What Happened to AlphaWomen.com?

Usually, I am a very optimistic person, but please allow me to vent. I HATE seeing female-owned businesses fold, especially ones that empowered other women. I was saddened to hear that the AlphaWomen.com website, http://alphawomen.com/which was founded by Freda Mooncotch, is shutting down by the end of July 2009.  In Ms. Mooncotch’s blog post from July 1st, she stated, “I do not have the resources to continue to carry the site any longer…!” Ms. Mooncotch continues in the next paragraph, “Many of you are wondering what will come of me…Really the opportunities are endless and I don’t have a plan. I am going to let it unfold and jump into the unknown trusting that everything is going to work out for me! In fact, I know it is.”

Does Your Small Business Have a Business Plan?

I don’t have a plan? I wonder if Ms.Mooncotch had a business plan with AlpahWomen.com.  I wonder if she made revenue and financial projections. Sadly, but true, more small businesses fail than succeed within the first five years. The main reason is lack of capital also known as lack of money. Let’s give Ms. Mooncotch the benefit of the doubt and assume she had a business plan. It is safe to assume that her revenue projections did not make plan, which is why she can no longer carry the site. Ms.Mooncotch then writes, “If you feel compelled to take AlphaWomen.com over…by all means make me an offer…you won’t insult me by what you may think is a low ball offer. Just be ready to back it up with cash in the event we come to an agreement! You just never know what mood you might catch me in!”

Do You Make Business Decisions Based on Your Mood?

What mood you might catch me in? Is she selling a business based on her mood? What about the value of the business? What about the assets, database, and good-will? Don’t get me wrong. I am all for doing business with people that give me a “good vibe” and feelings are important.  However, one could be in the worst of moods, but a mood should NEVER dictate the price and transaction of a business deal. All too often, women entrepreneurs make decisions based on their feelings, mood, and heart and that is good, but we women entrepreneurs need to learn to incorporate  logic, the analytical side of our brain into business for creating balance. It is imperative that women entrepreneurs make a paradigm shift in how we see ourselves as business owners.  When you, as an entrepreneur are responsible for generating revenue for your very own small business, you have an obligation to see yourself as a business person. Do you think CEOs of successful companies tell their board of directors or investors that they don’t have a plan? Or, they say things like, ” Hey Tom, that’s okay that you ruined the relationship with Company ABC and lost a potential 2 million dollar business transaction. I know you weren’t in the best of moods. Hang in there buddy.” I think not.

I liked the AlpahWomen.com website. I had high hopes for Ms. Mooncotch’s company mainly because I liked how her site was a platform for bringing women together. It was a brilliant idea, but unfortunately, like most small businesses, it was short lived. So here is my question to all the female entrepreneurs: Do you have a business plan in place for your small business? Feel free to post a comment.

Brenda Horton is the owner of Hware, a software company that designs online business planning tools for small businesses. She will be hosting a webinar series on social media strategies for beginners starting July 28th 2009.

Focus, Clarity, and Priorities start with a PLAN.

Has there ever been a time in your business when you lacked focus? Not clear on what actions to take to move your business forward? Not sure what to prioritize first, second, and third? At some point, many entrepreneurs and small business owners have struggled with lack of clarity. They are not sure what specific actions are needed that will result in generating revenue or taking their business to the next level. As an entrepreneur, I have oftentimes struggled with time management, focus, clarity and priorities.  As a former outside sales person, I’d spend my time cleaning my office as opposed to prospecting for customers. Or, I’d spend my time hanging out with customers who had no intention of buying from me versus cultivating customer relationships with those who could buy from me. Eventually, I realized that my office was not going to generate any revenue, but spending time with my qualified customers would.

Business and Strategic Planning minimizes failure and improves your success rate.

I speak from past personal experience when I say that oftentimes entrepreneurs “shoot from the hip” or they “wing it.” This mentality leads to a lot of wasted time and chasing our tails in a circle.  You would never go on a 6 week hiking trip up in the back country wilderness without a plan would you? Okay, maybe you would if you wanted to test your survival skills.  The same goes for your small business.

It would be business suicide to jump into ACTION without a PLAN. The sad truth is that many entrepreneurs do just that! Business planning and strategic planning have everything to do with preparing for the journey that will inevitably unfold in your business endeavors.  Moreover, knowing what to do first, second, and third is just as crucial. It’s about taking the right action at the right time. Business plannning  forces you to think things through on many different levels and scenarios. Let’s go back to the hiking analogy. What if bad weather hit? What if you got injured? What should you pack in your emergency kit? What if you encounter bears? Having a plan helps you think through all the variables, scenarios, and situations that you may encounter on your hiking trip. So it is with your small business. The purpose of a plan is to minimize failure. Unfortunately, small businesses have an extremely high failure rate. Business planning and strategic planning minimizes failure and improves your success rate. Prioritizing, focus, clarity, and managing your time all start with a plan. A plan helps you to focus on what is needed, why it is needed, when it is needed, who will take action, and how it will get done. It helps you get clear, laser focus, and prioritize the most important things in your business that will generate revenue and make your business profitable.

Are you ready to work on your Social Media PLAN?

Right now, more than ever,  small business owners are trying to figure out how to use social media to grow their business. I hear comments like, “What social networking site should I go to? Who should I connect with?  How much time should I spend on social media?”  I rarely hear, “What kind of return on my investment in social media will I get?”  Or, “How will I measure my efforts in social media?” Having a social media plan in place for your business is imperative. Otherwise, it could cost your business a lot of wasted time and money. It is not a one-size-fits-all.  A social media plan for a hospital may be different than for a restaurant. One industry may be slow to adopt social media while another is heavily using it. Where does your business fit into social media? Is your business ready to jump into the world of social media? Is now the right time? Do you have your systems and talent in place to manage your social media efforts? Taking the right action on social media at the right time starts with your business plan…ENVISION PLAN ACT.

Brenda Horton will be hosting a live webinar series on Social Media Summer Boot Camp for Beginners starting in July 2009. Sign up for her blog to receive more upcoming information.

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