Enterprising Moms Network Inc

By Anne Cabrera, Sowing Seeds Accounting Services -

http://www.sowingseedsaccounting.com

Often times, the last thing a new entrepreneur considers when starting a business is how to take care of the books.  After all, marketing and closing sales is the be-all and end-all, right?  Without cash coming in, what’s the point of even having a business?  While I agree that sales is crucial, a properly set up and maintained bookkeeping system offers a busy mompreneur several key benefits:  reduced stress, boost productivity, easy access, and effective planning.

1. Reduced stress.  The last thing most entrepreneurs want to do when they get home or when weekend comes is to sit down and do their books.  For some, numbers just is not their thing.  For others, the sheer volume and, at times, duplication of their paperwork makes them hunt for any excuse to put it off---all the way until next April when the tax man comes calling.  Poor organization, inadequate filing systems, and lack of proper bookkeeping training are all factors that increase the stress of doing your books.  When you eliminate all three, your bookkeeping, while tedious, will soon take less of your time and your days will be a lot more stress-free.

2.  Boost productivity.  How long does it take you to find one invoice?  Are you current with all of your suppliers?  Have you collected all of your 30-day and 60-day accounts?  If your books are not properly maintained on a monthly basis and your filing system is a bin haphazardly filled with everything but the kitchen sink, you are inevitably less productive than you could be.  In the beginning, it may be easy to know who owes you what and how much, but as time passes, human memory fails and what could have been money in your pocket could easily be lost.  What about when you need to reference a supplier invoice for a late or wrong delivery?  If you can get your hand on that invoice within a half-hour, you are that much more likely to call and resolve the issue on the spot than if you have to dig through months of invoices. 

3.  Easy access.  CRA requires that all business keep records, paper or electronic.  In a pinch, paper often has higher credibility than electronic.  If you are not properly recording your purchases and sales, your HST returns will likely be inaccurate, resulting in either more taxes paid or less refunds received.  If you are not properly filing your documents (actual receipts, invoices, bills of lading, etc., and not just statements), then you are not complying with CRA’s mandatory filing requirements.  Either way, you are not doing yourself a favour by not keeping a proper bookkeeping system.

4.  Effective planning.  All businesses need plans.  Any business without a plan is a business that plans to fail.  If you don’t know how much you spent last month on advertising, how do you know how much to budget to spend next month?  If you don’t know which invoices you still have outstanding, how do you know how much cash you’ll need next month?  By keeping your books up to date on a monthly basis, you can make better plans for the future because your plans will be based on more accurate and more timely information.

A good bookkeeping system has four key elements:  an easy filing system, staff with right technical training, an effective work process, and adequate time.  Sowing Seeds Accounting Systems provides independent small businesses with the tools, staff, process, and time they need to ensure that their company is getting all they can out of their bookkeeping.

Do you dream of owning your own business and working for yourself? Before you make this huge leap of faith and finances, ask yourself this question…could you imagine working for someone else if you were offered your dream job?

If this is the case then you should spend more time looking for the job you truly want and less time dreaming about becoming an entrepreneur. There are certain considerations that can give you great insight and help you decide if you do have what it takes to be an entrepreneur.

1.     1. What is your motivation? Ask yourself if you would want to be an entrepreneur regardless of how much money you might make as you build your business. If your goal is simply to achieve an income your chances of success, and more importantly, personal satisfaction are limited. Your real motivation must come from something inside you, not from external rewards like monetary goals or praise from others.

2.    2.  Who will it benefit? Is your dream based on something you want to give, or is it more about something you want to receive? A true entrepreneurial spirit includes a desire to do something that reaches beyond oneself. This is the reward that spurs the spirit of an entrepreneur.

3.      How hard are you willing to work? One of the biggest misconceptions about becoming an entrepreneur is that life will be easier than working for someone else. Rarely is this the case. Becoming successful requires tremendous commitment and usually the hours reflect the level of dedication to your dream.

4.      Are you prepared? What are you bringing to the table? Even if this is your own company, you need to have the experience and knowledge required to succeed. Ask yourself if you would hire yourself? If the answer is no, then spend some time educating yourself at what you want to really do. If this doesn’t sound compelling then entrepreneurship may not be for you.

5.      Can you handle success? How comfortable are you with personal success? One of the number one reasons independent businesses fail is the fact that many people are their own worst enemy. Some people like the idea of success and independence, but as their new business grows, self-sabotage becomes a factor and dreams become financial nightmares. Know right from the start that you are not someone who gets in his or her own way. Be certain that you know that you will always be your own advocate and that you are willing to go the distance to protect and fight for your dreams. You will encounter obstacles and negativity and doubt somewhere along the path. True entrepreneurs never accept defeat, and they never create it for themselves. Their entrepreneurial spirit pushes them past any difficulties and their greatest joy comes from the pride and sense of satisfaction that comes from living your dreams.

Anne Leedom is the Founder of www.TeenPalz.com, a website providing virtual monitoring and activities for teens. She lives in Northern California.

Cash Flow and Your Budget by Joanna Muir, Dear Piggy Bank

Cash flow can be a huge challenge. It is a key part of successfully maintaining your personal finances or operating your business. There is no magic solution but with a little planning and a strong money management system you will have more time to spend other aspects of your life or business. A little time invested up front will save hours over the long run. Not to mention, reduce anxiety levels!

1.    Have a Plan. Quantify your financial goals in terms of amount, timeline and worth. They may include a vacation, a car, home, a retirement plan or debt repayment. Prioritize them.

2.    Know the Numbers & the Dates. How much monthly income do you receive and when do you receive it? If your income is inconsistent then calculate a conservative average monthly income. Estimate any additional income as an annual figure. What expenses are you responsible for and when are they due?

3.    Do the Math. Compare monthly expenses to net monthly income. Do you have a surplus or deficit? If it is a surplus, you have the freedom to allocate funds to your financial goals. If it is a deficit, it is important to understand if it is temporary or not. If it is not, your two options are to earn more money or reduce expenses.

4.    Set Up Systems.

·      An easy way to organize expenses is to divide them into the 1^st and 2^nd halves of the month – so that you know how much money to have in your account for the 1^st and 15^th of each month.

·      Keep your monthly obligations as low as possible to allow for greater maneuverability.

·      Retain a float equivalent to your monthly expenses.

·      Total large, sporadic expenses such as insurance or property tax, and divide by 12 to calculate a monthly amount. Set up an automatic monthly transfer to a separate account so the funds are there when the bills are due.

·      It is important to meet obligations to Canada Revenue Agency. If you are self-employed, take the time to assess a guideline tax rate percentage. Deduct the appropriate amount from any income as soon as you receive it and transfer it to a savings account.

·      Use monthly savings plans and automatic transfers to reach your goals. Increasing your mortgage payment by $50 each month makes a big difference. The sooner the debt is gone, more cash is available for other purposes.

·      Use any income in excess of required monthly expenses to invest in your plan.

5.    Plan B. Expect wrinkles. What is your backup plan? It may be a contingency fund, a line of credit or a credit card. If you need to use it, it’s there – just remember to repay it as soon as possible.

The concepts are similar for personal and business money management. www.DearPiggyBank.com specializes in helping you simplify your finances and setting up a plan and systems to meet your goals – whatever they may be.

Are Tornado Warnings Affecting Your Business?

- By Tereza Kumric – Enterprising Moms Network Toronto

Business owners enter the business world with a no fail attitude. We’ve done our homework, calculated our margins, set our goals and are ready for success. But as our guest speaker Sarah Morgenstern of Savvy Mom Media said at the Enterprising Moms meeting in Toronto, business is not a Cinderella story.

Like  every business owner, when we have an important launch, important event or  meeting  we gear up, we plan , we dot our I’s and cross our T’s – like I did for the Enterprising Moms event that was planned for October 26 with Sarah Morgenstern. What I did not plan for however was the extreme weather warning for Toronto that forced me to cancel an event that I was planning for months (and you thought the tornado in the title was just a metaphor!).

So I did what all business owners do – I put out the fire.

I called all the members and guests, tweeted, emailed and rescheduled the event as fast as I could.

Not a big deal – life happens right?

Yes, it does and while your warnings might not come in the form of a tornado, one of the many “truths” that Sarah shared about being a mom entrepreneur was just that – “Bad things will happen… things will go wrong”.  So, all that cumbersome stuff that small business owners think they don’t need, like lawyers and contracts, insurance and a back-up plan… well, think again. Does that mean you need to dump that no fail attitude? 

Absolutely not.  Just know that despite your intentions and motivated spirit, things CAN and WILL go wrong. Have a lawyer, have insurance, make sure your goals are in line with your business partners goals (before you start the business!), be very involved and don’t leave your business on autopilot, and have support, whether  it is in the form of an advisory board, a networking group  or friends and family.

This way, when the tornado hits, you are prepared to react.

We are gearing up for  a very exciting event happening on Friday, November 5th from 7  - 10pm at the River Rock Hotel in Richmond, BC.

The event is the Enterprising Moms Fall Networking Social.   It's a great opportunity to meet members from other chapters, network with other women business owners and take the time to celebrate your accomplishments!  This event is for both members and interested guests as well as spouses, friends and supporters.

Speakers for the evening event include:

Kelley Scarsbrook, President of Enterprising Moms Network - "Busting the Myth of the Perfect Mom".

Felicia Lee, Business Development Director/Vancouver Chapter Director of Enterprising Moms Network and Ghost CEO Coach - "3 Tools for Entrepreneurial Time Mastery."

Kasia Rachfall, owner of Fresh Perspective Coach - "Your Values: The Unconscious Tool that Moves You Forward or Holds You Back."

Tickets are $25/pp and includes appies. 

The Grand Prize Draw at the Event is a Girl's Getaway Package provided by the River Rock Hotel.

DON'T DELAY - get your tickets soon to avoid disappointment (as we sold out last year!)

TO SECURE YOUR TICKET - CLICK HERE.

Take some time to celebrate you and your business - you DESERVE it!

Guest blog post courtesy of Jennifer Fong 

As those in direct selling and network marketing enter the holiday season, we begin to think about those things that make the holidays so special for people: giving to others, giving thanks. Interestingly, these are the same things that bring you success in social media when you are in direct sales. So as you enter your busiest season of the year, keep in mind how the very things we celebrate at the holidays can lead to more success as you market online. 

* Giving to Others: Social media success all comes from thinking about the other guy (or girl.) When you spend time highlighting the content and successes of others, sharing the good things they’ve done, and providing value to the people you’re connected with online, you are a giver. And people appreciate that! In an age where most people in business think only of themselves and their gain, people focused on others are a refreshing change. We ENJOY doing business with people focused on others. So as you interact on social networking sites, share useful links to content (your own, but also the content of others.) Always keep in mind what your network of folks (your tribe, so to speak) is interested in, and what will solve problems for them. And then deliver! That’s how you provide value that will translate into more sales and recruits for your business. 

* Giving Thanks: When was the last time someone sent you a thank you note or message? How did it make you feel? This is a trend that has gone by the wayside in recent years, but may be making a resurgence thanks to social media, because it is one of the key elements to success. It’s so important to let people know that you appreciate the effort they’ve gone to for you. So if someone retweets your content, always say thanks. If someone has hosted a live or virtual event for you, use a service to let that person know how you appreciate it. There are some great services out there that let you do so. And by taking that extra minute to say thanks, you position yourself as someone who values others. Everyone wants to be valued. Give that gift to others. It will pay off in a big way for your business. 

People are the engine that makes social media run. And people like to feel valued and appreciated. The tools themselves make it so easy to highlight others, say thank you, and provide the content that people need. By focusing on the needs of your connections online, you can make a significant difference in their lives, while you remind people about your business. And that is what leads to success. 

 What do you think? Have you used these principles to build your business? What will you do this week? I love it when my readers join the conversation and make a comment. I hope you will today!

Jennifer Fong helps direct sales companies, direct sales professionals, and other home-based business owners leverage the power of social media to grow their businesses. A former direct sales company CEO and serial entrepreneur, Jennifer is passionate about teaching direct sellers how to use social media tools to enhance their businesses. She helps business owners put the principles of social media to work in a profitable way, offering coaching and training to business owners.  She offers products and training courses that teach you step-by-step how to apply social media to your home-based business.  Visit Jennifer’s website at http://jenfongspeaks.com and subscribe to her newsletter by clicking here.

Many first time business owners have a hard time deciding whether or not to go it alone as a sole proprietor, to take on a partner or if they should incorporate.

Below you will find some useful tips to think about when making this important decision.

A Sole Proprietorship is the easiest out of the three to start up. The start up costs are low as a Sole Proprietor, and there are great tax advantages (write offs) to the owner. The only drawback is that there is no name protection as a Sole Proprietor and there is no protection/separation between you and your business (ie if your business is sued or the business loses money, then you are personally liable as well.

A Partnership is when two or more people decide to combine their skills and resources and go in to business together. Both parties involved are responsible for the overall management of a business, and each are personally liable for all debts with the business.

When entering in to a Partnership business, is important to outline the terms and conditions of your partnership in a legal agreement. In the agreement you will need to outline how you want to share the profits.

A Corporation is a legal entity that is separate and distinct from its owner(s). With a corporation, you have limited liability. The owner and the company are separate and distinct. The name of the Company is also protected.

When you are seeking to incorporate a company, it is best to consult with a lawyer to review all the circumstance regarding shareholders, reporting and maintaining proper records. Incorporating a company is the most expensive venture to start out of the three options.

Many fads come and go, but there is one certainty and it is that social media is here and is here to stay. It's also a no-brainer that if you are in business, you need to be connected to social media in one way or another. Traditional media such as TV and newspapers now are connected via social media, along with a few million other businesses - it is the way to go. "Word" of mouth used to be one of the best ways to promote a business. That term has now been re-coined to "World" of mouth. Food for thought! 

If you are not currently utilizing social media with your business, it is time to start. It's not hard, not difficult, you don't need a university degree to master your way around Twitter and Facebook and when you think about it, you are really taking the time to educate yourself. This in turn will help you with your business... big time. 

 And if you're not sure where to start, ask around some of your friends, family, co-workers, employees, do a Google search... the answers are all out there. Take a look at some of these interesting facts about social media, they're pretty interesting.