Cash for Impact

Are you stuck in a creative rut? Do you spend all your time working in the business and little to no time working on your business? Has this made you so focused on generating current sales, managing employees, and running operations that you have no time to think about anything else? Do you try to think about great ways to grow your business but start to feel tired and worn out when you do?

As small business owners, you’ve weathered the startup roller coaster ride and now have (hopefully) a business that generates good net income and cash flow. What constitutes “good” depends on the individual. For one person “good” is sufficient funds to fund your lifestyle and support your family while, for another person, “good” is sufficient monies to fund significant growth and expansion. Whatever is “good” for you and your business, harnessing your creativity can help you get there.

Sometimes business owners sell themselves short when it comes to creativity. Creativity is not just producing wonderful graphics or great marketing campaigns or inventing new products. It’s looking at old things from a new angle, applying ideas from one industry to another, and pursuing business from a different perspective. When you seek out and find programs that pay for interns when your hiring budget is tight, that’s using creativity. When you pursue partnerships with other entities in complementary fields to provide a full service suite of offerings to existing and potential clients, that’s creativity in action.

After reading all of this, if you still think, “I don’t do any of that” then you may need an innovation/creativity boost. Participating in small business groups or CEO roundtables may help you. Or consider hiring a business coach or innovation consultant. Although small business owners can sometimes be loathe to hire consultants, the reasons so many corporations do is because consultants produce results. When you have an issue that requires a solution, reach out to someone who excels in the area of expertise in which you’re having trouble. Even though that person or company may seem expensive, when you do a cost/benefit analysis, they are generally very cheap. If you are stuck in a creative rut, an innovation consultant may be just what you need to get out.

Technorati Tags: creative rut, innovation consulting, small businesses, stuck in a creative rut

Team Ivy Breakfast Networking, Inc.
Connecting & educating Ivy League alumni in the greater Atlanta metro area

January 2012 Meeting
2012: What’s the Economic Outlook in Atlanta? Georgia? The Southeast?

“What will I do about my business in today’s environment?”

This is our first breakfast event for 2012.  You don’t want to miss it!

Click here to register

Technorati Tags: 2012 economy, economic outlook in Atlanta, team ivy breakfast networking

Term Sheet  (Fortune’s Dan Primack writes this) will be hosting another Liquidity Event in Boston, on Tuesday, January 31, 2012. The first one in New York City in November was a raging success and sold out early. These events are “cocktails and conversation with the area’s top deal-makers, deal-breakers, entrepreneurs and assorted hangers-on”.  The “liquidity” comes from the open bar as well as the attendees who could potentially help fund your enterprise… or connect you to those who can.

Here’s the information:

Where: Ned Devine’s, inside Quincy Market at Faneuil Hall Marketplace

When: Tuesday, 01/31/2012 evening

Cost: Tickets are only $10.00.>

Link: http://getliquid.eventbrite.com

Note: The ticket proceeds will go to a local charity chosen by event attendees. Therefore, make sure you nominate your favorite charity when you buy your ticket.

Liquidity Event sponsors: Edwards Wildman and Atlas Venture.

Technorati Tags: boston, dan primack, liquidity event, term sheet

How to Get Rich by Felix Dennis is an excellent, excellent book in my humble estimation. I highly recommend it to any current or aspiring entrepreneur who aspires to be rich. Mr. Dennis’ net worth is somewhere between $500 – $900 million, depending on the markets and the underlying valuation of his various businesses, holdings and other assets. You’ll see a number of references in my blog to his book over the next  few months. Different people are inspired by different things and his words inspired and enlightened me.

Loosely quoting from his book, here are his Eight Secrets to Getting Rich:

1. Analyze your desire and need for riches. The need must be compulsive.
2. Eliminate negative influences. This includes friends and family. You must distance yourself from naysayers in order to stay motivated and inspired.
3. It’s not the great idea that matters. It’s the execution of the ideas. Focus on execution.
4. Maintain laserlike focus. Keep your eye on the end goals.
5. Delegate. Like Henry Ford said, hire really smart people.
6. Ownership. Ownership. Ownership is key. Keep as much ownership as you possibly can.
7. Sell before necessary or when the business has lost its interest and appeal for you.
8. Banish fear. Self-confidence is a must. Without it you are doomed.

Loosely excerpted from pp. 284-285 of “How to Get Rich: One of the World’s Greatest Entrepreneurs Shares His Secrets“

Technorati Tags: how to get rich, ownership, secrets to getting rich

This is my favorite Napoleon Hill quote. I think it is so applicable to life today I decided to share it here.

“I bargained with Life for a penny
And Life would pay no more,
However I begged at evening
When I counted my scanty store.
For Life is a just employer,
He gives you what you ask,
But once you have set the wages,
Why, you must bear the task.
I worked for a menial’s hire,
Only to learn, dismayed,
That any wage I had asked of Life,
Life would have willingly paid.”

What is your favorite Napoleon Hill (Think and Grow Rich author) quote?

Technorati Tags: Green Dot card, prepaid debit cards, small business, small business owners

Technorati Tags: aspiring millionaire, aspiring millionaires, financial freedom

Business planning software removes the complexity.

Whenever a business owner comes to me and tells me he or she’s having difficulty deciding what to do next, I ask, “Do you have a business plan…or have you updated it in the past 18 months?”. The answer is always, without exception, “No”. Whenever a business approaches me about receiving a complete rejection from 3 or more banks, I always ask, “Do you have a business plan?”  Again, the answer is “No”, with a few exceptions. The few times the answer is “Yes”, the business plan was either prepared by someone else without the owner or management’s involvement or was so poorly written or structured as to be highly confusing. Business planning software can remove the complexity of writing a business plan.

If you want to grow your business, you have to know what you’re growing to. If you’re just wound up and need something to do, you can just get in the car and drive. This is what it’s like to have no business plan. You’re just happy to be going somewhere, where doesn’t matter. However, if you want to get to Atlanta from Cleveland, then you can take 71S to 75S into Atlanta or you can take 77S into Charlotte, NC, then pick up 85S into Atlanta, or you can go to numerous cities around the US on your way to Atlanta . Where you want to go (Atlanta) is your strategic goal or objective and how you get there (71S, 85S, scenic route) is your  strategy. The business plan provides the final destination and the intended stops along the way. Like with a planned trip, your business plan can be as detailed as you want -i.e., It will take us 12 hours with 3 restroom stops, 2 restaurants at x and y, and 2 gas station stops – or as loose as you want -i.e., We’ll get there sometime between Friday and Monday and we’ll stop when we want and take interesting side trips as we desire. A business plan is your working document and how detailed you want it is up to you.

Now that you’re onboard with the purpose of a business plan, let’s assume you do not have one or you want to completely revamp the existing one but don’t know where to begin. That’s where business planning software can help. There are a number of business planning software programs on the market, some better than others. I recommend using software with the following characteristics: template format, specific sections already included, easy to use, and explanations and samples provided. The software program should prompt you to answer a number of different questions in order to help you build a plan that differentiates your company from your competitors and shows your strategy as distinctive.

Business planning is an activity that, unfortunately, many business owners and entrepreneurs shun by making the task seem daunting. By thinking of a business plan as a roadmap, you reduce your resistance to the process. Just as a AAA TripTik, Google Maps, GPS, or MapQuest can help you chart your journey, business planning software can help you map your company’s growth and development.

Technorati Tags: business plan, business plan software, business planning, business planning software, software program

Backup your hard drive!

I had my computers stolen a few years ago. Yes, computers plural. I had a desktop and a laptop. Before that, I almost had my hard drive wiped clean with trojans and viruses. Thank goodness for my friend Dominic who introduced me to CNET Downloads, other web browsers beyond Internet Explorer, and packaged antivirus software that wasn’t Norton. (No offense to Internet Explore and Norton but Dom explained that, as the most popular applications in their category, they are also the largest target of hackers.)

One thing I didn’t do was religiously backup. Back then, storage capacity was more expensive and I was, admittedly, cheap. I was also somewhat lazy and a bit lassez faire. I hadn’t had any problems with my data. I didn’t use my computer in the tub or drink coffee next to it. I had all the computer-related equipment connected to a surge protector. (This really saved me when Georgia Power forgot to tell me they were testing my power and darn near fried my outlet because everything was connected…and On!) So I could be a little lax on the backup.

That’s when the thief paid a visit in the night. And only stole my computer and computer equipment. Thank goodness I had backed up onto thumb drives and disks a good portion, but unfortunately not all, of what I thought was real important. But remember what I said. He stole ALL my computer equipment. (Not the disks and thumb drives. In his mind that must’ve been too small to count as equipment.) If I had had a portable hard drive (which I didn’t), he would’ve stolen that too. He was on a mission. So that led me to…

Online backup. Now no one can steal my online backup equipment because there is none! Well, there is no equipment on MY premises to steal. Most remote online backup entities have redundant servers housed in completely different geographic regions (i.e., Midwest and Southwest). This way, an act of Mother Nature, terrorist, or whatever doesn’t take down both locations and your data is still there!

Remote backup also feeds into disaster recovery, harnessing the power of the cloud, and other concepts you may have heard about but do not fully understand. Or perhaps you understand but haven’t taken action. As the former CFO of an IT services company, I am aware that things like floods (no act of God needed, just a pipe burst or water heater failure is all it takes), extensive power outages (does your building have a generator?), and vandalism or theft can and do happen. You don’t want to be caught with your goodies – in this case all your important data and software – exposed. So take a tip from me. Consider remote online backup for your data. You can find an entity that has the level of security that you need. Or if you are large enough, house your servers or their stored information elsewhere. If not online, then remote. Remember, remote just means off premises in this case. Your data doesn’t have to be in Fargo, North Dakota, just off your premises.

Technorati Tags: computer equipment, data backup, online backup, remote backup

HARVARD GRADUATE

ACKERMAN & CO.’S PRESIDENT, KRIS MILLER, ON

“THE ATLANTA REAL ESTATE MARKET: WHAT’S IN IT FOR YOU?”

Have you been wondering what’s going on in the Atlanta commercial real estate market? How is the Atlanta commercial real estate market faring compared to the residential market? What’s in it for you? Should you renegotiate your office lease? Should you buy your building or invest in something else? Kris Miller will give us his analysis and perspective on the real estate market in general and what is happening in Atlanta in particular. Come hear him speak!

DATE: Wednesday, August 17, 2011
TIME: 7:30-9:00AM
LOCATION: City Club of Atlanta (Buckhead)
3343 Peachtree Rd NE
Suite 1850
Atlanta, GA 30326
(In the Atlanta Financial Center)
(404) 442-2600
COST: $20 pre-registration, $25 after August 14th (Parking is included)

Click here to register
About Our Speaker : Kris Miller

As President of Ackerman & Co., Kris directs all investment, management and leasing activities of the firm. Since joining Ackerman in 1997, Mr. Miller has positioned the company as one of the leading full-service commercial real estate firms in the southeast.

Under his leadership, Ackerman has quadrupled the square footage under management and is now one of the largest landlords in metro Atlanta. Gross commission volume has increased sevenfold. And more than $1 billion in house and client equity has been invested in a number of successful real estate ventures.

Ackerman’s investment focus covers a variety of disciplines. Ackerman Medical has developed over 1 million square feet of Class “A” medical space over the last five years in a unique joint venture structure with physician and other Atlanta-based healthcare systems.

Multiple investments in Atlanta area office, industrial, and retail projects have been made with a variety of institutional and individual partners. Ackerman was also a prolific and successful land speculator over the last cycle, primarily with house capital. While this activity has been quiet in 2008 and 2009, it will return again as Atlanta shifts back to growth.

Education

• Harvard University, magna cum laude with A.B. in Economics
• Attended London School of Economics and Political Science

Affiliations

• National Association of Industrial & Office Properties (NAIOP), Past President
• Real Estate Group of Atlanta (REGA) – Past President
• Financial Executives Institute (FEI) – Board Member
• The Carter Center – Board of Councilors
• Young Presidents Organization (YPO) – Forum Leader
• Perimeter Community Improvement District – Board Member

Click here to register

Technorati Tags: Atlanta, Atlanta real estate, commercial real estate, real estate market

Do you need some additional ideas on how to benefit from partnering? Here are a couple of suggestions regarding the topic. I’ll cover this topic more in detail later this month or next.

1. Marketing Partner: If you wish to expand your marketing budget, but have not been able to directly access growth capital to do so, partner with another entity that already has a presence in the markets you’re pursuing. Seek a partner for which there will be mutual benefits for both parties. i.e., They may be able to offer a broader product line to customers by incorporating your product, and you’ll be able to drastically cut marketing costs.

 

2. Strategic Partner/Strategic Investor: Find a strategic investor – a corporation that could benefit significantly from your business or service offering or your growth. Who owns some of your competitors in the market? Approach a few of them with which you think you share synergies ? Don’t think there are any strong synergies with any of the larger companies you identified? Perhaps there are those from which you could benefit from other potential contributed resources besides money? (Note, strategic means that there is a significant connection driving the relationship besides money.)

Technorati Tags: marketing partner, partnering, strategic investor, strategic partner