If you’ve felt this way before, you're not alone. A recent Forbes article discusses the discomfort that abounds in the American networking style and contrasts the American way with how Italians network. The American approach to networking often seems forced and self-serving. However, the Italians network in a way that allows business connections to form naturally, based on genuine relationships and a desire to help others, which is easier and more satisfying. So, let's explore how you can promote your business by networking more effectively with a few strategies from our friends across the Atlantic. 

The Problem with American-Style Networking

You've probably been there. You walk into a crowded room, name tag slapped on your chest, and immediately feel the pressure to "work the room." Everyone around you is on a mission to collect as many business cards as possible, and it feels superficial, or like a waste of time.

You might think you're too young to be having a stroke—but that's exactly what happened to Jenny Bristow, the 40-year-old founder and CEO of Hedy & Hopp, a healthcare marketing company based in St. Louis. 

Jenny’s story is a wake-up call for every business owner. You never know when a personal crisis might strike, and you need to be ready.

Planning could make all the difference in keeping your business afloat and thriving, just like Jenny managed to do. So, in this article, we’ll look at what advanced planning is, what strategies you can take to get your business ready for the unexpected, and what you can do now to get your plan in place.

WHAT IF YOU FOUND YOURSELF IN A CRISIS? 

Jenny Bristow never expected to suffer a stroke, especially at just 39 years old. While enjoying a vacation with her husband in Arizona, she suddenly lost control of her left side and struggled to speak. 

In Part 1, we explored supercharging your retirement accounts, making the most of Section 179 deductions, turning your home office into a tax haven, becoming a charitable giving ninja, and wining and dining for Uncle Sam. If you missed it, go back and get the goods!

This week, we're diving into five more game-changing tax moves that will have you looking at your business finances in a whole new light. From giving your business structure a makeover to conquering estimated tax payments, these strategies are designed to help you finish 2024 strong and set you up for success in the years to come. So, grab your favorite caffeinated beverage, settle into your tax-deductible office chair, and let's explore the final five moves that could transform your small business's financial future.

Moreover, I wouldn’t be a lawyer if I didn’t give you a disclaimer (or use the word “moreover”): this article contains general information for small business owners and is not tax or legal advice. Always consult an expert who can determine which tax strategies are best for your business and ensure you implement them correctly.

It’s an opportunity to learn, grow, and come back stronger. Many successful entrepreneurs have failed before finding their winning formula.

If your last business didn’t work out, don’t lose hope. Here are 5 essential strategies to bounce back and set yourself up for success.

Strategy 1: Reflect and Learn From Your Mistakes

Understanding what went wrong is the first step to getting back on your feet. It’s easy to get caught up in the blame game, but this is the time to take a hard, honest look at your business.

What mistakes did you make?

Were there signs you ignored? Maybe the market wasn’t right, the timing wasn’t right, or perhaps you overspent on things that didn’t matter. Whatever the case, reflecting on what happened can help you avoid making the same mistakes in the future.

This case fundamentally changes how the IRS values businesses, potentially leading to higher estate taxes for you and your family. 

I’ll break the case down for you in easy-to-digest bites in this article. I’ll also discuss the implications for you and your business and finally guide you to get the support you need so you’re not negatively impacted. 

The case is somewhat technical, so stick with me because understanding this case could save your family hundreds of thousands of dollars or more. 

The Facts

Two brothers, Michael and Thomas Connelly, owned a company called Crown C Supply (“Crown C”). Michael owned 77.16% of the shares, and Thomas owned the remaining shares, or 22.82% of the company. Like many business owners, they wanted to keep the company in the family after either died. So, they created an agreement to ensure this happened. The agreement gave the surviving brother the right to decide whether he wanted to buy back the deceased brother’s shares. If he chose not to, Crown C was obligated to purchase the shares. 

The default method is court, but it’s time-consuming, expensive, and public. As a business owner, a court case can not only harm your bottom line but also your brand’s reputation. Luckily, there are other methods to settle disputes that don’t take the same amount of time and money and don’t expose your affairs to the masses. Last week, we discussed arbitration, and this week, we’ll look at another method used to settle disputes: mediation. 

Read on to learn what mediation is, how it differs from arbitration and litigation, and why it can benefit you as a small business owner.

What Is Mediation?

Mediation is an alternative dispute resolution (“ADR”) process where a neutral third party, called a mediator, helps you and the other party in a dispute reach a mutually acceptable solution. Unlike a judge or an arbitrator, the mediator does not make decisions for you. Instead, they are trained to facilitate communication, help clarify issues, and explore possible solutions. Mediation is typically voluntary, meaning both parties agree to participate and work towards a resolution.

I know it’s not even close to tax season, but hear me out. Strategic tax planning affects your bottom line by helping you maximize deductions and minimize your tax liability. So, thinking about these strategies now gives you plenty of time to take action rather than scrambling in December (or worse yet, next March) when it may be too late. Trust me. Your future self will thank you.

This is the first article of a 2-part series, so my apologies if you get so excited by the time you get to the end of this article that you’re bummed you have to wait another week to finish it (hey, it could happen). In that case, spend the time between now and next week exploring the suggestions I’ve outlined here. That should tide you over. Moreover, I wouldn’t be a lawyer if I didn’t give you a disclaimer (or use the word “moreover”): this article contains general information for small business owners and is not tax or legal advice. Always consult an expert who can determine which tax strategies are best for your business and ensure you implement them correctly. 

However, handling these reviews with grace and strategy - as well as the support of a trusted advisor - can actually strengthen your brand and demonstrate your commitment to excellent customer service. 

In this two-part series, I’ll walk you through 10 effective strategies to protect your business from the impact of public negative feedback.

This week we’ll look at the first 5 strategies.

Strategy 1: Stay Calm and Assess the Situation

Most likely, reading negative feedback on social media will rattle you and you’ll feel it in your body. But it’s important to stay calm. This is not to say that your emotional response isn’t valid; it certainly is. It’s easy to take negative reviews personally, especially when you’ve put your heart and soul into your business. So if you need time to process the emotions, take the time. 

While there are many qualities that great leaders possess, one that is often overlooked is self-awareness. Having an in-depth understanding of your own strengths, weaknesses, communication styles and natural tendencies can help you maximize your potential and unlock your ability to inspire and motivate others. 

Two tools that can provide you with invaluable self-knowledge are the DISC  assessment and the Kolbe assessment. In this article, we’ll break each one down so you’ll gain an understanding of how you can use these self-awareness tools to improve your leadership skills. Let’s start with the DISC assessment. 

The DISC Assessment: Understanding Your Communication Style

The DISC assessment helps you understand your behavioral styles and preferences. It is based on the work of psychologist William Marston, who categorized behavior into four main styles: Dominance, Influence, Steadiness, and Conscientiousness. The assessment is typically taken online and consists of a series of questions that ask you to choose statements that best describe your behaviors in various situations.

They started their business in 2016 in Audrey’s parents’ basement, and with long hours, trial and error, and strategic partnerships, the brand generated over $4.5 million in sales in 2023. And keeps growing.

How did they do it? Let’s pick apart their story and see what we can learn. I’ll also throw some questions at you, so you can reflect on how these lessons impact your own entrepreneurial journey. So grab a cup of coffee (cold brew, maybe?), put on your thinking cap, and be prepared to be wowed. 

Lesson 1: Be Tenacious 

First and foremost, tenacity wins the game. Audrey and Sam faced daunting hurdles at the beginning of their business, including financial strain and uncertainty about their venture's viability. In a recent article in Entrepreneur magazine, they revealed they spent an entire summer taking their coffee cart to any in-person affair that would have them, from farmers markets to sheep-shearing events (Yep. I had no idea such a thing existed, either). The summer yielded few results and Audrey and Sam almost threw in the towel.