Business Support

3 Simple Tips to Improve Your Financial Situation in Your Business, Fast!

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Hello Leaders,

In order to operate a successful business you must stay on top of your financial affairs  daily.  If you make it a priority to do something concerning your finances as a scheduled task every working day, you can rest easy knowing you are doing all you can to keep your finances in order and ultimately your company successful.

If you are not generating more income on a monthly basis or your Income and Expense statement is not improving monthly then you may be in trouble in your business sooner than you think.  Every year the cost of living goes up, by approximately 2- 3 percent or so in Canada (Inflation).  If you have increased your profits by 3 percent or less in one year, you may be losing money year over year.

Below are three simple tips you can use to get a handle on your finances, fast!  

1. Sell more products and/or services -simply increase the number of units you sell for each product and/or service you offer – cut the ones that are not selling.  Spend some time developing marketing strategies around increasing your sales.  Ask for ideas from your staff, friends, or family.  Reach out to other business owners and see how you may be able to get their support.  In other posts I will cover more fully some ideas on increasing your sales effectively. 
2. Increase your price – yes, even in hard times companies will increase their prices in order to cover their expenses.  Business owners struggle, more often than not, with price because if you put your price too high people may not buy it and if you put your price too low people may not see the value.  Many times the higher the price the more you will sell because the market will perceive good value based on your price point.  If your products are not selling well, test as few price points to see which one works better.   Keep in mind the lower you price your products, the more units you will need to sell to break even. 
3. Cut your monthly expenses – find ways to cut your bottom line.  Tightening your budget when it comes to expenses is always a good thing to look at especially in economic uncertainty.  Frivolous spending can really affect your profits monthly.   A tip that may help you with this is,  if you are going to make a larger purchase be sure to take time to think about how you can get this for the best deal, buy it second hand, lease it, or simply decide if you can do without for now and find another way to work without it.  Getting staff involved in cutting expenses really helps, especially if they know how spending this affects the company and ultimately their paycheque.

 Sounds simple enough, yet sometimes it is not that easy to do when you are faced with an economic shortfall.  Try one!

Have you ever heard the old saying, “When the going gets tough, the tough get going”?  Economic hard times will force companies to tighten up on all their internal and external expenses, re-evaluate their products and services and maybe even increase their prices.  Why not try one of these strategies today?

Till next time,

Judy Michaud

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Looking for Articles and Stories – We need your help!

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Hello Leaders,

I wrote previously in my last blog post that as a business owner you will find out of necessity you must learn all you can about many different topics.

We know how hard it is to understand Finances, Accounting, Marketing, HR, Operations, Technology, and more, yet still have time for proper consultation with everyone supporting your business.

We want to help business owners find the resources they are looking for, tap into valuable information, read inspiring stories of success,  and get information they need to be very successful in their business.  This is a tall order, yet with your help we can make a difference in many owners lives.

We are looking for articles, and stories that will inspire, teach and give owners that leg up in this economic market that can be so turbulent. 

Are you a writer or simply a business owner who wants to give back to their community by sharing a technique or success stories others can learn from and use for their own business or industry.

We WANT to hear from you!  If you care – share.

Email us at info@teambuildingtbg.com today with your idea or information and someone will contact you to discuss submission of your article or story.

Together we can all help each other, one story at a time.

Judy Michaud

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Small Business Owners – Jack of All Traits!

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Hello,

As a small business owner you will find, out of necessity, you must learn all you can about many different topics.

Business concepts you will need to get some very basic understanding in are:

• Finances and Accounting
• Marketing andPromotions
• Human Resource Management
• Operations
• Leadership and Teambuilding
• Technology in your business
• Communication and Consultation

As a business person you could make a career out of each one of the above topics.

Learning as much as you can in each of these topics will only make you a better leader.  You can hire people to support your business that specialize in any of the above however, as the owner you still need to understand the basics.

An example of basics might be what is a Sales Forecast and what can I use this for?  Why do I need a cashflow statement?  What can I learn from a cashflow statement?  What does the business Income Statement reveal?  What forms should I have for the basics of Human Resource Management?  What is the difference between a Marketing Plan and Advertising?  What is branding? 

In the next few blogs I will begin to write on some of these basic questions owners really want to understand.  In order for me to offer what you are looking for please take less than 1 minute of your time to answer these two short questions on this link.  

Looking forward to sharing in the next few blogs,

Judy Michaud

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Haiti Support – Informed Charitible Giving Website

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Dear Leaders,

It is with a very heavy heart that I write this post.  My heart and prayers go out to the Haitian people, their families and all the support people who are going to their aid.  This earthquake and disaster already shows how we are all so connected as Human beings on earth and when one of our countries are truly in need we all come together in the biggest community we all have – Earth.

Can you imagine, no police force, no ambulances, no supplies, no water, no food, no clothing, no home, and the list goes on and on.  Most of the world can give thanks for what they have in this world.  It is amazing, yet not suprising, to me how Countries from all over the world have immediately come to the aid of  the Haitian people.

The people who go into these places that are now rubble and concrete face dangerous situations to save others and bring relief.  They put themselves at risk each time they do, they are truly heros and leaders. 

As leaders give what you can, support what you can and most of all pray.  We knew, as a family we wanted to help but we didn’t know which charity, or charities, would put our donation to the best use.  Fortunately thanks to my many emails daily I was recommended a site to look at that can help us make a better informed choice.  This site has some great information on what to do, and what not to do when thinking of supporting Haiti.

The site is called “Charity Navigator” and it provides an overview of  10 charities and lists other charities providing relief.  They recommend to people not to choose a charity at this time that is newly-formed .  Their recommendation is to give to an established charity that has previously worked in Haiti.

So for more “unbiased” information on which charity to choose check out Charity Naigator at:

http://www.charitynavigator.org/index.cfm?bay=content.view&cpid=1004

 Big goals are established by taking small steps.  So if each and every person decides to support in any way they can we can make a significant difference.   This disaster will change our world, bringing people together as one very large family. 

Blogging for Haiti support,

Judy Michaud

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Business writing in 2010 for the busy Leaders!

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Happy New Year,

Do you think, as a Leader, you can be a Doctor, without going to school?

Can everyone write good Business Plans, Marketing Plans, Proposals, and Letters?  No! 

Leave it to the experts!  Some leaders feel they can write their own business correspondence and then wander why their sales are not increasing or they cannot achieve the level of  financing they require for their business.  These are just a few examples of why it’s important to write good copy.  They may be a great Carpenter, Welder, Hairstylist, Lawyer, even CEO but  that does not mean they understand business writing.

It takes education and training to learn to put together a good written business document that makes sense.  One of the practices I’m going to do this year is, do what I do best, and leave the things I don’t understand to the experts in their field. 

As a business owner I am guilty of trying to do it all.  Especially running small business, many owners feel they need to do everything because they simply cannot afford to hire help for all their needs in business.

Why not barter, bargain, trade, or set up joint ventures or strategic partnerships.  In my next few posts we will discuss a few options to find expert help for your business that will meet your budgetary needs. 

When I was speaking recently with a business professional he made me really think about my business.  What do I do best!  My business is about the value I can provide.  It is about individual attention to my clients; providing my very best products and services.  No matter how big or small your Company is, it is important to put your best forward.  As leaders it is your responsibility to ensure this happens;  Quality all the way!

Putting quality products and services on the market takes time and effort.  Your reputation of delivering what you offer, with exceptional quality is so important.  No matter what you offer, when you say you will do something, do more than you said you would.  Provide over the top, exceptional service.

If you are looking for support with your business plans, marketing plans or other written products drop us an email at info@teambuildingtbg.com.  Specializing in supporting Aboriginal Business Owners in Canada howver, no matter where you live we will give you some support or help you find the answers you are looking for.  Let us help you with all your written requirements!

Writing for those busy Leaders,

Judy Michaud

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7 Tips To Ensure Your Next Meeting Is A Successful One!

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For all the Leaders who have ever attended a meeting where:

•  no one seems to be in charge,
• there is no agenda,
• no one is keeping track of what is being said,
• people are talking over each other,
• some people are arguing and no one seems to care,
• nothing is getting done

 Did you wander what you even showed up for?

If you are a leader of a team or a director on a board or involved in any way with planning meetings, it is important to prepare in advance.

If everyone knows how to put on a good meeting then why are there so many bad ones?

Learning some simple tips can make you look professional at your meeting and give you peace of mind for future meetings.

 Follow these 7 tips to ensure successful meetings every time.

Tip number One – Be clear on what you are meeting about.  Don’t just plan a meeting because you need to have a meeting.  Plan a meeting because you have items that you want to accomplish.  Spend a bit of time calling or emailing board members and ask what they would like to have on the agenda.  Many times you will fill your agenda by getting the input you need from your team.

 As a leader, ask yourself,   “What is my vision for this meeting? What would I like to accomplish at this meeting?”

Tip number Two – Set the time and place for the meeting. Be sure you have it booked in plenty of time to send a notice out to everyone who will be attending.  If meetings are set at a regular time every month this makes it easier for everyone to remember and you can book a meeting room months in advance.  By keeping the meeting at the same place it makes it easier for people to remember and you will find you may have more people attending. 

If you are scheduled to start at a particular time, start on time.  Remember every ones time is very important to them and if you respect this they will respect you.

Meetings are best if you can keep them under 1 ½ hours.  If you are going to go over 1 ½ hours, plan for a break half way through.  Sometimes it is better to have less on the agenda and have meetings more often than to have ones that are too long.  Don’t bore your membership.

Tip number Three – Organize the items for discussion in a logical format and have them put on an Agenda.  Once you have set the Agenda for your meeting, follow it at the meeting.  There is no point taking the time to put together a good Agenda for a meeting and then allow the meeting to go astray.  Stay on task.

 It is best if you can get the Agenda out to members before the meeting so others have time to read it and think about any changes they would like made.  If that is not possible make sure you have enough copies for all members in attendance at the meeting.  At the beginning of the meeting ask everyone in attendance if there are any items they would like to add to the Agenda. Put these where they fit the best on the Agenda, then follow the Agenda.

 Tip number Four – Notify all members about the meeting.  People have very busy lives today so it is important to give people time to plan ahead.  Two weeks’ notice is ample time and not too far in advance so they won’t forget.  When you send out the notice be sure to give them the exact time, place, and if possible, Agenda.

 Tip number Five – Find a person to help you with keeping track of time. This person will make sure you are not going too long on one item and will be able to get through the Agenda on time.  When you are busy chairing the meeting time can get away without noticing.  Having that person to help you stay on track is very important. 

 Before the meeting starts it is important to also have a scribe or secretary take notes, sometimes called minutes.  In some meetings the leader has two people take notes/minutes, this way what needs to be recorded is sure to be written down.  At the end of the meeting it is up to the scribe to have these minutes transcribed and sent to all people concerned as soon as possible.  A copy of these notes also should be kept in a book that can be accessed from a local area in the years to come.  This is a great way for new people coming on board in the future to get a good idea of what may have happened in the past and where the members are planning to go.

Tip number Six - Follow a recognized guide to running meetings and conferences.  A guide that is well known by many is called Robert’s Rules of Order Revised by General Henry M. Robert.  At first learning these rules may seem a bit difficult however, once you have attended a few meetings that use these rules you will see how they can be very helpful in keeping meetings in order.

Tip number Seven – Set a positive atmosphere and have fun at your meetings.  All meetings can get exciting, passionate and even uncomfortable at times, but a great leader learns how to deal with many situations that can occur.  Dealing with all types of situations takes practice and patience.   The more meetings you attend and chair the better you will become at leading meetings.  Having a mentor you can learn from and then bounce ideas off works well for some.

Leading meetings takes practice and no one is perfect.  Always remember to stay positive and keep your emotions balanced. Many leaders believe “The speed of the leader determines the speed of the group.”  This may also be the same for “The disposition of the leader determines the disposition of the group.”  If, as a leader, you are negative you will find this will ripple out into your group. Stay positive and uplifting. You represent the group and how you ACT at this point is very important.

 Remember to laugh and have fun.

 Enjoy your next meeting!

 Judy Michaud

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The ‘Principle’ That Successful Leaders Have Mastered!

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Hello Leaders,

You get more people trusting you and wanting to work with you, as a leader, by not approaching them directly.  In difficult situations, approaching indirectly will get you better results.

Why not try the Principle of Reciprocity (big word), simply put, if you do something nice for someone they will want to do something nice for you.  Most romances and friendships are based on this principle. Think of any great relationship you have, when you do something nice for that person they tend to do the same for you.

By combining the Principle of Reciprocity with an indirect approach you will get more out of your relationships, have better teams and deal with difficult people in a much easier manner.

Many people think that if they are going to impress someone they need to point out all their accomplishments, and provide people with their admirable qualities.  When they do this however, many times they feel a bit foolish, maybe even embarrassed.

The best way to impress others is to be impressed by them.  Sometimes this is not always easy especially if the person is in opposition to you.  To show your confidence and ability to work well with people, find things that impress you about these people.  Uncover things they have accomplished, what qualities they have that you admire, and let them know you are impressed by these.  The more impressed you are by the person, the more impressed the person will be with you.

We tend to think that if we want someone to be interested in us we tell them all about ourselves. This is the direct approach.  Try the indirect approach, it works better.  Become interested in the person. The more you are interested in her the more she will become interested in you.

Respect is something you earn not something you demand.  Getting others to respect you means you have respected them.  When people feel respected by you they, in turn, will respect you.  Respect means something different to every person so if you desire people to respect you in certain ways then you first need to show this respect to them in the same way.  Model what you want.  We teach others how to treat us. 

If you want to boost your own spirit and self-esteem try doing something for someone that will make them smile, laugh and be happy.  Build them up.  Tell them how much you believe in them.  Ask them how they feel when they have done something they are proud of.  Help them to have a healthy personality by giving compliments, praise and encouragement often.  Again, you give, you get.

Getting people to believe in you means you believe in them.  Many great leaders believe in other leaders, get support from many and know they cannot do everything alone.  They surround themselves in confident, well adjusted people who they believe in.

You reap what you sow. The more you support, understand, listen, build up, and admire other people and their talents the more others will do the same for you.

No matter how successful people are they still need their self-images reinforced.  The happiest people are those who always make people feel good when they are with them.  When people feel good about themselves when they are around you, they will tell others.

If you want to improve your own self esteem make someone feel important, pass on some kindness, help someone to feel good about themselves, or simple help someone feel valuable today.

If you want to work well with those difficult people in your life find the positive in them. Seek out what they are good at, what they want, how they want to be treated, what they are interested in and then find a way to give them what they desire.   Always find a way to make it a win-win for all.

 You will be amazed at your results when you practice the Law of Reciprocity (You give you get) and work on the indirect approach to others.  You will feel happier and have lower levels of stress.  Your energy level will increase.  You will find greater peace of mind.  You will be popular and welcome everywhere you go.  Most importantly you will genuinely love and respect yourself.

 Follow great leaders and give something that you value to someone, today!  If you really want to challenge yourself give something you really value to someone you have a difficult time with, this will be great learning for you and that person.

Judy Michaud

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