RISBJ V7 No7

volume seven issue seven

An

Effective Business Strategy

WORKING

TO REPAIR THE COMMUNITY

6

BARRIERS

TO STARTING A SMALL BUSINESS

ACCOUNTING

ARE YOU GETTING YOUR MONEY’S WORTH? D O

Y O U

H A V E

A N

E N E R G I Z E Dwww.risbj.com W O| volume R Kseven F issue O seven R C 1E ?

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contents

volume seven issue seven

INSIDE THIS ISSUE

9

9 An Effective Business Strategy 10 Accounting: Getting Your Money’s Worth?

Accounting:

Are you Getting your

12 Valuing and Re-Valuing Your Business

Money’s Worth?

“Accounting errors can be damaging – even fatal – to [small] businesses,” says Forbes. According to a study, the Association of Certified Fraud Examiners found that bad accounting occurs at more than 30% of small businesses, for a median loss of $150,000, stemming from lack of expertise and infrastructure. As with protecting your business from other risks, adopting best accounting practices early saves companies time and money which can be used to grow the business.

The potential losses from a missed investment in accounting often exceeds the cost of the accounting itself.

What should you expect from your professional accounting experts? Are you getting meaningful, timely financial information, at reasonable prices? You can be with the right experts and suite of technologies. The opportunities common to most businesses include, but are not limited to: payables automation, payroll automation, billings automation, and centralized accounting.

13 Q&A With Edythe DeMarco Automated payables processing

There are several applications available to automate payables and expense reports. This can be as easy as taking pictures of expense reports, receipts and invoices, and having your accountants do the rest. Business owners can set up rules for different vendors, helping them protect themselves. Bills can be specifically routed for certain aspects of the business automatically, for a clear picture of the business in detail, the business at large, and new opportunities.

Centralized accounting If desired and agreed upon, business owners should expect their accountants to provide them with monthly reports regarding where the company stands as a whole, operations by month, and cash burn by month. This same information can be used to make key decisions about the business, as well as to borrow or raise money. Furthermore, for any company considering an exit strategy, financial information like this is generally critical to potential buyers.

11 “

Did you know that accounting packages and support can cost small fractions of what you might think? Investing in the right hire is integral to all businesses. In an increasingly digital world, does that person still have to be a full-time employee? Or might it be more practical to find part-time experts who specialize in personally helping dozens or even hundreds of companies like yours, while sharing best practices?

15 Do You Have An Energized Workforce?

Automated payroll & payroll-related tax forms Certain technologies can be setup to pay all employees automatically, link payroll data with centralized accounting, and output all needed tax forms as a simple, one-stop shop. There are options which cost much less than the most recognized names in payroll, which provide all necessary outputs for most businesses. Your accountants can help you with associated yearend tax compliance using this data, and any other needed specialized services.

16 Total Asset Solutions

Automated billings and moving away from paper invoicing

18 Crush These Six Barriers

A simple Google search reveals that the average cost of sending a paper bill is between $2 and $8, depending on the company. Many companies are saving that time and expense by automating billings electronically, with easy one-click options for payment. Furthermore, the billing, payment processing, etc. can all be integrated with the rest of the accounting suite, like payables, for a clear picture of the business.

By engaging third-party accountants early, in a very short time you can have easily understandable financial information ready for potential investors. And, many snafus in the finer legal print of contracts can be found to avoid unforeseen and potentially expensive consequences.

Marcum LLP is a national accounting and advisory firm with offices in major business markets throughout the U.S., as well as Grand Cayman, China, and Ireland.

For more information, visit www.marcumllp.com.

For those companies with a winning mindset, consider finding accounting solutions early, in order to provide meaningful information for creating strategic plans and bringing them to fruition.”

Michael T. Ung, CPA, MSA

Manager, Assurance Services Marcum LLP Providence, RI, office 401.457.6738 Michael.Ung@marcumllp.com

17

20 Monthly Learning Tips 22 Personnel Practices

ON THE COVER

24 Kerry Ann Goldsmith

volume seven issue seven

Effective Business Strategy

WORKING

29 Rhode Island Business Plan Competition

TO REPAIR THE COMMUNITY

6

BARRIERS

TO STARTING A SMALL BUSINESS

ACCOUNTING

ARE YOU GETTING YOUR MONEY’S WORTH? D O

Y O U

H A V E

A N

Featured An Effective Business Strategy

An

26 The Boom of Podcasts

13

E N E R G I Z E D

W O R K F O R C E ?

Energized Workforce Consulting

21 www.risbj.com | volume seven issue seven

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(401) 862-6339

An Effective Business Strategy | SMALL BUSINESS

An Effective Business Strategy W H Y

YO U

WA N T

O N E

A N D

by Bryan B Mason

Why you want a Business Strategy A business strategy defines how a company is going to create and deliver a valuable product or service to the marketplace. One of the most important factors in business success is having an effective business strategy. It is truly the foundation of a business and is often not fully thought out. If the business strategy is weak, the whole business will be weak. An effective strategy outlines how the business brings value to its customers and beats the competition. Getting the right combination of price, quality and service is critical. The lack of an effective strategy can reveal itself in terms of low profitability, stagnant sales, or poor cash flow.

Once you have a business strategy, you use it to align your resources to execute the strategy using a business or strategic plan.

How to Develop a Business Strategy For a startup company, the development of a business strategy is really the first step in formalizing an entrepreneurâ&#x20AC;&#x2122;s thinking about the new business. You need to identify four things: 1. How you are going to create value for the customer (what is going to be unique about it)?

2. How much is it going to cost to produce the product or deliver the service?

3. How are you going to price the product or service so that you deliver more value than your competitors for any given price?

4. How can you create something that cannot be immediately copied by competitors thereby creating a long term competitive advantage?

This last point is really important. Big companies protect their market position using patents, ownership of natural

H O W

T O

D E V E L O P

O N E

resources, established delivery channels, proprietary production methodology, a supply chain, intellectual capital, etc. For small companies, you need protect yourself with the things at your disposal â&#x20AC;&#x201C; location, unique products, service, convenience, and customization, just to name a few.

For an established company, you also need to identify the key value, cost, pricing and competitive advantage business strategy components listed above.

In addition, you need to: 1. Understand your existing customers and how you might serve them better or go after a new target customer 2. Understand order and customer profitability Now combining all of the above with a Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis, you need to be sure you build on your strengths, and are consistent with seizing your opportunities.

A business strategy needs to build on something real â&#x20AC;&#x201C; you have the best service, the best product (for a subset of customers), the highest value, etc. You have to be able to deliver your unique attribute (business plan), you need to be able to differentiate your product(s) in the eyes of the customer (marketing strategy) and convince your customers to buy from you (marketing plan). You need to be focused. You cannot be all things to all people.

Mr. Mason founded the Apollo Consulting Group in 2008 to help small and midsized companies in solving their challenges. Mr. Mason brings over thirty years of corporate, consulting and entrepreneurial experience in a variety of industries.

He possesses skills in general business management, analysis, strategy development, marketing, finance/budgeting, operations, pricing optimization, workflow optimization, process reengineering, project management, and information technology.

Mr. Mason has two degrees in Economics and was a Volunteer Mentor for the Rhode Island Center for Innovation and Entrepreneurship (RI-CIE). He writes a weekly blog on his company website at www.apollogr.com/blog.

Bryan B Mason

Principal | (401) 862-6339 The Apollo Consulting Group LLC

www.risbj.com | volume seven issue seven

9

SMALL BUSINESS | Accounting: Are You Getting Your Money’s Worth

Accounting:

Are you Getting your

Money’s Worth?

“Accounting errors can be damaging – even fatal – to [small] businesses,” says Forbes. According to a study, the Association of Certified Fraud Examiners found that bad accounting occurs at more than 30% of small businesses, for a median loss of $150,000, stemming from lack of expertise and infrastructure. As with protecting your business from other risks, adopting best accounting practices early saves companies time and money which can be used to grow the business.

The potential losses from a missed investment in accounting often exceeds the cost of the accounting itself.

What should you expect from your professional accounting experts? Are you getting meaningful, timely financial information, at reasonable prices? You can be with the right experts and suite of technologies. The opportunities common to most businesses include, but are not limited to: payables automation, payroll automation, billings automation, and centralized accounting.

Automated payables processing There are several applications available to automate payables and expense reports. This can be as easy as taking pictures of expense reports, receipts and invoices, and having your accountants do the rest. Business owners can set up rules for different vendors, helping them protect themselves. Bills can be specifically routed for certain aspects of the business automatically, for a clear picture of the business in detail, the business at large, and new opportunities.

Automated payroll & payroll-related tax forms Certain technologies can be setup to pay all employees automatically, link payroll data with centralized accounting, and output all needed tax forms as a simple, one-stop shop. There are options which cost much less than the most recognized names in payroll, which provide all necessary outputs for most businesses. Your accountants can help you with associated yearend tax compliance using this data, and any other needed specialized services.

Automated billings and moving away from paper invoicing A simple Google search reveals that the average cost of sending a paper bill is between $2 and $8, depending on the company. Many companies are saving that time and expense by automating billings electronically, with easy one-click options for payment. Furthermore, the billing, payment processing, etc. can all be integrated with the rest of the accounting suite, like payables, for a clear picture of the business.

10

RISBJ | rhode island small business journal

Centralized accounting If desired and agreed upon, business owners should expect their accountants to provide them with monthly reports regarding where the company stands as a whole, operations by month, and cash burn by month. This same information can be used to make key decisions about the business, as well as to borrow or raise money. Furthermore, for any company considering an exit strategy, financial information like this is generally critical to potential buyers.

Did you know that accounting packages and support can cost small fractions of what you might think? Investing in the right hire is integral to all businesses. In an increasingly digital world, does that person still have to be a full-time employee? Or might it be more practical to find part-time experts who specialize in personally helping dozens or even hundreds of companies like yours, while sharing best practices?

By engaging third-party accountants early, in a very short time you can have easily understandable financial information ready for potential investors. And, many snafus in the finer legal print of contracts can be found to avoid unforeseen and potentially expensive consequences.

Marcum LLP is a national accounting and advisory firm with offices in major business markets throughout the U.S., as well as Grand Cayman, China, and Ireland.

For more information, visit www.marcumllp.com.

Michael T. Ung, CPA, MSA

Manager, Assurance Services Marcum LLP Providence, RI, office 401.457.6738 Michael.Ung@marcumllp.com

Accounting: Are You Getting Your Money’s Worth | SMALL BUSINESS

“

For those companies with a winning mindset, consider finding accounting solutions early, in order to provide meaningful information for creating strategic plans and bringing them to fruition.” www.risbj.com | volume seven issue seven

11

SMALL BUSINESS | The Importance of Valuing and Re-Valuing Your Business

THE IMPORTANCE OF

VALUING AND RE-VALUING YOUR BUSINESS

by Ted Donnelly As a business owner, you probably know everything about how your company works. But maybe not what it’s worth. If so, that might create problems in the eventual sale or transfer of your business, especially if the sale or transfer is sudden.

Proper valuation of your business helps you better protect your interests and the welfare of your family and heirs; it also eases the transition. By taking the guess work out of the valuation process you can avoid disagreements between the different parties.

“

Valuation serves as an important management tool that can give you insights on how to reposition your business to enhance its marketability.

”

Subsequently, valuation may help you in planning and saving taxes. Since valuation helps the IRS determine estate taxes and the tax basis for any future sale, with proper planning you may be able to put financial strategies in place that may save you money in the long run.

Now, even if a sale or retirement is years away, understanding what your company is worth today can have multiple pay-offs; it’s information that can help you secure financing or make decisions on whether to expand or stay the course. Valuation serves as an important management tool that can give you insights on how to reposition your business to enhance its marketability.

12

RISBJ | rhode island small business journal

So how do you determine the value of your business? There are generally three approaches used to calculate a business valuation. The asset-based approach is balance sheet-focused using the difference between a company’s assets and liabilities to determine its value. The second is the market approach which values the business, based on pricing multiples derived from the sale of comparable companies. And finally there’s the income approach, which establishes a figure from capitalizing or discounting the company’s projected economic benefit stream.

Remember that as your business changes so might your valuation, so be sure to keep it up-to-date. The best way to do that is to make it a standard part of your annual financial review. For instance, you can make it a habit to have your valuation reviewed by a specialist each year right before you meet with your agent to review your insurance policy. That will also help you ensure that you maintain just the right amount of insurance coverage for your business.

Valuation is a simple idea but one that’s complex to execute.

Certified financial experts who specialize in valuations are uniquely qualified to determine which valuation methods will deliver an accurate assessment for a given industry. They take the emotion out of the calculation but instill peace of mind.

Business owners have many complicated issues that they need to navigate day in and day out. The sooner you address the needs of your business, the better off you’ll be.

Neither New York Life Insurance Company nor its Agents or affiliates provide tax or legal advice. Consult your legal or tax advisor to find out whether the concepts in this essay apply to your personal circumstances.

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.

Q&A With Edythe DeMarco | SMALL BUSINESS

Q& A with edythe demarco of merrill lynch

AGE WAVE WOMEN’S STUDY Merrill Lynch Wealth Management partnered with Age Wave to conduct a study titled Women and Financial Wellness: Beyond the Bottom Line that took an in-depth look at the long-term financial security of women. We sat down with Providence financial advisor Edythe DeMarco of Merrill Lynch to discuss the study’s findings.

Q. Why was this study conducted?

A . Women’s financial wellness is at a tipping point. Although

Q. Did the study identify any significant differences about how men and women approach finances?

women have made historic strides both personally and professionally, they still have a long way to go when it comes to ensuring personal long-term financial security. The purpose of this study was to gain a better understanding of the financial circumstances women face, from superior longevity to higher lifetime health costs, and provide women with meaningful strategies and action steps for achieving more financial wellness customized to their life stage, priorities, experiences and needs.

A . Women have confidence in all financial tasks—except

Women, on average, live longer than men...this makes it even more imperative for women to be financially self-sufficient.”

Q. What can women do to better prepare financially?

“

Q. What would you say is the key take-away from this study?

A . What really struck me is the wealth gap and how it com-

pounds over a lifetime. According to the study, the cumulative difference in earnings between a man who works full-time without breaks and a woman who takes breaks to provide care for children or family members can total more than $1 million.

On top of that, women, on average, live longer than men – 80 percent of women are alone in their final years of life.

This makes it even more imperative for women to be financially self-sufficient.

investing. For most financial tasks, such as bill paying, budgeting, paying off debt, men and women are equally confident. However, only 52% of women say they feel confident in managing investments versus 68% of men.

On a related note, women say their top financial regret is not investing more of their money. For the women who do invest, 77% feel they will be able to accumulate enough money to support themselves for life.

A . First off, be purposeful about financial education. Seek out

financial information, ask questions and engage in discussions about money. This may be harder than it sounds. Women view discussing money as a social taboo – 61 percent would rather talk about their own death than talk about money, according to the study.

Additionally, plan early and ensure your plan accounts for the financial challenges women typically face, such as career interruptions, higher healthcare costs, and a longer life to fund, and make course corrections along the way.

Lastly, be an advocate for yourself and the women in your life.

Be or seek a mentor. Our study found that Boomers and Silent generation women are more financially confident than younger generations, indicating a valuable opportunity for younger generations to learn from their experiences.

www.risbj.com | volume seven issue seven

13

SMALL BUSINESS | Do You Have An Energized Workforce?

DO YOU HAVE AN ENERGIZED WORKFORCE? 7 Suggestions to Improve Employee Engagement By: Larry Girouard I have probably toured more than 1000 manufacturing plants in my career. My first job out of college was as a process engineer for The DuPont Company in Newark, Delaware. Transitioning from engineering to technical sales for DuPont, and then technical sales positions with other companies, afforded me the opportunity to travel nationally and internationally seeing all types of plants and cultures.

While consulting over the last 15 plus years I have come to realize that every organization is, in a sense, a manufacture. They either manufacture a product or a service of some kind. Also, I have learned that, at 30,000 feet, all organizations are made up of a family of interconnected processes driven by the employees in the support of the ultimate goal of “producing” a value proposition strong enough to penetration the target market.

Process is process, but the key ingredient for almost every process is the effectiveness of the employee driving it. Also, few processes are mutually exclusive which means that employees must interact throughout the day in order to drive the overall system that yields a high performing value proposition that will positively impact both the top line and bottom line. This all sounds simple and logical except for the “wild card” ... the employees.

Employee performance is directly related to their motivation. Are your employees motivated and energized to drive the processes they are responsible for? For most organizations I have visited, the employees seem to be just going through the motions and can’t wait for the weekend.

14

RISBJ | rhode island small business journal

So what are your options for turning this under-performing culture around? Frederick Herzberg, author of “The Motivation to Work” (1959), clearly stated that money is not a prime motivator for employees to work harder, or be more effective. No raise improves job satisfaction. The prime motivators for employees are best embraced by Maslow’s hierarchy of needs which lists the following: physiological, security, belonging, esteem and personal accomplishment. These all have to do with workplace environment, and how management relates to their employees.

Changing the culture of an organization to address Maslow’s 5 key hierarchical elements presents a risk to management. Change and risk go hand in hand. That said, by meeting the needs of your employees, you are also meeting the needs of your organization, customers and suppliers.

With this in mind, what are some of the options you can implement that will help to lower, or eliminate, the barrier between management and the employees that will help to energize them to a higher performance level, thereby creating the win/win?

Consider the following: 1) Begin to trust your employees ... they know more about what they do every day than you ever will. Allow them to make improvements, and allow them to make mistakes as they learn the skill of decision making. This level of employee empowerment will be very powerful regarding the energy they have in performing their job function. Also, be positive and encouraging with your employees so that they look forward to discussions with you

Do You Have An Energized Workforce? | SMALL BUSINESS

and any member of the management team. You pay for your employees hands every day and you can now have the opportunity to tap their minds for nothing.

2) Communication ... employees are not mushrooms where you feed them manure and keep them in the dark. Employees want to know where the “ship of state” is going, and their important role in that journey. Employees add most, if not all, of the value in the value proposition. Start to embrace their knowledge regarding continuous improvement. Lift employees out of the weeds so that they can connect with the big picture. This will be important in their decision making.

3) Compliments ... when employees do something right, let them know about it. A pat on the back goes a long way when it comes to loyalty. Employees want to know how your organization is benefiting from their efforts.

4) Get employees talking ... encourage employees to talk about what is working, what is not working, what they enjoy, what they like about their job etc. While you might not like some of the answers initially, you will begin to see the company through the employee’s eyes, and this vantage point will help you establish empathy for what their day is like.

5) Define what progress looks like ... everyone likes to see progress. One element of progress are the metrics that define the Value Proposition ... lead times, on time delivery, response to quotes, and the like. Defining the current state, and then setting reasonable performance goals going forward provides this

foundation. I have seen companies decrease lead times from weeks to days. While this did not happen overnight, once management and employees begin to act like a team, the value proposition performance metrics take on a new life as internal actions become more aligned.

6) Job Descriptions ... we all talk about them but few companies have job descriptions for employees. For those that do, these job descriptions are painfully out of date. Every employee needs to know how their performance is being judged. The most effective job descriptions are directly aligned with the business’s strategies and tactics. This means that job descriptions must be living documents that change as strategies and tactics change.

7) Cross Training ... doing the same job every day can be a bit monotonous. Cross training helps to address this issue. Also, should an employee be out sick, another employee that has been cross-trained can step in.

The bottom line is that the leverage of the work you put into energizing your employees will pay huge returns in the form of efficiency, productivity, involvement and loyalty of your employees. Einstein said it perfectly >>Insanity is doing the same thing over and over again and expecting different results <<< Creating energized employees requires a new set of leadership goals and methods. Business owners are the ones that hold the key to unlocking this vast wealth of energy.

www.risbj.com | volume seven issue seven

15

SMALL BUSINESS | Total Asset Solutions

TOTAL ASSET SOLUTIONS WORKING TO REPAIR THE COMMUNITY Company names David Pare to head its new Landscaping Division WOONOSCKET--When Total Asset Solutions Owner Ilanna Ball Woonsocket receives a call from either a non-profit group, organization or an individual seeking pro-bono assistance, she does not wonder if her company can make the time. Rather, Ball and her staff create a plan to address those problems.

Several pro-bono projects are now complete since spring. These jobs ranged from fixing doors, removing trash and prepping and painting walls, to repairing leaky roofs and building wheelchair ramps. She believes that giving back to the community is the perfect way to establish goodwill.

“We live in this community, and I feel that if we lend a hand to help—whether it’s because someone lacks the time or the financial resources—then we will be there to help,” said Ball, who also serves as Broker/Owner of Finest Real Estate and Property Management in Woonsocket. “We take a lot of pride in helping others so they can continue living their lives comfortably. Our goal is helping out as many people and places as possible.”

Total Asset Solutions began about three years ago. While they can handle larger projects such as bathroom remodels and building new decks, Ball said their niche comes from smaller projects. They prefer the minor jobs because she understands how many people simply do not have the time or the ability to do most projects on their own.

“We can be your handyman, handle your ongoing property maintenance or oversee the general upkeep of your home or investment property,” Ball said. “There are many cases where customers can’t get to those ‘to-do’ projects. Or, they might not be skilled in getting certain projects completed. That is where we can come in and get these things done quickly, effectively and within a client’s budget.”

Ball’s community commitment, which includes helping to feed the area’s homeless population and organizing several cleanup initiatives, led to the creation of Total Asset Solutions and the recent announcement of hiring David Pare to lead the newly created Landscaping Division. Pare, who lives in Blackstone, MA, has more than two decades of field experience and comes well versed in landscape design, according to Ball.

“David takes immense pride in his work. He and his team strive to provide excellent customer service, unwavering attention to detail and a wide array of services,” Ball said.

Recently, Total Asset Solutions learned that a local condominium complex required each owner to repair and stain their own decking.

One of the owners was very sick with cancer. Ball sent a crew to work on the deck and did not charge for the labor or materials. She said that kind of community devotion sets them apart—and encourages other companies to follow suit.

“Total Asset Solutions appreciates any support they receive—whether it comes in the form of financial donations, materials or volunteers for more sizable projects,” Ball said. “Anyone interested in donating gift cards for paints, supplies or food for the company’s upcoming community-based projects should contact me to make arrangements.”

Total Asset Solutions is also hiring to address their growing workload.

They are looking for anyone with either carpentry, light plumbing/ electrical, landscaping, painting and/or fence installation experience.

They prefer candidates that possess their own tools and have their own transportation. Interested parties can send a message or text by calling 401-419-7116.

Total Asset Solutions is a fully bonded, licensed and insured company that serves Rhode Island and Massachusetts. They can act as a General Contractor for large projects such as a 203K rehab, so simply come over to complete “honey-do” lists.

Ball also serves as the Broker/Owner of Finest Real Estate and Property Management in Woonsocket. Billed as “The Hometown Experts with a World of Experience,” that company offers exceptional quality whether selling a client’s home or helping them purchase one.

Being locally owned and operated, the Finest Real Estate and Property Management office is staffed with professionals who also live in the area. Each one of them is committed to their community and have a deep personal interest in it and the people who live there.

Their sales associates are either the folks next door or just down the block. When clients search for the maximum in real estate service, they also find a new friend that is especially knowledgeable about the area.

Ball has become well known for her work with the local homeless by providing meals in Woonsocket and Providence at least twice per month, with a huge Christmas Eve event for approximately 150 homeless people in Northern Rhode Island.

Contact Ball at finestpropertymanagement@gmail.com or call 401-419-7116 for more job-related details.

Visit their Facebook business pages at @maintenancesolutionsRI and @finestrealestateandpropertymanagement, respectively, for additional information.

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SMALL BUSINESS | Crush These Six Barriers

At our small business startup workshop, The Right Foot1, we have the privilege of chatting with budding business owners— entrepreneurs with a big idea, a big dream, and a big future. Many of them go on to launch. But some of them choose to hold off from starting a new business, feeling the time isn’t quite right yet.

We’ve collected some of the most common reasons our workshop attendees give us for waiting, and below we suggest some ways to hurdle these small business barriers and get your venture off the ground when the time is right.

How to Address the Top Six Reasons for not Starting a Small Business

your business plan and facilitate additional communication until you can answer your family’s questions and reassure them.

2. Intellectual Property barriers to entry Protecting your original ideas, designs, and processes is critical to success. But patents can be expensive and difficult to obtain. Research whether your intellectual property can be safeguarded by copyrights and trademarks, which are less cumbersome to obtain yet also provide a variety of protections.

3. Insufficient collateral to securitize loan For many entrepreneurs, gaining access to financing is a gateway to starting a small business. Without sufficient collateral, you

may not be able to close a loan of the size needed to fund your launch. If you have the option, the bank may accept a cosigner for the loan, with sufficient collateral, who is willing to be liable in the case of default.

A small number of lenders also offer “no collateral” loan programs. Prepare to secure a loan with these eight steps to land a small business loan.2

4. Lack of industry experience or technical skills Perhaps your entrepreneurial cart got before the horse, and you got very excited about starting a business in an area you don’t have significant practical knowledge of. We don’t recommend jumping into a venture without significant preparation, but all is not

1. Lack of support from spouse/family network Communication, communication, communication (from the start!) is the best way to help family members feel comfortable with—and hopefully excited about—your business idea. Because they know you well, they can shape your vision and give you honest feedback. And they should be well aware of the potential risks and rewards related to your venture. If your spouse isn’t on board with possible risks such as limited income initially, or using savings to start up the business, you may need to spend more time addressing contingency plans for meeting personal living Or you to journal revisit RISBJ | rhode islandmay smallneed business 18 expenses.

If you have a business idea but your market research indicates many other entrepreneurs have started similar businesses that meet similar needs, this is a strong signal to modify your business proposition.

Crush These Six Barriers | SMALL BUSINESS Carlo Catucci, left, of White Dog Distillery worked with RISBDC Director Amit Basnet, right, to overcome the challenge of launching a business while working full time as a teacher.

lost! Many future small business owners go spend time working in the industry to gain the skills and inside knowledge they need while refining their plan. For industry experience, you could invite an industry expert to join your advisory board. The danger in bringing on outside experts as employees or board members is that, without the skill or knowledge needed to run the business and understand the product or service, a business owner could lose credibility within the industry or even with their own employees.

Worse yet, if the employees quit, the entire business may fold. We recommend having a solid base of knowledge and skills in the area of your business prior to launch.

5. Saturated market If you have a business idea but your market research indicates many other entrepreneurs have started similar businesses that meet similar needs, this is a strong signal to modify your business proposition. Perhaps there’s a niche within the market that no one else is serving. Or you may need to scrap your original idea and generate ideas in a completely different area. Still set on jumping in with your original idea? Gain an immediate presence in the market with existing customers, cash flow and brand identity by acquiring one of your competitors.

6. Can’t find the right location While less relevant for online businesses or service-based businesses, vehicular and foot traffic can make or break it for a retail

business. The success of a location can be impacted by customer convenience, parking, highway access, complementary service providers, and even loading docks.

For non-retail businesses who have special requirements for size, such as some light industrial or manufacturing businesses, consider subletting from larger facilities with surplus space. Overall, it’s worth being patient for the optimal location, so consider reaching out to nearby city employees, real estate agents, and industry colleagues—you never know who might have a lead on the perfect spot.

The Rhode Island Small Business Development Center at URI is part of a national network of nearly 1,000 business assistance centers that provide counseling and training to small business owners and aspiring entrepreneurs. Partially funded through a cooperative agreement with the U.S. Small Business Administration, we help businesses to succeed from startup to maturity.

Surmounting a few of these barriers is a great way to prepare to be a small business owner! If you’ve attended The Right Foot business startup workshop and still aren’t sure how to navigate a small business obstacle, our no-cost, one-onone business counseling3 can help you get a great start.

Diane Fournaris

Assistant State Director of the Rhode Island Small Business Development Center

https://web.uri.edu/risbdc/the-rightfoot-startup-workshop-whats-covered-and-why-should-i-come/

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https://web.uri.edu/risbdc/8-stepsto-landing-a-small-business-loan/

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SMALL BUSINESS | Monthly Learning Tips

MONTHLY LEARNING TIPS FOR RHODE ISLAND SMALL BUSINESS OWNERS:

BROUGHT TO YOU BY:

by Ronald G. Shapiro, PhD

This month’s learning tips come from Gaelen Abt, The Style Sherpa.

Gaelen has had a lifelong love of clothing. While in high school, working with a high school student’s budget she was determined to never wear the same clothing twice — and she was successful in meeting her goal. When Gaelen looks in her own closet, or in her client’s closets, she immediately sees thousands of different Gaelen Abt, The Style Sherpa combinations of clothing. Early in her career Gaelen managed commercial real estate in Virginia and then Rhode Island. She took a sabbatical from the workplace while raising her children, Emma and Sam

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(now 19 and 15). During her workplace sabbatical she studied image consulting and became a Certified Image Consultant. She gained practical experience working in a variety of boutiques prior to establishing her consulting business.

As The Style Sherpa, Gaelen visits her client’s homes and helps them shop in their own closet to find great combinations of clothing, to help them dress confidently and stylishly for the cost of a modest consulting fee. She really enjoys the challenge of mixing patterns and takes pride when people get excited about clothing they already own. Gaelen also offers to shop for her clients who have limited time or patience for shopping. While most of her clients are women, Gaelen is proud of her accomplishments working with male clients, too!

Monthly Learning Tips | SMALL BUSINESS

Gaelen shared the following style recommendations for everyone as well as specific advice for men, women and small business professionals.

For everyone: • Try it on, even if you don’t think it is your style. You may like what you see.

• Experiment mixing different combinations of clothing you own.

You may discover unique outfits you did not know you owned.

• Find an awesome tailor and become one of their favorite customers.

For men: • Update your shoes. They make a powerful statement.

• Replace your suits, jackets and pants (or have your tailor update them) if they are over 10 years old. Eliminate pleated pants. They are dated and add bulk.

• Add patterned suits, shirts, ties and socks to your wardrobe.

For women: • Add a variety of patterns. Don’t wear just solids. Experiment wearing patterns in a variety of combinations.

• Stop wearing all black. Contrary to popular belief it is not universally flattering.

• Use your clothing to highlight your best features. Structured jackets create a waistline, thicker fabrics skim curves giving you a streamlined look.

For small business owners: • You are your brand. Present yourself as you want to be perceived.

This includes your personal appearance, your speech and your business cards!!!

• Network with the intent of helping other people. That will help you make more connections, deeper relationships, and increase the chances that people will refer you.

• Do not overpromise. Instead under promise and over deliver.

Honesty and realistic expectations build trust.

Please contact Gaelen by email at Gaelen@TheStyleSherpa.Com or check out her http://www.TheStyleSherpa.Com website, FaceBook page and Instagram postings. Gaelen will be pleased to help you dress more confidently.

I would like to thank Industrial Consultant Dr. Margarita Posada Cossuto for helpful comments and Emma and Gaelen Abt for modeling and making the photos which accompany this article. www.risbj.com | volume seven issue seven

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LEGAL | Personnel Practices: When Does Workplace Bullying Become Unlawful?

Personnel Practices When Does Workplace Bullying Become Unlawful?

by Kristen M. Whittle, Esq. and Alexandra Rotondo, Esq.

Over the last few years, Rhode Island legislators have introduced several bills that would establish a new private cause of action for workplace bullying, harassment, and other abusive conduct that may not fall within other categories that are already protected by law. Although such bills have not yet been passed, it is imperative that Rhode Island employers take steps to prevent and appropriately address all forms of bullying and harassment in the workplace.

There are subtle yet important differences between ordinary workplace conflicts and unlawful harassment. Federal law prohibits discrimination and harassment in the workplace when it is based on a number of protected characteristics, such as an employeeâ&#x20AC;&#x2122;s race, color, religion, gender (including pregnancy), national origin, age (40 or older), disability, veteran status, or genetic information.

In addition, Rhode

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Island law protects employees from harassment on the basis of sexual orientation and gender identity or expression.

Bullying/harassment on the basis of the above protected classes becomes unlawful where 1) enduring the offensive conduct becomes a condition of continued employment, or 2) the conduct is severe or pervasive enough to create a work environment that a reasonable person would consider intimidating, hostile, or abusive.

Typically, gentle teasing and minor annoyances, particularly in isolated incidents, are not considered illegal.

Typically, gentle teasing and minor annoyances, particularly in isolated incidents, are not considered illegal.

Personnel Practices: When Does Workplace Bullying Become Unlawful? | LEGAL

The occasional misplaced joke, for instance, will not rise to the level of actionable harassment. In contrast, conduct that an average person would consider intimidating, hostile, or offensive is not permissible. Unlawful harassment can be verbal (epithets, derogatory statements, slurs, and unwelcome jokes or teasing), physical (assault or physical interference with normal work), or visual (posters, cartoons, drawings). It can also occur in a variety of circumstances and take many different forms. For example:

•

Unlawful harassment can be perpetrated by an employee’s supervisor, a supervisor who does not directly supervise the employee, an agent of the employer, a co-worker, or a non-employee.

•

An employee who is not directly subjected to

•

Unlawful harassment may give rise to a claim even where the employee is not terminated from employment or otherwise economically injured, but where the employee is subject to a hostile work environment.

With RISBJ

harassing behavior, but who is otherwise affected by offensive conduct, may pursue a harassment claim.

Employers will face liability for a supervisor’s unlawful harassment of an employee that results in an adverse employment action, such as suspension, termination, or loss of a promotion. If a supervisor’s harassment creates a hostile work environment for the employee, the employer may be liable unless it can prove that it implemented reasonable efforts to prevent harassment from occurring in the first place; that it took prompt action to correct the harassment; and that the employee failed to avail him or herself of corrective opportunities offered by the employer. In situations where a non-supervisory employee has harassed another employee, an employer may be held liable if it knew, or should have known, that the harassment was occurring and failed to quickly take appropriate action thereafter.

In order to prevent unlawful harassment in the workplace, and thereby avoid liability for such conduct, employers should implement and consistently enforce broad and clearlydefined policies that prohibit discrimination and harassment on all bases. Such policies should state that workplace harassment will not be tolerated and that individuals who engage in harassing behavior will be subject to immediate discipline. In addition, employers should encourage employees to be on the look-out for instances of harassment and promptly report such issues. Employers should also clearly communicate to employees that no adverse action will be taken against them as a result of their participation in an investigation of workplace harassment.

Such efforts will help create an environment in which employees feel comfortable reporting workplace harassment without fear of retaliation or other adverse employment action, and will help employers avoid liability if harassment does occur.

Kristen M. Whittle, Esq. Partner, Barton Gilman LLP

Alexandra Rotondo, Esq. Associate, Barton Gilman LLP

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SMALL BUSINESS | Kerry Ann Goldsmith

Kerry Ann Goldsmith recognized by the Association of Children’s Residential Centers Kerry Ann Goldsmith, executive director of Devereux Massachusetts and Rhode Island, was recently honored with the prestigious “Fellow” award by the Association of Children’s Residential Centers (ACRC).

About ACRC The ACRC’s mission is to provide a voice for residential interventions through relationships, leadership, advocacy, and the promotion of

Goldsmith received the award during ACRC’s annual conference in Boston for her “dedicated service and leadership within the ACRC and for her extraordinary contribution to the treatment of children in care.”

“I was surprised and humbled,” said Goldsmith. “I am so grateful to be involved with such an incredible association, and to have connections with intelligent, thoughtful colleagues from around the world who have the same passion for our work. It truly takes a village to be a leader in the residential treatment facility world, and I share this award with our direct care staff who work every day to change and inspire young lives.”

In her role at Devereux Massachusetts and Rhode Island, Goldsmith oversees the day-to-day operational, clinical and administrative functions of the center, which provides individualized treatment for children, adolescents and young adults with emotional, behavioral and cognitive differences, including autism spectrum disorders.

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innovative treatment and best practices. The nonprofit strives to be a resource to member organizations and agencies working to provide effective and transformative care to vulnerable children, youth and families.

Goldsmith has been involved with the ACRC since 2011. Since that time, she has served as board advisor, board director-at-large, board director and executive committee member.

To learn more about Devereux Massachusetts and Rhode Island, please visit http://www.devereux.org/site/PageServer?pagename=ma_index. To learn more about Devereux Advanced Behavioral Health, please visit http://www. devereux.org/site/PageServer.

FELLOWSHIP AWARD

www.risbj.com | volume seven issue seven

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By Patricia Raskin

Podcasts are here to stay. And this isn’t just

me watching and talking. Steven Goldstein, CEO of Amplifi Media. LLC discusses this in his article in amplifimedia.com on April 20, 2018,” Podcast Listening Doubles and 6 More Things,” . The article talks about how podcast listening has doubled in four years from 2% to 4% of all audio listening and that among the most important trends to watch is audio listening on the Smartphone. I have watched this “wave” emerge and began doing internet radio programs in its infancy in 2002.

Since then, my internet radio show, in its fifteenth

year, has expanded to offer listeners podcast listening on several networks including iTunes, and listeners can subscribe to shows and listen on demand at their leisure. I am so convinced about this trend which how become a major growth strategy, that I am moving my broadcast radio show exclusively to online and podcast listening. As a coach to internet radio hosts, I am now working with podcasters to help them create compelling content with excellent audio, as you need both to keep your listeners coming back for more.

1. Why do a podcast?

It increases your exposure, increases traffic generation & podcasts are growing from 10-20% a year. The advantage of podcasts is that you can listen anywhere, especially in the car when you can’t watch.

2 . How do I reach my listeners?

Social media marketing is key – use Facebook, Linkedin, Twitter, newsletters, announcements

3. How do listeners find my podcast?

On an online search beginning with the word “podcast on …” And on a podcast network, once they posted online eg spreaker, stitcher, iTunes

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4. How much work is involved?

You need a podcast series title, topics, outline and possibly a loose script. And practice.

5. What should my focus be/my topic be?

Whatever your clients and customers need most. Answer the questions they frequently ask and focus on topics that address common problems.

6. Do I need to have guests, and if I do, who do I choose?

Guests can help you grow your audience. The more popular and well-known the guest is, the more listeners you will have.

7. What makes a listener tune in/tune out?

They tune in because they like what you say, how you say it, and they need the information. They tune out because the content is boring, they are not getting what they need, or the technical quality is poor.

8. How do I repurpose my podcast?

You can transcribe the material and use it for a blog, create a Q & A on your website, post podcast highlights on social media accounts.

9 How do I monetize my podcast?

Selling their own services (63%), Products (62%), Paid speaking (39%) Advertising (31%) (Creator Monetization Report 2017)

10.Can I create my own podcast or do I need help?

You can do this on your own, but most people don’t have the time or expertise to do the technical work, and most can use a coach to help them create compelling content and engaging as “content is king.”

Patricia Raskin is a nationally recognized multi-media radio and podcast talk show host, speaker, author and award winning radio producer and business owner. Her programs have aired on FOX, PBS, NPR and Cumulus Broadcasting affiliates and her internet/podcast program is in its fifteenth year on voiceamerica.com. Patricia works with companies to create compelling radio programs and podcasts to effectively deliver their message to consumers and clients. www.risbj.com | volume seven issue seven

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Pannone Lopes Devereaux & O’Gara attorneys are innovators and collaborators with a record of achievement representing clients with the highest level of legal services in a wide range of disciplines and industries. Our firm’s success is rooted in its cutting edge approach to modern legal representation, commitment to teamwork and providing superior service for clients built on respect, urgency and efficiency that results in long-lasting relationships.

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Learn more at www.ri-bizplan.com We’re building the next generation of companies in Rhode Island Since 2001, the Rhode Island Business Plan Competition has awarded prizes valued at more than $2.6 million to help entrepreneurs build growing businesses in Rhode Island and today is the largest community-supported business plan competition in the Northeast. Our sponsors include private companies, professional service providers, foundations, colleges and universities, public agencies, investors, banks – and previous participants.

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