Volume 5 Issue 1

volume five issue one

MARKETING FOR START-UPS

START-UP

RESOURCES

FIVE Languages

Of Customer Love

PROFESSIONAL

Growth For The Entrepreneur

FEATURED: T I P S T O G E T Y O U S T A R T E D www.risbj.com I N R |Evolume A Lfive issue E SoneT A1T E

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from the founder We’re all the same, so what makes us different?

As a business owner and entrepreneur for the past 18 years, I’d like to think that what I do is different from everyone else. I’d like to think that the services I offer are unlike any other, and that what I do is “best in class.” But is it really? I was recently with a colleague that works for a fast growing company and asked why he thinks business has been so good for them the past few years. He told me that it’s because they “do things differently and are the best at what they do.” “With all due respect,” I told him, “any business could answer the same way.” Does Domino’s make the best pizza?

Do Nike sneakers actually make you perform better than their competitors? Or is Seattle’s Best Coffee really Seattle’s best? I think Starbuck’s would argue that’s not the case.

So why do some businesses succeed, while others struggle in the same industry, with the same target audience? Keep in mind that most of these mega-businesses started as an idea in a basement or a garage. While it’s easy to say it’s because of luck, or money, or connections, I’d argue that it’s much more than that.

Be the Best

Let’s start with the most obvious one. While most businesses feel they are, it’s important to live up to that expectation. We should never go into business thinking that we can put out a mediocre product and succeed. While clearly there are industry leaders that do not offer the best product, the fastest way to success always starts with being passionate about what you offer and being great at what you do. This includes keeping up with the latest trends and changes in your industry, as well as keeping your staff well trained and educated.

Serve Your Customers

Again, this probably sounds fairly obvious, but often we get caught up in running our business and growing our business to focus on the client experience. We need to know what they expect in order to meet those expectations. Several months ago during a staff meeting we put together a document that outlines what we expect our “client experience” to be. The document goes into detail on how we should treat our customers and how important they are to our business. We make sure we are following these guidelines by sending out customer surveys on a regular basis. One thing we live by is that if a client ever has to ask us for a status on their project, we haven’t done our job of communicating properly. Don’t let your clients ever think you’ve forgotten about them, because it’s very easy for them to forget about you.

Develop Processes

When we start our business, or when business is slow or steady, it’s not hard to function without processes in place. You will begin to see the real benefits of processes when your business starts to scale or grow rapidly. Many of the daily tasks we perform manually can be automated and tracked for better performance. I remember years ago when my previous company started to grow quickly and

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RISBJ | rhode island small business journal

every new client that came in seemed like the first client we had ever done work for. We had no process to “onboard” a new client and no set way to engage with them, stay connected or manage their project. Each account manager had their own inefficient way of doing things, which was the expectation I inadvertently set as the business owner.

Today, we have a well-defined 8 step process that we follow for every new client, which includes systems such as Google Apps and Customer Relationship Management and Project Management Software. Every client, regardless of project type, is taken through the same initial set of procedures. When you’re process focused, the difference in efficiency and productivity is incredible. Successful companies place priority on process.

Define Your Culture

Having highly qualified, well trained staff is essential to any business, but having great individual workers isn’t enough. It’s important that your staff is part of a culture that promotes “team” and that your team shares in your company vision. It’s also important that everyone understands the role they play in your growth and that they are valued. Communication plays a vital role in building a successful culture. Equally as important is that your team is as passionate about your products, services and customers as you are. When your staff shares in your vision, and you create a culture of teamwork and inclusion, you increase the likelihood of high levels of performance and customer satisfaction.

Take Risks

Years ago, I remember staff sitting by the phone and answering calls all day with orders from new clients. Ah, those were the days!

Customer acquisition has changed greatly over the years, and now in a digital age, marketing has changed as well. While being comfortable with the clients we have might be suitable for some business owners, we often need to take well thought out, well calculated risks in order to scale. Exploring new markets, launching a new product line, hiring new staff or developing a new ad campaign all come with some risk, but each may play a vital role in expanding our business. Remember, entrepreneurs are risk takers, and we need to take those chances in order to grow. Not all of our decisions work out, but the lessons we learn from our failures are often more valuable than those that come from success.

So whether you’re happy with the few dozen clients you have or the 3 locations you’ve opened or you’re looking to build a nationally recognized brand, always remember that it’s often what the customer doesn’t see that makes us different. The end result is a product or service that everyone wants.

Gil Lantini Founder Ralph Coppolino Co-Founder Mike Casale Senior Designer Amanda Repose Managing Editor Marketing Julia Cianciolo Lauren Bansbach Alison Dupuis Kelly Sobolewski Hannah Spain

Setting Up Your Business For Success

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www.risbj.com | volume five issue one

5

UPCOMING EVENTS NETWORKING & WORKSHOPS

FEBRUARY

CAPITAL CITY CONNECTION NETWORKING

THE RI FAMILY OWNED MANUFACTURING CONSORTIUM

27 th 23 rd

2016 RENOVATION RESOLUTION: PERSONALIZED ADVICE Riverhead Building Supply 9:00am 6000 Post Road, North Kingston

LEADING EDGE NETWORKING Greenwich Farms 7:00am 75 Minnesota Avenue, Warwick

28 th

QUICK BOOKS: A DEEPER DIVE (INTERMEDIATE) Rhode Island Society of CPAs 8:00am 40 Sharpe Drive, Cranston

For More Events Visit 6

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4 th

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

EXIT PLANNING EXCHANGE PRESENTS: DANIEL KORSCHUN, CO-AUTHOR OF “ WE ARE MARKET BASKET”

18 th 17 th 11 th

Corner Baker Café 8:00am 160 Hillside Drive, Cranston

Bryant University 7:30am 1150 Douglas Pike, Smithfield

LUNCH N LEARN: WANT FREE PRESS? HERE’S HOW East Bay Chamber of Commerce 12:00pm 16 Cutler Street, Warren

NEWPORT’S BLACK GIANTS: RACE, SPORTS, AND COMMUNITY Newport Historical Society Resource Center 5:30pm 82 Touro Street, Newport

LIBERTY OR LOYALTY: AN INTERACTIVE LIVING HISTORY PROGRAM

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JANUARY

Colony House 10:00am

Washington Square, Newport

contents

volume five issue one

INSIDE THIS ISSUE 8 Small Business News

15

13 A Message from Governor Gina M. Raimondo 14 Moving Business Forward 15 Start-up Stats 16 South Eastern Economic Development Corporation 18 Business Development Center

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19 Service Corp of Retired Executives 20 Center for Women and Enterprise 22 Start-up or Re-start

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26 Equity Financing

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29 Marketing for Start-ups 30 The 5 Languages of Customer Love 34 Professional Growth for the Entrepreneur 36 Changing the Face of Safety 38 Personnel Practices

ON THE COVER volume five issue one

MARKETING FOR START-UPS

START-UP

RESOURCES

41 Getting Started in Real Estate

FIVE Languages

Of Customer Love

PROFESSIONAL

Growth For The Entrepreneur

42 Scheduling Conference Calls FEATURED: T I P S T O G E T Y O U S T A R T E D I N R E A L E S T A T E

Featured Start-up Resources

Quick Tips To Get Your Started In Real Esatte

41 www.risbj.com | volume five issue one

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SMALL BUSINESS

NEWS

Hasbro Children’s Hospital Partnered with Balise Subaru

as Beneficiary of National “Share the Love” Campaign

PROVIDENCE, RI – Hasbro Children’s Hospital was named the local beneficiary of a partnership with Balise Subaru this past holiday season in support of the hospital’s areas of greatest need. The effort was part of Subaru of America, Inc.’s national year-end “Share the Love” event, designed as a way for Subaru retailers to give back to their local communities.

Through the “Share the Love” event, Subaru donated $250 for every vehicle sold or leased between November 19 and January 2, 2016 to the purchaser’s choice of benefiting charities. 2015 beneficiaries included Hasbro Children’s Hospital, ASPCA®, Make-A-Wish®, Meals on Wheels America® and the National Park Foundation.

“All of us at Balise Subaru are thrilled to have forged a partnership with Hasbro Children’s Hospital and are proud to have such a strong institution right here in our community taking great care of kids who really need it,” said Ryan McNally, General Sales Manager for Balise Subaru. “We also know our customers care deeply about the hospital, so this is a great way for us to work together and support an important cause that keeps Share the Love charity dollars in Rhode Island.”

Added Margaret M. Van Bree, MHA, DrPH, President of Rhode Island Hospital and Hasbro Children’s Hospital, “We are grateful to be named the local beneficiary of a campaign

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that has the potential to raise significant funds for our hospital.

The generosity of Subaru will make an important difference for our patients and their families.”

About Hasbro Children’s Hospital

Hasbro Children’s Hospital in Providence, R.I., a part of the Lifespan health care system, is the premier pediatric facility for clinical care, research and education for Rhode Island and surrounding southeastern New England. A private, not-forprofit institution, it is the pediatric division of Rhode Island Hospital. Rhode Island Hospital is the principal teaching hospital of The Warren Alpert Medical School of Brown University, through which the department of pediatrics brings in $23 million in external research funding annually. Hasbro Children’s Hospital’s “All for One” commitment devotes all of its knowledge, experience, and passion for healing to each child in its care.

About Balise Subaru

Balise Subaru is part of the Balise Motor Sales group. Balise Subaru is located at 561 Quaker Lane, West Warwick.

Balise Motor Sales is one of the largest retailers of new and used automobiles in New England. Headquartered in West Springfield, Massachusetts, the organization employs more than 1,300 associates at facilities in Massachusetts, Rhode Island and Connecticut.

SMALL BUSINESS

NEWS

Rhode Island Foundation’s Matching Grant

Challenge Raises $111,000 for Streamlining State Government PROVIDENCE, RI – Seven companies are joining with the Rhode Island Foundation to give the state more than $100,000 to streamline state government and eliminate waste. The money will support Gov. Gina M. Raimondo’s Lean Government Initiative.

The companies contributed a total of $61,000 in response to a matching-grant challenge the Foundation issued earlier this year. Together with the maximum $50,000 match from the Foundation triggered by the donations, the state will receive $111,000.

Amica, Corning, Groov-Pin, Hope Global, TACO, Taylor Box and Toray Plastics are the companies that responded to the Foundation’s matching-grant challenge with contributions.

“We are committed to helping state government work better for all Rhode Islanders. Every one of these donors deserves our thanks for investing in creating a strong economy that will enable all Rhode Islanders to prosper,” said Neil Steinberg, the Foundation’s president and CEO. The Foundation issued the matching-grant challenge to support Gov. Raimondo’s work fostering innovation across state government and promoting a culture of continuous improvement.

“The Lean Government Initiative gives us the resources to improve the efficiency and effectiveness of state government,” said Gov. Raimondo. “Rhode Islanders deserve a government that moves at the speed of business. By working together, we will develop better approaches, designed by our state employees, and provide dependable service to Rhode Islanders.”

The Lean Government Initiative is based on a proven methodology used by the manufacturing industry to eliminate waste, reduce wait and processing times, and realize greater efficiency and cost reductions.

Gov. Raimondo ordered process reviews for many key government services, including environmental permitting, professional licensing for healthcare workers and certification of minority-owned businesses. More than 350 state employees already have received Lean training and more than 20 agencies are participating in the effort. In addition, she has launched a mentorship program that teams private sector leaders with experience in Lean process improvement with members of her cabinet. The first company to respond to the Foundation’s challenge with a $10,000 donation was Groov-Pin. The Smithfield company, which is a precision

manufacturer of industrial pins and threaded inserts for hightech, aerospace and industrial uses, instituted Lean principles in 2009.

“I know first-hand how effective Lean is. What used to take us 12 weeks to manufacture and ship to customers now takes just 20 days. Imagine the impact that applying Lean principles to state government will have on Rhode Island’s economy,” said Scot Jones, CEO of Groov-Pin. This is the Foundation’s third investment in streamlining state government. Through its Make It Happen economic development initiative, the Foundation also has awarded $50,000 to the state Office of Regulatory Reform to create a statewide electronic building and fire permitting system and $47,000 to the state Dept. of Environmental Management to create a permitting assistance center.

www.risbj.com | volume five issue one

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SMALL BUSINESS

NEWS

November Unemployment PROVIDENCE, RI – The RI Department of Labor and Training announced the state’s seasonally adjusted unemployment rate for November 2015 dropped to 5.2 percent, down one-tenth of a percentage point from the October 2015 rate of 5.3 percent.

Over the year, the unemployment rate is down one and seventenths percentage points from the November 2014 rate. This is the lowest unemployment rate since July 2007.

The U.S. unemployment rate was 5.0 percent in November 2015, unchanged from the previous month and down eighttenths of a percentage point over the year. The number of unemployed RI residents—those residents classified as available for and actively seeking employment— was 28,700, down 700 from the October figure of 29,400. This represents the lowest unemployment level since June 2007. Over the year, the number of unemployed dropped by 9,200.

A total of 8,093 individuals collected Unemployment Insurance (UI) benefits in November 2015,* down from 10,127 a year ago.

This month, UI claimants accounted for 29.7 percent of the total unemployed.

The number of employed RI residents was 526,900, down 800 from the October figure of 527,700. Over the year, the number of employed RI residents was up 15,100 from November 2014.

The RI labor force totaled 555,600 in November 2015, down

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RISBJ | rhode island small business journal

1,500 from October 2015 but up 5,900 from November 2014.

JOBS BASED IN RHODE ISLAND: Estimated nonfarm

payroll in Rhode Island totaled 486,700 in November, reflecting a gain of 2,200 jobs from the revised October estimate of 484,500. Over the past three months, Rhode Island averaged a gain of 900 jobs and has added 8,000 jobs over the year.

Since the start of the year, jobs are up 7,400. Through November 2015, job growth has averaged 700 per month, compared with an average monthly gain of 500 jobs during the same period in 2014. November’s nonfarm job count marks the highest job count since February 2008.

The number of jobs in the Other Services sector rose by 600 in November, the first job increase within this sector since May. Over the year, Other Services employment is up 1,200.

The Wholesale Trade sector added 400 jobs in November recouping more than half of the 700 jobs lost in October.

Jobs in this sector are down 600 jobs from a year ago. The Accommodation & Food Services sector also added 400 jobs in November, marking three consecutive months of job gains totaling 1,900. Over the past year, Accommodation & Food Services employment has grown by 2,300.

In anticipation of holiday deliveries, Transportation & Utilities

SMALL BUSINESS

NEWS

Rate Drops to 5.2 Percent employment grew by 300 in November and has risen by 300 over the year.

For the first time in 2015, the Health Care & Social Assistance sector added jobs in two consecutive months, adding 200 jobs in October and 200 jobs in November. Despite these gains, employment in the Health Care & Social Assistance sector is down 300 over the year. Professional & Business Services and Retail Trade also added 200 jobs each in November. The Professional & Business Services added 3,600 jobs since the start of the year, and is up 3,500 jobs since November 2014.

A gain of 100 jobs was reported in the Construction, Educational Services and Information sectors, while employment in Manufacturing, Arts, Entertainment & Recreation and Mining & Logging remained unchanged. Over the year, employment in Educational Services, Manufacturing, and Arts, Entertainment & Recreation was up by 1,700; 900 and 800 respectively while employment in the Construction and Information sectors reported respective losses of 1,100 and 200. Employment in Financial Activities and Government fell by 200 each in November. Financial Activities employment is up 200 over the year, while Government employment is down 600 over the year.

MANUFACTURING: In November 2015, production workers in the Manufacturing sector

earned $17.81 per hour, up 23 cents from October 2015 but down 41 cents from November 2014. Manufacturing production employees worked an average of 38.2 hours per week in November, down four-tenths of an hour from October and down an hour and four-tenths over the year.

METHODOLOGY: The unemployment figures are based

largely on a survey of households in Rhode Island and measure the unemployment status of people who live in the state.

Unemployment rates prior to 1976 are not recognized by the U.S. Bureau of Labor Statistics as official since the methodology used at that time is not comparable to today’s methods. The establishment of employment figures is derived from a survey of businesses in Rhode Island and measure the number of jobs in the state. Rhode Island labor market information is available at www.dlt.ri.gov/lmi.

Additional information on procedures for producing Current Employment Statistics (CES) estimates is available on the BLS web site at www.bls.gov/sae/cesprocs.htm. BLS will be releasing all states’ November labor force data and job counts on December 18, 2015. DLT is scheduled to release the December 2015 labor force figures and job counts on Thursday, January 21, 2016, at 2:00 p.m.

www.risbj.com | volume five issue one

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Gina M. Raimondo | GOVERNOR

A Message From

Gina M. Raimondo

Three Incentive Programs to

At tract

and

by Governor Gina M. Raimondo

Imagine a thriving municipal district on a hot summer day.

People are strolling down the sidewalk, eating ice cream while sitting on benches and window-shopping outside storefronts.

When it gets dark, the streetlights come on.

These are the scenes we need to create across our state in order to achieve Rhode Island’s comeback: busy commercial areas with plenty of businesses and the infrastructure they need to attract consumers. This month, I worked with the Rhode Island Commerce Corporation to launch three new tax incentive programs that will help realize that vision.

The Main Street Rhode Island Streetscape Improvement Fund awards grants or loans for improvements to commercial districts.

This means that cities can receive funding to fix sidewalks or install benches, making their business centers more attractive to customers. Projects can receive up to $300,000 in funding.

The second tool we unveiled is the Tax Stabilization Incentive.

This program will allow Rhode Island municipalities to enter into tax stabilization agreements (TSAs) with businesses, such as building new housing or renovating commercial office space.

Under the program, municipalities can receive reimbursement

Through this tax credit, we are encouraging Rhode Island companies to reduce costs, increase efficiency and spur collaboration by bringing their key suppliers close to home.

Grow

Businesses

of up to 10 percent of tax revenue foregone under a TSA that spans at least 12 years.

Finally, we announced the Anchor Institution Tax Credit. This incentive provides a tax credit to “anchor institutions”, or Rhode Island companies that play a substantial role in getting a material supplier, service provider or customer to relocate to the state and create at least 10 new jobs. Through this tax credit, we are encouraging Rhode Island companies to reduce costs, increase efficiency and spur collaboration by bringing their key suppliers close to home.

These three tools are designed to work together with our other new incentives to invigorate local economies across Rhode Island. The Anchor Institution Tax Credit will attract new businesses to the state, the Tax Stabilization Incentive will help to build their office space and the Main Street Rhode Island Streetscape Improvement Fund will help to innovate their commercial centers.

Since my first day in office, I have worked to spark growth across our state and get people back to work. And we’re already seeing results – in November, Electric Boat celebrated the opening of a new facility. The company plans to hire thousands of new workers to construct parts of ballistic missile nuclear submarines in the new building.

We also created the state’s first Business Navigation Center, to serve as a starting point for all businesses conducting, or looking to conduct, business in Rhode Island. The first company to receive services at the center was the Artic Tool & Engineering Company, based in Greenville. The Rhode Island Commerce Corporation worked with the company to find and renovate a new facility so they could continue to grow.

I want to thank small business owners for contributing to Rhode Island’s comeback last year, and I look forward to working together this year! www.risbj.com | volume five issue one

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SECRETARY OF STATE | Nellie M. Gorbea

Moving Business Forward in 2016

by Secretary Of State Nellie M. Gorbea

When I entered the Secretary of State’s office last year, part of my vision was to provide to Rhode Island businesses a Department of State that was accessible and easy to navigate. I wanted to ensure that Rhode Island’s talented and resourceful business community could continue to push our economy forward. That’s why we solicited feedback and input from many small business owners, to better understand the tools and resources they might need to start a business in Rhode Island. As we enter 2016, I’m happy to announce the upcoming launch of our new Business Portal at sos.ri.gov, aimed at making government more accessible for Rhode Island business owners.

We’ve listened to your concerns. With the redesigned website, small business owners will be able to navigate through a more intuitive interface. One that provides access to all of the tools and information that entrepreneurs will need to plan, start, and maintain a small business in Rhode Island.

As your Secretary of State, I will continue to make opportunities and invite active participation from the small business community to find innovative ways in which government can help businesses succeed.

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RISBJ | rhode island small business journal

Included in the new Business Portal is a step-by-step process for entrepreneurs to start or qualify their business or nonprofit in Rhode Island. The first step begins with assessing business readiness and offers links to organizations that can assist with research and business planning. The next steps include choosing a business structure and using the Department of State’s business registry to select a unique business name.

The final step offers easy access to an interactive business assistant that will provide all local, state, and federal points of contact and paperwork needed to start a small business in Rhode Island.

The Business Portal also links directly to our online filing system and offers guidance for filing deadlines and fees. Our staff in the Business Services Division are working to ensure that the Business Portal is useful to our entrepreneurial community. We want business owners to be able to focus on what is most important: running their business and providing continued growth for the Rhode Island economy.

As your Secretary of State, I will continue to make opportunities and invite active participation from the small business community to find innovative ways in which government can help businesses succeed. Small businesses and entrepreneurs are the backbone of our economy and as we continue moving forward we must continue to do everything we can to support them and provide them with the tools necessary to thrive.

Whether you are a new entrepreneur or an established small business, the Department of State’s Business Services Division is here to help. You can reach us by calling (401) 2223040, emailing us at corporations@sos.ri.gov or visiting our office at 148 West River Street. Please feel free to contact me directly with any thoughts or suggestions at secretarygorbea@ sos.ri.gov and be on the lookout for the re-launch of our website, sos.ri.gov. Thank you.

Quick Stats You Should Know About Business Start-ups | SMALL BUSINESS

Quick stats you should know about

business

start-ups ‘Gen Xers’ (age 30-50)

42%

of failed start-ups claim lack of market need is to blame for its failure

found 55% of new start-ups

In 2015, Providence start-ups earned approximately

$140 million

According to Statista

75%

of small businesses say Facebook is the most effective social media

Start-ups with two founders grow 3 times as fast than those with one founder

DataFox ranked

Providence

the 15th best city – outside Silicon Valley and New York – to found a start-up www.risbj.com | volume five issue one

15

RESOURCES

SEED The South Eastern Economic Development (SEED) Corporation was established in 1982 as a non-profit Certified Development Company helping small businesses get started, grow and create jobs. As a U.S. Small Business Administration (SBA) designated intermediary lender, SEED is the leading micro lender in Southern New England.

SEED can lend from $1,000 to $50,000 under the Micro Loan Program for start-up and existing small business, including home-based businesses. The use of funds are very flexible and can be used for working capital, improvements, machinery and equipment, furniture and fixtures, inventory, and refinancing business credit card debt. The interest rate is at six percent fixed for six years with no prepayment penalty.

SEED also makes larger loans under its Small Loan and SBA 504 Programs.

As a CDC SEED is not in the market to compete banks and credit unions, they work as a complimentary partner. A loan can be a portion of the total financing needed by a small business.

If a borrower needs to finance $150,000, and a bank/credit union is willing to lend $100,000, SEED can provide a $50,000 loan, thus filling the gap and completing the financing package for the borrower.

Start-up business owners are required to provide a business plan and financial projections with their application. All small business owners need to have a credit score of at least 600.

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RISBJ | rhode island small business journal

SEED can lend from under the Micro Loan and existing small b home-based

RESOURCES

South Eastern Economic Development Corporation

m $1,000 to $50,000 n Program for start-up business, including businesses.

SEED focuses on the past two years to see how debt has been handled, and also reviews the small business owner’s household income to see if there is repayment ability.

SEED can be flexible with repayment terms and collateral, and is willing to take a second or third lien position on the borrower’s home.

The application process for loans up to $200,000 includes completing SEED’s application form, and providing federal income tax returns for three years for the small business, if applicable, and the owners. The list of other documentation required can be found in the application form, which is available on SEED’s website. The approval process takes approximately two weeks if the small business provides all the necessary information.

In addition to financial assistance, SEED holds free monthly Entrepreneurial workshops throughout Massachusetts and Rhode Island. The workshops are day-long and are broken up into two sessions. Session I: Introduction to the Fundamentals of Business Ownership. Session II: Understanding and Preparing Financial Statements.

For more information about the SBA Micro Loan Program, or other SEED loan programs, and free entrepreneurial workshops, please call 508-822-1020 x 312 or visit SEED at www.seedcorp.com.

www.risbj.com | volume five issue one

17

RESOURCES

T H E

B U S I N E S S

Development Company The Business Development Company (BDC) provides low six-figure loans to companies that can’t get all the money they need from traditional sources. We’ve successfully worked with hundreds of business owners and positively impacted thousands of jobs since our inception in 1953.

We support RISBJ’s mission of providing practical, hands-on insights to small business owners, and being practical means dealing with reality. Accessing the capital for your business can prove frustrating because the ultimate irony is it’s easy to borrow money when you don’t need it. Sure, every bank is town will lend money to an established business with a proven team, a profitable track record and collateral support, but your young company doesn’t fit that profile.

A financing dialog warrants distinguishing a Pure Start-up from an Early Stage company. A Pure Start-up runs from the idea’s inception to the point at which recurring revenues evidence customer traction. An Early Stage company is focused on using those revenues to grow into a sustainably profitable organization. A Pure Start-up will likely need to finance this stage with personal and family / friend money unless the founder has a proven track record or the company/stockholders can offer a strong collateral fallback. A frequent and costly mistake when obtaining “friendly” funding is the entrepreneur avoids subjecting the business plan to independent and brutally frank criticism.

An Early Stage company may have independent funding options before reaching the bank criteria noted above. For the purpose of this limited space, capital options will depend on the strength/breadth of the revenue ramp, the existence or proximity of positive cash flow, and collateral availability. Various nonbank lenders serve this market, including the BDC. The BDC provides loans across the full spectrum of Early Stage, Growth and Mature companies. We work to understand an entrepreneur’s business and how funding might be used for working capital, asset purchases, and strategic growth initiatives. Our pivotal issue in considering loan requests is how compellingly the business plan details the strategies and resources needed to support projected financial results and the ability to repay the loan. We welcome the chance to work with entrepreneurs who can subordinate their passion to objectivity and self-discipline.

Young companies should take advantage of the wealth of resources available in Rhode Island to guide them.

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RISBJ | rhode island small business journal

RESOURCES

SCORE

Service Corp of Retired Executives

The Rhode Island Chapter of SCORE provides free face-

to-face advice with an experienced mentor to help develop strategies and answer questions on a wide range of business topics – everything from how to write a business plan, how to arrange funding and manage cash flow, to how to develop effective marketing and sales strategies. Importantly, SCORE not only helps people to start businesses, the organization works with existing businesses that need assistance and who must improve financial performance. SCORE RI volunteers conduct year round local workshops on topics geared towards both start-up and existing small business entrepreneurs.

SCORE operates as a community service and as a resource partner of the U.S. Small Business Administration (SBA).

Rhode Island SCORE has 11 locations throughout the state and 35 volunteers comprised of retired corporate executives, successful business owners, as well as, technology, legal, financial, sales and marketing experts. The Chapter’s expertise is deep and varied. We make an effort to match those seeking

assistance with the appropriate counselor. Notwithstanding, the counselor’s background, they are required to undertake a training and certification process. What each volunteer has in common is a willingness to share their expertise, experience and business savvy to help others achieve success.

In addition to our face to face counseling, SCORE presents many online workshops, webinars and online mentoring.

Clients may also access online templates and tools. SCORE charges no fees for the vast majority of our services and on line reference materials.

Put SCORE’s volunteers, workshops and online workshops to work for your business. Contact Rhode Island SCORE to meet with an experienced business mentor.

To contact SCORE please visit our website at

www.riscore.org, send us an email at info@riscore.org, or call to schedule an appointment at 401-226-0077. www.risbj.com | volume five issue one

19

RESOURCES

The Center for

Women & Enterprise

The Center for Women & Enterprise (CWE) is a non-profit organization dedicated to helping women start and grow their own businesses. Since its founding in 1995, CWE has established itself as a national center of excellence and model for training, counseling, business assistance, and innovative approaches in small business finance.

The mission of CWE is to provide opportunities for women entrepreneurs and women in business to increase professional success, personal growth, and financial independence. We achieve this mission by providing education, training, technical assistance, access to markets, and paths to funding to entrepreneurs at every stage of business development.

CWE operates offices in Boston and Worcester, MA, Providence, RI, and Nashua, NH, and will be opening an office in Vermont in 2016. CWE is the New England Regional Partner Organization for the Women’s Business Enterprise National Council (WBENC), managing the certification process for all New England women-owned businesses and offering exclusive programs and networking events to local members and corporations. WBENC certification works to break down barriers and help women-owned businesses become vendors to leading corporations.

Center for Women & Enterprise at a glance:

The vision of CWE is to propel all women to achieve economic power and equity. While we do not discriminate and approximately 16% of our clients are male, we do have a specific focus on low-income and underserved women. Each year CWE

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RISBJ | rhode island small business journal

provides training and consulting sessions to over 3,000 different individuals. Over 70% of our clients are low- to moderateincome, 40% are minorities, and 36% are unemployed.

Our clients are drawn from a wide variety of racial, ethnic, and socio-economic backgrounds, ranging from women living in public housing starting home-based or small retail businesses, to established women business owners hoping to grow their enterprises with funding and technical assistance. We provide scholarships in order to make our services available to all clients, regardless of their ability to pay.

CWE’s 2015 Annual Impact Survey was completed by 498 respondents (a 22% response rate) and documented the following results:

­Immediately after completing a CWE program:

• 87% of respondents increased their understanding of business and entrepreneurship

• 61% of existing business owners increased the revenue of their business • 50% of aspiring entrepreneurs started a business

• 51% increased their personal income • 30% of existing business owners added more employees to their company • 24% of new business starts hired employees

• Trained more than 33,500 women (and men);

1 year after completing a CWE program:

­3 years after completing a CWE program:

Since 1995, CWE has:

Your Vision.

Our Mission

• Helped entrepreneurs create and/or nurture more than 36,800 jobs; and • Helped entrepreneurs generate over $1 billion in wages.

CWE has a twenty-year proven track record of helping women become economically self-sufficient through entrepreneurship.

Our programs have been nationally recognized and are designed with the specific challenges of low-income business owners in mind while honoring their hopes, dreams, and strengths. Depending on demand, we offer programming in both English and Spanish. CWE offers a range of programs from workshops and info sessions, to boot camps and multi-week courses. We also provide one-on-one consulting sessions and host several educational networking events annually.

Our training programs include the following: • Founded in 1999, the Community Entrepreneurs Program (CEP) is a two-module course that provides an introduction to entrepreneurship through its preliminary course, Visioning. Once participants determine to pursue small business ownership, intensive business planning training is provided through the Business Planning course. Through either full-day or multi-week sessions, the Visioning and Business Planning programs are designed to provide participants with learning opportunities they can use to improve their financial literacy, start new businesses, and create economic security for themselves and their families.

Typically, Business Planning participants launch their new businesses within six months of course graduation.

RESOURCES

• Launched in 2009, the In Transition Program was created to respond to the needs of unemployed and underemployed clients who asked CWE to help them gain job-seeking skills.

The program provides training on both soft and hard skills in a supportive, safe environment for women. Workshops are offered on weekdays during both business hours and evening hours to increase accessibility. CWE features highly skilled guest speakers at each session to provide cutting-edge training. Each class is scheduled for two hours and the room is available for networking following each session.

• CWE’s Financial Literacy programs are designed specifically with the needs of our clients in mind with the aim of helping them meet their goals for growing their business and personal income, achieving long-term economic stability, procuring adequate funding, and sustaining successful enterprises. A critical component of being a successful business owner is the ability to understand and implement sound financial principles, however, studies show that as a result of social and cultural norms many women do not have the level of financial literacy they need to succeed. All of CWE’s financial capability programs have the goal of increasing participants’ financial knowledge and money management ability with the end goal of producing capable businesswomen and women entrepreneurs poised to take on modern-day economic challenges.

• One-on-One Consulting offers entrepreneurs with specific business issues the opportunity to meet with specialists through intensive consulting on various topics such as legal, marketing, financial, and general business issues. www.risbj.com | volume five issue one

21

MBE/DBE | Start-up Or Re-start…You Have Help In Rhode Island!

Start-up or Re-start …

Where

C a n Th e

M B E / D B E Tu r n

by Michael Brito

It is without reservation that I express how tough it is to maintain momentum once you get your idea off the ground.

With help, I’ve started and re-started several ventures in Rhode Island and can show anyone the challenges my team and I have faced, which we are very proud of! In sharing my advice with you, I reference those challenges. I believe we should lean on the shoulders of the wise, since they have stumbled the path of success before us. I also recommend gaining ideas, insight, and guidance from reliable sources such as oneon-one mentoring, industry specific means, industry focused associations and retired business owner groups, all of which offer a vast array of advice and knowledge.

If you are a certified Minority Business Enterprise/Disadvantaged Business Enterprise (MBE/DBE) in Rhode Island you are already aware of the help offered by such groups as Rhode

For

Suppo

Island Department of Transportation, Mission 360, and Rhode Island Small Business Journal. You should also be aware of the many private businesses whose primary focus is on small business development such as Rhode Island Small Business Development Association, local chambers of commerce, Service Corp of Retired Executives (SCORE), and many more groups that offer free, if not reduced fees for new business ventures that focus on the MBE/DBE community.

A high priority must be placed on maintaining the ‘startup mentality’ beyond the start-up phase of any small business. We must be aware of what it takes from us to be an entrepreneur: when others are watching the game on television, we’re working on our development; when others are sleeping, we’re not; when others are eating out, we’re

When others are watching the game o we’re working on our development; when others are slee not; when others are eating out, we’re cooking at hom that new tool that will put us in front of the comp 22

RISBJ | rhode island small business journal

Start-up Or Re-start…You Have Help In Rhode Island! | MBE/DBE

… you have help inRhode Island!

ort,

Strength,

And

Guidance?

cooking at home to save for that new tool that will put us in front of the competition; and when we are meeting with our business mentors, community leaders, and association builders, others are at the movies…well, you get the point!

Please focus on this statistic, over 85% of all small businesses fail within the first 18 months of launching!

Choose to be in the 15% by taking action. I encourage you to do three things each day that are specifically focused on your businesses future growth, if you need help with this please call me. Who you spend the most time with makes a difference. Surround yourself with winners, take from them what will grow your business toward the goals you’ve set.

If you haven’t reviewed your goals for the coming year and need help with this please call me. As always, I trust this article has been somewhat helpful for you. I enjoy hearing from all of you so if you have questions, thoughts, or would like my personal attention just reach out, thank you for focusing on a great 2016. See you on the job-site!

Mike Brito can be reached by phone 401-952-5892 or by email msb@managetheroadahead.com.

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

on television, eping, we’re me to save for petition www.risbj.com | volume five issue one

23

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

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401-837-0239

Women 3rd Annual

E NT R E P R E NE U R I A L

to Watch

Itâ&#x20AC;&#x2122;s Back!

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

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

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

Review of 2015 Award Winners: Community Champion

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

Minority-Owned

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

Small Business

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

Solopreneur

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

Startup

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

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

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

www.risbj.com | volume five issue one

25

LEGAL | Equity Financing For Privately Held Companies: Some Do’s And Don’ts

by William F. Miller, Esq.

It is a rare company indeed that is able to start a business and grow it to a profitable enterprise solely on the basis of cash generated from operations. The vast majority of companies require some form of outside financing. That leaves two alternatives: (i) the company can borrow the required capital (usually from banks, finance companies or asset-based lenders) or (ii) they can sell stock or other securities to raise the necessary funds. This latter approach is generally referred to as equity financing. Equity financing takes a variety of forms.

Early on, equity financing most often involves the issuance of stock to founders in exchange for cash, assets or services (so called “sweat equity”) and raising investment capital from friends and family, who more often invest based on who the founders are, rather than thorough due diligence of the company and its business plan. As the company continues to grow, equity financing is often provided by more professional investors, including angel investors, venture capital and private equity funds and sometimes strategic partners of the company seeking the capital (key customers and suppliers).

If you are starting a new company or already own a privately held company, there are some important things to keep in mind regarding a planned or future equity financing.

Plan Ahead

A company that seeks one round of equity financing will often need to do additional rounds. For that reason, it is important to plan ahead. As a practical matter, that means minimizing the risk one or a small number of owners can block actions that will benefit the company as a whole. One thing to consider is authorizing a sufficient amount of equity to meet the company’s needs, assuming several rounds of equity financing. It also means giving careful consideration to the potential benefits of issuing more than one class or series of equity. Companies are often well advised to authorize three classes of equity at the time they are formed: voting common shares, non-voting common shares (often issued to future service providers) and so-called “blank check” preferred shares.

Many states permit the creation of a class of preferred shares that can be issued in one or more series, with whatever preferences, dividend rights and other terms as the board of directors may determine, without the need to go back and obtain another stockholder vote. Note, the authorization of blank check preferred does not prohibit election of S corporation status, though the issuance of preferred shares would result in loss of an existing S election. It is also worth noting that this approach can also be mirrored in an LLC operating agreement as well.

Keep It Simple

With early stage equity investors, keeping it simple makes a lot of sense. It is both time consuming and expensive to create a particular class or series of preferred stock (which often features complicated dividend and liquidation preference and sometimes

26

RISBJ | rhode island small business journal

Equity Financing For Privately Held Companies: Some Do’s And Don’ts | LEGAL

conversion rights) in order to raise a relatively modest amount of capital from friends and family. Perhaps more importantly, even if your early investors insist upon some class of preferred shares, future professional investors will typically require, as a condition to investing, that they receive a new class of preferred equity with rights that are superior to any existing preferred shares.

Consider Convertible Debt

One of the most challenging aspects of an equity financing for a private company, particularly if it does not already have an established history of cash flow and profits, is agreeing with the potential investors on the value of the company. That is critically important because it determines how much equity the company will have to give up to attract a given amount of investment capital. The following example over-simplifies the analysis (because preferred stock often has senior rights to dividends, liquidation proceeds and perhaps voting rights, which give it a higher per share value than common) but it is useful in understanding the process.

Assume Newco has a “pre-money” (pre-investment) valuation of $1 million and it wants to raise $200,000 from equity investors.

The “post-money” valuation would therefore be $1.2 million (pre-money value plus the new investment capital). This would suggest that the investors get just under 17% of the company’s stock ($200,000/$1.2 million) leaving the existing shareholders with roughly 83% of the company. Conversely, if the company could convince the investors the company was worth $1.5 million on a pre-money basis, the investors would receive less than 12% of the equity, leaving the existing stockholders with

over 88% of the company. On a future sale of the company, that difference could be substantial in terms of sale proceeds.

One way to postpone the need to agree on the present valuation of the company is to issue convertible notes. The typical convertible note starts out as debt, with a stated maturity date and interest rate. However, the note provides that the company can require that the investors convert their notes into the same class of equity as that issued to investors in a future equity financing. The concept is that you do not need to agree on the current valuation of the company because is issuing debt (promissory notes) rather than equity. Furthermore, the proceeds of the convertible note financing will be used to advance the company’s business plan, thereby increasing the pre-money valuation at the time of the future equity financing.

When the notes convert to equity, it is typically at a higher company valuation, so the founders suffer less dilution than they would have had the early convertible note investors gotten equity at a much lower valuation.

The foregoing description of a convertible note financing is a simple one, and in practice there are often additional features, including rights of the company to extend the maturity date, warrants or conversion discounts as incentives to compensate the convertible note investors for the higher risk, vis-à-vis the later equity investors, etc.

If you have questions about equity financing or other business matters, and would like to speak with Attorney William F. Miller, please call 401-824-5100 or email wmiller@pldw.com.

William F. Miller, Esq. Partner Pannone Lopes Devereaux & West LLC

When the notes convert to equity, it is typically at a higher company valuation, so the founders suffer less dilution

www.risbj.com | volume five issue one

27

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For Start-ups

by Veronica Cintron

So you’ve started the company of your dreams, congratulations! But how do you share your dreams with the world, how do you let people know you are open for business? I encounter these types of questions from startups on a regular basis. Mistakes in the early stages of startup development can be costly financially and can also have a negative effect on your company’s branding. Here’s a short guide to marketing the right way:

1. Discover your company’s identity. If you haven’t done so already, write down your company’s mission and purpose. This helps to give you a clear picture of what your unique identifier is. Make a list of 5-10 adjectives that identify your business, this will be important in developing the next steps on this list.

2. Have a logo. Your logo should be relevant to the type of business you have and the business name. It should also contain colors that speak to your demographic.

Either you or your designer should research the psychology of color and see how it can be integrated into the logo design. Lastly, be sure the design is clear and high quality as this is the image you will use for marketing collateral, company website, and branding.

Discover your company’s identity. If you haven’t done so already, write down your company’s mission and purpose.

3. Define your target market. Know who the people buying your products and services are. This can be found through general market research of your industry, surveys, or analytics pulled from your site visits. Once you know your demographic, you will be able to concentrate on targeting them. Correct usage of this information will put your marketing dollars to work more efficiently.

4. Start blogging. Blogging is a great marketing tool for businesses. Gone are the days when blogging was just used to chronicle personal journeys. Although, I’ll add that one of the many perks of blogging is that it is more informal than a standard website and you can certainly take this as an opportunity to show a personal, human side to your business. Blogs provide a free way to write to your target market about your products and services.

It will drive traffic to your website, which can turn into leads. It is also very important for Search Engine Optimization (SEO). Finally, it will build your reputation as a field expert in your industry. Remember to spread the word by posting links to each of your blog entry on all your social media accounts.

Once these steps are complete, a full marketing campaign should be launched. A marketing campaign may include postcard mailers, e-mail campaigns, a grand opening, and ad buying (billboards, radio, television, or social media).

Another important piece is to be sure that your company’s website is designed to attract your target demographic, is clear in its message, and portrays your company’s identity.

Lastly, Search Engine Optimization or SEO, is a marketing process that increases visibility in organic (non-paid) search engine results. This process allows your website to be easily found through major search engine (e.g.

Google). Most website traffic happens through major search engines, therefore it is worth the investment to have your site optimized.

www.risbj.com | volume five issue one

29

SMALL BUSINESS | The 5 Languages Of Customer Love

The 5 Languages o

by Bob Salvas

In his book, The 5 Love Languages, psychologist Gary Chapman identifies the five ways that we communicate affection, particularly with our significant other. It is a wonderful book on human communication, teaching us how we give and receive the messages of love and affection.

Let’s change this from personal to business: What would the 5 languages of Customer love look like? In other words, what are the most important things I can do to attract, convert and retain customers? Using Gary Chapman’s book as a guide, here are 5 ways to earn the love of both your current and future customers: 1. GIFTS Giving a tangible gift is a great sign of love. It is also a great marketing strategy. But gift-giving can get expensive. An alternative to giving a physical gift is to give the gift of knowledge. We live in an information-rich and time-poor world. There is too much information out there and consumers have very little time to figure it all out. As an expert in your field, you have the opportunity to cut through that morass of information and get to what is important for someone who has a need for your product or service.

This approach is commonly referred to as content marketing: the creation and sharing of content in order to acquire customers.

The information can be presented in person as well as in articles, books, guides, videos, blogs, white papers, etc. The internet and social media have exponentially increased your ability to post your knowledge and for people (who have a need) to then find that information. And finding your information can often lead to business for you!

30

RISBJ | rhode island small business journal

2. TOUCH Usually ‘touch’ refers to a physical act like in the way you shake hands when you meet someone. But ‘touch’ expands in the marketing sense, as in keeping ‘in touch’ with prospects and clients. Marketing guru Seth Godin once said, “People buy when they are ready to buy, not when you are ready to sell.”

So when a person is in research mode, make it easy for them to find and download your e-book or white paper. It’s important at that point to capture some information, especially that person’s email address. Having email addresses allows you to inexpensively keep in touch with prospects from the time when they begin their research until the time that they are ready to purchase.

3. TIME The notion of ‘time’ usually means ‘spending time’ with a person.

But the marketing concept of time can also refer to ‘timing’. One of the more famous quotes in marketing comes from Robert Collier who said, “Always enter the conversation already taking place in the customer’s mind.” While it is hard to be a mind-reader, there are some things you can do. A customer who has inquired about a service or product might be thinking about certain questions which you could answer right at the beginning. This can move the sales cycle along quicker.

The other aspect of timing is less personal and more universal.

An example of this is a holiday like Christmas --we see a ton of marketing messages during the season because it is known that many people are buying gifts. Whenever possible, tie your marketing messages to events, holidays, or seasonal changes that affect many people and are therefore already on their minds. And

of

The 5 Languages Of Customer Love | SMALL BUSINESS

Customer Love

hey, isn’t this article about customer ‘love’ appearing just before Valentine’s Day? Exactly.

4. SERVICE Service refers to doing things for other people. It often has an altruistic meaning to it. But in the business world, we sometimes get stuck thinking of it as ‘quid pro quo’ (this for that). Business is, after all, an exchange of goods and services for money.

Businesses claim they provide good service, but how do they define that? A business owner may define good service as honoring the prices stated and delivering quality items as they have promised. Many businesses don’t fully realize is that service is the most critical component of a transaction.

In fact, experts don’t even call it service anymore, it is now considered customer experience which is the number one driver of repeat business. Consumers has more choices today than ever before. A bad or even marginal customer experience can cause that consumer to consider other options, including your competition.

5. WORDS Words are at the heart of marketing. We see them in the name of a company, in the tagline, in sales material, and in content generated. While all words are important, there are some that are more important than others. Bill Schley, author of The Microscript Rules said, “It’s not what people hear, it’s what they repeat.” There is infinitely more power in the words that others use about you than in the words that you use about yourself.

It begins with customer experience. The better it is, the more unique it is, the more people will want to talk about it. But

marketing and advertising can take it to the next level by choosing the right words. Some great business taglines are “Just Do It” used

by Nike or “When it absolutely positively has to be there overnight,” used by FedEx. Politicians have also used taglines with success like, “Read my lips, no new taxes,” said George H.W. Bush or “It’s the economy, stupid,” said Bill Clinton. In all these examples, the words were easily repeatable from one person to another. That gave the original saying life, long after the advertisements had stopped running. It is also important to note that whatever those key words are, the owner of those words has to live up to the promise those words stand for. Case in point, after George H.W. Bush won the election with his great tag line, he did, in fact, put in new taxes. The public remembered his repeatable line and promptly voted him out of office when he ran for re-election. So, in the end, it is always a combination of words and actions that can make or break you, whether you are a small business or running for President of the United States.

If I had to summarize ‘The 5 Languages of Customer Love’ in one theme, it really is caring about other people. You see, people who care openly give their knowledge, they keep in touch with people, they give great service beyond what is expected or paid for, they do what they say they are going to do and they do whatever it takes to give their customers the very best business experience possible. This makes people want to become repeat customers and to tell others to do the same.

Bob Salvas is a marketing consultant and certified SCORE counselor. To learn more on this topic, join Bob and fellow marketing experts Michelle Girasole and Gil Lantini on Monday February 8, 2016 for a seminar event called The 5 Languages of Customer Love. Go to www.tinyurl.com/5Languages2016 for more information. www.risbj.com | volume five issue one

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Call Pat Bucci at 401.942.3854 For More Info. www.risbj.com | volume five issue one

33

PROFESSIONAL GROWTH | Professional Growth For The Entrepreneur

When one thinks of tutoring, one typically thinks of helping students who are not doing well in school

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Professional Growth For The Entrepreneur | PROFESSIONAL GROWTH

by Dr. Ronald G. Shapiro, Ph. D.

As part of a series focusing on Rhode Island small businesses whose mission includes helping organizations, their owners and employees grow throughout 2016, we turn to Tutor Doctor® of Rhode Island owned by West Warwick resident Patti Avin. After spending the majority of her career in the health insurance industry, Patti decided that she wanted to open her own business to provide a lasting positive impact on her clients.

She discovered the Tutor Doctor® franchise which enables her to provide people with the knowledge they need while helping people achieve, feel better, and reduce conflict or frustration when learning. She also welcomes the feelings of satisfaction and fulfillment which she feels along with the freedom she has to accomplish her mission.

When one thinks of tutoring, one typically thinks of helping students who are not doing well in school, helping students to prepare for college boards or possibly helping students to learn at an accelerated pace. While the majority of Tutor Doctor’s business involves school students, their client base ranges from pre-school students whose parents want them to learn a second language to senior citizens who want to learn how to use computers. Patti recruits and secures tutors for clients of any age and for any subject matter. She also offers helpful recommendations for becoming a better student in blog postings available on her web site.

Patti speaks with pride when she describes a few of her successes: •

•

•

Teaching a world class subject matter expert who spoke fluent French, but not a word of English to speak fluent English in three months so that he could deliver a technical speech to a corporate board of directors, and subsequently relocate to Rhode Island to play a significant role in leading the business.

Training office personnel to rapidly become experts in using computer software without needing to leave the office.

Providing young adult students with better executive

functioning skills so that they would be prepared to enter the workforce as highly motivated, focused, organized, individuals with a positive attitude.

Here are a few of Patti’s recommendations for all professionals to learn so they can achieve their professional objectives: •

•

•

Don’t be too hard on yourself. Be patient and be reasonable. If you have not studied for a while it may take a little bit longer to get started.

Be confident and have a positive attitude. If you don’t think you can or will learn, you are setting up unnecessary obstacles.

If you aren’t succeeding at learning, think about why.

Is it the setting you are trying to learn in with too many competing demands for your time? If so, think about changing your setting. Going to the library to study, or possibly taking a week or two off, going to a resort or going on a cruise and studying for a few hours a day in a relaxing setting.

Is it the approach you are trying to use? Possibly you are trying to learn from a book but online learning or taking a class would work better for you. Maybe just changing books or online programs would work for you. You might also find that having a subject matter expert who knows how to teach (a tutor) may help you to achieve your goals more quickly, enjoyably and with little to no frustration.

Need a professional recommendation? Feel free to contact Patti for personalized recommendations and help developing a study plan which should work for you. Visit www.TutorRI.com for more information.

Tutor Doctor ® is a registered trademark of Tutor Doctor Systems, Inc. of Wilmington, DE I would like to thank Industrial Consultant Dr. Margarita Posada Cossuto for helpful comments.

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

www.risbj.com | volume five issue one

35

SMALL BUSINESS | Changing The Face Of Safety

CHANGING T H E FAC E OF SAF E T Y

by John V. Carvalho III

Picture this scenario, you are a building manager for a large company or university with hundreds of good people working in your building. You have spent a significant amount of time and resources on making sure that both your employees, and the building are kept safe. You took appropriate measures from making sure your first aid stations are well stocked, to having carbon monoxide detectors in appropriate locations, and a hazardous gas detection system for areas of your building where these types of gases may be present, etc. In the middle of a long Monday, an alarm goes off and an evacuation of your building is necessary.

The fire department shows up, money from production is lost and people feel uneasy. If you’re a large company, perhaps you end up in the local news.

Thankfully, it was simply a false alarm but, could it have been avoided? Should it have been avoided?

In the ever changing world of hazardous gas detection and safety products, being reactive is no longer a viable option; it is necessary to be proactive, not only to protect those for whom the safety systems are in place, but to save time, money and resources --not to mention your company’s or university’s reputation.

Being proactive in the world of safety means not looking back at how things have gone wrong, but looking

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ahead on how to keep things running correctly. In other words, being proactive with safety means focusing on how everyday performance usually succeeds instead of why it occasionally fails.

For years in the game of hazardous gas detection and safety management, it has been a cat and mouse game of making adjustments when an unacceptable outcome arises or even worse, a tragic event takes place. It was running around to meet imposed Occupational Safety and Health Administration (OSHA) standards and regulations and spending vast amounts of money in short amounts of time. No successful business model or even family financial planning takes place in this way, so why would we risk safety on this faulty model?

Yet, to this day, this is what happens in many organizations. The reasons (or in many cases, excuses) for this can be numerous: there is not enough money in the budget for all that needs to be purchased or done; there is not enough time in a busy workday to spend time on something which only “may” happen; there has never been a problem before so we all feel safe “enough.”

Consider the model which meteorology (albeit it is certainly not perfect) has endorsed. You cannot turn on a weather forecast without numerous warnings of impending

hazardous weather being shown as soon as a significant storm such as a blizzard or hurricane is forecasted. There becomes a media hype that envelops the attention of the public. Again, while we can easily debate the exactness of the science of meteorological forecasting, the model has become quite simple: have as many people as possible be prepared for the worst situation to limit the liability and loss.

This must be the model in the current day world of gas detection and safety.

Being proactive in safety management means adjustments to procedures are made before something happens. As technology improves almost daily in many aspects of our lives, it is also the case in the realm of safety, particularly with hazardous gas detection. No longer should a building owner or manager, a safety officer or facility director have to wait until an alarm goes off to be able to know there is a problem. Being on the cutting edge of safety technology now means that your computer, laptop and mobile devices are monitors of your gas detection equipment. It means that you can see that your equipment is trending toward a possible false alarm or even failure and it can be inspected and rectified before anyone in the community or your building knows that there was a problem because the problem never actually takes place.

In a much less technological way, but still important to daily safety, it means that you spend the small investment up front to be well stocked in your first aid needs in an office or school building or safety gear for your worksite crew. Being proactive means that instead of scrambling to get your workers trained for OSHA safety regulations, you trust a safety company to keep your workers trained annually and keep you up to date on any changes which may effect you, your workers or your business. In the end, any investment made to be proactive will greatly outweigh

Changing The Face Of Safety | SMALL BUSINESS

For years in the game of hazardous gas detection and safety management, it has been a cat and mouse game

Dealing with Deadly Gases?

Depend on Gas Detection Experts

the cost of reacting to a safety issue.

Here are a couple practical suggestions on how to begin being more proactive in safety rather than reactive: 1. Look more at what goes right on a dayto-day basis. Learn from what succeeds and continue to improve on that.

2. Always seek to improve communication. This can be communication between your workers and facility manager or office workers and office manager, etc. In all cases, knowing what the daily and big picture safety needs are for the people you are charged to keep safe will make planning much easier.

3. Trust the experts. Find a safety company that takes safety seriously and can provide you with all your safety needs from band aids to high tech gas detection.

With a new year upon us, looking forward and being positive is at the forefront of our minds. Keeping everyone safe is a great resolution to make by looking forward, planning and being proactive.

John V. Carvalho, III

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To schedule a FREE review of your gas detection! www.apollosafety.com www.risbj.com | volume five issue one

37

LEGAL | Legal Considerations For Start-ups

Personnel Practices L E G A L C O N S I D E R AT I O N S

F O R

S T A R T - U P S

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

When organizing a start-up, business owners typically engage the services of a number of professionals, including realtors, accountants, and attorneys. It is important for new businesses to determine where the business will operate, ensure that its finances are in order, and confirm that it is in compliance with applicable laws and regulations. Start-ups often have substantial flexibility in their operations and will face many decisions as to how to set up their business within the confines of the law. The following topics are examples of areas that new businesses should discuss with their attorneys and iron out prior to opening their doors.

Entity Choice and Formation

At the outset, it is essential that business owners secure the right legal benefits and protections. Early on, business owners should select the legal entity that best suits their business’s needs with respect to liability protection, corporate governance, and day-to-day operations. Specifically, start-ups may choose to organize as a sole proprietorship, partnership, limited liability corporation, or corporation. Each of these entities has risks and benefits, and there are numerous legal, financial, and managerial implications that must be carefully considered. For example, sole proprietorships may offer

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business owners more flexibility than corporations, but also carry a higher risk of personal liability.

Contract Basics

Very few people enjoy the rigors of producing and executing contracts. Well-written contracts are nonetheless vital to a business’s continued growth. Contracts such as purchase and sale agreements, employment agreements, vendor agreements, terms of service, and leases (plus many others) establish the “meeting of the minds” needed to conduct business while protecting the discrete interests of the parties.

Professionally-drafted contracts not only help prevent problems before they arise, but can prompt more efficient dispute resolution.

Intellectual Property

Intellectual property is enormously important to today’s economy. All businesses—regardless of their type, size, market, services, or products—should understand the distinctions between copyright, patent, trademark, right of publicity, and trade secret as well as what these areas of law mean to their business. For example, businesses should

Legal Considerations For Start-ups | LEGAL

Early on, business owners should select the legal entity that best suits their businessâ&#x20AC;&#x2122;s needs with respect to liability protection, corporate governance, and day-to-day operations. consider trademarking their business name or logo to better manage their goodwill and reputation, and businesses in the science and technology fields may wish to pursue patents to protect their newly-developed products. By failing to recognize the significance of intellectual property, businesses drastically increase their risk of confused consumers, unrealized opportunity, and ultimately lost revenue. Identifying, securing, and protecting intellectual property is essential to realizing a businessâ&#x20AC;&#x2122;s success.

Licenses and Regulations

Many businesses may be subject to local, state, and/or federal regulatory and licensing requirements. Ignorance by business owners as to the governing regulatory scheme may lead to undesirable delays, costly problems, and long term consequences that new businesses cannot sustain. Certain industries are subject to significant governmental oversight, including health care, food service, and construction. Before moving forward with a business, business owners should check with industry-specific licensing bodies and regulatory agencies in order to understand and better navigate their requirements.

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Employment Considerations

Prior to hiring, business owners should determine whether to engage employees or independent contractors, and whether employees will be at-will or contractual. Although there is no one-size-fits-all solution for start-ups, potential employers should weigh the benefits of these options. For example, contractual employment may provide more workforce stability but decreased flexibility in discontinuing an employment relationship.

Although start-ups often (rightly) focus on the substance of their new business, it is important to remember these legal considerations so as to protect the business from potential pitfalls down the road. Proactive legal consideration can prevent problems and provide substantial cost-savings to a new business as it grows.

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

For more events and information:

www.RISBJ.com

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

39

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Getting Started In Real Estate | REAL ESTATE

Getting Started In Real Estate?

HERE ARE SOME TIPS TO HELP GET YOU STARTED ON THE RIGHT FOOT

by Robert Scaralia

Many people enter the real estate business because they consider themselves good with people and/or because they like houses. That’s great, but it falls short of what it really takes to be successful.

It all starts with the decision to get your license. Rhode Island law requires a 45-hour real estate pre license course, which will teach you the principles and practices of modern real estate, as well as Rhode Island license law.

Beyond making the major decision to become a real estate professional and passing the state exam, your most important decision is by far the brokerage you decide to join. This one decision can have the single greatest impact on your career. You want to find a firm that offers new agent training and support that will teach you the fundamentals of the business such as how to prepare contracts, how to determine property values, understanding the transaction process as well as how to find customers plus a long list of other things you will need to know.

In addition, you want to select a firm that provides support in the form of someone you can lean into if you need help or have questions, this typically is the managing broker. Many firms today also offer mentorship opportunities where they pair you up with a seasoned agent who will hold your hand through your first couple of transactions.

Another great and growing model within many firms is the team concept. In this arrangement you work directly with a successful veteran for the foreseeable future that provides an additional layer of ongoing support and opportunity. Either

way a good brokerage will provide you the real world training you don’t get in a pre-license class.

Even with that, the truth is most fail in the business because they have the wrong perspective about what a real estate business is and just as importantly what it is not.

We call this the fatal assumption. It is born of the belief that if you understand the technical work of a business you understand how to run a business that does that technical work. It’s like saying just because you learn how to bake cakes you now know how to run a business that bakes cakes. They are two totally and completely different things.

To be successful in real estate requires complete knowledge of all the technical aspects of the business as well as the principles of running a business, because you are not so much in the real estate business as much as you are a businessperson who happens to be in real estate. The real estate profession can be personally and financially rewarding if you follow these simple rules. One, commit to ongoing education about everything related to your profession. It should never end for as long as you are in the business. No one would want to go to a doctor, lawyer or accountant who didn’t stay on top of his or her field.

Second, work on yourself. Personal development (self-help) should be a priority because in a business of your own you are the asset that is leading the business.

Third, learn how to run a business. Go outside of the real estate industry and learn from other businesses. If you do you will find that while their technical work may be different from yours, the challenges are fundamentally the same; how to find customers, convert customers to choose your business over anyone else and deliver on the promise of exceptional service.

Robert Scaralia Education Director The Real Estate Institute of Rhode Island

www.risbj.com | volume five issue one

41

SMALL BUSINESS | 3 Free Tools To Make Scheduling A Conference Call A Breeze

3 FC

to Make Scheduling a

Raise your hand if scheduling conference calls is a pain in the neck? Yup, just as I thought, I see a lot of hands being raised out there.

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o

3 Free Tools To Make Scheduling A Conference Call A Breeze | SMALL BUSINESS

Free T ools C B

onference

all a

by Shannon Lewis

Raise your hand if scheduling conference calls is a pain in the neck? Yup, just as I thought, I see a lot of hands being raised out there. Well it doesn’t have to be! I have several great (and free) tools that can help make scheduling a conference call dare I say “fun”. (Ok, I’m pushing it a bit, but these tools will make your life easier!)

reeze

when the real headaches start. Not anymore, Doodle (www.doodle.com) will do this for you! Doodle makes scheduling a meeting with multiple people a snap. All you need to do is suggest dates and times for your participants to choose from, and then Doodle creates a polling calendar that can be sent to participants. Each participant selects the dates and times that he or she is free, Doodle aggregates the responses and tells you which option works best for everyone.

THE OLD WAY

Once everyone has participated, you can select the best date and time and Doodle will notify everyone.

1. Send an email proposing a few times that work.

2. If you are lucky, you get an email back saying at least one of the times works.

3. You confirm the time.

4. If you’re not lucky, you will get an email back saying none of the times work and maybe a few alternative.

5. Repeat the cycle X times until you find a time that works.

I HAVE SCHEDULED THE CONFERENCE CALL… NOW WHAT?

The old way of scheduling a conference call via email:

There has to be a better way, and there is!

I use UberConference (www.uberconference.com) for all my phone and video conference calls. UberConference is integrated with Google Hangouts, so I can easily have a meeting that is a video call, a phone call or a combination of the two. When you sign up for UberConference you get a personal conference call number and pin as well as a permanent Google Hangout URL. Participants can choose if they want to join via the phone, computer (VoIP) or video.

SCHEDULING A ONE-ON-ONE CALL

There are a few things I really like about UberConference:

Need to schedule a one-on-one call? If so, check out Calendly (www.calendly.com). Calendly syncs with your Google or Office 365 calendar and show the times that you are free for a meeting. It’s simple to use: 1. Send your Calendly URL to the person you want to met with.

2. She can choose a time that she is available and easily books the time in your calendar. No need for you to be involved at all.

3. Calendly automatically adds that appointment in your calendar and emails you to let you know an appointment has been booked. Calendly also sends the participant a confirmation email.

4. Violà the meeting is scheduled and the only action you had to take was providing the URL to your Calendly page!

SCHEDULING A CALL WITH MULTIPLE PEOPLE

1. When I connect via my Google Hangouts URL, UberConference automatically connects me to the conference call number so I don’t have to do anything extra to make sure phone participants are connected. It’s seamless.

2. UberConference sends a text to let me know if someone is on the conference call waiting for me -very cool feature!

3. The hold music is really cool.

I include my UberConference information in the confirmation email Calendly automatically sends. I don’t have to follow up with call in information, all I have to do is call in at the scheduled time.

I hope that using Calendly, Doodle and UberConference helps to make scheduling your next meeting a breeze!

Need to schedule a meeting with more than on person? This is

www.risbj.com | volume five issue one

43

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

Featured Upcoming Event: January Network Event - 2016

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

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

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

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

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45

Because questions don’t take the weekend off.

Introducing weekend customer service. At Blue Cross, we understand Rhode Islanders know the value of hard work. That’s why we offer customer service seven days a week. So if your employees need answers at work or at home, our team is here for them. It’s not what you’d expect from a health plan, but maybe you should.

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