August 27th, 2010- Amy Suzor – Founder & Broker of LOGIC Realty of Atlanta

Thursday, September 2nd, 2010 8:32 pm

August 20th, 2010- Jay DiCicco- DiCicco and Associates

Wednesday, August 25th, 2010 3:01 pm

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(click here to listen) 3 Biggest Business Mistakes

Appraisal tips

 1.)    Appeal Home Taxes – When cutting costs, many individuals often overlook their property taxes for savings. However, the appeal process is not completely standardized, with different counties touting different guidelines. Be sure to check your county’s website for information on how to appeal your taxes, and most importantly, when you may appeal them.

2.)    Appraise Before Renovation – There is no formula or rule-of-thumb in determining how often you should get your house appraised. However, the most important times are before appealing taxes and before considering renovations. Getting your house properly appraised can save you thousands if it is determined that the renovations will add very little or no value to your home.

 3.)    To Stage or Not to Stage – Staging a home is more for prospective buyers than anybody else. While appraisers do not necessarily need to see an immaculate house when they come in, lenders, on the other hand, do like to see pictures of the rooms in the house.

Business mistakes to avoid

1.)    Find Similar Partners – Partnering with individuals who have the same work ethics as you is extremely important. Especially if you use your name in the company’s title, the people that are either working with you or under you represent not only your company, but also you as a person. Your name can easily be tarnished by one unruly employee.

2.)    Do not Overspend – For many professions a glamorous office or fancy car are simply not necessary. In the early stages of running a business, the most critical factors that keep you afloat are the little expenses that can quickly add up to overshadow revenue. Stick with the bare minimum that will still get the job done professionally.

August 13th 2010 – Tim McLellan, CPA – Partner B2B CFO®

Thursday, August 19th, 2010 1:33 pm

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(click here to listen) 3 Biggest Business Mistakes

Tim McLellan, CPA
Partner
B2B CFO®
http://www.b2bcfo.com

1. Guesstimate correctly – Entrepreneurs are very good at calculating how much immediate start-up cash they need to properly establish their business. However, problems arise thereafter because owners do not accurately estimate how long it will take before revenue overtakes cost. Before opening up shop, make sure you have sufficient funding to get your business through the early growth phase when there is very little money coming in.

 2. Passionate dreamer – No business can be effectively run without passion. Don’t go into owning a business because you have a great idea that will potentially make you a ton of money. There are millions of competitors out there selling a similar product, therefore the only way to truly distinguish yourself is to allow your passion for your project to defect others to your side.

 3. Perseverance – Every business owner, especially a new one, will experience down days during the course of running his or her company. These days are trying and often owners will question their idea or product. Stick with your business plan. If you truly believe you are offering a service or product unmatched by anyone else, you will eventually see the light at the end of the tunnel.

August 6th 2010 – Brad Shepard Co-Founder of Innovar Partners

Wednesday, August 11th, 2010 10:35 pm

Podcast: Download

(click here to listen) 3 Biggest Business Mistakes

1.)    More Runway – Many great businesses fail early on because they run out of funding. They do not take into account unforeseen hurdles or other costs that will eat through the preliminary budget. Overestimate how much funding (perhaps for sixteen months) you will need so you have enough to “thrive and survive.”

 2.)    Execution is King – Great ideas are a “dime a dozen.” But without the execution behind them, they are nothing more than meaningless thoughts. If you are deciding between two different business routes, the idea that may not be as original, but has the potential to generate money may be the safer bet. Often times, the most profitable businesses are the ones that improve existing concepts, and not necessarily the ones that are novel.

 3.)    Passion of the Owner – Entrepreneurs “eat, live and breathe” their business 24/7. If you are not passionate about what you do, it will show through your business. You may have a great idea, but without the fire to drive it to completion, your business will suffer in the long run.  As cliché as it may sound, successful business owners are the ones who genuinely care about their service or product.

July 30th 2010 – Don Rountree, President of Rountree Group Communications Management Corporate Finance Associates

Sunday, August 1st, 2010 12:52 pm

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(click here to listen) 3 Biggest Business Mistakes

1.)    Retain the Right Talent – Realistically, business owners don’t always make the perfect hires every time. The key is recognizing the best players in your company. Especially in tough times, retaining the best talent may require sacrifice on the entrepreneur’s part, like accepting less pay or relinquishing some benefits or perks.

2.)    Embrace Change – Change is scary, but if you spend the necessary amount of time and resources understanding the new world, your company will emerge bigger, faster, and stronger in the long run.  Make sure you always keep some cash reserves to take into account change so your company can survive throughout the transitioning period.

3.)    Find New Revenue Sources – What generates revenue for your company now may not make your business any money in 25, perhaps even 10 years down the road. Diversifying how your company creates revenue is a critical strategy business owners often overlook. A change in industry regulations or unexpected economic variables can absolutely destroy a company that solely relies on one source of income.

July 23 2010 Gary Marshall of Write Here Right Now Inc.

Monday, July 26th, 2010 8:27 pm

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(click here to listen) 3 Biggest Business Mistakes

1. Time Management - Getting wrapped up in all the distractions around you is an easy mistake to make. One of the biggest distractions is pursuing every lead you generate, thereby siphoning your attention away from other potential prospects. It is hard to turn away the early revenue, but following the old adage, “Tell me no and let me go,” may serve you better in the long run.

1. Less Micromanaging – Early on, entrepreneurs have the need to get heavily involved with every facet of the company. Unfortunately, as the company grows, it is impossible to be able to dedicate the appropriate amount of time to each division while also maintaining an overseeing role. Take the time to transfer your skills to your employees so that down the road you will be able to trust them to autonomously manage the various company divisions.

1. Find the Balance – Working 100+ hours a week is commonplace among new business owners. However, neglecting personal/family obligations may be detrimental down the road. Your significant other at home should be a source of comfort and support for you, so it is especially important to have a communicative relationship with him or her about what is happening in your business. An understanding partner can really help smooth out the rough patches you are bound to encounter along the way.

July 16th 2010 – Marc Borrelli of Corporate Finance Associates

Thursday, July 22nd, 2010 4:07 pm

Podcast: Download

(click here to listen) 3 Biggest Business Mistakes

1.)No Side-Businesses – Stay focused on what you are doing. It is incredibly easy to get sidetracked by taking any random job that will offer pay. This can lead to the creation of side-businesses that will detract from the original goal and add to the amount of liabilities in the future.

 2.)Watch your Cash – You will need a lot more funding than you originally think. For new companies, cash flows are often negative to take into account reinvestment in the company. However, be wary of unsustainable growth because once the bank’s funding runs out, there is nothing to keep the company afloat. In such scenarios, implosion is not only likely but also imminent.

3.)Live with What You’ve Got – Business owners love updating their capital and equipment to not only project an image of success but to also stay in sync with the times. Before you know it, you may realize that you have a lot more money leaving the business than is coming in. And if for some reason money dries up, you are stuck with a ton of expenses that, in the end, may not have been so necessary 

July 9th 2010 – Atlantic Capital Bank

Thursday, July 22nd, 2010 1:50 pm

Podcast: Download

(click here to listen) 3 Biggest Business Mistakes

1.)Focus On The Culture You Want – Make sure you keep an eye on your team as you grow your business. Assess those individuals who are bringing down the organization and ultimately take action. A few rotten eggs can mean the difference between increased profitability and stagnant growth.

2.) Eye on the Financial Ball – A lot of owners get swept up in the logistics of delivering their idea, but fail to pay due attention to the company’s financials. Make sure you are constantly monitoring your income statements, balance sheets, and cash flows. Keeping a good financial record not only prevents unforeseen hurdles but also prevents headaches down the road in terms of asking for additional loans from a bank.

 3.)Keep Money in the Business – As you grow, it’s critical to keep money in business. Many owners periodically pull money from the company to support certain lifestyles. However, especially in a recessive economy, a proportion of a company’s growth must consistently be derived from internally generated funds.  Equity in the business helps protect against economic volatility.

 4.)Maximize Original Potential – Many entrepreneurs jump from idea to idea, but doing so adds risk factors in the form of potential inability to continually secure funding from a bank. However, before moving to a new product, make sure you have maximized your original idea. Though banks generally will not give business advice, it is a good idea to constantly keep in communication with them about the state of your company and the direction you would like to take it.

July 2nd 2010 – Dave Savage – President of the Inventors Association of GA

Wednesday, July 7th, 2010 2:46 pm

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(click here to listen) 3 Biggest Business Mistakes

1.)    Validate Before Patenting- People are scared of others stealing their idea, so they immediately run to patent attorneys to protect their brainchild. However, you could be senselessly wasting money if your idea isn’t even feasible in the first place. Take the time to validate your business model before going off to patent your product. Attending special sessions (e.g. inventor societies) where people share business ideas without disclosing critical information is a great way to get criticism about your product.

2.)    Go to Trade Shows – Along the lines of validating your business model, seek outside sources to help you assess the practicality of your product. Outside of simply “Googling” for information, visit trade shows for your industry (many are free). Even if you don’t have the product in hand go anyway because you will learn about the competitors in your industry and may also find future business partners.

3.)    Garner an Alliance – Surround yourself with people that support you and your business. In your work place, treat others like they are your business partners. You are more likely to retain your employees if they are also emotionally vested in your company.

June 25th, 2010- Michael Burrell- General Manager of Telemundo

Thursday, July 1st, 2010 10:58 pm

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Michael Burrell
General Manager/General Sales Manager
Telemundo Atlanta
770-497-0076
m.burrell@telemundoatlanta.com