Empress of Biz, Biz Tips. Sunday Morning Reflection: The Risk NOT to take

Sunday Morning Reflection:

Sunday Morning Reflection. In owning your own business there are calculated risks that you take. You do it because you have the confidence, courage and that inner drive that propels you. Sometimes you win...sometimes you loose. But there are times that your risk taking is not good. And one of those times is how we are protecting our families and business.

 This week I lost a business friend...only 61.  His family, employees, customers and business associates are still in shock. This is going to be a tough one for the family and the business.  It is a fifth generation business which looks like it is not going to make it.   No pre-planning...inadequate insurance and no one in sight who wants to take it over.  Most likely the assets will be sold for pennies of the dollar.    

Folks ...if you own a business please make sure your family and business is protected. I know money does not replace the one you love...but leaving things unprotected with little resources to take care of it...makes it so much harder to live thru. Please do some pre-planning to ...its the kindest and caring thing you can do.

Empress of Biz, Biz Tips Picking the Right Bank...crucial for your business success.

Part of your business success is having the right bank in your corner.  

Below is a link to an article that I wrote for the New Network for Women. 
Are you with the right bank?  
The wrong bank can create havoc in your business and delay your 
success.  
Picking the Right Bank by JoAnn Forrester.
Read and see if you are.

EmpessofBiz, Biz tips Pricing with confidence...not fear

Join me in a special  webinar presentation of Pricing with Confidence ....not Fear on Tuesday November 26, 2013 on  the Suzy Brandtastic show.
https://www.facebook.com/photo.php?fbid=448561418582090&set=oa.240673406092122&type=1&theater

One hour webinar on Pricing...how to avoid the the 4 F Trap , FEAR, FICTION, FANTASY &  FEELINGS  that lead to FAILURE.

How to prevent cyber crime

How secure are your small business assets from fraud, identity theft and cyber crime?

According to the Association of Certified Fraud Examiners (ACFE), companies with less than 100 employees can lose approximately $155,000 as a result of fraud each year. Small businesses also have a higher fraud rate than larger companies and non-business owners. 

One of the most frequent sources of fraud is credit card abuse,  due to the fact that few business owners make the time to go through every line item on their bill.  They also are careless in mixing their business and mingle business and personal accounts.

Other sources of fraud stem from an overall lack of security across the business – such as inadequate network and computer security and a lack of background checks when hiring employees.

Don’t be a victim! Here are some tips you can take to better protect your business from some common forms of fraud and cyber crime.

Protect Your Credit Cards and Bank Accounts:

1,  Since this is a common area of fraud, this one goes at the top of the list. Start by separating your personal banking and credit cards from your business accounts – this will ensure fraudsters don’t get their hands on ALL your money. Separating your accounts will also make it easier to track your business expenses and report deductions on your tax return.

2.  Use your cards wisely. Don’t hand over your plastic or your card number to employees or 

companies with which you don’t have a familiar relationship. 

3.  Switch to online bill pay or make sure you store paper bills securely. 

4.  Use a secure mailbox for receiving and sending bills. If you don’t have one, deposit your mail directly at the post office

5.Lastly, be sure to check your online banking every day for suspicious activity.

Secure Your IT Infrastructure

6.  Every business owner should invest in a firewall as well as anti-virus, malware and spyware detection software. Backing-up is also a must and will make it a lot easier for you to continue working in the event of a cyber attack.

7.  Use a Dedicated Computer for Banking

This is a great idea from Forbes magazine’s 5 Ways Small Businesses Can Protect Against Cybercrime.  Use a dedicated computer for all your online financial transactions and, ideally, make sure it’s one that isn’t used for other online activity such as social media, email and web-surfing which can open up the machine to vulnerabilities. Avoid mobile banking if you can.

8.  Have a Password Policy

Another easy step you can take to protect your IT systems is to institute a password policy. 

• Make sure you and your employees change them regularly (every 60 to 90 days is good rule)
• Set rules that ensure passwords are complex (i.e. contain one upper case letter, one number and must be a minimum of eight characters)
• Use different passwords for different online and system accounts
• Use different banks for your accounts for personal and business accounts.

9.  Educate Your Staff

Employees are perhaps your biggest point of vulnerability when it comes to fraud, but they are also your first line of defense. Hold regular training sessions on basic security threats (online and off) and prevention measures – both for new hires and seasoned staff. Enforce the training by instituting policies that guide employees on the proper use and handling of company confidential information, including financial data, personnel and customer information.

9.  Consider Employee Background Checks

One of the first steps to preventing fraudulent employee behavior is to make the right hiring decision. Basic pre-employment background checks is necessary business practice for any employer, especially for those  who will be handling cash, high-value merchandise, or have access to sensitive customer or financial data.

10.  Insure Your Business

Fraud and cyber crime does happen; however, you can still seek to cover your damages by purchasing an insurance policy that protects you against any losses that you may incur from crime or fraud. 

Make sure you know  what your bank is willing to do to help you out if your credit card or business account is compromised.

Information from www.sba.gov and recommendations of clients of S. I. Busienss Associates.

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. 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..Financial Terms..Cash Flow

 Financial Term: Cash Flow...what money comes into the business...and what goes out. Often feels like a lot more goes out than comes in. 

Cash Flow...The money that comes in from sales of product or services. It can be in the form of Cash, credit cards, debit cards or checks. You can be receiving money daily through your business, especially if you are retail, or you can be receiving  it after you have invoiced or billed your customers. 

An indication that a company is in trouble is when your CASH flow IS always LOW.

In other words what you are paying out is MORE than you are bringing in.   When this is happening.... you need to immediately LOOK at your business and review your marketing and pricing structure.  

Need help?  Give us a call at 412-440-6969.  S. I. Business Associates has been guiding small business to success since 1975.

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.  

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.

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!

EmpressofBiz, Biz Tips 10 Tips on Love & Business

Love & Business...Do they go together...like a horse and carriage or like oil and water?

• Posted by JoAnn R. Forrester on January 26, 2013 at 4:35pm
• View Blog

Soon it will be February..cold, snowy  and windy and still the month of love.Where cupid aims his bow and zing everything is wonderful.  Once in Love, many couples start to think it would be "fun" and a great  way to be together if they start a business...Good Idea..Or Not?

It can be wonderful IF there is a great deal of planning, talking and a willingness to compromise.

No doubt about It....it is  tough being in a relationship and business.  I am writing on the subject "Love and Business...because so many of my clients recently,  have run into difficult and tough times in their business and have had  to find a way to change or lose the relationship or business or both.

Below are some tips for building a successful relationship and business.

1.   Ego's have to be put aside or the relationship will be rocky and floundered.

2.   Couples need  to bring a willingness to just let go of being right and find a way to solve a problem and not blame one another.

3.   Mutual respect is essential in the business.  

4.  Financial arrangements must be clear and in writing.

5.  Legal agreements must be in place.  None of this "if you love me you will trust me" bit.  Women need to be especially aware of this scenario.

6.  A business plan that has input from both partners needs to be written.  

7.  Insurance that protects both parties needs to be in place. 

8.  A commitment to personal time made and kept.

9. Share success and make sure you are always mentioning the other partner for their contribution.

10. Keep laughter and fun ALIVE in the relationship...and that makes it a success no matter what!EmpressofBiz,Biz Tips Love & Business

For guidance in building a successful business and a relationship give S. I. Business Associates a call at 412-440-6969.  We have been guiding small businesses to success for over 30 years.

FIVE STUPID Business Mistakes

Great conversation with Alice Williams of WEEE and Joanne Quinn Smith aka 'Techno Granny" as they shared on my show the Empress of Biz  on "The Good, The Bad and the Stupid Mistakes" small biz owners make.  Listed below are some of our "favorites" .  ...I really should not have done that!


1. CHECK YOUR INSURANCE  POLICY!   If you are a home based business PLEASE check your insurance policy..you may not be covered for your home office or if your  vheicles, equipment, tools and etc are stored on the property. One client of mine had a fire in her office and had over $35k worth of damage and the insurance would not cover it.  Yes it may cost you a few extra bucks...compared to a loss of thousands of dollars...minor costs.

2.  NO PLAN TO PAY YOURSELF!   Save money, I won't take a paycheck I will help the business...I can manage without it.  Right? WRONG!!  You MUST have a reasonable salary for you in your overhead (fixed costs) to have an accurate idea of what it costs to be in business and set the right price for your product or service.    Think..what you would have to pay someone to do your job.  Most often a great deal more than you now make.

3.  BORROWING MONEY from FAMILY.  This is "touchy".  Your Dad believes in you, your brother has some cash to throw in to your business...Mom has money to invest...what do you do? You have written agreements on the money invested or loaned to your business, how you will pay it back, interest, time period and etc.  And most of all you clarify the role they will have in your business.   Sometimes when family lends you money they automatically think they can tell you what  to do.  If you do not want your sister in your business...you have to clear that up front.

4.  Using Credit Cards to Finance your Business.  Your impatient, you want that computer now, that jigsaw, that power point, that truck and you do not want to have to wait.  So what the hay...I will just put it on my credit card and pay it off within a few months.  That kind of thinking can quickly get you into trouble.  Banks do not  like and will not re-fiance credit card debt.  The interest is often exorbitant and miss one payment and you are  quickly into a situation that can spiral out of control.

5.  Hiring Family members.   This can be good for the business IF your brother  is the person you would hire anyway...if NOT..then don't.  Taking in friends and family without them being an asset to the business is a STUPID  and a DANGEROUS MISTAKE.  

Want to avoid the above and other "stupid" mistakes...put  your ego aside..give us a call at 412-440-6969.  Don't worry we have done "alot of  stupid things"...and we are here to help you grow.
412-440-6969 ask for JoAnn  aka "Empressof Biz"