Business advice and wisdom for entrepreneurs and small business owners
Recently in the swirl of homemade cupcakes, brightly colored tulips and a beautiful ballroom, I was inspired to concentrate on the main focus on my business from a passionate and honest woman who admitted to a crowd of 50 that she had lost her way in the midst of growing her company only to rediscover it again with much relief.
I think a major challenge in growing a successful company once its established is veering too far away from its original focus. In most cases in order to grow a company, women feel motivated to creatively add new revenue streams, add-on new products or services, or neglect getting rid of ineffective parts of their business. I remember a member telling me once, “Women make the mistake of feeling like their business is a child, an extension of themselves they can’t ever walk away from if times get bad. But a business isn’t a child; it’s an entity we’ve created. It is possible to make logical, sensible, hard changes to sustain success.”
As yesterday’s gleeful woman entrepreneur spoke of her current successes and the struggles she endured to regain control of her life and a business that had become unruly due to losing focus of her main core business purpose, the air filled with potential for all of us listening to her as we contemplated our own company’s direction. We were challenged to revisit the reason we started our companies, analyze whether we were happy with our personal and business lives and motivated to revisit our unique niche within the market to go back to it, improve it or change it.
Today’s post is meant for you to consider these questions – are you running your business or is your business running you? Are you successful because you have a deep, rich niche or are you too spread out and unfocused in too many service or product areas? Should you revisit your initial corporate intent in order to take back control of your corporate direction? Will doing all these things lead to more financial success?
Sometimes it takes another woman entrepreneur who shares her challenging business story to shed light on our own situation and motivate us to make the essential changes we need to make to become more successful again. What do you need to be doing differently now to recapture the essence of your business?
Inspiration for Women Entrepreneurs: The Team
Business wisdom for women entrepreneurs and businesswomen
I looked up at the three mile point in the race to see the outreached hands of 30 young girls cheering on the runners. Although tired at this point in a 3.1 mile Right to Run race, I made every effort to slap the hands of every single girl who extended their support to me. Their cheers gave me the fuel to run joyfully to the finish line with the Women TIES logo prominently displayed on the finish line banner. I joined in the same spirit shown by the girls by high-fiving the rest of the Women TIES team as they finished their runs.
You might think today’s blog post is another sporting story without a tie to business wisdom but I hope you see it differently. There were lessons learned during this event that I hope inspires you today because that race was no different than any other business event we produce where we gather great women entrepreneurs together at our luncheon programs to meet, create new relationships and “run” together towards individual and collective success.
Identifying ourselves in the race as members of a team, with unified raspberry shirts, you knew we belonged together and yet each of us had to run our own race at our own pace. It is the same for women entrepreneurs who ban together at business networking events, educational programs and personal meetings – we belong to a big team of women entrepreneurs proudly displaying our own business expertise and supporting each other on our own individual entrepreneurial journeys.
Running in a race and running a business really aren’t that different. Both take energy, fortitude, an eye on the goal and focus. If our energy or interest starts to wane, we can rest for a period to recharge and start up again. We can find incredible strength and endurance when the hills come. Joy fills us when we have accomplished a new big goal, hit a revenue mile marker or just completed a big project.
Today be reminded you belong to a team of women entrepreneurs who believe in you and who “run” next to you every day you open your business. We are there to support you, inspire you and cheer you on when you need the encouragement. Although we might run at a different pace, manage different businesses or sell widely different products, we are one body of energetic women who understand what we each go through as business owners.
I hope on the days you feel like you are running the race alone, you stop and remember this story and reach out to someone like me or another woman entrepreneur who is ready to slap your hand, cheer you on and give you the encouragement to pick up the speed and keep going.
Plugging Profit Holes
Business wisdom and inspiration for women entrepreneurs and small business owners
As I listened to a woman entrepreneur who runs a million dollar in sales company talk about ways to keep a business afloat in difficult economic times, the word “profit holes” was introduced to my vocabulary.
The speaker discussed how small businesses are threatened by profits holes that undermine their business by sucking out hard-earned profits. Most business owners can identify large profit holes and stop them pretty quickly because they create a lot of attention that cause an obvious impact on the survival of the business.
But most companies can’t or don’t identify small profit holes or money that trickles out every month. Taken individually, none of the small holes have a tremendous impact on the business, but collectively, they amount to a small fortune.
No matter if you want to double your profits or at least starting making a profit, identifying and plugging little profit holes within your enterprise will help you greatly. Here are some suggestions for identifying and dealing with profit holes:
* Produce a monthly Profit & Lost Statement which shows every dollar spent within the month. Make sure to analyze spent money within the business. Compare monthly P&L statements to make sure costs aren’t rising. Make adjustments where necessary. Ex: A couple years ago, I spent $8,000 on roses for my events. Never realizing how much money they were costing me, I have adjusted my floral selection and quantity to significantly reduce that cost without getting rid of the expense completely.
* Challenge yourself to find opportunities to increase pricing; even if it takes you a little bit out of your comfort zone. Consider raising prices to afford specific profit holes. Most entrepreneurs are fearful of raising prices. Even a small 3% increase in price might be enough to make your company more profit.
* Set new revenue savings goals while you are plugging profit holes. Remember every single dollar in reduced expense equals a dollar for dollar increase in your profit. Savings can carry over year-to-year which further compounds the return on your investment.
By dedicating time, focus and control over your expenses should increase your company’s profit and value. Make it a priority starting today.
Communications Check-Up for Entrepreneurs
Business advice and wisdom for women entrepreneurs and small business owners
The fresh spring morning pulls me back in time to the lapping shores of Lake Ontario with fresh green buds popping out on the trees lining the walkway near the lake. The beautiful view of the blue lake was my companion as I headed to class at SUNY Oswego every day. One particular day I remember being so occupied by a speech I had to make in my Communications 101 class that I barely breathed in the beauty of the walk. I was too consumed with nerves as the building housing my communications class came into view.
Sitting next to my classmates in a big lecture hall with rows and rows of seats, I remember my teacher saying, “Who wants to go first?” I thought the anxiety would devour my voice if I didn’t raise my hand first. Up I went, walking gingerly to the front of the 100 person class to deliver my speech. I can’t tell you how it went because it was a blur but I must have done well because I passed the assignment. At the time I was gleeful it was the only communications class I had to take as a business major. After starting my first company in 1995, I realized I could have used many more communications courses.
Women entrepreneurs catapult themselves into entrepreneurship with their eyes on the financial rewards and benefits they offer the marketplace. Few envision themselves as saleswomen, managers or public speakers. Yet entrepreneurship demands us to wear many hats whether we want to or not. The only way to gracefully become an experienced entrepreneur is by embracing what we must do to succeed.
Becoming an excellent communicator is an essential element of business success. We must pitch our companies in front of clients to land contracts, promote ourselves to the media for attention, and communicate well in times of difficulty with customers or vendors. When all these opportunities presented themselves to me as a “freshman entrepreneur”, I wished I was strolling back along the water of Oswego heading to another communications class because I realized how valuable that education was to me.
Today’s blog post is to inspire you to take inventory of your own communications comfort level and ability. Do you communicate well with clients, vendors and staff? Are you willing to speak at events, conferences and programs to share your knowledge and gain valuable exposure? Is your communication style something that attracts more people to you or limits your relationships? Would you consider yourself a good communicator?
If your answer is no, then today is the day you join me in a walk along the shores of Lake Ontario as we head to class together to learn more about how we can become better communicators.
Business advice for women entrepreneurs and small businesses
Do your business days start slow sometimes because you are unfocused wondering exactly what you should do first? As the owner of your own business, you probably have a list of 100 tasks you could work on at any moment especially if you are a solo entrepreneur.
I have learned to start each business day with 3 important tasks that set the tone and success of my day (and future). Even when major customer projects are due, I find time for these 3 tasks. I hope they inspire you to start or re-start your day by doing the same.
1. Complete 7 Sales Calls – Kick start your morning by listing 7 current or prospective customers to contact to create revenue. There is no time like first thing in the morning, when your energy level is high, to pick up the phone and ask for business. If sales is challenging to you, completing sales calls first thing in the morning makes the rest of your day easier. On average it takes me about 2 hours to make 7 calls depending on the conversations. It is the best investment in my business.
2. Write and Share a Blog Post – If you have a blog, you should be blogging at least 3 times a week if not more. Dedicate 30 minutes to write a post and another 15 minutes to share it on social media marketing. By sharing posts early in the morning, it gives your company publicity all day long as the posts gets shared and re-shared by others. Get into the daily habit of writing and sharing your work on social media marketing to increase your brand name and company outreach easily.
3. Add to Your Future Project List – In order to keep your entrepreneurial mind and spirit fresh, it is important to maintain a list of fresh ideas, new products or services or big project concepts on file. You get ideas everywhere from talking to customers, reading articles, and sharing experiences with others. If you don’t get into a habit of writing down what inspires you, you won’t remember. Start your business day by adding a new idea to your list or adding new thoughts to existing ideas. Review the list at the end of the week and set dates to start working on some projects.
Set the tone to your day everyday by listing your own 3 essential business tasks and I bet you will achieve more success relatively soon.
Business advice and inspiration for women entrepreneurs and small businesses
On Monday morning as the world awakes to a new work week or returns from a week long vacation, motivation might be what a person needs to plow through the day or piles of work. A Monday morning can also find exercise enthusiasts hung over from a weekend of indulgences and time away from their typical workouts. School children aren’t the only ones who sometimes dread Monday mornings.
Last week I was fortunate to have global athletic female icon Kathrine Switzer speak to an audience of women entrepreneurs and athletes. Her words of wisdom rang true for both the business professionals and fitness focused women in the audience. Her quotes could be used if you are running a business or running an upcoming 5K race. I wanted to share them with you today to motivate you this Monday morning.
“Some days are easy and some days aren’t, there is no rhyme or reason to it.”
“Every day I run it is a day of magic which turns into a day of empowerment.”
“Talent and capability are everything, they only need an opportunity to shine.”
“Curses can turn into blessings.”
“The goal always gives the focus.”
“The secret of my success is that I showed up.”
“Fearless women can reach fearful women and change their world.”
Today I wish you a week full of empowerment, blessings, goals and focus. What can you do to “show up in your business today” to make your week more successful?
If you are a female athlete, runner or walker, why not start your week off by committing to running with our “Right to Run 19K or 5K” teams this Saturday, May 7th in Seneca Falls and meet Kathrine Switzer herself. Details can be found on this link. We hope you “show up” and join us.
What’s Your Corporate Image Look Like?
Business wisdom and advice for women entrepreneurs and small business owners
I went to check the weather on my iPhone and caught a glimpse of purple rain on every city forecast on The Weather Channel. I immediately knew the purple images were to honor the singer Prince who had passed away earlier that day. I chuckled at the creativity of the station for creating the vision. I then gave a nod to Prince for creating such an identifiable brand.
It might seem odd to ask but, “What do you think The Weather Channel would place on their screen if they were honoring you?” Lemoncello comes to mind when I think of my favorite food blogger. Steam from a coffee cup rising early in the morning identifies my favorite coffee salesman. A smiling snowman’s face reminds me of my youngest son turning 21 today because he is always joyful. What is the one image your memory would drum up for you?
As women entrepreneurs we should consider this question from a business perspective to see if the symbol that identifies our business represents our mission. Two years after starting Women TIES, I asked an audience for their opinion on our brand. I remember at the time “pink” was referenced due to our mission to support women. Others’ said “a tie of some sort” which signified our name. Currently I hear the word feminism and “all things women.”
Today’s blog post is a creative one because I want you to contemplate three images the media, your friends and even the weather channel might use to symbolize your brand image. Write a quick list of what comes to mind. Study it and consider if the images that appears make you happy. If not, start working on a new brand image and message. If you like what you see, then you should be using the symbolism more often in all your work.
Last week a new message for all we do through Women TIES came to me on a bike ride. Later that week my graphic designer turned the verbiage into a new visual. What new image do you want people to envision when they think of your company or see displayed on an iPhone screen?
Monday’s Question: What One Word Describes Your Brand?
Advice, Inspiration and Wisdom for women entrepreneurs and small businesses
The morning television show announcer asked a panel of women “What one word in the dictionary would your closest friends, significant other or family say describes you best?” The answers ranged from fun to intense and sporty to savvy. I know for sure what my one word would be and I’m pretty sure my family of men knows too.
A few minutes later, I looked at the inspirational calendar on my desk to find this quote, “When you lose sight of who you are and what you most value, you end up chasing more of everything else.” As I prepared today’s wisdom message, I found parallel themes between the show’s question and my calendar. Both speak to the idea that each woman has a personal brand that everyone around her sees; and every female entrepreneur has a corporate brand that uniquely identifies her.
If I asked you to list one word that described your personality best, what would it be? If I asked you to answer that question as a woman entrepreneur, from the perspective of your customers, community and associates, what would it be? It might be similar but it might be different. The point of these questions is to help you see your “brand” better. You have a personal brand and as the owner of your company you should have an identifiable corporate brand.
If you have a strong corporate brand others can share, it will be easier for customers to describe who you are and what your business offers to others they meet. In essence, by developing, possessing and living a strong brand message you help others market your company to their own extensive network.
Today’s blog post should inspire you to think about your personal and corporate brand and answer the two questions posed above, “What one word in the dictionary would your close friends and family say describes you best?” and “What would customers say is your unique brand?” If you don’t know the answers, ask the question. As a business woman, the second question is important since your brand sells you and your company at all times. Work on your brand image today if you feel you need help in this area.
When my son was in second grade he had to describe me in 3 words to his class. He told me he said I was “loving, caring and a feminist.” I love that my 8 year old son identified my personal and corporate brand so long ago. In his exact words, “You are a feminist because you believe women rule the world.” Twelve years later my entrepreneurial brand is close to that meaning, “I believe women could rule the world if we were equal in all areas of life and business especially the amount of money we make.” Go rock the world today with your own strong personal and corporate brand.
Entrepreneurial and business advice for women entrepreneurs and small businesses
As I biked down a winding path covered by tree branches with small spring buds next to Onondaga Lake yesterday morning, I heard a distant voice over the lake. I turned my head to see two female crew teams rowing in unison across the beautiful calm waters. Row by row, breath by breath their bodies moved as one advancing together.
The solo image of me riding alone on my bike compared to the eight women rowing together side by side next to me on the water reminded me of how women entrepreneurs faces business. We are independent hard working, free spirits sailing down our own individual pathways at our own speed. We are also in a marketplace stream often working side-by-side with other women together advancing to a single collaborative goal. At one point in my ride, I was advancing at the exact same pace as the row boats gliding on the water in unison with them and yet autonomous.
The image reminded me of how women entrepreneurs face every single day of their business lives – independent and yet connected to others to thrive. We must balance our solo workload while equally working with others to advance. When riding solo, we have the ability to go where we want, at the speed at which we want for as long as we want; while realizing we might go farther faster if we ride with a team of other women gliding with us.
My question for you today is do you ride solo too often or if you depend too heavily on others to propel you forward? Are you getting where you want to go fast enough? If not, do you need a team to support you? If you are content with your pace and progress, than embrace your independence and propel yourself forward successfully alone.
Yesterday I was content to ride alone enjoying a solo morning bike ride to envision some future plans. Today when I join other women at a meeting to make other future plans, I will enjoy being shoulder-to-shoulder working alongside other females. The question for you this morning, “Are you getting enough of both scenarios in your entrepreneurial life?”
If you are a woman entrepreneur in New York State, you are always welcome to join our 11 year team of fantastic women entrepreneurs and our Women’s Athletic Network. We believe in “Women supporting women in business, sports, equality and life.”
Once in awhile in unexpected moments business duties can come to a halt as personal circumstances arise. Stopping a busy woman from working is like stopping a train from roaring down a track. Periodically the warning gates come down across the rails when something is in its way making the fast moving vehicle stop suddenly. Tuesday morning my fast paced entrepreneurial spirit was temporarily prevented from moving on with my beloved “Wednesday Wisdom”, an inspirational editorial I have sent to women entrepreneurs every Wednesday for 11 years, due a health issue that required immediate attention.
After being told I needed to go to the ER and stay overnight for heart tests, I said to every nurse aiding me, “I am a very busy woman entrepreneur and I need to get back to work as soon as possible; I have women to help, events to plan a “Wednesday Wisdom” to write and no one to take over my duties.” Compassionately each would say, “Maybe you work too hard and that’s why you are in here for a day of rest.” The other statement they all said was, “What you do and who you help sounds amazing.”
With a clear view of The Franciscan Church of the Assumption outside my private hospital room where I had just dedicated a year of helping poor women on top of my other business duties, I received the clarity of the experience and the words, “Slow down and take in the message.” The message was, “You can work passionately at what you love to do to help people you serve but not at the expense of your health because then you’re ultimate mission will be derailed.”
So today’s post is to remind you and all the hard working women entrepreneurs out there relentlessly moving down the business track like a full running train, to slow down a little before the warning gates come down. Although we have a long list of responsibilities, an endless amount of entrepreneurial spirit and a heart full of passion to work long hours, our health is always the most vital key to our success. Today consider slowing down your pace, reorganizing the way you do work, hiring someone to help, prioritizing duties, making your health a priority or simply taking a day off to rest (preferably at home).
When I was hooked up to the heart monitors waiting for the test results, the commentator on the television announced it was “Equal Pay Day” for women. My feminist heart started beating faster again as evident by the heart monitor. I realized in that moment when you love what you do your heart will palpitate no matter how hard you try to calm it. Today I hope your heart beats faster about the work you love and the people you work for too while taking care of yourself along the way.
Women TIES 