Smooth Financial Sailing Strategies
Wednesday Wisdom, Inspiration, Success Strategies for Women Entreprenuers, Small Business Owners, Female Entrepreneurs
As we stood on the pebbly river shore, Stacey Murphy, a woman entrepreneur from Ithaca, and I looked over our right shoulders to see waves crashing forward from the wild, open lake into the mouth of the river. To our left was smooth-as-glass water ready for us to choose it as we began a two hour kayak and paddle board business chat. We hadn’t seen each other in awhile so we decided to travel on the flat water first so we could catch up and hear each other talk.
We launched our boats on the calm river on our early morning trek with mostly blue herons accompanying us. Under bridges, around bends, through some weeds, we paddled and talked about life and business and how successful Stacey has been in her grant consulting business – even recently landing a multi-million dollar grant for a client.
In time, we turned around fully warmed up and ready to tackle the big waves. As the ocean-like waves rolled and rocked us back and forth to a point where we had to “ride” them, the adventure steered our conversation to a discussion on flow – cash flow actually. The topic seemed appropriate since we had experienced both smooth and rough flow on our ride.
In entrepreneurship, cash flow can steadily and gently flowing in when we book enough contracts and payments to carry us through the year just like the calm river’s surface. Business cash flow can also be unpredictable when we don’t pay enough attention to setting payment schedules or have enough business in the pipeline. This type of corporate difficulty sends us into the financial weeds tangled in payments without accessible cash.
Small businesses need access to consistent revenue flow to stay ahead of bills and keep credit strong with business flowing properly. It’s up to entrepreneurs to plan out revenue payments to keep them on smooth financial waters year round.
Today’s Wednesday Wisdom should inspire you to look at the upcoming last quarter of the year and evaluate revenue streams, payment schedules, billing deadlines and other financial plans to keep you away from the weeds. If you foresee a need for better cash flow and have a good banking relationship, speak to a female representative about a line of credit or other financial option. If you use an online banking service like Pay Pal, you can look at past years or quarters to evaluate how cash has been flowing and when you might need more. If you keep detailed books, they can also guide you in the right direction if business has been operating similarly the past few years.
Just like Stacey and I had to chart a course for our business chat trip, make sure you are charting your own financial course for the rest of the year so there is smooth sailing going forward.
Women’s Equality Day: Women Are Still Fighting for Equality
Inspiration and Monday Motivation for Women Entrepreneurs, Women in Business, Females in the USA
Today in the beautiful city of Saratoga Springs, women will gather from around the state to discuss women’s equality just like they did in 1869, 1870 and 1971 when this city hosted 3 New York State Suffrage Conventions. According to historians, without these vital conventions the Suffrage movement wouldn’t have gained momentum.
For some quick herstory: The 19th Amendment was first introduced in 1878 and eventually passed in the USA provided voting rights to women. In 1971 at the request of Representative Bella Abzug, the US Congress designated August 26th as Women’s Equality Day to commemorate this significant modification to the constitution. Now this date has become an international celebration and women across the world celebrate this day to call attention to women’s continuing efforts toward full equality.
Last year as I participated at a special event in Rochester produced by Sharon Nelson, Founder of Crewomen.org, I was inspired once again by our foremother’s work and hardship in gaining my right to vote today. It is part of our history that shouldn’t be forgotten or discussed because women still don’t have equality compared to men. One speaker encouraged the women in the room to rally for the passage of the ERA (Equal Rights Amendment). The ERA calls for absolute equality stating, “Men and women shall have equal rights throughout the United States and every place subject to its jurisdiction.”
I wanted to honor our foremothers by sharing information today about the ERA from http://www.AlicePaul.org about the progress and importance of getting it passed:
•There are two movements to pass the ERA. The traditional route would require the ERA to be voted on again, requiring the amendment’s passage by two-thirds of each house of Congress and then ratification by 38 states. An alternative strategy would maintain the legal viability of the existing 35 state ratifications and attempt to gain three more state ratifications to complete the process and make the ERA the 28th Amendment to the Constitution.
•The 19th Amendment, granting women suffrage is the only mention of the word “woman” in the U.S. Constitution. Furthermore, the only right guaranteed to women by federal law is the right to vote.
•According to the American Association of University Women (AAUW), among full-time, year-round workers, women earn 77% of what men earn. This disparity increases even more for African American and Hispanic women. Additionally, women are half as likely to receive a pension, and those that do receive almost half as much. Social Security still defines women as dependents and therefore women who have been in the workforce for decades still receive lower payments.
•The most important effect of the ERA would be the clarification of the status of sex discrimination for the courts, the decisions of which still demonstrate confusion regarding such claims. For the first time, “sex” would be a suspect classification, like race, and would require the same level of “strict scrutiny” and have to meet the same high level of justification – a “necessary” relation to a “compelling” state interest – as the classification of race.
•The ERA would not make all single-sex institutions unconstitutional – only those whose aim is to perpetuate the historic dominance of one sex over the other. Single-sex institutions that work to overcome past discrimination are currently constitutional and are likely to remain so.
•The 14th Amendment, providing an equal protection clause to all U.S. citizens, was not originally intended to apply to women, as it predates the 19th Amendment. As proof of this, Susan B. Anthony voted in the 1872 presidential election, was arrested two weeks later, and was convicted the following year for illegal voting. At her trial, she attempted to use the 14th Amendment to defend her actions, but the judge ruled that the amendment did not apply to her because she was a woman.
•The Equal Rights Amendment would prevent a rollback of the legal advances women have gained. It is important to remember that as governments change from conservative to liberal, citizens, neither male nor female, should not be subject to lose their right to vote, their right to free speech, or any other of their constitutional rights due to a change of political opinion.
•The ERA does not add new laws to the U.S. Constitution; it only guarantees the rights currently within it. Issues like abortion, same-sex marriage, unisex bathrooms, and the female draft exist separately from the ERA and would not become law upon the ERA’s passage.
•The ERA is an amendment for both men and women – it is not just a woman’s issue. Issues of custody, employment, and fair wages are important to both sexes and an Equal Rights Amendment would guarantee equal legal rights without regard to sex.
•The ERA would affirm the purpose that began with the writing of the U.S. Constitution, the basic human right of constitutional protection.
For more information on the Equal Rights Amendment, visit www.equalrightsamendment.org. To learn more about CREWomen.org, visit their website.
I hope today’s blog post reminds you that women’s work is not done in securing total equality in America today. Women must continue to talk about and support the efforts of our foremothers and sisters today to get the ERA passed so women are equal to men under law. As actress Emma Watson said, “It is time we see gender as a spectrum instead of two sets of ideals.”
Word of the Day: Unbelievable
Wednesday Wisdom, Inspiration, Motivation for Women Entrepreneurs and Women Business Owners
Sitting under a 70 year old Catalpa tree on my grandparents 9 acre homestead, next to my cousin and aunt, talking about life and entrepreneurship, my cousin answered one of my questions with an enthusiastic, “I’m Unbelievable.” Really interested in his positive response, I said to him, “You are – how come?” To which he replied, “I’m not really sure but I was told once if you used that expression when others asked how you felt, the word ‘unbelievable’ would leave them wondering.” If you knew my cousin you would consider this a typical wise-ass response but I was fascinated by it.
I bought into the answer and said, “I suppose an optimistic person would think ‘unbelievable’ meant amazing, positively fantastic, or perhaps even wonder if that person hit the jackpot!” or I said, “I imagine a pessimistic person might construe unbelievable to be devastating, shocking or something horrific happened.” My cousin said, “Exactly!” As I sat in the old wooden chair with the most beautiful light breeze surrounding me as I gazed at the backyard pool, I thought I would use that answer in the future to see what others thought when I expressed it.
My reaction to ‘Unbelievable’ was extremely positive envisioning he sold one of his breathtaking paintings to Sotheby’s; but instead he felt wonderful being home, cooking lunch and seeing the family. He asked me how my business was going since my health issues. I paused for a moment to think if I could use the same word to describe my company status. I paused, as a beautiful leaf fell into my wine glass, reminiscing back to the fewer than normal but quality regional events I’ve hosted since being on new medicine including a white water rafting event with daring women in our athletic network and finishing a book and speech about alopecia, “I would say ‘Unbelievable.'”
Sure there have been unbelievably bad days in between the unfathomable good days, but overall I believe life gives us what we choose to feel, see and hear and for me that is positive notes or moments in between the unfortunate ones. I could have told my cousin about my struggle with my diagnosis and how losing my identity as a female has diminished my perspective of self but instead I choose to embrace the golden moments and share them with him. There are times to share pain and times to share joy. The choice is always ours in the making of the conversation.
Today’s Wednesday Wisdom is to inspire you to think of saying the word ‘Unbelievable’ the next week to everyone who asks how your feeling to see if the word makes you feel better about yourself, business or circumstance. Perhaps thinking about using it as a negative connotation won’t sit right with your scenario or heart realizing things aren’t as bad as they could be. Perspective is a powerful point of view and one that should emphasize the goodness in one’s life. Focusing on the positive rather than the negative will always bring more hope for today and tomorrow.
We don’t know what situations will happen down the road, but we can control our outlook while traveling it. I for one intend it to be ‘Unbelievable.’ How about you?
Lessons in Customer Service After a College Move-In Day
Friday Feelings, Wisdom and Business Advice for Women Entrepreneurs and Small Business Owners
The hush over the roads and businesses around our city reminds me that parents of college-aged students are busy driving their sons and daughters to college for the first, second, third or last year. With my sons graduated and settled in New York City in their jobs, I remembered back to taking our youngest son to college and the customer service lessons learned. The lessons and 2014 blog post were worth sharing again for a new generation of parents and entrepreneurs reading our blog.
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.
Entrepreneurship Lesson – Competitive and Profitable
Wednesday Wisdom, Inspiration, Wisdom for Women Entrepreneurs, Women in Business, Entrepreneurs
I remember back working in Higher Education as the Internet was becoming a useful tool for event planning. Responsible for planning thirty events around the country to gather alumni together for the College President’s visit, I relied on calling alumni I didn’t know from a database to inquiry about beautiful venues to host events. In those days most businesses didn’t have a website with detailed floor maps, room views, catering prices or contact information, so relying on trusty graduates of the college was the only way to discover venues to try.
My job also required working closely with a graphic designer to ensure the invitation had correct details, the PMS logo color and proper staff names were on the invitation. No one emailed invitations then, they had to be bulk mailed for the cheapest price and also the longest delivery time. Protocol and technology didn’t allow for online invitations, reservations or online payment systems, everything had to be done properly and perfectly mailed the good ole fashion way.
Last week as I celebrated becoming a woman entrepreneur on August 8, 1995, when I signed my D.B.A. as Five Star Events, I left the college I was working at with enough experience and contacts to start my own event planning, managing and marketing company. Over the past 24 years so much has changed in the event planning industry including increased costs for event rooms, food and drink, and gratuity percentages. You can see how the economic wheel can stop turning when everyone increases fees but its left to entrepreneurs to either reduce their profit margin, increase their own prices (which can lead to loss of attendees), or get out of the market.
The event industry is one of the industries suffering from technological advancement and the economic climate. It is just as easy for people to watch events online and connect with others through the internet at reduced prices then to attend live events. I have worried about my industry for quite some time and predicted its downturn eventually as everyone gets more comfortable learning and communicating via the internet and prices rise everywhere else to maintain the old way of doing events.
Perhaps my frustration with trying to find a venue for my Rochester members and in other event locales has led to today’s wisdom. I simply keep running into financial walls finding the right place. My heart wants to be in Rochester, Binghamton, Albany, Utica, and Syracuse but the market pricing keeps pushing planning back.
Today’s Wednesday Wisdom is to remind you there are simply times in entrepreneurship when costs and pricing matter most. Finding the right price for your product or service is essential to make consumers buy from you and having enough of a profit to make the sale worth the effort. If it has been awhile since you took a look at pricing in your industry, now might be the time to do that so you can adjust, plan and proceed.
Nothing stays the same forever especially pricing in 2019. Adjust as you must to stay competitive and profitable.
Signs of a Hopeful Business Day
Inspiration, Wisdom, Motivation for Women Entrepreneurs, Women in Business and Women in Sports
A perfectly round blazing orange sun hung on the recently cut hay field as a fawn and her mother bounced joyfully from one side of the road to the other. A beautiful humid breeze, the kind you find in Florida in February, swirled in the tree tops and through the car windows. The quietness of a mid-summer morning enveloped the scene as the beauty of the morning brought hope to anyone on their way to work. It was a perfect way to begin a work day.
Not all business days start in such perfect accord. Traffic jams, honking horns, or the panic of getting up late throws us off course or into a frenzied day when we are behind in all activities with a grumpy mood accompanying us. Starting a day that way leads to a feeling of never catching up with responsibilities or even wishing the day away.
Why is it imperative to be hopeful every morning of work? I can tell you one thing for sure it is essential for your peace of mind which coupled with a tenacious business spirit helps women entrepreneurs accomplish daily goals. When we are responsible for motivating ourselves to conduct work, make sales calls, create positive marketing messages and chat with clients, the start of our business day can make or break our work mood. Most of us don’t have staff to bolster our confidence, it is our duty alone.
Doing business in and around Central New York is challenging many times in the year based on the weather or economic forecast. National or local news contributes to worry or dismay. Seasonal sales dips don’t help either, so our mindset is paramount to a thriving day, week or quarter.
Today’s Wednesday Wisdom is to inspire you to take the positive energy coursing through our environment, climate and business culture this time of year to elevate your work load, sales plans and goal setting. I believe if it is beautiful outside, we should inhale the feeling to lead us to a beautiful work day. All we need to do is capture the essence of the breeze, light and joy and bring it right into our daily duties or week long planning goals. We miss the inspiration if we don’t acknowledge its affect on our mindset.
Embrace glorious morning views, the quiet vibe of summertime’s lovely settings and relaxed atmosphere to effectively ramp up your internal entrepreneurial spirit to accomplish more in a calming fashion. This wave won’t last forever so ignite your passion and responsibilities while basking in this season’s positive glow.





























