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.

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.

Business Readiness: Is Your Plan On Target?

Frank Bridge is the Director of Workplace Education at the American Red Cross in Bridgeport, CT.

A recent survey conducted by the American Red Cross revealed some startling information about the state of readiness of American businesses:

• One-third of businesses surveyed do not have a business continuity plan in place.
• 40% of businesses never reopen after a disaster
• Although 89 percent of those surveyed believe it's important to be prepared, far fewer are ready for an emergency.
• Close to 60% of Americans are wholly unprepared for a disaster of any kind.
• Only 1 in 10 American households has hit the preparedness trifecta: a family emergency plan, an emergency supply kit and training in life-saving first aid and CPR.

No one likes to think about preparing for emergencies or disasters.  And let’s face it, the state of Connecticut does not experience the same type and frequency of disasters as states like Florida, California and any number of Gulf Coast states.  Still, we only have to think back to the Christmas Nor’easter or the Bridgeport tornado to recognize that we, too, are vulnerable to the “big one.”

5 Simple Tips for Applying for a Small Business Loan

Michelle Orr is a Business Development Officer at Wells Fargo SBA Lending in Shelton, CT.

With interest rates at record lows, many small business ow ners are seizing this
moment to  grow their businesses.  When the time comes to open or expand a small business, countless small business owners select the benefits of a Small Business Administration (SBA) loan for their financing needs.  These guaranteed loans provide high-leverage financing with low down payments for qualified borrowers.  While the process of applying and successfully qualifying for a SBA loan is no different than any loan process, here are a few helpful tips that should simplify your trip to the lender:

Tip #1:  Be Aware
Gather all of your personal and business financial records for the past three years (tax
returns, financial statements, etc.) and make a copy of this package for the lender.  Also, be aware of your credit standing.  If there is any derogatory information on your credit report, prepare a letter explaining what happened and why the problem will not occur again.

Doing the Wrong Things Faster Still Makes Them Wrong

Wally Hauck is a Certified Speaking Professional in Milford, CT.

I don’t believe in the value of the typical performance appraisals.  They often damage trust and they ignore real root causes of problems by looking to the individual to fix problems that are actually in the system.  People often ask me if I subscribe to performance appraisal software that enables managers to more quickly process performance appraisals and track individual performance.  The purpose of this software is to accelerate the tracking of individual performance to make higher quality promotional and compensation decisions.  Unfortunately accelerating decisions using the wrong tool is still wrong.

I help organize and coordinate a fund raising program for local Rotary Club called the Program Book.  It is for the largest annual fund raising event.  Members place ads in the ad book and it is distributed to all members for the purpose of raising money and promoting businesses who support Rotary.
   
A Doctor provided me a hand written ad for the book. The participants in the ad book are supposed to give original artwork in order to insure quality and accuracy.  Instead the Dr. gave me a hand written note!   Have you ever seen a Dr.’s handwriting?  I couldn’t read it.  Furthermore, I did not have the ability to request a correction because I had to go out of town. I ran out of time to contact her. The ad was, unfortunately, printed incorrectly. 

Understanding your Homeowners Policy

Guy Hatfield, CPCU is the President of Hatfield Insurance Agency in Fairfield, CT.

The homeowners (HO) policy is probably the most ubiquitous insurance contract around. Yet, few understand what is provided-or not provided in the document.  The homeowners policy is a "packaged" contract that insures your home, contents, detached buildings on your property such as garages and barns, and expenses necessary if you have to live elsewhere because of a loss.  The perils insured against include the most likely losses such as fire, wind, smoke, explosion, water damage from busting pipes, theft, as well as others.  The policy does not insure against flood.  The latter policy can be purchased through the government.  In addition, the HO policy insures against injuries and property damage due to your negligence such as when someone slips on that doorstep you didn't get around to shoveling or when your semi vicious dog bites the mailman.