New Initatives for Small Business Owners
Yesterday we received a letter in our mailbox from the owner of my husband’s company. I opened the letter knowing it was going to be another excellent piece of communication from the president of Erie Materials, Inc. who hasn’t forgotten where his success has come from – his customers and employees. His letters are always direct and honest.
His letter addressed the rise in gas and delivery prices facing their company who transports large amounts of inventory between branches and to contractors in the field. The owner stated specific dates and price increases his customers were going to see as the year advances. His letter was to prepare them for proper pricing of their services as they bid jobs now for the middle and end of the year. He listed exact reasons why building material prices were increasing, gave projections for fuel increases and reiterated how dedicated they were to keeping price increases as minimum as they could to help their customers. The goal was to inform their customers so they could make better business decisions to keep their companies profitable.
I believe the letter will continue to create great loyalty between contractors and this company because of the consistent and caring communication. This leader understands the economy has created an excellent opportunity to reach out, touch and communicate with their clients. I am positive his written initiative will keep his customers buying from him and protect his customers from losing money.
With the media reporting on the rising price of gas everyday and a stalled economy, entrepreneurs are concerned their businesses will feel the money crunch as their customers decide when and where to spend their money. Honest and direct communication with our clients can elevate worry, formulate conversations and lessen panic for both sides. It takes initiative as a leader to address concerns we think our clients may have doing business with us – especially now. Nothing is staying the same, so we can’t communicate the same. We have to step it up.
Today’s blog is to show you that leaders all over this country in different industries and in larger companies are taking creative initiatives to ensure their clients stay informed and worry free about doing business with them. As entrepreneurs we should do the same. If you feel an effective letter sent to your clients can inform and educate them, create one today.
I don’t believe in allowing myself to be anxious every time gas or food prices rise. We are consumers living in a market we can’t control. But we do have control over how we conduct our own businesses, whether we remain positive or become negative in this economy, whether we seek more opportunities to market and sell better than before or to give up. I challenge you to remain positive, to communicate with your clients more often, and to take as many initiatives as you can to rise above the crowd and get noticed. Keep selling. Keep moving. Keep going.
Old Money Habits to Break
When we were young most of us performed odd jobs around the house for our relatives and neighbors in hopes of making a couple dollars. I remember being paid $5 to pull weeds from my neighbor’s brick walkway on a hot summer day and $5 to polish my Aunt’s extensive silver collection. It was pretty exciting to make .50 cents for a cup of lemonade at a summer stand. The more expensive jobs like babysitting brought in the big bucks – $25 if the parents whose children I watched had a really fun evening. The truth is if we were industrious children or teenagers, we were happy to be paid whatever our “customers” wanted to pay us.
I also remember working summer nights at Friendly’s and turning over as many tables as I could to earn more tips to go with my $3.35 basic wage. On a good night, I’d finish my shift with a red raspberry sherbet cooler, count my change, divide the money by the number of hours I worked and add it to my basic wage to get my daily hourly rate. I loved when I made more money than the day before. I felt successful if I made twenty five cents more an hour.
Once I became an entrepreneur it was hard to convert my habit of working hard for little pay into working hard for more pay. Lately I’ve listened to a few money coaches explain how women entrepreneurs can get stuck in old money beliefs and never earn what they want. But to be more financially successful, we need to acknowledge and get rid of old money beliefs.
Today’s blog is to make you stop and consider whether old money habits are holding you back from earning the revenue you need and deserve based on your experience and expertise. Are you still stuck in an old belief system? Have you been struggling to let go of old money habits to embrace new ones? Is it time to find guidance from a money coach or other women business owners to move you along?
Being industrious is an admirable attribute. Being paid less than you are worth is not. Do something about any poor money concepts that exist and start earning the salary you know you deserve starting today.
Living in the Numbers
The work day ended with a brisk walk as I closed down the office. Eager to clear my mind of the details of the day, I stepped out into the swirling, cold wind hoping to loosen the business issues of the day from my mind. Everything about the experience was invigorating – the air temperature, my stride, the speed at which I released the day’s worries. The heartiness of the exercise combined with the wild wind left me completely relaxed and energized. It’s amazing how one’s spirit can rejuvenate itself in thirty minutes.
I deserved the walk after working for 48 hours straight to organize 2010 finanical information for my annual tax appointment; and then sitting through that appointment to learn the results of my hard work. I’m not sure how other women entrepreneurs feel but I think there’s something extremely perplexing about annual tax appointments. You hope your yearly revenue looks higher than previous years so you feel successful; while at the same time praying you didn’t earn too much to pay a lot of taxes. What was really churning through my head was how to measure my entrepreneurial success? Should my feeling of accomplishment be based on these annual figures or on something else? How does one measure success? Is it what we see in black and white and submit to the government or is it much more?
Talking to other women entrepreneurs – many of them very experienced professionals – I know feeling successful does rest in some part on the figures we see at the end of the year. That black and white truth is hard to ignore. We need financial reality to help us establish benchmarks, set new goals, and fix bad practices. It’s not possible to be an entrepreneur without living in the numbers. We need to relish in them at least once a year – good or bad – for they strike a chord.
Today’s post is to encourage you to embrace your annual earnings that appeared on your tax return this year. High or low they tell a story of what you did this year, where you invested your interests and the outcome of the choices you made. No matter what the results, they reveal the truth and help you plan. You’ll either end up doing what you have been doing right or you’ll change to accomplish what you financially desire most.
If facing the facts seems hard today, take a nice brisk walk before and after you’re done analyzing them to clear your mind and energize your entrepreneurial soul so you can focus on reaching the monetary success you know you want to achieve and deserve.
No Exceptions
Before my doors opened in 1995, I gained legal advice from my brother-in-law, who was an attorney, on how to create a simple contract for event planning clients. I remember being told the contract didn’t have to be an extremely detailed document but it needed key components to protect me and my customers.
Contained in my first contract was a list of responsibilities I would perform for the client, a payment policy with fee and payment dates, and two signature lines – one for me and one for the customer. The most important advice he gave me was to secure a signed contract no matter what. It didn’t matter the size of the event, the length of time it took to perform my duties, or how well I knew the person. The legal document would ensure both parties would get what they agreed upon.
In sixteen years there was only one time I didn’t have a signed contract before performing a project. It was with a very large, reputable company. I was assured payment wouldn’t be an issue but they needed work done within a week so they wanted me to begin immediately. Against my better judgment and with my client’s verbal agreement ringing in my ears, I proceeded on the work. As promised, I delivered what the client wanted. It took a week to produce the product. It ended up taking them six months to pay the bill.
At the time I was a new entrepreneur so money flow was essential. Frustrated that I couldn’t collect the money, I spoke with an Accounts Receivable professional at another company, who gave me detailed instructions on collection methods. In time my relentless pursuit of the money paid off but not without investing a ridiculous amount of time. It was a difficult lesson to learn but one I never repeated. A signed contract is a requirement for my company to start any project – no exceptions.
Recently when a client unexpectedly terminated a contract in the middle of the agreement period, I was fortunate to collect on a large non-refundable deposit I always require when events are signed. But I was still losing 50% of the revenue I expected to receive. As soon as that lesson was learned, a bold, new clause in my contract was added regarding financial penalties for clients who terminate contracts within a specific time period.
Today’s blog post is to remind you that you mustn’t enter any business arrangement without a signed contract or agreement. It doesn’t matter how small the job is, how well you know or trust the other party, or how rushed the project is. No exceptions.
If you are new entrepreneur, learn more about legal documents and seek counsel on creating contracts. If you are a seasoned business owner, update contracts based on lessons learned. It’s an excellent way to protect yourself and your customers. If you need more information, join Women TIES on June 15th for a special legal program. Sign up at www.womenties.com.
Financial Fear
No matter where you turn today prices have risen. Every morning it seems local gas stations post higher rates because of trouble in the Middle East. Prices on produce in grocery stores change weekly as poor weather conditions affect supply levels. Postage rates keep increasing as more individuals use email to communicate. It’s hard to identify products or services that have not risen in cost. But most women entrepreneurs I know, including myself, have not increased their service or product fees worried the stalled economy impacting everyone will decrease their sales revenue.
Unfortunately pricing is an emotional and sensitive subject for many women entrepreneurs. We tend to undervalue our expertise, lack confidence when it comes to discussing quotes and fees, and lack participating in financial education to learn more. For sixteen years, the financial programs I have organized for women have always had the smallest turnouts. It doesn’t seem logical when you figure we are in business to make money. So often I hear women explain, “I don’t want to focus on my bottom line because it could indicate I’m not successful enough to stay in business.”
Fear is defined as a feeling of agitation and anxiety caused by the presence or imminence of danger. The financial fear we sometimes face as business owners should be manageable since pricing, seeking financing, and focusing on our bottom line isn’t dangerous. It might be disquieting but it isn’t dangerous. In fact not paying attention to it is more dangerous. When we have control over something we are afraid of, or are uneasy about, it produces confidence. As women continue to earn 25% less than men, we have to become diligent and focused on our financial status.
The beginning of Spring is a perfect time to analyze your financial situation and conquer any financial fears. As April 15th draws near, you probably have already studied your 2010 figures. How did you do? Did you earn as much as you wanted or were you blindsided by smaller earnings then projected? Filing an annual tax return can be sobering or celebratory depending on how the numbers play out.
Today’s blog post is to challenge you to commit to becoming more financially focused this year. Whether it’s increasing pricing to make more money, spending time with a financial professional to plan for a stronger financial future, or attending more financial education programs to learn more, commit to becoming more confident, and less fearful about your finances. Get rid of financial anxiety and embrace a more confident and astute approach to your money matters. Remember, it’s not nearly as dangerous as sky diving.
Social Media Marketing Success
Wednesday Wisdom, a weekly e-newsletter in 2005, to inspire and educate women entrepreneurs on a weekly basis. Our editorials have become very popular with our 2,700 readers. 
Last Wednesday I traveled to Rochester to host our first event in that city. Encouraged by a couple members to bring our programs there, I planned the event but was nervous about reaching the restaurant’s minimum count requirement for the event. One of our regional volunteers, Donna DeClemente of DDC Marketing Group, an expert in social media marketing, told me not to worry because her extensive outreach through social media marketing would draw a crowd. Even thought I heard online marketing had become increasingly effective, I was a little doubtful it could bring the numbers we needed. But I kept hearing myself say “trust.”
Sure enough one day after Donna had started the social media marketing campaign for the event, our inbox was full with reservations – 20 in one day! Never in all the years of planning events, have we ever received 20 reservations for one event in 24 hours. Then it occurred again, the week of the event when another social media marketing blitz took place. The reservations poured in. I was excited to bear witness to the true marketing benefits of this new age media.
The following day I traveled to Albany to host another Women TIES program on how to “pull business to your company” by Janelle Fields of JFields Marketing. Her program highlighted startling statistics on the quantity of people online today, what specific social media and online tools they are using, and how to attract more consumers to websites and blogs. The statistics were simply astounding and proof that companies must have a strong online presence in today’s marketplace.
So today I write this blog to inspire you to learn more, and become as active as possible, in promoting your company through online marketing. Gone are the days when you push out your advertising hoping to attract customers. Now you must pull customers to you by creating online relationships through social media marketing. Learn as much as you can to give your company a competitive edge.
Women’s History Month Challenge
March 1st started another Women’s History Month. This month long celebration wasn’t created by Hallmark executives to increase greeting card sales. It was proclaimed officially by Congress in 1987. Its origins trace back to March 8, 1911 when the first International Women’s Day took place and also from the original Women’s History Week first conducted on March 2-8, 1980.
In 1980 President Jimmy Carter officially proclaimed the week with these remarks, “From the first settlers who came to our shores, from the first American Indian families who befriended them, men and women have worked together to build this nation. Too often the women were unsung and sometimes their contributions went unnoticed. But the achievements, leadership, courage, strength and love of the women who built America was as vital as that of the men whose names we know so well.”For sixteen years I have been personally promoting women entrepreneurship because of the generation of women before me – my mother and my aunt – who both broke free from traditional, old fashion Italian expectations and upset the family to be the first ones to go to college (and pay for it themselves) and start their own businesses in the 1960s. When strong female role models play a central role in your life, your thinking and future are shaped. Later in life, other successful female leaders noticed my feministic spirit and encouraged me which led me to where I am today.
Women from that generation will tell you it wasn’t easy to strike out on their own. Their families and society shunned them. Doors were closed. Opportunities limited. But with grit, determination and independent spirits, they paved a new path for themselves and the generation of women to follow. Women’s history month shouldn’t just honor the historical standouts like Susan B. Anthony but all the women who were challenged to buck the system and pursue their dreams.
Personally, I continue to challenge the traditional buying system because women still earn less than men in paid positions and in their entrepreneurial endeavors. Women TIES exists because I want women working as hard, and as long as men do, to earn the same salary and revenue. Because of this, Women TIES was founded, and continues to exist to help women increase their sales potential by providing online opportunities, personal networking encounters, and marketing benefits to increase their chance to make more money. Individually and collectively we can change the financial world for ourselves, other women, and the generation of girls to follow.
Today’ I challenge you to buy from other women owned businesses all month long, every opportunity you have. Don’t do it for just one day, but all thirty days. Buck your traditional buying network and give a woman in your city, another region or across the state, a change to work with you and sell to you. There is power in your dollar please spend it intentionally this month.
Your actions will pay homage to the generations of women before us who stood up and paved the way for us. Let’s continue in their footsteps and make Women’s History Month a rich one for all women.
Clear Communication
The sun is shining brighter these days in Central New York and it couldn’t be at a better time. This past week as another arctic blast swept the Northeast, I heard from a number of women who have been struggling with cold acting clients with hot customer service issues unsure how to remedy the complaints. Their plight resonated with me having just experienced a bizarre and unexpected client situation myself. As experienced entrepreneurs we think we can tell when a customer is unhappy, but on rare occasions we’re caught off guard like the lake effect winds blowing off Lake Ontario that blind our driving ability.
The world of technology has brought the way we do business to new levels. Most of the technology has been exceptional – allowing us to Skype with international clients, promoting our businesses activities through social media, expanding business revenue with online shopping carts and participating in educational programs all over the world. Technology has also dramatically changed the way we communicate with our clients – emailing, texting, and teleconferencing are the way conversations take place today. Although these technical advances are beneficial to commerce and every day life, they have drawbacks – especially when people forget the proper etiquette of having a “live” person to person conversation.
My blinding entrepreneurial moment came last week when a relatively new client decided to end our business relationship with an out-of-blue email whose subject line read “Business Agreement Terminated.” In my two decades of experiencing proper professional business conduct, I was never so caught off guard. It wasn’t the content of the message that followed that struck me or the reasons for the termination; it was the manner in which it was done. You might call me old fashion, but what happened to the days when picking up the phone or meeting someone in person to discuss a problem was the way you did things right. Difficult conversations are never easy for either party but you have to have them and you have to do them right.
Today I encourage you to pick up the phone as often as you can when you have something important to share with a client or business associate. Don’t let the ease of communicating through technology stand in the way from making a tough call. It is better to have a frank conversation where both parties can hear each other’s voice, ask questions, debate the situation and come to a possible solution before the opportunity is gone or the relationship broken.
No matter how much technology changes the world, we can’t let it change us too much in the process. We can’t forget what lessons we were brought up with and the right way to communicate with others just because the way we communicate has changed. It’s imperative as we enter a more expansive global market and use technology to conduct business; we remember how to communicate properly. In the end it is not a computer doing business with another computer, it is a human being doing business with a human being.
The Ideal Client
The first three years owning my first business, an events management company, was like a roller coaster – slightly wild. With a business administration degree, post graduate courses, nine years experience as a professional event manager, I entered the market eager to land any type of event – big and small ones, organization or corporate programs, and an array of personal events. Being young and eager to make money, I took on any event that came my way.
It wasn’t until my company was three years old when I realized I had to stop taking every event I could. I needed to analyze my figures and revisit my business plan because I had been operating in a whirlwind – like most businesses do when they begin. It was time to stop and analyze the statistics – the number, type and size of events performed, money earned, hours spent, profit made so I could glean a clear picture of where I had been and where I wanted to go. I was still passionate about my entrepreneurial venture but wiser. I knew I needed to define and target ideal clients and work solely with them to become more successful.
Sometimes entrepreneurs are so eager for any revenue, especially in the start-up phase, growth stage or when economic times are lean, they get diverted and take on business not in sync with their corporate plans. Most entrepreneurs know they have turned a corner when they turn down business for the first time or more frequently than they have before.
Yesterday as I sat in a sales seminar produced by UpYourTeleSales.com and was asked to identify my ideal client, I was pretty confident of the answer. I couldn’t have answered that question ten years ago. But with time and experience comes wisdom. It’s up to us as entrepreneurs to pay attention to the changes that develop within us and around us that direct our intentions. Every day the sun sets and the sun rises blending day into day. We can’t as women entrepreneurs let our business days blend into each other for too long without noticing what’s happening or we’ll find ourselves working with customers that don’t fit our target market.
Today I encourage you to take a break from the blur of your business activity to notice if you are working with the right clients and on the correct projects. Have you said yes too many times to revenue opportunities that aren’t ultimately right for your company? Are you spending enough time searching for and selling to the right customer? Are you confident you know who your ideal customers are?If the answer is no, take the necessary steps you need to identify your niche, find your ideal clients, and secure more of them so you can have a more successful corporate future.
Quality, High Intentions and Sincere Effort
I had just hosted another Women TIES luncheon without a hitch. My goal, like every other time, was to have women entrepreneurs walk away satisfied with the program. Their time away from their companies, to attend one of our inspirational, educational and strategic networking events, is an investment in their business. I treat it that way so I make sure they walk away pleased with their ability to pitch their company, with a handful of sales leads, and a list of women they can collaborate with in the future.
As a twenty three year event professional, I bring my organizational abilities to each event. But with my sixteen years experience as an advocate for women entrepreneurs, I bring my passion – a passion to help as many women as I can expand their local, state and regional marketplace in New York and increase their financial potential.
So when I opened my mail the day following the event, there was a wonderful note from an event attendee and member that read, “Thank you for all you do to support women entrepreneurs” and the following quote
Quality is never an accident;
It is always the result of high intention,
Sincere effort
Intelligent direction
And skillful execution;
It presents the wise choice
of many alternatives.
There isn’t anything better in this world of entrepreneurship than to know your efforts get notice and your clients appreciate your hard work and dedication.
Women TIES 