By Pamela Patterson, CEO
I can always tell when the calls are coming in to business owners soliciting how to receive grants or funds to expand or start a business. I am a West Company employee of 12 years. Within this time and every recession, the grant scammers come out in force and prey on business owners or those wishing to start a business.
Just the other day a business owner came in that had wire transferred $3,000 to a company claiming to help him to get non-profit status in order to expand his business and funding. Anyone should be alerted to a company suggesting non-profit status for a business. Funding is a typical word used for both grants and loans, and is a common word used by companies that are trying to maintain ambiguity. When you hear "funding" you may think free grant money, but in reality you are getting a high interest predatory loan.
A few questions later, I knew it was a scam, and yes I already knew this before the questions. He read the contract for the first time that stated he couldn’t get a refund or dispute the charges. Another tell -tale fact, the company name changed from the first contract offer to the current one. He wanted to know if he should send $5,800 on to the second company. Well you know my answer. A solid NO! It used to be that the entry for these scams was $39.95 for a book and it was refundable or you could charge these large sums on a credit card and dispute the charges. Now they want a wire transfer that is cash and it is gone the moment you send it.
Grants to start or expand businesses are extremely rare (you have a better chance of winning the lottery). Better to keep your money in your pocket and seek out assistance to better manage your business. As the Mendocino Women's Business Center and Small Business Development Center, West Company offers services at no or low cost that can help you manage your financial health and your business!
Monday, December 20, 2010
Monday, December 13, 2010
It’s All in Being Prepared
By Loyd Hambrick
Chief Operating Officer
New and valuable tools – I too am excited about the new tools we are preparing to offer to local business owners and the increased prosperity they can bring to our communities. The program Heather spoke of in her last post, ProfitCents, presents some great tools for analyzing existing businesses. The ability to compare performance of an existing business to industry standards as well as to past years’ performance levels can have a great impact on a business owner’s ability to make sound decisions. However, as they are brand new to us, it will it take us a bit to get proficient with these tools. It is always West Company’s desire that business advisors be comfortable with the tools they use and offer to businesses before they are rolled out. That being said, there is still much we can do to help you improve your knowledge fostering better decision-making.
GIGO – Computers have been part of both my personal and business lives for a long time. My first exposure came while attending college at CSUS in the form of a programming class using a language called FORTRAN. Our project involved creating a computer program that compared foreign currencies to US dollars and using a compiler to translate the code into computer language. For those of you that can’t remember ever using a compiler, don’t worry about it, they are hidden in today’s computer world; for those of you who have used a compiler, I am dating myself. After inputting code into the compiler, our jobs as students was to begin to fix each of the many error messages the compiler would spit out. Each message was a clue to what was wrong about the code entered. The biggest frustration came after fixing the long list of errors to the point the program worked, only to get an incorrect answer. That is when one was faced with a tried and true basic principle of computer programmers– GIGO (pronounced gi go) – which stands for Garbage In, Garbage Out. Throughout my thirty plus years starting, owning, operating, and selling small businesses, I have found this principle can be applied to many different areas of business management including the most important aspect financial management. With computer programming, GIGO means that even if your code is of top quality in its writing, if the premise you use to begin the process is flawed or “garbage”, the result will certainly be “garbage”. This basic principle should be applied when analyzing financial data, the vital statistics of a successful small business.
What’s needed – Endless numbers of financial management tools, such as ProfitCents, exist in today’s business world including products that will collect the necessary data for you provided you implement and follow data collection systems. Many of those products have made my business management life much simpler and efficient and I highly recommend implementing such technology. But of huge importance is GIGO! You must make sure the information you are inputting is data of sound and accurate origins. Otherwise, the conclusions will be garbage and your decision-making flawed. Accurate and valuable analysis utilizing any kind of tool, whether manual or automatic, requires first having data to analyze. Generally, at least two specific financial documents are required, a profit and loss statement and a balance sheet; many times a cash-flow statement is required as well. These types of tools can make the difference between a stressed-out business owner and one that is cool, calm, and collected because knowledge is power. When you have accurate financial knowledge about your business, you can steer its course into calmer and more prosperous waters as well as take advantage of opportunities that present themselves.
The bottom line – You can successfully manage your business finances if you will practice GIGO and get your financial information system created and implemented. Contact West Company today and schedule an appointment with an advisor who can help you understand chart of accounts, create a profit and loss statement, and replace any “garbage out” with sound financial knowledge improving your decision-making. While our SBDC business advisors are busy mastering the use of ProfitCents, we can help you get prepared to take full advantage of its potential for your business. Remember GIGO!
Chief Operating Officer
New and valuable tools – I too am excited about the new tools we are preparing to offer to local business owners and the increased prosperity they can bring to our communities. The program Heather spoke of in her last post, ProfitCents, presents some great tools for analyzing existing businesses. The ability to compare performance of an existing business to industry standards as well as to past years’ performance levels can have a great impact on a business owner’s ability to make sound decisions. However, as they are brand new to us, it will it take us a bit to get proficient with these tools. It is always West Company’s desire that business advisors be comfortable with the tools they use and offer to businesses before they are rolled out. That being said, there is still much we can do to help you improve your knowledge fostering better decision-making.
GIGO – Computers have been part of both my personal and business lives for a long time. My first exposure came while attending college at CSUS in the form of a programming class using a language called FORTRAN. Our project involved creating a computer program that compared foreign currencies to US dollars and using a compiler to translate the code into computer language. For those of you that can’t remember ever using a compiler, don’t worry about it, they are hidden in today’s computer world; for those of you who have used a compiler, I am dating myself. After inputting code into the compiler, our jobs as students was to begin to fix each of the many error messages the compiler would spit out. Each message was a clue to what was wrong about the code entered. The biggest frustration came after fixing the long list of errors to the point the program worked, only to get an incorrect answer. That is when one was faced with a tried and true basic principle of computer programmers– GIGO (pronounced gi go) – which stands for Garbage In, Garbage Out. Throughout my thirty plus years starting, owning, operating, and selling small businesses, I have found this principle can be applied to many different areas of business management including the most important aspect financial management. With computer programming, GIGO means that even if your code is of top quality in its writing, if the premise you use to begin the process is flawed or “garbage”, the result will certainly be “garbage”. This basic principle should be applied when analyzing financial data, the vital statistics of a successful small business.
What’s needed – Endless numbers of financial management tools, such as ProfitCents, exist in today’s business world including products that will collect the necessary data for you provided you implement and follow data collection systems. Many of those products have made my business management life much simpler and efficient and I highly recommend implementing such technology. But of huge importance is GIGO! You must make sure the information you are inputting is data of sound and accurate origins. Otherwise, the conclusions will be garbage and your decision-making flawed. Accurate and valuable analysis utilizing any kind of tool, whether manual or automatic, requires first having data to analyze. Generally, at least two specific financial documents are required, a profit and loss statement and a balance sheet; many times a cash-flow statement is required as well. These types of tools can make the difference between a stressed-out business owner and one that is cool, calm, and collected because knowledge is power. When you have accurate financial knowledge about your business, you can steer its course into calmer and more prosperous waters as well as take advantage of opportunities that present themselves.
The bottom line – You can successfully manage your business finances if you will practice GIGO and get your financial information system created and implemented. Contact West Company today and schedule an appointment with an advisor who can help you understand chart of accounts, create a profit and loss statement, and replace any “garbage out” with sound financial knowledge improving your decision-making. While our SBDC business advisors are busy mastering the use of ProfitCents, we can help you get prepared to take full advantage of its potential for your business. Remember GIGO!
Friday, December 10, 2010
We have some new tools to help our clients make better business decisions in the coming year!
By Heather Gurewitz
Mendocino Women's Business Center Director
The holidays are a busy time for our clients. People seem to be putting their business plans on hold or working hard making those last end of the year sales. Which, I have to say is great, because it leaves me some time to investigate some of the resources that are "at our fingertips." I learned about a lot of great things at the Association of Small Business Development Centers' Conference back in September, but with all of the classes and training, I haven't had a chance to investigate further...until now!
We can perform an industry specific business analysis for our clients by comparing their finances to other businesses in their industry across the nation. It also means that when someone is starting a business we can use up-to-date information to help them figure out if their projections are reasonable compared to other businesses.
Accessing data is only part of what we get from ProfitCents. The system has some very advanced financial analysis tools that allow us to look at the operating model of the business and determine how changes will affect profits and cash flow by creating a variety of different scenarios.
So, how does this all help the business owner?
Example: If a business owner feels that they are always low on cash and have high debt financing, we can take their information from their profit and loss statement and their balance sheet and compare them to other businesses in the industry to find out what areas might be potential for improved performance. Should they be reducing inventory turn days? Should they be collecting accounts receivable faster? Should they increase their pricing? Then we can create projections for the business where we can see the impacts of these actions.
I should note that we have always created projections for our clients and helped them to look at all these factors, but now, with ProfitCents we are able to offer a much more sophisticated system. Also, with the industry data, we can figure out if the assumptions are realistic. For example, if we determine that the business needs to increase their profit margin by 10%, we can look at the other businesses in the industry and compare the average profit margin.
The bottom line...
We have some REALLY cool new tools to help our clients make better business decisions in the coming year!
More information on the availability of ProfitCents will be available in late January, 2011.
Mendocino Women's Business Center Director
The holidays are a busy time for our clients. People seem to be putting their business plans on hold or working hard making those last end of the year sales. Which, I have to say is great, because it leaves me some time to investigate some of the resources that are "at our fingertips." I learned about a lot of great things at the Association of Small Business Development Centers' Conference back in September, but with all of the classes and training, I haven't had a chance to investigate further...until now!
By far the most exciting thing I have come across yet, is an online tool that was recently made available to California Small Business Development Centers (SBDC) called ProfitCents. Created by Sageworks, this is an online information system that provides industry specific financial information based on industry codes (NAICS).
In plain English, that means:
We can perform an industry specific business analysis for our clients by comparing their finances to other businesses in their industry across the nation. It also means that when someone is starting a business we can use up-to-date information to help them figure out if their projections are reasonable compared to other businesses.
Accessing data is only part of what we get from ProfitCents. The system has some very advanced financial analysis tools that allow us to look at the operating model of the business and determine how changes will affect profits and cash flow by creating a variety of different scenarios.
So, how does this all help the business owner?
Example: If a business owner feels that they are always low on cash and have high debt financing, we can take their information from their profit and loss statement and their balance sheet and compare them to other businesses in the industry to find out what areas might be potential for improved performance. Should they be reducing inventory turn days? Should they be collecting accounts receivable faster? Should they increase their pricing? Then we can create projections for the business where we can see the impacts of these actions.
I should note that we have always created projections for our clients and helped them to look at all these factors, but now, with ProfitCents we are able to offer a much more sophisticated system. Also, with the industry data, we can figure out if the assumptions are realistic. For example, if we determine that the business needs to increase their profit margin by 10%, we can look at the other businesses in the industry and compare the average profit margin.
The bottom line...
We have some REALLY cool new tools to help our clients make better business decisions in the coming year!
More information on the availability of ProfitCents will be available in late January, 2011.
Friday, December 3, 2010
"No Business is an Island"
by Heather Gurewitz
WBC Director
I had a great consult with a client the other day, at the end she really understood what she needed to do in order to turn her business around. Unfortunately, it was so empowering for her that she decided she didn't need any help going through the process. I have to say, I was not comfortable with that conclusion.
The major issue for this client was that her pricing model was completely out of date and that she had never analyzed her cost of goods. She was a great technician, but she has no business training and what she knows, she knows from having done it. When I called to follow up she thanked me for my help and expressed her gratitude for my assistance, but made it clear, she didn't need any help.
Most of the business owners that come to see us are bright and enterprising people, however they sometimes lack financial management skills, mainly because they have never taken business classes. Now, people can figure out what they want to charge on their own, but really, if it were me, I would want someone who had the knowledge and tools to help me figure out exactly how much to change my prices. While it sounds simple changing pricing can be tricky, if you don't raise your prices enough you may not solve your cash/profit issues. Or, if you raise them too much you may end up shrinking your client base, and nullify the change. So, while it sounds simple, "I'll just raise my prices," really it requires maintaining a delicate balance which requires some serious analysis. A "knee-jerk" price increase or decrease could cause your business a lot more trouble than it solves.
When West Company consultants look at this issue with our clients, we use our break-even analysis tools, profit and loss projections, cash flow projections, and a number of other tools to understand the implications of changes to the pricing model. We look at several options and we also work with our clients to make sure they understand the new sales goals they need to meet based on the decisions they make.
The economy is changing and this may require revising the pricing model your business is using, and while I often joke about being a "holistic business healer," the truth is, to determine the right pricing for your business, you need to look at all the effects of those changes, and it is best to do that before you actually make them. Not to mention, West Company offers consulting by qualified professionals at no cost to the individual (thanks to the Small Business Administration, the County of Mendocino, and the City of Fort Bragg). So, when you are taking a major risk with your business why a neutral outside opinion can help you make a more strategic and effective decision by working with an advisor through West Company, host of the Mendocino Small Business Development Center and the Women's Business Center.
WBC Director
I had a great consult with a client the other day, at the end she really understood what she needed to do in order to turn her business around. Unfortunately, it was so empowering for her that she decided she didn't need any help going through the process. I have to say, I was not comfortable with that conclusion.
The major issue for this client was that her pricing model was completely out of date and that she had never analyzed her cost of goods. She was a great technician, but she has no business training and what she knows, she knows from having done it. When I called to follow up she thanked me for my help and expressed her gratitude for my assistance, but made it clear, she didn't need any help.
Most of the business owners that come to see us are bright and enterprising people, however they sometimes lack financial management skills, mainly because they have never taken business classes. Now, people can figure out what they want to charge on their own, but really, if it were me, I would want someone who had the knowledge and tools to help me figure out exactly how much to change my prices. While it sounds simple changing pricing can be tricky, if you don't raise your prices enough you may not solve your cash/profit issues. Or, if you raise them too much you may end up shrinking your client base, and nullify the change. So, while it sounds simple, "I'll just raise my prices," really it requires maintaining a delicate balance which requires some serious analysis. A "knee-jerk" price increase or decrease could cause your business a lot more trouble than it solves.
When West Company consultants look at this issue with our clients, we use our break-even analysis tools, profit and loss projections, cash flow projections, and a number of other tools to understand the implications of changes to the pricing model. We look at several options and we also work with our clients to make sure they understand the new sales goals they need to meet based on the decisions they make.
The economy is changing and this may require revising the pricing model your business is using, and while I often joke about being a "holistic business healer," the truth is, to determine the right pricing for your business, you need to look at all the effects of those changes, and it is best to do that before you actually make them. Not to mention, West Company offers consulting by qualified professionals at no cost to the individual (thanks to the Small Business Administration, the County of Mendocino, and the City of Fort Bragg). So, when you are taking a major risk with your business why a neutral outside opinion can help you make a more strategic and effective decision by working with an advisor through West Company, host of the Mendocino Small Business Development Center and the Women's Business Center.
Friday, November 19, 2010
The Joy of My Job
By Loyd Hambrick
Chief Operating Officer
A privilege - Today I had the opportunity to do something few people have the privilege to do and the results are the reason I do what I do. For the past several months, I have been working with an individual committed to pursuing a dream of starting a business; today was the first meeting with potential lenders. Many don’t realize the work that must be completed prior to that first meeting and Joe (not his real name) was no different. What is unique is his commitment and his teachable spirit.
The plan - The first drafting of his business plan was destined for the circular file as it required a great deal of work from the reader, in this case a lender, to find any reason to support the plan. I’m sure it wasn’t easy for Joe to hear my comments and suggestions but he was extremely teachable, a trait absolutely necessary for the process of business consulting to work, and he went back to work. Eager to make changes in his approach, he took the instruction I gave and came back with a totally different focus in his plan. There were still several changes that needed to be made and I’m sure Joe wondered what he had gotten himself into, but he never backed down. In addition to seeking help from West Company, Joe sought out industry-specific counsel because though he is experienced in the industry, he recognized he doesn’t know it all. Working many times late into the night, Joe produced a plan worthy of submittal for loan consideration.
The meeting – Having the opportunity to sit alongside someone willing to dream and fight for his dream is truly an honor. Listening to Joe answer the many questions asked by four different lenders, it was evident he had done his research and was confident with his plan but then I knew that already. I was very glad I had been honest with him through our many sessions, had insisted he be confident with his plan, and that his projections were based on reality and not some pie-in-the-sky belief. I remember and shared with the committee how Joe’s realization that these projections translated into his ability to pay his bills and support his family of five drove his desire to "get real". Every question the lenders asked, and there were many, Joe did not hesitate and always had a good sound answer. It was great fun to watch!
The result – It is a great feeling to walk out of a potentially disappointing meeting confident in the performance! After receiving a unanimous decision from the committee to move forward with underwriting, we were both on cloud nine. I encouraged Joe, “We still have a long way to go, but you should celebrate the accomplishment of this goal! You have done a very good job!” Today’s mission was not for his plan to be approved but rather submitted for underwriting and that is exactly what happened!
The joy – I have several times sat in front of lenders and weathered the barrage of questions; having the opportunity to support someone daring to dream is much rarer and a feeling I will never forget. I am grateful for Joe’s teachable spirit and his willingness to allow me to help. Thanks, Joe. Stay tuned for further updates and the Grand Opening!
Chief Operating Officer
A privilege - Today I had the opportunity to do something few people have the privilege to do and the results are the reason I do what I do. For the past several months, I have been working with an individual committed to pursuing a dream of starting a business; today was the first meeting with potential lenders. Many don’t realize the work that must be completed prior to that first meeting and Joe (not his real name) was no different. What is unique is his commitment and his teachable spirit.
The plan - The first drafting of his business plan was destined for the circular file as it required a great deal of work from the reader, in this case a lender, to find any reason to support the plan. I’m sure it wasn’t easy for Joe to hear my comments and suggestions but he was extremely teachable, a trait absolutely necessary for the process of business consulting to work, and he went back to work. Eager to make changes in his approach, he took the instruction I gave and came back with a totally different focus in his plan. There were still several changes that needed to be made and I’m sure Joe wondered what he had gotten himself into, but he never backed down. In addition to seeking help from West Company, Joe sought out industry-specific counsel because though he is experienced in the industry, he recognized he doesn’t know it all. Working many times late into the night, Joe produced a plan worthy of submittal for loan consideration.
The meeting – Having the opportunity to sit alongside someone willing to dream and fight for his dream is truly an honor. Listening to Joe answer the many questions asked by four different lenders, it was evident he had done his research and was confident with his plan but then I knew that already. I was very glad I had been honest with him through our many sessions, had insisted he be confident with his plan, and that his projections were based on reality and not some pie-in-the-sky belief. I remember and shared with the committee how Joe’s realization that these projections translated into his ability to pay his bills and support his family of five drove his desire to "get real". Every question the lenders asked, and there were many, Joe did not hesitate and always had a good sound answer. It was great fun to watch!
The result – It is a great feeling to walk out of a potentially disappointing meeting confident in the performance! After receiving a unanimous decision from the committee to move forward with underwriting, we were both on cloud nine. I encouraged Joe, “We still have a long way to go, but you should celebrate the accomplishment of this goal! You have done a very good job!” Today’s mission was not for his plan to be approved but rather submitted for underwriting and that is exactly what happened!
The joy – I have several times sat in front of lenders and weathered the barrage of questions; having the opportunity to support someone daring to dream is much rarer and a feeling I will never forget. I am grateful for Joe’s teachable spirit and his willingness to allow me to help. Thanks, Joe. Stay tuned for further updates and the Grand Opening!
Wednesday, November 10, 2010
So many books to choose from...
by Heather Gurewitz
Mendocino Women's Business Center Director
One of West Company's blog reader sent us the following question:
There are so many business books out there, how can an enterprising person tell which ones are worth their time? What are the common denominators of a good business book?
Unfortunately, there is no easy answer to this question. As they say, "You can't judge a book by its cover." However, the following could be used to decide if a business book is right for you:
Avoid: Books that put easy and rich in the same sentence. Anyone promising easy riches or easy steps is probably full of it (and I don't mean riches).
Look for: Books that have specific strategies to help trouble shoot the problem you are trying to solve. Always look at the table of contents and see if it looks like it will address your interests. If they have worksheets all the better. Some even come with compact discs with templates that can help you apply the techniques discussed.
Avoid: Books that are overly technical for your knowledge base.
Look for: books that you will enjoy reading. If you are thinking about buying a book, open to the first page of chapter one, and start reading. If you are lost by the end of the page, it may not be right for you. And hey, if you spend a lot of time on the road, you may want to think about the audio version. Personally, I love audio books, mainly because I can drink a cup of tea, work on a jigsaw puzzle, and still absorb information. I still recommend previewing the book. Some of the best books have the worst audio voice recordings. Make sure it's tolerable.
Avoid: books that offer free money or grant sources for small business. Those are most definitely scams and a waste of money.
Look for: some of the classics like "Seven Habits of Highly Successful People," "Getting to Yes," or "Guerilla Marketing." These books have been sparking innovation in business for years. Or if you are looking for something with specific information, Nolo Press makes a number of (usually thicker and dryer) books about the legal aspects of starting and running a business. If you are looking for a good book on social media and viral marketing, check out "The New Rules of Marketing and PR" by David Meerman Scott or "The Power of Pull" by Hagel, Brown, and Davison.
Avoid: Books with big pictures of the author on the cover. (Note: This is questionable advice, but I always follow this rule. Again, this is my opinion and not that of West Company or the SBA, the WBC or SBDC. And in all honesty I do have a couple of really good business books with big old faces on them).
Finally: Don't spend money on something you don't actually have time to read.
West Company invests a lot of our resources into keeping up with trends, acquiring information, and developing workshops so that instead of spending months getting half way through a business book, you can take a West Company workshop and get the same information in 3 hours.
Of course there are some cases when that very special book is just what you need, get it from a local and independent book store!
Mendocino Women's Business Center Director
One of West Company's blog reader sent us the following question:
There are so many business books out there, how can an enterprising person tell which ones are worth their time? What are the common denominators of a good business book?
Unfortunately, there is no easy answer to this question. As they say, "You can't judge a book by its cover." However, the following could be used to decide if a business book is right for you:
Avoid: Books that put easy and rich in the same sentence. Anyone promising easy riches or easy steps is probably full of it (and I don't mean riches).
Look for: Books that have specific strategies to help trouble shoot the problem you are trying to solve. Always look at the table of contents and see if it looks like it will address your interests. If they have worksheets all the better. Some even come with compact discs with templates that can help you apply the techniques discussed.
Avoid: Books that are overly technical for your knowledge base.
Look for: books that you will enjoy reading. If you are thinking about buying a book, open to the first page of chapter one, and start reading. If you are lost by the end of the page, it may not be right for you. And hey, if you spend a lot of time on the road, you may want to think about the audio version. Personally, I love audio books, mainly because I can drink a cup of tea, work on a jigsaw puzzle, and still absorb information. I still recommend previewing the book. Some of the best books have the worst audio voice recordings. Make sure it's tolerable.
Avoid: books that offer free money or grant sources for small business. Those are most definitely scams and a waste of money.
Look for: some of the classics like "Seven Habits of Highly Successful People," "Getting to Yes," or "Guerilla Marketing." These books have been sparking innovation in business for years. Or if you are looking for something with specific information, Nolo Press makes a number of (usually thicker and dryer) books about the legal aspects of starting and running a business. If you are looking for a good book on social media and viral marketing, check out "The New Rules of Marketing and PR" by David Meerman Scott or "The Power of Pull" by Hagel, Brown, and Davison.
Avoid: Books with big pictures of the author on the cover. (Note: This is questionable advice, but I always follow this rule. Again, this is my opinion and not that of West Company or the SBA, the WBC or SBDC. And in all honesty I do have a couple of really good business books with big old faces on them).
Finally: Don't spend money on something you don't actually have time to read.
West Company invests a lot of our resources into keeping up with trends, acquiring information, and developing workshops so that instead of spending months getting half way through a business book, you can take a West Company workshop and get the same information in 3 hours.
Of course there are some cases when that very special book is just what you need, get it from a local and independent book store!
Wednesday, October 27, 2010
Revelations from Fall Cleaning
by Heather Gurewitz
Mendocino Women's Business Center Director
If you've been to the coast office in the last couple of days you may have noticed that we have done some furniture re-organizing. Through this process I ended up cleaning out a cabinet that I have been avoiding for a long time. Now, I am not much for cleaning, but this turned out to be a lot of fun, as the cabinet was like a journey through the history of West Company. We found photographs of the re-dedication of the Women's Business Center back in 2000 as well as the "Advancing the Status of Women Award" presented to West Company on April 27, 1997 by Soroptomists International.
I was still working on my undergraduate degree in 1997,so thinking about all the people who have worked for West Company over the last 22 years creating an organization that does so much for our community makes me feel proud to be a part of it.
West Company has changed and expanded since the old days when West was actually an acronym. Today, West Company continues to serve male and female micro-entrepreneurs, but, as the Small Business Development Center, West Company provides a higher level of service to existing businesses looking to grow. As an organization we have accumulated a vast body of knowledge over the last 22 years that we are able to share with our clients.
As the Women's Business Center Director and a community development professional I do what I do because I want to make a difference, and it is important to remember that the work I do isn't just about what I do with the clients I see now. West Company has been successfully implementing a grass roots approach to economic development for a long time and I am proud to be a part of it!
Mendocino Women's Business Center Director
 |
| Pamela Patterson (2000), then Biz Dev. Manager.,current CEO |
 |
| Joy Calonico(2000), then WBC Director current SBDC consultant |
West Company has changed and expanded since the old days when West was actually an acronym. Today, West Company continues to serve male and female micro-entrepreneurs, but, as the Small Business Development Center, West Company provides a higher level of service to existing businesses looking to grow. As an organization we have accumulated a vast body of knowledge over the last 22 years that we are able to share with our clients.
As the Women's Business Center Director and a community development professional I do what I do because I want to make a difference, and it is important to remember that the work I do isn't just about what I do with the clients I see now. West Company has been successfully implementing a grass roots approach to economic development for a long time and I am proud to be a part of it!
Wednesday, October 20, 2010
Reducing taxes by being prepared!
By Loyd Hambrick
Chief Operating Officer
Do you want to pay less in taxes? Lots of help exists for self-employed individuals to better prepare themselves for tax time. It was noted during a recent webinar I attended on SETI, the Self Employment Tax Initiative, studies conducted by organizations supporting SETI indicated individuals who were prepared for tax time received on average 300% higher refunds from the IRS than those not prepared. Yep, that’s right, 300%. For those that are not aware, SETI was launched in 2005 by the Corporation for Enterprise Development (CFED) and according to their website, “The Corporation for Enterprise Development is a national nonprofit based in Washington, DC dedicated to expanding economic opportunity for low-income families and communities. The purpose of SETI is to demonstrate how local organizations can use the tax code to deliver essential business development and financial services to low-income entrepreneurs.” One of the greatest values this organization noted of SETI was the coaching and training they were able to offer self-employed individuals to better understand one of the most important documents for the self-employed, the Schedule C. Anyone earning a profit of at least $400 per year through self-employment, is required by law to complete and file a Schedule C which is simply a profit and loss statement in an IRS format. Fortunately, Mendocino County residents have a great resource at their disposal for the same type of training and coaching. West Company, the Mendocino Small Business Development Center and Women’s Business Center, offers free consulting as well as workshops that enable small business and microenterprises to keep more of their money, and who doesn’t want to do that? The clearer understanding a business owner has of Schedule C, the more they can use the document to their advantage. For instance, let’s say you are self-employed and you have one or more employees. As a good business owner, you want to reward your employees for a job well-done by buying them lunch let’s say once-a-month. Under Schedule C guidelines, legitimate business meals and entertainment are deductible but only at fifty percent. Knowing this, a business owner can devise a better incentive program that could be classified as an acceptable expense but deductible at one-hundred percent. Though training such as West Company offers is not a substitute for accounting advice from a licensed CPA, it goes a long way in making that advice much more valuable. The more prepared a business owner is when seeking the services of a CPA, the less time required of the CPA and therefore the smaller bill a business owner must pay. If you would like more information on how you can be better prepared for tax season, contact West Company at (707) 467-5931 for inland regions or (707) 964-7571 for coastal region or visit us online at www.westcompany.org.
Chief Operating Officer
Do you want to pay less in taxes? Lots of help exists for self-employed individuals to better prepare themselves for tax time. It was noted during a recent webinar I attended on SETI, the Self Employment Tax Initiative, studies conducted by organizations supporting SETI indicated individuals who were prepared for tax time received on average 300% higher refunds from the IRS than those not prepared. Yep, that’s right, 300%. For those that are not aware, SETI was launched in 2005 by the Corporation for Enterprise Development (CFED) and according to their website, “The Corporation for Enterprise Development is a national nonprofit based in Washington, DC dedicated to expanding economic opportunity for low-income families and communities. The purpose of SETI is to demonstrate how local organizations can use the tax code to deliver essential business development and financial services to low-income entrepreneurs.” One of the greatest values this organization noted of SETI was the coaching and training they were able to offer self-employed individuals to better understand one of the most important documents for the self-employed, the Schedule C. Anyone earning a profit of at least $400 per year through self-employment, is required by law to complete and file a Schedule C which is simply a profit and loss statement in an IRS format. Fortunately, Mendocino County residents have a great resource at their disposal for the same type of training and coaching. West Company, the Mendocino Small Business Development Center and Women’s Business Center, offers free consulting as well as workshops that enable small business and microenterprises to keep more of their money, and who doesn’t want to do that? The clearer understanding a business owner has of Schedule C, the more they can use the document to their advantage. For instance, let’s say you are self-employed and you have one or more employees. As a good business owner, you want to reward your employees for a job well-done by buying them lunch let’s say once-a-month. Under Schedule C guidelines, legitimate business meals and entertainment are deductible but only at fifty percent. Knowing this, a business owner can devise a better incentive program that could be classified as an acceptable expense but deductible at one-hundred percent. Though training such as West Company offers is not a substitute for accounting advice from a licensed CPA, it goes a long way in making that advice much more valuable. The more prepared a business owner is when seeking the services of a CPA, the less time required of the CPA and therefore the smaller bill a business owner must pay. If you would like more information on how you can be better prepared for tax season, contact West Company at (707) 467-5931 for inland regions or (707) 964-7571 for coastal region or visit us online at www.westcompany.org.
Monday, October 18, 2010
More on Free Marketing...
By Heather Gurewitz,
WBC Director
Okay, let's be honest. While there are some who are technologically challenged, really, "doing Facebook" isn't rocket science. If you have some fingers and a computer with internet (or a Smart Phone and two thumbs) you can Facebook pretty easily. I would even venture to say, it's easier than email. So, why do people have trouble with Facebook? Now, this is just a theory, but I believe it is because there is a difference between being able to post and being able to post something that generates sales.
Well, the first thing to note is that if you have a business then it is beyond recommended that you have some sort of a web presence for your business. The good news, is that you can do it for free and still have it be professional.
The second thing to note is that "Zero-Budget Marketing" is more than simply social networking. In "Zero-Budget Marketing" we will cover Facebook, blogs, what I call Google's "free zone", Tweeting, and how to actually do all of these things. We will also cover the most important question of all (drum roll please) WHY? Why do these things? How will they benefit my business?
When you invest time or money into marketing it should generate sales (and hopefully profit) for your business. "Zero-Budget Marketing" isn't just about using the free marketing tools of the web, it's about maximizing your profit from those tools.
Zero Budget Marketing is on Tuesday, October 19th from 5:30-8:30 at West Company in Fort Bragg. There are only a few spaces left, so call 964-7571 today if you are interested.
WBC Director
Okay, let's be honest. While there are some who are technologically challenged, really, "doing Facebook" isn't rocket science. If you have some fingers and a computer with internet (or a Smart Phone and two thumbs) you can Facebook pretty easily. I would even venture to say, it's easier than email. So, why do people have trouble with Facebook? Now, this is just a theory, but I believe it is because there is a difference between being able to post and being able to post something that generates sales.
Well, the first thing to note is that if you have a business then it is beyond recommended that you have some sort of a web presence for your business. The good news, is that you can do it for free and still have it be professional.
The second thing to note is that "Zero-Budget Marketing" is more than simply social networking. In "Zero-Budget Marketing" we will cover Facebook, blogs, what I call Google's "free zone", Tweeting, and how to actually do all of these things. We will also cover the most important question of all (drum roll please) WHY? Why do these things? How will they benefit my business?
When you invest time or money into marketing it should generate sales (and hopefully profit) for your business. "Zero-Budget Marketing" isn't just about using the free marketing tools of the web, it's about maximizing your profit from those tools.
Zero Budget Marketing is on Tuesday, October 19th from 5:30-8:30 at West Company in Fort Bragg. There are only a few spaces left, so call 964-7571 today if you are interested.
Tuesday, October 5, 2010
Reduce your stress level!
by Heather Gurewitz
Mendocino Women's Business Center Director
Last Saturday, I found myself sitting at a table promoting West Company at the Health and Wellness Fair at Mendocino Coast District Hospital. At first it felt like an odd fit, though I often tell people that "we help people have healthy businesses." However, the longer I was there, the more I realized how important West Company is for helping people have healthier lives. In 2006 (when the economy was still good) do you know what the leading cause of stress was? FINANCES! (see http://ezinearticles.com/?7-Leading-Causes-of-Stress&id=473303 for more info)
Now, you can spend all of the money you are stressing about on acupuncture, massages, hypnotherapy, aromatherapy, and mediation classes, but what it comes down to, is if you want to reduce your stress level, you have to work on the real problem, improving your finances.
So no, West Company doesn't help relieve stress, but we help solve the problems that cause it! We do this by helping our clients work on their budgeting, improving their efficiency, and increasing their sales.
If you are self-employed or have a small service based business, such as landscaping, contracting, massage therapy, a beauty salon, or another business in which time is your main commodity, West Company is offering a special course, "The Price is Right?" for people who are already in business to take a good look at their current pricing and financial model, and to come up with tools to improve it.
"The Price is Right?" will take place on October 12th from 5:30-8:30 pm at West Company in Fort Bragg. The goal of this workshop is for participants to walk away with some clear actions to increase the profitability of the business. We will be looking at case studies, doing activities, and discussing how to revise the business financial model to increase profitability.
But wait, it doesn't stop there! (I konw, I sound like an infomercial) Once we get the "house" in order, and come up with some clear financial goals, "Zero Budget Marketing" will be offered on October 19th, 5:30-8:30 pm, to help you increase sales without increasing (and possibly decreasing) your marketing budget!
For more information contact our office at 964-7571 or sign up online by clicking here.
Mendocino Women's Business Center Director
Last Saturday, I found myself sitting at a table promoting West Company at the Health and Wellness Fair at Mendocino Coast District Hospital. At first it felt like an odd fit, though I often tell people that "we help people have healthy businesses." However, the longer I was there, the more I realized how important West Company is for helping people have healthier lives. In 2006 (when the economy was still good) do you know what the leading cause of stress was? FINANCES! (see http://ezinearticles.com/?7-Leading-Causes-of-Stress&id=473303 for more info)
Now, you can spend all of the money you are stressing about on acupuncture, massages, hypnotherapy, aromatherapy, and mediation classes, but what it comes down to, is if you want to reduce your stress level, you have to work on the real problem, improving your finances.
So no, West Company doesn't help relieve stress, but we help solve the problems that cause it! We do this by helping our clients work on their budgeting, improving their efficiency, and increasing their sales.
If you are self-employed or have a small service based business, such as landscaping, contracting, massage therapy, a beauty salon, or another business in which time is your main commodity, West Company is offering a special course, "The Price is Right?" for people who are already in business to take a good look at their current pricing and financial model, and to come up with tools to improve it.
"The Price is Right?" will take place on October 12th from 5:30-8:30 pm at West Company in Fort Bragg. The goal of this workshop is for participants to walk away with some clear actions to increase the profitability of the business. We will be looking at case studies, doing activities, and discussing how to revise the business financial model to increase profitability.
But wait, it doesn't stop there! (I konw, I sound like an infomercial) Once we get the "house" in order, and come up with some clear financial goals, "Zero Budget Marketing" will be offered on October 19th, 5:30-8:30 pm, to help you increase sales without increasing (and possibly decreasing) your marketing budget!
For more information contact our office at 964-7571 or sign up online by clicking here.
Friday, October 1, 2010
Keeping the Balance
By Heather Gurewitz
Mendocino Women's Business Center Director
No matter what we do, or how good we are at what we do, there is always a need for refreshers, updates, learning time. That's what the annual Association for Small Business Development Center's Conference is for West Company staff. For one week each year, our staff travel to the destination in which hundreds of business consultants from across the country share strategies, secrets, and tips for improving our ability to serve our clients.
Over the three days of training, we have to choose from marketing, finance, accounting, management, and leadership courses offered by various centers. My strategy going in is to find the workshops that hit my weak spots. For example, I steer clear of social media marketing workshops, and I bee-line for the accounting. However, after 6 hours of taxes, balance sheets, and cash flows the first day, I realized that I was hitting to heavy in one area and I had to remind myself of what I teach my clients:
You have to think holistically about business, the most key part of business is not finance, marketing, or product, its BALANCE. You may be great a making formulas, adding numbers, and subtracting numbers, but if you forget the marketing piece, you won't have any numbers to mess with. Conversely, if you are a cracker-jack marketer you can have millions of dollars in sales and have zero profits. You can even end up with net losses. So, the big reminder to me of the conference, is that there is never a silver bullet, for me or for my clients. It's an integrated process, and the more you put yourself off balance, the more you leave your business at risk of failure.
As for me, I had to mix it up a bit. So while I definitely got some great new tools to use in financial management, my brain is now chalk full of market data, decision making strategies, and all kinds of facts and figures to help Mendocino Coast businesses and start ups. Over the next few blog posts I will be following up with topics inspired by the ASBDC conference.
Mendocino Women's Business Center Director
No matter what we do, or how good we are at what we do, there is always a need for refreshers, updates, learning time. That's what the annual Association for Small Business Development Center's Conference is for West Company staff. For one week each year, our staff travel to the destination in which hundreds of business consultants from across the country share strategies, secrets, and tips for improving our ability to serve our clients.
Over the three days of training, we have to choose from marketing, finance, accounting, management, and leadership courses offered by various centers. My strategy going in is to find the workshops that hit my weak spots. For example, I steer clear of social media marketing workshops, and I bee-line for the accounting. However, after 6 hours of taxes, balance sheets, and cash flows the first day, I realized that I was hitting to heavy in one area and I had to remind myself of what I teach my clients:
You have to think holistically about business, the most key part of business is not finance, marketing, or product, its BALANCE. You may be great a making formulas, adding numbers, and subtracting numbers, but if you forget the marketing piece, you won't have any numbers to mess with. Conversely, if you are a cracker-jack marketer you can have millions of dollars in sales and have zero profits. You can even end up with net losses. So, the big reminder to me of the conference, is that there is never a silver bullet, for me or for my clients. It's an integrated process, and the more you put yourself off balance, the more you leave your business at risk of failure.
As for me, I had to mix it up a bit. So while I definitely got some great new tools to use in financial management, my brain is now chalk full of market data, decision making strategies, and all kinds of facts and figures to help Mendocino Coast businesses and start ups. Over the next few blog posts I will be following up with topics inspired by the ASBDC conference.
Wednesday, September 15, 2010
Critical Facebooking for the Biz
By Heather Gurewitz
Mendocino Women's Business Center Director
Do you tell all your clients and customers how much you drank last weekend? or about your bad break up with a significant other? or about your favorite passage in the bible? If you are using Facebook to promote your business, you need to present a professional image. Depending on your business, personal, religious, or political views MAY not be appropriate. For example, if you are a Christian book store, quoting bible phrases and talking about your spiritual preferences would be a great way to promote your business. But, if you are a local eatery, a mechanic, or another business that serves customers from all religious points of view, you may be alienating some of your clientele. If they delete your posts or have you as a "do not show" you can no longer market to them through Facebook. This goes for political beliefs as well or anything else considered controversial.
Personally, I have two Facebook pages, one for my personal life and one as the Mendocino WBC Director. If you have two separate emails, you can do the same. I keep my personal stuff personal, and my business profile professional. Occasionally on my WBC Facebook Page I see someone write something that I want to comment on, and every time I have to ask myself: "Is it appropriate?" I use the same guidelines to answer this question as I do for what kind of topics I will discuss with people I meet at chamber mixers or an event where I am attending in my professional capacity. Additionally, if I find that some of my professional contacts are writing things that I feel are inappropriate for my professional Facebook page, I mark them as "do not show."
If you are having trouble keeping your business Facebook separate from your personal Facebook account and need help determining your criteria, you should consider giving West Company a call. We can help you take a holistic look at your marketing and decide whether Facebook is an asset or a liability for your business.
Learn more about marketing your business with free web tools at our Zero Budget Marketing Class in Fort Bragg on October 19th from 5:30-8:30pm. Geared toward the service-based business, we will cover blogs, facebook, video and more!
Mendocino Women's Business Center Director
Do you tell all your clients and customers how much you drank last weekend? or about your bad break up with a significant other? or about your favorite passage in the bible? If you are using Facebook to promote your business, you need to present a professional image. Depending on your business, personal, religious, or political views MAY not be appropriate. For example, if you are a Christian book store, quoting bible phrases and talking about your spiritual preferences would be a great way to promote your business. But, if you are a local eatery, a mechanic, or another business that serves customers from all religious points of view, you may be alienating some of your clientele. If they delete your posts or have you as a "do not show" you can no longer market to them through Facebook. This goes for political beliefs as well or anything else considered controversial.
Personally, I have two Facebook pages, one for my personal life and one as the Mendocino WBC Director. If you have two separate emails, you can do the same. I keep my personal stuff personal, and my business profile professional. Occasionally on my WBC Facebook Page I see someone write something that I want to comment on, and every time I have to ask myself: "Is it appropriate?" I use the same guidelines to answer this question as I do for what kind of topics I will discuss with people I meet at chamber mixers or an event where I am attending in my professional capacity. Additionally, if I find that some of my professional contacts are writing things that I feel are inappropriate for my professional Facebook page, I mark them as "do not show."
If you are having trouble keeping your business Facebook separate from your personal Facebook account and need help determining your criteria, you should consider giving West Company a call. We can help you take a holistic look at your marketing and decide whether Facebook is an asset or a liability for your business.
Learn more about marketing your business with free web tools at our Zero Budget Marketing Class in Fort Bragg on October 19th from 5:30-8:30pm. Geared toward the service-based business, we will cover blogs, facebook, video and more!
Thursday, September 9, 2010
Puttin' on the Green
By Heather Gurewitz
Mendocino Women's Business Center Director
Sustainable business is definitely on my list of personal interests. And by sustainable, I mean businesses that meet the triple bottom line. For those who don't have "sustainability" ingrained into their consciousness, the triple bottom line refers to a society, community, business, or even person, that focuses on balancing financial stability without sacrificing the health of the environment nor social responsibility. Sustainability is something that we as individuals can work towards one day at a time through the lifestyle choices that me make. As businesses, we can work toward sustainability in the suppliers we chose and the practices we use. Sustainability is also something that we can work towards as cities, counties, states, and nations through the policies and laws that we create and enforce.
As an organization, West Company supports all businesses, and focuses on how small and independently owned businesses can be financially sustainable. Consequently supporting social sustainability by creating a strong community with self-sufficiency and wealth. It's up to our clients whether they feel that they wish to pursue the "green" side of the equation, though a strong percentage of them do.
West Company doesn't tell clients what their missions should be, and we don't judge ideas. But we do provide learning opportunities for them to learn about the opportunities available to them. That is one of the reasons we have been helping organize "The North Coast Green Summit" on Thursday, September 16th, 2010 from 8:30am - 5:00pm. It will be a day of education and networking for individuals, businesses, and community leaders interested in learning more about how they can go green.
For more information visit the: http://www.northcoastgreen.org/
We hope to see you there!
Mendocino Women's Business Center Director
Sustainable business is definitely on my list of personal interests. And by sustainable, I mean businesses that meet the triple bottom line. For those who don't have "sustainability" ingrained into their consciousness, the triple bottom line refers to a society, community, business, or even person, that focuses on balancing financial stability without sacrificing the health of the environment nor social responsibility. Sustainability is something that we as individuals can work towards one day at a time through the lifestyle choices that me make. As businesses, we can work toward sustainability in the suppliers we chose and the practices we use. Sustainability is also something that we can work towards as cities, counties, states, and nations through the policies and laws that we create and enforce.
As an organization, West Company supports all businesses, and focuses on how small and independently owned businesses can be financially sustainable. Consequently supporting social sustainability by creating a strong community with self-sufficiency and wealth. It's up to our clients whether they feel that they wish to pursue the "green" side of the equation, though a strong percentage of them do.
West Company doesn't tell clients what their missions should be, and we don't judge ideas. But we do provide learning opportunities for them to learn about the opportunities available to them. That is one of the reasons we have been helping organize "The North Coast Green Summit" on Thursday, September 16th, 2010 from 8:30am - 5:00pm. It will be a day of education and networking for individuals, businesses, and community leaders interested in learning more about how they can go green.
For more information visit the: http://www.northcoastgreen.org/
We hope to see you there!
Thursday, September 2, 2010
Is local business the key to a strong local economy or an income stream for credit card companies?
by Heather Gurewitz
Mendocino WBC Director
Let's look at two scenarios...
1. Pamela opens a retail store. She does not write a business plan, she has no strategy, and she finances most of her expenses with credit cards. Several years later she owes tens of thousands on her credit cards and is still purchasing inventory on credit. Every penny of profit she makes goes directly to paying the interest on her credit card debt. She never has profit to take home because the interest on her credit cards has become so enormous that she can't possibly make enough profit to pay down the debts. She can no longer afford to support any of the other stores in town (unless she uses her personal credit cards) so every dollar spent in her store goes to the suppliers and high interest predatory lenders. Most of her days are devoted to dodging calls from collection agents. She eventually files bankruptcy, closes the store, and gets a job at the burger joint down the street.
2. Pamela opens a retail store. Before doing so, she takes the Building a Better Business Series with West Company and learns how to start and manage a small business. Then, with the assistance of a West Company consultant she writes a business plan that she uses to help her stay on track. Because she has such a great plan she is able to get a micro-loan from an alternative financing organization and she is soon in her own shop. Pamela continues to monitor her financial situation and adjusts her business to the existing conditions. She uses conservative numbers and keeps track of her inventory so that she knows what and how much to buy. She also budgeted a monthly savings amount in case of the tough times. Pamela's prices aren't the lowest, but they are set based on her profit goals and realistic expenses, so that she has a profit that she can take home and use to pay for her personal living expenses, and to support other locally owned stores in the community. She even has enough extra to support community organizations through donations and event contributions. If she continues on this path she expects to hire an employee and create a new job in the community by the end of the next year.
Building our local economy relies on healthy financial practices
Having a healthy business isn't just good for the owner, it's good for the whole community. Many people have a strong desire to "work for themselves." This means building a financial model for your business that works for you. West Company consultants are here to assist entrepreneurs and business owners come up with a strong financial model to strengthen local businesses creating self sufficiency and wealth in our community.
Mendocino WBC Director
Let's look at two scenarios...
1. Pamela opens a retail store. She does not write a business plan, she has no strategy, and she finances most of her expenses with credit cards. Several years later she owes tens of thousands on her credit cards and is still purchasing inventory on credit. Every penny of profit she makes goes directly to paying the interest on her credit card debt. She never has profit to take home because the interest on her credit cards has become so enormous that she can't possibly make enough profit to pay down the debts. She can no longer afford to support any of the other stores in town (unless she uses her personal credit cards) so every dollar spent in her store goes to the suppliers and high interest predatory lenders. Most of her days are devoted to dodging calls from collection agents. She eventually files bankruptcy, closes the store, and gets a job at the burger joint down the street.
2. Pamela opens a retail store. Before doing so, she takes the Building a Better Business Series with West Company and learns how to start and manage a small business. Then, with the assistance of a West Company consultant she writes a business plan that she uses to help her stay on track. Because she has such a great plan she is able to get a micro-loan from an alternative financing organization and she is soon in her own shop. Pamela continues to monitor her financial situation and adjusts her business to the existing conditions. She uses conservative numbers and keeps track of her inventory so that she knows what and how much to buy. She also budgeted a monthly savings amount in case of the tough times. Pamela's prices aren't the lowest, but they are set based on her profit goals and realistic expenses, so that she has a profit that she can take home and use to pay for her personal living expenses, and to support other locally owned stores in the community. She even has enough extra to support community organizations through donations and event contributions. If she continues on this path she expects to hire an employee and create a new job in the community by the end of the next year.
Building our local economy relies on healthy financial practices
Having a healthy business isn't just good for the owner, it's good for the whole community. Many people have a strong desire to "work for themselves." This means building a financial model for your business that works for you. West Company consultants are here to assist entrepreneurs and business owners come up with a strong financial model to strengthen local businesses creating self sufficiency and wealth in our community.
Tuesday, August 24, 2010
Are you combatting your business image?
by Heather Gurewitz
Mendocino Women's Business Center Director
Most businesses spend years developing their image, and just when their business is ready to grow, they find themselves struggling with their original brand. West Company is a good example, initially the Women's Economic Self Sufficiency Training Center, we are constantly having to use our marketing materials to let potential clients know that we not only serve men as well as women, but that we also offer our consulting services to higher level businesses. While we continue to provide services as host to the Mendocino Women's Business Center (WBC), West Company is also host to the Mendocino Small Business Development Center (SBDC), a nationwide program sponsored by the Small Business Administration (SBA) that provides technical assistance to start-up and existing businesses. One of the main goals of the SBDC program is to create jobs and economic impacts in our local economy. There are no income requirements to participate in this program, and while there are fee for trainings, one-on-one consulting is covered by our funders.
Since West Company has expanded services we have been actively marketing our new image as a full-service business assistance organization through a re-vamped website, a Facebook presence, and of course the new and improved West Company blogspot. We also do a lot of on-the-ground marketing by developing relationships and connections with potential clients through chamber mixers, community events, and partnerships with other organizations. Marketing and media technology is changing fast. Does anyone know what will be the next Facebook? West Company stays on top of marketing changes and trends, not only for our own purposes of reaching our clients, but so that we can assist our clients to stay ahead of the curve.
Mendocino Women's Business Center Director
Most businesses spend years developing their image, and just when their business is ready to grow, they find themselves struggling with their original brand. West Company is a good example, initially the Women's Economic Self Sufficiency Training Center, we are constantly having to use our marketing materials to let potential clients know that we not only serve men as well as women, but that we also offer our consulting services to higher level businesses. While we continue to provide services as host to the Mendocino Women's Business Center (WBC), West Company is also host to the Mendocino Small Business Development Center (SBDC), a nationwide program sponsored by the Small Business Administration (SBA) that provides technical assistance to start-up and existing businesses. One of the main goals of the SBDC program is to create jobs and economic impacts in our local economy. There are no income requirements to participate in this program, and while there are fee for trainings, one-on-one consulting is covered by our funders.
Since West Company has expanded services we have been actively marketing our new image as a full-service business assistance organization through a re-vamped website, a Facebook presence, and of course the new and improved West Company blogspot. We also do a lot of on-the-ground marketing by developing relationships and connections with potential clients through chamber mixers, community events, and partnerships with other organizations. Marketing and media technology is changing fast. Does anyone know what will be the next Facebook? West Company stays on top of marketing changes and trends, not only for our own purposes of reaching our clients, but so that we can assist our clients to stay ahead of the curve.
Thursday, August 12, 2010
The easy way up?
By Heather Gurewitz
Mendocino Women's Business Center Director
Once upon a time I was a trail guide in Juneau, Alaska, surrounded by mountains that started at sea level and rose to as low as 3,000 feet in a matter of 1- 2 miles. I remember my first summer there was more than one instance of someone needing to be rescued by helicopters or rescue teams due to unsuspecting tourists climbing up the "hills" with no maps, instructions, or guides. There were a few who made it up, but usually with lots of cuts and bruises from the climb. Most would get stuck on the cliffs and ledges. On the other hand, tourists that had guides or maps and appropriate supplies would safely make it up and down these same mountains. The routes may have been longer, seemingly more difficult, and not as immediately apparent, but people who planned a safe route made it up without broken limbs or hypothermia.
I see people making similar choices in business. There are some that look for the easiest way, but without calculating risk and examining the venture, and there are those that find a path and work hard at building something secure and long lasting. Today's economy is about as treacherous as the mountains in Juneau, but that doesn't mean that there aren't possible ways of creating successful businesses. It does mean, that it requires a more efficient model with a well thought out plan.
Much like scaling a mountain, starting a business is a trek and everyone has their own challenges. Depending on their personal and financial goals, and the type of business, the level of difficulty varies. What West Company does (metaphorically speaking) is help people develop a map of their mountain. We help identify the hazards, the safe routes, and the resources needed for a successful and safe journey. Now, of course, no one knows the future, so we can't predict the unpredictable, but we do help people develop their plans to minimize potential risk.
If you are starting or buying a business in Mendocino or Glenn Counties, you should contact us today to find out about classes and trainings starting this fall. You can also apply online by clicking here!
Mendocino Women's Business Center Director
Once upon a time I was a trail guide in Juneau, Alaska, surrounded by mountains that started at sea level and rose to as low as 3,000 feet in a matter of 1- 2 miles. I remember my first summer there was more than one instance of someone needing to be rescued by helicopters or rescue teams due to unsuspecting tourists climbing up the "hills" with no maps, instructions, or guides. There were a few who made it up, but usually with lots of cuts and bruises from the climb. Most would get stuck on the cliffs and ledges. On the other hand, tourists that had guides or maps and appropriate supplies would safely make it up and down these same mountains. The routes may have been longer, seemingly more difficult, and not as immediately apparent, but people who planned a safe route made it up without broken limbs or hypothermia.
I see people making similar choices in business. There are some that look for the easiest way, but without calculating risk and examining the venture, and there are those that find a path and work hard at building something secure and long lasting. Today's economy is about as treacherous as the mountains in Juneau, but that doesn't mean that there aren't possible ways of creating successful businesses. It does mean, that it requires a more efficient model with a well thought out plan.
Much like scaling a mountain, starting a business is a trek and everyone has their own challenges. Depending on their personal and financial goals, and the type of business, the level of difficulty varies. What West Company does (metaphorically speaking) is help people develop a map of their mountain. We help identify the hazards, the safe routes, and the resources needed for a successful and safe journey. Now, of course, no one knows the future, so we can't predict the unpredictable, but we do help people develop their plans to minimize potential risk.
If you are starting or buying a business in Mendocino or Glenn Counties, you should contact us today to find out about classes and trainings starting this fall. You can also apply online by clicking here!
Thursday, August 5, 2010
West Company Fall Offerings on the Coast
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Tuesday, August 3, 2010
The Toughest Thing....
by Heather Gurewitz
Mendocino Women's Business Center Director for West Company
The other day my boss Pamela asked me, “What the toughest thing about your job?” I had to think about it, but after some thought I realized that the toughest part for me, is the “dream crusher” part. Starting a business or becoming self-employed can be a great thing, but it is not an easy thing. When people come to see me it is my job to help them look at the real issues they will have to face. I have to ask them the tough questions. That means that not everyone likes to hear what I have to say. True, I have many clients that are eternally grateful and appreciative for the knowledge I have shared, which in turn saves them from interminable debt and financial distress, but others, well, they don’t always come back.
Don’t get me wrong, I am a very strong advocate for self-employment and micro-enterprise. Why else would I do what I do? But, there are well thought out ventures, and there are not so well thought out ventures. Choosing self-employment or owning your own business can be extremely rewarding, but it is definitely NOT the easy route.
I grew up in an entrepreneurial household; my father started his own business in 1965 and still runs it today, having grown it from his bedroom to a 5,000 sq. ft. factory in Los Angeles. This means that in addition to my education and professional training, I have a firsthand understanding of what being in business means for your personal and family life. As an employed person I make it a point to try not to take my work home with me, but if you are the business owner, it goes where you go. It will have a huge effect on your personal life.
That’s why West Company always starts with a personal readiness in the first session of our series, “Building a Better Business” series, “Got What it Takes?” In this workshop we cover time management, personal finance, and what it really means to be a business owner, myths debunked. The first time I taught this class I had a student that had previously owned her own business for many years, and honestly, I was terrified; what if she stood up and said, “She’s full of it!” That did not happen. As a matter of fact, the woman came up to me after the workshop and said, “I wish I had taken this class 20 years ago!”
“Got What It Takes” is a three hour intensive look at how owning a business will change your personal life, and whether or not you are ready for that change. This class will be held in Fort Bragg on August 24th from 5:30-8:30pm, in Ukiah on August 31st from 1-4pm, and in Willits from 5-8pm. Click here for more information on West Company workshops.
Mendocino Women's Business Center Director for West Company
The other day my boss Pamela asked me, “What the toughest thing about your job?” I had to think about it, but after some thought I realized that the toughest part for me, is the “dream crusher” part. Starting a business or becoming self-employed can be a great thing, but it is not an easy thing. When people come to see me it is my job to help them look at the real issues they will have to face. I have to ask them the tough questions. That means that not everyone likes to hear what I have to say. True, I have many clients that are eternally grateful and appreciative for the knowledge I have shared, which in turn saves them from interminable debt and financial distress, but others, well, they don’t always come back.
Don’t get me wrong, I am a very strong advocate for self-employment and micro-enterprise. Why else would I do what I do? But, there are well thought out ventures, and there are not so well thought out ventures. Choosing self-employment or owning your own business can be extremely rewarding, but it is definitely NOT the easy route.
I grew up in an entrepreneurial household; my father started his own business in 1965 and still runs it today, having grown it from his bedroom to a 5,000 sq. ft. factory in Los Angeles. This means that in addition to my education and professional training, I have a firsthand understanding of what being in business means for your personal and family life. As an employed person I make it a point to try not to take my work home with me, but if you are the business owner, it goes where you go. It will have a huge effect on your personal life.
That’s why West Company always starts with a personal readiness in the first session of our series, “Building a Better Business” series, “Got What it Takes?” In this workshop we cover time management, personal finance, and what it really means to be a business owner, myths debunked. The first time I taught this class I had a student that had previously owned her own business for many years, and honestly, I was terrified; what if she stood up and said, “She’s full of it!” That did not happen. As a matter of fact, the woman came up to me after the workshop and said, “I wish I had taken this class 20 years ago!”
“Got What It Takes” is a three hour intensive look at how owning a business will change your personal life, and whether or not you are ready for that change. This class will be held in Fort Bragg on August 24th from 5:30-8:30pm, in Ukiah on August 31st from 1-4pm, and in Willits from 5-8pm. Click here for more information on West Company workshops.
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