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 

EMPRESS OF BIZ! Listen! Learn! Prosper! - Stupid Mistakes Biz Owners Make

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

Mistakes happen in business. Some minor..some major. Some you recover from...others you do not! Today we discuss the TEN STUPID MISTAKES you can AVOID that will SINK your business. Today's show on the EMPRESS OF BIZ is VITAL to all business owners..... Knowledge is POWER and can Prevent DISASTER if you use it. Join me today as I share from my 30 plus years experience as a business owner, business growth specialist, teacher, mentor and MISTAKE MAKER. My lessons could be the difference between SUCCESS, HEARTBREAK, FAILURE and Bankruptcy Court . Listen, Learn and Prosper with the Empress of biz...JoAnn R. Forrester.

One mistake I wish I did NOT make: 
1.   Start a business without any idea what I was doing.  I was so frustrated with my job and personal life.. I was looking for anything that would get me out.  So of course,  when that opportunity came to start a business with two others who I looked up to...I JUMPED.  I thought everything would be perfect.  Nope! Not the best decision in the world.  While I had some skills I did not know anything about business structure, costs or taxes etc.  I just trusted the older members and did what they said.  Sometimes it worked out...other times it did not.  It took me years to gain their respect and not be treated like a kid.
Lesson Learned:   Think before you leap....Learn as much as you can BEFORE you start...and KEEP on learning...and do not allow yourself to be patronized and treated like the "kid" on the block.  
For more got to the EMPRESS OF BIZ! Listen! Learn! Prosper! - Live & Recorded Episodes:

Empressofbiz, Biz Tips. Are you Listening?

Sunday Morning Reflection:

 This week as I listened, observed and worked with businesses it came to me that many of our problems occur because ....we are so busy telling people what to do and thinking of the next thing ...we miss what is going around us.

 Non-listening creates a great deal of frustration and alienation with employees, associates, vendors, friends and loved ones. By our non-listening we tell them they are not important.

Take a deep breath, slow down and be quiet for a minute. Stop the chatter in your head and just breathe and focus on the moment...and then start to communicate with people. You may be surprised at what you hear and learn that will eventually improve your business and life.

Make it a good week folks and give the gift of listening.

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.  

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.

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!

Most Business Meetings are NOT productive

Most business meetings are unproductive. Usually they end up too long, little decided and people turned off. You can change that! I suggest the following:

1. Decide what needs to be accomplished today and FOCUS on that.

2. Each morning take ten minutes and decide what are the most important tasks for your employees and communicate it.

3. Check on them several times with mini meetings. You will be surprised how much will be done.

4. Make sure you thank them as they do it and correct problems as they occur. Do not wait to give praise or correction.

5. When you do have staff meeting...have an agenda with time lines and stick to that.

6. At the meeting make sure you tell people what happened that is positive.

7. Present what is going wrong in the approach of "How do we solve this". ..not who do we punish.

Most of all think of meetings as a chance to motivate, communicate and inspire.

What happens when things go RIGHT!

Are you the type that gets worried and apprehensive when a plan works out? Do you think something is wrong because you made money on a job..Did I miss something.? I know something is going to bite me on this. Many business owners are prepared to handle things going wrong...but when the things go right...then they really worry.

I have watched a number of my clients and students really make their lives miserable by worrying about success. I am not sure how to correct it for every one . Each person has their own individual reason for worrying, but what I can recommend are some basic tips to stop the success worry.

1. Use visual reminders to re-enforce it is OK to be successful.

2. Every time you find yourself worrying put money in a "worry jar". One client I know started putting $5 in a jar each time he caught himself worrying...it quickly got expensive. He decided it was too costly to worry...and stopped.

3. Do something nice for someone who needs it. A good way to put those extra dollars to work.

4. Ask a good friend to help you change yourself . Every time she hears you 'worrying" she asks you why.

5. Learn more about your business.. sometimes we worry when we know we are skating by.

6. Ask yourself what is the worse thing that can happen if I am successful. You might be surprised at the answer.

7. If you are really devoted to worry...make yourself worry intensely for a half hour each day. No smiling no joking..just worry and frowning...it soon gets boring.

8. Give us a call..412-440-6969! We like to work with people who want to adjust their attitude.

Life can be so much more pleasant when we decide to enjoy it.

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.

Daily Thought: December 31 Thank You

It is not WHO you know...it is WHO you know who is willing to stick by you through "thick and thin". Thank you to all my friends, clients and associates who have made a difficult year a lot better by just being a friend.
Happy New Year to all! May 2011 be a FANTAST year.
JoAnn R. Forrester
Empress of Biz--Reinvest Yourself in Rugged Times
S. I. Business Assocates