Outsourcing [...]]]> In the 1990s there was a great rush to outsource to “anywhere but the US.” The rational was to save money because the outsourced tasks were repetitive and non-essential. Innovation and management could be done in America, it was reasoned, because that was the part of the business that required experience and specialized industry knowledge.

Outsourcing has also hit the small business world, with many sending their virtual assistance, web development and even bookkeeping to the far shores. (Full disclosure–I have used a Malaysian web developer. He was quite good.) As our country suffers from the highest unemployment rates in decades, it’s easy to see one consequence of this strategy. However, there’s not a lot of discussion about another result, that I’d like you to think about.

For years, companies had suggestion boxes on the floors of their factories and in their offices. Innovations came from everywhere, especially from people who did repetitive labor. They could see where cost and time savings could be made. Because they weren’t always in danger of losing their jobs, or looking for another one, they had a vested interest in improving their work environment.

We don’t make this investment in people anymore and they don’t make it in our companies. We’ve lost a lot because of it.  What can you, as a woman entrepreneur do to encourage innovation and improvement from your employees and contractors?

Add your comment below…

I also apply the same discipline to myself. Tax time is a great time to clean out old inventory, files [...]]]> When I coach a woman entrepreneur, I encourage them to apply a laser focus to their lives and business, eliminating what is no longer serving them and embracing the things that will help them move forward.

I also apply the same discipline to myself. Tax time is a great time to clean out old inventory, files and thoughts.  This year, my cleanliness is your gain!  Over the next few weeks I’ll be putting good products on sale–products that can help you manage your business more efficiently, become more profitable, embrace new relationships and find joy in your life.

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What’s a living business plan? It’s a plan that you actually, use, update, get coffee on, thumb through and scribble all [...]]]> Over the past month, I’ve noticed that many women entrepreneurs are writing about doing their business plans.  Bravo!  If you want a strong, successful business, having a living business plan is very important!

Living Business Plan

What’s a living business plan? It’s a plan that you actually, use, update, get coffee on, thumb through and scribble all over.  It needs to change as the world changes.

As I wrote in an earlier post, 2010 is going to be the year of social media marketing.  It’s a significant trend and one we have to pay attention to.  When preparing your marketing section of your business plan for 2010, women business owners need to make sure that they are setting tactical objectives for their social media marketing efforts. There are three significant points that need to be made about social media marketing:

• Social media marketing objectives should tie to your marketing plan and your overall business objectives
• Social media marketing should fallow a plan, not be hit-or-miss
• Social media objectives should be measurable and measured

More and more I’m hearing a discussion about measuring social media. That means that marketing experts have begun to pay serious attention to the space and that some serious tools for measurement will be coming out in the next year or so. These tools will not be for the faint-hearted–a quick look at a list of Twitter Tools from Mashable will give you an idea of the serious geekiness of these tools!

Business Plans and Money

Along with reviewing your business initiatives and past financials, the entrepreneur woman needs to plan business expenses for the following year. If you are seriously thinking of launching social media campaigns, you will probably need to get some help.  Since the field is new, there are going to be many newly forged experts out there. This isn’t a bad thing, everyone is figuring it out as they go…just as they’ve been doing for the past 40 years of technological advances!

Budgeting money for the expense is important. Even though the economy is still shaky, it’s important to budget for marketing. A good social media plan isn’t free, neither are the measurements required to actually get the return on investment you want!

Comments about social media marketing in your business plan?  Leave them below!

On January 20, 2010 a post entitled 9 Powerful Social Networking Sites for Women Entrepreneurs was published by A.Michelle Blakeley. It was quickly picked up by several other bloggers. Many twittered its, including me.

As it goes, it’s a good list. The problem for me is that [...]]]> Warning:  I’m probably going to ruffle a few feathers here…

On January 20, 2010 a post entitled 9 Powerful Social Networking Sites for Women Entrepreneurs was published by A.Michelle Blakeley. It was quickly picked up by several other bloggers. Many twittered its, including me.

As it goes, it’s a good list. The problem for me is that it primarily focuses on only one type of social networking site–membership, subscription sites (free and paid) focused on women business owners. Don’t get me wrong–there’s a need for these types of sites, and I’d one more for entrepreneur women, Make Mine a Million $ Business(which works 1000% better in Firefox than Explorer). The problem is if we only talk with each other, our vision will be limited.

And that’s what women business owners need–a vision bigger than the one they hold right now.  We need to understand how business has worked for centuries and at the same time bring our own stamp to it. We need to join together to focus on bigger issues, including making our voices heard. With the recent Supreme Court ruling on corporate spending the road is open for more corporate financial influence in politics. Whether or not you agree with the ruling isn’t the point, the point is that we, as women business owners have an opportunity. Unfortunately, we don’t have any money–our businesses substantially under-perform men’s businesses on a regular basis.

If we want to change that, chances are we’re not going to learn everything we need to know from each other.  We need to go beyond our comfort zone and learn new ways. The groups cited in  9 Powerful Social Networking Sites for Women Entrepreneurs are good groups–and there are many more out there. But let’s find the groups and social networking forums that stretch us.  Start with groups around your own industry, such as health and construction. Yes, join the women’s groups, but get involved in the larger groups as well.

I’d love to hear your suggestions! Comment below.

One of the pieces of the foundation is your business budget.  Most women business owners hate making a budget!  They automatically think in terms of restrictions…a budget is your money on a diet.  And whatever we’ve learned in the last [...]]]> Starting off the new year means creating a foundation of reality and adding dollop of good intentions!

One of the pieces of the foundation is your business budget.  Most women business owners hate making a budget!  They automatically think in terms of restrictions…a budget is your money on a diet.  And whatever we’ve learned in the last few years, most of us are aware that our money needs to be on a diet!

However, a budget also represents possibility and good intentions. We are saying to ourselves, “I’m going to be a good steward of my money this year.” You intend to do what it takes to have more come in, keep more of what you earn and, when you spend, spend with intention. Money is energy–power if you will.

So what’s in a good budget?

1. Projected gross income–what you think your business will earn.
2. Cost of goods (if you sell products) or cost of subcontractors (if you sell services)
3. Subtract cost of goods/subcontractors from gross income and you get Net Income Before Expenses
4. Projected expenses such as: travel expense, auto, marketing expense, location expenses (rent, etc.), employee expenses, professional services such as bookkeepers and accountants, etc.
5. Subtract expenses from Net Income Before Expenses and you have Net Income After Expenses.
6. Estimate of your taxes
7. Estimate of any other types of income such as rents paid to you, royalties from books, music, etc.
8. Subtract taxes and add other income from your Net Income After Expenses and you get to Net Income. 

Net Income is what you get to:

• Take Home
• Re-invest in your business
• Save
• Give away
• Use to create a better world

Any questions on budgets? Why do you do them?  Or not do them as the case may be?