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Hi, there, everyone. Im j. J. Ramberg, and welcome to your business, the show dedicated to helping your Small Business survive, thrive, and grow, which is what all of us want to see in the new year. For owners and entrepreneurs, 2016 was a year of uncertainty. Much of it centered around the president ial election. But what about 2017 . The nfib optimism index for november jumped 3. 5 points to 98. 4. Thats the biggest jump we have seen since 2009. Almost all of that increase came after the november 8th election with a marked increase in confidence that business will improve next year. President elect trump has nominated World Wrestling entertainment cofounder Linda Mcmahon to head up the Small Business administration. So what can those of us who run businesses expect next year . Dennis bradford is back with us. Hes the national cochair of the trump pence Small Business advisory council, and katie is the Vice President for Government Relations and Public Affairs at the National Association for the selfemployed. So good to see you both. Thank you. I want to start with a new pick for the sba, katie, what do you think . I think its great news. I think for most of americas Small Businesses and entrepreneurs, you know, theyre really looking for action in this next administration. And you know, some people say its an unorthodox choice. I disagree. Linda mcmahon with her experience of building what was a small company, 13 employees, to a worldwide brand is excellent and im excited to see what she can do with sba to insure that our Small Businesses have the opportunity to grow and thrive in this new economy. And dennis. I agree exactly. I think someone thats walked the walk of a startup to a successful business like we all are striving to do is really what we need in the administration, and at the sba, i also think we need strong management because we have had a history of politicians and not managers. I think a manager could do a lot of good. Theres criticism because her company is so big, shes been a little far away from the startup world, at least personally, to understand what Small Businesses need, but she has been involved with startups. Dennis, do you want to talk a little bit i think thats exactly right. Shes been there. That was my path. I started the company. I built it up, took it public, i sold it, and so i understand the walk you have to walk. And i think she does, too. And the fact that shes been a business person is more important to me than the fact shes grown her business to be hugely successful. Katie . Well, i also think you have to look back at her 2010 and 2012 senatorial races where she made entrepreneurship and Small Business ownership, you know, kind of a keystone to her campaign. Since she has decided on a new path away from public office, shes been doing a lot related to women and entrepreneurship. So i do think that her background specifically with the wwe is just one part of her story. And i like to believe that we all have good intentions so were going to wait and see and partner with her and make sure the sba is working for americas Small Businesses. It sounds like the sba has been very concentrated in this administration about championing womens businesses and it sounds like thats going to continue with Linda Mcmahon should everything go forward. Lets talk about 2017. Dennis, what is the number one priority, do you think, for helping Small Businesses in this upcoming year . I think the number one thing that will happen in the first 100 days of the Trump Administration is going back and taking a look at the regulations, the overburden they have put on people that are out here trying to put together a company. You know, startups are down and the startups are down because the regulations make it so hard to start, you dont know whether the regulation youre living under is going to be the regulation that will be there after you have spent the capital. So i think that going and taking a look at the overreaching regulations is number one. And that was our number one priority at the Small Business council when we were advising the trump campaign. We talked about that when you were here before the election. And you mentioned regulations as well. Where do you start, with what regulations . Well, i dont think theres any one in particular. I think you have to go examine them all. There are over 7,000 new regulations with a cost of several trillion dollars on the economy. Small businesses today are hiring people that arent working on their business. Theyre working on complying with regulations and paperwork. Thats why i think productivity in the United States is down. If i have 30 employees and ten arent working on my product, productivity is going to be less than when i used to have 30 people working on my product. So practically speaking, you think someone is going to go out and look at the 7,000 regulations and say yes, no, needs to be changed or are there some that you have in mind . I mean, theres plenty i have in mind. Obviously, the work overtime regulations that were put on hold by a judge in texas were huge for a lot of businesses. Certainly a lot of nonprofits also. But i think you have all these different agencies. They all are going to have a new man at the top or woman at the top, and i think that those people are going to come in with Donald Trumps philosophy that if youre going to have regulations, they have to really mean something. They cant just be there. There are over 220,000 people in washington now that are regulators. Katie thats an awful lot. Katie, lets move to you. For 2017, what do you think is the number one priority . I would really love to see the administration, i guess maybe, two, if youll let me, first, with the repeal and replace of the Affordable Care act. For our Small Businesses, this has been a huge issue. And many of them are desperate for a comprehensive Health Insurance plan that is reasonable from a financial perspective. As were working with the administration and leaders in congress for our members, i think thats key. And the second is actually tax reform and building off a little of what dennis was saying, on top of regulation really strangling the Small Business, our complicated tax code that does not put the taxpayer front and center easier, if its simplifications, a tax writeoff, if its providing more money for the Business Owner to put back in their pocket and reinvist in their business. As were looking at both of those things, and i think dennis is right. A lot of regulation, especially maybe its just starting in the last couple years with the Obama Administration to review carefully the regulations they have put in place, i think will be a huge sign to not just americas Small Businesses but american businesses that are entering a new phase, and its really about the entrepreneur, growing our economy, and providing great jobs for americans. Thank you so much for coming. Unfortunately we have to end it here. I hope to talk to you many times throughout the next year. The stream of packages showing up at our doors sometimes feels endless during the holidays. But lets be honest. Who doesnt love that kind of convenience . The owner of a christmas Wreath Company started her mail order business because she knew there were plenty of customers out there willing to pay for home delivery. While she isnt the first entrepreneur to tackle this kind of service, her creations are now part of Christmas Decorations hanging around the country. We make christmas wreaths and decorate them and ship them all over the country. Once youve received one, it becomes a family tradition. Thats the other piece that i really like to be a part of. Its the most wonderful time of the year in catherine hacketts East Hardwick vermont workshop. Been doing this a long time. My daughter is 30, so i guess you would say 31 years. Its been a really great journey. The smell of balsam reminds you of christmas. When they open the box, that smell transports them to a different time. I have gotten a lot of comments on that, that the fragrance reminds them of childhood or reminds them of a special time in their life. Theres not a lot of businesses that you can do that with, actually. This landscaper rounds out her years work by handcrafting the festive designs for her mail order business. My vermont wreath. The tag line sums it up perfectly. The scent of vermont sent anywhere. We did 1,000 last year. Well do a little more than that this year. I make each one. I make every single wreath. All of the wreaths which are made with brush from local trees and make up a quarter of her yearly revenue take shape in a very short period of time. Were working in this tiny window so theres a huge amount of pressure and stress to get it done. Its very intense and very focused. But i like that, too, because it keeps me centered. Her mother, betsy cooke, knows how hard catherine works and how connected she is to her products. Shes just there behind her wreath making machine for 14 hours. I sometimes while im sitting here doing this, im thinking about where this wreath is going to end up, whose house is this going to be at, which is kind of fun. What started out as a hobby for catherine turned into a seasonal operation after her friend who already had a mail order business, died from cancer. Her husband couldnt didnt want to take and continue it on. And so i bought the mailing list. And it was a solid business decision because it was a list specifically designed for me almost. My vermont wreaths launched with 700 clients on that list. Along with names that katherine had collected on her own. Now customers from across the country like in florida, oklahoma, and california, hang for her creations. I had her mailing list for nine years now. Its blossomed into a whole other direction that i could have never planned. The business is split into two parts, the wholesale and retail. November 1st, im in the shop making wreaths. And thats all gearing up for the wholesale part of the business, which all that product has to be done and completed by thanksgiving. Early orders from nurseries and Garden Centers months in advance get production going. Once those wreaths are picked up, she shifts her focus to the more personalized displayed. I work the mail order and shipping wreaths from november 21st. And i have even shipped after christmas. One person ordered this year, sent us a check and said your wreaths made people so happy. Despite all of the phone calls and emails, this part of the process requires some guesswork. The mail orders are unpredictable. What i do is i make what i know im going to sell. I know ill sell 300 to 400 so i make that, and then the orders keep coming in. That can be a bit difficult. Im a smart girl. I figure it out. Even if theres an unexpected bump in sales, catherine has her rhythm down and can make wreaths quickly. 1,000 is a lot. 100 is not. I can do 100. 1,000, you know, i would want to have a little advance notice. The relatively simple work flow can be adjusted for everything from a slow start to a busy finish. I have set up my shop so i can be bigger or smaller. I call it lateral flexibility, which to me means i can go big or small and i can sort of work however i need to. Her team, which includes betsy, can pick up any task necessary while catherine works her wheel. I make the bows for the wreaths. I handle the office work. Process the shipping, and sometimes clip the brush. I train and i have my staff. And you saw today, people coming in and out. I have a support group of people that i can call in at any time. There are certain factors that are out of her control. Mother nature has periodically been the culprit. Weather is a huge problem. I had to pull u. P. S. Out of my yard because we had so much snow. While were making them and through the month of november, if the world is too warm, thats a huge problem. If there really is an issue with a wreath, catherines take on Customer Service is straightforward, if theres a problem, its replaced, no questions asked. I had the occasional wreath where it shed or something happened. Its a natural product, and i immediately send another wreath. The high number of repeat customers and their willingness to spread the world about her designs are clear that shes on the right path. Youre dealing with people from all over the country. Its lovely to have them call. And especially when they call year after year, its everything. It tells me exactly how my business is doing. Her goal is spreading joy and good cheer is all the inspiration she needs to continue to grow. Frankly, the only thing that works is continuing to provide a stellar product every step of the way. I get the same people back every year, and they bring people, and those people bring people. So the product sells itself. Not many people can say they work with santa claus, but shanda and christa are different. They have a direct line to jolly old st. Nick, working with him and his helpers at the north pole. They created elf on the shelf, which has become a holiday tradition in many homes including mine. We speak to shanda and christa about hiring for where youre headed. Strong Corporate Culture means everything here. The people who work here work for santa claus, so when you have a team of people so dedicated to making the magic of christmas come alive 365 days a year, we are devoted to protecting that magic as you start looking for the people you may need to fill certain roles. You have to be willing to say, this person may be great on paper, but when it comes to do they fit, are they going to really be bought in, its one of the most important things you can do as a company, is to make sure youre hiring for someone thats a cultural fit. It all starts with who you are as a company and your values and your purpose are very important. And then understanding whats important to you and why youre doing what youre doing. You definitely want to hire for where youre going. I think christa and i would both say its one of our top tips for people. Because you start out at a certain level, and especially when we started out, we had no money, and not a lot of experience either in doing what we were doing. But what happens is that all of a sudden, its still you doing everything. And you cant pass stuff off to anybody. So its so important to hire employees who, you know my grandfather always said hire better than you. Dont be afraid to know where youre weak and find somebody who is strong. I was able to take a look at our finances and say we may not on paper be ae afford this right now, but a great, highly qualified cultural fit will take this company to another level with expertise that you need in order to grow. You have to be willing to invest in the key hires that know what you dont know. Even if it costs you a little more money in the end, the good people will pay for themselves. You cannot be everything to everyone. If you try to be everything to everyone, offering every experience there is out there, youre never actually going to see success for your vision. Because you cant do it all. In the beginning, you have limited resources. You have limited people. You have limited time. You have limited money. And until you decide exactly what it is youre wanting to do and then you focus on that, its the only way to be successful. I also think people can lose focus when they try to be everything to everyone. The second you do that, youre nothing to anyone. You have to know who you are and what you do better than anybody else, because if you dont, youre nothing. I think you have to eliminate the noise. I think you have to remember what it is that you got into this business, whatever it may be, for. Material things cannot, absolutely cannot be your motivation. Im not sure you would have what it takes to finish the race, because you are the last person to get paid. You are the one who gets all of the headaches. You make all of the sacrifices. And if your motivation is Something Like money and youre not truly passionate about what youre doing, i dont think you would have the stamina to see it through. Material things fade. And it cannot be your motivation for starting a business or running it. It has to come from passion because thats where your real willingness to sacrifice comes from. Your drive, your hard work, your effort. Its going to go into something you believe in. Money is a great benefit of the hard work and passion that you put into something. But it cant be your driver. When we come back, five ways to make sure you get paid. And how to find and keep scrappy and forward thinking talent at your company. Will your business be ready when growth presents itself . American express open cards can help you take on a new job, or fill a big order or expand your office and take on whatever comes next. Find out how American Express cards and services can help prepare you for growth at open. Com. How do we attract executives who have a specific area of expertise in the industry to come on board a lean startup and wear different hats and be comfortable in a very kind of shifty, allhandsondeck type environment . First of all, i love that question. Bringing on advisers is a great way to scale your business without the expense of actually requiring experts. What you need to do, number one, come up with a pitch, not a pitch to raise money, but to attract great advisers. Secondly,s you need to figure out a way to structure their environment. Not only have a compromise with them in terms of what theyre going to do for you, but you as a company how youre going to use their time as wisely as possible. Third of all, you need to find a way to compensate them. I recommend using equity, coming up with a structure where you can give some percentage of the company that will vest over time or increase over time. That way you make sure you vefr bodys incentives aligned. We now have the top two tips you need to know to help your Small Business grow. Lets introduce our panel and get their advice. Serial entrepreneur and investor howard love has founded more than 15 companies and invested in more than 50 early stage startups, also author of the startup j curve. Carolyn is the founder and ceo of circular board for Women Entrepreneurs with high Growth Business models. Good to see you both. Thanks for having us. Howard, lets start with you. One tip. I suggest to entrepreneurs that they embrace failure. It sounds very counterintuitive. But the reality is youre going to end up with a lot of failures and startups when youre going through your startups life cycle. Thats what the j curve predicts. Things might get a little worse before they get better. By embracing failures, youre able to recognize them for what they are, whether its the original product failure, a team failure or a marketing plan failure. And you embrace that and deal with it quickly and, thereby, you can reallocate those precious resources to where theyre going to do the most good, to really successfully fail, you need to look at the data because the data doesnt lie, and you need extreme intellectual honesty so you can realize it and take it for what it is and then you deal with it. Frankly, maybe even celebrate it. Have a little champagne. Its that time of year. One of my favorite entrepreneurs and a Great American legend in the Startup Community is thomas edison. You know what he said about the light bulb was, i have not failed, ive just found 10,000 ways it wont work. Hopefully there wont be 10,000 failures for your future, but there was for one Great American entrepreneur. Your leadership is incredibly important in those moments because you need to keep the team excited and inspiertd even though they see all of their work has resulted in a failure. Youre absolutely right. The truth is thats where real leadership comes up. If everything is going great, it turns out leadership is not that hard. Its when times get tough and you look at the great entrepreneurs like elon musk, for example, demonstrating incredible leadership when tesla was really going through a tough time and as was spacex. Thats really when you need to pull the Team Together and i think, number one, just preparing them for the fact that failures happen and that its a normal part of a startup process is critical. And then when it happens, its just recognizing whats going on and its dealing with it quickly, effectively and decisively. People really respond to that. They will hang in there with you as long as youre being honest and straight with them. So its really not the end of the world. Its simply part of doing business as a startup. You need the stomach for it. Okay. Carolyn, your turn. My top tip for entrepreneurs is to own the trajectory of your business. As the founder, nobody is looking out for your company in the way that you are. So you have to be ready to put in the time and the effort and pull in the right resources behind you in line with what howard said, one of the things that we really push through the circular board accelerator is preparing founders for those knows and not stopping when you hear them. Continuously chiseling away at the big problems and being able to prioritize those problems and making sure youre going after them every single day. I think also, and this goes back to what howard was saying, too, dont rest on your laurels when things start to look good. I think some founders pull back and say everything is going well, but you need to continue to have that same kind of excitement or hard work even after things start to go well. Exactly. I think we hear these Great Success stories auchbd times it seems like that path was smooth sailing. As any founder will tell you, everybody has had those struggles and those obstacles and recognizing thats just part of the process and that no today doesnt necessarily mean no tomorrow is really important. Its that consistency where we see the biggest differentiator between the founders that are succeeding and those that are struggling. Thank you very much so much. Hope to see you soon. Thank you, j. J. Unfortunately sometimes customers pay late or not at all. It is unavoidable and this happens to every Business Owner. Luckily there are ways you can keep this from becoming a frequent occurrence. Matchable. Com gives us five key things you can do to avoid not getting paid. One, have a written contract. Without one, theres no legal obligation for a client to pay you. Two, use recurring billing. One of the biggest reasons why businesses dont get paid is because they forgot to request payment. Choose a software that will take care of that job for you. Three, keep it simple. Using words like days instead of net, will get you paid 14 more often. You want the bill to be easy to understand for the client who isnt familiar with your business or invoicing jargon. Four, track payment history. Consider sending a gift to your customers who pay on time. On the flip side, if you notice a client has a pattern of being late, you may want to contact their Billing Department to find out why or even consider letting them go. And five, mind your manners. Research has shown that simply adding a please or thank you to an invoice can actually increase the chance of getting paid by more than 5 . This weeks yourbiz selfie comes from martin in homer, alaska, he flies people on bush planes to alaskas park to view and photograph grizzlies in their natural environment. Now all of you out there, go pick up a cell phone and take a selfie of you and your business. It probably doesnt have a bear in it. Send it to us at yo yourbusiness msnbc. Com. Use yourbizselfie. Thank you so much for joining us today. We would love to hear from you. If you have any questions or comments about the show, email us at yourbusiness msnbc. Com. Please go to our website, openforum. Com yourbusiness. We posted the segments from todays show plus a lot more. Connect with us on our digital and social media platforms, too. We look forward to seeing you next time. Till next time, im j. J. Ramberg, and remember, we make your business our business. Will your business be ready when growth presents itself . American express open cards can help you take on a new job, or fill a big order or expand your office and take on whatever comes next. Find out how American Express cards and services can help prepare you for growth at open. Com. Around the country put that gun down or i will kill you Police Officers are trained to expect the unexpected. From harrowing high speed chases. If we got into an accident at those speeds, somebody usually gets terminated. To terrifying traffic stops. I really thought he was going to run. I certainly had no idea that he feels about to pull a gun. One officers chilling encounter on a bridge. He kind of crawled up my body, bit partf

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