2016
SMALL BUSINESS
RESOURCE
GUIDE
PLANNING FUNDING BUDGETING STAFFING PRESENTED BY
THE U LT I M AT E GUIDE FOR SMALL BUSINESS OWNERS
INSURANCE ADVISING COMPLIANCE CONTRACTING
TABLE OF CONTENTS
1. Sponsor message from Anchor Bank 1. Your banker and the Pro Forma
By Joe Betzendorfer, Anchor Bank
Getting Started 2. Resources to help open your doors (and keep them open) Planning 4. Your blueprint to success: Drafting a business plan 5. Which legal structure works best for your business Financing 6. The SBA can help: Guaranteed loans in a nutshell 6. 7(a) and 504 loan programs can help fund growth
By Paul Sabado, Kitsap Bank
8. Tips from a banker on small business lending
By Paul Long, Timberland Bank
Advising 9. Associations can help with Retro, others
By Jan Teague, Washington Retail Association
10. Consultant, Advisor, Mentor or Licensed professional? which is right? Protections 11. What is a security (and why do you need to know)?
By Teresa Daggett, Gordon Thomas Honeywell
Sales and Marketing 12. Market your small business effectively
by Shaun Carson, Heritage Bank
13. I hate selling (but I want business)
By Chris Lee, Sandler Training
14. Strategic marketing is not dead
by Kevin Hayes, Tacoma Marketing Group
Banking 15. The Advantages of digital banking
by Sokha Meas Colbo, Thurston First Bank
Welcome to the 2016 Small Business Resource Guide. Small businesses are often acknowledged as the backbone of America because they put so many people to work, even as big-name major corporations trumpet impressive economic outputs. Companies with fewer than 500 workers — the government’s definition of a “small” business — accounted for more than 99 precent of all employers in the country, according to U.S. Census Bureau data from 2011. Even with a more realistic count for those with less than 20 workers, they represent 89.7 percent of all companies. We see a very similar picture when looking at the South Sound economic market from our vantage point as a prominent local financial partner and supporter of small businesses. There are some 552,890 small businesses in Washington state, according to SBA data, with 25 percent of these having employees. Some 1.2 million jobs in our private sector workforce in 2012 – more than
half of all jobs within our borders – are provided by small businesses. And that’s why Anchor Bank is so proud to sponsor this “Small Business Resource Guide” edition for 2016. These are our customers, our neighbors, the organizations that support community resources and their leaders who answer the call when resources are needed. We know that small firms continue to report a lack of available capital, along with too few qualified workers among their top challenges. Our account offerings may be able to address your financial needs and on the pages of this booklet, you can see some other ideas or sources for solutions to your other needs. Whether you are a professional seeking to open a new clinic or office, a builder/tradesperson with a flair for creating exciting new living spaces, real estate facilitator or a chef harboring a great idea for the next trendy
eatery – we want to see you succeed. Contact your nearest branch of Anchor Bank to meet a small business lending specialist. Let’s continue building our future together. Jerald “Jerry” Shaw, CEO Anchor Bank
Your banker and the Pro Forma If your business has grown and it is time to start looking at a commercial property or a new construction project, then it is also a great opportunity to make sure your business is prepared with the documentation needed to obtain financing. Here, I would like to address some initial considerations that need to be taken into account well before an offer is made or building applications are filed. You may want to consider a local community bank that has experience in your market to establish a banking relationship. Large national banks rely on computer models to determine whether to make a loan. These loan programs may be fine in many instances, however, they may be unable to take into account local market conditions or nuances surrounding your project that do not fit within set guidelines. A community bank will be able to make loan decisions locally and work with you to define your loan amount and plan a viable project. The knowledge your banker has of the local market and experience with similar projects will be critical to ensuring a successful project. Personally, I have been working with businesses in Western Washington for over 30 years. Over this time I have worked with businesses of all sizes, projects that are completed as planned, and those that are mired in diffi-
By Joe Betzendorfer Vice President, Business Banking Officer Anchor Bank
culty. Because of these experiences, I will often recognize issues common to particular development areas or projects such as site size and constraints, land acquisition costs, and zoning requirements, and I can help a business overcome these obstacles before they become problems. I can also help you define what loan amount your project can support. This is calculated using loan-to-value limits, loan-to-cost limits, and minimum debt service coverage ratios. Once you have a rough idea about the size and scope of your project it is time to refine your Pro Forma analysis. This may include development costs and your required return on investment. Here are just some of the considerations that will go into building an accurate Pro Forma for your project: • Income projections • Vacancy rates • Expenses (All expenses that an ap-
praiser would use) • Underwriting rate • Capitalization rate These factors will be used to calculate Net Operating Income, Debt Service Coverage, and ultimately the loan amount. It is important to keep in mind that these estimates may change as you move along through the process of design, financing, and construction costs. While your financing may initially be for development of your property, your banker will look at your industry and overall market conditions to determine the risk of your project. For example, a debt service coverage ratio that is too low may make a business vulnerable and unable to service the debt if there is a decline in cash flow. There is no denying that developing a detailed and accurate Pro Forma can be extremely complex and time consuming. However, creating flexible projections that can change along with your project or timelines will be critical on this project and will aid in maximizing your expected returns in the future. If you follow the above steps, while working with your local community banker, your odds of creating a long term successful investment increase substantially.
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GETTING STARTED
Resources to help open your doors (and keep them open) No one ever said entrepreneurship was easy. It’s true that starting a business can be done quicker and cheaper in the United States than anywhere else, but that isn’t even half the battle. Keeping the doors open is the hard part — while 70 percent of new businesses are still in business two years later, only 50 percent of businesses are in business after five years. Fortunately, there is a lively local community of organizations in the South Sound that are dedicated to helping the area’s entrepreneurs not only afloat, but thriving. Several of them have contributed wisdom to the pages of this guide, and all are merely a phone call, an email, or an office visit away. Whether your target market is just your neighborhood or you’ve got dreams of someday going global, there are resource partners nearby that can help you turn your entrepreneurial dreams into an affordable, profitable reality.
Chambers of Commerce Your local chamber of commerce can be a good “square one” for a variety of resources. Most chambers have a common core competency of providing networking and referrals — an excellent way to get into a new network and start laying down roots in your business community if you haven’t already. Many also offer educational and informational assets for small business owners looking to make themselves more knowledgeable in a certain facet of entrepreneurship, from leadership development to social media to business growth and everything in between. Local Chambers of Commerce Auburn Area Chamber of Commerce 25 2nd St NW, Auburn, WA 98001 auburnareawa.org 253-833-0700 Federal Way Chamber of Commerce 31919 1st Avenue South, Ste 202, Federal Way, WA 98003 federalwaychamber.com 253-838-2605
Fife-Milton-Edgewood Chamber 2018 54th Ave E, Fife, WA 98424 253-922-9320 Gig Harbor Chamber of Commerce 3125 Judson St, Gig Harbor, WA 98335 gigharborchamber.net 253-851-6865 Kent Chamber of Commerce 524 W Meeker St # 1, Kent, WA 98032 kentchamber.com 253-854-1770 Lacey South Sound Chamber of Commerce 8300 Quinault Dr NE, Olympia, WA 98516 laceysschamber.com 360-491-4141 Lakewood Chamber of Commerce 6310 Mt Tacoma Dr SW, Tacoma, WA 98499 lakewood-chamber.com 253-582-9400 Puyallup-Sumner Chamber of Commerce 323 N Meridian, Puyallup, WA 98371 puyallupsumnerchamber.com 253-845-6755 Tacoma-Pierce County Chamber of Commerce 950 Pacific Ave #300, Tacoma, WA 98402 tacomachamber.org 253-627-2175 Thurston County Chamber of Commerce 809 Legion Way SE, Olympia, WA 98501 thurstonchamber.com 360-357-3362
SCORE SCORE is a nonprofit organization of more than 12,000 volunteers who provide free, confidential business mentoring and training workshops to small business owners. Some 20 Tacoma SCORE chapter members offer free one-on-one counseling for starting and growing successful small businesses. SCORE mentors are there for the life of a small business, from creating and evaluating business plans to purchasing equipment, leasing real estate, franchising, even selling and exiting. For more information, check the organization’s website at www.SCORE.org, or the local site at www.Tacoma.Score.org.
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Economic Development Pierce County and Thurston County both have organizations dedicated to furthering economic development within their borders. The Economic Development Board for Tacoma-Pierce County has worked since 1978 to grow the economy of the South Sound. Its (www.edbtacomapierce.org) website includes a directory of resources to aid entrepreneurs and startup owners, including links to more incubators, advisors and sources of financial and technical assistance. The Thurston Economic Development Council likewise has worked to strengthen the local economy since its founding in 1982. As the state-designated lead economic development organization in Thurston County, the EDC maintains the health of local businesses by offering a complete slate of resources and present market opportunities to Thurston County employers. You can find them online at www.thurstonedc.com.
Small Business Administration Its website says it best: The U.S. Small Business Administration “helps Americans start, build and grow businesses through an extensive network of field offices and partnerships with public and private organizations.” That vast network starts with a rich collection of articles, blogs, checklists and other documents available on its district website, www.sba.gov/wa. There, you can, among other things, find a template for your business plan, get in touch with an SBA lender to help finance the growth of your small business, find a microlender or alternative lender, or myriad other steps to help your small business succeed.
SBDC The Washington Small Business Development Center will connect you with a certified business advisor who can help take your business to the next level. Its advisors are knowledgeable professionals with extensive experience owning, managing or guiding businesses in a variety of industries. Go to www.wsbdc.org to schedule a free confidential appointment.
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PLANNING
Your blueprint to success: Drafting a business plan By SCORE Volunteers
Your business plan is a crucial outline for your company’s success. Everyone’s heard of business plans, but you’d be surprised how many entrepreneurs don’t take the time to prepare one. Fortunately, putting one together isn’t as hard as it may seem; it’s a matter of making an honest assessment of what you plan to do and how you plan to do it. A good business plan will project ahead some three to five years, with careful consideration as to how the company aims to increase revenues.
Why a business plan is important The real value of creating a business plan is in the process of researching and thinking about your business in an organized way. Planning helps you to think things through, research the market, and examine your ideas critically. To start, a business plan template suitable for all types of businesses is available as a Word template at www.SCORE.org. It consists of a narrative and several financial worksheets. The body of the business plan contains questions divided into several sections. It also has tips for fine-tuning your plan to make an effective presentation to investors or bankers. If this is why you’re creating your plan, pay particular attention to your writing style. You will be judged by the quality and appearance of your work, as well as by your ideas. When you are finished writing your first draft, you’ll have a collection of small essays on the various topics of your business plan. It usually takes several weeks to complete a good plan. Most of that time is spent in research and re-thinking your ideas and assumptions. That’s the value of the process, so make time to do the job properly. Those who do never regret the effort. Be sure to keep detailed notes on your sources of information and on the assumptions underlying your financial data.
The components of a business plan Executive summary: This often comes near the beginning of the plan, but it’s suggested that you write it last. Explain the fundamentals of the proposed business: What will your
product be? Who will your customers be? Who are the owners? What do you think the future holds for your business and your industry? Make it enthusiastic, professional, complete, and concise. If applying for a loan, state clearly how much you want, precisely how you are going to use it, and how the money will make your business more profitable, thereby ensuring repayment. Company description: What business will you be in? What will you do? If you want to draft a mission statement, this is a good place to put it, followed by your goals, your business philosophy (what’s important to you in business), a description of your important company strengths and competencies, and the structure of the company itself (see “Which legal structure works best for your business?” on page 4). Products and services: Describe in depth your products or services. What factors will give you competitive advantages or disadvantages? Examples include level of quality or unique or proprietary features. What are the pricing or leasing structures of your products or services? Marketing plan: It is very dangerous to as-
sume that you already know about your intended market; you need to do market research to make sure you’re on track. Go into depth about your potential customers. What is the total size of your market? What does demand look like? Who are your competitors? Operational plan and organization: Explain the daily operation of the business, its location, equipment, people, processes, and surrounding environment. Financial plan: For many, this is the hardest part of business plan preparation; often, though, it’s often the most key. It should include 12-month profit and loss projection, a four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. Be realistic, and if you need to borrow money, detail why it’s needed and when it will be repaid. Together, these items will constitute a reasonable estimate of your company’s financial future. More importantly, though, the process of thinking through the financial plan will improve your insight into the inner financial workings of your company. You’ll be glad to have these insights from the start.
From business planning to growth planning Regular business plan reviews are essential once your business is up and running. As your company evolves, there will be more influences on it and the customers you serve, as well as new set of unknowns surrounding the directions in which you want to expand. It’s helpful to regularly engage in some strategic planning and define near- and long-term objectives, the strategy and tactics by which you’ll pursue them, and metrics for gauging your progress. The result is a growth plan, which will provide a road map for the future and position you for new opportunities. Start by comparing the current status of your business with your original intent. Are you where you intended to be, or have you modified your mission? What are current strengths, and what areas could be improved upon? Any glaring problems or shortcomings should be addressed as quickly as possible. Also, take a comprehensive look at the
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state of your market and what is shaping it. Your original expectations may be on target, or there may be emerging trends that will radically alter your industry. Needs and issues facing your existing and target customers should also be examined. With that knowledge, project three years out, and set objectives to keep your business in step with these trends. What resources will be needed? Where can they be found (for example, new staff, training, upgraded equipment and facilities)? What costs are involved? What kind of learning curve may be required? Develop an action plan for each one with milestones to assess your progress. Your growth plan, like your business plan, is a guide to be adapted as conditions change. You may find yourself ahead of schedule, or dealing with unforeseen factors that require a schedule revision or complete overhaul. But your business can only benefit, as there’s no such thing as too much planning.
PLANNING
Which legal structure works best for your business? From U.S. Small Business Administration
There are four basic types of business entities: sole proprietorships, partnerships, corporations and limited liability companies (LLCs). Other types of entities exist — limited partnerships, professional service corporations and professional limited liability companies — though most small businesses in Washington fall under one of those first four categories. So which one is right for your company? Making that decision is an important step, and to do so, it’s crucial to understand the differences between your options. Per the Small Business Administration: A sole proprietorship is a common, simple type of business ownership. If you are in business by yourself and obtain your business license, you are a sole proprietor. It’s an appropriate form of ownership for many small businesses. For federal income tax purposes, the income from the business flows through to the individual, and is reported on the business owner’s Schedule C. A sole proprietorship offers no protection from individual liability, so it’s essential for sole proprietorships to maintain adequate insurance coverage.
A partnership is similar to a sole proprietorship with multiple individuals involved. If you’re in business with at least one other person, and obtain your business license, you have a partnership. The partnership exists regardless of whether the partners have formalized their relationship by executing a partnership agreement. A partnership agreement sets forth the rights and obligations of each party, and describe what would happen if a partner dies or wants to sell his or her interest in the business. A partnership, similar to a sole proprietorship, results in federal income tax liability flowing from the entity to the individual partners. A partnership tax return is required, but each individual partner pays his or her share of the business taxes instead of the business itself paying the tax. As in a sole proprietorship, a partnership offers no protection from individual liability. A corporation is formed by filing Articles of Incorporation with the Secretary of State’s office. One or more individuals can create a corporation. A key initial decision in forming a corporation is whether it should be a C-corporation or an S-corporation. A C-corporation pays
federal taxes both on the corporate level, and on the level of individual shareholders. An S-corporation pays taxes only on the shareholder level. Certain qualifications must be met in order to register as an S-corporation. Unlike a sole proprietorship or apartnership, a corporation which is properly formed and maintained can offer protections against individual liability. In order to form and maintain a corporation, you need to retain both an accountant and an attorney to comply with complex tax requirements and corporate formalities set forth in state Revised Codes. A limited liability company, or LLC, is formed by filing a Certificate of Formation with the Secretary of State’s office. One or more individuals can create an LLC. An LLC may be taxed in different ways. Consult with your accountant in order to make an informed decision about how your LLC will be taxed, and file the corresponding documents with the IRS. Similar to a corporation, a properly formed and maintained LLC can offer protections against individual liability. Also, you need to retain both an accountant and an attorney in forming an LLC. An attorney can help you prepare key documents, including the LLC Operating Agreement.
Other logistical factors to consider Business licenses: Depending on the industry you’re in and where you plan to operate, your business may be required to have various state and/or municipal licenses, certificates or permits. Those licenses and permits are typically administered by a variety of state and local departments, so make sure to consult your state or local government for assistance. Naming your business: If you’re just starting up, search to determine if the name of your proposed business is already in use. If it is not used, register the name to protect your business. Contact the county clerk’s office in the county where your business is based for more information. If you are a corporation, you’ll also need to check with the state. Employer Identification Number: An Employer Identification Number (EIN), also known as a Federal Employer Identification
Number (FEIN), is used to identify a business entity. Generally, businesses need an EIN to pay federal withholding tax. You may apply for an EIN in various ways, including online at www.irs.gov/Businesses/ Small-Businesses-&-Self-Employed/Employer-ID-Numbers-EINs. This is a free service offered by the U.S. Internal Revenue Service. Health and safety regulations: All businesses with employees are required to comply with state and federal regulations regarding the protection of employees. The Occupational Safety and Health Administration provides information on the specific health and safety standards adopted by the U.S. Department of Labor. Call 1-800-3216742 or visit www.osha.gov. Business insurance: Buying business insurance is among the best ways to prepare for the unexpected. Without proper protection,
misfortunes such as the death of a partner or key employee, embezzlement, a lawsuit, or a natural disaster could spell the end of a thriving operation. Ranging from indispensable worker’s compensation insurance to the relatively obscure executive kidnapping coverage, insurance is available for nearly any business risk. Considering the multitude of options, carefully weigh whether the cost of certain premiums will justify the coverage for a given risk. For more in-depth discussion of the various types of business insurance (as well as other logistical factors for small businesses, including intellectual property, taxes, franchising and more), check the SBA’s website at www. sba.gov. Source: Small Business Administration Fact Sheet
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FINANCING
The SBA can help: Guaranteed loans in a nutshell From U.S. Small Business Administration
If you’re planning to start a business or expand an existing business, you might need financing help. SBA participates in a number of loan programs designed for business owners who may have trouble qualifying for a traditional bank loan. To start the process, you should visit a local bank or lending institution that participates in SBA programs. SBA loan applications are structured to meet SBA requirements, so that the loan is eligible for an SBA guarantee. This guarantee represents the portion of the loan that SBA will repay to the lender if you default on your loan payments. The SBA Loan Application Checklist provides a listing of forms and documents you and your lender will need to create a loan package to submit to SBA. That checklist is available online at www.sba.gov.
Loans for starting and expanding businesses Basic 7(a) Loan Program – Gives 7(a) loans to eligible borrowers for starting, acquiring and expanding a small business. This type of loan is the most basic and the most used within SBA’s business loan programs. Borrowers must apply through a participating lender institution. Certified Development Company (CDC) 504 Loan Program – Provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. Microloan Program – Offers very small loans to start-up, newly established or growing small businesses. SBA makes funds available to nonprofit communitybased lenders which, in turn, make loans to eligible borrowers in amounts up to a maximum of $50,000. Applications are submitted to the local intermediary and all credit decisions are made on the local level.
Export Assistance Loans Export Express – Provides exporters and lenders with a streamlined method of obtaining financing for loans and lines
of credit up to $500,000. Lenders use their own credit decision process and loan documentation; exporters get access to their funds faster. SBA provides an expedited eligibility review with a response in less than 24 hours. Export Working Capital – Offers loans targeted at businesses that are able to generate export sales but need additional working capital to support these opportunities. International Trade Loans – Gives term
loans that are designed for businesses that plan to start/continue exporting or those that that have been adversely affected by competition from imports. The proceeds of the loan must enable the borrower to be in a better position to compete. CAPLines – Help small businesses meet their short-term and cyclical working-capital needs through the SBA umbrella program called CAPLines.
7(a) and 504 loan programs can help fund growth Small business owners rely on many forms of financing to assist with opening their businesses and to fund ongoing growth. Typical financing requirements include working capital, equipment and other short-term fixed asset needs, as well as major capital expenditures like buildings and tenant improvements. For larger SBA loans for expansions and business acquisitions, SBA has two very popular loan programs. In its flagship 7(a) program, the SBA provides a government guarantee (rather than loan proceeds) for a portion of a lender’s loan. The amount of the guarantee varies by loan type, amount and other factors. There is shared risk between the lender and the SBA, with the lender taking the risk of loss on the unguaranteed portion of the loan. Another commonly used program is the SBA 504 loan. These loans are intended for longer term fixed asset financing. There are two types; a 10-year loan and a 20-year loan. The 10-year is typically used for major heavy equipment finance and the 20-year for commercial real estate. To qualify for an SBA 7(a) or 504 loan your company must: • Be an organized for-profit. • Be a sole proprietorship, corporation, partnership or limited-liability company (LLC). • Have a tangible net worth no greater than $15 million and average net profits after tax less than $5 million in the last two fiscal years.
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By Paul Sabado Senior VP / Loan Manager Kitsap Bank
•
Have all owners currently in good standing. Owners with 20% or more will personally guarantee the loan. • Commercial real estate loans must be owner-occupied. For existing buildings, 51 percent owner-occupancy is required within one year of closing. For new construction, 60 percent owner-occupancy is required upon completion of construction (and there must be intent to increase to 80 percent owner-occupancy by the tenth loan anniversary). The borrower’s equity contribution (down payment) can be as low as 10 percent. Multiple SBA loans can be used up to the maximum limit of $5 million to one borrower.
The SBA’s 7(a) loan program With the 7(a) program, businesses can expect smaller loans, but these loans are able to go up to the maximum limit of $5 million. These loans can be used to finance short term assets, working capital, and intangible assets, all of which are not allowed in the
FINANCING 504 program. They have a shorter term (three years), no prepayment penalties and interest rates are often floating, but can be fixed for a period of time. They are true long term loans, generally matching the life of the asset, for up to 25 years on commercial real estate. Businesses can expect fees and costs to be lower with 7(a) loans than with 504 loans. The 7(a) loans are also able to close faster than the 504 loans. The advantages of an SBA loan can be financing for long term assets such as equipment or commercial real estate, long-term maturities with a generally fixed rate. The Commercial Development (CDC) portion is fixed for 20-years for commercial real estate and 10-years for equipment. An SBA loan also offers low in-
terest rates; the effective rate for the CDC portion for October 2015, 20-year debenture funding was 4.8 percent. The low down payment retains capital in the business. Compare that to conventional bank loans, which require a 20-25 percent down payment or more. SBA loans do not offer balloon payments on the CDC portion of the 504 loan. Most closing costs such as appraisal fee, environmental fees, loan and contingency fees can be included in the financing. If you are interested in learning more about SBA financing, contact a participating SBA bank. Kitsap Bank, for example, is an SBA Preferred Lender and also works with the three SBA Certified Development Companies mentioned in this article.
What a lender looks for in an SBA loan request New Business
1 Describe in detail the type of business to be established. 2 Describe your experience and management credentials. 3 Prepare a detailed estimate of the capital you need to start. State how much you have and how much you need to borrow. 4 Prepare a current personal financial statement, listing all personal assets and liabilities. 5 Prepare a month-by-month projection of revenues, expenses and profit for the first twelve months. Also do a companion cash flow projection for the same period. Explain your major assumptions in an accompanying narrative. 6 List the collateral to be offered as security for the loan, with estimates of the market value of each item. 7 Take this material to your banker.
Established Business
1 Current business financial information: Prepare a current balance sheet and an income (profit and loss) statement for current year up to the date
of the balance sheet. 2 Historical business financial information: Prepare income statements and balance sheets for the past three full years. Do not include personal items on the statements. Reconcile the equity balances between each year. 3 Prepare a month-by-month projection of revenues, expenses and profits for the next twelve months. Also do a companion cash flow projection for the same period. Explain your major assumptions in an accompanying narrative. 4 Prepare a current personal financial statement for each owner, partner, or stockholder owning at least 20% of the business. 5 List the collateral to be offered as security for the loan, with estimates of the market value of each item. 6 State the amount and intended uses of the loan. 7 Take this material to your banker.
Source: Small Business Administration Fact Sheet
You’re on a Mission. We’re Here to Help. • Finance equipment or tenant improvements • Real Estate Financing • Business and Personal Lines of Credit
Bob Banks SVP, Commercial Market Manager rbanks@kitsapbank.com 253-858-1503
Paul Sabado SVP, SBA Manager psabado@kitsapbank.com 800-656-2297 • 425-455-9300
Kitsap Bank has been named a Preferred Lender by the U.S. Small Business Administration.
www.kitsapbank.com • 800-283-5537
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FINANCING Tips from a banker on small business lending In 2008, getting credit was difficult for small businesses and it held back the US economy. Now, in 2015, the economy is getting better. There is no doubt that the economy is growing and small businesses are seeing increasing profits. Banks are recognizing this and are lending more money for real estate, equipment and working capital needs. So what do you need to apply for a loan? First, make sure that you have access to your last three years of personal and business tax returns, as well as bank and brokerage statements. Also, banks will have you fill out a personal financial statement asking you to list your assets on one side and your liabilities on the other. If you are a startup or a business under two years old, have your business plan
By Paul Long Vice President, Business Banking Timberland Bank
(see page 3) ready along with financial projections. This information will allow your banker to expedite the financing process and get you a decision quicker. Some banks make SBA Loans (see page 6). The role of SBA is to assist banks in helping businesses get these types of loans by offering banks a 75-85 percent guarantee which will encourage banks to make more of these types of loans. Is your banker a consultant to your business? When you think of your small
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800.562.8761
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businesses “board of directors�, is your banker on that list? A good banker knows you and your business. They should understand your product/service and be a champion for you. A banker can help prevent you from making mistakes other small businesses have made in the past. In turn, do you reach out and talk to your banker when you have a question, concern or are about to make a large financial decision? Your banker should be a resource not just when you need a loan or your line of credit is up for renewal. Last but not least, if you have questions reach out to your banker. If you are not sure who your banker is, that is a red flag. It might be time to think about switching to a bank that wants your business and is ready and able to be there for you when you call.
S I N C E 1915
ADVISING
Associations can help on Retro, others Starting and running a small business can be overwhelming. There’s lots more to know than simply opening the doors. Are you interested in the only existing program that can actually give you money back from the State of Washington? Do you want to avoid state inspection fines for your business? Would you like to avoid outrageous costs from an employee injury? Retrospective Rating (or simply “Retro”) is a safety incentive program offered by Labor & Industries, which can help your business answer some of these questions. Through this program, you can earn a partial refund of your workers’ compensation premiums if you reduce workplace injuries and lower associated claim costs. When an employee is injured, it can be very costly and potentially detrimental. Production loss, finding replacements, contract or job losses and increased premiums are just a few of the possible consequences. You
By Jan Teague President/CEO Washington Retail Association
may have to hire someone or do enormous amounts of research to handle WC claims with L & I. You may even have to pay an attorney to handle claims appeals and adjudication, all of which can be costly. Retro programs are accessed through associations. They will connect you to a team of experts that can act as a liaison to L & I. In addition to claims management, an association can also provide you with information that pertains specifically to your business and provide eligibility information to money-saving programs that you would
not likely know about otherwise. The support that associations give their Retro members runs deeper than earning them premium refunds. Through the state’s Stay-At-Work program, they can help employers get a partial reimbursement of wages and improve productivity and morale by returning injured workers safely back to light-duty or transitional job responsibilities. Associations also keep members abreast of legislation, governmental fees, state safety inspections and merchant obligations and costs that are time-consuming for a business to learn about or challenging to anticipate. It’s also good to find an association that employs a full-time Safety Specialist who is available to consult on drawing up state-required safety plans, inspecting property to point out potential hazards and See RETRO, page 10
FREE SMALL BUSINESS SERVICES! Our online Business Resource Center is a one-stop shop. Everything that you need to start and grow your small business in Washington State
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EXPERT GUIDANCE FOR
• FINDING START-UP CASH
• MAKING A BUSINESS PLAN
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• TAXES AND ACCOUNTING
• ARTICLES & HOW-TO-GUIDES
(360) 943-9198 | 618 Quince St. SE Olympia, WA 98501
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ADVISING Consultant, advisor, mentor or licensed professional? Which is right? It’s a question that can be daunting for any entrepreneur searching for advice. My answer, as a certified business advisor with the Washington SBDC (Small Business Development Center) would be “At different times, all of the above, and more!” This is based on my experience as Tacoma/ Pierce County certified business advisor for over 10 years. having worked with over 1000 diverse clients. See our website, (www.wsbdc. org) to arrange a no cost, confidential appointment with an advisor.
Definitions Consultant — an industry or business expert who studies or analyzes your situation, process or environment and provides an authoritative report, usually for a fee. Advisor — a one time or ongoing engagement with a person who has experience and skills in the business world, and access to data, research and other professionals to help you generate alternatives, solve problems and manage your business. A fee may or may not be involved. SBDC does not charge for their advisors’ time. Mentor — Supports a no fee one-on-one relationship over an extended time, to assist you with the formation, growth and management of your business. Larger organizations have internal mentors, but as the leader of a small business, you will need to find an external mentor. Licensed Professional — engaged for a fee for a specific purpose, on a retainer, to provide advice and guidance on legal, accounting, insurance or other issues. This article focuses on the advisor function, but all of these are necessary tools. The successful small business owner will learn how/ when to reach out to each as needed.
By John Rodenburg Ceritifed Business Advisor Washington Small Business Development Center
Examples of Business Advising Business advising can cover any of the five functional areas of business: operations, human resources, marketing, financial and legal/organization. As you might expect, what a business owner does in one of these areas affects the others, so it is often important to have an unbiased, or outside, set of eyes and ears to provide feedback and act as sounding board. Also, small business owners often don’t have time or resources to do extensive research. The SBDC has access to many nationwide sources of data, such as Fintel, RMA, Reference USA and IBIS, which are also available at your local library. This structured data helps in decision-making and focus. A couple of examples will give you an idea of how an SBDC advisor can assist you: • Ray is an owner/operator licensed contractor in start-up year one. He sought marketing advice from me initially, and we developed a plan with a sales goal that is tracked monthly. I also recommended cash basis accounting in QBooks and his outside bookkeeper agreed. In reviewing monthly P&L and AR, we noted a large 90 day receivable of $8K, and collection would be very helpful. I referred this client to three attorneys who specialize in construction disputes and collection. Estimating, bidding and profit planning are other areas we are addressing now.
• Eli had worked as a VP for a medium sized supplier of technical talent to major corporations, for years. The owner wished to retire and Eli was offered the opportunity to buy the firm, which he wanted to do. Eli looked for outside advice to help him chart a course with a three year timeline, to be in position to purchase the business. We discussed asset vs. entity purchases, I found reliable reading material on the subject, developed a business plan, discussed equity and debt mix, and when time came to apply for an acquisition loan, three lenders were referred. Eli received attractive options for six figure term loans and he selected the best one. • Dr. S was a successful chiropractor in a two-provider practice. She wished to be sole owner and broke off from partnership to start a practice in a new location. Our advising started by identifying an area that an SBDC research study indicated was “under served”. This was followed with an organized search, finding a space she could lease or purchase,. She is doing well in gross revenue and has cut back to a partial work week, so she can act more as practice manager.
Selecting an Advisor Write down your key needs or “pain points”. Then, note your timeline and budget. Then, ask SBDC for referrals and research providers. Interview each and ask for background and references. Lastly, be prepared to contribute to the process (since you are the expert in your business), Get down to work following the plan you develop, and evaluate progress as you go.
RETRO continued from page 9 sharing talking points to develop during safety meetings. Also, look for an association with a strong lobbying team that can protect your business from regulations of federal, state and local governments. This can and does save businesses many expenses through the
defeat of proposed tax increases and reductions of costly governmental regulations. Through special partnerships, many associations also offer free legal consultation and a multitude of other discounts for members. The dues are typically a negligible cost
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compared to the advantages of joining forces with an association that’s helping you save money, increase safety, get money back from the government and protect your future commerce. It really pays to have these professional consultants, so seek out and join an association that is right for you.
PROTECTIONS
What is a security (and why do you need to know)? If you own a business you may have wondered, what is a security and what does it have to do with my business? Below are simple definitions and examples of securities used in companies that are not publicly traded. What you may not have considered is whether securities laws apply to your business. The short answer is Yes, they do. But – to cut to the chase – do you need to worry about securities laws? The answer is Maybe, and a few examples of when to contact a lawyer are listed at the end of this article. There are three general categories of securities: equity, debt, and derivatives. Equity simply means ownership in a business. In a corporation, the equity is issued as shares of stock. In a limited liability company, the equity can either be expressed as membership units or as a percentage of ownership. Since equity securities are an asset – ownership in a business – the business is not expected to pay back the amount paid by a shareholder (corporation) or member (LLC).
By Teresa Daggett Attorney at Law Gordon Thomas Honeywell
Instead, equity generally entitles the shareholder/member to vote on important matters that affect the business, such as the sale of the business. Equity holders are also entitled to share the profits and capital gain. Debt securities, on the other hand, are debts owed by the company to someone who has lent money to the company. In small businesses, debt securities generally take the form of promissory notes. Typically, a debt security is issued for a fixed term – such as 5 years – and, along with repayment of the principal, interest is due. A debt security may either be “secured” by collateral in the busi-
ness, or it may be “unsecured.” Debt holders are not entitled to a vote in the business, nor to share in the profits or capital gain. For example, ABC Company may issue a promissory note to Jane Jones, stating that (i) Jane lent the Company $5,000, (ii) the interest rate is 8%, (iii) the promissory note is due in 5 years, (iv) monthly payments will be made; and (v) the promissory note is secured by the Company’s equipment. Because this is a secured promissory note, Jane would likely file a Form UCC-1 immediately after receiving it to put the world on notice that she is entitled to take and sell the Company’s equipment if the promissory note is not paid. Derivative securities are securities that derive their value from an underlying security. The most common form of a derivative security is a stock option. Generally, a stock option is a right to purchase stock in the future at today’s price. Often, a startup company will See SECURITIES, page 12
Strategic Allies A graduate of the University of Washington School of Law, Teresa Daggett works with businesses to help them through all phases of growth, from formation to mergers and acquisitions. She enjoys working with companies in a wide variety of industries, assisting with the challenges they encounter along their road to success. Teresa and GTH can help your business regarding: • Customer/client and vendor contracts • Confidentiality/nondisclosure agreements • Trademarks and copyright • Employment issues • Taxes • Securities • Leases • And much more Teresa Daggett
gth-law.com
Tacoma: 253.620.6494
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PROTECTIONS SECURITIES
continued from page 11 use stock options to provide an incentive to employees to work for a lower salary, with the expectation that the company will later be sold and the stock will be worth more than it was when the stock option was granted. Usually a stock option “vests” over a period of time, which encourages the employee to stay at the company. For example, ABC Company grants a stock option to Ron Ramirez with these terms: (i) 100 stock option shares, (ii) vests 25% per year for 4 years, and (iii) the price to exercise the option is $1.00 per share. In 5 years, XYZ Company buys ABC Company and the stock is now valued at $10.00 per share. Ron will exercise his option for $100,
sell his stock to XYZ Company for $1,000, and make $900. Now that we have definitions out the way, let’s get to the question of whether securities laws are something to worry about. The answer is: It depends. These are some situations when a business should consult a securities lawyer: • Selling equity to people who are not sophisticated investors, do not have enough money to withstand the loss of their investment, and are not involved in running the business. • Issuing more than one class of equity. • Issuing promissory notes that can later
convert to equity. • Issuing promissory notes to a group of investors. • Issuing stock options without a written plan. Finally, a cautionary word about “investment contracts.” If a company sells interests in a business, the investor expects to receive a return on the investment, and the return is due to the efforts of others, this could be a “security,” even if the words “stock” or “debt” are not used. For example, the sale of small parcels of land in a common enterprise with profits to come solely from the efforts of others can be deemed to be a security.
SALES & MARKETING
Market your small business effectively What types of marketing have you tried for your business? When is the best time to promote your products or services? Do you have a strategy or a plan in place for your business? Before you move forward with any of your marketing efforts, consider the following tips for maximum success: Provide a consistent message. Marketing is not about putting advertising here or there. It must fall within a strategy, and it must be created with a consistent and viable message. Wherever you decide to advertise your message, it must be consistent across all channels and mediums. If you say you’re going to provide great service, and a customer waits 15 minutes on the phone to reach your business, that may not be a consistent message. Be authentic. What is it that brings customers back to your business time afte time? More than likely, it is because you provide an authentic experience for them. What does this mean? Consider this: Let’s say you own a coffee shop. While you may not be the biggest game in town, when customers enter your shop, they are greeted by name. You have a conversation with them.
By Shaun Carson Vice President, Marketing Manager Heritage Bank
You provide a place for them to relax and have a cup of coffee before they start their day. That is an experience you provide. Maybe your experience is quick service. A customer comes in, gets an oil change in 10-minutes or less, and then moves on with no extras attached to the sale. Whatever the case may be, you need to be authentic in what you are selling and how you are selling it. Don’t try to be something you’re not. Don’t be sfraid to make your claim. Sometimes, businesspeople are afraid to step out of their comfort zone and state exactly what they can do for customers. Make your claim! Don’t step away from it. If you know you have the best service in town, say it. Keep it short and sweet. You don’t have to “sell the store” in every adver-
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tisement you provide to your customers. Keep your message direct and limit your content. If you have to disclose certain things, do so, but stay away from wordy advertisements. If it doesn’t have a bullet or just simple quick phrases, there’s a good chance it won’t get read in a timely fashion. Make sure you have a call to action. The most important part of any marketing message is getting customers to do what you want them to do. So if you want customers to buy a new outfit or sign up for a service you’re selling, make it clear and prominent in your ad. Also, it’s important to make it as easy as possible for them to contact your business for further assistance. Above all, your marketing message needs to fit with your overall strategic message. If they do not coincide with one another, you will not be as effective as you could be. Remember, marketing is not just a “hit or miss” proposition; you must be committed to your message and follow through with the type of service you are selling.
SALES & MARKETING
I hate selling (but I want business)
There are two kinds of people who sell: those who live to sell and those who sell to live. If you’re in the first group, you probably get paid commission to sell. You can’t wait to get up in the morning and hit the road, embracing the challenge and always hunting for the next close. You love to fail because every failure brings you closer to the next success. Most people, though, are in the second group, including business owners who can’t afford to hire a dedicated sales force and solopreneurs who thought that if they hung up a shingle, people would come. Whether you’re a financial advisor, a realtor, a lawyer, a dentist, an HVAC installer or a plumber, you have to sell whether you like it or not. Maybe nobody told you you’d have to sell when you started out in your profession but by now you’ve come to realize it’s not optional. When I talk to people in that second group and I ask them what it is about selling they don’t like, they typically mention the same few things. “I hate to put pressure on people,” or “I feel a lot of pressure myself when I’m selling,”
By Chris Lee President Sandler Training, Olympia
or “I’m uncomfortable talking about money.” Maybe even “I don’t know how to do it effectively,” or “I hate rejection.” Imagine if you could solve all those problems just by changing your approach — a sales process where the buyer said to you, “I really want this. Please take my money.” I’m going to give you a six-step road map to get there. Buckle up, pay attention and hold on tight. 1. Figure out all you can about your prospect. Are they a quick decision maker, an easy-going type who’ll buy from the person they like best, someone who is concerned about the impact and risk of buying, or someone who wants
a-l-l the details before they can move? If you can’t figure that out, they’re probably not going to listen to you for long because you’re not speaking their language. You need to adapt to their style if you want them to open up to you. 2. Establish ground rules for every meeting. (How long do we have? What are you hoping to get out of the meeting? Here’s what I want to get out of it. At the end, these are the things that can happen (you say no, I say no, we both say yes).) Get agreement so there is no mutual mystification. 3. Ask a lot of questions. People buy emotionally and that means we have to help them get in touch with their feelings. Most buyers hold their cards close to the chest and you will have to be patient and ask emotion-triggering questions in a nurturing, supportive way to get them to open up. Of course whatever they’re telling you, they’re also telling themselves. And that means they’re selling themselves. 4. Once you’ve established they have an See SALES, page 15
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SALES & MARKETING
Strategic marketing is not dead Many marketing experts have postulated the end of the traditional big picture, strategic marketing plan (SMP). Just plug “death of marketing plan” into a Google search and the whitepapers fall all over themselves. Reasons are varied, but a common theme is the advent of increasingly complex digital tactics which put an emphasis on spray and pray rather than any deep rooted strategy. We’ve all been tempted with this heavily prescriptive marketing approach. Who can resist the “seven steps,” “six ways,” and “five tips” to spark more likes, generate leads and convert landings? Marketing has become so numbingly complicated; you can’t see the strategy through the tactics. I beg to differ. Dwight D. Eisenhower once said that in preparing for battle, plans are useless but the planning is indispensable. He would have made an outstanding marketing executive. He understood the value in the exercise itself. At the end of this article, you will be able to build either your own SMP or a clear case to have one developed for the company. To be clear, this article is not about the Business Plan, a distinctly different animal that precedes the SMP. Most business plans discuss the market opportunities, the sales channels and the revenue streams. The SMP picks up and goes deeper into the business model so that goals, strategies and tactics are carefully thought out, prioritized and then measured against expected outcomes. The whiteboard retreat: Start with a talented facilitator. This person knows when to ease up on the squirrel chasing and bring the conversation back to the agenda, which by the way was emailed to all participants - execs, frontline staff, sales and advisors. Some people may have homework that will be shared at the meeting, but for most, this 2 to 4 hour meeting, in a distraction-free setting, is about candor and trust. And guess what? If you do nothing else, but
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By Kevin Hayes Principal, Tacoma Marketing Group
get all your key people together in a room to think, challenge and deconstruct you’ve done more than most organizations. Market and competitive analysis: First, list your target markets and get granular. A CPA firm might have three markets: commercial, nonprofit and government. Commercial further breaks down to small- mid- and large-market while each of those has industry sectors such as aerospace, transportation, retail, etc. You need to know the addressable size of each market, what driving forces are shaping that market space (regulatory, economic, etc.) growth rates and where the market is in its lifecycle. Getting accurate market share by firm is a challenge. See the sidebar for more information. SWOT (Strengths, weaknesses, opportunities, threats): We spend an inordinate amount of time developing the SWOT analysis. It’s a fantastic exercise into the minds of your key advisors and staff. It unearths those gems that may ultimately become polished goals, strategies and tactics with a great chance for success. Goals/Strategies/Tactics: For every target market develop high level goals at the 30,000 foot mark. Goals are easily defined and make sense to everyone in the firm. A good goal in a declining market space might simply be Maintain Market Share. Strategies support the goal, tactics support the strategy. Back to our analogy, two strategies and the supporting tactics for our goal might look like this: Maintain yearly ad budget with new and existing publications.
SALES & MARKETING
Allocate 40% of print ad buy with existing publications Allocate 60% of print ad buy with three new publications Add equivalent earned media space. Place three articles with the new publications tied to editorial calendar Target key online influencers with regular content Manpower and Budget : Price out the tactics and roll-up the numbers to get the final budget and manpower needs for each goal by month, quarter and year. Metrics: The online metrics for things such as site visits, conversions, click thrus, impressions, reputation and social media are well developed by a host of providers. Most are built right into your web and social sites by your web developer. Offline metrics for print, broadcast, and word of mouth are more difficult to track. Many publications will conduct ad research a few times per year and provide recall measurements for the ads in those issues. Measuring lift is a topic for another day. Visit your SMP on a regular basis to see how goals are being met. Remember the plan is certainly going to change because much of marketing is about taking advantage of opportunities that never appeared on the whiteboard. But since you did the exercise, you now know how to handle that opportunity.
SALES continued from page 13 emotional reason to buy and they’ve got it front and center, it’s time to ask them how much they would be willing to spend to fix the problem. (Note that this has nothing to do with your price. We’ll get to that later.) This may not be only about money. There are other things people have to invest such as time, resources, inconvenience and, perhaps the toughest, change. Most people don’t have endless buckets of money, so make sure you have a clear understanding of what they’re NOT going to be able to do if they give their money to you. People can love your product and think the price is perfectly fair, but they still won’t buy if it means they won’t be able to go on that vacation. 5. We’re starting to feel good because we have someone who is willing and able to buy. Now we have to figure out how that’s going to happen. Who will be involved in the decision? What is the decision process? When and where will the decision be made. Keep asking questions until you have a clear picture of how you get from here to the bank (with the check in hand). 6. You may have noticed that we’ve
come all this way and it’s all been about the prospect. She’s already on board but what haven’t we done? Close? On what? We haven’t done a presentation. Now’s the time. Get your dog and pony out and do your song and dance but ONLY where it applies to the emotional needs we talked about back in step 3. Now we can reveal our cost, knowing it is within their budget (see Step 4 above). Now is not the time to tell them about your other products or services. Sell today, educate tomorrow. As you show them how your product or service will address their pain, ask them where they are. Don’t wait for the big close to find out if they’re going to buy. When they tell you they’re ready, don’t ask for the order. That puts way too much pressure on them and you. Just ask them what they’d like you to do now. If you followed the plan up to this point, they’re going to say something like “Well, do I give you a check?” Doesn’t that sound like a less painful selling process than what you’re doing right now? Give it a try on your next sales call.
BANKING The advantages of digital banking Gone are the days when you need to wait for your statement to arrive via snail mail in order to reconcile your bank account or stand in the queue behind velvet ropes to make a deposit. In the digital banking era, making a deposit is nearly as easy as posting a selfie on Facebook. Today’s technology is soon yesterday’s news, and software development is rapidly evolving to meet the needs of the market for financial services. The digital environment and financial industry are a natural fit, with the number one focus being accessibility to money. Online banking platforms allow cash flow to be managed in real time with comprehensive oversight, balance alerts, fraud prevention tools and more. Digital banking services are easily scalable which redefines “one size fits
By Sokha Meas Colbo Communications and Branding Thurston First Bank
all” to work for both the typical sole proprietor with basic needs as well as the large corporation which requires more complex banking systems spread over a wider footprint. It reduces liability through the use of secure delivery channels and increases controls by limiting access to a “need to know” basis. Accountability is created through reports and
tracking which is critical should a potential fraud or security issue arise. The financial industry recognizes that this is the future of banking. Because of this, the industry spends billions of dollars each year on cyber security awareness training and prevention and it is highly regulated to protect the consumer. So it’s faster, easier, more secure and scalable. Sounds like a no-brainer, right? But there is more. Digital banking can potentially save thousands of dollars annually with reduced reliance on checks and postage alone. Employees prefer direct deposit because it saves them from rushing to the bank on payday. Business owners appreciate ACH and Remote Deposit Capture and the increased efficiency in
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BANKING the collection of receivables, speeding up cash flow and allowing those funds to be reinvested or used to pay down debt more rapidly. Payment systems are all blending together, with credit cards and ACH outrunning checks and expensive wire transfers. Business owners can avoid costly overhead and are able to optimize the way they function, from payables and receivables to direct deposit, per diem distributions, Health Savings Account (HSA) benefits and more. The generation entering into the workforce is digitally focused with the desire for ondemand access. From a banking standpoint,
business owners appreciate the convenience of having bank information delivered to their smartphone or tablet in a format that is optimized for usability. Banks are adapting to these millennial preferences in the digital banking world which is constantly evolving to keep up with today’s fast paced market and lifestyle. Smaller banks have a clear opportunity over large incumbent banks which simply cannot change quickly enough due to challenges created by multiple branches with legacy core banking systems and equipment, complex corporate governance structures and the need for formalized processes and training for a smooth
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execution. By understanding the concerns of the consumer and resistance to change, community banks such as Thurston First have personalized the digital banking experience while preserving the old school values of doing business. Business owners deal with a multitude of challenges, but banking doesn’t have to be one of them. What’s familiar is not always what’s best for the business, and a chat with their personal banker could clear up some common misconceptions of cost and complexity and, at the same time, significantly improve the bottom line.
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