SFS: Small. Fast. Smart.

Delegation is the Key to Success

As entrepreneurs or small business owners, we find ourselves happily running our businesses until one day, something suddenly changes. Being able to multi-task and do everything on our own is no longer possible. There just isn't enough time in our day to complete all the mundane tasks we need to do.

What's the solution? The solution is easier said than done. Delegate. We have to hire someone to help us complete the everyday tasks that slow us down. The real trick is to hire someone that we feel can do the job and feel that we can trust. As hard as it may be for some of us, the rewards are what is going to keep your business going. As your business grows, it naturally will become harder and harder to do everything yourself. It's just not possible.

I found this great article in Entrepreneur that really gives some great advice for those who are nervous about allowing people to help your business grow.

Delegation Tips for Control Freaks

Let us know what you think. Share your experience with us. Were you also afraid to take the plunge? How did it work out?

How Important is Branding your Small Business?

 

What does it really mean to brand your business? If you have a small business, you need a way for your target audience to identify what you do and remember you. That is what having a brand can do for you. As a business owner, you need to establish a way to create long-lasting relationships with your customers.

This article explains not only how brand your business, but how to brand yourself. Positioning yourself apart from the competition is important to ensure your business will continue to grow and prosper.

How to Brand Yourself: An Introduction

The Holidays and your Small Business

Okay, so it's the holiday season. You own a small business and you're looking to offer your clients something special for the holidays.

Here's an idea: How about offering your current clients something special? In addition to offering incentives for new business, take care of your loyal clients, too!

Some suggestions:

1. Email your current clients a promotion coupon just for them.

2. Use the idea of having your clients refer a new one and if they use your product/services, give them a special percentage off their next purchase.

3. If budget allows, consider sending your clients a small gift or holiday card. Just being thanked for their business and appreciated goes a long way.

If have tried one of these suggestions, let us know how it was received. If you're trying one for the first time this holiday season, let us know what the feedback was. We'd love to hear from you!

Happy Holidays!

How to Finance your Business

You have a variety of options when it comes to financing your small business. In addition to traditional loans, you may wish to explore other opportunities that range from grants and bonds to investor-based venture capital. Here is an overview of your options so you can decide which one is best for you:

• Grants~Unlike business loans, grants have the advantage of not having to be repaid. However, grant funding is generally restricted to very specific audiences, and the use of grant funding is often subject to specific conditions, with strict reporting responsibilities.
  
  Facts About Government Grants
  SBA does NOT provide grants for starting and expanding a business. Government grants are funded by your tax dollars and, therefore, require very stringent compliance and reporting measures to ensure the money is well spent.
  Research Grants for Small Businesses
  If your small business is engaged in scientific research and development (R&D), you may qualify for federal grants under the SBIR (Small Business Innovation Research) and the STTR (Small Business Technology Transfer) programs as well.
  Find Grants
  Federal, state and local governments offer a wide range of financing programs to help small businesses start and grow their operations. These programs include low-interest loans, venture capital, and scientific and economic grants.
• Bonds~Bonds represent a unique funding opportunity for small business owners. Any bond offering made by your small business should be carefully reviewed by an attorney. The topics in this article will acquaint you with the types of bonds that are generally available.
  
  Surety Bonds
  A surety bond is an instrument that is signed by the Principal (or Contractor) and the Surety Company in order to protect the interests of the Obligee (the buyer, or party issuing the contract) in the event the Principal defaults on the loan.
  Tax-Exempt Bonds
  Tax-exempt, industrial-revenue bond (IRB) programs are attractive financing options for small manufacturers looking to expand operations and upgrade facilities. What is a Tax-Exempt Bond? Tax-exempt bonds are debt securities issued by a state or local government development agency on behalf of a private business.
• Investor-based venture capital~Venture capital is a type of equity financing that addresses the funding needs of entrepreneurial companies that for reasons of size, assets, and stage of development cannot seek capital from more traditional sources, such as public markets and banks. Venture capital investments are generally made as cash in exchange for shares and an active role in the invested company.
  
  The New Markets Venture Capital Companies
  The New Markets Venture Capital (NMVC) program seeks to stimulate economic development in Low Income (LI) areas. Through public-private partnerships between the SBA and newly formed NMVC Companies (NMVCCs) and existing Specialized Small Business Investment Companies (SSBICs), the program is designed to serve the unmet equity needs of local entrepreneurs through developmental venture capital investments, provide technical assistance to small businesses, create quality employment opportunities for LI area residents, and build wealth within LI areas.
  All SBIC Licensees by State
  The Small Business Investment Company (SBIC) Program provides venture capital to small businesses. Although SBICs are licensed and regulated by SBA, they are private, profit-seeking investment companies.

As you can see, there are many options to help you get started. The number of small businesses are growing rapidly, and it's nice to see that a support system is in place to ensure their success.

References: http://www.sba.gov/

6 Tips To Combat Job Burnout

Bob Dickson is the President of Dale Carnegie Training of Western CT in Naugatuck, CT.

The burned out employee is the workforce equivalent of the marathon runner who has gassed out - which is just what happens with burned out employees.  Naturally, this could lead to huge productively problems within your business.
 
Employee Burnout WILL Affect Your Company's Performance.
 
For your burned out employees, symptoms tend to manifest as anxiousness, noticeable tiredness (as if under-slept), an inability to focus and a short temper.  Obviously, none of these are conducive to a positive, strong work environment.  So, to make sure your employees avoid becoming burned out, scope out the six tips we have outlined below.
 
6 Tips To Combat Job Burnout:
 
Tip #1. Take Regular Breaks: Mental health is becoming increasingly important in the work place, and more and more employers are recognizing the need for their employees to take frequent breaks to keep their minds sharp.  By allowing your employees a fifteen-minute break in the morning, a 30- to 60-minute lunch break (that we recommend they take outside of the office) and an additional fifteen-minute break before the end of the day, you will find your employees' batteries are constantly at a full charge.

How Well Does Your Bank Know You? Making the Most of Your Banking Relationship

Mark Gruttadauria is the Manager of Hudson Valley Bank’s Stratford branch.

Your banking relationship should be a mutually beneficial and pleasant one. The right bank can take some of the pressure off and help your business grow and succeed. The following suggestions may help you know what to expect from your bank and how to get the most out of your overall banking experience.

1) Meet with your banker to explain your banking needs, including cash management and financing, now and in the future.  With their expertise and experience in financial matters, many bankers can be a valuable resource for you and your business.

Using Barter to Improve Your Business

Elizabeth Jordan is the President of New England Trade, LLC in Stratford, CT.

  Barter is the trade of goods and services between people. It has been around for thousands of years. Barter can occur between the smallest businesses to multimillion dollar corporations. Only within the past 78 years has it been organized into trade exchanges. Trade exchanges provide record keeping of barter between their clients.  They act as a bank or clearing house for trades and broker trades between their clients.  We are one of 9 barter exchanges in the state, with over 1200 barter exchanges nationwide.

Why should your business barter? Barter provides for greater profits with no bad debts and assured trade credits. It also conserves cash because you can purchase your wants and needs with barter dollars.  The trade exchange directs its clients to patronize your business when they require your goods or services.

Welcome to Small Fast Smart

Thank you to our sponsor

 

This journal is a collaboration between the Bridgeport Regional Business Council and SCORE.

Paul S. Timpanelli is the President & CEO of the Bridgeport Regional Business Council.

As we now begin our second year of our “Small… Fast…Smart” small business interactive journal, I just what to take moment to reflect on the life of one of our journal founders – Dr. George Dunbar. Although George led a long life, his passing nevertheless leaves a significant void in our community.

Throughout my 35 years of public life, I have had the very good fortune of having the opportunity to meet and interact a literally thousands of people from all walks of life and at many stations in life. I have been honored and fortunate to have interacted with untold numbers of Corporate CEO’s business owners, Senators, Governors, Mayors, Presidents, and all in between on all levels. I must say that the experience has been truly rewarding, educational, uplifting, and strengthening for me.

Ten Tips to Improve Your Social Media Strategy

Paska Nayden is a business coach in Easton, CT, who works with SCORE.

Is Social Media worth the effort, will it pay off or is it just a fad?  When working in a large corporation known for white shirts and blue suits, I recall the internet was initially seen as a potential threat to our relationship with our clients.   Today with social media, large and small businesses seem to be embracing this technology hoping to crack the code on how to create revenue by engaging clients or prospects in conversations. Big, small or one person companies at the end of the day focus on two things: improving profits by selling more stuff and/or reducing cost which should be the goal of your social media strategy.

The shift to social media is real and will only continue to grow as we learn to adapt our marketing and blend it with our traditional techniques.  Who would have imagined 500 million FaceBook users and over 75 million professionals on LinkedIn with most of the growth in the last 12 months?  Join the conversation, do not push your product, create value, and you will reap the benefits of being social online.


Here are few thoughts if you are just starting or want to improve your experience:

1.  Pick one platform to start with such as FaceBook or LinkedIn or another site relevant to your audience. Start with one to gain experience

The Dark Fiber Advantage For Your Business

Bob David is the Regional Market Manager, Bridgeport and New Haven, for Fibertech Networks in Stratford, CT.

Having the right amount of bandwidth has become as critical a resource to local businesses as clean water or electricity. Exacerbating this demand for broadband services is both the continual deterioration of legacy information technology facilities and the reduced investment in network infrastructure by incumbent providers.

Bridgeport businesses such as schools, healthcare facilities and regionally-focused banks are finding it increasingly beneficial to link their locations, online resources and databases to take advantage of efficiencies. One solution in Bridgeport that continues to gain momentum is leasing strands of dark fiber optic networks.