#Smallbizchat Podcast LIVE is a monthly video interview show where small business owners can get answers to their questions.
The focus of #Smallbizchat is to end small business failure by helping participants succeed as your own boss.
Please join us live every third Wednesday of the month from 8-9 pm ET Live on my SmallBizLady Facebook Page, YouTube Channel and LIVE on Twitter.
What is Premium Financing?
Dr. Verneka Murphy, is a premium finance expert and business leader. As CEO of Multimillionaire Consulting Group (MCG), she specializes in transforming wealth-building strategies that utilize leverage. Her company’s signature system, The Business Trifecta, integrates business, finance, and tax expertise to help clients maximize growth by benefiting you in all three areas. MCG delivers tailored solutions designed to meet both business and personal financial needs. For more information: www.thebusinesstrifecta.com
SmallBizLady: What is premium financing and how can it be used as a tool to create generational wealth?
Dr. Verneka Murphy: Premium financing is a wealth building tool that utilizes leverage! It is specifically for our higher worth clients ($2 Million plus and up) and it is little known and little talked about. You’ve already done the hard work… Imagine if we could leverage that hard work to now build a real definition of generational wealth. It’s an account so good that even the bank will fund it! We also leverage our banking relationships so that you can now amass wealth beyond belief that in turn will last for generations to come and it is also a tax-deductible expense for the business!
SmallBizLady: What types of businesses are best suited to benefit from premium finance strategies?
Dr. Verneka Murphy: Those who have a lot of liability and those that would like to literally make more money and keep more money (which should really be any business). Those business owners who really want to accomplish what we call “the American dream”. You have worked hard to get where you are, and you continue to be in the trenches on a daily basis. The same way you work hard for your money, and you want your money working just as hard for you!
SmallBizLady: Do regular financial advisors provide premium financing services?
Dr. Verneka Murphy: Typically, no or let me say I have not seen one yet. This is a specialty and a niche in financial services. Traditional financial advisors manage money- so they manage risk. Your money can be up one day, but it can also be down the next. The banks don’t like risk So what they do is in direct conflict with what they have been trained to do. What they do also directly subjects you to taxation. Anytime an account can go up and down, that account is forever labeled as an investment and you MUST pay taxes on that money. We want to take the risk out, we want your money to grow by compound interest, we want to make it illegal for your money to have losses and make it illegal for you to be taxed on the money. Having this type of tool would be groundbreaking for any businessperson who really wants to get ahead of the game!
How to Write a Book
Marcia Layton Turner has authored, co-authored, or ghostwritten nearly 80 nonfiction books. Typical clients are business owners, CEOs, and experts who desire to publish a book to create new business opportunities for themselves or their companies. Past books have become New York Times and Wall Street Journal bestsellers, award-winners, and commercial successes. She is also the founder and executive director of the Association of Ghostwriters, which is the leading professional organization for ghostwriters. Marcia was previously director of communications for Eastman Kodak Company’s business-to-business unit before leaving to start her own marketing agency. For more information: www.marcialaytonturner.com
SmallBizLady: What does it take to get a traditional book publishing deal?
Marcia Layton Turner: I hear from aspiring authors almost daily looking for help in publishing a book through traditional publishing houses – meaning one of the Big 5, which includes Penguin Random House, Macmillan, Simon & Schuster, Hachette and HarperCollins. They seem to think that it’s easy to get a traditional deal and that traditional deals are their only option. That’s not true. Traditional deals are desirable because the publisher does all of the production and distribution work necessary to get a book out, and they sometimes include an upfront advance against future royalties – a payment. However, few people ever qualify for a traditional deal. According to a recent conversation with an editor at a major publisher, you either need a track record of sales over 25,000 from a previous book, social media followers in the hundreds of thousands, or commitments for paid public speaking gigs next year that will get you in front of 25,000-50,000 people. Very few people can claim this size author platform, which is why trying to land a traditional deal isn’t always the best approach for a first-time author.
SmallBizLady: Why isn’t a traditional deal necessarily the best option?
Marcia Layton Turner: Until about 10-15 years ago, the ONLY way to get a book published was through a traditional publishing house. They were the official gatekeepers, and they got to decide which books were worthy of publication. However, innovations in printing technology have led to many new hybrid and independent presses emerging. It’s now possible to have a book published without the blessing of a traditional house. The biggest difference is that authors have to pay for production with an independent press, although they generally don’t have to prepare an expensive book proposal or land a literary agent who will take a 15% commission. With an independent deal, you also get to retain a lot of control over your book. That includes the cover design and the cover price – which can make or break sales! Additionally, where a traditional publisher takes 18-24 months to release a book, on average, an independent press can produce a book in a fraction of that time. That’s especially important if your book is time-sensitive or has the chance to become obsolete in the next couple of years, before the book even hits bookstores.
SmallBizLady: How can a ghostwriter help entrepreneurs get their book written?
Marcia Layton Turner: A ghostwriter is a writing partner who works alongside you to help you organize your thoughts, structure the material you want to share, and who then interviews you to gather all the relevant material that they shape into your book. Most of my clients are super busy entrepreneurs and business owners who want to write books about their experiences but who don’t have the time. That’s where a ghostwriter can be invaluable. You have to give up a couple hours a week to talk about each chapter and review drafts that are created, but then you can go right back to your day job. Instead of giving up evenings and weekends to slave away at your book, a ghostwriter can help you write a better-quality book and advise you regarding your publishing options, as well as helping you make sure your book is different from other books in your topic area. They are part writer, part therapist, and part publishing consultant.
How to Leverage Supplier Diversity to Grow Your Business
Sharon Manker, M.Ed is an award-winning supply chain, supplier diversity, and inclusion strategist with two decades of experience. She is an author and the Founder of Advocating for Change Unapologetically™️ LLC. Sharon has received numerous accolades, including 2020 Corporate Advocate of the Year, Eastern Minority Supplier Development Council (EMSDC), Diversity Champion of the Year, Women’s Business Enterprise Center (WBEC-EAST), Veteran Advocate of the Year, National Veteran Business Development Council (NVBDC). She was also recognized as one of 2021 DiversityPlus Magazine’s Top 15 Women in Power Impacting Diversity. She is dedicated to influencing meaningful change for individuals and businesses facing unprecedented odds. For more information: https://sharonmanker.com/
SmallBizLady: What are some strategies for networking with supplier diversity managers or decision-makers within large organizations?
Sharon Manker: Leverage your local support organizations, like EMSDC, WBEC-EAST, the Business Center, the Enterprise Center and so many more to start to build relationships with corporations you want to engage with. Start by attending events where those organizations sponsor or frequently support. It will take more than one encounter and patience to generate the outcome you want.
SmallBizLady: What common challenges do small businesses face when entering supplier diversity programs, and how can they overcome them?
Sharon Manker: There is a lot to unpack but here are some common challenges: Insurance requirements, cyber security readiness, familiarity with the corporation’s systems, lack of knowledge of the corporation’s core values and strategic goals, and lack of sourcing opportunities.
SmallBizLady: What roles do supplier diversity managers play in providing access to corporate opportunities?
Sharon Manker: Supplier Diversity professionals have a tough job. We support and advocate for small and diverse businesses; navigate the complexities both inside and beyond the walls of the corporation. We connect small and diverse businesses with bid opportunities and even recommend them to other companies for their bids, programs, and initiatives.
SmallBizLady: What steps should a small business take to become certified as a diverse supplier, and how long does the process typically take?
Sharon Manker: First, you need to apply through a recognized certifying agency, NMSDC, WBENC, NVBDC, NaVOBA, etc. A certification fee may apply. Your application will be audited for accuracy and completeness. The process includes customer reference checks and either a virtual interview or a site visit. It can take as little as 30 days, but it depends on how long it takes you to upload your information.
Another good thing to remember is that once you have your national certification some states have a fast track to their state certification directories which gets you access to government contacts.
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