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How to Be a Small Business Success Q&A interview with Jay Goltz

By on December 8, 2011 in Grow Your Business, Q & A Interviews, SmallBizChat

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Jay Goltz @Jaysmallbiz Jay has started five “old school” businesses over the last 33 years, and wrote “The Street Smart Entrepreneur”. He is the lead blogger for the New York Times You’re the Boss blog. http://boss.blogs.nytimes.com/author/jay-goltz/

SmallBizLady: Many people are looking for that new big idea. Any tips?

Jay Goltz: Most successful businesses are not new ideas at all. They are better execution of an existing concept. Did Starbucks invent coffee? For every Facebook, there are 100,000 old school businesses.

SmallBizLady: With all of the resources available today, why is the failure rate for new businesses still as high as 75% or so?

Jay Goltz: To be successful in business requires a basic skill set in marketing, finances and management. Most people are great at one, maybe good at the second, and are incompetent at the third. It is like a three-legged stool with one short leg. You fall on your butt. Additionally, some businesses just don’t work for reasons that at not apparent when you are in the exciting start up phase.

SmallBizLady: Do you think it is safer to start a business with a partner so you can share responsibility?

Jay Goltz: That is probably mistake number one, before you even open for business. People go into business with their friend or relative because it is more fun, more comfortable, and less scary. But it is not necessarily safer. A strategic partnership makes sense when both parties bring complimentary skill sets. When they don’t, one person usually works harder than the other, or one is just more critical to the success of the company, if things go well. If things don’t go well, it can create a hostile environment.

SmallBizLady: What are common mistakes you have seen that have ruined what might have been a successful business?

Jay Goltz: One of the bigger ones is the idea that you can just hire a bookkeeper or accountant to “take care of all of that number stuff”. Every entrepreneur should have a basic understanding of accounting. Income Statement, Balance Sheet, and the difference between cash flow and profit.

SmallBizLady: Now that you have over 100 employees, what do you now know about management that you didn’t know when you started?

Jay Goltz: I believe that 75% of management is hiring the right people in the first place. Most entrepreneurs do what I call “accidental hiring” when they start. They hire their friends, their friend’s cousin, the neighbor’s kid… Great companies have great hiring protocols.

SmallBizLady: Do you have any tips on hiring?

Jay Goltz: Sure. First of all, make sure that the person doing the interviewing is a good listener. That is frequently NOT the entrepreneur. Ask compelling questions that get the person to talk. Check references. Think “guilty until proven innocent”. Many people looking for jobs will be a horrible fit for your company. Probably only one in ten “decent” resumes will be a great fit.

SmallBizLady: What is the hardest part about building a staff?

Jay Goltz: “Unhiring” the wrong people. Firing. Many bosses avoid confrontation and hope that an under performing employee will get better. Sometimes they do, but many times they won’t, or can’t. It is a harsh reality, but the one of the boss’s many jobs is to make sure that the right people are in every position. It isn’t always pretty.

SmallBizLady: What is the best way a new company can market themselves?

Jay Goltz: Marketing is about figuring out who your best potential customers are and figuring out what advertising vehicles to use to reach them. It is also about determining what the best message is.

SmallBizLady: What do you tell people who say that “All I need is to find new customers to get profitable!”

Jay Goltz: Keeping old customers should be the first order of business. The next thing I always look at, and frequently find problems with, is the pricing of their products or service. It is a common and costly mistake that many businesspeople make. They don’t understand their costs, and they are undercharging. As a result, they are busy but unprofitable. They assume that more business will fix the problem, but in reality they will just get busier and still not make money.

SmallBizLady: How did you go from working in the business to working on the business?

Jay Goltz: It is all about having the right people, good training, and then delegating. You also have to understand the income statement enough to figure out how to pay all of these people. It really involves everything I have just talked about.

SmallBizLady: You always hear the mantra “never, never, never quit”. Do you think that is true?

Jay Goltz: Yes and no. That is a very misquoted piece of a speech that Winston Churchill gave during WWII. The rest of the sentence includes “unless in good judgment”. Besides the five businesses I own are another five that I started and closed. Sometimes things are not well thought out, can’t work because of some unforeseen problems, or maybe you are just miserable. With that being said, being successful does require tenacity to weather all of the storms that are sure to come. Going down with the ship is not being tenacious, it can be delusional.

SmallBizLady: How do you keep balance as an entrepreneur?

Jay Goltz: You mean try to keep balance! It is hard, especially in the early stages. In most cases, it is a case of tolerable sacrifice. Did I go to all of my kid’s baseball games? No. But many of them. Was I at home every night for dinner? No, not even close. Did I pay a price for building a successful business? Absolutely did. Do I have any regrets? Yes, but too few to mention. (My Way-Frank Sinatra) There is an old saying that there is no old man laying on his deathbed wishing that he would have spent more time at his business. They got it wrong. It is the day that you hopefully drop them off at college. In some ways it worse. Instead of dying you get to spend years feeling guilty! Here is what I have figured out. It is not the income that matters, but the outcome.

If you found this interview helpful, join us on Wednesdays 8-9pm 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 one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her the #1 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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How to Get Started on Twitter

By Melinda Emerson on June 21, 2011 in Ask Smallbizlady, Branding & Marketing, Customer Service, Featured Post, How to Start, Social Media, Technology

Using Twitter is a great way to start building your online brand. If you can send a text message, you can tweet. You can only communicate using 140 characters on Twitter, but if you want people to Retweet (RT) or share your content, you should cut your tweets down to 125 characters. Here a few quick rules: Listen first, then engage with people directly, then start sharing articles of interest to attract your target audience. Once you establish relationships on Twitter you can then start writing your own blog and tweeting your original content.

Decide what you wish to accomplish before using Twitter. Are you trying to establish your expertise, looking for a new work opportunity or simply want to connect with others who share a special interest or expertise?
Figure out who your target audience is and where these folks hang out online. (You want to be as specific as possible in targeting your efforts.)
Establish your own website. It does not make sense to use social media if you do not have a place to drive traffic, like your own website.
Developing a list of 3-5 blogs or websites. It’s a good idea to develop a daily habit of going out to a few websites and finding content to share on twitter
Remember that social media marketing is a marathon, not a sprint. You will get out of it what you invest in it.

5 steps to Establishing Your Twitter Account:

Set up an account
Enter your profile information & photo
Find your friends
How to follow someone
How to post messages

Step 1: Set up an account

Go to http://twitter.com and click the big green “Get Started – Join!” button.
On the resulting screen, enter the username you want, your desired password, your email address and complete the spam checker
About your username:
- Use your whole name, nickname, name of your business or a description of your service, examples @comcastcares @jenny55 @bizsavvymom @smallbizlady

Step 2: Enter your profile information

Your profile information is important. If you want people to want to connect to you, you’ll need to tell them a little bit about yourself. Try not to write anything scary or silly; or too personal. You need just to explain your expertise and/or interests. And your location should be a larger city nearby.
Log into Twitter, and click on the ‘Settings’ link at the top of your Twitter homepage.
The ‘Account’ tab of the ‘Settings’ section includes a text box that lets you input a 160-character blurb about yourself, along with a link to your website.
The ‘Picture’ tab lets you upload a picture to your profile. It is best to post a smiling picture of yourself

Step 3: Find your friends

There are a few simple ways to find people to follow on Twitter:
Click on the ‘Who To Follow’ to search for people who Twitter suggests you follow.
Invite from other networks will search your email address books (aol, hotmail, gmail etc.) to see if anyone has associated any of those addresses with a Twitter account.
Invite by email is a way to invite your friends to join Twitter through email.
Search tab allows you to search for new people to follow. You can mimic this function by using http://search.twitter.com.
You can search for the city where you live to find other users in your area. Enter your industry to find business peers. Enter your hobbies to find people with shared interests. The potential list is endless.

Step 4: How to follow someone

You can log in twitter from anywhere, you can use desktop applications, or you can connect from your phone.
To follow someone
- Hover over their @username, click link, read their bio & recent tweets. If they seem interesting, hit follow

Step 5: How to post messages

To post a regular message
Just type it into the box that says “What are you doing?” and hit the ‘update’ button below
To send an open message
When sending an open message to someone publicly, type “@” followed by their username, then the message. Here’s an example:
encouragement4u @smallbizlady How did you overcome your biggest business challenges? Check out these stories! http://budurl.com/eqbx

Send a Direct-message

To send a private direct message to someone, type “d” then a space and then their username. So, to send me a direct message you would type “d @smallbizlady That was a great #smallbizchat on Twitter last night!”
Note: you can only send direct messages to people who you follow, and who follow you back.

How to Retweet or RT someone else’s message

If you like what someone says, and want to show your followers that message.
Copy the tweet (not username), then hit grey arrow to reply, add ‘RT’ before the @username Put one space after @username & paste original tweet. If it is too long, You can edit, but only for space. Here’s an example of a Retweet:
Holly_Hanna RT @smallbizlady 32 Tips to make online customers love you –http://tinyurl.com/op9bbk (this is really well done)

Quick Twitter Tips

Remember to click your @username to see messages/tweets folks are sending to you openly.
Remember to Follow your Followers
Under your username & photo click followers to see who followed you and decide to follow back or not. When you have time its nice to send a thanks for the follow note.
Now you are ready to get started. Welcome to Twitterverse!

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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6 Things Oprah Winfrey Taught Us About Business

By Melinda Emerson on June 5, 2011 in Become Your Own Boss Tips, Branding & Marketing, Business Inspiration, Customer Service, Grow Your Business, How to Start, Starting A Small Business, Women in Business, Your Small Business

Oprah Winfrey is my hero. I never thought about being an entrepreneur until she got on my radar when I was in college in the early 90’s. It was around that time that she opened Harpo Studios in Chicago, making her the third woman in the American entertainment industry (after Mary Pickford and Lucille Ball) to own her own studio. She immediately went from being just a daytime talk show host to becoming a media mogul. And it was awesome to watch. The biggest thing she did for me was show me that I could do it too. I have studied her every move in business. I had an Oprah file for a year before starting my production company in 1999. Any article I could get my hands on about her business I would devour, print and keep. What I love about her most is that she has never been about goals. Oprah Winfrey has always been about growth. She has constantly evolved. That and her business acumen will leave a lasting legacy to all business owners to come. Here are 6 Things Oprah Winfrey taught us about business. 1. Find your calling. Oprah said in her final show that every day she walked on stage she felt that she was exactly where she was supposed to be. If you have no life plan, you are most likely following someone else’s agenda for your life. Live on purpose! Don’t be one of these entrepreneurs with an endless to do list, exhausted at the end of day– getting nowhere fast and not making any money. Oprah urged us to follow our own truth. God speaks to us though visions and dreams. Pay attention to what he is showing you about your destiny and build a business around that. 2. People show you who they are the first time. If a prospective customer approaches you, acting like an impossible nightmare, that is exactly who they are and how they will behave if you move forward in business. Do not allow your need for money or a contract force you to tolerate someone who does not value your professional expertise. You will never be paid enough money to make it worth it. 3. Oprah owned a broad niche. Oprah targeted a demographic that was women of all ages and income levels. She developed shows that would appeal to career women, working moms, stay-at-home mothers, grandmothers, retirees, high school and college students. And her audience was loyal because she helped them be better, live better, and find a correct fitting bra. 4. OWN your mistakes. In the wake of disappointing ratings at OWN, The Oprah Winfrey Network, Oprah’s latest venture in partnership with Discovery Networks, Oprah made a change at the top. Network head Christina Norman, abruptly left the 4-month-old cable channel at the beginning of May. How many of us wait until it’s too late to make changes in our businesses? Evaluate what is going on in your business and do not be afraid to change course if you need to. 5. Know that you are worthy of success. Often times we know what we deserve, but the thing that keeps us from truly capturing it is internalizing that we are worthy of all God has for us in our lives and businesses. 6. Be willing to do what it takes. Oprah never missed a day of taping on her show in 25 years. She knew that showing up was the most important element in her success equation. Are you willing to do all that it takes to make your business a success? I have begun to reach major success in my business, but I started being your SmallBizLady in 2007. There is no such thing as overnight success. What lessons have you learned from Oprah in your small business? 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 one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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Do you need a Small Business Makeover?

By Melinda Emerson on June 1, 2011 in Ask Smallbizlady, Become Your Own Boss Tips, Branding & Marketing, Customer Service, Featured Post, Grow Your Business, Mompreneurs, My Recommendations, Social Media, Technology, Your Small Business

Pitney Bowes wants to give your business a communications makeover worth up to $10,000. If you could use some help with your email, direct mail and social media communications, you can win a free year of using Pitney Bowes’ full suite of business tools. The grand prize winners will also receive in person one-on-one coaching from me @Smallbizlady and my colleagues marketing expert Jane Applegate and technology expert Phil Simon.

You have until July 19th to tell us how you’d improve your business communications. The earlier you enter the better as you will need to get a social media pals to vote for you in order to become a finalist. To enter write a 300 word essay on your biggest communications challenge or send in a one minute video. Click here to enter the Pitney Bowes Small Business Makeover Contest http://www.pbsmartessentials.com/makeover/

Disclosure: I am a paid consultant to Pitney Bowes to participate as a judge and business coach in this makeover contest!

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

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Should I put my picture on my business card?

By Melinda Emerson on May 20, 2011 in Ask Smallbizlady, Become Your Own Boss Tips, Branding & Marketing, Business Inspiration, BYOB2011, Customer Service, Grow Your Business, My Recommendations, Q & A Interview, SmallBizChat, Solopreneurs, Your Small Business

Ask @SmallBizLady: Should I put my picture on my business card?

Every Friday, I answer your small business questions in a video blog segment called Ask Small Biz Lady. This week, we are taking on the question: “Should I put my picture on my business card?”

Here’s the answer: http://www.youtube.com/watch?v=OKXIfQM-Kn4

If you are a solopreneur or a brand of one person with a business you can use your picture on you business card. Particularly if your business involves visual branding such as photography, make-up artist, stylist it could make sense to use your photo on your business card to promote your business. It could also work will for speaking and coaching businesses, financial services or if you a real estate agent. You just need to have a reason for using your photo on your business card.

For the record, I do not use my photo on my business card. My book is on my business card instead.

If you have a question for Melinda Emerson, Small Biz Lady, leave a comment on this blog using the contact us page or send me a note on Twitter @smallbizlady, on Facebook at www.facebook.com/smallbizlady or you can hit me up on www.linkedin.com/in/melindaemerson

I’m always here as a resource.

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7 Keys to Power Networking

By Melinda Emerson on May 16, 2011 in Become Your Own Boss Tips, Branding & Marketing, Grow Your Business, How to Start, Melinda Emerson @SmallBizLady, My Recommendations, SmallBizChat, Your Small Business

7 Keys to Power Networking

Power Networking at Business Event

May 16^th kicks off National Small Business Week and for the next seven to 14 days there are tons of events and awards ceremonies for small business owners which is a fantastic opportunity to meet and greet potential contacts. I keynote and speak at many conferences and small business events, and often I see small business owners doing their businesses a disservice by how they show up and network at events. With tons of networking opportunities taking place from now until Memorial Day, I wanted to provide a guide on how to prepare for a networking event. I call them my 7 Keys to Power Networking.

Here are 7 things to consider when networking:

1. Set a Goal. Don’t go to any event without a goal in mind. You should always know why you are attending the event. You should not go to any event where your best target customers are not the majority of the attendees. When I attend events, I try to secure 5 quality contacts and that’s it. Why? Because there’s only so much time to follow-up with people. The fortune is in the follow-up, I’ll talk about that in next week’s blog post.

2. Research Attendees. Try to find out who is attending the event. Look at who’s on the board of the event sponsor. Check out the names of the honorary committee hosting the invitation. Make a call to the organizers to try to get as much information as a possible. (If they utilized an online invitation, you can see who else was invited. Use Google and LinkedIn to research as many attendees as possible. This makes having conversations much more interesting and you’ll show your prospect you’ve got legitimate interest in them. You want to learn any information that will help you make a personal connection as quickly as possible.

3. Bring You’re A Game. You can’t bring your A game in your B suit. Make sure you look great head to toes. Men shoes are important. Ladies make sure the makeup and neckline are appropriate. Everything should fit well, and it will really boost your confidence. You don’t get a second chance make a first impression! Dress how you want others to perceive you and your business.

4. The Reception IS The Event. Game time is the reception. DO NOT BE LATE! The reception is your best chance to track down your targets. You must be on time and armed with your business cards at the reception. Why? Once you take your seat you can only network with the other 9 people at your table. If you are going to attend an event with a friend– divide and conquer the event.

5. Go For The Relationship– Not The Chicken. Do not head immediately to the food table. Work The Room! Be fearless and ready to introduce yourself to anyone. Once you make a contact maintain eye contact. Don’t look over their shoulder at your key target who just entered the room. Be present where you are. Anyone could potentially be a great contact.

6. Moving On From A Contact. Moving on can be tricky. It’s important not to be rude. But most likely the person you are talking to has an agenda too, so do not hesitate to shut down the conversation and move on. Here’s three great lines you can use to make a graceful exit. Use one of these lines as appropriate; “It was so nice to meet you, I’m going to head over to get a drink.” or “It was so nice meeting you and I’m going to give you a call.” “I do not want to monopolize you at this event, I am sure there are more people in here you want to meet. Let keep in touch and see how we can help each other.” With any of these lines you can smoothly move on to your next potential prospect.

7. Take Notes. You’ll want to remember the details of your conversations, write down a few notes on the back of the contact’s business card to help your memory later. If you meet a lot of people each week sometimes it’s hard to keep people straight relying on your memory. Your notes will help making follow-up much more personal.

What other networking tips do you have? I love to learn about other good ideas.

Melinda F. Emerson, SmallBizLady, is one of America’s leading small business experts. She is an author, speaker and small business coach whose areas of expertise include small business start-up, business development and social media marketing. As CEO of MFE Consulting LLC, Melinda develops audio, video and written content to fulfill her mission to End Small Business Failure. She publishes a resource blog, www.succeedasyourownboss.com and hosts a weekly talk show on Twitter called #Smallbizchat for emerging entrepreneurs. Forbes Magazine named Melinda Emerson one of the Top 20 Women for Entrepreneurs to follow on Twitter. Melinda has been featured in the New York Times, Wall Street Journal, The Washington Post, Fortune and Black Enterprise. She’s the author of the bestselling book “Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.”

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#SmallBizChat Interview with Small Business Expert Jane Applegate

By Melinda Emerson on May 5, 2011 in Q & A Interview, SmallBizChat, Your Small Business

small biz chat with melinda emerson

Each 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 Jane Applegate @Janewapplegate Jane is the author of 201 Great Ideas for Your Small Business. (John Wiley & Sons 2011) The third edition of this best-seller was released in April. Jane is a former syndicated columnist for the Los Angeles Times and an award-winning writer and producer. Her company, The Applegate Group Inc. creates customized small business content for corporate clients including American Express, Pitney Bowes, Cox Communications and Montecito Bank. She is also founder of The Great Ideas Network, featured on http://www.201greatideas.com

SmallBizLady: Why is this a good time to be running a small business?

Jane Applegate: So much has changed in the past five years. Small business owners now have access to so much affordable great technology and equipment. I rewrote the tech section of 201 Great Ideas for Your Small Business to include Facebook, Twitter and all social media platforms. Even the tiniest company can now appear much bigger online.

SmallBizLady: Thousands of small businesses failed during the Great Recession. What did the savvy ones do to survive?

Jane Applegate: Although many companies went under, hundreds of thousands made it through by cutting their overhead costs, moving back into their homes and garages and reaching new customers online. With cash flow being the toughest business challenge, keeping some cash flowing is essential to survival.

SmallBizLady: How easy is it to be starting a new business right now?

Jane Applegate: This is a great time to be starting a business. Technology has never been more affordable or accessible. In fact, I’ve been speaking about how easy it is to start a business in ONE day with only $2,000. You can wake up in the morning with a great idea, register a website, buy a powerful computer, order a smartphone, design a basic website and sign up for a marketing platform like Constant Contact, all before you go to bed. I’m working with several great online companies including Elance.com, a virtual talent agency, and HubSpot.com, which built my website and helps us generate inbound traffic. Continue Reading →

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What is a Press Release and How Can a Small Business Use Them? Part 1

By Melinda Emerson on April 5, 2011 in Branding & Marketing, Grow Your Business, Guest Articles

One tool in the small business PR toolkit should be the news release (also called a media or press release). It’s not as hard to use as it may seem, and any small business including solopreneurs can make use of this tool. Most articles on releases talk about how you write them, but the most important parts are really what you are writing it about, and who you are writing it for. A news release starts with finding the ‘news‘, with identifying the ‘what‘, then linking it with who would actually want to read this info, and what publications they read (I’ll cover the how to write a release in a second post in this series).

What kind of results can you expect from a news release?

There are three main results from a well-written, well-planned release:

Increased site traffic via search engines, which often pick up online releases and social media releases (I’ll cover the social media release in part 2).
Pick up by other sites that expose your news to their readers, which in turn can increase your site traffic.
And the more traditional use of releases – attracting the interest of a freelance writer, reporter or editor at a publication who either writes a story, or contacts you for more info or an interview and then, hopefully, writes a story.

Continue Reading →

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11 Bible Verses Small Business Owners Need in 2011

By Melinda Emerson on April 4, 2011 in 10 Things Lists

Each year, I pick a bible verse as my theme for the year. This year I did not choose a verse, but a saying that a coaching client shared with me. “Either I win or I learn, but with God’s help I never lose”. I loved that, and I was so touched by what this entrepreneur shared with me, that I felt like that was the message for me this year. But I still wanted to share the verses I was considering. There are so many powerful verses to read in the bible. Here’s a list of 11 favorites that I use for encouragement. I hope that you will print this post and share it with others, so that they might be helped along the spiritual journey we call entrepreneurship.

1. No eye has seen, no ear has heard, no mind has conceived what God has prepared for those who love him. 1 Corinthians 2:9 One of my favorite business heroes Oprah Winfrey often says God can dream it bigger for you than you can dream it for yourself. There will be times in your life and in your business when the people around you will not understand the vision God had given you for your business. Read this Bible verse and be steadfast in your entrepreneurial journey.

2. Commit to the LORD whatever you do, and your plans will succeed. Proverbs 16:3 If everything in your business is done to glorify God, he will Bless your work.

3. The plans of the diligent lead to profit as surely as haste leads to poverty. Proverbs 21:5 A good idea is still a good idea three weeks from now. There are no “get rich quick” schemes. Do not be in a hurry for anything. Learn all you can. Be focused and diligent and your business will succeed. Continue Reading →

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Help @Smallbizlady, My Client Doesn’t Value My Expertise

By Melinda Emerson on March 14, 2011 in Business Inspiration, Grow Your Business

Dear Smallbizlady,

Whenever I try to give professional advice to my client, she dismisses my opinions and goes with her own ideas.

What should I do?

If you know that you are an expert and that your advice is sound, do not allow your client’s behavior to weaken your confidence in your business. Instead, examine whether your communication style is the problem. Does she perhaps prefer to receive information and opinions in writing backed up with a lot of details? You need to understand how you can work best with her particular idiosyncrasies.

I once had a client who told me, “There’s not a problem just because you say it’s a problem.” At first, I was taken aback by her statement, but then I realized that she wanted me to provide her with a better explanation about why there was a problem. I assumed that she would just trust my opinion, since I was the expert she hired. We all know what happens when you assume something.

Next, look specifically at your dynamic with your client. Is her lack of respect for your opinions causing you to become resentful, making matters worse? Email communication is always a bad idea when a relationship is going south. A conference call is good, but a face-to face meeting to clear the air is always best.

If you continue to feel underutilized, be extremely pro-active in doing what’s expected of you. Over communicate for clarification about assigned tasks and completed assignments.

Ultimately, if you’re unable to change your client’s attitude towards you, may need to renegotiate the nature of your working relationship. In other words, move on. The next time you get a proposal request make sure the dollar figure exceeds their budget, and they will not call you again.

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 one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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Ask SmallBizLady How Can I Take My Small Business to the Next Level

By Melinda Emerson on February 25, 2011 in Ask Smallbizlady, Business Inspiration

Every Friday, I answer questions on my blog in a segment called Ask Small Biz Lady and will post video answers to frequent small business questions. This week, we are taking on the question How Can I Take My Small Business to the Next Level?

Check out this video for the answer

Develop a specialty niche: Look at your business and see if there’s a niche market that you can specialize in; i.e. if you are a graphic designer how about specializing in developing educational materials?

Develop signature content: Blogs, special reports, a niche website for your specialty niche market. Demonstrate your expertise and knowledge to your target customer.

Build a team: It’s hard to sell your skills as an army of one. That’s too much risk for a large or corporate customer. Build strategic alliances and develop partnerships with competitors to secure larger pieces of business. 50% is better than waiting for your phone to ring.

If you have a question for Melinda Emerson, Small Biz Lady, I’m always here as a resource.

Leave a comment on this article, send a message using the contact us page, tweet me – @smallbizlady, on Facebook or you can hit me up on LinkedIn.

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Book Interview: How They Did It: Billion Dollar Insights from the Heart of America

By Melinda Emerson on February 23, 2011 in Business Inspiration, Your Small Business

This is a Q&A from my interview with Robert Jordan author of How They Did It: Billion Dollar Insights from the Heart of America (RedFlash Press, www.HowTheyDidItBook.com). Robert has been launching and growing companies and helping other entrepreneurs do the same for the past 20 years. His book is a collection of interviews from 45 leading founders who created $41 billion from scratch. His newest endeavors are RedFlash project implementation team, a worldwide network of interim, contract, and project executives.

Smallbizlady: What gave you the idea for this book?

Robert Jordan: I was waiting in the SeaTac airport in Seattle for a flight, reading a book of quotes I found in a bookstore (it’s a great airport). I had a thought – wouldn’t it be great to read a book of quotes from entrepreneurs who had hit home runs – and learn how they did it. The generic quote book I was reading was ok, but not specific for what would have really inspired me as an entrepreneur. So when I came home I approached some VC investor friends with the idea (not asking them for money, just wanted their opinion because they knew lots of entrepreneurs), and the added idea that I’d like to invite these champion company founders to an event where we would multi-author the book in 90 minutes. It didn’t work out quite that neatly in the end, but the event did occur, at the Four Seasons Hotel in Chicago, and 21 of the 45 founders were there.

SmallBizlady: How did you pick the company founders you spoke to and was there criteria you used for the companies you included?

Robert Jordan: I set criteria that a founder had to launch/grow/sell for $100mm or more or go public for $300mm or more. I did this with the help of an informal committee of these VC friends. I went to Goldman Sachs, William Blair and Dow Jones to ask them to help screen companies, and from their databases I then hired a bunch of Northwestern University undergrads to help me screen founders. After a year of that we had a list of folks to invite to the Four Seasons event. This was not a rigorous/academic approach – I broke my own rules. For example, Viresh Bhatia from Installshield sold for $78mm. And we decided to not include a number of founders who were, frankly, not inspiring. The emphasis was on technology and innovation; we did not consider real estate, hedge funds, that sort of thing. Nothing against those home run hitters – we just wanted to focus on very hard stuff not expected outside of Silicon Valley.

Smallbizlady: Many of the interviewees aren’t well-known and, you point out yourself, some are actually reclusive. Is there any insight in that about people who really score success?

Robert Jordan: I think so. There seems to be a pattern of quietly going about your work, be great at execution, don’t focus on self and ego. Mahendra Vora said of course you have to have ego to do these great things, but not to the point that you cannot see and act on your mistakes, or recognize other people for their own great work. Also: one of my biggest conclusions is that none of these founders did it alone. Success is never a solo act. Even for solitary founders, the only way they hit it big was by developing partners and/or incredibly capable management teams.

Smallbizlady: Why did you choose to focus on technology businesses?

Robert Jordan: Because there could be a perception in the world that the only valuable tech development has to or must occur in Silicon Valley. And that just is not true. And it becomes more interesting to learn from quiet, unsung heroes than the usual subjects. And because most aspiring entrepreneurs in the world are not in SV and never will be – it becomes another facet on inspiration. You can see other people in obscure places who didn’t give up, didn’t blame their surroundings (Mary Engelbreit’s line from her greeting cards – bloom where you are planted). The number one billionaire in the book, Dane Miller (Biomet, $12 billion company value when taken private in 2007) started Biomet in Warsaw, Indiana, and he’s still there, and he’s still unknown. On USA Today’s 25^th anniversary they ranked the 25 best performing companies over the past 25 years. Dane is #7: 30,000% growth. Warren Buffet is #20: 19,600%. Dane almost doubled Berkshire Hathaway’s performance. Not on a whim…but over the course of 25 years.

My guess is that most people consider Google and Facebook the 2 most important tech companies in the world at the moment. The next 2 could be Twitter and Groupon, and Twitter’s CEO Dick Costolo is in the book, as is Groupon’s co-founder Eric Lefkofsky. (Costolo was not the founder of Twitter but even the quiet guys can score home runs.)

Smallbizlady: Is there one core value you feel is the strongest and most important factor in your personal achievements.

Robert Jordan: Integrity.

Smallbizlady: Do you believe there are some unique qualities that are inherent in all of those individuals who built a great fortune for themselves?

Robert Jordan: My biggest conclusion from this is that for massive success you have to take a leap. You have to take risk. This sounds obvious, but in reality, what most of us do is avoid failure. We think we’re taking risk when we do small things, and act incrementally. These folks did not get to multi-million and billion dollar valuations by failure avoidance. It just doesn’t work. They each have one or more points when there was a distinct decision to make a leap, and the results were not known upfront. Actually I think overall these founders struck out far more than most business people. They just did something very different from most people with those failures. A related quality: they are all very passionate about what they do.

Smallbizlady: What advice did you glean from your interviews about how to best go about funding a business?

Robert Jordan: To be more patient (Joe Mansueto’s advice).

- To stop thinking that anyone could become a success overnight, because that is completely a false notion, and in fact all self-made founders hit the wall one or more times.

- To not take money at any price, because once you are diluted down by selling equity too cheap, you can’t get it back (Michael Polsky).

- To think about more options for funding, to never rely on one source alone (Vince Pettinelli; and Jim Dolan talking about always doing one more thing; always have a “hot standby”).

Smallbizlady: Another key issue is hiring. What was some of the best advice you heard about that?

Robert Jordan: Joe Piscopo (Pansophic) said if he could have hired better he could have been 10x bigger, and that 75% of failures relate to poor hiring.

- Mahendra Vora (Intelliseek) said you first train your core team of 5 managers, and when you do that well, they train the next 25, and when they do that well they train the next 125, and that’s how success occurs.

- Raj Soin (MTC) said he trained his managers to not think first of their customers but to primarily think of the employees, because the employees would create success with the customers – not the managers.

- David Becker (First Internet Bank) said it was hard because sometimes early employees could not stay at fast growth companies – just no longer a fit. But when he developed a core team that was outstanding, he took them from one startup to the next. Becker’s line reminded me of Andrew Carnegie’s quote about taking away all his steel mills, it wouldn’t matter, just give him his team and he could reproduce the same success in any other industry.

Smallbizlady: What are the most common mistakes start-ups make, and how can we avoid them?

Robert Jordan: 1) Trying to avoid failing is a mistake. Instead: look at each failure and see if that could be the source of the real home run. Another big revelation: most home runs were because of Plan B, not the original plan! Bill Merchantz’s software company had a spectacular failure, software that crashed on a big client. They worked feverishly to restore functionality and invent disaster recovery software. In the end the client left. But the big win? The disaster recovery software was, not the original product.

2) Hiring the wrong people is a mistake. One piece of advice from Howard Tullman: founders should never do the hiring, because we entrepreneurs are in love with our products and can’t stop talking. Smart candidates sit there, nod, don’t say a word, entrepreneur falls in love with them, they get hired. Big mistake. Delegate hiring. Joe Piscopo said first order of business for a CEO: take up to date courses on hiring.

3) Not being willing to give up control is a mistake. This is NOT the same thing as giving up equity. Big success is never a solo act. Great founders develop partners and/or great management teams without fail.

4) Complacency is a mistake. Champions always do one more thing; have one more backup, one more Plan B. How many times have you heard about a company that, gee, they came so close! But they just missed because of the Internet bubble bursting, or the recession, or… The experience of these founders is not that they didn’t hit obstacles – they did. They just kept moving.

5) Designing the “perfect” product is a mistake. Especially in technology, things move too fast, and the attempt for perfection can mean completely missing the market. Only by being in the market can you improve, learn, and eventually make something great.

Smallbizlady: What practical advice do your founders offer for the average person to do well in life?

Robert Jordan: Be passionate about what you are doing! I realize that may sound idealistic, but I noticed throughout the interviews a near-total lack of cynicism. And my own experience with a lot of startups is that passion is the first determining characteristic of founders who get funded. Being passionate is contagious.

You can grab this book today on Amazon. 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 one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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Could Your Self Confidence Be Holding Back Your Small Business?

By Melinda Emerson on January 12, 2011 in Guest Articles

Could Your Self Confidence Be Holding Back Your Small Business? by Kelly Morrison

Have a business plan. Know your target market. Research your competition. Have funds set aside for rainy days. These are all things I heard when, at the age of 22, I decided that I wanted to start my own business as a virtual assistant. I began doing research on training to become a virtual assistant, which led me to AssistU. I received the best training possible for VAs, wrote a business plan, registered my business with my city and state governments, built my website, and opened my virtual business doors in June 2008 and waited for my clients to find me. And waited. And waited. And six months later . . . I was still waiting! Why wasn’t anyone asking me about my business? Why wasn’t there anyone knocking down my door to work with me? I knew why – it was because people thought I was too young to be in business. And by people I mean me.

That’s right – I was a 22 year old business owner who thought I was too young to be a business owner, and because I had zero confidence in myself as a business owner. I was telling NO ONE about my business. Did I have the skills to assist someone as their VA? Yes – but I was only 22. Did I have my business set up legally, equipped to fully handle any tasks that came my way? Yes – but again, I was only 22. I was shy about telling people I was in business for myself. I didn’t think people would take me seriously as a business owner because, well, I was 22. And because I didn’t take myself seriously, it made it hard for other people to do the same. I found myself not telling anyone about my business and therefore not getting any clients as a result of my non-existent marketing.

In early January 2009, after a lot of self-doubting and pity parties, I decided enough was enough – I was either going to fully commit myself to my business or I was going to quit it altogether and go find employment elsewhere. So, I started talking about my work as a virtual assistant (VA). A lot. And to more than just my mom and close friends. I facebooked about it. I showed off my website. I passed out my business cards. I began to really market myself and my business. The more I took myself seriously as a business owner, the more confidence I began to have in myself and that confidence began to have a positive impact on my virtual assistance business. At the end of January, I began working with my first client, and I haven’t looked back since! I know what really made the difference in my virtual assistance business, aside from marketing my company actively, was my ability to believe in myself as a business owner.

What I’d tell anyone in business for themselves, who may be having self-doubt or a lack of confidence in themselves as a business owner for whatever reason, is to believe in yourself. Remember why you went into business in the first place – because you knew you had a great service or product or idea that the world needed to know about. Keep that same enthusiasm going in your business year-round. Have a great support system in place – mom, friends, spouse, dog, cat – whoever will support you in your dreams to be a successful entrepreneur! Most importantly, never let anyone, even yourself, keep you from believing in your ability to be a successful small business owner!

About Kelly Morrison

Kelly Morrison is a Virtual Assistant and owner of The Virtual Peacock. She works with clients from across the world providing them with top-notch virtual administrative support and assists with tasks such as social media and email marketing, scheduling, customer service support, writing, editing and much more! For more information on Kelly’s work as a VA, visit www.TheVirtualPeacock.com.