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10 Things To Do Before 2010

By Melinda Emerson on December 14, 2009 in 10 Things Lists, Business Inspiration, Grow Your Business, My Recommendations

The best way to start out the New Year is to close out the previous year with a plan to get your house in order. Don’t start January 1st in a panic. Use the down time of the last two weeks of the year to close out important administrative and marketing tasks. Here’s a list of suggestions to start your 2010 off right.

Are your business ducks in a row?

Organize Your Files. I can find all the proposals I created in 2009, because I have a file folder for it on my hard drive. Don’t waste time looking for things. Organize your files and create file folders for key projects and information. Delete duplicate files before you cannot remember which one was the final version. Once the organization project is complete, back it up. Invest in an external hard drive from Western Digital or another top brand. Remember this is your back–up system, so please have your information in at least two places. There are also online back-up systems such as http://www.carbonite.com or Mozy. It will be a sad day if you lose critical data, because you didn’t take the time to back it up.

Clean Out Your Inbox. Clean out your email. If you can’t get to an empty inbox every day, get busy deleting all unnecessary emails to get to zero before the New Year. Marsha Egan, of the Egan Group, Inc. has some great advice for changing your email routines in her book, Inbox Detox; And the Habit of Email Excellence. Here’s a link to a great article Egan wrote as a resource. If you make her advice part of your daily routine, you will reduce stress and increase your productivity throughout the coming year.

Review Accounts Receivable. Find out who owes you money! What is the total owed? Start making calls on all outstanding invoices. Try to negotiate at least partial payments. If you have been owed money longer than 180 days you may need to decide whether to turn them over to collections or write it off as a loss. Consult your accountant for advice.

Update your website. Every year you should update your website with new graphics and photos. You can get a new header graphic for under a $100 bucks. If that’s not in the budget, at least update your site with fresh content. Update your services or product offering pages. Make sure your tagline still best describes what your business does. You will need to fine tune your website as you learn more about your niche target market.

Organize your financial records. If you have waited until the last minute to do any accounting for the year, it’s time to get organized. Go online and print out all your bank statements, organize your receipts and bank withdrawal or deposit slips by month. Make sure you have copies of all invoices. Collect statements from any credit cards you use in the business or monthly draws from your account such as a merchant service accounts or any online memberships. Pull together copies of any monthly phone or utility bills and any quarterly insurance bills.

Update employee paperwork. Ask each employee and any freelancer to complete new 1099’s & W-2 forms. This is to verify the mailing address you have on file and make sure you have the social security numbers for current and former employees and your independent contractors as well. Your accountant or payroll company will need this information to prepare tax forms by Jan 31, it is best to collect the information before you need it.

Develop Your Editorial Calendar for 2010. Holiday downtime is an excellent time to start creating a library of content. Take time now to develop an editorial calendar for your blog. Write as many posts as you can and all your monthly e-newsletters for 2010.

Update your contact database. This is a great time to take the business cards that have been lying around on your desk or in your purse and get that info entered into your outlook database or contact management system. Aweber, Constant Contact, or 1shoppingcart.com are effective CMS systems. This is a great task to hand off to an intern or virtual assistant.

Get a new professional headshot. If you’ve changed your appearance in any way, you need a new head shot. If it’s been a year or two since you had a professional photo taken, you need a new headshot. Ladies, be sure to get your makeup professionally done, and remember to smile. Give your business a fresh new look with a new headshot.

Refresh your bio. Every business owners need two bios. You should have a comprehensive one-page bio and a 50 word bio. Be sure to include a mini client list, any national media, all awards, association memberships and any volunteer service. Ask at least two people to review it, if you’re really struggling, hire a professional copy writer to tweak it for you. Once it’s updated, be sure to update your bio across your entire social media footprint for consistency.

Special shoutout to @AliciaSanera who’s blog post The Cure For A Business Hangover was inspiration in part for this blog post.

Is there anything else you are planning to tackle before the year is out?

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog www.succeedasyourownboss.com.

Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #SmallBizChat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 Months! A Month-by-Month Guide to Start a Business that Works! which will be released by Adams Media Feb. 9, 2010.

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Smallbizlady’s Reading List Part II

By Melinda Emerson on November 26, 2009 in 10 Things Lists, Business Inspiration, Grow Your Business, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Solopreneurs, Women in Business, Your Small Business

readingglasses_ii Reading is brain food for your business. To keep your thinking sharp it is always good to read about the latest techniques for running a successful small business. One of my favorite things to do is read books about business strategy, social media and leadership.

Here’s Part II of a list of best books that I think will have a major impact on your business strategy heading into 2010. (Part I was posted earlier this week.)

Plan As You Go Business Plan by Tim Berry (Entrepreneur Press, 2008) Business owners struggle everyday because they don’t have a plan. I also see folks who create a business plan and then never use it. Without an up-to-date business plan, you put your business at a great disadvantage. Tim Berry lays out an easy to use system to get your business plan done. The value from having a written plan comes from going through the process and updating it on a regular basis to evaluate how your business is doing and making adjustments as needed. Tim has organized the book to support his “plan as you go” approach. It is designed so you can jump around and use the section of the book that you need at any given time. Don’t start 2010 without an updated business plan.

When Growth Stalls: How it Happens, Why You’re Stuck & What to Do About It by Steve McKee (Jossey-Bass, 2009) One of the biggest challenges any business owner faces is generating consistent, profitable growth. “When Growth Stalls” is all about keeping the momentum going in your business. It is a practical, hands-on guide for business owners who are struggling with stalled growth and for those who hope to prevent it in the first place. When your entire financial future is on the line – it’s not just business, it’s personal. This book is based on research that illustrates that 54.9% of companies’ growth is currently stalled. Growth can slow down for a variety of reasons including: marketing inconsistency, increased competition, lack of focus at the top, or a loss of nerve. Steve gives you the blue print to focus inward and turn things around in your business.

Book Yourself Solid: The Fastest, Easiest, and Most Reliable System for Getting More Clients Than You Can Handle Even if You Hate Marketing and Selling by Michael Port (J. Wiley & Sons, 2006) Michael Port makes you think about your clients and work in a different way. He suggests attracting clients with a no-cost-of-entry offer that leads to a low-cost-of-entry offer that leads the client deeper into your solutions and offerings. He also teaches that, if you have clients who sap you of energy because they are not “your” kind of clients, you cannot do as good a job for them, and you lack integrity. This is what I believe as well. You may restructure your marketing plans based on the lessons taught in the book. This book is especially helpful for service businesses.

From Entrepreneur to Infopreneur: Make Money with books, E-Books and Information Products by Stephanie Chandler (J. Wiley & Sons 2007) In this business age, it’s all about what you know that you can sell. Stephanie Chandler does a great job of breaking down all the different ways to generate content and information products. She also illustrates how you can repurpose your content to build your expertise and brand. She profiles the biggest names in the infoproducts at the end of every chapter including my favorite self-publishing guru Dan Poynter. She also has an extremely thorough chapter towards the end of the book about how to promote a book. From Entrepreneur to Infopreneur is worth reading a few times.

ONO: Options not Obligations, Family First Entrepreneur by Marc Warnke (Morgan James Publishing 2009) Most entrepreneurs struggle with work/life balance issues. Marc Warnke challenges readers to enrich their personal lives by rethinking their financial lives. ONO teaches a wealth creation lifestyle that focuses on making a difference first and creating profit second. Family first entrepreneurs make business choices based on the potential impact they will have on their families first, and on business profitability second. I bought this book after reading an incredible review by a blogger online. This is a great philosophy to live and run your business. Try it!

Do you know a book that should be added to the list? Let me know, I love the feedback.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog www.succeedasyourownboss.com.

Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #SmallBizChat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 Months: A Month-by-Month Guide to Start a Business that Works! is scheduled to be released by Adams Media in Feb 2010.

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SmallBizLady’s Reading List Part I

By Melinda Emerson on November 23, 2009 in 10 Things Lists, Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Social Media, Solopreneurs, Women in Business, Your Small Business

In business, reading is fundamental. It is crucial to help you grow your expertise as a business leader. One of my favorite things to do is read books about small business best practices, social media and leadership. Here’s a list of best books that I think will have a major impact on your business strategy heading into 2010. Later this week, I’ll have five more of my favorite books to share.

Small Business Cash Flow: Strategies for Making Your Business a Financial Success by Denise O’Berry (J. Wiley & Sons, 2006) The best thing you can do for your business is understand how much profit is in every sale and stay cash flow positive. Denise O’Berry writes a terrific book that explains the ins and outs of financial management in a successful small business. The book does a good job of pointing out how a small business owner can stay on top of the cash flow issue in running her business. This is an incredible resource book that I highly recommend.

Get Known Before the Book Deal by Christina Katz (Writer Digest Books, 2008) It is not often I read a book that truly enlightening from cover to cover. On a scale of 1-5, Get Known Before the Book Deal is a 10! If you want to know what it takes to get a book deal, Christina Katz gives a very specific recipe, but this book is not just helpful to people who want to be authors. This book is for anyone who needs to build a marketing platform and a brand for their expertise. This book changed my entire business model and my brand. I could not recommend this book more highly.

Customers For Life: How To Turn That One-Time Buyer Into a Lifetime Customer by Carl Sewell and Paul B. Brown (Doubleday, 2002) This is a must read for every business owner. None of the ideas in this book are ground breaking, but the authors do a great job of explaining how they translate into loyal customers for your business. This book will help you create systems in your business to avoid customer service problems in the first place. This book was originally published in 1998 and has been updated three times since, selling over 1 million copies worldwide. Every business owner should have this book, and I’d also recommend buying copies for all your employees as well.

Blog Blazers: 40 Top Bloggers Share their Secrets to Creating a High-Profile, High-Traffic and High Profit Blog by Stephane Grenier (Levac Publishing House, 2008) This is one of those books that serious bloggers will keep on their shelves. I like that this book features 40 top bloggers and not just 10 or 15 like most profile books. I enjoyed learning great techniques and about what blogs these pros read. Try reading a chapter a day, look at the blogs of the blogger featured, see what they are doing well that you can implement in your blog. Learning how successful bloggers approach their blogging is an exercise that will have lots of benefits.

Greening Your Small Business: How to Improve Your Bottom Line, Grow Your Brand, Satisfy Your Customers – and Save the Planet by Jennifer Kaplan (Prentice Hall Press, 2009) Green is not just the color of money. Going green can be overwhelming, but Jen Kaplan provides a comprehensive guide to practical, meaningful, low-cost changes that can be applied today to go green in your business. Green practices are being measured by everyone including your customers-so use this book to build an additional competitive advantage in your business and save the planet as the same time.

Do you know a book that should be added to the list? Let me know, I love getting your feedback.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog www.succeedasyourownboss.com.

Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #SmallBizChat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 Months: A Month-by-Month Guide to Start a Business that Works! is scheduled to be released by Adams Media in Feb 2010.

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No Network, No Business

By Melinda Emerson on November 16, 2009 in Become Your Own Boss Tips, Business Inspiration, Grow Your Business, How to Start, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Solopreneurs, Starting A Small Business, Your Small Business

The following is an excerpt from my forthcoming book: Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business that Works! Scheduled to be released by Adams Media in February 2010.

In small business, your network is key is to your business success, but it is astonishing to me why people with no friends will start a business. I believe it’s best to plan 12 months before you quit your job to start a business. In that year, one the most important things you need to do is build and reinforce your personal network. Why? Because, people do business with people they like and people they know. Hopefully, you can be both to your clients. There are many businesses like yours, but one thing that separates your company from others is who you know and how you know them.

An entrepreneur’s most valuable skill is the ability to make friends and influence people.

Look for Ways to Meet People Encounters with people you don’t know are important. Look at it this way: You don’t meet strangers; you meet friends you just don’t know yet. There are a few rules to this kind of networking. Always invite the person to talk about themselves first. After all, the more you know about them, the better you can tailor your thirty-second pitch. Be ready with your short commercial about your business. Consider this your opportunity to make a first impression.

The 30 Second Commercial Before you hit the street extolling the virtues of your great product or service, it is crucial that you have a clear thirty-second commercial (also known as “the elevator pitch”) for your business. When someone asks you what you do, you need to have a crisp and memorable response that makes it clear what business you are in and how you solve problems for your customers. Your commercial is intended for very brief, chance encounters. It is important because it helps you make a lasting first impression. You use it to showcase your professionalism, the benefits you provide, and your expertise. The goal is to capture your target’s attention and interest so that you can engage them in a more substantial and meaningful way. A strong thirty-second commercial will help you create better networking connections, and it can draw people to you. People will seek you out if you present yourself and your business professionally.

It is very important that you sound excited about what you do when you talk to people. You are always selling the business and yourself. Be careful never to tie up someone more than few minutes unless the contact seems to want to prolong the conversation.

Trains, planes, and buses are a great way to meet other business people. I only take the Amtrak Acela express train, which is how most business travelers in the Northeast ride. When I ride the train, I look for an open seat next to someone who looks like a businessperson. You just never know who could be a high-ranking executive, so I keep my mind and my options open. I try to make a friend or at least to learn something from someone during the ride. Most of the time, I accomplish both goals.

A Friendly Conversation Can Always Turn into a Potential Business Lead Learn how to strike up a conversation with anyone. Giving a compliment is a great way to start. Look for something you have in common such as kids, sports, tired of being in line—anything you can thing of to make a personal connection with the person you are talking with. Whenever you attend networking functions or, for that matter, go anywhere, you should always have business cards. When it comes to networking, you never know where you might meet someone who can help you grow your business, so it pays to always be prepared with plenty of business cards. It’s like that old saying goes “never leave home without them.”

Build Personal Network When I first moved to Philadelphia, I put my nose to the grindstone for a few years to build up my career, then I turned my attention to meeting people. I did three things. First, I joined the Urban League to do volunteer work, socialize, and participate in professional development activities. Then I found a church home. The third thing I did was to reach out to the alumni association of my alma mater, Virginia Tech. These three associations paid off in spades years later when I started my business. My first customers came from those associations.

The Cocktail Hour Before Any Event is the Event! Be early for the reception so you can circulate. Once you sit down to dinner, the only people you can network with are the other nine people at your table. An accountant once told me that the rule of thumb is that you should go through 500 business cards roughly every two months when you first start a business. I even carry business cards to the hair salon because you never know who’s in the shampoo bowl next to you.

The Follow-Up The way to build relationships is through continued contact. It is essential to follow up within two weeks after meeting with a potential business contact. You can do this in multiple ways. The quickest and easiest way is e-mail. I prefer to send a handwritten note on my company stationery, since I feel this adds a personal touch. You can have note card stationary printed with your company logo on it.

Leave me a comment if you have any other good networking tips or stories to share.

Melinda Emerson “SmallBizLady”is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 month! A Month-by-Month Guide to a Business that Works! will be released by Adams Media in Feb 2010.

For more tips on how to start or grow your small business visit http://succeedasyourowboss.com and subscribe to Melinda Emerson’s blog.

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#SmallBizChat Live Telesummit Recap (Part 2)

By Melinda Emerson on November 13, 2009 in Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, Pink Slip Entrepreneurs, SmallBizChat, Social Media, Solopreneurs, Starting A Small Business, Telesummit, Women in Business, Your Small Business

(Dear readers: this is the second part of a two part post. Click here to see part one.)

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. This past week, I presented the first annual #SmallBizChat Live Telesummit. The goal was to give the audience the information to create a new plan for their business in 2010. After nearly a year of communicating in writing on this blog and using Twitter, LinkedIn and Facebook, I wanted to interview small business experts over the phone. I also wanted our followers to have access to some experts who do not use Twitter, but who have fantastic information to share. In today’s blog post, I have prepared a recap of three key points that each expert shared with us.

Allyson Lewis @allyson7minutes is a renowned motivational speaker and business coach whose focus is on productivity, specifically developing systems to change your life. Her book, The Seven Minute Difference, grew out of the workshops she has been teaching for the past five years. For more information, please visit Seven Minutes Inc. Allyson talked to us about getting more out of your day as a business owner.

Here are Allyson’s key takeaways:
1. Use a daily written plan of action. The average adult has a 7 minute attention span. Take 7 minutes to write down your top priorities for the day. Regain your passion by doing what is most important to you.
2. Get 7-8 hours of rest a night. Stop watching late night TV and sacrificing a good night’s rest.
3. She introduced the 5 before 11am rule. Allyson advises us all to make an exhaustive list of everything in our personal lives and business lives that needs to get done. Then she suggests tackling 5 tasks per day before 11am, if that’s too tough try do 5 a week. Just get rid of the list.

Michelle Villalobos @mivi is a business turnaround expert who teaches busy entrepreneurs how to improve their sales approach through networking skills, personal branding and word-of-mouth marketing. For more information, please visit MichelleVillalobos.com. Michelle talked to us about turning contacts into contracts.

Here are Michelle’s key takeaways:
1. Reframe the typical “elevator pitch” into an “elevator teaser.” Instead of a rapid fire 30 second commercial that describes everything you do, find the core of what you do and develop a tagline that encompasses your entire brand (if you can). Done properly, it will elicit the follow-up question, “that sounds interesting, tell me more.” One therapist who helps people get over their fears and anxieties described herself as “the couchless therapist,” which makes people want to know more.
2. Business card etiquette – Avoid “premature solicitation” – which is the act of handing out business cards before even saying hello. When you give someone a business card, it is all about timing. Your goal is to develop rapport and to connect with someone. The time to exchange business cards, more appropriately, is after interaction.
3. Follow-up is important. Michelle suggests offering a free newsletter signup to people in a follow-up email. And in the monthly newsletter have valuable tips and info, all focused on the needs of the customers.

Paul B. Brown is a long-time contributor to the New York Times and author of more than two dozen books, including the international best-seller Customers for Life. He is the author of Publishing Confidential: What it really takes to land a non-fiction book deal. Paul spoke with us about becoming a published author to build your business.

Here are Paul B. Brown’s key takeaways:
1. Once you have book idea, the first thing to do is to try developing an outline for the book, and then writing 2-3 sample chapters.
2. The title of your book should tell people exactly what your book is about. Do not be afraid to talk to potential readers about the book topic to get the right words to use in your book title.
3. A book proposal is what you need to approach an agent or editor to pitch your book. It’s fine to send a query letter first, but if there’s any interest, the next request will be to send a book proposal which is typically a 30-page document. Start working on the proposal before sending query letter, so that you can respond to interest.
Paul made a special offer to Telesummit participants – he will give out a copy of a book proposal that sold. You should email Paul at paulbbrown@aol.com and use “Melinda’s Telesummit” in the subject line. His offer ends 11/13/09 at 5pm Eastern.

Lisa D. Sparks @lisadsparks is an email marketing expert with nine years of experience developing and implementing marketing solutions for small business owners. Lisa taught us how to become email marketing rock stars. For more information, please visit lisadsparks.com

Here are Lisa’s key takeaways:
1. Typical open rate on email marketing is 22%. Be sure not use language in your emails that are triggers for spam filters such as: FREE, space available, special offer, only today, !!!, and ???
2. You should have multiple ways to build your email list for your business. Using an email sign-up for your newsletter/blog on multiple pages of your website is one strategy. You can also offer a special report in exchange for an email address. Conducting free monthly conference calls is another great technique to build your list. When you go to a networking function, be sure to ask someone who gives you a business card if you can add them to your mailing list.
3. Develop an editorial calendar for your e-newsletters and all of your auto-responders. Consider writing a year’s worth of e-newsletters all at once. Email should not be the only way that you communicate with your list – using video and/or audio and are nice ways to break it up.

If you missed the SmallBizChat Live Telesummit, do not worry! We are editing and packaging the calls to make them available shortly… so stay tuned.

I hope that after you read what these experts had to say, you will be ready to tackle 2010 with some inspiration and new tricks up your sleeve. Being in business is a spiritual marathon. Hang in there.

My co-host Cathy Larkin @cathywebsavvyPR and I presented the 1st Annual SmallBizChat Live Telesummit because it is our mission to end small business failure. We will be back November 2010 to do this again.

Please follow us at @smallbizchat and join us for #SmallBizChat every Wednesday from 8-9pm Eastern on Twitter. #SmallBizChat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business.

How to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on starting or growing your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

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#SmallBizChat Live Telesummit Recap (Part 1)

By Melinda Emerson on November 9, 2009 in Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, Pink Slip Entrepreneurs, SmallBizChat, Social Media, Solopreneurs, Telesummit, Your Small Business

(Dear readers: this is the first part of a two part post about SmallBizChat Live Telesummit. Part two will post on Friday, November 13, 2009.)

Mike Michalowicz @TPEntrepreneur kicked off our Telesummit. Mike is small business expert who is known as the Toilet Paper Entrepreneur. For more information, please visit toiletpaperentrepreneur.com Michalowicz talked about using social media a build your business.

Here are Mike’s key takeaways:
1. Use a 4 to 1 ratio in your content posted on social media sites. Only promote yourself once in every four times you communicate. Always seek to add value to your audience.
2. Take a non-traditional position to stand out among other experts in your field.
3. Blogging and participating in forums is a great strategy, but using Google ad words can be effective as well.

Karyn Greenstreet @kgreenstreet was our second guest. She’s a self-employment expert who runs thesuccessalliance.com. Her website has all the resources a business owner needs to start or run a mastermind group. Karyn talked to us about mastermind group best practices.

Here are Karyn Greenstreet’s key takeaways:
1. Being involved in a mastermind group is something successful entrepreneurs do.
2. Think about the other skills you need in your business when you want to recruit members to start a mastermind group. Mastermind groups are typically four-to-ten people.
3. Develop set procedures for how your group will operate and get all participants to sign the agreement. Using an agreement is one of the best ways to get participants to commit to the terms and then fully participate.

Dr. Mel Gravely @melgravely kicked off day two of the Telesummit. Mel is the founder of the Institute for Entrepreneurial Thinking, the leading think tank on issues related to business development. For more information, please visit entrethinking.com Mel talked about how to retool your business in tough times.

Here are Dr. Gravely’s key takeaways:
1. It is more important than ever to focus on your niche market and your value proposition. Gone are the days of the generalist consultant.
2. Do not launch any new marketing initiative that you can’t afford to keep up for at least a year.
3. Business shouldn’t always be a struggle. If you have been struggling in your business for more than four years, and it’s never been profitable; it might be time to move on from that business or that business model.

Tim Berry @Timberry is president and founder of Palo Alto Software the makers of Business Plan Pro, and founder of bplans.com. He’s the author of The Plan-As-You-Go Business Plan, Entrepreneur Press. Tim talked about Managing Cash Flow in a Tough Economy.

Here are Berry’s key takeaways:
1. Make sure you know how your clients process invoices. When you can, build a relationship with someone in accounts payable. When evaluating a deal with a major corporation, make sure you’ve got enough cash reserves to wait on your money, or don’t do the deal.
2. Would you walk a city-block blindfolded? Well that’s what is it like to run a business without up-to-date financial statements. You must have a current statement of cash flow, profit & loss statement, and a balance sheet every month.
3. Do not use your line-of-credit to finance marketing efforts to generate sales. Use you line of credit of finance business you have already won.

(NOTE: This is part one of the #SmallBizChat Live Telesummit recap. Part two will post live on Friday, November 13, 2009.)

If you missed the SmallBizChat Live Telesummit, do not worry! We are editing and packaging the calls to make them available shortly… so stay tuned.

How to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on starting or growing your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

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Do You Need to Know Your Business?

By Melinda Emerson on November 2, 2009 in Business Inspiration, My Recommendations, Starting A Small Business, Your Small Business

The answer is a resounding YES! If you are starting a business, your business venture should be something in which you have experience or professional training. The only exception to this rule is if you buy into a franchise, but it is especially true if you take over an existing business. Sometimes there are people working in the business who can help provide institutional information about the business, but you need to make sure you trust the people giving you advice. In those cases, the franchise company typically provides some training. (Even so, I would not suggest buying a food franchise if you have never worked in a restaurant.)

Which way?

If you buy an existing business, you must make sure the employees who are left are interested in the business being successful. You also need to quickly determine who you can trust. Many times the original owner stays on in some role for a couple years to make sure there’s a smooth transition, but there is no guarantee that the founder of the business will work hard for you either.

I have a friend who was an investment banker, who wanted to get into the production industry. So, he researched the industry, found out who the major players were, and identified a business he wanted to buy in the Midwest. The company he had his eye on was the top post-production house in that town. He bought it for millions and then sunk millions more into it upgrading all of the equipment to HD and renovating the space so that people would just want to come by and hang out there and, of course, do business. The place was a showpiece. He even threw the industry Christmas party at his business location, so people would see how fabulous the place was on the inside. Everything was steady the first year, but within three years of the purchase, he was out of business.

Why did this happen? He should have had business lined up around the block with a facility like that, but because he didn’t know the industry, and more importantly – the culture of the industry so he made many costly mistakes. Within the first year, three of his top producing editors left the company. It wasn’t about the facility- his talent drove the demand – it was about the specific editor. Then, advertising people followed the editor they wanted to work with. He also rubbed industry people the wrong way by how he went about getting business; advertising creatives never respond favorably to being told what vendors to use. He was friends with the clients of some of his customers and was perceived as trying to get his friends to strong arm their ad agencies into doing business with him. He also turned off other production industry veterans in his town by being so flashy and bold. This is a brilliant guy, who had plenty of resources to run his business, but he had no industry experience. He also bought from a man who he couldn’t trust. The former owner was not invested in his success. He was just looking for a payday. The former owner didn’t help him understand the culture of doing business in the advertising industry. Not knowing how business was done in this industry, cost him his business. He thought – if he built a top-notch state-of-the-art facility, that would increase the business – but it didn’t. Here’s SmallBizlady’s rule about buying an existing business Do not just buy a business because you like their balance sheet.

I hold a degree in Broadcast Production from Virginia Tech. I worked for six years in television as a news producer before I started my multimedia production company. Work for a business like the one you want to start for at least a couple of years before starting on your own. Do not start a daycare center if you have never worked with kids, just because you heard those kinds of businesses make a lot of money.

Research and work in your industry. Your business venture will be a lot more successful if you do.

Do you have any stories to share about starting a business with or without industry experience? Leave a comment and let me know about your business.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog www.succeedasyourownboss.com.

Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #SmallBizChat on Twitter. #SmallBizChat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 months! A Month-by-Month Guide to Start a Business that Works! is scheduled to be released by Adams Media in Feb 2010.

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Are You Ready for 2010?

By Melinda Emerson on October 26, 2009 in Business Inspiration, Grow Your Business, How to Start, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, SmallBizChat, Solopreneurs, Starting A Small Business, Women in Business, Your Small Business

smallbizchat_live_telesummit The economy is on the rebound, but the nature of business has changed.

Is your small business repositioned for 2010? October and November is the perfect time to start planning for how you will kickoff the New Year. It’s not about making it through the recession; it’s about coming out of this recession with a stronger business.

Every Wednesday #SmallBizChat delivers training on how to start and run a profitable small business via Twitter, now for the first time we we’re delivering what you need over the phone and at your own desktop.

I’m known as @Smallbizlady on Twitter, I have developed a FREE resource to help you develop tools to compete in this new business environment. We’re calling it the SmallBizChat Live Telesummit. To register now, visit http://bit.ly/1TxnoL .

I’ve pulled together top small business experts who are allowing me to pick their brains and share with you invaluable advice that will take your business to the next level.

The Smallbizchat Live Telesummit interviews will take place over four-days the first week of November.

Mark your calendars for Nov 3-6, 2009

Register now http://bit.ly/1TxnoL

Listen and Learn! Each day, we will do live interviews at 1pm and 7pm Eastern Time

We’re going to introduce the challenges and advantages this new business economy has created.

Live Telesummit Nov 3-6, 2009 | register for full program – http://bit.ly/1TxnoL

If you’re already an entrepreneur and you want to improve your business, or if you’re planning to take the leap and want to start out on the right foot, here’s your chance to learn from top experts who are business owners just like you.

Sheer passion and courage aren’t all you need to succeed in today’s business environment. Listen in and you’ll be able to learn key strategies to accelerate your business success.

This is a great time for an aggressive entrepreneur, but you need an action plan for business success in 2010.

Wondering if this is for you?

The old rules of business no longer apply. Do you know how to compete?

Are you tired of dealing with the unpredictable ups and downs of cash flow in your business?

Is the daily stress in your business draining you of the passion you have for your business?

You know you need to be utilizing social media, but don’t know where to start?

Are you ready to invest in learning how to adapt and grow your business while others struggle?

If you’ve answered “Yes” to any of the questions above, sign up today for the 1^st Annual #SmallBizChat Live Telesummit http://bit.ly/1TxnoL!

Telesummit Topics:

Using Social Media to Brand Your Business

Developing a Mastermind Group

Retooling Your Business in Tough Times

Strategic Cash Flow Management

Growing Your Network

Getting More Out of Each Business Day

How to Author a Book to Grow Your Brand

How to Be an Email-Marketing “ROCK STAR!”

MEET THE EXPERTS

Melinda Emerson “Smallbizlady” is your host for the #SmallBizChat Live TeleSummit! Melinda is a seasoned entrepreneur, professional speaker, and small business coach. Her areas of expertise include small business start-up, business development and social media strategy. Melinda hosts #Smallbizchat, a weekly talk show on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda has been featured on NBC Nightly News and in the Wall Street Journal, U.S. News and World Report and Black Enterprise. Melinda publishes a resource blog www.succeedasyourownboss.com and has several special reports including 44 Things To Do Before You Go Into Business and The 12 Cardinal Sins of Small Business-and How to Avoid Them! Melinda’s first book Become Your Own Boss in 12 months; A Month-by-Month Guide to Start a Business that Works!” will be released in February 2010 by Adams Media. For more information, please visit melindaemerson.com

Mike Michalowicz is the Toilet Paper Entrepreneur. Mike Michalowicz has a driving passion for entrepreneurialism. Michalowicz wrote The Toilet Paper Entrepreneur with the sole purpose of giving first time entrepreneurs the information they need to grow their concepts into industry leaders. Michalowicz has successfully launched three multimillion-dollar companies. His most recent venture, Obsidian Launch LLC, partners exclusively with first-time entrepreneurs to launch their ideas into niche industry leaders. For more information, please visit toiletpaperentrepreneur.com

Dr. Melvin Gravely, II, is the founder of the Institute for Entrepreneurial Thinking, the leading think tank on issues related to business development. The Institute is nationally known for providing thought leadership, and industry changing research on issues at the intersection of business and race. The Institute is a trusted advisor to Chambers of Commerce, major corporations and community leaders across the nation. Gravely is the author of seven books including The Lost Art of Entrepreneurship, When Black and White Make Green, and his latest Getting to the Next Level. He has been featured in many national publications including Black Enterprise Magazine, Entrepreneur Magazine, and American City Business Journals. After ten successful years working for a large corporation, he co-founded a civil engineering firm and grew it into a multimillion dollar company. Dr. Gravely speaks and writes on various topics related to entrepreneurial thinking and business development. For more information, please visit entrethinking.com

Michelle Villalobos is a Business turnaround expert who teaches busy entrepreneurs how to improve their sales approach through networking skills, personal branding and word-of-mouth marketing. As a 14-year sales & marketing veteran, she first made her mark in the publishing industry. Michelle is known for never turning down a sales challenge, she has helped numerous small businesses significantly increase their revenues. She conducts seminars, brainstorming sessions, strategic planning workshops, roundtables and other programs that “educate, entertain and engage” by helping businesses learn to build revenues, through effective sales, networking and word-of-mouth techniques Michelle holds an undergraduate degree from Dartmouth College, and an MBA from the University of Miami and is a life-long devotee of Sharpies. You’ll have to listen in to find out the deal with that. For more information, please visit MichelleVillalobos.com

Paul B. Brown is a long-time contributor to the New York Times. Paul is the author of more than two dozen books, including the international best-seller Customers for Life. A former writer and editor of Business Week, Financial World, Forbes, and Inc., Brown has “ghosted” books for several of the nation’s most success business executives. The latest example: Obstacles Welcome: How to Turn Adversity into Advantage in Business and in Life, written with Ralph de la Vega, president of AT&T. Even more relevant for our purposes he is the author of Publishing Confidential: What it really takes to land a non-fiction book deal. Brown was trained as a lawyer, but he asks that you do not hold that against him.

Lisa D. Sparks is a marketing expert with nine years of experience developing and implementing marketing communications solutions for small and medium sized businesses. A small business owner herself, Lisa uses her expertise to teach small organizations in South Florida how to use technology to maximize the power of relationship marketing. She is experienced in providing guidance, instruction, and comprehensive planning advice for the development, growth, and expansion of new and existing businesses. In 2007, Lisa won the Florida State Star Award as the top small business analyst in Florida.

Karyn Greenstreet is a small business coach and a mastermind group facilitator, and the owner of The Success Alliance, a website devoted to helping mastermind group facilitators start and grow their own mastermind groups. She has been creating and running these groups since 1994 and is the author of How to Create a For-Profit Mastermind Group. She also teaches a series of classes on starting and running mastermind groups. Karyn holds a B.S. in Business Administration and Management, and is a certified Adult Education Trainer. She has postgraduate work in Business Administration and Computer Systems, and is graduate of CoachU. She has spoken at numerous national on business-building topics and action planning. Visit her website TheSuccessAlliance.com

Tim Berry, is president and founder of Palo Alto Software, founder of bplans.com, and a co-founder of Borland International. He built Palo Alto Software from zero to 40 employees and 70% market share without outside investment. He is a Stanford MBA and taught starting a business at the University of Oregon. He’s the conceptual author of Business Plan Pro, author of The Plan-As-You-Go Business Plan, Entrepreneur Press. Find Tim on twitter at @TimBerry. “I’ve seen startups and small business from multiple views. I’ve had the good years and bad years. My wife and I had three mortgages and $65,000 of credit card debt at one very low point, which we survived, but I really don’t recommend. I’ve consulted with startups on bringing in venture capital, and angel investors, and business loans, and friends and family.” He’ll be talking about Cash Flow in a Tough Economy.

Allyson Lewis is a renowned motivational speaker and business coach who focuses on productivity, specifically developing systems to change your life. Allyson has spent the last 22 years teaching concrete yet actionable ideas to business leaders all over the country. Her book, The Seven Minute Difference, grew out of the workshops she has been teaching for the last five years. Author of The Million Dollar Car and $250,000 Pizza (Kaplan Publishing, 2000), Allyson is frequently asked to host motivational and educational public workshops throughout the country. She has been a guest on CNN, CNNfn, Bloomberg Information Television, and many other regional radio and television programs. For more information, please visit Seven Minutes Inc.

The nature of business had changed, if you register for this Telesummit you will be equipped to handle anything the economy will throw at you. Don’t delay! Register now Smallbizchat Live TeleSummit http://bit.ly/1TxnoL

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Could Franchising Be For You?

By Melinda Emerson on October 19, 2009 in Branding & Marketing, Business Inspiration, How to Start

Franchising is a great opportunity to take a proven business model that has produced financial success and run it as your own business. While there are many wildly inaccurate statistics about success rates for franchises all over the internet, in general “a franchise is a lower risk proposition than investing in a pure start-up,” according to Joel Libava, the The Franchise King.

One of things that concerns me the most about entrepreneurs who invest in franchises is the belief that, “if you buy a franchise, you cannot fail.” This is fallacy, and is simply not true. Any business can fail. The question is whether your particular franchise opportunity puts you in a better position for success than if you attempted to start a similar business on your own. When you buy into a franchise you are buying a turnkey system. Your continual implementation of that system will determine how successful you will be in business. Starting any business is a risk, but I believe fear of failure is a healthy motivator in business.

Key benefits of a owning a franchise includes – you are buying an established brand, with an instant client base, with operations procedures already in place. You do not have go through the labor intensive task of launching a new brand, establishing procedures, testing and marketing products or establishing a distribution network. However, you must operate your business exactly as the formula describes it and pay a royalty and/or licensing fee to the parent company.

Buying a franchise that is already established can be a lucrative business, but there are drawbacks.

It can be very expensive. In some cases, especially for the marquee franchises, you must be able and willing to purchase three franchises, not just one. This significantly limits the individuals who can afford to buy a franchise.

The price is substantial and the return on investment slow. It can take more than three years to break even and up to five years to turn a profit.

You are at the mercy of the parent marketing department. They will determine the marketing done in your area.

You share in your parent company’s negative publicity. Remember, that issue with lettuce that Taco Bell had two years ago? Well, nobody was eating at any Taco Bell until the restaurant chain cleared up the issue.

The deal with owning a franchise is that the rules/operating procedures must be followed. The uniforms and store set up are set in stone, your main suppliers will be predetermined and franchise fees must be paid. If you think you want to put your personal stamp on your business, a franchise might not be for you.

There are some terrific small franchise opportunities that you can invest in for under $50,000. The following websites are great resources for researching franchise businesses.

www.franchiseopportunities.com

www.franchise.org

www.franchisegator.com

There are so many business opportunities in franchising, that anyone can find one to fit their situation: the key is research. Like with any business, you must take into account the skills you have and the skills you will need to run your franchise. Consider working for another franchise before purchasing your own. Those franchise agreements are really intense legally binding contracts, so be sure to engage an attorney that specializes in franchise agreements. Here are some other questions to consider:

How much capital do you have to purchase a franchise?

How much capital do you have to actually operate the business?

Will you need financing?

How much training and continued support is offered?

How much control will you want to have over the business?

A franchise opportunity could be the perfect business for you. Once you understand your personal and financial capabilities then you will be able to find the franchise business that suits your situation. Evaluate your net worth, personal skills, the market you are interested in, and be sure to talk to other franchise operators to research the best franchise business for you.

Do you know of any additional franchising pros and cons? I want to hear why you think franchising is the way to go to start a business.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog www.succeedasyourownboss.com.

Melinda Emerson, “SmallBizLady”, is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #SmallBizChat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 Months! A Month-by-Month Guide to Start a Business that Works! is scheduled to be released by Adams Media in Feb 2010.

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What Can America’s 1st Mega Entrepreneur Teach us Today?

By Melinda Emerson on August 16, 2009 in Business Inspiration, My Recommendations

Benjamin Franklin

Benjamin Franklin only attended school for two years while growing up in Boston – but he was the most famous writer of his time and he made enough money to retire from his printing business at the age of 42.

Some might think he built his fortune from his famous inventions, including the lightning rod, bifocals, the odometer, and the Franklin stove, but Ben Franklin never patented any of his inventions. He believed that everyone should benefit from science. I guess you could say he was an eighteenth century open-source advocate. I learned this after reading the Walter Isaacson biography Benjamin Franklin, An American Life Simon and Shuster, 2003

Ben Franklin was, without a doubt, one of the most successful businessmen of his time, but he perhaps taught us the most by how practical and strategic he was in the way he did business.

1. Franklin was not educated, but he was a life-long learner. He spearheaded the creation of the first lending library in the county as a means of providing himself access to literature and philosophy that would allow him later in his life to be able to converse with the elder statesmen and international political leaders of his time. Not to mention, being a voracious reader also contributed to him becoming an exceptional writer.

2. Franklin was a consummate networker. Franklin had a great personality. He was clever, charming, astute about human nature and eager to succeed. He became an expert salesman. He liked to mix his civic and social life to further his business endeavors. His printing business was initially financed by two businessmen who were impressed by him. He organized weekly meetings of up and coming businessmen called Junto. This early American version of a mastermind group was joined by enterprising tradesmen in Philadelphia’s middle class. They shared ideas, did deals and learned from each other.

3. Franklin sought to improve himself and his community. He and his colleagues in Junto established a university, hospital, lending library, militia, firefighting brigade, learned society, and the first insurance company.

4. Franklin took only very calculated risks. Project printing was how he paid the bills. Franklin knew he could make more money as a publisher. Despite bitter turf wars with fellow printers, he created joint ventures with his rivals to spread the financial risk on large jobs. Franklin published newspapers and almanacs, but when his opportunity came for large government print jobs he used his joint ventures to help to cover a huge upfront cash outlay. This resulted in several profitable deals. Sometimes things still went wrong, but he never lost his shirt.

5. Franklin carefully managed his personal PR. Franklin knew how useful a good reputation was in business. Franklin not only was hard-working and down-to-earth, but made sure that everyone knew it. By managing his reputation, he gained credibility which earned him customers. He also knew how to communicate his vision to others, often using his own press as a vehicle for his strategic public relations work. Biographer Walter Isaacson called Ben Franklin “the country’s first public relations expert.”

6. Franklin was a franchiser of sorts. Once his apprentices became journeyman printers, they were free to set up their own businesses, if they could find the seed capital. Rather than risk one of his journeymen becoming a local competitor, Franklin came up with a franchising idea. He set them up in business as his printing partner in other colonial cities where he did not have any operations. They paid him back with one-third of their annual profits for the next six years – this move gave Franklin significant market share for his publications. The economies of scale enabled him to crush his competition with more competitive pricing.

7. Franklin was an excellent writer. Franklin’s signature publications the Pennsylvania Gazette and Poor Richard’s Almanacs were the most successful publications in the country, in large part due to Franklin’s witty conversational writing style. Franklin often wrote anonymous letters and pamphlets which he published in his own publications to try to sway public opinion.

8. Franklin paid attention to his market. Franklin saw the world around him in terms of how it could be improved upon. When he saw opportunities in his market, he came up with creative ways to meet customer demands. For example, Franklin realized that nearly a third of the settlers in Pennsylvania were German-speakers, and promptly launched the Philadelphische Zeitung – the first newspaper printed in German in the colonies.

Many of Franklin ideals and methods of doing business give us a great roadmap for success today. His never ending search for a better world is best summed up as “doing well by doing good,” his ultimate secret to his success.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

Melinda Emerson “smallbizlady” is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter. #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

For more tips on how to start or grow your small business subscribe to Melinda Emerson’s blog. www.succeedasyourownboss.com

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First Black Woman to Head Fortune 500 Company

By Melinda Emerson on July 1, 2009 in Business Inspiration

ursula-barnes1

Today, July 1, 2009 Ursula Burns becomes the first black woman to head a Fortune 500 company. Burns assumes the CEO role at Xerox Corporation replacing another woman Anne Mulcahy, 56, who is retiring.

Burns, 50, who grew up in a New York City housing project, began with Xerox in 1980 as a summer engineering intern. In 2002, she was named president of the company and is largely credited with reviving the company after it came close to bankruptcy in 2000.

Burns joins the list of four other black CEOs and15 other women CEOs of Fortune 500 companies. Last year, Burns ranked 10th on Fortune magazine’s top 50 Most Powerful Women in America.

Burns has played a pivotal role at Xerox in recent years: overseeing corporate strategy, global accounts, IT and human resources. Burns brought the company back to profitability again and gained market share building Xerox into the world’s largest maker of high-speed color printers.

Burns talked about the company’s turnaround at Oregon State University last fall.
“We are poised for greatness and for success. We have pulled ourselves back from the brink of bankruptcy and taught ourselves that we can do just about anything we aspire to do, if we work hard and put our head down,” she said.

Congratulations Ursula Burns! Now many little girls will see they can grow up to be America’s first lady or CEO of a Fortune 500 company.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter. #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

If you’re ready to start or grow your small business visit www.succeedasyourownboss.com and subscribe to Melinda Emerson’s blog.

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