According to PYMNTS, small businesses want their money from credit card settlements as fast as possible. 

We live in an era when it is possible for a small business with a great product to go global almost overnight, thanks to the power of the internet and mobile commerce. 

Read article on PYMNTS

Black entrepreneurs chose to open franchises over starting their own small business, reports USA Today. 

In 2009, Michelle Lewis visited a Painting with a Twist franchise.

She took a bottle of wine with her to the New Orleans-based studio where she sipped and socialized while painting a mural of two martini glasses.

Read article on USA Today

The coronavirus is especially hard on China’s small business, reports CNN Business. 

The small companies that drive China's economy are worried about how much damage the novel coronavirus outbreak will cause. Without help or a reprieve from the disease, many may have only weeks to survive.

Read article on CNN Business

According to the Points Guy, Visa merchant fees are going up, while the rate hike has yet to be announced it is for certain that Visa will raise the fee on card not present transactions. 

The world’s largest credit card network announced sweeping rate changes for merchants who accept Visa payments. The new swipe fees, also known as interchange rates, will depend on business category, as well as the customer’s method of payment.

Read article on The Points Guy

Unless you’ve received some sort of windfall or have another source of cash, you’re going to need money to fund a new business. The easiest and most readily available source of cash is a business loan, a reasonable step to take for a start-up.

Considering A Business Loan

A business loan works just like any other loan for your auto, house, or education. You request to borrow a certain amount, and, depending on your credit, the lender applies interest on the money you get. If your company booms and you pay off the loan, you’re free and clear with 100% ownership of your company and the profits that come with it. If your company fails, then you’re in a worse position.

The problem with a loan should your company falter or folds is you must still pay back the money. Your loss will garner no sympathy from the lender, so you can’t expect the loan to disappear. The lender wants their money back with interest, regardless of the health or even existence of your company. Thankfully, we’re past the days of debtors’ prison, but the consequences of defaulting on a business loan can be just as devastating to your future business opportunities.

So, starting a business with a loan is a risky proposition, but often an easier option to secure funding than from one or more investors. Still, for small businesses, a huge bank loan can be more than necessary and come with prohibitive risk. You can expect a sizable loan when you conduct business with a bank, but your start-up costs may not be that much. Taking out more money than you need is never a good idea and a sure-fire way to get into financial trouble.

Loan Options For Small Businesses

However, there are lenders that offer smaller sized loans to match small business needs. Companies like Shopify Capital or PayPal offer more manageable loan sizes that allow start-ups or small businesses the chance to get their feet under them without looming debt.

Like a bank, smaller loans from these lenders work the same way. The interest rate will depend on your credit score and there will be a specified payback period. However, unlike banks, many of these operations come with restrictions like membership to their site or availability based on longevity of the membership with the company. Further, interest rates may be higher and payback durations shorter. Some of the lenders may consider the monthly income of your business as a determining factor in your interest rate or loan amount.

The small business lenders are a good option and less cumbersome than a bank loan for start-ups, but it pays to shop around (pun intended). Compare rates, options, restrictions, and types of loans available from each before you apply.

Certainly, have a well-shaped solid business plan and a good assessment of the market within which you’ll be competing. In the end, the source of your loan is a business decision that must be determined based on your risk tolerance.

Crowdfunding is helping many startups and small businesses get cash for their respective projects from a variety of sources. However, despite the availability of various crowdfunding sources, many people still have little knowledge on most of them which make it difficult for them to get the money they need to propel their businesses to the next level. In this article, we highlight various methods that you can use for your crowdfunding campaigns and other options of funding that can be helpful to your business.

Crowdfunding has been here for some time and has proven its helpfulness in sorting out one of the biggest challenges for businesses, which is funding. Depending on the amount of money and the type of crowdfunding you decide, you may or may not repay those who invest in your campaign. Some of the examples of crowdfunding methods you can select from are highlighted below.

Debt crowdfunding

As indicated by the name, debt crowdfunding entails raising some cash, which will be repaid later just like a traditional loan. A good example of this type of loan is Kiva which is known for helping entrepreneurs mainly in developing countries and the US to raise money for different projects. The main advantage of this platform is that they are not too concerned with looking at factors that traditional lenders such as banks look into. They are not too concerned with credit history which is one of the key areas that banks are interested in or the risk which is presented by the type of business you are engaged in. Instead, their model is based on the amount you want to borrow. For instance, if you want more money, they will require you to be more qualified.

Reward-based crowdfunding

This is another type of crowdfunding that is different from the first one. As opposed to paying back the funds raised at a later date, this type involves rewarding individuals that backed the company with incentives. These incentives can be as small as tokens of appreciation, thank you cards and small tokens. It can also involve giving early access to products or services among other things. An example of such is Kickstarter which has helped in funding many businesses amounting to tens of millions of dollars. While this way is far better than the first one because there is no repayment, it raises the pressure in raising funds.

Equity crowdfunding

This method of funding requires you to give those who invest in your idea equity in your business as evident through the name. It is like looking for venture capital, but it is somehow easier if marketing is done correctly. An example of equity crowdfunding is Wefunder, a site that can be used by any business to obtain funding. Users can express the equity they are willing to give. The main drawback of this site is that only a few people are aware of it and therefore getting funds might become hard.

Donor crowdfunding

This is one of the best crowdfunding options that you can explore if you need funding for your business. Unlike the others, you are not required to repay the funds or give rewards to the funders or donors. Instead, it is based on donations. An example of this kind of funding is GoFundMe, a well-known crowdfunding platform that is strictly based on contributions. This platform allows an individual to post an appeal to potential donors which can be anything ranging from money for business or any other personal reason. GoFundMe is known for raising money for various causes which may be business or other purposes all over the world.

The rise of artificial intelligence, big data and machine learning is changing the way small businesses are doing things. Banking institutions are in a hurry to collaborate with fintech providers to find solutions that offer small businesses an opportunity to seek financing. In countries like the United States, for example, there are more than 30 million small businesses that make up about 99% of all businesses in the country. They offer employment to millions of citizens and contribute immensely to the economy. As the gig economy continues thriving, financial institutions are seeing a booming market that can generate massive returns from small businesses.

Historically, small businesses have been underserved by financial institutions. Today, technology solutions are being developed offering small businesses a way to interact with banks that in the process optimizes operations for them. Unlike in the past where small businesses were operating adequately but not optimally because of lack of credit facilities, the evolution of technology has altered many facets that small business owners experienced when using traditional loan facilities. Small and large banks provided loans with little use of technology to automate processes. This was detrimental to the growth of businesses and substantially impacted the experience of the customer.

The entry of new fintech and the competition that followed the 2008 financial crisis has spurred innovation and created an entirely new cycle of lending. This method of lending has revealed the importance of small businesses to the economy. It has emerged that technology can change the boundaries that were created by traditional processes of credit to small companies as innovations have now been established.

As the banking industry continues advancing, questions that arise are on how the lending environment will look like in future and how technology can be valuable in enabling lending institutions come up with new products and activities. Many small businesses and financial institutions are also asking themselves whether credit will be available and if companies will take advantage of this availability to better their operations.

Given these aspects, big data and artificial intelligence will be the game-changer. They will help lenders determine if small businesses are going to succeed in their operations or not by using patterns to predict the market. The success of a small business is going to determine the creditworthy and noncreditworthy small scale businesses that in the end will be of benefit to everyone. The availability of such information will give lending institutions clarity on borrowers therefore reducing risks that are associated with piling of debt. Only those who can pay back will access credit while those who will not have to find other sources of financing their operations.

In an environment where lenders have information on their potential customers, there is no gap in accessing profits for those who deserve it. This means that creditworthy businesses will not be unfairly disqualified. Small businesses that have potentially viable business ideas will access credit to buy equipment that they need to operate. It is worth noting that even though perfect information is not likely to be obtained, entrepreneurial data presented by emerging technologies in financial industry will eliminate many uncertainties and give confidence to lending institutions.

Search cost has also been a burden for many financial institutions and small businesses that need financing. By automating operations, searching time will reduce from about the previous 20 hours to a few hours thanks to digital platforms that store different information. It will also enhance transparency that is required in any industry in modern business environment.  

Do you see yourself in the following? Your customer base is starting to increase, you’ve shipped your product on time, invoiced you customers, and now it’s time to get paid. But, wait—Did you establish payment terms? Many new businesses leave payment up to inertia, believing that payment will follow work provided, but not all customers will observe that formula. For the most part, clients and customers want to do the right thing and pay, but things happen. Sometimes, you find that exception who doesn’t pay timely or avoids payments.

Protect yourself and establish payment terms.

How Terms Work

Set up the payment terms right, and you will help your business grow just a little faster than you could otherwise. Terms tell clients and customers by when payments to you are due. They can be as little as 14 days from invoicing or up to months later.

If payment terms are “Net 14”, that means that your client has to pay you in full within two week. Similarly, Net 30 means that they have 30 days, and so on.

Clients may set the payment terms if you don’t, and then you may be stuck with unfavorable schedules. Some can push payment delivery as far as Net 90! That is more like a loan, and one that’s interest free.

You also want to set an expectation for the start of the timeframe, either from day of completion of services or from receipt of your invoice. For example, you might set terms at “Net 14 from date on invoice” or “Net 14 from delivery date of goods.”

It’s important to balance your terms against any applied to you as a customer. Somteimes, it can get tricky when payments cross. Let’s say you have Net 60 terms with your customer and Net 30 with your supplier. That means that you have to pay for your raw materials 30 days before your customer pays you for the goods you made. Add this to your internal lead time, and you could be out that money for months.

The Effects Of Payment Terms

Payment terms can have a huge impact on the success of your business. Those that pay well will expect terms, and those that don’t respect payments will be held accountable. Without terms, you leave yourself open to risk.

Also, while the balance sheet will work out the numbers to show the flow of money, it’s your job to remember, Cash is King in the business world. If you have long payment terms from your customers and short ones from your suppliers, your balance sheet may look fine, but your cash flow will suffer.

Your goal should be to negotiate payment terms that work best for you. As a new business, you may not have tons of leverage, but it never hurts to ask for what you want. Counter unfavorable terms and best yet, establish your own upfront as a condition of working with you.

Ambitious entrepreneurs often are determined to grow their businesses by expanding into new areas, adding new products, and increasing the size of their workforce. But growth comes with potential hazards, which is why one of the leading causes of business failure is overexpansion – growing too much too fast.

“There are so many complexities involved with growing a company” says Shawn Burcham (www.shawnburcham.com), author of Keeping Score with GRITT: Straight Talk Strategies for Success, and founder and CEO of PFSbrands, the parent company of Champs Chicken, Cooper’s Express and BluTaco.

“If you’ve been a parent and raised kids, you can relate it to the various ages of kids. Much like your kids need different things at different ages, your business has different needs at different stages of growth.”

To stay on track with those needs, Burcham says business leaders need to:

• Constantly evaluate employees. When a company is growing and improving, employees need to do the same, Burcham says. He’s an advocate of lifelong learning and expects employees to commit to continual personal improvement through reading, seminars or other educational efforts. In addition, while Burcham likes to promote from within, he will look elsewhere when necessary. “Scaling requires your team to evolve, but it also requires new blood,” he says. “As a company is growing, sometimes you have to go out and recruit the talent to help you get to that next level.” 

• Protect the brand. As the business grows, it’s crucial to adhere to standards and have quality controls in place. Otherwise, the business won’t build brand loyalty. “If you go into McDonald’s and you get a Big Mac or a Quarter Pounder, you want that Big Mac or Quarter Pounder to taste the same in every location,” Burcham says. “That’s ultimately what every national brand is working toward.” In his own business, he has seen competitors of PFSbrands locate in supermarkets and convenience stores with loose standards.  “In some cases, we lose business to these competitors who are lenient and have lower standards,” Burcham says.

• Embrace the future. Scaling is all about embracing the future, and that includes understanding millennials who will make up 75 percent of the workforce by 2025, Burcham says. “Younger generations want to know why they’re doing something, and that makes a lot of sense when you think about how they grew up with their electronic devices,” he says. “They have been able to get answers anytime they want them.” Burcham’s company uses an open-book management approach that fits well with the transparency younger workers desire, he says. “Personal growth, education, and continuous learning are also things they are looking for. If companies today want to scale, then they need to embrace millennials and work to create an environment where they are engaged.”

• Take their time back. “To be an effective leader as your business grows, you need to consistently work on time management,” Burcham says. He has five steps for doing this. 1. Decide what’s important and focus on two or three top priorities each day. 2. Stop doing some tasks. Instead, delegate or automate them. 3. Start on the most important thing first. 4. Learn to say no. 5. Block out time for self-improvement and life needs. 

“Scaling is a process, not a destination,” Burcham says. “If you really want your business to grow, you need to be constantly moving, constantly evaluating and constantly improving.”

Shawn Burcham (www.shawnburcham.com), author of Keeping Score with GRITT: Straight Talk Strategies for Success, is the founder & CEO of PFSbrands, which he and his wife, Julie, started out of their home in 1998. The company has over 1,500 branded foodservice locations across 40 states and is best known for their Champs Chicken franchise brand which was started in 1999. Prior to starting PFSbrands, Burcham spent five years with a Fortune 100 company, Mid-America Dairymen (now Dairy Farmers of America). He also worked for three years as a Regional Sales Manager for a midwest Chester’s Fried chicken distributor.

Whether you are the plaintiff or defendant – small claims court is both intimidating and nerve-wracking. You may feel anxious, intimidated, and helpless as you get ready to plead (or defend) your case. While each small claims case is different there are things that you can do to be better prepared for your day in court. Here is a check list of five details to pay attention to before and during your day at court.

1. Seek legal advice

It’s important to seek legal advice prior to your court date whether you are suing someone for unpaid expenses or the one who is being sued. Seeking legal advice can help you make important decisions such as- do you have a case? If you do have a case – would mediation work instead of a trial? Legal council can help you answer these questions. But beware – legal advice can be expensive. Weigh the cost of legal council versus how much you are sueing the defendant for. Is it worth it?

2. Know the facts

It’s hard to dispute with someone who knows the facts – dates, amount, conversations etc. For instance – “Michael Smith told me he would pay me back within a month of me loaning him $300 on January 21^st. It is now May 15^th and he has not tried to pay me back despite my numerous attempts.” Michael Smith could respond by saying, “While I did tell Jane Doe I would pay her back within a month – on February 13^th she told me not to worry about it.”

3. Have a paper trail

Who is right? Michael or Jane?  It is impossible for a judge to know whether Jane told Michael to forget about the debt or if Michael is lying based on their testimony. That’s why it’s important to have a paper trail or receipts. While it’s not always feasible – presenting evidence and receipts will make it easier for you to plead your case. Does Michael have a text from Jane stating that he did not have to pay her back? Does Jane have multiple unanswered texts from Michael asking for the money she is owed? These will help the judge decide who to side with

4. Dress Professionally

A day in court is always a big deal whether you are trying to claim $50 or $5,000. It’s important that you show the judge you are serious about this claim. To do this dress as if you were going on a job interview. You should never wear jeans, hats, flip-flops or T-shirts to your court date.

5. Speak confidently

Speaking in front of a judge is stressful but the key is to try not to let your emotions show. Don’t scream or yell at the defendant/plaintiff- the more confident you are about your facts – the better your chances of winning are. Before the court date – practice your speech in the mirror. Get rid of any “likes” or “I believes”. Instead of saying, “I believe on February 13^th Jane told me to forget about it” – say, “On February 13^th Jane told me not to worry about paying her back. Here is the text she sent to me.” Instead of saying, “I think I tried 3 or 4 times to get the money back from Michael via text” say – “I asked Michael three times to repay me the loan on February 28^th, March 14^th, and April 1^st. Here is a screenshot of the texts with no replies.”

Whether you are the plaintiff or defendant these five tips will help you present your case confidently and give you the best chance of winning. Remember – speak confidently, know your facts, and always keep a paper trail!

As climate change causes worldwide concern and prompts calls for governmental action, consumers are putting the onus on businesses to step up their sustainability standards and practices. A Nielsen survey, for example, showed that 81 percent of global consumers feel companies should help improve the environment. And with governments across the globe struggling to reach an international consensus on climate change, close observers of business and the environment, along with a high number of CEOs, agree: Private industry should take the lead in driving sustainability.

“Some forward-looking companies are seeing it’s an issue they can no longer ignore, morally and economically, and that you can go green and succeed in business,” says Hitendra Chaturvedi (www.hitendrachaturvedi.com), a professor at the Supply Chain Department of W.P. Carey School of Business at Arizona State University and expert on global supply chain sustainability and strategy.

“Business strategies must include sustainability in their core beliefs and practices. Part of the problem is that they are missing the simple, sensible ways that can drive sustainability and bring return on investment at the same time.”

Chaturvedi suggests the following ways businesses can exercise sustainability practices to help fight climate change and connect with consumers:

Find the facts. “When a package gets delivered to you by an online commerce company, most people see the packaging as mainly contributing to the pollution, but that is not the case,” Chaturvedi says. “The packaging contributes less than 5%, but the main culprit is the returned/defective item which accounts for close to 50% of the pollution because it is not properly disposed of. I call it sensible sustainability. Identify and focus on the low-hanging fruits.”

Seek education. “Finding the facts brings an important issue – education of consumers,” Chaturvedi says. “I see too many data points floating around that are put forth to create hysteria and are flat-out wrong, causing well-intentioned people to be waylaid in unproductive directions. Too many times this causes even a well-wisher of the environment to lose interest. We need a proper way to educate consumers about what is real and what is fake news.”

Implement business model changes. “Look at your business model holistically,” Chaturvedi says. “I propose a 5R model that simply, sensibly, and holistically integrates forward and reverses supply chain within any organization to ensure reduction in waste – and without sacrificing profits or competitiveness.”

Embrace technology. “It will lead to quick solutions to many vexing

sustainability problems,” Chaturvedi says. “For example, advancement in technology has given us economically viable micro factories to processing plastic waste, something that was not possible a few years ago. Now we can package it into a business model and scale it. Technologies like blockchain and dendrites will have far-reaching effects on sustainability as they will drive tracking and accountability.”

Find sensible solutions. “Sustainability needs sensible solutions, not panacea, not motherhood and apple pie solutions,” Chaturvedi says. “We need solutions that are practical and profitable. We see many solutions that promise to solve the world’s pollution problem but are either one-off, or do not make money, or both. We need businesses to step in and partner with scientists, universities, and government so a practical/viable perspective can be applied to sustainability solutions. A business will bring that perspective along with what can scale and what can not.”

“Businesses can see significant benefits, both economically and socially, from incorporating sustainable practices,” Chaturvedi says. “Some of the steps you incorporate can seem small at first, but day by day those efforts will produce great results.”

Hitendra Chaturvedi spent over 30 years in progressive technology leadership positions with Microsoft, Newgistics, E&Y e-Business and A.T. Kearney. Chaturvedi also built a $100 million software company in India, GreenDust, where he implemented proprietary reverse logistics software at Amazon, Flipkart (Walmart), Samsung, Panasonic and Whirlpool. A computer engineer with a master’s degree from Louisiana State University and an MBA from Southern Methodist University, Chaturvedi has been widely covered in the media and is a subject matter expert on global supply chain strategy, sustainability in supply chain, reverse logistics, ecommerce, artificial intelligence and machine learning. Now a professor at Arizona State University, Chaturvedi has been a visiting professor at Southern Methodist University, University of Texas-Dallas, Penn State and Purdue.

With corporate CFOs expressing worries that 2020 could bring a recession, businesses small and large know they need to hope for the best, and brace for the worst. But, as important as business savvy and financial expertise can be in riding out difficult times, other traits also come into play and may be just as essential, says Marsha Friedman, a successful entrepreneur who still leads a business she launched three decades ago.

“One of those essential traits is courage,” says Friedman, founder and president of News & Experts (www.newsandexperts.com), a national PR firm.

“Thirty years ago when I started my company, I probably would never have said it takes courage to lead a small business, but without it, I assure you, you’ll fail.”

Friedman, who is also the ForbesBooks author of Gaining the Publicity Edge: An Entrepreneur’s Guide to Growing Your Brand Through National Media Coverage, understands this first-hand. Her firm, like many businesses, endured tough economic times after the 9/11 attacks. Revenue dropped and bankruptcy loomed as a real possibility.

“I had to figure out how to turn my company around,” she says. “It took courage, endurance, and perseverance, but I knew I could not go back, so I had no choice but to go forward.”

Courage is just one of what Friedman calls the 5 C’s for building and maintaining a successful business.

“They’re the guiding principles I’ve learned through the ups and downs and all the mistakes,” she says.

In addition to courage, Friedman’s other C’s are:

Caring . First, care enough about yourself and your dreams to believe you can achieve success, Friedman says. “Just as important is caring about your staff and creating a positive work environment for them,” she says. “Be supportive when stressful situations arise in their lives.” Finally, a good business leader cares about customers, Friedman says. Be willing to listen to their concerns, take responsibility for mistakes, and correct them.

Confidence. Most people have faced and overcome challenges in life. The confidence that allowed them to prevail over those challenges needs to be brought into play in business, Friedman says. “Believing you can reach for and achieve your short-term and long-term goals is essential to getting you there,” she says.

Competence. It’s critical to stay up on the trends and disruptions in your industry. “But you need to recognize your limitations, and you shouldn’t take on jobs within your company for which you’re not qualified,” Friedman says. “You’ll make yourself miserable and your business will suffer.” So, she says, hire an accountant to handle the financials. Get marketing help if that’s not your thing. Hire competent people who you will trust in their jobs – and then trust them.

Commitment . Stay dedicated to your goals no matter how difficult that becomes. Friedman says there are times when this will be not only difficult, but downright painful. That was the case for her during those tough times after the 9/11 attacks. “I had to make drastic cuts, including letting go beloved employees.” she says. “For more than a year, I ramped up marketing efforts, diversified our services, and took other steps to get the business out of the red. In 2005, I succeeded – and it has been upward and onward ever since.”

“If you’ve recently launched a new business, know that you’ll encounter challenges, but don’t panic,” Friedman says. “When times get tough, if you rely on the C’s as a sort of compass, you can guide the business back to smoother waters.”

Marsha Friedman, author of Gaining the Publicity Edge: An Entrepreneur’s Guide to Growing Your Brand Through National Media Coverage, is a businesswoman and public relations expert with nearly 30 years’ experience developing publicity strategies for celebrities, corporations and professionals in the field of business, health and finance.  Using the proprietary system she created as founder and President of News & Experts (www.newsandexperts.com), an award-winning national public relations agency, she secures thousands of top-tier media placements annually for her clients.  The former senior vice president for marketing at the American Economic Council, Marsha is a sought-after advisor on PR issues and strategies, who shares her knowledge both as a popular speaker around the country and in her Amazon best-selling book, Celebritize Yourself.

In a world where work, family, recreation, faith and other factors compete for our time, people speak about the need to seek a “balanced life.”  But maybe “balance” is the wrong goal. “The concept of being in ‘balance’ has the potential to set us up for immediate failure,” says Michael Sipe, author of The AVADA Principle and founder of the consulting firm 10x Catalyst Groups (www.10xgroups.com).

 “We talk about work/life balance as if work and the rest of our lives are separate things. But in reality, work and everything else are all part of one life.”

Instead of balance, Sipe suggests seeking an “integrated life,” where the integral parts of life are combined into a fully functioning whole. He acknowledges that’s easier said than done.

“It’s a challenge to determine what the integral parts of human life are, how to integrate them, and what a fully functioning and completely whole life would be like,” he says.

For Sipe, a major part of that integration involves faith. But his suggestions on how to approach your job so that it is integrated into the rest of your life are relevant regardless of spiritual views.

In Sipe’s view, work often gets a bad rap. Work is actually a neutral concept, he says,  and the larger evaluation is not that we “have” to work, or how much we work. Instead the key is to look at the purposes toward which our work is directed and to be intentional about how we allocate our energy.

In managing your attitude about work, Sipe recommends that you:

Focus on purpose. “One definition of work is energy directed toward a purpose,” Sipe says. “If you find yourself holding a detrimental attitude about your work, take a look at your purpose. Perhaps you simply are not directing your energy toward a purpose you care about.” If so, he says, consider changing your work so that you can invest your energy toward a purpose that matters to you. Alternatively, perhaps you have not connected your work to your purpose, and thus, your motivation to work is suffering.

Avoid griping. The more you declare that work is hard, bad, unpleasant, a waste of time, and a drag, the more it will be all those things for you, Sipe says. “Reframe work as good, as a joy, a blessing, a challenge, an opportunity, a privilege, an investment,” he says. “Loving your work is a choice – your choice.”

Take responsibility and take charge. If you don’t like your work, Sipe says, then change it. “You are not a tree rooted in place; you can move,” he says. “You are not a victim or a slave. If you are blessed to live in the Western world, and especially if you are blessed to live in America, you are free to do the work you love toward purposes you desire”

Ask yourself better questions. When things aren’t working out as you hoped you might be inclined to ask yourself, “Why me? Why is this so hard? What did I do to deserve this?” Instead, Sipe says, ask yourself: “What am I supposed to learn here?” He says you could also do as the late Jim Rohn, a motivational speaker, instructed: “Don’t ask why things are so hard; ask how you can get better.”

“The concept of work is simple, but we tend to complicate it,” Sipe says. “And work really does apply to everything we do. Yes, we can work at a job, but we also work on our health, work on our education, work on our marriage, work on our friendships, and work on our faith. It’s all energy applied toward a purpose.”

Michael Sipe, author of The AVADA Principle, is the founder of 10x Catalyst Groups (www.10xgroups.com), which helps entrepreneurs grow profitable and thriving businesses organized on a foundation of Biblical principles. Sipe has also enjoyed a successful 30-plus year career in mergers, acquisitions, and business development as the founder of CrossPointe Capital, a middle market investment-banking firm. In that capacity, he consulted with and evaluated over 5,000 companies and has provided advisory services for approximately a half-billion dollars in business sales involving hundreds of companies. He remains active in transactional work and has been a key advisor in mergers and acquisitions projects covering a multitude of industry sectors.

At first, when your company was new, you were responsible for everything. From opening for the day to writing orders, making product, shipping orders, balancing the books, and closing, you were the solo operation every day. But at some point, the company will reach a tipping point when you simply can’t do it all and succeed. You need to grow.

Growing Pains

Whereas before, you did everything, now others make your product, track regular shipment going out, etc. You’ve still got your finger on the pulse of everything, but it’s not possible to follow every decision or outcome unless it’s brought to your attention.

Now, you won’t know everything that happens in a day. If you do, then you’re upsetting your own organization; if you still try to control everything once you’ve grown, decisions stall waiting for you, production slows waiting for your approval, and growth grinds to a halt.

The question becomes, how do you allow your company to grow beyond your immediate control?

Letting Go The Reins

No matter who you employ, this will always be your business, your vision and ultimately, you have to answer to investors, customers, and employees when trouble occurs. However, instead of riding solo, your horse is now pulling a carriage. You don’t need to hold the reins any longer as much as you need to direct the carriage.

So, you need a carriage operator, a horse manager, a carriage maintenance pro, etc. In other words, when we stop horsing around, you will need to find others who have both the experience and drive to help you lead your business to the next level. You must build a culture of trust in which these others can make decisions about your business.

Ways To Encourage Growth

Growth means that your former laser-focus on day-to-day operations must be dispersed, delegated, to a management team. When you employ the right leaders with the right drive who are willing to buy in to the vision of the growing company, then you can let go and allow the organization to function. The carriage will gain momentum and race down the lane.

As the owner of the company, you control the culture of the company more than any other individual. Showing that you are willing to trust the leaders that you bring in to make decisions and that you don’t have to do everything yourself is the first step in growing your company.

Encouraging these first partners to do the same with the next level of management brought in continues this culture of empowerment with each step of growth. Have clear goals for all levels in your organization, but trust that they will succeed, and hold them accountable to both their failures and successes.

A Winning Growth Formula

The best way to create a growth culture is through trust. When you allow professionals to do their job and trust in their efforts, then they will rise to the expectation. You hired them for a reason, now trust them to do the job.

Good retirement planning takes many factors into account, but with so many costs to consider it can be overwhelming. Thus, people may forget some retirement expenses that are less visible now or downplay others that they think will be unlikely or infrequent. But the retirement expenses you miss, dismiss, or underestimate in your planning could prove costly.

“Even for those who prepare thoroughly for retirement, they can’t predict with complete accuracy across the board how much they’ll spend,” says Clayton Alexander (www.retireteton.com), an investment adviser and founder of Teton Wealth Group. “The retirement expenses you forget to plan for or ignore could seriously cost you and help sabotage the kind of retirement you were otherwise planning to have.”

Alexander goes over some key retirement expenses that may fly under the radar years in advance of retirement but nonetheless should be planned for:

• Long-term care. This can be one of the most expensive costs during retirement. Many people don’t plan adequately for it because they’ve been healthy throughout their life. But the statistics point out the importance of planning for long-term care. The U.S. Department of Health and Human Services lists the average cost of a semi-private nursing home room at $6,800 per month. The HHS also says that 70 percent of retirees will need long-term care at some point. Medicare won’t cover long-term care, and if one doesn’t qualify for Medicaid, the patient is responsible for the bill. “It’s easy to ignore the thought of needing long-term care when you have many years of working left and have been healthy,” Alexander says. “But it’s a reality for many in their last years. One way to prepare is building the expenses into your retirement fund by using a Health Savings Account. Or you can buy long-term care insurance before you retire in order to get better rates.”
• Caring for family members. Retirement ideally is a time to relax and enjoy one’s newfound free time, but nearly one-third of seniors say they serve as a caregiver. That can strain the budget, so Alexander says it’s important before you retire to think about how much you’re able to help family members and budget that amount annually.
• Home repairs and renovations. These aren’t the everyday costs you plan for when creating a retirement budget, but they’re inevitable and could take a large bite out of your budget. The U.S. Bureau of Labor Statistics reports that the average person 65 and older spends about $2,300 per year on home repairs and maintenance. A major expense such as a new roof is a big hit. “Building an emergency fund is essential,” Alexander says. “It’s prudent to put aside two or three thousand dollars a year in your retirement budget for home repair and maintenance costs.”
• Transportation. Retirement planners say this is a sneaky expense that is easy for retirees to underestimate. Transportation costs represent 16% of expenditures for adults 65 and over according to the Bureau of Labor Statistics. “It’s one of the most under-planned items in retirement, but the costs can really bite you,” Alexander says. “It goes beyond buying a car — gas, maintenance, insurance, repairs, and public transportation. Even if a retiree no longer has a car payment, financial advisors need to factor in these types of costs.”

“It’s difficult to cover every scenario,” Alexander says, “but adhering to a careful plan laid out well before the retirement years can help one handle the unexpected costs as well as the ones that are easy to overlook and add up.”

Clayton Alexander (www.retireteton.com) is an investment adviser and founder of Teton Wealth Group. A graduate of Dixie State University with a B.A. in administration, Alexander also worked at Northwestern Mutual and Goldman Sachs. He is licensed for life and health insurance in the state of Utah and has passed the Series 65 securities exam. Alexander focuses on building holistic retirement plans, and with the launch of Teton Wealth he developed the four-step Ascent Plan – a system to help clients gain clarity and perspective on creating a financial plan for safe, secure and tax-efficient retirement income and estate transition.

Do you take rejection personally? Do you start the negative self-talk immediately after getting rejected? Do you find yourself triggered by rejection and start piling on past rejections in your mind? If you do, you are not alone! Research shows that 90% of our self-talk is negative. Nothing triggers negative self-talk like being rejected.

In the book The Four Agreements, one of the agreements is “Do Not Take ANYTHING Personally.” When Ellen DeGeneres’ sitcom was canceled after she came out, she talked about how this book helped her. In her usual funny way, she said, “It is hard not to take the show being canceled personally, since the show is named Ellen and I’m Ellen.”  How Ellen handled this rejection is a lesson in resilience we can all use for our own careers. She continues to face criticism on her talk show from time to time, but she doesn’t let any of her stop her.

Getting rejected is part of life. We get rejected when we ask our parents as kids to buy us something we want. We get rejected when we interview for a job and don't get it. If you’re in sales, you know rejection is part of the game. How do you learn to keep going and not take it personally?

Tip One

Let go of being afraid of the word NO. Getting a no now does not mean no forever. Children learn this at a very early age and keep asking for what they want from a toy or candy store. When you’re in sales if you are afraid of “no”, you are afraid to ask for the order. When you reframe your mind to see no as the starting point of a negotiation, then you let go of your fear. Tell yourself “Let the Games Begin” when you hear a “no”. Follow up the “no”, with a question such as what would it take you to reconsider?

Tip Two

Never Reject Yourself. When I was selling advertising for Conde Nast and a client would say to me no we are going with another brand, I would ask myself “Could another salesperson have gotten a yes? What did I do wrong? Why didn’t they see why my solution is the best choice?”  None of this negative self-talk is helpful. Instead of taking the “no” personally and rejecting yourself and your skills, remind yourself you are good at what you do. Don’t let one “no” define your day, month or your year. 

If a client says “We like you but not what you are selling” it is so easy to agree with them and reject your product or service. Don’t do it! Never agree with their assessment of your product not being good enough or the best. Instead reframe it to yourself, that right now this is not the best fit for them and that is a great fit for others. Remind yourself of the other sales you have made.

The best way to hit the reset button after a “no” is to call someone who bought from you and ask them how they are enjoying the new car or home. After giving a keynote to Land Rover and Redfin, the real estate firm, I gave this tip and they found it really helped them let go of getting a no. When you do this, you get reignited in your passion and it is great customer service. Just calling someone to ask how they are enjoying the product takes all the pressure off of you. Many times, it results in a referral or testimonial!

Tip Three

Get Back Up After The No. When I was giving my TEDx Talk Be The Life Guard Of Your Own Life I was able to hear Bonnie St John’s TEDx on resilience. Despite losing part of her right leg at a young age, she went on to win medals at the Paralympics in downhill skiing wearing a prosthetic leg. She told the story that each skier had to go down two different mountains. The winner would be the person with the fastest combined times. She went down the first mountain and came in first place. The second mountain was much icier and everyone was falling. Sure enough, she fell too and got back up and finished that race. She ended up with the 2^nd place medal. While she had been the fastest skier she was not the fastest at getting back up after falling.

How fast do you get up after a no?  After giving keynotes and workshops to real estate companies, I noticed that the top performers let go of a “no” much faster than other agents. Other agents say they let rejection go, but they keep talking about it in the office for weeks after and it impacts their energy and passion for the next potential sale.

To recap, the key to rejection is to not take it personally. Let it go and never reject yourself. Then let go of the fear of hearing a “no” and remember “no now is not no forever.” Get back in the game as fast as you can after you hear a “no.” If you apply these tips to rejection, your attitude and your revenue will soar!

JOHN LIVESAY, aka “The Pitch Whisperer™,” is a highly sought-after keynote storytelling speaker and a Forbes columnist.  During his talks, he shares the life-changing lessons he’s learned from his award-winning sales career at Conde Nast to help people become revenue rockstars by forming emotional connections with clients through stories. Livesay is the host of “The Successful Pitch” podcast, which is heard in over 60 countries. These interviews make him a sales keynote speaker with fresh and relevant content. Livesay’s engaging and energetic TEDx talk, “Be the Lifeguard of Your Own Life,” has over one million views. His popular topic, "How To Ask For What You Want And Get A Yes" has also made him a sought after guest on dozens of broadcast outlets including "Breakfast with Larry King."

Learn more about Livesay on his website, https://johnlivesay.com and his YouTube channel. You can connect with him on Twitter, LinkedIn, and Facebook.  Better Selling Through Storytelling is available October 8, 2019, in hardback, ebook and audiobook through Amazon, Barnes & Noble, and other retailers.