Consuelo Meux, Ph.D.

Email has become the primary means of communication among businesses.  Email is used to communicate both with clients and customers as well as coworkers and associates.  It is therefore, very important to make sure messages are understood and written in a manner which appropriately matches the situation.  Here are 5 steps to make sure your email messages are received as they’re intended.

Step One:  Who is your message to? 

Messages to coworkers or associates are different than messages to bosses or clients.  For example, you probably wouldn’t want to start a message to a customer Howdy Joe!  Rather Dear Joe or even Hello Joe would be significantly more appropriate. 

Starting your message off on the right foot is important as it sets the tone for the rest of the email.

Step Two:  Subject line. 

It may seem like an unnecessary step however including a subject line accomplishes several things.  First of all it gets your email opened.  Email messages without subject lines are often missed, ignored, or assumed to be spam. 

Secondly, it tells your recipient what your email is about which may encourage a timely response.  It also helps your recipient find your message at a later date.  For example, if you’re sending an email to an associate about a specific project then including the project name in the subject line along with the subject of the email. 

Lastly, including a subject line shows you respect your recipient.  It demonstrates your professionalism and attention to detail.

Step Three:  What’s your point? 

What is your message about?  There’s nothing worse than receiving a professional email which amounts to ten minutes of idle chit chat and forces the reader to scan the email for the point of it.  That isn’t to say that a quick, “I hope you’re well” or “How are you?”  isn’t appropriate.  It’s perfectly acceptable however diving into a long story about how your internet was down last week or how your cats aren’t getting along is a waste of time.  What is your point?  What is the email about?

Step Four:  It’s a business email, right? 

In a world of speedy text messaging, people have gotten lazy.  Email messages which use chat acronyms, for example TTBOMK – to the best of my knowledge, presume the reader knows what you’re talking about.  Save the chat acronyms for chatting with friends.

Likewise write the message as if it were a letter, that means complete sentences, proper grammar and please use your spell check.  It’s unprofessional not to.

Step Five.  Signing off. 

Many email programs make your signature quite easy.  You can create a template which appears in every single email communication.  This signature might include a valediction, your name, your email address, your business name and URL, your telephone number, and business hours.  Depending on your line of work you may also include a tag line which describes your business. 

Struggling for a valediction?  Common acceptable closings include:

- Regards,

- Best,

- Warmly,

- Thank you,

- And the old standby – Sincerely.

Emailing is here to stay and communication with customers and associates has a direct effect on the relationship, taking the time to write a professional message will only benefit you and your business.  It’s fine to be warm and friendly however it’s also important to respect your recipient. 

Have you considered taking your business to the next step through the creation of a joint venture? Here are five great tips to implement a lasting and profitable online joint venture partnership between you and other online business owners:

1.  Good attitude.

The first and most important attribute to creating a lasting and profitable partnership is a good attitude.  Not only will a good attitude help to ensure that your partner also has a positive attitude -  since a positive attitude is contagious, it will also help you get through any difficult times.  A good attitude is a sure sign of a good partnership and future profits.

2.  Willingness to compromise and communicate.

Any partnership has moments where one partner will need to compromise.  If you’re prepared for these moments, then you’re a step ahead of the game.  Stay focused on the larger purpose of the partnership and don’t allow yourself to get swallowed by the finer details that are often so easy to get stuck on.

For example, if your partner wants 55% of the profits, then fine: make sure that you negotiate the proposal so that you benefit elsewhere.  The key if keeping the lines of communication open.  If you’re unhappy about something, be sure to express your opinion to your partner while keeping a positive attitude.  Additionally, communicate when you’re pleased about how things are going. Positive comments are helpful in maintaining a healthy equilibrium with your joint venture partner.

3.  Willingness to contribute 50% of the effort.

If you’re going into a partnership with someone, it is unfair to expect to reap all the benefits and do none of the work.  Of course, if you can both reap profits with little or no work then that’s great.

4.  Willingness to stick to the plan.

Outline and agree to a plan of action with your partner, then stick to that plan. Don’t attempt to make changes to the plan halfway through.  You wouldn’t want your partner to do that to you, right?  Of course circumstances are occasionally beyond your control and things happen; however, it is important to work your hardest to stick to the plan, timeline, and workload you originally agreed to.

5.  Willingness to modify the plan if need be.

So what if both you and your partner agree to make some changes? You might encounter some unforeseen circumstances that require both of you to be flexible.  Maybe the timeline can be adjusted or the responsibilities and profits adjusted to accommodate the new circumstances.  Be willing to adapt if needed.

Keep an eye on the big picture of what a joint venture partnership can do to build your business. By partnering with another professional, you will both build benefits that go far beyond profits.  The potential benefits of a successful joint venture partnership can be an increased network of business associates, more customers and a diversified customer base, increased professional reputation and credibility, and financial gain.  Start look at similar businesses as potential partners, not just competitors and begin to build joint ventures that mean business profits for everyone involved.

Mentor groups, sometimes known as mastermind groups, are a great way to help kick start or improve upon your business.  These groups are comprised of various business owners who all have common goals in mind.  The particular goals can vary, but the point of most mentoring groups is to bring business owners together to help them grow their business.

Here are some of the things to look for when searching for a mentoring group for your business.

1.  Look for people with interests the same as yours. 
2.  Find a group that offers resources to help you in your business.
3.  Look for groups who are constantly updating their resources and not just posting old resources.
4.  Research various groups and ask members of different groups about what the group has to offer.
5.  Find members who have “grown” since joining the group.  This will prove that success is a possibility.
6.  Look for members who are willing to share their thoughts, criticisms, and knowledge willingly.  You don’t want a group of mentors who refuse to help newer members.  Remember it’s called mentoring for a reason.
7.  Find a membership that fits in your budget, but remember that price isn’t everything. 
8.  Look for groups that offers lifetime membership.  You may find that after a certain amount of time or after you’ve completed certain steps you will be offered a discounted or possibly even free membership.
9.  Find a mentoring group whose schedule fits yours.
10. Look for a group who not only allows members to ask questions, but encourages it.  However, don’t expect the mentors to always just give you the answers you need, they should also be encouraging you to think for yourself.

If you can’t find a group you feel is right for you or that fits your budget just yet, try following one or two people in your business area or market that you can learn from.  Study and more importantly, implement the things you learn from them and ask questions when you have them.

A Business Coach can be one of the best resources you can do for the success of your business.  How do you find the perfect coach for you?  One who will value your business, even treating it like it was their own?  One who will work well with you by listening to your thoughts and helping you overcome your stumbling blocks. 

Having a professional business coach gives you the gift of having someone to talk to about your business who will keep your information confidential. You might be very isolated as a professional small business owner without a group of trusted confidants to discuss items with on a daily basis. You will be surprised to see how many ideas you can generate when you have a knowledgable professional to discuss things with.  

Here are a few tips on how to select a Business Coach for you:  

1.  The very first thing you need to do before actively researching a business coach for your business is to sit down and think about what it is you want to achieve by hiring a coach.  Jot down what you believe are your strengths and weaknesses.

2.  Next, you’ll want to draft a list of potential questions that if you had the perfect coach at your fingertips right now, you would ask.  Don’t worry you don’t have to stress about this part, but atleast think of a few things.  Once you actually start working with a coach the questions will come. 

3.  Do research and compare the things you find between the various coaches.  Just a few places you can begin are by conducting a search online and the Worldwide Association of Business Coaches (WABC). 

4. Ask other business owners you know and trust that have used a coach in the past, who they would recommend and even more importantly WHY they would recommend that particular person or group.

5. Narrow your list down to a manageable amount and then start contacting those coaches.  You’ll learn a lot about how a coach operates just by the initial contact with them.  For instance, do they respond in a reasonable amount of time?  Where you able to even get in contact with them?  Those types of things will help you to narrow your list even further.

6.  Once you’ve got a smaller list, start contacting those coaches and asking about consultations.  Many business coaches will offer a free initial consultation to help you find out if the two of you might work well together.  Take this opportunity to “interview” these coaches.  Refer back to your list of questions above and any others that may come up. 

7.  Take note of things like whether you felt rushed or on edge when talking with a particular coach.  Did you feel comfortable and get the impression that they really cared and had time to help you succeed in your business?  In other words, trust your instincts. 
8.  Be honest with your potential coach and yourself when it comes to your business.  Trying to make yourself or your business seem more together than it really is will only hurt you more in the long run.  You want success and a smoother flowing business and without honesty, it will never come on it’s own.

Finding a business coach is not something you should just jump into with the first person who comes along.  Take the time to really feel confident about the coach you choose, because the better the two of you work together the more successful your business will be.

.  The very first thing you need to do before actively researching a business coach for your business is to sit down and think about what it is you want to achieve by hiring a coach.  Jot down what you believe are your strengths and weaknesses.

2.  Next, you’ll want to draft a list of potential questions that if you had the perfect coach at your fingertips right now, you would ask.  Don’t worry you don’t have to stress about this part, but atleast think of a few things.  Once you actually start working with a coach the questions will come. 

3.  Do research and compare the things you find between the various coaches.  Just a few places you can begin are by conducting a search online and the Worldwide Association of Business Coaches (WABC). 

4. Ask other business owners you know and trust that have used a coach in the past, who they would recommend and even more importantly WHY they would recommend that particular person or group.

5. Narrow your list down to a manageable amount and then start contacting those coaches.  You’ll learn a lot about how a coach operates just by the initial contact with them.  For instance, do they respond in a reasonable amount of time?  Where you able to even get in contact with them?  Those types of things will help you to narrow your list even further.

6.  Once you’ve got a smaller list, start contacting those coaches and asking about consultations.  Many business coaches will offer a free initial consultation to help you find out if the two of you might work well together.  Take this opportunity to “interview” these coaches.  Refer back to your list of questions above and any others that may come up. 

7.  Take note of things like whether you felt rushed or on edge when talking with a particular coach.  Did you feel comfortable and get the impression that they really cared and had time to help you succeed in your business?  In other words, trust your instincts. 
8.  Be honest with your potential coach and yourself when it comes to your business.  Trying to make yourself or your business seem more together than it really is will only hurt you more in the long run.  You want success and a smoother flowing business and without honesty, it will never come on it’s own.

Finding a business coach is not something you should just jump into with the first person who comes along.  Take the time to really feel confident about the coach you choose, because the better the two of you work together the more successful your business will be.

Drop me an email about my coaching services (dr.meux@gmail.com).  Take a look at the About page to review my background and the areas of my expertise.   

If there’s anything I can get on a soapbox about in small business it’s creating a business plan.  The business plan is the first step to starting a business and is your blueprint for success.  A business plan will help you have a concrete plan for your money, what your budget will be and where your money will go.  It will give you a flow chart of all aspects of your business from marketing to accounting, so that all your bases are covered.  It will define your target market and your marketing plan.  Your business plan will also document your goals and outline your plans to attain them.

How do you begin writing a business plan?  Here are some things to include:

1.  Your business description.  Begin writing a letter to someone, maybe your mom or a friend, about your business.  What would you tell them you do?  How would you describe it?  Once you get your letter written, if it is longer than a paragraph, narrow it down.  Keep working on your business description until you can succinctly tell someone in 30 seconds exactly what your business does.

2.  Your employee/management plan.  When many people start out in business, they’re a one person operation.  That’s perfectly acceptable.  Write down exactly what your job responsibilities will be.  As you’re making that list, take note on the responsibilities that you feel aren’t your strong points.  For some it may be copywriting, for others it may be accounting tasks.  Separate these tasks from the list as potential future employees or contract employees.  Once you’ve reached a certain level of success, it may make sense to hire someone to handle the tasks that you either don’t like or aren’t as skilled in, so that you can focus on your strengths.

3.  Legal structure and other legal considerations.  What legal structure will you have for your business?  For example, sole proprietorship, partnership, corporation or limited liability company?  What type of business licenses do you need to legally operate your business?  What are your insurance needs?  Include insurance on physical buildings, errors and omissions insurance for consulting and coaching businesses, liability, homeowners, health etc.  How will you keep a record of your expenses for tax reporting?

4.  Products/Services.  Here is where you will plan your initial products or services offerings.  For example, if you are opening a business as a bookkeeper, then how will you charge?  How will you receive payment?  Will you offer multiple services like bookkeeping, payroll services and collections?

5.  Operations.  How is your business going to function?  Do you need a computer?  A website?  What will your hours of operation be?  What are your financial goals?  What are your expenses?  List each aspect of your business operations, goals, and needs, and then go into as much detail as possible.

6.  Sales and marketing.  Start this section by detailing your target market.  Next, describe how you plan on reaching these people and selling your products or services.  There are many options here and tons of information about marketing tools you can use right here on the Internet Based Moms website.  You may also want to detail how much of your time you plan on spending on marketing related tasks each day, week or month.

7.  Budget.  How much money are you starting with?  What do you need to buy?  A detailed budget is essential for success.

That’s it.  You’re business plan is complete.  For ease of use you can create an executive summary, which will contain a brief summary paragraph about the seven sections you’ve just detailed.

Use your business plan to keep your business on track.  As you reach your goals or your goals change, take the time to revise your plan.  This can be something that you do every month, every six months or annually - it’s up to you!

Small business owners must know about their budgets. After decades of consulting small business owners, I really believe that not understanding finances in small business is a primary reasons for small business failures. 

When you own and operate a small business, it is critical that you keep close tabs on your finances.  There’s nothing worse than owing more money at the end of the year than you’ve actually made.  Budgeting your business begins before you open your doors.  In fact, it begins at the business plan level.  Here are some questions to answer:

How much do you have in start-up funding?
What will your actual start-up costs be?
How will you market your business?
How much will your marketing expenses be?
How much will it cost to operate your business?
   Operating expenses include:  
 * Phone lines
 * Web site development
 * Website hosting
 * Merchant accounts
 * Shopping cart software
 * Outsourcing expenses
 * Accountant fees
 * And much more   
What will your profits be?
When will you expect your business to be profitable?
How will you support yourself during tighter months?
How will you pay your taxes?

Lots of questions, right?

The best way to handle tracking your profits and your expenses, and to stay within your budget is to actually make a budget, and keep it.

Creating a budget and keeping to it will not only help you keep out of debt, it will help you make important financial decisions.  How else will you know if you can afford a new software product, a joint venture investment, or if you can outsource your administrative tasks?  That being said, the more accurate your budget, and the more frequently you track your income and expenses, the better your information will be. 

If you track your spending and income on a quarterly basis, that’s great because you will have your financial information and it will be accurate.  However, if you track it on a weekly or monthly basis your information will be that much more accurate. 

The first step to creating a business budget is to think clearly and honestly about your expenses.  Using a spreadsheet or accounting software, create a list of categories and a list of monthly, weekly or quarterly spending available for each expense.  Note that the more frequently you track and account for your spending, the more control you’ll have over your finances.  And your financial information will be more accurate when you need to make weighty financial decisions.

A budget will also help you come tax time!  With an accurate budget, your expenses, profits and taxes are all at the tip of your fingertips.  This means you don’t have to dig through piles of receipts and invoices to find the information your accountant is waiting for.  Time is money, right?  If you haven’t already, save time and save money by creating a small business budget.  You’ll be glad you did. 

Business budgets are a necessity. Just like your personal home budgt, a business budget keeps you on track for your financial goals. A big question is whether or not as a smal business, you should hire an accountant to create and moniter your business budget.  

That answer depends on your ability to keep your budget in order without the accountability of an accountant.  Here’s how to decide whether or not you want to go it alone  in figuring out your business budget situation.

#1:  Do you have a solid understanding about what expenses your business is likely to encounter?  An accountant will have knowledge about the expenses most businesses incur but they may not know your business specifically.  The strength of an accountant often lies in knowing which expenses are tax-deductible.  This information can be helpful when determining your budget.

#2:  If your time spent on accounting tasks is better spent on tasks that bring profits to your business, then it may be wise to hire an accountant or bookkeeper to handle these tasks.  If an accountant is going to be tracking your expenses and cash flow then you may want them to be in on the creation of the budget so they understand your expense categories.

#3:  An accountant is most definitely an excellent resource when you’re setting up your accounting software, even if you plan on doing the bookkeeping yourself.  If you’re going to use a software program like QuickBooks or Peachtree, many accountants are familiar with this software and can advise you on best practices. 

If you hire an accountant as a consultant for your software and you’re going to use the software to create your business budget, you would likely benefit from their knowledge not only about budgeting matters but also how to create your budget on your chosen software.  However, both software programs mentioned above come with comprehensive tutorials and online help, so setting up your business is fairly straightforward and an accountant may not be necessary.

#4:  If you’re going to hire an accountant to do your taxes, they might be able to guide you to the right categories to assign to your expenses, so that doing your taxes takes them less time.  Less time doing your taxes means less time you’ll have to pay an accountant for, which means more money in your pocket.  And that’s always good!  However, if you’re like many and can handle your taxes on your own, the IRS website is a goldmine of information and an accountant is probably not necessary to help with your budget. 

#5:  Lastly, if you hire an accountant to help you create your business budget, you’re likely going to get an earful about what to do with your profits and how to maximize your spending.  It’s all great knowledge to have and anything that helps you do business better is a good idea.