Good News!
"Prospering in Recession" event this Friday....Results from Survey...Mastermind Groups....SBA's new ARC Loans...Webinars...CoolProjectsMaui and...Counseling.
Take advantage of this opportunity to see a world class public speaker and author of "The Power of Focus" Les Hewitt as well as Maui's own Kirk Heiner with his new book "3 Great Secrets" at the Prospering in Recession event this Friday 5/22 from 8:30 to 1:30 at the Grand Wailea . To register go to Kirk Heiner's http://GreatMarketingNow.com
Survey Results - How Are You Faring In the Down-Turned Economy?
I received 84 responses. 74% have updated their marketing strategies, 51% know people who are doing better than normal or who have been particularly innovative. This is good news. Many of the respondents commented positively about how they were managing.
More challenging, but still good news (where there are challenges there are opportunities) is that only 24% have updated their Internet strategies. 40% have updated their cash flow projections and stress tested (modeled for a down turn). 33% are in regular contact with their bankers.
Of course we had some respondents who have gone out of business, and many who are struggling but they seem to be in good spirits and moving on to next ventures as all good entrepreneurs do.
Mastermind Groups - One of the common strategies for coping with tough times is innovation. I am fortunate to have a copy of a similar just completed survey from colleagues at Innovation Labs in Silicon Valley that I will report on in more detail separately in CoolProjectsMaui.com. A key finding is that local networks of colleagues are the most important force for innovation. People you meet with on a daily or weekly basis to test and flesh out ideas. Some of you are familiar with Jim Jacobson's mastermind groups started last year on Maui focusing primarily on marketing. Let me know if you would be interested in me facilitating mastermind groups focusing on business strategy, market research, and finances. Other focuses could be energy, health, and education. I am also interested in a focus on Web3.0 technology. See the TED.com talk with Tim Berners-Lee.
SBA's ARC Loans - The SBA announced yesterday a new program that will help otherwise viable businesses that are having difficulty with loan payments (including business credit cards). Business will be able to get up to $35k to make payments with no interest or fees, and no repayment for one year, after which you payback over up to 5 years. These will be 100% guaranteed by the SBA so banks will be incentified to make these loans. The program will go into effect June 15th. See http://sba.gov
They will be administered by local banks.
Webinars - I am launching my first webinars at the beginning of June. They are designed to be short and sweet on very focused topics. All you will need is your computer, access to the Internet and a phone.
June 2nd - 10 a.m. - 11 a.m. The SBA's New ARC Loan Program - Learn about the America's Recovery Capital Loan Program launching June 15th. Register by noon June 1st and we will send you instructions on how to sign in, etc.
June 3rd - 10 a.m. - 11 a.m. How To Prepare A Cash Flow Projection - Understand the basics of doing a cash flow projection, how it fits in with your other financial statements, and how you use it to manage your cash, and last but not least how to use it in your application for financing.
Starting A Venture in Hawaii - This is a 4-hour class I have been doing monthly for almost 19 years at Maui Community College. Next class is next Tuesday 5/26 at 8:30 a.m. It covers how to come up with an idea, how to test an idea, how to develop a team, legal structures, protecting your ideas, economic feasibility, and financing strategies.
There will be a Lahaina version on Thursday, June 18th
CoolProjectsMaui.Com - This weekend I expect to post interviews with Creative Conflict Solutions and discussion of their work looking at the sea changes coming in Hawaii's energy playing field, and with Dr. Bhatia and her innovative Kihei Orthodontics using telemedicine to manage practices on Maui and St. Louis. We will also have more on Act 221 and what remains after the Legislative session (so far it is not as bad as some are saying).
SBDC's Subsidised Counseling - Please remember to contact us if you need help, and even if you don't--to let us know how you are doing. SIGN UP here for Counseling |
