Boost Profits With Nell Merlino's 'CMI Business Accelerator' Initiative

STUDIO CITY (CBS) — Are you looking for a simple strategy to jumpstart your business? Nell Merlino stopped by KCAL9 Thursday to talk about how women-owned businesses can grow.

Count Me In, with support from the Sam's Club Giving Program, will be presenting the "CMI Business Accelerator" event, coming to Los Angeles on May 10-11th.

The Business Accelerator is an exciting initiative for women entrepreneurs ready to grow their businesses to $250,000 or more in annual revenues.

Nell's Top Tips:

1. Know your financials and have solid financial goals: This is something many women tend to avoid. If you're going to grow your business sustainably, you need to understand how your business is spending money. Know where every dollar goes, right down to the last decimal point. You need to fully know where you're going and what you need to achieve in each quarter. It's important to understand profit.

2. Learn how to be a CEO: This is one of the biggest transitions women we work with need to overcome. Just because it's your company does not mean you have to do everything yourself. In order to grow your company you need to be out there selling it. It's called working on your business, instead of in your business.

Your role as CEO is knowing how to hire the right people to help you make money. To start, write down the things you don't like to do, don't know how to do, and where you just aren't skilled. Be honest! For these things it's perfectly OK -- and more efficient -- to have someone else handle them.

Then, think about what other areas of your business need to be addressed? What are the skill sets they require? Is it an assistant to deal with the manufacturer when you have a big order? Or a salesperson or a sales force if that's the least favorite part of your work? What about a bookkeeper to take charge of getting your invoices out on time?

3. Trust your gut and don't underestimate your own wisdom: How many times have you said, "I knew this was a bad idea," after you've done something? Women have been taught not to trust themselves, that others know what's best for us. This can put our self-esteem down near the ground. The fact is, if you don't have confidence and respect for yourself and your judgment, you're less likely to listen to your heart and gut. And, as a business owner, you can miss out on a lot of good opportunities as a result of this.

Pay attention to your inner voice. If you find yourself hesitating because something doesn't feel right, step back and listen.

Also, don't assume others are smarter than you. Just because someone is a lawyer—or other licensed professional you might hire—doesn't mean they are smarter than you. They may know the law, but they don't know your business. You are the expert in that department! Professional expertise can be valuable in growing your business, but trust what you know as the business owner.

4. Get Involved: There are lots of great resources and communities out there that provide opportunities to connect with other women small business owners in person. These groups provide important places to be heard, to share ideas, and find encouragement and support. Count Me In offers lots of resources like the upcoming Business Accelerators in Los Angeles, Detroit and Charlotte, NC, as well as free webinars and a Meet Up Groups in 12 cities across the country.

Also consider attending at least one conference per quarter. And no—they don't have to break your bank. Think of it as an investment. If carefully chosen and carefully planned, you can earn the money back in terms of vital new contacts, new ideas and keeping up with your industry.

5. Don't Fear Failure: In facing challenges, I find it helpful to ask myself, "What's the worst that can happen?" Once I face that possibility and the consequences that go with it, some of that fear subsides because I know I can handle it. Being in business isn't all about wins, it's about learning from your failures in order to move forward.

At the CMI Business Accelerator event, participants will pitch their businesses to a panel of experts for a chance at a spot in the Count Me In Business Accelerator Program, a 12-month business growth coaching and education intensive. Event attendees will also take part in business-building workshops, hear inspiring keynotes, and network in a community of peers and role models.

Event details:

CMI Business Accelerator – Los Angeles Conference and Competition
May 10-11, 2012
Skirball Cultural Center
2701 N. Sepulveda Blvd.
Los Angeles, CA
Register at www.countmein.org/BizXL

Upcoming Pitch Parties:

Thursday, March 1, 2012
6:30 to 8:30 p.m.
DLR Group design
3130 Wilshire Blvd., 6th floor
Santa Monica, CA

**Nell Merlino attending

Thursday, March 15, 2012
6:30-8:30pm
Duke's Restaurant, Malibu
21150 Pacific Coast Highway
Malibu, CA

Thursday, March 29, 2012
6:30 to 8:30 p.m.
Slalom Consulting
1500 Rosecrans Suite 410
Manhattan Beach, CA

Tuesday, April 10, 2012
6:30 to 8:30 p.m.
New Directions, Inc.
11303 Wilshire Boulevard, Building #116
Los Angeles, CA

To RSVP and for more information, contact BizLA@countmein.org.