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Women and Business: Influence Expert, Karen Keller, Ph.D, Advises How To ?Seal The Deal’ for Success Using 5 Top Business Negotiation Strategies

October 25, 2011 Women In Business 0

You’re walking into the boardroom.  All eyes are on you.  You take a seat. Take a deep breath and WHAM – now you’re on.  What’s next? 

Every day leaders are made, deals get sealed, and negotiations fall through..  So what separates the ‘made’ deals from the ‘broken’ deals? Following these simple yet forgotten ‘seal the deal’ rules:

Seal the Deal Rule #1: . This is your opportunity to shine! Be bold about what you or your product or service has accomplished for the many who came before.  Get into the benefits of the benefits.  For example, if your service allowed management to make better more productive decisions 95% of the time – great! Now remind the ‘powers that be’ that it then lead to less fear, increased morale and onto a 35% increase in production.

Seal the Deal Rule #2:  .  Know your stuff.  Don’t go on tangents.  Get to the bottom line.  Trust me, they will look at the details soon enough but they want to hear what’s in it for them – in 10 words or less.  You need to be prepared and succinct. Be direct about what they will get.  This applies to your body language.  Short, sweet and to the point.

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Seal the Deal Rule #3: .  Every person should start working at a young age.  Mowing lawns, delivering papers and babysitting ware the beginnings of many multi-millionaires.  So apply this rule to your preparation for sealing the big deal.  Do your research. Put the details and benefits together in a way that is EASY to understand and get – the first time!  Think of every possible question they could throw at you – then answer them.  The next step is to practice, practice, and practice some more.  Delivery counts. 

Seal the Deal Rule #4: .  Don’t forget the long-term benefits.  Everyone likes to hear how they will have less stress, more money, lasting ‘whatever’ for their children.  Know your audience. Don’t assume anything unless you know for sure – pun intended!  Investigate what previous deals the company has dismissed as well as signed on to.  Put together a big picture of the company, board of directors, or management and administer the selling accordingly.

Seal the Deal Rule #5: .  Stay focused. Watch the body language of the decision makers.  Make mental notes of who is influencing whom.  Take precautions to flex your style to mirror the heavy weights. 

Sealing the deal rules apply not only to the big finale of announcing your deal but also to each and every step along the way.  Sealing the deal can mean several things, not hearing ‘no’, telling you to come back with a few changes, setting another time to meet, or the ‘we like this, change that’ scenario.  There are several steps in sealing the deal. 

So, be familiar with the little successes along the way that get you to the BIG yes in the end! 

For more information, please visit http://karen-keller.com/media/seal-the-deal-business-negotiations

 

Women In Business Today

October 18, 2011 Women In Business 0

Women-owned firms are becoming more and more prevalent now and they are even diversifying into all industries. Construction, manufacturing and transportation have seen the largest recent increases in the number of women-owned firms.  With that being said, women still manage more of the retail businesses.  Seems that is where the niche has been and continues to stay.

So if you’re a woman and looking to start a business, how do you know what type of business is best for you? Many of the women entrepreneurs say they use the same products and services at home that they do in their business, for familiarity and convenience.
Sometimes it seems like a good idea to start a business with a hobby that you love. Crafts, candles, baskets, baking and sewing often fall into this category. If you decide to go that route, consider the profit margins. Add up the cost of raw materials, your time, storage costs, advertising costs, shipping costs and business expenses. Determine if you can charge enough to have a good profit margin – which should be at least 50%.

In this case, you need to also take a look at the market saturation with similar products. How many stores carry a product like yours? What will make people buy from you and not from the stores they already frequent?  People seem to migrate to business that are familiar to them and where they’ve had good experiences.  It can be difficult to pull those people away from what they know and over to you and your new business.   Also, remember that you want your business to be long term.  If you turn a hobby or craft into your business, will you be able to stay interested and focused on that hobby or craft in 5 or even 10 years from now?

What about a franchise? A franchise is an excellent option if you have a good amount of capital going in but not a lot of experience in business or in the industry you are considering.  Here’s the great thing about franchises; they provide the product, marketing, and structure for success. They have done it in other locations and have perfected the process.  It’s up to you to manage it.
If a franchise is the way you feel you would like to go, consider some type of kids franchise – if you’re a mother, this may be easy to find.  After all, most moms have excellent ideas regarding kids that no one else could have ever come up with!

Unique Challenges for Women in Business

August 13, 2011 Women In Business 0

I’ve been in private practice for almost 10 years, now. I am living my dream; I do what I love to do, the hours I work are the hours I choose to work, and I can often take time off to play with my family or enjoy a friend, if I wish.

But, as most self-employed people, I’m a hard boss, and as a female small business owner, I have much more to do than just ‘work’. As I type this, I am also making lasagna so my husband has something he enjoys eating while I’m out of town for the next few days, working. I also need to fold the laundry that is in the dryer so I can take care of some last minute clothes I want to pack for my trip. Tomorrow I will get up a little earlier than necessary so I can get a quick workout in, then be sure I have my suitcase packed and in the car before I see my first client in the morning, because when I’m out of school, I will leave directly for the airport for my trip. During the trip, if I have all my studying for classes done, I can then start working on my articles and newsletter that will be due soon. I should have all my charting done for my clients before I leave tomorrow, too.

If you are in business for yourself, this probably sounds pretty familiar. If you are just starting out, yes, it sounds scary, and there definitely are days that you will wonder what the heck you are doing, but I am still here to tell you it’s all worth it.

Businesses owned by women are the fastest growing segment of small business owners in the country. Between 1997 and 2004, the estimated growth rate in the number of women-owned businesses was nearly twice that of all businesses. According to the Small Business Association, there are currently 9.1 million women-owned businesses, which employ 27.5 million people and contribute .6 trillion to the economy. If you are female and have considered starting up your own business, the time couldn’t be better!

Women are diversifying into all industries, too. Construction, manufacturing and transportation have been the largest recent increases in women-owned firms, although services and retail still make the largest share. Women are more prepared today for running business. The amount of managerial experience, education, business revenue and employment profiles these women have after 10 years of experience equals what took 20 years in the past. Women in business now equal men in these respects.

As mentioned above, although more women are now successfully in business, we do have much more on our plate than just running the business. For women with families, the challenge is to successfully juggle all those responsibilities that go along with running a household that men have traditionally be able to remove themselves while running a business, themselves. So, while doing it all, here are some tips on how to keep your business up and running and thriving and keep your sanity at the same time.

Handling interruptions

Some women run their business out of their home. This is what I do, because much of my practice is email-based. One big interruption that can be quite disruptive is the telephone. When customers call, you want to present a professional face to your business. There are several advantages to getting a separate business line installed in your home. First of all, if you are unable to answer the phone, personally, you will not have family members answering. Just imagine your 7 year old answering the phone… Or your husband takes a message and then loses the number or wrote it down wrong. These two examples send a shudder down my spine. Another advantage is then you can actually have ‘private’ time and know that when you answer your personal phone in the evening that it’s not a potential customer calling for attention.

For people who have an office and still struggle with phone interruptions, set up time for yourself that is only for projects. Two options to handle the phone calls is to either get the call display feature on your phone so you can determine who is calling before answering the phone, or shut the ringer off during that pre-determined time you have set aside for projects.

Another common interruption if your business is based out of your home is from family members. Your daughter just got a paper cut, your husband wants to share the news on the TV. If you are in the middle of something that needs your full attention, you can let them know that you are unavailable at the moment but will be with them shortly. Just be sure to then keep your word. This way they will all respect your requests when you make them. Another helpful tip is to not have your workspace in the middle of all the household activity. If you have a separate room you can set your office in, then you can also remove yourself from the noises of the family at necessary times.

For people with an office, this is less likely to happen often with family. However, you may be subject to sales reps, etc. Often just a sign on the door saying no solicitations can be enough to discourage drop-in sales people.

When your list is overwhelming

When you own your own business, there are always things you really want to get done. Now. With a family as well, your attention can be torn in multiple directions, which can increase stress. As your list of goals for the day or week continues to grow, so does the stress level, however. It is critical that we all set up some type of system to organize ourselves.

First of all, something I cannot do without is a daily list of goals. I keep my list small, so I’m able to feel a sense of accomplishment by the end of each day. Because I have a master list in my marketing calendar, I can always add new things to my day, but it’s better to add than feel overwhelmed by not accomplishing too many things. Make sure you prioritize your list, too. At least this way, if you do not accomplish everything, the most important things did get done.

Next, where can you delegate to others? It may be either in your business or your home. Perhaps your spouse can pick up the dry cleaning or the kids. Maybe a parent can help out here and there. Could you use help in your business? Consider an assistant. I have a Virtual Assistant who is like a third arm to me, now. I am able to accomplish twice as much, now, since I’ve hired my VA.

Third, how organized you and your office are will make a big difference in how you feel from day to day. For those with an office, if you don’t have a back room, you may need to always appear orderly and organized. Just make sure you’re not creating piles in places people cannot see. For people with a home-based business, it may either be harder or easier to let things pile up and get out of control. Here are a few tips: Get boxes like the in-box and out-box and use them. For items that need filing, put them in one box and before the end of your day, file them accordingly, with the goal that you always have an empty ‘file’ box. You may also need a box for ‘projects’. Put dates of completion on the projects, and then keep yourself on track with your marketing calendar.

Next, really take a look at how you are using your time. For a day or two, write down every single thing you do, then sit back and analyze it to see how you can become more productive. E-mail can suck the time right out of a day. I have found that prioritizing my email makes a huge difference in how much time I have each day. I have created files for many of my professional listservs, and only when I am done with my daily list, if I have time left, then I can read through some of them.

Something that self-employed people can easily forget about is taking care of themselves. Schedule in time, every day, for some ‘down time’. Maybe that is when you will exercise, just take a walk, take a short afternoon nap, play with the kids outside. Something to break up the day so that your productive and creative juices continue to flow through the day. The advantage of being the boss is you can schedule in these times. Everything we do is a choice, so when someone says they have no time for something, like self-care, this is a choice we make. To be successful in business and life means being successful in health and considering life as a full package, rather than one segment is healthy and another is not. Balance.

Certainly some of these tips apply to men in business as well, however, women in business do truly have more ‘hats’ to wear, and women must make that conscious effort to maintain that balance to be successful in business and in life.

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The Greatest Day in History – Women in Business

August 7, 2011 Women In Business 0

WOMEN in BUSINESS

The Greatest Day in History…

Today is the greatest day in the history of the world! That statement sounds optimistic because it sounds promising and it feels good to say it. That statement is often said in the context of today being the first day of the rest of your life and one is appreciative. Such appreciation should never go unattended, as it is real. However that statement is not a statement at all nor is it optimistic. “Today is the greatest day in the history of the world” is not a proclamation of promise. It’s a declaration of truth. The history of the world has been one of women’s suppression and struggle and though that still continues, today is better than any other day before. Today, women have power unlike never before and the power grows. Power is not something someone gives you; power is something one must take. Women have taken this power and by way of reasonable measures. Aristotle believed that at his best, man is the most noblest of all animals but separated from law and justice, he is the worst. Women can never be separated from the laws of nature because it’s their birthright and their gift. Women can never be separated from justice because justice begins with the woman. Women have been the victims of misguided laws and malicious injustice. Today, women have the power to impact the laws and levy justice where justice does not exist. In a civilized society, just laws must not only be prevalent, they must prevail. When women prevail in a society, all those in that society will profit and the society will prevail.

Oftentimes when the subject of women in business is discussed, comparisons with men are made as if men are the barometer for business. This is a false perception and false too is the language. Business is not an entity separated from life; it is an entity encompassed by life. The definitions of a business consists of a line of work, to work, a profession, a job, a trade, a position, a vocation, a field, a calling and a career. Before today, societies around the globe have claimed that women didn’t work and therefore couldn’t understand the parameters of “formal” business. This misconception rivals some the largest platitudes in history: the near-sighted earth is flat, the purposeful stork delivers babies and the perforated theory of evolution. The business world has presented itself to women as if it spoke a foreign language on an uncharted map. But the truth is that the language is fabricated and the world of business operates in a land not unknown to women. By definition, everything women do and have always done is in fact a business. Women have labored the child, harvested the crop, fed the hungry, nursed the needy and educated the willing. All of those are jobs, careers, trades, vocations and callings. Women aren’t new to business; they’re only new to the financial rewards.

Today, more than ever, women are in the workplace and now own the workplace. Women have always been established in business but now they are in business for profit by way of monetary means. Today over 10 million businesses are owned or controlled by women and those businesses account for over two (2) trillion dollars in sales. That’s an astounding number and a resounding accomplishment when all considerations are factored. This doesn’t come as a result of women learning anything new. This is a manifestation of who women already are: industrious, innovative, instinctive and intelligent. The traits of women are not to be compared with that of men, just shared in composition of a more productive and progressive society. Every household around the world that houses women, women manage and most commonly manage well. The interactive and intuitive management style of women is a prerequisite to a thriving business and a productive workplace environment. Women-owned businesses employ almost 20 million people and steadily rising. No matter the financial compensations, people want to work in a place where they are wanted and needed. People want to feel like they’re doing something that matters and their input is valuable. This is the difference between the cold walls of a house structure and the warmth of a fruitful home. Business isn’t cold but people in business can be and therefore the stigma attaches. Inanimate objects and entities have no control over the animate. That’s an abdication of responsibility and excuse for not executing the social graces where civility and industry must meet. And in the world of accountability, there can be no room for excuses.

There was a time not long ago when any man in a three-piece suit could qualify for a business loan. Those times are no more, as much money was lost and many laws were circumvented. The measures applied in today’s market are far more reasonable and more accessible to female entrepreneurs. Commercial lenders and Venture Capitalists want to see that the company has done its research in that respective field. It’s important for them to know that you have experience in this area of expertise. Another major factor will be how you intend to market the product and what the infrastructure of the company is. As you design your company, research successful companies already in that industry, introduce yourselves to other women in business and network to assist each other. Those around you that make claims of what you can’t do must be excluded from your conversations, so that you may focus on the task at hand. Whether you are single, a single mother or married, taking advantage of free enterprise is the way to independence and interdependence. The success in business that any male has experienced is not because males possess some superior trait over women; it’s because men have been the only players. Women can compete in any and every business. It’s just a matter of choice and now that choice is yours.

There are many mechanics that will need to be considered but every business is unique and few guidelines are universal. Business plans that include collateral will always have a greater chance for success. If you can include real estate in your proposal, then do so. If your credit or assets are not substantial, then you may design a plan that provides for security such as inventory and a schedule that may include factoring. There are options available such as equipment leasing and accounts receivables that will keep your company flexible with capital reserves. Each business plan must be specifically designed to suit your needs and the company’s industry and location. No one can make these determinations but you and no one can adequately assist you without full disclosure. Explore your options and enlist the services of someone who understands you and your needs.

In business, the blueprint for success has zero to do with gender and everything to do with characteristics. The number one reason most people don’t start a business is not because of a lack of money but a conceptual fear. For one to operate a successful business, they must first define what success is in their own terms. The sole reason why the numbers of women-owned businesses aren’t more reflective of the population is because they haven’t been encouraged to do and supported when doing so. It’s been a blight on the world community and a recessive gene to societal growth. Today we see women straightening that crooked path and every society will become a more powerful force because of it. Yesterday, we gorged the bitterness of bigotry. Today, we taste the fruits of unity and diversity. Today, we plant the untainted seeds of effortless innovation and boundless meritocracy. Today, little girls and little boys will witness the ubiquitous talents of women in power and exalt their leadership. Young women will know they have they have a reasonable option before them and no law will disallow their choices. It’s paramount that not only young women see their defined roles as unrestrained but that young men do and work in concert as we brave a new world. It’s true: Today is the greatest day in the history of the world and tomorrow will be even

better.

J. R. Parler

JRParler@yahoo.com

Commercial Real Estate & Finance

Justice isn’t blind

She sees perfectly clear