From Greg's Head

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 PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website. 

In today’s fast-paced economy, you can’t afford to lose touch with your clients and prospects.  Are you effectively marketing to them over email?

Having a solid, well thought-out email marketing plan is an easy, cost effective way to reach your target audience.

The main thing to keep in mind when reaching out via email is to ask “Is what I am providing of value to the target’s business?”  Providing valuable content like articles, white papers, industry updates, etc. rather than self-promotional fluff, will help your open and click-through rates.  Your emails won’t be effective if they don’t get read!

Believe it or not, a good open rate for a non-targeted blast with a large list is about 25%.  Of course this varies depending on the content and size of your list. 

There are several online resources, Constant Contact, Exact Target and Mail Chimp for example, that offer email blast services for a monthly fee based on the size of your list. 

Taking the time to build an effective email marketing program will keep you top of mind with your audience and build your brand in the marketplace.

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On July 27, BP Plc announced that it would replace Tony Hayward with Robert Dudley as CEO in October.

How has BP's change in leadership affected your perception of the company?

Positively, I might even buy some stock.
Not much, Dudley must still prove himself.
Negatively, BP has too many problems.
Other

TO VOTE GO HERE
 

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Received some great, breaking news today.  Houston is ranked number one in job growth over the past five years.  This information was released today by the U.S. Bureau of Labor Statistics. Houston created 129,800 private sector jobs between June 2005 and June 2010. 

Coming on the heels of Forbes ranking Houston number one city in the country for Young Professionals, the statistics continue to show that Houston and Texas are the places to be if you want to have a good job and a good place to live.  With organizations like the Houston Technology Center and the Greater Houston Partnership committing to supporting and growing Houston’s entrepreneurial business community, I think we’ll continue to see this trend of growth.  Our city learned lessons and has come a long way from the low points of the 1980’s and I’m pleased to see we’re being recognized for the hard work of our business leaders!

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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 PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website. 

In the current economic climate, young professionals (YPs) have started asking themselves: ‘What else can I do to add value to my company? How do I venture out into the marketplace to network on behalf of my company?”

Networking can be intimidating to a YP walking into a room filled with more experienced professionals. The key is training your YPs to be prepared to speak intelligently about your company when presented with the opportunity, no matter the setting. The good news is that YPs don’t need to know everything; they simply need to know, in general terms, what they are selling.

They should be able to answer the following questions:
1. What products and services does my company offer?
2. What are my company’s strengths over our competitors?
3. What are my company’s specialties?

The ability to effectively communicate these three key points allow your YPs to pave the way for the introduction to the appropriate people at your company who do know the answers to all of the specific technical questions.

Have your YPs seek out organizations that have a YP focus such as the Greater Houston Partnership’s HYPE group or the World Affairs Council Young Pros programs. Getting your YPs into the networking game early allows them to build relationships for the future of your company and their careers.
 

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The 2,300-page financial reform act that recently passed in Congress attempts to let the government: Be a watchdog for American consumers so they receive clear, accurate information on mortgages, credit cards and other financial products; have the authority to liquidate failing financial companies and remove a taxpayer bailout situation; give shareholders a say on executive compensation; and get resources together to fend off future financial crises. What HBJ wants to know is...

How effective will the government be at financial reform?
• Totally effective
• Somewhat effective
• No opinion
• Hardly effective
• Not at all effective

     TO VOTE GO HERE
 

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If you can imagine it, you can achieve it; if you can dream it, you can become it. -- William Arthur Ward

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As co-founders of the FastTech 50, PKF Texas together with the Houston Business Journal, Employer Flexible, the Houston Technology Center, Phillips & Reiter, Pierpont Communications, and the Rice Alliance for Technology & Entrepreneurship,would like to invite to nominate your own business or a friend of your firm for the 10th Annual FastTech 50 awards.  The deadline July 30th.

Nominees must meet the following criteria to be considered:

• 2008 and 2009 net revenue must exceed $200,000
• At least 51% of the consolidated revenue must involve the original manufacture, design or development of technology products or services
• Business must be headquartered in the Houston ten county region including: Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, Waller, Austin, and San Jacinto.

Visit http://consult.pkftexas.com/fasttech50 to submit your application online. This year's award ceremony will be held on November 5th at the Hilton Americas Houston Hotel. If you have any questions or would like more information please contact John Stephenson at 713-860-1428 or jstephenson@pkftexas.com. 

If you do decide to nominate your company or a friend of your firm, best of luck!

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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 PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website. 

According to the U.S. Census Bureau, there are approximately 29 million privately held companies in the United States. Many of these small- and medium-sized (SME) entities report to a limited range of financial statement users, including venture capitalists, insurers and lenders.

In December 2009, the American Institute of CPAs (AICPA) and the Financial Accounting Foundation (FAF) formed a Blue-Ribbon Panel to address how U.S. accounting standards can best meet the needs of users of private company financial statements. The Panel is expected to provide recommendations on the future of standard setting for private companies. The analysis will include whether standalone accounting standards are needed.
  
Once set of standards that will be reviewed is the International Financial Reporting Standards (IFRS) for SMEs. Released during July 2009, the Standards are a slimmed-down version of the full IFRS. Along with the SMEs standards, the International Accounting Standards Board (IASB) released implementation guidance, including example financial statements and disclosure checklists.

These standards may have a widespread effect. According to the IASB, more than 95 percent of the companies around the world are classified as SMEs. Although there is not a size test to determine whether a company is an SME, classification is more readily determined by whether the company has “public accountability.” As a result, this standard is not available to companies that are publicly traded or who hold assets in a fiduciary role, such as banks or insurance companies.

Because there is not a definitive timeline for adoption of IFRS by the SEC, there will continue be a period of substantial change. Since private companies will also be affected by the switch we will continue to monitor the process at the SEC, as well as with existing convergence projects by the FASB and IASB.

PKF Texas has written a white paper detailing the impact of the impending conversion which can be found on our website at www.pkftexas.com/IFRS.
 

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This Week's Business Pulse Question:

A recent study conducted by the Texas Transportation Institute and Rice University found that intersection safety cameras helped reduce the deadliest side-impact or "t-bone" collisions by 16 percent. Meanwhile, a local attorney is submitting a proposal to ban the use of red-light cameras in Houston. The proposal could make its way on the November ballot.

Do you believe red-light cameras improve safety?
• Yes, they help keep accidents down
• Yes, we need more of them
• No, they distract/cause more accidents
• No, they invade privacy
 

TO VOTE GO HERE
 

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Let he him who would be moved to convince others, be first moved to convince himself. -- Thomas Carlyle

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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 PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website. 

I was attending a CEO roundtable discussion the other day and a question was asked of me, “What is the biggest challenge facing owner/entrepreneurs these days?”  That’s a pretty broad question because as an owner/entrepreneur myself I see many of you facing a wide variety of challenges from cash management, to inventory control, to human capital decisions, income tax issues, governmental regulation and beyond.  Each day is a battle, and it’s a battle for survival.  Most likely as an owner/entrepreneur such as yourself impacts the lives of several people each day by the decisions you make.

However, I do see one item more often than not, which I would put in my Top 3 issues for an owner/entrepreneur.  That issue is simply known as Business Intelligence, or an effective Business Reporting Tool.

In reviewing my client’s existing processes something comes to my attention and I ask, “Why Do We Do That?”  Usually after much dialog the answer usually is “…well that’s the way we have always done it…”  And sometimes that way, was designed 20 years ago, when systems and processes were limited and not functionally complete. 

If you are doing things at your company because that’s the way you always did it, I would suggest you take the time to determine if it’s still the best way to address the task.   Or, are your processes limited by your knowledge, business applications and infrastructure support.  Now is the time for maximum investment potential 

Getting Business Intelligence requires a commitment to understanding your business, people, processes and your technologies.  
 

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This Week's Business Pulse Question:

Which TV show can you most relate to?

• 30 Rock
• Dirty Jobs
• Mad Men
• The Office
• Other

Click here to vote.

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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 PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website. 

As a student of history, I have learned that many things in our lives move in cycles.  Business is no different.  So my question to you today is:  What is the best time to gain the maximum financial opportunity for your business?  And when is the point of the greatest financial risk to your business?

Do you know the answer?

Well if you said that today’s business cycle (at the low point of the valley) is the time for the maximum financial opportunity you would be correct.  And at the highest point (the top of the bell curve) of the business cycle is the point of maximum financial risk. 

So how did I arrive at that conclusion?  Well let’s check some statistics from the Kauffman Foundation

• “In the past 30 years, literally all net job creation in this country has taken place in firms less than five years old…..”

• “…600,000 new firms are formed every year in America…about one per minute”

• “Half of today’s Fortune 500 companies were founded in a recession or bear market…entrepreneurs are not easily discouraged.”

• “Despite recession, US entrepreneurial activity rises in 2009 to highest rate in 14 years…558,000 businesses were created each month…exceeding start ups in the peak 1999-2000 technology boom”

If you ever had any doubt about what economic activity generates the American economy, you should no longer have any doubt.  It’s the small business enterprise with owner/entrepreneurs that make our country go.  And as a student of history, that’s the way it’s been since the 18th century. Entrepreneurs in the colonies made this country the success it is today.  The American experiment as it is sometimes referred to is about entrepreneurs and their commitment to our ideals and freedoms we have today.

I want to wish everyone a wonderful 4th of July holiday and celebrate the success of American entrepreneurs.
 

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This Week's Business Pulse Question:

What do you wish cell phone users would stop doing?

• Texting/e-mailing during a meeting
• Continuing their call on the elevator
• Talking loudly on the phone in public
• Using obnoxious ringtones
• other
   

Click here to vote.

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