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How to Design a Better Business Model

By on June 20, 2013 in Business Inspiration, Grow Your Business, Q & A Interview, SmallBizChat

SMALL BIZ CHAT LOGO 20121 300x123 How to Design a Better Business ModelEach week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview with @SherriGarrity. Sherri is a business strategist who’s determined that no one should have to quit their business to return to a J.O.B. to earn good money! She helps entrepreneurs design business models that allow them to enjoy life and love what they do. She walked away from a successful marketing career to start her own virtual coaching and training business so she could work from anywhere. She has lots of free articles and how-to information on her site at http://www.sherrigarrity.com.

SmallBizLady: Why is it so important to have a clear business model?

Sherri Garrity: It requires you to decide and focus on what you’re selling, in what form and to whom. It ensures you have offers that address new clients and serve existing ones better. It determines how services or products are delivered, i.e. virtual training, individual coaching or consulting. Many solopreneurs and smaller companies scatter themselves with no clear model or try to offer too much at the wrong stages. Vision and strategy is great but as Jack Welch, former CEO of General Electric says “You’ve got to eat while you dream.”

SmallBizLady: What are the ingredients that go into designing a better business model as you grow?

Sherri Garrity: I firmly believe that the only business worth growing is the one you can believe in 100 percent. It has to fit you. There is nothing better than doing the work you do best, that you love, and creating our business around it. Of course it has to have a solid foundation, but that’s where you can get help.

SmallBizLady: How does someone go about designing a strong business model?

Sherri Garrity: It starts by taking the time to consider what’s best for you, who you’re ideally matched to serve, and that you create the business model that really fits you.  It’s so freeing; it lets you create the business worth quitting your job for! I had a client comment the other day that it makes it so much easier, because you only have to be yourself. You don’t have to memorize or act or learn, you just be you. Once you are really clear on your needs, and your clients’ needs, you find that sweet spot where it overlaps.  This is where you build your offers and services, and the marketing messages and activities that will fit that client.

SmallBizLady: What are the areas you see that most often hold entrepreneurs back?

Sherri Garrity: They avoid making the big decisions first. If you don’t know who you want to be when you grow up, it’s pretty hard to be authentic in your marketing. So they dilute everything until it becomes so vanilla, they get vanilla results. Another is when they say YES but their actions say NO. Yes + Yes = Oh Yes! But Yes + No will never add up.

SmallBizLady: What are the trends you’re seeing with your clients and networks?

Sherri Garrity: That there’s never been a better time to build your own business and work when and where you want to. It used to be that the little company would be frowned upon, now it’s more often seen as a strength. We are agile, customer service focused and when people hire us, they get us. It’s like the buying world and the corporate world has caught up to the technology and the trend toward small business vs. long time careers. Even the traditional consulting model is changing. I am seeing more purchasers wanting to do business locally and with smaller independent work teams. It’s very positive.

SmallBizLady: What tips do you have for people who are looking at their business and wanting to reinvent themselves?

Sherri Garrity: The first one is to make the decision. Think about what you want. How do you want to deliver your services, and who do you want to work with – those ideal clients? I harp about this over and over, but it really is the key. It’s your business; if you are going to hang in there for the duration, you had better love it! The next thing I usually suggest is to take an honest and hard look at why you want to make the change. Is it because something’s not working? You’re bored? It doesn’t fit you? You need more skills? You aren’t making enough? Or you’re just exhausted and you can’t think straight? There are so many reasons, there is no wrong answer. But you can’t fix what you can’t diagnose.

SmallBizLady: What are the things you suggest they focus on next?

Sherri Garrity: Start by taking an inventory of what I call the equity in the business. I don’t mean money; I mean your intellectual assets and what your customers value most about you. What do you know, what are the areas you provide most value, what are people always asking you, what are those problems you solve. I can tell you that most of the time your biggest asset is something you overlook and just think that everyone does that. They don’t!

SmallBizLady: You recommend a three step approach that works for most businesses – explain.

Sherri Garrity:  Uplevel your clients. This applies to every business. There is always room. You need to either charge more, or reach more people. People often have a vague notion of what they want to make, but then sabotage themselves by making most of their money on small transactions. Or, it’s the reverse – where they might have one or two big clients, and they don’t market until those projects end. Both are equally risky. Know your numbers, where your work is coming from. How many of those you need to sell, how long it takes you. You might be surprised! People don’t want to admit, but I can tell you, most clients do not really know; they are so busy just doing their day to day. That isn’t a business plan for success.

SmallBizLady: What’s the next step?

Sherri Garrity: Selling more to your existing clients. I do not have a huge mailing list, but I have had repeat coaching and consulting clients who keep coming back. You have to layer your services to consider the lifetime of your client, and how their needs change. It’s a lot more efficient and profitable to sell something to someone who already likes and knows you.  One of my favorite ways to do this is to run special advance offers, or beta test new programs, to past clients first. They love it, they get the inside scoop, they get a preferred rate, and you get revenue, and testimonials. It’s win-win. Take a look at your services from their perspective, what’s the next step in their world? What need could you fill for them? Nurture those clients for future sales and referrals.

SmallBizLady: Your tagline says Work Less, Enjoy More. What do you mean?

Sherri Garrity: This leads to step 3 and that is to Get Paid for What You Know, Not What You Do. I love this the most – when you can free yourself from the day-to-day client existence, not only do you make more money, you enjoy it more! This is the power of adding leveraged income to your business like teaching, getting paid to speak, adding group programs, all kinds of services and products that allow you to share your knowledge without actually “doing” the work for the client. It doesn’t mean you don’t work, but it means your work reaches more people without more work to you. There is virtually no business that cannot benefit from this, if you get creative. I had one client who was making six figures but working around the clock. She had such amazing network and had amassed so much knowledge as a consultant but she was working way too hard and giving it away – all those past clients would call to pick her brain, and she couldn’t say no. She created a workshop series, filled them all, and opened up extra sessions. A much nicer way to work, don’t you think?

SmallBizLady: What’s one thing you see entrepreneurs overlooking that cost them money?  

Sherri Garrity: They forget that marketing is a means to an end. The end is the sale. If you focus on the perfect website site, logo, advertising, but fail at nurturing and keeping in touch with that prospect or past client until they’re ready, what’s the point? I suggest that you look at your sales. How long did your client take to become a client, typically? For consulting and coaching it’s often more than a year, sometimes years before they first hear of you, then take the step to download your report or ask for information, then actually hire you. If you don’t stay in touch, they’ll forget you and move on to someone else. Marketing without follow-up is a waste.

SmallBizLady: Do you believe every entrepreneur needs a coach?

Sherri Garrity:  Well, I can tell you that no one achieves success alone. At different points in your business, you will need different help. I resisted calling myself a business coach for a while, as there are many bad examples out there. I have had several coaches myself, mostly excellent, but one was so bad, there was talk of a class action suit.  You need to do your homework, but I do believe that it is impossible to be objective about your own business and your blind spots. You need to be clear about what level of support you need at what point. But whether you get a coach or join a group, you will succeed faster if you are surrounded by people who are ahead of where you are, who can guide you, who can kick your butt and hug you when you need 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/S797e

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

Melinda F. Emerson, known to many as SmallBizLady is America’s #1 small business expert. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing to fulfill her mission to end small business failure. She writes a weekly column on social media for The New York Times. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also the bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works and the ebook: How To Become A Social Media Ninja; 101 Ways to Dominate Your Competition Online.

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How to Become a Successful Woman in Business

By on June 13, 2013 in Q & A Interview, SmallBizChat, Women in Business

SMALL BIZ CHAT LOGO 20121 300x123 How to Become a Successful Woman in BusinessEvery week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Ingrid Vanderveldt (@ontheroadwithiv). Ingrid is an entrepreneur, investor and media personality, and currently serves as Dell’s first Entrepreneur-in-Residence (EIR). As Dell’s EIR, she oversees the program that provides access for Dell’s 10M small business customers and her resources and expertise help entrepreneurs worldwide build and grow their companies. She is the creator and curator of the $100M Dell Innovators Credit Fund (DICF) to power entrepreneurs worldwide and the leader of the Dell Founders Club and the Dell Center for Entrepreneurs www.Dell.com/entrepreneurs

SmallBizLady: Why is networking so important for entrepreneurs and small business owners?

Ingrid Vanderveldt: Networking can be one of the most valuable uses of your time no matter what industry you’re in or what your role at your company is. And for entrepreneurs at any stage it’s a must. Whether you’re just starting out, looking to raise capital or planning to expand into new markets, it’s your network that can help you take your business to the next level.

Networking is all about making connections and building lasting, mutually beneficial relationships. It’s a known fact that people want to do business with those they know and trust, so it’s important for entrepreneurs to take the time to attend in-person networking events and engage with relevant organizations. You never know who you might meet, and these interactions can lead to future opportunities for both parties, be it anything from advice to an introduction to a new business contact to an actual business deal.

SmallBizLady: How did you build your network?

Ingrid Vanderveldt: When I was first starting out, I gradually built up my network through non-stop putting myself out there in places where I could meet people that I could collaborate with.  Networks don’t naturally pop up.  The people who are doing the big things in the world (and who we all love learning from and want to work with) have a LOT going on. They have already built their networks. So if you want to meet them or connect with them, it requires a lot of hard work and it takes time. You have to roll up your sleeves and just go do it.

SmallBizLady: What are some of your personal networking tips?

Ingrid Vanderveldt: My number one tip is to always be networking as you never know who you’ll meet and what they’ll have to offer. Every person you talk to has the potential to introduce you to others in his or her network.

Additionally, it’s important not to treat networking as prospecting – it’s important to develop some degree of a relationship with each person you meet, rather than focusing on just transactional deals.

Another tip is to have clear cut objectives of what you want to get out of networking and who you’d like to meet. If you don’t know what you want, you can’t ask others for help, and if you don’t know who you want to meet, the members of your networks and other people you meet can’t help you reach them.

Finally, focus on giving not taking. Serve as a resource to your business networks, and in return the members of your network are likely to do the same for you.

SmallBizLady: How can conferences be used as a networking tool?

Ingrid Vanderveldt: I often talk to people coming back from conferences and it doesn’t sound like they took advantage of the opportunity to move the ball forward – they traveled, they had fun, but they didn’t focus on making meaningful professional connections. I like to set objectives for myself before any trip so I have a general sense ahead of time on who I’d like to meet and potential goals I’d like to accomplish. While there, I make sure to focus on takeaways and action items that will happen following the conference. I make sure to build in time to network and build relationships, and also try to remind myself that sometimes business relationships and deals will happen at unexpected times in unexpected places.

SmallBizLady: How can entrepreneurs and small business owners use social media to build their networks?

Ingrid Vanderveldt: Social media is a great way to magnify your message, connect with an audience of like-minded thinkers and build your network. The key to building your own network through social networks is to think about how you can add value to the experience. Again, people are busy and already have full plates.  As you think about your social media strategy, really consider how you, as an “unknown” person to them, can provide value in your messaging in a way that your audience will be willing invite you into the few moments they have each day to look at social media.

I like to think of social media and my audience as a “gift” to my brand and businesses, so I always look at what I can give back that adds value.

SmallBizLady: How do women network differently than men?

Ingrid Vanderveldt: Experts say that men tend to network less frequently and in a transactional, direct manner, reaching out to who they need at the time of need – whether that need be advice, a job, a connection, etc. Women are natural networkers and tend to personalize professional networking by forging powerful bonds and nurturing long-term relationships, often thinking about how they can help their peer first in order to get what they need in return. This style of relational vs. direct networking puts the emphasis on connecting as an end in and of itself, rather than a means to an end goal.

SmallBizLady: What can women learn from men about networking and vice versa?

Ingrid Vanderveldt: In my opinion, women can benefit from the broader networking approach that men seem to take on. The Global Entrepreneurship Monitor study on “The Role of Networks in Women’s Entrepreneurship and Business Ownership” shows that women entrepreneurs tend to have smaller networks than men, and that they are less diverse, often comprised of close friends and family members, while men are more likely to seek advice from other network sources. On the other hand, men can benefit from adopting a more personalized and relational approach that women excel at; this would make it easier for them to find what they need through their entire extended network, rather than seeking out the correct person to provide it directly.

SmallBizLady: What is the Dell Women’s Entrepreneur Network and why is Dell targeting female entrepreneurs specifically?

Ingrid Vanderveldt: As female entrepreneurs we’ve traditionally been under-represented in business and tech fields, but there’s more and more evidence that when given the opportunity, women shine as leaders. Dell launched the Dell Women’s Entrepreneur Network (DWEN) four years ago to create and foster a community of like-minded female founders looking for ways to grow – primarily by expanding into fast-growth, emerging countries like China, India, Brazil, Turkey – and who need a venue to exchange ideas, learn and do business with one another. Through the network, Dell supports and nurtures these women by providing access to the knowledge, networks, and capital they need to succeed.

SmallBizLady: Can you share some examples of networking leading to real business deals?

Ingrid Vanderveldt: The Dell Women’s Entrepreneur Network (DWEN) is a perfect example of the power of networking. In fact, it was through attending the inaugural DWEN event in Shanghai in 2010 that I first became engaged with Dell, and it was a result of the relationships I made at the event that I was able to find a buyer for my alternative energy company. Then, fast-forward two years and I’m working as Dell’s first entrepreneur in residence!

Some other success stories that came out of engagement in the DWEN network are as follows:

  • Venture catalyst Springboard Enterprises officially launched in Australia as a result of connections made at DWEN 2010 in Shanghai.
  • DWEN 2011 in Rio inspired UK entrepreneur Alex Butler to start KindredHQ, a community for business owners.
  • Maria-Helena Pettersson, Partner at Ernst & Young Brazil, established a Winning Women program in Brazil after making significant alliances at DWEN 2011 in Rio.
  • Jacqueline Arias, Founder of Republica, is now importing organic baby food to India as a result of her experiences attending the 2012 DWEN event in New Delhi.

SmallBizLady: There are a lot of single mothers and divorced women who are starting businesses to reinvent themselves. What bootstrapping advice do you have for them?

Ingrid Vanderveldt: Every small business has unique needs in terms of the amount and type of capital they need to stay in business and to grow. It’s important to carefully assess what you need and what type of funding is right for you, be it equity, debt financing, or looking to friends, family and personal savings to get started. You often hear of people struggling to try to get bank loans, but they forget it’s not the only game in town.  The Small Business Administration has a number of resources for businesses of all stages.  Springboard Enterprises, a “venture-catalyst” that has helped companies raise over $5.5 billion, has a great support program for women. Crowdfunding with popular sites like Indiegogo and Kickstarter has also been a good option for bootstrapping entrepreneurs.

SmallBizLady: What do you think holds back women entrepreneurs in business?

Ingrid Vanderveldt: Historically, women around the world have been under-represented in business leadership, and while women are now successfully starting and growing businesses, they are underserved by the financial community and the technology industry. In established and emerging markets alike, women founders struggle to access the capital, networks and knowledge they need to start or take their businesses to the next level.

Despite owning 30 percent of businesses in the US, less than 5 percent of venture capital funding goes to female CEOs. According to the Department of Commerce, women are substantially less likely to tap outside funding including loans, angel investments or venture capital over their lifetime – and less startup or growth capital means slower growth. Men tend to be quicker to ask for what they want, while women are slower to ask, feeling they need to earn the ability to ask. Women need to get past their inhibitions and can benefit by identifying and engaging in the networks that are critical to their businesses.

SmallBizLady: What does it mean to “Pay It Forward” for female entrepreneurs like yourself?

Ingrid Vanderveldt: My personal mission is to “Empower a Billion Women by 2020.” I am passionate about helping women become stewards of their own lives, through empowering them with the right tools, resources and knowledge to help drive their businesses, careers and ultimately, financial stability and wealth.

During DWEN earlier this month, Dell launched an initiative called “Pay It Forward” to support one million female entrepreneurs by 2015. Pay it Forward is a movement to harnesses the power of our collective networks to positively impact the future of women’s entrepreneurship around the world. We believe if one woman helps another woman, who in turn helps another 10 women, businesses, communities and ultimately economies, will prosper.

Mentoring a young entrepreneur, making a donation of money or time to a dedicated organization or investing in a budding startup are just a few ways to provide your support and create a positive impact. You can visit www.Dell.com/payitforward for suggestions on ways to pay it forward through a network of non-profit organizations focused on advancing women and girls.

SmallBizLady: Where can entrepreneurs and small business owners go to find resources from Dell?

Ingrid Vanderveldt: The Dell Center for Entrepreneurs is a community by and for entrepreneurs and serves as a one-stop shop for the resources founders need to start, run and grow a business. Visit Dell.com/entrepreneurs to learn more.

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/S797e

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

Melinda F. Emerson, known to many as SmallBizLady is America’s #1 small business expert. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing to fulfill her mission to end small business failure. She writes a weekly column on social media for The New York Times. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also the bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works and the ebook: How To Become A Social Media Ninja; 101 Ways to Dominate Your Competition Online.

 

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Are You a Small Business Owner or An Entrepreneur?

By on June 6, 2013 in Grow Your Business, Q & A Interview, SmallBizChat

SMALL BIZ CHAT LOGO 20121 300x123 Are You a Small Business Owner or An Entrepreneur?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 @BrianMoran. As the founder and CEO of Brian Moran & Associates, Brian is dedicated to helping entrepreneurs to run better businesses. Brian is leveraging his 20+ years of experience in publishing magazines for business owners to assist entrepreneurs with everything from social media to accessing growth capital to expanding into the global marketplace. Visit his web site, www.smallbusinessedge.com

SmallBizLady: Is there a big difference between a small business owner and an entrepreneur?

Brian Moran: Huge! A small business owner is someone who would rather work for themselves than in corporate America. They want to be in charge of their own destiny. They want a work/life balance too. Their goals aren’t to open new locations or to go global. Many are “income substituters”. Their goal is to make the same money in their own business that they would make in a corporate job. Additionally, they will look at most purchases as “expenses” because the money is coming directly out of their pockets. Entrepreneurs are defined by their “aspirations”. They are all about growth. In their business plans, they write about hiring employees, opening new locations and entering new markets. Some will look for outside investors and almost all entrepreneurs look at purchases as “investments” rather than expenses. They believe in spending money to make money.

SmallBizLady: Is there anything in between the two groups?

Brian Moran: Yes. I believe there is a large group of passionate small business owners. People in this group don’t share the same aspirations as entrepreneurs, but they love what they do and actively seek ways to run better businesses. They will attend conferences, seminars and networking events. They use social media for business and proactively look to maximize existing opportunities. In some cases, such as professional services, they will hire additional revenue generators if they create enough demand for their services.

SmallBizLady: Do you think most business owners are #smallbiz, #entrepreneurs or passionate #smallbiz owners?

Brian Moran: Of the almost 28 million business owners in America, 22 million have zero employees. I consider the majority of these people to be true small business owners. I believe about 30% of the businesses with employees to be entrepreneurial companies. The rest are passionate small business owners.

SmallBizLady: How and when should business owners define themselves?

Brian Moran: The sooner the better. Entrepreneurship is as much about a mindset as it is about running a business. Business owners typically define their paths when they put their business plans together.  The operational plan acts like a GPS system. It guides you to your strategic goal. The more specific your operational plan, the less chance there is of getting knocked off course. Additionally, if you define yourself as a small business owner, you’re unlikely to make entrepreneurial decisions when you come to a fork in the road.

SmallBizLady: What are some of the forks-in-the-road that business owners come across and how does it help define you?

Brian Moran: Forks include: hiring a new employee, buying new equipment, opening new locations, entering new markets, raising capital, buying or merging with another company. These are issues mostly dealt with by entrepreneurs. A small business owner gets hurt when they take the path marked for entrepreneurs.

SmallBizLady: Do you recommend getting outside help in defining your business?

Brian Moran: Yes! In most instances, it pays to have an extra set of eyes on what you’re trying to accomplish. Whether you’re a small business owner or an entrepreneur, it behooves you to find an expert in your field to help you avoid the potholes and pitfalls along the path to success.

SmallBizLady: What free resources can you suggest for small business owners to get help that they might not be able to pay for?

Brian Moran: There are many local resources – SBA, SCORE, SBDCs, and Chambers of Commerce all have local chapters and offices around the country. Business owners can also go online to find help with these same groups as well as industry associations or even small business advocates and marketers such as @SmallBizLady’s website www.Succeedasyourownboss.com, OPEN Forum, Intuit, FedEx, Microsoft, Visa, UPS and others.

SmallBizLady: How do you know when it’s time reinvent your business or call it quits?

Brian Moran: The only way you can successfully reinvent your business is by taking a 20,000 foot view of your company. You need to see what the next 3-6-12 months look like. If you’re in a hole, how realistic are your chances of getting out of it? How does the future look for sales, expenses and the overall marketplace? If the 20,000 foot view doesn’t give you any successful options, then you should seriously consider calling it quits.

SmallBizLady: What are the top three success factors for small business owners?

Brian Moran: First and foremost, it’s having a business plan. I’m not talking about the one you present to a bank or VCs; rather a plan that shows you where you want to go (strategic goal) and how you plan to get there (operational plan). The second success factor is execution. You need to have the right team in place with enough resources to carry out your plan. Even if you have a plan, it’s only as good as the people who are executing it. The third biggest success factor for business owners is timing. You can have a great plan and a solid team to carry it out, but if you launched your company in January, 2008 then you couldn’t have picked a worse time to start a business. Take the necessary time to review the economic indicators for your particular industry.

SmallBizLady: All businesses go through cycles, what should you do when you are having a down cycle in your small business?    

Brian Moran: Do NOT panic! I recommend going back to the business plan and taking the 20,000 foot view. Did you see the downturn coming? Do you have a sense of how long it will last? Is the downturn affecting just your company or your entire industry? Whatever you do, don’t panic and make a bad decision based on little or no information. This is where you can do serious, possibly fatal, damage to your company.

SmallBizLady: So how should you prepare your business for a disaster?

Brian Moran: Even with recent disasters, both natural and man-made, almost half of all small businesses don’t have a formal disaster plan in place. When disaster strikes, many of the companies without any proper planning will go out of business. Here’s what you need to do: First, backup all your important files and information to the cloud. It does no good if you copy everything to an external hard drive and then leave it in your office when a tornado or hurricane hits it. Second, have a plan to work remotely if you’re out of your office for an extended period of time. This includes you and all of your key employees. Third, have an emergency drawer or even room set up at your business should you be there when disaster strikes. The set up should include flashlights, batteries, candles, matches, fire extinguisher and a basic tool kit and medical kit. For more information on preparing for disaster for your business, visit www.ready.gov. They have additional information on preparing your business for disaster.

You should also consider how you would continue to do business if disaster struck your largest customers, suppliers or partners. When Hurricane Sandy knocked much of the East Coast offline for weeks and months, tens of thousands of companies had to deal with customers who either went out of business or suspended business until they could get back on their feet. Look at your customer list as well as your list of partners and vendors. Are they concentrated in an area that deals with seasonal disasters such as hurricanes, tornadoes or fires? If yes, you should plan accordingly.

SmallBizLady: Any last tips for people trying to survive in business?

Brian Moran: First, define your business to help determine your path. You will find this extremely beneficial when you come to forks in the road. Second, have a business plan that acts like a GPS system so you never go too far off-course. Lastly, have a backup plan. It’s virtually impossible to strategize if the world around you is crumbling down. Stress-test your business plans with worst-case scenarios such as natural disasters, large customers going out of business, theft and more. Figuring out what to do AFTER disaster has struck is a prescription for disaster. It rarely ends well. One more tip – Love what you do and have fun every day. Life is too short for anything else.

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/S797e

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

Melinda F. Emerson, known to many as SmallBizLady is America’s #1 small business expert. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing to fulfill her mission to end small business failure. She writes a weekly column on social media for The New York Times. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also the bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works and the ebook: How To Become A Social Media Ninja; 101 Ways to Dominate Your Competition Online.

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