Sonabank P.o.w.e.r. Plug Podcast For Women In Business

Which business entity should you choose to start a business and why? Sole Proprietor? Limited Liability Corporation? C Corp? When should you change your entity as your business grows? How have the new tax laws impacted business tax rates? Know the answer is key. Choosing the right business entity directly impacts how much tax you pay and legal liability. In this episode, host Mary Foley talks with Joye Sistrunk, Principal/Founder of Premier Group Services (PGSI), a Certified Public Accounting and Management Consulting firm in Lanham, MD.  As she and her team helps business owners, she finds again and again that business owners need to figure out the best entity for their business as they grow and change. Listen and learn: Exactly what is a “business entity” The difference between a Sole Proprietor, LLC, S Corp, C Corp, and B Corp How to decide which business entity is the best when you start and as you grow How the new tax laws have made C Corps the lowest corporate tax rate in over 100 years The financial a

We all want to be prosperous, but what is the secret to being financially successful? What holds so many back from true financial prosperity? Are we making money mistakes without realizing it? These are questions many women ask themselves and we dare to discuss. In this episode, host Mary Foley talks with Sorana Blackfoot, founder of Un-Broke Women, where she is a Prosperity Mentor who teaches women to create, preserve and transfer wealth. Originally from Romania, Sorana has been in Richmond, VA since 2002. In her new book, “New World, New Dreams: My Money Story” she shares her own journey to building a better relationships with money so you can, too. Listen and learn: Why financial prosperity is more than financial freedom Common money mistakes that hold us back from achieving the prosperity we really want Keys to shifting your money mindset from scarcity to abundance How money will make you more of who you already are Sorana’s money lessons moving from Romania to U.S. that changed everything

March 8, 2018 is International Women's Day, a day where all nations recognize and celebrate the social, economic, cultural and political achievements of women around the world!   To celebrate, we want to explore how women especially have bridged cultural gaps and differences to be successful in today’s multi-cultural world and marketplace.   In this episode, host Mary Foley talks Shanna Kabatznick, who came to the United States from Ecuador as a young woman and stayed to start her family and build a successful career. Today she is a Sales Strategist with over 20 years’ experience in the financial services industry and Founder and CEO of the community called FABWOMEN.   Listen and learn:   Shanna’s surprising story of why she came to the United States What she was shocked to learn from her first experiences alone in the U.S. How Shanna responded when people asked her where she was from What she did to adapt to the most personally challenging aspect of the U.S. culture Her secret to bridging cultural gaps that

Did you know that according to USAspending.gov the federal government alone spends over $74 billion with contractors? And that $6.9 billion of that was awarded to companies and business in Virginia, second only to California? Have you heard that winning a contract or selling to local, state or federal government is tedious or cumbersome? Or that government only buys from the “big guys”? The reality is that local, state and federal government are organizations that spend a lot of money with all sizes of private sector businesses for the products and services they need. Though their purchasing process is different, it’s not necessarily difficult – and can be very profitable. In this episode, host Mary Foley talks with Tammy Farmer, founder of Government Marketing, who has over 25 years of experience in the Supply Chain where she gained valuable purchasing and inventory experience as a buyer in the local, state, and federal government. Today she and her team educate and assist small business owners about navigat

Do you know what you want to happen when you exit your business? Your business is a financial asset like stocks, bonds or real estate that can fund your retirement, but only if you have a strategic business succession plan. How do you determine what your business is worth? What can you do today to increase the value of your business for the future?   In this episode, host Mary Foley talks with Ellen Mcilhenny, a Certified Business Transition Expert with B2B CFO with 20 years of experience as a Chief Financial Officer and controller. Ellen knows the ins and outs of everything that touches the finances of a business, including how larger businesses acquire smaller ones. Today we tap into her experience and insights to help small business owners consider their own business succession plan. Listen and learn:   What is business success planning and why it is critical to your financial future How to figure out what your business is worth What you can do now to increase the value of your for a future buyer The chal

For many, owning a home is one of the biggest financial investment you will make. Do you know how the new tax law impacts your mortgage or Home Equity Loan write-offs? Should you refinance your home or purchase your first one? Will mortgage interest rates still remain low or are they forecasted to increase? In this episode, host Mary Foley talks with Tiffany Barber, veteran mortgage specialist with Southern Trust Mortgage, a Sonabank partner that is headquartered in Virginia Beach with retail branches throughout the East Coast. They are a big supporter of the P.O.W.E.R. program because they are truly interested in helping women not only get the best rates, but also making the process as easy as possible. Listen and learn: The impact of the new tax laws on writing off interest on mortgages and Home Equity Loans (HELOCs) Why you should consider re-financing now rather than waiting What are typical mortgage interests rate today and what is forecasted for 2018 How mortgage rate trends impact first time home buye

You pay by credit card all the time for your business and personal expenses. But, are you accepting credit card payments from customers and clients? If so, are you using the most appropriate devices for how your business operates? Do you know if you are paying a competitive transaction fee? In this episode, host Mary Foley talks with Forrest Shearin, Assistant Vice President of the Mid-Atlantic region for BluePay, who partners with Sonabank to provide merchant services to all bank customers, including P.O.W.E.R. customers. It’s a big credit card processing world out there and Forrest will share how to simply and maximize it for your business.    Listen and learn: What exactly are “merchant services” What kind of businesses and organizations currently use merchant services. (You might be surprised!) The latest trends for credit card transactions business owners needs to know Transaction fees you should be getting to maximize your profit What business owners need to consider when choosing a merchant service Th

If common wisdom is to set goals for your business, what do you do in uncommon times? Are 1, 3 or even 5 year business goals still relevant and effective? Is there a better approach that enables you to be responsive to changing conditions? In this episode, host Mary Foley talks with Alison Conners, owner of Renaissance Executive Forums of Virginia, where she hosts peer advisory groups for CEOs, business owners and executives to help them intentionally grow their business. Her practical advice for responding to today’s ever changing marketplace turns traditional goal setting upside down.   Listen and learn: Why traditional goal setting for your business does not work in a rapidly changing marketplace A different, more effective approach to implementing your business strategy that enables you to be responsive to changing conditions How to know when to seize an unexpected opportunity and when to stick to your plan The biggest mistakes you see business owners and executives make that prevent them from successful

Are you hitting your small business revenue goals? Do you have difficulty filling open positions, have unproductive employees, or experience an internal people problem? Do you feel overwhelmed and that the best you can do is react to each day and hope for the best? If so, you’re not alone! These challenges and more can be overcome with a practical, strategic plan. In this episode, host Mary Foley talks with Rene Haines, Founder and President of FocalPath Coaching in Richmond, VA, where she works with small and medium size business owners to solve strategic and practical problems for bottom line results of increased growth and profitability. That’s what we all want and that’s why we want to talk with her today!   Listen and learn: What strategic planning really looks like for a small or medium size business Common challenges business owners face that can be overcome with strategic planning With constant marketplace change, do you really need a detailed 3 – 5 year plan The biggest mistakes business owners make

Is networking really working to grow your business? Does it feel awkward and inauthentic? Has networking become boring or routine? Time to refresh, regroup, and re-energize your networking with a new approach! In this episode, host Mary Foley taps into the power networking strategies of Kathy Eckhardt, the Dream Big Now coach. Kathy first learned leveraged these networking strategies to earn her way into the top 1% of all Mary Kay Sales Directors and into the driver’s seat of 14 pink Cadillacs. Since then she has dedicated herself to showing other entrepreneurs how to do the same as a 6 Figure Business Coach and founder of The Solopreneur Success Connection of more than 400 savvy entrepreneurs.   Listen and learn: The invisible sign everyone is wearing that powerful networkers see and respond 3 of the biggest networking mistakes most people make Go-to questions to start conversations What to do if you are uncomfortable or intimidated by a room full of strangers What you must do within 48 hours after making a

Do you know your intellectual property rights and risks as a small business owner? Whether it’s securing your company’s trademark, protecting your brand, or knowing copyright common law, being unaware or unprotected could cost you thousands or even your business! In this episode, host Mary Foley talks with Pam Gavin, founder and owner of Gavin Law Offices. She and her team provide nationally ranked, award-winning intellectual property services and legal counsel to businesses and individuals around the world or just down the street in Richmond, VA. Listen and learn: - Why you may be unknowingly setting yourself up for a potential law suit because of your company name or brand - Why searching the US Patent & Trademark Office database or a Google is not enough to determine your trademark or brand name is in the clear - The key times in your business’ growth that you need to consider doing a trademark search, even if you’ve done one in the past - How much you can expect to pay for a due diligence tradem

When it comes to upping your social media smarts, wouldn’t you love to talk with a millennial who grew up on it? And since they are so familiar with communicating this way, how can you be smart about setting expectations with millennial and all employees regarding social media during work hours and beyond? In this episode, host Mary Foley talks with Lauren Portlock, Marketing Coordinator for EVB, who breaks the common stereotype of a slacker millennial. For the last 2 plus years she’s been the right hand gal for EVB’s Chief Marketing Officer Michelle Hastings Simon. In addition to offering her millennial perspective on the company’s social media strategy, she makes sure this podcast is up and that you know it’s available. Listen and learn: - Whether Millennial or Boomer, professional or business owner, how important is it to have a digital footprint? - Are millennials so used to social media that they don’t think it applies to them? - If you find a less than flattering image of yourself on social media o

Authenticity is critical for creating a powerful personal brand. But, how can you truly capture and communicate your authenticity, especially online? What’s the real impact of one-of-a-kind images on your business – as well as your confidence? Get ready for some answers! In this episode, host Mary Foley talks with Kim Brundage, a photographer in Richmond, VA who specializes in personal branding sessions for women entrepreneurs and professionals. Her unique approach is designed to remove the awkwardness of a photo session so you can capture what your best customers and clients really want – the real, authentic you. Listen and learn: Why creating a powerful personal brand is critical for every business owner and professional Why authenticity is a big deal in today’s market place How to have personal branding consistency without being boring Kim’s unique personal branding process for capturing your essence and authenticity The impact of unique personal branding images on your business and your confidence See f

Whether it’s changing regulations or new funding options, obtaining a loan for your business can feel like a mystery. It’s time to pull back the curtain and demystify commercial lending. In this episode, host Mary Foley talks with Chris Layne, Senior Vice-President and Director of Commercial Banking at EVB. For over 10 years Chris has been helping local small business owners get the funds they need to operate, expand, and grow their business. He’s also made an impact on his hometown of Huntington, WV as a co-founder of TeamKRL, a non-profit organization that provides life skills to middle school and high-school students. Listen and learn: - The most common reasons business owners need a loan - What’s the difference between a business loan and a line of credit - The most important aspect to getting a loan that most business owners overlook - Why you should be wary of unsolicited commercial loans from unfamiliar institutions - What steps to expect in the commercial loan process - Who ultimately decides

Your business is growing, you need more room, and you’ve found the perfect space! In all your excitement (and relief), don’t sign on the dotted line until you fully understand the leasing agreement and negotiate what you want.  Today’s guest reveals her pro tips to negotiate a commercial leasing agreement so you avoid common pitfalls and get the best terms.  In this episode, host Mary Foley talks with Katherine Watson, President of Manakins Farms, a real estate and development company, and Co-Founder of Office Alternatives, a co-working space, both in Richmond, VA. A big part of her day is spent leasing space to tenants. So, we tapped into Katherine’s expertise about what to do and what to avoid to set yourself up for the best commercial leasing agreement possible.   Listen and learn: The biggest mistake most make when entering into a commercial leasing agreement Exactly when you should hire an attorney to review your lease What should be included in a Letter of Intent (LOI) The savvy question that will reve

LinkedIn is one of the largest social media platforms in the world – and it’s changing. How will the new platform design affect you? How can you use LinkedIn to actively grow your business? In this episode, host Mary Foley talks with Cheryl Matt, owner of CBM Business Consulting in Richmond, VA. Cheryl implements practical tools and strategies for business owners and professionals to get more done in less time. With four proven strategies, her clients save 2 to 10 hours or more per week – and become more profitable.   Listen and learn: How LinkedIn has changed and what to expect from the new platform The number one reason why every business owner should be on LinkedIn Savvy ways to use LinkedIn to identify new prospects Three essentials every business owner must have for a powerful Personal Profile What is a Company Page and how to leverage it to showcase your business Practical ways to make LinkedIn part of your daily routine

Want to spend less time at the bank and more time growing your business? Love the idea of the cash in your account making you money while you sleep? Ever had someone try to cash your check with extra zeros? In this episode, host Mary Foley talks with Barry Almond, Senior VP and Director of Treasury Management at EVB. You might be thinking “Treasury what?” Treasury Management at EVB is all about helping business owners just like you save time, save money, make money and protect your hard-earned money. From one-person businesses to organizations with dozens of employees, Treasury Management can help savvy business owners at every level. Listen and learn: - How to easily manage your business banking while you’re on the go - Two simple, quick ways to deposit checks without going to a bank branch - What are bank “sweeps” that have nothing to do with a broom, but offer a possible way to “clean up” - How to make money overnight with the cash in a business checking account - Several electronic payment options tha

You work hard all year for your money. So make sure you don’t miss the most overlooked small business deductions when filing your taxes. And make sure you document them in a way the IRS likes! In this episode, host Mary Foley talks with Donna Barwick, President and CEO of Barwick & Associates, a certified public accounting firm in Colonial Heights, VA. Donna shares frequently missed and often misunderstood write offs from over 30 years working with small business owners. Plus, she gives great tips about how your business structure can save you taxes and strategic ways your accountant can help you run a better business. Listen and learn: - What is the best small business entity to reduce my taxes and risk? - What are the most overlooked small business tax deductions? - How do I legally write off meals as a business expense? - What is the home office Safe Harbor deduction and should I take it? - What real difference does it make if my personal and business expenses are in the same bank accounts? -

Today there are more ways than ever to create a big marketing impact on a small budget. But how do you figure out the right marketing strategy and plan for your business so you aren’t throwing away precious time and money? Host Mary Foley talks with Michelle Hastings Simon, SVP and Chief Marketing Officer at EVB and co-founder of the P.O.W.E.R program. Michelle’s creative brain never stops, which is one reason why she’s been so successful. Another is that her positive energy is contagious. She’s loaned her talents to agencies like Charles Ryan and financial institutions including Bank of VA, First Community Bank, Cap One and now EVB. One of her biggest strengths is moving easily from vision and strategy to implementation, problem-solving and follow through. Now we get to pick her brain! Listen and learn: - Why a marketing strategy is so important - 4 steps to develop a successful marketing plan on a small (or large!) budget - One common mistake when creating your marketing plan and how to avoid it - Ho

Ever wondered if there is a faster, cheaper, better phone system for your small business? There is! It’s called VoIP or Voice over Internet Protocol. If you’re not using VoIP chances are you’re paying too much and missing out on the incredible flexibility, features and customization that a VoIP phone system offers. Host Mary Foley talks with Dorothye Brodersen, co-owner and CFO of Infotel Systems in Richmond, VA. For over 20 years Dorothye and her husband Chuck have been providing businesses high-quality, reliable phone and data systems like the big companies but with the advantage of local, personal support. As technology has evolved, Infotel Systems has been right there to make the best options available, including the biggest shift in phone technology is decades – VoIP. Get your geek on to listen and learn: - What is VoIP phone service? - Why is VoIP better and cheaper? - How can VoIP help my business? - Why should I switch to VoIP for my business if my current phone system works just fine? - If I u