7 Essential Business Tools for Female Entrepreneurs

By Julie Morris, Life and Career Coach

Entrepreneurship can be a wonderful gateway to freedom, flexibility and financial success, but it also comes with its fair share of challenges. This is especially true for women, who often have to juggle their businesses with a host of other responsibilities, whether it’s child-rearing, domestic upkeep or simply another career. Of course, the ability to manage all these things at once is one of the reasons why women are starting more businesses.

However, it doesn’t have to be so hard. These days, there are dozens of incredible online services designed to make life as an entrepreneur easier — finding the right ones can not only boost business, but also help you maintain a healthier work-life balance.

Here are the key categories you should be looking at.

Marketing Automation

Marketing automation cuts down on hours of repetitive admin time, such as sending emails, updating social media or analyzing data from previous campaigns to better target customers. It makes life easier for a business owner who may be overwhelmed by the amount of marketing that entrepreneurship involves, and can lead to better outcomes and growth. You can read about the best marketing automation tools on the market in this guide by Venture Harbor.

Customer Relationship Management

A customer relationship management (CRM) tool can help smooth out the process of communicating with your customer base. It manages everything from newsletters to email campaigns to social media interactions, and allows you to better leverage data for increased sales. If this sounds similar to marketing automation, that’s because it is. However, there are key differences that make each one uniquely valuable.

Email Finders

One of the hardest and most frustrating parts of marketing is the act of actually finding the right email addresses to use. Email Hunter is a great tool that helps you find exactly the right email you need, and it also verifies emails to make sure they are still valid.

Invoicing

Invoicing is not only time-consuming, but it has to be one of the most boring aspects of the job. However, you can make everything easier by investing in an invoicing tool that automates the process and helps you keep track of payments and expenses without all the admin. There are a few popular options on the market, some of which are free or inexpensive.

Lead Generation

You don’t have to find leads by yourself. Some tools offer comprehensive databases of useful leads, and you can select the best ones without having to sift through huge lists. Leadfeeder has an excellent and extensive list of the best lead generation software available in 2019.

Logo Maker

A good logo is essential if you want your customers to remember you and your business. However, not everyone has the creative chops to come up with one (or the budget to pay a designer). Oberlo offers a free logo maker that works as a great alternative solution.

Website Builder

Constructing a website can seem like an intimidating task if you don’t know the first thing about design or coding. However, today’s web builders are designed to be used by anyone, with easy drag-and-drop interfaces that make creating a unique website a breeze. There are many great options available, so think about how to choose the best one for you.

What all these tools have in common is that they free up time you could be spending on other tasks that require your attention. They take the manual work out of the things that every entrepreneur has to do but few actively enjoy or are confident in. By investing in these tools, you can clear many, many hours of tedious admin to focus on the stuff that matters, whether it’s your business, your family or a part-time career.

Julie Morris is a life and career coach. More information can be found on her website at juliemorris.org.

What They Don’t Teach in Dental School

FDC Speaker Header

By Mr. Casey Hiers, FDC2019 Speaker

Dentistry is a unique and challenging occupation. The variety, flexibility and income potential associated with being a dentist or specialist is second to none. What most dentists don’t see coming and receive little to no training on is the business side of dentistry. A practice owner can bear the workload of multiple C-level executives, on top of providing great dentistry. This can cause a dentist to spend many late nights pouring into the business side of their practice. Too many dentists feel like they are on a hamster wheel or on an island with no one to talk to and no end in sight. Is this the best use of your time? Is this what you went to dental school for?

The No. 1 challenge in dentistry today is the business side. A dentist makes the most impact treating patients, not analyzing QuickBooks, accounting strategies, cash flow reports, etc. Making sure the proper systems and processes for your specific practice are in place to maximize your income and retirement savings is paramount.

We worked with a dentist in Texas who was just winging it when it came to the business/finance side of their practice. They struggled with insurance, income structure, retirement savings, overhead and poor tax management. They felt they were taking one step forward and two steps back. If you want an example of what getting your financial house in order looks like, then this before and after snapshot will be worth a glance. Their income went from $196,500 to $322,700 in 2 ½ years. Retirement savings went from $0 to $64,050 in that same time frame. Those are just the financial benefits. The emotional relief that comes with mastering the business side of your practice is priceless. Another example is a dentist from Florida. They were gifted clinically, adored by their patients and extremely busy. They didn’t mind the business side, but always felt like they could be doing better. Their income went from $177,106 to $318,033 and retirement savings from $14,041 to $104,023 in two years. Overhead decreased 12%, but the biggest improvement in their eyes was no more tax surprises from Uncle Sam.

Attending this course could be the difference between being financially free to retire in your 50s or worrying that your hands, neck or back will give out before you are able to retire on your terms.

Mr. Hiers’ course, “What They Don’t Teach in Dental School — The Business Side” (NC04) will be on Thursday, June 27 from 9:30-11:30 a.m. Make sure to register for this course today — only 30 seats left! Go to floridadentalconvention.com to register.

4 Important Considerations for Succession Planning

By Stacey Prince-Troutman, Broad and Cassel Senior Counsel

​You have worked tenaciously for the past 40 years to build your business and reputation in the community. Your business is a success, but recently, your passion for being involved in the day-to-day operations of the business and meeting with patients has dwindled. Instead, you dream of traveling more and spending time with family. You trust your younger associates to run the business while you are traveling and would likely sell the business to them once you retire. If you are in this situation, then now is the ideal time to formulate a business succession plan.

Planning to transition your business to your associates should start now, not when you’re three weeks away from retirement. An effective business succession plan takes years to successfully execute and should consider the following:

  • Mentoring the next generation of leaders. Your associates should be given the opportunity to be “mentored” into transitioning from skilled practitioners to business owners. Cross-training is the key to ensuring a successful transition. Associates should be trained in managing staff, dealing with insurance companies, vendors, accounting practices and more.
  • Obtaining a business valuation. You should retain a qualified business appraiser and accountant to determine the fair market value of the business. Once a valuation is obtained, a schedule for your payout should be discussed so that the associates will have the funds needed — at the appointed time — to acquire your business.
  • Preparing an agreement. Once an agreement is reached, an experienced attorney should be retained to draft an agreement that provides for the transition of the business to the associates. In addition to including the basic deal points, a properly drafted agreement should include certain safeguards for breach, death and other contingencies.
  • Updating your estate planning documents. It’s not unusual for your business to be one of your most significant assets, if not the most significant asset. Accordingly, you should update your estate planning documents to consider the receipt of your remaining interest in the business (or outstanding payments under the agreement) by your heirs following your death in the event you die before fully transitioning the business to your associates.

A proper business succession plan is crucial to the viability of your business after your departure, and there is much that goes into a well-structured and thoughtful plan. A qualified business appraiser, accountant and attorney make up the team that is an invaluable asset in this process — ultimately assisting in formulating a plan and overseeing its successful execution. As we kick off the New Year and plan for the future, this might make for a good resolution.


Stacey Prince-Troutman is Senior Counsel in the Orlando office of Broad and Cassel. She is a member of the firm’s Estate Planning and Trusts Practice Group and can be reached at
sprince@broadandcassel.com or 407.839.4200.