Monthly Archives: February 2014

 

My Week in the 10KSB: Days Three and Four

For those of you who have been following along with me during my wonderful week attending 10KSB program classes, you’ll have an idea at how much I learned from the first two days. Now we’ll go on to the third and fourth day.

The third day of 10KSB found me really pumped, eager to get back to my office and start implementing all of the amazing things I’ve learned.

The focus today, Day Three, is on leadership.

If you stop and think about it, leadership is an extremely important part of running a business. Every ship needs a captain….someone who can keep the vessel afloat and heading on the right course. Without a leader, a business would be like a ship with no one at the wheel; drifting aimlessly with no clear destination. Hope I’m not making you seasick, but you get the analogy.

I learned a LOT about leadership!

For instance, I discovered things about my own style of leadership….how I function as a leader….what motivates me as a leader….things I can do to become a better leader and much, much more.

This was a topic that called for quite a lot of introspection and soul searching in order to identify your strengths and weaknesses as a leader. Honestly, I think it was one of the most important and useful things I came away with at the end of the 10KSB program. Of course, everything I learned was important and valuable, so it’s a tough call to decide which things were more helpful than others.

More About Thinking Big

We also delved into the subject of thinking big again on Day Three and did exercises that helped us to identify and define our missions, plus how to think smart and see how your life missions correlate with your visions for your business.

The only regret I have about the 10KSB is that I didn’t get into it sooner—before I made mistakes running the business!

But, this is a classic case of better late than never and maybe if I hadn’t made some colossal bloopers along the way on my route to the 10KSB, I wouldn’t have been as appreciative about learning the right way to do things.

Another exceedingly important thing I learned during the week is that my vision for expanding and growing the company while providing the best possible service to clients isn’t in any kind of conflict with making the business a fun, safe and rewarding environment for our employees.

The two things go hand-in-hand, meshing together like a smooth, well oiled gear that drives a motor….taking us all to bigger and better things in the days ahead.

Crunching Numbers

While maintaining that numbers will never be my favorite thing, this week has shown me that it can be hugely exciting to grasp the concepts of how to understand the financial aspect of your business. I never realized how understanding how to use and analyze ratios could tell me so much about the business and help track its progress or highlight areas that need improvement.

This is a boon, indeed!

Day Four was quite funand it managed to teach me a lot about a critical part of running a business, too—marketing.

Marketing is a necessary part of having a successful business and Day Four was a fantastic learning experience.

My key takeaway from the marketing part of the classes is that your clients are probably not who you think they are in many cases. For instance, it dawned on me that although I have taken quite a few online courses in marketing, I wasn’t getting that much benefit from them simply because I was putting in information but not putting myself into an environment where real questions from real people required real answers.

Working with a team of real people taught me so much about marketing. I can’t wait to start putting my newfound knowledge and understanding of marketing to good use!

In conclusion, I just want to say that being chosen to participate in the 10KSB was one of the most magnificent things that has ever happened to me. It was a learning experience for me that was absolutely priceless and I will be forever grateful I was given the chance to attend.

If you have a small business and meet the criteria for application….apply for the next one. You won’t be sorry!

 

 

My Week in the 10KSB: Day Two

If Day One of the 10KSB was awesome, Day Two was beyond awesome!

The program got off to a good beginning and just kept getting better from there as Day Two was jam packed with so much incredible info my head was fairly spinning! But I wasn’t complaining because I learned so much that would be beneficial to me in growing the business and making it more successful.

One of the most spectacular things about the class, to me, was mingling with so many fabulous entrepreneurs I would have never come into contact with otherwise. Meeting and talking to other small business owners from all around the country was such a rewarding and exciting experience! Everyone is fired with enthusiasm, bursting with ideas with much to share and it is my privilege to meet and know them all, if only for this little while.

I learned so much on Day Two that it’s hard to know where to begin telling you about it, so I think I’ll basically stick with imparting the key points of the day’s class and explaining what I, personally, got from it.

Without further ado, we’ll move on to the main lessons I came away with at the end of Day Two.

Key Lessons From Day Two

Here they are, the main things I learned on Day Two:

Ÿ  About Innovation— Innovation, I discovered, isn’t reserved for only the big box brands such as Apple or Burberry. It doesn’t have to be a blockbuster of an idea to be worth its weight in gold. Even small ideas can be parlayed into giant leaps forward for your business, especially if you apply a bit of special spin to them. For example, one of my innovative ideas was about finding ways to generate leads from our company website and then follow up on them promptly and efficiently. My first thought was to give a free whitepaper to website visitors, telling them what other companies in the Boston area charge to professionally clean various sizes and types of businesses. Then, I got an even better idea of how to do this using my own special twist and decided to conduct a brief survey of input from each prospective client. After collecting about 100 questionnaires, I would then collate the info and provide each respondent with a personalized report. Not only would this be a more personal and focused approach, it would also give us a chance to showcase our services. Voila! Innovation in action! Move over Apple!

Ÿ  About Financial Ratios— Okay, as I’ve already admitted, math and numbers aren’t my forte. Still, Day Two showed me that financial ratios rock! After reviewing numbers and reviewing a hypothetical case, I actually started to enjoy the exercise and realized that financial ratios are good things and can even be somewhat enjoyable. Not up there with dinner and a movie but not as bad as a dreaded trip to the dentist, either. Financial ratios will help me know when the business is on the right track—or not.

Ÿ  About Limitations— One of the biggest things I learned from Day Two was to think big! At the end of the day, the limitations you have are set by you and once you remove these self-set limitations that keep you down—-the sky is the limit! So dare to dream! Think big! As the old saying goes: When there is nothing to lose by trying and a great deal to be gained, by all means—try!

Programs such as the Goldman Sachs 10KSB can help make America Number One in all areas….one big-thinking entrepreneur at a time!

Hope you enjoyed Day Two. Next we’ll do Day Three and Four.

Read on!

 

My Week in the 10KSB: Day One

Day One of the 10ksb found me excited yet somewhat apprehensive.

Although I was immensely gratified to have been given this fabulous opportunity, I was also a little afraid that I wasn’t well prepared for the class and the overall experience. Main concern – the financial analysis!

Would I….could I….take enough away from this experience to send my business soaring into the stratosphere?

Well….maybe. The bottom  line is that I firmly believed I could learn a lot from the 10KSB and even if it didn’t make me a millionaire; it would give me invaluable information and assistance in how to grow my family owned and operated business—making a better tomorrow for all of us and our employees.

So, with a little trepidation and a lot of anticipation, Day One found me ready to experience the 10KSB to the max and soak up knowledge like a sponge.

I picked up a few important pointers that first day, which I will share with you.

5 Things I Learned on Day One of the 10KSB

Here are 5 lessons I learned on the first day of the 10KSB:

Lesson # 1: Be prepared! Much of your work involves a partner. Get to know important details about your partner, such as his/her personality, business and background. Be professional but personable when you introduce your partner to the class. A little humor and joking around is okay, but don’t over do it! You will have an allotted time in which to introduce your partner so prepare for it. Practice your intro in advance at least once and preferably two or even three times to make sure you can go through it swiftly and efficiently within the time limit. Keep your partner’s bio professional for the most part and don’t clutter it up with too many extraneous personal details. After all, the 10KSB is for professionals.

Lesson # 2: Breakfast officially starts at 8 am but class starts at 8:30, so this really isn’t much time. Far better to arrive about 7:30 for breakfast and you’ll have some extra time for networking, meeting others in the class and establishing a rapport while enjoying the camaraderie of classmates. You can forge some valuable connections in that extra half hour!

Lesson # 3: If, like me, numbers aren’t your strong suit—don’t panic. You’ll quickly discover that you won’t look like the class dunce if you don’t fully understand the financial aspects of running a business as well as you might, because there will be others in the same boat who don’t excel at numbers and financial matters, either. Just keep an open mind and you’ll at least learn what such terms as amortization and depression mean even if you still don’t totally get how to calculate them from scratch. Remember, that’s what accountants or perhaps your partners are for. Delegate, delegate!

Lesson # 4: Before the first class at Babson College, all participants have to do a Resource Map. The idea is for you to identify areas of opportunity and things you need help with such as an accountant, a PR person, attorney or whatever. Once you identify these key areas on your Resource Map, refer to the list of 10ksb participants to find classmates in those areas. This is a prime opportunity to make connections and create relationships with these people who have the skills you need to grow your business. Once you identify these people, don’t be a shrinking violet! Approach them, introduce yourself and explain why you are introducing yourself to them. I have made myself a promise to touch base with these resources on a regular basis rather than only contacting them when I need their help or advice.

Lesson # 5: The evening reception is a great time to unwind and have a little fun, while networking and making some connections. Don’t be pushy or try to dominate a conversation, but do put your best foot forward and forget being shy—this is your chance to shine and a golden opportunity to not only meet business people whose services might be of use to you; but also to meet people who might one day be able to use your business services, also! I met some truly fantastic people at the evening reception on Day One, as well as some of the outstanding Babson College staff and Goldman Sachs Staff for 10ksb. To say I felt like I just won the lottery doesn’t come close to describing how lucky I felt just being there and attending that reception!

Those are a few tips I might offer to anyone who is ever fortunate enough to be chosen for the 10KSB.

Next, we’ll move along to Day Two!

 

 

My Experience with the 10KSB: Thoughts, Feelings & What I Learned

The next few blog articles will be pertaining to my recent experience with the 10KSB—my thoughts and feelings as the week progressed….some of the things I learned….what I took away from it and so on and so forth.

You get the idea.

I want to share that absolutely fantastic week with you and hope you’ll enjoy hearing about it from my perspective.

What is the 10KSB?

First of all, allow me to clarify exactly what the 10KSB is:

A small manufacturer, accountant, landscaper or other small business owner or co-owner who has been in business for at least two years with a revenue that is at least $150,000 a year and a minimum of four employees qualifies to apply for the Goldman Sachs 10,000 Small Businesses Program.

It is an elite program for entrepreneurs sponsored by Goldman Sachs in collaboration with ICIC and Babson College. This $500 million initiative is designed to create jobs and spur economic activity through greater access to business education, mentors, networks and financial capital.

The 10KSB is a free business management education program that is geared toward helping small business owners acquire the skills and knowledge to grow their companies.

Each lucky participant is privy to a series of one-on-one business advice sessions from seasoned professionals, a growth focused curriculum, plus peer to peer learning as well as access to business support services.  Here are a few examples of what can be gained from the 10KSB program:

• Ÿ  Financial Smarts
• Ÿ  Great Negotiation Skills
• Ÿ  Leadership Abilities
• Ÿ  More Jobs, More Revenue
• Ÿ  Ace Product / Service Marketing

Needless to say, this was more than enough motivation for me to apply for the 10KSB Goldman Sachs Small Business Program!

The Chosen Few

As you can imagine, competition is fierce to be chosen as one of the lucky few who make it into this program. In fact, only two applicants were picked from the Boston area and you can probably imagine my joy when I learned that I was one of them!

I didn’t do somersaults or dance around the room but I felt like it!

This was quite an honor and I am well aware of just how very fortunate I was to be chosen to participate in the much coveted 10KSB.

Besides the list shown above of good things to be gleaned from the program, there are other benefits just as attractive.

Benefits of the 10KSB

Naturally, I received a tremendous amount of help, knowledge and ideas from my week attending the 10KSB and perhaps one of the most important was the connections I made with other entrepreneurs.

Meeting and interacting with other small business owners in a collaborative setting was so very helpful!

I made some wonderful connections during the week and look forward to furthering the acquaintance of some of the remarkable business people who attended the 10KSB with me. Networking and having the right connections is undeniably a crucial part of running a successful business and the 10KSB gave me the opportunity to meet and connect with people who can help me with my efforts to grow my business.

Now that I’ve brought you up to speed about what the 10KSB is and how I came to be a part of it, we’ll move on to my first day in class and I’ll share some of my thoughts, feelings and impressions with you; as well as some of the things I learned that may be helpful to you, too!

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