Since as,long as I can remember I have always been aware of the importance of who you hang around or listen to. I have always taken the approach of watching and learning. Of late, I have been on a Seth Godin kick. I like him. He is smart and practical. You would be surprised how rare of a combo that is. He has a podcast called "Start-up School" where you hear excerpts of a three day event he held for people in the early stages of business. As someone who has been publishing for a little over two years, I needed his wisdom, because quite frankly one area seemed to dry up overnight, so I needed to adjust course or close down. I was in the process of adjusting when I found out about the podcast. What a time saver it has been. It helped me make some solid decisions on the path to pursue. Now, I know many talk about the importance of mentors in person, but, again quite frankly, he was/is a publisher, and not a whatever is popular now "expert." So, he earns credit for having been where I want to go. Sure there are slight differences, but not enough to chuck off his advice to the people he was teaching. Here is what I know for sure, I may not have been in the room when he taught the seminar, but he has mentored me. We all need to take stock in who we are going to or listening to for advice. You can go to the know-it-all with zero results to show for all that "knowledge" or you can listen and ACT on the advice of the ones who are actually DOING it. Somewhere along the line we started listening to anyone who hung up a shingle, and ignored those who were actually doing something. It doesn't take much to talk, but it takes guts to act. So, who are you listening to? How is that working out for you?

Business Tips· Seth Godin

Who are You Listening To While You Build Your Business?

Since as,long as I can remember I have always been aware of the importance of who you hang around or listen to. I have always taken the approach of watching and learning. Of late, I have been on a Seth Godin kick. I like him. He is smart and practical. You would be surprised how rare of a combo that is. He has a podcast called "Start-up School" where you hear excerpts of a three day event he held for people in the early stages of business. As someone who has been publishing for a little over two years, I needed his wisdom, because quite frankly one area seemed to dry up overnight, so I needed to adjust course or close down. I was in the process of adjusting when I found out about the podcast. What a time saver it has been. It helped me make some solid decisions on the path to pursue. Now, I know many talk about the importance of mentors in person, but, again quite frankly, he was/is a publisher, and not a whatever is popular now "expert." So, he earns credit for having been where I want to go. Sure there are slight differences, but not enough to chuck off his advice to the people he was teaching. Here is what I know for sure, I may not have been in the room when he taught the seminar, but he has mentored me. We all need to take stock in who we are going to or listening to for advice. You can go to the know-it-all with zero results to show for all that "knowledge" or you can listen and ACT on the advice of the ones who are actually DOING it. Somewhere along the line we started listening to anyone who hung up a shingle, and ignored those who were actually doing something. It doesn't take much to talk, but it takes guts to act. So, who are you listening to? How is that working out for you?

This 100 year old ad spells out exactly what seems to be happening in the online sales world. Businesses with no history seem to almost be demanding that prospects buy their stuff just 'cuz. Meaning, they have no relationship, have not developed any kind of trust or even engaged with them, but the resounding message is "buy from me." Today's consumer really holds all the cards (power) because they not only compare businesses, products, services, etc before they buy, but they also have a global stage to tell what they think of those products or services. Social media and review sites have given the buyer the power to spread their message. Yes, a few lie and manipulate to get something they don't deserve, but most don't. So, it is time businesses took their head out of the sand and really find out about today's buyer, and stop with the whining of days of old. The tables have turned, so you have to change how you do business or lose out to your competitor.

Business Tips· Customer Service

Online Customers Hold the Power?

This 100 year old ad spells out exactly what seems to be happening in the online sales world. Businesses with no history seem to almost be demanding that prospects buy their stuff just 'cuz. Meaning, they have no relationship, have not developed any kind of trust or even engaged with them, but the resounding message is "buy from me." Today's consumer really holds all the cards (power) because they not only compare businesses, products, services, etc before they buy, but they also have a global stage to tell what they think of those products or services. Social media and review sites have given the buyer the power to spread their message. Yes, a few lie and manipulate to get something they don't deserve, but most don't. So, it is time businesses took their head out of the sand and really find out about today's buyer, and stop with the whining of days of old. The tables have turned, so you have to change how you do business or lose out to your competitor.

Engage in one kind of business only, and stick to it faithfully until you succeed, or until your experience shows that you should abandon it. A constant hammering on one nail will generally drive it home at last, so that it can be clinched. When a man's undivided attention is centered on one object, his mind will constantly be suggesting improvements of value, which would escape him if his brain was occupied by a dozen different subjects at once. Many a fortune has slipped through a man's fingers because he was engaged in too many occupations at a time. There is good sense in the old caution against having too many irons in the fire at once.

Business Tips

Art of Money Getting: DO NOT SCATTER YOUR POWERS

Engage in one kind of business only, and stick to it faithfully until you succeed, or until your experience shows that you should abandon it. A constant hammering on one nail will generally drive it home at last, so that it can be clinched. When a man's undivided attention is centered on one object, his mind will constantly be suggesting improvements of value, which would escape him if his brain was occupied by a dozen different subjects at once. Many a fortune has slipped through a man's fingers because he was engaged in too many occupations at a time. There is good sense in the old caution against having too many irons in the fire at once.

An economic downturn is a phase of the business cycle in which the economy as a whole is in decline.This phase basically marks the end of the period of growth in the business cycle. Economic downturns are characterized by decreased levels of consumer purchases (especially of durable goods) and, subsequently, reduced levels of production by businesses.

While economic downturns are admittedly difficult, and are formidable obstacles to small businesses that are trying to survive and grow, an economic downturn can open up opportunities. A well-managed company can realize the opportunity to gain market share by taking customers away from their competitors. Resourceful entrepreneurs capture the available opportunities, from an economic downturn, by developing alternate methods of doing business that were never implemented during a prior growth period.

The challenge of successfully navigating your business through an economic downturn lies in the realignment of your business with current economic realities. Specifically, you, as the business owner, need to renew a focus on your core clients/customers, reduce your operating expenses, conserve cash, and manage more proactively, rather than reactively, is paramount.

Here are best practices that will help you to successfully navigate your business through an economic downturn:

Goals:

The primary goal of any business owner is to survive the current economic downturn and to develop a leaner, more cost-effective and more efficient operation. The secondary goal is to grow the business even during this current economic downturn.

Objectives:

• Conserve cash.

• Protect assets.

• Reduce costs.

• Improve efficiencies.

• Grow customer base.

Required Action:

• Do not panic… History shows that economic downturns do not last forever. Remain calm and act in a rational manner as you refocus your attention on resizing your company to the current economic conditions.

• Focus on what YOU can control… Don’t let the media's rhetoric concerning recessions and economic slowdown deter you from achieving business success. It´s a trap! Why? Because the condition of the economy is beyond your control. Surviving economic downturns requires a focus on what you can control, i.e. your relevant business activities.

• Communicate, communicate, and communicate! Beware of the pitfall of trying to do too much on your own. It is a difficult task indeed to survive and to grow your business solely with your own efforts. Solicit ideas and seek the help of other people (your employees, suppliers, lenders, customers, and advisors). Communicate honestly and consistently. Effective two-way communication is the key.

• Negotiate, negotiate, and negotiate! The value of a strong negotiation skill set cannot be overstated. Negotiating better deals and contracts is an absolute must for realigning and resizing your company to the current economic conditions. The key to success is not only knowing how to develop a win-win approach in negotiations with all parties, but also keeping in mind the fact that you want a favorable outcome for yourself too.

Recommended Best Practice Activities:

The Nuts and Bolts… The following list of recommended best practice activities is critical for your business' survival and for its growth during an economic downturn. The actual financial health of your particular business, at the outset of the economic downturn, will dictate the priority and urgency of the implementation of the following best practice activities.

1. Diligently monitor your cash flow: Forecast your cash flow monthly to ensure that expenses and planned expenditures are in line with accounts receivable. Include cash flow statements into your monthly financial reporting. Project cash requirements three-to- six months in advance. The key is to know how to monitor, protect, control, and put cash to work.

2. Carefully convert your inventories: Convert excess, obsolete, and slow-moving inventory items into cash. Consider returning excess and slow-moving items back to the suppliers. Close-out or inventory reduction sales work well to resize your inventory. Also, consider narrowing your product offerings. Well-timed order placement helps to reduce excess inventory levels and occasional material shortages. The key is to reduce the amount of your inventory without losing sales.

3. Timely collection of your accounts receivable: This asset should be converted to cash as quickly as possible. Offer prompt payment discounts to encourage timely payments. Make changes in the terms of sale for slow paying customers (i.e. changing net 30 day terms to COD). Invoicing is an important part of your cash flow management. The first rule of invoicing is to do it as soon as possible after products are shipped and/or after services are delivered. Place an emphasis on reducing billing errors. Most customers delay payments because an invoice had errors, and therefore, will not pay until they receive a corrected copy. Email or fax your invoices to save on mailing time. Post the payments that you have received and make deposits more frequently. The key is to develop an efficient collection system that generates timely payments and one that gives you advance warning of problems.

4. Re-focus your attention on your existing clients/customers: Make customer satisfaction your priority. A regular review of your customers' buying history and frequency of purchases can reveal some interesting facts about your customers' buying habits. Consider signing long-term contracts with your core clients/customers which will add to your security. Offer a discount for upfront cash payments. The key is to do what it takes to keep your current customers loyal.

5. Re-negotiate with your suppliers, lenders, and landlord:

i) Suppliers: Always keep your negotiations on the level of need, saying that your company has reviewed its cost structure and has determined that it needs to lower supplier costs. . Tell the supplier that you value the relationship you have developed, but that you need to receive a cost reduction immediately. Ask your supplier for a lower material price, a longer payment cycle, and the elimination of finance charges. Also, see if you can buy material from them on a consignment basis. In return for their price concessions, be willing to agree to a long-term contract. Explore the idea of bartering as a form of payment.

ii) Lenders: Everything in business finance is negotiable and your relationship with a bank is no exception. The first step to successful renegotiations is to convince your lenders that you can ultimately pay off the renegotiated loan. You must point out to your lenders why it would be in their best interest to agree to a new arrangement. Showing them your business plan and your action plan that includes your cost-savings initiatives, along with "the how" and "the when" of the implementation of your plan is the best way to achieve this goal. Explain to them that you will need their cooperation to insure that you can survive, as well as, grow your business during the economic downturn. Negotiated items include: the rate of interest, the required security to cover the loan, and the beginning date for repayment. A beginning date for repayment could be immediate, within several months or as long as a year. The key is to realize that your lender will work with you, but that frequent and continual communications with them is critical.

iii) Landlord: Meet with your landlord. Explain your need to have them extend the term of your lease at a reduced cost. Make sure you have a clause in the lease agreement that entitles you to have the right to sublet any or all of the leased space.

6. Re-evaluate your staffing requirements: This is a very critical area. Salaries/wages are a major expense of doing business. Therefore, any reduction in the hours worked through work schedule changes, short-term layoffs or permanent layoffs has an immediate cost saving benefit. Most companies ramped up hiring new employees in the good times, only to find that they are currently overstaffed due to slow sales during the economic downturn. In terms of down-sizing your staff, be very careful not to reduce your staff to a level that forces you to skimp on customer service and quality. Consider the use of part-timers or the current trend of outsourcing certain functions to independent contractors.

7. Shop for better insurances rates: Get quotations from other insurance agents for comparable coverage to determine whether or not your present insurance carrier is competitive. Also, consider revising your coverage to reduce premium costs. The key is to have the right balance-to be adequately insured, but not under or over insured.

8. Re-evaluate your advertising: Contrary to the other cost-cutting initiatives, evaluate the possibility of increasing your advertising expenditures. This tactic realizes the advantage of the reduced "noise" and congestion (fewer advertisers) in the marketplace. The downturn period a great opportunity to increase brand awareness and create additional demand for your product/service offerings.

9. Seek the help of outside advisors: The use of an advisory board comprised of your CPA, attorney, and business consultant offers you objectivity and provides you with professional advice and guidance. Their collective experience in working with similar situations in past economic downturns is invaluable.

10. Review your other expenses: Target an across-the-board cost-cutting initiative of 10-15%. Attempt to eliminate unnecessary expenses. Tightening your belt in order to weather the downturn makes practical, financial sense.

Proactively managing your business through an economic downturn is an enormous challenge and is critical for your survival. However, through well-planned initiatives, an economic downturn can create tremendous opportunity for your company to gain greater market share. In order to take advantage of this growth opportunity, you must act quickly to implement the above best business practices to continue realigning and resizing your company to the current economic conditions.

Copyright © 2008 Terry H. Hill

You may reprint this article free of charge in your newsletter, magazine, or on your website, provided that the article is unedited, and that the copyright, author's bio, and contact information below appears with each article. Articles appearing on the web must provide a hyperlink to the author's web site, http://www.legacyai.com

Terry H. Hill is the founder and managing partner of Legacy Associates, Inc, a business consulting and advisory services firm. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. To find out how he can help you take your business to the next level, visit his site at http://www.legacyai.com

To download a copy of this article, click on this link: http://www.legacyai.com/Article_Downturn.html.



About The Author

An author, speaker, and consultant, Terry H. Hill is the founder and managing partner of Legacy Associates, Inc., a business consulting and advisory services firm based in Sarasota, Florida. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. Terry is the author of the business desk-reference book, How to Jump Start Your Business. He hosts the Business Insights from Legacy Blog at http://blog.legacyai.com and writes a bi-monthly eNewsletter, "Business Insights from Legacy eZine."

By signing up for Business Insights from Legacy eZine at http://tinyurl.com/2t4fxs you can keep abreast of the latest tips, tactics, and best business practices. You will, also, receive the free eBook, Jump Start Your Knowledge of Business.

Contact Terry by email at http://www.legacyai.com or telephone him at 941-556-1299.

Business· Business Tips· Economy

How to Successfully Navigate Your Business through an Economic Downturn

An economic downturn is a phase of the business cycle in which the economy as a whole is in decline.This phase basically marks the end of the period of growth in the business cycle. Economic downturns are characterized by decreased levels of consumer purchases (especially of durable goods) and, subsequently, reduced levels of production by businesses.

While economic downturns are admittedly difficult, and are formidable obstacles to small businesses that are trying to survive and grow, an economic downturn can open up opportunities. A well-managed company can realize the opportunity to gain market share by taking customers away from their competitors. Resourceful entrepreneurs capture the available opportunities, from an economic downturn, by developing alternate methods of doing business that were never implemented during a prior growth period.

The challenge of successfully navigating your business through an economic downturn lies in the realignment of your business with current economic realities. Specifically, you, as the business owner, need to renew a focus on your core clients/customers, reduce your operating expenses, conserve cash, and manage more proactively, rather than reactively, is paramount.

Here are best practices that will help you to successfully navigate your business through an economic downturn:

Goals:

The primary goal of any business owner is to survive the current economic downturn and to develop a leaner, more cost-effective and more efficient operation. The secondary goal is to grow the business even during this current economic downturn.

Objectives:

• Conserve cash.

• Protect assets.

• Reduce costs.

• Improve efficiencies.

• Grow customer base.

Required Action:

• Do not panic… History shows that economic downturns do not last forever. Remain calm and act in a rational manner as you refocus your attention on resizing your company to the current economic conditions.

• Focus on what YOU can control… Don’t let the media's rhetoric concerning recessions and economic slowdown deter you from achieving business success. It´s a trap! Why? Because the condition of the economy is beyond your control. Surviving economic downturns requires a focus on what you can control, i.e. your relevant business activities.

• Communicate, communicate, and communicate! Beware of the pitfall of trying to do too much on your own. It is a difficult task indeed to survive and to grow your business solely with your own efforts. Solicit ideas and seek the help of other people (your employees, suppliers, lenders, customers, and advisors). Communicate honestly and consistently. Effective two-way communication is the key.

• Negotiate, negotiate, and negotiate! The value of a strong negotiation skill set cannot be overstated. Negotiating better deals and contracts is an absolute must for realigning and resizing your company to the current economic conditions. The key to success is not only knowing how to develop a win-win approach in negotiations with all parties, but also keeping in mind the fact that you want a favorable outcome for yourself too.

Recommended Best Practice Activities:

The Nuts and Bolts… The following list of recommended best practice activities is critical for your business' survival and for its growth during an economic downturn. The actual financial health of your particular business, at the outset of the economic downturn, will dictate the priority and urgency of the implementation of the following best practice activities.

1. Diligently monitor your cash flow: Forecast your cash flow monthly to ensure that expenses and planned expenditures are in line with accounts receivable. Include cash flow statements into your monthly financial reporting. Project cash requirements three-to- six months in advance. The key is to know how to monitor, protect, control, and put cash to work.

2. Carefully convert your inventories: Convert excess, obsolete, and slow-moving inventory items into cash. Consider returning excess and slow-moving items back to the suppliers. Close-out or inventory reduction sales work well to resize your inventory. Also, consider narrowing your product offerings. Well-timed order placement helps to reduce excess inventory levels and occasional material shortages. The key is to reduce the amount of your inventory without losing sales.

3. Timely collection of your accounts receivable: This asset should be converted to cash as quickly as possible. Offer prompt payment discounts to encourage timely payments. Make changes in the terms of sale for slow paying customers (i.e. changing net 30 day terms to COD). Invoicing is an important part of your cash flow management. The first rule of invoicing is to do it as soon as possible after products are shipped and/or after services are delivered. Place an emphasis on reducing billing errors. Most customers delay payments because an invoice had errors, and therefore, will not pay until they receive a corrected copy. Email or fax your invoices to save on mailing time. Post the payments that you have received and make deposits more frequently. The key is to develop an efficient collection system that generates timely payments and one that gives you advance warning of problems.

4. Re-focus your attention on your existing clients/customers: Make customer satisfaction your priority. A regular review of your customers' buying history and frequency of purchases can reveal some interesting facts about your customers' buying habits. Consider signing long-term contracts with your core clients/customers which will add to your security. Offer a discount for upfront cash payments. The key is to do what it takes to keep your current customers loyal.

5. Re-negotiate with your suppliers, lenders, and landlord:

i) Suppliers: Always keep your negotiations on the level of need, saying that your company has reviewed its cost structure and has determined that it needs to lower supplier costs. . Tell the supplier that you value the relationship you have developed, but that you need to receive a cost reduction immediately. Ask your supplier for a lower material price, a longer payment cycle, and the elimination of finance charges. Also, see if you can buy material from them on a consignment basis. In return for their price concessions, be willing to agree to a long-term contract. Explore the idea of bartering as a form of payment.

ii) Lenders: Everything in business finance is negotiable and your relationship with a bank is no exception. The first step to successful renegotiations is to convince your lenders that you can ultimately pay off the renegotiated loan. You must point out to your lenders why it would be in their best interest to agree to a new arrangement. Showing them your business plan and your action plan that includes your cost-savings initiatives, along with "the how" and "the when" of the implementation of your plan is the best way to achieve this goal. Explain to them that you will need their cooperation to insure that you can survive, as well as, grow your business during the economic downturn. Negotiated items include: the rate of interest, the required security to cover the loan, and the beginning date for repayment. A beginning date for repayment could be immediate, within several months or as long as a year. The key is to realize that your lender will work with you, but that frequent and continual communications with them is critical.

iii) Landlord: Meet with your landlord. Explain your need to have them extend the term of your lease at a reduced cost. Make sure you have a clause in the lease agreement that entitles you to have the right to sublet any or all of the leased space.

6. Re-evaluate your staffing requirements: This is a very critical area. Salaries/wages are a major expense of doing business. Therefore, any reduction in the hours worked through work schedule changes, short-term layoffs or permanent layoffs has an immediate cost saving benefit. Most companies ramped up hiring new employees in the good times, only to find that they are currently overstaffed due to slow sales during the economic downturn. In terms of down-sizing your staff, be very careful not to reduce your staff to a level that forces you to skimp on customer service and quality. Consider the use of part-timers or the current trend of outsourcing certain functions to independent contractors.

7. Shop for better insurances rates: Get quotations from other insurance agents for comparable coverage to determine whether or not your present insurance carrier is competitive. Also, consider revising your coverage to reduce premium costs. The key is to have the right balance-to be adequately insured, but not under or over insured.

8. Re-evaluate your advertising: Contrary to the other cost-cutting initiatives, evaluate the possibility of increasing your advertising expenditures. This tactic realizes the advantage of the reduced "noise" and congestion (fewer advertisers) in the marketplace. The downturn period a great opportunity to increase brand awareness and create additional demand for your product/service offerings.

9. Seek the help of outside advisors: The use of an advisory board comprised of your CPA, attorney, and business consultant offers you objectivity and provides you with professional advice and guidance. Their collective experience in working with similar situations in past economic downturns is invaluable.

10. Review your other expenses: Target an across-the-board cost-cutting initiative of 10-15%. Attempt to eliminate unnecessary expenses. Tightening your belt in order to weather the downturn makes practical, financial sense.

Proactively managing your business through an economic downturn is an enormous challenge and is critical for your survival. However, through well-planned initiatives, an economic downturn can create tremendous opportunity for your company to gain greater market share. In order to take advantage of this growth opportunity, you must act quickly to implement the above best business practices to continue realigning and resizing your company to the current economic conditions.

Copyright © 2008 Terry H. Hill

You may reprint this article free of charge in your newsletter, magazine, or on your website, provided that the article is unedited, and that the copyright, author's bio, and contact information below appears with each article. Articles appearing on the web must provide a hyperlink to the author's web site, http://www.legacyai.com

Terry H. Hill is the founder and managing partner of Legacy Associates, Inc, a business consulting and advisory services firm. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. To find out how he can help you take your business to the next level, visit his site at http://www.legacyai.com

To download a copy of this article, click on this link: http://www.legacyai.com/Article_Downturn.html.



About The Author

An author, speaker, and consultant, Terry H. Hill is the founder and managing partner of Legacy Associates, Inc., a business consulting and advisory services firm based in Sarasota, Florida. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. Terry is the author of the business desk-reference book, How to Jump Start Your Business. He hosts the Business Insights from Legacy Blog at http://blog.legacyai.com and writes a bi-monthly eNewsletter, "Business Insights from Legacy eZine."

By signing up for Business Insights from Legacy eZine at http://tinyurl.com/2t4fxs you can keep abreast of the latest tips, tactics, and best business practices. You will, also, receive the free eBook, Jump Start Your Knowledge of Business.

Contact Terry by email at http://www.legacyai.com or telephone him at 941-556-1299.

Over the past thirteen years, I have worked with hundreds of women entrepreneurs as their business coach. I've noticed that many women small business owners experience the same challenges in growing and running their businesses, such as feeling overwhelmed and isolated, having difficulty keeping focused, not enrolling enough support, and not planning for growth.

Here's a summary of my best advice for any woman running a small business - my top seven tips for women entrepreneurs:

1) Focus on your strengths
There's an old saying - 'Do what you do best and delegate the rest.' Know what your top strengths are. Delegate or drop anything that you're not exceptionally skilled at, and focus at least 80% of your time using your key talents that bring you income.

2) Put yourself first
Your growing business needs a lot of time and attention. Many women in business put themselves third or fourth on their list of priorities. Put you and your business first and everything else will fall into place.

3) Learn to say 'no'
I ask women who have started a business to drop anywhere from 25% to 50% of their time commitments when we start working together. Most women are too over-committed with non-business related activities. Be strategic about what you say yes to, especially in the first few years of your business. Guard your precious time as the valuable asset that it is.

4) Plan for success
Lack of planning causes more businesses to fail than anything else. Planning is very valuable because it causes you to think ahead to your vision and next steps to reach your goals. You can create a simple one page marketing plan that outlines your business objectives and how you will achieve them.

5) Ask for support
Don't try to figure it all out by yourself. Notice where you are stuck and could use some help, and ask for it. Ask colleagues or others who have been in business and could mentor you, hire a business coach, or form your own mastermind support team.

6) Delegate or drop your weaknesses
Get clear on what you don't enjoy doing or don't do very well. Either stop trying to do it, or find someone who will do it for you. A perfect example is bookkeeping. If you dislike it, give it to someone else to do, and free up your time to earn money doing what you do well.

7) Keep an eye on the bottom line
You don't need to have complex financial statements, but setting targets and tracking some key indicators every month will help you understand how you are doing. You'll know sooner what's working and what's not working so that you can make strategic adjustments.

Implement at least three of these tips, and watch your business flourish!

About the Author
Jan Marie Dore teaches women entrepreneurs how to grow their business online and create profitable income streams. Sign up for her savvy and smart marketing tips and receive a 30 page FREE Bonus Workbook and audio Eight Insider Marketing Secrets of Wealthy Women Entrepreneurs by visiting http://www.femalepreneurs.com

Article Source: http://EzineArticles.com/?expert=Jan_Marie_Dore

Business Tips· Jan Marie Dore

Top Seven Business Tips For Women Entrepreneurs

Over the past thirteen years, I have worked with hundreds of women entrepreneurs as their business coach. I've noticed that many women small business owners experience the same challenges in growing and running their businesses, such as feeling overwhelmed and isolated, having difficulty keeping focused, not enrolling enough support, and not planning for growth.

Here's a summary of my best advice for any woman running a small business - my top seven tips for women entrepreneurs:

1) Focus on your strengths
There's an old saying - 'Do what you do best and delegate the rest.' Know what your top strengths are. Delegate or drop anything that you're not exceptionally skilled at, and focus at least 80% of your time using your key talents that bring you income.

2) Put yourself first
Your growing business needs a lot of time and attention. Many women in business put themselves third or fourth on their list of priorities. Put you and your business first and everything else will fall into place.

3) Learn to say 'no'
I ask women who have started a business to drop anywhere from 25% to 50% of their time commitments when we start working together. Most women are too over-committed with non-business related activities. Be strategic about what you say yes to, especially in the first few years of your business. Guard your precious time as the valuable asset that it is.

4) Plan for success
Lack of planning causes more businesses to fail than anything else. Planning is very valuable because it causes you to think ahead to your vision and next steps to reach your goals. You can create a simple one page marketing plan that outlines your business objectives and how you will achieve them.

5) Ask for support
Don't try to figure it all out by yourself. Notice where you are stuck and could use some help, and ask for it. Ask colleagues or others who have been in business and could mentor you, hire a business coach, or form your own mastermind support team.

6) Delegate or drop your weaknesses
Get clear on what you don't enjoy doing or don't do very well. Either stop trying to do it, or find someone who will do it for you. A perfect example is bookkeeping. If you dislike it, give it to someone else to do, and free up your time to earn money doing what you do well.

7) Keep an eye on the bottom line
You don't need to have complex financial statements, but setting targets and tracking some key indicators every month will help you understand how you are doing. You'll know sooner what's working and what's not working so that you can make strategic adjustments.

Implement at least three of these tips, and watch your business flourish!

About the Author
Jan Marie Dore teaches women entrepreneurs how to grow their business online and create profitable income streams. Sign up for her savvy and smart marketing tips and receive a 30 page FREE Bonus Workbook and audio Eight Insider Marketing Secrets of Wealthy Women Entrepreneurs by visiting http://www.femalepreneurs.com

Article Source: http://EzineArticles.com/?expert=Jan_Marie_Dore

I recently conducted a survey of entrepreneurs who are still doing everything themselves. I discovered that the #1 reason why entrepreneurs hold back from investing in support is they still believe that the cost to build a team is greater than the potential revenue growth.

Well that's just baloney!

In my experience, the fastest, most direct path to making more money is getting things done with speed. And if you are trying to get everything done yourself, well, then it's just not all going to get done is it? So what suffers? Your income!

I've made it my mission this month to help everyone discover the 9 Simple Virtual Team Outsourcing Tips to Make More Money in Record Time. I'll share them with you here and I hope you will pass it on to others who really need to discover how profitable it can be to outsource and delegate!

1. Follow Up And Thank You Cards. Do you have a stack of business cards that you never followed up with? Delegating the follow up to a Virtual Assistant can not only save you time but ensure that your prospects have a higher likelihood of actually becoming clients!

2. Setting Up Products On Other Sites. If you have products, books, audio programs then hire an assistant to post your marketing materials on 3rd party sites.

3. Affiliate Management. Affiliates are a great marketing strategy, but can be overwhelming if you are managing it yourself. Train a Virtual Assistant (or find one who is a specialist for a bit more) and watch the $$ roll in.

4. Email Blasts. 50% of my income is generated from every email blast that goes out. Why not have a team member create and manage your email blast campaigns for you?

5. Blogging & Social Networking. This latest craze deserves attention, but keeping up with it can be time consuming. Hire an intern, trainee or low-cost blogging expert to keep up with this marketing technique. If done properly, it works!

6. Event Announcements. Getting your events posted on all the sites for increased visibility can take a lot of time. The benefits are increasing your list size and potential sales. Train your Virtual Assistant to post your marketing materials on these sites and watch your #'s go up!

7. Speaker & Teleclass Bookings. Do you have time to contact all the potential speaking gigs out there? Probably not, but your virtual assistant can. Increase your bookings by allowing someone on your team to make the connections for you.

8. Product Fulfillment. Get a 3rd party company to take over shipping your products. Use a company like Vervante. Your customer service ratings will go up, and so will your sales!

9. Bookkeeping. Believe it or not, outsourcing your bookkeeping actually makes you money. First, you aren't making money while you are updating your bank records. Second, most of us make tons of mistakes costing us lots of money.

Did you get some great ideas here? If you put just one of these money-making opportunities into place this month, imagine how much more you can accomplish! If you are just getting started, you might want to test the waters with just one delegate task. Once you see how quickly it pays off, you will want to outsource more. Good luck!

Melanie Benson Strick, Million Dollar Lifestyle Business Coach & Virtual Team Building Expert, teaches business marketing strategy
business ideas and entrepreneurs how to stop feeling overwhelmed so they can create more money, freedom and prestige.

Business Tips· Delegate· entrepreneurs· Make Money· Management· Outsourcing

9 Simple Virtual Team Outsourcing Tips to Make More Money

I recently conducted a survey of entrepreneurs who are still doing everything themselves. I discovered that the #1 reason why entrepreneurs hold back from investing in support is they still believe that the cost to build a team is greater than the potential revenue growth.

Well that's just baloney!

In my experience, the fastest, most direct path to making more money is getting things done with speed. And if you are trying to get everything done yourself, well, then it's just not all going to get done is it? So what suffers? Your income!

I've made it my mission this month to help everyone discover the 9 Simple Virtual Team Outsourcing Tips to Make More Money in Record Time. I'll share them with you here and I hope you will pass it on to others who really need to discover how profitable it can be to outsource and delegate!

1. Follow Up And Thank You Cards. Do you have a stack of business cards that you never followed up with? Delegating the follow up to a Virtual Assistant can not only save you time but ensure that your prospects have a higher likelihood of actually becoming clients!

2. Setting Up Products On Other Sites. If you have products, books, audio programs then hire an assistant to post your marketing materials on 3rd party sites.

3. Affiliate Management. Affiliates are a great marketing strategy, but can be overwhelming if you are managing it yourself. Train a Virtual Assistant (or find one who is a specialist for a bit more) and watch the $$ roll in.

4. Email Blasts. 50% of my income is generated from every email blast that goes out. Why not have a team member create and manage your email blast campaigns for you?

5. Blogging & Social Networking. This latest craze deserves attention, but keeping up with it can be time consuming. Hire an intern, trainee or low-cost blogging expert to keep up with this marketing technique. If done properly, it works!

6. Event Announcements. Getting your events posted on all the sites for increased visibility can take a lot of time. The benefits are increasing your list size and potential sales. Train your Virtual Assistant to post your marketing materials on these sites and watch your #'s go up!

7. Speaker & Teleclass Bookings. Do you have time to contact all the potential speaking gigs out there? Probably not, but your virtual assistant can. Increase your bookings by allowing someone on your team to make the connections for you.

8. Product Fulfillment. Get a 3rd party company to take over shipping your products. Use a company like Vervante. Your customer service ratings will go up, and so will your sales!

9. Bookkeeping. Believe it or not, outsourcing your bookkeeping actually makes you money. First, you aren't making money while you are updating your bank records. Second, most of us make tons of mistakes costing us lots of money.

Did you get some great ideas here? If you put just one of these money-making opportunities into place this month, imagine how much more you can accomplish! If you are just getting started, you might want to test the waters with just one delegate task. Once you see how quickly it pays off, you will want to outsource more. Good luck!

Melanie Benson Strick, Million Dollar Lifestyle Business Coach & Virtual Team Building Expert, teaches business marketing strategy
business ideas and entrepreneurs how to stop feeling overwhelmed so they can create more money, freedom and prestige.