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In the Community
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For the 9th consecutive year, Hennessey Capital proudly supported the Walsh College Wine Gala on May 10.
The event benefits the college's General Scholarship Fund and the Student Hardship Fund. Since the Gala was first hosted in 2003, more than $400,000 has been raised. |
Did You Know?
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Hennessey Capital's parent company,
Hitachi, is a proud sponsor of Team Penske and the No. 3 Dallara/Chevrolet driven by three-time Indianapolis 500 winner, Helio Castroneves.
See Team Penske and Castroneves in action at the Belle Isle Grand Prix
May 31-June 2. And be sure to check out the Hitachi Facebook page for more info!
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Negotiating Techniques - Listen Until it Hurts
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By: Jeff Wright
Senior Vice President
Business Development Officer
Negotiation is all about resolving a situation that creates a mutual gain for both parties. For this to happen, you must keep an open mind and understand that everything is negotiable, keep the discussion positive, listen until it hurts, and be patient. Developing these skills go a long way towards building a relationship with your client. Negotiations can be broken down into four phases: - Preparing
- Exchanging
- Bargaining
- Closing
John Wooden, the infamous basketball coach at UCLA, once said that if "you fail to prepare, then you are prepared to fail". If you do not have an understanding of your client's business and their wants and needs, you are doomed from the start. Gather as much information about the company and the person you are meeting prior to your initial meeting so you can talk intelligently about their business and ask the right questions. Gaining company information directly from your contact, visiting their web site, and asking a third party will help in assessing their business. Identify your most and least desired outcomes, goals, and best alternatives. What are you willing to accept as your bottom line? Be aware of your assumptions and be able to support your position. The focus should be on building trust, relationships, and interest with your client. During the initial exchange, start with some informal small talk. I look for family pictures or items in a person's office that may provide some clues about their personal life. The small talk helps put the client at ease and gets them talking about his or her interests and can act as a segue to discussing their business interests. Be sure to understand their needs early in the process and develop a joint agenda to address those needs.... Continue Reading. |
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Professional Partner Spotlight: Oakland County One Stop Shop Business Center
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 About: The Oakland County One Stop Shop Business Center helps business people manage and grow small (for-profit) companies.
Services include:
- Financial analysis
- Target market research
- Strategic needs assessment
- Search engine optimization
- Process mapping
Business consultants help clients refine their business plan, marketing plan, or financial management strategies. Our business counselors are predominately private-sector trained and have extensive management and financial consulting backgrounds. Functional specialties include accounting, brand management, marketing, market research, finance, GIS, human resources, and franchising. Call to schedule an appointment or find out more about walk-in services.
Educational workshops and long-term training are available too. Topics include business planning and marketing, loan proposal writing, social media as well as our popular Venture Forward and Venture Plan series. A complete list of workshops is available on the One Stop Shop website.
Learn more: (248) 858-0783 | Oakland County Executive Office Building (first floor)
2100 Pontiac Lake Road, Building 41 West, Waterford, MI 48328
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Trickle Down Economics: 5 Crucial Big Business Trends That Will Affect You
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What happens to the big companies inevitably happens, in some form, for the small companies. Here's why: Big companies buy from medium companies. Medium companies, in turn, buy from small companies. And those small companies buy from other small businesses and micro-enterprises. (Unfortunately, when big companies have to cut costs-that trickles down, too.)
Here's the cool thing: Not only does business trickle down, so does everything else, like innovation and new business strategies... Continue Reading.
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Sponsored Event: "Mobile, Social and Digital Marketing & How it Impacts Your Business" featuring Derek Mehraban of Ingenex Marketing
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Derek Mehraban, CEO of Ingenex Digital Marketing, will serve as the keynote speaker at "Mobile, Social and Digital Marketing & How it Impacts Your Business" on Tuesday, June 11 at the Somerset Inn in Troy from 7:30-9:30 am.
Mehraban has been in the business for more than 15 years, helping clients solve their marketing problems and grow their sales. His company, Ingenex, is a leading digital agency located in Ann Arbor. He teaches the New Media Drivers License at Michigan State University, and is co-author of the New Media Resource Guide.
There is no cost to attend. For more information or to register, call (248) 641-8400 or email event@BizImpTeam.com.
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Warning: Property Foreclosures Ahead for Small Businesses
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 Many small firms that own commercial property are facing big trouble.
The problem is simple: Banks typically re-evaluate commercial mortgages every five to 10 years. At that point, they can renew the loans, or ask business owners to pay them off.
These days, lenders are a lot less willing to extend loans that don't seem like good bets-and it's tough for businesses to look creditworthy after years of slumped sales and exhausted savings. "So many small businesses have lost their reserves... Continue Reading.
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This Summer, Hire Your Kids
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Unemployment figures may be improving, but young people today still face a tough road in the summer and after graduation. Even professional school isn't the job offer bonanza it once was. That can make offering kids a job in the family business almost a necessity. Besides, on top of tangible and familial benefits, there can be significant tax benefits.
One is shifting income from high tax... Continue Reading.
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Contact Toby Dahm or Jeff Wright or call us at (248) 658-1100 to discuss how we can help you create additional working capital for your business.
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