Girl Power!!!

I was talking to a kindred spirit this week. We had just met and found out that we both grew up in very small towns raised by mothers who taught us that we could achieve anything we set out to do.  We discussed why we thought our mothers were able to send this message to us and what motivated them.  

My mother married as a teenager right after my dad came back from WWII.  We discussed how our mothers had very limited opportunities when they were coming of age.   My mother never had the chance to decide if she wanted to further her education, or what she wanted to be.  She became a wife and mother (and was amazing as a wife and is wonderful still as a mother) because her choices were limited.  She later worked outside the home and became very successful at her job.

She told me from a young age that marriage was an option that education was a keeper and that I could do anything I wanted to do.   So growing up I just thought everyone had the same opportunity and the ability to do anything they wanted.  It was in college and after that I saw so many people who didn’t feel the way I did.  They didn’t have a world of choices for them, or no one told them they could do anything they wanted. 

So, when we work with younger women just coming up in the business world I think it’s important that we nurture them and teach them that they can do anything they set out to do.  That we don’t limit their choices or encourage them to take the same path we took.  Girl power is a strong power and as women we must embrace that and spread it around.  

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Suzanne Cormier
Executive Director
BizWorks (Small Business Incubator)
Follow Suzanne Cormier on Facebook and
Twitter @BizWorksCenter

Flow Cash Flow

One of the biggest issues we see with small business owners is cash flow.  Cash flow is critical to anyone. It can mean the difference between paying yourself and your staff and having no money at the end of the month.  Cash flow is like water flowing over a dam.  There should be a certain amount flowing out and a certain amount held back each month.  

One of the things I tell people who have questions about their credit seems to be just common sense.  Don’t buy anything unless you know you can pay for it (especially if using credit cards) never spend over what you can pay off monthly on a credit card- in other words pay that balance off monthly.  When a bill comes in, pay it. If you wait, you might forget to pay it and then you will be charged late fees and it will ding your credit. 

These are simple steps that so many people just don’t follow. They get into credit card debt by spending too much on things they don’t need.  If you are using credit cards to run your business, then that is a whole other subject.  If you are running your business on credit cards you should make sure you have a detailed plan on your revenue and expenses.  This will help you figure out when you will actually be earning money and will be able to pay off the credit card debt.  Good or great credit doesn’t just happen; you have to plan for it.  Whether it’s personal or your business finances make a plan and a budget then stick to them. 

So many people who want to start a business have bad credit.  Loans are usually out of the question for them- at least form the traditional sources like banks.  If you are thinking about starting a business, get working on your credit score to improve it anyway you can.  It will make a big difference in helping you realize your dream of opening up your own business.  

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Suzanne Cormier
Executive Director
BizWorks (Small Business Incubator)
Follow Suzanne Cormier on Facebook and
Twitter @BizWorksCenter

...It's My Money

In these lean financial times a lot of people talk about cash flow.  It could be your personal cash flow or your business cash flow.  When we work with small business owners we sometimes see a need for help in the area of cash flow.  One issue we run into is the bank that the small business owner choses.  

We have recently seen one large, national bank hold on to checks for the 14 days or longer.  They have held these checks every time on some of our small business owners- causing them to rack up hundreds and in one case thousands of dollars in banking fees.  Be sure to talk with the bank and ask what their policy is and find out if they get to know the people who bank with them.

There are a lot of banks who cater to small business owners and will get to know their clients and work with them to make sure that a check clears if they need that money.  Find out who these banks are and don’t be afraid to take your money elsewhere.  Get to know a few of the people who work there. It can make a big difference.  

My husband and I have been banking with the same bank since we moved to Richmond and the employees there know us by name.  So when we need something handled, we always have someone there we know we can call.   It’s your money so don’t be held hostage by the bank.    

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Suzanne Cormier
Executive Director
BizWorks (Small Business Incubator)
Follow Suzanne Cormier on Facebook and
Twitter @BizWorksCenter

...The Bookkeeping Dilemma

Small business owners take on the role of bookkeeper in their business and that can sometimes result in bills never getting sent out to clients and their own bills not getting paid on time.  When a business owner takes on the role of paying bills, they have to be aware of the time it will take to input these bills and keep track of monthly revenue and expenses.  This can take up a lot more time than people imagine.  Because of that, it may be the last thing a business owner wants to do, hence it gets put off.  Which means the money doesn’t come in and it doesn’t go out.  Translation- soon there will BE NO business. 

So, if you are one of those business owners who thinks you can’t afford a bookkeeper think again.  A bookkeeper is someone you utilize on a monthly basis to handle the tasks of billing clients, bill paying, paying employees.  The CPA is used at least once a year to handle your taxes. 

If you are paying a good bookkeeper throughout the year to handle the monthly times, the things you send to the CPA will be a lot more organized and take up less time for your CPA who will charge you less.  

A good bookkeeper will pay for themselves in no time. They will free you up to do what you love to do and they will get it right.  Interview several and check references.  I can’t stress that enough. Make sure that they have happy clients and you just might become one!  

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Suzanne Cormier
Executive Director
BizWorks (Small Business Incubator)
Follow Suzanne Cormier on Facebook and
Twitter @BizWorksCenter

Take a nap

This blogger has decided that on this rainy day the best option is to take a nap.  If you are unclear on how she arrived at this logic please refer to her previous blog 

Happy Napping all and I'm sure that because of which you will all be rejuvenated for work tomorrow

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Suzanne Cormier
Executive Director
BizWorks (Small Business Incubator)
Follow Suzanne Cormier on Facebook and
Twitter @BizWorksCenter

Evaluating Your Time

If you’re one of those business owners that has a calendar full of meetings, networking events, client assignments, and sales calls, listen up.  When we overschedule ourselves, we sometimes just spin our wheels.  Just because you are busy, doesn’t mean you are productive.  We see this a lot with small business owners. They run at a very fast pace, from client to meeting, etc. but really don’t produce that much cash for their business.  So, how do you know if you are just spinning your wheels or are actually being productive?  Look at your bottom line.  Are you making money? Have you met the goals you (should have) set for the month? 

It’s easy to spend time on things that don’t bring in money or on things that we could pay others to do. I have written several blogs on this subject.   It’s important that you take your weekly or monthly goals and see how you will achieve them.  If you aren’t making enough money to pay all the bills, then you aren’t as productive as you could be. 

It’s critical that you evaluate your time critically.  What am I doing that really brings in money? Should  I pay someone a lot less than I charge to help me get things done?  Are there activities that just aren’t producing the connections I need?  Look at all the time you spend networking and evaluate each of those activities to see what you really received from the time you have put into them.  It may be time to rearrange some of the time suckers in your life for more productive activities.  Only you will know for sure.  But only you will know if you take the time to look.  

Suzanne Cormier
Executive Director
BizWorks (Small Business Incubator)
Follow Suzanne Cormier on Facebook and
Twitter @BizWorksCenter

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