Minority Business Blog

Top Five Minority Business Mistakes (And How to Avoid Them) Part I

2011-11-07T13:30:00.000-08:00

Hello Friends: It's been a while. I'm glad to back after a long hiatus. What is amazing is that many of you have found the information in this Blog really helpful as we receive constant feedback and our analytics tells us that you are making use of our pages. I thought I'd resume the dialogue with an excerpt from one of your favorite pieces: The Top Five Minority Business Mistakes And How To Avoid Them.

Just avoiding one of these mistakes can make a world of difference in your business. For example, many years ago I decided that I would stop making Mistake Number One below, and that sole decision transformed my business. The current national business environment is challenging and that creates pressure to push harder, sometimes spinning your wheels in order to make something happen. A wiser approach is to slow down and think clearly through your business and objectives. Once you’ve given it some thought and created a plan of action, it is time to execute!

Mistake Number One - Failure to Focus

In 1997 I started a solo legal practice. Going against conventional wisdom, I started my firm with no capital, partners or resources. I literally had a rolodex of a few colleagues, a dream and a lot of faith. The business gurus will tell you this is not the recommended approach and, in a perfect world, starting a business on those terms is not advisable. However, we all know that life rarely hands you the luxury of perfect timing or resources. Sometimes you have to just grab the ball and run with it and that is what I did.

Ralph Waldo Emerson said, “Once you make a decision, the universe conspires to make it happen,” and that’s exactly what happened in my case. Once I grabbed the ball and started running, I was able to obtain client referrals, an office to work out of and even an assistant to help me get started. Within three years I went from an initial retainer of $250 dollars on my first case, to over one million dollars in annual revenue. In that roughly three year period I learned numerous lessons that serve me to this day and will serve your business as well, if acted upon. That is the great thing about principles – they work the same way all of the time and they have predictable results. What worked for me will work for you – principles are no respecter of persons.

In the early part of my venture I didn’t know very much about timeless principles. I simply got out my rolodex and started to “hustle” – to call upon everyone I knew to let them know I was open for business. I also began to join networking groups, trade associations, lawyer groups, small business groups, trade-fairs, multiple chambers of commerce, multiple professional connection groups and the like – if there was an event, I was there with business cards in hand. Within a few months I realized that I was wearing myself out!

On top of that, I became aware that I was obtaining mixed results from all of the associations and events that I was attending or participating in. Particularly because I am a lawyer, many small businesses wanted free or very close to free advice and several groups wanted my involvement on committees or other time commitments from me with little return on investment. I further discovered that from a business-building standpoint, even the legal trade associations were a waste of time because who attended those meetings? You guessed it – other lawyers! Thus, I would always be just one of several other similarly situated professionals in the room and that was getting me nowhere very fast.

When this reality came home to me, I admit that I was tempted to “keep plugging away” hoping that if I just kept networking, eventually being involved in all of these groups and associations would somehow pay off – one day my ship would come in. There is something about the human mind – once you’ve mentally committed to a course of action, your tendency is to cling to that course even if it clearly fails to yield results. It is somehow difficult to put down even a failing strategy and to move in a different direction. Yet this is exactly what you must do (and often) to succeed in business – there are no sacred cows. You have to discern when a strategy is not working and then to go about making the needed changes.

Find out the changes I made and how those changes positively affected my business in "Top Five Minority Business Mistakes (And How to Avoid Them) Part II," coming soon!

Best regards, Coach

Despite Recession, U.S. Entrepreneurial Activity Rises in 2009 to Highest Rate in 14 Years, Kauffman Study Shows

2010-06-03T07:21:00.000-07:00

Hey Friends: Take a look at this new study by the Kauffman Foundation for entrepreneurial studies. The study shows that business start-ups among African Americans are significantly on the rise. There is some thought out there that the gains are, in part, "involuntary" because it's a reaction to the Great Recession experienced by our nation and not borne out of proactive choices. There may be some truth to that, but I believe that taking control of your destiny by starting a business is one of most positive steps you can take and it is a proven avenue of wealth creation - something desperately needed in the African American community. Thus, I applaud the rise of start up businesses in the Black community and will continue to educate, inform and mentor as many as possible so that together, we can build prosperity for generations to come. Click on the link below to access the report:

Despite Recession, U.S. Entrepreneurial Activity Rises in 2009 to Highest Rate in 14 Years, Kauffman Study Shows

Greater Miami NIGP Conference

2010-05-17T15:34:00.000-07:00

Hey Friends: Below please find some information on an upcoming National Institute of Government Purchasing ("NIGP") Conference for the Miami area. This will be of interest to you if you are interested in doing business with the public sector.

GREATER MIAMI CHAPTER OF NIGP
REVERSE TRADE SHOW AND GOLF TOURNAMENT

The Agencies who will be attending the Greater Miami Chapter of NIGP’s 2nd Annual Reverse Trade Show and Golf Tournament are the decision makers for over $13 Billion worth of annual procurements. Do you really want to miss the opportunity to network with these procurement professionals?

This is the perfect opportunity to enhance your market position with representatives from governmental purchasing agencies throughout South Florida. Some of the agencies attending represent Miami-Dade County, City of Miami, City of Miami Beach, Miami-Dade Public Schools, Miami-Dade College, City of Coral Gables, Broward County Sheriff’s Office, Broward County Aviation, and the City of Ft. Lauderdale AND over $13 Billion in purchasing power.

REVERSE TRADE SHOW:

DATE: Friday, June 25, 2010
WHERE: City of North Miami Beach, 17011 NE 19 Avenue, NMB FL, 33162
TIME: Morning Session 9 am - 11:30 am

(or)

Afternoon Session 1:30 pm – 4 pm
NOTE: Attendance is limited to only one session.
COST: $125.00/participant (After June 1, 2010 - $150.00)

SPECIAL CLASSES FOR VENDORS ONLY:

"How to Quote, Bid and Win Contracts - A VIEW FROM THE INSIDE"
This class is presented by the Florida Atlantic University, Public Procurement Research Center and will show you how to do business with governmental agencies and successfully navigate through the bid process. The class is available during both morning and afternoon sessions, so if you're planning to attend the Reverse Trade Show in the morning, stay for the afternoon class, and vice-versa.

COST: Special ½ price for Reverse Trade Show Participants – Only $125.00/participant

GOLF TOURNAMENT:

DATE: Saturday, June 26, 2010
WHERE: Normandy Shores Golf Club, 2401 Biarritz Drive, Miami Beach, FL.
TIME: Registration: 7:00am
Shotgun Start: 8:00am
Awards and Luncheon: 1:00pm

COST: Please go to www.nigpmiami.org for golf fees and sponsorship opportunities

A portion of the proceeds from the golf tournament will go to the City of North Miami Beach “Camp for Kids” program. Camp No-Mi-Be is a full-day summer camp experience in which each camper participates in a variety of activities including arts and crafts, music, drama, sports, games, field trips, swimming and special events. Donated funds will send many children in need to an eight week program and pay for activities of many others.

Register today!

Image by livingstonefg.com

Mistake Number 3 - Failure to Set Realistic Expectations

2010-05-06T08:22:00.000-07:00

Hey team: Please enjoy this outtake from "The Top Five Minority Business Mistakes and How to Avoid Them" which I've been offering as a FREE resource when you join my mailing list on my Minority Business Coach Fan Page on Facebook. Just sign up and I'll send you the full report. Knowledge is learning from your mistakes. Wisdom is learning from other people's mistakes. So be wise and grab your copy today on Facebook - Minority Business Coach. Now read on:

One of the biggest mistakes made by small and minority businesses is failing to set realistic expectations about attracting large corporations as clients. I have been in minority business development circles for many years. There is a consistent complaint from some minority businesses that the system is broke and that it's virtually impossible to get business from large corporations.

First, it is a spiritual principle that you will have what you say – or what you expect. Thus, if you say getting business is impossible then it is – you will receive according to your belief. But that is a topic for another publication. On a business level, I would like to set a few things straight. It is true that our nation has a long way to go for minority businesses to get their fair share of the national business opportunity pie. There is no doubt that it is becoming increasingly harder for small and minority businesses to compete. The frustration felt by many small businesses is real.

Nevertheless, there are strategies that have worked for the minority businesses that are winning this battle and they will work for your business as well. As difficult as the road to obtaining that large contract may seem, there is a pathway and you can learn how to access it. However, as suggested above, much of this begins in your mind. Armed with the correct outlook, you will position yourself for success and it will eventually come to you.

First, I would encourage small and minority businesses to take the long view on obtaining corporate business. Small businesses often overlook medium sized companies and even fellow small and minority businesses in order to camp out at the corporate tent. In my experience, it is much easier to attract several small or medium-sized clients than one corporate giant.

Minority businesses should continue to knock at the corporate door, but simultaneously, they should act as if they will never receive a corporate contract and focus their energies on more accessible targets. This is a matter of placing a positive spin on the theory of cognitive dissonance – keeping two seemingly different ideas in mind. On the one hand, you continue to work for that corporate contract. But on the other, you work as if you will never receive one and develop your business, in spite of, corporate contracts.

This serves many purposes. When the time arrives for you to receive that large corporate contract, you would have been well-prepared to handle the business having taken the time to build out your infrastructure and services with smaller clients. Second, big corporations want to do business with companies with a track record. The long view will allow you to develop experience, references and capacity. You will also develop self-confidence and grit along the way.

This was true of my business. It took me about one year to develop my first large, corporate client and that was miraculously quick! But before I developed that client, I built a sustainable business on several small and mid-sized companies. Having a well-run business in place, I could then play the waiting game of developing the larger clients. Once I obtained the first corporate client, their credibility and endorsement of my services enabled me to win many more. Today my firm services many world-class corporations.

Note however, that the first client and the first endorsement came because of outstanding service delivery and results. Assuming that you can deliver on that in your area of business, then you can have those corporate clients in due time. Along the way, develop your business, expertise and testimonials and be ready for the big break. Your realistic expectations will make you a better business person. It will keep you hungry, yet never despairing - not having obtained, but always learning; always sharpening your saw.

In truth, the worst thing that could happen is obtaining a corporate contract but not being ready for it. If you blow that opportunity it could be a long time in getting another – word travels somehow. I’ve seen very tiny minority companies attempting to do business with gigantic, global conglomerates. Not that this is impossible. Remember how I began this article – anything is possible. Also, by following the advice given in the full-blown Special Report from which this piece is excerpted, it is quite likely that even a micro firm can do business with a giant. I did it when my business was small and so can you.

The point is that in some instances, small business owners are unrealistic about the needs of the conglomerate that it can really solve and its own capacity to meet that company’s global demands. These are obstacles that minority businesses have to realistically face with real solutions, like filling a niche market or by teaming up with another small company to build capacity. The problem is that some minority businesses fail to adopt these strategies and in so doing, they fail to meet their goals and repeat a cycle of frustration.

Thus, my advice to minority businesses is: (1) Build your business in spite of large companies (2) Prepare while you wait for the large contract (3) Adopt the long view on your hopes of doing business with large corporations (4) Be ready to ACT when opportunity comes knocking (which it will, eventually) and finally (5) Keep a positive outlook! Your break is around the bend. Never give up. In the words of Sir Winston Churchill, "Never, never, never, never."

Your friend, The Coach

Photo from trybna.com.

Cash For Your Business

2010-04-29T17:23:00.000-07:00

Is a Business Advance a good idea for your company?

If you own a small business, then you have probably run into a very common situation. If you were to ask all sorts of small business owners around the country, they would probably tell you that being saddled with a cash flow problem is a part of doing business in this way. Simply put, you are not a huge corporation and you aren't going to have tens or hundreds of thousands of dollars sitting around for use in business. That is alright, though, because a cash flow problem doesn't have to completely shut your business down. In fact, if you are smart, you can get a business advance and keep right on moving.

The problem for many business owners is quite simple. They have opportunities that arise at the wrong time. It is a simple matter of timing and it's something that they can't control. When you are in small business, you often have to balance out your books and you have to send money out in order to bring in a profit. This might mean that you need to buy merchandise or you have to pay for marketing. Whatever your cost happens to be, it is a very real cost in many instances. If you don't have money at one point in the month to do it, then you can miss out on a chance to make very real money for your business.

A business advance loan will help you hit on those opportunities. A lack of cash flow is a very small problem in the long run. When you take a hard look at the big picture, you will find that your business is on solid ground and that your ability to pay off one of these loans is evident. Any lender would be smart to help you in this situation, because they stand to gain a great deal from fostering that relationship. What does this mean for smart business owners? It means that you should absolutely never let a chance go to waste because you didn't have the cash flow to do it. With a business advance loan, you can make the purchases and keep your business going forward.

The costs associated with a business advance loan are relatively low. When you compare those costs with the money that you can bring in from these loans, you will find that it's a no brainer situation most of the time. In most instances, the money you will bring in from getting the advance is much greater than what the lender will charge you. This means that business advance loans make sense for most small business owners.

What is a Business Advance?

Have you ever needed money to help support your business but have been denied in the past? What if we told you that continuing your own business with a business advance loan was as easy as paying back your loan with future credit card transactions on your business sales, purchases, or payments. What if I told you there is a place that will say yes when others have said no? Would you believe me? What if I told you that with all of this the chance to be approved can be possible?

What is a business advance? A business advance, also known as merchant cash advance is a contract between a lender and a current business which has been running for at least a year and a half, where the business holder takes out a loan on boosting a business in return agreeing to pay the loan holder a percentage of every credit card transaction sale traditionally ending after one year’s time. The payments are not paid directly from the business owner but actually automatically transacted from the company which approves and processes each transaction.

What is the benefit of using a cash advance for a business advance in comparison to a traditional loan company?

• The first benefit of business advance in comparison to a traditional lender is that after the actual statement of approvable the cash is available to be given within 24 hours.

• Through a traditional lender you have only a specific amount of time to slowly typically monthly to pay back your owed loan, while risking late fees, transaction fees, hidden fees, and much more. While with a cash advance you do not simply pay monthly which means you are not paying out of pocket if your business does not jump into action right away.

• With a traditional loan you risk second mortgages, loss of assets, risk homelessness if business fails, along with possible bankruptcy if no collateral was taken. With a merchant cash advance your assets are safer, your home stability is safe, and you are not risking bad credit or bankruptcy.

• With a traditional lender a large percentage of loan takers are actually denied before they get a chance to save a business, with business advance those who were told no, are told yes.

What is the catch with a business advance?

The catch is there is no catch; you get a high chance of successfully continuing your business, where only a fraction of your sales income is taken for a short period of time, enabling you to make more money than with a normal monthly charged loan. This will enable you to keep more of your money in your business.

RESTRICTED INDUSTRIES

• Adult Entertainment / Materials
• Accountants & Attorneys
• Auto / Truck Dealerships
• Adult & Kid Gyms / Family Activity Centers
• Construction Related Industries
• Gambling Establishments
• Home-based businesses (Excluding Internet Retailers)
• Manufacturing (Except Light Manufacturing that accept credit cards)
• Marinas / Boat dealers
• Mortgage Brokers / Real Estate
• State & Government Agencies

For more information on obtaining a business advance loan please contact:

Yolanda English
YVE & Associates, Inc.
3921 SW 186th Ave
Miramar, FL 33029
O. 954.442.2919
F. 954.905.4316
C. 954.673.7729
info@YolandaEnglish.com
www.YolandaEnglish.com
www.YourFinancialFitnessCoach.com
http://www.linkedin.com/in/yolandaenglish
http://twitter.com/YolandaEnglish

GROWING the money you have, LOCATING the money you need!

Need Equipment Financing? http://www.YolandaEnglish.com/files/23763/YVELeaseapp.pdf
Seeking a Commercial Loan? http://www.yolandaenglish.com/files/23763/YVECommercialLoanRequestForm.doc
Free E-seminars on Money and Investing. http://www.YolandaEnglish.com/learning_center.cfm

Securities offered by H. Beck Inc. Member FINRA & SIPC ~ H. Beck, Inc. and YVE and Associates, Inc are not affiliated.

The information presented here is for informational purposes only. This blog post is not an endorsement or an offer for sale of any security or financial product.

How To Work a Minority Business Trade Show (Part II) - An MBE Perspective

2010-04-20T06:54:00.000-07:00

Trade shows can be massive and overwhelming to even the most ardent marketer. I’ve been to several trade shows which seem like a world without end. In such an environment, it is quite easy to lose your way. As I shared in the previous post, to be effective, you need to plan your objectives and goals for the show, including targeting your audience and using your time wisely. Below are three additional strategies that will make your trade show experience pay dividends.

Network, Network, Network

This piece of advice seems elementary. After all, isn’t networking is a huge part of why we attend trade shows in the first place? However, in a trade show environment, even your networking must be strategic. I’ve been in many situations where, if you are not careful, you can get weighed down with everyone else’s message at the risk of getting out your own.

You could find your pockets stuffed with business cards and brochures from plumbers, architects, accountants, etc – all wonderful people, but not your intended targets. Thus, you must vigilantly protect your time and stick with your plan to reach your intended targets. As you network, make a quick assessment of the contact and file them away accordingly. Later, after the show, you can further organize for follow up.

Also consider networking with the experts at the workshops that generally accompany the trade shows. These folks are experts for a reason. Many times they are connected within an organization or company that you are targeting and you can have one on one time or an entree into the company through this contact. Experts are usually willing to share their information and contacts. They are also typically used to being in such an environment and so they are open to shepherding someone who approaches them in a direct and professional way.

Reconnect With Existing Clients

Another great usage of trade shows is to reconnect with existing clients. If you have clients that are attending, make an appointment to meet with that client at the show or over lunch or dinner. This is a great time to have some relaxed time to catch up with your client, converse about the relationship, obtain feedback and to make any improvement or adjustments necessary.

It is also a time to gently up-sell that client for additional services or increased business without a sales routine. One of the greatest sources for business, either through expansion or referrals, is your existing clients. For numerous reasons, an existing client is far easier to work with than a prospect. Spend time with your existing client to seek ways to grow your business or at the very least, to say thanks. It is amazing how something as simple as a thank you will cause your client to go to bat for you.

Follow Up!

Without this last piece of the trade show puzzle, your efforts and expenditures are absolutely in vain! We know that the cost in time, money and opportunities is extremely high and so you must have a mechanism for following up after the show. I have used trade shows very productively in the past and continue to use them as a marketing strategy. However, it is only effective because I make sure that after the show, all of my contacts are organized, placed in a database or spreadsheet and scheduled for timely follow ups. Without following up, your contacts are meaningless and grow cold very quickly.

Because I usually display at trade shows, I am often approached by small business owners who are interested in providing services to my firm. I listen to the marketing pitch, receive the materials and then I always tell the person to follow up with a call or an email. We all know where most of those marketing brochures wind up after the show and so it’s just a lot more effective to receive an actual phone call or an email.

In dozens of shows I’ve attended over a career lasting almost two decades, I can count on my left hand the amount of people who actually called, emailed or followed up with any other form of correspondence. It is my experience that the amount of follow up that takes place after the trade show is very low. Perhaps the small business owners return to the “soup” so to speak and in a short time, the trade show is a distant memory - at least until next year when the cycle of spending time and money with little return on investment renews itself.

Approached in this manner, trade shows are a little more than a social event. That can be an enjoyable aspect of the show and need not be ignored. It is always a pleasure to get reconnected with colleagues at these events, but I always remind myself of my purpose in being there. This keeps my substantial efforts well-spent and ultimately monetized. I would encourage you to adopt these six steps for your next trade show and watch your client base grow.

Drop me a line about how this strategy is working for you:wayne@ironpillarmedia.com. Best regards!

How To Work a Minority Business Trade Show (Part I) - An MBE Perspective

2009-09-15T10:56:00.000-07:00

In roughly six weeks, one of the nation's largest minority business trade shows will take place in New Orleans. The event is put on annually by the National Minority Supplier Development Council and detailed information about the conference and trade show is available at http://www.nmsdconline.com. There will be over 850 corporate and minority business booths and I estimate more than seven thousand attendees, representing the premier corporations and minority businesses in America.

This is a wonderful opportunity for MBEs to get their goods and services in front of major corporations. It is also an opportunity for MBEs to network, form strategic alliances and to do business with each other. Having attended many of these conferences, however, I also know that it can be overwhelming. From the opening welcome reception to the gala night, there are thousands of individuals coursing through the show and you can easily get lost in the shuffle. So with only a few weeks before the conference, I thought I'd share a few strategies with you about how you can effectively work a NMSDC (or any other trade show).

Make a Plan

The first part of your strategy occurs before you even attend the trade show. This involves sitting down and developing a strategy for what you hope to achieve from the event. What are your goals? Which attendees are must sees for you? How can you isolate and get face time with your best prospects? There are answers to all of these questions, but you must spend the time to think clearly about your aims. Trade shows are an investment of time and capital and so to just "show up" without a plan is a bad idea. Some people argue that trade shows are ineffective, but these are probably some of the folks who fail to approach the matter with a well thought out plan.

Reach out to Your Targets Beforehand

It is also a great idea to reach out to as many of your targets in advance, if possible. Let them know that you will be there and do your best to arrange one on one appointments. Depending on your relationship with the target you may be able to schedule a sit down meeting or even a meal outside of the din and fray of the trade show. The NMSDC trade show occurs over the course of four days. Within that time, there are plenty of opportunities to reach out to your best prospects away from the crowd. This allows you to get to know your targets on a more personal level and can set the table for future exploration.

Purchase a Booth if You Can But Don't Let That Prevent You From Participating

You do not have to display at the trade show in order to be effective. If purchasing a booth is within your budget then having a well put together booth with good signage and plenty of marketing materials can be a good way of establishing your presence. And of course, what is a trade show without all those giveaway items? But if you are not in a position to have a booth, or afford 1000 doodads, you can do well without one.

First, the name of the game is making quality contacts with quality people. That is why making a plan and reaching out in advance is so important. Having a booth does not guarantee that this will happen. Further, most of your contacts aren't interested in one more glossy marketing folder. It is far more effective to simply get a business card and place the info in a pda device under a folder designated for the show. Once you are back at the office, this facilitates easy follow up through emails, telephone calls, etc. In our new, greener economy, it's better to save the paper and send the marketing materials digitally.

These simple suggestions alone will help you to get immeasurably more out of your trade show experience. But in the weeks ahead, I will continue to share some of the strategies that I and other successful entrepreneurs have used to get the very best from our trade show output.

Stay tuned!

It's not the critic that counts

2009-05-19T17:51:00.000-07:00

One of my favorite quotes is from former president Teddy Roosevelt. The quote is as follows:

"It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasm, the great devotions, who spends himself for a worthy cause; who at best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory or defeat."

Stop for a moment and think about those words. Reread them before you move on. It is a great piece of wisdom and particularly applicable to small business owners. The entrepreneur is the "man who is actually in the arena, whose face is marred by dust and sweat and blood..." The entrepreneur "strives valiantly" and "spends himself" on his chosen field of dreams. The entrepreneur represents what is great about our nation.

It seems that some in the public eye have forgotten or have ignored this powerful message. I cut short my usual perusal of the various cable news channels this evening sickened by a never ending stream of critics, naysayers and attack dogs, who offer no solutions, but only harsh criticism of their opponents. I am a registered Independent. I have voted for Republicans and Democrats, depending on where they stood on the issues. Thus, I have no political horse in the nasty dialogue.

Something inside me however shouts that we are better than this. We are better than the constant bickering and partisan labeling without thought; without give and take. When did we become a nation of critics? When did we forget that it's not the critic that counts?

You Should Have Been There

2009-04-29T17:54:00.000-07:00

This past Friday I had the pleasure of participating in the largest and best minority business conference in the Southeast United States. Among the numerous highlights and tremendous business opportunities flourishing (even within our troubled economy) was my interaction with four of the region's fast rising minority business entrepreneurs. The session entitled "Titans Share Their Business Secrets and Successes," was worth the price of admission. We were treated to a cadre of business insights and strategies for what companies must do to thrive in any economy.

Calvin Harris of the Harris Food group taught several principles that bear repeating. The first such principle is that entrepreneurs cannot afford to take no for an answer. He recounted the story of how he lobbied a national chain to sell a line of products that he created. Obstacles were placed in his way because it had never been done that way before. He had to persevere and convince the chain that his product was a must have. Today his products are featured in thousands of locations.

He also shared that you must surround yourself with the best people possible. In the real world, we know that this is easier said than done. There is always the temptation to settle, whether for budgetary reasons, expediency or other factors. The excellent entrepreneur, however, understands that the business will rise or fall on the strength of its people and invests accordingly.

Finally, he shared that the successful entrepreneur must build his business strategically. In short, you need a game plan. This is one of the points that I highlight in Tales My Grandma Told Me. A game plan allows you to plot a course and to properly focus energy and resources. The great thing about a game plan, however, is that it can be adjusted to account for market shifts or other factors that arise. It is up to the entrepreneur to be aware of what is going on around him and sensitive to what lies ahead in order to make the required adjustments.

George Abadie of Seacoast Construction highlighted that point. When the real estate market went south, he and his partners did not panic. They adjusted their game plan to focus on providing services to the distressed market. By doing so, they were able to create a niche business and will more than survive the economic downturn.

These are simple but powerful truths. The featured entrepreneurs all demonstrated ways in which they were thriving within a down economy. There was much taught, but on balance, much too few minority entrepreneurs on hand to learn.

The Economic Stimulus Package and You

2009-03-28T11:36:00.000-07:00

Recently, I had the pleasure of attending an excellent seminar regarding opportunities for minority businesses within the American Recovery and Reinvestment Act or as it is more widely recognized, the federal Economic Stimulus Package. The event was organized by the Florida Regional Minority Business Council and facilitated by Dr. Fred McKinney, an economist who served on President Obama's transition team. This article will not provide an exhaustive treatment on the opportunities available under the Stimulus
Package.

However, there are several key take-aways from the discussion that I believe are extremely important to minority businesses. The take-aways are derived from three basic questions posed by Dr. McKinney at the outset of the event. Every minority-owned business enterprise (MBE) that is interested in profiting from the Stimulus Package should ask itself and then answer the questions. They are: (1) In three words or less, what goods and services do you market and sell? (2) What industries do you supply/sell to? (3) Do you have a written strategic plan?

These three questions are at the heart of the Economic Stimulus Package and You. In my January 2009 blogpost, I advised you to go to the White House website in order to educate yourselves on where the Stimulus spending will occur. You should also be aware of www.Recovery.gov and www.Stimuluswatch.org, but more importantly, you should research and gain understanding about state and industry-specific websites that detail how state Stimulus dollars will be spent. For example, information about Stimulus spending in the state of Florida may be accessed at www.Flarecovery.com.

Once you can determine where Stimulus spending will occur, then you will know, based on Question #1, whether you provide goods or services that will be purchased with Stimulus dollars. If you do not directly provide those goods and services, say, construction services, for example, you should then ask yourself Question #2. That is, do you supply or sell to any industries that will benefit from the Stimulus Package. Maybe you know nothing about construction or alternative energy, but perhaps you may provide staffing or other services to those industries that will directly benefit from Stimulus spending.

If the answer to Question #2 is no, then you may want to revisit or create a strategic plan for your business that includes targeting Stimulus industries. The federal deficit is predicted to be 1.8 trillion dollars. It isn't easy to fathom that number, but you may think of it loosely as the number of dollars the federal government intends to (over)spend. It would seriously behoove all minority businesses to spend some time figuring out where the dollars are going and how they can meaningfully participate.

One of the best ways to do this is to certify your business as minority-owned at both the corporate and government level and pay attention to what is going on in the local news, national news, the Internet, government and the Minority Business Councils. Log on to the websites mentioned and www.nmsdcus.org and follow what fellow MBEs are doing. You may also read up on the certification process and its benefits in my book, Tales My Grandma Told Me, a Business Diversity Fable. However, be aware that time is of the essence.

As Dr. McKinney put it, "Don't wait until you see the cranes going up" before you begin your work. By then, my friend, it will be too late.

Has the Change that Minority Businesses Hoped for Finally Come?

2009-01-28T17:07:00.000-08:00

Just over one week ago Barack Obama once again made history. Raising his right hand in front of a worldwide audience, he swore the solemn oath and became the 44th president of the United States of America. The significance of the moment cannot be overstated. His election meant far more than the obvious political ramifications. For some, he stood and raised his right hand for generations past and generations to come, the embodiment of the hopes and dreams of millions around the globe. Change had indeed come in a sweeping and emotional leveling of the playing field.

The election of Barack Obama meant that our cherished American ideals are in fact a reality. The American brag that in our country, anyone can become anything if you're willing to work hard for it was settled forever. But what, if anything, did this historic election mean for the millions of minority, woman-owned and other disadvantaged businesses? How would this president's economic approach differ from the previous administration or from the Democratic Party platforms of the past? Barack Obama won 96% of the Black vote, 66% of the Hispanic vote and 56% of women's votes. Minorities had the audacity to hope. Will that hope be realized?

One answer to that question may be found in the president's recent actions to stimulate our sagging economy. Today, the House of Representatives passed his proposed 819 billion dollar economic stimulus plan. According to http://www.whitehouse.gov/ the president has put forth an American Recovery and Reinvestment Plan to "jumpstart job creation and long-term growth by":

*Doubling the production of alternative energy in the next three years.
*Modernizing more than 75% of federal buildings and improve the energy efficiency of two million American homes, saving consumers and taxpayers billions on our energy bills.
*Making the immediate investments necessary to ensure that within five years, all of America’s medical records are computerized.
*Equipping tens of thousands of schools, community colleges, and public universities with 21st century classrooms, labs, and libraries.
*Expanding broadband across America, so that a small business in a rural town can connect and compete with their counterparts anywhere in the world.
*Investing in the science, research, and technology that will lead to new medical breakthroughs, new discoveries, and entire new industries.

What does this mean for minority businesses? For one, many of the proposed projects will be federal work that will expressly require minority contractors and/or subcontractors. The massive investment in technology and construction, in particular, will open significant opportunities for small and minority businesses that supply or are directly involved in those industries. Time will tell whether this legislation becomes enacted as envisioned and whether it will provide the needed boost for small businesses and the economy at large. Here is what we do know: President Obama has placed a significant opportunity on the table. Will you be there?

An Excerpt From The Coach's New Book

2008-01-15T19:20:00.000-08:00

Get In The Game!

The excerpt below is taken from Part II, Chapter 3 of the Coach's New Book - Tales My Grandma Told Me, A Business Diversity Fable

Assuming that the minority entrepreneur understands that he will succeed based on business acumen and tenacity as opposed to relying on ethnic status and further assuming that he has a written plan; he is now ready to get in the game. Many MBEs wrongly assume that simply being a minority entitles them to participate in corporate supplier diversity programs. That is not entirely accurate. Virtually, all supplier diversity programs require minority participants to be certified by certain national, certifying entities.

For minority-owned businesses, the best known and most widely accepted certification comes from the National Minority Supplier Development Council Incorporated ("NMSDC").The NMSDC and its thirty-nine national affiliates, among other things, certify applicants as being legitimately minority-owned and meeting other set standards of business viability. Through its certification and various other programs, the NMSDC has created a database of certified minority businesses across numerous disciplines. Without this certification, minority-owned businesses are not prepared to compete within traditional supplier diversity channels.

The certification process is uncomplicated and is a must for all MBEs seeking to seriously exploit supplier diversity opportunities. Yet I am always amazed at the large number of MBEs that fail to become certified or substantially delay in doing so. MBEs must understand that NMSDC certification may very well be only a beginning, but it is the beginning within the realm of supplier diversity marketing. Minority entrepreneurs without NMSDC certification are uniformly denied entry to corporate supplier diversity programs.

So what will you do? Will you continue to sit on the sidelines or will you get in the
game and run to win? Log onto http://www.nmsdcus.org/ and learn how to obtain minority
certification in your region of the world.

Goldman Sachs Proves Business Case For Diversity

2007-12-11T19:45:00.000-08:00

Goldman Sachs Investment Research Addresses the Growing Influence of Hispanics in the U.S. Economy.

Goldman Sachs Investment Research recently released an update to its 2004 portfolio strategy report titled, The Hispanization of the United States. This latest report titled, US Hispanization: Long/Short Strategies provides a context and long/short investment framework to assess the growing influence of Hispanics in the US economy. David Kostin, author of the report and Chief Sector Strategist of the U.S. Portfolio Strategy Group at Goldman Sachs & Co, debuted the research at the Latin Force Market Intelligence conference in Miami, Florida. The report references geodemographic data from the 2008 American Marketscape Datastream, an annual publication released by Latin Force Group. Latin Force Group, a Goldman Sachs Urban Investment Group portfolio company, is a leading provider of consulting and market intelligence products and services to over a quarter of the Fortune 100.

For more information on the report please access the "Goldman Sachs Hispanization Study" link on this page. To learn more information about the Goldman Sachs Urban Investment Group, a long-term capital provider to minority-owned businesses, please click on the link "Minority Business Funding" on this page.

This report is highly recommended and well worth the read. It sets forth an investment strategy that capitalizes upon the exploding Hispanic/Latino market in the United States. With cutting edge research and analysis Goldman Sachs (GS) sets forth the business imperative for investment in this market. There is no discussion of social justice or welfare - just a compelling market analysis of why it makes sound business sense to to invest in what the author has termed the "Hispanization" of America.

The study forecasts "Hispanic spending to account for 10% of US expenditures by 2010. This proportion should increase steadily through the 21st century, suggesting that both the corporate and investing worlds should incorporate the Hispanization theme into their growth strategies. " It sets forth compelling demographic data such as: The US population is expected to increase by 6 million people through 2010; Hispanics should account for 3 million, or 50% of total US population growth.

It further provides data on where, on what and how do Hispanics spend money and finally strategies on how to invest in Hispanization. This centers around investing in the "Right States" (Where are Hispanics spending?); "Right Products" (How will Hispanics spend in the future?) and "Right Customers" (What products are Hispanics buying?).

This represents a tremendous opportunity for any business (mainline or minority-owned) that can seize upon satisfying the needs of this burgeoning market. Hispanic business-owners will undoubtedly understand their respective communities in greater measure than mainline companies and may therefore possess an inherent competitive advantage in the race. Whatever the outcome, the US Census Bureau shows that this trend will not slow down in the near future. The spoils will go to those companies that are prepared for the phenomenon.

As the GS study states: The rapid growth of the Hispanic/Latino population represents one of the most important demographic trends taking place in the United States. It will have dramatic social, political, economic and market influence on the country during the next 25 years. The question is friend, will you ride the wave or will you just wave as opportunity rides by?

IBM Launches Powerful Free Toolkit For MWBEs

2007-12-10T18:51:00.000-08:00

Florida Regional Minority Business Council Supports Launch of IBM and IFC Small Business Toolkit to Create Jobs and Fuel Growth in Underserved Markets

IBM and IFC, the private sector arm of the World Bank, recently launched this free small business toolkit specifically for women, Black, Hispanic, Native American, and Asian entrepreneurs in the U.S., and small business owners in emerging markets to receive highly developed business information, tools, and training services usually reserved for Fortune 1000 companies.

The heart of Florida’s economy is comprised of small business with employer firms up 3.3 percent from the previous year and 7.6 percent in the non-employer category. While small businesses generated between 60 to 80 percent of the new jobs annually in the U.S. over the past decade, they can be disadvantaged by the lack of access to resources such as skills, knowledge and information that larger businesses routinely use to grow and succeed. The same applies to small and medium enterprises (SMEs) in the developing world who also find that access to best practice and business management tools is a significant barrier to their growth and sustainability.

The SME Toolkit is a free program that enables entrepreneurs and small businesses to learn how to implement the sustainable business management practices needed for growth in areas such as finance, accounting, international business, marketing, human resources or legal.

“The success of local small businesses are vital to the growth of Florida’s economy,” said Beatrice Louissaint, President of the FRMBC. “We are proud to support IBM and the IFC in promoting the SME Toolkit., which offers good advice and business management practices. By offering this free, innovative and interactive site to our member businesses, we can help them improve their chance of survival and growth in our local communities, potentially serving as a source for new jobs.”

In the U.S., the SME Toolkit will focus largely on women and constituent-owned businesses. Globally, the IFC has joined with local partners to launch the Toolkit in more than 13 languages in 24 countries, all of which can now take advantage of the new enhanced version.

Amjad Shamim, an entrepreneur who is the president of AAJ Technologies recently used the toolkit. “This is a great source of information for businesses in the areas of management, planning marketing and human resources. The effort and technology IBM and the IFC have invested in the Toolkit to help freshmen entrepreneurs build and expand their businesses is highly commendable.”

Among the specially designed free tools are:

an online calculator that helps small businesses determine their readiness for financing,
free software to build a web site,
free business forms used for employee performance evaluations,
community tools such as online conferencing, blog capability, group calendars,
survey and quiz builders to help small businesses make decisions, and
a multilingual business directory to help small businesses link locally, regionally and globally.

Small businesses can also receive business training delivered via classroom workshops and partnerships with local support providers. The Toolkit can also help small businesses go global by providing detailed market access, investment and trade information for the 64 countries most exported to countries. In the U.S., an Advisory Group will review the more than 500 pieces of content, tools and resources and identify new tools specifically for Black, Hispanic, Native American, Asian, and women-owned businesses.

“This truly is one stop shopping for small businesses and it levels the playing field. We know the tools that large businesses use and we know the role technology can play in leading to growth. Now, every business can have the same chance to succeed. It’s vitally important that we help small businesses who are the major employers and growth engines in developing markets,” said Stanley Litow, IBM Vice President of Corporate Citizenship and Corporate Affairs. “These are just the kind of tools that can help underserved markets be successful.”

The Toolkit was launched by IFC in 2002. IBM has dedicated more than $1.6 million to transform the Toolkit and rebuild it on an innovative open source platform using top talent in IBM research. The Toolkit now includes new Web 2.0 features such as live chat, online forums, business directories and survey capabilities to create a community where small and medium sized business can collaborate – anywhere around the world. For example, a group of small businesses could gather in an online forum to devise a strategy to bid on a large supply contract rather than as separate bids. The community tools also create an opportunity for peer learning.

In the future, the Toolkit will add new partners, markets and languages and is planned to allow users to connect to it using wireless devices, such as cell phones. In developing markets, mobile devices are increasingly becoming the way users connect to the Internet, and sometimes the only way.

The Toolkit is expanding to reach the massive small business market in India, South Africa and Brazil. The Toolkit is available in English and Spanish and translated in 14 other languages including, Nepali, Vietnamese and Urdu, with Hindi and Arabic set for release in 2007.

# # #

About IFC

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY06, IFC committed $8.3 billion, including syndications, to 284 investments in 66 developing countries. For more information, please visit www.ifc.org.

For more information about IBM, please visit www.ibm.com.

Broadcast-quality video clips of the small business toolkit (SME Toolkit) and discussion of its uses are available for download by journalists at www.thenewsmarket.com/ibm.

About FRMBC

FRMBC is a non-profit organization that is dedicated to advancing access and growth for minority businesses in South Florida. The organization’s goal is to increase purchasing from minority businesses by government entities and corporations, while increasing MBEs’ operating capacity through hands-on business assistance, training, and access to technology and capital resources. FRMBC was founded in 1975 and is one of 39 regional councils affiliated with the National Minority Supplier Development Council (NMSDC). The Council acts as a liaison between Corporate America and Minority Business Enterprises in Dade, Broward, Monroe, St. Lucie, Collier, Charlotte, Martin, and Palm Beach Counties.

You may click on the SME Toolkit link in the "My Favorite Links" section of this site to take advantage of this service.

Dirty Laundry

2007-12-06T20:36:00.000-08:00

I was speaking to a leader in the minority business community recently who (with great pain) told me the story of how he'd stepped up to help a few MBEs that needed guidance with regard to building their businesses. My friend gladly scheduled meetings with these MBEs - I believe there was three of them - and to his great disappointment, not one of them showed up, or even called!

This is much like the stories I've heard from Supplier Diversity executives or Minority Council staff members who tell of the frustration of putting on programming, setting appointments, or even scheduling one-on-ones for MBEs who fail to appear, without justification and without professional courtesy. This is a cancer that must stop. There are too many people who are working extremely hard to provide opportunities for minority-owned businesses. When those opportunities materialize, we cannot repay that hard work with indifference.

Minority businesses that conduct themselves in this fashion hurt more than their own reputations. They hurt every minority business. The struggle for economic parity and empowerment for minorities is an uphill battle, laden with misunderstanding and stereotypes. One huge stereotype is what I call the Minority Myth - the idea that somehow minorities produce inferior goods and services or are unprepared for success and are unprofessional.

Minority companies that fail to show up for appointments and events long planned for their benefit reinforce the Minority Myth, erode trust for minority companies, in general, and hurt the cause. I understand that this is a small "minority" of MBEs that engage in these practices. The overwhelming majority of MBEs are outstanding business-people who prove their professionalism every day. These MBEs appreciate the value of people's time and the stakes involved for their companies and the MBE community.

Nevertheless, the offenders should be confronted (professionally of course) and instructed in the art of professionalism and the ramifications of their bad behavior. I want to encourage anyone reading this to have the courage to address this issue wherever encountered. And if you don't know quite how to then talk to someone who can and will.

How can MBEs complain about lack of communication and commitment from mainline corporations when we do not demonstrate those values? There should be no double standards. We should hold ourselves to the same standards that we hold others. If we don't clean up the dirty laundry, who will?

The Power of Partnership

2007-11-30T15:39:00.001-08:00

Today the Board of Directors of the Florida Regional Minority Business Council held its annual Board Retreat for strategic planning. The session was moderated by Dick Huebner, President of the Houston Minority Business Council, one of the most successful and well run minority business councils in the country. Dick did an outstanding job of helping the Board to crystallize a plan of action to fulfill its mission of fostering minority business development in South Florida through the work of the Council.

As I listened to the input and the respectful give and take among my fellow Board members, I realized that this is what partnership is all about. The room was filled with representatives from some of America's top corporations, minority-owned businesses, quasi-governmental entities and our awesome CEO, Beatrice Louissaint. Each participant had a point of view, each participant held strong beliefs about the proper course of action on a multiplicity of topics, but each participant checked his/her ego at the door, rolled up their sleeves and got down to work.

The day was stimulating, challenging and invigorating. As a Board, we are united in our mission and empowered to accomplish (and to exceed) our goals. This is the power of partnership at work. I am proud of and motivated by the spirit of rugged individualism that permeates America and the high-powered A-Type personalities that I serve with. However, there is definitely truth in the proposition that Together We Achieve More! That is what a TEAM is all about.

The great basketball player Bill Russell once said, "The most important measure of how good a game I played was how much better I'd make my teammates play." That is the essence of teamwork and I experienced it today and I'm thankful for the opportunity to make a difference with folks who I genuinely respect and admire. If you don't have a strong and supportive team, my friend, trust me, you need one!

Go FRMBC for 2008!

If You Build it They Will Come

2007-11-29T15:46:00.000-08:00

Ten Years ago I attended a MED Week (National Minority Enterprise Development Week) Conference in Miami, Florida. MED Week is sponsored by the MBDA (Minority Business Development Agency), which operates under the U.S. Department of Commerce. In its own words, the mission of the MBDA is "to achieve entrepreneurial parity for minority business enterprises by actively promoting their ability to grow and compete in the global economy." The MBDA accomplishes this goal, in part, through its annual MED Week conference in Washington DC and select jurisdictions around the country.

I was enlightened and encouraged by the display of governmental and private sector support for minority businesses. One particular booth at the conference caught my attention: The Florida Regional Minority Business Council (FRMBC) - you've got to know your acronyms to do minority business. I quickly learned that the FRMBC is an affiliate of the National Minority Supplier Development Council (NMSDC) operating in South Florida - my home base. I was told that the FRMBC exists to connect minority-owned businesses to corporate America.

"Tell me more," I said. I was intrigued by the statement. I had worked in corporate America and for corporate law firms, but I was unfamiliar with the idea of an organization made up of corporations with a mission of contracting with minority-owned suppliers. Being "minority-owned" and in the start-up phase of my business at that time, I gobbled up the information and swore that I would soon affiliate with the organization.

The following day I got back to the grind of starting a new venture and quickly forgot about the council. I filed away the information and would review it wistfully from time to time as I continued to build my business and my brand. About a year later, through informal networking, I made a contact with an insider in a local Fortune 500 company. Through hard work and diligence, I won the corporation as a client. The influx of business helped me to grow the business rapidly.

Our firm developed a strong reputation and hired the talent needed to keep the business growing. During these formative or building years, we held no minority certifications and did not market ourselves as a minority-owned business. My business sold professional services (a law firm) and at that period in the supplier diversity evolution, professional services was still outside of the mainstream of minority business development. Thus, a minority certification was probably of little value at that time, in any event.

Eventually, we won additional large clients based upon word-of-mouth and up-selling our existing clients. It was at that time that we decided we had the girth and experience to seek even larger opportunities and pursued a minority certification. The point of the story is this: Many MBEs experience frustration in trying to build their businesses through Supplier Diversity channels because they seek to do business with major corporations prior to building a truly sustainable business. I would suggest that MBEs should do the opposite. They should first build strong businesses and then advertise their minority status.

If you build it (a great business) they will come!

You Must Give in Order to Receive

2007-11-28T19:49:00.000-08:00

I have a passion for small and minority-owned businesses. We'll call them minority business enterprises (MBEs) for the purposes of this blog. One of the frequently asked questions I receive from MBEs is, "how can I get the attention of major corporations that I want to do business with?" or some other variation on that theme. There are many answers to that question, but I would like to focus on a few strategies that I've used and watched others use with great results over the years.

The first of these strategies is the principle of service. MBEs must learn to give in order to receive - to serve before they are served. MBEs that are certified through the National Minority Supplier Development Council (NMSDC) and its affiliate councils have the tremendous (and fruitful) opportunity of serving in their local minority business council. Typically, the local councils are under-staffed or thinly-staffed and in need of help from the certified MBEs in their jurisdictions.

There are numerous opportunities to serve. MBEs may serve in their area of expertise or may choose to volunteer time and resources to the council in another realm. There are excellent opportunities to serve, chair or co-chair several committees with interests as diverse as event planning to technology. By serving on one or more of the local committees, MBEs will obtain the ability to work closely with other MBES and corporate members.

In so doing, relationships will develop naturally and the MBE will eventually be able to present its qualifications/attributes in a non-threatening, non-salesman like fashion. As the MBE proves itself faithful in service over time, it will experience this breakthrough: Corporations will seek out its services without ever being approached or solicited! This is because people do business with people who they know and trust. Volunteering time, working hard and getting a job done right is a great way of developing trust.

From time to time I speak with MBEs who claim dissatisfaction with NMSDC Supplier Diversity programs. They claim that the funds invested to become certified have not yielded any dividends. They usually register complaints about the local minority business council and its seeming ineffectiveness. When I hear from these companies, I ask them if they are involved or serving in the council in any shape or fashion. The answer is usually no.

I then share with them the benefits of serving (on many levels) and the opportunities available to begin serving right away. Few follow the advice. The others simply make excuses why they can't serve and continue complaining about their lack of business.