Business Women Network

Tuesday, April 28, 2009

Radio Schmadio

Well, I have made my radio debut on Blog Talk Radio. I am partnering with WAHM Addicts for a WAHM 101 radio show. It is amazing the comments that I have received about the program and hope you can all follow along. You can check it the past programs out at

Our first show was about analyzing your business and customer base. My second show was on financing and budgets.

Wow! Can I tell you how much I hate talking about money. It is never easy to budget and manage your business, but necessary.

If we like it or not, the most important step to success is organization. I am not talking just about blackberries, outlook and calendars, but also spreadsheets, Quickbooks and understanding where your money is coming from and going.

One of the biggest mistakes that one can make when running their business is co-mingling their funds. If you have thousands in your business account or $30, keeping the funds separate can only help you and your business, separate receipts, accounts, accounting sheets, etc.

It is easy to lose sight of your financial stability when funds are moving freely between your business and checking accounts.

If you are organizationally challenged and the task seems too daunting..... take a deep breath.
Give yourself a few goals every week to take your steps towards understanding you finances. Dec. 31st is a long way away.

But just as importantly, give yourself a break. Once you have made the steps to keep your finances in check, you need to relax. Yes, some of us may have debt for years, but as long as we are paying our payments and not continuing to spend, there is nothing else to do but to live your life. Don't let your business finances ruin the time spent with your loved ones.
Get your work done, then go live your life.

Tuesday, April 14, 2009

This is America, I want a bailout!

Absolutely, this is America, and I am sure all of us would welcome a bailout, but at what price?

As you turn to the news, you see bank after bank, company after company getting bailouts. I have come to wonder, if one of my businesses were close to bankruptcy who would offer me a bailout? No one.

When starting or trying to grow a business, fiscal conservancy is paramount. Yes, there will be time you will have to take a risk. There will be a time when your business may have to borrow money.

Don't do that now. Pounding the pavement for free advertising is a lot of work, but worth it.
Don't rush to borrow money for your business.
If you have a local product or business, then get out there locally first.
Join groups, invite those you want the attention of to lunch, make yourself known to be the first customer and cheerleader for your fabulous business.
Don't feel that it would be a stretch for individuals to be interested in you or your business. Your confidence is essential in sales.
Don't be made to feel like you are imposing, the fact is, everyone has an agenda, if they admit it or not. Just make your imprint on individuals a positive one. If someone you know isn't interested, don't be offended, say thank you and move on. It isn't your problem that they will miss out. This works online as well.

Once you have tried every physical and digital option to market your business for free, then you can consider a loan or line of credit.

I knew a woman that had a successful sales pitch, her own board of investors, and needed to grow her business further to maximize its potential worth. But, every time she wanted to expand or try a new concept she would ask for more money from her board. Or, she would ask new investors to participate. Rather than build her business the hard way with less debt to repay, she would keep hiring and expanding off of borrowed funds, eventually those funds will run dry and she will have less profit and capital at the end for herself.

To me that is silly, yes, business takes time, good business takes even longer time. But when an investor does come in to look at your company, you need to show them the lengths you have gone to to build a customer base and profitable business.
Easy money, is as likely as winning the lottery. Don't sell your abilities short. You have a lot more to offer than a borrower. You have a goal and the will. Show 'em you can take the reigns and run with them. That is the most attractive and impressive of all.