Women's Business Blog

Entrepreneur's Tip of the Week: Be Happy

No one can deny that the economy is in tough shape and small business owners know this more than anyone..HOWEVER..as an entrepreneur you have a responsibility to raise morale for your employees, your customers and yourself. Happiness is something we give ourselves. We cannot count on others or material things to create our happiness. The Golden Rule applies here...give unto others as you would have them give unto you. A savvy entrepreneur spends her/his time focusing on others and sharing goodwill and time to make the world a better place to live. Optimism is an attitude that is contagious. Successful entrepreneurs are optimistic and believe in themselves as well as their business. If we expect to do well and be happy we will be.

The small business owner who demonstrates an 'attitude of gratitude' for her/his employees, customers, and vendors will discover that the greatest gift of all is to let others know how much you value them. Ask yourself two questions:

"What role does happiness play in my success?"

"How does my happiness relate to money and wealth?"

The honest answers to these questions will enlighten you to your ability to find happiness in your business. Happiness and success are not necessarily interchangeable. We all know wealthy people who are not at all happy and happy people who know how to share the true riches in life - their time, energy, friendship, love humor and dedication.

So start today to be happy. Envision yourself as a winner. I truly believe that our happiness and success are based mostly on our expectations. If we expect to do well and be happy we will be ...it has always worked for me.

HIRE VICKI TO SPEAK AT YOUR NEXT EVENT!

Women's Business Coach: TIP OF THE WEEK: Speak

Women entrepreneurs must learn that speaking up and speaking out is critical to their business success. You may have been told as a young child that "making too much noise" was what boys did and that a young lady, like yourself, was meant to look pretty and keep quiet. But that advice will not get you ahead in business and if you haven't started already to find your voice this blog will get you started. Learning how to speak well whether to one person, a group or to an audience of hundreds is something every businesswoman must master. When I was about five years old my Dad would ask me to get up and speak to whatever crowd was gathered. I never understood why everyone wanting to hear from me, but if my Dad wanted me to speak I did. Regardless of what I said I always got applause and learned at an early age I had something others wanted to hear. What a great lesson to learn at an early age. As I got older I continue to speak out and spent more time perfecting my message. I learned to speak with authority and conviction and others would take away substance from my talks. Now, I know what you are thinking - speaking in front of an audience is at the top of the list of most people's greatest fears. But you are never too old to learn how to do it well and particularly how to use speaking as a method of getting business. People like to do business with people who aren't afraid to speak out about what they believe - of course, in business you want to stay away from the controversial subjects of religion and politics. Start today by speaking to yourself in the mirror and expressing the reasons your business separates itself from the competition. Watch how your expressions can put an accent on the important points you want potential customers to pay attention to. Yes, how you are perceived when you speak is what separates the successful credible speakers from the "what the heck is she talking about" speakers. Finally, start speaking up at every event you attend. Ask questions of the speaker or make comments about the topics. Let others know that you have a voice and know how to use it. It won't take long before you will be seen as a person of substance. You see the majority still believes that they have nothing to say or that someone else can say something better than they can. You must, and will, become that someone and take the floor. Speak up. Speak out. People WILL listen.

 

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Do You Have What It Takes To Start Your Own Business? Part I

The economy stinks. You are working more hours for less money and feel as though you are going in reverse in your career. You spend endless hours a day sitting at your desk looking out the window dreaming about the day you'll be your own boss. You have piles of paperwork that need to be completed for numerous managers in related divisions in the firm - all of whom graduated college more than 10 years after you. You want to throw open the window and scream, "Stop wasting my time - I could run this place with my eyes closed!" The question you really have to ask yourself is, "Do you have what it takes to start your own business?" First, mission. Do you have a clear mission for your business? What will the business do that is not being done by others now? What niche will it fill in the community? How will you differentiate your business from others? Who is the competition and what do your bring to the party that they don't? Second, vision. Are you a true visionary? Can you see the big picture? To start a business you must be able to see the baby steps as well as the bigger picture of what it will look like in three months, nine months, one year, three years. Build it and they will come just happens in the movies. A true entrepreneur knows exactly how (s)he will establish a presence and garner the target market needed to become a player. Third, filters. You must believe in yourself and your ability, at any and all cost, to get your business up and running and making money. Although you want to be open to listening to what other people (friends, investors, employees, bankers, lawyers, accountants etc.) think about how you can "do it better" you must be able to filter all the advice you hear and go with your gut. At the end of the day, you must rely on yourself to do what is in the best interest of the business. Fourth, independence. Your independence from people, places and things when starting your own busines is critical to your success. The movement you move into the territory where you are obligated to do something for someone you have crossed the line necessary for business growth. The more beholden you are to others the more you will find your hands are tied to move forward, zigging and zagging if necessary. When you are truly independent you'll be seen as the leader you need to be to get things done on your own terms. Fifth, courage. Starting your own business takes courage. You must be ready to stand up and fight for what you believe in and for what is in the best interest of your company. With courage you can challenge the competition regardless of its size or longevity and be a leader in your industry. These are the first five of ten qualities necessary to start your own business. How many of the five identify you?

Hire Vicki to Speak at Your Next Event!

Women In Business MUST Celebrate International Women's Day

Today, March 8th, is International Women's Day! Women, and especially women in business, should be celebrating. As they say..."we've come a long way baby..." and although we have 'miles and miles to go before we sleep' women must respect the struggles and obstacles the women before us have conquered. The U.S. Small Business Administration's Office of Advocacy reports that exporting businesses owned by women and minorities export more intensively than those owned by non-minority men: 50% Hispanic-owned; 42.9% Asian/Pacific Islander/Aleutian Eskimo-owned; 28.6% African American-owned; 30% women-owned; 21.9% men-owned and 18.1% Caucasian owned. National Foundation of Women Business Owners (NFWBO) reports that acrosss the world women-owned firms comprise as much as one-third of all businesses and that the number of women-owned companies is growing faster than the economy in many countries (and not just industrialized countries). Yes, women all over the world understand the power in running their own business and are learning to take charge of their lives and earning potential. The picture of what a village of 100 people would look like if we shrunk the Earth's population is: 57 Asians, 21 Europeans, 14 North and South Americans and 8 Africans. 70 people would be non-white and 30 white; 70 would be non-Christian and 30 Christian. 50% of the world population would be in the control of just 6 people...all of whom would be citizens of the U.S. These numbers provide the basis for opportunities for international trade. If you are a woman in business you can celebrate International Women's Day by exploring the feasibility of taking your company international. Regardless of the globally instability there is a market waiting for you and your product and/or service. Check into one or more of the many organizations supporting international trade and see if your business has an opportunity to capture an international market. The world is waiting for you.

4 Lessons for Women Positioning Their Businesses For Sale

Raise your hand if you know of someone who owned a business and closed it down for one reason or another. This happens much too often. Research suggests 4 out of every 10 businesses ends up closing down rather than selling.

As a business broker, and more importantly, as a former small business owner who grew several small businesses and sold them this is how you are going to do it!

Lesson #1 - develop  a business plan – a roadmap telling you where you are going – perhaps I should say GPS system to be current – but in any case a layed out plan for where you are going – that system needs to be given a destination - an exit – letting you know where and when to get off.

There can be great variables in each step. So, it is key that you start as early as possible if you want to exit successfully.

Companies with a plan learn that there is a timeline for the business and a timeline for the sale.  Thinking about your exit strategy from the very beginning will maximize your value regardless of the business conditions at the time of sale

Lesson #2 - plan for the process to take time. You will need 3 years of P&Ls and tax returns for potential buyers. Some business owners treat their companies like an ATM machine. Taking out cash anytime, any place for anything. If your books don’t look like they support your business a buyer sees a red flag. The financials can be recast to show the true income and expenses, but this doesn’t help you make the case for your price. So keep clean books.

Even when a buyer is found it takes time for the terms to be negotiated.

Some times this can go quickly if the seller wants to change careers/retire and/or move on and the buyer wants to completely takeover. But if employee contracts, seller finance, non-competes and many other variables are in question this can take more time.You need time for due diligence to be completed.

Lesson #3 - pricing your company. Your broker will analyze your business and compare it with other sales of similar companies and perhaps evene get a third party appraisal. Remember that it is not what you ask for your business that matters it is what a buyer will pay for it.

With the appropriate valuation you will be able to get the right price for your company, but remember the terms and conditions of the sale are just as important. 

Lesson # 4 -confidentiality is the hallmark of the business brokerage business.

As they say:

“What happens in the business broker’s office stays in the business broker’s office”

But unlike Vegas, selling your business should not be a gamble. Selling your business should be a well thought out plan designed for you to win. Don't worry about word getting out that your business is for sale. In the business world - everything is for sale at the right price. You've put your blood sweat and tears into your business, so when the plan, time, price and conditions are right you are ready to cash out and then you can shout it to the rooftops.

 

Stop Dreaming About It - BE YOUR OWN BOSS- Buy A Small Business

The economy is down. Unemployment is up. The time is right for you to stop dreaming about being your own boss and take action - buy a business. Not everyone is born to be an entrepreneur - a person who can identify opportunities in our environment, develop and refine their concepts, assess the necessary resources and finally implement and execute their venture. Not everyone has an idea for the next great invention or service that the 'average Joe or Jill' can't live without -- but that doesn't mean you can't be a small business owner. All it takes is some patience, an idea of what your talents are, and the fortitude to go out and buy your next job. Take a look at this video from NECN on my Advice on Buying a Business. Then put one foot in front of the other and start taking action today in making that dream come true - becoming your own boss. Advantage #1 - no one will ever be able to fire you again.

Competition: Just What Women in Business Need to Celebrate

Whether it is business or sport, having a good competitor is what makes the game worth playing. A good challenger forces you to perform at your best and keep up your guard at very turn. Just knowing that there is someone waiting for you to falter and take advantage of your weakness should energize you to stretch beyond what you believe is your best. There is no contest without a challenger, and that's what keeps you striving and perfecting your game plan. So the next time you hear yourself muttering about the competition, remember that she is the reason you keep getting better.