Instinctive Decisions

A few years ago I met a woman entrepreneur who was on her way to making a million dollar in sales. By all accounts, she appeared as a successful businesswomen to the community. Little did anyone know she had created and failed with two other companies.

Through numerous conversations with this woman, I discovered she felt the success of the third enterprise rested on the lessons she learned from the failures of the first two. She also admitted creating a highly successful business was because she was truly ready and prepared to achieve victory as an entrepreneur. The quote “Adversity is so much a part of business that it just might be the key ingredient to success,” rings true in this example.

As women we have an instinct of knowing when we are ready for personal changes like getting married, having children, moving away from home and leaving behind poor relationships. We might not realize we have the same instinct when it comes to business transitions. The number of years running a company,fluctuating sales figures, changing economic times or our personal maturity as an entrepreneur can cause an instinctive desire to embrace transformation if we just pay attention to the voice inside.

When we are confused about the next step in our entrepreneurial venture, we need to dedicate time to hearing the instinctive message resonating within. Our instinct combined with facts, figures and a plan can lead us in a new corporate direction. Any angst we sense, and any adversity in the way, can be exactly what we need to finally more forward and create the success we really desire.

Today’s blog is to suggest you find time this week to focus on what your instincts are telling you. Flush them out. Focus on what they mean. Determine what you want to do with this new knowledge and then take some risks towards moving in a new direction.

A quote that has always helped me in times of decision has been, “If I don’t try, I won’t fail; and if I fail I’ll just get up and try again.” It has served me well during adverse times; I hope it does the same for you.

Business Forecasting

When you live in a lake effect snow zone, you understand how the wind’s direction and velocity can produce a range of snowy outcomes. A subtle wind over the warm waters of Lake Ontario can produce a small two inch accumulation of powdery precipitation on the lawn or two feet of treacherous sludge on the highway. All the variables which produce lake effect snow – wind direction, lake temperature and air temperature – determine slight or significant changes to our weather forecast.

So what do you think determines slight or significant changes to our business forecast? Is it the condition of the local economy? Policies created by the government? Basic economic supply and demand principals? Our own mindset?

Each New Year entrepreneurs discuss setting new goals and plans. But maybe this year, we should take a hint from the Weather Channel and start by forecasting what we expect to see. If you’ve been in business longer than 3 years, you should have a good idea of your sales and revenue cycles, your competition and your niche in the market. How can you use what you’ve seen in the past to predict, plan and forecast for this year?

Part of the process isn’t only reviewing statistics, but evaluating your mindset. Are you ready to transform yourself from a timid entrepreneur to a bolder one? Do you find yourself eager to gain financing or staff support to finally climb to the next level? Are you ready to be a manager and leader to take your business one step higher?

Today’s inspirational blog is meant to encourage you to consider the role your past and current mindset has in influencing the risks you take, situations you avoid, and growth you are scared of facing. If you are ready, like I am, to take the next big step and making 2012 a transformational year for your company, join me in Syracuse and Ithaca in January for our first programs of the year. Let’s have a new discussion about what we really want to do to move upward or outward with our companies. Let’s commit to some big goals together.

We might not be able to predict lake effect snow totals like the experts but we can predict a year of growth for ourselves and our businesses. Let’s make some forecasts to take our companies to the next level in 2012. As you enjoy the fresh falling snow outside your window today, remind yourself to start forecasting a brilliant transformational new business year.

Taking the Plunge

How long have you been waiting to take the plunge?  And I don’t mean the plunge off a diving board of a crystal blue pool at a seaside resort.  I mean the plunge of taking a big, new entrepreneurial risk?

For some entrepreneurs nerve-racking risk is created when they think about accepting a public speaking opportunity, borrowing money for expansion, or adding a new product. As seen in an old time cartoon, the decision to take a risk can be worsened when an angel appears on our right shoulder and the devil appears on our left shoulder whispering the pros and cons of each decision in our ears.

Instead of depending on heavenly or devilish advice to help with decision making, I’ve used the following three factors to guide me:

• The length of time the decision has been brewing

Sometimes the concept has been bubbling and resurfacing for years. Significant developments in my business have always taken one to three years to come to fruition. The new concept presents itself internally at first, but outside factors such as meeting the right people, having more money, seeing a demand in the marketplace or learning new information ultimately prompts final action.  

• The reasons and people to support the decision

I’ve heard goal setting experts say the “why” and the “who” of setting new goals and taking big risks are integral to success or failure.  The reason (or the “why”) behind taking a new business risk is the most important part of setting and achieving the goal. When the “why” is understood, it’s imperative to have the right people (or the “who”) to support the entrepreneur and concept.

• The downside to not making the decision

Many times I have taken a risk because I didn’t want to live with regret. I refused to let fear replace hope especially if I had the “why” and “who” in place.  So asking the question, “What will happen if I don’t take the risk now,” usually provides the answer.

So take the plunge after considering these factors. The decision might be so perfect you end up celebrating your success a year from now by jumping into a crystal clear blue pool at the seaside resort of your dreams.  

Rememberance

Anticipation is by definition the feeling of looking forward, usually excitedly or eagerly, to something that is going to happen. For many of us, the anticipation of being with family and friends this weekend and next makes us keenly aware of the joy that awaits us based on wonderful, warm memories from past holidays.

The ability to reminisce is a gift. As women entrepreneurs we should not only reminisce about personal relationships but professional bonds as well. Our entrepreneurial lives are full of a variety of affiliations – long time business friends, new acquaintances, valuable repeat customers and important new prospects. Each one has worth.

I hope you take a half hour sometime in the next few days to think about the relationships that have meant the most to you this year. There is still time to pick up the phone, drop an email message or send a card to those who have contributed to your joy, business success and bank account.

I also hope you take time to remember what you have accomplished this year. In the rush of ending another business year, we can forget to stop and savor our accomplishments. Take ten minutes to jot down the most important business moments that bubble up in your spirit. Write them down. Remember them. Be appreciative for all the hard work and energy you put into your professional life in 2011. It counts.

Today’s blog is to thank you for being an important part of my professional life this year. My personal mission is to help as many women entrepreneurs as I can be more financially successful because of their affiliation with Women TIES. I am excited for a transformational year ahead for every woman in our growing network. I hope you join me in two new networking regions, at four quarterly new innovative programs, and in January in Syracuse with an important mind changing program to set you on the right course for 2012.

Until then, I wish you sweet and blissful moments of remembrance and an eagerness and anticipation for a brighter and more financially successful New Year. Together we can create a brighter future for ourselves and our sister entrepreneurs across New York State.

Change and Risk

Holiday music was playing in the background at a beautiful, free civic symphony concert given by a shopping center in North Syracuse. I was drawn to the event because a woman entrepreneur I knew had opened up a second café in the center and wanted to show me her new venue.

In the midst of symphonic tunes, this woman told me about her six year struggle to keep her business afloat. The quaint venue she had, which was home to her restaurant, boutique and catering business, simply didn’t attract the clientele she needed to be profitable. Every year she contemplated closing the business and giving up on her dream.

The week she finally decided she would make the heart wrenching decision to close up shop, a woman who found the café through our business directory, approached her about opening up a larger, second café in their expanding center. After inspecting the space, which was double the size of her current café, with an affordable rental fee and automatic higher traffic pattern, she seized the opportunity. Proudly she told me she was making monthly profits since making the decision. I’m not sure which was more joyful – her smile or the music playing behind us.

If you have been struggling with making a profit, take some advice from this story. Women start companies to make money and create a financial income and future for themselves. We don’t intend our businesses to be hobbies where we dedicate time to something we love without generating revenue.

Today’s blog entry  is to encourage you to think about whether or not you need to do something different to earn more of a profit in your business - especially if you have been struggling with making a profit for three to five years. You owe it to yourself to make some changes and those changes might involve larger risks.

Second, trust your instinct. Pay close attention to why you believe your business is not doing well. Is it location? Is it pricing? Is it a saturated marketplace? Is it your sales approach? Empty your gut instincts onto a piece of paper and then research the hard, cold facts of your business to see if your instincts are valid. Third, if you want to make your company profitable, seek counsel from a business advisor, revise your business plan and take the extra risks you need.

If you find yourself on the precipice of giving up, think of these two women who lived out the Women TIES mission by taking risks and working together collaboratively to produce a brighter revenue future for both companies. By making the right decision today, you can lead yourself to a more joyful and rich new entrepreneurial year.

Risk Taking

At the October Women TIES Annual Retreat, Amy Dickinson, the nationally syndicated advice columnist of “Ask Amy” which is read by an estimated 22 million readers daily and appears in more than 150 newspapers nationwide including the Chicago Tribune, the Los Angeles Times, and the Washington Post, inspired women to not be afraid to ask for what they want. She said, “I have discovered 3 out of 10 requests I ask for are usually granted. Knowing the percentage of success helps me plan for the outcome whether it’s positive or negative and inspires me to ask big.”

Her statement was one of a handful of profound statements that resonated with me that day.  With confidence in my Wednesday Wisdom writing, I approached Amy shortly after the Retreat to be the business advice contributor for her new national blog “Ask Amy Daily” debuting in December.  For six years I have written columns, like this one today, to inspire women entrepreneurs all over New York. The positive reaction to my editorials is something I thought could lead to something bigger someday. 

That ‘someday’ was Monday, when Amy Dickinson’s new blog “Ask Amy Daily: An All Advice Portal” launched with a blog section entitled “Entrepreneurial Spirit” written by yours truly.  At least once a week I’ll post an original business lesson and advice piece. My goal is to not only inspire more women across the country and internationally, but to increase the awareness of the Women TIES organization in hopes of drawing more consumers to the website to buy from our members.

Today’s blog is to inspire you with Amy Dickinson’s advice to make 10 requests this week, whether they are sales phone calls, new client appointments, national writing opportunities or speaking engagements to increase your chances for success. Remember you might only receive 3 out of 10 things you ask for; but consider how those 3 positive requests can positively set your business in a new direction.

Once you are done making your 10 requests, check out Amy’s new blog www.askamydaily.com and look for my column “Entrepreneurial Spirit”. I hope you bookmark it, share it with others, and read it on any other day than Wednesday because you’ll always have my personal Wednesday Wisdoms to inspire you.

Reputation Management

Everywhere you turn these days there seems to be universities, politicians and individuals defending themselves in the media.  Every day there is an update on ESPN, MSN and local media on new allegations facing college sports programs, coaches and presidential candidates.  The media’s 24 hour firestorm demands substantial PR efforts by the accused parties.

In my early 20’s I was an administrative assistant in a non-profit organization. Only two months into the position, the president of the organization realized the bookkeeper had made gross errors leading to a financial crisis.  The swift action by my boss to fire the staff member, meet with her board members to clarify the situation, and hire outside accountants to rectify the problem still resonates with me.  As leader of the organization she handled the situation head on with direct communication and a plan.

As women entrepreneurs we don’t expect to face major PR problems or devastating personnel issues seen in today’s news.  Most of us weren’t trained in communications, law or human resource management. But being prepared for a major PR issue is a good idea.  Someday we might face a disgruntled employee, an angry client or a major workplace issue that becomes more public than we ever anticipated.  How we handle that issue could make or break our reputation and our business.

Today’s blog entry is to make you think about how you would handle a major PR crisis within your organization.  Consider whether you need to create a list of individuals you might reach out to in a crisis such as an attorney, public relations firm, board members or other trusted advisors for guidance. If you have employees, you might want to review your policies, contracts and disciplinary procedures. No one ever intends to be faced with an unexpected crisis but being prepared and having a plan is smart especially in today’s world.

A Thanksgiving Message

The “First Thanksgiving” was celebrated by early Americans to thank God for guiding them safely to the New World. The first feast lasted three days, providing enough food for 13 pilgrims and 90 Indians. Then in 1863, President Abraham Lincoln proclaimed a national day of Thanksgiving which has become a popular holiday in the United States.

Everyone has a holiday they enjoy the most. I personally love Thanksgiving for a number of reasons. With a college age son, the holiday means more because our family is reunited. His presence in the house makes me feel complete. With most of my extended family living outside of New York, it provides a chance to have other loved ones at our table. As a special event planner, it gives me the chance to create, cook and serve a delicious meal on a table adorned with my grandparent’s china and pink roses.

As a woman entrepreneur, it gives me an opportunity to be grateful for my work and the amazing women I represent, see and promote throughout the year. Just like Thanksgiving, event days are my favorite days because different women in various regions around the state gather around tables to share lessons with others. Just like at my own dining room table, the conversation is warm, inviting and supportive.

Today’s blog is to thank all the women who have been part of Women TIES this year. Whether you read our blog, attended an event or have been a member for a month or six years, your presence in this organization is something I appreciate. I hope you take time to thank the clients, vendors, staff and supportive women who have helped you and your business this year.

From my home to yours, I wish you a beautiful holiday. You will be remembered as I sit down and count my blessings. Thank you for living out the Women TIES mission and believing in the buying and selling power of women.

More Cooks Needed in the Kitchen

The aroma in the kitchen, the quaint lighting and the welcoming personalities of the business owners, make a three year old restaurant popular. Every day their original menu of the best tasting food feeds hundreds. The inviting ambiance coupled with the delicious menu makes their clientele feel like they are home.

 The problem this business faces is not the quality of food or quantity of customers, it is the burned out souls of the owners. Technically they perform their duties well; making the best fare, setting the right mood and keeping clients content. But they aren’t content. They are simply exhausted. From the outside view they have a successful business but internally they are failing.

The owners love their company so much, they don’t want to share the duties of cooking the food or even cleaning the dishes with anyone else. They are hard workers. They also want to keep all the profits to reinvest in the business. They don’t understand how important it is to hire staff to continue the success of the restaurant. 

Entrepreneurs who build their companies around their technical talents alone will face this same situtation. When the three year mark hits and there is a higher demand for their products or services, they will stall too. What they worked so hard for begins to falter because they never built the business with a growth plan. 

Today you can’t achieve your highest entrepreneurial growth goals alone. It’s not possible. Consider whether you are limiting the growth of your company because you are still too involved with the technical side of your business. The saying, “Too many cooks in the kitchen” can actually be good for women entrepreneurs. We all need more chefs in the kitchen so we can gather more customers at the table, market the menu and add innovative touches to our original concept.

 I hope this Thanksgiving holiday you let someone else do the cooking so you can test your leadership skills. See what it feels like to have someone else do the work and then try it in your own business after the holidays are over. I wish you a meaningful Thanksgiving.

Roots and Wings

On the walls of my exercise room are motivational posters with inspirational quotes. One of the posters is a photo of two parents and two sons standing on a mountain holding hands. The quote reads “Direction: There are two important gifts we give our children, one of these are roots and the other is wings.” Having watched my youngest son, drive off with his license last week ending my treasured time of being his chauffeur that particular statement resonated in my heart. It was time to let him go, time to let him fly. It was one of those happy/sad moments a parent experiences.

As I ran this morning looking at the poster I realized the “Direction” quote has meaning for women entrepreneurs. In order to constantly direct our businesses and ourselves as leaders to higher levels of success, we must be rooted in our past successes but willing to fly to take new chances.  When we stand on the precipice of an “entrepreneurial mountain” we’ve just climbed, we must bask in the accomplishment. But sooner than later, we have to find another mountain to climb. We can’t stay on top forever. We have to tackle another milestone.

Safe feels good. Safe feels comfortable. Safe feels familiar. Jumping off a mountain, setting a new bold goal, and even watching your son drive off in a car for the first time, is unsettling. But with the unsettled feeling comes excitement. Nothing can stay the same forever -no matter how much we want it to. We are challenged in life and in business to move forward. So we have the choice to move forward in fear or to move forward with confidence – or maybe a combination of both. But we have to keep trusting that our roots and our wings will take us to new levels.

Today’s blog is to nudge you to jump off the mountain you’ve been standing on too long. If you recently accomplished a major business feat, root the achievement in your memory and relish the moment. If you have been sitting on the mountain for awhile enjoying the view, it’s time to take off to a new vista. If you’ve just started a rigorous new climb, keep going. You’ll get there.

Go forth today with the knowledge it’s much more fun climbing to new heights than it is to sit on top forever. Life is all about change. Direct yourself and go forth with both roots and wings.