EmpressofBiz, Biz Tips Money? Who is the Boss? IMPULSE...OR...

 MONEY.....

                     WHO IS THE BOSS? 

IMPULSE...OR....

Empress of Biz, Biz Tips: Money? Who is the boss?  Are you Impulsive?  You see it ...you gotta have it? Whether is it that new flavor of Starbucks Coffee or that bright new shiny red truck...if you want it...you have to have it.  Are you always running on empty because you broke your budget? Or are you saying .... budget?  What the ****is that?

What about your long range goals? Do you have them? Savings? Good credit? Bad Credit?  We all have a relationship with money....some of us  are DISASTROUS, a few of us  are really FRUGAL  and know where very penny goes... and then there is the rest of us.  We muddle along...buying lots of stuff, juggling funds, paying our bills and still trying to save something...but not enough to get us through a real difficult patch. 

 Often we feel conflicted about how we spend money...and may get into some pretty heated discussions with spouse, partner, friends and family about money and how we think people should spend it or manage it.  

 When I work with my client and their problems with money in their business, I hear lots of stories, excuses, and justification for how they make their decisions on money and their bill paying and buying habits.   Like the recent decision of a client of mine who needed an additional truck for his business

 His choice:

 1. Buy the brightest RED shiny one with all the bells, whistles and gadgets.  Or  ..

 2. Buy the used truck, in good condition with a good warranty which would do the  job and save him $400 a month in payments.

No need to guess...we know which one he picked.

I often found myself wondering why we do what we do with money.  Often I am the one that has to work with the client to solve the money problem and justify to the banker what has happened.  And that is NOT always easy.

  

Well, who can we blame this problem on?  Aha! We can point the finger to our parents and how they handled money? Or...we can we blame it on our educational system for not teaching us enough about money.  Or what about the  government...it has to be their fault...they certainly don't know how to handle money.

 But wait...I have finally found the answer that makes sense!   It's our BRAIN'S  fault.  Recently I listened to an insightful discussion by Jean Chatsky on money and how our BRAIN sees money and plans to spend it.  One part, "the OLD Brain" is wired for survival and instant gratification.  Hungry we eat...cold we seek shelter, thirsty we drink water, etc.  The other part...the NEW Brain the "thinking part.. is the one that seeks to solve problems and likes projects and long range goals.  This  "thinking" part is often over ruled by the impulsive part and we end up making decisions that run from ok to mediocre to that  was terrible and what the hell was I thinking.  

So now what do we do? Continue our old patterns and just add the excuse it was brain that made us do it? Or do we learn how to manage our impulses and train ourselves to be good thinkers and managers of  money. Of course the decision is up to you. But the choice is obvious to me...do I let my impulsive Old Brain run the show and or do I let the New Brain be the boss.   I know which one I choose.  What about You?

S. I. Business Associates (SIBA)has been guiding small business to success since 1975.  Jo Ann Forrester, President is a business growth specialists and partner in several business including S I Business Associates, Price it Perfect Ô and Celebrate & Share. She and her staff specialize in helping small business grow.  They have raised $40 million dollars in business loans and investment for clients over the years.  If you are ready to start, grow or build a successful company give SIBA a call.

Co     Information compiled by Jo Ann R. Forrester of SI Business Associates.  Copyright 2014

Call 412-440-6969

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

Monday Biz Tip" Survival thinking dollars vs prosperity dollars.

Good morning

Monday Biz Tip: It came to me this morning..most of us are so busy chasing 'survival dollars' that we "limp along to prosperity". Let's get moving folks. It is time to change our thinking to beyond today.

To change our thinking we must challenge ourselves to move beyond our "comfort zone".    We may not be happy with where we are..but we know where we are and we know the rules.   When we start to change..fear raises it ugly head..and often pulls us back.  Only when the situation is so desperate or we are so miserable -- do we move into action

Today's Challenge is: What can you and I do in our thinking and actions to make sure we are prosperous. One thing I know is to start looking at money as a tool... a VALUABLE RESOURCE...it is something you use to get the job done..to take care of your business, your family and yourself.

Action Step:  How many of you have a personal budget and stick to it. Does your family work together to control costs and save. Or does it take a "crisis" before you talk money.

Make it a great and prosperous day..Use that tool money wisely!

Start your budget today and change that limp to a run to prosperity.

Adversity makes us STRONG

I am a Pittsburgh Steeler fan, and have been rejoicing that we beat the New York Jets and we are off to a 7th Superbowl. This team is like the city it thrives on adversity. Tell us we cannot do it...tell us the odds are against us ..we are the under dog..and we are going to find a way to beat the odds.

Small business people are like the Pittsburgh Steelers, we thrive on the odds being against us. We usually start with the cards stack against us..do not have the 'franchise player's.. or the huge contracts and vast cash reserves...yet somehow we survive and make it flourish. The past couple years have been difficult and many business have not made it, including some very big ones. Lessons have been learned and it is time to use those lessons to build a stronger business and future.

One of my most resilient clients, a woman owned contracting company, besides the lesson of managing money, the most important thing is managing employees. Her employees made all the difference in her business. They have looked for ways to constantly improve the company, be competitive and cost efficient. Her next challenge will be to reward the employees appropriately. We are working with her on establish a bonus plan based on her break even point and the growth of income in the business.

The recovery is here... slow... but it is here. Start thinking of what you have learned, write it down, share with colleagues and employees. Then work on the growth strategy of how you are going to build your "new business" in the new economy.

Tip of the day: Take an inventory of the business..not just counting things..but put down all the information pertaining to your business in one place and have back up copies off site.

For a business review check list give us a call at 412-440-6969

Make it a positive day folks and go Steelers!

Numbers Tell a Story

Ok admit it. When you hear your accountant, banker or other numbers type talk about "the numbers", most of us wish we were out the dentist having a root canal. This is Not the fun part of business. But...numbers are not something that just jumped out of the air to annoy you...they are the results of the decisions you made on HOW to use or spend your money. Some of the decisions you make are "wise" and some are are not. Most of us look at money as something to use..spend on what we need or want to get things done..instead of a TOOL. Looking at money as your number one tool puts you in control. Periodically we will be talking about MONEY and how you can be in charge of it, instead of it in charge of you.
Have a great day and start making a plan on HOW you are going to use your "dollars and sense" wisely.