How to Engage Anyone....

In business you will have to engage and charm anyone and everyone. You have to know how to speak with people. You have to get employees to follow your vision. The media to pick-up your idea. You have to sell clients your concept or products. There is a lot of work to be done in the person-to-personal intercommunications realm. So, how do you do this effectively? 3 simple steps.

1. Treat others as they want to be treated. Don’t treat everyone nicely or how YOU want to be treated, treat them how they want to be treated. If someone hates candy, why send a box of candy to all of your clients during a holiday season? Be personal. Call people by name, remember minor details and use them.

2. Say goodbye to your smartphone for two days straight. Yes, two days. Why? It will help you focus on people. When you do this, you will see exactly what I mean. After you do this, and you see the positive results, you will be able to tuck that phone away during meetings and other important events. Showing up is important and you can’t fully do this – or engage anyone- if your head is engaged with your own phone as the primary distraction.

3. Know the difference between a fact and an opinion and use this properly. Don’t talk about people using opinions and don’t talk about business without incorporating facts. Only offer your opinion when you feel it will help someone and never say anything negative about anyone to anyone. It will come back and bite you. Be factual and helpful, not a gossip or a know-it-all.

Until Monday,

Twyla Garrett

Are You Likable?

I almost fell to the floor with laughter in the lobby of my building today. I was waiting on a client. While waiting, this man was on his cell phone screaming (probably at his wife or partner) that his employees hated him. I wonder why! He kept screaming and screaming, he was getting louder and louder. I started to think "how can you be so smart and yet not understand why you're not likable?"

Business is tough. You often have to be hard as nails, but you don't have to scream or be a jerk most of the time to get your point across or as a way to feel respected by employees. In fact, studies show that nice CEOs tend to have more loyal employees and better retention rates when it comes to turnover. So, what makes a CEO likable? I've come up with a few theories.

First, I think people like honest people. Even if the truth is going to hurt, people rather know where they stand with someone vs. being told one thing and not knowing the truth. Honesty tells the world that the CEO is about transparency and isn't into playing politics, which equates to success.

I also believe people want to be heard. CEOs who take the time to listen to their employees are more likable and respected. Even if you don't agree with what an employee is stating, simply listening validates that their opinion / concerns are heard and this will have a positive result internally.

Finally, work. Yes, work! CEOs who are out of the office "doing lunch" or "golfing" automatically cause resentment among many people. Sure, you need to wine and dine potential clients and business partners, but don't make a habit out of it. Instead, keep the blinds or door to your office open. Let your staff see you working. This will let your staff know that you are involved with the company and it will also keep them more accountable.

Until tomorrow,

Twyla N. Garrett

Homeland Security Headquarters Over Budget

The construction of a massive new headquarters for the Department of Homeland Security, billed as critical for national security and the revitalization of Southeast Washington, is running more than $1.5 billion over budget, is 11 years behind schedule and may never be completed, according to planning documents and federal officials.

Now what? This is the question the mind of many reporters today. It has been announced that “The entire complex was to be finished as early as this year, at a cost of less than $3 billion, according to the initial plan. Instead, with the exception of a Coast Guard building that opened last year, the grounds remain entirely undeveloped, with the occasional deer grazing amid the vacant Gothic Revival-style structures. The budget has ballooned to $4.5 billion, with completion pushed back to 2026. Even now, as Obama administration officials make the best of their limited funding, they have started design work for a second building that congressional aides and others familiar with the project say may never open.” – At least this is the report the Washington Post put in the paper today.

There isn’t much we can do about the spending at this point. It is like building a house one cannot afford and then being stuck with a half built house that can’t be sold in the middle of everything. We do need the space for the department and then again- we don’t. Heck, we have been functioning without it all this time, right? This brings up the question of “was it ever needed in the first place?” And then the onslaught of even more anger of budgets and projects, etc.

I wanted to talk, briefly, about this issue today because it is important. While no one has an immediate answer, we should address the elephant in the room.

Twyla N. Garrett

3 Good Steps To Start A Business.

Starting a business can be as simple as 1, 2, 3. Here are the basics tips to get started with a business.

1. Don't give up. Too many business owners will get frustrated within the first year. Things will go wrong, you will spend more than expected, you will deal with employees and clients whom aren't honest. Don't let all of this detour you. Stay in the game.

2. Don't take out loans you can't pay back. If you need to get creative with financing, do so. If you need to pay yourself 1/2 of what you were paid working for another employer, do so. If you have to get a second job, do it. Don't, however, take our high interest loans that will doom your business.

3. Don't copy someone else's business plan. Too often I see people download a business template online or use a friend's template. Each business is unique to their owners specific goals and circumstances. You can't mirror someone else's plan so don't try to do this.

If you don't give up, stay away from high interest loans, and remain unique- your business has a fighting chance.

Until next time,
Twyla

Fake It Until You Make It? Why "faking it" can boost your business.

I was once told "fake it until you make it." I never understood this concept. Why would I want to be a fake anything? In fact, I heard that transparency is crucial when starting a business. Well, after years of staring, running and even closing some businesses I have come to a single conclusion- both pieces of advice were right!

I'm not stating that you should fake being an accountant. That's not at all what I mean. What I am referring to is having the self-confidence in your business idea that many entrepreneurs often lack, which is why these ideas are just concepts! As a business owner you should always be honest with your customers,but if you need to fake self-confidence until you realize that you CAN run a successful business, well that is ok too!

Below are my tips to "faking it" in business- at least when it comes to your confidence.

#1. Stay focused on you. Don't get involved with employee drama, what other people think you should or shouldn't do, and don't try to multi-task when completing important tasks. Put your blinders on and ignore the gossip, negative opinions are the urge to do several things at once. Focus on producing great work and iconic proposals to initiate success.

#2. Know where you are weak. If you can identify what areas of your own business bring out your weakest skills then you will know how to correct and overpower the situation- thus leading to more confidence. Ignoring your weakness will only add more stress to your life and will hold you back from your goals.

#3. Set challenges. If you want to "fake" your way to success then set-up real goals. As you take baby steps to accomplish these goals, you will come to realize that you do have what it takes to run a business and that you don't have to "fake" anything!

It is a tough world out there when it comes to the business industry. If you can present a sense of self-confidence and you believe in your products and/or services then you have already won half of the battle.

Until next time,
Twyla

Best iPhone Apps for Business

The iPhone seems to be taking over the world. Many business owners use it because b2b or customer sales can be conducted from anywhere at anytime. But what are the best iPhone apps for business owners? I have complied a list of favorites!

#1- Office on Your iOS Device; CloudOn. Cost? $5.00 a month. Why? It does a super job of delivering cloud-based versions of Word, Excel and PowerPoint to your iPad -- provided you have an Internet connection, which you might be lacking on an airplane.

#2. Google Drive. Cost? Free! Why? You can collaborate on a text document in real-time with one or more of your colleagues. The feature, just added to the iOS app, lets you see what others type into the document as you're working on it. It's a fantastic way to eliminate the old back-and-forth of sending document revisions over email -- and then, inevitably, getting confused over which version is truly the most recent.

#3. Time Tracking: Toggl Timer. Cost? Free. Why? Toggl is a Web-based service with a clock timer that makes it easy to track hours by project and client. The timer is available as a Windows, Mac, and Linux software utility as well as an iOS and Android app.

There are plenty of other great apps, but for business owners (especially small business owners who are watching their budgets), these applications seem to be the cheapest, most efficient and work the best!

Have a great rest of your weekend!

Twyla

National Start a Business Month

March is National Start a Business Month. So, where do you start? Launching a business can be confusing and it will be stressful.

Things you need to ensure you are on the right path to starting a business;

1. A great concept. Don't start a business that someone else already has- that is unless you have a killer angle. If you have a Starbucks on the same corner you want to start a coffee shop- kill the idea. However, if you found a spot for your coffee shop that isn't within three miles of a Startbucks, consider moving forward. Know your competition and don't start out right under their noses.

2. Write your own business plan then have a professional rewrite it. Sure, you can hire someone like me to write your initial business plan. But why? Always write your plan first. This way you know your business inside and out. And you can fix any issues that come up while writing the plan. After you have composed the first draft, then you can hire a professional to make the business plan look pretty.

3. Know your resources. Where do you go once you have your idea and your business plan done? Below are links that you should start exploring to map out what steps you need to take locally and nationally to launch your business.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business

http://www.sba.gov/sba-learning-center/search/training

http://www.sba.gov/content/determining-business-size

Have questions? Let me help you! Post your comment or question and I will respond.

Twyla

An Overview of Your Business' Legal Status

How you define your business to the government can have a lot of benefits. However, it can also lead to a lot of headaches if done incorrectly. So what type of status should you claim when starting a business? Well, let me help!

Sole Proprietorship: This type of business does not make a legal distinction between the business owner and the business itself. Although costs can be low (from taxes to licensing fees)the down-side is that you will be personally responsible for any business debt that may occurs, potential law suits, and your personal income tax reflects your entire business' profit.

A General Partnership is the same as a sole proprietorship but with several owners. Again, the set-up costs are low and there are relatively few regulatory requirements. And, again, the owners are completely liable for all the actions and debts that stem from the business.

Limited Liability Partnership(much like a LLC) is very similar to a general partnership. However, there is a separate classification of partners making each person's liability limited. The downside to this classification is it only "limits" a partner's liability, not erase it completely- which is a common myth. Also the filing and administrative requirements are complex.

C-Corporation is only a form of doing business that creates a separate legal entity from the individual owners. This legal entity can act and do business on its own just as a person would do (i.e. borrow money, enter into lawsuits and contracts, etc.).
With a C-Corporation your "owners" are now shareholders who are not personally liable for the actions and debts stemming from the company. However, if a shareholder wants to leave the business then the paperwork involved isn't easy, making a separation a long-one- which in the case of a nasty separation only makes the situation worse. Also, owners (shareholders) are taxed twice.

S-Corporation is a type of corporation but the business is taxed as if it is a sole proprietorship. Its formation is subject to certain legal criteria such as a maximum number of shareholders. The benefits, unlike a C-Corp., include owners only being taxed one time. However, the administrative costs are higher and all owners (shareholders) have to be U.S. citizens.

Many business owners either chose to set-up as an LLC or an S-Corp. Note, I will not advocate for either because you need to discuss your personal situation with a lawyer and a CPA. However, I will state that an LLC may have to pay more self-employment taxes than S-corps due to IRS regulations.

Have other business questions? Please ask as I am happy to answer them!

Twyla

Business & Insurance Forms

Chances are if you run a business, you have seen a few insurance forms. But, what are these forms and why do you get them a week after signing up for a policy? Let me help.

All that legal print that you will not read but should, that’s the Insurance Policy Form. The insurance policy form, or policy language, outlines who is an insured, the insuring conditions, what type of loss(es) are covered, and what type of loss(es) are excluded. This is pretty important stuff for your business and employees, so why not read it?

The insurance policy form matters because it can save you some money or cost you tons of money! The types and amounts of coverage matters, but what matters more is what these forms DON'T cover! For example, an insurance policy may cover the exact same risks (or not to same extent) as a policy from another carrier- even if the name of policy the exactly the same!

So, time is valuable. I know this as I own many businesses. But your insurance coverage and knowing what you have covered and what the insurance isn't covering is more valuable. Read the forms. Ask questions. And, if you're not happy, switch insurance carriers. It will save you from worry in the event you need to file a claim.

Twyla