Are you Sexy or Smart?

Ok Ladies, let’s get real about your money, your business, and your frustration.  I’m hearing from far too many of you that when you’re feeling miserable about your business, you go SHOPPING. Now, I have nothing against a girl spending her hard earned cash on a sexy pair of shoes, that is if you can afford them.


Just because you have some money in your bank account doesn’t mean it’s time for a spending spree…in fact it means just the opposite.  Before you spend a dime take a look at what you need to boost your business. Do you have a short and sassy business plan, a killer website that’s getting you sales, or even a hint of a marketing budget?  Well, do you?  If you do, congratulations and have fun at the mall. If you don't, whoa, Nellie. 

I get it…shopping can give you that emotional high when you’re outlook is gloomy but it only adds to your problems.  How is your business ever going to be the success you dream about if regularly blow your cash?   Smart entrepreneurs know that gratification isn’t instant… it’s built piece by piece over time.  Keep your eye on the prize and shop for a web designer, marketing expert, an assistant, or business strategist that’ll ramp up your business along with your self-esteem.


So the next time you find yourself at the mall just say “No, No, No.” and put that hot dress and those sexy shoes back on the rack.

5 Bold Tax Tips

No one wants to pay more than their fair share of taxes while staying on the right side of an audit.  Yes, it's always best to stay under the radar of the IRS so I say take advantage of the allowable deductions but don't go too crazy.

Here's my BOLD Tax Tips:

1. No need to keep all of those pesky paper receipts anymore.  There are several portable scanners like Neat Receipts or VuPoint and the IRS accepts scanned copies of receipts. Create folders for Gas, Auto, Meals, Travel, etc and then save the scans into the right folder...voila, your office no longer looks like a tornado hit it.  And don't forget the scanner is deductible!

2. Auto Expenses:  You can either take ACTUAL expenses or mileage but not both.  If you have a car for business and another for personal it's easy to track but if you don't you can easily track the percentages by keeping a totally detailed appointment calendar to figure out business expenses.  I know it's a pain to keep all of the receipts (see #1)  so use a gas card for business and you'll have the statements showing all your expenses.

3. Bank and Credit Card Statements:  I don't think anyone likes reconciling bank & CC statements but you've got to do it so you take all of your deductions.  It's easy to think you're good until you start looking line by line...oops, there's that dinner from two months ago, and that gift you bought from Amazon and had shipped to a client, and that vacation that turned into a business trip.  You're only cheating yourself if you don't take what's allowed.

4.  Review personal financials:  As business owners we can mix up personal and business credit, debit cards, or even write a personal check for business expenses.  So repeat above for all of your personal accounts.

5.  Cash or Accrual Basis:  Cash means you count your income when you get the cash and expenses when you pay out the cash.  Accrual means you count income when you send the invoice and expenses when you receive the bill.  Accrual doesn't involve any money...it's all about timing.  Most small businesses don't track Accounts Receivable or Accounts Payable so you're CASH but check last year's tax return to make sure.  Once you file cash or accrual you can't switch so choose the one that will you give the biggest tax break.

Values in Common

Recently I was in a little shop in a top tourist town here in Washington State.  Beautiful new building, lots of tantalizing items catching my eye but wait...who's in charge here?   The only staff person was using the laptop and keeping track of three small children and failing to make any type of contact with me or the other 5 women in the store.  Did she not see us, doesn't she need sales, is she the owner....all these questions  quickly raced through my mind and then I left without a purchase.

This scenario isn't that unusual now but it sure used to be.  Of course, growing up in Seattle Nordstrom was the benchmark for service and as far as I'm concerned it still is. And I'm always puzzled by a general lack of customer service especially when shop doors are closing up all over America.  What's going on around here anyway?  Well, I know one thing is lack of Values in Common.

Now the question is how do you, the business owner, identify what you value?  Doesn't everyone  value money, sales, and the bottom line.  Well, in my experience owners talk about one value and yet their actions say something differently and often louder.

When you follow these iniatives you'll not only identify your values you'll know how to apply them in your business and the difference will show up in your bottom line.

1. When you connect your values, your vision, your strategy, and your business processes and put mechanisms in place that encourage YOU and YOUR people to do the right thing, you'll attract the right employees and customers.
Translation: Your values connect to your marketing plan which includes your web site, brochures, Facebook, Twitter, LinkedIn and other printed and online pieces.  

2. Position yourself to deal with a range of possible futures, but then hone in on what you need for the future that actually arrives.
Translation: Plans do not follow a straight line; disasters, disruptions, and opportunities will randomly occur so identify 4 or 5 scenarios and the method you'll  win your market share under each one.   Identify the initiatives that show up in every scenario and use these as your main strategies.

3. Align your portfolio of initiatives with your objectives and strategies
Translation: Stop doing what you’ve been doing with little success.  Plot your strategy, weigh your financial success, critique your current actions, check for alignment.

4. Make sure the words you use inspire the actions you want.
Translation: Make sure you walk the talk. Sometimes you get what you ask for so be sure it’s what you really, really, really want.

5. Focus on the connections between stakeholders that create value for everyone.
Translation: Your stakeholders are your employees, customers, partners, shareholders, and your community.   All are important to your success so communicate to each group your vision and how you plan to create it.  Know that sometimes one group’s interest may conflict with another’s and prepare for it.

To be continued......

Working in Business

Years and years ago I went to accounting school and along the way I got a Master's in business. Well, not really an MBA but my real world experience is priceleess and goes well beyond what I learned in textbooks. My broad experience in Business came from working exclusively with small businesses who have limited resources and creativity is a must.

I've worked with an amazing variety of businesses over the years and learned something new by rolling up my sleeves and pitching to get the job done. I've never cared about my job description; I did what was necessary every day to help the company make money.

So I've written Employee Handbooks, developed streamlined systems for the Operations Department, and managed an office remodel...and help converge a plasma TV. I didn't realize at the time the amazing education I was getting...I simply did my job every day to the best of my ability with a willingness to be of service.

Whether you are a business owner or an employee with your eye on opening your own business some day, learn everything you can about the Business of Business.

Curiosity and Business

I talk a lot about Curiosity with business owners, networking, and particularly with my clients. You might be a talented mechanic, electrician, buyer, or stylist and decide you want to carve out your own niche but how are your business skills?

The two types of owners I see over and over again are...those that know what they don't know and those naively THINK they know everything. Those that are think they already know everything also lack curiosity and can't get out of their own way. Even as their frustration rises they will continue to reject ideas from anyone.

On the other hand the entrepreneurs who know what they don't know use the web to find solutions, reach out to a mentor, or hire a professional coach or strategist to elevate their company.

Curiosity is key to any entrepreneur. It's simply my observation that those owners who are eager to learn and want to elevate their business skills are the curious ones. They want to know how to find more revenue, when does it make sense to hire employees, how much money to spend on marketing and how to track the ROI.

So what type of business owner are you....Curious or not?

Lori Richardson of Score More Sales

In this interview Lori Richardson reveals what worked and what didn't when she launched almost 10 years ago.

What do you know now that you wish you would have know before you started?
I wish that I would have reached out to more people. I tried to do everything myself and I try to learn everything myself....it cost me a lot of time.  I wish I would have gotten good support on my branding.  I had the wrong name for my company and so I rebranded my company in 2005…I thought I was on the right track.  Always hire the pros. It’s funny because I thought I was on the right track.

Are you more of a collaborator or go it alone?
My whole tour this year is talking to business owners about the value of collaboration and the value of innovation. These two topics because so many us stay in your shell and we recreate the same problems in our businesses.

Do you have any mentors?
In every aspect of my business I have strategic partners or mentors. Businesses who are experts in their fields.  This is very valuable.

Favorite:
Movie: Miracle about Team USA beating Russia

Song : Anything with an upbeat…forward thinking.

Book:  Asset Based Thinking by Kathryn Cramer and Hank Wasiak.   It calls for small shifts toward what's working instead of moving away from what's not.  It's positive thinking about what you have instead of what you don't have.

Linda Snyder of Ladies Who Launch Seattle

Please meet Linda Snyder, owner of Ladies Who Launch Seattle.  Her drive and dedication to the Ladies is legendary.   For authentic business connections join savvy business owners at Ladies Who Launch.

What was your prior business experience and how did you get into Ladies Who Launch?

I got into LWL through my prior business.  When I moved up here from Eugene I opened a UPS store and although it was fabulous, it didn’t grow my soul.  So I started meeting with women who had small businesses and  we’d have coffee and I’d give advice. Then one day driving home I thought “Why aren’t you doing this full-time?”   I thought this is what I should be doing and I called a business broker and said here’s my price.  I started doing some coaching and I’d heard about Ladies Who Launch and had taken a client there.  I was in love with this organization, this is my tribe, so I did an incubator.  After six months my UPS store sold so when the opportunity came up to buy the business I didn’t even hesitate.  And as crazy as it sounds I didn’t even ask the price – which I don’t recommend.

What do you know now you wish you known before buying LWL?

How much work it is…I’m a hard worker but taking over another business is different than starting it on your own.  So part of the first six months was me putting my stamp on the business.

Have you had mentors or role models along the way?

My mom who is generous, warm hearted , and well spoken.  She’s done everything in her life with integrity and grace.   No business mentors in my life.  I worked in a male dominated organization and their style didn’t fit my style.  

As you business grows how do you get it all done?

Hours upon hours of work.  I love doing it and I’ve always worked hard and I’m passionate about it but prioritization on what I spend time on works well.  I love QuickBooks and recommend it to everybody I know.   Stay off CrackBook but Hootsuite is a huge time saver.  Lastly, stop being a perfectionist.

What personality trait serves you best?

Empathy…understanding of the creative process and where the incubators are going.  I'm great at visioning... to see what’s on the paper and where the business can go from there.

Did you dream of owning a business as a child growing up in an entrepreneurial family?

Yes,I played store, we had the setup in our room to play dolls.  We had fashion outfits for Barbies…putting on shows as the director…loved being the star in the neighborhood performances when I was really bookish and shy and introverted.  It's interesting that those facets of my personality came out in my childhood.

What was your first job?

At age five I got paid 1 penny for every bow I made for the store my parents owned.   Every Sunday I worked making bows.  Then summers I worked in the store at whatever make-work job in the  business until l I was 14 and got an actual paycheck.  

Do you trust your intuition?

Absolutely, but I also believe in Trust but Verify.  Take intuitive leaps and it's smart to back up and look at the tactical pieces that it take to get there.

What's your favorite: 

Movie - Pretty Woman....the chemistry makes me happy….it's a princess fairy tale

Song -  Ronnee Blakely  She Lays It On the Line....that's how I live my life

Book -  Qualities of a Leader  It's got real gems throughout it.