Empressofbiz, Biz Tip Accounts Receivable...Asset can turn into a Liability

Thursday Biz TiP: Definition of Financial Terms...

Accounts Receivable: The money that is OWED to YOU for services or products sold to your clients or customers. Accounts Receivable are CURRENT Assets...no longer than a year old.
 Payment terms are established as part of the sale:

 For example, JoAnn's Plumbing Services has installed a hot water tank for Mr Brown. The agreement of sale states the payment terms. The terms could be IMMEDIATE,  10 Days, 30 Days, whatever is stated on your bill. Make sure your terms are CLEAR and UNDERSTANDABLE!  

Banker Tip:

Going for a loan? You are judged on how QUICKLY your Accounts Receivables are collected. If you allow them to drag out to 90 -120 days...they are seen as not good. Be careful of collection  time...it can count against you.

Want to be in charge of your business...take the time to learn not only the "book" definitions of financial terms...but how they REALLY IMPACT your Business.  Give JoAnn Forrester "The EmpressofBiz" a call at 412-440-6969.

Empress of Biz, Biz Tips: Money.. Financial Terms are they...Banker Babble? Or???

MONEY!...Something we all use, need, spend, have to ..want to have..YET do you understand what it is? Do you know what your banker, accountant, financial planner is talking about?....

Or do you "fake it" and pretend you are FINANCIALLY SMART! .....  DO YOU KNOW AS MUCH AS PETRA THE WORLD SMARTEST DOG!

Today as part of a be FINANCIALLY SMART series we will talk about those confusing terms...and tell you the inside story! ....
Join me today, Listen, Learn, Prosper!
www.talkshoe.com Caller Id 80050

Join me today, Listen, Learn, Prosper!
www.talkshoe.com Caller Id 80050

Empressof Biz, Biz TiP, Do your e mployees LIVE for Friday?

Friday Biz TiP#1. If you live for Fridays and the weekend...you need another job. If you are an employer...and your people cannot WAIT until the weekend....you had better look at what is going on...including your management style.

Friday Biz TiP#2: Surprise people around you...thank them for their  work they have done for you. End their week and yours with a smile :) and a thank you can open the door to a happier you and happier employees.

Ola Jackson, Founder and CEO of OWN, The Onyx Women Network was my guest on the Empress of Biz on Thursday February 21...click link below.  She had started her business as a way to deal with a family crisis and has invaluable advice and an inspiring message to share. Listen Learn and Proper with the Empress of Biz and Ola Jackson.

Listen into one of Talk Shoe's popular business radio shows as I share with host JoAnn Forrester how and why I started my business over 21 years ago.http://www.talkshoe.com/talkshoe/web/talkCast.jsp?masterId=80050&cmd=tc

EMPRESS OF BIZ! Listen! Learn! Prosper! - Live & Recorded Episodes

www.talkshoe.com

JoAnn R. Forrester is founder, president and owner of S I Business Associates, a business growth management firm established in 1975. Over 75,000 hours of experience in teaching, consulting, financing, human relations, speaking, writing and business development classes, writing and public relations,...

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Video: The Colbert Report – “Nailed Em!” | Finding Funding Now

Video: The Colbert Report – “Nailed Em!” | Finding Funding Now 
Enjoy folks...Satire is the only justice we are going to get.  Let me know what you think!

EmpressofBiz, Biz Tips: Monday 5W's and H of Marketing

Monday Biz TiP: Good things will and are happening....because you have a marketing plan that you are working. 
A good marketing plan is based on on the 6 W's and H.  
These are not "fancy marketing terms" that you have to learn before you talk about your business.  These are simple questions you have to answer that give you the answers to your  market.  They are as follows:
1.  Who is your market?
2.  What do they buy from you?
3.  Where do they come from?
4.  When do they buy from you?
5.  What are they willing to pay?
6.   Why do they BUY from you?
7.   How do they buy from you?

Let's take a look at a family owned heating/air conditioning/plumbing company....we will call the The Three Brothers Heating/Air Conditioning and Plumbing Company..  they have been in business for three generations and employ 12 people.

1.  Who is your Market?  The company serves the South Hills of Pittsburgh within a 30 minute radius of their shop.  Many of their customers have been with them for over 30 years.  Their market is primary composed of houses forty years and older,mid market price and approximately 30% have more than one bathroom.

 2.  What do they buy from you?   Popular  item is fuel efficient furnaces and air conditioning.  Growing items are air cleaners and requests for powder rooms and full second 

3.  Where do they buy from you?   In the customers home as of now.  With the growing requests for powder rooms and second full baths the company  is thinking of establishing a store on main street.

4.  When do they buy from you?   Year round...although there are several months that have very low activity and the owners want to increase their customer base.

5.  What are they willing to pay?  The companies customers pay higher than average and do so because of their longevity and willingness to come at any time when their is a heating or air conditioning or plumbing emergency.

6.  Why do they buy?   Customers buy on trust and perceived value.  If you buy from them they will be their to take care of problems and "they know what they are doing".

7.  How do they buy from you?  Customers call in for several reasons     Generally customers call in either because they have a problem or responding from one of 6 mailings the company does to remind people of their service, maintenance contracts or new products.  
Customer generally pay by cash, check, credit card or for good customers they have a billing program.

This company has a number of decisions to make based on the opportunities that are being presented to them.  We will discuss this in our next post.

EMPRESS OF BIZ! Biz Tip, Women of Achievement Bonnie DiCarlo, Judy Bannon JoAnn R. Forrester

EMPRESS OF BIZ! Reinvent in Rugged Times - Live & Recorded Episodes:
Listen Now...or listen later.  You can always listen on www.talkshoe.com or syndicated on pplmag.com
Special Edition of Empress of biz: Judy Bannon Executive Director of Cribs for Kids, Bonnie Di Carlo and share about the upcoming 8th Annual  Women of Achievement Awards Dinner. 
The background and founding of the dinner...The 2013 Honorees, and why it is so important to recognize the achievements of the Greater Pittsburgh area.  

Welcome to the first in a series of programs dedicated to those women who have been recognized as Women of Achievement.  These are women who by their outstanding efforts and unselfish acts, in business, in politics, in their professions, in government, non-profit and community activities have made our area some place special to live.  Our Women of Achievement are those who daily juggle myriad roles and responsibilities of family, work and community.  They are women who are accomplished, they are concerned about others, often opening doors where none were open before and doing  it with grace and dignity. 

The Women of Achievement Award was founded in 2006 by Celebrate  & Share.  Celebrate & Share is  an organization founded by Bonnie DiCarlo and JoAnn R. Forrester in 2002,  which features the achievement of women, and raises funds for organizations which focus on the needs of women and children in the  community.

The Women of Achievement Awards was established in March, in 2006  during women’s History Month to honor the women of Greater Pittsburgh who contribute  to our community and to establish the foundation of a Women’s Hall of  Achievement. 

Our charity of choice is Cribs for Kids, a not for profit organization led by Executive Director, Judy Bannon.

Today the three of us, Bonnie Di Carlo of Celebrate & Share and Executive Director of Cribs for Kids…Judy
Bannon and myself JoAnn Forrester, host of the Empress of Biz  will be talking  about our respective organizations and roles how and  we came together to launch such a great endeavor.  This is our 8^th year celebrating the Women of Achievement Awards and the first of many shows  highlighting the women of Pittsburgh  and their accomplishments.

Listen Now...or listen later.  You can always listen on www.talkshoe.com or syndicated on pplmag.com

Empress of Biz, Biz Tips. Stuck? Diminishing Returns?

Wednesday Biz TiP:  
Is your business growth stuck because you are doing the same thing over and over and over again?  We often stick to the routine because it gets some results...and it takes a while to realize we are in a cycle of diminishing returns for your money. 
Take some time and look at what you are doing to promote your business...is it worth the time, effort and money invested? 
Below are some ways to look at what you are doing? 
1.  Are you using the same ads over and over again?
2.  What about your vendors...same ones?  Are they giving you good service or bad? 
3.  What about your costs for supplies?  Going up and no increased value?
4.   Does the name of your business accurately reflect  what you do?
5.  What about your office?  Welcoming? Stodgy? Fresh Looking?
6.   What is the age of your customers?  Growing older and NO younger ones coming in?
7.  Website...same old some old...or do you keep it fresh?
8.   Employees...how are they greeting your customers?  Like friends or enemies?
9.  Is the Coffee fresh?
10. When is the last time you got a compliment from customers for doing something extra in the business?
There are a lot more items I can add...but what  is most  important ...is you and your perspective.  Make sure you  periodically review your business and ask yourself  "Do I want to be my own customer?"
Want some more ideas...give us a call at 412-440-6969...We love sharing ideas to help you grow!

Franchising with Family

Franchising with Family
An article that I was interviewed on Franchising with Family members involved.

EmpressofBiz, Biz Tips Family own business is a good thing..IF

Did you know Small Business and family can be a good thing?

Look at the facts below......

Family owned businesses are central to the U.S. economy.

There are 5.5 million family businesses in the US. (FEUSA, 2011)
 Family owned businesses contribute 57% of the U.S. GDP (that’s $8.3 trillion), 
Employ 63% of the workforce (FEUSA, 2011), 
and are responsible for 78% of all new job creation. (Astrachan & Shanker, 2003) 
35% of Fortune 500 companies are family-controlled. (Businessweek.com, 2006) 

The Family owned business is a good thing.  We do great things.  If you are thinking of starting a business having your family involved can be great...if all people are on board.  If not then it can be a short trip to divorce or bankruptcy.  

    One thing      that must be talked about.....is money! Their financial stake in the business, If you are in business with your spouse, significant other or family...how do they get paid for what they do? Too often the spouse or children are the "unpaid labor" of the business..and while this is a "nice" perk of a family owned business..it is one reason that the other person starts to resent the business.

As a small business specialist and consultant I have the the task of working with clients who have not thought this through and the anger has built up to the business and the relationship is in trouble.

 The excuse I am often giving by the owner she gets my paycheck..so what's the problem?

Not a good answer..and the answer starts to creates a lot of hard feelings. Being love and helping is one thing...but the paycheck designates RESPECT for that person too.. Also not paying for tasks performed by loved one or family member .gives you a false perspective of what it costs to run the business. 

Money is the topic most of us avoid talking about ...but it does impact the personal relations and it is better to address this upfront and not let it become an explosive issue later on.