Elevator Speech TWEAK

We are offering an Elevator Speech TWEAK this month to all my business associates who are preparing for stellar business growth in 2011.

All businesses change and evolve over time. As with all changes, a strong elevator speech needs to reflect those new changes. When was the last time you updated your elevator speech? You may have added new services or products or gained insight that has changed how you do what you do. Attracting new clients for 2011 means that your elevator speech may need a touch up or it may not convey the message you need it to convey.

Think of it this way: If you are not hitting the revenue goals you hit a year ago, it's time update your elevator pitch.
In this highly interactive coaching session, we can work together to revamp your existing speech to play up your unique strengths or new business offering.

If you book and pay for one-hour session prior to December 31st you will receive a 50% discount off the normal $150.00 fee.

Looking forward to working with you.
laurelle@laurellejohnson.com

Clients want the "What's in it for ME" factor

Do you know your  'what's-in-it-for-my-clients factor'?  If not, get to know it intimately, inside and out, upside down and sideways and be able to recite it in your sleep.

Fact:  The longer a company is in business the more they get away from knowing, understanding and explaining the 'what's-in-it-for-my-clients' factor.

SFG asks our clients a key question during the intake process:  What do you offer your clients?  This allows us to look at what executives or business owners think they offer their clients. More importantly we learn how they present themselves to their existing and potential clients. And generally they don't articulate it well.

No surprise to us when the UGLY client category has more names than the GOOD category.

Solution Suggestion:  Ask yourself what you can reasonably deliver to your potential and current clients that align with your current resources and personnel. Then stick to that concept.  Stay focused and repetitive and state it clearly to your clients in terms that has meaning for them.

Example:  SFG helps you identify the Good, the Bad and the Ugly clients of your business.  We work with you to convert the Bad to Good, fire the Ugly and create a good client program that keeps the cash flow positive.

So - What in it for YOUR clients?

What type of sales person do you need?

Collaboration with clients is key

Successful entrepreneurs seem to repeat the same statement over and over again in their 'how-I-did-it' speech: "I was so lucky I hired the right person for..."  Hiring the right people is the biggest challenge of any business, but more so for start-ups.

I ran across this article on hiring the right sales person at the right stage of growth. It describes not only the dilemmas of a start up, but every business who has a need for professional sales personnel.  Bottom line, listen to your clients. They are your best guide for hiring to their needs. 

Enjoy the article. 


bit.ly/aWVOir

Breaking Up Is Hard To Do

'Breaking up' with a toxic client is hard to do.  You have resolved to get them off your 'books,' they are not worth the emotional stress, time or money, but you just can't seem to cut the cord.  

"How do I actually do it?" is the question most often asked by my Client Retention Program clients.  There are no pat answer, but there are effective ways to politely break off the relationship.

Prepare for the conversation by scripting the main points you want to make, be seconded on the phone or in person with someone who is on your side and stick to the facts.

In preparation:

1) Review the contract:  Were the terms and conditions met by both parties?  If there is a discrepancy on your side, can you fix it quickly to meet the terms of the contract? Prepare your conversation by stating how you met the terms of the contract.

Ex: Deadline request was met on such and such date as stated in statement of work.

2) Know your facts:  During difficult conversations with difficult clients, nothing speaks louder than facts.  What are the relevant facts that can be discussed to bring the relationship to positive closure?

Ex: Client was non-responsive to phone calls or emails.  State directly the dates of those phone calls and emails to show the lapse in response from their point of contact or other personnel. 

3) What business result do you want by terminating the relationship? Determining the outcome that is aligned with your business objectives helps keep you on a steady course.  Ugly clients often throw you off to give them a form of control, especially if they begin to realize their culpability.

Ex: Objective is to recoup lost revenues, but client refuses to pay anything as they don't see how your services helped them.

What gives you strength during these conversations is being 'seconded' by someone on your side.  A semi-neutral person who understands your business, is briefed on the facts and can interject reason in the discussion should it get heated.

Top 3 Ways to Fire the Client From Hell*

A large part of my practice is creating strategies to help professional service firms fire their "Ugly" clients. When seeking the payment of an outstanding invoice, it is better to be "two on one." It keeps the focus on getting a check versus a disintegration of the conversation. Having played the role of the 'second' for my clients, I find these tips dead on.

Re-printed from an article at InsideCRM.com*

1) The one who's never satisfied: Even if you come in under budget and over-deliver, this client just isn't happy with your work. He may have something in his mind that he just can't communicate to you, and when you don't deliver this idea that lives in his head, he's disappointed.

How to get out: Ask the client to clearly describe or sketch out what he's looking for, or even send you an example. He may want a product that looks like his friend's, but he's afraid to say so. If you're already done with the project and you've done a great job, don't sweat it. Make it clear to the client, citing any agreements that you've made, that you conformed to the scope of the project and delivered exactly what he asked for.

2) The client who wants you to be something you're not: Some clients have a clear idea in their heads of what they’d like to see from your work. Often, this is good news, but if their specifics don’t line up with the way you like to operate, you may end up butting heads.

How to get out: To reason with this client, you can explain why you prefer to do things the way you do. After all, you're the expert. If he simply doesn't understand or refuses to accept your methods, it's time to cut ties. Explain to him the problems that his requests create for you and let him down easy.

3) The know-it-all: The know-it-all thinks he understands how to do your job because last weekend, his cousin showed him the basics of the computer program you use. Of course, he doesn't realize that he needs your expert skills to use this tool to do the things he really wants to do. He'll tell you exactly what to do and how to do it, turning you into a production house instead of letting you do what you do best.

How to get out: First of all, do your best to remove any references to your name or company on work you've done for this client. Why? Because he'll probably try to tinker around on his own and completely mess up your work in the process. Then, stop the project, get caught up on invoices and give him whatever you've done so far. He'll probably hand it off to his cousin to see if he can finish it.

Strategies for Growth works with service companies on creating Client Retention Programs designed to convert Bad clients to Good and fire the Ugly with an eye on increasing the bottom line. 

*pending reprint approval from InsideCRM.com from their article "Top 10 Ways to Fire the Client from Hell."

The Price of Bad Service

"For two years, FreshDirect stopped soliciting new customers to work on better serving its existing patrons. That strategy seems to have paid off: A loyal core of repeat customers — about 45,000 to 50,000 in all — now generates two-thirds of the company’s revenue. Richard S. Braddock, chief executive, reports that the company had its first profitable year in 2009 on revenue of $250 million and he expects the company’s 2010 revenues will rise to $300 million."

Reprinted from the New York Times, Thursday August 19, 2010 by Jessica Bruder

I am constantly reminding my clients that revenues primarily come from their existing client base.  How they treat and service those clients who opted to work with them in the first place is key to that magic in business called "repeat revenue."

This is why Strategies for Growth exists. I wish to beat our own drum a bit here. We create Client Retention Programs designed to keep your good clients repeat customers, convert the bad to good and fire the ugly. Our success rate has been an overall up-tic in revenues of over 250%!

It is more cost-effective to maintain and resell your existing client base than to constantly try to acquire new customers.   For a review of how Strategies for Growth can help increase revenues from your existing clients, give us a call at 818-512-6477.

Off on vacation!

We all know the value of vacation time  We dream about where we are going, we make plans, book hotels, and meet up with family and friends.

The Europeans know the value of vacations as they have a government-mandated, paid 5 weeks time off a year.

It means time to slow down, let the body relax and mind think on stuff other than our daily lives. When it comes to an end, we pick up, with more energy, our lives as we know it.

One of my coaching clients just returned from a month's vacation and sounds completely different. She has a lightness to her voice from having regained her sense of self and has a new perspective on how to move forward in her life and business. Plus her great sense of humor has returned full force.
 
So before I return from vacation, rested and renewed, I wonder what the rest of the world does to  maintain the sense of renewal and carry it forward until the next vacation?

Quicknote:  "No Touch Monkey" by Ayun Halliday is the funniest travel adventure book I have read in a very long while.  High recommend reading it.

How would you do it?  Comments most welcome.

3 Reasons to Fire Toxic Clients - Part II

No more Toxic Clients!

Many times relationships start out OK, but then sour. Sometimes it’s easiest to just keep trudging along. If a profitable client is hard to work with it can be tough to say good bye to their revenues. But let me share why I think it’s good riddance:

1. They drain you emotionally. People who are mean, disrespectful, full of negative energy, etc. just eat away at our own personal happiness. Even if you like the work, or like the money, don’t overlook the drain of positive energy from your own heart and soul.
2. They are NOT generating as much revenue as you think. You may assume it’s clear, you worked 10 hours and got paid for 10 hours. But because of the emotional drain, you generally spend a lot of un-billable time doing things like: complaining about them, questioning your own skills, protecting yourself with excessive paper trails and backups, defending invoices, etc. All of this is taking you away from revenue earning projects.
3. They can ruin your confidence.  A toxic client can question your actions and tear down your self-esteem. You can start to question the quality of your work, your pricing, your behaviors. An entrepreneur, freelancer or business owner cannot spend time at this pity party.
4. You’ll be more productive without them. This is real reason to let them go. Spend the time finding better clients to work with. Clients and customers who respect you.

 Emily's post ended here with a personal note.  I wanted to weigh in here and encourage all business, small and large to look into their client base and make the difficult decision to identify and fire your toxic clients.

A bit about our guest blogger: Emily Brackett is president of Visible Logic, Inc. Established in 2001, Visible Logic is a graphic design firm that works across all media—including web sites, logos, print materials, annual reports and book design. Based in Portland, Maine, Visible Logic builds complete
branding systems and designs individual projects for clients across the U.S. You may reach Emily or learn more at: www.visiblelogic.com

Toxic Clients: 3 Reasons to Fire Them

I ran across a fantastic blog that said it all so well that I rushed to gain permission to re-blog.  I have cut the article in two parts for easier reading. Here is Part 1.

A bit about our guest blogger: Emily Brackett is president of Visible Logic, Inc. Established in 2001, Visible Logic is a graphic design firm that works across all media—including web sites, logos, print materials, annual reports and book design. Based in Portland, Maine, Visible Logic builds complete
branding systems and designs individual projects for clients across the U.S. You may reach Emily or learn more at: www.visiblelogic.com

Unfortunately, I am currently in the midst of “separating” myself from a toxic client. And while this blog post is not about design, it is about being a small business owner, and I had to write it.
First of all, what makes a toxic client? There can be many variations and each is unique but there are usually early red flag warnings, followed by one or more of the following:

• Disrespectful behavior. Any client relationship should be a partnership, not a stomping ground.
• Pays late, disputes bills. If you are providing a professional service you should be paid. Someone who constantly questions your bills are questioning the quality of your work or your honesty in billing them.
• Questions your skills and expertise. If you are providing a service you are getting paid to help someone using your specialized experience. If a client continually questions your decisions, they don’t feel comfortable about your level of expertise.
• Undermines projects. When working with a  client, there should be a mutual goal of creating something together. For us, that means a web site, a logo, an ad, etc. We should be helping each other. When a client becomes an obstacle rather than a resource, there is a problem.

The first question I always ask my clients is:  How many toxic clients do you currently have and what are they costing you in time and revenue?
 It takes guts and courage to fire a toxic client.  How do you do it? Think about finding a colleague or consultant to 'second' you in your decision and communication with the client.

Second Part of blog next week.  Stay tuned. 

Laurelle Johnson
Strategies For Growth
The Good The Bad and The Ugly
Client Retention Program
laurelle@laurellejohnson.com

Client Retention Program

As most of my readers are aware, I have developed a  program called The Good The Bad and The Ugly Client Retention Program.  Focused on service firms that are in need of a client management program that is NOT computer-based, GBU creates a process to convert the bad clients to good, manage the good with first-class service and fire the ugly.

The reams of information on good client relationships, managing those relationships, and keeping those good clients fills a giga-bite-plus of internet space. Popular CRM software cannot classify the organic nature of client management.  This huge gap leads to mis-communication, bad feelings AND loss of revenue.

Client relationships are built between human beings. A Client Retention Program is a execution plan.  Plain, simple and straightforward, it allows a firm to deploy precious  resources to the good, convert the bad and fire the ugly.

Time to ask your service firm the following questions:

How do you manage your clients?  What relationships do you actively maintain and why?  What revenue is stuck behind a difficult relationship?

Feel free to comment on your current state of clients: The Good, The Bad and The Ugly!

Book Recommendation

Am reading a great book I picked up at a book fair for $7.00.  Brought it home and have been working my way through it voraciously.  I am terribly impressed by how these authors put into words that which is so challenging to us humans that we muck it constantly: communication with our clients.

The complexity of communications has ended up with muffling, bashing, confusing our clients and peers alike.  Communication is so complex that it's like walking a tightrope every time we open out mouths. Then we spend hours blaming ourselves for a job badly done!

Service professionals need to be able to really listen to their clients and help untangle the challenges of the business while offering solutions without minimizing or insulting the dignity of the client. This book creates such a road map of "how to's" so well I've made it my carry-it-everywhere-with-me book.

I have posted access to the book via Amazon link in the box at the left. Enjoy!

Change is good for the heart!

Change is good for the heart and the soul.  After five years, I am retiring the Innerwealth brand and moving forward with Strategies for Growth.

This new company is focused on creating Client Retention Programs for service organizations. Firms such as Consultants and Adviors, PR firms and law firms will benefit from the focus The Good the Bad and The Ugly program brings to their bottom line.  My clients have experienced at uptick in revenues of over 450%.


Stay tuned - more coming.

Festival of Books - Not dead yet!

Los Angeles Times is hosting it's best event of the year, Festival of Books, at the UCLA campus this weekend.  An estimated 200,000+ readers, writers and wannabees have shown up to drink deeply from the well of intellectuality.  Common sense tell us that Los Angeles is not known for it's intellectuals.  But they are around, hidden, squirreling away in some corner of this vast Lotusland.
So it's always a surprising pleasure to listen to local intelligent people talk intelligently about writing, story structure, fiction vs non-fiction, noir genre, female noir genre, self-serving fiction categorized as biographies and of course the Hollywood writer who devoted a portion of his life converting a 9-page picture book know as "Where the Wild Things Are" into a Hollywood semi-successful movie.

I sat in on two panels and was delighted not only with the knowledge and wisdom shared by the panelists, but their READING lists.  What they read for inspiration or structure.

I share with you this list.  Can't wait to get reading...

Any and all short stories by William Trevor.
Short stories by Deborah EisenbergThe series by Elizabeth Strout featuring a character called, "Olive Kittridge"

The 'Noir' panel all agreed that the best Noir movie on Los Angeles is "Blade Runner." I suggest the following culled from the discussion:

"Blind Man with a Pistol" by Chester Himes  (all inspired by Mr. Himes various novels)
"The Last Embrace" by Denise Hamilton (She was the only women on the panel)
"Boulevard" by Stephen Jay Schwartz (this work sounded poetic when the author/panelist read from his novel


"Dark Tales from the Golden State," by Gary Phillips (This writer was fascinating as he wrote about a small section of LA called Los Alamitos, a suburb with citizens completely at odds with each other on every level)
"California Roll" by John Vorhaus. This author kept saying he was on the wrong panel as he wrote comedy not noir.  Irregardless, his novel about a con man sounded fresh and entertaining.

Off again to listen to more writers and wannabees.  Will keep you all posted.

Just Listen

Finishing up Dr. Mark Goulston's book, "Just Listen" and am walking away feeling whole. Whole?

Being heard is key to the health of the soul. Communication is what links us in community and in intimacy.  There are two sides to any exchange: output and input. Listening is input.  Talking is output. Listening to others feeds the soul in ways we regularly forget.  Listening eliminates loneliness, isolation and a host of other non-medical aliments.

We turn to each other in times of crisis to be HEARD.  We turn to others to connect and to HEAR what is occurring in the lives of others that helps us feel better about our own world.  All through LISTENING.

I am refreshing my listening skills by reading Dr. Goulston's magnificent book,"Just Listen."  A 2010 objective for myself is to LISTEN more, talk less.  This will allow me to hear the issues of my particular set of clients and work with them more effectively to find the required solution. To listen is to learn. To listen is to connect deeply.  To listen is to build trust.

So this months' pick is "Just Listen," by Dr. Mark Goulston.  Easy read, well written and immediately applicable in everyone's day-to-day world.  Enjoy!

What's left for fun?

Received this message from a friend of mine. Thought it worth a blog.


Just saw your tweet. Your front yard got tp'd? Seriously? And I didn't grow up here, but honestly, are the kids' parents going to tell them off? Is there any consequence? 

Umm... having been a superb TP'er in my day, I cannot fault American kids for a bit of old-fashioned fun.  It's harmless, a mark of honor among teens (you're worth our time) and just plain fun for those doing it in the middle of night.   It's the thrill of doing something where you CAN get caught, but nobody does.  So what if the front yard looks a bit bedraggled?  All our neighbors came by and laughed and shared with us their own youthful "TP" stories. 

We have taken away all the fun stuff kids used to have outdoors. They now only have the net to surf.  And then we complain bitterly about their sedentary lifestyle. 

I remember egging houses, sneaking into movie theaters, and the best, absolute best, was throwing laundry detergent bombs into the myriad of fountains lining the streets of a planned neighborhood named (of all the Hollywood myths to copy) Mt. Olympus!  It was thrilling to execute, thrilling to not get caught and satisfying to go by the next morning and view each and every fountain foaming huge mountains of suds.  There was a certain "performance art" beauty to it all. We the perpetrators still LOL over the stunt when we get together.

Had a friend who, with a group of young guys in their 19ish year, changed the Hollywood sign to read "Hollyweed"in celebration of the marijuana law of 1976.  The leader of the weed patrol died recently.  His funeral was attended by a cross-section of mourners who knew him throughout his life.  But what was the one thing everyone brought up and told over and over again?  Not his thriving furniture business, not his board membership of several non-profits, but the planning and execution of the 'Hollyweed' stunt. It created a truly joyous LOL moment in an otherwise grim situation. 


So I say - TP away - it's the only fun thing left to do.  And parents, don't call the cops,  just get your kids to clean up the mess.  REALLY,  I mean REALLY!

Lunchtime Dreamers

I worked for a busy Fortune 500 corporation from the age of 24 to 40something.  I rarely looked up from my desk from 7AM-10PM that the job and promotions demanded.  But on the weekends I turned into the outdoor adventuressI wanted to be in high school.   Why did I not pursue this path full time?  'Cause of the money honey.  There was NO money in adventuring in those days.  You took a vow of poverty and that was that.

Well I like to inhabit nice, clean places and wanted to own a home of my own. So off to work I went on Monday mornings, tired, exhausted from the all-night driving when coming back from a high energy weekend in some distant California outpost.  I kayaked, skied, climbed, backpacked every weekend and had a blast.

During the week, I ate lunch at my desk and plotted with my travel agent adventure buddy where to go next.  I wished I had had the internet then to keep me company.  I could have viewed all manner of places with out leaving my desk and reduce my stress. Check this link out and you'll know what I mean.

http://bit.ly/cWUI72

Happy Lunchtime Dreaming!

The Brand Within, By Daymond John, Shark Tank Investor

Sarah Shaw of Entreprenette interviewed billionaire Daymond John on the secrets of his success.  He is known for the creation of the FUBU clothing line and one of the investors on 'Shark Tank.' It is a riveting, powerful 30 minutes of direct, honest answers about starting up companies, investing and continuing the success from company to company.  Sarah Shaw is a member of my mastermind group and one very smart seasoned entrepreneur.  Take a moment to listen to this interview as I think you will find the lessons useful to your enterprise.

http://bit.ly/cH6xK2

Enjoy!

The Ugly

We all have clients.  We love our 'good' clients, we work hard with our 'bad' clients.  But no matter what we do, we can never seem to make the 'ugly' happy!  They are impossible to coach, yell back or are unreachable or nasty on the phone when we do reach them. I define the ugly as non-paying, unreasonably demanding and rude. 

I like to categorize my clients so I know what to expect each time I speak with them. I made a vow, when I started Innerwealth Communications that I would  jettison those that are out to make my life miserable. I always assess the 'why' of the ugly - did I miss something, is there an issue they are not sharing with me,  cannot vocalize their dissatisfaction, etc.  Once I have determined I have done everything for them I can do and it's still not good enough, I do not hesitate to FIRE them quickly.  It frees up my time to find a 'good' client.   

How you deal with your 'ugly' clients?  Comments welcome!

Carnitas Sabrosas in Los Angeles

Carnitas in Los Angeles

As a child in Mexico City I was served every style of Mexican food cooked in our kitchen: empanadas, pollo, carne asada, rice, beans, plantains, etc. But NOTHING and I mean NOTHING compared to the taste of fresh tortillas from the tortilla factory around the corner from our apartment.  Our criada would carry a cloth-covered basket and a small black coin purse, grab my hand (I was only 5) and take me to the corner tortilla factory. While we stood in line I would watch in wonder as the tortillas were placed on a conveyor belt after being 'slapped' by the strong hands of the 'fabricantes.'  The belt would carry flat, wet tortillas up towards a hole near the ceiling, disappear behind a wall, through the stove and then back down towards us, hot, puffy and delicious. It was magic!

Our criada would take 2 out of our basket and have the local food cart fill each with carnitas.  One bite into the tortilla and I was transported to heaven. This is the experience I look for every time I enter a Mexican food joint in Los Angeles and give their carnitas a try.

Here are two of my favorites:

Poquito Mas - Sherman Oaks - Dos Sabrosa Estrellas

I often skip lunch just so I can bee bop down to Poquito Mas in Sherman Oaks, order to go and eat on the way to picking up Daughter#2 at school.  When she gets in she can smell the wonderful smell and says, "Hey, where is my burrito?"  I hand one over to her and she smiles in extreme pleasure.  Puts her in a good mood the rest of the day.

Hot fresh Mexican/American food is their pervue and they cook it up fresh everyday.   The carnitas are tender, well-cooked and not too greasy.  SABROSA is the word I use as they are not mixed with lots of salsa or other some such cover up sauce. Several all over LA.

La Luz Del Dia - Olvera Street - Tres Sabrosa Estrellas

My mother loved Mexico with all her heart and when not traveling through the country, she would trek down to Olvera Street, with us in tow, for a bit of authentic Mexican food.  After trying all the various restaurants on the street she declared "La Luz Del Diaz" the best. The atmosphere was 'very public Mexican marketplace' and the food home cooked.

It became a habit that we would go there every Sunday night.  We had the place to ourselves, the owner would flirt with my mother and we would gobble up the extra portions he served us along with the best rice, beans and guacamole going.  We would leave the place beyond full and drop into a deep sleep on the drive home.

A recent trip to Olvera Street showed me the the place nor the food has changed.  The carnitas are still the juciest, cooked slow overnight.  They are so tender that the women behind the glass counter serve them up by hand as a fork makes them fall apart - as carnitas should be. The tortillas are thick and warm and puffed up as in Mexico.  TRIPLE SABROSA is the rating on these puppies.  Ordered with or without beans, rice, salsa and guacamole.

IP Tragedies

The creation of a great idea has intrinsic value, meaning that in and of itself it creates revenue.

Scissors - these were invented to cut with more accuracy than a knife.  Sharp, small and large scissors will cut through just about anything.  So scissors have an intrinsic value that no matter how you color them, package them, sell them, they still cut.  A patent protects the invention, the license creates the money.

So why do inventors give away the patent? 

I worked with a company owner 4 years ago to help her raise money for her start up.  She had a patent  that was the "unique value proposition" of her business.  Fast forward 4 years, $10 million raised in Venture Capital, a languishing economy and less revenue coming in.  The VC's (fondly referred to as Vulture Capitalists) stepped in and ousted her and her top management team.

And they now own her patent!

Her patent had intrinsic value with a wide application across a variety of business segments outside her own company that it resembled a permit to print money.

Her buyout included options, stock and a cash buyout.  But not her patent. The company holds the patent and the venture capitalists own the company. 

Should the company fail, she will lose the value of all her options and stock, which means she will be left with - NOTHING.  The VC's own the patent and they will make the money by licensing it out.
 
May I mention that she is a brilliant experienced serial entrepreneur and had created her most recent company to help WOMEN?

I would like to opt on the side of success.  That the VC's will appoint a new CEO with the passion and focus to make the company successful.

But the lesson remains the same:

If you thought of it, if you invented it, file a patent for it.  As Jane Wurwand, founder of Dermalogica says "I own it all and thank god for that!"

Women and Intellectual Property Protection

This past month one recurring theme among my female clients rose above all others: Intellectual Property protection.  Each woman had confusion on who owns what in their partnerships. They seemed unable to ask for just compensation for their ideas or unique products invented. 

Let me say this very clearly:  It's yours if you invented it.  Copyrights, patents, trademarks are easily registered with the US gov't to ensure ownership and revenue rights for years to come. Tony Robbins does it, Martha Stewart does it, so why not you? 

I asked Beth Andrus, author of "The Essential Business Handbook," to weigh in on the matter.

"I work with very small businesses and many of the women I encounter are new to the business world," says Beth.  "Women are often reluctant to take legal steps to protect their intellectual property as they think it involves a long expensive process with lots of attorney fees.

"I have found that women will form partnerships quickly, without committing to paper the division of labor and IP.  Women don't want to appear distrustful as most of their partnerships are based on some type of 'best friend' emotions. Important to have someone neutral draw out the terms of the agreement for you so the emotion is kept to a minimum," suggests Beth, CEO of  www.minibizbuzz.com.

This is so true! We meet a woman with whom we have instant bonding. We talk, we plan, we dream and work our fingers off to get the 'dream' going. And then when "putting it writing" needs to be done, it's either blood on the table or dissolution of the partnerships with hurt feelings on both sides.

I advise all my clients the following: 

Protect all your material.  File with the US Gov't all your ideas, process, books, CD, DVD that you have developed.  Hold the material as an individual so you can then license it out to the company created to sell the service or item. You enjoy the protection of the US gov't on ownership and revenues.

Take a toy away from any two year old and they'll tell you firmly, 'Mine!' Let's take a page from their playbook shall we?

Morning Beauty

Los Angeles has four seasons; Hot High Winds, Hellacious Fire, Oven Heat, and Deluge Rains.

Upon waking up this morning in the middle of Deluge Rain season, I thought I would show that it looks like from our backyard at 6:30AM.

The trees are bare, the fog has rolled in and we are in day 2 of the rainy season.  Please note the the Ash tree on the right just lost its leaves in the last week and will begin sprouting new growth first of  February.  The Maple on the left lost all it's leaves right after New Year's and will begin sprouting in March.  Our seasons are short and to the point.
Unlike those beautiful landscape pictures of red, yellows and orange falls or the snow-covered car in the driveway, this is most likely the only 'winter scene' day we will have here in Los Angeles.

So I will enjoy this quiet morning with a cup of coffee and the Jake the cat on my lap. 

Clients: The Good, The Bad and The Ugly

The Good, the Bad and the Ugly is an adept description of the feelings we have towards our customers. 

Those we love (the good), those that drag their fee to pay, but pay big (the bad) and those that drive you straight into the arms of the shrink!

So what is an entrepreneur supposed to do?  Keeping a consistent revenue stream is so important to the small business and entrepreneur market segments. Let's look at ideas on how to deal.

The Bad - Large Health Care Organization

Problem: 

Client had not paid their bill in 8 months.  They did not return calls, ignored dunning notices and trashed the emails.  The bill was up to $15K! Outstanding invoices created a additional $641 in interest accrued.  Our services had saved this client 50K in operational costs.

Solution:

Did a bit of research and found out the objectives of the CFO.  What does he stand for?  What is he measured on? He had been PROMOTED because of his cost-cutting measures.

Letter:  We wrote an old-fashioned letter, sent via registered mail, to the CFO letting him know that 1) his company had saved 50K by using our services and 2) his company had accrued an extra $641.00 in interest COSTS due to ignoring the bill.

The client called the next day (after having his butt chewed out by the CFO), apologized with some excuse (ok by us) and said the bill would be paid immediately.

The check arrived the next week - All 15K of it!  AND......

We got a call to come back in and help them save once again.

What are you doing to turn your bad into good! Future blogs on the good and the ugly.

Happy!

Short and sweet and to the point -

HAPPY NEW YEAR!