Million Dollar Dreams: Warming the Entrepreneurial Spirit
Business advice for women entrepreneurs
I remember the moment so clearly. I was sitting on the floor of my Aunt’s Florida condo when she said, “Tracy, I’m so excited I just hit the million dollar in sales mark with my company.” I remember hearing the words “million dollars” and wondering if I would ever achieve that same level of success one day. As an impressionable 19 year old, I remember glancing at the woman I was named after and hoping to follow in her business footsteps.
It’s been 30 years since I sat on that floor inspired by my aunt’s monetary accomplishments. I must admit I have not achieved the million dollar sales mark yet but either have 97% of women entrepreneurs doing business today. Once in awhile I buy a Mega Millions jackpot ticket thinking that might be an easier way to hit a million dollars. But while I dream of making money that easy, I know in my heart I need to work as hard as my aunt and other successful women entrepreneurs to earn the money.
A couple years ago, a million dollar in sales woman entrepreneur spoke at one my events and shared her wisdom on hitting that elusive “entrepreneurial jackpot figure.” I wanted to warm up my readers entrepreneurial, million-dollar-in-sales dreams today by sharing what I learned from her:
* An entrepreneur must complete an 18 month strategic action plan for their business to achieve higher business goals. A strategic action plan can be more useful than a business plan because the entrepreneur not only develops broad business strategies but they support those strategies with specific steps (or actions) to accomplish each. Find strategic action plan templates online through a Google search.
* A business owner must know their company’s niche or “points of difference” in the marketplace so they can pitch, sell and market their company correctly. Entrepreneurs should always go back to the “basics” or the “core” of their business in order to grow it substantially.
* Entrepreneurs must know their numbers all the time. Understanding basic financial reports and analyzing cash flow and profit and loss statements frequently, is an ingredient for financial success. If you don’t have one already, establish a strong relationship with a banker to set up a healthy line of credit for cash flow needs. Your banker, accountant and attorney are key players in helping you take your business to the next level.
By following this million dollar advice and dedicating time to grow your company, you won’t have to rely on the astronomical odds of winning the Mega Millions but rather the good odds of reaching your goal with hard work and little left to chance.
Negotiating Skills for Women Entrepreneurs
Business advice for women entrepreneurs
A few days ago I was with one of my long time Five Star Event female clients who is an expert at negotiating contracts. The key to getting what she wants is her ability to be non-emotional, frank and unwavering in her request. She doesn’t take no for an answer. She works hard to seal the deal. She is motivated exclusively by her bottom line. In the end, she might not be the most pleasant person to do business with (unless you love compromise), but she gets what she asks for and her operation is financially successful.
I’ve learned what makes her so good at getting the best deal for her company is her forthright negotiating skills. She has no problem putting what she wants on the table or walking away from a deal if her expectations are not met. Most women entrepreneurs don’t operate this way but there could be a lesson to learn from her approach.
If it’s been a while since you reviewed your own negotiating skills, take an inventory of how you make deals with clients, vendors and associates. This year every contract is important, so make sure your negotiating skills are up to par. If they aren’t, educate or train yourself on improving them. Remember there is nothing wrong in asking for what you need. It’s vital to keeping your business strong and successful.
If you are a woman entrepreneur and need some support in this area, consider these options:
* Tune up your skills by reading some articles on negotiating, for example http://www.wikihow.com/Negotiate
* Read Sheryl Sandberg’s book “Lean In” to gain some great motivation!
* Ask some of the women you admire most who are great negotiators to lend some advice.
* Practice negotiating with a friend, family member or associate before your next big meeting or contract appointment. Get honest feedback and work on perfecting it before it really occurs.
* Review your financial numbers and be empowered to improve your bottom line by improving your negotiation skills the next time you are trying to land new business or working with increasing your benefits with an existing customer.
It is up to us as women entrepreneurs to make the deals we need to survive and thrive in business.
A Golden Opportunity for Women Entrepreneurs
Business advice for women entrepreneurs
A quote by Winston Churchill begins the 57th chapter in the book, “Chicken Soup for the Soul: Power Moms” saying “We make a living by what we get, we make a life by what we give.” The quote was chosen by Wendy Walker who worked with Jack Canfield and Mark Victor Hansen in collecting the stories for the book. The 57th chapter was entitled “A Golden Glow” and creatively summarizes in my own words the important choice I made to juggle life as a mother and woman entrepreneur.
I answered a query in a national news source which led to having my story published in this popular book series. All it took was an interest in writing on my part, learning how to get my work published and finding resources to get the ball rolling. The $200 writing award I received and one case of books was one of the most exciting “stories” of my two decade entrepreneurial career.
Not everyone wants to be the next J.K. Rowling or Nora Roberts and not everyone wants to share their business insight with the world, but some of us do. Some of us love the idea of having our thoughts permanently printed as a written legacy. Others want to share their technical business knowledge with others for educational purposes. A few of us want to write about imaginary places and characters to cultivate our creativity.
Most national speakers who earn speaking fees have a platform of at least one printed book. It’s a reason why some women become authors in the first place; their book becomes a gateway for more visibility and public appearance money. Although writing the book, finding a publisher or self-publishing is exciting, there are tricks to the trade. Learning the pros and cons of publishing and marketing a book is important before you get started.
Today’s post asks you to consider whether you have any desire to write. Do you want to put your technical knowledge someplace where others can learn from you and where you can earn extra money? Do you want to inspire people with the thoughts and inspiration in your head and heart? Do you feel producing a book can propel you to a national speaking platform to generate more revenue and recognition for your company? If so, join us next week at a special seminar I put together with four of our members who are businesswomen and authors to get you going, to answer your questions and to help you solidify the idea in your mind. Our sponsor helps women with e-publishing too.
The last line in my “Golden Glow” story says it all, “Another day ends and the glow of the setting sun now shines on my desk, I look out the window and feel peaceful knowing tomorrow brings another golden opportunity for me to awaken my sons to a glorious new day and to shine more rays of inspiration and hope to women entrepreneurs everywhere. I hope you investigate the golden words residing within you that might want to be shared with the world.
Powerful Quiet Business Periods
Business advice for women entrepreneurs and small businesses
The heavy snow laden boughs of pine branches speak as if they can’t take one more ounce of pressure. The squirrels no longer frolic in the yard because the snow is too deep to allow them free play. The world is white from top to bottom cushioning the sound of anything but the slight noise of snow hitting the window. It feels as though the Central New York is fast asleep under the blanket of mid-February weather.
Once in awhile running a business can feel like living in Central New York in February. The pressure of too much work or decreasing sales puts pressure on us like the snow on the branches. Being indecisive about adding a new service or product to our company limits our free flowing entrepreneurial pace like the squirrels play. Sometimes the lack of noise resonating from our phones, websites and social media feed makes us feel too cushioned from the energy of the business world.
What is a woman entrepreneur to do when the stillness of a slow business season feels heavier, quieter, and more stressful than one wants? The answer lies in accepting the reality of the moment, fueling one’s spirit with new energy and working towards new goals or exciting projects to focus the mind on what’s ahead, not on what’s happening now.
It’s hard to be quiet, still or patient when we feel like we want to run, soar and succeed. But just like the Olympic athletes that have to train methodically months in advance of a competition to be ready for a big event, woman entrepreneurs must accept quieter periods of business to prepare for a brighter future. We can’t operate at a fast pace 24/7, 365 days a year or we’ll expire. We must pace ourselves during certain periods to get ahead in the end.
Today’s post is to remind you that quiet periods in business are okay. Don’t let the stillness of the winter season make you less confident in what you are doing. Take the time to re-examine your goals, set new plans and start working towards the time when the world will be busy again, when the grass grows, when the sun shines and when doing business is hard because the beauty of being outside pulls at your heart. Those days will come; just like the successful plans you have fermenting now. Be peaceful knowing quiet is good sometimes and using the power of today to plan for tomorrow.
There is beauty in every season outside our windows and inside our hearts. Learn to accept, embrace and silently dream forward so your entrepreneurial dreams are ready to bud like the cherry blossoms and croquis in a few months with the rest of Central New York.
Going for Gold: Erin Hamlin & Women Entrepreneurs
In February 2010, I wrote the following post that cheered on Erin Hamlin in the 2010 Winter Olympics. It is with great pride that I take this moment 4 years later to congratulate Erin on her bronze medal run and win in Sochi. With my I-phone in hand watching the event stream live, I cheered on Erin like so many Central New York and American fans. My blog post today is a re-post of that February 2010 blog that resonates on this special day. I hope you are inspired by it and you keep on trying for your own golden business goal whatever that is for you. I am excited to start a new Athletic Division for women entrepreneurs in Central New York launching in March. It will cheer on female athletes like Erin and also bring together women entrepreneurs who are also fitness focused. Thanks to Erin and female athletes everywhere for inspiring all women.
Re-Post:
Ever feel like you are standing on the summit of a mountain looking down and wondering if you have the guts to let go and give it all you got. Your heart is racing, your eyes wide open and electric energy pulsing through your veins. How many times have you played it safe in business? How often have you been afraid to tackle the steep slope and stayed perched on top of it waiting for another day to make the decision to go? Has it been days, months or years you’ve been hanging out at the top of the mountain waiting to take a big risk, a really big risk.
Half the time it’s not the view from the top, or the steepness of the slope that scares us, it’s the ride waiting for us. You know it will be exhilarating, terrifying, and energizing all wrapped up in one. But if we don’t take big risks sometimes, we’ll get stuck on the mountain top. We’ll be able to see all the people hiking their way down, skiing in the powder or sliding on their backs and envy them.
Sometimes women entrepreneurs have to move. We have to let go. We have to get out of the place we’ve been stuck in for so long. The grey winter skies, the current economic conditions, people in our past, things we have always believed, can’t stop us anymore.
If you need some inspiration this week, make sure you turn on the Olympics and cheer for Mohawk Valley entrepreneur Carol Hamlin Buczek’s, Owner of Tours By Design, neice Erin Hamlin a luger positioned to take home an Olympic medal! If she can take on the icy twists and turns at Vancover with a formidable spirit and determination, we can tackle our own gutsy runs.
Today remind yourself that we have to get off the mountain we’ve been standing on for so long so we can achieve the success we crave. It is our decision. It is in us. You know where to find it. It’s time to set it in motion and let go. If you need some extra inspiration to get you moving, watch Erin and cheer for her. She represents brave, bold women willing to leave the mountain top to get the gold. All of us can join her on the ride and at the medal stand!
Valentine’s Day is for Women Entrepreneurs
Business advice for women entrepreneurs and small businesses in New York State
With Valentine’s Day approaching this week, I wanted to make sure women entrepreneurs rememebered to share their expression of “love” with their clients and customers.
By the middle of the 18th century, Valentine’s Day was a customary day for friends and lovers of all social classes to exchange small tokens of affection or handwritten notes. Handwritten notes and sentimental thoughts were converted over time to a billion dollar industry. According to today’s statistics, Valentine’s Day has become the second largest card sending holiday with an estimated 2.6 billion cards sent.
As I review these statistics, I wonder how a simple idea like creating Valentine’s Day cards could translate over time to a billion dollar industry. Is love what really fuels business success?
It’s hard to be innovative in a world of a billion business success stories. I’m sure most women entrepreneurs wish they were creating the next best concept to launch them into the ultimate success stratosphere. But original ideas are hard to come by. If you just figure we are living in the 21st century and it took 3 centuries for the Valentine’s Day card industry to become a billion dollar enterprise, you’ll see how challenging it can be for an idea to really take hold.
So the lesson today isn’t so much about what it takes to create the next best ground-breaking concept because honestly the fruition time for success could outlast an entrepreneur’s lifetime. The lesson is about love. Yes, love.
People love to know other people care. Customers in particular love to know their vendors care about them. In the automated, super technical world we live in, a simple gesture of affection – a card, a flower, a gift, a thank you note can have more impact on your current customer base than a new splashy ad campaign can do to attract new clients. Business is about love isn’t it?
Today’s post is meant to have you stop and think about the most important people who make your business successful. Who are they – vendors, partners, sponsors, advisors or friends? Have you taken time lately to tell them they matter? Can you find 30 minutes this week to send a few handwritten “love letters,” like they use to pen in the 18th century, to a few really important people connected with your business?
I think you’ll find as corny as it sounds, displaying love and affection in your entrepreneurial life will reap you a billion seconds of clients remembering who you are.
How Facebook’s 10th Anniversary Inspires Action By Entreprenerus
Business advice for small business and women entrepreneurs
By the end of yesterday’s business day, my Facebook newsfeed wasn’t filled with typical weather related news or business promotions but one minute personal videos of my social media friends who shared their gift from Facebook founder Mark Zuckerberg on their company’s 10th Anniversary. Obviously the gift was a big hit based on the number of videos I saw on my page.
As a long time event planner and public relations expert, I appreciate the action by Facebook to celebrate their milestone moment by giving their customers something to enjoy, share and talk about. Business owners sometimes permit anniversary moments to slip by without acknowledging the importance they bring to their company; and using the moment to share it with people invested in their business.
It doesn’t take a lot of creativity to plan, celebrate or communicate golden moments in your life, it takes attention and action. Just like you wouldn’t let your son or daughter, mother or father or a significant other’s birthday roll by without doing something celebratory, you shouldn’t let the anniversary of your company’s beginning slip by either without conducting an event, message, special or offering.
Every March 3rd on the birthday of Women TIES, I think seriously about what I can roll-out to thank my supporters and members for their participation in our company. It’s the perfect time of year to add a new product or service or announce something new. On our upcoming 9th birthday, I have a few new services to launch to help our members connect even more and to help them market their companies more.
Today’s post should inspire you to start thinking now of how you can utilize your company’s birthday from a public relations and customer appreciation perspective. Should you start planning a special event, an outstanding free offering, gifts for major clients, a lunch for all your staff, or a major public relations event to share with the larger community? Think about what other companies have done to celebrate their birthdays and add on from there.
As Mark’s Facebook message said, “Life isn’t just about the trip you take, but who you decide to share it with.” I know I’ve been blessed with sharing my entrepreneurial trip with amazing women from all over New York State for that I am very grateful. I remain dedicated to improving our company to benefit them.
If you are interested in watching Women TIES recent video message to women entrepreneurs wanting to learn more about our company, check out our recent video message on YouTube at https://www.youtube.com/watch?v=A7LTWFtJGjc.
Business Lessons from an Incredibly Snowy Year
Business Advice for Women Entrepreneurs and Small Businesses
Every morning the top news on Good Morning America, Syracuse Channel 9 News and the Weather Channel is another impending storm racing across America. The storms are even named now. I’m not sure when weather became the main news story of our lives but it seems to be the top story of every broadcast. Most mornings when I don’t have appointments, major events to plan or my son flying with the Boston College Men’s Basketball team, I don’t pay attention to the increased hype around the weather.
But this tough winter weather has provided me with some universal business lessons I wanted to share with other entrepreneurs especially since Pennsylvania’s famous groundhog Punxsutawney Phil emerged at daybreak on Sunday to see his shadow, indicating more winter weather is on its way. I hope they help you prepare for and plan for conducting business successfully the rest of this winter.
* After being stuck unexpectedly in Boston for three days with my son after bringing him back to college, I learned quickly how efficiently one can work away from their office in today’s tech connected world. With my son’s laptop, I was able to access 3 of my email accounts, my company website and major vendors to communicate and plan events from afar. Tip: Make sure if you are a solo entrepreneur you have easy access to your computer, documents, phone numbers, and major vendor information from anywhere in the world and make sure you update information in your smart phone or databases so you are prepared to work if you are stuck somewhere.
* Make sure you create collaborative working relationships with repeat vendors so they can work with you if you need to reschedule, postpone or cancel events if a sudden weather emergency arises. Tip: Treat your most important vendors well all year long so they are willing to help you out in an emergency. Let them know you appreciate your relationship by sending periodic thank you notes or giving them small tokens of appreciation.
* If you need to change a major event, create clear and quick communication to all parties involved. Monday I had to reschedule an event for 50 women entrepreneurs because 12 inches of snow is predicted tomorrow where the event was scheduled. I let my guests know immediately and professionally why we were changing the event and giving them an opportunity to cancel their reservation with a full refund if they couldn’t make the new event date. It produced grateful customers who complimented me on my quick action and communication. Tip: Your communication style says a lot about you as an entrepreneur and the professionalism of your firm. Pay attention.
I look forward to when the major news weather stories are focused on warm weather, spring flowers and balmy winds but until then I know I can trust the news and my own communication style to get through the next winter business months. I hope you can too.
Super Bowl Marketing Style
Business advice for women entrepreneurs and small business owners
One of the biggest marketing events of the year happens this Sunday. I don’t just love the Super Bowl because I love watching sports; I love the Super Bowl to glimpse the creative mindset of companies who produce million dollar commercials. I wish a couple million dollars would land in my lap so I could ingeniously create and air a commercial during the Super Bowl.
What would my commercial look like? I envision it including women entrepreneurs standing hand-in-hand from California to New York as a sign of unity and collaborative spirit in supporting each other’s business dreams. I also see it with women entrepreneurs standing on top their own mountains symbolizing they’re the pinnacle of success by creating their own companies. I also envision it with women entrepreneur’s piggy banks exploding simultaneously around the globe because too much money is accumulating in them because other women were hiring them more often.
I should have used one of my visions when I produced a commercial last week with Deborah Cabral, creator of her own show “Organization Motivation” launching in Syracuse on February 2nd, the same day as the Super Bowl. But alas, my marketing budget wasn’t quite as high as Budweiser although I’m proud Women TIES will be a year-long advertiser of the show getting our company great marketing. Deb has thought super dreams for four years and her vision to own and produce her own TV show now airing in two New York State markets is coming to life on Super Bowl Sunday.
Today’s blog post is to encourage you to start thinking about super big dreams, super big advertising goals, and super big monetary visions today – right now. Sometimes we act small doing what is necessary to just get by with our companies. I think it’s time to kick-start our creativity bringing excitement, attention and new energy to our business? It starts with dreaming big and getting excited about something new to challenge you.
I have some super new changes being launched at Women TIES before our 9th Anniversary on March 3rd so stay tuned! I don’t have the budget to make it a Super Bowl commercial but maybe by next year I will. Keep dreaming in super style entrepreneurs!
Raising Fees vs. Losing Clients
Business advice for women entrepreneurs and small business owners
Recently I was asked this question from a woman entrepreneur who belongs to our organization. She said, “It’s the beginning of a new business year and I need to raise prices but I’m afraid I’ll lose some clients but my profit margin keeps dwindling. What suggestions do you have for me Tracy?”
Her question is a timeless question – one most entrepreneurs face throughout their business career. I know I’ve struggled with this situation when I’ve been faced with rising costs, inflation and limited profits across two decades of operating my companies. Small business owners can be fearful to raise rates and lose potential clients while needing to raise more money to remain profitable. It feels like a Catch 22 of sorts.
Below are some of the suggestions I gave to our member. I hope they help you if you are struggling with the same business issue this year.
* Entrepreneurs start their companies by conducting market research, creating business plans, establishing sales strategies and pricing their products or services based on the research and corporate financial goals. These tasks should be repeated annually since economic times change, competitors enter the marketplace and expenses increase. Sometimes business owners must re-price their goods to remain profitable. Tip: Take the time to re-visit your business plan to analyze and make decisions on pricing changes.
* Re-pricing and then communicating increased fees to repeat clients isn’t an easy task. A well thought out sales strategy and public relations statement need to be created. Once you’ve completed those elements, communicate pricing changes honestly and succinctly in written form or at face-to-face meetings depending on the value of the client to your company. Tip: Create a PR strategy and timeline to communicate pricing changes with your customers.
* Keep in mind sometimes re-pricing isn’t the only thing entrepreneurs should consider. On an annual basis, business owners should review their list of products and services and determine which ones are profitable and which ones aren’t. Entrepreneurs must sell what brings in money. Tip: Review offerings and decide if you should remove any products or services to improve your bottom line.
Remember it is good business to make tough corporate decisions throughout your entrepreneurial career.
Women TIES 