LaKesha Womack

Archive for the tag “Small Business Owners”

08 Jun 2010
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Develop strategic partnerships to build your small business

As a small business owner, it is very tempting to think that you can do everything by yourself.  You can, but you are only making the road to success more difficult to travel.

One way to make your business life a little easier is to develop strategic partnerships with complementary businesses.  Some examples of these partnerships include:

  • Event planners, event decorators, florists and bakers teaming up for events
  • Business consultants, attorneys, accountants and financial advisors helping business owners
  • Copywriters, publicists and graphic artists working to promote professionals

I think you can get the idea from these examples.  By developing these partnerships, you not only have a strong network of professionals to cross promote with but you can also coop on advertising and marketing products.

At one point I think our society became so self involved that most people began to believe that they didn’t need anyone but themselves to get things done.  That is partly true but things actually go along a lot better when you are working in a team.  There is a reason that large corporations spend thousands of dollars on team building exercises.  In every corporation, the departments work together to fulfill the mission of the organization.  Think of your small business as a department of a larger corporation.  You should find partners that can help you to provide an all-inclusive service package to your customers.  People have a limited amount of time so if they can find a small business that is able to deliver on all of their needs, you are more likely to have a long-standing customer.

Posted in Business Dollars and Sense and tagged , , , , , ,
15 Mar 2010
1 Comment

Success Secret #21

I am often amazed when potential entrepreneurs approach me with their business plan and they have no intention of making an investment in their business.  They hope that there is government funding available or that someone will give them a loan to fund their venture.  My first problem with this is people complaining about our government deficit and government getting too “big” but these are the very people who refuse to invest in themselves or in their community.  I wonder where they think these resources will come from?

Success secret #21… you have to invest in yourself before you can expect others to make an investment in you.

There are segments of our society that I believe may never be able to support themselves but I have a feeling that you (the reader of this blog) are not one of those people.  You have to realize that whatever you want in life, you have to first assess what you can contribute to the project before you seek outside assistance.  When I see businesses that don’t invest in their infrastructure, marketing or operations; I don’t patronize that business.  Why should I give you my money when you don’t want to spend YOUR money on your project?

Posted in Success Secrets and tagged , , , , , , , ,
05 Jan 2010
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Working your business

As a business consultant, one of my biggest frustrations occurs when business owners don’t see the value in spending time working “on” their business instead of just working “in” the business.

I understand that as the owner of the business, you may feel that no one can do things like you would or that  it is cheaper to just do it yourself.  You may also feel that selling your product or doing that thing (cake baking, floral arrangements, etc) will make you money but if your business is not organized or if you don’t have efficient policies and procedures; you are stagnating your business growth.

Follow these tips to balance working “in” your business with working “on” your business:

  1. Schedule it.  Make time each day or once a week to attend to your bookkeeping, inventory management and employee development.  Don’t just assume that these things will take care of themselves.  You also should not just do them whenever you “have a minute.”  In many instances, that moment doesn’t come or the workload becomes so overwhelming that you begin to dread the tasks.
  2. Automate it.  There are many computer programs that you can download/purchase to automate systems such as processing payroll or paying your bills.  Most banks offer online bill pay, even for businesses, which will ensure that you don’t incur any late payment charges or have to sit down, write checks, stamp them and then get to the mailbox.  Also, Intuit has a Payroll program that can be integrated with your QuickBooks that allows you to process direct deposits for your employees and to make sure that the employees are paid on a consistent basis whether you are manning the counter, at a business meeting or on vacation.
  3. Outsource it.  If there are tasks that you know that you don’t enjoy (employee training seminars, writing an employee manual, etc) or will not be able to complete effectively (managing social networking, designing a website, etc) but don’t have the resources to hire an employee; consider outsourcing the project to an independent agency or consultant.  Although it may cost a little more than doing it in-house, it can save you time as well as provide you with a professional product.

Start 2010 off on a good foot and spend time working “on” your business.  I will share more tips throughout the year to help your business make dollars and sense, however, I always enjoy reading your tips to running a successful business.

Posted in Business Dollars and Sense and tagged , , , , , , , , ,
22 Dec 2009
2 Comments

Your (business) dream team

Every small business owner needs a team to help them achieve success. It is the common belief of many business owners that they can do it all. This belief is most commonly held because they think that it is cheaper for them to do it all rather than employ a team of professionals to help.

This method of starting or running a business may be cheaper in the short-term but I guarantee it will cause some problems in the long run. Let me share a couple of issues that I have found while working with my clients:

  • A business obtained a tax identification number as a LLC but never filed articles of incorporation with their county and state which means that they were not a corporation.
  • A business owner with a large amount of liability choose a sole proprietor legal structure which left them open to excess taxes as well as unnecessary personal liability for the business.
  • A business wanting to attain a business loan was unable to do so because they had not kept accurate financial records for the past three years.

There are so many more examples that I can cite, however I am going to share the five people who you MUST have on your team.

  1. A business consultant: Yes, this may seem like a shameless plug for my services but having a business consultant to guide you through starting and running your business will save you so much legwork. We are able to provide a wealth of information and resources while helping you to think through decisions. If you can not afford to hire a business consultant, there are not for profits like Women Business Centers, SCORE and Small Business Development Centers that provide low-cost or no cost sessions to assist you. No matter which stage you are in your business, a business consultant is an invaluable resource.
  2. A certified public accountant (CPA): You may be used to doing your taxes yourself and I am sure that you have done a wonderful job, if you are not in arrears. However, you need to consult with a CPA when you begin considering starting a business and quarterly once the business is established. Using a software program like Quick Books will allow you to manage your day-to-day accounts, revenues and expenses. It will also allow you to print reports to take to your CPA for review. Many CPA’s will bill per hour so being prepared will save you time which will save you money. Also, the more knowledgeable you are about your business finances, the less likely you will be taken advantage of. Warning: don’t let the fear of being taken advantage of stop you from working with a CPA.
  3. A business attorney: Find someone who specializes in working with businesses and preferably your type of business. If you are starting an entertainment company then you need an entertainment lawyer. If you will be patenting a product then you need someone who works with patents. Don’t assume because they are an attorney that they will be able to help with your needs. You need an attorney to review legal documents, advise on your business legal structure, and assist with succession planning. You should never sign a legal document without having your attorney review it. If the document was not designed to produce a favorable outcome for you, you are not entitled to bail on the agreement because you didn’t understand what you were signing. Knowledge is power. Also, if you need to have a legal document created. Search online for the basic document and have your attorney review it and make it compliant for your business. Attorneys also charge per hour and you would be amazed at how many hours it can take them to create a document versus reviewing it.
  4. Banker/financial advisor: Many banks have financial advisers on staff while some people choose to have a financial advisor not employed by their bank. Regardless which option you choose, you need a banker and a financial advisor. It is imperative that you have a good relationship with your banker. You should inquire whether they provide SBA financing, in case you need a SBA loan now or in the future. You should also be aware of the business banking services that they provide so that you can make sure your money is working as hard as you are. Your financial advisor can help you create a benefit package for yourself and/or for your employees. Not all benefit packages require employer contributions. A financial advisor can help you plan for the future of your business and it’s finances.
  5. Marketing/ public relations: This is one of the most overlooked team members because everyone assumes that they can do it themselves. However, the success of your business is largely dependant on the image of your company. You can have a great product or service but if no one knows about it then you are not going to be in business very long. So, the money you may be saving will not go as far as it would if you invested it in promoting your business which would result in more clients which would result in more revenue. Funny how that works. You have to spend money to make money. A marketing professional can help you design professional collateral (business cards, logos, brochures, newspaper and magazine ads, etc) as well as help you create strategies to get publicity for your business (press releases, events, etc). I will not shop with businesses that will not invest in their image. I find it pointless to make an investment in your business, if you are not committed to doing the same.

You need these people on your team! Start the new year off on a great start, stop fighting it and start searching. Don’t hire the first person that you meet with, no matter how impressed you are with them. Interview at least three professionals for each position, compare their rates and what you will receive in return. If you still are not satisfied, keep looking. These are not people who you want to replace each year. They are positions that want to be a staple of your company for years. They will have access to confidential information about your company and will be the people who you will rely on to guide the growth of your company. As you grow, you may even want to consider bringing everyone together once a year to ensure that everyone is on the same page with the advice that you are being given.

Did I miss anyone?  Is there a professional on your (business) dream team that I forgot?

Posted in Business Dollars and Sense and tagged , , , , , , , , , , , , , , , , , , , , , , , ,
09 Dec 2009
1 Comment

It’s all about… Catrice

Catrice M. Jackson, CEO of Catriceology Enterprises LLC

I didn’t imagine myself writing about anyone that I had not ever met in person but Catrice Jackson and I are Facebook friends and it is hard not to admire someone who uses “delicious” analogies to describe life.  She professes to be a Master Chef at Catrice’s Culinary Institute which was a bit overwhelming to see listed among her many titles.  I thought, “You mean this dynamic diva does all of this and is a professional cook.”  However,  I was relieved to learn that she is the master of helping women whip up an irresistably delicious life. 

Catrice is the type of woman who I aspire to become.  She is a motivational speaker, published author and social networking guru.  All three of those are titles that I hope will one day be used to described me and I am proud to have someone like Catrice to show me that it is possible and to provide a road map to the type of success that I want to achieve.  I hear people say that I do too much or that it isn’t possible to have it all but Catrice is a shining star, blazing the trail and shining the light toward what is possible.

Many entrepreneurs work day and night to brand themselves and I consider Catrice a success.  No matter which of her sites you visit, her message is clear and concise.  Check out the following links to learn all about Catriceology and living a delicious life (those chocolate covered strawberries make my mouth water):

  • Speaker! Catrice M. Jackson: This is the main site for Catriceology Enterprises LLC.  Not only will you find detailed information about Catrice and the services that she offers but you can also request her for speaking engagements and purchase her books here.
  • Twitter: Get Catriceology in your Twitter stream throughout 2010 to help you live a delicious life
  • Become a fan of Catriceology on Facebook and you will be pleasantly surprised by all of her deliciously inspiring quotes to keep you motived, inspired and on track

I am sure there are a million more things that I can say about Catrice, but I think you need to check her out and let her help you live a delicious life.  Don’t forget to come back next week, it could be all about YOU!!

Posted in It's all about... and tagged , , , , , , , , , ,

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