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Tips To Network Successfully

I’m so excited to lead a new networking chapter in Fairfax, Nexco. It was founded by a great group of businessmen whom I consider friends, and I’m honored to have been chosen to be the voice of this particular chapter.

I’ve done a lot of networking over the years, and I hear people say all of the time how much they hate networking. I disagree. I think networking can be fun, and quite beneficial if done right.  Follow these steps to not only enjoy networking, but to do it successfully as well.

 

First off, remember that networking is not about you landing a job/client. It’s about gaining information from a business and giving enough information about yours in order for them to use that as a stepping stone. It’s a means to an end, not the end.

 

When you enter the room, first go to those you know. It will make the transition easier, especially if your nervous. Plus, those you know, know you best, and may already have met someone they think would be a good referral for you.  When you meet someone, don’t make it all about you. Networking is much like dating; it’s an opportunity to get to know them and in turn, for them to get to know you. This is where you gauge whether there is a connection between your businesses, or possibly between them and one that you know.

After a networking event, reach out to those you wish to continue a conversation with. Ask them for coffee within 2 weeks of meeting. This way, the conversation stays fresh, and any topics that were hot or would be considered leads will still be warm when you meet.

Before you meet, do research on the business you’re meeting with. You want to look invested and interested in what they have to say and to offer. By being educated, they may be more interested in connecting you to other professionals as well.

 

Now, for that pesky “I hate networking” feeling of yours. Make yourself a promise to go to x number of networking events (tomorrow’s event is a great start!) and to make X number of connections, and when you do, reward yourself with whatever small thing makes you happy. Part of what makes networking so overwhelming is, well, the actual events are overwhelming. But, as I say, the only way to eat a whole elephant is to take small bites, so relax! Think of this as an adventure, and a positive path to your success!

 

Join me tomorrow at Brion’s Grille in University Mall in Fairfax from 11:30-1pm for some great networking with local businesses!

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How To Choose The Right Bookkeeper For YOU!

As a business owner, we tend to think we can handle it all, I mean, we own a BUSINESS, what’s a little office work, right? That’s like saying being a stay at home mom is easy (it’s NOT). A successful business owner understands her (or his) limits, and knows to hand off the things they struggle with (and takes the most of their time). Bookkeeping is one of those tasks that are best left to the professionals.

 

But, what should you expect from a bookkeeper? What qualifies someone to keep your books?

 

First, they must be detail oriented. You need someone who is able to focus on the little things. Someone who can do this will allow the big things to take care of themselves.

 

Second, they must have a really good understanding of your big picture. If they don’t know what your overall goals are, they won’t know how to allocate expenses. assets, or liabilities. Your bookkeeper should have a basic understanding of terms at the very least. They should know the difference between asset, liability, equity, income and expense accounts.

 

Although it seems like a no brainer, it’s not easy to find someone who will follow through. Make sure you have someone who will ensure your projects and questions are followed through to completion. Monthly financial statements-balance sheets, P&L statements, cash flow statements, etc.

 

You know how important job costing is to your business, which makes it just as important for your bookkeeper to understand job costing as well. They need to understand all costs need an item and job detail to make certain the information you have is reliable. Does this mean they have to be authorities on your industry? No, but it’s certainly helpful if they have some understanding.

 

Of course there are so many hat come with on the job training , but helping your bookkeeper (for example, providing them with the information they need to properly keep your books) and answering their questions in a timely fashion will certainly help them, and YOU to set your business up for success!

 

 

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Spring Clean Your Business!

Ok, so it’s almost summer-we’re only a few days away! However, it’s never too late to spring clean, especially when it comes to your business. Regular evaluations will help you stay on point and focused on your ultimate goals. How do you spring clean a business?

 

Start wtih updating your website and social media by taking stock of what your online presence looks like. Is there something on your site that could be updated? Are there pictures you could remove because they’re too old, or has the vision of your business shifted since you created your site? Tighten things up, fix the details and update everything you see fit. Keep your website relevant to where your business is today.

 

When I worked in retail, once a year we would have a staff meeting to address issues we had allowed to stay stagnant as opposed to resolving them. The same should go for your staff. It’s important to remind them where they are headed and to reflect together on what the common goal is. Address issues on both ends-yours and theirs-to make sure everyone stays on the same page.

 

If the vision of your business hasn’t changed, or, you just haven’t had time to do anything about it, you may want to take the time now to touch base with your business plan. Revisit it and update it once a year to keep pace with the rest of your company. Go back to basics to keep you chugging along the track you want to stay on!

 

We all hate emails that just sit there don’t we? At some point we look at our inbox and think “How did I acquire 12,000 unopened emails?”  Pour a cup of coffee, push up your sleeves, and clear out your afternoon to organize and delete emails. If you just can’t afford to do that, consider hiring someone to do it for you (*hint, it’s one of the options we offer!) The minor cost to take care of this is worth its weight in gold.

 

Lastly, literally, clean your office! Clean off your desk, dust, and vacuum. It’s important to do this at least once a month, but hey, I get it, you’re busy! If you can do this at least once a quarter, you’re still in better shape than most people.

 

So, what are you waiting for? Get cleaning!

 

 

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So, What Do You Do?

How many times have you heard this question? It can essentially make or break an introduction, and depending on how you answer, can either peak a person’s interest, or have them look over you to find someone else to try connecting with.

 

Networking isn’t easy. It’s time consuming, and can be disheartening when your networking is just NOTworking (see what I did there, heheh). A lot of why you may be in a networking rut may have to do with how you begin your conversation.

 

When someone asks you “What do you do?” How do you normally answer? Do you say, “I’m a commercial real estate agent” or do you say “I assist and consult clients in finding the ideal location for their businesses” ?

 

Of course, there’s nothing wrong with saying you’re an XYor Z, but there are likely thousands just like you in your area which doesn’t quite differentiate you in the asker’s mind. People will likely also wonder to themselves “Do I need that service?” I know I don’t need a commercial real estate agent, but if I were to hear the description instead of the title, it would instantly get my brain storming to think of the right referral for them-and I would most likely follow through with it as well.

 

The flipside of this can be just as deadly-telling someone TOO much of what you do. There’s no need to detail every aspect of your business. For example, if you were to visit my Services page, you would find a long list of what my company offers. But, when I’m networking, and someone asks what my company offers, I tell them “We offer office management virtually, we offer bookkeeping, and we offer social media maintenance needs including blogs and newsletters.” Keeping it short, keeps the door open for a possible meeting. That would be the place to expand on your details. Not in the first 30 seconds of meeting someone.

 

One of the great parts of networking is the referral possibilities, but how can someone refer business your way if you say “Oh, anyone looking to buy a place for their business!” No, people don’t want to have to think -be specific, “I’m looking to connect with those in the medical field who want to branch out and open their own offices or those in health and wellness, wanting to dedicate a space for their clients.” This will help the person you’re talking to think of a possible referral or prospect for you.

 

Communicating effectively will save you time (and sometimes money) when networking. Make the time you spend connecting with other businesses more efficient and perfect your networking savvy!

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Avoid These Common Tax Mistakes BEFORE Tax Time!

The deadline for taxes has long passed, and those who needed to file an extension surely have done so by now. Many of us have already received our returns, and were a little underwhelmed by what we got back (if anything at all).  Don’t get caught at the last minute next year-avoid these common tax mistakes to stay ahead of the curve!

 

Just because you’re a sole proprietor or are self-employed doesn’t mean  you don’t have to pay taxes on a quarterly basis. Of course, the first year, you get a free pass, however, there are certain exceptions based on how much you make. Get into practice of automatically setting aside a percentage of each payment or revenue, then take stock of your P&L statement each quarter. Pay the taxes each quarter to avoid a hefty payment at the end of the year.

 

Speaking of keeping track, it’s incredibly important to keep track of all of your business expenses, including your miles to properly deduct during tax time.  If you don’t already, consider using an accounting program like Quickbooks to let you record and manage expenses. If you don’t have the time, or the wherewithal to do it, hire a bookkeeper who will enter in and reconcile these transactions on a monthly basis.

 

When tracking your expenses, be sure to determine them accordingly in your Chart of Accounts. What this means is when you have expenses like supplies (printer ink, paper, etc), account for them accordingly. Office Expenses are generally equipment. Why is this important? Because you can write off a portion for each year the appliance is in use or write off the full amount (up to a certain maximum) for the year you purchased. For example, if you bought a new laptop this year, you can write off the full price in your 2014 return. While you’re at it, don’t forget to take the actual home office tax deduction; but do so wisely. There has to be a certain portion of a room, or a dedicated room for your business in order to qualify for writing off a percentage of your home expenses including rent or mortgage payments, utilities and insurance costs.

 

Speaking of deductions: it could be that part of the nature of your business requires you to give gifts to your clients, which is fine. But remember that you can only deduct $25 per recipient. If you give gifts readily, make certain you keep all of your receipts.

 

Discuss your legal structure with a tax advisor or a CPA to help you figure out if your structure is still legitimate. For example, you may have started out as a sole proprietor and are paying too much in self-employment taxes. Creating a C or S Corp, or a LLC could help lower your tax bill.

 

Lastly, and I’ve said this a million times. NEVER, EVER, EVER make business purchases with a personal account! Doing so can lead to a considerable amount of confusion, and lead to legal infractions. Do yourself a favor and open a business account the same day you start your business to get it right from day 1.

 

Are there any mistakes you’ve made in the past that you’ve learned from?

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Networking 101-How To Take Networking To The Next Level

Part of owning a successful business, or even a growing business is networking. Yes, a lot can be said for advertising and word of mouth-referrals are even great, but most of your business (my business anyway) comes from serious networking.

 

Not everyone wants to walk into a room full of strangers and introduce themselves, much less try to attract interest to their business. But, if follow these key tips, you’ll be less likely to hold the walls up and more likely to make some valuable connections.

 

Most networking events are  pretty firm on their start and end times. If you show up late, you’ll likely see circles of people already formed, and find it difficult to break in. Get to the event a bit early, and you’ll give yourself enough time to drink in the room, figure out a strategy, and create a circle of people yourself!

 

Networking is not about closing a client-that comes later. This is your opportunity to introduce yourself and your business to those who may not know you, and to meet businesses you may benefit from (or know someone who will). Keep the conversation light; ask simple questions to open up the conversation and smile. Engage in the person, keep eye contact, and make sure you seem interested.  People pick up on these body cues and will know whether you are truly focused, or are just listening for key words that may benefit you, and only you.

When the conversation has warmed up, feel free to share what your product or service is, IF they ask. Give a 30 second elevator pitch that sums up what you do, or offer, and keep it open ended to give them an opportunity to ask you more questions about it. The more they get to know you, the more likely they will be to either share your business, refer you business, or become the business!

Remember, networking is the beginning not the end. If you’ve exchanged cards with someone at the networking event, or, if the event sent out a list of email addresses, follow up with a quick summary of what you talked about, or about your business. You talked to so many people, it’s hard to keep track of all that information-the same goes for everyone else at that event. Be sure to follow up within 48 hours while you’re still fresh in their mind.

 

If you’ve networked before, what would you say was your most valuable tool?

 

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What Will Happen To Your Business After You’re Gone?

I know, it’s not the easiest thing to think about, but we don’t live forever, and to expect our family or business partners to know what to do with the business after we pass can be detrimental to your business’s future. Sure, you’ve probably secured the family with a will, life insurance, etc., but you need to secure your business as well to make sure those who are carrying on for you not only know what they’re doing, but they know what your overall focus is as well.

 

One of the biggest tips I give all of my clients is to create  a spreadsheet with every password to everything you need to sign in to. That’s all your social media-Facebook, Twitter, etc.-your email, websites, encrypted software, even the code to your phone, and update it as needed. Facebook has over 30 million accounts that belong to the deceased-think about that! What if you don’t want your social media to exist any longer after you’ve passed? You have to give that right over to someone, which should be listed in your will. *It may not be popular now, but the future predicts people will begin defining their social media needs in their wills.

 

Make a spreadsheet that is password protected with every password affiliated platform you are on with its coordinating login information. Conversely, if you work with clients that use login information, you may want to make a spreadsheet for that as well. Some businesses create login’s for their clients, of which they’re not always either privy of or do not have direct access to. In case of death, the person you appoint to care for your clients will easily be able to continue working for your clients seamlessly, or at least give that client their login information to be used by someone else.

 

Of course, for those of us with children, we want to give all of our children equal rights to our things, but that doesn’t always translate well when it comes to a business. It’s important to bequeath your business to a child that understands your business, or to your business partner (with a stipulation that your half of the profits, and future profits are either divided among your children, or a trust is created to protect your assets).

 

No matter the profit margin of your business-being a small business or a medium sized business- you should speak to a wills and trust attorney, or an estate attorney to discuss what the best option is for your business’s future; whether it will carry on without you, or die with you, and how to prepare for both.

 

*If this subject interests you, and you would like more information on how to secure your business’s future and its assets, contact me for referrals on some of the best attorneys in the DMV area.

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