SFS: Small. Fast. Smart.

Welcome to Small Fast Smart

Thank you to our sponsor

 

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

Dr. George R. Dunbar is a counselor at SCORE.  Paul S. Timpanelli is the President & CEO of the Bridgeport Regional Business Council.

This is the third issue of the SFS -Small, Fast, and Smart Business Journal being sponsored by the BRBC (Bridgeport Regional Business Council) and SCORE (the Service Corps Of Retired Executives).  In the first two issues we included many timely and interesting business articles on various business topics that apparently hit the mark for you.  We say this since your on-line response and interest has been very gratifying due to the large number of you who have logged in.  This issue will include additional subjects that should be of equal interest and help to you.
 
As you know, this Business Journal has been developed in partnership with the local SCORE organization.  SCORE has developed many business programs and activities that are available to the BRBC membership at no charge.  In addition to offering personal counseling services that now are free to BRBC members, they are now offering "round table" discussions to members of similar industries that permit participants to air problems and solutions common to their market conditions.  In addition, SCORE has developed a corps of experts on most of the important business topics such as marketing, finance, operations, human resources, cost controls and "green" technology.  These experts are available to you individually or for group presentations.  For the asking, you can be on their mailing lists for the dozens of evening Workshops they present on timely business subjects.Council.
 
We are hopeful that this SFS  -  Small Business journal is providing you with timely and supplemental information that is helpful to improving the growth and profitability of your business.  Both the BRBC and SCORE are dedicated to bringing you effective business resources to assist you to improve the value of your businesses.  
 

   

Diving Into Social Media and Developing a Strategy

Cynthia Cavoto is the President of Marketing That Works For You in Stratford, CT.

Social media is here to stay AND it has huge merits for promoting a business. These include:
• Reaching people immediately – targeted audiences, no less!
• Engaging in discussions and building relationships with existing and potential customers
• Learning of potential business growth areas.

Great, what next? Do you start a FaceBook page, Twitter, blogging, LinkedIn? That depends largely upon your marketing goals. As with traditional promotions, having a strategic approach is better than randomly dabbling in these venues. This facilitates the best use of time and budget.

First, start thinking about messaging. Take comfort in knowing you cannot – and do not need to - be everywhere. Here are basic guidelines for using some of the proven (and FREE!) channels:

Why Review Employee Performance? (Part 1 of a 2 Part Series)

Mark Schneider is President of The AXIA Group, a sales and management consulting firm based in Stamford, CT. 

Many people enjoy bowling.  When asked “Why?” most will say they enjoy the interaction with friends, the opportunity to do something fun and the exercise.  Would people still bowl if the pins were hidden and the bowler couldn’t see how many were knocked down?  Doubtful.  We want to see how well we did compared to our past games, and if we are beating the team next to us.  We need the feedback.  The same goes for company employees.  Many enjoy their jobs and companies, but that is not enough.   Within each of us is a need to know “How am I doing? How can I get better?  Am I meeting expectations?”    Jack Welch, former CEO of GE Corporation said “We build great people, who then build great products and services.” It is a manager’s obligation to utilize the employee review as an opportunity to grow people and provide them with the feedback they deserve.

Benefits for the Employee
• Understand the company vision and how their position is an integral component of reaching it
• Exchange information, receive constructive feedback and assess how they can perform their job more effectively
• Discuss advancement opportunities and begin the process of preparing for those opportunities.
• Gain recognition for meeting expectations and increased satisfaction for performing the job well
• Eliminate stress and know if the job is being done well

Before It Happens: Plan to Take Your Business Through the Storms

Paul Plouffe is the President & CEO of ServiceMaster of Greater Bridgeport of Stratford, CT.

In my 25 years of providing restoration services to businesses which have suffered disasters resulting from fire, flooding or other severe storms, I have encountered the following truth: the business that has a disaster plan will endure while the business that does not will usually go out of business within one to three years.

I remember Rudy Giuliani speaking at a conference about his experience during 9/11. He said that while New York City did not have a specific plan for planes flying into the World Trade Towers, it did have a solid plan for major emergencies that was effectively adapted to the situation. 

Small business owners can and should take example from our cities and towns who have been doing mock drills in anticipation of these kinds of tragic interruptions. Initiate discussions with your staff about planning for potential disasters by examining three areas of vulnerability which are common to the process. Adapt these guidelines to the specific needs of your business.

Maximize Your Competitive Advantage by Leveraging Telecommuting to Enhance ROI

Jean Stimolo is a professional at Telecommute Connecticut in New Haven, CT.

Telecommute Connecticut’s New Cost-Benefit Calculator Quantifies Savings

Return on Investment!  It’s one of the key components to a successful business.  Balancing ROI, remaining competitive, retaining key employees in critical functions and improving job satisfaction are issues Connecticut employers are struggling with.

Implementing a telecommuting program help employers effectively manage such issues. According to a 2009 CBIA survey, the top reasons Connecticut companies offer telecommuting to their employees are employee retention, increased productivity, recruitment and business continuity.

Telecommute Connecticut, a free service available to Connecticut employers, believes now is the perfect time to reassess ways to maximize your competitive advantage through telecommuting. Most often, cost savings achieved through telecommuting are attributable to increased productivity, decreased turnover and reduced office/parking requirements. So how do you quantify these savings?

Accounts Receivable – Risks and Opportunities

Bob Svensk is a counselor at Greater Bridgeport SCORE.

Accounts receivable typically account for a significant percentage of an SME’s assets.  Accordingly, they should be treated like all your other assets – they should be productive and they should be protected.  

Extending credit to your clients can be both a necessity -- to keep a good customer or to respond to a competitive threat -- and an opportunity – to help secure a new customer.  The extension of credit to an existing or prospective customer can be a powerful marketing tool.  Your receivables can also be an important source of financing.  Thus, careful management of these assets is essential.

The same methods for managing the risks faced by all your assets are equally relevant for managing your accounts receivable.  These methods include:  

Avoidance – No risk here, but not extending credit can have a negative impact on your sales.
Retention – Not always the best strategy unless you know your customers very well.
Control – Offering very short credit terms or discounts for prompt or early payment are two examples of control. Clients needing on-going parts or service also give you greater control over your collections.
Transfer – This may be the most efficient way to accomplish both your marketing and your risk management objectives.  All methods of transferring risk entail a cost, albeit more quantifiable than, say, an avoidance or retention strategy.