The Women Entrepreneurs Blog @ Simon

A Kindergarten Business Education

by Judy Seil

As we start the new year, let's remember that what we learned in kindergarten still applies in the business world (with some added advice):

Share everything. Your knowledge and experience can be helpful to an intern or newbie at the company. The more you give and share, the more you get in return.

Play fair. Honesty, integrity and kindness are attributes will make you a better business person and well respected by others.

Don’t hit people. (Especially when they are down.) If you receive a call from a friend, or friend of a friend, who is looking for a job and trying to network, meet with him or her. You never know when you might be in a similar situation.

Put things back where you found them. Never leave the "filing" to someone else. It is good exercise for you to get out of your chair and put it away.

Clean up your own mess. Don't finger point at others when a mistake has been made. If you are the boss, you need to stick up for others and help them take care of the problem.

Don’t take things that aren’t yours. Don't take credit for others ideas. Encourage free thinking and reward those who come up with good ideas.

Say you’re sorry when you hurt somebody. Don't be stubborn. You know when you have been unreasonable and may have said something cross.

Wash your hands before you eat. Prevent the spread of H1 N1.

Flush. (Of course.)
 
Warm cookies and cold milk are good for you. Treat your employees on a regular basis to goodies or lunch. A little investment goes a long way to help keep your staff happy and productive.

Live a balanced life. Learn and think, draw and paint, sing and dance, and play and work a bit each day. Remember, that at the end of your life, you don't want your tombstone to say, "He/she never missed a day of work." Your employees need to see you enjoy life also.

Take a nap every afternoon. (But wait until your lunch break!) Power naps can refresh and energize you for the rest of the day.

The American Dream

by Judy Seil

Today I sat in a meeting in which three first generation Americans spoke about their ability to start a business in Monroe County, hire employees, invest in buildings and equipment and marvel at how fortunate they were to be in America.

What I marveled at was that the words "hard work" is what they attributed their success to. The three owners have diverse businesses, from wholesale to retail to service industries, in which they employ in total over 100 workers. They provide benefits to their employees. They feel fortunate to have attained the American Dream of owning a business. However, at the end of the day, they alone are responsible for payroll, overhead expenses, and debt repayment, as they have signed personally on the dotted to make sure the loans get paid back.

We live in a Country that still allows us the freedom to make choices. As a Director of Economic Development, I felt proud hearing these three individuals speak before our loan committee today telling their story of success and requesting assistance to take their businesses to the next level. The businesses were applying for loans through the US Small Business Administration SBA 504 program (Download SBA 504 Program)that assists small businesses purchasing equipment and/or buildings. The program allows for a 10% down payment and access to 40% fix rate financing. The remainder of the funding (50%) is financed through a bank. Credit worthiness and ability to repay debt are critical.

The three companies that spoke today certainly met the program criteria and additionally had great character, one of the 5 Cs of credit (capacity, collateral, capacity, conditions, CHARACTER.)

Tip of the Week: Spend Within Your Budget

by Judy Seil

Spend within your budget. Sounds like an easy concept, but where most small businesses get into trouble is when they haven't saved for the rainy day.

It’s hard to believe that when many of us were growing up no one had access to credit cards, and our parents did not buy something unless they had the cash to do so.

Similarly, back in the "old days," businesses could only purchase new equipment with their cash at hand.

Believe me, I am not saying not to borrow money for significant capital investments, but make sure you have the cash flow and rainy day fund set aside to handle those payments should there be a downturn in the economy.

Have you noticed how the number of credit card applications in the mail has dropped?

Most of us threw those offers in the trash; however, those that did not are now having trouble along with the banks that promoted those cards. Commercial banks are finding themselves in a similar situation and raising their credit standards in response.

The SBA 504 program allows companies to purchase equipment with 10% down with fixed rate financing on 40% percent of the purchase. A bank finances the remaining 50%, which reduces the risk for the bank as they only have to finance half of the purchase.

At the end of the day, businesses need to assess their spending much like a family budget, you can only spend as much as you take in and save enough for those days when the roof leaks.

Tip of the Week: Take Advantage of County's Resources

by Judy Seil

"Oh, I didn't know I could qualify for that program,” is a remark I often hear from business owners.

In the world of economic development, our responsibility in Monroe County’s Planning and Development Department is to assist companies who are growing and creating jobs. Many are under the impression that the government gets in the way and the paperwork is too cumbersome. It is our job to figure out which program works for your business and to assist you in completing the necessary paperwork.  

One of the programs we offer is as easy as filling out a single piece of paper in exchange for a $1000 check. 

While it is our mission to help, we are quick to note when we are unable to provide assistance. You will never know unless you ask. Rely heavily on your banker, accountant and attorney to keep you in tune with programs; consider reaching out to us as well. A simple phone call to 585-753-2000 may mean the difference in saving thousands of dollars!  

When Business Gets Personal

by Judy Seil

Know your audience, know your customers, know your employees. It sounds like simple advice, but it could prove to be extremely helpful in both establishing and strengthening your business relationships and also expanding your firm and customer base.

Who doesn't like to walk into a restaurant, store or office and be recognized and greeted by name? Have you ever been in a situation in which you were trying to decide where to dine or shop, and you opted for the place with higher quality service rather than the one with cheaper prices? On many occasions, it's common for people to value service over cost.

Sometimes it doesn't come down to the cost of the product or service; a special personal touch may be the pivotal factor in securing business from a potential customer.

With that in mind, encourage your employees to be attentive and solicitous to your customers. Make sure to let your customers know that they are important to you if you want your business to be important to them.

In today's world of email, voice mail, texting, and twittering, the personal touch can be lost. Certainly dropping a quick note is efficient for setting up a meeting, but I can guarantee you a phone call or hand written note to your customer will be appreciated.

"A customer is the most important visitor on our premises, he is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so." Mahatma Gandhi

Blog tip of the Week - Know your cash flow

Constant attention to your cash position, payables and receivables sounds like a simple concept, but you would be surprised how many small business owners depend on others and are caught off guard when the cash is gone.

Remember cash is KING.

Blog tip of the Week - Thank your employees

In these trying times, your employees are your eyes and ears in the market place and frontline ambassadors. 

They need to know that they are important. 

It doesn't take much to send a quick email or stop by their office and thank them.  You can even buy the office lunch once in a while, it is a tremendous morale builder and reasonably priced.

A Positive Attitude can be caught

In spite of the downturn in the economy, we continue to see companies investing in buildings and equipment and creating jobs. 

The banking industry is alive and well in Monroe County and continues to support those companies who are financially able to cash flow their debt and provide sufficient collateral. 

At the most recent County of Monroe Industrial Development Agency meeting, the board approved over $50 million in investment in the community projects including the redevelopment of the former Genesee Hospital. Our community is resilient and our businesses continue to forge ahead and look at the glass as half full and focus on the positive.

The newest program, Monroe Manufactures Jobs, as announced by County Executive Maggie Brooks, ties graduates of the Monroe Community College precision manufacturing and optics programs to jobs at local manufacturers. If a graduate from the MCC program works at a local manufacturer for at least one year, each receive a $1,500 bonus.  Local incentives for local jobs!

A positive attitude can be a caught!  Try it.

Let’s Start the Year with Positive Thoughts!

Happy 2009!  Let’s start this year with positive thoughts.  I am afraid that the 24 – 7 news access sets us up for looking at a glass that is half full. 

Yes, there are problems in the financial markets and we have all had to cut back, but is that a bad thing? We are a country that is used to the light switch always working, the water always running and store shelves always stocked. I remember as a child going to the grocery store with my dad and there were 10 brands of cereal, 5 brands of coffee, and 5 choices of bread!  

So, why am I going down this road? I feel we should focus on the positive in our lives and businesses!  We are fortunate to live in a country and community where we can make choices. So, our choices are to put our heads in the sand and focus on the negative or to focus on the positive.

Web tip of the week – Add a human touch!

Today I spent an inordinate amount of time on the telephone attempting to reach parties who do not have a live voice picking up calls.  Voice mail is great and so is email, but to be competitive in today's world, customer service is going to make your business outpace the others. 

Don't let your customers get caught in a situation where they cannot talk to a human.  If they want to leave  a message, they will, but give them the opportunity to dial 0 for customer service or your assistant.

Business today is about instant gratification.  Customers have choices and businesses need to make sure they can meet their customers’ needs quickly and efficiently.  A good start to this would be a live voice!