Practical Bizz Podcast

In today's episode, we are joined by entrepreneur Hugo Adames, owner of the Event Factory located in Warwick, RI. 

Hello, 2023! We can finally host in-person events and reconnect with our employees, customers, and colleagues in our small business community. If you love people like we love people, this is an episode you don’t want to miss.

Imagine hosting a top-notch VIP event as part of your solid customer retention and marketing plan. Our even better hosting an off-site staff retreat that re-engages your employees, which is always a solid business investment. We will talk about ideas and benefits of holding in-person events for your business. This includes everything from building brand awareness, while interacting and building strong relationships with your customers. Remember, branding is more than logos, colors, and fonts. It is also how you make your customers, employees, and community feel; when done right, personal events can give you a competitive edge and showcase your company in a way that shows you care.

Well-planned events can be a source of additional revenue and a way to showcase yourself as an industry leader. Events are a fantastic opportunity to cross-promote and collaborate with other businesses.

Last, but certainly not least, when was the last time you just had a good time while building your business? If that is not a measurable unit of success, then we don't know what is. Watch until the end to be the first to hear SBC's official event announcement.

For more information about being a sponsor, B2B exhibitor, or attendee at the 2023 RI Small Business Summit, Launching Your Business on The "Rhode" to Success, visit us at Business Coaching, Business Consulting, Business | Stellar Business Concepts for more details.

In this candid conversation, Erica Saccocio interviews successful business owner Jesus Rios about how he started his Rhode Island-based tattoo business in East Providence RI. We talked about the importance of taking care of your customers, and how reviews naturally occur on their owner. We also discuss how life changes are often the catalyst that pushes people and business owners to act on things they have been putting off that can take them or their businesses to the next level.

What is restructuring? Restructuring is usually when you face financial troubles or pressures. You take action to modify your financial situation and other operational aspects of your company. Be prepared to strengthen your company with a view to achieving better and more efficient policies. Increase that profit and adapt to the changing market.

Why is this necessary? There are lots of changes occurring in our economy. The way people are spending their money, what they’re spending their money on, and how they are investing their money. 

·         Reallocate resources.

·         Look for areas that are under performing to make necessary changes.

·         Cutting out unnecessary positions or find better uses for your in-house talent

·         Form new partnerships to collaborate with.

·         Sell assets, refinance to free up cash, or refine to lower those interest rates

·         If you’re not making a profit, is it a decrease in sales?

·         Major tasks not assigned to a responsible person Is it due to change in staffing? Newly created process that nobody has mastered yet? New products and lack of familiarity? A good example of this would be a new billing system for your clients. Sometimes accounts receivable payments go overlooked.

·         Changing customer needs and demands.

·         Ready to expand? MAJOR MOVE! Add those key components and people.

How are you going to make these necessary changes? Planning!

·         Input from all your staff at all levels.

·         Not just from the top.

·         What is the change and what risks are involved?

·         Buy in from your team – people dislike change.

·         Communication.

·         Costs Projections.

·         Legal tax if you are selling or merging.

Our Top 5 Reasons to make these necessary changes

·         Increased efficiency

·         Better communication

·         New opportunities

·         Better use of talent

·         Reduced costs


Own a business? Or are you looking to open a business?
Well,  if you said yes to either of those questions, then this channel is for you.
We created this podcast to help people grow their businesses and or to start the business they have been putting off. We created this channel and podcast to give you all, easily relatable stories that give inside looks at the ups and downs of owning a business or the wisdom that could only be learned through experience. Advice and step-by-step instructions on many other aspects of business
Subscribe if you think this channel is for you! 

Leave a Comment about what topics you would like to hear about or learn in upcoming episodes.
Like The Video if you well, Liked IT
Head over to https://www.stellarbusinessconcepts.com/practicalbizz
to listen to more business stories and advice.

How does that expression go? New Year, New Me! You want to lose the excess weight, start the next million-dollar business, and get your work-life balance back on track. You have been operating in a pandemic and the residual aftermath for the past three years. You’re worried about how this upcoming recession is going to impact you and your business. These might range from nightmares, supply chain issues, rising inflation, data breaches, staffing shortages, and more. We’re all on a boat in a similar storm.

Our guest, Megan Cook, the owner of Protein Princess, is going to enlighten us all about Business Owner Burnout.

How to avoid burning out?

·         Give yourself “me time”

·         Exercise

·         Learn to say NO!

·         Nourish your body

·         Enjoy hobbies for balance

·         Emphasis the importance of sleep

·         Live in the moment and celebrate the little victories!

We have Chris Ball from Paint Parties and More with Chris. She was a general manager for my daycare, Family Tree for six years. She worked for me for ten years in total before taking her leap of faith with her small business. Chris has painted many murals for me at my centers. She became the very first client at Stellar Business Concepts in April of 2022.

Like many, business owners she has some fears, but she continues to put herself out there and get out of her comfort zone. What are some common fears that prevent people from taking that leap with starting their business?

·         Failure

·         Imposter syndrome

·         Rejection

·         Lack of Education or Experience

·         Lack of Funding

·         Loss of Freedom

·         Added Responsibility and Stress

·         Lack of Stability

·         Lack of New Ideas

·         Economic Outlook

How to overcome these fears?

·         Set smaller goals and gradually build out to larger ones

·         Build your supporters; family, friends, coaches, similar businesses who will help connect you with customers

·         Understanding the beginning is hard but with planning, consistency, and focus you can overcome these challenges. 

·         Never compare yourself, we’re all walking a different path.

·         Get out of your comfort zone

·         Keep learning and keep moving

It will be challenging, stressful, and overwhelming at times. Keep moving forward because the reward is much greater than the doubts and fears. Always believe in yourself and the support will follow. Never quit! If you do get stuck or feel like giving up, hire a mentor or a business coach and they will be able to approach and analyze the situation differently for you. Sometimes a different perspective is all that’s needed to make it through treacherous waters.

In this week's episode host Erica Saccoccio discuss her thoughts about her passion for working with people. The best way to have a successful business is to take care of your people, and when I mention people, I am talking about your employees, customers, and community, both in person and online. Company culture is more than a new buzzword; it is your company's heartbeat, right along with your values and mission. Customers and employees select and stay with businesses and business owners they connect with. Honestly, being attentive and responsive to your people will move your success needle more than your pricing, the excellent logo, the fancy website, and the banding colors you have chosen. Sure, those are tools to move people from point A to point B, but once you capture the attention of the masses, can you keep them with you is the more significant predictor of success. 

Topics in this video

Employees

1)Company Culture

2)Teacher Spotlights

3)Benefits

4)Being Part of the Team as the Leader

5)Strategic Planning Meetings

Customers

1) Reward & Loyalty Programs

2) Membership & Subscriptions

3) Personaliazations & Recommendations

4) Ask Questions and Listen

5) Newsletter Emails that Matter

Community In-Person & Online

1) Sponsor that little league team

2) Sign up for a small business advisory board 

3) Become involved with Small Business Advocacy in your state

3)Join your local Chamber

4) Network and form partnerships with other small business

According to the headlines, the recession of all recessions is heading our way in 2023. As big businesses prepare with scaling back, layoffs and strategy, could this shift provide an opportunity for small businesses to do the same? There is some positive news as small business owners; we have advantages over big corporations. We can make decisions quickly while picking up top talent for positions we have been seeking to fill over the past two years. Recessions can be a time for growth opportunities; for example, a business owner may decide that now is the perfect time to implement their exit plan. New millionaires are made as one business exit. This opportunity allows you to purchase an existing business with that nest egg you may have put aside for your dream business.

This week's episode discusses automation, people staying closer to
home, and caring less about "keeping up with the Joneses." Say hello
to the Millennials; whether you love them or consider them entitled, it is
essential to understand their purchasing power in 2023. 1.4 trillion is the
purchasing power of the Millennials globally. They comprise 50% of the current
workforce.

Convenience is expected and no longer looked at as a luxury. It would
be best if you had a robust online presence, or you will become obsolete. Use
that downtime to complete all the essential tasks you couldn't do while the
economy was booming. This description is just a short tidbit of what we cover
in this episode; grab a notebook and get ready to put together your strategy
for the next twelve months of your business.

Topics covered

1 Automation

2 People are living for experiences and not stuff

3 Understanding  millennials is nessacery 

4 Delivery and personalization

5 Website and ways to draw more traffic to your website using backlinks

6 Convenience

7 Payment options and interest rates for vendors and consumers

8 Strategic Planning with your team even if you are a solopreneur, you need a strategy 

For the Video for this Episode visit
https://youtu.be/LvhePKrlY_I

In this conversation, Erica Saccoccio, Child Care Directors Chair Creator, Practical Bizz Podcast host, multi-location childcare owner, and current board member of riaeyc (the Rhode Island Association for the Education of Young Children), is joined by fierce children's education advocate, Coordinator of Program Quality for Bright Stars, and Adjunct Professor at the University of Rhode Island Alyson Panzarella to discuss the benefits of being an active member of riaeyc.

The candid conversation goes beyond a list of benefits, as the two share how being an active member of riaeyc has helped them grow as professionals. Beyond her duties at riaeyc, Alyson has focused her studies on advocacy law and has begun teaching at the University of Rhode Island in the past year. Erica shares how riaeyc helped play a role in moving her program up the QRS ladder as programs were among the first group of centers to become part of Bright Stars in RI. 

Nothing is off the table; we discuss the importance of early childhood education, including children ages 5-12 years old. Being involved with riaeyc makes business sense from a childcare owner's perspective. The recent additions of childcare retention bonuses, free professional development opportunities, and scholarships to complete formal education programs at the college level thanks to the work done at the state level by riaeyc to help lift teachers and centers in RI to higher levels of quality. We learn about how to use feedback from teachers and other directors to build better work cultures and attract and retain top talent at a time when staffing shortages have hit our nation. 

And, of course, we share membership perks such as discounts and reward programs afforded to activate paying members of riaeyc, upcoming initiatives, events, advocacy movements, and public policy. Lastly, we leave the audience information on how to get involved by enrolling or renewing a membership, business opportunities to become a sponsor, or apply to be a board member during the next election season.

"It is the mentor's responsibility to create a safe and trusting space that enables a mentee to stretch and step outside their comfort zone, take risks, and show up authentically." ― Lisa Fain. In this week's episode, Erica meets with LA and Ed from Mentor RI to talk about the many opportunities business owners, early childhood, and youth educators have to network together while rebuilding social skills and relationships and making connections that matter to our communities. Great business leaders often use mentors or are mentors to others as part of their professional growth during their careers. You can use mentorship as one way in your organization to attract and retain top talent and provide internships for those seeking a career path when graduating from High School. This feel-good episode discusses my favorite two topics, education and business.

Here are just a few stats to drive the point home as to why your business should be involved in some mentorship program and how we can positively impact the children and youth in our communities.

• 92% of small business owners with a mentor agree that it has directly impacted the growth and survival of their business
• Mentees are promoted five times more often than those without mentors 
• And mentors themselves are six times more likely to be promoted
• 93% of millennials find skill development crucial for their career 
• 91% of Millennials consider the potential for career progression as a top priority when choosing a new job

Special Episode: Hello RI Vendors & Artists !!! This episode is for you if you are a small business owner looking to enter the retail or wholesale market or expand into new spaces to sell your products and services. This month we are lucky to be working with 40 amazing artisans and vendors for our upcoming holiday event. During our Happy Holiday event, we will welcome up to 400 shoppers and offer networking opportunities with business owners in the retail, wholesale, or consignment spaces. I understand that many handmade artisan-type businesses often use vendor fairs, consignment stores, and online shopping platforms to keep overhead low while trying out different product launches with a small capital commitment.

 In today's economy, this is smart business on the wholesale side; you must remember that retailers have to compete with many more shopping options than in the past. They will be looking for the best products, sales support, marketing help, and better pricing and timelines from suppliers. Solid relationships and smart strategies come into play to keep your business profitable. No matter what route you decide in 2023, these seven tips can help you increase your sales, market your brand more effectively and consistently, and create strong relationships that continue to feed your referrals and demand for your products and services.

Seven Key Points

1. Understand each other's needs
2. Set clear expectations
3. All terms should be in writing
4. Cross-promote each other
5. Use vendor relationships and feedback to develop new products
6. Keep your options open, " Don't put all your eggs in one basket."
7. Listen & Ask questions. Your next big idea is hiding in there somewhere