Welcome!
I'm Tami Parks, fourth-generation entrepreneur and small business person. I love small business and consider it the heartbeat of America's marketplace. My family has been involved in real estate, service, and retail; we're just regular people who have a passion for serving others and being our own bosses.
My husband and I have made a committment to run our business, Great Lakes Wedding Gown Specialists, LLC, as a debt-free business. This blog is our accountability partner!
Last month, Jeff and I attended EntreLeadership Master Series, taught by Dave Ramsey. I cannot recommend it enough to any small business owner!
We learned so many valuable things; some of which we are chewing on, some of which we will do in the future, and some of which we were able to incorporate right away into our business.
One of the most useful tools that we began using immediately is the Weekly Report from our employees. I ask each of my team members to fill out a very simple Weekly Report. On this report, I ask them to detail something they learned that week, something at which they were successful, and then a quick high point and low point of the week.
Wow! I am learning so much about my team, and it's only been 4 weeks!
Jeff and I have spent the last 5 days or so in sunny Orlando, Florida attending Dave Ramsey's EntreLeadership Master Series. Our mornings have been filled with teaching & coaching from Dave and his team on all things business. It has been intense, powerful, and wonderful. In the afternoons, we have been spending time together dreaming and planning on how to make our business and our lives all that we feel God would have them to be.
Almost everyone has a goal or a dream. Something you want to do. Maybe you can't do it tomorrow, next week, or even next year. But, you can begin to do it! You can make plans. Perhaps all you can do right now is plan to make plans.
One of the most important things I will be taking home with me this week is the knowledge that things do not need to stay the same in my business or any other area of my life. It is my job to find out where God wants me to be and to move in that direction.
So EXCITED!
Jeff and I are attending Dave Ramsey's Entreleadership Master Series at Walt Disney World next week!
I'm hoping to blog a few times during the event right here and share some of the lessons we are learning. Do you have anything you'd like me to ask Dave for you?
"Community", "Local"...all buzzwords that are popular in small business today. But what does it mean in practice? We like to talk about banding together to make us stronger and strengthening our community. But do we really put our money where our mouth is?
This week, our business was able to very specifically live out our mission statement, "...bless our...community as we are blessed...". Another bridal store in town suddenly closed its doors, leaving customers without wedding gowns, bridesmaid dresses, and other items. We have stepped up to fulfill as many orders as we can; honoring the down payments, and barely covering our costs in most cases, while losing money in others. It's the right thing to do. We have enjoyed grateful responses from almost all of the customers involved.
I also remembered one of my favorite songs by one of my favorite singers, Randy Travis. In the early 1990's, he performed a song at a gala for the first President Bush called "Points of Light". One of the lines says, "If you see what's wrong and you try to make it right, that's when you become a point of light".
Do you have a savings account for your business?
Of course, we've all been told to save for a rainy day. This is great advice for your personal finances, and one that I hope most Americans are learning to follow.
May I encourage you to also have a savings account for your small business, too. Each week, I make a regular transfer from my business checking to a small business money market account through my bank. It is not money that I am saving for taxes, or upcoming expenses, or anything in particular. It is a small amount that is being consistently set aside.
This fund gives me such peace of mind. No matter what your business, making saving (even a small amount) a regular weekly occurrence!
In the past 30 years, I've seen many small businesses come and go. Many of the owners of these small businesses sought counsel from various members of our family, so from a young age, I was able to hear alot of what to do and what not to do if I wanted to keep a business going.
Of course, we all know that there are many factors involved in a business' success. Sometimes, it seems like just dumb luck that allows one person to stay in business while another closes up shop.
But, I will share with you today one of the most common things that causes a small business to fail.
Not Paying Your Taxes.
In our business, my husband takes care of filing our paperwork and paying our taxes. Because part of our business is retail, we collect sales tax from our customers and pay it to the state government once a month. It's always shocking how quickly 6% of sales can add up! There are also the payroll taxes that are withheld from our employee's paychecks and also paid to the state and federal governments monthly. Property taxes...income taxes...the list continues!
It is very easy to spend these taxes while they are sitting in your checkbook, before they are due to be paid to the various government entities. You'll pay yourself back, right? DON'T DO THIS!
Set the taxes aside or hide them in a totally different account! Additionally, set aside 25% of any net income that your business realizes for your personal income tax.
You will put yourself out of business very quickly if you are not very diligent about paying your taxes on time!
It's Thanksgiving Day and I'm relaxing with my family and counting my blessings!
So, why am I blogging about business?
One of the biggest blessings in my life is my business and I'm thankful that God has given me the opportunity to do what I love; bless my customers,and work with a wonderful team of employees and fellow vendors.
I am thankful for my parents, who taught me how to serve customers and the nitty-gritty of fabrics & clothing care while I grew up in the drycleaning business.
I am thankful for my husband, who gives me unmatched support and encouragement.
I am thankful for my beyond-fabulous assistant and manager, Rachel, who keeps September's Bride running!
I am thankful for my entire September's Bride, EVENTS by September's Bride, and Great Lakes Wedding Gown Specialists team... Rachel, Bernice, Sherry, Julie, Mallory, Michelle T., Michelle E., Monica, Megan, and Tania!
I am thankful for each and every customer and bride that God has sent our way. It's truly an honor to serve!
I am thankful for health, strength, and knowledge that allows me to work.
I am thankful for business associates and fellow vendors who generate a spirit of cooperation and fun in our little area of the biz!
Psalm 37:4 "Take delight in the Lord, and He will give you the desires of your heart"
