Volume 4 Issue 12

volume four issue twelve

Glancing Back

With A Focus

Professional

Growth in

How Organized Was Your Business This Year?

4 Digital Marketing Resolutions

for the New Year

F E AT U R E D : QUICK TIPS ON PRODUCTIVITY TO HELP YOUwww.risbj.com BECOME MORE PROFITABLE | volume four issue twelve 1

“A lot of my employees have

chosen Neighborhood because it’s affordable and has what they need.”

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1-855-321-9244 • nhpri.org

www.risbj.com | volume four issue twelve

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from the founder It’s that time of year again...when over-eating, traffic jams and shrinking checkbooks become all too familiar! As we approach the end of the year, have you started planning for 2016? I think New Year’s Resolutions for a business are a great way to commit to continued success in the coming year.

clients and prospects that provide value. Give away some tips, share some knowledge and talk about what’s going on within your business. It’s also a great idea to highlight your community involvement or profile a client or staff member.

Here are a few of my top digital marketing resolutions that will help your business in the New Year!

When was the last time you looked at your website stats?

That’s what I thought! It’s difficult to understand what’s working and what’s not without looking at the results. Once a month, take a look at your website analytics, social media insights and email reports. By carefully analyzing your data, you’ll better understand what’s resonating with your audience and what’s working best.

COMMIT TO CONSISTENCY

Whether it’s once a week or once a day, posting on social networks should be a consistent and well planned effort.

Posting more consistently and more frequently will increase brand awareness and lead to a greater social media impact.

HAVE A STRATEGY

Rather than login to Facebook or Twitter to think about what your next post should say, put some ideas together in a text document or a notebook first. Once you have 8-10 solid ideas, then start posting. It will prevent some of the common “social media anxiety” we hear often about.

STOP SENDING BORING EMAILS

Commit to sending a monthly newsletter to your contacts,

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RISBJ | rhode island small business journal

MONITOR RESULTS

On behalf of myself and the entire staff at RISBJ, have a happy, healthy holiday season and a successful New Year!

Gil Lantini Founder Ralph Coppolino Co-Founder Mike Casale Senior Designer Amanda Repose Managing Editor Marketing Julia Cianciolo Lauren Bansbach Kelly Sobolewski Interns Kassandra Petrocelli Andy Guerrino Sandra A. Ristau Trumane Trotman Contributing Writers Michael Brito Steven Byler C. Alexander Chiulli, Esq. Maria Gemma Brian J. Lamoureux, Esq. Kristen M. MacRae Governor Gina M. Raimondo Dr. Ronald G. Shapiro Kristen M. Whittle, Esq. Arthur Yatsko

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Upcoming Events

Business Networking - Referral Pros Chelo’s Restaurant 12:00pm 1275 Reservoir Ave., Cranston The RI Family Owned Manufacturing Consortium

Polaris MEP 8:30am 315 Iron Horse Way, Providence

JAN 7

Goddard Memorial State Park 11:00am 1095 Ives Rd., Warwick

JAN 8

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RI Mentoring Partnership 5th Annual Frozen Clam Dip

Dressing for a Ball: A Living History Colony House 5:30pm Washington Square, Newport First Friday Coffee Education Exchange 8:00am 33 North Rd., Peace Dale

JAN 13

6

One Providence New Year’s Eve Ball Rhode Island Convention Center 9:00pm 1 Sabin St., Providence

Southern RI Young Professionals Painted Karma 5:00pm 22 Kersey Rd., Wakefield

JAN 20

Capital City Connection Networking Corner Bakery Café 8:00am 160 Hillside Dr., Cranston

DEC 31

DEC 29

Money Makers Networking Event Chelo’s on the Waterfront 11:00am 1 Masthead Dr., Warwick

JAN 1

DEC 23

Leading Edge Networking Greenwich Farms 7:00am 75 Minnesota Ave., Warwick

JAN 5

DEC 22

Business Consulting: Tuesdays at the NK Chamber North Kingstown Chamber of Commerce 10:00am 8045 Post Rd., North Kingstown

JAN 6

DEC 20

Meet Your Maker: A Holiday Marketplace Hope & Main 1:00pm 691 Main Street, Warren

DEC 30

Networking & Workshops

Workshop: MedTech Startup Law 101 The Tech Collective 5:30pm 166 Valley St., Providence

For More Events Visit

www.risbj.com

contents

volume four issue twelve

INSIDE THIS ISSUE

15

8 Small Business News 13 Payroll 15 Quick Tips on Productivity 16 Benefits of HealthSource RI for Employers Program 20 Top News of 2015

17

25 Rhode Island Business Leader Resolutions 27 Professional Growth in 2015 and 2016 29 Women to Watch

35

30 Personnel Practices 35 Rhode Island Identity Protection 36 Glancing Back 38 State-wide MLS Year in Review

ON THE COVER volume four issue twelve

Glancing Back

With A Focus

Professional

Growth in

40 How Organized Was Your Business?

How Organized Was Your Business This Year?

42 Refresh Your Focus

18

4 Digital Marketing Resolutions

for the New Year

F E AT U R E D : QUICK TIPS ON PRODUCTIVITY TO HELP YOU BECOME MORE PROFITABLE

Featured Professional Growth in 2016 4 Digital Marketing Resolutions for the New Year

37 www.risbj.com | volume four issue twelve

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SMALL BUSINESS

NEWS

Rhode Island Manufacturers Association Recognizes Raytheon’s Peppe with Veterans in Manufacturing Award

SMITHFIELD, RI – On Saturday, November 7, 2015, the Rhode Island Manufacturers Association (RIMA) and its sister organization makeRI, hosted their annual Manufacturing Renaissance Gala at the RI School of Design Museum of Art. This year’s event focused on the contributions of the men and women who serve our country and the value they bring to the manufacturing sector. Kevin Peppe, Vice President of Raytheon Integrated Defense Systems Seapower Capability Systems received the RI Veteran in Manufacturing award. Mr. Peppe joined Raytheon in 2003 after a distinguished career with the United States Navy.

management, basic human needs, referrals, and education and employment services.

“Manufacturers are fortunate to have people like Kevin Peppe who take the experience and perspective they developed during their time in the armed forces and apply it in the private sector” said makeRI Board Chair Dave Chenevert, President of Swissline Precision Manufacturing. “The skills, work ethic and attitude of the young men and women who have served in our military can be of tremendous value to the business community.”

About the Rhode Island Manufacturers Association and makeRI

A contribution will be made in Kevin Peppe’s name to Operation Stand Down Rhode Island whose mission is to help homeless and at-risk veterans secure stable housing as well as other assistance according to individual needs including case

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RISBJ | rhode island small business journal

Many manufacturers report they cannot find people to fill their skilled production jobs. Meanwhile thousands of service men and women return home each month, possessing not only an unmatched work ethic but also rigorous technical training and experience. The military is an underutilized source of top talent, with many differentiated skill sets and focus areas. Supporting veterans in their efforts to reconnect to employment is as good for our country as it is for our economy.

The Rhode Island Manufacturers Association (RIMA) and its sister organization, makeRI, are the unified voices of the more than 1,500 RI manufacturers. RIMA is active in supporting the local manufacturers in a number of ways ranging from legislative and regulatory matters to economic development activities, as well as implementing programs that can deliver tangible bottom line savings to their members. makeRI focuses specifically on workforce development, education and manufacturing career awareness initiatives to ensure Rhode Island’s manufacturing companies have the talent to compete and grow their business.

SMALL BUSINESS

NEWS

Pannone Lopes Devereaux & West Named a 2016 “Best Law Firm” by U.S. News – Best Lawyers ®

PROVIDENCE, RI – Pannone Lopes Devereaux & West LLC (PLDW) has been named to the 2016 “Best Law Firms” in America list by U.S. News & World Report and Best Lawyers for the sixth consecutive year in the metropolitan area/Rhode Island. PLDW was recognized in a total of 16 practice areas.

The “Best Law Firms” rankings are based on a rigorous evaluation process that includes the collection of client and lawyer evaluations, peer review from leading attorneys in their field, and review of additional information provided by law firms as part of the formal submission process. Lawyers also voted on expertise, responsiveness, integrity, cost-effectiveness, whether they would refer a matter to a firm, and whether they consider a firm a worthy competitor.

“PLDW is proud to be recognized by our colleagues and clients in earning this prestigious designation in the legal profession,” said Gary R. Pannone, PLDW Managing Partner. “It is the commitment and dedication by our staff and attorneys to deliver quality service and be responsive to the needs of our clients that make it possible for our firm to receive this honor.”

Among the PLDW practice areas cited for the top tier ranking include Corporate Compliance Law, Corporate Government Law, Government Relations Practice and Non-Profit/Charities Law. Other practice areas recognized for outstanding quality are Administrative / Regulatory Law, Corporate Law, Mediation, Criminal Defense: White-Collar and Non-White-Collar, Corporate Law, Securities and Capital Markets Law, Mergers & Acquisitions Law, Health Care Law and Employee Benefits (ERISA) Law, Employment Law – Management, Labor Law – Management and Litigation – Labor & Employment.

The 2016 rankings are based on the highest number of participating firms and highest number of client ballots on record. To be eligible for a ranking, a firm must have a lawyer listed in The Best Lawyers in America, which recognizes the top 4 percent of practicing attorneys in the U.S. Over 21,000 attorneys provided almost 700,000 law firm assessments, and over 8,000 clients provided more than 47,000 evaluations.

According to U.S. News & World Report and Best Lawyers, firms included in the 2016 “Best Law Firms” list are recognized for professional excellence with persistently impressive ratings from clients and peers. Achieving a tiered ranking signals a unique combination of quality law practice and breadth of legal expertise.

For more information about PLDW, visit www.pldw.com or follow us on Twitter (@pldwllc) and stay up-to-date with the firm’s activities on YouTube, LinkedIn, Facebook, Google+ and Pinterest.

About Pannone Lopes Devereaux & West LLC

The attorneys and staff at Pannone Lopes Devereaux & West LLC (PLDW) are committed to developing practical and costeffective solutions while also being supportive of the community in a meaningful way. PLDW has developed a business model that combines international expertise with a more cost-effective delivery system that involves cross training of lawyers and a more practical approach to problem solving. PLDW’s primary practice areas include corporate and business law, nonprofit law, health care law, municipal infrastructure, government relations and legislative strategies, employment law, special masterships, criminal defense, civil litigation, estate planning, probate and trust litigation, and real estate development and commercial lending. The partners demand of themselves and those on the PLDW team, an unparalleled sense of urgency and responsiveness which is derived from an authentic appreciation for their clients and the community in which they serve. For more information, visit www.pldw.com.

www.risbj.com | volume four issue twelve

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SMALL BUSINESS

NEWS

Bank of America Names House of Hope A Neighborhood Builder To Help End Homelessness

WARWICK, RI – Bank of America has named House of Hope Community Development Corporation as a 2015 Neighborhood Builder. The nonprofit is being recognized for its work with the homeless in Rhode Island. Neighborhood Builders combines leadership training and development resources with $200,000 of flexible funding intended to help increase their capacity and impact in the community.

frontlines as they tackle tough community issues that are vital to Rhode Island’s economic growth,” said Bill Hatfield, Rhode Island president, Bank of America. “House of Hope has long stood out through their unique and holistic approach to the problem of chronic homelessness and the Kitchen Initiative is another program that will help even more people on the path to long term financial sustainability.”

Hope of Hope has worked to end the personal and social trauma of homelessness in Rhode Island for 25 years. The organization creates affordable housing combined with lifechanging social services, working toward the goal of ensuring everyone has the means to a safe and stable home. Today they manage 18 properties, including 116 shelter beds, 35 permanent supportive housing units, six home ownerships and six units in various stages of development.

Since 2004, the Bank of America Charitable Foundation has invested $183 million in more than 900 nonprofit organizations and provided leadership resources to nearly 2,000 nonprofit leaders through Neighborhood Builders and the Neighborhood Builders Leadership Program®. This long-term investment in nonprofit leadership development and capacity building is the largest philanthropic investment of its kind.

House of Hope will use the grant to launch the “Kitchen Initiative for Meals and Jobs” – a commercial-grade kitchen, staffed by residents at the Harrington Hall shelter under the guidance of a professional chef. The program will provide meals for the shelter while providing job training for participating residents.

“We recognize that nonprofits and their leaders are on the

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RISBJ | rhode island small business journal

Neighborhood Builders is just one example of the bank’s broader corporate social responsibility efforts to build vibrant communities and economies. By advancing partnerships with nonprofits addressing needs related to community development, basic human services and workforce development and education, we are working to increase financial stability and help individuals and families find the pathways out of poverty.

SMALL BUSINESS

NEWS

Save The Bay Calls on Governor To I n v e s t I n E n v i r o n m e n t a l E n f o r c e m e n t

PROVIDENCE, RI – In Providence Journal, Save The Bay®Narragansett Bay issued an open letter to Governor Gina Raimondo calling upon the Governor to “use the upcoming budget to give our environmental agencies badly needed resources to enforce the law… for the good of Narragansett Bay, the economy and public health.”

“The Department of Environmental Management (DEM) and the Coastal Resources Management Council (CRMC) no longer have the resources they need to prevent damage to our environment,” said Save The Bay Executive Director Jonathan Stone. “Enforcing environmental laws in a timely and consistent fashion protects our natural resources, safeguards public health and ensures a fair and level playing for the business community,” he said.

The Governor’s budget, to be presented to the General Assembly in early February, is a strong statement of her priorities and values for Rhode Island. Save The Bay is specifically asking the Governor to give DEM and CRMC additional staff to enforce environmental laws in a timely, fair and consistent fashion.

Under prior administrations, enforcement capacity at the DEM has been reduced significantly. Enforcement staffing levels at both DEM and CRMC are insufficient to meet their respective enforcement responsibilities:

• Since 2005, staff levels at DEM in the Office of Compliance & Inspection, Office of Legal Services, and Office of Water Resources have been reduced by 37%, 33% and 25%, respectively.

• A July 2014 review of the DEM by the Environmental Protection Agency included several statements citing insufficient resources for enforcement. EPA’s review noted that: DEM needs additional resources to process, negotiate and finalize enforcement cases; there are resource constraints within the DEM Office of Compliance & Inspection that present an obstacle to implementing enforcement; and penalties are artificially reduced… (and) justification for settlement of penalties has been lack of department resources.

• In an April 10, 2015 Westerly Sun article, “State hampered in quarry oversight,” about the regulation by DEM of the Copar quarry operation in Bradford, David Chopy, chief of the DEM Compliance Office, said, “with just two inspectors covering the entire state, DEM cannot immediately respond to some complaints… We don’t have sufficient resources to file.”

• In a November 2, 2015 ecoRI article, “Enforcement of R.I.’s Environmental Laws Lax,” former DEM director Jan Reitsma

said, “DEM doesn’t have enough lawyers… so why would a business pay a fine when they know negotiations will wear (DEM) out and the cost will go down?”

In its open letter to the Governor, Save The Bay says that businesses that violate environmental laws can gain an economic advantage over those that play by the rules. Often, environmental damage cannot be reversed, and the people of Rhode Island pay the price for generations. An investment in enforcement protects Narragansett Bay from lasting damage and saves taxpayers dollars.

“This is not a problem that Governor Raimondo created. We applaud her efforts to promote economic growth and create a business climate that attracts investment and jobs,” Stone said.

“We look to Governor Raimondo to lead Rhode Island into a new era where protecting our environment is a cornerstone of Rhode Island’s economic comeback.” www.risbj.com | volume four issue twelve

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The Perfect Place for Holiday Luncheons –&– Dinners

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RISBJ | rhode island small business journal

Payroll…It’s Not Just About Paying Yourself | SMALL BUSINESS

Payroll… It’s Not Just About Paying Yourself

by Steven Byler

When a company falls behind in paying payroll taxes, workers’ compensation insurance, or jurisdiction selection, there is often a snowball effect. The resulting paperwork, penalties and fees is enough to bury many small business owners. We find that over 50% of our new payroll business isn’t driven by price, but by the fact that companies have been trying to do payroll internally for months, or even years. The first time they receive a late payroll tax reminder, they don’t think much of it because they get a pass, but the second and third time, the penalties start adding up. Any savings on carrying costs, or avoiding a service provider, is wiped out by penalties and regulatory audits.

For small businesses, a payroll service provider may seem expensive, so owners often try to save money by figuring it out internally. They do payroll on their own, or calculate payroll in their accounting software, and then pay themselves and their employees. All too often, these companies cut the paychecks, but forget to pay the taxes, even though they may have been calculated correctly!

Even if the payroll taxes were properly calculated and paid, a business owner cannot forget about workers’ compensation insurance, or federal and state regulatory filings. Accounting and bookkeeping professionals know that outsourcing payroll can be one of the greatest returns on investment for small business owners, and is an efficient step in growing and focusing on your business.

With new small business clients, we see a range of challenges they face regarding payroll processing. These five tend to be the most common challenges: • •

•

Tracking Time & Paying Staff - It’s not as easy as just printing the checks. The process needs to start with a time management and capture system.

Paying Taxes & Filing Forms - Many internal systems are used to process payroll and calculate the required taxes, but do not process the payment or file the forms needed, leaving a company vulnerable to non-compliance.

Direct Deposit - Employees like to be paid promptly.

•

•

Companies often have a distributed workforce making it difficult to hand a check to the employee. Direct deposit solves this, but many companies are intimidated by handling employee banking info.

Domain Expertise - Entrepreneurs are stellar at what they do and don’t need to be payroll experts.When navigating the logistics of payroll, it’s helpful to have support when something goes wrong.

Workers’ Compensation - Too many small businesses think that workers’ compensation insurance is part of payroll. In truth, if you have payroll, you need workers compensation; however it needs to be sourced separately.

We have heard these issues from many small businesses.

Clearly, payroll is complicated and can cost a small business if it’s not done correctly. Outsourcing payroll can be a smart move and has many advantages, including:

1. It lets you focus on the business you love, and not worry about payroll.

2. It dramatically reduces your likelihood of incurring penalties and unnecessary fees.

3. It ensures that you’re paying your employees on time...all the time!

4. It gives you a resource to turn to that has payroll expertise.

So what do you need to get started? Call your CPA or bookkeeper! We are here to help and it is never too late to get your payroll organized. If you currently do payroll in-house, rest assured that providers are aware of many of the problems faced by small businesses, and will be able to help you navigate through the seemingly complex payroll system. They may also be able to help you with other practices, such as payroll coding, reconciliation, and expense tracking. These aren’t only critical in financial management, but also for preparation of potential future audits. In our experience, we have rarely found a business that has not been able to improve their efficiencies by having an expert by their side.

Steven Byler COO and Co-Founder GrowthLab LLC.

www.risbj.com | volume four issue twelve

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RISBJ | rhode island small business journal

Sierra Pacific Mortgage We’re here when you need us.

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Quick Tips On Productivity To Help You Become More Profitable | SMALL BUSINESS

QuickTips onProductivity t o h e l p y o u b e c o m e m o r e p r o f i ta b l e

85%

of all successful entrepreneurs attribute their achievement to possessing an open mind

In order to be more efficient and productive you must

get organized

Devise a system of

processing money in all forms to help you stay on a positive financial track

Challenge yourself to reduce meeting times by

25%

Schedule times

to check your email and phone throughout the day, allowing less disturbances and more focus while you are working

which will increase your productivity throughout the week

Spend 15 minutes

at the end of your work day to organize top priorities for the following day www.risbj.com | volume four issue twelve

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Benefits of HealthSo

Full Employee Choice Program •

•

•

•

Allows business owners to offer a wide range of plans using a defined contribution model – while employees and their families have an unprecedented degree of freedom and choice.

Employer’s contribution is set on a reference plan that can be based on their current plan or the cost range they can afford.

Employees choose from any of the plans at no additional cost to employer and can “buy up or down” depending on their needs.

The Business Engagement Team offers an unmatched level of support.

Ask your broker for a quote or call us at 1-855-683-6757 today.

Choosing the Right Metal Level

There are four basic categories of coverage offered called “metal levels” that were created to help people understand how much they will pay versus how much the plan pays. Plans in each metal level pay different amounts of the total costs of an average person’s care.

They take into account the monthly premium, deductible, copayments, coinsurance and outof-pocket maximum. The actual percentage they pay will depend on the services they use during the year.

F16 RISBJ O R| rhode islandMsmall business O RjournalE

HealthSource RI for Employers is Rhode Island’s official health marketplace for small group health insurance options and one of the bestfunctioning small business exchanges (per capita) in the United States.

Our trusted partners for medical and dental plans include Blue Cross & Blue Shield of Rhode Island, Neighborhood Health Plan of Rhode Island, UnitedHealthcare, Blue Cross Dental, Delta Dental, Guardian and soon to be added, Dentegra.

HealthSource RI’s Full Employee Choice option gives employers maximum flexibility in customizing health plan offerings for their employees. It is the exclusive source for multi-carrier options, and a defined contribution feature lets employers set contribution levels with the option to tier by employee tenure or classification.

What Business Owners Need to Know • • • • •

Business owners can offer a wide range of plans using a defined contribution model.

Employees and their families have an unprecedented degree of freedom and choice.

Employer contribution can be based on current plan or a cost range they can afford.

Employees choose from any of the plans offered to best meet their needs and budget.

On-site Customer support is available from our Business Engagement Team to help employers and employees find the health coverage that best fits their needs and their budget.

The primary goals of the program are to help employers manage healthcare costs, promote a healthy workforce, and eliminate obstacles to getting healthcare coverage. Business owners consistently list employee healthcare as one of their top expenses. There is no downside to looking at the options through HealthSource RI because pricing is the same, by law, both on and off the exchange.

I N F O R M A T I O N

P L E A S

ource RI for Employers Program Small Businesses Profiles of HealthSource RI Customers Brewster Thornton Group Architects is an architectural firm based in Providence, doing business for over 26 years. “Our mission is to use professional practice to make a difference in the communities where we have projects,” said partner Barbara J. Thornton, AIA, LEED AP. Both institutional and residential projects by the firm integrate welcoming, contextual design, durable materials, and accessibility considerations.

Prior to using HealthSource RI for Employers, Brewster Thornton Group Architects provided 100% plan payments for single coverage. Their broker Steve Shuster worked with the Business Engagement team to implement the Full Employee Choice option, offered exclusively through HealthSource RI for Employers that gives employees the ability to choose their own plans based on individual needs. The company simply picks a reference plan at a defined contribution level, and employees select from namebrand health plans. “The plans were affordable, and just as good as the plans we used to have,” said Thornton.

HealthSource RI for Employers is regarded as one of the best functioning exchanges (per capita) in the United States, and Brewster Thornton Group Architects could not agree more. “I am very proud that Rhode Island has one of the best and most varied exchanges available, and I think that small businesses should use it to support that infrastructure,” said Thornton.

HealthSource RI’s defined contribution option allows employers to determine their healthcare budget and gives employees the healthcare that best fits their needs and their budget, with an unprecedented level of service and support. Brewster Thornton Group Architects heartily recommends Rhode Island’s state-based exchange to other small employers in Rhode Island.

E

V I S I T

H E A L T H S O U R www.risbj.com C E R| volume I four . issue C twelve O M 17

• 580 enrolled businesses • 4,004 enrolled members • 88% enrolled Full Choice DiLeonardo is an award-winning, full-service interior architectural design firm with a focus on hospitality design. In every space they create, DiLeonardo imparts a distinct sense of place, taking every opportunity to celebrate local materials, art forms, landscapes and cultural history.

Employing the best and brightest talent from around the globe with offices in Rhode Island, Dubai, Hong Kong and the Philippines, the business has been family-owned for over 40 years. Their personalized approach colors everything they do, including the Full Employee Choice option offered to their employees from HealthSource RI for Employers. “As an employer, this has made our benefit package uniquely competitive in our industry. This is a perk to employees newly joining our firm and our current employees as they are able to find a plan that works best for their lifestyle and needs.

HealthSource RI is the only healthcare option that allows us to give our employees this flexibility,” said Stephanie Robbins, Human Resource Manager.

Robbins cites the importance of utilizing both a broker and the HealthSource RI website, describing their broker relationship with Paychex as very helpful. “We need an expert and industry leader to educate us to make sure we are providing the best benefits to our employees,” she said. “In the past, employees would sign up through a paper application that would go to the company administrator, the broker, and finally, the healthcare provider. Now, with HealthSource RI, the employee logs onto their online account and enrolls directly,” said Robbins. “Our employees love the Full Employee Choice option.”

For more information on HealthSource RI for Employers: Visit the newly redesigned website (HealthSourceRI.com/Employers) or call 1-855-683-6757 for 2016 plan rates and detailed information on available options. Also visit the recently launched Facebook page for employers and brokers that highlights Rhode Island businesses using the program, their success stories, and other important news and events (www.facebook.com/HealthSourceRIforEmployers).

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H E A L T H S O U R C E R I . C O M

RISBJ | rhode island small business journal

TAKING CARE OF BUSINESS IN PROVIDENCE. The commercial banking team at BayCoast Bank in Providence will take care of you and your business like no other bank. That’s because we’re local and empowered to provide solutions — and yes, even get “creative” to help your business succeed. We think that’s ‘just right.®’ Whether you are looking for a loan for expansion, a term loan, construction, new equipment, a business checking account or a line of credit — we’ve got it.

Joe Sheehan 401-274-2106

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OUR TOP NEWS The following news articles were the most read stories on risbj.com

January

39th Annual Citizens Bank Save The Bay Swim Date Set for July 11 Save The Bay is pleased to announce that the 39th Annual Citizens Bank Save The Bay Swim will be held Saturday, July 11, 2015. “As one of the most storied open-water swims in the United States, the Save The Bay Swim celebrates tremendous progress in cleaning up Narragansett Bay since our first official swim in 1977 and our organization’s founding in 1970,” said Save The Bay Executive Director Jonathan Stone. In the early years of The Swim, swimmers often emerged from the water with oil and tar on their skin and swimsuits.

“On July 11, 2015, some 500 loyal open-water swimmers from around the country will converge in Newport to support our continued efforts toward a fully swimmable, fishable and healthy Narragansett Bay,” Stone said.

Raimondo Signs Executive Order to Make RI a More Attractive Place for Businesses to Operate

February

As part of her continuing efforts to attract new businesses to Rhode Island and to encourage our existing businesses to expand and grow, Governor Gina M. Raimondo today signed an executive order to improve the state’s regulatory process and make Rhode Island more businessfriendly. The goal of the order is to make sure that regulations do not impose unnecessary burdens on businesses and residents.

“I wake up every morning focused both on expanding opportunity for Rhode Islanders, and encouraging businesses to create jobs here,” Governor Raimondo said. “We’re going to take direct aim at Rhode Island’s reputation as a difficult place to do business. Today’s action is just one step we’re taking to improve our regulatory climate in order to attract businesses to Rhode Island, and to encourage our existing companies to expand and grow.”

March

Biotech Startups Moving into 349 Eddy Street Brown University has leased the 4,000-square-foot building at 349 Eddy St. to ProThera Biologics. The biotech firm said it has letters of intent from two other startups, Ryon Technologies and 3prime Dx, to sublet some of the space during the three-year lease.

ProThera, a company focused “on the critical role and commercial potential of Inter-alpha Inhibitor Proteins for treating acute lifethreatening inflammatory diseases,” moved in Feb. 15, said co-founder and CEO Dr. Yow-Pin Lim. He and Douglas C. Hixson, who are both researchers at Brown and at Lifespan, founded the company in 2002.

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RISBJ | rhode island small business journal

STORIES

ov e r t h e p a s t y e a r.

Small Business Administration Announces 2015 Rhode Island Small Business Award Winners

April

The U.S. Small Business Administration (SBA) is proud to announce the 2015 Rhode Island Small Business Person of the Year and other small business awards.

Recipients: Christopher Ciunci, Small Business Person of the Year; Jason and Lynsey Colgan, Young Entrepreneur; Oscar Mejias and Hernan Padilla, Minority-Owned Small Business; Justin Hoffler, Entrepreneurial Success; Deborah Schimberg, Woman-Owned Small Business; Patricia Raskin, Home-Based Small Business; Sandra Cano, Financial Services Champion; Rick Becker, Joseph G.E. Knight Award for Entrepreneurial Excellence; The Center for Women & Enterprise, Rhode Island District Director Award

May

Johnson & Wales University Chosen as First New England Site for The Kauffman Foundation’s “One Million Cups” Johnson & Wales University (JWU) will hold a kickoff event to celebrate their choice as The Kauffman Foundation’s site for its “One Million Cups” (1MC) program for entrepreneurs. The program will take place in the Larry Friedman International Center for Entrepreneurship. JWU is the first Kauffman 1MC cup site in New England, joining 72 other sites throughout the United States.

1MC is a way to engage entrepreneurs in communities around the world. Each week, the 1MC program offers two local entrepreneurs an opportunity to present their startups to a diverse audience of mentors, advisors, and entrepreneurs. After they apply and are accepted, presenters prepare a six-minute educational presentation and engage in twenty minutes of feedback and questioning.

Raimondo Names Chairs to Councils on Elementary and Secondary Education and Post-Secondary Education

June

Governor Gina M. Raimondo today designated Daniel P. McConaghy as chair of the Council on Elementary and Secondary Education and William Foulkes as chair of the Council on PostSecondary Education.

Daniel P. McConaghy is the executive vice president for Gilbane Building Company. William Foulkes is a strategic planning and marketing consultant, and currently a faculty member at the Rhode Island School of Design where he teaches entrepreneurship and business. www.risbj.com | volume four issue twelve

21

OUR TOP NEWS ST Rhode Island Foundation Launches “Indie Week” Shop Local Campaign

July

More than 70 locally owned shops and restaurants will offer special discounts to customers from July 1-7 as part of the national “Independents Week” campaign, which encourages consumers to shop locally. Clustered primarily in Providence, the participating businesses range from boutiques and florists to bakeries and jewelers.

Conceived by the American Independent Business Alliance, Independents Week is modeled on the “Small Business Saturday” campaign that occurs on the day after “Black Friday” in November.

The local “Indie Week” campaign is coordinated by the Rhode Island Foundation through its Buy Local RI initiative.

August

Pannone Lopes Devereaux and West Attorneys Selected to The Best Lawyers in America 2016 Several Partners at Pannone Lopes Devereaux & West LLC (PLDW) were recently selected by their peers for inclusion in The Best Lawyers in America® 2016, in multiple disciplines. Best Lawyers in America® is the oldest and most respected peer-review publication in the legal profession.

“We are honored to be recognized by our colleagues in our profession with this year’s selection,” said Gary R. Pannone, Managing Partner at PLDW. “We are very proud of our entire team of lawyers and staff. This honor reflects their dedication, hard work and commitment to serving our clients.”

Adding Philanthropy to the Menu The Blount family has been in the food business for five generations, but it is always experimenting with new products and practices.

From its beginning in the 1880s when Eddie B. Blount started an oyster-packing business in West Barrington, Blount Fine Foods has re-invented itself through the years – and through the generations – from a seafood processor to a premium, prepared-foods company.

Now it has also re-invented its approach to philanthropy – with a donor-advised fund at the Rhode Island Foundation. Donor-advised funds at the Rhode Island Foundation enable individuals and companies like Blount’s to amplify the impact of their giving with the help of the guidance from sector experts at the Foundation on what areas of need are most critical and which organizations seem to be effective in using donated funds.

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RISBJ | rhode island small business journal

September

TORIES CONTINUED October

How to Grow your Small Business with Facebook Facebook will host their last half-day event of the year ending in Boston on Thursday, October 15. In hopes of getting a more detailed perspective on the event, we were able to interview Facebook’s Bess Yount who leads the Small and Medium Business Community Engagement Team at Facebook. She tells all about the Boost Your Business Event in Boston and why you should attend if you are a small, growing business in New England.

The Boost Your Business Program is an integral advancement from local communities’ small businesses because it’s a platform to connect with customers. “For years, Facebook has been going into local communities around the country to train small and medium businesses. Last year we hosted five events in cities across the U.S. where we met with small and medium businesses to help them understand how to use Facebook’s marketing tools to achieve real business objectives, connect with current customers, and find new customers.”

November

2015 RI Tech10 Award Winners Announced Tech Collective, Rhode Island’s industry association for Information Technology and Bioscience, in partnership with Rhode Island Monthly, announces ten Rhode Island IT practitioners, digital media designers, and entrepreneurs as its 2015 Tech10 Award recipients.

Individually, Tech10 recognizes Rhode Island IT practitioners and entrepreneurs who excel in their practice, demonstrate a passion for contributing to the success of others, and are pioneering in their technological and career achievements. For the technology community, Tech10 is the opportunity for Rhode Island business and industry to identify its exceptional participants and future leaders.

For More News Stories Visit...

www.risbj.com

or connect with us on social media www.risbj.com | volume four issue twelve

23

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RISBJ | rhode island small business journal

It’s A

New Year!

Resolutions From Rhode Island’s Business Leaders…

Arthur Yatsko

2016 President, Rhode Island Association of REALTORS® My New Year’s resolution is to help make the RI Association of Realtors an even greater asset to our members and the communities they serve. We can accomplish that by promoting the importance of housing as an economic driver and by helping to facilitate an environment in which all Rhode Islanders can meet their housing goals.

By embracing the National Association of Realtors recently adopted Commitment to Excellence, our state association can be an impactful vehicle for positive change.

Gina Raimondo

Rhode Island Governor

My New Year’s Resolution is to continue to expand opportunities so everyone can make it in Rhode Island. I will be working hard in 2016 to see that all Rhode Islanders have opportunity by building skills, creating jobs and innovating in government. We all have a role to play in Rhode Island’s comeback. Together, we are rebuilding our state’s middle class. We have momentum - it’s working. A happy and healthy New Year to all Rhode Islanders!

Maria Gemma

Executive Director, Gloria Gemma Cancer Research Foundation The team of the Gloria Gemma Breast Cancer Resource Foundation is excited to enter 2016 with an ambitious vision of providing even more breast cancer education and resources to the many diverse communities of Rhode Island. In a state where 1 in 6 women will be touched by breast cancer, many individuals and families need a support structure to help them navigate through turbulent time in their lives.

www.risbj.com | volume four issue twelve

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Professional Growth In 2015 And 2016 | SMALL BUSINESS

Professional Growth in 2015 and 2016

by Dr. Ronald G. Shapiro

As we approach the end of the calendar year, let us set aside some time to evaluate our professional growth for the year.

Start by retrieving the original copy of your 2015 Professional Development Plan (if you have one). Does the plan run on a calendar year or an academic year? If it runs on a calendar year just check the bottom line. Did you achieve most of what you intended to achieve? If it runs on an academic year are you on track as you conclude the first quarter of the academic year to meet end of the year goals? If you don’t have a plan try to turn the clock back a year and think about where you were at the end of 2014. What did you want to achieve this year? Did you achieve it?

If you are on track to achieve or have achieved your goals, congratulate yourself. Set a new plan for next year, and continue to be successful. If you did not achieve your goals take some time to reflect. Why didn’t you achieve your goals?

Did your interests change significantly? If so, did you develop new goals and achieve them? If not, there is a big temptation to either not develop a new plan for next year, or to simply take the plan that did not work for you this year and simply change the dates. Please do not do either of these. Instead, please develop a new and meaningful plan with weekly checkpoints to be sure you remain on track in 2016. Develop a system to make yourself accountable for achieving the goals in 2016.

One suggested method is to plan to meet with a trusted colleague or family member every

Tuesday to discuss your accomplishments. Aim to complete your weekly goals by Friday. If you miss, you always have the weekend to catch up, and if you miss again, there is always Monday. Please be sure that you don’t miss all 3 opportunities unless there is a real emergency. If you must, do less, but do something. Also, if the planned method of developing did not work, think of another way for 2016. For example, if you planned to learn a new skill by reading internet articles, but never got to them; consider taking a course which has more accountability.

What could your 2016 professional growth plan look like? Your plan could be a simple file with three sections and calendar entries. The top section specifies your long term goals, as you see them today. The middle section is multi-year plan showing what steps you need to take each year to reach the goal. The bottom section is a detailed (perhaps weekly) plan to achieve your first year goals. Try to specify your end dates as Tuesdays (assuming you work a normal calendar week, if practical).

Once this file is complete, copy all of the entries from the plan to your actual calendar. Schedule a weekly call on the deadline days to a friend, colleague or family member to discuss your growth.

If December is simply too busy a time for you to develop a plan, mark an entry on your calendar prior to the end of January to develop a plan. Don’t simply make New Year’s resolutions, do effective planning!

Encourage all of your employees, colleagues, friends and family members to make plans, too!

If you are on track to achieve or have achieved your goals, congratulate yourself. Set a new plan for next year, and continue to be successful.

I would like to thank Industrial Consultant Dr. Margarita Posada Cossuto for helpful comments.

Dr. Ronald G. Shapiro Independent Consultant in Human Factors Learning & Human Resources

www.risbj.com | volume four issue twelve

27

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RISBJ | rhode island small business journal

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Rhode Island Small Business Journal is excited to announce the return of the Entrepreneurial Women to Watch Awards.

The 2016 winners and nominees will be honored at a celebration event in Pawtucket at the Historic Slater Mill. The event will take place on Thursday, March 24th, starting at 6pm.

RISBJ created the Entrepreneurial Women to Watch Awards over three years ago to honor the most confident, tenacious, professional and sophisticated women industry leaders in our state. This year, the awards again will be divided into five categories: Community Champion, Minority-Owned, Small Business, Solopreneur, and Startup. In each of these categories, three winners will be selected, adding up to fifteen winners total.

Review of 2015 Award Winners: Community Champion

Elizabeth Cunha, The Center for Dynamic Learning Kathleen Moren, Healthy Babies, Happy Moms Inc. Jen Silbert, Learning401

Minority-Owned

Kappy Bois, Royal Health and Wellness Yemi Sekoni, Donahue Models and Talent Maria Denizard, La Femme Salon

Small Business

Anne Aldridge, Ocean State House Cleaning Ava Anderson, Ava Anderson Non Toxic Michelle Collie, Performance Physical Therapy

Solopreneur

Kristin Niessink, Kristin Niessink MS, RD, LDN Lesli-Ann Powell, Little Birdie Papercraft and Design Studio Dr. Kate Siner, Dr. Kate Inc.

Startup

Stephanie Additon, Java Skincare Jan Dane, Stock Culinary Goods Maria Tocco, The Providence Flea

For More Information and news regarding the event, continue to visit our website, www.risbj.com, or follow us on social media.

Thursday March 24, 2016 | Starting at 6:00 PM Slater Mill | 67 Roosevelt Avenue, Pawtucket, Rhode Island

www.risbj.com | volume four issue twelve

29

SMALL BUSINESS | Employment Law Updates From 2015

Personnel Practices EMPLOYMENT L AW U P D AT E S

F R O M

by C. Alexander Chiulli, Esq. and Kristen M. Whittle, Esq.

With 2015 at an end, it is fair to say that the past year provided numerous developments in the employment arena.

The following summarizes important updates that Rhode Island employers should be aware of heading into 2016.

Misclassification of Independent Contractors In 2015, the Rhode Island Department of Labor and Training (DLT) began cracking down on employers for misclassifying employees as independent contractors. Rhode Island employers must generally withhold state and federal income taxes, Social Security and Medicare taxes, pay unemployment taxes on wages paid to employees, and purchase workers’ compensation insurance for employees.

Employers are not, however, typically required to pay taxes or purchase workers’ compensation insurance for independent contractors.

Misclassifying employees as independent contractors may violate workers’ rights, cause a decrease in tax revenue, and lead to businesses obtaining an unfair competitive advantage. In light of this issue, Governor Gina Raimondo remarked in a recent press release that “breaking the law not only hurts workers, it also hurts all of the Rhode Island companies that follow the rules, pay proper wages and help grow our economy.” Rhode Island employers that misclassify their workers now face substantial monetary penalties as well as other consequences, including a potential investigation by the Workplace Fraud Unit within the Department of Labor and Training’s Workplace Regulation and Safety division.

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RISBJ | rhode island small business journal

2 015

New Wage and Hour Requirements The United States Department of Labor (DOL) has proposed drastic rule changes that are expected to take effect in 2016, making most workers earning $50,440 or less per year eligible for overtime wages. This is a significant increase from the present threshold of $23,660 per year under the “white collar” exemption to laws requiring the payment of overtime pay for work performed in excess of 40 hours per week. According to the DOL, this change is

Employment Law Updates From 2015 | SMALL BUSINESS

Misclassifying employees as independent contractors may violate workers’ rights, cause a decrease in tax revenue, and lead to businesses obtaining an unfair competitive advantage expected to extend overtime protection to up to 5 million workers nationwide within its first year of implementation.

Rhode Island employers should take steps to evaluate their classification of employees as exempt vs. non-exempt from overtime pay in anticipation of this dramatic change.

In addition, the Rhode Island General Assembly raised the state’s minimum wage to $9.60 per hour effective January 1, 2016. The DLT also began rigorously enforcing employers’ compliance with hour and wage laws in 2015. As always, Rhode Island employers are wise to pay increased attention to determining and paying employees’ wages.

Pregnancy Accommodation Law Rhode Island’s General Assembly enacted legislation in June of 2105 to “combat pregnancy discrimination, promote public health, and ensure full and equal participation for women in the labor force by requiring employers to provide reasonable accommodations to employees with conditions related to pregnancy, childbirth, or a related condition.” R.I. Gen. Laws § 28-5-7.4. Under the new law, which heightened existing protections for pregnant workers, employers cannot restrict employment opportunities on the basis of pregnancy, childbirth, or a related medical condition and must provide reasonable accommodations for the same at an employee’s request.

Reasonable accommodation include “more frequent or longer breaks, time off to recover from childbirth, acquisition or modification of equipment, seating, temporary transfer to a less strenuous or hazardous position, job restructuring, light duty, break time and private non-bathroom space for expressing breast milk, assistance with manual labor, or modified work schedules.” R.I. Gen. Laws § 28-5-7.4. This new law further required employers to provide notice of these heightened protections to current employees by October 23, 2015, new employees upon the commencement of their employment, and any employee who notifies the employer of her pregnancy within ten days of such notification.

C. Alexander Chiulli, Esq. Partner, Barton Gilman LLP

STAY CONNECTED with RISBJ

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Kristen M. Whittle, Esq. Associate, Barton Gilman LLP www.risbj.com | volume four issue twelve

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Important Changes Coming To Rhode Island’s Identity Protection Law | SMALL BUSINESS

I M P O R TA N T

CH A N G E S

COM IN G

TO

Rhode Island’s Identity Protection Law

by Brian J. Lamoureux, Esq.

This spring, Rhode Island Governor Gina Raimondo signed into law the “Rhode Island Identity Theft Protection Act of 2015” (“Act”), substantially reworking Rhode Island’s 2005 data breach and identity protection law. Although the Act does not formally take effect until June of 2016, it is important for businesses to be aware of the Act’s key provisions and to take proactive measures to ensure timely compliance with the Act. The Act generally applies to any business, person, entity, or municipality who collects and stores “personal information,” such as a person’s first name (or initial) and last name in connection with the following types of data: • • •

• •

Social security number; Driver’s license number, Rhode Island identification card number, or tribal identification number; Account number, credit, or debit card number, in combination with any required security code, access code, password, or personal information number (e.g., a “PIN”) permitting access to an individual’s financial account; Medical or health insurance information; or E-mail address with any required security code, access code, or permitting access to an individual’s personal, medical, insurance or financial accounts.

Act sets an outside limit of 45 calendar days for the entity to make this notification. The Act also sets forth the particular requirements for the notification, and if there are more than 500 Rhode Islanders to be notified of a breach, the Act requires immediate disclosure of the breach to the Rhode Island Attorney General and the major credit reporting agencies.

Entities who recklessly violate the Act can face severe penalties, including a civil fine up to $100 per breached record.

Any knowing or willful violations of the Act carry a $200 penalty per breached record. Further, if the Attorney General’s office has reason to believe that a person or entity has violated the Act, prosecutors are authorized to file legal proceedings against suspected violators.

In summary, the Act provides sweeping changes to Rhode Island law. Until now, if a business had adequate policies and procedures in place to protect information and notify customers in the event of a data breach, chances are those policies and procedures will not be sufficient once the Act takes effect next year. Business would be well-advised to dust off their policies and rework them to ensure they are ready to comply with the Act when it soon becomes law.

Brian J. Lamoureux, Esq. Partner Pannone Lopes Devereaux & West LLC

Anyone subject to the Act must implement and maintain a riskbased information security program that contains reasonable security procedures and practices in light of the size and scope of the organization, the type of information stored, and the reasons why the information was stored and collected.

This program must ensure that the information stored is kept confidential and protected from unauthorized access, use, modification, destruction, or disclosure.

The Act also imposes strict and swift obligations in the event of a data breach which poses a “significant risk of identity theft” to any Rhode Island resident whose personal information was, or is reasonably believed to have been, acquired by an unauthorized person or entity.

Although these notifications must occur as soon as possible, the

www.risbj.com | volume four issue twelve

35

SMALL BUSINESS | 2015 To 2016: Glancing Back With A Focus On Opportunities In The New Year

On Opportunities In Th

by Michael Brito

I have been the MBE/DBE contributor to RISBJ for some time now and, during my time with the magazine, have received some wonderful feed-back from the readers! Every issue has allowed me to convey a sense of value and support to minorityowned and disadvantaged businesses throughout Rhode Island. Many of you have reached out to let me know that we are all in this together and that not one of us has ever had an easy “go” of it here in the Ocean State!

Some of us have been together from the birth of our dream: preparing business plans, obtaining funding, finding a direction through growth, hiring additional help, and reviewing real estate lease/purchases during ups and downs! Yes, I’ve been with most of you in an advisement position for whatever issues arose. If starting up and running a minority-owned and disadvantaged business in Rhode Island were an easy endeavor, the rewards wouldn’t be nearly as sweet! I thank you all for the feedback and loyalty in readership.

Well, that was then and this is now so what should our next move be? By now most of you should be finalizing whatever plans you may have to get ready for the long winter that Rhode Island is famous for and with that comes our taking out that

business plan, blowing the dust off and really getting serious regarding what was accomplished and how we can set new targets. Look at your bonding limit, re-examine your insurance, go through all of your equipment and survey your facility, all of these areas need yearly appraisals for refinement. Remember my Father’s advice: “The best money you’ll ever make is the money you never spend!” Raise the bar, narrow your sight and focus in on new opportunities that are slightly out of reach!

In a recent meeting, I was reminded that small companies that thrive, and not just survive are the ones that have an interest in a variety of products and services, not just a niche market.

Some of my construction clients also have an interest in real estate or have a road sweeping company. Some of my electrical service DBE’s have also acquired interest in excavation equipment, thereby offering alternate avenues of income. I am reminded of one such company that along with his material trucking business, also began offering container long hauls to off-set the winter slow-down associated with road work thereby providing income for twelve months instead of just nine! The point is that should the main food chain slow down for any reason, you have a backup plan (more on this in 2016).

As we glance back with a diligent look ahead, let’s remember that battles may be won or lost daily, but the war rages on! We

85% of all successful entrepreneurs attribute their achievement to possessing an open mind to new and different ideas 36

RISBJ | rhode island small business journal

2015 To 2016: Glancing Back With A Focus On Opportunities In The New Year | SMALL BUSINESS

The New Year must always keep in mind the importance of our vision and that is what will separate us, not just from larger companies, but from each other as well. We ran a wonderful workshop on image and what it means to project the right one when doing business with others. We also learned, the image we project to ourselves as proud MBE’s and DBE’s is the most important image, every minute of every day!

Staying positive isn’t always that easy (I know this very well having run a business in Rhode Island for many years) however, it isn’t impossible. There is negativity everywhere we look these days, my advice…don’t look! Provide yourself the opportunity to be happy with your company and its direction in 2016. Set new, lofty goals and stay focused on them. Give yourself and your staff every chance to achieve these goals in the New Year. Attend every training event possible. Whether it be an on-line webinar, professional development class, or an industry focused event or trade show --just go! Be the sponge of knowledge your company needs, surround yourself with positive people, associate with those that have achieved what you strive for, and never stop reaching. I know that I preach often regarding learning and its influence on success but it’s a proven path to achievement.

85% of all successful entrepreneurs attribute their achievement to possessing an open mind to new and different ideas, a sense of daring to differentiate one’s self from his/her competition is very important! A wise man once told me that the best investment we can ever make to advance our companies is the investment of learning!

In our state there are over 480 companies certified to do business as a MBE or DBE; whether it be construction, electrical, engineering, cleaning, etc. --you have a lot of “friends” out there! Stay sharp, see you on the job!

Michael Brito Team Member, Managing the Road Ahead www.managetheroadahead.com

www.risbj.com | volume four issue twelve

37

SMALL BUSINESS | A Solid Year Of Recovery Sets Up Future Growth In Rhode Island’s Housing Market

STATE-WIDE MLS

A S olid Y ear O f R ecovery S ets U p F uture G

While housing sales began to improve in 2012, 2015 appeared to be the year which put the real estate downturn solidly in Rhode Island’s rear view mirror. With single family home sales increasing year-after-year, every month for the past year, and the median price of those sales rising in all but two months of the past 13, the faulty footing of Rhode Island’s housing market seems to be a thing of the past. A consistent trend of improving market conditions appears to be the new normal.

“We’ve seen continual improvement in our housing market this year,” commented Arthur Yatsko, 2016 president of the Rhode Island Association of Realtors. “Sales activity has been strong and though prices are still down from their peak, most homeowners have regained most, if not all, of any equity lost during the housing downturn. A better economic outlook seems to have reinvigorated home sales and continued low interest rates have helped keep home ownership affordable.”

Sales activity has been strong and though prices are still down from their peak, most homeowners have regained most, if not all, of any equity lost during the housing downturn 38

RISBJ | rhode island small business journal

A Solid Year Of Recovery Sets Up Future Growth In Rhode Island’s Housing Market | SMALL BUSINESS

Year In Review

G rowth I n R hode I sland ’ s H ousing M arket And though news of a likely hike in interest rates could threaten to quell sales in 2016, one industry expert has issued exciting news for Rhode Island homeowners looking to sell their property in the coming year. A new report issued by realtor. com places the Providence-Warwick area in the number one spot on its list of hottest real estate markets in 2016.

Jonathan Smoke, chief economist for realtor.com, predicts that the 2016 housing market will experience solid but moderate growth throughout most of the country, with sales and prices rising by three percent. By comparison, Smoke expects to see Rhode Island sales activity and median price in the single family home market rise by as much as ten percent.

Markets on realtor.com’s top ten growth list can thank growing household formation, a better job market and/or large numbers of millennials, young gen-X’ers and retirees, all of which are demographic groups that are expected to drive the market in 2016.

According to Smoke, some of the areas which are expected to see better than average growth, are just now seeing signs

of recovery and better economic conditions forecasted for next year. He also indicated that top growth markets like Providence, could get a boost from spillover sales from nearby markets in demand. The Rhode Island housing market for example, could benefit from the pricier Boston market, which was identified as one of the top markets for growth in 2015.

Boston also made realtor.com’s overall top ten list for 2016, and ranks number one in the 65-74 age group, or those looking to retire, downsize or relocate.

While it’s hard to know for sure whether Rhode Island home sales will be a standout in 2016, Yatsko believes that Rhode Island is not poised for another housing bubble. “Ten years ago, Rhode Island was a leader in price appreciation but those hikes in price were too much, too fast. We don’t have the same scenario now. Consumers today are well aware of the perils of over reaching for a home and tighter lending standards have curtailed bad loans. As a result, our housing market is more solid. I’m not sure if an improving economy helped our real estate market or if an improving housing market helped boost our economy, but either way, it’s encouraging,” he said.

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SMALL BUSINESS | How Organized Was Your Business This Year?

u o Y s a W d e z i n a g How Or n floor, and o ffice, on the stems o e sy th g r in fil ve o all ren’t any a ae R re e ac th M . n M e piles in all

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RISBJ | rhode island small business journal

How Organized Was Your Business This Year? | SMALL BUSINESS

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SMALL BUSINESS | Refresh Your Focus For Success In 2016

Refresh Your Focus January is a turning-point for many. On a personal level we resolve to become fit, healthier, and maintain better relationships. From a business stand point we focus on profit and growth. Unfortunately, much of that profit and growth is harder to achieve if you are not up to speed with current trends. Shift your focus to the following areas:

presentation skills seminars or effective sales workshops which will show them you care about their professional improvements. Get to know them and acknowledge a job well done, a thank you always goes a long way.

Invest In Your Employees And Leverage Their Strengths

Build Your Company Culture

Know the weaknesses of your employees but highlight their strengths. Leaders that can pinpoint the strengths of their employees will have greater success when managing projects, building culture, and maintaining satisfied employees. Create scenarios in which you know they will be successful. This practice helps build their confidence both in the workplace and in their industry. Invest in their growth by offering tools to master their weaknesses such as

To take your business to the next level you must build a strong foundation.

By shaping company culture, the customer experience grows ten-fold because when your employees enjoy what they do and their workplace environment, they exert that same energy to both clients and co-workers.

Companies like Zappos are known for their incredibly happy employees which translates into incredibly happy customers. Happiness is contagious for sure.

Leaders that can pinpoint the strengths of their employees will have greater success when managing projects, building culture, and maintaining satisfied employees.

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Refresh Your Focus For Success In 2016 | SMALL BUSINESS

For Success in Tell Your Story

More companies are finding a way to tell their story. By revealing the faces, experiences, dreams, and concerns about the world around us, consumers can connect more deeply with a company. Products become sentimental and services become essential. In order to build your companyâ&#x20AC;&#x2122;s story you need to: be honest; show your customers they have a need that your company can solve; convey what your values are; and continuously build upon that story.

Focus On Relationship Marketing

This goes hand-in-hand with creating your company story. Developing an ongoing relationship is not always enough for consumers, they are looking to their peers for purchasing opinions and are taking into consideration their best buying experiences. Go above and beyond by offering a little to get a lot in return: ask for customer feedback; offer incentives without expectation; switch out products seasonally; and go above and beyond.

2016

Have A Digital Marketing Strategy

Placing your products or services in the forefront of the consumer is increasingly difficult without an implementation strategy for digital marketing.

Unfortunately, many small businesses do not always have a team in place to be able to create and execute. To become more organized, the first step is to look to look at a calendar and map out important marketing dates month by month.

Then list necessary steps for execution: do you have to hire a photographer; do you need to create content for an email; will you have to have a banner ad designed? By doing so, you will be much more organized when you are ready to implement your plan.

At the beginning of each month take time to set deadlines for campaigns and begin to check tasks off your list. Break the week down by using social scheduling tools like Hootsuite, to organize social content. Create clear and simple content for emails campaigns and always keep your message consistent from your website, to banner ads, to your Facebook cover. This will allow you to stay more organized and avoid becoming stagnant.

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The RI Society of CPAs, Center for Business Education, a place where quality continuing education intersects with professional networking and revenue generating strategies.

Featured Upcoming Event: January Network Event - 2016

Date: Thursday, January 21, 2016 | 5:30pm - 8:00pm Location: Omni Hotel - One West Exchange Street, Providence, RI A portion of the proceeds will go to the RISCPA Philanthropy fund with the RI Foundation.

Thank you to our Sponsors: Platinum: TD Bank | Gold: MassMutual Financial Group Silver: Duffy & Sweeney, LTD

Cost: $60 | Student Members $25 | Late Registration: $75 (if you register after 1-14-2016)

Contact Susan Breen at 401-331-5720 or visit www.riscpa.org for more info 44

RISBJ | rhode island small business journal

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www.risbj.com | volume four issue twelve E-mail: info@tbngconsulting.com

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