The BOSS Network Blog

The 4 types of people who will always attract money, no matter what the economy! What do most of us hear when the topic of money comes up in conversation or in the media?  Usually it’s statements like this: “Money is tight…” “I’m broke…” “I gotta count my pennies…” “The ‘sluggish’ economy…” “My money is funny…” “I can’t afford it…” “I’m living paycheck to paycheck…” “Can I get a hook up…” How many of these sound familiar?  Which ones of these have you used recently?  Be honest! Listen, I’m guilty of repeating some of these same phrases as well but no more.  It’s time to put a stop to this kind of language once and for all—especially among brilliant entrepreneurs like you. Don’t get me wrong, I totally understand that unexpected things happen that can cause a temporary lack of funds.  Trust me, I’ve been there. However, prolonged “broke-a$$-ness” among brilliant entrepreneurs is a direct result of two things: 1.) making sub-conscious choice...

For many of the women entrepreneurs I’ve talked to recently, this was their number one resolution.  Some  had survived really tough times last year while others just wanted to take their money up a notch.  Either way, change is good.  So here are 6 simple yet powerful money habits that can make a big difference in your bottom line in 2015: Automate your savings.  Don’t just take your spare change to the bank on any given Saturday.  That’s what teenagers do.  Instead, have your bank auto-debit your savings at least once a month.  This takes one more thing off your to-do list and before you know it you’ll have a nice chunk of cash put away.  If saving automatically is already a habit, I challenge you to increase what you save each month by twenty-five percent.  I’m a huge fan of CapitalOne360’s online savings program.  It makes saving easy and fun.  Try it here. Track your income regularly.  Most people advise...

No matter how fancy your logo is, how much you spent on web design, or how slick the functionality is on your website, at the end of the day, YOU are your brand.   When people visit your site, read your blog posts, or your latest article, what kind of experience do you want them to have? What sentiment do you want to convey? Do you want visitors to feel like they’re visiting an old, trusted friend? Or do you want them to be swept off their feet with visual inspiration? Your brand should reflect your personality and authenticity. Think about certain stores that you like to shop in, certain restaurants that you like to visit, or hotels you love to stay in. What type of experience makes you want to come back for more? What little things make those brands signature? What would disappoint you if it was no longer offered? Your brand should be the same way. It should evoke a feeling. It should convey a message. It should be consistent and engage your audience, offering t...

“The Emyth Revised” author Michael E. Gerber uses the term “Management by Abdication” which requires you to relinquish the business and hire someone to help you run the day-to-day operations of your business thereby passing the accountability to others so you can focus on managing your business.  Being a superwoman in your business can cost you money, reputation damage, loss revenue or state, federal or legal fees. Your business should work without you not with you. Unfortunately most entrepreneurs start their business on their own and then decide to seek help later which is a huge mistake. You should commence with staff when starting your business. You can hire college graduates or entry level staff to help you perform the day-to-day operations of your business if you are unable to hire experienced workers. When starting a business set clear business goals, a company vision, mission and business requirements such as funding, staff, location, and future growth needs. Then d...

Many people have the passion and knowledge to become business owners but do not take time to educate themselves about how to start and sustain a business. Many business owners cannot generate increased revenues to produce consistent cash flows due to lack of business skills or business knowledge. Lack of business skills can cause lost revenue. Some of the most common mistakes business owners make are: not accepting multiple forms or payments, credibility - what makes you different from your competition, having bad credit, limited use of technology, lack of creativity and not establishing a target market.  As a customer you do business with companies that have experience, provide good customer service, offer reasonable prices, meet your needs and have proven that they have sound business skills. Are you providing the same to your customers? Don’t let your lack of business skills cost you revenue. Educate yourself about how to become a successful business owner to help ...

Women earn approximately $.74 for every dollar a man earns and pay over $426 billion a year on hair, nails, toiletries, and beauty products. Women pay more than men for services such as hair salon, dry cleaning, insurance, housing and healthcare. Unfortunately there is no federal law banning gender pricing which varies by state to state. Earning less money and mishandling their finances puts women at risk for financial failure.  If you mismanage your finances these bad habits can carry over in other areas of your life. When your finances are out of balance so are other areas of your life such as your career, relationships, family and health. Managing your finances properly requires discipline, attention to detail, organization skills, strategic planning, sacrifice, and logic skills. These skills are also useful in other areas of your life. Being the CEO of your finances reduces stress, anxiety, sadness, frustration and anger and helps keep your life in balance. Since ...

A financial management system is a critical component to building a profitable business yet many entrepreneurs start businesses without putting one in place. Let’s be honest, you’re in business to make money, right? Then why neglect creating and implementing a system that will help ensure you achieve the results you desire? Putting key foundational systems in place is a proactive approach to building a successful business that I believe begins with having a vision for your business. Your business vision should be so big that it excites and scares you at the same time. That vision should drive your actions which should be driven by the goals  you've  created. So, why is it so important to have a financial management system? Well, it helps you make better informed decisions about which strategies will grow and boost the bottom line. It will reveal the real cost of doing business and whether or not you’re charging enough for your products and services. Below are 5 key ...

I had a conversation with someone after winners were announced for the recent $600 million dollar mega millions jackpot recently. I was asked my thoughts on winning and the importance of building your wealth. Those that know me know that I go into education mode frequently, so my response was geared towards the building of educational wealth because our minds are truly powerful. Oftentimes people think of a monetary value when it comes to finances. There are thoughts of how much money will be needed to get a job done; buy a car; a house, travel or expand a business. People think about how much money it will take to start a business, buy fancy things and live a fruitful life. However, I immediately ask the question, “what knowledge can I gain that will help bring me closer to achieving goals I have set?” Keeping in mind that the purpose for setting goals is to create strategies for achieving them. The reality is that no matter how much money you have, if you don’t have the k...

A few weeks ago, my sister posted one of the funniest Facebook status updates I’ve read in a long time. She said: “I followed this rainbow for my pot of gold and it took me to work! Hmmm!” Do you need capital to startup a business or expand your existing business? Where will you get the money? The days of zero-down loans are pretty much gone, and if you’re thinking of getting a grant to start a business or expand, you’re out of touch with reality. Most grant programs require matching funds and they’re rarely geared to for-profit businesses anyway. So where does this leave you? First look within. Whatever your capital needs, you should expect to put on the table a minimum 20% of what is needed from your own pocket before asking family and friends for their loot to go into business for yourself. It should be no surprise to learn that about 60 percent of small business financing comes from commercial banks. It also should be no surprise that today’s lending standards are much t...