More Than WE Know

In the past few months, my clients have increasingly been coming to me with concerns about cash flow. This past week in the stock market has only increased the level of anxiety about the economy.  Even though experts are saying that we’ve gotten through most of the worst of it, the hard times do not appear to be over.  And for the small business owner, having enough cash to buy merchandise, make payroll or pay for advertising may make the difference in keeping things afloat.

So, while I never thought I would recommend it, I have begun researching short term loan options. I wanted to be able to give my clients advice for obtaining emergency cash, and I thought I would pass it on to you.

ThinkCash is a company that offers installment loans ranging from $250 to $2500.  While still substantial, the fees appear to be less than traditional cash advance companies.  

While I never encourage anyone to enter into debt lightly, if you do decide that a short term loan is right for you, you might want to consider ThinkCash.  Even though the fees can be 87 cents to $1 per day per every $100 borrowed, it still might be less than the fee you would pay if you bounce a check at your bank, or pay your rent or other creditor late.

Here’s some info you might find helpful in making your decision:

• Loans are from the First Bank of Delaware and subject to credit approval (although they say your credit does not have to be perfect)
• The application is completely online so you don’t have to call or fax any information
• Once you’re approved you can get the money as quickly as the next business day
• You can pay back some or all of the loan early, without any penalties and you only pay interest on the balance that is outstanding
• You can choose the date of your first payment schedule (within reason)
• You can have your payments deducted automatically from your bank account or you can mail them in yourself

Taking even a small loan is not something to do lightly.  But handled intelligently,  it might be the most responsible and appropriate course of action for your business.

That said, I’d be interested in hearing your own personal experiences with short term loans - what’s worked, what hasn’t and what would you do differently in the future?

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Lately, I’ve been focusing on negotiation tips and techniques.  So I was delighted to discover a global specialist in Negotiation Training, called Scotwork. This school offers Negotiation Training Courses that teach how to negotiate more effectively to save time, reduce costs, increase profit margins and improve negotiation terms.  

They especially focus on Sales Negotiation Training which is something that many of my clients tell me they feel uncomfortable with.  

Scotworks is located in Australia (which is fortunate for my Australian readers!) but don’t dismiss then out of hand if you are from another country, such as the U.S.  Consider the fact that Scotwork programs are condensed into a 3 day timeframe - perfect to extend if you are on a business trip to Australia.

And even if you can’t envision a trip coming up any time soon, be sure to check out their website for additional negotiation tips and a reading list.

While I haven’t yet taken the training from Scotworks, I have taken negotiation training and I can attest to the fact that it is a skill that can be learned.  I’ve read their tip articles and agree with their recommendations.  I also have most of their reading list in my home library so I find it reassuring that the advice they offer would be consistent with the lessons I have learned over the years.

Please let me know what you think of their advice after you’ve checked our their site or taken a course - I’d love to hear what you have to say!  

Being a woman and being an entrepreneur can sometimes cause interesting conflicts witin ourselves.  This is especially true when it comes to negotiations.

Women have very heightened awareness of other people’s energy, thoughts and feelings.  Typically, we are peace makers, who don’t like to make others feel bad.  This is all well and good in our personal relationships, and contributes to a lot of close connections to families, friends and communities.

But sometimes in business, this strength does not serve our own best interest.

When we should be focusing on our own needs and goals, we find ourselves too quick to look at it from the other person’s viewpoint. We look at their needs and their desires, and want them to feel better -even at our own expense!  

This virtue stops being a strength when we start sacrificing our own well-being and the well-being of our business, for those of another.

Here then, are some ways to focus on negotiating win-win agreements rather than offering yourself up for lose-win compromises:

1. Have a clear understanding of what you absolutely need and what you can give up. Only offer up the items are your list that are expendable. Don’t talk yourself into turning the “must-haves ” into “nice to haves” simply because the other person seems to want it so much.
2.  Use your empathy and creativity as a strength that will help you and your fellow negotiator to get what you both want.  Some people are so focused on getting their way that they become close-minded and determined and totally miss other solutions.  Because you are able to see what both sides need, you are in a perfect position to brainstorm a new solution that enables everyone to get their needs met.
3. Keep in mind who you are negotiating for.  Many women still have trouble fighting for themselves or considering their own needs as important as other people’s.  If this happens to you, concentrate on how your employees, your investors, or your family will be damaged if you negotiate a less than optimal solution.  Remembering that you are fighting for someone else sometimes helps you to fight harder and longer.
4. Have a contingency plan.  Knowing what you would do if this deal falls through - go to someone else, focus on growing a different aspect of your business, develop a new product, etc. will give you the confidence to refuse a detrimental offer.

What is your biggest challenge with negotiating?  Are you too quick to agree to a losing solution?

A few weeks ago I was coaching a client through a negotiation for a new contract for her business.  With the job market the way it is, she was inclined to take the first offer on the table.  Money is tight all over these days so she didn’t feel that she could ask for more.

Her assumption around whether the client could offer more money might or might not have been accurate. But even assuming it was true, that does not mean that she had nothing left to negotiate.

When a client can’t give you more quantitative benefits, consider what qualitiative benefits they can provide:

• telecommuting for the work rather than traveling to meet face to face (saves time, gas, parking, and wear and tear)
• accomodations around your schedule (different hours, different days, elongated or compressed schedule)
• publicity in their newsletter, advertising or flyers
• referrals to additional clients
• distribution point for your products
• written references for use on your website

The beauty of these items is that they don’t cost the client a cent more, but they provide you additional benefit in terms of time and energy saved in the current job and in prospecting for future jobs.

What other items have you negotiated for or could you negotiate for that would benefit you but cost your client very little?

Recently a client came to me wanting to know how she could be more efficient so that she could get all of the things done that she wanted to do.  

Like many women entrepreneurs, she was also a wife, a mother, a daughter, a friend and a volunteer. She was looking for more balance in her life and wanted to include self-care such as exercise, proper sleep and good nutrition.  And that doesn’t even include basic items like housework, car maintenance, etc.

Like most women entrepreneurs she had started her own businesses because she wanted the flexible lifestyle that self-employment can make possible. Unfortunately, like many women entrepreneurs, she had then proceeded to load herself up with so many expectations and demands that she has even less flexibility than she had before.

She was surprised that before I would even begin to discuss ways to get more done in less time - I asked her to take a step back and explore her values and goals:

What was most important to her in her life?

When she looked ten years down the road, what would she most regret if she never did it?

What would she be most proud of achieving?

Her answer could be:

• building a million dollar business
• spending more time with her kids
• doing work that feeds her soul
• expressing her creativity
• creating a business to pass down to her children
• building a strong marriage with her husband and planning for their future

or many other things…..  

Your answer won’t be the same as any other woman.  And until you know what really matters to you in life - your own life, not what someone else says - you are not going to know where to invest your time and energy.

So right now, before you add one more thing to your to do list - take a few moments to determine what you really want your life to be about.

Write it down - and begin to compare all of the activities on your to do list with your goal, and determining how much of your precious time and energy each one deserves.