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| Just In... |
Hennessey Capital is pleased to sponsor the Detroit Regional Chamber's Small Business Club. The Small Business Club was created in response to feedback from Chamber members who voiced a need for a forum to connect and support one another to remain stable and grow. The Small Business Club provides this opportunity, as well as valuable networking and professional development tools that small businesses need most to get an edge and stay relevant in a turbulent market. Visit the Small Business Club. |
| It's a Done Deal |
$50,000 factoring facility for a New Jersey-based commercial cable installer.
$50,000 factoring facility for a Michigan-based precision machine shop.
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| Greetings! |
Welcome to the August 2009 edition of Growth Capital News. Running a small business efficiently is the goal of any entrepreneur. Sound operations are a critical part of business success. So, this edition of Growth Capital News focuses on two key components of management - human resources and legal. We tust you will find this content relevant and it assists you in the constant challenge to stay ahead of the curve and the competition.
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| Sustainability Takes on New Meaning as Entrepreneurs Reconsider their Network Capital |
In my 20 years in the financial services industry, I have certainly seen better days than the current economic climate we are experiencing. Still, I believe that while many small businesses may be down, they are not out. I'm often referred to as an eternal optimist, but I'm happy with that designation. While no one wants to experience such a prolonged downturn in the economic climate, entrepreneurs and their teams have the opportunity to regroup and take more deliberate moves towards current survival and long-term viability. And while there's been much discussion on cost-cutting measures that companies can take, it's also important to revisit measures that don't have a price tag.
Sustainability is a popular concept these days, and it shouldn't be limited to environmental initiatives. That's because for many small business owners, surviving the recession depends on the sustainability of business relationships.
We have built Hennessey Capital by leveraging our network of relationships with the business community at large and professional service providers such as attorneys, CPAs, and bankers in particular, and encourage small business owners to look to their trusted advisors and other contacts to the do the same. When the economy is booming, these relationships aren't always nurtured like they should be; in slow times, rekindling and sustaining relationships becomes a priority again.
I would offer the following tips for building or maintaining a business relationship sustainability program:
- Think of business relationships, referral sources and various business connections as "network capital", a highly valuable investment that requires attention and renewed emphasis and commitment.
- Get to know or get reacquainted with key influencers in your industry and related industries to stay on top of trends and personnel changes.
- Use the down time to attend community business events that present the opportunity to meet new people who may be interested in your product or service or know others who are.
- With the credit market still on ice, reach out to new financial sources such as community bankers and credit union lenders; these institutions are always interested in establishing new business relationships and, because they have been generally less affected by the credit crunch, may have money to lend as well.
- Spend additional time with your team, ensuring they have the tools they need to succeed, the motivation to do so, and the benefit of idea sharing and brainstorming from colleagues and company leaders.
Get the remaining tips
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Fresh Service Strategies
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 Finding new ways to make connections with consumers is at the very heart of today's innovative customer service strategies. Now that many companies have cut staffing levels to the bone, many of the values that drive customer loyalty are being abandoned. Don't let that happen at your business. Take a cue from some customer service pros in this Success article. |
Employee Misclassification: An Emerging Problem for Michigan Business
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by: Robert K. Firsten, Abbott Nicholson PC
Given the harsh realities of today's economic climate, employers are increasingly searching for ways to cut labor costs and improve their "bottom-line." While there is good reason to take a fresh look at traditional ways of doing business, there are no panaceas. Judging by recent actions of state and federal taxing authorities, Michigan businesses improperly classifying workers as independent contractors rather than employees may be in for a reality check. Read the article to see where your business stands.
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Your Employee Handbook: How to Attract & Retain
Your Industry's Top Talent
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Make Your Employee Evaluations More Effective
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 By: Terry Socall, Business Success Group, LLC An employee evaluation system can be an effective retention tool, because most employees want and need constructive feedback on how they are doing. Unfortunately, the majority of supervisors dread doing appraisals. The process requires communicating personal judgments and is time consuming, especially if supervisors do only annual reviews that force them to recall and catalogue a year's worth of experiences. Many HR experts agree that this "once-a-year" approach to employee evaluations doesn't work because it tends to focus the appraisals on extraordinary events or to rehash past problems that should have been addressed already. Instead, employees need regular, ongoing evaluations and structured guidance to help them set and achieve both job and career goals. The following practice tips outline the four elements of an effective appraisal system. Learn more. | |
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Like what you see? Find other valuable resources and information at HennesseyCap.com or contact Toby Dahm or Jeff Wright at 248.658.1100 to learn how Hennessey can help you or your clients. |
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Entrepreneur.com
offers five tips to ensure you select the talent to that fits into your
culture. 
