Raising Money 101

Part of running any company, especially in the publicity / event circuit, is knowing how to raise money. You are either raising money by wooing investors or you are raising money for a community event, etc. Either way, you have to know how to pull cash out of the air. Do you? Not everyone can.

I want to dedicate tonight’s blog to pulling cash from the sky. Here are some tips on raising funds for any and all reasons.

First, consider a DPO if this is for a business investment or need less than a million dollars.  Typically, DPOs give away small portions of your company once it gets moving so be careful when setting up this option- but know that it is an option!

Second, understand not everyone is going to say ‘yes’. You have to prepare for the rejection and grow thick skin.  In fact, you will be told why and how you will fail when ‘no’ is stated to you. Ignore it. Carry on.  Getting frustrated and quitting is why many businesses fail.

Third, don’t be shy about asking. Business owners are pitched day in and day out for money. They know it is part of the game. It isn’t personal. So, be professional and don’t be shy.

Until next time,

Coco the CEO

Do You Waste Time?

Do you know how to NOT waste time? Really think about your answer first. In a culture of social media “pings” and feeling like everything has to be done NOW …. more of us actually waste time versus being productive.  

The Eisenhower Box method has been tested again and again. It is the best method to use when preventing time from being wasted while boosting productivity. So, what is the Eisenhower Box method?

Basically, this method states one should separate actions based on four possibilities. The possibilities are:

• Urgent and important (tasks you will do immediately).
• Important, but not urgent (tasks you will schedule to do later).
• Urgent, but not important (tasks you will delegate to someone else).
• Neither urgent nor important (tasks that you will eliminate).

If you look at every single item that comes across your desk, iPhone, tablet, etc. and apply one of these four possibilities to it – you will not waste time.  The Eisenhower Box method is all about assessing and addressing by making an immediate decision on every potential and actionable item.

For today, start apply this method and notice how much you get done and how quickly it gets done. I promise you the productivity in your life will go up and you still will have more time left at the end of the day.

Until tomorrow, 

Coco the CEO 

4 Pet Peeves of Publicists

Let’s get real. You hire a publicist because you are not a publicist! So, why then do you bug your publicist? This is a major complaint of anyone within public relations field – the know it all clients.  We are often now allowed to meet our capabilities as PR professions because we are so busy taking phone calls, reading emails and reviewing edits from clients. The truth is, the most a client stays out of our way, the better promoted he or she will be!

I took a poll among my peers for tonight’s blog. So, without further delay, here are four ways to annoy your publicist. If you can refrain from committing any or all of these four ‘pet peeves’ then you will have a happier publicist and a better chance for media coverage.

1.     Put me on Oprah and do it tomorrow. LOL, OK – and can I charge you more for this order?  If you're just starting a public relations campaign, don't expect to end up on the front page of the Times--or any major news outlet--by Friday. Media campaigns take time and you need to be aware of publication cycles. Just because you think you’re newsworthy doesn’t make it so. Give your PR team 6 months to a year to build up your brand.

2.     “When am I going to get an interview?” This is a common question for those new to the PR field. Again, things take time and sometimes breaking news happens or you are interviewed and the story is cut by an editor- or even the reporter. Stop calling your publicist on a daily, hourly or second-by-second basis asking when the interviews will start rolling in or why they were cut. You will receive a PR report. It will be accurate. Your PR team wants to be resigned based on their ability, but again – you have to get off email and phone attempts to pressure them so they can be on email and the phones with the press.

3.     Demanding. Oh, most PR people hate this. Don’t demand anything from your PR team unless you want to be put at the bottom of the ‘to do’ list re: your account.  You get a lot more with honey then you do with vinegar. Demanding reports early, copies of pitch reports early, or just being demanding in general gets under the skin of many PR agents because their job is already demanding enough.

4.     Expect results in 30 days or less. Again, PR is a process. According to one of my peers, “If a PR firm promises you dramatic results at the end of the month, they're not being honest. PR is a long game where relationships and brand awareness build over time.  Public relations is a valuable tool in any company's toolbox. It's important, however, to have realistic expectations about what public relations is and what it can do for your company. And you have to work with the PR team. If you are not following their recommendations and tips, you’re hurting your own brand and setting the PR team up for failure.”

Remember these points and help your publicist out!

Until next time,

Coco the CEO

When Confidence Is Key

Starting or running a business can break your spirit at times. You will face challenges you don’t want to face. You will have conflicts with people you don’t want to conflict with. Worst of all, your confidence will be shaken.  Don’t ever stop believing in yourself because if you don’t believe in you- other people won’t, either.

If you are struggling with a confidence issue today then try remembering that dogs don’t chase parked cars, they like moving ones. Why am I telling you this? If you're running into opposition, questions, and doubts, there's probably a good reason--you're going somewhere.  That’s right, the more money you make- the more problems you face, which is good thing because you are doing something right.

So, for today, if you are running low on confidence remember the struggles you are up against only exist because you are doing something right and headed in the right direction.

Until Monday,

Coco the CEO 

Giving Too Much!

Business owners often give way too much of themselves with the intent to do anything and everything to make their business work and then succeed. When, however, are you giving too much of yourself?

First, you have to set boundaries. You need to set office hours and live by those office hours- even if you are in the field on working from home. Working too much or pulling all-nighters will burn you out and crash your business before it has a chance to be successful. So, don’t give up too much of your time. You don’t have to work 24/7!

You are owed the same benefits as your employees. Yes, skipping holidays to work or missing time away from your family isn’t something you would put up with working for someone else. So, why are you putting up with this when working for yourself. Isn’t this the exact opposite of the point when it comes to working for yourself?

You will break your business by giving up too much of yourself.  You have to treat yourself as your number one employee and really reward your work and your efforts. Spreading yourself too thin is a catch twenty-two and you will burn yourself out and harm your company.

Until tomorrow,

Coco the CEO 

Meetings – Are You Getting Anything Accomplished?

Do you dread meetings because they are unproductive? Do you feel you have or attend meeting after meeting and there is more talk then action as a result? If so, keep reading. I am the master of hosting and attending meetings because I know how to keep the agenda moving and how to execute actionable items.

If you want to make a meeting productive then keep your eye on the final prize. How? Draw or write down verbal bubbles.  Use your cell phone to capture this process, or at least the end result, so you understand and recall the discussion and then write down your actionable plan off of the drawing or the verbal bubbles.
These picture cues do make a huge difference to recalling an actual conversation versus simply reading notes.

You also need to consider aggressively vetting everyone’s input in a meeting. Ideas a great but they don’t work 100% of the time. Vetting ideas and input saves money and embarrassment should a product or service not function properly right out of the gate. You can also use this tool to politely show an employee why something will not work opposed to simply saying ‘no’ to an idea. Ask all the questions right up front when it comes to implementing the idea- this will give you and the employees a realistic perspective as to what work has to go into even dreaming up the full process to support an idea.

Finally, keep the meeting within the scheduled time frame. If you go too long then people will tune you out. Being on time says something as to how your time is valued and how you value other people’s time.

Until tomorrow,

Coco the CEO

3 Ways to Obtain BIGGER Profits

We all want to make more money and have a bigger profit margin. On this Money Monday I want to talk about bringing in a better income. We may have the same goal, but not too many people know how to reach it. Here are three tricks to grow your profit margin.

First, don’t keep firing and hiring employees. Turnover costs more money than training or retraining an employee. It is actually more beneficial to invest in educating your current employees versus hiring and firing over and over again. Unless an employee committed and employment “sin”, try to work with him or her to help your own bottom line.

Don’t wanted 15% of your work week, which is the national average, on social media. You can delegate this work to an intern or a freelancer.  15% of your work week can be focused on seeking out and proposing new business leads versus working on social media. Writing blog posts and updating social media is important but a huge time water. Invest in someone else to do this for you so you can go after bigger business.

Finally, reward your customers. Find a way to give customers a reason to stay with you. Repeat business is important and easier to obtain than finding new business. If you have to give away a free Starbucks to a customer every month or pay for their business cards to be printed, do it. Do whatever it takes to keep old business- even if it comes to discounting a service or a product. In the end, you will make more money using this system.

Money is why we work.  If you are not making as much as you can each day then what is it that you are doing?

Until tomorrow,

Coco the CEO

Why Many Brands Fail ……

Remember when everyone wanted a pair of British Knight sneakers in the eighties? Or how about the Elmo Christmas gift craze? These were hot brands. What happened? Well, time happened and trends passed. There wasn’t anything wrong with the quality of the products, the brand itself just fizzled.

A lack of legitimate innovation leaves the best of brands vulnerable. Now, you don’t have to reinvent your wheel. You can be like Tide or Pepsi where you just rebrand your logo or your look to be innovative, which does work with certain demographics.

Poor product quality can fizzle your brand to nothing, but more often than not becoming stale means you become a trend. Don’t become a trend. Repackage, reinvent, - find a new way to sell your same services in order to thrive. Progress doesn’t mean you have to change your business plan, but you should change how you sell it.

As we head into the weekend, think about your brand’s future. What are you going to do in order to repackage your same services / products when the time comes?

Until Monday,

Coco the CEO

Obtaining Trust in Business.

Everyone these days seems to be a skeptic. With all the bad news in business promoted on national news, it is not hard to imagine why this is. I’ve learned that once you obtain the trust of your employees or clients that life becomes much easier. Trust, however, isn’t easily earned.

Below are three ways you can help promote trust between yourself and another party. I’ve tried and tested all of these steps and they do work!

1.       Eliminate the cell phone check at a meeting. No one can trust another person who isn’t present at a meeting. If you are going to lunch or a meeting with someone, leave the cell phone in the car. I’m serious. If you have someone’s attention for a whole hour without showing them there is something better on the end of your phone- you will easily gain their trust.

2.       Truly listen. This is hard for many people to do as we all want to share experiences and speak about ourselves.  Listening and then repeating what we hear to others is a cue that we are trustworthy because we are interested.  Paraphrase what you heard at any meeting back to the key people involved to ensure that you are a listener and you are willing to communicate. This practice builds trust!

3.       Close the door. Yes, close the door for every meeting you have with a person if you have an office. This shows that you are putting them first and setting the outside world apart. I even like to say “I know this meeting isn’t going to address confidential information but I like to keep my conversations private. It helps me confide in important people, like yourself, should a situation arise.”

Learning to trust and learning to be trustworthy are two different things. As a business owner, you have to be trustworthy in a world that doesn’t reflect this message. Start implementing the three tips above and you will be on your way.

Until tomorrow,

Coco the CEO 

Dealing with Negative People

Welcome to life. You will always have a negative person nearby no matter how hard you try to escape them. What do you do, however, if you hire or work with a negative person? Well, I have a few tried and tested tips that work!

First, try to avoid them if possible. Sure, you work with them but that doesn’t mean you need to engage with them beyond a professional level. If they hang out in a certain snacking area, bring your own food. If they show up at your desk to “talk”, excuse yourself and find some copying to do.  If they're customers that you can't avoid, stay cordial and friendly but don't get sucked into a deeper relationship. Finally, make sure you draw boundaries with these people and YOU have to stick to them because they surely will not.

You also want to avoid being too positive with them. Reverse psychology doesn’t work on negative people. In fact, it is a breeding bed of challenging encounters for them. They will feed on counter-acting your positivity with negativity. Remember to remain neutral and to not get sucked into their negativity- which is harder done than said.

Finally, changed their words around and re-present them.  Negative people use negative tones and phrases.  If client A states “well, you know, if this is the best you can do then I guess it is ok”, simply reword it back to them. This tricks them into thinking what they said is acceptable, when really it isn’t and you are putting it back in their face- politely, of course. A good example of re-presenting the example above would be to say, “You’re right. This is the best work I can do and I’m glad we see eye to eye on the final product.”  See how this worked? It is amazing what can be accomplished by simply rephrasing something, right?!

It’s hard to be upbeat when you have a negative person around. Sometimes you have to deal with him or her- there is no escape. In these situations just remember my tips above.

Until tomorrow,

Coco the CEO

The New Business Owner, Common Mistakes

  I own several businesses. I started and sold businesses and I’ve learned from past failures- hey, it is a part of entrepreneurship.  What business owners need to understand is there are three massive entrepreneur mistakes often made during the first four to five years of ownership. To avoid setting yourself up for your own created downfall continue reading and learn from these points. 

1. You decide that you don’t need SCORE. Why? Most business owners miss this opportunity thinking it is a complicated process or a waste of time. It’s not. Here’s the link: http://www.score.org/ I recommend SCORE as a great way to really look at your business model before you go out into the business world. Seasoned professionals will give you the God’s honest truth about your company and what you’re missing. 

2. You can’t do everything yourself. Many business owners believe they can and will attempt to do this as a way to save money.  You don’t know everything, you could be missing something, and spreading yourself too think is a recipe for disaster. Get interns, hire freelancers, get creative – do whatever you need to do to bring on help- period! 

3. Your growth is stunted. So many business owners focus on starting a business that they fail to write a growth plan after the first year. If your business is still around after 365 days, congrats! Now it is time to write that growth plan and then follow it.

Make sure you really consider these three concepts as we head into Wednesday. 

Until next time, 

Coco the CEO  

The cost of negativity – firing a client.

Last week I touched a bit on firing a client and a few basic reasons why and how to do this. Today, however, I want to talk about weighing the costs. Most people become emotional about firing a client. They think it’s going to harm the client or their own reputation.

Any smart business owner adds a Terms of Service agreement onto their invoices. These Terms of Service agreements not only show your client what guidelines and expectations come with working alongside and hiring your firm, but they also include social media and online review protections that can allow you to sue your client should you fire them and they become hostile.

Chip Bell, who is a Customer Loyalty Consultant and best-selling author, recently wrote “Business owners may anticipate having to replace lost revenue or fear potential negative word-of-mouth that might ensue from severing their ties with a client. This often keeps them from lowering the boom on highly toxic or bottom-line-eroding customers. And in the viral world, the word-of-mouth concern should definitely be figured into the decision.”

Money is often a concern, along with reputation management, when firing a client. You can replace a contract. You can’t replace your sanity or the amount you may lose because of a toxic client. If you have a client who requires too much of your time, other clients may leave your company. Is it easier to replace one client or many? The answer is pretty simple.

Chip Bell states, “Customers should be encouraged to exit for one of three reasons: They’re costing you too much financially, taking a steep emotional toll or violating a key value of the organization.”  Think about the client you may want to fire. Think about what I said and then think about the three steps Mr. Bell just listed. Now,  can you really afford to keep this client? 

Negativity and finances are always a good reason to part ways.

Until tomorrow,

Coco the CEO

You’re Thinking Your Way to Failure

I know this man who is afraid to succeed. He doesn’t know this, but it is true. He over analyzes every opportunity and seeks out mentor after mentor. His plan is lacking any action. I believe he is so afraid that he is going to fail that he makes a million and one excuses to not take any action but only seek consulting.  This man is thinking his way to failure.

Over the years I have come across other people like this. That is why I am dedicating today’s blog to beating out failure by avoiding the following ‘thinking’ pitfalls.

1.       If you use the past to predict the future know that growth is impossible. If you have failed somewhere in your past, let it go. Otherwise, you will fail again in the future. Dallas Buyers Clubs was rejected time and time and time again. The producers kept the dream alive and both actors in the movie received Oscars this year!

2.       If you love to stall on things then there is a great chance you have missed the boat of opportunity more than once. Avoid this by setting up mini-milestones and commitments for large undertakings.

3.       You compare yourself to others. Unless you are a twin, this move is deadly when it comes to success. You are unique. You have different circumstances, resources and educational experiences when compared to others.  Avoid the cookie-cutter syndrome by putting yourself first and expecting others to follow you – not the other way around!

Until Monday,

Coco the CEO 

When You Fire A Client!

When you are starting out getting a client to say “yes” is hard. You take any and every client and you learn from these experiences. As you and your company grow, there are going to be times when you need to fire a client.  No one wants to turn away from someone who initially entrusted them with a “yes”, but sometimes it is either too expensive to keep the client on or the client isn’t worth the work.

If you have a client you need to fire, for whatever reason, here are some tips on how and why to handle the situation.

If the client is a problem child or needs constant hand-holding, fire them.  You can obtain another contract that will not take up most of you time for the same amount of money.  I had a client who sent me 10 emails a day about everything. I spent so much time explaining things to her and then answering to her that I never got what I needed to handle done. Additionally, her emails were rude and she demanded everything “like now”. 

She knew the amount of clients I handled coming on. It wasn’t even reasonable for her to think my world stopped, and my other clients were put on hold, because she came on board.  I fired this client.

You can’t simply fire a client once you decided to make this decision. You can either let their contract run its course or you can fire them based on a violation of a Terms of Service agreement. If you don’t have one of these, you need to step up your game in business.  You attorney can help draft this to accompany your contracts. Basically, this document tells the client what is expected of him or her and how you can sue him or her if it is violated. It sets the expectations up for you to be in control, legally, should the client becomes a problem child or hand-holder at any point in the contract.

It never makes business sense to dedicate so much time to clients who aren’t allowing you to do your job or put you and/or your company in a bad light.

Remember, it isn’t personal. It IS business. Fire those naughty or needy clients today!

Coco the CEO

“Yuck” – These 3 Phrases Make You Sound Stupid!

Here is the thing, I hate when people don’t use words and phrases properly. Not only is this ineffective, it makes them look stupid.  I go to many meetings. Here are three phrases I would encourage everyone to stop using right now because they are worn out and make you look dumb.

Let me start with “synergy”, which is defined by the Merriam-Webster dictionary defines as "the increased effectiveness that results when two or more people or businesses work together.” Duh! This means anyone who works together on a project possesses synergy. I know plenty of people who work together and results of a project are increased but have no synergy. In fact, they backstab and claw at one another.

Second is “peel back the layers of an onion”. Are we working at Outback Steak House? What onion? What layers? If we need to remove layers to identify a goal or an outcome then the problem isn’t the onion- the problem is the people wanting to “peel back”!  There is no onion.  Call a duck a duck and start moving forward.

Finally, “can I be honest”. This basically means that anything else you say without this phrase in front of it is either a lie or a horrible exaggeration. People should always be on the receiving end of honesty – especially in business. Don’t use this phrase. It makes you look stupid and like a liar!

Do you have a business phrase that gets under your skin? Share it with me. I can’t wait to read your comments.

Coco the CEO

Are You A Perfectionist?

I have a problem. I expect things to be perfect. I expect myself to be perfect. I expect business days to be perfect and always in my favor. Guess what, the world isn’t perfect! Like many other entrepreneurs, I lean towards perfection and this isn’t possible- at least not 100% of time.

If you want to grow, you have to let of perfectionism.  Here are my top two tips for avoiding the “being perfect” scenarios that hold back growth.

1.       Play nice with yourself.  We perfectionist are hyper critical of others and even worst on ourselves. Well, don’t be.  Be unpredictable at times.  Did you know the Queen of England doesn’t eat breakfast on fine China. Nope. She eats her cereal out of a plastic bowl. This is her treat to herself. It seems simple, but she does it to remind herself that she is human.  Give yourself a daily reminder that you are not perfect or above anyone else.

2.       Manage the mundane. Create a list of 5 tasks that will not ruin your life if they are messed up or not done perfectly. Next, hire an assistant to do these tasks. Trust me, your life and professional existence will not end.

It is hard to let go of tasks and it is even harder to embrace the concept that we are not perfect.  I like to think of this as always growing in God’s Grace.  So, today – go out an grow in God’s Grace and accept that not everything in business will be perfect.

Until tomorrow,

Coco the CEO

Learning from Branding Disasters

I tell all of my clients to learn from the branding mistakes of others. Why? It is less costly. There is always something to be gained from failure, regardless if it is your own or someone else’s. 

Pepsi unveiled the latest company logo redesign, which simply meant rotating the iconic circular logo and adjusting the tilt of the white stripe. The entire rebranding effort cost the company $1.2 billion over three years. Yes, that is over a billion dollars for a tilt and a rotate. Do you think people cared? No. Do you think Pepsi’s investors and stockholders cared? Yep! This wasn’t money well spent and the story on the money spent was a public relations nightmare.  The slight change in brand meant nothing to customers and everything to the media. 

Capital One added a "swoosh" to its logo hoping to capture the attention of people who love Nike. Why? Was there some large number of sneaker wearers seeking to change banks? The cost to add the “swoosh” was millions and customers didn’t care.  Why? The superficial real doesn’t get customer attention – at least not at first. Customers worry about experience, sustainability, price point and then branding. Yes- in this order! 

Learn from the branding mistakes of others. Your image is important. It, however, is not as important as substance. 

Until tomorrow, 

Coco the CEO 

Learn to be More Creative!

It is possible to learn to be more creative. However, being creative isn’t something that can be learned, truly it is a gift.  If you find yourself working in the creative field then there are some things you can do to become inspired.

First, give your brain a jolt. Take an unexpected break or head into the office late, after a nice stroll through the park. Small changes and unexpected changes redirect the brain and creative juices out of ruts.

Next, do what many great leaders do- draw! Many of history's greatest thinkers, from Steve Jobs to John F. Kennedy, have been avid doodlers. These quick sketches help unlock creativity, enhancing recall and lighting up neural networks that allow for cognitive breakthroughs.

Finally, understand creative blocks happen. Walk away from the pressure of a deadline, yes- easier said than done- and your creativity will come back.

Until Monday,

Coco the CEO

Sins of the Entrepreneur

 Not everyone is going to make it in business- no matter how hard one tries. Why? Well, either you are born with the entrepreneur spirit or you’re not. It is this simple! Below are 5 Sins of “entrepreneurs” that real business leaders use to identify the wanna-bes from the real deals.

1.       They aren’t trying to be something they aren’t. Yes, real business leaders have faith in their own ideas. They don’t spend their time copying the ideas of others.  They either take a concept and make it better or they promote their own vision.

2.       Money is an afterthought. Real business people know money will be a point of stress forever, regardless of how much is in the bank.  Business owners focus on growth, often working under their value, to create a customer base and then keep it.

3.       They have no day job. No one can run a business while working for someone else- at least not effectively. If a business owner has a day job, they’re fake. They aren’t making it and they have no idea how to make it.

4.       They don’t care about fear. Sure, they may be afraid at times but they don’t let fear stand between them and success.

5.       Mentors- Yeah Right.  Business owners will seek our professional advice. Hey, we don’t know it all. However, mentors are not for the mighty or the visionary. Mentors help people find their way out of the maze when they can’t see the exit in front of their faces. Business owners know where there is no exit- that one must be created.

Until next time,

Coco the CEO 

Talking At or With Your Customers?

Do you talk at your customers? Do you talk at your vendors? The majority of challenges within the workforce or business industries result directly from poor communication skills. As a publicist, I have to deal with communication issues day in and day out. 

How do you talk with your customers and vendors and not at them? The answers are pretty simple.

You have to start with identifying your pitfalls. Do you use the same words over and over again? Do you use words that aren’t words but simply poor grammar that distracts the other person? Do you language that is foul, slang or too quick to comprehend? All of these factors can put you at risk for talking at customers and not with them.

The key to talking with customers and vendors is primarily listening. When you do speak, your tone should reflect what you are trying to convey. Speak politely or with interest. Use professional jargon and proper words.  Speak using a calm and easy-to-understand pace.

Communication is hard and mostly unsaid. However, it is not only what we say but how we say it that does matter when words come into play.

Until tomorrow,

Coco the CEO

The best business advice…. ever!

Many people ask me about business. They sit there, staring at me, waiting for a pearl of gold to come out of my mouth to ignite their instant success. I wish it was this easy- both for me and the person asking me about business.

The truth is business is hard work. I follow Sir Richard Branson online because he is a genius, pure and simple. He keeps it real, too.  Someone recently asked him a question about becoming a millionaire. Here is his honest response, “there's a lot of work to be done, and during that long journey, qualities like determination and gumption will be just as vital as enthusiasm and optimism. Having an end goal in mind is a great thing; now you have to decide on the smaller, more achievable steps that help you work toward it, and then carry them out.  The day your arrogance or ego kicks in, it's all over. Always remember, no matter how big you become you will still always be a drop in the ocean in the grand scheme of things."

What an amazing reply! Ego can and will kill your business. Dreaming about the future instead of planning milestone steps for now limits your growth. I have been guilty of both these traits in the past, but I’ve learned from my mistakes and moved on. The key to business is to move on from your mistakes. If you practice what Sir Richard Branson preaches, and incorporate what I just said about moving on and learning, you will be well off in all your business ventures.

Until tomorrow,

Coco the CEO