Are You Harming Your Business?

There are two schools of thought that have been proving right when it comes to killing business or killing a sale. I wanted to share these tips for you, as a business owner, to help my audience understand what NOT to do when it comes to business. If you follow my advice, you will grow your profit margin. So- without further delay- here are the two things that will kill your business;


1. Thinking the customer is always right.

This will kill your margins. Reducing costs, giving away freebies, comping things.... all of these practices will put you out of business. The customer isn't always right. While you want to try and smooth things over with an annoyed client, you don't want to destroy your business in the duration. Think about how to resolve a problem with value added services, not discounts or freebies.

2. Toxic employees.

This should seem obvious but toxic employees can cost you customers and turn off great employees. Bad HR practices will hurt your company. Even poorly behaved contractors can ruin your company. Avoid this problem all together by looking beyond experience and more at attitude. Remember, external customer service starts with internal customer service.

Don't let these two things ruin your company or potential growth. Know that the customer isn't always right and that your employees' bad behavior will hurt your profit margin.

Until Tuesday,

Twyla N. Garrett

Making God A Business Guide

As a woman, who runs a business revolving around Homeland Security, it is important for me to be reminded of the presence of God in my daily life. With any business that I run the bottom line isn't about money, it is about helping others.

Sure, like anyone, I like to get paid. But is that enough? And how much is enough? With the money I make in any of my businesses I have always tried to give back through employment and/or community programs. And, I am convinced that giving back and involving God, or your higher power, is the key to success.

I believe God provides everyone with a special gift, mine was ambition. I came from a place of hell before arriving in a place of heaven. I know it is hard to devote 100% of yourself to your business and also be deeply involved with a gospel community. Serve God by serving others. Bring God into your business by helping others through promotion, fair wage, employment, community donations and more. You will see your business prosper and inspire others to explore their gifts too.

Until tomorrow,

Twyla N. Garrett

Worst Actions to Take During a Crisis

What's the worst thing you can do during a crisis? I was recently asked this by a follower on Twitter. Well, I think the answer is subjective depending on the crisis. However, if we are talking in general terms, then I have to say that waiting to see what happens and not taking action takes the cake.

We are all built with the flight or fight mechanisms. This said, some people remain stuck or unwilling to accept what is going on and they don't follow the directions of first responders or the emergency plans. This is when people get into trouble. You have to realize during a crisis that you are in a crisis. Even if you take flight, you're taking some action. Staying in a burning building because the fire fighters will show up soon isn't the best idea. But some people do this and don't come out the other side alive or as their normal selves.

I'm addressing this question because I think it is important. Not having enough water, having too much water- these types of scenarios- well, they are all trivial. Yes, water will eventually show up via the government. Too much water, that's not a problem. Not doing anything- like seeking out water when you don't have it- that is what gets people into trouble.

So, remember - every emergency is different. Handling things calmly and with some type of action plan is the best thing you can do for yourself.

Until tomorrow,

Twyla N. Garrett

3 Things New Business Owners Are Failing to See!

There is no manual for being a new business owner. You can go to business school, your family can have owned a business, or you may have held an important decision making role for a Fortune 500 company- regardless, you are still not completely prepared to be a new business owner. Why? Well, each business owner has a specific journey designed around not only his or her industry, but the approach and resources associated with their business and related to their chosen industry.

This said, there are three common areas new business owners fail to pay attention to, or “see”, when launching a new venture. The first, and biggest miss, is cash flow versus profit. Forget making a profit for the first two years. This occurrence is rare. You need to maintain a moving 10-13 weekly cashflow forecast to survive. Most new business owners fail to maintain a working cashflow and then, when an emergency happens, it isn’t there and the business folds.

New business owners have to work in general terms, not specialties. Why? Chances are you will not have the budget to hire a marketing team, writing team, sales team, graphic designer, web designer, social media account manager, etc. right off the bat. These positions will have to come with growth. Ironically, you need many of these positions to obtain growth. Thus, these hats will have to be worn by you! So, be a generalist and not a specialist!

Finally, know that you have competitors and they have established customers. It is very hard to grab a customer away from another business simply based on better pricing. There are countless studies that reflect this. Instead, people tend to change products or vendors based on improved or better features, not pricing. So, think about how your company can appeal to the competition’s clients from a features point of view. Most new business owners dive into price point wars right away, which kills their potential for growth.

Until next time,

Twyla Garrett

Productivity – How to Cheat

I don’t condone cheating under normal circumstances. However, if you find yourself getting overwhelmed with everyday tasks- don’t panic. Use my tips!

While these tips aren’t really “cheats” , they are shortcuts to help you become more productive. Please try them for a week and then write me back on this blog and let me know how they worked for you!

#1. Don’t answer the phone unless it is an emergency. Yes, don’t be customer orientated while you are working on major projects. In the long run, customers will appreciate this when they receive a product that is comprehensive and outstanding versus a product that is half-put together because you were busy taking phone calls.

#2. Mange anxiety, plan your scope of work for the day, and stay fit at the same time by making sure you walk for a half of an hour before going into work. This is crucial for staying productive.

#3. If you write proposals or any emails for work, write terrible first drafts. Yes, terrible first drafts lead to great final products. Make this a daily practice and your clients and bosses will love you! Just remember to revisit the draft before you turn it in!

Until tomorrow,

Twyla N. Garrett

How to Get a Business Loan.

Obtaining a business loan in today's economic culture is challenging. You might have perfect credit, but that doesn't mean you will get a great rate- if a loan at all. I've complied some tips to improve our chances for getting a business loan.

Start off by knowing your debt ratio. One of the most basic measures of a company’s creditworthiness is the Debt Service Coverage ratio, which shows a firm’s ongoing ability to keep in control both debt and interest. The Debt Service Coverage Ratio, defined as EBITDA divided by a firm’s current portion of long-term debt and interest expense, is an extremely important metric for predicting default.

Review your net sales. If sales are low you have to consider one of two options. First, increasing profitable sales and lowering production costs – take time to identify and implement. "Lowering production costs often involves finding ways to get raw materials or key services more cheaply or to use less of them. Or it can mean identifying new, more efficient methods of producing a good or providing a service," according to Karen Berman and Joe Knight.

Finally, If you can show less debt and less spending, you have a better chance for getting a business loan versus a person with perfect credit but a high amount of debt.

Twyla