Straight Talk. What Most Biz Books & Advisers Don't Tell You.

Straight Talk.  What Most Biz Advisers Don't Tell You!

Okay it is time for some straight talk here. If you are thinking of going into business you need to do a lot of PRACTICAL THINGS  to start right . The best business plan or marketing plan won't help if you do NOT HAVE YOUR FINANCIAL OR PERSONAL HOUSE IN ORDER! 

More businesses fail because the owner and her family are not emotionally and or financially prepared.   Pressures build up and doors close because of poor preparation and lack of support.  Before you open the door PLEASE do the following:

1. Make sure your credit is in order.  It is hard to get credit cards, bank loans when you first start.  If you do get it...you are going to pay for it.

 2. Know your credit score.  if you have below 750 expect problems with your bank.  Expect your banker to lie to you.  Sad but true.  

 3. Correct and repair any past debt problems.  It will come back to haunt you.  

4. If married or have a significant other...get them on board.  Expecting automatic support may mean automatic breakup.

 5. Have children?  Get them on board. You won't be able to give them as much and they need to know that. And they are going to have to do more around the house.   No more coddling...you cannot afford it...and it is not good for them anyways.

6. Keep your hospitalization and any other benefits you have.It is really tough to get them the first several years in business. And yes you will need them

7. Get term life insurance to cover your business risk. Separate the risk.  Make sure you have one policy for business  and one for  personal. 
8. Get a good physical and dental checkup  Good health is crucial for the long grueling hours that you will be working. 

9. If married or have a significant other make sure you can live on one salary.Make sure he or she agrees to this arrangement.  
10. Borrowing money from family?  Tough Call.  Often there is too many strings attached.  You will find yourself being asked to hire your brother when no one else will. 

11. If you are going into business with a friend, spouse, relative significant other get your partnership in writing.  Each person has their own agenda and you need to make sure what is going on.

12,  Starting a relationship and a business is not the best idea in the world. Love quickly flies out the window  when things go wrong. 

For more practical tips listen to the Empress of Biz, Listen, Learn, Prosper on www.talkshoe.com.  We are also syndicated on www.pplmag.com

Or give us a call at 412-440-6969...You can make your dream come true...when you are correctly prepared.  

JoAnn R. Forrester is an award winning business owner, teacher, writer, columnist, small business advocate and host of the Empress of Biz–Listen, Learn & Prosper. She has 30 plus years guiding small business owners to success. As co-founder of S I Business Associates, a business growth management firm, she has secured 40 million dollars in loans and investments for her clients. She is the co-developer of the PRICE IT PERFECT™ cost management system for small business.  For straight practical advice give her a call.     412-440-6969 is the number to call. m 

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 Tips Job vs Business ownership I love Mondays...what about you?

 I love Mondays...do you?

Monday Biz Tip ;) Good morning...the Monday adventure begins anew. I remember once upon a time...I use to hate Mondays... now I don't. I must have been a terrible employee...much better owner of my own business. For those of you who have "jobs" I really hope you enjoy them. 

For those of us in business and who work at what we love.... our main challenge is time management and focusing on what makes us money...not just doing what we enjoy and is easy for us.   
 Enjoy the day and make sure you do the activities that will bring you money!  :)

Plan your weekly list today...make sure the money making activities are there.  No money...no business.

Empress of biz, Biz Tips. Sunday Morning...Thankyou

Sunday Morning Reflection:

Thank you...two words...eight letters. 

Often neglected and not said. When spoken with meaning helps ease the way and make new friends and re-affirm old ones. During this holiday season I am grateful for those who have taken the time to be my friend, like my comments, extend a hand in need and just be there as a fellow entrepreneur. 

Thank you! 

And may you be blessed this week with many heartfelt thank you's and good friends.

Monday Biz Tip :) Good morning...the start of a new week. Let's see how we can make our week soar. How about doing the following:

1. Call your best customer and check to see how everything is going. And if everything is going well...ask for a referral.   If there is  a problem FIX IT IMMEDIATELY.

2. Call your suppliers and see if there are any special deals that may help you cut costs.

3. Just finished a job for a customer...make sure you send a thank you...if it is a big job...send more than a card.

4. Make an appointment with your Insurance agent and review your policies...better now than when a problem hits and you are not covered or under covered.

5. Surprise the people you work for and give them notice for their good work. 
Remember... You get more with sugar than vinegar.

6.  Ask your employees what can be done to build business.  Get them involved,  reward them and thank them for their efforts

7. FIRST IMPRESSIONS COUNT!  Take a walk outside and come back and look at your place of business...is it inviting? Attractive?  Is the coffee fresh?  

8. MAKE YOUR LIST OF WHAT YOU WANT TO ACCOMPLISH THIS WEEK...AND PUT IT ON THE WALL WHERE YOU AND EVERYONE CAN SEE IT.  

9.  Check your attitude...is it working for you or against you?

10.   THINK and ACT POSITIVE.  The glass is BEING FILLED...  NOT emptied. 

S. I. Business Associates has been guiding small business to success since 1975.  Let us help you achieve success.  Call JoAnn at 412-440-6969.  

EmpressofBiz, Biz Tips Attitude for Monday

Biz TiP:  Monday Attitude:   Bosses...you want productivity? :) 

Instead of gloomy faces & people dreading to come to work? :(

Then make Monday morning meetings positive.  If you have problems...make it HOW do we solve this?  Instead of who can we blame?

Monday sets the tone for the week.  Make it sure it is one that  gets people working together instead of hiding in their office trying to escape blame.

EmpressofBiz, Biz Tips Each Day brings an

Sunday Biz TiP: Reflection Time: Each day brings you an 

opportunity to do something positive for:

 your business, your employees and  your community....

It can be a big gesture or a series of small ones...you can

make a difference each day by your choice of actions...

Make it a good one for all of us.