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Insight on the internet

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6 online learning resources to help build your business

By Brittany King

About eight million minority-owned businesses are operating across the United States, a figure that’s twice what it was a decade ago, according to the Minority Business Development Agency. Starting and growing a business can be difficult for anyone, but it can be especially challenging for women and people of color due to various inequities. Luckily, there are organizations and resources that exist to help these businesses get a leg up on the competition. Read on for a list of online resources — some tailored specifically to MBEs and WBEs, some not — to help you learn new skills and enhance old ones to take your business to the next level.

Hubspot Academy

Hubspot Academy is something of an inbound marketing pioneer. Their courses are mostly aimed at professionals in the digital marketing and social media space. In this digital age, it’s important that every business has some form of an internet presence. If you are not able to hire a social media strategist, taking some time to go through Hubspot’s courses (there are dozens) is a good option. You can watch the videos at your own pace, and at the end there is an opportunity to take an exam. Upon successful completion of the course and the exam, you will receive a certificate for your work.

Minority Business Development Agency

MBDA is an agency within the United States Department of Commerce that sets out to promote the growth of minority-owned business by mobilizing and advancing public and private sector programs, policy and research. On top of securing an average of $5.4 billion in investment funds to disperse throughout the year, MBDA hosts a series of online courses, from creating a business plan to securing funding for your startup. In fact, their entire website is full of blog posts, videos and publications to aid in your entrepreneurial journey from inception to implementation. Get started at mbda.gov.

NAWBO

The National Association of Women Business Owners (NAWBO) wants to empower women to not only work in their business, but also work on their business. To that end, NAWBO offers parts of its NAWBO Institute Virtual Environment to all, not just registered members. Within the virtual institute, users will find the Auditorium (with virtual programming and webinars from NAWBO and partner organizations), the Exhibit Hall (where sponsors and partners share resources and tools and offer expert consultation) and the Resource Lounge (a library of articles, videos, books, white papers, templates and more). Learn more at nawbo.org/resources.

SCORE

SCORE, housed under the Small Business Administration, aims to help small businesses get off the ground and grow through education and mentorship. Throughout the year, they host a series of webinars every week ranging from topics about digital trends to tax planning. They’ve been in business for more than 50 years, and what’s great about their platform is how accessible it is. They offer mentoring in person, via email or video chat; free and inexpensive workshops locally and virtually; and free tools and templates online. Visit score.org/browse-library, where you can search and sort results by “entrepreneur type,” with categories including women, minority, young, veteran and “encore” (age 50+) entrepreneurs.

Skillshare

Skillshare is an online community for business owners, freelancers and life-long students looking to develop a new skill. Whether you want to elevate your diction, design fliers for an upcoming event or learn to snap a photo for your social platforms, Skillshare has you covered. The learn-by-doing model allows you to teach yourself as you go and revisit anything you haven’t quite mastered yet. The platform has more than two million students and teachers, so you’ll never feel like you’re going it alone. As an added bonus, each course has a project at the end that allows students to offer feedback to one another.

Small Business Administration

The Small Business Administration offers a multitude of online resources beyond what’s included in SCORE. The SBA Learning Center at sba.gov offers courses on contracting opportunities for veteran-owned businesses, development of Native American-owned businesses, encore entrepreneurship for women and more. Elsewhere on the SBA’s site, find contacts for local resources and other helpful initiatives. The agency’s 8(a) business development assistance program for women and minority-owned businesses gives business owners access to proposals that are targeted exclusively at minority business owners and their potential clients. Sba.gov is also available entirely in Spanish.

Block the breach

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How to secure company and client information

By Arriel Vinson

It can happen to small businesses or large companies. Client and company information is put at risk, consumers and employees are worried, and the company has to be even more careful than they were once before. But there are ways to keep company and client information safe, or as safe as possible.

Tahir Mahmood, president of Green Verge, a Zionsville, Indiana, technology-consulting firm, says there are small things a company can do to ensure the security of information, such as shredding documents instead of throwing them away and shutting down company computers once the workday is over — or at least logging off. But there are other ways to keep information protected.

Stay up to date

Mahmood says that hardware, software and security training should be up to date for the company, and internal auditing should be done quarterly, every six months or at least annually. “(Updating) solves more than half of the problem. Usually, once everything has been loaded, it tends to go into the back of people’s minds to keep checking for updates.” He says not updating software/hardware can introduce loopholes in the company’s system.

Back up your data

There are different kinds of data to backup, according to Mahmood. He says bigger companies usually have another location where their information systems are secure, in case of loss at the main location. But even smaller companies should have information stored elsewhere.

“You should have typical information and your financial and HR information backed up in a secure location in case anything happens.” And by anything, Mahmood means in case of hacking or a natural disaster.

Educate your employees

For small businesses especially, education about security and information management can save companies a lot of trouble. “It is up to management how much importance they give to company and client information, and how much they invest in terms of finance, time, energy, knowledge and training.”

Mahmood says it is also important for companies to know how different departments are using information and how often, as well as when information is being accessed without permission. If the company is larger, Mahmood suggests knowing what locations are accessing information from one server. Staying aware of this information can increase data protection.

But, if a company does run into security problems, Mahmood has tips for a company to recoup. The information may not be retrievable, but Mahmood says it is important to focus on what can be done in the future.

Be upfront about losses

Mahmood says the best way to confront a security breach or information loss is to be honest.

“Putting the problem under the rug and trying to hide the damage that has been done won’t help. It is more important and less damaging if the company is forthright,” he said.

Create a plan

He says it is best to prepare for these types of situations in advance, but of course avoid them as best as possible. Companies should create a plan for securing data, and a plan if data loss may happen again.

He recommends that every company have identity management, network security, application security and a disaster plan, which are also services Green Verge provides. He says not having this can cause companies to invest much more money in damage control than they initially expected to.

Mahmood says that management should make an effort not to repeat the situation again. He also says, “It is better to be proactive then reactive. Other than the financial aspect of losing information, there are prices to pay: the reputation of company, the confidence (employees have) of management, your reputation in front of your clients and in certain circumstances, consumers as well.”

For more information on Green Verge’s services, visit greenverge.com or call 317-674-6500.

Tax-time tips for busy business owners

By Brittany Sabalza

Tax time is here, and the stress of reconstructing a prior year’s financial picture has its deep holds on some unprepared business owners. Getting organized to file your taxes can be time consuming, confusing and exhausting for a busy business owner, but here are a few tips to keep tax time from taxing you:

Gather all information and prepare your records

Practicing good record keeping is essential to your business. It allows you to not only better monitor the progress of your business, but also easily identify sources of Income, track expenses and support items entered on your tax return. Your records should clearly show all income and expenses, so have gross receipts, expenses, inventory and business asset records ready. For assets, include when, where and what cost you purchased or sold the asset, and any depreciation or 179 deduction previously taken. Purchases, sales, payroll and other transactions you have in your business generate supporting documents. Such documents may include paid bills, invoices, receipts, deposit slips and canceled checks.

Don’t forget prior year tax returns

Having your prior year tax return on hand will help reduce errors and help assess your tax situation. A current and prior year income tax comparison can be made based on prior year entries. Items such as prior year income, tax liability, tax benefits, prior year depreciation and asset details can be easily found.

Organize all employee and contractor records

Verify employee records by requesting that staff promptly update any changes to their information. Your records should include employee demographics, payroll history, and any benefits, gifts and rewards received by the employee. Any amounts of $600 or more paid to a non-employee, like a subcontractor or attorney, are required to be reported on form 1099-Misc. Forms W-2 and 1099-Misc. should be mailed out to recipients and submitted to the IRS no later than Jan. 31.

Visit IRS.gov and utilize IRS online tools

The IRS Small Business and Self Employed Center is full of great resources on various business tax topics. Small Business Taxes: The Virtual Workshop, a series of IRS webinars offers guidance on various tax topics including what you need to know about your business and taxes, setting up a retirement plan and hiring employees. Publication 583 “Starting a business and keeping records,” Publications 334 “Small Business Tax Guide,” Publication 15 “Circular E Employer Tax Guide” and other tax publications are available to research tough questions and receive a more thorough explanation. From choosing an entity, the stages of owning a business and filing/paying taxes, the IRS has a variety of tools to help business owners understand their tax situations.

Choose your filing option and seek professional help

Though it is not uncommon for business owners to prepare their own returns, there are advantages to seeking a tax professional to prepare your taxes or for advice. Business taxes are not the same across the board, and codes can change based on your particular business. A knowledgeable tax professional would be current on the constant changes of the already complex tax code, be able to identify tax relevant business deductions and credits, and offer recommendations on saving tax dollars. There are many preparation options to choose from, but choose wisely. If you’re planning on using a tax professional, ask for references or credentials and research tax preparers before you hand over any personal information. The IRS Directory of Federal Tax Return Preparers is available to assist you in your search for a qualified tax professional.

Start as soon as possible

Don’t waste time; start organizing your records as soon as possible. The filing deadline is April 17, but don’t wait until then to get prepared. If you’re not ready to file by the deadline, be sure to file for an extension, but remember that an extension will extend the due date of the return by six months — it does not extend the time to pay any taxes due. This means that all tax liability due after the original filing deadline will begin to accrue penalties and interest until any tax obligation it is paid in full.

Brittany Sabalza is director of continuing education at Pro Tax Solutions in Indianapolis.

Make the most of networking events

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By Tony Sanders

 

It’s a new year, and besides your goals to lose weight and save money, I’m sure growing your business and expanding your network is also on your list. As you plan to attend many of the great networking events around the state, keep in mind why you’re there. You’re not there to show off your flashy, freshly printed business cards from VistaPrint. You’re also not there to go on a soliloquy about great your business is. That said, here are five tips on how to make the most out of your next networking event:

1. Define your goal

What is your goal when attending a network event? Here’s a tip: If it’s to close a sale, you’re setting yourself up for failure. Of course your overall goal is to make a sale, but the chances of you meeting someone and signing a deal all in the same day are highly unlikely. Your goal should be to find one or two people who could benefit from the problem that you solve and start building a relationship with them.

2. Know what you’re looking for

Do you know who your ideal customer is? What about the problems they face on a day-to-day basis? Knowing what you are looking for in a prospect is extremely vital to your sales success. This will help shape who you talk to, what you say and even what type of questions you ask. If you know what you are looking for out of a prospect, you will know the perfect prospect when you speak to them. More importantly, you’ll know who to not waste your time with.

3. Be memorable

Almost everyone at networking events is playing from the same playbook. Smile, shake hands, pontificate about how great they are, say “We should get coffee some time,” exchange business cards and then move on. It’s the worst kind of speed dating for entrepreneurs. I want you to do the total opposite. Well, I still want you to smile and shake hands, but I don’t want you to talk about how great you are. No one will remember the person who did the same thing every other person did during an event. To be memorable you have to zig when everyone else zags. Instead of talking about how great you are, become curious about the other person. Ask them about their business and their entrepreneurial journey. Find out what types of problems they face and what keeps them up at night. At the end of the event, you’ll be remembered as the one person who actually cared about something other than themselves.

4. Listen more, talk less

Attending a networking event is not about you. You’ve heard it said before: “People don’t care about what you can do, only what you can do for them!” The great Zig Ziglar would say our prospects’ favorite radio station is WIIFM — “What’s In It For Me?” In order for you to make the most of your next networking event, you have to become skilled at asking questions and resisting the desire to want to talk about your own business. Even if someone asks you about your business, give them a short answer and immediately follow up with a question of your own. If you find yourself doing all the talking, I guarantee you’re doing it all wrong.

5. Always follow up

According to The Marketing Donut, 80 percent of all sales require five follow-up calls after the initial meeting. According to Scripted, 44 percent of salespeople give up after one follow-up. Are you getting the picture? Following up is extremely important for more reasons than I could write about in one article. However, here’s a major point that most salespeople and entrepreneurs miss: The sale isn’t going to close itself. Don’t just say, “We should get coffee some time” — actually do it! Follow up with every prospect you come in contact with. Your business and your bank account will thank you.

 

Tony Sanders has worked in sales or owned a business since he was 13 years old. He’s sold and consulted for Fortune 500 and 1000 companies as well as many small-business owners in the Indianapolis area. Tony shares his personal experiences and thoughts on business, sales and social media on his website TonyRSanders.com. He also provides one-on-one sales coaching and sales consulting in the Indianapolis area.

#GrowWithGoogle starting in Indy

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News Release 

EmployIndy has been active in helping to coordinate the first stop in a major initiative called Grow with Google, bringing digital literacy and workforce skills to job-seekers, entrepreneurs, students… basically anyone and everyone.

The local event will take place over the course of two days, November 10-11, at the Indiana State Museum in Downtown Indy.
What to Expect:
* Workshops
* 1:1 Mentoring
* Demo Area

This event is open to the public, but we encourage looking at the available sessions and registering ahead of time at the link below.

Example Topics:
* Get found on Google Search and Maps
* Simple Steps to Online Safety
* Coding for Kids
* Indy Digital Heroes
* Getting Started with Email, Spreadsheets and Presentations

LEARN MORE AND REGISTER HERE

Indiana Minority Business Magazine honors minority tech professionals

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The Indiana Minority Business Magazine will honor 11 individuals and entities that have shown excellence in technology and development during the 2017 Fall Golden Laurel Professional Reception: Excellence in Technology.

The recipients of this Golden Laurel distinction will be awarded on Thursday, October 26, 2017 at the Mid-States Minority Supplier Development Council office, located at 2126 N. Meridian St. Indianapolis, IN 46202. A networking reception will begin at 5:30 p.m., and the awards presentation will begin promptly at 6:00 p.m.

This event is presented in partnership with the Mid-States Minority Supplier Development Council and sponsored by IndyGo – Indianapolis Public Transportation Corporation.

“While Silicon Valley is often recognized as the hub for technology innovation, emerging leaders and innovative companies like the ones we will honor have put the Hoosier state on the map,” said IMBM President Shannon Williams.“I am excited to recognize these extraordinary honorees that represent exactly what Hoosiers are capable of during this season’s Golden Laurel Professional Reception.”

Below are the 2017 Fall Golden Laurel award recipients:

  • Be Nimble Co.
  • Karen Cooper – President/Co-Founder, Smart IT
  • Design Bank
  • Joe Ignatius – IT Client Executive, Matrix Integration
  • Indy Women in Tech
  • Walle Mafolasire – Founder/CEO, Givelify
  • Dewand Neely – Chief Information Officer, State of Indiana
  • Robert C. Reed – President/CEO, RCR Technology Corp.
  • Amy Stark – Founder, Social Media Dames
  • Stem Scouts Indianapolis
  • Tiffany Trusty – Founder, Trusty Applications

Admission to the Golden Laurel Professional Reception is free of charge, but RSVPs are strongly encouraged. Visit goldenlaureleit.eventbrite.com to register.

Contact Amber Sapenter for more information at (317) 762-7854 or via email at asapenter@indyrecorder.com.

Can the internet save us? A brief history of innovative communications

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By Amy Stark

What type of life do you think physicist Stephen W. Hawking would have experienced if he had lived in the 15th century? Do you think he would have been able to share his genius with the world in the 1600s? Imagine for a moment what Hawking’s life would have been like if he had lived in the early 1800s rather than now. It’s likely that past the age of 25, Hawking wouldn’t have been able to communicate with anyone. Throughout most of recorded history, Hawking’s life would have been the stuff of nightmares with an almost certain early death. For more than 40 years, innovative technologies have provided the now-70-year-old physicist with the ability to communicate.

Much like Hawking benefits from his computer-generated voice, we all can benefit from the most important communication innovation since Gutenberg’s press in the 1400s. With our mobile and electronic devices — like cellphones — plus a connection to the internet, we now can access the expressions of physically, mentally, socio-economically and geographically challenged individuals from around the world. It provides a space allowing collaborative efforts to solve problems — some that have plagued mankind since the beginning of recorded history.

All communication devices used predecessors as springboards for innovation. The printing press provided an easy way to collaborate in the creation of the telegraph. It stands to reason lots of information shared via telegraph played a role in the adoption of the telephone. The twisted pair of copper wires AT&T laid across the U.S. put a phone in virtually every home. All those landlines came in handy allowing you to connect to the World Wide Web via modems. Now there are satellites connecting the deepest parts of the Congo to the global conversation taking place all day, every day with more than five billion cellphone subscriptions.

Who was the first among our species to draw a picture in the sand or on a cave wall to communicate a message to someone? Who first decided to use the innovative technology of a pen to write on paper to share ideas among elites and clergy? We can thank Gutenberg for the ability to share ideas among a more diverse group of people. Books and newspapers were tremendous innovative technologies giving a more representative collective voice.

What new technologies will springboard from using mobile devices and a connection? The internet can provide the space to transport anything not made of matter, including ideas, music, literature, beliefs, history, religion, knowledge, wisdom, etc. All of those things listed can be translated into bits of data with the potential to reach a million minds at the speed of light. At the beginning of the 21st century, Professor Peter David Blanck presented a statement to the U.S. House of Representatives saying that “increased accessibility to private internet websites and services may have yet-undiscovered benefits to society.” Innovative technology gave Hawking a voice, but he’s just one person. Imagine how many ideas have been lost over time because there was no outlet for their expression. We must tap into the wisdom of the internet and trust that the most diverse group in our history will create better solutions to move us forward.

But the internet can be used for good and evil. It is a neutral playing field where there’s a constant battle of ideas going on all the time. Can we allow this innovative technology to be overrun with those who choose hate over compassion and war over peace?

We are at the convergence of global internet coverage and more cellphones on the face of the earth than toilets. This ever-increasing access to the voice of people from cultures around the world allows for a better sampling of our collective genius. Right? Haven’t we always relied on diversity and adaptability to ensure our continued evolution? Now we have an opportunity to collaborate globally — resolving issues that have plagued us for millennia. That’s why I encourage all the smart folks I know to get out there and fill the internet with their wisdom. In the face of all the bad news lately, it’s best to embrace this innovative technology, trusting it will help us move forward to a brighter future.

Amy Stark​ is founder and CEO of​ Digital Dames Inc.​​, professor of digital media marketing at the University of Indianapolis, author of “The Tweeter’s Almanac, The Great Indiana Initiative of Aught Nine” and co-founder of the Social Media Dames Movement. Professor Stark is passionate about helping women learn how to leverage the power of digital communications to benefit themselves, their families, their careers and the world.

The bottom line: How deep is your brand?

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By Iris Cooper

The red polo with your company logo looks great, and so do the business cards, but your sales manager (with the polo on) was drunk at the ballgame. The address on the building is missing a number, and the front door creaks. The receptionist in the foyer has a frown on her face most days and keeps customers on hold forever. 

These conditions are all a part of your brand. Your brand is the soul of your business and incorporates every component of your internal and external messaging. Yes, your brand is just that deep! The good news is that you have the power to change these conditions to reinforce the quality and trust that your company stands for.

To test your brand depth, conduct a brand audit. Ask a trusted, impartial colleague to search for voids or deficiencies in your brand based upon your mission and values. Some of the benchmarks might be:

External image consistency: Does everything (stationery, business cards, advertising, etc.) with your logo look the same, down to the color and font? Do you take pride in the external and internal conditions of your workplace? Do your key employees conduct themselves professionally when they are at public events? What about social media? Are the messages accurate, consistent and aimed at the target customer? Have you selected a set of keywords to describe your product or service?

Corporate knowledge: Do all of your employees know the history, mission and goals of the company? Could they stand in for you at an external meeting? Do you have regular staff meetings to keep them current on company matters?

Community alliances: Does your company support a community cause that lets the public know that your business goals transcend net profit after tax? Is it obvious that you and your employees care about others? Do you have an advisory board or an influential mentor?

Media emergency plan: If a serious communication problem occurs, would your employees know how to handle it? Who is the spokesperson if a TV reporter knocks at your door? One credible voice is the only way to treat an emergency. What happens if your information system is hacked or breached?

Brand reinforcement: What happens regularly to reinforce the brand? Staff meetings, company outings and retreats can help to build pride in the brand and loyalty from the staff.

Customer connection: Does your brand align with the values and goals of your customers and, if so, how and when? 

A Christmas card from the dollar store with a stamped signature is shallow and crude if that is all you do. Your brand is the personality and character of your business, so investing the time to measure its depth is necessary for sustainability. 

So again, I ask, how deep is your brand?

Iris Cooper owns JustAskIris, an entrepreneurial coaching firm, and she founded Glory Foods, a multi-million dollar food marketing company. Contact Iris at iris@justaskiris.com.

Automation can help your business

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By Leland Baptist 

When is the last time that you had your business run on autopilot?

For most local entrepreneurs, they’re the lifeline of their business. If you were to wake up and have a piercing head cold. Who would run the business? Do your customers or clients solely depend on you? 

As a business owner, you probably are a little reluctant to hire or outsource various parts of your business. But the truth is …. if your business does not have some sort of automation. Then most likely you’re not working your business. Instead, your business is working you.

With technology, you have the ability to automate most of your business. With the proper planning, this can allow the solo-prenuer to plan and execute tactics to grow and scale with less time and effort than ever before.

Here are a few key sections of any business that can be automated for success and scale:

  1. Prospecting – By using tools such as email. Whenever I am prospecting I tens to use a tool called YesWare. This tool allows you to place various emails in templates and give an authentic feel.
  2. Phone Systems – There are tons of phone systems available that will answer your prospect or clients phone calls. By you developing the various script of back office, a call center can act as your personal assistant. We like to use either PatLive or BusyBee. These can range from $50 – $100 per month for 60+ minutes of phone time. Not to mention that you receive a custom phone number of your choice.
  3. Retention – By broadcasting your message to various customers. It allows you to stay right in front of them at all times. One of my favorite tools for this is Callloop. If you ever hate the dreaded cold call. Just record the message and have the autodialer do the rest. They’ll not only call but they’ll leave a voicemail and text message all on your behalf with your custom message.
  4. Payroll – We all know that accounting, bookkeeping and taxes are essential in any business. The key here is organization. There are two tools that I combine to accomplish this, the first is something called WaveApps. Wave gives you all the functions of Quickbooks plus payment integration through invoices or subscriptions to your clients. Whenever I make a purchase at the local Starbucks using my business card, WaveApps puts the transaction into various categories making it easier for my accountant to add or subtract various deductions. Wave also places all company expenses, Profit and Loss Statements, Assets, Liabilities, Balance Sheets and much more automatically. All you or your bookkeeper have to do is verify. The second tool that I use is PayPal. After all, so many people trust PayPal, it’s the process of less friction when it comes to charging a customer. The cool thing with WaveApps, is that it literally integrates with everything.
  5. Last but not least, I can’t forget about marketing right? So I suggest a very active autoresponder. And if you’re in need for something super easy to use and is cost-effective, then use Sendlane or Drip for email marketing platforms. Drip is free until you reach 100 contacts. You can’t beat a free account.

Leland Baptist is a Digital Marketing Manager at Launch Consulting Company.

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