Archive for the ‘Business Management’ Category

In the process of creating your business, one of the key things that you should put in place as soon as possible is a mentor. The responsibilities of a mentor include providing you with guidance and being a sounding board for your ideas.

According to Webster.com, a mentor is “a trusted counselor or guide”. As a business owner, adding a mentor to your team will be a very wise thing to do. Being open to mentoring is a very important step for business owners, just as a football player has to be open to his coach. Mentors are in your business life to steer you away from mistakes that can happen in a new business and to guide you towards a successful business future.

To help you learn more about mentoring, I have compiled tips from business owners to help you determine what to look for when looking for an ideal mentor.

	Cristin Franks: Be sure to find a mentor who you can trust like a friend but who doesn’t intimidate you. The whole point of your start-up is to insert yourself, your true creative self. Therefore a mentor must cultivate your raw style.
	Lois Zachary: Mentoring requires careful preparation. To get your relationship off to a good start, you will want to: Reflect on your purpose. Be clear about your own goals and objectives. Consider what it is you are willing to contribute to the relationship. Be willing to candidly share your needs, expectations and limits. Identify the characteristics you are looking for in a mentor. The latter is the toughest. Picking the right mentor is necessary for successful outcomes. And it goes beyond chemistry with your mentor. Let me explain. The natural tendency is to zero in on chemistry when meeting with prospective mentors. If the chemistry doesn’t feel right, the inclination is to go no further. Rather than relying on chemistry alone, I recommend using a criteria-based decision-making model. It can help you make good choices and avoid those that don’t support your talent and capability or are not otherwise in your best interests. Even if there are better choices, it is easy to bias our selection toward those that set us up for easy success. Without some sound criteria, our decisions can be flawed, and neither you nor your mentor is truly well served.
	Maria Ross: Find a mentor who is successful in the field he or she is in. You learn from success, so seek out a mentor who has done things right and has the scars to prove it. It doesn’t even matter if it’s necessarily in the business you are in, but as long as someone has built a successful career and business, he or she will be in a much better position to help and guide you than someone who is very nice with good intentions but who can’t lead you in the right direction.
	Crystal Kendrick: A mentor is a role model, confidant, friend and supporter who helps a high potential person to become a more effective leader and a more well rounded individual.  The mentor is usually attached to the person and not always the company and is typically available for extended periods of time.  The focus of the mentor is usually more personal/professional and will often offer guidance based on personal experiences and learned strategies.  Mentor/mentoree relationships are developed. Tips to make a sound choice: Determine what you want to achieve from the relationship and identify a mentor who can help to achieve the goals. Look to someone who is experienced and excited about the relationship Don’t just look to the most successful person as a mentor.  Some of the persons who have not achieved what you believe to be “success” are actually quite knowledgeable about what it takes to be successful.
	Krista Dunk: We all need mentors in some form, in all areas of our lives, if we desire to be successful. Mentors are unique in that he or she should be a person who you can have a personal relationship with. Mentors are people that you can have back and forth dialogue with, not just one-sided conversations. Find someone who makes you uncomfortable, because his or her personal capacity and experience are at a much higher level than yours. You must trust him or her, both personally and professionally He or she should have a bigger perspective than you do He or she has “been there, done that” in the area where you desire to learn He or she cares about what you do and wants to see you succeed He or she will speak hard truths to you in love.
	Sid Kemp: What makes a great business mentor? He or she: Is capable and knowledgeable Is open-minded – not directive and telling you what to do Good at explaining choices and consequences Helps you think for yourself Has a successful track record, but does not appear to be perfect Knows his or her limitations Helps you plan and decide Helps you make connections
	DeAnna Troupe: It’s absolutely essential to have a mentor when you’re building your own business. It may even be helpful to have more than one. Here are some things to look for in a mentor. You want to find a mentor that has expertise in a certain area of business. Run away quickly from the person that claims to be an expert at all areas of business. If you need help in marketing, find someone who is an expert in marketing. If you need help with financing your business, find someone with experience in that. You will get much better results when you deal with a specialist instead of a generalist. It’s also important to find a mentor that doesn’t clash with your personality style. In other words, if you’re the type of person that does better when guided to the answer, you don’t want a mentor that basically tells you what to do and doesn’t give you choices. You may have to go through a few mentors before you find one that fits. You also want someone that actually has more business experience than you do. I know this seems kind of obvious, but nowadays a lot of people are calling themselves mentors even though they don’t have a lot of business experience. Be sure to check the person’s credentials.

As many have begun realizing, starting a business during the recession is a good idea. No, I’m not crazy and no, I don’t have my head stuck in the sand. Don’t give up your hope of being a business owner because of the recession. Be bold and believe in yourself  … that you can become a business owner.

Below is a video that deals with this subject that I thought would be good for you to watch. As you view this video, I want you to keep a few things on your mind and then provide your insights when you leave a comment. Please share your thoughts and questions as a comment after you view this video.

• How do you view your business with the recession happening all around you?
• How are you managing your cash flow during this recession?
• What are some things that you can do to improve your cash flow?
• What types of joint ventures can you create that will help your cash flow?

OK, it’s the end of 2009 and time to develop your 2010 Strategy Plan. I know that it can be overwhelming to think about what you are going to do next year when this year hasn’t finished yet and it’s the holiday season. Don’t fear, I have some tips for you that will help you develop your 2010 Strategy Plan.

I have found that when it is time to develop a strategy plan for the next year, it is best to look at the pros and cons of the current one to see what worked and didn’t work for your business. As you create your list, look at ways that you can “fix” the cons to make them turn out to be pros or work for your business.

When developing your 2010 Strategy Plan, do you sometimes feel like you are on a road to nowhere or that is seems endless? Then don’t fear, I have a few business associates who have decided to share some tips to help you develop your 2010 Strategy Plan.

Below are some of the tips that I received to help you develop your 2010 Strategy Plan:

Burke Franklin

The process of developing a comprehensive strategic business plan assures that you cover all the bases. I say ‘strategic’ because you must develop a business plan that is actually a blue print for what you intend to do — more than just a “document to get money” — this will enable you to answer any questions thrown at you. Your financial model had better make sense and demonstrate a clear path to profitability and a high future business valuation. Also, from here you can develop the Executive Summary highlighting the key features of your business and why it is a great investment. (Remember investors don’t want to buy your product, they want to invest in your business. So it is is crucial that you focus on why yours will be a success business.)

Jennifer Davey

The most important tip I can offer is to stop pushing to get clients and start pulling them to you. It’s a lot of work to push your marketing message in front of potential clients. There is so much information coming at your clients screaming: “buy this!” or “make time for me!”, that you don’t want to be part of the noise. The most effective way to get clients is to get in front of them when they are ACTIVELY SEEKING your products and services. This strategy is called “Pull Marketing”. Pull marketing has a high return on investment. It’s very targeted so it creates a high conversion rate. To start pulling clients to you, you need to get REALLY clear on your niche (what you do) and your target market (who has the problem that you solve). Once you know that, finding ways to get your message out to that group becomes much easier.

Andy Hayes

If I had three simple tips for start-up entrepreneurs planning on starting their own business, they’d be:

1. Write a detailed description of your ideal customer, as if they were a specific person you knew.  Likes, dislikes, interests, background, personality.
2. Make a list of the products and services you will/could offer.  Try to prioritize them according to your interest, the speed in which you could launch them and the profit potential.  For each, write down:  ”Why does my ideal customer want this?”
3. Finally, to prepare your marketing and sales materials and collateral, write down in as FEW words as possible the answer to this question:  ”What makes this business either better or different than my competition?”  (If you have no competition, then you didn’t look hard enough.  And it is important to note that it is ok to be *different*, you don’t always have to be better.)

Karen Southall-Watts

Do a realistic assessment of where you are right now. The 2008-2009 years were really rough.  Many people will be launching businesses as a direct result of being pushed out of the traditional job market. This can be hard but there’s no reason to start your enterprise with a defeated feeling. Take inventory. What are your skills and talents? How much money can you devote to your fledgling business? How much support will you get from friends and family? It’s important to have a positive but firmly rooted in reality picture of your starting point.

Consider your online persona. It is highly unlikely that a business started in 2010 will not use the Internet in some way. How much of a presence you have online depends in part on the type of business you start. Whether it is as simple as designing the signature on your email or a full blown social media strategy, you must have an idea about how you will interact with people on the World Wide Web.

Maria Ross

Partner with a Few to Create More Value: Don’t just buy one ad here or do one webcast there. Partner deeply with 2 or 3 media properties or associations where you can have an integrated, multi-touch campaign to a consistent audience throughout the quarter or year. For example, I used to partner with an online tech portal when I worked B2B because my investment got me ad banners, dedicated emails, a few sponsored webcasts and event presence for one packaged price. I went deep with this audience to get in front of the same group multiple times. This helps you leverage your investment, do more effective marketing and get a real presence among the same group of prospects over and over again. Most associations or online entities have multiple platforms and are open to negotiate a unique package to fit your needs and budget, so talk to the ad sales rep and get creative.

Lauren Perkins

Being a small business in a recession is tough, but while most large companies are scaling back and continue to downsize, small businesses have the opportunity to keep growing into the New Year. By using your size and agility, your risk taking demeanor and bravado to your advantage. Small businesses can creatively leverage the resources at hand and make 2010 a year of stimulating expansion.

Have you ever had an idea that was so great that you had to stop everything to write it down? Then pat yourself on the back because you took steps to document your “Innovative Business Idea”. You never know when you will get hit with an innovative business idea, so my suggestion is that you should always be prepared to document your thoughts or ideas at a moment’s notice.

Just think of your innovative business idea as though it were like an air balloon taking off. Yes, it may take some effort to get the balloon full of air in preparation to take off. but once you take off, things will flow smoothly.

In today’s blog post, the featured tip is: Innovative Business Ideas. An innovative business idea is basically when you have a new creative thought that will help you develop a business that would either provide a product or service to your target market.

Below is some of the feedback I have received from my business associates.

T.C. Coleman Grow your business utilizing LinkedIn and Plaxo. Each week, contact no less than 10 people from your LinkedIn or Plaxo connections by email or phone. Inquire about the state of the person’s business with whom you are speaking. This will allow you to stay “top of mind” and build strong relationships that can lead to business opportunities.Make excellent customer service a key differentiator for your business. A reputation for excellent service is a great foundation for a “magnetic brand” that consistently results in repeat business and referrals.

Arthur Lui It is crucial to get your site optimized for search engines like Google. Getting higher rankings in search results can drive your traffic for years without any extra cost after the initial optimization service. Note that this is not the pay-per-click advertising but simply the unpaid search results, so you don’t pay for each visitor. Everyone is searching on Google these days for everything, so you have to be found where they’re looking.

Bob Reiss You don’t need a blockbuster idea to start a new business. You can take a proven idea and improve on it, sell it to new audiences, give better service etc. Think of it like Scrabble. Add one letter and you get credit for the whole previous word.

Phil Michaelson Companies fail when they run out of cash before learning what works. So, test and learn about all parts of your new business as quickly and cheaply as you can.

Euwyn Poon Learn how to outsource effectively to leverage your time. Use the right online tools to maximize productivity (especially if you’re working with a remote team).

Shel Horowitz Understand smart, cost-effective marketing; don’t waste money on expensive, untargeted ads. Keep expenses low; I started my business with $200 — in 1981 — and I think that’s one of the reasons why I made it.

Sherrie High-Mitchell Even though there is a recession going on, don’t hike up your prices. People are looking for deals and more likely to shy away from a high priced product when they can get it somewhere for a lot less. Keep networking even if your company is doing well.

Lundy Wilder If you begin a business centered around one of your passions, you will not mind doing massive amounts of research and working long hours. Perform research for an available niche in the area and when you find it, jump on it. Use the Internet for all it’s worth! Learn to do deep searches. Keep good notes as computers crash and you may lose your bookmarks…I did. I started Villa Lagoon Tile just because I could not figure out how to get the kind of floor tile for myself that I had seen all over Europe and Latin America but never saw in the States. Now I am a total tile nut. I love it.

Sandy Rich (“Custombabyshoegirl”) Keep your overhead low and hold on to your cash. Checkout Entrepreneurial business books from your local library, and if you have an online website, have a professional create that site for you.

Recently, I asked some of my business associates to give me feedback regarding a few topics that would help new business owners. The response was so overwhelming that I have a lot of great tips to share with you.

In today’s blog post, the featured tip is: For Women Starting A Business. I’m excited about sharing these tips with women who are planning on starting a business. If you are a new woman-business owner, checkout the tips below and see how they can help you manage your business. Take note that you can contact my business associates by clicking on their names below.

Image: Flickr & provided by Lumaxart

Below are some of the tips I have received from my business associates.

Melissa Rose

• Starting a new business can surely be a daunting task. There’s a lot to do and a lot to learn every step of the way.
• Nothing is ever written in stone, but that doesn’t mean you shouldn’t make a plan. Some ideas will work and some will not, but you have to be willing to take a risk and test them out.
• Make a new plan if your marketing tactic doesn’t give you the results you were looking for or make some changes to your product if you find improving it will make it more enticing to buy.
• Go into your start-up with an open mind and be willing to ask those around you for their feedback and advice. There is always a solution to every problem, but you have to be willing to take a step back when the time arises, regroup and move forward again.

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DeAnna Troupe

• Be sure that the business you start is something you are passionate about.
• Don’t just start something because you think you’ll make a lot of money. A business takes a lot of time.
• You have to be passionate enough to stick with your business even during the bad times.

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Bradi Nathan

• Ask yourself important questions: What is the investment of your time required and how will this affect your family?
• Start -ups require 24/7 commitment and if you don’t have it in you and your family is not supportive, it could ruin a good thing. No start-up is worth risking your family. Talk to them before you launch your idea and be realistic with what a new endeavor entails: late nights, weekends and a trusted blackberry by your side at all times.
• Then ask yourself if you are passionate enough about your perspective business to see it through, and then some.
• Become pensive, introspective and then go for it if in your gut it feels right.

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Krista Dunk

• Set your business up with a profitable structure, with the foundation and purpose of helping others in some meaningful way.

All of the tips above are really helpful to women business owners. I would love to hear how these tips have helped you. Hearing from you will be great and could also help other women business owners who are looking for a way to start their own businesses. Please feel free to leave a comment and share how you plan on implementing some of these tips.