engines to figure out what products are going to be successful, it’s essential for store owners to constantly keep ahead of new trends in order to compete. Dedicating some time each week to researching macro and micro trends in your market will pay dividends in helping to both retain existing customers and acquire new ones. However, knowing these trends isn’t enough. You need to be willing and able to act on them in order to stay ahead of the crowd.

SmallBizLady: Are there any new retail trends that independent brick and mortar retailers can take advantage of?

Caroline Brady: One of the biggest trends that has emerged in the last few years is the rise of local searches. People are finding everything from restaurants to products & services by doing local searches on the likes of Google and Bing. In fact, in 2016 the number of ‘near me’ searches actually surpassed searches for weather on Google! This increase in local searches is a hugely positive trend for brick and mortar stores as it highlights the proximity advantage they have over online giants. By making themselves more visible in local search results, independent retailers can leverage this trend in a way that increases footfall to their store.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Compete with Amazon as an Independent Retailer appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Lyman Montgomery, CEO of Focused Driven Lifestyle Coaching. His company works with individuals and organizations to focus in the right areas by removing distractions, setting profitable priorities and achieving focused driven outcomes. For more info: www.focuseddriven.com

SmallBizLady: What is Focused Collaborations?

Lyman Montgomery: It is being selective in finding partnerships, joint ventures, and a method of collaboration that allows for both partners to learn from and engage in professional dialogue and exchange of ideas. This could be through masterminds, accountability groups, etc., the key is making sure both are treated with respect and given opportunities for both to benefit, not just financially. In most collaborations, people are working together to get a deal closed, but they don’t like each other, and often one party may try to take the lead and outshine the other.

SmallBizLady: Can give us an example of companies that have used Focused Collaboration as a tool?

Lyman Montgomery: Yes, companies such as IBM used focused collaboration to build teams within their organization based on several key factors: diversity of location, age, and skills. What they found was that focused collaboration was instrumental in fostering trust and transparency, and it empowered teams to take action regarding delegation, time management, and project management. Another example is Gartner, Inc., who used a modified version of focused collaboration called DevOps toolset to facilitate continuous feedback and collaboration between different stakeholders.

SmallBizLady: What do you see as the biggest problem facing small businesses today?

Lyman Montgomery: According to the Harvard Business Review and Entrepreneur Magazine, the number 1 issue facing business owners is their ability to focus. In fact, a white paper written by Gensler notes, “Concentration requires a more individualized set of options than today’s standard playbook. To enhance both collaboration and concentration, we are seeking to invent a workplace that provides a spectrum of individual choices of primary workspaces, supported by places to collaborate, socialize and learn.” In other words, we need to redefine what we focus on to ensure it adds value to others in the workplace.

SmallBizLady: You also mentioned that business owners need to stop complaining and start collaborating, why is this important?

Lyman Montgomery: To give you a quick scenario, there may be a company which is struggling to attract FB followers, and have spent hundreds of dollars on e-courses and reading books, with little success. It is suggested that they outsource this task; however, it was as if I hit them over the head with a baseball bat. They had never thought about that. Instead, they kept complaining, instead of looking at the better solution of them no longer unsuccessfully having to figure it out themselves or pay an expert to take care of it for them? In the end, they agreed to outsource or collaborate with a young college student who was an expert on FB and social media.

SmallBizLady: Do you foresee focused collaboration as a trend or fad in terms of its sustainability?

Lyman Montgomery: The world is shifting from the information age. A few decades ago, the goal was to provide individuals with information to make logical decisions. However, the problem now is that business owners are consumed with information, and this has caused many to become paralyzed with data or as we used to say in HR, “paralysis of analysis.” Currently, society is shifting to a story-telling age, where companies who can tell the best story, often in sound bites will succeed.

SmallBizLady: What in your opinion has caused the shortening of our attention span?

Lyman Montgomery: Microsoft in 2016, did a study and concluded that the average American attention span with less than that of a goldfish about 5-7 seconds before we begin to shift our focus to something else.

Based on several research studies, it takes about 7 seconds to make a first impression and, about 7 minutes to listen to a conversation before your attention begins to drift. Have you ever been talking to someone and after about 5 to 7 minutes, you begin to mentally drift? This is due to your brain trying to decide if the information is relevant or useless.

This is why focus is so important because it helps us to stay engaged and direct our attention, which actually is the simplest definition of focus. Other factors which have led to a shortening of our attention span are distractions and the endless options we have today.

SmallBizLady: What are some of these “endless options and distractions that we are faced with today?

Lyman Montgomery: There was a time when your choices of television channels were limited to ABC, NBC, CBS, and PBS. Today, we have hundreds, if not thousands of channels on our television. We also have 24-hour access to the Internet which didn’t exist 30 years ago and smartphones which can be viewed as a lazy society. Due to this phenomenon, organizations deal with workplace distractions such as technology and interruptions.

SmallBizLady: How has technology become a distraction in the workplace?

Lyman Montgomery: Employees spend hours sending emails back and forth instead of walking across the hall and engaging in a meaningful conversation. Or, employees are looking for an application or software to solve problems. When people rely too heavy on technology, it can become a distraction.

Also, people feel compelled to check their social status, and what we know from scientific research is that whenever we get a “like,” “share,” or “comment” on Face Book, our brain rewards us with a release of dopamine into the blood system. Dopamine is a natural “feel good” hormone. So, after a while, we begin to crave this release of dopamine, and it interferes with our ability to focus, which now becomes a distraction at work.

SmallBizLady: What strategies would you recommend to help those dealing with distractions to regain their focus

Lyman Montgomery: I recommend that a person dealing with distractions, first identify the type of distraction. I have noticed four common types of distractions:

Psychological – where something happened, perhaps some bad news, you are physically present, but mentally have checked out.
People interruptions – where you have a hard time focusing on your work during to constant interruptions in your work environment.
Process – where your current process or way of doing things is no longer working, and
Product – where your spending more time trying to find a technology solution instead of communicating and collaborating with other to solve a problem.

Once you have identified the type of distraction you are facing, the next step is to develop a plan to deal with your distractions.

SmallBizLady: If you operate a home-based business or work from home, what are some steps you can take to develop a plan?

Lyman Montgomery: Set boundaries by blocking off time on your calendar or set clear expectations when you can and cannot be disturbed. Second, post your work hours on the door or your desk. Third, change your voice message to reflect that you will return calls at certain times during the day and how to reach you in the case of emergency. Fourth, make sure you keep your work hours. If the distractions continue, try a co-working space, or a spare office at a larger business where you can focus and not be distracted. The key is discovering what works best and sticking with it.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post Why Focused Collaboration is the New Business Currency appeared first on Succeed As Your Own Boss.

This month, we’ll be on Twitter talking about becoming a happy entrepreneur; running a profitable business; being a woman entrepreneur and loving it; small business temperament; and understanding financial basics for your business.

Here is a list of who is on #Smallbizchat in August.

August 2nd – Temperament and Consulting for Small Businesses, @jacquelinethill

Jacqueline T. Hill has over two decades of experience as a writer, consultant, and teacher. A former certified High School English Teacher and former Pastor, she has assisted many students and community leaders. Visit Jacqueline’s site at www.thelivingacts.com.

August 9th – How to Enjoy Your Life More as a Woman Entrepreneur, @lvanderkam

Laura Vanderkam is the author of several time management and productivity books, including I Know How She Does It, What the Most Successful People Do Before Breakfast, and 168 Hours. Visit her site at www.lauravanderkam.com.

August 16th – How to Build a Profitable Business While Working Your Full-Time Job, @authenticaudra

Audra Upchurch is the owner of Xpress Mail that provides packing, shipping, printing and business services. Learn more at www.xpressmbs.com.

August 23rd – 6 Principles to Becoming a Happy Entrepreneur, @chebrownales

Che Brown is the Happy Entrepreneur. He helps people to reduce their time take back their lives and leave a legacy. Learn more at www.SalesCourage.com.

August 30th – Financial Basics – the FEW Numbers Every Small Biz Owner Should Track, @ellenrohr

Ellen Rohr is the president of Zoom Drain and Sewer, LLC. She also helps businesses and entrepreneurs to make business un-complicated, make their own money and live life un-leashed. Learn more at www.ellenrohr.com.

Every Thursday morning on Melinda’s blog, a complete Q&A interview from each #Smallbizchat is posted as a recap http://www.succeedasyourownboss.com

The post Who’s on #Smallbizchat August 2017 appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Jacqueline T. Hill who has over two decades of experience as a writer, consultant, and teacher she has assisted many students, business owners and community leaders with building their leadership skills. For more info: www.thelivingacts.com

SmallBizLady: What is Temperament?

Jacqueline T. Hill: Temperament is the personality we are innately born with that shapes our behaviors. Behaviors or actions are a reflection of our personalities. Although it’s believed most of our personalities are inherited, the greater parts are influenced and shaped by our environments and people.

SmallBizLady: What are the temperament types?

Jacqueline T. Hill: There are four personality types, and of these four, experts suggest there be a mixture of these two areas: Extroverts and Introverts.

Extroverted Personalities: The Choleric and Sanguine personality-types are more “out-going,” sociable, and comfortable in a crowd, even standing out in a crowd.

Introverted Personalities: The Melancholy and Phlegmatic personality-types are more shy, “reserved”, feel anxious about being, and especially, singled-out in a crowd.

SmallBizLady: How can your temperament affect your small business?

Jacqueline T. Hill: You must self-assess to learn how your persona carries two or more of these traits. Once you understand the differences between an extrovert and introvert, you will be able to determine if you need a partner who can handle more of the people management side of your business or the sales piece, if you really have trouble with it. You always want to hire for your weaknesses, knowing this information about yourself will help you make strategic hiring decisions.

SmallBizLady: How does your temperament help you decide the best customer targeting approach?

Jacqueline T. Hill: Understanding your temperament will help to better gauge who to work with especially if you are providing professional services. Everyone is not your ideal client. Personalities will conflict. If you are providing consulting services, you must know which clients are the best fit and how to redirect others interested in partnering with you to a better option without burning the relationship.

SmallBizLady: How can a business owner find out their personality/temperament type?

Jacqueline T. Hill: There is a FREE temperament test online. You can Google “The Four Temperament Types.” It’s the shorter version of the actual test. The questions take a little time to answer. They probe into deep areas of the personality. Even though the questions seem to be surface, they aren’t. The test takes you beyond being nervous or anxious around people. It reveals why you are “wired” the way you are with people. There is also The Kolby Test, which helps business owners better understand their “gifts” for their company.

SmallBizLady: Are there specific types of temperaments that leads to running a successful business?

Jacqueline T. Hill: Yes, along with ensuring that you and your employees are in the right roles/jobs will help to give value to your customers and with the success of the business. We will look at three of them: manager, entrepreneur and professional.

Manager – organizers, planners, decision-makers, manages staff
Entrepreneur – visionaries, risk takers, energetic, process improvers
Professional – communicators, time-sensitive, hands-on, technically skilled (computer, electrician, etc.)

SmallBizLady: Is it advisable to cease working with a client due to conflicting temperaments?

Jacqueline T. Hill: You always need to decide if the check is worth the aggravation. How things start out is typically how they will be. If a client starts out rescheduling meetings at the last minute, not taking your expert advice or not providing information timely, that tells you a lot about how they organize themselves or whether they value your time and expertise. Talk it through to see if you can get a better working relationship. Then if nothing changes, finish out the contract and move on. Or, if there’s really a conflict, and you can afford to, it could be a situation where you finish just your current deliverable and execute the termination clause of your contract. Reconciliation requires uncomfortable talks. Therefore, understanding your temperament is critical. Discomfort at times comes with being a business owner.

SmallBizLady: Can an aggressive or hyper-sensitive nature hurt a business?

Jacqueline T. Hill: Wearing your feelings on your sleeves can hurt your business. It’s okay to be focused and assertive, but crossing that line could result in resentment from your customers and employees. Understand that people will make mistakes; however, sometimes you will need to step back, reassess the problem and take a different stylistic approach to resolving the problem. Instead of being aggressive or hyper-sensitive, focus on building a strong relationship with your customers and employees to avoid running them away. No customers = No sales.

SmallBizLady: What are the four different temperaments and how does it relate to my customers, employees and me?

Jacqueline T. Hill: The four temperaments help business owners know how to attract, market and interact with their customers and employees:

Methodical – logical, meticulous and want details (moved by information)
Spontaneous – impulsive and make quick decisions in the first 5 seconds (moved by convincing and beneficial bullet points)
Humanist – caring and are moved by what others have said (moved by the number of comments – go with the crowd)
Competitive – front runners who want opportunities to be ahead of the crowd (want assurances that are getting the best)

SmallBizLady: What are some key things I should keep in mind to develop a successful business model?

Jacqueline T. Hill: It all starts with being driven and passionate about your business. There are two areas that work together: desire and loving the work you do for your customers. Then, it’s ensuring that you are working in the area that complements your strengths. Make sure you don’t burn out so quickly by wearing too many hats and build a highly effective team to support your goals.

SmallBizLady: What advice or next steps do you suggest for business owners?

Jacqueline T. Hill: I suggest taking the 10 question personality test. Be as open-minded as possible for the results. You will gain a new perspective about yourself and how you view others. It will also help you accept the difference in others. We aren’t wired the same, but we all can become self-aware and better business owners that meet the wants and needs in our clients.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post Do You Have the Right Temperament For Your Small Businesses? appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Laura Vanderkam who is the author of several time management and productivity books, including I Know How She Does It, What the Most Successful People Do Before Breakfast, and 168 Hours. For more info: www.lauravanderkam.com

SmallBizLady: If I want to spend my time better what’s the first step?

Laura Vanderkam: Figure out where the time is going now! Try tracking your time for a week. You can use an app, a spreadsheet, or a notebook. Without knowing where the time goes, it’s hard to know if you’re changing the right things. Maybe something you think is a problem isn’t. Or vice versa.

SmallBizLady: You think lots of people have blind spots with time — even you! What are some of those?

Laura Vanderkam: Most of us think we work more hours than we really do. Entrepreneurs think about work a lot, so we may feel we’re always working. But that’s not true. I used to think I worked 50 hours/week. Then I tracked my time for a year and found I worked 40. Big difference! And I write about this topic! The good news is that even long hours allow space for other things. There are 168 hours in a week. Work 60, sleep 8 per night (56 per week) and you have 52 for other things.

SmallBizLady: People think time management is about saving bits of time here and there. You disagree — why?

Laura Vanderkam: You won’t change your life by saving 2 minutes in the shower, or 3 minutes getting coffee. Put the important stuff in first, and everything else will naturally take less time.

We don’t build the lives we want by saving time. We build the lives we want, and then time saves itself.

SmallBizLady: I oftentimes hear people say “I don’t have time,” what do they really mean?

Laura Vanderkam: I don’t have time really means “It’s not a priority.” I could tell you I don’t have time to iron my sheets, but that’s not true. If someone offered to pay me $100,000 to iron my sheets I would find the time!

Using this language reminds us that time is a choice. There may be consequences to those choices, but we have more control than we often think.

SmallBizLady: Women entrepreneurs always tell us there aren’t enough hours in the day. What do you think?

Laura Vanderkam: There aren’t enough hours in the day to get to everything, but we don’t live our lives in days. We live in weeks. Think 168 hours, not 24, and you’ll see how much space you have.

Things don’t have to happen daily, or at the same time every day, in order to count. If you travel two nights a week for work, focus on the 5 you’re home!

SmallBizLady: What are some strategies women can use to make time for relationships and personal priorities?

Laura Vanderkam: Try planning your priorities for the next week each Friday. Consider making a 3-category list: career, relationships, self.

Using all 3 categories will remind you that there should be something in all 3 categories! That right there can help you build a more balanced life.

After making the list, look at the next week, and see where these priorities can go on your schedule.

SmallBizLady: How can busy women entrepreneurs build space into their lives?

Laura Vanderkam: Be careful with the word “yes.” Saying yes to one thing is really saying no to something else.

If someone asks you to do something far in the future, ask yourself if you would do it tomorrow. If you wouldn’t, you won’t be happy about it 3 months from now either. So, your answer should be “no.”

Also, each Friday, look at your calendar for the next week and see what you can ignore, minimize, or outsource. At work, and at home! You don’t have to do everything

SmallBizLady: Why are weekends the “secret weapon” of successful people?

Laura Vanderkam: Weekends can rejuvenate you, so you hit Monday ready to go. Successful people make sure that they create weekends that don’t disappoint them, or exhaust them.

SmallBizLady: How should women entrepreneurs plan their weekends to enjoy life more?

Laura Vanderkam: A few days ahead of time, think of 3 things that would add to your energy levels. Look at your weekend, and see when you could make these things happen.

They can be simple things: coffee with a friend, a bike ride, worship services, volunteering. Putting a little thought into the weekend ensures it will be energizing.

SmallBizLady: When we have bits of time we all check email or social media. What else could we do with that time?

Laura Vanderkam: Try using bits of time for bits of joy! I like to read on the Kindle app. That way I’m reading real literature instead of headlines. You can call or text a friend. You can meditate, or stretch. Little bits of space can make life seem calmer and more enjoyable.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Enjoy Your Life More as a Woman Entrepreneur appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Audra Upchurch who inspires career women to embrace their authenticity and thrive in their personal lives. She is also the owner of Xpress Mail that provides packing, shipping, printing and business services. For more info: www.xpressmbs.com.

SmallBizLady: Audra, I want to start a business but can’t afford to quit my job. Where do I begin?

AuthenticAudra: Start with something you’re good at and passionate about. If you’re working a full-time job that you’re already not happy with, no need to do the same with your business. Do something that excites you! That’s going to motivate you when you’re tired at 2am and working on a customer deadline. Also, make sure there is a need in the market for your business idea before you jump in; but most importantly, sit down and discuss it with your family.

SmallBizLady: Should I inform my boss that I am starting my own business

AuthenticAudra: You’ll want to review your employee handbook and policies to confirm if it is a requirement or if there is a non-compete clause. Also, consider your relationship with your boss. If you think your boss will feel like you’re hiding something then you may want to share it.

SmallBizLady: What if my boss is uncomfortable with the idea of me starting a business? I still need a paycheck.

AuthenticAudra: Have a candid conversation with your boss. Share your schedule and ensure him that you are not working on company time. Your boss may not be aware of the automation and outsourcing options available and that your business can run efficiently while you are at work.

SmallBizLady: Will my family and friends support me?

AuthenticAudra: They may, but don’t count on it. Your vision of entrepreneurship is your own. Family and friends mean well but if you are truly building a business, and not a hobby, you must build a customer base to sustain your business. If your idea is solid, there are customers out there, but you must do the work to find them.

SmallBizLady: Where do I find customers?

AuthenticAudra: Networking is the easy answer but it’s so true! Develop a blueprint of your target customer (their likes, dislikes, habits, etc.) and network in those key areas. Also, partner with another small business to pool resources so you won’t have to take so much time away from work. You’ll also want to register at sam.gov (System for Award Management) for possible federal contracts, depending on your products and services. Also, register with your state and local procurement offices as many of the contracts have small business requirements.

SmallBizLady: What should I do to prepare?

AuthenticAudra: Your business will require time, attention and focus to be successful. After giving your job 8 hours of your day, you’ll still have family obligations so your time will be tight. Sit down and assess what items you can remove from your schedule. Everything should be on the table from tv time to chores. Discuss the schedule with your family to see who can pick up the slack.

SmallBizLady: How do I get my family’s buy-in on my new schedule? They feel like they are being neglected.

AuthenticAudra: I have 3 tips for getting their buy in; 1- be consistent in your business. If you’ve scheduled to work 4 nights a week in your business then work 4 nights a week. No going to shoot pool instead of contacting customers. 2- show up for them when you say you’re going to show up. If it’s family night don’t keep your family waiting while you finish up a conference call. 3 – let them in on your end game. Let them know this is not forever and that you have a plan. Set an actual date, even if it’s years out.

SmallBizLady: What if I can’t do it all?

AuthenticAudra: You can’t. No one expects you to. Along with leveraging other small businesses, don’t be afraid to outsource. In this dual role, your time should be spent on the revenue producing activities. Administrative, financial and ever marketing actions can be outsourced so your time is well spent. Automation is your friend. Schedule social media posts and invest in a good customer relationship management tool (CRM) that will work while you sleep. In fact, utilize your spouse and kids to help with stuffing envelopes, sending emails or scheduling your social media posts so that they feel involved and save money on outsourcing those tasks.

SmallBizLady: How should I pay myself?

AuthenticAudra: You don’t. You should be reinvesting in your business until you are generating a profit. Generally speaking, profit is what’s left after expenses. Since you have the benefit of your full-time job to cover your household bills, it would be wise to reinvest in your business to expedite growth if your intention is to quit your job one day. For the time being, your job is funding your business.

SmallBizLady: I have years of experience in my field, should I still invest in a coach?

AuthenticAudra: Working for a business and running a business are two completely different animals. Although you may have the technical expertise, you still need someone to show you how to set up your business systems, marketing, forecasting, etc. A coach can help you do that and avoid costly mistakes that your small business cannot afford to make in its infancy.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to build a profitable business while working your full-time job appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Che Brown who is the Happy Entrepreneur. He helps people to reduce their time, take back their lives and leave a legacy. For more info: www.SalesCourage.com

SmallBizLady: As one of the biggest producers of black entrepreneurs, what’s one of the biggest challenges that your clients face?

Che Brown: Figure out where the time is going now! Try tracking your time for a week. You can use an app, a spreadsheet, or a notebook. Without knowing where the time goes, it’s hard to know if you’re changing the right things. Maybe something you think is a problem isn’t. Or vice versa.

SmallBizLady: You think lots of people have blind spots with time — even you! What are some of those?

Che Brown: Like many entrepreneurs, our clients are dedicated to making both a difference and a dollar. They have big business goals, and they’re dedicated to reaching those goals. This isn’t a problem on its own. However, we’ve seen a lot of entrepreneurs sacrifice their health, relationships, and well-being to realize those goals. This seems like a worthy sacrifice to many entrepreneurs, but there are often unintended consequences. The first is that they end up making what should be a short term sacrifice turn into a way of living. They end up feeling unhappy and under pressure, and it’s difficult to turn it around without some major changes.

SmallBizLady: What kind of unintended consequences do these entrepreneurs face? How does this affect their business and life?

Che Brown: The big consequence is that an entrepreneur can fall into the trap of living out of the need of immediacy, and not out of abundance. What we mean by that is, they’re constantly putting out fires. Because the entrepreneur has ignored some vital areas of life and business, they’re now spending their time focusing on what needs to get done “now” just for the survival of their business, health, relationships, etc. This isn’t a good place to operate from. And this is what ultimately leads to unhappiness. That’s why we’ve created The Happy Entrepreneur.

SmallBizLady: What’s the idea behind the Happy Entrepreneur?

Che Brown: The Happy Entrepreneur is a movement that’s based on one big idea: the results that show up in our lives are just as important as those that show up in our business. Too many entrepreneurs get stuck focusing only on their business and ignoring their personal lives. Not only does this lead to unhappiness, but it also means that the success we see in our business will ultimately be limited.

SmallBizLady: How does someone determine whether they’re ignoring their personal lives, or if they’re just doing what’s necessary and making sacrifices along the way?

Che Brown: 1st start out by doing an assessment of your time. In 1st column, list all of your priorities, including your family; 2nd column share how long it will take, 3rd when you will do it. If you find that your priorities are written, but not included with a deliverable, then they are simply wishes. Now you can recalibrate your priorities that include the things that mean the most to you and eliminate unnecessary tasks.

SmallBizLady: How would someone use The Happiness Scale?

Che Brown: Each week, you’ll commit to doing an equally positive action in both business and life. For example, you may decide that working out is a priority in your personal life. In your business, maybe speaking with 5 prospective clients is a priority. If you decide those should be paired (because they’re equally important), you’ll commit to doing them both as a pair and assign a point value to them. If you complete the pair, you get those points. If you don’t do either task, you don’t get any points. If you do one but not the other, you get negative points. The goal is to exceed 100 points each week, for as many weeks as possible.

SmallBizLady: How does a small business owner find the time to get through their entire to-do list and still spend so much time on their personal lives?

Che Brown: That’s where a lot of entrepreneur’s struggle. They lack time and energy to get it all done. And usually, our personal lives are the first to suffer. The Happy Entrepreneur focuses on 6 core principles designed to rescue our time back, to include: systems, automation, and collaboration among other tools to make this happen.

SmallBizLady: What are the 6 core principles and how do those principles help us rescue our time back?

Che Brown: The six core principles are systems, automation, collaboration, people, processes, and performance. When used together, these principles help us get more done in less time

SmallBizLady: What’s the biggest challenge with utilizing these 6 core principles?

Che Brown: Any time we implement a new system; we’ll experience challenges at first. The biggest challenge here is understanding that “The answer to who doesn’t always have to be you.” That is, just because something needs to get done in your business or life, doesn’t mean you have to personally take the time to do it. For example, automation can handle a lot of your sales and marketing. Collaborations can help your business grow. People on your team can handle daily tasks. Once you accept that you don’t have to personally handle every detail, you’ll start to rescue your time and have a lot more choices for what you do with that time. We prefer to use it to get our lives back and work on leaving our legacy.

SmallBizLady: Can you talk more about leaving a legacy?

Che Brown: Legacy can really refer to anything you want to leave behind. Maybe you’re building a community. Maybe you want to leave your family wealth. Maybe you want to write a book, or impact a group of people. Whatever it is, you’ll never have time if you’re constantly living out of the need of immediacy. Your legacy will never feel urgent until it’s too late.

SmallBizLady: You mentioned that People is a core principle. What can someone do if they can’t afford to build a team?

Che Brown: Building a team is just one way to use the power of people. First, it’s important to acknowledge that help come in all shapes and sizes. In your personal life, you might get creative and find friends or family to help in exchange of something that isn’t money (an exchange of favors, possibly). In business, you don’t have to hire a full time employee to get help. Look at working with a professional for one time projects, or hiring an assistant that works a couple hours a week for recurring admin tasks. This principle is also tied to collaboration – meaning, you can collaborate with piers to work out a win-win.

SmallBizLady: If anyone out there is struggling to find happiness in their business and life, what’s your advice?

Che Brown: When you can master the art of making a dollar and a difference at the same time, you’ll find happiness. It’s the reason many entrepreneurs went into business in the first place.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post 6 Principles to Becoming a Happy Entrepreneur appeared first on Succeed As Your Own Boss.

This month, we’ll be on Twitter talking about launching and growing a product based brand, having a greater impact, creating a brand experience, and getting your business unstuck.

Here is a list of who is on #Smallbizchat in September.

September 6th – How to Launch and Grow a Product Based Brand, @INDIEbusiness

Donna Maria Coles Johnson is an attorney, author, and entrepreneur mentor. She is the founder of the Indie Business Network, which trains the next generation of entrepreneurs who make the products they sell. Visit her site at www.indiebusinessnetwork.com.

September 13th – How to Have a Greater Impact in Your Small Business, @jsonenshine

Joanne Sonenshine is Founder + CEO of Connective Impact, a company focused on bringing like-minded organizations together to improve how we utilize resources and address the crises of our time. She is also author of ChangeSeekers: Finding Your Path to Impact. For more information, visit www.connectiveimpact.com.

September 20th – Be Unforgettable: 6 Tips to Creating A Brand Experience, @Kreative_Eye

Teanna Ross is the CEO of Kreative Eye. She works with entrepreneurs and small business owners to brand and market their business. Learn more at www.kreativeeyedesign.com.

September 27th – How to Get Your Business Unstuck, @barrymoltz

Barry Moltz gets business owners growing again by unlocking their long forgotten potential. With decades of entrepreneurial experience in his own business ventures as well as consulting countless other entrepreneurs, Barry has discovered the formula to get stuck business owners unstuck and marching forward. After successfully selling his last operating business, Barry has branched out into a number of entrepreneurship-related activities. He founded an angel investor group, an angel fund, and is a former advisory member of the board of the Angel Capital Education Foundation. Barry’s fifth book “How to Get Unstuck: 25 Ways to Get Your Business Growing Again” is currently available on Amazon. For more information, visit: www.barrymoltz.com

Every Thursday morning on Melinda’s blog, a complete Q&A interview from each #Smallbizchat is posted as a recap http://www.succeedasyourownboss.com

The post Who’s on #Smallbizchat September 2017 appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Elen Rohr who is the president of Zoom Drain and Sewer, LLC. She also helps businesses and entrepreneurs to make business un-complicated, make their own money and live life un-leashed. For more info www.ellenrohr.com.

SmallBizLady: A lot of Small Biz owners struggle with the financials. Is it really that important to understand the numbers?

Ellen Rohr: Business owners may find themselves jumping into business and not wanting to crunch numbers, review spreadsheets or confront their financial situation. If you’re running out of time and digging a deep hole of debt, no one else is going to figure this out for you. It’s your responsibility. Others may work hard in other areas and don’t have the skill or bandwidth to pick up a new task; therefore, ready or not, set your mind to go over, under, around or through any obstacle between understanding your financial situation.

SmallBizLady: How long does it typically take to get your accounting in shape?

Ellen Rohr: On your own, it may take about a year to develop a firm understanding of the accounting. However, to lessen the time, it’s recommended that you hire a great accountant to eliminate the struggle, errors and serves as a check and balance. Also, look at mistakes as a learning experience and a crossword puzzle. Have FUN finding/fixing the glitch in your data entry. This will help you become more proficient and face your financials head on and make decisions based on the numbers.

SmallBizLady: If your accounting is a mess, where do you start?

Ellen Rohr: Commit to getting to a Known Financial Position – KFP, which is essential to your success & profitability. “Known” is the key element. It may be that you are losing money, or deeper in debt than you would like to be. Find out how much & how deep. That’s the starting place. Financial reports are the Scorecards in the game of business. You can always improve the score. But you must know where you are right now.

SmallBizLady: Can you just hire an accountant or a bookkeeper to do that?

Ellen Rohr: A good accountant helps to develop an accounting system that delivers the financial information to make good decisions. A good accountant will be excited when you tell them that you want to learn how to read, use financial reports and won’t feel threatened when you decide to move the accounting system “in house” instead of shipping it out to them.

A good bookkeeper will be meticulous about data entry and getting it entered on time. If you are the bookkeeper, figure out double-entry accounting and how to fully utilize your accounting system. When you are ready to hand off the position, you’ll be prepared to work well with your bookkeeper to receive on-time, accurate and relevant information.

You can hire some help, however, as the owner you are responsible for knowing where the money is and where it goes. It’s your money!

SmallBizLady: What financial reports are the most important ones you should really keep an eye on?

Ellen Rohr: The Balance Sheet and the Income Statement (aka The Profit & Loss, or P&L) are the biggies. If you have a manufacturing company, or if your sales cycle – from Sale to completion of product or service to payment is longer than one month, you might also run a Statement of Cash Flow.

SmallBizLady: Most people are OK with the P&L. It’s the Balance Sheet that trips them up.

Ellen Rohr: Oh, and the Balance Sheet is the numero uno report! The Balance Sheet reflects the financial condition of the company.

Assets = Liabilities + Owner’s Equity

ASSETS: The ‘stuff’ the company owns. Anything of value – cash, accounts receivable, trucks, inventory, land.

LIABILITIES: These are sources of assets – how you got the ‘stuff’. These are claims against assets by someone other than the owner. This is a reflection of what the company owes. Notes payable, taxes payable and loans are liabilities.

EQUITY: Equity includes funds that have been supplied to the company to get the ‘stuff’. Equity also reflects ownership of the assets earned through profitability. Equity shows ownership of the assets or claims against the assets, a reflection of what the company owns.

SmallBizLady: So, what if you have a few assets…and a lot of debt? Can you fix it?

Ellen Rohr: Maybe! The very good news, per Warren Buffet, is that you can always make your financial situation better. As a business owner, Job One is to protect the assets. Job Two is to grow the assets.

There’s only 3 Ways to Grow Assets:

#1 – Borrow Money. You could borrow money…assets go up and a Note Payable (a liability) goes up.

#2 – Invest Money in the Co. When you (or another owner/investor) put money in the company, assets/Paid In Capital goes up

#3 – Create a Profit. When you sell more than it costs, it creates a profit – reflected in Balance Sheet equity section. If Net Profit (an equity account) goes up, assets go up, too; the best way to increase assets, to create wealth.

Sometimes investing money in a company can buy time, or equipment, that will help build the profitability of the company.

SmallBizLady: So, what are the few numbers that you watch?

Ellen Rohr:

Balance Sheet: Pay attention to Current Assets (Cash and Accounts Receivables) to compare bills for payment (Current Liabilities). This is a current ratio, or acid test. Can you pay the bills? Pretty important!
P&L: Track Sales, of course. And I keep an eye on Cost of Goods Sold (COGS), or Direct Costs. These are the variable costs, primarily Materials and Labor, that are incurred after a sale. Look at dollars and percentages. Gross Profit, which is Sales – COGS.
Gross Margin, which is Sales – COGS expressed as a %. Because payroll is typically your biggest expense, watch your total payroll as a % of sales. If it spikes, you may lose money.
According to Jim Abrams, “Make money with the sales you have.” If you don’t have it, don’t spend it. This works very well as a service provider.
However, as a manufacturer, you may have to invest in inventory prior to a sale. If that’s your situation, add a Cash Flow Projection to the reports you review.
For bigger companies, over a million in sales, create classes or departments. Don’t go overboard though! Keep your Chart of Accounts short and focused.

SmallBizLady: Many Biz Owners struggle with budgeting and forecasting. What’s your recommendation?

Ellen Rohr: Start tracking these Balance Sheet and P&L numbers weekly…for Month-to-Date and Year-to-Date. AND, you can put a little budget together. Then, you can compare actual to budgeted numbers.

Budgeting is just goal setting. If you don’t love the “score” you can use a budget as a way to create that which you would rather have…more sales, more cash, better %s. Easy peasy!

SmallBizLady: What about using subcontractors?

Subcontractors could be a perfect fit for you! Choosing to use subcontractors involves another set of rules. Although, complicated, business is a game, and games have rules. Do your diligence by identifying, getting referrals and hiring great subcontractors.

SmallBizLady: If you don’t know accounting, should you take an accounting class?

Ellen Rohr: Maybe! However, the best bookkeepers I know do not have accounting degrees. You can figure it out, with the help of a good accountant, bookkeeper and even YouTube videos.

Ensure that you learn the basic transactions that covers about 90% of all the data entry:

Entering Sales
Enter Web Order
Applying Customer Payments
Making the Deposit
Entering Bills
Paying Bills
Enter Credit Card charges
Pay, reconcile the Credit Card Statement
Entering Payroll – from an outsourced report
Reconciling the bank accounts

Work with your accountant to help with more technical transactions:

Entering a new vehicle or other asset
Recording the sale of a vehicle or other asset
Regular Depreciation expense
Beginning Balances for a new company
Year End adjustments to reflect your tax return information
Making sure you are paying the right amount of tax, and paying it properly

SmallBizLady: What’s the biggest – most common – accounting mistake that Biz Owners make?

Ellen Rohr: They get balled up with payroll. I highly recommend using a payroll service, like ADP or Paychex or Wells Fargo, to avoid making accounting mistakes, or miss a due date. Many business owners have made payroll mistakes that end up costing them years of retroactive payments and penalties.

Note that outsourcing payroll doesn’t get you off the hook. Make sure you are paying taxes properly. Every time the owner puts money in or takes money out, there are tax implications. With employees, keep in mind that there are lots of rules about payroll taxes. Additionally, be careful with bonuses, overtime, benefits, fair wages.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post Financial Basics – The FEW Numbers Every Small Biz Owner Should Track appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Donna Maria Coles Johnson who is an attorney, author, and entrepreneur mentor. She is the founder of the Indie Business Network, which trains the next generation of entrepreneurs who make the products they sell. For more info: www.indiebusinessnetwork.com

SmallBizLady: WHAT ARE THE MAIN DIFFERENCES BETWEEN A PRODUCT- AND A SERVICE-BASED BUSINESS?

Donna Maria Coles Johnson:

Product-based business costs are generally higher than service-based business costs. Product-based businesses need ingredients/components, packaging, workspace, product photos; service-based businesses do not. Product-based businesses are generally more heavily regulated than service-based businesses. Shipping, returns, etc., add expenses that service-based businesses do not generally have. Generally, can get services to market faster than can get physical products to market, so speed to market is a differentiator.

SmallBizLady: HOW DO I KNOW WHETHER I SHOULD START A PRODUCT-BASED OR A SERVICE-BASED BUSINESS?

Donna Maria Coles Johnson:

Decide what kind of life you want BEFORE you choose the type of business you want to have. Be self-aware. The type of business you start will define your lifestyle, and whether you are happy in your lifestyle will define your business. If you make the products you sell, your product-based business can make a location-independent lifestyle more challenging. Research your market thoroughly. Whether product or service, don’t offer any product in a market you have not researched.

SmallBizLady: WHAT ARE SOME OF THE BENEFITS OF A PRODUCT-BASED BUSINESS?

Donna Maria Coles Johnson:

Building a product-based brand is fun and edifying. Seeing people love your product is satisfying. A physical product can be pictured on social media, making it easier to market than a service. Building a tribe around a physical product is fun. Brand ambassadors can boost sales. Producing products allows you to explore your creative side and tell a great story. If you properly scale a product business, especially with right price and distribution, you can make tons of cash.

SmallBizLady: HOW DO I KNOW WHAT PRODUCT IS BEST FOR ME TO SELL?

Donna Maria Coles Johnson:

Sell a product people want to buy. Don’t just sell a product that’s awesome. Sell a product the market needs and wants. KEY: Don’t make a product, and then find a market for it. Find the market that wants a product, and make the product for that market. Research your market. What are the laws? Can you get supplies? What are your costs to manufacture? Who else is already doing it? Who else is making money selling similar products? Can you duplicate their processes successfully? Have enough money to make and sell the product, and a business plan to create cash flow as quickly as possible.

SmallBizLady: ONCE I KNOW WHAT PRODUCT TO SELL, WHAT DO I DO NEXT?

Donna Maria Coles Johnson:

Establish a business structure and open a business account. Corporation? LLC? Give your business shape and form. Get Quickbooks or other tools to help you track your money. Set your mind to account for every single penny. Know exactly how much it costs to make your product, then price it to maximize your profit margin and make the most money. Join a trade organization or networking groups where you can learn, grow, and be supported in a community of like-minded peers.

SmallBizLady: HOW DO I CHOOSE A BRAND NAME FOR MY PRODUCT LINE?

Donna Maria Coles Johnson:

Search the trademark office database (www.uspto.gov) and Google to ensure no one else is using the name you want to use. Do not use a brand name that someone else is using. Don’t infringe on someone else’s trademark. File a trademark application to register your brand name(s). You may wish to hire an attorney for this. Reserve brand name as a domain name and set up your website there. Reserve your brand name on all social media outlets, even ones you don’t plan to use. Put your branding there.

SmallBizLady: HOW DO I FIND MY TARGET MARKET?

Donna Maria Coles Johnson:

Find your target market BEFORE you create a product. Find a hole in the market you want to serve, and create a product to fit that hole perfectly. Don’t make a square, only to discover that everyone wants to buy a circle! Narrow your market down to a specific, well-defined, narrow niche. Clarify your brand message. Be consistent and proactive. Read The Fortune Cookie Principle by Bernadette Jiwa. People do not buy products. They buy experiences. They buy you.

SmallBizLady: ONCE I NAIL DOWN MY PRODUCTS AND MY BRAND MESSAGE, AND TARGET MARKET, WHAT NEXT?

Donna Maria Coles Johnson:

Once you have an audience, you can sell anything. Build your audience. Use social media to engage your target audience. Build your tribe by educating and entertaining. Decide whether you want to sell your products wholesale, retail, or both. Wholesale involves selling to other stores, who then sell to consumers. Retail is you selling direct to consumers. You can do both wholesale and retail, but this will increase your costs. They are two very different animals. Decide which social media outlets will be your core marketing channels. For products, Facebook and Instagram are likely best. Publish a marketing newsletter regularly, one to wholesale buyers, one to retail (consumer) purchasers. Use a blog to attract traffic via search engines and create a diary of your brand journey.

SmallBizLady: WHAT ARE THE BEST WAYS TO SELL MY PRODUCTS?

Donna Maria Coles Johnson:

There are several ways to sell products. You can set up a website and sell direct to consumers. You can sell products inside a Facebook group, or you can use Facebook and/or Google ads to reach buyers. If you wholesale, do trade shows or use sales reps or distributors to sell to buyers. You can visit local stores that cater to your demographic, and pitch to them. You can also set up a business model that sells exclusively on Amazon or Etsy, or another online marketplace. You can open your own store, and sell your products there, or you can do popups. The kind of lifestyle you want will help you define how best to sell your products.

SmallBizLady: HOW DO I LEVERAGE MY PERSONAL BRAND TO SELL MORE PRODUCTS?

Donna Maria Coles Johnson:

YOU are the only thing about your business that no one else can copy. People love seeing the “real you,” and learning about your life and why you do what you do. People don’t buy what you produce. They buy why you produce it. Telling your story leverages the power of you. Use the power of video to brand yourself as the leader of your business. Share your story and daily business journey. Spotlight your team members. Use www.helpareporter.com for low cost PR. Seek opportunities to be physically with your customers so they can know, like, and trust you. Document on social media.

SmallBizLady: HOW DO I LEVERAGE PERSONAL AND BUSINESS RELATIONSHIPS TO SELL MORE PRODUCTS?

Donna Maria Coles Johnson:

Personal relationships are the lifeblood, not only of your life, but also of your business. Nurture and treasure them. Seek out like-minded colleagues for joint opportunities to create new lines and sell more products. Possibly collaborate with other product producers locally at popups and other social events. Use your blog and newsletter to spotlight people you want to connect and build with. Share their links. Cheer people you want to collaborate with. Move toward their inner circle, request introductions. Don’t be shy. Make stuff happen.

SmallBizLady: HOW DO I EVOLVE AND EXPAND MY PRODUCT-BASED BUSINESS?

Donna Maria Coles Johnson:

As you mature as a leader, and your business matures, you will see opportunities to grow and expand. It’s different for everyone. You first must know what you want to do. Do you want a global brand? Or do you want to stay local? Depending on your goals, you’ll expand or not. You can add new lines of products to grow, discontinue lines to stay small. One way to expand is to develop brand ambassadors and/or relationships with distributors who can sell more of your products. Remember that growth sucks cash, so don’t grow faster than you can handle. Some people may prefer to “stay small and keep it all.” After growing a product brand, you can start a service-based business teaching other’s how to do what you did. Stay true to your personal life goals and decide whether to expand or not based on them.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Launch and Grow a Product-Based Brand appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Joanne Sonenshine is Founder + CEO of Connective Impact, a company focused on bringing like-minded organizations together to improve how we utilize resources and address the crises of our time. She is also author of ChangeSeekers: Finding Your Path to Impact. For more info: www.connectiveimpact.com

SmallBizLady: WHAT ARE SOME OF THE TRIGGERS AND OUTCOMES IN LIFE THAT CAUSES CHANGE?

Joanne Sonenshine:

That’s a good question. Typically, people may consistently struggle to find true satisfaction in their professional career, year deeply for meaning and/or fulfillment. This may result in resigning from your job and taking the risk to start a new business. However, determine is what it takes to be successful and loving what you do can change the trajectory of your life. Many people also realize there could be substantial lessons learned and lead to a circuitous path to find their own method of impact the world. Thus, becoming a ChangeSeeker.

SmallBizLady: YOU MENTIONED A CHANGESEEKER, WHO ARE THEY?

Joanne Sonenshine:

ChangeSeeker’s are amazingly inspiring people who are truly changing the world around us each day. They are those who have navigated significant person or professional challenges to seek out a more impactful career, starting a small business and having more meaning in their lives. ChangeSeeker’s inspire others to want better for themselves.

SmallBizLady: WHAT ARE SOME OF THE BENEFITS BEING A CHANGESEEKER?

Joanne Sonenshine:

ChangeSeeker’s can expect to be more confident in their own personal and business pursuits. They tend to recognize and embrace a change in their lives, find greater meaning and be at peace. Additionally, they welcome the opportunity to resonate with others and carry on the fight to make the world a better place.

SmallBizLady: WHAT ARE SOME OF THE CHALLENGES IN BALANCING LIFE AS A BUSINESS OWNER AND LIFE, IN GENERAL?

Joanne Sonenshine:

Typically, the greatest challenge tends to be balancing yourself. As small business owners, you need to remember that it’s impossible to perform all the roles in your life well, all the time. Therefore, it may require compromise and sacrifice being the “best” parent or spouse to ensure your business is operating at capacity. Try and balance out the time you spend with your family and between work.

SmallBizLady: HOW WILL A CHANGESEEKER KNOW THEY ARE ON THE RIGHT PATH?

Joanne Sonenshine:

I don’t think there’s one answer for this, because there isn’t even one “right path.” Your career or business journey can take a series of twists and turns, and in some cases, have questionable results. Once you find yourself in a position that seems to be the be-all and end-all, often there are opportunities or decisions that make you question whether there’s more in store. Frankly, that’s part of the excitement—staying curious and pushing forward, not doubting yourself, your business choices and staying true to what drives you—your inner voice.

SmallBizLady: What are the steps TO FINDING fulfillment?

Joanne Sonenshine:

It will take dedication, focus and risk before many people will find what is going to truly inspire them to fulfill their career, personal development, and small business goals. This could mean that you will need to stop being the person you thought you were and embracing the person you need to become. Try redefining your personal and profession intent. Redirect your focus and energy without drastic consequences. Being successful at self-direction on a path toward true impact means finding the confidence from within to take risks, make mistakes and apologize for failures, and move on without second guessing yourself. This takes experience, knowledge gathering, and practice to find true fulfillment.

SmallBizLady: WHAT ADVICE WOULD YOU GIVE TO BEGINNERS?

Joanne Sonenshine:

Tell yourself to “just go.” Like the Nike slogan, “Just Do It.” Don’t overthink, just keep moving forward and follow the senses that guide you towards the next hurdles and decisions.

SmallBizLady: WHAT HAPPENS WHEN YOUR “PATH” HAS INTERFERENCE BY TRYING TO MANAGE THE EXPECTATIONS OF OTHERS?

Joanne Sonenshine:

Expectations carry a weight that makes decision-making fraught with hesitations and uncertainties. Having confidence, moving forward despite hurdles and trusting your gut will keep you moving, whether it’s in the ‘right’ direction or not. The experiences you gain are all critical to the journey. Who you are, and ultimately who you become, is built on multiple layers of expectation. Your path shouldn’t be based on what is expected of you, or what dues you have paid, but instead on where you see need, where you can provide value, and ultimately where you can have the most impact.

SmallBizLady: HOW DOES THE CONCEPT OF “FLEXIBILITY” PLAY IN THE VARIOUS PATH-CHANGES IN LIFE?

Joanne Sonenshine:

Stay true to your beliefs, which is the opposite of being flexible.
Recognize when a situation is just not right.
Be honest, both with those around you and yourself.
When it’s time to move forward, it’s just time to move forward

SmallBizLady: HOW VALUABLE CAN RELATIONSHIPS BE IN THE SUCCESS OF YOUR CAREER AND BUSINESS?

Joanne Sonenshine:

Valuable does not even do the importance of relationship building justice. Having close friendships, knowing those in your network as people that have interests and passions of their own, and listening with intent to what makes people tick can be the most pivotal elements of your personal and business journey.

SmallBizLady: AFTER JUMPSTARTING YOUR LIFE, CREATING AND HAVING A GREATER IMPACT IN YOUR SMALL BUSINESS, WHAT’S NEXT?

Joanne Sonenshine:

The beauty of not knowing is that the potential is unlimited. Focus on never reaching the end of what’s possible.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Have a Greater Impact in Your Small Business appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Teanna Ross is the CEO of Kreative Eye. She partners with business owners who are ready to invest in their vision, in their brand and take both to the next level. Her no cookie-cutter approach to branding and marketing results in a sustainable Branding Experience. For more info: www.kreativeeyedesign.com.

SmallBizLady: Tell us why being unforgettable is something small business owners or entrepreneurs should even care about?

Teanna Ross: There is a lot of competition in just about every niche, just look around. But what is it that sets you apart? People don’t buy products they buy Brands, they buy you. You are your brand. Just think about your last purchase and why you tend to frequent certain stores or services… was it memorable and if so what was memorable about it? Strive to build a big brand with a killer branding experience. It’s a sure-fire way to help set you apart from the competition.

SmallBizLady: Tell us more about this Branding Experience. How does a business owner go about creating one?

Teanna Ross: A branding experience is all the interactions people have with a product, service, or organization.

AND the wonderful thing about creating a branding experience is that it doesn’t have to be complicated. It can be something super simple, pleasant and memorable. Some of the greatest branding experiences inspire, engage, excite and empower.

SmallBizLady: How do you create a Brand Experience and what are the benefits?

Teanna Ross:

Start from the heart, keep it simple, put yourself in your ideal customer’s shoes. How do you want them to feel? What do you want them to remember? What do you want them to take away?

When brands focus on providing their customers with memorable brand experiences they create brand awareness, and ultimately a loyal following – which is the goal right? This is how Macy’s, Starbucks, Walmart and McDonalds have been able to stay in business. They have mastered their branding experience.

SmallBizLady: Most business owners think that once they have a logo they have a brand. Is your logo apart of your branding experience?

Teanna Ross: Your business has a name and logo and you advertise, but does that mean you have a brand? Successful CEOs and business owners know that branding goes deeper than a name and logo. Logos, tag lines and advertising campaigns are traditional marketing tactics that merely scratch the surface. Brands connect with customers on a much deeper level.

SmallBizLady: And then there’s that question… Do I even need a brand? I just want to run a business.

Teanna Ross: Branding a product or service differentiates you from your competitors. It’s the key to turning prospective fans, followers and clients into loyal customers. A brand is more than what your product or service does or what you communicate. Your brand identity is the total perception of your brand in the marketplace, including your implied promise to your customers that your product or service will consistently meet or exceed their expectations every time they interact with your brand. Brands evoke emotions, delight us, and feel familiar and reliable.

SmallBizLady: So, tell us a few characteristics of a strong brand?

Teanna Ross: Strong brands create customer loyalty, they make you less sensitive to competitive pricing, provide focus to marketing efforts, allows you to attract the resources you need such as talent and capital, allows you to easily develop strategic partnerships and acts as a powerful tool for guiding internal decision making. As you can see developing and sustaining a strong brand is powerful, it doesn’t matter if your business is large or small – whether you are selling a product or a service, selling to consumers or business-to-business. A well-defined brand strategy is key and essential for companies looking to expand.

SmallBizLady: What tips can you provide to business owners that are just starting out?

Teanna Ross:

Who is your customer. You must first and foremost know your customer. You must know what they like, what matters to them, why and the problems they have that you can solve. Furthermore, know and take stock of who your current customers are, and why they come to you over the competition. What void are you currently fulfilling and how can you get better and take it to the next level.

SmallBizLady: What are the next steps after getting to know your customer?

Teanna Ross:

Connect emotionally. Make your audience connect emotionally with your brand. Make them feel something. Find what matters to them and authentically connect with them in a real yet relevant way. This is how brands are connecting with their customers. Just look at how Insurance companies are competing for your business. They connect with customers who have gone through various tragedies: car, life, and health and proclaim that they will be there for you in your time of need and if the terms and price is right you will switch! They have connected with you on a deeper level and you feel safe. Mission accomplished.

SmallBizLady: What are some engagement strategies that can be used?

Teanna Ross:

Empower and engage. You are your brand and so are your employees. Make sure that with every interaction you leave a lasting impression. How you engage says a lot. Have you ever had a terrible experience and have been disappointed with how an employee handled the situation? However, the lasting impression is when the brand and they go out of their way to make sure you were satisfied and they exceeded your expectations. Remember, the customer is always right, especially if you want to stay in business.

SmallBizLady: What is the foundation of a long and meaningful relationship with your customer?

Teanna Ross:

Keep your brand promise. Say what you mean and do what you say. Always under-promise and over-deliver. Customers want to buy from brands they know like and trust. Every strong brand promise is marked by the same characteristics. Your brand promise must persuasively convey a real-world benefit. It must be seen by your customers as practical to their lives, and you must promise it in a compelling and convincing way that is authentic and believable. And, lastly, your brand strategy must be centered around its fulfillment. The roadmap you lay out for the future of your brand should never compromise your ability to keep your brand promise.

SmallBizLady: How should a business owner interact with their customers for an optimal brand experience?

Teanna Ross:

Yes, have fun. Remember that your customers are people who like to laugh, dream and live life. Create an enjoyable, memorable, and exciting brand experience. Get creative. The companies that over stand who their customers are and can relate to them in an authentic way will always win and be memorable. Think McDonalds – I’m Lovin it’ and my favorite Apple – Say hello to the future. They find creative ways to showcase their products, deliver on their brand promise and have memorable marketing campaigns of real life people using their products or add-on services that allow people to enjoy life.

SmallBizLady: Are there any specific rules of engagement, per sé, that provide a brand experience for customers?

Teanna Ross:

Keep your ear to the streets, make sure you listen more than you talk. The more you listen, the more you learn. Your target audiences will talk to you, but you must be willing to listen and to pivot when necessary. Engage, engage, engage.

Each expectation and experience is the product of a brand promise: which is the foundation of a deep and abiding relationship with your customer. Be unforgettable and deliver on that promise, it will help foster your customers’ trust. From trust comes loyalty, and with loyalty comes long-standing, mutually-beneficial relationships.

The post Be Unforgettable: 6 Tips to Creating a Brand Experience appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Barry Moltz gets business owners growing again by unlocking their long forgotten potential. With decades of entrepreneurial experience in his own business ventures as well as consulting countless other entrepreneurs, Barry has discovered the formula to get stuck business owners unstuck and marching forward. After successfully selling his last operating business, Barry has branched out into a number of entrepreneurship-related activities. He founded an angel investor group, an angel fund, and is a former advisory member of the board of the Angel Capital Education Foundation. Barry’s fifth book “How to Get Unstuck: 25 Ways to Get Your Business Growing Again” is currently available on Amazon. For more information, visit: www.barrymoltz.com.

SmallBizLady: WHAT KEEPS MOST SMALL BUSINESS OWNERS STUCK IN THE SAME PLACE?

Barry Moltz:

For many small business owners, running a company isn’t what they thought it would be like. They have enough success to keep going, but not enough to actually build a real company. There are always worried about cash flow & replacing employees who always seem to quit or get fired. And, they feel like they’re on the hamster wheel – expending too much energy = burnout.

SmallBizLady: WHAT DO SMALL BUSINESS OWNERS TYPICALLY DO TO TRY TO FIX THIS?

Barry Moltz:

They try to work harder and longer hours but get marginally better results. They look for a magic bullet that will take them to take it to the next level- a new consultant, customer or employee. Unfortunately, that brave knight on a white horse never seems to come. They never truly commit to the small changes that will get them unstuck, moving forward.

SmallBizLady: WHICH ARE THE MOST COMMON AREAS WHERE SMALL BUSINESS OWNERS GET STUCK?

Barry Moltz:

6 major areas:

sales and marketing
management and leadership
money
productivity
social media
customer service

Small business owners may be good at a few of these but not all of them.

SmallBizLady: WHAT ARE SOME MAJOR EXAMPLES OF HOW SMALL BUSINESS OWNERS GET STUCK?

Barry Moltz:

Treating their business like a job and not making any the investments to building a stronger business. They say yes too quickly to whatever customers want. Small business then drifts from the original focus. Thinking the latest windfall will last forever. Becoming sure they have the “Midas Touch” by surrounding themselves with “yes” people who tell them how great they are no matter what happens. Letting today’s “emergencies” dictate. And, multitasking, they allow constant interruptions by people and smartphones which means they don’t get as much done.

SmallBizLady: WHAT CAN SMALL BUSINESS OWNERS DO TO GET UNSTUCK?

Barry Moltz:

Develop a sales and marketing system that always keeps the pipeline full. Invest in the right team – People plus profit = Profit. Take a break! Don’t fear falling behind or missing an opportunity if you go away for a long weekend. Try not to measure success by being busy, instead: be productive. Take calculated actions. Stop calling or emailing big customer opportunities that never reply.

SmallBizLady: WHAT ARE SOME OF THE BIGGEST MARKETING MISTAKES SMALL BUSINESS MAKE?

Barry Moltz:

They are marketing in places where customers can’t find when they are looking to buy. Their business never gets into the “maybe pile” – never has a chance of getting chosen by the customer. Their fear of rejection stops them from selling. They are afraid of the word “no.”

They avoid sales and hire inexperienced staff. And, they stop marketing as soon as revenue increases.

SmallBizLady: WHAT ARE SOME OF BIGGEST MISTAKES SMALL BUSINESS OWNERS MAKE WHEN DEALING WITH EMPLOYEES?

Barry Moltz:

Hiring weak employees. They’re afraid of people knowing more than they do making them look bad. Allowing lousy employees to overstay their welcome. Be slow to hire and quick to fire. They hire for skills, not attitude, in a rush to hire anyone to fill a job. Make sure your new hire fits into your culture.

SmallBizLady: HOW DO EGO AND INSECURITY AFFECT SMALL BUSINESS OWNERS?

Barry Moltz:

Small business owners are always telling employees what to do because they are “the Boss” and think being the boss means ordering people around and threatening them if it does not get done. They never ask for help and believe that asking for help is a sign of weakness. Additionally, the thought is small business ownership is a solo sport and are the biggest “I” in “team.”

SmallBizLady: WHAT IS THE BIGGEST FINANCIAL MISTAKE SMALL BUSINESS OWNERS MAKE?

Barry Moltz:

They don’t know how to read their financial statements:
- Learn how to read financial statements
They never review them or ask for help to understand what they mean for their business
As a result, small business owners often make business decisions blindly
This leads to borrowing and spending based on expected results, which gets them into more debt

SmallBizLady: HOW SHOULD SMALL BUSINESS OWNERS THINK ABOUT FAILURE?

Barry Moltz:

Small business owners are afraid of being a failure, so they don’t know when to quit or admit it’s over. Typically, they stop taking risks. And as a result, they keep going, despite increasingly low chances of success.

SmallBizLady: TELL US ABOUT YOUR NEW BOOK?

Barry Moltz:

It’s called Small Business Hacks: 100 Shortcuts to Success with @Rieva. It’s a cheat sheet for all the things small business owners will encounter but don’t know how to do. We give the answer in 7 steps or less.

SmallBizLady: WHEN IS IT AVAILABLE?

Barry Moltz:

Jan 2018 – but if you want to get one free early, email me at Barry@moltz.com

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Get Your Business Unstuck appeared first on Succeed As Your Own Boss.

In October, we’ll be talking about creating a scalable and sustainable business, mobile and digital strategies, creating signature talks and using referral marketing.

Here is a list of who is on #Smallbizchat in October.

October 4th – How to Make Your Business Scalable, Saleable and Sustainable, @theceoeffect

Shahara Wright is an experienced and highly sought-after business law attorney and business strategist. She is the author of From Entrepreneur to CEO and host of the CEO Collaboration Circle. Shahara founded The CEO Effect, LLC to work with small business owners who want to implement a strategy to build capacity. Visit www.theceoeffect.net

October 11th – How Your Business Can Benefit from The Mobile Small Business Finance and the Digital Future, @RohitBiz2Credit

Rohit Arora, CEO of Biz2Credit, is one of America’s top experts in small business lending and the use of FinTech to streamline the funding process. In 2011, he was among NYC’s “Top Entrepreneur” by Crain’s, which named Biz2Credit among NYC’s “Fast 50” of 2014 and 2016. More information at www.biz2credit.com

October 18th – How to Create Your Signature Speaker Style, @RubenWest360

As a trainer, Ruben West creates international speakers and coaches and helps them to create magnetic personal and professional messages. His gift is to help you discover your signature speaking style. Find out more at blackbeltspeakers.com

October 25th – How to use Referral Marketing to Expand Your Social Capital, @ErnaneIung

Ernane Iung is the author of “The Success Factor – Unconventional Wisdom for Small Business Success”. He shares the most important things to consider when starting your company, and contrast conventional wisdom with the latest, but proven unconventional wisdom. Learn more at www.successfactormedia.com

Every Thursday morning on Melinda’s blog, a complete Q&A interview from each #Smallbizchat is posted as a recap http://www.succeedasyourownboss.com

The post Who’s on #Smallbizchat October 2017 appeared first on Succeed As Your Own Boss.