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

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

2013 09:00 AM EDT
Episode Notes: Did you know that family owned businesses in the United States have revenue of over 1 TRILLION dollars? We will be talking about family owned businesses their strengths and weaknesses. Join us and Listen Learn and Prosper on Thursday April 25, 2013 at 9am.
Cannot listen then...you can always listen later. 

Empress of Biz, Biz tips..Business emergency plans..crucial for survival

Sunday Biz TiP: Reflection: One thing we do not like to do is think about what happens if......So the majority of us don't. Emergencies and bad things happen...as responsible and caring business owners we need to have an action plan when problems occur. Being prepared does not prevent disaster...it does help to cope, heal and restore.

This week I will be concentrating on some of the things you need to think of when problems occur.  Whether you are a home based business or  Walmart...life happens.  The right planning makes all the difference in the world.

First thing to do...LOOK AT YOUR INSURANCE POLICIES.  Home, business, personal, liability, car  etc.  Do you understand what the polices are saying.  IF NOT ....CALL  your agent and sit down with her and make sure you know your coverage and risks.

IF YOU ARE HOME based...make sure your office and all equipment is covered.  We often leave ourselves exposed and vulnerable.  

I cannot emphasize this enough  Make sure you understand your policy and risks.  

Empressofbiz, Biz tips Do you have the RIGHT combination to Manage

Do you have the RIGHT Combination to MANAGE YOUR Business 

and 

RAPID GROWTH?

JoAnn R. Forrester

Pittsburgh Business Times  Column April 12 

A company's growth and success is not only based on increased sales it is also based on the owner(s) attitude and ability to manage growth.   One factor that is not talked about enough is the attitude of the owner and how she responds to the constant pressure of growth.   

Some people just seem to have the right attitude during stressful times, they love the challenge; look forward to matching wits and finding ways to get the impossible done.  We know these people…they are the daring, the innovators, the risk takers and they are vital ingredient in the growth process.  Their “get it done attitude” energy and drive is needed…but for how long?  Their strengths may actually become their weakness.  Once the excitement is over they may become bored and lose interest in the daily tasks of running the business.  This problem has to be addressed.   The founder has to be willing to admit it where her strengths and weaknesses are and bring in the people who counteract the weaknesses.   It is a delicate balance between the rapid growth ‘Get it done Now people ‘ and the ‘’Let’s get this done right people”.  You want to keep the energy and enthusiasm going while making sure the company is delivering quality product or service. 

In the last thirty years we have seen many companies explode on the scene make a big splash, some with success and  others die an expensive death.  The famous success stories we know, Micro-soft, Apple,  & Google  etc., but what about your company?   Do you have the right combination of  innovation and stability to accomplish what you want? 

This is where you have to, NO MUST be brutally honest with yourself.  Answer these crucial questions.

1.       What you are building?

2.        Short term success or long term stability?

3.        What are your strengths? Weaknesses?

4.        What do you need to do to sustain the growth?

5.          And where do you plan to fit in?    Or not? 

6.         In ten years…is this the job you want?

There is NO correct answer here…only you know where you want to go.  What  is important, is take that time to answer the crucial questions above and build a plan that  will get you there.

For further guidance in helping you decide your exist strategy..give JoAnn Forrester a Call at S. I. Business Associates 412-440-6969.  We have been guiding businesses to success for over 30 years.  

Empressofbiz, Biz TiP...What is the ending for your business?

HOW DO YOU WANT YOUR BUSINESS TO END?  

Do you want to sell it?

Pass it along to your family or an employee?

Just close it?  

We spend a great deal of time planning to open our business...but very 

little on how we see ending it.  

 Your business can be your "nest egg for your retirement? 

It can be golden goose that gets you started on your next adventure

  Or it can be something that just keeps you busy and occupied until you decide to retire. 

 Each goal is  is different and requires planning and making different kind of decisions. 

If want to sell your business your strategy is different than those who are planning to keep it .  

One thing you will NOT DO.  Is  TAKE ALL THE PROFIT  of THE BUSINESS. 
YOU Need to build VALUE and net worth into the business. In other words...you cannot play the tax game with the business...gotta show it is worth something to get a good buyout.

Some additional factors to consider if your plan is to sell the business.

1. You need to determine what you have to sell. 
2. How much you want for it?
3. What type of person you would want to own it?
4. How long do you want to own the business?
5. Are you willing to "hold paper"? 
6. How long are you willing to help the new owner?


Selling a business can be a profitable venture for you and a good start for a new business owner...if you plan it right.

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

EMPRESS OF BIZ! Listen! Learn! Prosper! - Live &; Recorded Episodes:
Empress of Biz interviews Bonnie DiCarlo,CFP business women, community champion and well known political strategist on the Pennsylvania Court Systems. Most business owners are ignorant of the law and the court system that carries out the law, and ignore it... until something unpleasant happens  Then we are FORCED to learn an expensive and painful lesson. Learn how Court decisions from the Magistrate office to the PA Supreme Court do make an IMPACT  on your business, professional and business life. Listen, Learn and Prosper by the knowledge and experience of one of our leading political women and commentator, Bonnie DiCarlo

EmpressofBiz, Biz tips. How much should you PAY..

Just answered the question to a group  that I belong to..
How much should I pay myself?
Should I pay myself if I am the owner of the business. 

Paying yourself most definitley YES! 
HOW MUCH?  ...Depends...some things to think about BEFORE you give yourself a salary!

My clients and students often do one of two things:

1. They do not figure their salary needs at all in the business.They will take their salary from the "profits" .  Yet rarely is their enough profit to take a salary and quickly put their personal credit and home life in jeopardy.

2. Or they pay themselves a ridiculous amount and take all the money out of the business and put the business in jeopardy

A REASONABLE SALARY is a MUST! What is reasonable?

My answer to students and clients is:

1. How much is your personal budget? What do you need to take out of this business to make sure your personal commitments are taken care of? It makes no difference whether you have a partner or spouse who is "willing" to pick up the budget...while you are starting the business...you must have your salary amount in as part of your costs.

2. What would have to pay someone to do your job? It usually isn't any small amount.

3. Paying yourself is part of establishing your costs so you can give price your product or service accurately.

4. BTW...supporting you and the business usually does not last long and resentment quickly rears its head. Plan to contribute from day one...it eliminates a good deal of family problems. You can start low...but start and raise it as you go..
I hope this people thinking of what salary they need to take out of the business. Check out my blog www.empressofbiz.blogspot.com for more comments on small business.

EMPRESS OF BIZ! Listen! Learn! Prosper! -Ruth Byrd Smith...Woman of Achievement

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

Ruth Byrd Smith, Director of the Allegheny County Minority, Women and Disadvanatged Department is a woman who has always had the courage to speak out and work to improve the ecnomic and social status of minorities and women in our area.  Her inspiring messge and view of leadership is one you want to listen to.  Join me as I intervew Ruth Byrd Smith and prepared to be inspired and motivated.  Start you day with us.