Partners Creating Growth

Over the past month, I have talked with 3 banks that are working to foster small business growth with specific financing programs.  This is heartening news at a time when the regulatory restrictions on loans are intense; the backlash to the 2008 financial collapse is yet another factor slowing recovery. Below, I outline some programs tailored specifically for small business financing from Gorham Savings, Key Bank and Camden National Bank.

Gorham Savings Bank began its high profile LaunchPad program this spring, offering $30,000 to the best business idea to help the economy of Maine.  It is expected to be an annual event.  This year, the 7 semifinalists will have 5 minutes each March 21 to make a pitch for their idea, and the top 3 will be selected.  A video will be posted on the bank’s website fore each of the 3 finalists, and the public will select the winner.

This intriguing event definitely encourages submission of the ideas out there and will give publicity to more than the sole winner. LaunchPad can promote the many excellent ideas that Mainers have now to grow the economy, and provide them with the publicity to gain some sorely needed funding.

KeyBank also impressed me with their specific position for a Small Business Relationship Manager, someone dedicated to this niche, demonstrating a real commitment to this sector.  Small business brings in a smaller level of assets than larger companies; however, Key Bank has relationship managers dedicated to small, medium and large companies, to ensure each gets the attention it needs.

In addition, the bank has a specific financing option available to small businesses, or even start ups, the Small Business Key Equity Options (KEO).  It is a business financing option secured by equity in your home.  It combines a variable-rate line of credit with up to three fixed-rate loan options into one account.

Importantly, the U.S. Small Business Administration backs high risk loans for banks who are approved SBA lenders.  Camden National Bank, noted as a top ten SBA lender in Maine, spoke at a Maine Technology Institute event on financing options earlier this year.  The list of approved banks for SBA loans is extensive, and the SBA website has a quick search option to find the ones in your area.

The Maine District Office, SBA, lists the remaining top 10 SBA loan providers, based on the number of loans, as:
– Katahdin Trust Company
– Bangor Savings Bank
– Norstate Federal Credit Union
– The Bank of Maine
– TD Bank, NA
– KeyBank, NA
– Eastern Maine Development Corp.
– Saco & Biddeford Savings Inst.
– Machias Savings Bank

This is not intended to be a comprehensive list of banks committed to helping small businesses grow in Maine.  These are small business programs of banks that I have come across in the last month or two.  However, if you are aware of other effective small business bank programs, please feel free to share them with the readers here.

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Tove Rasmussen, your partner in business growth @ Partners Creating Growth, offers business expertise worldwide to help organizations grow, and disadvantaged regions thrive.  Tove@PartnersCreatingGrowth.com

Photo credit: 401(k) 2013’s photostream

The words of the old Dave Matthews song come to life as I sit in one of my best office chairs.  How do we know our direction?  How do we know what is important?

A lot of blogs like to tell people what to do.  Five ways to do this; seven ways to do that.  Apparently, people like to have succinct list of the potential answers to their challenge.  I understand that blogs can become very popular with this approach.

However, I can weary of reading someone’s view of what I need to do.  I wonder if others feel the same way, as I work to come up with yet another instructive blog.  Sometimes it just makes more sense to meet face to face and have a real conversation, talking about the specific situation.  Other times, it is more productive to take some quiet time and determine the best path forward.

The choices are ours to make.

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Tove Rasmussen, Business Coach & CEO of Partners Creating Growth, offers business expertise worldwide to help organizations grow, and disadvantaged regions thrive.

What follows is FAKEGRIMLOCK’s perspective on the importance of vision in a startup. He understands that vision and iteration are allies, for there can be no science without vision. Only vision is worth testing. I’ll let him take it from here…

START UP IS VISION

First of all, I wish you all a restful, joyous holiday connecting with friends and family.  May you enjoy your gifts.

Some despair of the commercialism and the bills.  However, to me, gifts goes far beyond the material.

As you can tell, I have always enjoyed this time of year.  The chance to get in touch with old friends through Christmas cards; the concerts, plays, parties; and the chance to give presents collected throughout the year to my family.  So many good memories.

It is also a time for many of us to reflect and look forward.  I had the good fortune to attend Rich Flyte’s How to Plan, Build and Promote a Business Blog held by the Maine Center for Entrepreneurial Development.  So stay tuned for some exciting blogs in 2012!

In the meantime, we wish you peace and prosperity in the New Year.

As a business coach, I am scouring the internet to bring you the best insights into growing your business.  The B2B Lead Blog recently covered how to create engaging lead-nurturing conversations that result in more and better selling opportunities in a conversation with Phil Dobbie, BNETAustralia, and Brian Carroll.

Here are the key points, reprinted below:
How can sales people strike perfect balance between nurturing existing leads and getting more sales in the pipeline? Brian explains that this involves both marketing and sales; they can easily duplicate each other’s functions, which is why alignment is critical. Inside sales is bridging the gap between them, Brian points out, and that’s more important than ever as companies are using the internet to research buying options and talking to sales reps later in the buying process.

Stop thinking that your goal is to attain a sales meeting. Lead nurturing is about engaging the right people in the right companies in a memorable conversation. The goal is to offer information that’s relevant. After all, 90 to 95 percent of your marketplace does not recognize they have a need for what you sell, but they will in the future. Lead nurturing engages them in your solution so that when they’re ready to buy, it’s top of mind.

You’re not selling to one or two decision makers anymore. Significantly more people are involved in the buying process, according to MarketingSherpa’s 2011 B2B Marketing Benchmark Report. Brian advises looking at recent sales and existing customers to identify which roles typically championed your solution to the rest of their team. Target similar roles in prospect companies. “These days, most of the selling happens when you’re not there,” he points out.

Research matters. Before you begin cold calling, make sure you have the best data possible. Brian relates how better data reduced the cost per lead by 67 percent for one MECLABS client. (Learn the details by going to timestamp 10:03 in this webinar replay.)

Optimize your teleprospecting funnel. Brian explains how to invest less energy making phone calls and more energy having conversations that matter.

According to MarketingSherpa, 92 percent of B2B buyers are open to receiving cold calls if they’re relevant, points out Brian. Relevancy means understanding their industry, their challenges, and their hot-button issues.

On the video, Brian demonstrates how to use relevant content to gain email opt-in.

Brian explains the power of Customer Relationship Management (CRM). He notes that CRM is critical if you’re going to manage multiple interactions along the buying cycle. Fortunately, it’s accessible to everyone, with free and inexpensive on-demand packages.

Develop a lead generation calendar to avoid the “teeter-totter effect.” That is, when prospecting is up, sales are low and vice versa. Be sure, when you’re involved in closing deals, that time is blocked out every week to do prospecting, and you’re “developing your plan and executing it,” advises Brian.

While Brian only had about 20 minutes to explain the value of lead nurturing in the complex sale, we’d love to know: What would you have added if you were being interviewed? Is there anything else you would have asked if you were the interviewer?

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Tove Rasmussen, Business Coach & CEO of Partners Creating Growth, offers business expertise worldwide to help organizations grow, and disadvantaged regions thrive.

Photo credit: Cheryl @ EraPhernalia Vintage

Here is a link to the simplest and funniest explanation of lean thinking I’ve seen.  Lean results in simpler and more efficient processes.  Read: lower costs.

Lean Process Improvement – Funny

Let me know if you want a more serious explanation.

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Tove Rasmussen, Business Coach & CEO of Partners Creating Growth, offers business expertise worldwide to help organizations grow, and disadvantaged regions thrive.

YouTube Credit: Tim Woods & Richard Heffernan