SHOW ME THE MONEY

Check your credit rating was the first piece advice from our financial experts. You can do that through a couple of websites:

www.transunion.ca
www.equifax.ca

It costs around $25 and what you want to look at is your score – anything over 165 is good. It was also recommended that if you work in partnership with someone – they should be checked too.

Here are some other pointers that they shared at our panel discussion on March 26:

Shop around for a bank. Sometimes the local bank doesn’t have a commercial section, so you are better off going a bit further afield to ensure that component is in place.

Build a relationship with your banker. Help them understand your business before you ever go in to ask for a loan.

Do your homework. Have a business plan with a financial breakdown so that the banker can see what your potential is and how likely you are able to pay off a loan should you get one.

Consider other options such as factoring. What is factoring and how it is different from the traditional bank loan? When you factor you don’t borrow money so there is no monthly re-payments. What does happen is First Vancouver Finance, for example, purchases your approved commercial accounts receivable once the order has been shipped or completed. They handle the invoice mailing, processing and postage. This option helps with cash flow and funding of $10,000 to $2,000,000 per month is available. To learn more, go to www.fvf.ca

We also learned that while BDC offers loans, it also has an extensive consulting practice. To check them out – go to www.bdc.ca – if you have to prepare a business plan, they have a template on their website as well as other useful information.

Loans are also available through the Canada Small Business Finance Program, headed by Industry Canada but implemented by financial institutions across Canada. Ask at your local bank about the SB program or check their website - www.ic.gc.ca for more information.

Think positive

Are you someone who jumps to conclusions – right or wrong? Do you automatically think the worst? Do you act first and think later? Well here is a cautionary tale.

You never know what your day will bring, and last night we discovered that our basement was flooded – and I mean flooded, we were up to six inches in water. Everywhere.

After talking to the insurance company, they sent out an emergency crew to literally bale us out. By this time it is late in the evening, but this is an everyday occurrence for them, and I guess with the thawing snow, they may be even busier. So their truck is on our driveway as they pump the water out. They finished at four this morning however, not before we had a visit from the police.

Our neighbour had phoned them to complain about the noise. She didn’t call to find out what was wrong; she didn’t pop over to see if she could help – no, she automatically called the police. The officers were most polite, could see what the situation was, told us to continue and wished us all the best.

What a waste of their time. What a pity she couldn’t see the situation for what it was. Instead, she likely assumed one of our kids (who haven’t lived at home for the past five years) was larking around with a friend in a truck on our driveway.

What’s that old expression – when you assume, you make an “ass out of you and me”
So the moral of the story – think positive, reach out and ask if you can help instead of automatically assuming the worst and taking a negative stand when one isn’t necessary. Life is too short.

Story Telling

Last night we heard from Diana Bishop who humorously shared her stories of her career in journalism – from her early days covering articles on insects and animals, to her days in China as the first woman foreign correspondent. It was when she switched to NBC and was at the peak of her career, that she knew she needed to leave and find her calling.

For years she had been interviewing people in her role as a TV reporter, always looking for the unique story and angle. What she enjoyed the most was telling the story, and she had a talent for bringing out the best in people, helping them to shape their tale.

At each juncture in her career, she talked about the lessons she had learned after every gaff and mistake she made and every challenge she met. She had the ability and foresight to realize that she could learn from these experiences and would move on.

Today she interviews entrepreneurs and helps them to brand themselves through their success story. And as the audience listened enthralled and enjoying her talk, it was clear that she walks the talk. She can tell a success story, because she is one.

The Unfinished Painting

This weekend I attended the funeral/memorial service for a friend. She was just 50 – far too young to have died – yet she had packed a lot into her life and firmly believed life was for living.

We first met years ago when she was a social worker, working mainly with women in abusive situations. Frustrated with the legal system and its disservice to women, she went back to school to become a lawyer and mediator.

When her son spoke at her service, he joked that his friends all said his mom must be loaded because she was a lawyer. Everyone there laughed, because one thing Ascenza wasn’t - was rich. She chose to support the underdog, the immigrant family who could not afford a lawyer, or the single mom fighting the system. No – she certainly wasn’t in it for the money.

As many of you may recall, we had quite the snowstorm on Saturday, but the chapel at the funeral home was packed and many of those there were people she had helped.

But it is interesting no matter how much you think you know someone, there’s always something new to learn. Sadly often at their funeral. In this instance, I never knew that Ascenza was an accomplished artist. Many of her paintings were on display, and like everything else she did, they were good.

It was somewhat poignant to see one unfinished painting – because to me it symbolized how she’d been snatched away from us before she was done.

International Women's Day

This week, together with 580 + women I celebrated International Women’s Day. The keynote speaker at this event was Deborah Ellis, author of numerous books for children, many of which describe the plight of women and children in war-torn countries.

When Deborah wrote her first book, The Breadwinner, it was doing well and she was so moved by what was happening in Afghanistan that she decided to donate the royalties from this book to support women there. Then 9/11 happened and suddenly her book is a best seller and is translated into numerous languages and sold around the world.

Adding two more books to this series, she continued to donate the royalties and to date she has raised over $500,000 as a result. Now she is no Bill Gates. As she stood before the audience in her jeans and sweater, it was clear this was an ordinary individual, showing extraordinary generosity. In addition to writing about the conditions in these countries, she has chosen to take action, to do something about it.

I applaud her generosity. She is clearly someone who has made choices on how she wants to live her life and she is doing so with purpose and intent .

How far have we come as women?

At our Toronto dinner last week we had three journalists as speakers. All had been editors of mainstream magazines, and Linda Lewis is still in that role, heading up the new magazine More which is aimed at women over 40.

The discussion was lively to say the least and as they recalled their early days in journalism, many were shocked to learn that in job interviews they were even asked whether they were using birth control – after all the employers didn’t want to invest in someone who might get pregnant. As Dianne Rinehart (former editor of Homemakers) pointed out, she was sure they didn’t ask the men if they used condoms. When you hear stories like this, you realize we have come a long way.

But not far enough to support Hilary Clinton. When the panel were asked whether Hilary was getting a fair shake by the media, the answer was a resounding no. Not only were the media not being supportive, but women were also judging her, observed Rona Maynard, former editor-in-chief at Chatelaine.

It would seem in the eyes of many if she shows emotion, it is deemed that she is cracking under the pressure and therefore not capable of this leadership role, and if she steels herself and appears strong, she is categorized as a hard-hearted individual. Either way, it would seem that she can’t win – neither the nomination nor the unilateral support of her gender, which is too bad as she is more than capable and would bring a wealth of experience to the job. The primaries on Tuesday will reveal all.

KEEPING IN TOUCH

How many friends have you talked to this past week? According to recent research, six out of ten of us speak to five friends or fewer each week.

Now I have a wide circle of friends, but when I reflected back on the week, I wasn’t much over the five, which at first surprised me, as I have always prided myself in my ability to keep in touch. In fact, when I did a head-count on last week, I also realized that my “score” went up because we had a Company of Women meeting – as many of the women who attend have become friends. That’s the good news. The bad news, is that without that dinner, I would hardly have racked up any contacts with friends
at all.

Food for thought. These days, a quick email is taking the place of conversations over coffee or a chat on the phone. And it’s not the same. You don’t always accurately pick up the nuances in an email, in fact, you can get it all wrong and read too much into a statement or comment.

This same research found that 43 percent of us think our communities are less friendly than they were a decade ago. Clearly we need to slow down and look at what’s important. The work will always be there, but our relationships are more fluid.

Having just spent the evening with some long- time friends, it felt good to laugh, share stories and catch up on each other’s news. Make sure you’re not missing out on the fun and laughter that friendships can bring. That’s what keeps us warm long after winter is over.

COMPETITION OR COLLABORATION? YOUR CHOICE

We live in a competitive world. I don’t know about your line of business, but in mine, there are some groups that are supportive of each other and the end goal of helping women grow their businesses, and others that are not. For them, they have to be king pin.

It’s too bad really, because it’s not about us – it should be about what’s best for our members. So it was really refreshing this week to connect with Kathryn Bechtold, the publisher of Mompreneur - check www.themompreneur.com

Kathryn and I have not met but our paths have crossed and at the end of the month she is moderating a panel for me. The purpose of our call was to brainstorm ideas for the questions to be asked of the panel members – all editors or former editors of prominent Canadian magazines.

But it actually took us a while to get there in our conversation as we were both sharing the ups and downs of launching and publishing a new magazine, and enjoying the connection with a kindred spirit. Now, we could have viewed each other as competition, but we didn’t. Instead, we were sharing war stories and looking at ways we can work together to create a win-win situation.

Now that is what it is all about…

Mompreneur

Mompreneur. What does that make you think of?

Last night, along with several Company of Women members, we had the opportunity to screen the taping of the new Fortune Hunters TV Show on CBC. This particular episode focused on the growing trend of mothers at home who are starting their own business as a way to achieve work-life balance – hence the new term mompreneur.

After hearing Dianne Buckner talk about current trends in business, particularly women and business, and viewing the show, the audience made up of women from Company of Women and Women in a Home Office entered into an interesting discussion about the term, mompreneur.

While some loved it feeling it captured the dual roles, not everyone felt the same way. Others were opposed feeling it detracted for the business aspects of what the women were doing, making it sound like they were just “playing” at their business.

Certainly much depends on what the mompreneur is doing. To my mind, if they have launched a business building on an idea or need they have identified through their own experiences as a mom – then mompreneur may be appropriate. But if they’re offering say graphic design services from home, I suspect that nametag could have a detrimental affect on their business growth, as it conjures up pictures of a woman at the computer, with a babe attached at the hip.

In the show last night, they also highlighted some ideas that have been developed by mothers around the world which was fascinating. But as for the bottled Mom’s Spit, available in different flavours – somehow you can’t imagine it taking off – whether it’s been developed by an entrepreneur or a mompreneur.

Watch the show for yourself – see what you think. It airs February 16 at 6.30 ET and repeats on Sundays at 1.30pm and 4.30pm. ET on CBC Newsworld.

My day in court

Have you ever been called for jury service? Well I have and today I had my day in court. It’s an interesting experience and just judging from this morning’s process, I can see why it takes so long for cases to move through the courts.

There were probably 100 of us – a motley crew I might add – all shepherded into this warm, airless courtroom. At 10.15 we were advised to make a quick visit to the washroom if necessary – most of the women left. There were two toilets. An hour later, still nothing had happened.

Then we were told to form a single line and proceed up four flights of stairs. It was like being back in preschool – I quite expected to see a rope. Once in the next courtroom, we were advised about the case, saw the accused, and then given all the reasons we could use to get out of serving on the jury. They also read out all the names of the witnesses in case there was a conflict of interest.

Now this was a murder case and we’d already been warned it could be at least three months, so much as I believe we all have a civic responsibility to serve on juries – three months is pushing it, especially when you own a small business.

Those who could potentially serve on the jury were asked to leave to come back another day, while those of us wanting out of the process, had to stay. One by one we had to stand before the judge and give our reasons for asking for deferment or to be excused from the process altogether. I felt badly for those who had more personal reasons for not wanting to be involved as they had to speak up, not just before the judge, but the rest of us in court.

It was not without its funny moments – take the elderly gentleman who in a strong Scottish brogue complained that he couldn’t hear the judge, and when asked if he wore a hearing aid, quickly retorted back that he wasn’t deaf you know.

Well, I got off. I felt like I’d got out of jail, could go past GO and collect my $200. I’ve been anxious about this case for several months now, worrying about how I was going to juggle all this. But I’m off the hook… this time.

Speaking from the Heart

What makes a good speaker? It’s a question I am often asked and my response is usually when the speaker talks with humour, honesty and integrity, and ensures the presentation is truly relevant to the audience.

A few weeks ago, for example, I had the opportunity to attend the Access to Success Conference. The caliber of the speakers was outstanding and it struck me that each had an important message to convey and each told their story with humour and honesty. It was wonderful just to laugh out loud – we don’t do it enough.

One of the most poignant stories was told by Alan Hobson who had successfully climbed Mount Everest on his third attempt. But it was his story of his second attempt that grabbed my attention.

This expedition had been thwarted because one of their team got into trouble and was in real danger of dying on the mountain. So everyone rallied round to save him. At one point he was alone, having collapsed and was just lying in the snow. The danger here was that he would just fall asleep, never to wake up.

The team struggled from a distance not knowing what to do when someone remembered that he was linked up by a walkie-talkie system to the US. It was the voices of his young daughters saying ‘Daddy wake up, we want you to come home ‘ that brought him to back to life and there was no doubt in anyone’s mind, that his daughters had saved him.

This speaker had everything – a story that made you want to laugh, cry and remember his message of focusing on what is important in life – be it raising your children, climbing a mountain or in his case, winning a battle with cancer. It was a story of courage.

On a Learning Curve

Did you know that Thursday is the new Friday? Neither did I. But I am learning a lot through working with the young women on the launch party and launch of Company of Young Women.

It’s fascinating to better understand what impresses and attracts them to events – so different from us boomers. And as for Facebook, I am still grappling with the pokes and someone writing on my wall. I guess I will get there… eventually.

I see Company of Young Women as a wonderful opportunity to learn from and support young women as they work their way through the ranks. And who’s to say who will learn the most!

So stay tuned for the launch party… one thing I do know, it won’t be on a Thursday!

Amazing Women

Did you know that the person who started the Hospital for Sick Children, was a mom in her twenties? Pretty impressive for the times. As were the other women and stories we heard at the luncheon to celebrate Canada’s 100 most powerful women.

But perhaps the most impressive were from the youngest and oldest in the group. Young Hannah Taylor, 12 who had to stand on a box to reach the microphone, captured the audience with her charm and amazing confidence as she shared why she had started a charity to support the homeless. We need to clone her enthusiasm, caring and compassion because if we did, the world would be a much better place.

At the other end of the spectrum, we heard from Mayor Hazel McCallion, 86 who cracked jokes and spoke passionately about the need to have more women in politics.

Several of the women honoured were past speakers at Company of Women and we congratulate them all.

All grown up

Last week marked a special moment in my career as a mother. We bought my daughter’s wedding dress. And we did so without any disagreement, both selecting the same dress and agreeing – this was THE one. She looks beautiful – young, fresh and poised, ready for her new life with her partner.

“Did you cry?” my friends asked. I didn’t but seeing her in her dress, made me realize our relationship is going to change. No question now, she’s grown up and growing away. She’s starting a new and exciting stage in her life.

But isn’t that what motherhood is all about – we raise our children to give them wings - the confidence and courage to make their own way in the world. And we accept them for who they are.

There may be some of you questioning why I write about this in a business blog, but I would argue that we are women and mothers first, business owners second.

NAVIGATING YOUR WAY TO SUCCESS

This morning we had fun and games with the GPS in my car. I am not used to it, so thought I would test it when I was going on a trip when I knew where I was going.

This GPS machine is single-minded, unlike other GPS systems where the voice will say re-calculating the route, this one was stuck on one route to reach our destination and I didn’t want to go that way. So at every turn, it was trying to get me to turn around and follow directions. Quite irritating actually.

But it made me think of what it is like when you start a business and need to be flexible. There’s no one route to success, and for some of us, we’ve made some detours on the way. We need the GPS that will recalculate the route and allow for us to make mistakes, take the wrong turning but still end up at the desired destination.

There’s mixed views on whether you need a business plan to successfully launch a business. I see it like a big journey – few of us would set off on an exciting trip across Canada say, without first checking a map. So why would you set off on a business venture without doing the same.

I’m not saying you have to have a 80-page document, but when you put your goals down on paper, do some homework and give some thought to how you are going to build your business, you give yourself a head start on reaching your destination.

What do you think?

Doing Well, by Doing Good

Last night’s speaker, Peggie Pelosi, spoke eloquently and with passion about how we all need to get involved in giving back. She admitted that while she’d always wanted to, she would keep saying to herself, I will do this when… but “when” was never right at that moment.

It was when she was working for USANA, that she came to realize that when companies reach out and develop their corporate responsibility muscle, that it makes a difference – not just to the charity or cause, but to the employees and the bottom line. Today’s generation particularly wants to work for a company that gives back.

In our own small way, Company of Women has been making a difference. Through our Give Change to Make Change campaign, we have raised close to $2,500 for Opportunity International, a charity that provides micro credit loans to women in developing countries. As an organization that supports women entrepreneurs in Canada, it seems a good fit and judging by the generosity of my members, they think so too. It really doesn’t take that much. We just collect change at the end of our meetings and the toonies and loonies add up. And with a small loan of $84 we are changing the lives of others.

What can you do? Which cause would fit well with your business? Think about it. Even from a business perspective it makes sense. As we agreed last night, your business can do well by doing good. Start today.

Jusk Ask

In another life I was a fundraiser. One of the first rules of fundraising is ask, and the second rule of fundraising is ask again.

I was reminded of this as I listened to Erica Ehm talking at a conference on Saturday. She was sharing that most of her successes were due to just asking for what she wanted. And when you think about it – what’s the worst that could happen – they say no, but often they may well surprise us and say yes.

As entrepreneurs, we are already risk-takers, so why not take it to the next level. Think about what you want to achieve, who could help you realize that goal, and ask – for help, for money, for support, whatever you need I really believe that it is only when we put it out there that the universe can respond. So just ask.

Launch of magazine

This has been an exciting week with the launch of our magazine, Company.

Like any business venture, you worry that you are on the right track, that you’ve accurately sensed the pulse of your “community” and that the product you develop is both user- friendly and professional .

Well… judging from the instant response, it would seem we are “on the money” and everyone seems to love the magazine. We’ve heard that you like the size, the length and content of the articles, and that it is relevant and meaningful to you. Whew! Just keep the feedback coming – this is your magazine and we want it to meet your needs.

It’s been kind of a heady experience as we had coverage on CHCH TV, interviews with Media in Canada and Masthead, the magazine for publishers. As a novice at this, I felt a bit of an imposter. What is it that they say ….just fake it until you can make it. But as one member observed, this is intuitive. I know what I want out of a publication and I reckon that other busy women in business feel the same way. Time will tell. Meanwhile, we're reprinting so that we can keep up with the demand for copies!

My thanks to Chris Desforges who did such a wonderful job on the design, and my team of writers for pulling this off in such a short timeframe. And a special thanks to the advertisers who had faith in us, and came on board.

The Power of Networking

Talk about the power of networking! Last May at a retirement party, I bumped into someone I knew from another life. We chatted and updated each other on our projects and as a result I got invited to attend an International Trade Mission with a group of women from Africa. It was just a couple of days prior to our first conference, so I went but could not devote too much time to it.

I really enjoyed meeting the women and as a result, four of the delegates chose to attend our conference. Their involvement just made the conference experience that much richer. I have always believed that it doesn’t matter what business you are in, the issues are the same and after spending time with them, I’ve come to realize that it also doesn’t matter what country you are in, we all face similar challenges.

One of the women, Aoko joined Company of Women, making her our first international member and I have kept in touch with others from the delegation. I am working on ways to link my members with women entrepreneurs in Africa as I believe we can learn so much from each other.

So it was wonderful today to receive an email from Kuena to tell me that our conference so inspired her that she now wants to offer a similar learning experience to women in her country and she’s pulling together a committee to make it happen! Now how cool is that.

Just goes to show that you can never tell where one connection will take you.

What are we waiting for?

Last week at my friend’s funeral, friends and family spoke of her determination, her courage and her love of life. As her husband shared, in the four years since she’d been diagnosed with breast cancer, she’d been crazily optimistic and packed a lot of life into those four years – learning to ride a motor bike and getting her license, taking up golf, participating in the 60K walk to end breast cancer twice, succeeding in a high powered job with a major corporation. No, nothing was going to stop Val from living the life she wanted.

It does make you wonder what you would do if you were given the same prognosis – would you work as hard? Would you try to spend more quality time with family and friends? Or would you, like Val continue to learn and grow, perhaps travel to broaden your horizons?

What holds us back from doing all this in good health? Why do we have to wait until it is almost too late to achieve our dreams?

In a recent article, life coach Gail Blanke asks a similar question – what are you waiting for? She observes that we tend to put our power on hold until we get a signal or an invitation that this is THE right time to change our lives, that all the stars are aligned to make it work. It is almost as if our fear of failure holds us back.

She tells a poignant story of a young woman who aspired to be an intern with a famous opera maestro and she had written to him to explore this possibility. She got a letter back but her fear of rejection held her back and she never opened it. It sat unopened for years until his death, and only then did she discover that he had been willing to take her as his intern. What a missed opportunity. After that, she vowed she would never shortchange or sabotage herself again. She encourages other women to recognize their self-worth - “Don’t be a smart girl with dumb fear. Fear is nothing more less than False Evidence Appearing Real” she tells others.

How do you embrace your power asks Blanke. She encourages us to add up the times we’ve showed up big, not the times we’ve messed up. What’s your big dream? What’s holding you back? As Blanke asks – what are you waiting for? Go for it.