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Small Business Connections: Marketing Meets Microfinancing workshop - Houston

Small Business Connections: Marketing Meets Microfinancing workshop - Houston



Yelp and Accion have teamed up with the NYSE Big Start-Up to host a series of free workshops that provide small business owners across the U.S. with resources to help finance their entrepreneurial ...

Yelp and Accion have teamed up with the NYSE Big Start-Up to host a series of free workshops that provide small business owners across the U.S. with resources to help finance their entrepreneurial dreams and increase their online marketing power by learning best practices for engaging with online review sites.

This presentation was delivered by Yelp and Accion staff members to over 40 business owners in Houston on June 14 at Prosperity Bank, 2310 Yale Street, Houston TX 77008.



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    Small Business Connections: Marketing Meets Microfinancing workshop - Houston Small Business Connections: Marketing Meets Microfinancing workshop - Houston Presentation Transcript

    • FRAMING THE ISSUE In the US, small firms represent 99.7 percent of all employer firms SOURCE: SBA.GOV/ADVOCACY
    • Small businesses employ 57% of the country’s private workforce SOURCE: UNITED STATES SMALL BUSINESS ASSOCIATION OFFICE OF ADVOCACY
    • Small businesses create 13x more patents per employee than large patenting companiesSOURCE: UNITED STATES SMALL BUSINESS ASSOCIATION OFFICE OF ADVOCACY
    • BUT... “ Real job creation doesn’t kick in until those small businesses survive and grow into larger operations.” JARED BERNSTEIN New York Times, October 23, 2011
    • NYSE — CENTER OF COLLABORATION Issuer Small Business/ Companies Start Up Community
    • “ American corporations want to and must be part of the solution. Small businesses and entrepreneurs are our neighbors, our customers, and our futures. It is time to harness the unparalleled innovation and creativity of American business to find collective solutions even more powerful than the economic challenges we face.” DUNCAN L. NIEDERAUER Chief Executive Officer of NYSE Euronext
    • Small Business Connections:Social Media & the World of OnlineReviews
    • Darnell HollowayManager of Business Outreach@darnelljustin#smallbizconnect 10
    • Now more than ever, consumers rely on online reviews 85% of Consumers Use The Internet to Find Local Businesses Source: Search Engine Land Local Consumer Review Survey (2012)
    • The Social Media Landscape Page 12
    • LinkedIn isB2B SocialNetworking 13
    • Marketing Your Professional Skills Page 14
    • Connecting With Other Professionals Page 15
    • Twitter isMicroBlogging 16
    • The Sprinkles Example Page 17
    • Facebook isSocialNetworking 18
    • Create a Facebook Page for Your Business Page 19
    • Local Business Example Page 20
    • Demographic Information Page 21
    • Yelp isTransactionalSocial Media 22
    • Yelp by the Numbers $864 Page 23
    • Yelp Mobile•  Yelp mobile app is used on of 6.3 •  Every second, a consumer generatedmillion unique mobile devices (Q1 2012) directions to or called a business from a•  Approximately 40% of all searches on Yelp app.Yelp come from our mobile apps. • A photo was uploaded at least every 30 seconds from the Yelp app. $864 Page 24
    • Consumers on Yelp are Affluent, Educated Adults
    • Biz.yelp.com Page 26 Log in here Claim your page here
    • Improve your business page. That’s free!
    • Connect With Your Customers. It’s free too! Page 28
    • EngageDiplomatically 29
    • Don’t: Freak Out Page 30
    • Case Studies in Freaking Out Page 31
    • The Right Way To Do It Page 32
    • The Right Way To Do It Page 33
    • Myth: Consumersare more likely toshare negativeexperiences. 34
    • 80% of Yelp Reviews are Three Stars or Higher Page 35 Negative reviews play an important role too •  A variety of experiences are consistent with real life •  You can’t please 100% of your customers 100% of the time
    • Quality Control: Why Some Reviews Come Down Page 36 All businesses are equal in this regard. (Advertisers & non-advertisers treated equally; filtered reviews viewable.)
    • Keeping Our Content Useful For Consumers “Yelp runs its reviews through an anti-fraud filter, with impressive results; every fake review the Texan bought was flagged by Yelp’s algorithms, though his fraudulent reviews remain up on the seven other sites.” Page 37
    • What’s the Secret to a Strong Reputation? If a yelper mentions “good” customer service in a review, they are over 5 times as likely to give a 5 star review rather than a 1 star. Similarly, nearly 70% of “bad” customer service experiences are given 1 star, compared to less than 5% that get 5 stars.Source: Based on Yelp reviews as of April 2012, excluding reviews that were filtered or removed.
    • Tip: It’s ok to letpeople know you’reon Yelp, but don’tsolicit reviews. 39
    • Search Advertising Page 40
    • Summary Page 411.  The most successful businesses on Yelp focus on providing great customer service, not soliciting reviews. Word of mouth will take care of itself.2. Don’t over-focus on any single review.3. Start using Yelp’s FREE tools today (biz.yelp.com). Your businesspage will look better, and this can drive new customers.
    • THANK YOU §  Q&A Every $1M §  Biz.Yelp.Com invested creates §  www.yelp.com/contact another 1,000 jobs SOURCE: ACCION USA §  #smallbizconnect 42
    • STEP 1: KNOW YOUR NUMBERS§  It’s all about numbers and if you know your financials you know where you are: §  STRONG and WEAK§  Do you have a strategy to strengthen your financial position?§  Here are a few ways to grow: §  Reduce costs and debt §  Increase sales §  Diversify 45
    • STEP 3: DETERMINE FINANCIAL NEEDS§  Secured approach: §  Rather than unsecured debt, Accion small business loans assist in building credit, have fixed rates with no penalties.§  Proactive approach: §  Business loans are leveraged with equity and owner’s capital to proactively tackle stagnation and growth. 47
    • STEP 4: FIND SOULUTIONSThe mission of ACCIONTexas is to providecredit and service to smallbusinesses that do not haveaccess to loans fromcommercial sources, and to provideleadership and service to the micro lending fieldon a national level. 48
    • STEP 5: CASE STUDIES Lianne Lami, PE,CEM,CEA CEO BocciEngineering.com Received: $35,000 loan from Accion With capital she was able to market her business to grow her sales. Today Bocci awards and recognitions include: 2012 National WBENC Star Award! 2012 HBJ People on the Move! 2011 HBJ 12th Fastest Growing Women’s Business Enterprise
    • STEP 5: CASE STUDIES Sonya Ferkel $50,000 to franchise Curves location From trainer to owner!
    • Loan Products  Microloans   $500 – $50,000 (Interest rate 10.5% - 18%)  Goldman Sachs 10k $50,001 to $250,000  Small Business  SBA 504   $250,000 to $5M Program designed to finance long-term, fixed rates, subordinate mortgage financing for acquisition of capital assets including land, building, and equipment. (4.5-4.7% Fixed)  USDOT LOC 75% $5000- $250,000 Line of CreditLoan Guarantee   (Collateralized by Contract)   53
    • Personal Financial InformationFor Borrowers, Co Borrowers, and Co-Signers  At least one   Most Recent Paystub (from all jobs -including business)  At least one   Proof of Any other verifiable source of income  3-4 months   Most Recent Personal Bank Statements (All pages for all accounts)  3 years   Personal Tax Returns (Signed, all schedules needed)  IRS Verification   Form 4506 signed  All loans   Personal Financial Statement   54
    • Terms and Conditions  Term Range   1 – 10 years (average 5 years)  Uses   Includes working capital, business purchase, equipment, inventory, leasehold improvements, business construction, real estate acquisition, commercial vehicles, heavy machinery and equipment  Amortization   Varies, depends on the use of the loan.  Fees   2.0% - 9% of loan amount.  Interest Rate   Prime + 3.0% - 4.0% (max of 10%) Goldman Sachs Funds (10.5% - 18%)  Collateral   Required-LTV to determine based on purpose of loan and type of collateral.  Debt Service 1.25X  Coverage  Borrower Guarantee   Personal guarantee from any individual who owns 20.0% or more of the business  Government Some products, if applicant meets government criteria willGuarantee   have ability to participate in SBA Community Advantage 7(a) loan program   55
    • IMPACTSNAPSHOT: Houston Businesses We Serve 56
    • THANK YOU Please contact us: Every$1M §  Shirley Brooks, Vice President East Region invested creates another 1,000 jobs §  sbrooks@acciontexas.org §  888.215.2373 Office locations: 3300 Chimney Rock Prosperity Bank, 2nd floor Suite 100A 2310 Yale St. Houston, Texas Houston, Texas 77008 77056 By Appointment only 57