SFS: Small. Fast. Smart.

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.

Don't miss our Learning Dynamics workshop, October 28!

Join the Bridgeport Regional Business Council for the next “Get Better” workshop.  This series of workshops was designed to help our member companies improve their business skills for improved business results.

The workshop will be presented by “Learning Dynamics”, a recognized professional in the field of small business improvement education.

“Motivating High Performance Teams”

High performing teams don’t happen automatically.  In fact, it’s often the opposite.  Building and sustaining a truly high performing team requires understanding and applying some of the “basics” of organizational development.  All of this effort pays dividends as the work team collaborates effectively to reach its team and individual goals. 

“Motivating High Performance Teams” explores the hallmarks of a truly effective work team.
Participants will have an opportunity to confidentially assess the effectiveness of their own specific work team and learn ways to support and lead their team to higher levels of performance and satisfaction.

Thursday, October 28, 2010 • 7:30am - 11:00am
BRBC Conference Room • 10 Middle Street •14th Floor • Bridgeport

Cost: $79 Members, $99 Future Members (includes continental breakfast)

Please register by Friday, October 22. To register, please visit www.brbc.org or call (203) 335-3800.

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?