3 Habits of Great Leaders

Are you a great leader? Are you aspiring to be an amazing leader? If so, check out my three tips below. These "tips" are different traits I noticed all the great leaders in business share. If you're seeking to up your game as a leader, start here:

1. They refuse to please others. Mentally strong people have a job to do. Worrying about pleasing others or how others will react is a distraction that will cut off money and success. Don't worry about people, worry about the task at hand.

2. Don't give up after a venture fails. Most of the known CEOs have had failures. But they're out there, spinning a new business and looking at other opportunities. If you let failure stop you, then you really do fail!

3. Don't rely on the world for anything, including breaks. The world owes you nothing, regardless of how tough you had it as a kid or so on. If you know the world isn't going to give you a break, then you realize you have to try harder than everyone else to be successful.

Until Monday,

Twyla N. Garrett

Money Mistakes

As a business owner, are you making money mistakes? If you have answered 'no', I would like to know why you are so sure of this. Money mistakes are common when starting a company. It is a proven fact that most business owners have to endure 10 years (on average) of money mistakes before being able to avoid common pitfalls. This said, I want to talk about the pitfalls of asking for money from investors and the common mistakes associated with the query.

Most business owners would love to have a silent investor backing them. This, however, isn't possible for many companies because not all business ideas are scalable. If you watch the show Shark Tank on ABC, you know that there are plenty of great companies and ideas floating around- but that doesn't mean an investor is ready to jump on board. So, to avoid making a major money mistake when it comes to obtaining an investor, make sure you are presenting a scalable company.

Another investor pitch mistake is putting to much value on your company and not presenting actual numbers and verifiable growth sources. Saying a company is worth a million dollars is very different than showing that it is worth a million dollars. Asking for too much money based on the amount of equity you are willing to give up is a red flag to investors. After all, they have the cash and can open up a competing company and maintain all equity and profits. You have to prove your value, not guest-esitmate it!

I hope these two tips have been helpful. Remember, the next time you ask for money don't make the two most common mistakes mentioned above.

Until tomorrow,

Twyla N. Garrett

Assistants Slow You Down

Everyone knows by reading my blog that I am a huge promoter of delegation. This said, I do want to address what happens when you hire your first assistant. There is a sense of relief and almost a feeling of less responsibility on the business owner or director. Don’t let hiring an assistant provoke a sense of “freedom” from work or responsibility. In fact, with an assistant you should be taking more on!

For example, controlling your own calendar is crucial. Many people let their assistants set up their appointments. Well, this is great if you want to be in hour long meetings or phone calls all day long. You need to control your calendar, period! Your productivity will go down when your assistant starts making meeting after meeting after meeting. Don’t delegate this task- ever!

Do you really need an assistant to book your travel plans? Is this cost-effective? No! Technology has made it so much easier to book your own flights, travel plants, etc. that paying someone to do this for you almost feels sacrilegious. You can mind five minutes in the day to book your own travel plans or dinner reservations. You don’t need to pay someone to do this for you.

You see, assistants can provide some benefit for you as far as performing actual work towards a goal. However, when it comes to booking meetings or travel for you personally – they are not needed. In fact, they hinder you.

Until next time,

Twyla N. Garrett

When and why to approach the media.

There are hundreds, if not thousands, businesses within this country that deserve the attention. However, not all of them will achieve coverage. Why is this? Well, I am going to use tonight's blog to provide some pointers on achieving media coverage using the right approach.

The first step you want to take it familiarizing yourself with the standards implemented and utilized today via the Associated Press. The Associated Press, otherwise known as AP, offer several interactive online tools that can help you write in the style preferred by many reporters and journalists. Learning how to format your approach will help you remain competitive when seeking media coverage.

The second step is to understand how relevant your company is in direct relation to media value. I suggest visiting Google News and type in a keyword directly related to your industry. The first page of Google News will reflect what is trending irrelevant within your industry and help you decide what slant to use when approaching media or writing a press release.

Finally, you want to make sure you are reaching the right reporter for editor. For example, if you offer a product that is related to the technology industry – contacting the general editor of the New York Times is a mistake. It is a mistake because the general editor is not in charge of assigning technology and computer pieces to the covering reporters. You should spend time researching which reporters and editors write for your industry – related news before you approach any newspaper or news outlet. Until next time,

Twyla Garrett

7 Steps To Help Your Business Grow

            Your goal as a business owner is to provide all the necessary components and watch your business flourish. Many companies do just this while others buckle under the pressure. Here are 7 steps that will help your business grow successfully.

            The first step is to know what you do and know what you don’t do. Do not try to be like everyone else. When you try to be like everyone else you are basically saying that you are not very good at any one thing. Instead of adapting to other people, stick within your comfort and knowledge zone. Focusing on your strengths with alleviate pressures on you, your employees, and your budget.

            The second step is focus on the prize. Set personal goals for yourself, your staff, and your company as a whole. Setting goals allows you to measure yourself and your progress throughout the year or given time period. Make it known to your staff what the goals are and they will be able to take pride in accomplishing them one by one.

            The third step is to remember that people work for people and not just the company. The most successful businesses thrive from employees being reminded that their staff and organization care about them in a personal and professional way. They feel motivated to work and succeed from the support around them.

            The fourth step is to remember that it is essential for your business to be run well. You have to be educated on how to run a business and knowledgeable about the different aspects of it such as finances and purchasing. The more business-minded you are, the more successful your business should be.

            The fifth step is to keep your passion. Passion is contagious. When you are passionate about something you do, it shows in your work. When others see your excitement or enthusiasm it can make them work harder or become more focused on the job itself.

            The sixth step is to challenge yourself. You should always try to keep improving and try to get better. Think of new possibilities, ways of thinking, or the process by which things are done. Moving forward and creating new ideas helps the longevity of your business.

            The final step is to throw away the “build it and they will come” mindset. Good ideas are formulated, but often not executed the correct or best way. Work hard to promote your business by showing potential consumers your product and how it will best benefit them. People will be more inclined to purchase from your business if they feel the product is worth the money. Find ways to show them that it is and your business level should increase.

Does Your Business Need A Mobile App?

            Technologically based companies have taken off significantly over the last few years. More and more businesses are adapting to the change by producing Internet sites as well as creating mobile applications in order to keep up with the shift towards technology. Although it may seem that businesses need to keep up with the curve and join the bandwagon of creating a personal application, this is not always necessary nor a guaranteed profit producer. There are few things to take into consideration before you decide to dedicate time and money towards this project.

            The first thing to consider is the goal of your business. Is your business trying to reach as many people as possible or are you looking to appeal to a specific niche? According to Pew Research only 35% of people own a smartphone. If your business’s goal is to appeal to everyone, there needs to be a way to reach to the other 65% of people. It is important to decide the audience you are trying to reach. If you feel that the customers your business is aiming toward own smartphones then an application may be something to consider.

            The second thing to consider is the necessity of having an application or mobile website. Do you have the budget to support it? If not, it is probably not a good idea to build one. If mobile advertising would work best for your business then it should be implemented. Not all businesses need to have an application or mobile site so do not feel like you have to have one as well.

            Third, do you have the time to manage an application or mobile site? These are not easily created nor can be managed sporadically. The main goal of applications or mobile sites is to bring people to the site as much as possible. Constantly keeping the layout and information up to date is essential. The more interesting the site is physically as well as informative, the more successful the business.

            The last thing to keep in mind are which types of phones your potential consumers are using. You may need to develop different applications for different phone platforms. When a company focuses on developing an application for every platform they may not be able to recognize where their customers are at or where their business fits in.

What's Killing Your Business?

A business owner’s goal is to own a successful business that creates a profit over a long period of time. Sometimes businesses struggle to stay afloat which leads owners to consider alternative options for every aspect of their company. It is important to consider that there may be detrimental roadblocks preventing companies from succeeding. Fear, confusion, faith, and resignation are all responsible for killing businesses.

Many business owners experience fear: fear of change or fear of commitment to change. Because of this, many businesses stay on the same path, which may be a detrimental loss to their companies. Instead of focusing on your fear, take a leap of faith. Change could be the component that fixes a business for the better. In the off chance that things do not improve or get worse, you can always go back to what you’re comfortable with. Be brave and take the plunge.

The second thing killing businesses is confusion. Sometimes business owners do not know exactly what they are doing, but instead try and “wing it”. Instead, educate yourself with good information.  Attend classes or read up on information that would be useful for your business. The more you know, the better position you are in.

The third is faith. Assuming that things will work out in the end isn’t the most responsible perspective. Yes, luck might come into play in certain aspects of your business, but you should not rely on it solely.  To fix this, be proactive and be responsible for your own success. Do the necessary research to make your business run the way you would like it to.

The final business killer is resignation. Although your business may not be as successful or even as profitable as you imagined, do not throw in the towel just yet. Turn to work peers for support and work with them to try and resolve any issues. You will be surprised to find that even the most frustrated or unsettled employees would be willing to help give suggestions to improve the business. Listen to their ideas and work with them to try and correct outstanding issues. This could ultimately lead to the success of your business as well as the support of your staff.

How To Make Your Business Better For 2013

The New Year gives business owners the opportunity to recount previous year’s mistakes and make necessary changes to improve their business and promote success. If you are looking to take your business farther this year, try these five steps.

The first step is to spend smart. Seems easy enough, but sometimes business owners overspend on pricey software or things deemed necessary for a business to thrive. Instead, focus on the value of the product or service in consideration and less on the cost itself. Cost does not necessarily mean the value of the product is better than something less expensive.

The second step is to terminate year-end bonuses. Your employees may really enjoy those few extra bucks during the holiday season, but instead of shoveling out lumps of money at one time, try breaking up bonuses throughout the year. Provide incentives monthly for employees and set goals to help your business thrive as well as employ morale.

The third step is to ask customers what they want. The most successful products are those that appeal to a large amount of people. You can only know this by asking for input on products you are selling. Suggestions help to improve the quality of the product you are selling. By manufacturing the product to fit the needs of your customers, you are showing appreciation towards them as well as giving them exactly what they like. Asking for ideas on future products could also help your business. Customers have innovative ideas as well which you can use to your advantage.

The fourth step is to sell solutions and not products. This may seem contradictory of the step mentioned before, but as a business owner your main goal is for your business to thrive long-term not just short-term sales. Present your product or service as a solution to potential customers. When they benefit, your business benefits. Focus on how you would like to market your product as a solution to a problem that a person may be having.

The fifth and final step is to try new strategies and often. The longer your business has been around, the more you may find yourself in the same business trends or patterns. Investigate new ideas and opportunities, which could help jumpstart your business. Make it a commitment to change strategies in every aspect of your business at least once a year.