At the GrowSmartBiz conference, Randy Windsor of Network Solutions gave a great small business tip presentation onf SEO and SEM. Check out the video below:
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#GrowSmartBiz Video: SmallBiz Quick Tips: SEO/SEM Randy Windsor Network Solutions
September 30th, 2009 :: Shashi Bellamkonda#GrowSmartBiz Video Panel 2: Raising Capital w/ Effective Finance Strategies
September 30th, 2009 :: Shashi Bellamkonda
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Shannon Nash, Nash Management Group
Shannon King Nash is a CPA, attorney, author, and entrepreneur. She is the President of theNash Management Group, an entertainment and business management firm based in Los Angeles and Atlanta that represents venture funds, entertainers, producers, foundations/non-profits, high net-worth individuals and companies. She is also a partner with Atlanta-based Register Lett LLP, a boutique law firm specializing in entertainment, media, corporate and intellectual property law.
Shannon is the author of the award-winning book For the Love of Money: The 411 to Taking Control of Your Taxes and Building Your Net Worth. This practical financial empowerment book uses popular songs (from Marvin Gaye to Snoop Dogg) to teach valuable finance and tax lessons. She also wrote the Vault Guide to Tax Law Careers and Helping the Nonprofit Client. She has been featured as a tax, finance and legal expert in numerous publications, including: Global Finance Magazine, Jet Magazine,Essence Magazine, Ebony Magazine, ABC News Online, Upscale Magazine, The Chronicle of Philanthropy, Bankrate.com, L.A.Parent Magazine and The Washington Times. She was recently featured on the cover of the April issue of Black Enterprise. In addition, she served as the finance expert on episodes of BET’s “The Center” and Style Network’s “Modern Girls Guide.” Shannon received her BS in Accounting from the University of Virginia McIntire Schoolof Commerce and her JD from the University of Virginia School of Law. You can find her on Twitter@shannonnash.
Kristina Bouweiri, Reston Limousine & Travel Service, Inc.
Kristina Bouweiri is President, CEO, and co-owner of the Washington, DC metropolitan area’s largest limousine/shuttle service, Reston Limousine & Travel Service, Inc., nationally ranked 27th in size. Offering high-quality transportation and a proven record of safety and customer service, Reston Limousine also has a proud legacy of business leadership and philanthropic support.
Kristina is a well-known business leader in the Dulles Corridor area. She is active as a member and board member with numerous organizations, including Loudoun CEO Cabinet, Loudoun and Dulles Regional Chambers of Commerce, Committee for Dulles, eWomenNetwork, and Leadership Loudoun. An ongoing supporter of philanthropic work, especially children’s causes, Kristina assists Make-A-Wish Foundation, Juvenile Diabetes, and the International Children’s Festival. Reston Limousine annually provides over $100,000 through gifts-in-kind to charities.
The Washington Business Journal named Kristina one of the 50 most powerful and influential women in Washington. She has been featured in business publications such as Washington SMARTCEO, Enterprising Women, Limo Digest, and Limousine & Chauffeured Transportation. In demand as a mentor for other women in business, Kristina frequently serves on panels and makes presentations, sharing her insight and business experience.
Denise O’Berry, The Small Business Edge Corp.
Denise O’Berry is the author of “Small Business Cash Flow: Strategies for Making Your Business a Financial Success” a book about how to get, manage and keep your cash flow on an even keel and where it belongs — in your business.
A small business owner since 1996, Denise has worked with hundreds of small business owners over the years and is inspired by their enthusiasm and ability to overcome huge obstacles. She provides small business tools, tips and advice to small business owners around the world via her Just for Small Business column and shares additional small business tips at her website. Find Denise on twitter at @deniseoberry.
Jeremy Brown, Rapid Advance, LLC
Jeremy Brown is President and COO of RapidAdvance LLC, a Bethesda based specialty finance company that provides working capital to small and medium-sized businesses. Since inception in October 2005, RapidAdvance has provided over 13,000 financing transactions to over8,000 unique businesses. A typical customer of RapidAdvance accepts credit cards and generally has a permanent place of business other than their home such as a retail storefront, office or warehouse. Funds are typically used for business expansion, acquisition of another location, purchase of equipment or inventory, stocking for an upcoming busy season, to pay off debt, or for other business purposes. As Jeremy likes to say, “We finance Main Street America!” RapidAdvance provides financing in all 50 states, in Canada with the exception of Quebec Province, and the U.K and Ireland.
Jeremy has 20 years experience as an entrepreneurial C-level executive running start-up and mature businesses in a variety of service industries, including stints as COO of a meetings and conventions services company with 50 locations in North America; President and CEO of a commercial construction contractor with 500 employees; and President of a retail computer company. Jeremy knows what it means to meet a payroll, grow a business, take care of the customer, finance expansion, and when necessary, empty the trash cans.
Jeremy is also President of the North American Merchant Advance Association (NAMAA), the industry association of companies that provide similar types of alternative financing solutions. Jeremy has been quoted and profiled in various industry publications as an expert in the field of alternative small business finance solutions.
In an earlier life Jeremy was a CPA, but don’t hold that against him!
Edward S. Tuvin, Capital Bank, N.A.
Eddie Tuvin holds the position of First Vice President for the direct lending programs of Community South Small Business Lending Group as well as co-manager of sales for CSB’s national wholesale loan securitization program to other lenders.
Tuvin is serving his second consecutive term as a federally appointed District Advisory Council Member to the United States SBA Washington Metropolitan District. He has testified to the The Senate Committee on Small Business on several occasions during the past 2 years and acted as the representative of the National Association of Government Guaranteed Lenders (NAGGL). Mr. Tuvin has been a licensed Maryland Real Estate Broker in good standing for more than twenty years. Tuvin has completed financings for small business such as technology companies, restaurants, hotel/motels, gas stations, automotive repair centers, liquor stores, and various franchise operations.
Mr. Tuvin is licensed by the National Association of Securities Dealers (NASD) as a Registered Investment Advisor (RIA) and is the investment manager for several private accounts. He co-developed a sophisticated hedging strategy for Operating Partnership Units of REIT shares (article in Real Estate Finance Journal, Spring 2000 edition). He is the Managing General Partner of the Tuvin Family Partnership, a real estate and investment partnership. He was a co-founder of Chesapeake Interlink, Ltd., a company that utilized cutting edge 4th generation programming languages to provide customized applications on Digital Equipment platforms.
Google+#GrowSmartBiz Video : Senator Mark Warner Speaks to Small Businesses
September 30th, 2009 :: Shashi BellamkondaSpecial Note: Mark R. Warner, U.S. Senator from the Commonwealth of Virginia
Mark R. Warner was elected to the U.S. Senate in November 2008, and serves on the Senate’s Banking, Budget, Commerce and Rules committees. He served as Governor of Virginia from 2002-2006 after spending 20 years as a business leader in the high-tech industry.
He gave a great speech at the GrowSmartBiz Conference. Check out the video below:
More about Senator Warner
Senator Warner was the first member of his family to graduate from college, earning a degree from The George Washington University, thanks to part-time jobs and student loans. He received a law degree from Harvard in 1980.
As a private citizen and philanthropist, Mark Warner helped create the Virginia Health Care Foundation, which has provided health care to more than 600,000 under-served Virginians, and SeniorNavigator.com, a referral network for older Virginians and their caregivers.
As Governor of Virginia, Mark Warner inherited budget shortfalls that ultimately grew to $6 billion. He left office four years later with a budget surplus that allowed Virginia to make the largest single investment in K-12 education in state history, key reinvestments in one of the nation’s best public university systems, and record investments in the clean-up of the Chesapeake Bay.
In 2004, Warner chaired the National Governors Association, and TIME Magazine named him one of “America’s Five Best Governors” a year later. Governor Warner’s bipartisan, results-oriented focus resulted in Virginia being designated as the nation’s “best managed state” and its “best state for business.”
He lives with his wife, Lisa, and three daughters in Alexandria, Virginia.http://warner.senate.gov/
Google+#GrowSmartBiz Video : SmallBiz Quick Tips: Brand Building 101- Anthony Pappas
September 30th, 2009 :: Shashi BellamkondaAt the GrowSmartBiz conference, Anthony Pappas of the Pappas Group gave a great 10 minute presentation on the power of brands. To see the full presentation, check out the video below:
About Anthony Pappas
As the founder of the Pappas Group, Anthony Pappas defines the overall creative direction for the company’s clients, most recently leading the rebranding initiatives of Blackboard, Inc, Discovery Education, Network Solutions, and Destination DC.
Prior to starting Pappas Group in 2003, Anthony held the position of Senior Vice President/Executive Creative Director of Proxicom’s Brand & Experience Group from 1996-2003. During this tenure, he was responsible for leading, developing and executing creative strategy and interactive marketing/design initiatives for Proxicom’s global client roster.
His accomplishments at Proxicom included being appointed Executive Creative Director after the company was named “interactive agency of record” for Mazda North America; producing the interactive campaign for the launch of MCI’s national “IP Telephony over the Web” initiative; and leading the concept creation, identity development, information design and multimedia work for more than 50 Fortune 500 clients such as NIKE, General Electric, Timberland, Merrill Lynch, Mercedes-Benz Credit Corporation, Cole Haan, Liz Claiborne, PepsiCo, MCI, Marriott, Gap Inc, Intel, Microsoft, Marriott, Quikbook.com and the Intel Travel prototype.
Prior to Proxicom, Anthony spent seven years in the “traditional advertising arena,” working with organizations such as Saatchi & Saatchi and Grey Advertising. He also did extensive art direction work in film, television and commercial industries. Clients included: McDonalds, Pepsi, Mellow Yellow, Warner Bros (Batman).
#GrowSmartBiz Conference Recap: Raising Capital with Effective Finance Strategies
September 30th, 2009 :: Ken YeungPanelists:
- Jeremy Brown (RapidAdvance)
- Edward Tuvin (Capital Bank)
- Denise O’Berry (The Small Business Edge Corp)
- Shannon Nash (Nash Management)
Where does small business get financing?
According to Jeremy Brown, the Wall Street Journal said that in 2004, 46% of small business owners used credit cards to finance their business. He suggests that there isn’t a one best solution. There are a variety of solutions to explore. There is no right or wrong solution to raise capital. But you need to look at what suits you and your business. RapidAdvance provides a cash-based system where the potential recipient is a just established company (~1 year). The product factors in a certain period of payment and looks at a percentage of the business that comes from credit cards and also what the business can afford to pay back based on cash flow. Companies that use RapidAdvance are for expansion purposes. It’s not a loan so there’s no personal guarantee. Can be more expensive than a traditional bank loan.
In seeking a loan, what’s the best way to present your case?
Edward Tuvin says that you should take the time and show that you care when applying for a loan. Don’t go into a small Rockville bank with a Bank of America loan application – just not sensitive to the process. Make sure that you write and understand your business plan in-depth so that when you’re asked questions, you’re going to have the answers, not the answers given by someone else who may have wrote the business plan. Make sure that you understand the talk of the lender – you have only ONE shot. Make sure you convince the lender that you’re going to pay the loan back, but you’re going to be the winner of this horse race.
Every business doesn’t need a business plan for a loan, but it’s really important for owners to go through a business plan exercise to understand who their competitors are.
What’s the best way to manage the cash flow needs of our business?
Denise O’Berry says that you should do a cash-flow budget that looks out 6 to 12 months and projects what money will come in to pay off expenses. You need to base some of this on your past track record but also what kind of marketing strategies are going to be taken during this time period – and need to be conservative. O’Berry loves to look out 12 months to cover all expenses that may not occur regularly – 9 out of 10 times, you’re going to see any and all expenses. Also make sure you include your cash target for every month. Actively participate in this process.
You are not a bank. You need to make sure that you’re doing everything to manage your receivables and have your customers pay your invoice as quickly as possible. Make sure you put a due date on your invoices.
Is it necessary to have a software program to manage your financial projections?
Shannon Nash thinks that it’s great to have a program to enter in the numbers to help you project – but it’s not great to tell your story. YOU need to tell the story. Don’t be afraid of the numbers. Embrace the numbers. The software program is a tool.
Some small businesses can’t afford an accountant or financial advisor. Nash suggests that you check out SCORE.
SCORE is a bunch of retired executives around the country that will help you with your business plan for FREE. Nash recommends you set up an appointment with a SCORE counselor and then talk to your smartest friend and see if they’re going to buy into the program.
Google+#GrowSmartBiz Conference Recap: Driving Small Business Performance with Marketing & Innovation
September 30th, 2009 :: Ken YeungThe first panel of the 2009 GrowSmartBiz Conference addressed how small businesses could increase their productivity and performance through sound marketing and innovation. The panelists included folks like:
- John Arnold (Contant Contact)
- Marissa Levin (Information Experts)
- Ramon Ray (SmallBizTechnology)
- Bob London (London, Ink)
What are some important steps needed for a brand? Some small businesses think they don’t need a brand.
According to Marissa Levin, there is a three-prong approach to branding: you can brand product & services, brand your organization and brand your leadership (including your CEO & all other management). Branding is NOT about getting your product/service out there. You definitely don’t want to be the best kept secret in the industry. Levin goes on to talk about brand equity and says that everyday businesses are growing brand equity. Anytime anyone has a positive or negative experience, that is affecting your brand equity and constitutes a brand experience. It’s better to build a brand and market it within the industry/community while making sure you deliver on your brand promise.
Levin also states that it’s good for small businesses to reach out to their financial backers as well. It’s important to emphasize your brand to the banks and establish relationships when you’re on a good situation and doing well because when the time comes and you need money, banks will be cautious in providing financial capital to you. You need to emphasize that they are supporting a strong, solid brand in the marketplace and this can be done during the good times. Don’t wait for the bad times to talk to partners.
Bob London agrees with everything Levin states and has a theory called “inside-out” branding: your brand is your reputation and what people say about you when you’re not in the room. With “inside-out” branding, it’s all about how you execute on all the touchpoints with the community. Branding is how you execute as a small business.
Ramon Ray thinks that there are some key things to address with your brand: you should make sure you have a great product, understand the needs of your customers, have a relationship, take “no” gracefully or with a “but”, and listen – use your ears, not just your mouth.
John Arnold thinks that from an online perspective, you need to keep your brand simple. It needs to translate across a variety of digital mediums – your website, email, social media, mobile, etc. How does your brand translate across a one-to-many relationship? Don’t let your customers force you to compete with other companies by forcing it into a brand identity that it is not. Keep it simple so it translates easily.
How do you find your customers?
Arnold says that identifying customers and lead generation are totally different things. You can buy leads, but you don’t want leads…you want QUALIFIED leads. Small businesses needs sales today, not in the long-term. Acquiring customers is what it’s all about. Need to find a method that will result in you giving value but getting money from it. You need to make sure your marketing dollars spent online are less than what you’re making. You eed to have a communication strategy that is effectively and over the course of the business cycle. Work on your acquisition marketing/discovery marketing. Once you’ve acquired customers, spend less money during the buying life cycle.
Ray says that SEO and search engine marketing is very important because you build websites, but need someone to find you. Email marketing is also very important for finding new customers – may not be wanting to buy now, but will sign up for a newsletter for business later. Wants businesses to put their phone number on their website. Needs to have empowered websites that is a tool/asset that will help bring in new customers.
Levin says people are in the habit of hiding behind our Facebook profile. There is nothing more valuable than a face-to-face communication. Need to connect on a personal level and have conversation that won’t happen in a comment box in relation to a status update. Person-to-person relationship can’t happen digitally. Authenticity in real life is way better than experiencing it online – there is no replication.
London says we shouldn’t go nuts with social media. If you’re looking to base your entire business over social media, then that’s a different story. It’s not necessary. Panel is composed of four small businesses and no one is fully engaged in social media.
How do you convert?
Ray says that you need to be flexible & listen. You need to then follow-up on any leads – really important to say “how can I meet your needs?”. Be a true resource – don’t be fake.
Arnold thinks that email is not very good for acquisition – would be considered “spam”. If you send out 10,000 emails to people who don’t want them, customers hate them, but if you send out 10,000 postcards, they’re thrown away. Hate is not one of the buyer values. Understand that not everyone is ready to buy all the time – you can spend money to automate your communication (expensive for small businesses) or rely on on-going communication, which needs to be valuable – inherent (facts, tips, product information) and valuable offers that are applicable now.
London says that in marketing, we have a habit of collecting business cards at events – what happens to all these contacts? On average, to gather a contact and get people to know your company, it costs you between $200-500 and you just wind up sticking them in a drawer. Believes that if you’re spending all this money to get people to your website, to hear you speak or get on a sales call, you should spend your time and money on nuturing that relationship and get them further down the sales cycle. It costs nothing to nurture a customer by staying in touch all the time.
Google+The Passion of the Startup – Tech Stars Documentary "The Founders"
September 4th, 2009 :: Steven FisherAndrew Hyde is one of those guys that is brimming with energy and just alot of fun to be around. He is what I like to call “Good People”. We met three years ago at the Gnomedex conference and we hit it off immediately. He had just moved to Boulder, CO and was helping start up this summer event called “Tech Stars“. A cross between summer camp for entrepreneurs and American Idol without the humiliation and the voting out.
According to the web site, “TechStars is a mentorship-driven seed stage investment fund. Each year we run a summer-long program in Boulder, Colorado and Cambridge, Massachusetts. We’re very selective – each year hundreds of companies apply to the program and we only take about ten per city. These companies get up to $18,000 in seed funding, a summer of intensive top-notch mentorship, and the chance to pitch to angel investors and venture capitalists at the end of the summer.”
The two most powerful things that this program has is that it goes on all summer long and the mentoring power that gives these entrepreneurs time to really get their business in shape and present to investors. Many have gotten funded the weekend they present. This truly blows the “investor” cattle call presentation events I have done in the past away. Plus it makes Boulder the epicenter of startups these days. People might still be starting up businesses in Silicon Valley but if you want to find great talent, have a better tax base and be in an ecosystem of innovation and investment, Boulder is the place to be.
This is the third Tech Stars which headed up by David Cohen, CEO and Executive Director in Boulder and Shawn Broderick, Executive Director in Boston. Andrew is the Community Director and Nicole Glaros is the General Manager. Together they herd the cats…err…entrepreneurs.
This time around they put together a episodic documentary following a few startups and their founders through the TechStars process. Megan Sweeney directed, shot, & edited the “The Founders”, with the contribution of some video from Andrew on his trusty Canon 5d Mark II (so jealous) DSLR.
There are 12 episodes so far and the documentary is Sundance worthy. Here is the first one below:
Go and checkout the site for the rest. It is totally worth your time.
Google+The Art of Raising Venture Capital
July 2nd, 2009 :: Steven FisherMost of you who know me know I am big fan of Guy Kawasaki and not just because he was an Apple evangelist but because he understands startups. He invests in them, launches his own and writes no BS books on the topics that are must reads for anyone out there looking to start a business, especially if you are looking to raise capital for your business. The SBSI notes that the most challenging problem for small businesses is raising capital.
I wrote extensively about raising venture capital when I used to run VentureFiles and write about my experiences as an entrepreneur in the trenches raising money from angels and then venture capitalists. It is hard to impart this kind of real world experience into lessons. But Guy Kawasaki has done just that.
These videos are from his post “The Art of Raising Venture Capital” and attempt to explain the art of raising venture capital. It is broken into three parts.
Google+
