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Partnering? Know the Potential Pitfalls

Entrepreneurs quickly learn that "you can't do it all yourself." Partnerships are one way to improve and preserve market position. Especially in difficult times, it is important to focus on core competencies and find partners to help deliver cost-effective solutions to customers.

There are many ways to partner--from small-scale collaborations to joint ventures or acquisitions. Traditional ways of reaching new customers and specific territories include using distributors and resellers. (See the article, "5 Effective Indirect Sales Models.") 

More complicated business collaborations include joint development and licensing programs. In some business sectors, multiple parties join forces. For example, travel- and tourism-related collaborations have been established among airlines, hotels and car-rental services, and among travel agents, tour operators, tourism promotion groups and reservation systems.

On the internet, worldwide collaborations are possible for even the smallest company.

Business partnerships between bigger and smaller companies can produce great outcomes for both:

• Smaller companies gain access to larger markets and take advantage of the bigger company's sales, marketing, distribution and support resources.
  
  
• Bigger companies find it cost-effective to obtain new products and technologies by partnering with smaller companies.

Seeing the mutual benefit is usually the easy part--but differences in infrastructure and operating style can derail a partnership.

The great potential of partnerships is frequently not achieved because the partners are not on the same page. That's why it's important to understand where you are in the process. It's imperative to write down your assumptions and agreements: Otherwise, people remember things differently, and problems arise. So the following is intended as a guideline to facilitate successful implementation of the partnership "process."

The goal is to clearly document the mutual understanding of the partners so there is less chance of a misunderstanding down the road. Frequently, the process of writing the agreement brings differing assumptions to the surface, enabling adjustments to be made before a big problem occurs

Critical Success Factors:
Clear goals:

• What's in it for both companies? If you and your partner can't clearly articulate mutual benefit, the partnership is doomed.

Strategic fit:

• Smaller companies tend to underestimate the complexity of dealing with bigger companies.
   
• Bigger companies tend to have more resources but are slow to make decisions. It is common for bigger companies to have a number of committees involved and to move people around so that the players keep changing. Employees see doing business with a smaller company as risky and fear losing their jobs if the relationship doesn't go well. Hence, it's critical to have senior people from a big company involved and committed to the implementation, or the relationship is doomed to failure.
   
• Smaller companies need to "prove" that they can deliver and meet their commitments.

Infrastructure and Stages of a Partnership
Business relationships also progress though predictable stages. The following discussion is adapted from Bruce Tuckman's Forming, Storming, Norming, and Performing model for team development. For background, click here.

Learning how to manage through the predictable stages of business relationships is critical to a successful partnership.

Forming
This is sort of like the "dating phase." When a business relationship is forming, people feel excitement, anticipation and optimism. They are focused on the mission, vision and goals of the relationship.

At the forming stage, a written agreement provides clarity about mutual expectations, roles, responsibilities and financial commitment.

Storming
In this stage, people are adjusting to working together. Storming is like "living together" and learning to accept each other's personal habits.

As working styles are merged, people experience arguing, conflict and dissent. There can be significant disagreement and confrontation. Confrontations can be about how work is accomplished, how transactions are reported, and the way fees are paid. Differences of opinion over how things will be done should be addressed in a constructive way to find the "best practices." Failure to constructively resolve conflict usually results in the end of the business relationship.

At the storming stage, a written agreement provides a framework for resolving issues and, if necessary, exiting the partnership.

Norming
Business relationships that make it through storming emerge into a new stage in which people begin to integrate their various ways of working in a cohesive manner.

Norming can be like marriage and "settling into a long-term relationship." In the norming stage, people feel a sense of belonging and are comfortable sharing ideas and feelings, and giving and receiving feedback. Norming involves moving beyond the work into enjoying each other, socializing and having fun.

At the norming stage, a written agreement helps to define "best practices" and systematize the working relationship.

Performing
At this stage, business partners achieve interdependence. This means that they work well together, achieving more together than they would as individuals. The analogy for performing is "successful parenting," in which you work as a team to handle the challenges.

At the performing stage, a written agreement helps to keep priorities and plans aligned.

Unfortunately, many business partnerships do not progress to the performing stage. If the partnership derails, you need an "exit strategy" so that you can end the relationship without resorting to litigation.

Business partnerships are an important way to expand the range of products and services that you provide and the markets you can reach. These tips can help you maximize the potential of a strategic partnership and minimize the risk.

Jean D. Sifleet is the head of law firm Hassett & Donnelly's Business Practice Group. Sifleet, who provides practical, outcome-focused advice to business owners, is the author of several books, including: Beyond 401(k)s for Small Business Owners and Advantage 'IP': Profit from Your Great Ideas.

Partnering? Know the Potential Pitfalls

Entrepreneurs quickly learn that "you can't do it all yourself." Partnerships are one way to improve and preserve market position. Especially in difficult times, it is important to focus on core competencies and find partners to help deliver cost-effective solutions to customers.

There are many ways to partner--from small-scale collaborations to joint ventures or acquisitions. Traditional ways of reaching new customers and specific territories include using distributors and resellers. (See the article, "5 Effective Indirect Sales Models.") 

More complicated business collaborations include joint development and licensing programs. In some business sectors, multiple parties join forces. For example, travel- and tourism-related collaborations have been established among airlines, hotels and car-rental services, and among travel agents, tour operators, tourism promotion groups and reservation systems.

On the internet, worldwide collaborations are possible for even the smallest company.

Business partnerships between bigger and smaller companies can produce great outcomes for both:

• Smaller companies gain access to larger markets and take advantage of the bigger company's sales, marketing, distribution and support resources.
  
  
• Bigger companies find it cost-effective to obtain new products and technologies by partnering with smaller companies.

Seeing the mutual benefit is usually the easy part--but differences in infrastructure and operating style can derail a partnership.

The great potential of partnerships is frequently not achieved because the partners are not on the same page. That's why it's important to understand where you are in the process. It's imperative to write down your assumptions and agreements: Otherwise, people remember things differently, and problems arise. So the following is intended as a guideline to facilitate successful implementation of the partnership "process."

The goal is to clearly document the mutual understanding of the partners so there is less chance of a misunderstanding down the road. Frequently, the process of writing the agreement brings differing assumptions to the surface, enabling adjustments to be made before a big problem occurs

Critical Success Factors:
Clear goals:

• What's in it for both companies? If you and your partner can't clearly articulate mutual benefit, the partnership is doomed.

Strategic fit:

• Smaller companies tend to underestimate the complexity of dealing with bigger companies.
   
• Bigger companies tend to have more resources but are slow to make decisions. It is common for bigger companies to have a number of committees involved and to move people around so that the players keep changing. Employees see doing business with a smaller company as risky and fear losing their jobs if the relationship doesn't go well. Hence, it's critical to have senior people from a big company involved and committed to the implementation, or the relationship is doomed to failure.
   
• Smaller companies need to "prove" that they can deliver and meet their commitments.

Infrastructure and Stages of a Partnership
Business relationships also progress though predictable stages. The following discussion is adapted from Bruce Tuckman's Forming, Storming, Norming, and Performing model for team development. For background, click here.

Learning how to manage through the predictable stages of business relationships is critical to a successful partnership.

Forming
This is sort of like the "dating phase." When a business relationship is forming, people feel excitement, anticipation and optimism. They are focused on the mission, vision and goals of the relationship.

At the forming stage, a written agreement provides clarity about mutual expectations, roles, responsibilities and financial commitment.

Storming
In this stage, people are adjusting to working together. Storming is like "living together" and learning to accept each other's personal habits.

As working styles are merged, people experience arguing, conflict and dissent. There can be significant disagreement and confrontation. Confrontations can be about how work is accomplished, how transactions are reported, and the way fees are paid. Differences of opinion over how things will be done should be addressed in a constructive way to find the "best practices." Failure to constructively resolve conflict usually results in the end of the business relationship.

At the storming stage, a written agreement provides a framework for resolving issues and, if necessary, exiting the partnership.

Norming
Business relationships that make it through storming emerge into a new stage in which people begin to integrate their various ways of working in a cohesive manner.

Norming can be like marriage and "settling into a long-term relationship." In the norming stage, people feel a sense of belonging and are comfortable sharing ideas and feelings, and giving and receiving feedback. Norming involves moving beyond the work into enjoying each other, socializing and having fun.

At the norming stage, a written agreement helps to define "best practices" and systematize the working relationship.

Performing
At this stage, business partners achieve interdependence. This means that they work well together, achieving more together than they would as individuals. The analogy for performing is "successful parenting," in which you work as a team to handle the challenges.

At the performing stage, a written agreement helps to keep priorities and plans aligned.

Unfortunately, many business partnerships do not progress to the performing stage. If the partnership derails, you need an "exit strategy" so that you can end the relationship without resorting to litigation.

Business partnerships are an important way to expand the range of products and services that you provide and the markets you can reach. These tips can help you maximize the potential of a strategic partnership and minimize the risk.

Jean D. Sifleet is the head of law firm Hassett & Donnelly's Business Practice Group. Sifleet, who provides practical, outcome-focused advice to business owners, is the author of several books, including: Beyond 401(k)s for Small Business Owners and Advantage 'IP': Profit from Your Great Ideas.

Add Value for Customers in 2010

This is the second part of my series on reassessing your business. My mantra for 2010 is to offer more to current clients and prospective clients. Part 1 focused on scheduling, relationships and marketing. Now I want you to look at ways you can help your clients meet their individual challenges, which will naturally and organically lead to upsell opportunities.

6. Are your services or products right for the current market? Are there opportunities on which you could capitalize? The recession has affected all of us. If we're still in business, that's one sign of success--we're offering a product or service that people need. I predict that the most successful entrepreneurs in 2010 will be the ones who strategize, execute and measure how to add value for their current clients.

To add value, I look for parallel services in the market that complement what I'm already offering clients. For example, I do one-on-one coaching primarily. I decided to offer group coaching programs upon request. The group coaching accompanies the one-on-one coaching and helps me expand my services and contacts within a client company. In fact, this concept of combining one-on-one and group coaching has become a major marketing goal for me for 2010.

7. Is your pricing competitive? Without lowering your pricing, how could you add value for your customers? Let me expand on adding value. I suggest you do some things for your clients on a complimentary basis. Send them an occasional article you think will interest them. Tell them about an award for which they may be eligible. Don't bill for every piece of paper you use and every copy you make; include these office expenses in your hourly rate. When you give your clients something for free, be sure to let them know, nicely. Write "NC" (no charge) on their bill. Remember that the lifetime value of a client or customer is significant. We all know that it costs more to secure a new client than it does to maintain a current one.

8. Do you need to bundle your products or services differently? Give your clients and prospective clients more reasons to do business with you. Look for products and services that belong together. For example, you have a technical product and also offer services to customize the product for clients. Offering these options both separately and together gives your clients more choices and provides you with the opportunity to close more business at one time. Offer your clients a discount for bundled services.

9. Do you see other ways in which you could help your clients meet their challenges? If so, are you taking advantage of up-sell opportunities based on the needs of your clients? One of the most common ways you can help your clients is to offer a no-charge audit. I know a CPA who offers tax planning for the coming year when he is doing last year's tax return. He is adding value. If you are in communications, offer a communications audit. If you are in the heating and air-conditioning business, do an energy audit. In addition to suggesting additional things you can do for your clients to solve their problems, offer them options they could do on their own. When they realize they probably won't do those things themselves, they'll turn to you as their resource. Help them save money on expenses or help them add money to their revenue base.

10. Are you asking for referrals? Satisfied customers are a great source of referrals. Be sure to keep track so you won't ask the same people three or four times. There are two good times to ask for referrals. The best time is when you have just provided a valuable service to your client or when you get a compliment from your client. Ask if he or she knows anybody else who could use a similar service. You can also ask for referrals during your less busy times. It's easier for me to focus on what is important and what is insignificant when there is less activity overall. So, when there is a lull in your routine, sit down and list the clients you want to ask for referrals. Ask them once. Keep track so you won't ask them again and again. And thank them when they make a referral. Let them know you appreciate their vote of confidence.

So, to sum up my advice for 2010: Don't leave your business development to chance. Have a plan, and make it a living document. Review it on a regular basis and change it if it's not working. Many people have big plans and do nothing. I advise you to have a small plan--one you can comfortably accomplish. As Morpheus said to Neo in The Matrix, "There's a difference between knowing the path and walking the path."

My wish for you in 2010 is that you walk the paths that you know.

Build the Wealth You Want

As women business owners, we've likely done quite a bit of soul searching and goal-setting to get to where we are today. Along the way, we've decided what we're good at and what we love doing. We've created a business plan outlining our goals, and we've taken every possible measure to achieve these successes.

I'm here to tell you that the same strategies are necessary for making, keeping and increasing your business's bottom line and, ultimately, your wealth.

Finding Your Passion
First, you must identify your own deep-down desires and your life's passions, and allow them to move you forward. As business owners, we should already be in a business that we love. Therefore, stop thinking about how big or little your business is in comparison with your competitors, or how big an office you have. These things should not define your purpose or status in life.

Instead, focus your attention on getting that new piece of business you feel passionate about, or on the feeling you get when your knowledge and expertise help a client. Let the joy of your job guide you, and the money will follow. When you change your mind-set and behavior, your reality will change.

Setting Intentions
Now that you've changed your mind-set, you're ready to start setting intentions for your business and mapping out the financial future you desire. Begin by setting a monetary goal you would like to reach each month, and don't put limitations on it.

For example, set a goal of bringing in $60,000-plus per month--and say this to yourself each and every day. I even tell my clients to write a check to themselves in the amount they wish to receive so they can envision their future success! Click here to fill out your own personal check. 

Creating a Financial Plan 
From here, it's time to set your specific financial plan. Write down your total revenue from each month. Subtract your fixed expenses (e.g., debt, mortgage or rent payments, car payments) and your variable expenses (e.g., general household and entertainment expenses). The remaining money each month should be used to plan for your future. I always suggest that my clients create three buckets for their future financial planning and disperse the money into each bucket based on their personal goals and dreams.

• Short-term bucket. The short-term bucket is for three to six months' worth of emergency reserves. This money can be kept in savings and checking accounts, money markets and CDs.
   
• Mid-term bucket. The mid-term bucket is money that you can tap into three to five years down the road, perhaps for a house, new office space or a new car. This money can be kept in a mutual fund, stocks, bonds and/or real estate investments.
   
• Long-term bucket. This is the money set aside to protect you in your retirement years, and can be kept in a Roth IRA, traditional IRA, after-tax IRA or annuities.

As a business owner, you are likely pulled in many directions and feel like you don't have the time to set up and manage a financial plan. Once you're up and running, it really takes very little time; and once you have a plan, you'll feel calmer. Make time for this important aspect of your life.

Clearing Space
Once you've set your financial plans and goals, clear space in your life to obtain them. Often, there are things standing in the way of your new goals. This is what I call your "crabs in the bucket." Some of these obstacles can be time, money, debt levels and even people.

For example, your closest friends and family members can distract you from your financial goals. If you have friends who are huge spenders and use credit cards all the time, try to go shopping with those who actually pay cash for items or who spend less frivolously. If you have "Negative Nancys" in your life, shift your thinking before you encounter them. Don't let them bring you down to their level.

Increasing Cash Flow  
If cash flow is the obstacle, it's time for change. When most people think about making changes, they think they have to sacrifice something or forego certain pleasures to make gains. To me, this is simply a matter of perspective. If I choose not to spend my usual $50 a week on lunches, I don't think of myself as deprived. I look at it as making room for my new financial intentions.

Another thing I notice with several of my clients is that women business owners have trouble charging what they're worth. If you undercharge, you are promoting financial scarcity in your life and inhibiting your own growth. I suggest raising your rates once you've proved yourself. Or increase your rates for any new client you bring on.

I also encourage my clients to consider implementing a commission structure vs. a straight salary business model to help increase cash flow. Many entrepreneurs are afraid to do this because they think they will spend too much money. In actuality, you will likely bring more money to your business if everyone is working for the same goal.

Or you could offer a lower base salary plus commission to help balance out the numbers. Find an employee who has been with you for a while and ask what would motivate her. Our greatest gems are often found among our very own employees.

We all want more out of life and we all want more than our reality currently offers. By following the financial strategies above, it is my hope that you will be put on a path that leads to financial abundance and overall life happiness.

Julie Murphy Casserly, CLU, ChFC, CFP, is a 14-year veteran of the financial services industry and founder of JMC Wealth Management in Chicago. Julie helps people understand how their emotional attitudes and behaviors affect how they earn, spend and save. Casserly is the author of  The Emotion Behind Money: Building Wealth from the Inside Out. The tips above may not be suitable for all people, and JMC Wealth Management advises clients on their investment strategies on an individual basis.

Build the Wealth You Want

As women business owners, we've likely done quite a bit of soul searching and goal-setting to get to where we are today. Along the way, we've decided what we're good at and what we love doing. We've created a business plan outlining our goals, and we've taken every possible measure to achieve these successes.

I'm here to tell you that the same strategies are necessary for making, keeping and increasing your business's bottom line and, ultimately, your wealth.

Finding Your Passion
First, you must identify your own deep-down desires and your life's passions, and allow them to move you forward. As business owners, we should already be in a business that we love. Therefore, stop thinking about how big or little your business is in comparison with your competitors, or how big an office you have. These things should not define your purpose or status in life.

Instead, focus your attention on getting that new piece of business you feel passionate about, or on the feeling you get when your knowledge and expertise help a client. Let the joy of your job guide you, and the money will follow. When you change your mind-set and behavior, your reality will change.

Setting Intentions
Now that you've changed your mind-set, you're ready to start setting intentions for your business and mapping out the financial future you desire. Begin by setting a monetary goal you would like to reach each month, and don't put limitations on it.

For example, set a goal of bringing in $60,000-plus per month--and say this to yourself each and every day. I even tell my clients to write a check to themselves in the amount they wish to receive so they can envision their future success! Click here to fill out your own personal check. 

Creating a Financial Plan 
From here, it's time to set your specific financial plan. Write down your total revenue from each month. Subtract your fixed expenses (e.g., debt, mortgage or rent payments, car payments) and your variable expenses (e.g., general household and entertainment expenses). The remaining money each month should be used to plan for your future. I always suggest that my clients create three buckets for their future financial planning and disperse the money into each bucket based on their personal goals and dreams.

• Short-term bucket. The short-term bucket is for three to six months' worth of emergency reserves. This money can be kept in savings and checking accounts, money markets and CDs.
   
• Mid-term bucket. The mid-term bucket is money that you can tap into three to five years down the road, perhaps for a house, new office space or a new car. This money can be kept in a mutual fund, stocks, bonds and/or real estate investments.
   
• Long-term bucket. This is the money set aside to protect you in your retirement years, and can be kept in a Roth IRA, traditional IRA, after-tax IRA or annuities.

As a business owner, you are likely pulled in many directions and feel like you don't have the time to set up and manage a financial plan. Once you're up and running, it really takes very little time; and once you have a plan, you'll feel calmer. Make time for this important aspect of your life.

Clearing Space
Once you've set your financial plans and goals, clear space in your life to obtain them. Often, there are things standing in the way of your new goals. This is what I call your "crabs in the bucket." Some of these obstacles can be time, money, debt levels and even people.

For example, your closest friends and family members can distract you from your financial goals. If you have friends who are huge spenders and use credit cards all the time, try to go shopping with those who actually pay cash for items or who spend less frivolously. If you have "Negative Nancys" in your life, shift your thinking before you encounter them. Don't let them bring you down to their level.

Increasing Cash Flow  
If cash flow is the obstacle, it's time for change. When most people think about making changes, they think they have to sacrifice something or forego certain pleasures to make gains. To me, this is simply a matter of perspective. If I choose not to spend my usual $50 a week on lunches, I don't think of myself as deprived. I look at it as making room for my new financial intentions.

Another thing I notice with several of my clients is that women business owners have trouble charging what they're worth. If you undercharge, you are promoting financial scarcity in your life and inhibiting your own growth. I suggest raising your rates once you've proved yourself. Or increase your rates for any new client you bring on.

I also encourage my clients to consider implementing a commission structure vs. a straight salary business model to help increase cash flow. Many entrepreneurs are afraid to do this because they think they will spend too much money. In actuality, you will likely bring more money to your business if everyone is working for the same goal.

Or you could offer a lower base salary plus commission to help balance out the numbers. Find an employee who has been with you for a while and ask what would motivate her. Our greatest gems are often found among our very own employees.

We all want more out of life and we all want more than our reality currently offers. By following the financial strategies above, it is my hope that you will be put on a path that leads to financial abundance and overall life happiness.

Julie Murphy Casserly, CLU, ChFC, CFP, is a 14-year veteran of the financial services industry and founder of JMC Wealth Management in Chicago. Julie helps people understand how their emotional attitudes and behaviors affect how they earn, spend and save. Casserly is the author of  The Emotion Behind Money: Building Wealth from the Inside Out. The tips above may not be suitable for all people, and JMC Wealth Management advises clients on their investment strategies on an individual basis.

Build the Wealth You Want

As women business owners, we've likely done quite a bit of soul searching and goal-setting to get to where we are today. Along the way, we've decided what we're good at and what we love doing. We've created a business plan outlining our goals, and we've taken every possible measure to achieve these successes.

I'm here to tell you that the same strategies are necessary for making, keeping and increasing your business's bottom line and, ultimately, your wealth.

Finding Your Passion
First, you must identify your own deep-down desires and your life's passions, and allow them to move you forward. As business owners, we should already be in a business that we love. Therefore, stop thinking about how big or little your business is in comparison with your competitors, or how big an office you have. These things should not define your purpose or status in life.

Instead, focus your attention on getting that new piece of business you feel passionate about, or on the feeling you get when your knowledge and expertise help a client. Let the joy of your job guide you, and the money will follow. When you change your mind-set and behavior, your reality will change.

Setting Intentions
Now that you've changed your mind-set, you're ready to start setting intentions for your business and mapping out the financial future you desire. Begin by setting a monetary goal you would like to reach each month, and don't put limitations on it.

For example, set a goal of bringing in $60,000-plus per month--and say this to yourself each and every day. I even tell my clients to write a check to themselves in the amount they wish to receive so they can envision their future success! Click here to fill out your own personal check. 

Creating a Financial Plan 
From here, it's time to set your specific financial plan. Write down your total revenue from each month. Subtract your fixed expenses (e.g., debt, mortgage or rent payments, car payments) and your variable expenses (e.g., general household and entertainment expenses). The remaining money each month should be used to plan for your future. I always suggest that my clients create three buckets for their future financial planning and disperse the money into each bucket based on their personal goals and dreams.

• Short-term bucket. The short-term bucket is for three to six months' worth of emergency reserves. This money can be kept in savings and checking accounts, money markets and CDs.
   
• Mid-term bucket. The mid-term bucket is money that you can tap into three to five years down the road, perhaps for a house, new office space or a new car. This money can be kept in a mutual fund, stocks, bonds and/or real estate investments.
   
• Long-term bucket. This is the money set aside to protect you in your retirement years, and can be kept in a Roth IRA, traditional IRA, after-tax IRA or annuities.

As a business owner, you are likely pulled in many directions and feel like you don't have the time to set up and manage a financial plan. Once you're up and running, it really takes very little time; and once you have a plan, you'll feel calmer. Make time for this important aspect of your life.

Clearing Space
Once you've set your financial plans and goals, clear space in your life to obtain them. Often, there are things standing in the way of your new goals. This is what I call your "crabs in the bucket." Some of these obstacles can be time, money, debt levels and even people.

For example, your closest friends and family members can distract you from your financial goals. If you have friends who are huge spenders and use credit cards all the time, try to go shopping with those who actually pay cash for items or who spend less frivolously. If you have "Negative Nancys" in your life, shift your thinking before you encounter them. Don't let them bring you down to their level.

Increasing Cash Flow  
If cash flow is the obstacle, it's time for change. When most people think about making changes, they think they have to sacrifice something or forego certain pleasures to make gains. To me, this is simply a matter of perspective. If I choose not to spend my usual $50 a week on lunches, I don't think of myself as deprived. I look at it as making room for my new financial intentions.

Another thing I notice with several of my clients is that women business owners have trouble charging what they're worth. If you undercharge, you are promoting financial scarcity in your life and inhibiting your own growth. I suggest raising your rates once you've proved yourself. Or increase your rates for any new client you bring on.

I also encourage my clients to consider implementing a commission structure vs. a straight salary business model to help increase cash flow. Many entrepreneurs are afraid to do this because they think they will spend too much money. In actuality, you will likely bring more money to your business if everyone is working for the same goal.

Or you could offer a lower base salary plus commission to help balance out the numbers. Find an employee who has been with you for a while and ask what would motivate her. Our greatest gems are often found among our very own employees.

We all want more out of life and we all want more than our reality currently offers. By following the financial strategies above, it is my hope that you will be put on a path that leads to financial abundance and overall life happiness.

Julie Murphy Casserly, CLU, ChFC, CFP, is a 14-year veteran of the financial services industry and founder of JMC Wealth Management in Chicago. Julie helps people understand how their emotional attitudes and behaviors affect how they earn, spend and save. Casserly is the author of  The Emotion Behind Money: Building Wealth from the Inside Out. The tips above may not be suitable for all people, and JMC Wealth Management advises clients on their investment strategies on an individual basis.

Don't Miss These 10 Tax Deductions

April 15 is right around the corner and, in the last-minute scramble to file taxes, many of us forget to maximize our deduction power. If you're a last-minute scrambler, don't worry. Reading this column is your first step in making sure you leave no deduction unclaimed. Here are 10 commonly missed business deductions:

1. Advertising and promotion costs. Each year, I spend millions of dollars advertising for my businesses. Whether it's TV, internet, radio or print, you better believe I deduct every dollar as a business expense. All you need to do is ensure that the advertisement is directly related to your business, and document the expense (through saving receipts, etc.). So, whatever your business, if you spend money to maintain your business's website, print business cards, run a Yellow Pages ad or use any other advertising methods, deduct the cost.
    
2. License and registration fees. Each year, business owners pay out a lot of cash for licenses and registration fees just to stay in business. Many don't realize that these expenses are deductible. For example, if you paid your state or local government for licenses (such as a cosmetologist's license or physical therapist's license) and any business operational licenses (such as hazardous waste hauling or a liquor license), you can deduct those costs. Just make sure you keep all the documents, canceled checks and receipts.
    
3. Net operating loss carryback. Good news! If your business lost money last year, the NOL carryback deduction is your consolation prize. In an effort to throw a lifeline to small businesses in this economic climate, the IRS has extended the carryback rule to five years. To qualify, your business must have received $15 million or less in gross receipts over the previous three years. So, if your business made money in 2006 but suffered a loss in 2009, you can now carry back your losses through 2006. As you might guess, claiming this deduction is complicated. It involves numerous calculations from both the carryback year and the current tax year in order to determine the amount. So you might want to secure a competent tax preparer to help you through the process.
    
4. Subscriptions. I'm always looking for ways to improve and expand my businesses. I do this by reading as many journals, books and magazines related to my industry as possible. These expenses, too, are deductible. If you're like me and like to stay up to date in your business area, make sure the subscription is to a periodical (e.g., newspaper, magazine, newsletter, trade journal) that relates to your field. Keep accurate records of the cost, and then you can deduct it. So, continue to read up on ways to improve your business while resting easy knowing the government is practically paying you to do so.
    
5. Legal and professional fees. Let's face it; your business needs professional representation. Isn't it great to know that these expenses are deductible? Whether you hired a tax preparer to file last year's tax return, a bookkeeper to organize your financial records or an attorney to advise you in business dealings, you can deduct this expense. The only hurdle you will have to overcome is making sure the services were performed for your business, and that you maintained detailed records and receipts.
    
6. Education expenses. We all know continued education and training in any field are important. Good thing the IRS knows this, too, and allows taxpayers to deduct the cost of education. This includes education and training for yourself and your business's employees. You just have to show that the training maintains or improves the skills required for your business--or that it is required by law to keep you or your business licensed legally. For example, if you are a self-employed Realtor and you attend a conference on the current housing market, you can deduct the cost of the conference and any required materials.
    
7. Internet-related expenses. Take advantage of all the internet has to offer your business--including permissible deductions. Expenses such as domain registration fees, webmaster consulting costs, monthly hosting fees and annual domain costs are deductible. So, whether you're in business as a freelance writer or pet store owner, if you use the internet as your virtual storefront, keep copies of all your invoices and deduct the cost.
    
8. Wining and dining clients. I love to eat. And so do my clients and customers. If I pick up the tab for entertaining clients and investors, I can deduct 50 percent of the cost, as long as the meeting and entertainment are related to my business. This deduction can save you a ton of money.
   
   But to get every dime possible without getting into trouble with the IRS, keep detailed receipts. For example, jot down the name of the person you had lunch with and the reason for your lunch date directly on the lunch receipt.
    
9. Credit card convenience fees. It is great to be able to offer clients the convenience of paying by credit card. The major bummer is that we often get stuck paying the convenience fee for offering this method of payment. However, if you keep accurate records and receipts, you will be able to turn the bummer into a deduction for the fee.
    
10. Charitable contributions. I love this deduction! I encourage everyone to find a charity he or she is passionate about and give generously. As long as you can document your contributions with receipts showing the charity name, date, description and value, you can deduct the amount you give. Always make sure the charity you are contributing to qualifies with the IRS as a charity by searching IRS Publication 78.

Don't miss out on these money-saving deductions in your rush to file. And remember that finding qualified help with your taxes is simple to do and will save you money. To get the most out of these deductions, talk to a competent tax professional.

Are You Cut Out for a Home Biz?

Apple Computer, Mary Kay and The Hershey Company all started as home businesses. In fact, half of all businesses begin out of someone's home. Starting a home business has many potential benefits: no commuting, flexible work hours and the satisfaction of being your own boss. It also provides an outlet for your creative and unique talents.

But that's not all. Kimberly Seals-Aller, author of The Mocha Manual to Turning Your Passion Into Profit, says, "You want to create a life of financial freedom based on doing what you love on your own time instead of on a cycle of trading time for money in the 9-to-5 world. You want to wake up every day with a smile and a zest for whatever possibilities the day will bring.

"You crave a life where your creativity and talents thrive without limits. You want to fly. I used to get up and go to work every day; now I get up every day and go to life."

Are you ready for that, too? If so, then it's time to take stock of your resources, interests and abilities to help you prepare for a home business of your own.

1. Take a Personal Inventory. Consider your career as a sequence of jobs, each providing skills and experience needed for the next opportunity. What has your career prepared you for next? Alexandra Levit, author of New Job, New You: A Guide to Reinventing Yourself in a Bright New Career, encourages people to sit down and do a self-assessment. "They should write down (or type) what their values are, how they prefer to work." And then, she says, they need to make an inventory of their skills and work out what they have accumulated that is transferable to other areas. The idea is to "build a profile of themselves," to see how they can transition easily to a field that is new to them.
   
   Check with trusted friends and family. Ask them what they think you are really good at, or what they think from their observation makes you happiest when you are doing it.
    
2. Take a Passion Inventory. Besides having the necessary skills, you're going to need passion to get you through the challenging startup phase. When you come home from work, what do you do? Is there a hobby you love, a topic you passionately research? Do friends or family members consistently ask for your help on their taxes, their website or their business? If so, consider those the seeds of your new business.
    
3. Take a Resource Inventory. Knowing what you are good at and what you enjoy doing leads to the last step--given the resources you have, what can you do? Obviously, if your dream is to be a race-car driver, the $100,000 minimum investment might be a stumbling block. Though important, however, don't just consider your financial resources. Consider what you have and what you need in terms of:

• Office space
• Business equipment (computer, fax, printer, telephone lines)
• Cash
• Child-care or other family needs
• Time
• Physical stamina and energy

The results can be surprising and enlightening, and they could open the way for a new--or at least a re-shaped--career or business.

What Boxing--and Sports in General--Can Teach Us

Self-discipline, drive, ambition and focus. Taking risks, putting yourself on the line and building a team around you that you can trust to plan your short- and long-term future. These are traits often associated with successful entrepreneurs. These traits are also the key qualities of successful boxers, who served as important role models for me in founding and taking on the responsibility of being president of Managed Maintenance Inc., a software-as-a-service company.

Before my exposure to the world of boxing, I believed it was a world of brute force vs. brute force. This perception could not be further from the truth. Watching Floyd Mayweather on a cold Michigan winter's day for the first time--a 14-year-old weaving grace, power, strategy and athleticism--is all I had to see to understand that there is far more to boxing as a sport and philosophy. While I couldn't have known it then, many of the traits of the elite boxers that I came to admire would be the traits that I would develop over my years of growth as a professional and entrepreneur.

I was a Jayhawk long before I entered the University of Kansas in 1983. My family, including my mother, her sisters and my uncles, and a myriad of cousins and friends celebrated every Kansas football game and basketball game as an event unto itself.

To no one's surprise, I became involved in the Kansas men's basketball and football programs while attending the University of Kansas. As an administrator for the head trainer, I was fortunate enough to be a part of the hoopla surrounding the 1988 championship team under Larry Brown, a team led to victory by Danny Manning.

Soon after graduating from college, I became the director of sports programming and development for the National Police Athletic League. As director, I built a variety of sports programs, many for inner-city youth, under the NPAL banner. My responsibilities included organizing and running five areas of sports competition for the NPAL, one of which was boxing. Of the five sports areas, boxing held the least interest for me initially, since I had had little or no exposure to boxing growing up. But my appreciation for boxing didn't grow slowly; I embraced boxing as soon as I witnessed it.

These kids put everything on the line, including their physical well-being, each time they enter the ring. Boxing demands great self-discipline, focus and training. And behind it all, there was something courageous about it. The sport drew me in so much that I became an amateur boxing referee.

As I later discovered in the business world, in boxing there is a funneling process to success based on a number of factors. Boxers, like companies, need the right management. This management is not limited to the next fight or the next quarter, but there needs to be a long-term strategy to nurture the boxer and build his assets, skills and techniques to maximize his potential.

Like a champion boxer, a successful entrepreneur must hone her skills, be focused, harness her ambition, build a trusted team of professionals around her, and be willing to put herself on the line. Most boxers, like most people, do not put all of these elements together; as a result, they fail to become top contenders. Some boxers may be more athletic or more powerful than other boxers and still be defeated and surpassed by a boxer who did put all the right elements together.

My path to entrepreneurship accelerated at Champion Solutions Group, where I first took an administrative position. Within two years, I became the director of maintenance service and was later named vice president. I assembled a team that built a business for CSG that became the company's largest and most profitable business division, Managed Maintenance Services. There were companies with greater revenues, larger staffs and more resources--yet, Champion's MMS division became one of IBM's largest partners in the maintenance business.

After that success, I became part of a small group that created Managed Maintenance Inc. As president, I have had the honor to preside over a team that has helped our company become a leader in the SAAS maintenance development and asset management market places.

What does it take? Like boxing, and sports in general, it takes self-discipline, drive, ambition, focus, building a team around you that you can trust to plan your short- and long-term future--and putting yourself on the line.

Tina M. Lux Boim is the president and co-founder of Managed Maintenance Inc., a software-as-a-service company. With nearly 20 years of experience in the technology sector, she is an expert in optimizing and streamlining contract management processes.

Listen to Your Instincts

There are tons of articles--probably by actual weight--about the importance of listening in business. The usual context is listening to your customers and/or employees. For women over 55, I think there is an even more vital context for listening: to our own inner knowing.

A woman called me recently to recount an opportunity that had been presented to her and to ask my reaction to the proposal. She was clearly flattered to have been offered this possibility, yet wasn't sure how to proceed. After much discussion, I asked if this opportunity felt right to her. Did it speak to her passions, rather than interests; did she feel excited and compelled, or just flattered? I suggested she spend some quiet time reflecting on her instinct and her gut to decide what to do.

By contrast, within the last month I met Annette Weinshank of The Portable Reading Clinic. At age 72, she decided to market a reading program she developed more than 25 years ago that has demonstrated excellent results. During the course of our interview, she referred to three times in her life when she just knew what her next step was.

At one point in her career as a professor at a major Midwestern university, she knew it was time for her to leave. Call it burnout, call it gut instinct; she knew that phase of her life was drawing to a close.

She'd been teaching up to that point. First, as a fourth-grade teacher, then as support staff for a Title 1 tutoring program. In 1976, she became one of seven teachers who started Michigan State University's Institute on Research in Teaching. At the same time, she also completed her Ph.D. in educational psychology. From 1980-85, she developed the prototype of her reading clinic while working part-time at the university and part-time in the local public schools.

After leaving academia in 1985, she thought she would attain clarity about her next phase within a year. That was not to be. Weinshank described the next three years as among the most difficult of her life. While the lack of gainful employment allowed her to focus on family issues, it was extremely difficult for her not to know where to turn professionally.

A colleague proposed that she open a reading clinic to help clients ages 9 and up learn to read, using the program she had developed. This resonated with Weinshank as nothing else had. Within a month she found office space, hired staff and had her first clients. What followed for 15 years was a very successful business, The Reading Clinic.

About 18 months before she sold her business, once again she knew that her time with this venture was drawing to a close. This time frame allowed her to prepare both herself and her business for her retirement.

Weinshank spent several years in retirement but remained open to another opportunity. Then a chance meeting between her husband and a former colleague of his proved the impetus for her latest venture.

The former colleague had been an academic and changed careers to become a web designer. Weinshank knew immediately that what she wanted was a website. Then she had to explore exactly what she wanted the site to do and what it would offer. Over the course of the past two years, Weinshank has worked to make sure that both her website and her product were ready to market.

This proved a much larger-than-anticipated project. When we sat down to talk, she was taking a breather and looking for clarity on how best to market the Portable Reading Clinic--and to whom. She has identified four major industries she served previously, where she is a respected expert: schools, corporations, individuals and the military. The website is live, but because she wants to be very clear in her approach, she is willing to sit for a bit and consider her next steps carefully rather than spin her wheels.

What lessons can we glean from these two women?

• On questions where we feel confused or unclear, we probably know the answer, but it may take patience to know or accept it. In our 24/7 world, it might take true discipline to wait.
   
• We don't need to be totally inactive until we achieve clarity. We can be working on other areas of our lives, letting the question percolate.
   
• Taking time at the crossroads can save an enormous amount of time in the longer run.
   
• Listening for clarity should not be confused with procrastination.

As Women of a Certain Age, life has taught us many lessons. If we have the courage to believe in ourselves, there are many things we know--not the least of which is who we really are and that we can probably do anything we put our minds to. That is why After 55 is getting up to speed.