RISBJ V5 NO5 by Rhode Island Small Business Journal

volume five issue five

31st Annual

World Trade day Bryant Unniversity

real esTaTe

in Rhode Island

2016

SBANE

INNOVATION AWARD WINNERS www.risbj.com | volume five issue five

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www.risbj.com | volume five issue five

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www.risbj.com | volume five issue five

from the founder As technology changes, so do our marketing efforts. We’ve seen television and radio evolve with the likes of Netflix, Roku and Pandora to name a few. We’ve seen newspapers shift to online content delivery. We’ve also seen a shift from direct mail and print advertising to email and online advertising. While all of the traditional marketing channels remain relevant, as a business owner it’s important to adjust your marketing mix to stay top of mind with your audience. One of the most relevant marketing topics today is around Social Media. With so many social networks to choose from and only so many hours in the day, how we can be sure that we’re spending the right amount of time on the proper social networks with the most effective message? Here are my top 10 tips on managing a successful social media campaign.

1. Sounds like a plan

An effective social media strategy starts with a well thought out plan. Your plan should include your social media goals, your target audience, a list of appropriate social networks you will be using and a content strategy.

2. 70-20-10

Overselling is never a good thing, and this is especially true on social media. We suggest a 70-20-10 rule. This means that 70% of your content should be original, 20% should be shared from other news/industry sources and 10% should be promotional. This will help to keep your followers engaged, rather than tune them out with too many promotional offers or sales messages.

3. Post often

The reality of posting on any social network is that only a small percentage of our followers will see what we post. We need to post frequently to be in front of people when they’re actively engaged with social media. Your plan should consist of at least one post per day on each social network.

4. If you build it, they won’t come

Just setting up a new Facebook page or Twitter account for your business isn’t enough. You need to let people know that you’re now using these social networks for communicating. Add links to your social networks on your website, send emails to your clients to let them know and even consider purchasing ads to give your following a boost.

5. Get personal

While Social Media is a great tool to build brand awareness

RISBJ | rhode island small business journal

and position yourself as a subject matter expert, it’s also a great place to showcase a more personal side to your business. Employee profiles, photos of a company outing and facts about staff pets are all great topics for social media posts.

6. Know your audience

Before you start posting, you should have a good understanding of who your audience is. The content you post will directly be related to what your audience is most interested in. By posting content tailored to your audience, you will create better engagement. Each social network provides demographic and geographic data about your followers. You should review that data frequently.

7. Quality not quantity

While it’s common to focus on how many Facebook “likes” or Twitter followers we have, it’s more important to have the right followers. By having a focused group of followers that are in your target demographic, your social media strategy will be more effective.

8. Listen carefully

One of the most common uses for Social Media is customer service. Be aware of followers posting on your page, sending you messages, commenting and sharing. Followers will expect a very quick reply to a direct message and will be more likely to comment, share or like your content if you acknowledge their engagement.

9. Growth, Reach & Engagement, Oh My

It’s important to measure what content is working and how your social networks are growing. The most common KPI’s (Key Performance Indicators) are Growth (number of followers month over month), Reach (how many accounts your content is reaching) and Engagement (how many accounts interact with your content by sharing, liking, commenting or clicking). These KPI’s should be analyzed each month to measure performance.

10. It’s a marathon not a race

Remember, building a social following takes time, as does building brand awareness. It takes a minimum of 7-10 touches before a potential customer will even acknowledge your existence. On average it takes 3-6 months to see increased levels of brand awareness from social media efforts.

Gil Lantini Founder Ralph Coppolino Co-Founder Mike Casale Senior Designer Amanda Repose Managing Editor Marketing Lauren Bansbach Julia Cianciolo Alison Dupuis Samantha Gosper Nick Lovett Kelly Sobolewski Hannah Spain Marketing Assistant Kassandra Petrocelli Interns Georgio Elian Keegan Hernandez Yessenia Jaime Leeana Nito Laura Sprague Contributing Writers Mark Berger Michael Brito C. Alexander Chiulli Ted Donnelly Steve Kass Kristin M. MacRae Aileen McDonough Mary O’Sullivan Governor Gina M. Raimondo Dr. Ronald G. Shapiro Kenneth J. Sousa, PhD

www.facebook.com/risbj twitter.com/risbj 401 831 7779 info@risbj.com www.risbj.com

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©MMXIII Rhode Island Small Business Journal

www.risbj.com | volume five issue five

UPCOMING EVENTS NETWORKING&WORKSHOPS

EVENT

26 th

25 th

World Trade Day Bryant University 7:30 am (All Day) 1150 Douglas Pike, Smithfield A Night at the Garden The Hilton Garden Inn 6:00 pm 1 Thurber Street, Warwick

For More Events Visit www.risbj.com 6

RISBJ | rhode island small business journal

1st

First Friday Coffee at South County Museum South County Museum 8:00 am 115 Strathmore Street, Narragansett

3 rd

24 th

Network at Noon at Arturo Joe’s Arturo Joe’s 11:45 am 140 Point Judith Road, Narragansett

The RI Family Owned Manufacturing Consortium Polaris MEP 8:30 am 315 Iron Horse Way, Providence

ISO 9001:2015 Lunch & Learn Polaris MEP 11:30 am 315 Iron Horse Way, Providence

7 th

Introduction to QuickBooks Course The Education Exchange 6:00 pm 33 North Road, Wakefield

JUNE

Capital City Connection Networking Corner Bakery Cafe 8:00 am 140 Hillside Road, Cranston

15 th 11 th 10 th 8 th

23 rd

MAY

Brand Commitment Sprout RI 8:00 am 166 Valley Street, Providence Family Affair Event Newport Elks Lodge 10:00 am 141 Pelham Street, Newport Business After Hours hosted by Munroe Realtors Munroe Realtors 5:00 pm 117 Main Street, Wakefield

contents

volume five issue five

INSIDE THIS ISSUE

9 A Message from Governor Gina M. Raimondo 10 2016 SBANE Innovation Awards 14 31st Annual World Trade Day 22 An Experienced Leader in Coastal Real Estate 25 Best Tips for First-time Homebuyers

27 Record Breaking Rhode Island Home Sales 29 New Program Enables New and Recent Grads 30 Approaching Technology Initiatives 32 What Airlines and Financial Planners Have

34 Make Your Mark in Business 36 The Office Product You Need to Stop Using 37 Professional Growth for the Entrepreneur

ON THE COVER volume five issue five

38 Trademark Tips and Considerations 40 Letâ&#x20AC;&#x2122;s Talk About Rhode Island 41 Could Your Business Survive 42 Know Your MBE/DBE Mission

31st Annual World Trade Day

31st Annual

World Trade day Bryant Unniversity

real esTaTe

in Rhode Island

Featured

2016

SBANE

INNOVATION AWARD WINNERS

2016 SBANE Innovation Award Winners

34 www.risbj.com | volume five issue five

This is your year. Commercial Lending • Commercial Real Estate Lending • Equipment Financing • Commercial Lines of Credit • Preferred SBA Lender

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RISBJ | rhode island small business journal

Gina M. Raimondo | GOVERNOR

A Message From

Gina M. Raimondo

Investing in Small Business by Governor Gina M. Raimondo

Last month, I had the pleasure of speaking at a graduation ceremony for the Westerly Regional Real Jobs Partnership. Nineteen participants - all from southern Rhode Island, ranging from ages 18 to 60, unemployed or underemployed - completed the partnership’s five-week training program, learning essential skills like effective communication, digital literacy and customer service orientation. One of those graduates was Susan, from Ashaway. She told the group at graduation that before she started the program, she had no computer skills, no knowledge of technology and felt lost. She even needed computer skills to apply for unemployment online. The Real Jobs Partnership program gave her those muchneeded skills, working with Word, Excel, PowerPoint and email. They also worked on professional aptitudes like teamwork and problem-solving.

In government, we need to roll up our sleeves to connect employers with the trained workforce they need right now to grow and expand.

Now, Susan is one of the 16 program graduates who is completing a paid internship with area employers. Local organizations including Westerly Hospital, Westerly Public Schools, Ocean Community YMCA, Valenti Toyota, First Physical Therapy, Westerly Public Library, Wilcox Park, Alley Katz Bowling Center, ServiceMaster by Mason and the Jonnycake Center of Westerly are all committed to hosting an intern. The Westerly Regional Real Jobs Partnership is part of Real Jobs RI, a flexible demand-driven grant program. I worked with government, community and business leaders to create 26 strategic partnerships from more than 10 industries and 4 regions and split $5 million in funding to design and implement programs that would give Rhode Islanders the skills they need so they can get the jobs that pay. Each of the 26 Real Jobs partnerships produced and is now executing a detailed workforce training plan. The plans clearly state the sector’s or region’s needs, describe what the training is, how it will be implemented, what skills will be attained, and what goals/ outcomes will be achieved. These are the types of programs our state will need to keep up in the new economy. In government, we need to roll up our sleeves to connect employers with the trained workforce they need right now to grow and expand. These industry partnerships are positioned to become the critical hub around which government, education, workforce development providers, nonprofits and others revolve. Together, we can create a business community of skilled workers that will thrive for years to come.

For more information on Real Jobs RI, please visit http://www.dlt.ri.gov/realjobs/.

www.risbj.com | volume five issue five

SBANE

AWARDS S

2016 SBANE Innova E

FOR PROFIT WINNERS BionX Medical Technologies, Inc www.bionxmed.com

BionX is a leader in the field of prosthetic devices with the BiOM Ankle, the only prosthesis with powered propulsion for enhanced mobility. Only the BiOM Ankle offers a combination of POWER to emulate lost muscles, CONTROL to mimic normal ankle movement and STABILITY that automatically adjusts to any surface. The impact that their product has on the amputee market allows an amputee the opportunity to normalize his ore her life as much as possible, per the judging team

Everbridge www.everbridge.com

Everbridge, an enterprise software company, supplies solutions to over 2700 customers around the world to keep people safe and businesses running. During mission-critical business events, or man-made or natural disasters, over 100 million people in 200 countries and territories receive Everbridge notifications. In 2015 we delivered over one billion messages. The judges strongly believed that unlike their competitors they were able to cover all aspects of the emergency notification system that is needed in this day and age.

Jana www.jana.com

Jana’s mission is to make the internet free for the next billion consumers. Through Jana’s mCent app, users in emerging markets like India, Indonesia and Brazil discover and try new apps without incurring any data charges. Free Internet is possible through partnerships with 311 mobile operators in over 93 countries. The judges recognized that there is nothing else like this product in the developing countries where smart phone use increases by almost 1 million new users each day.

Kaon Interactive www.kaon.com

Founded in 1996, Kaon Interactive is the leading provider of interactive 3D customer engagement applications that help B2B sales and marketing teams consistently demonstrate and differentiate complex products/solutions anywhere, anytime, on any device. It’s time to stop presenting, and start engaging! Their product affords companies in this global economy to efficiently and effectively sell to any customer, a huge economic benefit, according to the judges.

RISBJ | rhode island small business journal

Congratulations to Last Thursday evening at the Westin Hotel in Waltham, the Smaller Business Association of New England (SBANE) held its 31st Annual New England Innovation Awards dinner and awards presentation. The event was the culmination of a four month process that afforded 188 companies from all six New England states an opportunity to present their business innovation and value proposition to an influential group of judges possessing tremendous expertise in assessing innovative enterprises. As the event has grown over the years, so too has the value to the nominees and winners. Since its inaugural year in 1986, SBANE’s Innovation Awards have recognized over 200 companies and organizations from every imaginable industry. With each passing year, more new and innovative businesses come to the fore, and this year was no exception. Of the 20 finalists recognized at this event, the following eight received awards in the categories of Rising Star, Non-Profit or For-Profit: TrucBrush and Constant Therapy as Rising Stars; CommonWealth Kitchen and College Diabetes Network as NonProfits; and BionX Medical Technologies, Everbridge, Jana & Kaon Interactive in the For-Profit category. The remaining finalists were Housing Families Inc., School on Wheels of Massachusetts, Inc., SquashBusters, AIRMAR Technology Corporation,

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NON PROFIT WINNERS

this year’s winners ArtLifting, BeON Home, HCI Cleaning Products, LLC, SoClean, NV Bots, The Curadel Companies, Vermont Creamery, and WatchRx, Inc. With approximately 400 people attending the awards dinner, it was evident to all that our economy continues to show tremendous signs of growth and innovation. “For 31 years, SBANE has done a remarkable job of identifying winners whose technology, services and ideas represent how truly innovative the New England Ecosystem is. This year has been no exception. Each and every one of our winners and for that matter our nominees, are leaders in their space, driving forward this innovation economy to make our lives and our own companies far superior to any other region in the country, let alone the world. As the SBANE Circle of Excellence welcomes the class of 2016, I can honestly say it is one of our best yet”, said SBANE’s New England Innovation Awards Committee Chairman, Todd Faber, President, The Faber Group. SBANE President Bob Baker noted that the quality of this year’s nominees and the enthusiasm for the Awards program makes him “very optimistic for what lies ahead for our region’s economy.” Baker added that he expects SBANE’s 2017 Innovation Awards program to be even more successful, as small business innovation continues to grow throughout New England. A core part of SBANE’s mission is to support the growth of business innovation in New England.

CommonWealth Kitchen www.commonwealthkitchen.org

CommonWealth Kitchen operates Boston’s only non-profit food business incubator. We promote entrepreneurship & small business development; create jobs; improve access to healthy food for lowincome families; and strengthen our regional food economy. We operate fully-equipped commercial kitchen facilities for rent to our members and a contract manufacturing enterprise, with on-demand contract labor. A very unique approach to stimulating the food service industry in an innovative way, while maintaining its non-profit status, was something the judges were extremely impressed with.

College Diabetes Network www.collegediabetesnetwork.org

The College Diabetes Network (CDN) is a non-profit organization whose mission is to provide innovative peer based programs which connect and empower students and young professionals to thrive with diabetes. CDN has an extensive network of students from over 100 campuses across the US and is the hub for everything related to young adulthood and diabetes. A third time finalist, College Diabetes Network has continued to grow at a rapid pace, providing a solution for college-aged students that no previous solution had, according to the judges.

RISING STAR

Constant Therapy www.constanttherapy.com

Constant Therapy provides science-based digital brain therapy to people with neurological disorders via mobile devices; and analytics & tools for evidence-based care to health care providers. The solution helps the 20M affected by stroke, head-injury, dementia, or learning disorders and is used at institutions such as Spaulding Rehabilitation. While they focused on the TBI/Stroke market place, the judges chose this rising star because the intelligence of the product will allow it to expand into a number of markets. As the population ages, the market will only grow.

TrucBrush Corporation www.trucbrush.com

TrucBrush Corporation manufactures and sells its patented mobile device TrucBrush®, which effectively clears snow from truck, trailer and bus rooftops in less than a minute. TrucBrush allows companies to meet state transportation regulations and OSHA guidelines. It improves operations with faster fleet deployment and allows snow vendors to perform TrucBrush services. The judges appreciated and loved the simplicity of this product but its impact is three-fold: safety, fuel efficiency and cost containment. www.risbj.com | volume five issue five

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2016 SBANE Inno B

AIRMAR Technology Corporation www.airmartechnology.com

Airmar is a world leader in ultrasonic sensor technology for marine and industrial applications. Our latest innovation, the WX Series WeatherStation® product line, meets a growing need for real-time, site-specific weather information. One compact unit—saving money, installation time, and repairs in the toughest environments.

Artlifting www.artlifting.com

ArtLifting helps artists who are homeless and disabled sell their work. ArtLifting’s impact has been featured in the New York Times, TODAY Show, Washington Post, Boston Globe, ABC, and the Huffington Post.

BeON Home www.beonhome.com

BeON Home was built by a team with expertise in security, lighting, and consumer products, with the mission of making a safer, smarter home as simple as screwing in a light bulb. With its upgradeable smart modules, BeON home created a new category for home protection that is practical, affordable and easy-to-use.

HCI Cleaning Products, LLC www.forceofnatureclean.com

The new Force of Nature appliance turns salt, water and vinegar into a non-toxic all-purpose cleaner and disinfectant that’s up to ten times more effective than bleach, yet completely safe. Force of Nature targets a $6 Billion and $25 billion consumer and commercial cleaning market, respectively. The Go-to-Market strategy is built around sophisticated social media marketing executed by senior CPG marketing executives.

Housing Families Inc. www.housingfamilies.org

Housing Families Inc. mission is to end family homelessness by providing emergency shelter, affordable housing, and supportive services for families experiencing homelessness. HFI also provides a unique, therapy- and academic-focused after-school program to help children overcome the trauma that accompanies the experience of homelessness.

NV Bots www.nvbots.com

NVBOTS® creates automated, enterprise 3D printing solutions that fix some of the industry’s toughest problems. Our flagship product, the NVPro™, is the world’s first end-to-end 3D printing solution with patented automated part removal. Essentially an automated factory in a box, the NVPro™ runs continuously, 24-7 from any device. Every day, enterprise customers, such as Staples, benefit from easily sharing the NVPro™.

RISBJ | rhode island small business journal

School on Wheels of Massachusetts, Inc. www.sowma.org

School on Wheels provides academic services and mentoring for students in grades kindergarten - college who have been impacted by homelessness. Services include: one-on-one tutoring, fully stocked backpacks, school advocacy and college assistance. School on Wheels offers stability, hope and opportunities for children to reach their full potential despite the obstacles of homelessness.

SoClean, Inc. www.soclean.com

SoClean is the first and only automated CPAP cleaning and sanitizing machine. On a daily basis, CPAP users deal with the inconvenience of having to clean their CPAP equipment in order to maintain compliance. The SoClean’s sanitizing process kills 99.9% CPAP germs without disassembling CPAP mask, hose, or reservoir.

SquashBusters www.squashbusters.org

SquashBusters is the first-ever urban squash program, combining squash and fitness, academic enrichment and character-building opportunities to ensure that young people obtain a college education, understand and embrace lifelong habits of health and wellness and develop a deep sense of character and personal integrity.

The Curadel Companies www.curadel.com

The Curadel Companies are Curadel, which performs R&D on novel devices and drugs for image-guided surgery, Curadel

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ResVet Imaging, which manufactures and sells image-guided surgery products in the research and veterinary spaces, and Curadel Surgical Innovations, which manufactures and sells image-guided surgery products in the clinical space.

Vermont Creamery www.vermontcreamery.com

Vermont Creamery has been producing goat cheese, European-style cultured butter and dairy products for three decades. The company has developed an award-winning product line that is made in Vermont and sold around the country. As a certified B Corporation, Vermont Creamery is committed to supporting local agriculture and engaging employees.

WatchRx, Inc. www.watchrx.io

WatchRx provides medication adherence solution that includes a watch (also a phone/GPS) with visual med reminders dedicated to helping seniors take their meds on time and live independently in their homes. The watch supports fall detection, emergency calling, real-time GPS tracking, and alerts caregivers for missed medications.

The Smaller Business Association of New England, Inc. (SBANE), founded in 1938, is a private not-for-profit association of approximately 600 member companies located throughout the six-state region. SBANE was established to provide a legislative voice for small business at the state and federal levels and to make practical information available to help business owners grow their companies. Since that time, SBANE member companies are no longer just small businesses. Our membership is characterized by a high degree of participation, reflected in a large and dynamic committee structure, addressing advanced manufacturing, MA and RI government relations, technology and innovation, women in business, non-profits, young professionals, and human resources. SBANE runs an extensive list of programs each year and has active chapters in Massachusetts and Rhode Island. SBANE stands out from other organizations... we value relationships and try to provide our members with a unique B2B service matching individual needs within our membership. It is not unusual to meet an SBANE member who has been with SBANE in excess of 25 years. Visit SBANE at www.sbane.org

www.risbj.com | volume five issue five

Bryant University

31st ANNUAL

WORLD TRADE DAY MAY 25, 2016

AGENDA 7:30 a.m. Registration, Breakfast, Exhibitor Showcase 8:00 a.m. Welcome Remarks 8:15 a.m. Morning Keynote Presentations International Intelligence: Analyzing Emerging Risks, Trends, and Opportunities Presented by: Brett Bruen, President, Global Situation Room The importance of gathering international intelligence and knowing how to use it to make good business decisions is critical for success in today’s dynamic global business environment. Companies need to make smart and timely decisions, understand the implications and potential complications, and take appropriate steps to ensure their success, mitigate risk, and protect their employees. An Update on the U.S. Agenda on Trade Agreements Presented by: David Thomas, Vice President, Business Roundtable U.S. trade agreements are designed to strengthen trade and investment relationships between the U.S. and partner countries, which in turn support U.S. jobs and economic growth. Currently pending ratification is the Trans-Pacific Partnership (TPP) agreement between the United States and 11 other countries in the Asia-Pacific region. In 2014, U.S. trade - exports and imports of goods and services – with TPP countries supported an estimated 15.6 million American jobs. Mr. Thomas will provide an update on the current status of TPP and other U.S. trade agreements.

9:45 a.m. Keynote Speakers with Panel Discussions (choice of one) Technology in Manufacturing: The Impact of Automation, Robotics and Advanced Manufacturing Presented by: Darrell West, Director of Center for Technology Innovation, the Brookings Institution This presentation will look at the advancement of new forms of technology in manufacturing and what impact they are having on worldwide manufacturing, the local economy, and the workforce. Local companies will discuss how these advances are shaping the future of manufacturing and global competitiveness. Panelists: Dino Caparco, Engineering Operations Manager, Yushin America,Inc. Jon Giampietro, VP Operations, TACO Comfort Solutions Roey Tzezana, PhD, Co-founder and CEO of TeleBuddy Justin Coutu, President, R&D Technologies

RISBJ | rhode island small business journal

Global Economics: The Shifting Dynamics in World Economies and How They Impact U.S. Companies Presented by: Anika Khan, Director, Senior Economist, Wells Fargo Securities, LLC World economies are constantly in the news with the latest ups and downs in the markets, which economies are growing and which are contracting, the impact of political and cultural issues, and the most recent data on how world markets are being affected by current trends. Understanding these trends and how they can impact local businesses will help companies make informed strategic decisions for future success. Panelists: Elliott Dix, Executive Director Foreign Exchange, Santander Global Banking Cheryl W. Snead, President and CEO of Banneker Industries, Inc. Mark Hanna, Chief Marketing Officer, Richline Group, Inc. Mark Delaney, CFO Hexagon Manufacturing Intelligence Five Global Marketing Megatrends to Watch in 2016 Presented by:Frank Days, VP, Software Marketing, Tesora, Host of Marketing Agility Podcast How is the explosion of new social channels and mobile-enabled consumers changing the way that marketers need to look at the world? Learn about these trends and how other companies are incorporating new techniques into their global marketing strategies. Panelists: Andy Kling, VP Group Account Director, Havas Edge Scott Stroud, VP, Global Direct to Consumer and Ecommerce, Hasbro Rob Corbin, Senior Manager, Digital Marketing, EMC Gillie Nevel, Senior Director, Head of Store Brands Strategy & Analytics, CVS Health

11:15 a.m. Breakout Sessions (choice of one) SESSION 1: Accessing Capital for Global Expansion

Where do investors see the global opportunities? Learn how lending and investing groups are viewing the global markets, how they evaluate risk, and the types of projects they look to invest in.

SESSION 2: Integrating Design into Manufacturing Are you asking “How” when you should be asking “Why?” Integrating a design process into the engineering of a product creates a competitive edge that comes from thinking differently and creating solutions that solve your customer’s needs. SESSION 3: The Challenges of Managing a Global Workforce Whether your company has a physical presence overseas, employs

Bryant University foreign nationals, or employs staff who travel regularly to overseas markets, the ability to comply with regulations, manage costs, and mitigate risks should be a top priority within the organization.

SESSION 4: Global Market Opportunities

How will the new trade agreements currently in negotiation impact your business? When will Cuba be open for U.S. exports? In this session, participants will learn more about global possibilities for business expansion and acquire information to help them make strategic business decisions.

SESSION 5: Boosting Your Exports

1:30 p.m. Luncheon Keynote Discussion Global Trends to Build, Innovate and Attract Panel Discussion Featuring: The Honorable Gina M. Raimondo, Governor of Rhode Island The Honorable Ronald K. Machtley, President of Bryant University John Hazen White, Jr., Taco Group Chairman and CEO Navyn Salem, Founder & CEO, Edesia Nutrition Moderated by: Mark Murphy, Editor, Providence Business News

2:45 p.m. Afternoon Session

Awareness Learn how your company can take advantage of the latest trends in marketing to create an innovative marketing strategy to enhance your global visibility.

Seven Revolutions: Scanning the Horizon Out to the Year 2035 and Beyond Presented by: Scott Aughenbaugh, Deputy Director Strategic Futures, Center for Strategic International Studies (CSIS) Seven Revolutions is a framework for considering the future and how you and your organization can be successful in it. CSIS refers to these Seven Revolutions – Population, Resources, Technology, Information, Economics, Security, and Governance – as the largest drivers of change in the world over the coming decades. During this presentation, CSIS will share the most current perspectives about emerging trends and discuss how decisions today can change the course of the future.

1:00 p.m. Luncheon

3:45 p.m. Closing Reception: Networking, Exhibits

If you are new to exporting or looking for creative ways to grow your global business, this session is for you. Learn how to assess your “Export Readiness,” understand the basics of exporting, and access services to support your global growth.

SESSION 6: Leveraging Digital Tools and Tactics to Build Global

A Message From The Director of the John H. Chafee Center For International Business at Bryant University I am extremely proud that this year we are celebrating our 31st Annual World Trade Day. Our event and global trade have come a long way in 30 years. We are proud to once again offer this dynamic conference for leaders of companies of all sizes, industries and regions to gather for learning, inspiration and networking.

Raymond W. Fogarty, Director

Please join us on May 25th!

To Register: ONLINE www.regonline.com/worldtradeday2016 VISIT www.bryant.edu/worldtradeday CALL (401)-232-6407 www.risbj.com | volume five issue five

S P E A K E R S Morning Keynote Presentations International Intelligence: Analyzing Emerging Risks, Trends, and Opportunities

Brett Bruen President, Global Situation Room During 12 years as a U.S. diplomat, Brett Bruen became a specialist in using strategic communications to influence the course of crisis and conflict. As Director of Global Engagement at the White House, he created some of the governmentâ&#x20AC;&#x2122;s most innovative programs for reaching new audiences around the world. While at the White House, he was responsible for public diplomacy programs, international media, crisis communications, and global entrepreneurship. As a member of the diplomatic service, Bruen worked in the Ivory Coast, Liberia, Guinea, Iraq, Venezuela, Argentina, Zambia, and Eritrea. In his current role as President of the Global Situation Room, he runs a consulting firm specializing in strategic communications, international public policy, and crisis management. He also serves as an adjunct faculty member of the Federal Executive Institute, where he trains senior U.S. government leaders on strategy and world affairs. An Update on the U.S. Agenda on Trade Agreements

David Thomas Vice President for the Business

Roundtable

As Vice President for the Business Roundtable, Mr. Thomas oversees the International Engagement committee, advocating international trade and investment policies that promote U.S. competitiveness, economic growth, and job creation. Before joining the Business Roundtable in July 2011, Mr. Thomas served as Trade Counsel for the Subcommittee on Trade of the Committee on Ways & Means within the U.S. House of Representatives. He advised Members of Congress and staff on a range of international trade legislation and other matters, including negotiation and implementation of trade agreements, bilateral relationships with U.S. trading partners, and World Trade Organization (WTO) issues. Prior to joining the House Ways & Means trade staff in March 2007, Mr. Thomas was in private practice for eight years in the D.C. office of a large international law firm. His practice focused on international trade and transportation policy and legal matters. He represented corporate and other clients before Congress and the Executive Branch on matters involving bilateral and regional trade agreements, WTO agreements, U.S. trade preferences, and other trade matters. Mr. Thomas received his J.D. from the University of Maryland School of Law, and he was Senior Articles Editor of the Maryland Journal of International Law and Trade. Before law school, he worked as a legislative aide for former U.S. Senator Dirk Kempthorne. Mr. Thomas graduated magna cum laude from Dickinson College, with a Bachelor of Arts degree in English and a minor in Economics. He is a member of Phi Beta Kappa. Five Global Marketing Megatrends for 2016

Frank Days VP, Software Marketing, Tesora, Host of Marketing Agility Podcast

With a 36-A pioneer in Agile Marketing and B2B content marketing, Frank Days has helped a number of fast-growing technology companies realize the full potential of marketing. He joined Tesora from TwinStrata, where he restructured the marketing team and repositioned the company prior to its acquisition by EMC. Days earned his new media stripes as the Director of New and Social Media at Novell. With his balance of creative and analytic marketing approaches, he supported record revenue expansion for Ipswitch and Experian QAS.

RISBJ | rhode island small business journal

Global Economics: The Shifting Dynamics in World Economies and How They Impact U.S. Companies

Anika Khan Director, Senior Economist, Wells Fargo Securities, LLC Anika R. Khan is a Director and Senior Economist with Wells Fargo Securities, LLC. She has more than 15 years experience in corporate and investment banking, including U.S. macroeconomic and quantitative analysis, institutional sales and trading analytics, and commercial-mortgage backed securities underwriting. Based in Charlotte, N.C., she is responsible for producing commentary on U.S. residential and nonresidential real estate markets, and contributes to the companyâ&#x20AC;&#x2122;s Weekly Economic & Financial Commentary. Technology in Manufacturing: The Impact of Automation, Robotics and Advanced Manufacturing

Darrell West Director of the Center for Technology Innovation, the Brookings Institution Darrell West is the Vice President of Governance Studies and Director ofthe Center for Technology Innovation at the Brookings Institution. He holds the Douglas Dillon Chair in Governance Studies. Previously, he was the John Hazen White Professor of Political Science and Public Policy and Director of the Taubman Center for Public Policy at Brown University. His current research focuses on technology policy, immigration, health care, and education.

Luncheon Panel Discussion John Hazen White Chairman & CEO of Taco

Group Holdings, Inc.

John Hazen White, Jr. is one of the most prominent business leaders in Rhode Island. As Chairman & CEO of Taco Group Holdings, Inc. he runs a $250 million dollar manufacturing company that is a leader in its industry. Taco is a world-class manufacturer of heating and cooling equipment. John was born in Providence, Rhode Island in 1958, and is the fifth child and only son of John and Happy White. He attended Williston Northampton School and graduated from Wooster College of Ohio. John represents the third generation of his family to own and operate Taco. He started his career with Taco in 1980, after serving in sales positions with manufacturer representative agencies. During his career at Taco, he has held various positions of increasing responsibility. In 1991 John became Executive Vice President of the company and he became President in 1997 and is now Chairman & CEO. John is a member of the Board of Trustees of the Brookings Institution in Washington, DC where he endowed an annual program on the re-emergence of manufacturing in the United States. John is a visiting professor at Johnson & Wales University, as well as a member of its corporation and a trustee. He serves on various boards, including the RI Philharmonic, Wheaton College and Williston Northampton School. He is currently President of the Hydraulics Institute Board. John founded Lookout RI, a public watchdog ad advocacy group and writes a periodic op-ed for Go Local Prov.com. John is married to Elizabeth White and has two sons, John III and Benjamin, both in the business, and lives in Barrington, RI.

S P O N S O R S Luncheon Panel Discussion - Continued

Afternoon Keynote Presentation

Navyn Salem Founder and CEO, Edesia Inc.

Seven Revolutions: Scanning the Horizon Out to the Year 2035 and Beyond

In 2007, Navyn set out to help end the crisis of malnutrition for over 250 million children around the world by setting up a factory in Tanzania, her father’s home country, that would produce ready-to-use therapeutic foods to treat severe acute malnutrition. In 2009 she expanded the vision by founding Edesia, a U.S. non-profit food aid manufacturer, to treat and prevent malnutrition in developing countries worldwide. Its factory in Providence, RI produces a range of fortified, peanutbased products like Plumpy’Nut® and Nutributter® for humanitarian agencies like UNICEF, World Food Programme, USAID/USDA and other NGOs working in emergency and conflict zones. Since production began in March 2010, Edesia has reached nearly 4 million children in 47 countries, including Chad, Ethiopia, Guatemala, Haiti, Pakistan, and Syria.In 2012, Navyn was named New England Business Woman of the Year by Bryant University, received the Roger E. Joseph Prize from Hebrew Union College for being an outstanding humanitarian, and was awarded an honorary doctorate in social sciences from Boston College, her Alma Mater. In 2013, Navyn received an honorary degree in business administration from Bryant University, became a Trustee of Boston College and is a member of the Chicago Council’s Global Agricultural Development Initiative Advisory Group. She is a member of the Chicago Council Advisory Group and part of the 2014 Class of Henry Crown Fellows at the Aspen Institute.

Scott Aughenbaugh Deputy Director Strategic

Futures, Centerfor Strategic International Studies (CSIS)

Scott Aughenbaugh is a Deputy Director of Strategic Futures at the Center for Strategic and International Studies (CSIS), specializing in global trends analysis and forecasting in CSIS’s flagship presentation, “Seven Revolutions: Scanning the Horizon Out to the Year 2035 and Beyond.” He conducts research on demographics, the future of food, computing, data/information growth, social media, the effects of economic integration, and emerging security challenges. Briefings have included companies such as: AT&T, Bank of America, Booz Allen Hamilton, Boeing, Cargill, the Carlyle Group, Chevron, Disney, ExxonMobil, IBM, Intel, LMI Consulting, Lockheed Martin, MARS, Mantech, Monsanto, Northrop Grumman, Penske, PWC, Qualcomm, Raytheon, Shell, Syngenta, and Verizon.

The Chafee Center And Bryant University Would Like To Thank Our Generous Sponsors For Their Support Of World Trade Day 2016. Silvers Sponsors

Gold Sponsors

Bronze Sponsors

Media Sponsors

World Trade Day Committee Paul Oliveira, CPA/MST, Shareholder, Director of Tax Services, KLR – Chair Joe Amaral, Consultant Raquel Cordeiro, Bryant University Gerald Cohen, Chafee Center Heather DeMarco, Chafee Center Ray Fogarty, Chafee Center Dee Fraser, Alex and Ani

Aaron Guckian, Bank Newport Steve Ilmrud, Hexagon Metrology June Landry, KLR Eric Menke, AstroNova Joe Nero, Arthur J. Gallagher Avishai Nevel, Nevel International

Robin Richardson, Bryant University Dan Schobel, Coface John Silva, Santander Bob Sinclair, Trade Consultant Tom Tanury, Tanury Industries Kathy Therieau, RI Commerce, Corporation

Ray Thomas, ARay Business, Communications Stephen Ucci, Locke Lord LLP Ken White, UPS Capital Linda Woulfe, Chafee Center Keith Yatsuhashi, U.S. Department of Commerce

www.risbj.com | volume five issue five

R E G I S T R A T I O N

To Register: ONLINE www.regonline.com/worldtradeday2016 VISIT www.bryant.edu/worldtradeday CALL (401)-232-6407 Directions

Lodgings

Bryant University is located on Route 7, 1150 Douglas Pike, in Smithfield, RI.

Several hotels are conveniently located within just a few miles of Bryant. Visit www.bryant.edu/about/visit-campus/ travel.htm

From Route 95 (North or South): Route 95, to Route 295, to Route 7 North, Exit 8B.

Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Please contact The Chafee Center, (401) 232-6407.

From Mass Turnpike: Take Route 20 East, to Route 146 South, to Route 295, to Route 7, Exit 8B. From Route 84 East: Take Route 6 East, to Route 295 North, to Route 7 North, Exit 8B.

About the Chafee Center World Trade Day is presented by the John H. Chafee Center for International Business at Bryant University, in partnership with the Rhode Island Commerce Corporation, the State of Rhode Island, and the U.S. Small Business Administration. By providing comprehensive international trade services including global market research, corporate training, and strategic consulting, the Chafee Center is a gateway for companies to access international markets. World Trade Day is the largest regional event of its kind and delivers valuable services to the business community.

Funded in part through a Cooperative Agreement with the U.S. Small Business Administration

About Bryant University Bryant University has a more than 150-year tradition of growth and innovation in higher education, delivering exceptional education for success in an age of unlimited global opportunity. Bryant provides undergraduate, graduate, and professional education programs that help individuals and businesses to reach beyond geographical and intellectual boundaries to achieve personal and professional success.

â&#x20AC;&#x153;World Trade Day continues to grow each year, attracting a diverse regional audience and featuring dynamic keynote speakers and industry professionals. Everyone involved in any aspect of global trade will walk away from this day with relevant information, key contacts, and global opportunities that they cannot find anywhere else. Their hardest decision will be deciding which of the great sessions to choose from!â&#x20AC;? Raymond W. Fogarty Director, John H. Chafee Center for International Business Bryant University

RISBJ | rhode island small business journal

W O R L D Bank of America

Contact: Kevin Tracy 100 Westminster Street Providence, RI 02903 (401) 278-3468 https://www.bankofamerica.com/

Citizens Bank

Contact: David Nolan 1 Citizens Plaza Providence, RI 02903 (401) 456-7011 http://citizensbank.com

Commerce RI

Contact: Sharon Penta 315 Iron Horse Way, Suite 101 Providence, RI 02908 (401) 278-9100 http://www.commerceri.com

Hexagon Manufacturing Intelligence Contact: Steve Ilmrud 250 Circuit Drive North Kingstown, RI 02852 (401) 886-2000 http://www.http://hexagonmi.com/

Hope Global

Contact: Sabra Nash 50 Martin Street Cumberland, RI 02864 (401) 333-8990 http://www.hopeglobal.com/

KLR

Contact: June Landry 951 North Main Street Providence, RI 02904 (401) 274-2001 http://www.kahnlitwin.com/

LGC&D

Contact: Charles Schneider 10 Weybosset Street, Suite 700 Providence, RI 02903 (401) 421-4800 http://www.lgcd.com/

POLARIS

Contact: Christian Cowan 315 Iron Horse Way Providence, RI 02908 (401) 270-8896 x405 http://www.polarismep.org

Raytheon Company

Contact: Kristen Mariano 50 Apple Hill Dr. Tewksbury, MA 01876 (339) 645-6166 http://www.raytheon.com

Santander

Contact: John Silva One Financial Plaza Providence, RI 02903 (401) 752-1018 (x431018) http://www.santanderbank.com

Teknor Apex

Contact: Jonathan Fain 505 Central Avenue

T R A D E

D AY

Pawtucket, RI 02861 (401) 725-8000 http://www.teknorapex.com/

PBN

Contact: Roger Bergenheim 400 Westminster St, #600 Providence, RI 02903 (401) 273-2201 http://www.pbn.com/

RISBJ/Integrated Media Group

Contact: Gil Lantini 1343 Hartford Avenue, Unit 24 Johnston, RI 02919 (401) 831-7779 http://www.risbj.com http://www.growwithimg.com

RIMA

Contact: Bill McCourt 85 Douglas Pike Smithfield, RI 02917 (401) 751-0160 http://www.rimanufacturers.com/

Global Rescue LLC

Contact: Ann Shannon 177 Milk Street; suite 700 Boston, MA 02109 (617) 459-4206 http://www.globalrescue.com

SBA

Contact: John Joyce 380 Westminster Street, Room 511 Providence, RI 02903 (401) 528-4561 http://www.sba.gov

OCEANAIR

Contact: Jodi Olson 186A Lee Burbank Highway Revere, MA 02151 (781) 286-2700 http://www.oceanair.net

Massmaritime

Contact: Kevin Laffey 1 Harbor Side Drive, Suite 200 East Boston, MA 02128 (617) 568-5000 http://www.massport.com

Seko Logistics

Contact: Jim Apostolou 10 Ross Simons Drive Cranston, RI 02920 (401) 463-3550 http://www.sekologistics.com/

Crane Worldwide Logistics Contact: Tony Palma 150 Eastern Ave Chelsea, MA 02150 (617) 884-3489 http://www.cranneww.com

Telebuddy

Contact: Roey Tzezana 65 Taft Avenue Providence, RI 02903 (401) 263-8161 www.tele-buddy.com

E X H I B I T O R S

Radius International

Contact: Cristina Melillo 580 Chelsea Street East Boston, MA 02128 (617) 561-1300 http://www.radiuscargo.com

Webport Global

Contact: Carolyn Jepsen 2 Seaport Lane, 9th Floor Boston, MA 02110 (617) 385-5060 https://www.webportglobal.com/

The World Academy

Contact: Joseph Grignoli 10 Woodbridge Center Drive, Suite 420 Woodbridge, NJ 7095 (631) 396-6809 http://www.http://americanrivergroup.com/

Great British Marketing

Contact: Paul Snape 82 Broad Street, Suite 203 Boston, MA 02110 (617) 275-2706 http://www.greatbritishmarketing.com/

Rhode Island School of Design Executive Education Contact: Marisa Gutmatcher 2 College Street Providence, RI 02903 (401) 454-6100 http://www.risd.edu

Consulate General of Israel to New England Contact: Sagit Sade Attia 20 Park Plaza, Suite 1020 Boston, MA 02116 (857) 500-0131 http://embassies.gov.il/boston

Taiwan Economic and Cultural Office

Contact: Peter Shih 99 Summer Street, #801 Boston, MA 02110 (617) 737-2057 http://web.roc-taiwan.org/usbos_en/index.html

Qingdao Center for Business and Commerce Contact: AiMin Zuo 2025 Gateway Place Suite San Jose, CA 95110 (415) 525-6598 http://www.chinasf.org/

MIDA - Malaysian Investment Development Authority Contact: Shahrol Shahabudin 1 International Place, 8th Floor Boston, MA 02110 (617) 338-1128 x29 http://www.mida.gov.my/

UK Trade & Investment

Contact: Eric Hansson One Broadway 7th Floor Cambridge, MA 02142 (617) 245-4500 https://www.gov.uk/government/world/ organisations/uk-trade-investment-in-the-usa

www.risbj.com | volume five issue five

RISBJ | rhode island small business journal

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www.risbj.com | volume five issue five

REAL ESTATE

NEWS

An experienced leader T

If you’re looking for an expert in coastal real estate, there’s not many people more qualified than Doug Randall, CEO of Randall, REALTORS and its parent organization, The Randall Family of Companies. Since first licensed in 1972, he has accumulated a wealth of knowledge about selling and buying near the shore. Randall started his own business in 1977 out of his home in Charlestown. Now, nearly 40 years later, the Randall Family of Companies spans three states and includes five Randall, REALTOR offices in Rhode Island along with three in Connecticut; three Page Taft Realty offices in Connecticut; and 17 Kinlin Grover offices covering Cape Cod and Southeastern Massachusetts. Commercial real estate offices under the company’s umbrella include Pequot Commercial in Connecticut; Randall Commercial in Rhode Island; and Kinlin Grover Commercial in Massachusetts. With the exception of the Randall, REALTORS office in Norwich, CT, all offices are located within close proximity to the ocean. Through agent growth and quiet acquisitions, The Randall Family of Companies has arguably become one of the top sellers, if not the top seller of coastal real estate in southern – and possibly all – of New England with more than one billion dollars in annual sales volume. The organization has been

RISBJ | rhode island small business journal

listed among Inc. Magazine’s list of fastest growing companies, RISMedia’s Power Brokers and REALTrends 500. Randall credits much of the company’s recent growth to Mike Schlott, who joined Randall, REALTORS in 2002 as general manager. Now president of The Randall Family of Companies, Schlott oversees operations while scouting new office locations that dovetail with the special niche the company has created in marketing coastal properties and second homes. Northern Rhode Island and southern Massachusetts along route I-95 is the company’s latest target for expansion. “As we grow, our focus is to find people who align with our philosophy. We are a very agent and employee centric company but the client always has to come first. If that’s not there, we don’t move forward” said Schlott. When asked what the difference is in marketing a home near the shore versus an inland home, Randall points to the prevalence of second home buyers which comprise approximately one third of the company’s business. He cites what he calls ‘the family line.” “You have generations that come to the same area. Everyone thinks that where their family memories were made is the best place there is. They don’t look elsewhere. Our business grows because of the children.”

REAL ESTATE

NEWS

r in coastal real estate I

Randall also noted that seasonal rentals help feed sales. The company handled more than 4000 reservations last year between its Rhode Island and Cape Cod offices. “Quite a few turn over into leads and that happens in two ways: renters who fall in love with the area will come to us to find them their own home, and the homeowners who rent their property, often turn to us when it’s time to sell because we’ve established a relationship with them through managing their rentals. The influence of our seasonal rental business on our sales is significant,” he commented. Another obvious difference in marketing coastal and inland properties is the need to advertise the former outside the state to second homebuyers. In some cases, depending on the price level of the property, properties may be advertised internationally. “We invest a huge amount in technology, as most Realtor have to these days, but we also provide a whole host of other marketing tools. Some of our offices are affiliates of Christies International Real Estate and our company is part of Who’s Who in Luxury Real Estate. Both of those affiliations give us a tremendous worldwide presence. And, aside from advertising weekly in the Wall Street Journal, we also use its international edition to reach buyers around the globe. We’re fortunate that

the breadth of our business, which runs along the coast from the tip of the Cape to Guilford, CT, provides us with some economies of scale when it comes to our marketing initiatives. According to Randall, one thing remains consistent whether marketing a property in Watch Hill or the Midwest. “Customer service will make or break your business. You need to know what your client needs to know. For us, that may be regulations from the Department of Environmental Management that could affect the sale, or local coastal zoning ordinances. It’s our job to make sure our customers are fully informed before the sale and that all inspections and deadlines are handled on time. Though that’s universal for all agents, it’s particularly important when you’re dealing with buyers who aren’t from the area.” Doug Randall makes sure his agents practice what he preaches. Clients are given a written pledge of Premiere Service. Then, when the transaction closes, each rates the service through an independently administered Premiere Service Survey. Last year, the Randall Family of Companies’ customer service ratings averaged above 98 percent.

We are a very agent and employee centric company but the client always has to come first. If that’s not there, we don’t move forward www.risbj.com | volume five issue five

“The personal contact and willingness to go the extra mile for us is what makes our relationship with Coastway Community Bank so valuable. They have worked with us to structure financing that maintains healthy cash flow to ensure continued intelligent growth and success.” Lynsey Colgan, A Child’s University

Member FDIC| rhode Equal Housing Lender island small business journal 24 RISBJ

Based on the Rhode Island SBA Bank Rank for fiscal year 2015.

Best Tips for First-time Homebuyers from some of the officers of the Rhode Island Association of Realtors.

Danielle Thompson RIAR Treasurer RE/MAX River’s Edge Bristol

Arthur Yatsko RIAR President The Salisbury Agency Warwick

Joseph McCarthy RIAR Secretary Coldwell Banker Residential Brokerage Warwick

Joseph Luca RIAR Vice President RE/MAX Preferred North Providence

1. Consult with your Realtor and mortgage professional to determine all of the money you will need to purchase a home. You will need more than just a down payment. You will also need to pay for closing costs, a home inspection, and home owners insurance, among other things. If you know up front what your total outlay of funds will be, you will head into your transaction much more prepared.

1. Don’t go with the first bank willing to loan you money. Shop around.

1. Have a plan and a goal. Know what your timeline is and what you need versus what you want.

1. Try to think of buying a home like playing a game of chess. Think several moves ahead and not justone step ahead. For example, get a handle on your credit profile early in case there are negative items on your credit profile.

3. Talk about what the home buying process looks like from start to finish with your Realtor. A lot of times first time buyers will start going to open houses or want to see properties right away. It’s always a good idea to get a feel for what you will be getting involved in once you put an offer in on a house. It can be a bit overwhelming and move pretty quickly once the process starts.

3. Find a Realtor who can answer

“

the questions you can’t, not just a new buddy who knows and likes what you know and like. They should be a complement to your knowledge, not just a copy of it.

2. Stay focused. Don’t rush, be patient, and don’t go beyond your budget.

3. Hire a Realtor that is well-rounded, so that you’re provided with solutions, not problems. You want a good negotiator on your side.

There is a common misconception that you have to put down 20 percent and that there is only one type of mortgage. Not true!

“

2. Really do your homework. Sitting down with your mortgage professional to find out about all of the types of mortgage products and potential tax credits available is essential. There is a common misconception that you have to put down 20 percent and that there is only one type of mortgage. Not true!

2. Rates are at historic lows. It may not be wise to just buy a “starter house” if you can afford more. Chances are, you aren’t going to get the same low rate when you trade up.

2. Assuming you have already met with a Realtor, you also need to meet with a mortgage lender to find out how much house you can afford. 3. Prioritize your criteria with respect to location, land (big or small yard), and house (number of bedrooms and bathrooms, etc.) The more detail you can provide to your Realtor, the better.

www.risbj.com | volume five issue five

TRUST MATTERS. estate planning

tax law

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For decades, individuals, families and businesses have relied upon Attorneys Bernard A. Jackvony and Gene M. Carlino for their trusted representation and advocacy in all areas of estate planning and administration, taxation and litigation. When you need sophisticated understanding of all the legal and financial aspects of these areas of the law, you can count on our firm’s team of experienced attorneys and resources to give you the peace of mind and confidence you deserve.

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REAL ESTATE

NEWS

Record-breaking

Rhode Island Home Sales in First Quarter According to sales statistics released by the Rhode Island Association of Realtors recently, Rhode Island experienced the busiest first quarter in the single family home market since record keeping began in 1986. With 1906 sales from January through March, 2016’s first quarter sales beat the record set in the first quarter of 2005 of 1825 sales. Single family home sales increased nearly 15 percent in the last year alone. The median sales price of single family homes sold in the first quarter also rose nearly 13 percent compared to January through March, 2015, to $225,000. “I can’t remember the last time that the housing market offered such tremendous benefits on both sides of the transaction. In many towns we’re seeing a bit of a seller’s market because of a diminishing supply of inventory but buyers are able to capitalize on great rates. There are even new lending programs for buyers who are re-entering the market. And though prices

are rising, they’re still affordable, in many cases, more so than renting,” noted Arthur Yatsko, President of the Rhode Island Association of Realtors. Activity also increased in the multi-family home market in the first quarter, with the number of sales rising 12 percent from first quarter, 2015. Likewise, median price rose eight percent to $166,250. Condominium sales saw the biggest boost in activity from the previous year, increasing 22 percent. The median sales price however, remained relatively flat, up less than one percent over last year. Several restrictions to condo financing were eliminated last year, helping to boost sales but in contrast to other sectors of the market, a healthy supply of condos for sale is keeping prices down. Distressed sales decreased among all property types in the first quarter. Median prices ranged from a low of $60,044 for Pawtucket condominium sales to $1,125,500 in Block Island’s single family home market.

www.risbj.com | volume five issue five

WE’RE LIKE A GPS FOR GETTING YOUR BUSINESS TO THE RIGHT PLACE. Just Right Commercial Loans from BayCoast Bank. Joe Sheehan 401-274-2106

Whatever your reasons for needing a commercial loan, our Providence team of lenders can help you. With financial advice, and smart business insights, we’re always accessible and ready to listen. Our loan decisions are made locally, so you don’t have to wait long to find out if you’ve been approved. Call Joe Sheehan or Mike Paiva today or call 401-273-0475. The Providence Commercial Loan Office is located at 10 Dorrance Street, Suite 101B. BayCoastBank.com

Mike Paiva 401-273-2539

RISBJ | rhode island small business journal

Member FDIC Member DIF

REAL ESTATE

NEWS

N E W N E W

P R O G R A M R E C E N T

G R A D S

T O

E N A B L E S R E C E I V E

U P

T O

$7K To Purchase Home by Mark Berger

Looking for a new home becomes a top priority for any soonto-be-graduating student. While living with either their parents, guardians, relatives or other friends are viable short-term options, they can also create more problems as well. There are concerns regarding personal space and adhering to any house rules associated with someone else’s home. So, what should a soon-to-be college grad do in this type of situation? The answer lies in students purchasing their own home. A lack of financial resources often plagues both impending and recently-graduated students. Much of what they might have earned during that time often goes toward tuition, food, books and other living expenses. They likely did not much to save for their future. With the help of a recently-unveiled program called The Ocean State Grad Grant, first-time homeowners who have either graduated within the last 36 months or plan to receive their diplomas this spring may earn up to $7,000 to purchase and stay in their residence for at least five years. Joseph Baptista, president of Anchor Financial Mortgage in Pawtucket, RI, says there are significant benefits of owning a home as opposed to renting an apartment.

“Owning a home means you can build equity and your credit,” said Baptista, who has owned Anchor Financial since 2000. “It also provides the new homeowner with a feeling of independence and privacy that they would not enjoy moving back in with their parents or sharing the financial responsibilities with friends.” Baptista lives in Smithfield and has been married to wife, Kimberly, for 14 years and has 3 children Kayla, Sarah and Marissa. He is a member of Business Networking International (BNI) Founders Chapter, The Better Business Bureau and the Rhode Island Mortgage Bankers Association. Anchor Financial Mortgage, Inc. serves all of New England, New York and Florida. Their mission is providing qualified individuals with the best possible mortgage financing programs available with customer service that is second to none. They have more than 15 years of A+ ratings with the Better Business Bureau with no consumer complaints. For more details pertaining to the Ocean State Grad Grant or other incentive programs that are available, please contact Joseph Baptista at: (401) 722-9032, e-mail at Joe@AnchorFinancial.com, or visit them on their website at: http://www.anchorfinancial.com.

Mark Berger

Principal of Berg’s Eye Communications Cumberland, Rhode Island.

www.risbj.com | volume five issue five

SMALL BUSINESS | Approaching Technology Initiatives Effectively

Approaching Technology Init by Kenneth J. Sousa, PhD

The environment

Expanding that thought, to define problems and/ or opportunities.

Imagine a coach developing a game plan for the next game without looking at videos of his own team or the upcoming competition. Then, without that analysis, he would say, “I think I know how the match-ups will work.” Great way to have an ineffective and losing season.

A problem is the root cause of a situation. The failure to resolve a problem will cause the organization to hinder its operation or existence. Either by allowing the competition or a new entrant to gain an advantage, or worse, led the failure of the business operation.

From technology research and experience, it is evident that organizations implement technology sometimes for the wrong reasons. Or at the very least, with an uninformed premise. Both, very often, with the same outcome.

An opportunity is a circumstance that will provide the likelihood of growth or expansion. While not taking advantage of an opportunity won’t directly cause failure, it will stagnate its expansion or growth of its mission.

Technology (like any project, tactical or strategic initiative) should focus on one or more of the following broad outcomes: • Gaining a competitive advantage, • Optimizing operational efficiency, and/or • Increasing revenue, contribution margin and/or profit. From these broad categories, several characteristics of outcomes can form. For example, defining or expanding the customer experience can provide a distinct competitive advantage. Or eliminating process steps to decrease labor costs in a process or operation to gain efficiency.

A better approach

However, how does a business organization begin to “map” an approach to implement an effective technology solution (or other initiative)? There is an old saying that you cannot solve anything without first defining the problem(s).

Project management theory states that all things being equal (project costs, benefits, etc.), solving a problem is recommended over projects that create opportunities. Ultimately, fix the home before you build a new addition.

Defining the problem

Sometimes this is easier said than done. Very often when you ask people to define the problem, they almost always define symptoms. Symptoms are visual outcomes of the problem, but not its root cause. For

Approach the vision and initiatives that your business organization decides to implement in a methodical approach: structured, thoughtful and with the participation of the right team 30

RISBJ | rhode island small business journal

Approaching Technology Initiatives Effectively | SMALL BUSINESS

tiatives EFFECTIVELY example, the owner tells everyone that the problem is “low sales.” Is that a problem or symptom?

• Sales people are not trained well? • Not enough product being manufactured and/ or shipped? • Products are malfunctioning and being returned? • Not enough sales reps in market? Or number of reps not aligned effectively? • Poorly designed, priced --product? So which one is it? If a business organization does not properly and fully analyze the environment to gain the root cause, then the technology solution (along with processes, training, etc.) will be misaligned --therefore not solving the problem. Furthermore, the business organization allocates resources and capital ineffectively --suppliers, employees and customers can be confused or frustrated with the “solution”. This could harm the organization’s brand, credibility, value and profitability.

Approaching the analysis

So, how do you approach this effectively?

When a problem is conveyed, ask yourself (or your peers), “Why is this happening?” If you gain another answer by drilling down, then the original thought was not the problem, but a symptom. When you cannot come to a substantial answer to why,

then you have defined the root cause. It should be noted that a complex “issue” can create a variety of symptoms. Therefore, this process can define multiple problems.

Eat the fish!

A more systemic approach to this process can be completed by creating a Fishbone Diagram (known also as an Ishikawa). Using the steps on the Fishbone Diagram, the effect (Missed Free Throws) sometimes can been defined as a symptom. Why? That’s what people see! People generally identify problems based on observation, not analysis. The Fishbone Diagram then separates into the functions (causes) that effect to exist. Through the “5-Why” approach, you can define all of the root causes to the functions. Then the diagram allows you to look at how the Missed Free Throws effect transitions through the causes and then the root causes.

Do I have it right?

The effect (or symptom) should be used to measure the effectiveness of the solution(s) implemented. It is usually quantitative and objective in nature (low sales). Use this as a litmus test to “brainstorm” if you have the right result of your solution (if you reduced/eliminated missed free-throws). Do not select any initiative unless it passes this test and all parties agree.

Takeaways

Approach the vision and initiatives that your business organization decides to implement in a methodical approach: structured, thoughtful and with the participation of the right team (stakeholders). With the exception of Google and the Federal Government, every business organization has limited resources. Therefore, with limited resources, and not wanting to “get it wrong,” damage the brand or operations or lose money, think about this leadership technique. Allocate your resources to the initiatives and projects which return the highest value to your organization; solving problems and taking advantage of opportunities.

www.risbj.com | volume five issue five

SMALL BUSINESS | What Airlines And Financial Planners Have In Common

What Airlines and Have in

by Mary O’Sullivan

Put your own oxygen mask on first, then assist your child. “If you are traveling with a child or someone who requires assistance, secure your mask on first, and then assist the other person.” Why do the airlines insist that the adult secure his/her own oxygen mask first, and then assist others? Here is the policy: The airlines know that unless the adults are breathing safely, the child can not be properly taken care of. The airlines don’t want to deal with children and their parents who can’t function on board a plane at 30,000 feet.

Here’s more details from the online magazine “Cockpit Voice”. There’s a reason for taking care of you first and the airlines know it. Why do airlines make announcements like this? It sounds funny and crazy right. For everything we say children first. But here, why do we put them as second. You may be thinking in other way, If I do not try to put the oxygen mask to my child first, then child will die before I. Who wants this? No, absolutely not. You are wrong in thinking this way. First of all, you should know that in a commercial flight the oxygen masks contain oxygen for 12-minutes and after that everyone

The airlines know that unless the adults are breathing safely, the child can not be properly taken care of. The airlines don’t want to deal with children and their parents who can’t function on board a plane at 30,000 feet.

RISBJ | rhode island small business journal

What Airlines And Financial Planners Have In Common | SMALL BUSINESS

d Financial Common

Planners

on board will go unconscious. This is the main reason flight attendants always advise you to put the oxygen masks first and then assist your children or other passengers – in case of an emergency.

complete 24 hours, each revolution. You can create your own revolution, by making these same types of micro changes in every day life. Check out what you can do to make the change happen.

Help yourself first so that you can help others, which will save everyone’s life. Wow! Who would have ever thought

Why Take a Chance on Your Future? Looking into the crystal ball may be entertaining, but chance won’t help you change jobs. What did you pay for this? Chance can’t secure the future.

that? Help yourself first so that you can help others! Just amazing stuff!

What Worries You? Paying for College for Kids? Wait a Second! Now, let’s tune in to Suze Orman, one of the world’s most expert financial planners and advice givers on money matters: Talking about helping yourself first, here’s what Suze has to say about us, parents, paying for kids’ college educations. “Make it clear to your child that they will borrow first for college, before you borrow a penny. Yes, you heard me. All kids borrow first.” – Suze Orman The Message: I’m not recommending any huge turn arounds, only one small change at a time. The minute hand on a clock eventually advances the time a

So who is taking care of you? Your Career, Your Job, Your Life, Your Future? Remember the oxygen mask analogy? It’s important! If you can’t take care of you, who will? Make a list of the things that are getting in your way, in your way of reaching the goals you want; new job, career change, retirement, or just plain relief from the financial rat race we find ourselves running in. Once you have your list, begin to analyze what you really want, and what can be eliminated. I always reflect on my own upbringing. If my parents wouldn’t pay for something, and I had to work to get what I wanted. I had to get a job to do it. Let’s get off the merry-go-round, and plan for our future. No one else will do it for us. Mary O’Sullivan

Motivational Speaker, Writer, Encore Executive Coaching

www.risbj.com | volume five issue five

FEATURED

Make Your Mark in Business An Interview with Carla Hall of ABC’s “The Chew” by Aileen McDonough This year’s Bryant Women’s Summit theme, “Make your Mark,” called for women to stop acting like “backup singers” and take center stage in their lives and careers. From the morning keynote with Sheila Heen, who taught us about the power of feedback, to the closing keynote with Heather Abbott, who spoke about turning a horrible experience into a positive one, the day was chockfull of inspiring women. Throughout the day, workshop attendees learned skills that would impact both career and life: how to create a financial plan, how to market a new or growing business, and to how to raise rock star daughters who emulate their ambitious mamas, to name a few.

RISBJ | rhode island small business journal

I was honored to be able to attend this memorable event as a journalist, with a special opportunity: a one-on-one interview with Carla Hall, one of the hosts of ABC’s “The Chew.” In her interview and keynote, Carla inspired me to look at life from her perspective: as an adventure that, like cooking delicious food, requires a lot of creativity and a dash of planning. “When you are looking to find your authentic self, it really is about being the creative person,” said Carla. “If you color too far in the lines, you will miss something. So I think you have to go outside of the lines to find who you are, and then come back to work within the lines.” This has played out in Carla’s own life. She left a successful career as an accountant and found her way to food and cooking because it was her passion: “You make your mark when you’re doing something you love.” Like many of us, Carla’s path hasn’t always been planned out. Her original lunch catering business was “a fluke” that transpired when she brought lunch to a friend at work and found a market for lunch delivery. She believes that when it comes to business, the art of figuring things out has been essential to her life and career: “You fall into it, there are struggles along the way, you just figure it out.” (Sound familiar to anyone?) She ran that thriving business for five years, then went for formal training. After art comes the science: the learning and planning you need to take things to the next level.

On “The Chew,” Carla experienced many challenges as she sought her authentic self, including something women can all relate to: balancing head and heart. She had to get back to her roots to express her true self. “When you’re overwhelmed and you can’t be the person in your head, you start to be the person who’s in your heart.” Planning is a habit Carla is working to develop more as she opens a new restaurant, Carla Hall’s Southern Kitchen, with two locations in New York. “You have to be exacting and proactive as you plan a restaurant because it all works together: menu, kitchen, staff, front of the house, back of the house, everything. It takes discipline.” But don’t take that to mean she’s abandoned her sense of adventure! When it comes down to it, Carla will “jump in and plan later, because if I overthink it, I won’t do it. That adventurer has to just jump in.”

“I’ve been in the word business since I won the city spelling bee in 5th grade,” said Aileen McDonough. The Connecticut native has a B.A. in English from Wesleyan University and nearly 20 years of experience in writing, editing, marketing and publishing, 10 of which with her own company, 3am Writers, LLC. Aileen makes the writing process easy and fun for her clients, saving them time and energy so their business can be more productive.

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www.abmgroupllc.com www.risbj.com | volume five issue five

SMALL BUSINESS | The Office Product You Need To Stop Using Now

The Office Product YO U

N E E D

S TO P

by Kristin M. MacRae

I’ve worked in many different types of disorganized offices. There are many common themes that I find, but today I’m going to discuss one. People have stacks of papers in horizontal filing trays. Do you utilize these trays in your office? I know what you are going to say! You’ll say you know exactly what’s in those piles and you know where everything is. I’m here to tell you that you are wrong.

What’s in that tray?

I find cash, uncashed checks, gift cards, and missed business opportunities. There are also important papers that my clients had been searching for or they forgot they had and papers that should have been thrown out years ago. These trays are stacked with piles of postponed decisions and they are a distraction and hamper productivity. The paper ends up here, because there isn’t a system to process it when it arrives in the office.

The process

So, how do you tackle this pile? Take the pile out of the tray and then remove the tray and don’t put it back unless you have a really great use for it. Start with the top paper, and figure out what it is and start making category piles. You may find you are shredding or throwing out most of it. So if you are throwing it out now, did you really need it back when you put it in the pile? When you are going through the piles, do not try to create your systems. If you do this, you’ll get distracted, lose focus and you’ll set yourself back. You want to be as efficient as possible during this process. As you go through, just decide what you are keeping and tossing. When you are done categorizing, now you can set up your filing systems based on what you have in front of you. Stop and take the time to think about how you want to function going forward.

These trays are stacked with piles of postponed decisions and they are a distraction and hamper productivity. 36

RISBJ | rhode island small business journal

U S I N G

N OW

Choose a better product.

There are so many great office organizing products out there. Choose the one that is going to best fit what you need to hold and is going to be the most efficient and productive product for you. Don’t choose a product that is going to be a drop spot for papers that you have no idea what to do with. It will become a breeding ground for paper and will create more work for you months down the road when you need to dig through it. If you develop working, efficient organized systems, these paper piles will never form again. Once your system is developed, the paper will enter your office, and you’ll tackle it right away, file it, attach to a to-do list, shred it, toss it, or attach to your calendar to tackle at the appropriate time. Going forward, you’ll find what you are looking for when you need it, saving you time, money, energy, and you’ll keep your sanity intact. Kristin M. MacRae

Organizing In RI, LLC

Professional Growth For The Entrepreneur | PROFESSIONAL GROWTH

Achieving Personal Fulfillment Through Your Business Accomplishments by Dr. Ronald G. Shapiro, PhD

As part of a series focusing on Rhode Island small businesses whose mission includes helping organizations, their owners and employees grow throughout 2016, we turn to Guisela Pinto Caballero, LICSW. Guisela is a coach and professional speaker who helps business professionals and aspiring business professionals to achieve their dreams. Guisela grew up in Rhode Island prior to heading to Massachusetts for her undergraduate degree in Business at Bentley College. Upon completing her business degree Guisela returned to Providence where she earned her master’s degree in Social Work at Rhode Island College. For the past 3 years she has integrated her solid business background with her knowledge of how people think and feel to empower, motivate, provide clarity for and excite entrepreneurs (especially women) as they set out to achieve their dreams and desires.

You will have setbacks. When you do, look how far you have come, think about your dreams, and Keep Moving!

In her coaching and speaking sessions, Guisela helps people move in the direction of their dreams by helping people nurture and tap into all aspects of themselves, spiritual, physical, emotional, and mental. Businesses uniting employees to work towards common goals, as well as individuals contemplating change in their careers who need to build self-confidence to achieve their dreams, would benefit from working with Guisela. Guisela loves working with clients one-on-one, addressing employees from a single company, in addition to working with professional organizations during coaching sessions and in more formal presentations. Guisela recommends that you, as a business professional or an aspiring business professional should: 1. Be aware of your thoughts and feelings every day, as they create what you see around you. 2. Live as if your dreams have already come true. 3. Keep a list of action items necessary to achieve your goals and take action every day. 4. Be around people who are like-minded and provide you with support and motivation. 5. Record your goals daily and keep them on display, not buried in desk drawer or a computer file. 6. Remember that growth is not linear. You will have setbacks. When you do, look how far you have come, think about your dreams, and Keep Moving! Don’t give up. If you would like support in building a business which helps you to achieve your personal goals, please contact Guisela. She can be reached by email, GPintoCaballero@gmail.com or by phone, (401) 935-8493

If you would like support in building a business which helps you to achieve your personal goals, please contact Guisela. She can be reached by email, GPintoCaballero@gmail.com or by phone, I would like to thank Industrial Consultant Dr. Margarita Posada Cossuto for helpful comments. Take Our Daughters and Sons to Work® is a registered trademark of the Take Our Daughters and Sons to Work Foundation. www.risbj.com | volume five issue five 37

LEGAL | Trademark Tips And Considerations For Small Businesses

TRADEMARK TIPS

AND CONSIDERATIONS For Small Businesses by C. Alexander Chiulli, Esq.

Naming a new business, product, or service is undoubtedly exciting, but the process can become surprisingly complicated for the legally uninformed. While most business owners intuitively understand the marketing implications, many will overlook critical legal aspects. Instead, a business is smart to choose a name that will enable strong trademark rights while limiting its exposure to harmful and potentially expensive conflict. The following are tips and considerations designed to help business owners achieve these goals.

Distinctiveness

Consumers appreciably benefit from knowing the source of goods or services. In this manner, businesses are also able to build goodwill with consumers. Trademark law thus awards immediate rights to names, logos, symbols, and phrases that exclusively identify the source of goods or services. Trademarks that are suggestive, fanciful, or arbitrary are immediately eligible for registration as opposed to those that are merely descriptive. For example, the word Apple is considered arbitrary for computers, but descriptive for the fruit. By selecting a trademark that avoids descriptive terms, a business owner can potentially acquire valuable intellectual property rights without incurring great expense.

Federal Registration

With the emergence of the internet, federal trademark rights have become increasingly important for small businesses. Two businesses in different states with similar names and goods or services could previously co-exist without conflict, but now these businesses are directly competing in regards to web marketing and e-commerce. Through obtaining federal trademark rights, a local business establishes itself

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across state lines and helps ensure that it is accessible on the web without being confused with a competitor.

Trademark Searches

Proactively searching state and federal databases allows business owners to determine if the same or similar trademarks are already being used by another business. Business owners can then evaluate, with the help

Trademark Tips And Considerations For Small Businesses | LEGAL

Two businesses in different states with similar names and goods or services could previously co-exist without conflict, but now these businesses are directly competing of an attorney, whether there is potential legal conflict as well as if the prospective trademark adequately stands out. As such, a diligent search can prevent a business owner from investing substantial time and money into developing a trademark only to later learn that its use is legally prohibited.

Internet and Social Media Availability

Due to the prominence of the internet and social media in todayâ&#x20AC;&#x2122;s society, a business owner should carefully investigate the availability of domain names and social media accounts. Many trademarks that are not listed on corporate or trademark databases may nonetheless be reserved on Facebook, Twitter and elsewhere. The lack of a full web presence will not only hinder the promotion of a business, but the registered account owners may possess common law trademark rights that prove problematic.

Litigation and Trademark Bullying

It is potentially debilitating for a small business to become engaged in trademark litigation. Most small businesses keep limited legal budgets and money diverted to the litigation is usually meant for operational, employment, and marketing expenses. Business owners are therefore savvy to research the litigation habits of companies or individuals with similar goods, services and trademarks. Otherwise, a small business may inadvertently commit trademark infringement, or worse yet, garner the undesirable attention of so-called â&#x20AC;&#x153;trademark bullies.â&#x20AC;? In either situation, it is imperative that a business owner immediately contact an attorney to develop a careful response and strategy. C. Alexander Chiulli, Esq. Associate, Barton Gilman LLP

www.risbj.com | volume five issue five

LET’ S TALK ABOUT RHODE ISLAND with Steve Kass

ell there is never a dull moment when it comes to doing business in the capital city. One of the highest property tax rates in the US. Don’t worry they claim they are not going to raise the rates for a while. One might think being among the highest might be a problem but not our politicos. Our guys think a 5 million dollar PR campaign will cause tourists to flock here. Maybe. How about new business folks beating the door down in Providence to bring some decent jobs here. High property taxes, high rental cost, high utilities, terrible business climate, poor test scores, pot hole capital of New England, and bridges about to fall down, and now the Mayor is projecting a 176 million dollar deficit by 2026. Let’s add toll gantries every few miles. Much of this due to our State Legislators whose theme song seems to be who needs better schools as in “Charter”, small business, a line item veto for the Governor, and they certainly don’t want a stronger ethics commision.

Mayor Elorza now proposes an upgrade to the cities digital Meter Maid collection agency. Increasing the number of hi tech bandits from 1400 to 2100 to bring in 40 percent more cash. I find it amusing that cities are seemingly not that worried about pot holes damaging your car, but they will now allow you to pay your fine with a phone app. Just trying to make your life easier I guess. After all who carries enough quarters these days. That should solve the deficit problem, and certainly drive folks away from Wickenden St., Thayer St., Wayland Square, and who knows where else. This move should make Amazon.com quite pleased. Sorry to sound so negative. I guess I remember too many good things like downtown stores serving a quarter of a million residents and business was booming. I will take a few happy pills for next month. By the way, how come Ken Block seems to be the only business leader who takes these issues seriously.

I find it amusing that cities are seemingly not that worried about pot holes damaging your car, but they will now allow you to pay your fine with a phone app.

RISBJ | rhode island small business journal

Steve Kass began his talk radio career in 1979 after a 20 year business career. He was introduced into the Rhode Island Radio Hall of Fame in 2010, and receieved the SBA Small Business Media Advocate of the Year Award in 2000.

Could Your Business Survive The Loss Of A Key Employee? | SMALL BUSINESS

the loss of a key

Could your business

by Ted Donnelly

Do you have a go-to guy or girl in your company—you know, the one who everyone counts on to hold things together and get the job done? Most businesses do, and their contributions are immeasurable. But did you ever stop to think about what would happen if that person suddenly passed away? Imagine the impact that could have on your day-to-day operations and the overall value of your business. If you have a partner or employee that you can’t afford to lose, it’s important to make sure that you have the financial resources needed to buy out their interests or keep things running long enough to find a replacement. While that may sound easy enough, it can pose a challenge for small businesses in particular since many of them operate close to the margin. In some cases, borrowing the money could be an option; however, you may find that banks and other lenders are often less willing to extend credit if they know how important the deceased was to your business. (This is especially true in the case of a co-owner or partner.) Moreover, the additional debt

If you’re looking for a simpler, less risky option, you may want to consider a life insurance policy instead.

employee

could put your company at risk if you used the business as collateral or the payments reduce profitability. If you’re looking for a simpler, less risky option, you may want to consider a life insurance policy instead. Here’s how it works: Your business purchases a life insurance policy on behalf of the key employee. Since your company is the owner and beneficiary of the policy, it is responsible for paying all the premiums. Should the insured employee die while the policy is in effect, the death benefit proceeds would pass directly to the business, providing an immediate influx of cash that you can use for debt repayment, liquidity, or even recruiting and training. What’s more, this money is typically free from federal income tax, so your business can use every penny.1 As you can see, purchasing a life insurance policy can be an effective way to safeguard your business and minimize the impact of a key employee’s death. And, depending on the type of policy you purchase, you may find it to be a cost-effective option as well. This educational third-party article is provided as a courtesy by Ted Donnelly, Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact Ted Donnelly at (401) 276-8728 or efdonnelly@ft.newyorklife.com. 1

The Pension Protection Act of 2006 established that the death benefit of an employer-owned life insurance policy will be income taxable to the extent that the benefit exceeds premiums paid unless the parties fit into one of the specified exception categories, a specified form of notice is provided to the employee, and the employee consents to be insured.

Ted Donnelly

Agent, New York Life Insurance Company www.risbj.com | volume five issue five

MBE/DBE | Know Your MBE/DBE Mission And Grow Your Business

Know Your MBE/DBE

MISSION

and Grow Your Business by Michael Brito

Not unlike other tools required to operate your business, knowing your business’s mission and creating its mission statement is as crucial to its success! Once you’ve conquered the formulation of your business plan your next goal should be writing your mission statement. The statement will convey, in a brief paragraph or two, the very essence of your goals, passion, and philosophy. The mission statement will allow your clients, suppliers, and employees to quickly understand what your company means to you, them, and the community at large! Your mission statement should clarify your business objective as well as its very purpose. Simply put: it should clearly state what business you are in and your goals and objectives. This sounds like a complicated task however, I’ve created a formula for you to see its anything but complicated. It just requires patience and a little vision. Let’s get started! Start with asking yourself the right questions which will lead to a better understanding of your company’s mission. Let’s ask the obvious first…

Why are you in business? Ask yourself what

do you truly you want for your clients, your family and yourself and figure out what is it that will keep the entrepreneurial fire burning.

RISBJ | rhode island small business journal

Who are your target clients? Once you figure that out, be sure to know how you are a source of value to them now and in the future.

What do others imagine when they hear your business name? We all develop a

perception through various images, know how to create the best image for your company.

What is the very purpose of your product or service? Determine the best interpretation

of quality. Know what features and benefits you will provide and how it relates to quality and cost. Be aware of how those features and benefits will change as the business grows.

What is the level of service you provide?

Be aware of whether your clients agree or disagree with your opinion of your company, know what makes your company extraordinary!

Are the rolls of all employees clear as well as your role? A great leader organizes,

delegates and recognizes employees that excel in their position. Define your systems.

What is your relationship with your suppliers? Look into the partnership you now

have with your suppliers. How can it be better? Why is this important to your mission?

Know Your MBE/DBE Mission And Grow Your Business | MBE/DBE

What differentiates you from your competition? Understand what you do better from your competition. Maybe your product is less costly or your processes are more efficient. In conjunction with efficiency, map out how you will train your employees to be better at what they currently do.

Do you have any industry specific recognition? Have you, your company, or employees been singled out above others for being “better” at what they do? If no, why not?

What values, philosophies, or faith have contributed to your present accomplishments? You can always list these separately or include them. They often clarify the “why” behind your mission.

Now you are ready to assemble the parts… As stated earlier, this process requires patience and vision, through thought and planning. As we know it is all worth the result! You will see that the process of creating a mission statement can be as fruitful as the statement itself! Going through the process will help maintain spirit, energy, and focus as to why you started the business to begin with.

are. People whom you respect. 2. Be patient! You will need several hours or a full day to get through the process smoothly. This is meant to reflect the soul of your business, so take your time! 3. Plan a time and place for the preparation that offers quiet, uninterrupted space. Have any backup materials such as inspirational documents that remind you of the meaning behind your initial vision. 4. Brainstorm with colleagues and employees for their thoughts and input. Respect every idea and topic. 5. Remember, the target client is not you, the people that will be exposed to your mission statement don’t know you or your business. Create a crazy visual with words that transform and radiate what you’re all about. Every word counts! Use a thesaurus to expand your meanings. 6. Always have others read it prior to officially launching your mission statement out into the world. Especially folks that don’t know you or your business and create an environment in which they are free to criticize and offer feedback! 7. Be cautious not to boast beyond reality. Keep it real with regard to your capabilities. “Self-praise is no recommendation.” -CB Once complete, the company mission statement should be used in all branding materials as well as promoted inside and outside the business. This will tell everyone where you are going and why! Present it in beautiful script and have it framed and hung

The mission statement will allow your clients, suppliers, and employees to quickly understand what your company means to you, them, and the community at large! Some helpful tips to producing the best mission statement possible…

where it can be seen by all who enter, every day.

1. Involve others that are connected to your business. People that are as passionate and understanding of your vision as you

Well, that’s all we have room for here however, if you would like any additional advice or help with this or any other issue within your company feel free to connect with me. Michael Brito

Team Member, Managing the Road Ahead, managetheroadahead.com www.risbj.com | volume five issue five 43

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