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| Just In... |
Hennessey Capital was recently recognized as Automation Alley's Member of the Year. Hennessey Capital has been involved with Automation Alley since 2004, and has served the organization through active participation in the finance and marketing committees, as speakers and panelists at Automation Alley events, and as financial sponsors of various programs and presentations. Hennessey Capital is committed to continuing its working with Automation Alley and other organizations dedicated to helping small businesses succeed. View the complete list of Automation Alley award winners |
| It's a Done Deal |
$100,000 factoring facility for a Michigan-based staffing company
$2 million line of credit for a private equity owned distributor
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| Greetings! |
| Welcome to the October 2009 edition of Growth Capital News. As we head into the fourth quarter of a tumultuous year, professionals and entrepreneurs in every industry are pushing to finish the year in the black, or close one last sale. For that reason, this issue focuses on sales and marketing. We hope you find the information valuable and it provides the insight or inspiration to complete 2009 with a bang! |
| Ditching the 'Alternative Lending' Moniker |
As recently as March of this year, I was using the term alternative lending to describe our industry niche - but no more. Moving forward, "alternative" will be removed from our sales, marketing and conversational lexicon. The word alternative generally connotes, outside of the mainstream, not as acceptable as the standard, a secondary when the best option is not available. In an economy of unprecedented credit stress, the asset based lending/factoring industry has earned the legitimacy to take its rightful place as a niche financial lender - not an alternative lender.
Factoring and asset-based lending are time-tested options for small businesses and remain a vital form of commercial lending after 500 years because they have the ability to sustain and grow a company when traditional bank financing does not fit or, in today's economy, becomes unavailable. Indeed, rather than being an alternative financial option, our industry has shown leadership in many metropolitan credit markets. So, it is safe to say, that in this unprecedented economic climate, what once was considered "alternative" is now mainstream.
Frustrated entrepreneurs and other traditional bank borrowers stymied in their efforts to obtain working capital are welcoming the opportunity to obtain financing through factoring and asset-based lending, finding it to be a credible and a solution-based approach. Our industry has been given a unique opportunity to help small businesses continue to grow and expand despite the more traditional road blocks that stand in their way. They know that it is sometimes not the cost of financing (within reason) but the availability of financing that can make or break a company. As an industry, we need to acknowledge the mainstream role that commercial finance is increasingly playing in small and medium-sized business markets. The lender of last resort reputation can safely and permanently be laid to rest. The ongoing recession has created increased interest within the entrepreneurial community regarding factoring and asset-based lending. As an industry, we should embrace this increased interest and use it as an educational opportunity to remind small business owners that "alternative lending" isn't so "alternative" any more. Niche financing, like factoring and asset-based lending services will not only help sustain many businesses during a dicey economic outlook, but will be a critical business growth tool long after the current recession ends.
There are no definitive answers as to how long it will be before we see traditional lending back in full force. Despite my faith in the commercial finance industry there is no doubt that it will be for the good of the business world if we resume normal lending patterns soon. In the meantime, commerce must keep moving forward if we are to prevent the collapse of business as we know it - and the niche commercial finance sector is taking up the mantle. There's no alternative but to celebrate such industry leadership.
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Must Try Marketing Maneuvers
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 MicroBilt, in Princeton, N.J., helps small companies gauge the creditworthiness of their clients--a business about as scintillating as a glass of warm skim milk. To spice up its message, MicroBilt focused on marketing its clients--specifically, by creating edgy videos for them. For Red House Furniture, a retailer in High Point, N.C. that offers financing to customers with shaky credit, MicroBilt created a video featuring a jauntily irreverent song about how Red House sells to "black and white people." CNN ran a light-hearted news segment about it in May. For MicroBilt, it's a subtle sell: The company name doesn't appear in the commercials, but in theory the more furniture Red House sells, the more demand it will have for MicroBilt's services. Get more marketing maneuvers from Forbes.com |
"Sell what they're buying" and 2 other marketing strategies for today
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By: Dave Haviland, Phimation
When recently asked, "What are you doing differently today to generate revenue?" My answer had three parts: 1) sell what they're buying 2) align with risk aversion 3) focus on trust
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How To Sell Like Jay Leno
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 Jay Leno's nightly primetime slot is an unprecedented television experiment; and it might just be working. Gain insight into Jay's sales strategy and just how he arrived at this point in his career. More |
Rock Solid Marketing for Trendy
Times
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 Feeling bombarded by all the theories
on the so-called newest, latest and hottest trends in marketing? You're not
alone. Jumping from trend to trend in pursuit of the latest idea is the last
thing a smart entrepreneur should do in this economic climate. Now's the time
to keep a level head and chart a course that's guided by what really works.
Take a look at this list of six tried-and-true steps you can take for a
successful marketing program in today's marketplace from Entrepreneur.com. |
Top 10 Reasons Sales Hate
Marketing
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 A perennial bromide of business advice
is "align sales and marketing." That advice is generally doled out with
an accompanying dose of finger wags and tut-tuts about inter-departmental
squabbling.
However, my experience tells me that sales
professionals aren't interested in "getting aligned" with marketing.
Instead, they insist that marketing groups must undergo some major changes
BEFORE they earn a seat at the table. Read More |
Selling Skills Fundamental Backbone to Your Company's Future |
 The economy is problematic, it is
challenging, and it is much more difficult, but it is not the problem. And
anyone that identifies the economy as the problem will never find the solution
or identify the opportunity that this contracting economy provides for their
business. More |
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Joe Romeo Joins Hennenssey Capital Team |
 Joe Romeo has joined Hennessey Capital to launch our new Strategic Alliance Network. The Strategic Alliance Network is a formalized broker program that expands Hennessey Capital's referral network beyond the current base of insurance agents, leasing professionals, business brokers, and financial consultants to connect to prospects seeking financing via factoring or asset based lending. Mr. Romeo will serve as Senior Business Development champion for the Strategic Alliance Network. He is a sales veteran who previously served as Senior Vice President of Clinton Township-based re.Source Partners. Prior to that, Mr. Romeo held sales management positions at Summit Funding Group and Computer Sales International, Inc. He holds a Bachelor of Arts degree from Wayne State University and is a resident of Macomb. | |
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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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