Monthly Archive for April, 2009

SBA Appoints New Head of the Office of Women’s Business Ownership

Published
by
Felicia Joy
on April 30, 2009
in Ms. CEO Blog
. 0 Comments

Ana Recio Harvey, an experienced entrepreneur and recently
the president of the Greater Washington Hispanic Chamber of Commerce, has
been named as head of the U.S. Small Business Administration’s Office of
Women’s Business Ownership, SBA Administrator Karen G. Mills announced
today.

As associate administrator of the Office of Women’s Business Ownership,
Harvey will manage the agency’s efforts to promote the growth of women-
owned businesses through programs that address business training and
technical assistance, and provide access to credit and capital, federal
contracts and international trade opportunities.

“Women business owners play a huge economic, cultural and social role in
every part of American life,” said Mills. “Women business owners are at the
forefront of change and progress in this country. Addressing their special
needs and helping them break down obstacles are critical to the nation’s
economic recovery. Ana Harvey is the right person to help SBA accomplish
that task.”

The National Women’s Business Council, which advises SBA, estimates that in
2008 there were 7.2 million majority-owned, privately-held, women-owned
businesses in the United States. These firms employ 7.3 million people and
generate $1.1 trillion in sales.

Harvey will direct the SBA’s network of Women’s Business Centers, which
provide training and counseling to thousands of women business owners across
the country from 112 centers in nearly every state. The program office also
works with women’s business ownership representatives in every SBA district
office, and the Online Women’s Business Center.

Harvey holds a bachelor’s degree from the University of Houston. After
working as a translation consultant from 1991 to 2000, she established
Syntaxis, a multilingual communications company serving clients that included
Fortune 500 companies, government agencies, and non-profit organizations.
Over the course of seven years, she built the company to 75 employees
handling communications and translations in 25 languages.

After a two-year stint as Latino programs director with Cultural Tourism DC,
Harvey became president and CEO of the Greater Washington Hispanic
Chamber of Commerce in 2007.

Please Back Away from the Bull

Published
by
Felicia Joy
on April 29, 2009
in Ms. CEO Blog
. 0 Comments
The Ah-Ha Blog! is published daily by Felicia Joy of Ms. CEO Media Inc. Wednesdays focus on “Hot Topics,” covering an item in the news and Felicia’s take on it as it relates to entrepreneurship and life, or her thoughts on a hot topic of her own. Questions or comments regarding the blog can be posted simply by clicking on ‘Comment’ above. Felicia Joy is a real-world entrepreneur with nearly 10 years of experience in building businesses. In addition to her daily blog, Felicia hosts a weekly national talk radio show on entrepreneurship on www.msceoshow.com—and in June will begin publishing Ms. CEO Magazine for distribution to 100,000 women throughout the U.S. She is also an in-demand speaker who travels the country delivering her message of personal transformation and excellence in entrepreneurship.
Please Back Away from the Bull
So today I want to talk about something that is on my mind because of a recent personal experience and because I have seen evidence of it in the lives of good girlfriends, and far too many women in general — and that is the acceptance of bull in business and life.
We girls are smart.  Our intuition, or sixth sense as many women call it, is keener than the smell of an old batch of collard greens (sorry, I couldn’t resist — I am a Southern girl, after all).  Yet, we see bull walking up in the form of a bad or unnegotiated business deal — or in the form of a good looking or charming guy and we sweep that intuition right under the rug.  Enough with that!
We work too hard, have too many demands on us, cater to too many people, jump through too many hoops, overcome too many odds, grin and bear it too many times and give of ourselves just one more time far too often to accept any bull being handed to us on a freshly shined silver platter.
This is an area where we can take a cue from some men or some of the toughest women in business.  Demanding what you deserve doesn’t mean morphing into a sharp-tongued caricature of that dreaded “B” word.  And it doesn’t mean losing your femininity or collaborative nature — it just means knowing your value and not losing yourself and everything you’ve worked so hard for.  At some point, as hard as you have been working, you deserve more exposure, bigger profit margins, equitable wages, coveted shelf space, the right kinds of contracts, lucrative deals, uncompromised self respect, unwavering self dignity, unequivocal self love, the respect and consideration of others — and good karma; because believe you me, what goes around comes around magnified — good and bad.
We can’t keep bull away.  It’s a part of growing stronger in life.  But we sure don’t have to pat it on the back and invite it in.  We can see it for what it is and tell it where to go if we care to give voice to it at all.
Here are five ways of identifying bull and five solutions for taking care of it:
  1. There is significantly more in it for them than there is in it for you; not a win-win situation.  Someone presents you with a business deal or opportunity that requires your time, money and energy but they are unwilling to explain exactly how it will work or how you will gain from it financially and otherwise.  And on top of that, they have no skin in the game.  That’s bull.  The solution: “Thanks, but no thanks.”
  2. You pick up the slack constantly and are accosted when you say “no more”. You’re dealing with someone who is always late, always canceling, always asking you to move mountains to change an event or meeting or deal at the last minute and is ticked when you finally say no.  I can’t this time.  That’s bull.  The solution: “It’s been nice doing business with you.” And move on to work with someone who is responsible, considerate and respectful of others.
  3. He’s sweet as pie or fine as wine but here and there he displays the characteristics of a dead beat dude.  You’re working hard—no let’s make it plainer; busting your butt—to build your business and be a better woman and you meet a great guy — or so you think — and he turns out to be a manipulator, user, cheater, deceiver, abuser, hanger-on, arrogant gift to the world (not!), or doesn’t give you the time and attention you deserve despite saying that he wants to be in a relationship with you.  That’s bull.  The solution: “Please don’t call me anymore.  I wish you the best.” And mean it.
  4. You state your rates and stick to your guns and they won’t let it go.  Your rates are your rates and you can communicate and demonstrate the value of your services related to your rates.  Yet, someone wants to brow beat you down to working for almost nothing because they want your quality but don’t want to pay your price.  That’s bull.  The solution: “I wish I could help.  I’d be glad to refer you to someone else or work with you when your budget changes.”
  5. You see the signs or she acts the part of that kind of woman.  Another woman totally disregards and disrespects you in business or in life.  Shame on her.  Women know how hard it is to manuveur in a man’s world.  Well, the solution for this is the same as for any scenario when any person — man or woman — is disregarding or disrespecting you: Get what is yours and move on.  But I have a very endearing quote to share from Madeline Albright, the first woman U.S. Secretary of State: There is a special place in hell for women who don’t support other women.

If you see bull approaching or are staring it dead in the face—flush it fast and move on.  Life is too short, business is too beautiful and you are too hot.

Be Encouraged,

Felicia Joy

Build a Dream Team to Build a Dream Business

Published
by
Felicia Joy
on April 28, 2009
in Ms. CEO Blog
. 0 Comments

The Ah-Ha Blog! is published daily by Felicia Joy of Ms. CEO Media Inc. Tuesdays focus on “Business by Design,” covering various topics to improve the components of your business. Questions or comments regarding the blog can be posted simply by clicking on ‘Comment’ above. Felicia Joy is a real-world entrepreneur with nearly 10 years of experience in building businesses. In addition to her daily blog, Felicia hosts a weekly national talk radio show on entrepreneurship on www.msceoshow.com—and in June will begin publishing Ms. CEO Magazine for distribution to 100,000 women throughout the U.S. She is also an in-demand speaker who travels the country delivering her message of excellence in entrepreneurship.

 

Build a Dream Team to Build a Dream Business

 

Today’s “Business By Design” topic touches on the element of business that matters most: people.  Is your company designed to attract and retain the best talent possible?  One of IBM’s global surveys of CEOs asked, “What really keeps you up at night?” and the most popular answer by far was: Concerns about whether we have the right people.

 

Technological innovations can be quickly duplicated.  Brilliant marketing creates momentum for a while.  New systems add to a company’s efficiency.  But the “X” factor that makes all the difference in the world for whether you walk away with gold, silver, bronze or no medal at all in the competitive business environment is your people.

 

Companies that consistently win in the marketplace win because they attract good people at every level of the organization and this does not happen by accident.  There are strategic and thoughtful things you can do and must do to attract and build a team of professionals who are going to work hard and help deliver the success you envision when you think about your company.

 

Here are five ideas you should consider to make sure you have or are building a winning team:

 

1.    On-boarding.  This is a human resources best practice that ensures that a new employee’s orientation does not merely consist of being handed a manila folder full of paperwork that s/he is sent off to complete while her/his email address is being set up.  On-boarding is a deliberate and intentional process whereby a new employee is thoughtfully brought up to speed and made to feel like a valuable and responsible new member of a winning team.  This means pairing them with a specific person who will show them the ropes day in and day out for a couple weeks.  This means going through your company’s “story” with the new hire so that if asked within a matter of one or two weeks this person not only feels a true part of the company but they can be an ambassador at home and in the community really able to communicate with fervor about what your organization does.  In addition, the person should have some “real” work to do by the second day.  Any employee worth their weight comes through the door ready to work and you should oblige their expectations.  All of this is good for the bottom line and great for building a dream team.  (If you need help setting up a good On-boarding program at your company, reach out to Roberta Chinsky Matuson at Human Resource Solutions – www.yourhrexperts.com).

 

2.    Developing an Ownership Mentality.  In small companies, everybody knows everybody and we all know who the boss is but everyone should feel like an owner.  In fact, if you are able to do so you might want to consider offering ownership in the company to employees who meet certain performance standards.  But whether you offer literal ownership or not, an “ownership mentality” should be instilled in everyone through open communication, teambuilding activities, consistent recognition and a percentage of compensation—even if it is in the form of a bonus—being tied to individual and company performance.  Folks should feel like they are working with you and for you and that what they do really matters.

 

3.    Leadership should be a way of life. It’s so cliché but true: Leadership doesn’t emerge from a title or status; leadership emerges from the actions a person takes to achieve the overall team goal.  Leadership skill-building and performance indicators should be a part of every person’s job description and responsibilities—from Administrative Assistants to Executive Vice Presidents and above.  There is an opportunity for leadership at every level everyday and every employee should be reminded that they can act as a leader and be acknowledged and recognized when they do.

 

4.    Create an innovation-friendly environment.  Some of the best ideas come from the dumbest ones.  Albert Einstein knew that.  Allocate time on a weekly basis during which people are required to innovate.  Even if it’s just 20 minutes, that is 20 minutes well spent.  Then have people share their innovations for the week with the understanding that nothing will be judged.  In fact, you don’t even have to talk about the ideas that the team is not interested in—just talk about the ones that seem good for further exploration.  Nothing gets a team engaged and moving forward like innovating together, making strides together, and collectively stomping the competition.    

 

5.    Give honest, direct and frequent feedback.  Some employees will not be keen on this practice right away if they are not used to it but everyone should get used to it.  Business success isn’t found in crystal balls unless that’s what you sell.  It is found in consistent performance and adaptability and you can only reach these achievements by making sure everyone understands the goal and is doing their part.  When someone isn’t doing their part you have to figure out why and give them an opportunity to do so or place them in an area that matches their strengths—or help them move on to a place where they can achieve.  All of this only occurs through honest, direct feedback and the more frequently you give feedback the more readily people accept it and don’t feel like they’re being hit over the head with a bag of hammers because they thought things were fine while their manager has been dissatisfied for the entire quarter.

 

Our businesses are built through people.  Build yours even stronger by employing these five steps to strengthen your team!

 

Be Encouraged,

Felicia Joy

Want Bigger Profits? Think Like a Farmer

Published
by
Felicia Joy
on April 27, 2009
in Ms. CEO Blog
. 0 Comments

The Ah-Ha Blog! is published daily by Felicia Joy of Ms. CEO Media Inc. Mondays are “Big Money Mondays” and focus on ways you can make more money whether you’re a part-time, full-time or occasional entrepreneur.  Felicia will talk about everything from boosting revenues to reducing overhead and a look at trends that could bring you bigger profits. Questions or comments regarding the blog can be posted simply by clicking on ‘Comment’ above.

 

Felicia Joy is a real-world entrepreneur with nearly 10 years of experience in building businesses. In addition to her daily blog, Felicia hosts a weekly national talk radio show on entrepreneurship on www.msceoshow.com—and in June will begin publishing Ms. CEO Magazine for distribution to 100,000 women throughout the U.S. She is also an in-demand speaker who travels the country delivering her message of excellence in entrepreneurship and personal transformation.

 

 

 

 

 

Want Bigger Profits? Think Like a Farmer

We live in a complicated world. But some things are still quite simple—like the principles of success. We only have to look to our nation’s agrarian history for the fundamentals to achieve the business results we desire in 2009 and beyond.

As farmers, we knew a few things for sure:

  • The only way to reap a harvest is to plant seeds.
  • Planted seeds require follow up action such as watering, fertilizing and tilling to reap a healthy and optimal harvest.
  • Unforeseen circumstances such as weather, parasites and pestilence can destroy or greatly diminish a season’s harvest, but the farmer—not her antagonists—will wipe out the next season’s harvest if she does not get beyond the losses of last season and begin planting anew.
  • The more seed you plant, the larger your potential harvest will be.
  • A seed begets an offspring of the same kind. Peanuts beget peanuts, roses bring forth roses, and the seeds of cauliflower will bring about more cauliflower. Even plants within the same family, such as oranges and grapefruit, cannot beget one another.

So how do these principles apply to business, particularly in 2009?

Well, here we find ourselves in the middle or toward the end (depending on who you ask) of the biggest economic plunge our country has experienced within the last two generations. We understand what has happened, but now we must think like farmers and prepare for a new season of planting and the subsequent reward of harvesting.

Plant Seeds
As entrepreneurs and New Year’s Resolution aspirants, we must accept that what has happened has happened, and now to recover and reap new successes individually and collectively we must plant seeds everyday. What are the seeds of your business success? Your seeds are whatever actions you could take that would grow your business. This might be:
-Taking a few seminars to sharpen your skills;
-Making sales phone calls or presentations;
-Finding new ways to increase your network of contacts;
-Creating a new personal image and taking a photo that will grab people’s attention;
-Sending emails to initiate contact with potential partners; or
-Streamlining your business to focus on the set of clients that you can best serve.
The activities you could engage in that would grow your business or prepare you to launch your business are the seeds you must plant, not once but everyday.

Tend to the Seeds
It is not enough to put seeds in the ground, or take the initial action that will grow your business. Now you have to tend to those seeds.
-If a potential client has expressed desire in your product or service but not paid or made a final commitment to buy then follow up to get a definitive answer.
-If you’ve created your new personal image, now it’s time to use it to your business advantage—take a new professional headshot and post it to your website, blog, LinkedIn or Facebook page. You will be shocked at the level of attention—and therefore new connections or opportunities—that a new image can bring.
-If you’ve been networking and meeting new people, that’s awesome but make another move. Send a follow-up email or invite the most promising contacts to lunch. You must interact with a person at least six times before you begin to establish the foundation of a meaningful relationship.
The seeds you have planted now require water, fertilizing and tilling—take follow-up action in anticipation of your harvest.

Get Over Last Season’s Crop
As a nation we have been reeling from the consequences of our financial overindulgence and perhaps you have also experienced personal challenges in the last few months. I know it’s been rough. And I know it may seem like a long road back—it may actually be a long road back. But looking longingly to the past just keeps us standing still. We know what has happened now it’s time to move on. Weather, parasites and pestilence (our challenges) destroyed last season’s harvest. We can now choose to be either the farmers or foes of our next season’s harvest—it all hinges on what we do in the next few weeks. It’s time to plant seeds!

Plant More to Harvest More
Some of us are dragging our feet into 2009. We’re taking action but it’s uninspired and small. Do what you please, but if you plant just one or two seeds then look forward to a small harvest. If you want to grow, grow, grow then you must plant, plant, plant—today and everyday. Harvests are in proportion to what is planted. I dare you to plant a whole field of dreams!

The Seeds You Plant Will Bring More of the Same
Reaping a healthy harvest in 2009 may require some of us to change our beliefs and priorities—and the actions we are taking. Moms Mabley, a comedienne born just before the 1900s, said “If you always do what you’ve always done then you’ll always get what you always got. If you want something different then you’ve got to do something different.” If you are planting the same kinds of seeds you have planted in the past expecting a different crop then you may be sorely disappointed. Increase your creativity and innovation. Re-visit the way you do everything. Stick with what has worked well and search for new ways to improve. And if you’re stuck in a rut then make bold moves. If you’re planting the same old sorry peas, I hope you’re not expecting to harvest golden-kerneled corn. Plant something different to harvest something different. Plant the seeds of greatness!

Be Encouraged,
Felicia Joy

What Recession? Our ‘Ms. CEO of the Week’ is Beating the Odds

Published
by
Felicia Joy
on April 24, 2009
in Ms. CEO Blog
. 0 Comments

The Ah-Ha Blog! is published daily by Felicia Joy of Ms. CEO Media Inc. Fridays focus on “Ms. CEO of the Week,” covering a fabulous and exemplary business woman who stands out from the crowd. Women who wish to be considered for “Ms. CEO of the Week” can submit information about themselves and their company to content@msceoshow.com.  Questions or comments regarding the blog can be posted simply by clicking on ‘Comment’ above.

Felicia Joy is a real-world entrepreneur with nearly 10 years of experience in building businesses. In addition to her daily blog, Felicia hosts a weekly national talk radio show on entrepreneurship on www.msceoshow.com—and in June will begin publishing Ms. CEO Magazine for distribution to 100,000 women throughout the U.S. She is also an in-demand speaker who travels the country delivering her message of excellence in entrepreneurship and personal transformation.

What Recession?

Meet Ms. CEO of the Week

ELLEN MALOW

Ellen Malow, Founder of Malow Mediation & Arbitration, Inc. Ms. CEO of the Week

She’s Beating the Odds

                       

What recession?  That’s the question you might ask if you were to take a look at Ellen Malow’s calendar and company financials.  Her business, Malow Mediation & Arbitration, Inc., is booming.  In fact, she recently experienced her best month in business since she started in 2004.

 

As our Ms. CEO of the Week, Ellen is one to watch.  She is not only a break out success story during the current economic roller coaster—but she has also just celebrated her fifth year in business defying that pesky statistic that 9 out of 10 businesses go under within that amount of time. 

 

Meet Ellen Malow founder of Malow Mediation & Arbitration, Inc. (www.malowmediation.com):

 

How did you decide on the name of your business?

I selected the name of my business to immediately let prospective clients know what I do and to establish my name in the industry.

 

What is your business?

My business is conflict resolution. I serve as a neutral third party and facilitator to assist people to settle any disputes between them. I handle employment, construction, business, personal injury, divorce and other matters.

 

Do you have an elevator pitch about your business—what is it?

Mediation allows you to control the outcome of your dispute rather than putting the decision in the hands of strangers such as a judge or jury. Mediation saves you time, money and stress.

 

What was the most shocking thing about entrepreneurship?

How incredibly different my life has become for the better.

 

Was it really as hard to become successful as people make it out to be?

Success is attitude, drive and perseverance. All the people who said it would be impossible were wrong.

 

Other than you, obviously, who’s been the greatest contributor to your business success and why/how?

My business coach. He helped me develop a successful marketing plan and implement numerous systems to successfully operate my business.

 

What’s your favorite color—why?

Green; it’s soothing.

 

What really ticks you off in business, or otherwise?

Lack of professionalism and lack of ethics.

 

Do you care about beauty, fashion and style—if so, what’s your favorite look?

I like to dress in colors rather than black and white. Dresses allow me to be feminine and professional.

 

What do you do to de-stress?

Jog or go for a long walk at the park.

 

The media is reporting doom and gloom nearly every day and we’re hearing stories constantly about businesses going under, but I understand that your business is doing better than ever and that you have recently had your best month ever in business—what do you attribute this to?  What is your secret to success right now?

My business does well in a down economy because it provides an alternative to people that is far more affordable than going to court.

Make Money for Your Advice

Published
by
Felicia Joy
on April 23, 2009
in Ms. CEO Blog
. 0 Comments

The Ah-Ha Blog! is published daily by Felicia Joy of Ms. CEO Media Inc. Thursdays focus on “Resource Riches,” covering products or services or anything Felicia finds way cool to help you do a better job in business.  This could include anything from books and CDs to gadgets, technology, clothes, organizing items, helpful services or even destinations.  Felicia believes that businesswomen are women first and she says, “When the woman isn’t happy the business isn’t happy.”  So check out Felicia’s “Resource Riches” on Thursdays for neat stuff to make your life and your business easier. Have a resource to share?  Send to us at content@msceoshow.com.  Questions or comments regarding the blog can be posted simply by clicking on ‘Comment’ above.

Felicia Joy is a real-world entrepreneur with nearly 10 years of experience in building businesses. In addition to her daily blog, Felicia hosts a weekly national talk radio show on entrepreneurship on www.msceoshow.com—and in June will begin publishing Ms. CEO Magazine for distribution to 100,000 women throughout the U.S. She is also an in-demand speaker who travels the country delivering her message of excellence in entrepreneurship and personal transformation.

Advice for Sale

Today—Thursdays—are my day to share cool ideas, gadgets, tools, services, technologies, destinations or anything that I think will boost your happiness and success in business.  To that end, I thought I’d share something with you today that we all love, especially now: Something that is useful for making more money in business and it’s FREE!

I’m referring to a neat service called Ether.  Using Ether you can have a dedicated 888 toll free number on which people can call you for advice on anything in the world and you can set it up in whatever way you see best.  For instance, you can give the caller the first minute free so you have time to quickly assess whether or not you can actually help them.  Or you can charge from the moment the calls go through.  The service is set up so that all callers are notified in advance that they will need to enter payment information—then they are notified of how much each minute will cost, or how much the overall call will cost, as well as the moment the charges begin.  You set the cost of the minutes or overall call.

No matter what your business is, if you are looking for a new revenue stream, chances are there is advice you could offer to others.  Give tax advice, parenting advice, relationship advice, fashion advice or advice on any other area in which you are an expert or have experience.  If you already have a customer base this could be an especially lucrative add-on so make sure you check out this excellent resource!

Ether - www.ether.com

Be Encouraged,
Felicia Joy

 

 

 

The Cure for All Entrepreneurial, Economic, Love and Life Blues

Published
by
Felicia Joy
on April 22, 2009
in Ms. CEO Blog
. 0 Comments
The Ah-Ha Blog! is published daily by Felicia Joy of Ms. CEO Media Inc. Wednesdays focus on “Hot Topics,” covering an item in the news and Felicia’s take on it as it relates to entrepreneurship and life. Questions or comments regarding the blog can be posted simply by clicking on ‘Comment’ above. Felicia Joy is a real-world entrepreneur with nearly 10 years of experience in building businesses. In addition to her daily blog, Felicia hosts a weekly national talk radio show on entrepreneurship on www.msceoshow.com—and in June will begin publishing Ms. CEO Magazine for distribution to 100,000 women throughout the U.S. She is also an in-demand speaker who travels the country delivering her message of enlightened entrepreneurship and personal transformation.

 

The Cure for All Entrepreneurial, Economic, Love and Life Blues

Love her or hate her, Martha Stewart knows the cure for all entrepreneurial, economic, love and life blues—ACTION.  The newspaper reports today that she is shaking up the ranks at her company, Martha Stewart Living Omnimedia, and has let a few executives go recently and in the past few months.

 

The article says a lucrative contract with Kmart that includes minimum annual guaranteed payments to her company regardless of her product sales in their stores is also set to expire soon; and shareholders are groaning about the discontent at the top of the company and what the upheaval will mean for profitability.

 

Who knows what the real story is or what will eventually happen. I can tell you this though: Martha Stewart wins because Martha Stewart takes action.  Business challenges and life circumstances can take you out if you let them.  But only if you let them.  This is because you are in the driver’s seat and every single challenge in life can be surmounted with proper action.  Moreover, all of your heart’s desires can be achieved through proper action.

 

A problem is a puzzle awaiting action.  Positive, focused and properly planned and executed action turns a problem into a victory.  All of life is about action—whether you choose to take it or not. Everything about life is always moving so you can either:

 

·         Have things happen to you.

·         Have things happen around you; or

·         Have things happen through you.

 

Be clear, it’s not about control.  Back in 2005, Martha Stewart gave her best shot at controlling the outcome of her sentence for the criminal offense of insider trading—she did not want to go to jail but she was acted upon by others as a result of actions she had taken.  She couldn’t control what others did but she could control her response to their decision.  She did her time, came out, and took action.  Where did her action take her?  Right back to the top.

 

Are you beating your head against the wall about a business problem?  Is the economic topsy turvy of the world frightening you to death?  Worried about your job?  Dreaming of starting a part-time business?  Just had your heart broken or wishing that you were in a loving or fulfilling relationship?  Something else in life got you down?

 

Good!  That’s right.  I said it.  Good! 

 

These are all life problems waiting for you to solve them through action.  DO something about your circumstances and they will change.  And you will discover your power and be stronger because of it.  Don’t sit around waiting for your destiny to unfold.  Unfold it now.  Keep living decisively and by action and you will soon realize that fewer things get you down and not much can get in your way because you have the mind of a winner and you take action to get what you want!  The cure for ALL blues in life is quite simply, my friend, A-C-T-I-O-N!

 

Be Encouraged,

Felicia Joy

Got Margins?

Published
by
Felicia Joy
on April 21, 2009
in Ms. CEO Blog
. 0 Comments

The Ah-Ha Blog! is published daily by Felicia Joy of Ms. CEO Media Inc. Tuesdays focus on “Business by Design,” covering various topics to improve the components of your business. Questions or comments regarding the blog can be posted simply by clicking on ‘Comment’ above. Felicia Joy is a real-world entrepreneur with nearly 10 years of experience in building businesses. In addition to her daily blog, Felicia hosts a weekly national talk radio show on entrepreneurship on www.msceoshow.com—and in June will begin publishing Ms. CEO Magazine for distribution to 100,000 women throughout the U.S. She is also an in-demand speaker who travels the country delivering her message of enlightened entrepreneurship and personal transformation.

Got Margins?

There are two ways to make a profit in business: By selling a high volume of your product or service and making your investment back after a set number of units are sold and then collecting as pure profit the proceeds from every unit sold thereafter.  Or by making a profit on each unit sold along the way.

 

For example:

 

High Volume Sales Profit Approach

Initial Investment                                    $200,000

Cost Per Unit (all costs)                           $2

Retail Price                                            $2

Profit Per Unit Sold                                 $0

Sales Required to Recoup Investment       100,000

 

Per Item Profit Approach

Initial Investment                                    $200,000

Cost Per Unit (all costs)                           $2

Retail Price                                            $4

Profit Per Unit Sold                                 $2

Sales Required to Recoup Investment       50,000

 

           

I prefer the latter approach—especially for small business owners.  You can easily get away with the first approach of selling a kajillion units and making money on the back end when you are a Wal-Mart—the largest retailer in the world—with nearly the whole world population (kidding!) coming through your doors every day.  With that kind of traffic you can afford to risk this approach. 

 

However, as a small business you are fighting everyday for market share so to risk making your money back on the backend is not only questionable—it is simply unnecessary.  With the per unit profit approach you still have to sell enough of your product or service to justify being in business and to maintain the solidarity of your company long term, but you can get there much faster if you’re making profits consistently along the way (especially if you find a way to manage inventory so that you don’t actually spend a lot of money upfront and only spend money as you make sales –- but that’s another topic). 

 

Small businesses tend to fall into this trap of generating revenue, but not nearly as much in profits, for one or more of a few reasons:

 

·         Not totally counting the costs.  You’re not totally counting the costs of what you’re spending to deliver your product or service to the consumer and to handle customer service.  This means counting every penny of what it costs to make, market, transport, package, ship, deliver and follow up on what you sell.  Only after you count all these costs can you set your product or service price at a rate to ensure that you are making a healthy profit margin on every unit sold.

·         Knowing the cost but being concerned that your price to recoup costs is too high. Entrepreneurs fret about pricing, and with good reason—especially in today’s economy. However, you have to maintain healthy profit margins, so if you think your price is too high you have to re-work something else in your business to reduce your costs so you can reduce your price.  Or, you’ve got to find the marketing language and sales staff that can build such value in the mind of the consumer that they willingly pay the additional costs for your product.  There are tons of examples of where this is done in business.  You can buy a designer t-shirt for anywhere from $12 to $200.  What’s the difference?  One brand has created such value and desire in the mind of the consumer that they are willing to pay a super duper premium just to sport the same cotton fibers with a different name.  If you’re worried about price reduce your costs or increase your value proposition.

·         Involving too many intermediaries in your supply chain that you have to pay.  It’s definitely a bonus in business to collaborate with others but if others want a piece of the action then they need to share in the risk too.  I have seen entrepreneurs collaborate on business projects with others who wanted to be paid for their contribution to the project but didn’t want to take any risk. So the businessperson leading the project might have a healthy profit margin set but so many cooks in the kitchen to pay that they effectively are back at square one making their profit on the backend after so many units are sold and everyone else is paid.  If you work collaboratively in business—which can often be the case with service-oriented companies and professionals—make sure others who are making money from the project are also sharing the risk or that they are willing to take a significantly reduced fee for taking little to no risk.  We all know the adage: Great risk, great reward; little risk, little reward.  Don’t give out free lunches (because they are costing you)!

 

If you’re just getting started make sure you generate revenues and healthy profits by (1) counting the costs, (2) setting a good price and building value, and  (3) equally sharing risks and rewards.  If you’re already in business and have been generating revenue but you haven’t seemed to feel that lifting affect that makes every entrepreneur do the happy dance, meaning you haven’t been seeing and feeling the affects of profits, then it could be your margins that are anemic.

 

Check and correct!

 

Be Encouraged,

Felicia Joy

 

 

Here We Go…Ah-Ha!

Published
by
Felicia Joy
on April 20, 2009
in Ms. CEO Blog
. 0 Comments

Good morning!  Welcome to the first of what will now officially be my daily “Ah-Ha” blog (posted by 10 a.m. ET, Monday-Friday)!  If you’re a stickler and perfectionist like me then you realize that “Ah-Ha” is really spelled “Aha,” but humor me; I happen to like “Ah-Ha” better.  It’s more pronounced and it’s a four letter word so I can use it to express various emotions at any given time.  Saying it can ward off stress or express total elation, much in the same way that other—noticeably less polite—four letter words are used.  (Smile.)  Really a nice big “Ah-Ha” is great. You should try it.  So, welcome to the Ah-Ha blog here on the Ms. CEO website!

What’s this all about?  Well, it’s all about me connecting with you every day.  A week is an eternity in business so this is my way of offering up the best I can muster everyday to inform and inspire my fellow women entrepreneurs (and the guys who check us out, too) as well as women who are dipping their toe in the pool but haven’t quite dived in. (Lifeguard on duty whenever you’re ready, girl!)

The daily breakdown for the blog will be:

  • Monday – Big Money Mondays – This day is all about ways you can make more money whether you’re a part-time, full-time or occasional entrepreneur.  I’ll talk about everything from boosting revenues to reducing overhead and a look at trends that could make you money.
  • Tuesday – Business by Design – Most of us tend to be great at one or two things in business but not everything.  As an entrepreneur it’s important to understand every aspect of our business.  I’m not talking about the day-to-day details because your job as CEO is to keep the entire business moving forward so we don’t need to get caught up in the minutiae.  But to keep the business moving forward you need a general understanding of everything; and that’s what this day is about.  I’ll talk about a different aspect of business each week aimed at improving some part of your company – Management, Operations, Sales, Marketing, Finance, Legal, etc.  I’m looking to highlight companies that really “get it” when it comes to a particular part of business so if you know of any good leads that I can make an example of, please send me a note.
  • Wednesday – Hot Topic – This is in homage to my girls at The View because I so would love to be on that show.  In any case, on this day I’ll be discussing current events in the news and my spin on them as they relate to business and entrepreneurship!
  • Thursday – Resource Riches – This day I’ll be reviewing products or services or discussing any and everything that I think is way cool to help you do a better job in business.  This could include anything from books and CDs to gadgets , technology, clothes, organizing items, helpful services or even destinations.  Hey, we’re not just business women – we’re women!  In fact, we’re women first and I have learned: When the woman isn’t happy the business isn’t happy so check out “Resource Riches” on Thursdays for neat stuff to make your life and your business easier.
  • Friday – Ms. CEO of the Week – Now, what would my Ah-Ha Blog be without highlighting you?! I love talking to successful women entrepreneurs about their trials and triumphs.  There are common themes, of course, because there is a pattern for success.  However, there are also those starkly different aspects of each person’s success and it’s so awesome to see the creativity in every woman who has “made it” or is on her way.  Check out a fabulous new “Ms. CEO of the Week” every Friday here on the Ah-Ha Blog!  You never know what you may learn.  It’ll be a great Q&A covering the random, rote and revealing.

So, there you have it.  What the Ah-Ha Blog is all about.  So, I’ll talk to you tomorrow for “Business by Design”.  Oh yeah, since today is technically “Big Money Monday,” here’s a quick thought:

The front page of today’s Wall Street Journal features an article headlined: Bank Lending Keeps Dropping.  So banks still aren’t making as many loans as they once were.  Boo-hoo. That is a real travesty since taxpayers have unwillingly padded their balance sheets. 

For entrepreneurs this reality means being bottom line thinkers—as in, how do we improve our own—and creative tinkerers, as in what kinds of ways can we bring in the money we need to keep our businesses growing?  We can take this opportunity to become the greatest entrepreneurs ever by building a business in the face of the worse kind of adversity a company faces: NO MONEY.  What’s the key to doing it?  Sales!

I know a lot of us hate that word – sales.  Yuck.  Well, it’s the key to the long-term health of your business.  Boost sales, boost revenues, boost profits.  Simple as that.  Here are some quick tips I found to help you get started or to boost your sales even further if you’re already on a roll.

Be Encouraged,

Felicia Joy

Back by Popular Demand: Pretty Powerful Part 2

Published
by
Felicia Joy
on April 15, 2009
in Ms. CEO Blog
. 0 Comments

             REGISTER NOW >>                  GET MORE INFORMATION >> 

Since Ms. CEO Media Inc. teamed up with the talented and fabulous Derek Blanks (www.dblanks.com), celebrity and lifestyle photographer, in January 2009 to offer Pretty Powerful 2009 we have received a flood of inquiries about how ladies who missed the first one could have another shot at this amazing opportunity.  We’ve heard you loud and clear and here’s your chance!  We twisted Derek’s arm (not literally, but he is in high demand) and one more time for 2009—just one more time—we are bringing this fun and fabulous one day event back!  Limited appointments are available so register for your slot now!

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