The Power of Collaborative Business Relationships
As I sat in the stands of the Syracuse Dome last night watching the Syracuse Women’s Basketball team play in an exciting game in which they rallied back to win after being down in the first half, I felt really positive because a new collaborative media partnership and business decision had put me in the seats.
Besides sitting in the Dome with some other women entrepreneurs who joined me, we were seated next to a junior varsity girl’s basketball team from Dolgeville, New York who traveled in snowy, frigid conditions to be inspired by the college team. One of the player’s mothers is a member of my company. After the game, two female coaches
from the Syracuse Basketball team came up to answer questions from the young team. It was one of those entrepreneurial moments that will stay in my mind for a long time.
The evening wouldn’t have happened if someone from SU’s sports didn’t reach out to seek my support in bringing more female spectators to the game. The event also wouldn’t have occurred if I wasn’t willing to accept their offer to support them. A quote on my desk this morning says it well, “The key to effective giving is to stay open to receiving.” My question for you today is, “Are you open to new collaborative relationships and are you looking for them?”
Every organization has something they can give and something they can receive to propel themselves forward. Small businesses must tally up their strengths whether it’s their marketing outreach, position in the marketplace, or leverage to move customers. At the same time they must be honest about where they could use support such as advertising in a different market, bigger or different economic connections to launch a new program, or staffing support. Only by analyzing what we have and what we need as business owners are we prepared to seek out other partners.
Collaboration begins with realizing what we have and what we need and then accepting or placing invitations to other entities that can benefit both parties. No one in business can do it alone. Entrepreneurs underestimate the power of establishing positive, new business relationships. January is the month to start making some so you end up at the end of the year cheering on your new collaborative partners.
Are You A Business Trendsetter?
Business advice for women entrepreneurs and small businesses
A few days ago I heard about Pizza Hut’s plans to begin offering pizza by the slice for the first time in select cities in order to refashion its image and attract diners in their 20s and 30s. Pizza Hut’s test reflects how established chains are trying to keep pace with national trends of their competitors. The beginning of today’s wisdom is not meant to trigger your cravings for a slice of Italian goodness but to awaken your senses and contemplate becoming a trend setter, not a trend follower.
You can’t blame Pizza Hut for making this business move now with decreasing sales and the Super Bowl a few weeks away. It’s vital in business to stay up with, if not, in front of your competition and launching the news at the appropriate time. Being a trend setter means you create innovative ways to perform the same tasks as the rest of your industry making them take notice. By producing brand new services or products no one has thought of before or revising a core part of your business can make your company the trendsetter everyone is watching.
Women entrepreneurs can’t operate their businesses like a racehorse with blinders on their eyes only focused straight ahead to where we must travel; they need peripheral vision too. With peripheral vision we see things outside the very center of our gaze which includes competitor’s efforts and trends in our industry. Staying in tune with trends and competition can help us become a more innovative entrepreneur ourselves.
Today’s blog post is meant to have you consider whether you and your company are trend setters or trend followers or neither? Do you pay attention to what others are doing in your industry? Do you react when you see something new being developed? Are you the proactive company in your trade always creating new opportunities? What type of company would you prefer to be known as – a leader or follower? If you aren’t happy with your answer to these questions, now is the time to change.
Being trendy means we become the talk of the town within our trade striving beyond the norm to produce, promote and then take a bite out of our market. If you need some inspiration on how to do that in 2014 why not grab a slice of pizza today and start revolutionizing your business offerings.
Core Principles of a Multi-Million Dollar Company
Business advice for women entrepreneurs and small businesses
My husband has been fortunate to work for an exceptional company for the past twenty five years in Syracuse, New York. I have always been impressed with their honest approach to business, their loyalty and promotion of dedicated staff, their excellent customer service policies, and their expert knowledge of their industry. After reading an article in a national trade publication about their company and their core principles, I was even more moved by what they plan to do every year to remain successful in the tough housing market.
In the nineteen years I have been promoting women entrepreneurship, there have only been two times I have promoted or discussed a male owned business. It’s not because men are any less ambitious or hardworking as women, it’s because I have always felt women deserved the extra promotion in order to increase their sales to even the financial playing field. But today, I would like to share with you some of this company’s core principles from the company my husband works for to inspire you to run your company more successfully in 2014:
* Make sure you have a diversified product offering.
* If you offer the same products as another business, but offer exceptional service, you’ll always stand above your competition.
* Invest in your employees; promote from within; don’t let well trained staff leave before you do all you can to retain them. Make sure you provide opportunities for those seeking advancement.
* Create great relationships with your key vendors. Meet with them annually to discuss your business relationship and then work out special product pricing. Sometimes special product pricing can make all the difference in a business’ profit margin.
* If you are a product business, look at inventory as an “investment” instead of an expense.
* Create an internal service department if your company is growing fast and you need to handle complaints and resolve problems quicker.
* Hire smart, honest, good personality staff who truly care about your customers.
* Arm your staff with all the tools they need to expedite sales and sell in a shorter period of time (for example: phones, vehicles, promotional materials).
* If you have good staff, make sure you use them or you’ll lose them.
* Donate back to the community; share the wealth
* Thank your customers and staff since they are the lifeblood of your company.
If you are a woman entrepreneur in the Central New York region, I’m producing an event on January 30th in Syracuse featuring the success strategies of another multi-million dollar company featuring the company’s first female partner. Find out more about the program on our website.
We can always learn from the success of other entrepreneurs. I hope today’s post helps you focus or refocus on core principles to help you build a million dollar business this year.
Smart Business: Attend to Security Issues
Business advice for women entrepreneurs and small businesses
Starting a work week off focusing on legal issues isn’t something an entrepreneur likes dealing with on a Monday morning; but periodically occasions occur that force business owners to focus on immediate, official matters. With multiple responsibilities looming every day, checking our company’s security can slip to the end of the task list until something occurs that needs immediate attention.
The legal issues that arose recently in my company weren’t nearly as severe as the security threats for the upcoming Olympic Games in Sochi but for a small operation like mine they were pressing. One issue was related to business between two parties that use my services and the other an unexpected payment deduction from a financial account. Both issues jumped to the top of my priority list and prompted my action and this blog post to help others avoid their own security problems in 2014.
What small security tasks should you perform today as a women entrepreneur to ensure a more safe and secure corporation? Here are a few that rose to the top of our list to share with you:
* Change your passwords once a month – Although changing passwords on multiple daily accounts and then having to memorize them seems trivial, it’s not. Choose one date each month to change the passwords on key accounts including: financial or Pay Pal accounts, your own website’s account and your social media marketing sites. By making this a regular habit, you’ll minimize the chances for a breech in security. Store the passwords in a private place you can access at anytime.
*Create vital legal wording for your website and documents once a year – A lot can happen in business over 365 days. Any customer or employee issues that arise within your company during the year should be documented and discussed with your attorney. If necessary, ask your attorney for legalese to use on your website and communication pieces with customers or staff to minimize future corporate issues. It’s worth the investment of money and time now.
* Re-evaluate your insurance policies – If you haven’t reviewed or updated your insurance in a year or more, make a date with your agent. Remember insurance is financial protection against loss or harm. We never think we need insurance until something like a natural disaster or unexpected situation arises. Also if your company has grown, you need to make sure your coverage is adequate for any surprise situation.
Give yourself peace of mind today by taking the small, necessary steps to protect yourself, your business and your future. It might be the smartest thing you do all year long.
Business advice for women entrepreneurs and small businesses
I was on my way to an important out-of-town doctor’s appointment when I realized I walked out of my office without important documentation from my Internist. With only twenty minutes until I arrived at my appointment, I called my doctor’s office hoping someone could assist me. When the receptionist heard my urgent plea she said, “Mrs. Higginbotham of course I can do that immediately for you.” Relief rushed through my mind.
On the way back from the appointment I wondered how many times throughout the business year we soothe our customer’s minds or requests with the same reply. I’m not sure it’s possible to say – “Absolutely I can take care of it this moment for you” – 100% of the time, but why not strive to say it more often. You never know when that statement could make your customer’s day, create a loyal client for life, or provide an excellent verbal testimonial for your blooming business. At times the quickest action and simplest answers are what our clients need to hear.
Sometimes when we get busy running our companies, checking our task lists and rushing to complete projects, we forget that our customers are the most important part of our business. How we treat them, what we say and how often we deliver on something, can make all the difference in the world to them. I can also mean securing a customer for life and sparking a testimonial that sells your company to others better than a business plan.
Remember to take time for your clients. Slow down. Answer the phone. Respond to requests promptly. Call a few customers you’ve been meaning to call. Remember sometimes a sincere one line statement like “Absolutely I can do that for you” can make your clients feel they are your number one priority. What’s better than that
The Law of Business Attraction
Business advice for women entrepreneurs and small business owners
A few years ago a book called “The Secret” written by Rhonda Byrne popularized the idea of the Law of Attraction. The basic idea of the law is if you set your intentions clearly the universe will manifest your intentions acting as a magnet that pulls everything you want toward you. The Law of Attraction explains how to attract unlimited wealth, success, and relationships.
In the past month, I’ve had three women entrepreneurs refer to the law of attraction as they explained how big, bold dreams had manifested because they clearly envisioned what they wanted, wrote it down and then displayed their intentions where they could see them every day. Their dreams are producing major media attention, bringing in more revenue and opening up new business divisions. They all believe the success started because they attracted what they desired most.
I’ve always been described as someone who equally thinks with her head and heart. I’m neither 100% logical in every decision I make nor 100% emotional about choices I pursue. I’m truly a 50/50 type of girl which serves me well as an entrepreneur. But there are times, especially in the beginning of a new business year when we all want to be innovative and need to be led by our hearts first to attract new positive developments.
For two years I have been dreaming about adding a new division to Women TIES. I’ve felt it. I’ve told a few friends about it and I have felt like 2014 was the year to launch it. This past week 3 unexpected developments have occurred which are setting this “dream division” in motion. I’ll be excited to share it with everyone at our annual Kick-off event of the year on January 30th. Just like Kevin Costner said in the movie Field of Dreams, “If you build it, they will come,” so will new entrepreneurial dreams.
Today’s post is to remind you about the law of attraction and to encourage you to clearly communicate with the universe, friends, advisors, or just on a pad of paper your biggest intentions for 2014. The first month of the year is only half way done; there is so much more to follow. Will this year be an average year where days roll into days and the same things happen to you and your company or will it be a year filled with big, bold dreams you attracted?
I hope you follow me and the other sister entrepreneurs I’ve told you about and start manifesting some new developments for yourself and your company this year. It’s all about attracting what we desire most.
How Sports Can Inspire Entrepreneurs
Advice for small business owners and women entrepreneurs
Whether I’m watching pro football, college basketball or snowboarding, I’m intrigued by the high risk moves players perform to make the tying goal, scoring the winning point or flying higher than others to get the best score. The adrenaline from watching pro and college athletes has always motivated me to push harder in my own business pursuits. Risk and reward are universal. Athletes demonstrate how it works better than anyone.
I might lose some of my non-athletic women entrepreneurs reading this blog post today but for my followers who participate in, enjoy watching or are addicted to sports, some of the inspiration I gained watching sports recently spurred this post and hopefully will inspire you to go beyond your average limits and perform like an athlete in your company.
Here are three sport observations that might help you succeed more in business in 2014:
*If you watch football, you know quarterbacks either love staying in the pocket to be protected by their line so they can get the ball downfield or they love taking risks running outside protection to gain more yardage themselves. I’ve always loved the non-pocket passers, quarterbacks like John Elway, Johnny Manziel and Colin Kapernick who run the ball. For the most part they gain more than they lose. The question for you today is: Are you a pocket passer – someone who sticks in place feeling comfortable all the time to achieve their goals or a run-and-gunner who takes the risks to make things happen? Should you change how you play your game in 2014?
*Observing a college basketball game can teach you that just when you think there is no way to get out of a deficit, with more speed, more accuracy, and more passion you can catch up and win. In a minute a team that is down by 6 points can come back to win a basketball game. The question for you today is: Are you giving up too easy when the chips are down? Should you be putting in 150% effort when it doesn’t seem like you’ll gain what you are trying to achieve? Could you increase your energy this year when it truly counts to get ahead in business and win?
*A staple of snowboarding is performing daring twists, turns, flips, grabs and “air” to garner more points. The tougher the tricks you add to your lineup, the higher the points you can earn. The more air time you get above the course, the more points you earn. No one is rewarded for old tricks, minor mistakes, or staying low to the ground. You have to soar to win. The question for you is have you been too scared to soar? Are you ready to fly but just haven’t taken the step? What could you add to your lineup to get noticed? 2014 could be your year to take off.
When your business day is getting too long and you need some inspiration, I hope you do what I do which is to participate in some fitness activity and then turn on ESPN and watch some talented athletes inspire you. You’ll be raring to get back to work I promise.
Changing the Business Mindset
Business advice for women entrepreneurs and small business owners
It’s a new year and one of the most popular phrases around is, “change your mindset and you can do anything.” Although I hear this expression more often related to weight loss or getting healthy this time of year, it came as advice today from one of my members who has substantially been growing her company.
Changing someone’s mindset and even our own mindset about a situation takes some doing. Just like the Arctic air sweeping over the nation freezing everything in its path, we can get frozen in the same policies, procedures and ways of doing business for years. Consider the visual of the ocean liner that got stuck in ice around Christmas in Antarctic with 22 crew members aboard. They simply couldn’t move forward even by inches to free themselves. Similarly, we can operate the same way for years and never realize we need to be rescued in order to begin moving forward again.
If you are preparing for 2014 and want to increase prices, change policies, delete or offer new services, you might have to change both your mindset and the mindset of your customers in order to navigate through corporate change. You can increase pricing this year if you explain why the changes are being made. You can implement stricter customer guidelines in 2014 if you spell out the changes. You can do anything you want differently if you change your mindset and explain it well enough to consumers to change theirs too.
Today’s post is meant to encourage you to think about where you’ve been stuck in your business for awhile. Are you not making enough sales calls or maybe keeping your pricing the same for years? Maybe you are anxious about affording an assistant to take over some of your work load. Perhaps you need to obtain financial backing to move forward but don’t know where to turn. The key to success is in realizing that you are stuck and then making a conscious effort to change your mindset to dislodge yourself. Then you must inform your customers so they understand the change-up as well.
Today is the day to warm up your thinking, to chip away at the ice that has cemented you in place and to share new developments with your customers so they can move forward with you in the New Year.
3 Simple Sales Strategies to Live By in 2014
Business advice for women entrepreneurs and small business owners
Like most entrepreneurs just getting back to work after an extended holiday and bad weather in the Northeast, I am ready and raring to kick-start my new business year. The first thing on my mind is to increase sales now and throughout the year.
Today’s post is simple, yet effective, advice if you are looking to jump start your sales action this week and year. I suggest you use today (and maybe every Monday) to create a plan for when you’ll make calls this week and who should be on your list. Make a point to etch out at least half a day if not a whole day every single week to conduct sales calls or appointments. Sales are the lifeblood of every small business so make it a priority in 2014 and start planning now.
Here are our 3 top sales strategies to get you on your way:
Remember You Offer a Benefit
The best salespeople say when you are selling, you are not selling the tangible item, you are selling the benefit the product or service what you sell brings to the client. Do you know the true benefits of your product or service? Take time to thinking about, indentify and make a list of these attributes and how they can help prospective customers. After asking the potential customer about their company and listening for what they “need” – take what you hear them say and tell them how your company’s services or benefits can help them with the “need.”
After Every No Comes a Yes
My father was a salesman the second half of his career. He told me to always remember when making cold calls you will get many “no thank you’s” but at some point you will get a “yes – sign me up!” You never know when the next phone call is the person who wants to buy from you. So don’t give up making sales calls. Always believe there is someone who needs your service or product. Keep calling, remain positive, and keep your spirits high!
Convert Networking Events into Sales
Women entrepreneurs love networking events because women love gathering with other women. Attending events can be a great mood boost as well as a great sales boost so plan on attending regular networking events in 2014 at diverse business organizations. Remember the trick in making time spent at any networking event a success is to identify 3-7 people you meet and make a “warm sales call”. Every week schedule one morning or full day if you have the time, to call people you’ve met the week previous at a networking event or other function. Timing and follow-up are key to starting a new sales relationship.
Remember what you make a priority, becomes your reality. Make a commitment before the New Year gets underway to commit to being a stronger salesperson for your business in 2014.
A New Year’s Message for Entrepreneurs: Your Next Chapter
Business advice for women entrepreneurs and small business owners
It’s the beginning of another new year, a new business year, another chapter in life. A few years ago I read a book where the author started every new chapter at either the end of a significant life event or the beginning of one. Each chapter was filled with significant details and lessons learned. The book was written from hindsight when the author realized the significance and nature of events only by looking back and with a long range perspective.
The interesting realization that occurs every New Year’s Day is finding ourselves straddled between the ending of something good, bad, productive or unsatisfactory and the dawn of hope, discovery and the unknown. Looking back we can witness the high and low points of the past year, the times when we could have been more, examples of when we were at our best, and typically a restlessness about what lies ahead. As women entrepreneurs we experience this not only in our personal lives, but as the leaders of our companies too.
Reflection before action is wise in every circumstance in life and business. Every day can easily roll into another one, each year compounding the effects of good or poor decision making unless we take a moment or longer to stop, evaluate and anticipate our future. The outlook we project can be similar to what we have just experienced if we are coming off a good year or it can be completely different if we are leaving an unpleasant year. No year is ever the same. Every chapter in our life and business is different.
Today’s New Years post is for you to conduct a quick exercise where you look back over the last five years – taking each year by itself – and giving it a title. Maybe a chapter will be entitled “Best Revenue Year Yet,” “Changing Direction Hurt Sales,” “Met the Most Significant Person” or “Restlessness Propelled Me to Change.” What have your chapters looked like lately? Are you happy with what they are titled? What lessons did you learn to either repeat or never do again? Well today is the day to write down the name of this new 2014 chapter not in hindsight but in anticipation and with purpose.
Every year we have the gift of reinventing ourselves and our companies to be different than they’ve ever been. It is so important to take the time to look back, analyze and realize where you are; and then to start writing the next chapter for your life with insight and commitment.
Women TIES 