Pitfalls Women Business Owners Fall Into Face Forward: Great Tips for Men, Too!

1. Expecting e-mail to build a relationship. Want to really wow someone? I don’t care how big or small your company is it’s essential that you do this one thing like your life depends on it: write personal notes. Not an e-mail, not a typed letter.... a handwritten personal note, and do it within 24 hours of meeting someone, or talking on the phone. You’ll make a powerful impression in a world drunk on e-mail and text messages. 2. Neglecting your Rolodex. The ease of doing business is in direct proportion to the size of my Rolodex and the depth of my relationships. Do you want to grow your business? Call through your rolodex. Do you want to quantum leap your business? Expand your rolodex. Look for good people who you need in your sphere of influence. When I am given a business card, I treat it like gold. One huge lesson I learned from a master networker, was to keep a business card portfolio with me at all times containing the 50 or 60 people I loved referring business to. Referring people is a great way to grow your business! 3. Failing to pro-actively refer people. As strongly as I feel about writing personal notes, this is a close second on the success scale. Get in the habit of referring people powerfully. When I meet new people I genuinely think about the people in my network, who would be a good fit for them and make a warm introduction. No “here’s a card, call these guys.” Rather, I take the time to personally connect them. In my early 20’s I heard Zig Ziglar give a presentation and declare, “To get what you want in life, help someone else get what they want.” I remember thinking “What? That’s crazy. I don’t have enough time to get me what I want; now I am supposed to help someone else?” Years later, the light bulb went off. Zig is right. The goodwill and positive energy you create from a great referral will always come back tenfold. 4. Forgetting to say “thank you”. Most of us do a pretty good job of thanking our customers, or at least we think we do, but do you ever thank your vendor partners? As a small business we rely heavily on the work of others to get the job done. One of the smartest things I ever did (and I had no idea the impact it had until recently) was give a gift certificate to Amazon.com to Craig, the owner of the computer tech company we work with. I knew that he loved to listen to books on CD, so we thought this was a great way to thank and acknowledge him for always serving us so well. Computers are one of the main arteries in our business so we view the guys who keep them running as vital members of our team. Over the years, Craig and I have become friends and he has helped me grow our company in untold ways. While talking one afternoon he reminded me of the gift certificate we gave him and in his words said “that’s when I realized you were people I really wanted to deepen the business relationship with. I am impressed with how well you say ‘thank you.’” I think the gift certificate cost us $50. The relationship to this day is priceless. 5. Treating your people poorly and expecting fabulous service. Want to grow your workforce exponentially overnight? Bend over backwards to get superior vendors on your team and make them feel like gold. Our vendor partners make us look good all day long. Why? Because we never beat them up on price, we do whatever we can to avoid the “ASAP” assignment, and we treat them like absolute peers. The miracles we have performed because our vendors rose to the occasion time and time again for us are countless. 6. Putting up with business as usual. Run for the hills if someone says ‘it’s just business.” This is the ultimate tip off that this person believes they can treat you poorly, pay you late, and expect the moon and the stars because “it’s business.” I have yet to hear those words inside a win-win relationship. 7. Deciding all banks are created equal. Most banks these days have both a consumer division and commercial division. I suggest business owners start building a releationship with the best darn business banker they can find for their company, today. Business (sometimes called commercial or specialty bankers) are worth their weight in gold. I met ours at a networking event just about two years before I needed her, and I told her so. Then the day came. One of our biggest dreams came to life: we made an offer on a commercial condo for our business, and we needed a loan. I called Charlie and I called the bank where I had been banking for 17 years. Charlie ran circles around the big boys. She made the deal happen when they could not. I was amazed. Get a banker on your team. Think about what’s in it for them - how they make money - and become a great customer. Start this today by getting over my next Pitfall. 8. Thinking OPM (Other People’s Money) isn’t for you. Get a line of credit set up now. It’s not a matter of if, but when you’ll need it. Banks don’t want to talk to you when things are tight. Having a healthy line of credit - as big as you can get - will be a blessing some day. In 2003, my thyroid went whacko, dramatically slowing my performance and my business suffered because of it. Looking back I realize that without a line of credit - Other Peoples Money - in place, we could have lost our company. 9. Believing all accountants do taxes. Through great pain and expense I finally learned that when it comes to taxes, most accountants report on the past and they have no idea how to create a strategy for the future. You have a family doctor, right? Would you go to them for heart surgery? Not on your life. Just like doctors, accountants specialize. Get yourself a tax expert AND a general accountant. You’ll be very happy you did. 10. Failing to budget everything. Savvy business owners see the financial responsibility of everything in their business. Phone, lights, life and health insurance, auto expenses, everything. Figure out how much you want to make and add it to your true overhead. And then figure out a plan to generate the revenue to cover all these costs. Sounds simple, but so many fail to do it. Understanding the costs of opening the doors everyday is critical to success. 11. Being the captain of the ship, without a map. Okay, so maybe there are 11 pitfalls and perhaps this one is the most important. You can flawlessly execute on everything I’ve just shared and more, and still not reach your goals. Being a leader without a plan is like speeding on a dark road without headlights. The surest way to get where you are going is to map out a course of milestones and landmarks, and plant yourself firmly at the helm. No one cares about your dreams more than you. Give yourself permission to dream very big for your business and immediately begin building a team to get you there. The road to successful business ownership is definitely not without obstacles and challenges. Do your best to recognize these pitfalls before they become pitfalls. It doesn’t guarantee you won’t hit a bump here or there, but it does provide some valuable insight into what to expect. After all, I had to learn some of these the hard way! But, those experiences helped me become a smarter and more successful businesswoman. My hope is that sharing them with you will help you do the same. 2008-05-04T06:25:45Z

2008-05-04T14:54:30Z

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pitfalls-women-business-owners-fall-into-face-forward-great-tips-for-men-too

2008-05-04T14:54:24Z

According to the Women’s Financial Network, women start businesses two times the rate of men. As a business owner for 12+ years, here are some lessons I’ve learned along the way.

Pitfalls Women Business Owners Fall Into Face Forward: Great Tips for Men, Too!

2009-02-24T09:44:14Z