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. 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.

Thanksgiving Thoughts :   
When you are in business you have a tendency to feel alone....after all you are the one who is responsible for... well everything. Even if you have employees...you are still the one that as President Harry Truman stated, "The buck stops here." And that is at it should be. 

The BONUS is the friends you make along the way. Fellow business owners who share with you, associates who help and customers who are loyal.

Today I am thankful for all those who have been my friends, associates, business partners and clients. Thank you for being there and thank you for still being there after all these years.

 Special Thanks to the Following: 
Joanne Quinn Smith of Positively Pittsburgh Live
Jill Kummer of Blacktie Pittsburgh, 
Donna Baxter ofThe Soul Pitt, 
Allen Levine of Pittsburgh Sportsline 
Ola Jackson of OWN
Diane Daniels of DID Associates
Ruth Byrd Smith, Director of Allegheny County M/W/DBE Department

Thank you for everything you do to help small business.  Happy Thanksgiving.

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. 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.

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.

EmpressofBiz, Biz Tips: Reflection...what are you in business for?

Sunday Biz TiP: Reflection Time: 

What are you in business for? 

To make a difference in your community? 

To make money?

To be independent?

Become wealthy?

Build Security? 

Be creative?

Be innovative?

To Help Your Family?

 It is important to know your "reasons'" for STARTING and BUILDING a business.
 When your business model strays away from the reason you are in business...this is when you become unhappy. The business is your creation...make sure it is what you want.

Need to sort out what is going on in your business and keep on track...give SIBA a call...we have been guiding small business to success since 1975.  We know from our own personal experience what it means to create the business you want.  412-440-6969.  

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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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!

Thursday Biz Tip. Leader style..good? Bad? Indifferent?

 Thursday Biz Tip:  Employees can be a business owners biggest asset or biggest headache.  Your leadership style, good, bad, indifferent will dictate what they will be.  Think about it.

  What kind of leader are you?  

Want to know more?   Read below.

1. Are you the last one to now about a problem in your business?

2. Would your customers rather talk to someone else than you?

3.  Are you always saying there are "No good employees out there"?

4.  Do you have rapid turnover of employees?

5.  Would you rather fire someone  than give correct their behavior?

6.  Do you  defend family members and blame an employee for mistakes?

7.   Do you listen to employees suggestions on how to improve your business?

8.  Do your employees know more about your business than you do?

9.  Do you have clear guidelines for employees?

10. Do you make the time to thank employees for good work?

11.  Will your employees stay over voluntary if there is a crisis in the business?

12.  Is your business growing and is it profitable?

The type of leader you are makes all the difference in your business.  Good leadership is not genetic..it is learned behavior.

To learn more about developing your leadership style give us a call. 

 Remember... Good leadership is not genetic..it is learned behavior. 

Empress of Biz, 

JoAnn R. Forrester

412-440-6969

E-mail:  empressofbiz@verizon.net
              selfimagebz@aol.com  

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Weekend Biz Tip: Know yourself plus minuses

Weekend Biz thought: I am fortunate I love what I do. My business allows me to stretch myself in all kinds of ways. Sometimes my stretch to do something new..does not work. Then I have to re-group and figure out what I did wrong. Somethings I just cannot do something as well as I would like or just do not have the talent for it, or absolutely HATE it.

But I learn from my efforts. I now know what needs to be done by others and do not waste my time trying to do the impossible. 
Knowing your limits and getting good people to do what you cannot or do not want to do is a valuable lesson.

Take some time to review you.

a.  What is it that  you like to do?

b.  What are your strengths? 

c.  What you do NOT like?

d.  What can you give up? 

e.  Or pay others to do

Doing the above may give you a great deal more enjoyment in your business or profession and greatly improve your attitude.

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.