A Practical Guide to Avoiding Common Business Mistakes

Cheryle Brady, Ameriprise Financial

Choosing a college with Finances in Mind

It’s the time of year when high school seniors across the country are making their final decisions about where they will attend college. Selecting the right college has always been a complex process, but in challenging economic times, the decision can be even more complicated for students and families. As higher education becomes more costly and competitive, it’s often difficult for high school students and their parents to know how to approach the situation emotionally or financially.

As parents (and holders of the pocketbook), your part in the college selection process can take many forms ─ from helping your student research and visit institutions, to seeking out scholarships. It’s also possible that your child’s college education will have a significant impact on your family’s finances, so if you’re helping foot the bill, don’t hesitate to be involved as your child decides where to attend college.

Keep the following things in mind as you help your son or daughter evaluates schools:

1. Set financial guidelines before your student begins the process. The first step      in the college selection process should be determining how much you can      afford to fund from savings or current cash flow, how much you or your      student will need to borrow, and what you’ll expect your child to personally      contribute. Organize your finances and determine the amount of debt you      can afford to take on if you co-sign for your student’s loans. Be sure to      clarify your expectations regarding loan repayment with your child and help      him or her seek out scholarship and aid opportunities if extra funding is      needed. It’s also important to know when it’s right to encourage your      student to explore other schools or options.
2. Have  an honest conversation with your child about the seriousness of student loans.      Loan repayment may seem like the distant future to teens, but if your son      or daughter chooses to take out a significant amount of loans, it’s      crucial that they understand the long-term financial burden that may cause      in the future. One of the best ways parents can      help communicate to their child the significance of student loans is to      sit down with them and do the math. After determining the total cost of      college, calculate an estimate of what your child’s monthly student loan      payment may be after graduation. Discuss what a typical graduate’s      after-tax take-home pay might be and discuss what kind of choices your      child might need to make in order to afford those payments. Making the      dollars and cents real can bring clarity to an otherwise vague future      obligation.
3. Don’t  immediately exclude options. Though it’s hard not to be alarmed when      you see some college’s price tags, try not to immediately exclude an      expensive school your son or daughter is interested in. If your child has      a strong interest in a specific major or program, there may be a big      payoff for attending a school with a good reputation in that area, even if      you invest a large amount now. Also consider the reason for the cost. In      some cases, a high price tag may be equated with the quality of education,      professors, research and even job placement, which could benefit your      child greatly in the future.
4. Prepare for the future. In      addition to looking closely at paying back student loans, plan for the financial impact      that will come with sending multiple children to college as your oldest is      going through the process. Don’t forget to include the cash flow needs      your child might have while adjusting to campus life. Consider consulting with      a professional financial advisor who can help you to determine the overall      cost of higher education for your children, and to prepare you and your      family financially.

As a parent you will play multiple roles when helping your child select a college, which can be taxing on your time, emotions and finances, but it’s important to remember that your child is also going through a significant transition. Talking about finances at the beginning of your child’s college search and before they head to campus should be a priority for you and your student during this exciting time.

 ###

 Cheryle Brady, is a Financial Advisor and Associate Vice President, with Ameriprise Financial Services, Inc. in Quincy, Massachusetts.  She specializes in fee-based financial planning and asset management strategies and has been in practice for 25 years.  To contact her,   Cheryle.Brady@ampf.com,  Ameriprise Financial Services, Inc. 859 Willard Street, Quincy, MA. 02169.  http://ameripriseadvisors.com/cheryle.brady
Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC.

© 2013 Ameriprise Financial, Inc. All rights reserved.

Nancy O'Keefe

Name/Title:  Nancy O’Keefe, Owner

Business name:  Simple Small Business Solutions

Website:  simplesmallbusinesssolutions.com

Address:  PO Box 1625, Plymouth, MA

Telephone:  888-307-3553

Where Planning And Implementation Meet

How did you come to be in this line of work?

I’ve been helping businesses implement systems for over 30 years.  It all started when a small business owner I worked for decided his business should have in-house computing.  I was given the opportunity to do the research, interview vendors and make a recommendation.  After the purchase, I was charged with implementing the system and changing the business processes -- and I was hooked!

What are the top three things that separate you from your competition?

We are different from other coaches and consultants because we work with our clients to complete the system implementations.  More than just advising and planning, you will find us where planning and implementation meet;  moving the goals and strategies into tactics and actually doing the implementation work in our one-on-one and group sessions.  We look at the whole issue, recommend, implement and integrate the solution into the business.

Describe your dream/perfect/best customer.

Our ideal clients are small business owners who are frustrated by the number of hours they are working and still cannot get everything done.   They suffer from a lack of time to focus on growing their businesses and they want their lives back.   Usually they have thought about technology, but they do not know where to start or what to do next.  They are ready to make a commitment to real change that transforms their business by putting systems to work for them.

What changes are happening, or can you predict happening soon, within your industry?

There are so many amazing tools, both software and gadgets, on the market today and new arrivals appear weekly.  It is hard for the small business owner to know what s/he should be paying attention to … and change is only going to happen more and more rapidly.  It is too easy to start chasing “shiny objects” and waste a lot of time looking at solutions that are cool, but don’t really serve the business.  Small business owners need more help than ever to sift through the solutions, especially thos that will work now and carry into the future.

What is the most common problem you see in your work?

The most common problem I see in small businesses is underutilized software.  In many cases the business already has the tool they need to improve their situation or solve a business problem -- but they never get around to implementing it and incorporating it into the way they do business.  Simple Small Business Solutions can help them put that in the “done” column.

Where do you want you and your business to be in five years?

Our goal over the next five years is to be of service to as many small business owners as possible.  That is why we are introducing our group training and coaching programs, as well as our system implementation labs.  As we roll this out beginning May 15th, there will be increasingly more opportunity to get the help and guidance you need as we will be providing business-friendly forums designed especially for small business owners.

What benefit(s) have you received through your networking efforts?

Networking is one of the primary ways we meet small business owners and get a chance to understand their issues and concerns.  It provides us with information that helps us craft programs that provide real assistance and meet their needs.  As we build new relationships through networking, we offer a free, 45-minute system strategy session to businesses that qualify.  This gives them a one-on-one opportunity to get some of their system questions answered and learn valuable information they can use in their business.

What motivates you on a day-to-day basis?

I love the entrepreneurial life:  being free to innovate, create and have earnings that are not defined by a salary range.  For me, this is the “American Dream” and I would love to help as many people as I can to achieve it.  Small business success is one key to our economic recovery and I’m very motivated to help businesses grow and succeed.

What do you do in your spare time for fun?

In my spare time, I enjoy traveling, painting and spending time with family and friends.  It’s fun to explore new places and experience a change of scenery.  If I can organize a trip and include family or friends, that makes it perfect!  When I come home, I might try to fashion a memory on a piece of watercolor paper or invite some friends over to experience a new dish I discovered in my travels.

Do you want you and your business to be featured in this column?  It is a great way for people to get to "know" you on a whole different level!  Call Katie at 781-696-9901 for more information or click here for details.

Plan, Protect and Proceed

 Our granddaughter, Elizabeth, is 10 years old.  Since she was a baby, my wife, Renee, told herself and Elizabeth that when Elizabeth was 10 Grandma Renee would take her to Paris.  Begrudgingly, I was allowed to tag along and the three of us went to Paris for a week in March, 2013.  We tried our best to see Paris through the eyes of a 10-year-old.  We think we succeeded.

We were able to do this because of a lot of luck, hard work and planning.  I am not sure of the percentages but it worked.

So, to the purpose of the story, if it is not obvious:

Plan, Protect and Proceed.  As any reader of past columns may have surmised, I am an optimist and a bit of a pragmatist.  I have tripped more than once and have been pushed around now and again throughout my life.  Through it all I did and continue to do my very best to look forward to tomorrow and beyond.  I try not to repeat the past mistakes -- but sometimes I do.  I try to plan for many contingencies, but cannot think of all of them.  I apologize a lot and try very hard to explain to my clients, my friends and my family the need to focus on what is important and most beneficial.

I seek advice.

I listen to my financial planner, my accountant, healthcare providers, other lawyers and good friends.  I do my best to protect my assets and my health.  Do I take chances?  Absolutely!  For starters, I walk out the door every day.  I invest in the stock market,  I travel to foreign places and get in my car every day.  Will bad things happen?  Yes, but hopefully not too bad.

You should develop your own set of trusted advisors and listen to them.  You should understand that they are providing a service, so if you hire them you should be willing to pay them.  Always consider a second opinion.  None of us is right all the time even when we do our best.

Take a page from the playbook of Gordon, Mond & Ott:  we provide estate planning services and business planning services, and we work with other professionals.

Whether it is a trip to Paris, Cape Cod or a Red Sox game, PLAN, PROTECT, PROCEED -- and then relax.

Call me or email me, Barry Gordon.  I would appreciate the opportunity to be part of your team of advisors.

Gordon, Mond & Ott, PC - Barry J. Gordon, Attorney
1 Batterymarch Park #310
Quincy, MA 02169
617-786-0800

Introducing...a new way for YOU to promote your business. ** SSWBN Member Business Blog**

We'd like to introduce you to.....

 

Cathy Doucette
District Catering Sales Coordinator
T:  617-945-6830   cdoucette@bostonbread.com

 

Hanna Dickerson
Catering Sales Coordinator
Panera Bread
Hanover, MA 02339
Tel- 781-829-9900 hanovercatering@bostonbread.com

From small office meetings to corporate events, Panera will cater to all all of your needs. Panera has been a fantastic supporter of SSWBN and we wanted to spread the word about their great customer service, food and community involvement.

See their catering menu here

Interested in the Member Business Blog? Contact Katie Howard at khoward@sswbn.org.

"For Your Information" is a blog post dedicated to informing you about community events, member events, job postings and more.  Do you have an event or posting to share?  Send it to Katie at khoward@sswbn.org.   SSWBN is dedicated to your success.

Office space for rent: The address is 37 Industrial Park Rd Plymouth. We are looking to rent the entire top floor which is 3750 SQ Ft. of space. Even though it is on the 2nd floor, it has a ground level entrance due to the elevation in the back.
Please contact Raquel, 508-746-4800 ext. 302

Please join Rosemarie Lanchester, of Everything You Wish For on Saturday morning,
May 4th from 9 to 11 am, for her Workshop at Whitman Wellness Center, 7 Marble Street, Whitman, MA titled:  How to Achieve Health, Wealth and Happiness (easier than you ever thought possible!) thru the power of Emotional Freedom Technique
Learn how 'Muscle Testing' can help you determine what is holding you back from achieving your goals. Walk away with 2 easy scripts to use on your own.  Change misconceptions keeping you stuck in 'Lack Mindset', Eliminate Self-Judgment and much, much MORE! Contact Rosemarie at 781-447-7782 for reservations and directions.

For 24 hours, beginning Saturday, May 4, at 8 a.m. to 8 a.m. on Sunday, May 5, Koko FitClub members, employees and neighbors are invited to participate in one or more 15-minute cardio sessions at their local club. Each 15-minute session earns 500 Koko points that will be tallied up across all 120 Koko FitClub locations throughout the nation. If the 5 million point goal is reached, Koko will donate $20,000 to the ACS in celebration of its 100^th birthday on May 22 and funds will be distributed directly to the local communities who participated. Please visit Koko FitClub or contact Maggie DeMont at maggiedemont@yahoo.com or (617) 780-7520.

Stop Working So Hard! Run your small business with ease! Come to an 8 Week Coaching and training program offered by Member Nancy O’Keefe ~ Wednesdays, starting May 15^th from 3:30pm – 5:15pm. To sign up call, email or register: 888-307-3553, programs@simplesmallbusinesssolutions.com or www.simplesmallbusinesssolutions.com/coahing-programs/

Do you have an event or posting to share?  Send it to Katie at khoward@sswbn.org.   SSWBN is dedicated to your success.

Barry Gordon, Gordon Mond & Ott

The following forms the basis for Attorney Gordon’s part in the SSWBN seminar for May as part of the Business Development Mastermind Series.

Once Upon A Time:  A true and personal story

As you know, technology now makes it possible to pick the conclusion to some television stories.  They give you the beginning and the middle, and you construct the ending.

Likewise, with every life there is a beginning, a middle and a conclusion.  We do not get to pick the beginning of our life, but we often have some control over the course of it and over the conclusion.

You can retain our team to work with you to write the story and the conclusion.

If you were given the opportunity to write your story and the conclusion would it include that you were respected as a good and successful businessperson?  Would you be spoken of kindly, thought of as benevolent, remembered with a smile?

If what you hope for yourself is not the path you find yourself traveling today, and you want to work with a team with the knowledge and skill to reshape your path , then we are the team for you!

To start the beginning of the next part of your life and your business, doing two things will make life easier and more satisfying:

1. Organize the corporate books and governance.  Simply, that means reviewing books and records to make certain all officer/director information is accurate and that all votes are in place.
2. Review the financial condition of the corporation to make sure there is a good business plan.  Make sure that you know how to make money, and that you actually are making money, and that you have the right staff.

You do all this so there is a happy ending.  Our team will meet with you to work through you goals, determine if the goal is realistic, determine the value of corporation, provide recommendations to enhance the value, and set realistic values for sale of interests to employees or to others or for estate planning purposes.

Determine whether or not employees and owners want to put a buy/sell agreement in place, and if they do, implement it.  You might be very surprised how much you are worth or could be worth!

Allow us to help you get involved, resolve your problems, and evolve your business into the business you hoped it would be.  In the course of our work, we will guide you to write a conclusion to a book and a life that you, your family and all of your colleagues will read over and over again.

INVOLVE, RESOLVE, EVOLVE (c)

Contact Barry Gordon at  617-786-080o or bgordon@gmo-law.com

Cheryle Brady, Ameriprise Financial

Assessing your risk tolerance

Before you can identify which investments are well suited to your financial goals, you need to determine your risk tolerance. This is your level of comfort with market volatility and/or the degree to which you are willing to risk the loss of your principal for a potentially greater return.

For example, some people worry about daily or weekly price fluctuations, but others do not. Some have more discretionary income than others and would be less affected by a market downturn than others.

There is no “right” or “wrong” when it comes to your individual attitude toward risk. It’s important, however, to be aware of your feelings in order to work within your own comfort zone. There are five general categories of risk tolerance. They are:

• Very conservative — These investors tend to like investments that are less likely to fluctuate in volatile markets and will forgo potentially higher rates of return in exchange for safety of principal.  For example, retirees who are concerned about the impact of a market downturn on their ability to comfortably take retirement income typically prefer a very conservative portfolio.
• Conservative —These investors will tolerate some risk as they seek a reasonable      rate of return. Investors who are nearing retirement tend to move toward more conservative portfolios.
• Moderate — These investors tend to like a balanced portfolio of lower risk  and higher risk investments.
• Aggressive — These investors are more likely to be comfortable with higher levels of risk for potentially higher levels of return. They tend to have investment goals with longer time horizons.
• Very aggressive — These investors are willing to take a significant amount of risk for potentially higher returns. For example, young people who do not need access to their portfolio holdings for a long period of time may be more comfortable with very aggressive portfolios.

Of course, these levels fall on a spectrum and you may be somewhere in between one category and another. And your portfolio may include a mix of investments in different risk categories. For more help identifying your risk tolerance, use the free risk assessment tool at ameriprise.com or talk with your financial professional.

###

Cheryle Brady , is a Financial Advisor and Associate Vice President with Ameriprise Financial Services, Inc. in Quincy, Massachusetts. .  She specializes in fee-based financial planning and asset management strategies and has been in practice for 20 years.  To contact her, Telephone 617-691-2167, Ameriprise Financial Services, 859 Willard Street, Floor 3, Quincy, MA 02169. http://ameripriseadvisors.com/cheryle.brady

Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC.

© 2013 Ameriprise Financial, Inc. All rights reserved.

Each month the SSWBN Membership Team recognizes a member who exemplifies the qualities of a Networking Nova, a person who embodies the Network’s core values of coaching, contacts and collaboration; someone who is visible at many SSWBN events and who treats others with respect and dignity. In addition, this person utilizes the Network to build his/her business and helps others do the same.

Dr. Lisa Lewis

Dr. Lisa Lewis, Cohasset Family Chiropractic

I joined the Network in October 2012.

To make the most of my membership, I try to attend as many events as my schedule will allow.  I volunteered to serve as the greeter for the March lunch meeting, which gave me the opportunity to meet everyone who attended.  It was a lot of fun.  I have signed up to give my three-minute presentation on May 30^th.  I met with Katie to discuss how to make the best use of my membership, and that gave me some great ideas as well as exposed me to some benefits of membership that I wasn’t aware of.  I plan on doing business with a couple of members for things that I am currently in need of.  I also invited a patient of mine to the lunch this month because she is starting a new business.

As a new member, I am busy building relationships with other members. I haven’t received any referrals from the network as of yet.

If I could offer any advice, I would advise attending as many events as possible, serving as an event greeter, following up with people you connect with at the meetings, and signing up to give one of the three-minute presentations.

I am enjoying the level of support from the SSWBN team as well as other members.

Dr Lisa Lewis
Cohasset Family Chiropractic
781-923-1226
drlisa@cohassetfamilychiro.com
www.cohassetfamilychiro.com

]]> http://www.sswbn.com/sswbn-networking-nova-march-2013-2/feed/ 0 http://www.sswbn.com/sswbn-for-your-information-march-29-2013/ http://www.sswbn.com/sswbn-for-your-information-march-29-2013/#comments Fri, 29 Mar 2013 03:30:23 +0000 khoward http://www.sswbn.com/?p=4278  

"For Your Information" is a blog post dedicated to informing you about community events, member events, job postings and more.  Do you have an event or posting to share?  Send it to Katie at khoward@sswbn.org.   SSWBN is dedicated to your success.

Office space for rent: The address is 37 Industrial Park Rd Plymouth. We are looking to rent the entire top floor which is 3750 SQ Ft. of space. Even though it is on the 2nd floor, it has a ground level entrance due to the elevation in the back.  Please contact Raquel, 508-746-4800 ext. 302

439 Columbia …

Read more >>