Are Open Apps Draining Your Battery?

 

ID-10046985Remember those social studies classes back in the day when your teacher first talked about one person having multiple roles?  A woman could be a sister, daughter, mother, friend, athlete, community advocate, manager, colleague, advisor, entrepreneur, and more.  What a concept to a 10 year old.

 

As modern adults, most of us play at least that many roles now and most use our technology devices, smart phones, notepads, computers, and others, to help manage it all.  Twenty–four hours a day, 7 days a week, we can access the calendar noting Aunt Judy’s birthday, the address for her card, the weather report for our weekend destination, recommended restaurants in said locale, directions to our next meeting, and the score of the high school rugby match we missed because of the meeting.

 

Despite coming late to the party; I was still using whiteout and a typewriter on final drafts in college; I have become both beneficiary and victim of the digital age.  I have developed habits Digital Diet Guy warns about.  My phone “knows no boundaries.”  I’m addicted to it.

 

I recently downloaded iOS 7 for my iPhone.  The first day, there were a few important functions I could figure out, like how to manually close apps to preserve my battery charge.  Finally, with the help of my digital daughter, I managed it.

 

But the experience got me thinking about the concept; about how applications left running in the background of your digital device can drain the life from your battery, even when you’re not using them or conscious of them.  It occurred to me, my crazy-busy, fabulous life is like that.

 

Like the subjects of those long ago social studies, and like all the entrepreneurs (hopefully) reading this, I play many, many roles in my daily life.  And technology has made it possible for me to blend many of them together.  I can work from home and also take care of family issues from work.  In many ways, it’s helped me manage all my roles more efficiently (beneficiary).

 

But, because work is now prevalent in my home life and family is available during work hours, technology has simultaneously adding to my obligations and created difficulties with focus and time management (victim).  It often seems like all my “apps,” sister, daughter, mother, friend, athlete, community advocate, manager, colleague, advisor, entrepreneur and more, are “open” all the time.  Thus, even when I’m not actively using them, they’re draining my battery, leaving less and less energy for the moment I’m in.

 

Do you share this struggle? 

Share your ideas for how to turn off your apps and preserve mental energy.

image courtesy of Ambro / FreeDigitalPhotos.net

Weekly Resource #26 – Healthcare Reform and Small Business

healthreformlaw_banner_lg_0Over the past few years, all of us have watched as Health Care Reform, President Obama’s primary running platform, has fought it’s way through the legislative branch. The Patient Protection and Affordable Care Act, dubbed “ObamaCare”, was signed into law by President Obama on March 23rd, 2010. Since then, the bill has continued to be the source of much controversy and recently has been a large catalyst in the stalemate in congress that led to the quagmire of a government shutdown.

What does a healthcare reform of this magnitude mean for small businesses? The U.S.Chamber of Commerce has the answer to this questions. Health Care 101 is a tool created by the U.S. Chamber of Commerce to inform small business owners of the changes that could affect them and what they need to do to comply with the changes.

With FAQs, videos, and charts galore, Health Care 101 should be able to answer most questions that small business owners have regarding the new Healthcare laws. It’s penalty calculator will help you determine whether you (as the employer) are required to offer coverage and what the penalty might be based on the number of full-time employees. This chart will help you determine whether you must pay penalties per employee or not. The Interactive Timeline plots the dates that key provisions will take effect. Check out the website and be sure to explore the plethora of information listed there.

Keep in mind, the materials shown on the website were developed for educational purposes. It is recommended that you speak with a attorney or benefit consultant to understand your legal obligations under the law.

Weekly Resource #25 – Five Keys to Using Financial Statements

ID-100182407Having well maintained financial records of your business is important in order to run it successfully. Financial statements are the windows into your business’ fiscal workings. Knowing how to analyze them is key to budgeting and pinpointed areas of waste.

On October 23rd, the MI-SBTDC will be conducting a class centered around the financial statement and how to mine the most useful information from it. It is intended for business owners and key staff who want to obtain a better understanding of how to use their financial statements. Ideally, Participants should have 2-3 years of financial records. Those of you who are seeking financing or are having challenges with cash flow would benefit the most from this class.

This class will cover a myriad of topics centered around financial statements. You will be instructed on how to use your balance sheet and income statement to manage your business. You will us break even analysis to improve your decision making, find the source of cash flow inefficiencies, and increase the cash flow to your business.

This event is free to Fifth Third Bank clients. You can find registration here.

Image courtesy of gualberto107  / FreeDigitalPhotos.net

Resource Provider Spotlight: D:Hive Detroit

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April Boyle talks about some of the resources D:Hive has to offer Detroit based Entrepreneurs. Brandon Christopher, founder of Canvas X Detroit, also talks about his experience in D:Hive’s “Pilot” program.

The Lost Art of Storytelling

1153de5_c3_bff0179139be_888d-postYou may think you know your story. You may even know details and dates that are important parts of it. But I’m willing to bet you don’t know the whole story, even though you’ve lived it.

In a way, we are better experts on other people’s lives, businesses and communities than we are on our own. That’s because the unbiased perspective without emotions entangled in the telling is what creates connections and encourages relationships that endure.

In my work and in my personal life, I have always told stories. I was a journalist for a long time and a book author and a teacher of writing. In 2007, I created Your People LLC, a Michigan company that provides public relations and marketing communications guidance to entrepreneurs, businesses and non-profits. This year, we are launching a number of workshops, seminars and conferences to guide entrepreneurs and non-profit leaders in storytelling to build business and community.

My well-known secret is that I don’t do business (or anything, really) according to other people’s expectations. I live outside the box. You might too since you’re an entrepreneur with a dream. Anybody who really thought about the potential outcomes or failures would never take a step toward their own exciting ventures, right?

When I got into business, I was led by a belief that everybody needs PR and not everybody should have to pay a fortune for it. Now that I’ve been in the PR biz for six years, I realize why it costs so much. If you have me do your public relations and marketing communications for you, I will spend a lot of hours telling your story to the right people to build you the strategic relationships you need to grow your efforts.

So what if you could do all that yourself? Or at least some of it?

That’s the premise behind my upcoming DIY PR conference, Marketing, Messaging & Media: Storytelling to Build Your Business, Oct. 26-27th. What would it be worth to gain a few skills and tools that you could implement easily into the natural course of everyday work and build your reach organically, yourself?

That’s what will happen if you attend. And here’s the premise behind these new affordable programs that empower everyone toward doing at least some of their own PR.

The Premise: Everyone has a story worth telling. We may humbly think there’s nothing interesting about who we are or what we do, but we are sadly wrong. Because people do business with people, and because communities are built on compassionate and caring personalities coming together, understanding the value of your story is vital.

There’s a difference between content and storytelling. In a January Forbes article, writer Mark Evans makes this distinction: “Content is just a commodity without storytelling to give it a rock-solid foundation. Without storytelling, content is nondescript, uninspiring and, frankly, a waste of time and energy.”

So how do you discern your own story? How do you boil down all the dates and details to a quick, compelling narrative that draws people to you, and thus, to your brand?

Discerning Your Story

You began with a family and grew into adulthood. You were born with a personality so distinct, it directed you toward engagements and friendships and tussles and tasks. Your work path grew out of all of your life experiences, leading you to This Moment.

What, exactly, happened to bring you to where you stand today?

I used to tell the story that I was a writer who, when journalism started changing, needed to figure out a way to earn a living. I used to add in the quick detail that I decided to divorce my first husband when my three children were very young, creating that sense of urgency to find a steady source of income.

Well, I later learned that the story I was telling was only half of the real story. A mentor sat me down and asked me to start from the beginning.

I shifted in my seat. I started to sweat. What did he want to know, exactly? Why would any business audience care about my trivial childhood insecurities? I’m not the kind of person to play the woe-is-me card as a path toward business growth.

I sat still and played out the conversation. What I discovered was that a select few details from early in my life had, in fact, directed me toward this very moment. And that story was interesting.

Not only that…my story has universal truths to which other people can relate. And when that happens, we have a connection – which makes business easier and much more meaningful.

Your story is your open-door to making honest, heart-to-heart connections with the people who will patronize your business in a real and ongoing way. And using your story as a way to connect with customers toward mutual benefit is a whole lot easier than trying to do it stiffly, with only the professional viewpoint.

Here’s what I learned

For as long as I can remember, I was told that I was bossy and had a big mouth. Had my family told me that I was a leader and channeled that energy into a positive, rather than, let’s face it, bossy, direction, I might not be where I am today. But that bossy-big mouth billboard followed me like a wart that won’t go away. I was smart and attractive, but insecure as can be, always looking for love in the wrong places. Which led me to marry the wrong guy because I didn’t believe I could do any better.

Yes, I got three amazing children out of the deal, but I was in a miserable marriage that I knew, six weeks before the wedding, was a mistake. You know how when you’re not in alignment with yourself, everything seems to go wrong? Well, in the first year of my first marriage, I got strep throat three times. I was 29 and otherwise healthy, and my doctor said, “What’s a healthy woman like you doing getting strep throat so many times?”

I fully believe that my lack of a voice in my marriage was making me sick.

Finally, after the birth of my third child, I found the courage to leave. I came to the realization that I would rather spend my life alone than spend it in misery with a bad match. And so I filed for divorce and at the same time, started my company. I wanted my children to see one strong, healthy, independent parent successful in her life.

Without the heaviness of a bad situation over my head, I thrived. Clients arrived, I did great work, I poured my passion into using my strong voice and leadership skills to help others build business and brand awareness.

That story usually causes my audience to fall into absolute silence in rapt attention. I tell them how my business has grown, and how I finally found love, and how my marriage now, with four children (gained a step-daughter) and a blended family, is a dream. I tell them how my life started at 37, when I finally found the courage to embrace my strong personality and not feel bad about it, but rather channel it toward good use.

Everyone in my audiences can relate to some element of my story: a bad relationship, a bad choice, a mistake they wish they hadn’t made, the courage to start over, the daring to create a business. I tell enough to lay the foundation for true bonding between me and the people with whom I share my journey. The universal truths in my story become evident in the faces of my audience.

Here’s another universal truth: You’ve also got a valuable, compelling story. We all do. If you are honest and carefully choose the details you share, you will connect in ways you couldn’t have imagined, and grow your business also in ways well beyond your wildest dreams.

Choosing what to tell

There are many points along your path that are important to include in your professional story. Let’s start with three key questions to help you frame it:

  1. Who are you, truly, at the core? What matters to you, personally?
  2. Why do you do the work that you do?
  3. How is what you do helping the world become a better place?

 

You’ll notice that none of these questions ask for the price of your services or products, and none of them require the address, day and time of an upcoming sale. That stuff is easy, and you can fill it in later. Before you can claim new customers into your product or service line, you have to win their hearts. Hit on the core story behind what you’re doing and what makes you unique before they will care about any of the other stuff.

In my workshops and retreats, and in my client work, I start here. I need and want to understand the person or people I’m working with, so I can help them pull out those gold nuggets of details that make all the difference in connecting authentically with their ideal audience and building relationships of mutual benefit.

You’re invited: If you like what you’re reading here, consider joining me and my team and a host of great storytellers who are also successful in business at Marketing, Messaging & Media: Storytelling to Build Your Business. It’s Oct. 26-27 in Troy, Michigan—a weekend that will change the way you work, and live, for the better. I hope you can join me. (Use this discount code for a great conference rate: YOUR PEOPLE. And through September 15th, if you buy one ticket, you’ll get another free. Split the cost or gift the second ticket to a friend, colleague or potential client.)

Image Credit:  Unknown

Weekly Resource(s) #18 – Detroit Retail Startup Support

Dreaming of launching a retail business in Detroit?  You’re in luck.  Resources abound to support your efforts.  Planning to capital, it’s here.

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It’s generally advised, when considering the launch of a new business venture, you do the research and planning required to prove your concept; you test the concept whenever possible; and you secure proper funding to support the project.  The following 3 Detroit resources can potentially provide all those things to aspiring retail entrepreneurs.

To begin, TechTown offers a competitive, highly customized boot camp program that prepares serious entrepreneurs for a successful retail launch.  Topics in this 8 week course include:  choosing your location; merchandising; fiscal management; customer service; marketing and branding; government regulations and processes; taxes and insurance; start-up costs; business model canvas; and developing your pitch.

Applications are currently be accepted for the September 23 – November 11 program.

Applications are also being accepted now for D:Hive’s Pilot program, which offers creative and engaging retail businesses to test their brick-and-mortar potential in a prime downtown location.  The chosen entrepreneur gets:  2 months of rent-free retail space on Woodward Ave during the holiday season; marketing & graphic design support; mentoring & networking opportunities; and $500 reimbursements for both space design and a launch event.  Apply by September 2nd.

And finally, though not currently accepting applications, Hatch Detroit manages a contest that provides startup capital to viable retail businesses planning to open in Detroit neighborhoods.  By the time you’ve completed the TechTown Boot Camp and tested your concept in the D:Hive Pilot space, you’ll be more than ready to apply for the next Hatch opportunity.  Click here to learn more about the contest and vote for one of this round’s 4 finalists.

Let us know what you think, if you decide to take advantage of any or all of these fabulous small business resources.  And be sure to follow this blog and sign up for our newsletter for more of the same:  http://eepurl.com/AiUC5.

 

Questions & Answers at Your Library

3307744031_9718b3da96_zDoes Your Community Have a Business Librarian?

The answer is yes, most likely, your community does have a librarian dedicated to helping entrepreneurs and established business owners with their many challenging questions. Have you ever considered calling your local librarian with a tough question?  FYI, the harder the question, the better. Tough research is like a drug for us, seriously.

Here are a few tough questions for you.

How will you decide which products and features your customers want?  How will you price those products optimally for competiveness and profit?  How will you reach those customers with your marketing message?  How many parking spaces or bathrooms will your business require?  Where is the best place to locate your business?  What are the average compensation and benefit costs for employers in that area?

Market research is critically important to every stage and area of business, from planning and product development to your launch and growth strategies.  

Let Us Do Your Research for Free

Well, maybe not all of your research, but we want to at least get you started and show you how to find the information on your own. What is the value of doing this type of in-depth research for your business? What type of research are we even talking about here?

Market Research: I can help you create contact lists of all of your competitors with in-depth information about their annual sales and expenditures, as well as help you get a feel for the overall health of your market through market profiles of your business’ location.

Demographics Research: I can show you how to research your customers: everything from how much they’re spending annually in your industry, to their annual income, education levels, age, gender, ethnicity, home values in local neighborhoods, the list goes on and on… this type of research is critical when writing your business plan and researching a business location, but is also invaluable for helping you determine your pricing strategy, your marketing strategy, and for helping you develop future projections for your business.

Nuts-n-Bolts Research: This type of research helps you figure out the actual process of establishing and growing your business, meaning the step-by-step instructions you need to follow. For instance, you want to register as a women-owned business with the federal government, or you want to become an LLC, or you want to figure out the zoning restrictions of your township so you can build a patio at your restaurant; these are all nuts-n-bolts questions librarians get asked every day by business owners.

This is just the tip of the iceberg too! There is so much more we can help you discover about your community and your market to strengthen your business- all you have to do is ask! You’re paying for these library resources with your taxes anyway, why not use them?

Image Credit:  Dominion Physical Laboratory Library – AAQT 6539 A1394

Weekly Resource #17 – The Business of Creativity Workshop

http://www.dreamstime.com/stock-photography-fast-creative-business-concept-running-businessman-image30866882Calling all Creatives!

Ready to turn your passion into your business?

Spring Arbor University’s Hosmer Center for Entrepreneurship and Innovation and the Arts & Cultural Alliance of Jackson County have teamed up to bring you The Business of Creativity workshop.

This is a practical workshop addressing business basics, such as creating a website and maintaining the content, photographing artwork, sales tax & licensing, marketing, blogging, branding, art inventory tracking, competitions, etc.

Spring Arbor University, 113 W. Michigan Ave, Suite 201, Jackson, MI

Saturday, September 7, 2013 from noon – 4 p.m.

Register by email to Jill.mason@arbor.edu or by phone to 517-750-6611.

Cost is $40.  Arts & Cultural Alliance of Jackson County members, and anyone registering before August 30, can attend for $35.  Checks should be made out to Spring Arbor University & mailed to: Spring Arbor University, Attn: Jill Mason, 106 E. Main Street, Spring Arbor, MI 49283.

Call Jane Robinson 517.914.5853 or email info@artsinjackson.com for additional information.

Looking for more?

Spring Arbor University’s Hosmer Center for Entrepreneurship and Innovation offers additional workshops for creative business owners throughout the semester.  All workshops meet on Thursday evening from 6:00 p.m. – 9:00 p.m. at the SAU downtown center. Each workshop is $40 or attend ALL workshops at a reduced cost of only $280. Walk-ins: $45.  *Nonrefundable registrations.

Additional Creative Business Workshops:

September 19, 2013: Business Planning for Creatives; creating your specialized business plan, legal requirements and tax advantages of creating a “business”. This is not your typical business plan but one specifically designed for the creative entrepreneur. You will leave with a completed business plan.

September 26, 2013: Generating Income; how to price your work and/or services, creating diversified streams of income and earn what you are worth. Creating an income funnel and customer list.

October 3, 2013: The World Wide Web; website basics, blogging, driving traffic to your site and how to sell your creativity to the world. Regardless of your tech ability, website and blog design can be accomplished.

October 10, 2013: Social Media Marketing; using social media to gain attention, create followers, drive sales and build your reputation and brand using Pinterest, Facebook, Twitter, Digg it, Houzz, Google Plus, Linkedin & more.

October 17, 2013: Branding and Marketing; defining your voice and niche. How to stand out in the big world wide web, reaching your “ideal” collector/client. Brand development. How to “share” without “selling”. Low cost, no cost marketing.

October 25, 2013: From Strategy to Reality; putting it all together and creating an action plan. It all looks good on paper but putting it into action is the key to success. Creating a calendar of actions and events to stay on track. Building your most important asset – your customer/client list.

November 7, 2013: Business Plan Presentation; Present your creative business plan to the class and community leaders. Receive constructive evaluation from business leaders, receive advice and support. Consider partnership opportunities and mutual beneficial relationship building. Build your board of advisors.

Before the Bank: Options For Financing Your Business

money_bagsI always tell small business owners that if they can secure bank financing to meet their working capital needs, by all means, go for it. Banks have their purpose, but as many small- to mid-size companies have discovered, they aren’t always in a position to lend.

That’s where non-bank lenders come in. They offer options such as factoring and asset-based lending, which frequently allow companies to say “yes” to new opportunities that wouldn’t otherwise be possible.

Factoring refers to the selling of a company’s account receivables to a factoring company to receive immediate cash, typically 70%-90% of the invoice amount. The remainder of the money, minus a small factoring fee, is paid to the business once the customer invoice (receivable) has been paid in full. Factoring can work for a variety of businesses, including manufacturing, service, distribution, and wholesale.

For companies with new sales orders, it is a way for businesses to fund their working capital needs. Service businesses with heavy payroll needs are perfect candidates for factoring because it bridges the gap between when services are rendered and when customers pay their bills. In addition, factors provide customer credit monitoring, receivable management, and even billing and payroll services for their clients. Factoring relies on the customer’s credit and not on the financial history of the business, which makes it ideal for businesses that lack a financial track record.

The other solution is asset-based lending, which is a revolving line of credit based on various asset classes such as accounts receivable, inventory, equipment, or real estate. Asset-based lending is often viewed as a stepping stone to traditional bank financing, with loans focused on the value of the asset and not solely on a company’s cash flow.

Both solutions are designed to help companies take on new business or larger opportunities from existing customers, to expand product and service offerings, establish global operations, and transition from past losses to current profits.

When credit is tight, the reality of paying a bit more for access to capital is much more palatable, especially when the alternative is shuttered businesses, missed opportunities for new business, and the inevitable layoff of skilled and valued staff. Frustrated entrepreneurs unsuccessful in their efforts to obtain working capital are welcoming the opportunity to obtain financing through factoring and asset-based lending, especially as they research its history and find credibility and flexibility. And most bankers are supporters as well because they can refer business to factor and ABL lenders that they cannot help today, but would like to in the future.

Here’s a perfect example –

A supplier of industrial materials with international sources needed working capital for expansion. He went to his banker, but was turned away because he did not fit into their lending guidelines.

The banker referred the company to a non-bank lender, who set up an asset-based loan structure, which created more credit availability and focused on the value of assets vs. solely on past financial performance. The lender then went to the bank, asking them to participate and together, they worked out a deal that used funds from both lending sources. The loan was managed and monitored by the non-bank lender and the bank was able to establish the relationship immediately.

Another example involves a newly-launched service company that needed funding for payroll. The business was selling personnel services to high-quality customers, but lacked the track record to qualify for bank financing. The business was able to factor its receivables to fund payroll and then transfer into a line of credit with the same institution in order to reduce costs as the company grew its business.

Examples like these allow banks to maintain the client relationship, all while being able to still offer more traditional services like credit cards and business checking accounts. Business owners shouldn’t be concerned that non-bank lenders will interfere with bank relationships and future lending opportunities.

Credible firms, which offer complementary financing products that fall under an asset-based lending umbrella, don’t compete with banks, they partner with them. Accordingly, relationships between traditional banks and non-bank financing firms are mutually respectful. This makes non-bank lending a win-win for both banks and businesses.

Image Credit:  ©  | Dreamstime.com

Resource Provider Spotlight: Mott FabLab

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Doug Prehoda explains the production resources the Mott Community College FabLab has to offer entrepreneurs.