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Essentials for Building Your Network

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Networking (both on-line and in-person) is critical to your ability to attract new clients, partners and business opportunities.

Because networking is so important to your accelerated success, we’ve written a series of articles to help you network in an authentic way that is true to your personality, business objectives and life goals.

Let’s get started with an article about building your network.

Essentials for Building Your network

It is not just what you know, but also who you know. As such, a strong network of potential clients and referrals is essential to your accelerated success.

Networking is not just about making small talk at cocktail parties, it is about staying in contact with the people you meet. There are lots of creative and enjoyable ways to connect with fellow professionals and different people in your community. Our goal with this article is to simply expand your perspective to encompass a multi-faceted approach to networking.

Network with Colleagues: The obvious starting place for networking is with your colleagues. Why? Because, colleagues can provide fantastic information about upcoming events, educational opportunities and new clients.

Building solid relationships with your colleagues can result in a fantastic source of referrals for new clients as well great strategic partnerships when you need to refer clients to trusted professionals. As your service business really takes off, you may find yourself with more clients you can handle. Being able to make quality referrals helps to establish your position as a “center of influence” and key “go to” person in your market. When you take time to develop strong relationships with your colleagues, you will reap the benefits in a multitude of ways for many years to come.

Network with Others in Complimentary Industries: Look for opportunities to network with people in different, but complimentary industries. A focus on this aspect of networking will help to widen your “sphere of influence” considerably. Expanding your horizons in this manner will also facilitate a whole new world of business opportunities and referrals. People who are in related industries are an excellent source for giving and receiving referrals.

For example, if you are an attorney and your area of practice is real estate, make time to develop relationships with real estate agents and mortgage brokers. Many buyers often hire attorneys on the recommendation of their brokers or agents.

Networking with Others in Civic Industries: Join different organizations – civic, trade, and professional. This is a great way to start the process of building relationships in a congenial and social atmosphere with people in industries completely different from your industry. Consider joining the Chamber of Commerce and organizations geared specifically towards women and minorities (if appropriate). Get to know lots of people in lots of different industries. The more people who know about you, the more business opportunities you will encounter.

Have FUN!! ~ Make sure to incorporate fun into your networking activities. Consider joining hobby clubs centered around activities you enjoy. There are meet-up groups for just about every hobby under the sun. Check out Meet-Up.com for more information about such clubs. You never know who might turn into a potential client – and you’ll have fun and make friends in the process of building relationships.

We would to know what what you think about this article! Feel free to leave a comment!

Always ~ Live with Passion!

Coach T.C.

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Teambuilding Success - 7 Steps to Energized Loyalty

Teams are a critical component of accelerated success in business. You simply cannot do everything yourself if you want to enjoy a business that fulfills and inspires you.

Successful entrepreneurs will tell you that without a team, accelerated success in business is merely a notion.

Here are a few steps to get you started on the path to building a responsive and loyal virtual or in-person team -

  1. Lose your ego when building your team. It’s about your business and establishing clear expectations -and not just your personal desires. Set clear business/personal values and build your team from the values.
  2. Reward good team members often and well. Good help really is hard to find …
  3. Be “hands-on” and engaged in the completion of projects and tasks; however, pay close attention to how much being “hands-on” affects your team’s ability to take ownership of projects and work effectively. It is important that you find the right balance between being “hands-on” and “micro-management”. Avoid becoming a micro-manager. Systems and processes are what lead to accelerated success - not micro-management. Click below to keep reading …

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Small Business Finance 101 - Answers to Your Money Questions

Today’s blog post is a special treat! I am pleased to bring you a powerful interview about small business finances from my good friend, Stephanie Pickens Britton aka Ms. Money Savvy.

Thanks, Ms. Money Savvy, for spending time with us and for your very generous offer at the end of this interview. I encourage you all to visit Ms. Money Savvy for more tips about how to keep your business finances in order.

Enjoy the interview!

Coach TC

PS - If you haven’t already, make sure to sign up for our brand new eNewletter InspireYourBest! for bi-weekly tips to accelerate your business success!

Check out our first issue HERE.

* * * * * * * * * * * *

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Coach TC: What’s your definition of a financially “successful/healthy” business?

Ms. Money Savvy: A financially healthy business is one that has sufficient financial resources (able to meet all financial obligations), has a healthy cash flow, controlled spending and the ability to collect money owed.

____

Coach TC: I work with lots of clients who what to know what they should do first. What are the first 3 things new business owners should do regarding finances?

Ms. Money Savvy: The first thing a new business owner should do is determine which type of business entity is best for their business. For someone selling a simple product, a sole proprietorship may suffice. If you’re offering services, you may want to consider a limited liability corporation (LLC). This limits your personal liability. For more complex businesses, an S-corp or C-corp may be in order.

The second step should be to create and maintain total separation of your personal and business finances. This means getting a business checking account and a business credit card, if necessary. This protects you as an individual as well as ensures that there are no questions as to eligibility of business expenses/deductions when it’s tax-time.

The third, and possibly most important, step is to make sure you’re properly insured. You want to be sure to protect both your business and yourself. This may be errors and omissions (E&O) insurance for your business and umbrella insurance for yourself as an individual.

__________

Coach TC: Bookkeeping is another concern that comes up often. What should small business owners know about bookkeeping?

Ms. Money Savvy: The type of business you have will determine how complex your bookkeeping is. For some, a simple ledger system may be sufficient. However, if you have numerous suppliers and/or invoices to keep track of, you may want to consider financial software. There are many good software program s out there such as QuickBooks and Peachtree Accounting. If you have payroll or other tax issues (such as issuing 1099s), you may want to retain the services of a financial professional.

__________

Coach TC: What should small business owners know about profit & loss statements and cash flow?

Ms. Money Savvy: Cash flow is one of the most important things in small business. You do not want to be in a situation where you can’t pay suppliers or employees. Profit and loss statements, as well as balance sheets, give you insight into the health of your business and can highlight areas that may need improvement. If you use financial software, these reports can often be generated with little effort.

_____________

Coach TC: Tell me more about your blog Ms. Money Savvy and how it can support small business owners.

Ms. Money Savvy: While Ms. Money Savvy is a personal finance blog, personal finance applies to business owners as well. I try to discuss issues that are relevant to a wide variety of people. Just recently I posted a list of retirement plans for small business owners. While some financial issues are applicable to all, business owners have a unique set of circumstances. Unfortunately, there are not as many sites or resources to address these issues. Therefore, I make an effort to do that on my blog.

If someone has a question about something that I have not addressed, I am more than happy to do some research and answer that question.

__________

Coach TC: That is fantastic. Thanks, Ms. Money Savvy for your generous offer. Do you provide any direct consulting and/or financial planning services?

Ms. Money Savvy: I do provide consulting and financial planning services on both an individual and small business level. For more information, you can view my website www.s2fc.com

_____________

Coach TC: Many thanks for your time today and for being so generous in sharing information. I’d like to encourage all of our readers to check out Ms. Money Savvy for more great tips on how to managing your business finances for accelerated success.

Ms. Money Savvy: Coach TC, thank you so much inviting me to share a bit of savvy money tips with your readers. I would love to make myself available, free of charge, to answer any questions they may have as it relates to this post. Thank you again.

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