Basic Business Principles of a Million Dollar Enterprise
Business Advice for Small Businesses and Women Entrepreneurs
My husband has been fortunate to work for this exceptional building materials company in Syracuse for the past twenty five years. 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 principals, I was even more moved by what they do and plan to do this year to remain successful in the tough housing market.
In the sixteen 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 been motivated to promote woman owned companies in hopes of increasing their sales to even the financial playing field. But today, I would like to share with you some of this company’s core principles to inspire you to run your enterprise more successfully:
• Make sure you have a diversified product offering to appeal to more consumers.
• 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. 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).
• Donate back to the community; share the wealth
• Thank your customers and staff often since they are the lifeblood of your company.
I hope these success strategies give you some ideas to implement in your own business to make it into a much bigger enterprise.
Business advice for small businesses and women entrepreneurs
Periodically a situtation presents itself that confirms to an entrepreneur why their company exists. The situtation might arise when a client sends an unexpected testimonial to the business owner or when a product significantly improves the life of the consumer. At times, a national crisis can remind a business owner how their enterprise assist the marketplace. As the United States settled into its first government shutdown in 17 years two days ago, I was reminded why I became an entrepreneur.
Many people become business owners for the flexibility it offers, the unlimited income potential it possesses, and the freedom it brings to one’s career. A majority of people who start companies enjoy these benefits but also want to make a significant difference in the lives of the people they serve. I was reminded of that today as Good Morning America showed World War II veterans trying to visit their national monument in Washington but couldn’t get in, high school students stuck in a national park on a learning expedition and economic agencies that support small business unable to provide programming until funds are available again. Most services are at a halt, slowing down or closing up until the gridlock ceases in Washington.
But women entrepreneurs aren’t slowing down today or closing up shop and you know why? It’s because we have created entities that exist purely on our own will, determination and decisions. We aren’t controlled or told what to do by anyone. We wake up every morning with a clean slate and the ability to pick and choose what we want to work on, how long we want to work and who we want to assist. We have the control and especially on days like today, we can continue to work, earn a living and do business as usual while the government creates a standstill around us.
Today’s blog post is to help you realize we have the power to do anything we want to do today. Nobody can stop you. Nobody will tell you where you can go and what you can experience. You have unlimited resources, vision and energy to make today a very productive day. As the government shuts down, realize it may have a small affect on our lives but a more minimal effect on our entrepreneurial passion, responsibilities and outcome.
I hope you also realize that my company Women TIES represents, markets and promotes women all over New York State that are open for business as usual who are eager to do business with you. All you need to do is visit our website to find them. I’m glad I created this company 8 years ago so I can keep the economic lines open between women business owners even when the government is closing theirs.
How Football Can Inspire Women Entrepreneurs
Business Advice for Entrepreneurs
Two nights ago I watched a special ESPN documentary entitled “The Book of Manning,” a glimpse into the successful football careers of Father Archie Manning and his two sons Peyton and Eli Manning. The show shared the history of what made college football a family heirloom for them. If you don’t know me well, then you might not know I love sports as much as I love my sons, writing and promoting New York State women entrepreneurs, so I really enjoyed watching the piece.
If you follow my blog you know every day observations trigger me to look for entrepreneurial lessons to share with my readers. I’m always listening with ears and eyes wide open to glean something that inspires me to write a business post. As a daughter of a football player and high school football coach, the sport has always warmed my soul because of its connection to my father.
As I watched this excellent show on the Manning family, their love for football, their love for each other, and their dedication to excellence on the field, I walked away understanding how their successes on the field could translate to an entrepreneur’s success in the business arena.
Today’s post is about football and business and what they have in common – at least in my athletic, entrepreneurial soul. Even if you don’t love the sport, I think the following lessons can help your business today:
* If you are extremely passionate and dedicated to one venture – one sport, one business, one niche market – you can become very successful in your field. A strong commitment to the pursuit of one major goal – like making the NFL or earning a million in sales or growing a company to 40 employees in five years – can create the focus and hardwork needed to receive the payoff you dream of one day. Set a big goal for your business right now and then pursue it fervently.
*Just like the Manning’s were willing to share their story – to see it as a book others would like to read – entrepreneurs need to share their story with consumers and clients so they better understand the motivation and devotion to their enterprise and ultimately to their customers. If you don’t have your story written down yet as an “About” section on your website or blog, commit to writing something this week. It will lend an inside perspective to your corporate intentions.
* The media is always looking for interesting stories, people and businesses to highlight in a world of news that has to be produced 24 hours a day, 7 days a week, 52 weeks a year. Don’t underestimate the power of your own business story and how the media might be interested in promoting what you do to help the economy or consumers. Be your own best advocate by reaching out to media with interesting facts about your company when they develop.
It’s always wise to be looking for business inspiration everywhere you go. You might just find a wealth of motivation to create more “touchdowns” for your business.
A Golden Business Nugget for Women Entrepreneurs
Business Advice for Women Entrepreneurs
There is a kaleidoscope of images and woven conversations still running through my head. Beautiful faces, energetic spirits, money changing hands. Harp music, a glistening pond, a sun drenched deck dotted with women conversing. Laughter, inquisitive voices and wisdom circulating like geese in flight. This is just a slice of what resonates with me from last week’s Retreat.
One of the most impactful conversations of the day came when three successful women entrepreneurs shared what it took to grow their companies over the $100,000, $250,000 and $1,000,000 sales mark. Each of them had different beginnings embarking on entrepreneurship; but one common priority set them on the path to reaching higher income goals. The one common denominator in each woman’s notable journey was having a business plan and checking their numbers on a regular basis.
Women are so passionate about what they sell and how it benefits their clients that they forget to constantly be aware of their business plan and scrutinize their numbers in order to make essential monetary decisions to grow their companies. In my opinion the one “golden nugget” of information that was shared during the conference was the value of paying attention to the numbers in your business in order to make smart decisions to earn more revenue.
A goal of every businesswoman should be to earn enough money to not only sustain her entity, but to expand it. Oprah Winfrey didn’t get into business only hoping to inspire masses of women with her daily talk show. She wanted to make a living doing what she loved and ended up grossing millions of dollars in the process. I know we don’t all want to grow our enterprises into Harpo Productions but we surely desire to increase our revenue annually and become more profitable or why would we be entrepreneurs?
Today’s post is to remind you about the importance of your corporate numbers. Do you have a business plan? Have you looked at it lately? Could you plan use updating? Could simply reviewing your numbers help you make key business decisions plaguing your business? I know I already booked an appointment with the Small Business Development Center at Onondaga Community College to revise mine.
When something educational sparks a desire to fix something or learn more, you must act on it or the education is lost. Take the bold step you know you need to make today to make your financial figures a priority and then utilize the golden nugget of information to create a more effective and financially strong entity.
Creative Light Needed in Business
Business Advice for Women Entepreneurs
As I glanced out my window this morning, the sun was glistening in the horizon lighting up the back of 3 American flags hanging on the fence as steam rose off our pond and pool adding texture to our typical view. I’ve always loved the warm feeling of Folgers Coffee commercials because they typically shot scenes in the dawn when the world was quiet and the morning fog enveloped the house creating an inviting environment for anyone who dared to be up early enough and desired a warm cup of coffee to start the day.
30 minutes after witnessing the beauty of the backyard scene I returned to the same window to see the fog had burned off and my cozy Norman Rockwell morning was now filled with a bright brilliant light and the stark reality of getting down to business. The dawn was gone, the day had begun. The morning view had inspired me enough to want to get to work writing and preparing for my company’s largest event of the year being held tomorrow.
It takes a great deal of work to produce a large conference. It requires commitment from qualified speakers, funding from corporate sponsors, creative energy to produce the right atmosphere and people willing to attend to soak in the inspiration andeducation of the day. Any businesswoman in the beginning stages of planning a special event for their company might have that early morning foggy vision until the details are in place and the guests are about to arrive. The fog always dissipates at the right time.
As women entrepreneurs we have numerous early morning foggy views as we search for clarity in decisions we need to make to get something special started. We can become mesmerized by the opaque view for a short period until we start working on a decision we’ve made. Only with effort, effervescence and energy can the foggy view lift to unveil a dynamic new event, product or service we created and finally
produced.
Today’s blog post is to inspire you to start working on a special event, project or task you’ve wanted to create for awhile. Gain creative inspiration in today’s sunset, the golden fall leaves or tomorrow’s early morning foggy sunrise. We all need inspiration to be creative. Creative thoughts lie within each of us if we take the time to spark them to life.
Serve, Twirl or Cook Something New In Your Business
Today’s hot sticky, warm, summer weather floods my mind with memories; the long lines, the smell of maple candy and sausage and peppers, and the music at Chevy court. If you attended the New York State Fair this year, these images might conjure up some similar memories for you too.
I always approach an event like the New York State Fair with the eyes, ears and heart of an entrepreneur. Always looking for a glimpse of business strategies I could implement in my own business. Although I’m a great cook, making tons of barbecue beef, twirling cotton candy and serving cold lemonade isn’t my idea of making money but it sure is an excellent money maker for hundreds of vendors at the fair each year.
As I walked among thousands of spectators, I indentified some “secrets” to success around the fairgrounds. Today’s success strategies outline some of the strategies a woman entrepreneur could implement in her business and it doesn’t require you to cook, twirl or serve. As you read the secrets, realize you can gain great business ideas by simply showing up at any event, observing the way something is done and watching the reaction of the consumers.
Today’s blog post should inspire you this month while you are attending special events, occasions and shopping experiences to keep your
eyes, ears and heart open to new ideas to use within your own company. By simply observing and capturing success this way, you open up your mind to a new way to run your business, innovative products to offer and interesting marketing methods to implement to gain a bigger audience.
Whether or not you enjoy 94 degree weather in the middle of September, use today’s summer temperatures to remind you of the sights, sounds and consumer expressions you witness at other festive events to inspire you to add some new creative flavors to your business operation and you might just watch money come rolling in.
To read the cool tips I learned at the New York State Fair that you could implement in your business today, click here.
Advice for Women Entrepreneurs – “Find A Way” Inspired by Diane Nyad
Business advice for women entrepreneurs
Inspiration in business can be found through many sources. This week’s source for entrepreneurial inspiration comes from 64 year old Diane Nyad’s accomplishment of being the first person to swim from Cuba to Florida without a shark cage or swim fins. It wasn’t the fact she is the first person to accomplish this feat, but that she attempted the swim first in 1978! It took 35 years to complete her lifelong dream. This tenacious spirit simply wouldn’t give up.
As Diane spoke with swollen lips from salt water, jellyfish stings and exhaustion, she said, “”It doesn’t matter what you come up against because none of it’s going to be pleasant so you have to find a way to work through it.” Saying the mantra “Find a way” not only worked for Diane Nyad, it can work for women entrepreneurs too.
As Diane said, we all suffer difficulties in our lives. I know women entrepreneurs can suffer difficulties in their business lives as well. The road isn’t always smooth or straight, it winds, curves, heaves and splinters in many directions. Finding the way during a difficult business period can yank the spirit out of one’s soul. But taking Diane’s words and saying, “I can find a way” will help ease any temporary plight.
The Women TIES Retreat is called “Inspiring Success” for a reason. Sure I want women business owners to learn technical information to strengthen their business knowledge but more importantly I want women to be inspired by the presenters who share their lessons, strategies and beliefs with others so they return to their businesses inspired to do more – whatever that “more” is to them.
Today’s blog post is to encourage you to find a way today to do something you’ve stalled accomplishing. Maybe it’s starting a book, asking for major corporate sponsorships, starting a new innovative product, asking for major media support or taking on a new expansion within your business. Let Diane’s 35 year feat inspire you to start or restart your own feat today.
I pray your new business move won’t take 35 years to accomplish. But if it feels like it just might remember Diane’s words, “Find a Way.”
The Wisdom to Succeed
Business advice for women entrepreneurs
“I trust the wisdom in my heart to inspire and guide my life” is a quote from Bhante Wimala given from Susan Beebe of Lighthouse Marketing to an audience of women at our Binghamton event a few years ago. We hosted a special event to inspire the women in the Southern Tier who had suffered economic loss from recent devastating floods. I’ve read that quote every day since receiving it especially because the words “wisdom” and “inspire” have been an essential part of my corporate vocabulary since creating Women TIES eight years ago.
When Susan and I spoke about having her present at the annual conference I produce each year we spoke about the significance of this quote and the fear women have of success. You may think women fear failure more than success but I know from hearing women’s stories that isn’t always true. I know women who have held back their entrepreneurial success because their success would take them away from their families, others who thought growth would saddle them with too much responsibility and pressure, and some who didn’t believe they would get the financing they needed to boost operations. Fear in some way stopped them in their tracks.
But Susan is going to challenge women to look within themselves at the possible reasons they may be holding back and their ability to move forward bravely taking their business to the next big level. The program will help women expand their vision of what success looks like after they conquer the fear of success. I think women need to examine their thoughts and behaviors periodically to make sure they are on the right path.
Today’s blog post is to encourage you to envision what success looks like to you if you had no fear. What would you do with your business, in your business, or with your business? What stumbling blocks would you need to overcome to take the next big step forward? What beliefs, tasks or duties would you need to leave behind to move further faster? Who would you need to know or talk with to gain advice and knowledge?
Whether these questions cause anxiety or anticipation as you consider your entrepreneurial future, realize you must face fear to truly succeed and you should always trust the wisdom in your heart to guide you forward.
Business advice for women entrepreneurs and small business owners
Business lessons are gleaned in the most unlikely places and improbable times. If entrepreneurs keep their eye open all the time, they can witness good business practices in unexpected places.
As we dropped our youngest son off at Syracuse University last Thursday for his freshman year, we experienced outstanding customer service, efficient procedures and helpful instructions that began as soon as we tried parking our car to unload his possessions. We witnessed student volunteers moving his entire belongings on a hot, humid day to his new dorm room so we didn’t have to, we ate a free lunch in a pretty sharp dining hall to give us energy and then we were invited to tour campus before leaving with welcoming tents, directional boards and volunteers ensuring we were enjoying our time. If I had to describe the experience in one word I would say, “Exceptional.”
I’ve been an event planner for 23 years so I understand the attention to detail that goes into moving in 3,200 freshmen at one time while making the transition less overwhelming and more enjoyable than expected for parents. As I sat on the steps of Hendricks Chapel watching student volunteers dressed in orange welcome everyone they saw, golf carts loaded with free water and soda being driven around the quad to refresh parents and heard music playing from impromptu musical groups, I thought to myself, “Every entrepreneur should work harder to please their customers unexpectedly and as often as they can.”
Today I’m sharing some valuable take-aways from this moving-in day experience that might inspire you to stun your customers too:
* Everyone wants to be treated like a VIP no matter who they are. Being recognized, being given unexpected perks and being showered with attention is something easy to do and it doesn’t cost a lot of money. Think of how you could impress your customers by doing something unexpected or special for them at least once a year if not more often. Keep your eyes open and notice what impresses you and then implement it in your company.
* Go beyond typical communication when you can. Go the extra mile in writing letters or picking up the phone if your guests are having issues understanding warranties, procedures or ways to utilize your company. Send out periodic updates on new corporate services or policies to keep clients informed. Make sure you have an open door policy when it comes to taking and handling customer complaints. Portray a helpful and friendly communication style whenever possible.
*Spending a small amount of money to make a customer comfortable, costs little in the end. What would your customers enjoy to make working with you better? Investigate options and invest the money. Shower your clients with one or two items throughout the year (not just at the holidays) to make their lives easier or happier; or just to show you care.
Today I hope you consider what your company needs to do in practices, communications and giveaways to give your trusted and valued clients an exceptional experience.
Embracing Shifts Within a Business
Business Advice for Women Entrepreneurs and Business Owners
“Things are shifting,” said a woman entrepreneur in a conversation over coffee. “It’s not so much that things are changing, they feel more like they are shifting.” I never thought of the difference between the two words until that dialogue.
One of the definitions of shift is to change in position, direction, makeup or circumstances. If you think about your own business experiences you can identify when you shifted your perspective because of a new experience, shifted the way you perceived someone after meeting them or shifted a feeling of priority from one major task to another one. A shift can be a budge, transfer, reallocation or alteration from one way to another.
I see a lot of reasons women shift within their companies over time. They shift because they aren’t achieving specific goals, they shift to bring in more revenue, they shift because a competitor has a new edge, and they can shift because personal circumstances affect them. If you look back throughout the course of your life, priorities have shifted. The important priorities for us as teenagers were totally different than priorities as young adults, new parents or empty nesters. We had to slowly morph over time because our priorities shifted.
Our businesses are always shifting. The economy is always changing. We are always evolving personally. Whether we pay attention or not, the earth moves and so does our business. Neither stand still nor should we. To be successful personally or professionally, we need to recognize and embrace the shifts that are occurring, already occurred or are about to occur.
Today’s post is to inspire you to think about the shifts happening within your company, industry or surroundings that might cause you to make alterations to the way you think, act or conduct business. A shift can cause clarity helping to move from one perspective to another or from one place to another. Do you need to shift responsibility to a new employee? Should you shift how you look at a competitor from a negative perspective to a beneficial one? Could you shift how you think about asking for new sales or getting rid of unproductive services or products? Do you need to shift the way you lead your business?
For me, a shift is a gentler and slower moving feeling than a change. Change can feel difficult but a shift can be much less complex. Why not embrace the slow moving shifts in your perspective, priorities or outcomes this week and witness its positive effects.
Women TIES 