The presenter is Wayne Hicks, a business owner and consultant since 2002. He will speak on the 7 common traps (or mistakes) to avoid as you seek to take advantage of small business opportunities in ...
The presenter is Wayne Hicks, a business owner and consultant since 2002. He will speak on the 7 common traps (or mistakes) to avoid as you seek to take advantage of small business opportunities in a down market.
The workshops is sponsored by BDPA New Jersey Chapter.
R. Wayne Hicks is the CEO of Hicks Enterprises, a consulting firm based in Cincinnati that focuses on Internet online marketing, leadership development consultation and product sales. Prior to starting his own business Wayne served as the Director of the Cincinnati Submission Processing Center (CSPC) in Covington, Kentucky. In 2001, the CSPC processed individual tax returns from Ohio and Michigan, and business returns from 13 states—a total of nearly 16.9 million returns. In 2002, Wayne’s center became one of only two business-return centers in the nation. Employing more than 3,600 people in Covington and Florence, Kentucky, and Dayton, Ohio, Wayne’s center was one of the largest employers in the area. Mr. Hicks began his IRS career in 1979 as a tax auditor in Laguna Niguel, California, and has served in increasingly responsible positions in California, Michigan, Kentucky, and New York. In 2000, Mr. Hicks was the Acting Director of the Fresno Service Center. Wayne received a Bachelor of Arts Degree in political science from the University of California, Riverside. He is currently National BDPA President-Elect. He served from 1999-2001 as the President of the Cincinnati Chapter of BDPA [ http://www.bdpa-cincy.org ] Information Technology Thought Leaders. BDPA Cincinnati chapter was recognized as back-to-back BDPA Chapter of the Year for their efforts in 2001 and 2002 under Wayne’s leadership. Wayne is active on a number of community-based initiatives including the Regional Technology Initiative [http://www.cincytechusa.com] and the Cincinnati Telecommunications Advisory Council. He was recognized by the Business Courier as one of the “Forty Under 40” leaders in Cincinnati and in 2000 was a finalist for the Applause Magazine ImageMaker Award for his work in the technology arena. Wayne has been a frequent workshop presenter at regional & national training seminars discussing topics such as, "Vanishing Black Male," "Dealing With Office Politics," "Bridging the Digital Divide," and "Strategies for Success." Wayne is a past winner of the EEO Meritorious Service Award from National AIM-IRS. Wayne lives with his two children near Cincinnati.
Introduce yourself and thank the Council for the opportunity to update them
Introduce yourself and thank the Council for the opportunity to update them
Introduce yourself and thank the Council for the opportunity to update them
Introduce yourself and thank the Council for the opportunity to update them
Small Business Opportunities in a Down MarketPresentation Transcript
Small Business Opportunities in a Down Market : How to Avoid 7 Common Traps! BDPA New Jersey Chapter Webinar Date: February 15, 2012 Presenter : Wayne Hicks
… Wayne Hicks
CEO , Hicks Enterprises July 2002 – Present
President , Cincinnati Business Incubator - 2003-2007
Executive Director, BDPA Education and Technology Foundation 2006-Present
Small Business Facts
41% Americans live paycheck to paycheck
80% of Businesses Fail Within 5 Years
Only 1 in 7 Businesses that Fail have Debt
99.7% of all US firms are “small business enterprises”
The Difference Between Working IN the Business
and Working ON the Business.
7 Traps (Mistakes) to Avoid
Lack of Business Planning
Poor Market Research
Starting Business for the Wrong Reason
Bad Money Management
Not Changing with Markets or Customer Needs
Doing Everything By Yourself
Ignoring Yourself or Your Family
1. Lack of Business Planning
What should you do?
Invest time, and effort in planning to:
Design a money making model
Set specific, measurable, attainable, realistic and time-bound goals
Calculate accurately, the initial investment needed, and running costs
Assess labor and work-force needs
Sketch business emergency plan and exit strategy, and more...
2. Poor Market Research
What should you do?
Take the time and spend the money it needs to research your market. It will help you understand different aspects about your target market such as:
Market Trends
How your prospects buy the products you will sell
Where will you find your prospects & where do they shop
How you will reach your customers
Your competitors, and more...
3. Starting Business for Wrong Reasons
What should you do?
Do some soul searching and find out if you'd really be happy running a business. Some reasons that make business a right thing for you include
A passion for what you would be doing
Good physical health and mental endurance
Perseverance, an ability to motivate yourself, bounce back from failures
Good people skills, and relationship skills
Self-confidence, discipline, a drive for 'being your own boss,' and more...
4. Bad Money Management
What should you do?
Learn basic concepts of managing money. Make every penny count, you should know where you're spending and why. And don't underestimate your costs. Good money management will help you:
To fairly & accurately determine your capital needs
Spend wisely on office infrastructure and supplies
Make good hiring, rewarding, and firing decisions
Better manage your daily cash spending
Better control your costs, and more...
5. Not Changing with Market & Customers' Needs
What should you do?
You should track changing customer needs by listening to customers, tracking competitors, asking customers about their wants. And monitoring the business environment to:
Stay abreast of any new competing or substitute products
Learn about technological innovations and advances
Get new product ideas
Keep a tab on laws and regulations governing your business
Prepare a better marketing plan, and more...
6. Doing Everything by Yourself
What should you do?
Even if you're the sole manager, try to do just the essential things by yourself. Consider outsourcing some administrative tasks. Delegating will:
Leave you with more time for long-term planning
Give you more time for performing crucial business activities
Give you time to spend with your family and friends
7. Ignoring Yourself and Your Family!
What should you do?
Make sure you don't become so engrossed in your work that it strains your close relationships such as with your spouse, or leads to unhealthy lifestyles. As a result you should.
Make time for your friends & family
Eat well, relax enough and exercise
Take a weekend or a couple of days off to recharge your batteries, and more...
Small Business Resources
The E-Myth by Michael Gerber
The 4-Hour Workweek by Timothy Ferriss
Tuned In by Craig Stull, Phil Myers & David Meerman Scott
Think And Sell like a CEO by Anthony Parinello
Jump Start Your Business Brain by Doug Hall
Small Business Administration – www.sba.gov
Service Corps of Retired Executives – www.score.org
Questions?
Contact Information Twitter : http://twitter.com/Villager E-Mail : [email_address] My Profile : www.linkedin.com/in/waynehicks Handouts : www.slideshare.net/bdpafoundation Phone : (513) 284-4968
