Romy Taormina

Psi Bands - Nausea Relief Chief/Co-Founder
Pacific Grove, CA
http://www.psibands.com
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  • On Friday I had outpatient surgery. Upon awakening from the anesthesia, I had tingling and numbness down my right leg and foot. Two days later, I still am unable to walk normally (I hobble and can't manage the stairs in my house). The surgery had nothing to do with my leg or foot so this was very unexpected, not to mention disconcerting. It appears to be a compressed nerve.

     

    Like what all successful entrepreneurs do, I am ADAPTING. Without the ability to adjust and change course as necessary, we become idle - in our personal and business lives. Now do I feel sorry for myself? Yes, behind the scenes. But, to everyone else (ok, except my husband), I am strong and ready to do whatever it takes to work around this issue, which is hopefully temporary. Another lesson in being an entrepreneur: WE MUST LEAD even when we are not so confident.  

     

    My mindset must be focused on healing and since I am in bed and not going a million miles an hour like normal, I can focus on other importa [...]

  • Like most businesses in this economy, you are likely cutting back. For some that means no holiday party, no gifts, no nothing. But, even if you can’t afford to give out a present to a team member/employee/client, be sure to express your gratitude. Some ideas for doing so:

     

    1. Mail a hand-written card (on your company note card). It goes a long way these days when everyone uses email to communicate.
    2. Pick up the phone and let someone know you appreciate them. A friendly, cheerful voice and some kind words will make anyone’s day.
    3. Bring someone a fresh cup of coffee or tea from your local coffee shop (remember, you are supporting a fellow entrepreneur) and let them know you care.
    4. Bake. Bring someone some freshly baked holiday cookies.
    5. If you can afford a small gift, why not support a fellow STS member? This year’s STS holiday catalog features some great gifts by amazing women at great value. http://www.savorthesuccess.com/2009-holiday-catalog

     

    Remember, it’s the t [...]

  • You have all heard this statement and intuitively know it to be true: “Knowing your financials is the key to your business success.”

     

    Here are FIVE practical ways to apply this statement:

     

    Look carefully at your daily, monthly, quarterly and annual sales. Your sales will drive all other decisions.

    1. Are you selling more on certain days, seasons, holidays? Understand where your sales are coming from and capitalize on them. Will you extend business hours during certain seasons/holidays/weekend days because that’s where you generate the most money? Should you put more marketing dollars towards a certain season because your track record shows stronger sales during that timeframe?
    2. Use your sales data to help forecast inventory. Know when you will need to manufacture more product so you can financially plan for this cash infusion and so that you don’t run out of inventory.
    3. Use your sales data to help you determine your hiring needs. Maybe you don’t need year-round ful [...]
  •     

    Thankfully that is NOT my car...

    About 8 months ago, I backed out of a sandwich shop and hit a cement post that was low to the ground and that could not be seen out of my rear view window. I took out my tail light and did unsightly damage to my car – even at 5 MPH. Cars can be finicky (pricy!) in that way.

     

    After consulting with my insurance company, I was told that if I waited until October to have the repairs done, my insurance premium would not increase. You guessed it. I waited….for 8 months.

     

    I use my car daily. I am not in a large city where I have access to subways. It was really hard for me to suck it up…to look at the damage on a daily basis.  But I did.

     

    The day I was eligible to bring my car in for service, I did. My insurance is not going up. In the long run, I am better off for waiting. Was I personally scarred that I drove a dented car for 8 months…no. The only “scars” that remain are to the cement post which has some of my black car paint [...]

  • I am returning from the Moms in Business Unite conference in San Diego (Psi Bands won the all-expense paid trip from Boogie Wipes). From that conference I learned many things. Here are some more relevant business tips to help you grow your business.

     

    From Susan Fowler, one of the foremost experts on personal empowerment, I learned the following:

     

    #1 Acting on the false promises of external motivators

    An extrinsic motivator includes power and status, money, and image and beauty. This type of motivation can only last you for the short term. It is the “fast food” of motivation.

     

    An intrinsic motivator provides inherent interest and satisfaction. It is the “health food” of motivation.

     

    You can not be extrinsically and intrinsically motivated at the same time on the same goal.

     

    When you cut through the layers of why you are doing what you do, you might realize that the reason you want to be rich is because you are the first person in your family to go to college, t [...]

  • As I mentioned in my previous blog, I am returning from the Moms in Business Unite conference in San Diego (we, Psi Bands, won the all-expense paid trip from Boogie Wipes). From that conference I learned many things. Here are some more relevant business tips to help you sustain and grow your business.

    The following four qualities are what the Boogie Moms, Mindee and Julie, believe define today's woman entrepreneur...with some of my own embellishments.

     

    1. Vulnerable

    If you are a mom, you know all to well what it’s like to be vulnerable. Picture yourself giving birth. Legs up in stir ups. A dozen people looking at your privates. You are sore, you need to learn to do things you’ve never experienced before (i.e. recovering from a c-section, nursing, cleaning the umbilical cord), and you are likely hormonal. Does it get more vulnerable than this? And yet, we do it. We manage to push through it. And then many of us do it (i.e. have another child) again.

     

    If you are a [...]

  • I am returning from the Moms in Business Unite conference in San Diego (we, Psi Bands, won an all-expense paid trip from Boogie Wipes). From that conference I learned many things. Over the next few blogs, I will share some of those relevant tips with you.

     

    Maria Bailey shared the following three business tips that she learned from successful entrepreneurs:

    1. Where’s the exit strategy? A tip she learned from Steve Berhard of Blockbuster

    If you don’t have one, develop one. If you fall in love with your business without an exit strategy, you may be making choices that are not going to help you accomplish your end goals.

    2. How do you make money when you sleep? A tip she learend from Michael Eagle, Alamo Rental Car

    In other words, your business needs to run even when you are not running it (including while you are asleep at night). Ideas to help support this tip: online sales, staff, sales force.

     

    3. Don’t be afraid to share your ideas. A tip she learned from Ma [...]

  • "Be Good to People". Are You Up for this EASY Challenge to Grow YOUR Business?  

    Be Good To People Blackberry Curve Sleeve

    Have you heard about Savor the Success member Kris Wittenberg's new business, Be Good to People?  

    Three Reasons Why You Should Be in the Know.

    1.      Because it Will help your business grow.

    We all know that networking is about developing relationships. When you network, you should seek information from others to help them grow their business. Spend more time listening than talking. Then, when an opportunity presents itself where you can do something "good" for this person (i.e. make an introduction for them, give some expert advice), do it. At Savor the Success, we practice "give, give, get." When you give and give, you will get.

     2.      Because good begets good.

    When you do something nice for someone else, it makes you feel happy. It takes more muscles to frown than smile. So, flex those happy muscles. When we are happier, we are more productive. Do something good for someone and pay i [...]

  • I went to a nationally recognized chain this morning after seeing a yummy looking picture of a latte in their store window. I purchased the latte, but it was so hot that I could not drink it for awhile. By the time it cooled down, I was in front of my computer about to jump into work. I took the first sip and it was yuk! The milk had fermented. I got back in my car and went to get a replacement. The replacement was less hot but it still didn’t taste great. I won’t be going back to this place for a latte, but I still will frequent this establishment because my kids enjoy it and because I was treated with fairness when given the replacement.

    It happens. No one is perfect. Things go awry. But, when they do, please accept responsibility and then make it as right as possible (note: I said “as possible”).

    I listened to Angela’s vlog this morning on stress – and was specifically intrigued by her second point: “be impeccable with your 50% in relationships - you are solely respons [...]

  • CPA vs Bookkeeper

    August 25, 2009

    At Psi Bands, we recently had a coaching session on financials. In that conversation, we learned something that was surprising to us…that CPAs look in the past and book keepers look towards the future with an eye on the past. The light bulb went off for us.

     

    We have been using a CPA. We thought they were more equipped to help us review our numbers, but what we really need is a book keeper with a great deal of experience in helping to review our numbers, project for the future, and do some serious projections and analyzing.

     

    We need to be looking forward and the best way for us to accomplish this is to make a switch. So, we are.

     

    Our book keeper’s responsibilities include the following tasks:

    • Create and mail/email invoices  
    • Monitor outstanding invoices
    • Post payments
    • Apply early pay discounts
    • Post and manage deposits
    • On a regular basis prepare and send an A/R report
    • Twice a month prepare and send an A/P report
    • Pay vendor invoices – cut checks (signin [...]
    1. Passion. Every business faces challenges. It’s all a process and a journey. You have to be able to weather the storm. In order to successfully do so, you must believe in your product or service to get you through. If you are waivering about your business, ask yourself why. Get to the bottom of it and restructure and redefine your business so that you love what you do. If you don’t love what you do, you are more likely to give up when things become overwhelming. 
    2. Creativity. There are always solutions. Never give up. Find a way to make it happen. We are our only excuses.
    3. Vision. Have you created a business plan? Do you know what you are aiming for? Goals and vision are important. If you don’t have them, how will you know how and if you get there? The Toilet Paper Entrepreneur has some great ideas about setting daily metrics and quarterly goals.
    4. Give back. If you don’t give back, why should anyone give to you? Savor the Success is all about this – give, give, get. When you [...]
  • If you sell wholesale, read on to understand the basic formulas to help you successfully negotiate.

     

    Assuming your margin is a % of your retail sales price, let’s go through the basics:

     

    R = Retail Price

    S = Sell in Price/Wholesale

    M = Margin

     

    Calculating the Wholesale Price

    Let’s say you want to make a 40% margin and your suggested retail price is $20.00.

     

    S = R – ( R X M)

     

    S = $20 – ($20 X .40)

    S = $20 - $8

    S = $14

     

    Bottom line: you will wholesale your product for no less than $14.

    If you need your wholesale price to be less than $14, then you need to take less of a margin or increase your retail price.

     

    Calculating the Retail Price

    Let’s say you want to sell in/wholesale at $10 and the vendor wants a 40% cut of the retail sales price. What does your retail sales price need to be?

     

    R = S / (1-M)

     

    R = $10 / (1- .40)

    R = $10 / .6

    R = $16.67

     

    Bottom line: the retail price needs to be $16.67 in order to achieve the 40% margin.

    If yo [...]

  • While fireworks did not go off in my home town on July 4th (due to budget cuts), sparks were flying every which way anyway. Everywhere I looked, entrepreneurs were claiming their independence by doing what they love, making a positive difference, and living their dreams. The Savor the Success community is one solid reminder that we are a diverse and powerful group committed to helping one another succeed.

     

    Whether you are thinking about launching a business, recently launched, or running an established business, you have been given the gift of choice. Embrace your independence – and let your inner flare shine bright. 

     

    I hope you all had a wonderful 4th of July!

     

    P.S. One of Psi Bands’ goals is to land another large retail account (more than 5000 stores).

  • If you are a product-based company, then you can relate to how difficult managing inventory can be.

     

    We just faced our first scenario where we didn’t have inventory to fulfill on our best-selling sku. It was NOT fun. You have to alert the buyers, you have to re-do POs to different timeframes, it’s just a time sucker and you don’t get paid if you can’t fulfill orders.

     

    We constantly ask ourselves the following:

     

    What is on the horizon?

    • Marketing – what press might we receive? What press has been confirmed? What paid advertising have we committed to? What kind of sales do we expect from all the above?
    • Sales – what new accounts might we land? What is the order history of our current retailers?
    • Seasonality – does inventory move quicker during certain times of the year? 

     

     

    What is the turnaround time to get more inventory?

    • If you manufacture oversees, what is happening internationally that could impact your turn time (i.e. weather, int [...]
  • I have two school-aged children. During the school year, I drop them off at school in the morning and I am there to pick them up at the end of the school day. They attend public school. I do not pay for tuition or childcare.

     

    During the summer, it’s an entirely different story. The kids are out of school and I am challenged with how to balance work, summer fun, and the budget.

     

    Here’s the summer skinny (and if you are about to become a new parent, many of the same ideas apply…you are experiencing a change in schedule):

     

    1. Increased costs. My annual budget now includes a summer camp and childcare line item.  Here’s one way to keep costs at bay: trade services. Some camps are really expensive, especially if you have more than one child. This summer, I traded some of my marketing expertise with a camp so my children can attend this one week camp for free.

    2. Scheduling jigsaw puzzle (the more children, the more difficult the puzzle). I have an Excel spreadsheet that [...]

  • I always say running a business is like riding a roller coaster. It’s windy, curvy, bumpy, scary, and fun – full of highs and lows. I happen to like roller coasters, so maybe that’s why I enjoy being an entrepreneur. When I get off the roller coaster, I want to ride it again.

    That said, what happens when you have one of those low moments? I just received some disappointing news.  I could wallow in my sorrow, but that’s not going to help. I would rather focus on what’s positive and keep things in perspective. So, I run through my mind all the positive things that are happening. And, I share the disappointing news with those that need to know or who I want to know so that I can get it off my chest – they are there for support.  

    When one door closes, another opens. We don’t know what’s behind the closed door, but it’s lurking – and just waiting for us to seize it.  

    So, onwards and upwards.

    P.S. One of Psi Bands’ goals is to land another large reta [...]

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