The Black Business Coach
That's right I said it, and you can quote me on it! But really I'm just regurgitating what was highly recommended in an article entitled "When, Why, and How to Fire That Customer" from the November 2007 issue of Business Week Magazine.
The article encourage entrepreneurs and business owners to "[get] rid of the unprofitable, the time wasters, and the crazy-makers in your midst."
Most of us can relate to having a customer who is loyal, but is such a nuisance that they are actually a distraction to our motivation - and thus, our profits.
For example, the client that pays for one service but keeps insisting on getting another service for free. Or the client who wants to tell you his life story every time he gets you on the phone. Or the client who nitpicks and is overly critical. Or even the client who acts like he's your only client - as if your entire company revolves around him.
Here are some snippets from the article:
Yes, breaking up may be hard to do, but when a client is costing you money or making you crazy, it can be a smart move. Severing unprofitable or exhausting relationships can, after the initial fallout, boost your company's revenues.
Of course, you don't want to let a profitable client go if losing that revenue could sink you. And no one is advocating firing clients just because they are demanding or you simply don't like them. This situation demands objectivity.
That means it's time for a cool-headed assessment of your clients - how much you're bringing in from each, as well as how much each really costs your company.
"Entrepreneurs have this horrifying sense of scarcity, that the customers they have are the only ones in the world," says G. Richard Shell, professor of legal studies and management at the University of Pennsylvania's Wharton School. "That is not true. But [firing clients] takes courage."Yes, even in a bad economy - giving up a worrisome client make be a very good idea.
To read the full article, visit:
www.businessweek.com/magazine/content/07_44/b4056431.htm



It may sound too good to be true, but it's actually very creditable via the U.S. Small Business Administration. The federal government is, in fact, offering interest-free loans of up to $35,000 to try to keep smaller companies from going out of business.
For businesses that need a lending hand, the SBA is offering the loans with no required payment for 18 months and no interest for more than six years.
They are called ARC loans as part of the federal stimulus package. ARC is an acronym for America's Recovery Capital. There are only 10,000 ARC loans available around the country. That breaks down to only 200 loans per state, making the process extremely competitive.
The loans are also only available to companies that made a profit at least one of the last two years - not start-ups.
The SBA says that businesses interested in the loans should act fast.
For more details, visit:
www.sba.gov/recovery/arcloanprogram/index.html or
www.arc-loans.com



I recently read a great book called
Peaks and Valleys by international best-selling author Spencer Johnson. Johnson is best known as the author of
Who Moved My Cheese? and
The One Minute Manager - which are also great books to read.
This book, while not his best work, is still worth reading. It's essentially a fictional story about an unsatisfied young man who lives in the valley who meets a very satisfied old man who lives on the peak. Through principles and practical advice, the old man helps the young man adjust his thinking - convincing him that he too can live on the peak.
I like the book because it's short and to-the-point, but also because it easily allows you to apply the principles to your own personal situation. Johnson is a genius at telling a story in a way that makes you think about YOU.
My favorite part of the book is when the old man is helping the young man to see that life is naturally full of ups and downs for everyone. The old man explains that every valley is between peaks - meaning that when you are in a valley, you just came from a peak and are headed to another one.
The key, he says, is to adjust your attitude and change your way of thinking. He also says that by carefully managing resources and having a giving spirit - one can maximize their time on a peak, and minimize their time in a valley.
I highly recommend that you read this book. It's perfect for entrepreneurs who may be experiencing a slow down in business.
The book is available for 10% off at
http://tinyurl.com/n5lx7s



I'm not a big fan of using Facebook for business purposes, but a lot of people do this and I've heard some pretty good success stories. If you do use Facebook to grow your business, you may as well maximize on it.
They have a new feature that allows you to personalize your Facebook URL (web address) by selecting a unique username. It will appear in the location bar of your browser after "http://www.facebook.com/" when you view your profile.
For instance, my personalized URL is
www.Facebook.com/DanteLeeSince so many people use Facebook, this is a really neat feature because it makes it very easy for people to find you. In addition, over time your page will start to show up in search engine results whenever people "google" you.
Don't procrastinate though because if someone takes the username you wanted, there's nothing you can do about it. If this happens though, consider other options. For instance, I could have also registered Facebook.com/LeeDante or Facebook.com/Dante.Lee or even Facebook.com/DanteMLee. Which ever one you go with, just remember that you can not change it later - so get it right the first time around.
Also, don't even think about name squatting - that is, trying to capitalize on someone else's name. Facebook reserves the right to remove and/or reclaim any username at any time for any reason.
To choose and activate your username, visit:
www.facebook.com/username



I blogged several months ago about why all entrepreneurs should be using
Twitter.com - an extremely popular web-based micro-blogging tool. Hopefully, you listened because Twitter has been growing exponentially and still remains to be a very useful way of getting and retaining new clients. It's also a great way to stay in-the-know.
To enhance your Twitter experience, there's a site called
Twellow.com that helps you easily find relevant people to follow on Twitter. Essentially, it's a Yellow Book directory for Twitter profiles and it's much more extensive than the search feature on Twitter's web site.
I use this site all the time to find people who are connected to the industry that I work in. For instance, relevant keywords for me are "supplier diversity", "minority business", "diversity recruiting", etc. When I find people, I start following them and interacting with them - and eventually, they'll inquire about my services.
I also recommend that you use another site called
TweetBeep.com that allows you to get email alerts when ever someone twitters about you or your company. You can also specify other keywords that may be of interest to you.



I was recently reading an article on BusinessWeek.com, and found it very interesting that there are of tons of "older" people who are entrepreneurs.
According to economists and small business observers, the number of individuals starting their own companies during what is usually considered the "retirement years" has been rising.
According to the nonprofit AARP Public Policy Institute, in 2008, 21% of the self-employed were between 55 and 64, while 10% were 65 and older.
A 2005 study by the Center on Aging & Work/Workplace Flexibility at Boston College found that workers 50 and older are more likely than younger folks to own their own businesses.
This should be very motivational for those who are of age. Whether you're approaching 40, 50, 60, or 70 - it's never too late to pull up a chair to the table of business. It's wide open to anyone who has a passion for their ideas.
A thousand mile journey starts with the first step.



When Anne Mulchay steps down as CEO of the Xerox Corporation, a black woman will head a Fortune 500 company for the first time. The company released a statement stating that Xerox Corporation President Ursula Burns will be replacing Anne Mulcahy effective July 1.
Ms. Burns, who has been with Xerox since 1980, started with the firm as a summer intern focusing on mechanical engineering. She was named president of the company in 2007 and has been instrumental in helping to revive the company’s financial health after shares plummeted 80 percent in 2000.
Ms. Burns will also join the list of four other black CEOs and 15 other women CEOs of a Fortune 500 company. She is widely credited with helping turn around the company after it came close to bankruptcy.
Ms. Burns has played a pivotal role at Xerox in recent years: overseeing corporate strategy, global accounts, IT and human resources. She has been at Ms. Mulcahy’s side during her efforts to revitalize Xerox. Ms. Burns is credited with negotiating with the company’s unions to cut thousands of jobs.
Xerox’s share price is still low, but the company is profitable again and has gained market share. Ms. Burns talked about the company’s turnaround at Oregon State University in September.
“We are poised for greatness and for success. We have pulled ourselves back from the brink of bankruptcy and taught ourselves that we can do just about anything we aspire to do, if we work hard and put our head down.”
Ms. Burns, 50, grew up in a New York City housing project and went on to get a master’s degree in engineering at Columbia University. She started at Xerox as a summer intern in 1980.


Business
is simple, but don't oversimplify it.
Whether you're planning to launch a company or already running one, always remember that it takes hard work and smart thinking to stay afloat.
Often I hear people say "all you have to do is...", but this is the wrong way to start a sentence when referencing how to build or manage a company. It's not about one or two steps, or some type of overnight solution. It's about patience and long-term diligence. It's about strategizing and blueprinting, and properly managing your resources.
Business is only simple in the sense that it can be defined in one statement: the exchange of currency for products and services.
However, business involves many components. There's advertising, public relations, sales, logistics, accounting, management, human resources, law, and more - and staying on top of all of these doesn't always ensure profitability.
Don't be mistaken: Simplicity does not mean that it's super easy.



People are always hungry for valuable information from a respectable voice. This is where YOU come in to play. You're an expert, a guru, a genius - and people are just waiting to hear what your opinions, thoughts, and ideas are.
The best way to meet their demands is to write relevant columns and distribute them to the media.
For instance, if you're a business coach - write about how the economy is affecting small businesses and what your solution to the problem is. If you're a health practitioner, write about your solution to a current health issue - such as the spread of Swine Flu. If you're a technologist, write about the latest technological development and why you think it's huge. If you just authored a book about love and relationships, write about...well, love and relationships.
How does this help you? Well, many newspapers and magazines will print your columns for free, and many radio stations will want you to come on-air to further discuss the topic. This, my friend, is free advertising for you. Essentially, by doing this, you're drawing attention to yourself and to your company.
Remember though to avoid self-promoting techniques within the body of the column. This will be deemed very unprofessional. You want to remain unbiased, and only want to mention your company, services, and contact info briefly at the very bottom of your column in your tag line.
When finished writing your column, forward it to all your colleagues and ask them to forward it to all their colleagues. Also, consider distributing it through newswire services such as
BlackPR.com or
PRweb.com.
If done correctly, writing good columns regularly (weekly or monthly) will lead to more publicity for your business - and thus, more revenue.



Microsoft is planning to release a camera accessory for the XBox 360 that will create an experience similar to that of the Nintendo Wii. It's called "Project Everyone" and it lets players use a wider range of movements, as well as voice commands, while they play games. According to BusinessWeek, users will be able to play games without even having to touch a controller.
In demos, Microsoft showed the camera using face recognition software to detect individual players and voice commands to launch programs. In one game, players could use any part of their body to smack a ball into a wall of collapsible blocks.
This is their attempt to compete with Nintendo, who to-date has sold more than 50 million Wii units - almost double the amount of XBox 360 units sold.
Ironically, Nintendo must have already been on to this type of technology because they too are planning to release Wii Motion Plus technology, which it says more accurately captures complex motion such as the twirling of a wrist during a tennis match.
Whether or not Microsoft can compete, only time will tell - but they do have a lot of catching up to do. Nintendo practically owns the motion-detecting video game industry, much like Apple owns the MP3 industry.
Interesting though, how our country is in a recession with thousands of jobs being lost every week - but the video game industry is alive and kicking.


Be The Media by David Mathison is a great book that helps independent bloggers, authors, and entrepreneurs create and distribute content without selling their royalties, rights or souls in the process. It's deemed as the "ultimate independent media handbook".
Recently released, the book is full of 536 well-written pages of research, tips, and guidelines on how to maximize publicity and revenue while minimizing your budget. Interestingly enough, the book is NOT available at Amazon.com or other online retailers because that would defeat their message of selling independently and keeping more of the profits.
I haven't read the whole book yet, but it's definitely a good read. So far, I would easily say that this is the best book I've seen on this topic. Not only is it well-endorsed by other industry vets, you can easily tell that the author spent years compiling research. Despite this, the tips are very relevant and up-to-date with modern technology and practices.
Mathison is well-respected for his insight and is an internationally recognized media expert with more than 20 years experience. I visited his booth at the recent Book Expo America conference in NYC, and I was thoroughly impressed about his company's techniques and philosophies.
I highly recommend that you buy
and read this book.
To purchase the book, visit
www.BeTheMedia.com


This is what auto companies are telling people nowadays in order to get them to buy new cars. Hyundai started it, and now Ford and GM have announced their own variations.
While Hyundai's walkaway program offers to absorb car payments for three months and will accept a returned car without any additional payment, Ford is offering to pay $700 a month up to one year and GM is offering to cover up to nine payments of $500 each.
This sounds like an interesting marketing strategy, and it may work somewhat to increase new car sales. However, it doesn't address one thing: It's still a better deal to buy a used car vs. a new car. That's the route that many people are taking, and therefore used car dealers are faring much better in this bad economy.
The U.S. government and automakers have to find a stronger incentive to get people to buy new vehicles. Perhaps, a drastic decrease in pricing, a "buy one get one" free special, a huge tax break, or even free mechanical services for a year.
Consumers are much smarter these days and much more economical than ever before. Put simple: Buying a new car at nearly double the cost but with free "job insurance", is not a better deal than paying half the price for a used car with no "job insurance".



In case you didn't know, colleges and universities operate like companies. They have to make money, and they have to be profitable. Thus, in a bad economy, they suffer. Obviously, if people are losing jobs and getting their salaries cut - they can't afford to pay for their kids to go to college.
However, many institutions have a unique plan. The Washington Post reports that "some U.S. schools are looking anew at an old idea: slicing a year off their undergraduate programs to save families time and money." That's right; They are introducing the three-year undergraduate degree.
This is actually a pretty big deal because "the four-year bachelor's degree has been the model in the United States since the first universities began operating before the American Revolution." But during a bad economy, sometimes you have to break tradition if you want to stay afloat.
I think its a great idea. Even though they will make less money off each student, they will be enrolling more students who can now afford to attend.
In my opinion that's what entrepreneurship is all about: Breaking tradition, bending the rules, thinking outside the box, and doing what's ethically necessary to stay in business.



When I heard that automakers were expected to sell 10 million new cars and trucks in the U.S. this year, I thought that was a good thing. I said to myself: "The recession is finally coming to an end."
But as I continued to read the USA Today article, I learned that that figure makes 2009 one of the worst years the auto industry has seen in the past three decades.
Apparently, before the auto collapse last year, car companies routinely sold more than 16 million new cars and trucks annually in the U.S.
While 10 million may sound like a lot, it's simply not enough to make these car companies profitable. Chrysler's already in Chapter 11 bankruptcy reorganization, and General Motors will likely do the same on June 1st. Even normally healthy automakers such as Toyota and Nissan are losing money.
Many people don't understand this part of business. They think that when money is being exchanged, it means that companies are profiting. That's not necessarily true.
All companies have debts and expenses that have to be paid for first before a profit can be declared. It's very common to have most of your revenue allocated to paying bills and taxes, and not having much left over after that.
To prevent this, entrepreneurs should always be thinking of ways to lower their overhead. In fact, this should be heavily considered before you even pursue a business idea.
Overhead kills a lot of companies before they even launch. Others die off in a bad economy. I'm willing to bet that the companies that are still afloat right now are the ones that have figured out how to minimize their expenses.



Apparently, more people are getting into sales or at least are investing more into tools that can help them generate more sales.
According to BusinessWeek.com, sales management software maker Salesforce.com's profits have nearly doubled this past quarter. The company claims to have added 3,900 new customers in the past quarter, bringing its total to over 59,000. Their revenue rose to $304.9 million from $247.6 million a year ago.
What does this mean for you?
Well, every entrepreneur is a salesperson and apparently many will step up their sales efforts during a bad economy. This makes sales more competitive for you, and so you have to
be more competitive yourself.
If you make cold calls, learn to be effective within your first 10 seconds. Understand that likely you are not the only salesperson to have called, and that vendors today are working with limited budgets. Don't be demanding. Instead, quickly convince them that you have what they need.
If you like to email your potential clients, learn to be short and simple with your message. Don't spam, and don't subscribe people to your newsletter without their permission. If they don't respond immediately, be patient. Sometimes people can fall behind on email. Don't be too quick to send another inquiry; That can be a turnoff.
My best sales advice is to target your audience. Only contact people who want or need what you're selling. Also, learn to ask for and identify the right person that you need to talk to. A lot of times, it may appear that you're talking to the right person - but you're not. Before you even start your sales pitch, get in the habit of saying: "Are you the person in charge of _____?" or even "Can you direct me to the person who's in charge of ______?"


According to TargetMarketNews.com and Nielsen Media Research, here's what we can look forward to regarding American consumers:
1) More Multicultural Families.While households with children will continue to decline, ethnic (non-white) families are expected to grow at a faster rate than the total population. According to Nielsen, more than half of families with children are expected to be multi-cultural by 2025. By 2050, that number is anticipated to be greater than 60 percent.
2) More Low-Income ConsumersAccording to Nielsen, household incomes are expected to stagnate or fall slightly over the next ten years. Based on these projections, household spending will grow at a very slow pace-especially when compared to the previous ten years. Nielsen data show the lowest income population segments growing the fastest (as much as 17.8 percent in some scenarios), with affluent and wealthy segments declining (9.2 percent and 5.5 percent respectively).
3) Less Families With ChildrenNielsen projections indicate a continued decline of households with children and fewer children per household. By 2036, households with children will outnumber those 65 and older without children by just 5 million, compared to a 17 million difference in 2007.
For the full article, visit:
ww.targetmarketnews.com/storyid05180902.htm



Online travel agencies like Orbitz, Expedia and Travelocity can be twofold - helpful and troublesome. Yes, they allow you to see multiple rates at once and may even offer you a discounted price - but be careful because they can also screw up your travel arrangements.
Just recently I bought a one-way ticket for United Airlines from Washington Dulles to Columbus Ohio. The ticket was only $100 bucks on Orbitz.com, but was $380 on United.com. Naturally, I bought the cheaper ticket.
Here's where the problem came: The day I was supposed to leave, I received a text message from Orbitz saying that my flight had been delayed by 2 hours. When I arrived to the airport later that day, it turned out that my flight had never been delayed. Not only did I miss the last flight of the day, I had to pay to stay in a hotel another night - and they couldn't even get me on the first flight the following day. Eventually, I got home on the 2nd flight out.
Of course, I called Orbitz to tell them about what happened. They denied sending me a text message, but did agree to give me a $50 credit. They said they would do more if I faxed them the original text message that I received.
Once I finally figured out how to do that (yes, there is a way to fax a text message - at least from the iPhone), I called them to plead my case for at least a $200 credit. Of course, they denied it.
Their excuse was that United Airlines originally delayed the flight, but change it back to an on-time status. I'm thinking: "Why didn't you idiots send me another text message?"
Moral of the story: Use online travel agencies to find the best deals, but don't buy from them. Buy directly from the airline. However, if you do insist on buying from the agency and you get a text message from them about your flight status, call the actual airline to double-check.



Radio One, Inc., one of the nation's largest radio broadcasting companies and the largest radio broadcasting company that primarily targets African-American and urban listeners, is looking to hire an online editor for www.Radio-One.com
It looks like a pretty good gig for freelancers and entrepreneurs who specialize in writing and content management.
Here is the job description:
The Online Editor is responsible for all aspects of programming (i.e. developing and managing content) for Radio One’s radio station websites in the Washington, DC market, WKYS, WMMJ, WPRS, WOL and WYCB. The position is responsible for increasing the sites’ online traffic and engagement through the maintained programming of celebrity news, entertainment and local events, and by linking the stations’ on-air and off-line marketing and promotional activities.
Job Responsibilities:
* Writing, editing, and assigning posts about news, celebrity, entertainment, and gossip on both a national and local level
* Constant aggregation of material from around the web and the stations’ other network partners including, but not limited to, other Radio One station sites, BlackPlanet.com, TV One, and the content verticals of the BlackPlanet Universe.
* Reporting on, and engaging with, local Washington, DC and surrounding area events and activity
* Working with radio personalities to assist in the creation and maintenance of daily blogs
*Working with the stations’ Program Director, Operations Manager, and/or Marketing/Promotions leads to maintain the vision, voice and brand direction of the stations online
* Working with the National Director Of Online Content for Radio to leverage national programming opportunities, tools and servicesFor more details and/or to apply, visit:
http://blackjobs.com/cgi-bin/jobs/searchJobs.cgi?job_id=904164



More and more airlines are offering passengers the ability to connect to the Internet while in-flight. Its a concept that's long overdue, but it has finally arrived.
Southwest and Delta were the first to do so - but Wi-Fi is only installed on
some of their planes. Just recently, however, AirTran announced that by the end of July,
all of their planes will be Wi-Fi enabled. Virgin America too announced that by May 25th,
all of their planes will enabled.
The price to connect via a handheld device or laptop will be $7.95 to $12.95 a flight, depending on the device and the length of the flight.
Jack Blumenstein, CEO of Aircell - the Chicago-based provider of the wireless service of more than 1,000 jets, says that "a typical narrow-body jet can be equipped with the 125 pounds of necessary equipment and fiber-optic cable during an overnight stay at an airport for about $100,000."
$100,000 per plane is a hefty investment, but remember that millions of people fly every day. Imagine an airline getting 50,000 people a day to buy into a $12 internet fee. That's $600,000 a day.
The only catch is that Virgin America is the online domestic airline that provides an electrical outlet to plug your laptop into while in-flight. For other airlines, you just gotta make sure your battery will last long enough.
Those 5 hour coast-to-coast flights will be tough.



The Associated Press reports:
Black Fortune 500 CEOs with a "babyface" appearance are more likely to lead companies with higher revenues and prestige than black CEOs who look more mature, an upcoming study says.
In contrast with research showing that white executives are hindered by babyface characteristics, a disarming appearance can help black CEOs by counteracting the stigma that black men are threatening, according to the study from Northwestern University's Kellogg School of Management.
The study is scheduled to be published in the journal Psychological Science in September.
A babyface is characterized by combinations of attributes, including a round face, full cheeks, larger forehead, small nose, large ears and full lips, the study says.
Decades of research has shown that people believe babyfaced adults to be more trustworthy, and respond to them with greater patience, sensitivity and compassion, according to Robert Livingston, co-author of the study and an assistant professor of organizations and management at Kellogg.
In the study, a group of 21 college students was shown photographs of 40 current and past CEOs of Fortune 500 companies. Eleven of the students were white, 10 were Asian and 10 were female.
Of the 40 CEOs, 10 were black (only 10 blacks have ever led Fortune 500 companies). For every black CEO, a current or former white CEO from the same company was included. Another 10 CEOs were white women, and 10 white male CEOs were chosen at random.
Participants rated each photo on scale of 1-4 for "babyfaceness," leadership competence and personal warmth.
To account for differences in perceptions about blacks or whites in general, participants gave separate ratings on warmth and competence for "blacks," "whites" and "women," which were factored into the results.
The results showed that Black CEOs who rated high on the babyface scale worked for companies that ranked higher in the Fortune 500 and had higher annual revenues than blacks with more mature faces. The reverse was true for whites - the more babyfaced CEOs tended to work for companies that ranked lower and had less annual revenue.
Black CEOs also were described as significantly more babyfaced than white CEOs. The female CEOs were rated as having more mature faces than both blacks and whites.
The study was duplicated with 106 student participants, with similar results.
Livingston said the study indicates that "disarming" characteristics, which have been shown to hinder white executives, can help black leaders.For the full article, visit:
www.blacknews.com/news/babyface_look_can_help_black_ceos_study_says101.shtml

