February 29, 2008

PKF Texas - The Entrepreneur's Playbook: Don't Axe Interactive Marketing

Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

Most economists would agree that we are in, or soon to be in some type of economic recession. Based upon past results one of the first areas that seem to see the budget axe is advertising budgets. However a recent research study by Forrester Research would suggest that Interactive Marketing that delivers results probably won’t suffer this time around.

One the key reasons for this is that Interactive Marketing target the decision to buy, versus brand awareness.   Two areas that seem targeted for investment include: Search marketing and email marketing. 

Past history suggests these types of media get cut in tough times.   But something has changed since 2001, social applications actually work.   Forrester suggests that they work because: 1) Well-designed social applications are effective; 2) They’re cheap; and 3) They motivate consumers in the middle of the funnel.

As a senior executive at your organization you will probably be involved in these types of discussions. Make sure you get Interactive Marketing with results.

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February 27, 2008

Can Your Business Weather a Possible Recession?

The talk of recession has a lot of entrepreneurs I know taking a hard look at their companies to make sure they can weather the storm if or when there is one. I’ve read several good articles lately that give advice to business owners about ways they can prepare.

The consensus seems to be that you need to complete a thorough analysis of all areas of your business. Look at ways to become more efficient, solicit feedback from your customers, what are you doing well? Where can you improve? Which divisions are most susceptible to a downturn in the economy? Finally, maintaining cash flow is key to survival. 

This might seem a bit like a PKF Texas – The Entrepreneur’s Playbook and in fact, this week’s topic will highlight the need to continue to invest in interactive marketing during a recession. 

Do you have any tips for the readers? If you’ve weathered previous recessions, what got your company through it?

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February 25, 2008

It's Nomination Time

As you know PKF Texas actively supports Houston and its business community in a variety of capacities. One way we show our support is through the sponsorship of area award programs. Two such programs are currently accepting nominations: The Best Places to Work in Houston and the Best CFOs in Houston.

PKF Texas has been a proud sponsor of the Best Places to Work award program since 2005. The fact that so many Houston companies have dedicated their time and resources to making sure they have the best and happiest employees who love what they do is phenomenal. The Best Places to Work in Houston nomination is due March 28th. The categories are as follows:

Houston-based companies:

  • 10 to 100 employees
  • 101 to 500 employees
  • 501 + employees

Non-Headquartered companies:

  • Companies with a large presence

In its 2nd year, the Best CFOs honors outstanding performance of Houston area chief financial officers in their roles as corporate financial stewards. The award luncheon is held in conjunction with the Houston Business Journal’s Celebrate Enterprise! event. The Best CFOs nomination is due March 20th. The entry categories are as follows:

  • Emerging Public Company CFO (2007 revenues of less than $150 million)
  • Large Public Company CFO (2007 revenues of more than $150 million)
  • Emerging Private Company CFO (2007 revenues of less than $75 million)
  • Large Private Company CFO (2007 revenues of more than $75 million)
  • Large Nonprofit CFO (2007 total gross receipts of more than $5 million)
  • Small Nonprofit CFO (2007 total gross receipts of less than $5 million)
  • Best Growth Manager: To a CFO who developed the most creative way to diminish debt and achieve profitable growth through both organic and acquisition means.
  • Best Turnaround Specialist: To a CFO who led the best effort to transition his/her company from ailing to acceptable.
  • Good Samaritan: To a CFO who makes a contribution, not only to their company, but also to the community. (Includes pro bono work)
  • (NEW CATEGORY) Best Investor Relations Program:
    • *Large Public Company CFO (12.31.2007 market capitalization of more than $5 billion)
    • *Small Public Company CFO (12.31.2007 market capitalization of less than $5 billion)

Houston is a great place to live and work and with programs like the Best Places to Work and Best CFOs it can only get better. I hope you take the time to submit your company or CFO for these honors. Good luck!

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February 22, 2008

Energy Technology Venture Conference Coming to Houston

 

I had the opportunity to visit with Randy Woelfel, Managing Director of Energy and Maryanne Barker, Associate Director of Development both of the Houston Technology Center and I was very impressed with their report on the upcoming Energy Technology Venture Conference this coming March 6 and 7.  They have several companies presenting the ideas and opportunities that are very exciting.  If you are in the investment space for energy technologies you need to be at this conference. 

The conference will bring together 30 of the most promising emerging energy technology companies with an audience of venture capitalists, private equity, angel and corporate investors and related financial professionals. Energy companies seeking new solutions will have an opportunity to identify technologies of interest and meet the people who developed them. This exciting two-day celebration of innovation offers the best networking and learning opportunities for business, energy and financial professionals. 

John Hofmeister, President of Shell Oil Company will be the keynote speaker. Gary C. Evans, Chairman & CEO of GreenHunter Energy Inc. will present the opening address.

There is also going to be a great VC panel discussing Bringing Technology and Finance Together to Ensure Global Energy Supply. The participants are listed below

  • Moderator: Lane Sloan - Director, University of Houston Strategic Energy Alliance - Special Assistant to Provost
  • C. Michael Ming - President, Research Partnership to Secure Energy for America (RPSEA)
  • Fred Charlton - Managing Director, Simmons Company International
  • Cheryl Smith Bryan, Managing Director, Boyden Global Executive Search
  • Helge Tveit - Partner and President, Houston Office, Energy Ventures
  • Marianne Wu - Partner, Mohr Davidow Ventures

If you’re interested in attending this great event, you must register here by Monday, March 3 at 3:00pm. It is $450 per person to attend. If you have any questions, contact Natalie Padilla at (713) 658-1750 or NPadilla@houstontech.org. I hope to see you there!

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February 22, 2008

PKF Texas - The Entrepreneur's Playbook: Bringing in a Superstar

Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

When you’ve got a strong, established team, how do you continue to grow and take the team to the next level?

Take a look at what you’re currently outsourcing, writing for example.  Imagine the difference that skill set would make if you could bring it in house with the right person.

If a well balanced team fits together like the stripes on a beach ball, which color are you missing?

Decide what skills would make the most difference to your team and company, and then set out to hire the “superstar color” that has those skills and more.

To ensure a good fit with your successful group dynamic, consider having your team and top candidates take a personality assessment.  It is an unbiased way to single out the candidate who will fit best with your group.

Bringing in a superstar who complements the existing skills of your team can make your capabilities grow exponentially.

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February 20, 2008

Brad Burke Interviewed About the Rice Business Plan Competition

Did you hear Brad Burke, Managing Director of the Rice Alliance for Technology & Entrepreneurship, on the BusinessMakers Radio Show this past Saturday? 

He was talking to Russ Capper and John Beddow about this year’s Rice University Business Plan Competition. This year 36 teams are competing for $600,000 in cash and prizes. That $600,000 includes:

$225,000 Grand Prize, including
     - $125,000 Cash Investment Prize
     - $20,000 Cash
     - $80,000 In-kind Awards
$100,000 Investment in Life Science Company
     - Includes Medical Devices, Diagnostics, Drugs, Biotech, and Others
$100,000 Investment in Technology Company, includes:
     - Energy and Clean Tech/IT/Nano/Aerospace and Aviation
$20,000 Dow Sustainability Award
$20,000 NASA Earth/Space Life Science Innovation Award

There’s still time for university teams to be considered for the 2008 competition. You have until this Friday, February 22nd to submit your online intent to compete form and your executive summary of your business plan. All of the details are on the website.

This year’s competition kicks off on Thursday, April 3rd with the Elevator Pitch Competition, where all 36 teams will have 1 minute to present their elevator pitch. The semi-finals are on Friday and the finals are on Saturday, followed by the awards banquet.

I’ll be a judge again this year and will once again be live-blogging from Rice. Karen Love, one of my fellow Directors at PKF Texas, will be judging the Elevator Pitch Competition.

While there are other university sponsored business plan competitions, none are as large or as rich as the Rice Business Plan Competition. There will be teams competing from universities all over the world. 

Check out the website, http://www.alliance.rice.edu/alliance/RBPC.asp if you have any questions. Good luck to all those who enter, I’ll see you on April 3rd!

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February 18, 2008

What's Your Schedule on Tuesday?

Which day of the week are you most productive? For me it’s Tuesday. 

According to a recent study, Tuesday is the day we are most productive. It had a 57% productivity rating. Monday, Wednesday and Thursday all rated 12%. Looks like I'm right in line with the rest of the country.

Not surprisingly, Friday is the least productive day of the week. How many of us dread the 3:30pm Friday afternoon meetings? Maybe it should’ve been scheduled for a Tuesday. Just think about all the things you’ll get done tomorrow.

These types of studies may seem superfluous, but they tap into the truth of our habits. It’s good to keep this in mind when you’re planning out your week. Take care of your important business on a Tuesday and you’ll have time for any action points on Wednesday and Thursday. 

Do you pay attention to these kinds of studies? Do you think they carry any real weight, or are they just fluff?

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February 15, 2008

PKF Texas - The Entrepreneur's Playbook: People Ready Business--Competitive Advantage for Mobility

Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

To provide effective technology and productivity tools for mobile and dispersed workers, companies need to deploy, maintain, and support mobile PCs and devices while maintaining a high level of security. By providing a more secure and seamless way to exchange information, Microsoft mobile solutions can help employees be as productive outside of the office as they are when they're at their desks.

Mobility adoption can start with people accessing e-mail on handheld devices, such as personal digital assistants (PDAs), or editing documents on a mobile PC while on the go, but companies are realizing it does not stop there. Mobile connectivity helps remote workers more securely access vital data and intellectual property (IP) assets. Mobility is opening frontiers in communication, corporate information access, data synchronization, document collaboration and sharing, the network, user settings across hardware, and more.

Today, doctors send prescriptions electronically to pharmacies from their mobile PCs or handheld devices, insurance companies manage claims through electronic forms instead of paper-based processes, and services are conducted using devices that upload customer information from the field.

Mobility is helping to improve business productivity and processes, and companies are learning how to create a competitive advantage by helping to give their workforce the ability to:

  • Save time and increase productivity by quickly and easily accessing information when workers are away from the office, to capture ideas and thoughts from anywhere.
  • Respond better to customer requests with access to e-mail and vital business information when workers are away from the office.
  • Automatically synchronize files when their mobile PCs, Windows Mobile powered Smartphones, and PDAs connect to the corporate network.

Improve sales cycles and forge closer relationships with customers and partners through anytime, anywhere access to information that can help them improve responsiveness, complete a sale, or simplify a process for partners.

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February 13, 2008

Crackberries Strike Again!

Crackberries strike again! Monday’s three hour BlackBerry blackout serves as a reminder to keep our addiction in check. Like last April’s outage Research in Motion (RIM), the maker of BlackBerry, was slow to diagnose and address the issue. As of yesterday afternoon, they were still trying to determine the cause.

This outage continues to solidify my choice to use my Cingular smart phone instead of the Crackberry. I’ve already read about several customers who plan to ditch their Crackberries for smart phones that don’t rely on RIM’s network. Once again, who knows how much this outage cost its customers in business. Two major outages within ten months of each other indicates to me there are problems that need to be addressed. 

Was this second blackout in less than a year enough for you to decide to make the switch? Do you think RIM has addressed their issues properly? Did the outage push you into Crackberry rehab?

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February 11, 2008

New Chairman of HTC Advisory Board

I am deeply honored and humbled to be named as the new Chairman of Houston Technology Center’s Advisory Board. 

I want to thank Walter Ulrich, HTC President, and Dr. Bernard Harris, HTC Board Chair, for this opportunity.  Our previous advisory board chairmen of, Dallas Parker, Bob Gray and Chuck Powell did an outstanding job in leading this extremely important group of advisors to the HTC. Their impact on the Advisory Board and its impact on the HTC have been nothing short of remarkable. 

The Advisory Board’s group of influential entrepreneurs, venture capitalists, angel investors, and service providers to the emerging market and high tech community are one of the attributes of success for the HTC. Walter Ulrich, Paul Frison and the entire team at the HTC have done a wonderful job of promoting innovation, business acceleration and more importantly, the City of Houston and its can do spirit in all things within the technology community. 

I am very excited about serving this outstanding organization in a new way, and working with our outstanding team of senior executives on the Advisory Board. My appointment to this position is a testimony to many of my colleagues at PKF Texas’ for their long standing commitment to this business sector.   Below is the press release that PKF Texas sent out: 

PKF Texas Director Greg Price, CPA, Named Chairman of Houston Technology Center Advisory Board

PKF Texas’ support of the HTC continues with Price’s appointment

HOUSTON – February 6, 2008 – Gregory Price, CPA, Director of Consulting Solutions for Pannell Kerr Forster of Texas, P.C. (PKF Texas), has been named Chairman of the Houston Technology Center (HTC) Advisory Board.

“Price’s vast experience, track record and deep commitment to Houston and its technology business community will be invaluable to HTC’s expansion as it helps Houston’s transformation to a global leader in technology innovation and commercialization” said Walter Ulrich, HTC President and CEO.

As chairman, Price will steer the team of 54 senior executives actively advising and supporting HTC in its efforts to assist emerging technology companies to commercialize their products and services, raising capital and creating thousands of jobs in Houston.

“I am deeply honored and humbled to be named as the new Chairman of HTC’s advisory board,” said Price. “Our previous advisory board chairmen of Dallas Parker, Bob Gray and Chuck Powell did an outstanding job in leading this extremely important group of advisors to the HTC.  Their impact on the advisory board and its impact on the HTC have been nothing short of remarkable.”

PKF Texas’ long standing support of the HTC includes joining the Service Provider Network (SPN) in 2000, as well as chairing the SPN in 2006-2007. Other PKF Texas team members have served as Technology Champions and members of the advisory board. As the founder of the FastTech 50, PKF Texas proudly recognizes the HTC as the pulsepoint of technology in Houston. 

About PKF Texas

With leaders who are forward-thinking entrepreneurs and business advisors with Big 4 backgrounds, PKF Texas is a CPA firm that serves emerging and middle market companies across many industries. Service areas include profit enhancement, internal audit, international/domestic tax, accounting, auditing, litigation services, business systems consulting and IT. Visit www.pkftexas.com.

About Houston Technology Center

Houston Technology Center, a non-profit 501(c)(3) corporation, serves as the nexus of new ideas, technological innovation and entrepreneurship in the greater Houston area. HTC accelerates the commercialization of emerging technology companies within key sectors including: energy, information technology, life sciences, nanotechnology and NASA/aerospace by providing in-depth business guidance, access to capital and service providers, and entrepreneurial education. HTC promotes Houston as a leading technology city. Visit www.houstontech.org.

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February 8, 2008

PKF Texas - The Entrepreneur's Playbook: People Ready Business--The Value of an Empowered Workforce

Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

Manufacturing has always been an area with a strong need and ambition to integrate data from the shop floor to the executive suite, and back, to improve operations and increase innovation. Until recently, advances in manufacturing software were highly dependent on proprietary investments by the manufacturers themselves. Now off-the-shelf software has developed to the point that common infrastructure software, from Microsoft, can be used to drive the development of innovative solutions from the factory floor to the supply chain to the master production schedule. We've seen the rapid maturing of software for manufacturing over the past six or seven years.

What's more, the pace of software innovation will accelerate over the next 10 years. The increasing sophistication, interoperability, security, and usability of software will enable manufacturers to transition from rigid, process-based solutions based on costly, custom-developed proprietary technologies, to role-based solutions using familiar, centrally managed platforms. These applications will give workers the ability to configure the interface and the application to fit the way they work, enhancing productivity. Using these role based activities will create an empowered workforce.

The Value of an Empowered Workforce will show that:

  1. People will lead and innovate, collaborating with suppliers, engineers and product designers using shared platforms to exchange ideas.
  2. People will drive operational excellence. Manufacturers can excel by focusing on operational excellence-running their businesses more efficiently than the competition and at lower cost.
  3. People will strengthen value chain partnerships. Agility requires working closely with suppliers and industry partners to reduce time-to-market, manage inventory and share financial responsibility if markets shift.  And,
  4. People will build customer relationships. Manufacturers' employees must have the tools to meet their commitment to serve customers well.

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February 6, 2008

The Candidates are Coming to Houston

Now that Super Tuesday is behind us and the election picture is a little less hazy, I want to remind everyone that the candidates are coming to Houston on February 28th for “America’s Energy Future – Houston’s Presidential Summit.” 

The Greater Houston Partnership has put together a high-level energy symposium, summit and exhibition with presenters featuring leading energy suppliers, technologies and innovations.

Speakers include:

  • Greg Boyce, President and CEO, Peabody Energy
  • Clarence P. Cazalot, Jr., President and CEO, Marathon Oil Corporation
  • David Crane, President and CEO, NRG Energy
  • Dana Flanders, President, Chevron Technology Ventures
  • Jim Hackett, CEO, Anadarko
  • John Hofmeister, President, Shell Oil Company
  • Robert C. Kelly, Founding Partner, DKRW Energy LLC
  • Renu Khator, Ph.D, President, University of Houston
  • Buddy Kleemeier, Chairman, Independent Petroleum Producers Association
  • Jeff Moseley, President and CEO, Greater Houston Partnership
  • Ali Moshiri, President, Chevron Africa and Latin America Exploration & Production
  • James Oberwetter, Former Ambassador to Saudi Arabia
  • Carl Pope, Executive Director, Sierra Club
  • John Richels, President, Devon Energy
  • Frank Steininger, Partner, Assurance Energy, PricewaterhouseCoopers
  • Dan Watkins, Ph.D., Managing Director, DFJ Mercury
  • Bill White, Mayor, City of Houston
  • Dan Wolterman, President & CEO, Memorial Hermann

The evening debate with the presidential candidates from both parties will be moderated by Tim Russert and will air live on MSNBC. The candidates will discuss their energy policy platforms.

If you’re a GHP member it is $450 for the whole symposium including the live televised debate in the evening. If you’re not a member, it is $750 for the whole event 

This is a great opportunity for Houston to take center stage in this year’s election process.

How do you feel about Houston hosting the candidates debate about energy issues? Are you going to attend? Does this provide the incentive to vote in Texas’ primary on March 4th?

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February 4, 2008

Manufacturing Jobs Up in Houston

Good news for the manufacturing industry in Houston. You outpace the rest of the state and country in job growth. I recently read a report in the Houston Business Journal that details the growth of the industry in Houston.

Several large manufacturers have moved into Houston because of tax abatements, manufacturing sales tax exemptions and tax increment reinvestment zones. Houston as the center of the U.S. energy industry has certainly helped this growth. 

Last Monday, I mentioned that Houston is ranked #1 in job growth by the Bureau of Labor Statistics and given this report, it’s not hard to see why. 

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February 1, 2008

PKF Texas - The Entrepreneur's Playbook: People Ready Business--Enable Your Mobile Workforce

Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

With all the buzz in the workplace about mobility, Microsoft has developed Enable Your Mobile Workforce—a broad mobility solution that encompasses not only traditional handheld devices, but also infrastructure software, team collaboration tools, and line-of-business applications.

By giving your employees access to the near real-time data and vital information they need to do their work while on the go, your company can see many potential benefits, including:

  • Greater worker productivity by decreasing time lost while on the road or telecommuting.
  • Greater efficiency by replacing manual, paper-based processes and increasing the speed at which people can make business insights.
  • Increased customer satisfaction, because workers can respond to customers quickly, even when they are away from the office.
  • More security and protection for mobile applications and devices through new hardware-enabled data protection.

In addition, organizations can take advantage of scalable and flexible solutions that adapt to their business needs as they grow. Companies have realized that mobile solutions can be used to drive a competitive advantage and are making mobile workforce enablement a technology priority.

Companies are evaluating the mobile needs of all their information workers, not just those in the field. And mobile solutions have grown far beyond accessing e-mail remotely. Core business applications are becoming mobile and are broadening the reach of mobile applications in companies.

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