|
WYPs Message - Make the most of your membership
Patrice Valentine - Website Editor
The majority of our membership is made up of Gen X'ers (born 65'-76') or Gen Y's (77' - 94'). Both generations are characterised as being an "Accelerated generation". We grew up with everything at our fingertips. We do everything faster than our parents did. We talk faster, we can communicate faster, we make decisions faster, and we are rapidly approaching taking leadership roles at a faster rate than ever before in the history of the US.
In the next 10 years, we will see over 77.5 million people retire leaving positions open for us 20, 30 and 40 somethings to step up and show this world what we are made of. With this rapidly changing work force, it's nice to know there is a group like the Whatcom Young Professionals that will be there to grow with us as we take on the world. With opportunities like the morning Buzzes and the monthly socials, we are able to slow down, and get to know the future leaders of Whatcom County, Washington State, and the US. You never know.... the future President of the United States may be sipping coffee with you at the Buzz or the next inventor of something as great as the Internet may be trying to chat you up at the social.
So stay connected, tuned in, and keep the WYPs on your radar. With a group of over 220 motivated, intelligent, ambitious...and might I say, rather good looking, individuals there are bound to be endless great things coming from this group. See you Thursday!
Think Before Growing Your Business
By Stephanie Artino
Growth is an essential part of small business. Without it, a business will stagnate and then gradually die. But uncontrolled growth can bring more problems, by placing strains on areas of the business that may not be able to tolerate the pressure. Any decision to grow must be made carefully, recognizing that the methods you choose must be within the capacity of the business. This includes the physical location and equipment, people, systems and most important, financing.
The basic purpose of growth is to increase profits. If a business can generate $100,000 in profits in its present size, it should be able to produce greater profits after a growth in sales or after the introduction of new products. Growth is not about empire building; it’s about making more money for the business and its owners. Expand only to capitalize on opportunities that will benefit the business; expansion for its own sake has no real purpose.
Expand to create opportunities
Economies of scale are often the drivers of growth. If a business buys raw materials at a certain price, it can probably negotiate a much better price if it buys twice as much. A business that buys fifteen TV spot advertisements a week will get a lower cost per appearance if it buys thirty spots per week. To use economies of scale effectively, you need to have a plan that by spending the extra dollars, you will see a corresponding increase in sales within a reasonable amount of time.
Expand to deliver competitive advantages
By expanding successfully and gaining economies of scale a business can become more competitive. It will be able to adjust its pricing policies to compete with established players in new market areas and to spend more on advertising and promotion against its opposition. A bigger enterprise can in theory invest more in creating and strengthening its customer relationships and in making itself attractive to prospects that presently buy elsewhere.
Expansion can put pressure on finances
Expanding a business takes money. Ideally the funds can come from those already generated by the business; however, in many circumstances they have to be borrowed. You need to be certain that the business can afford the expansion and that if funds are borrowed, the business can repay the borrowings from the increased revenue it generates. Feasibility or cost-benefit analyses are two tools that can be helpful in evaluating these decisions.
Expansion can strain customer relationships
Some customers will be concerned about your expansion. Growth can threaten their sense of security. They may prefer your business to stay just like it is and have nothing change. You need to communicate your reasons for growth to your customers and articulate the benefits it will bring to them. Lower prices, more convenience and better service should be provided through growth; you need your existing customers to be your ambassadors via word-of-mouth
Expansion will demand more from you
The bigger the business, the more management time and energy it will require. It will place more demands on you to keep in control of the enterprise; this could mean adding more management staff or delegating some of your workload to others in the business. Growth requires a sponsor – a driver to keep the process going. Inevitably this person is the owner of the enterprise, and if you don’t provide for the demands it will place on you it could create serious problems for both yourself and the organization.
Stephanie Artino, CPA is a principal and shareholder of Metcalf Hodges, a Certified Public Accounting and Business Consulting Firm in Bellingham. Stephanie is director of the Firm’s business advisory services, designed to help small and medium sized businesses grow and reach their personal and professional goals.
Overheard @ The Buzz - By Troy Wills
Well another month has come and gone here in Bellingham…boy time is sure flying by…it will be summer before we know it! Many of you made it to our social last month at Hot Shots that was an 80’s theme! I have to say we had some great costumes that were worn loud and proud! Make sure you check out the pictures on the website for the good laughs and highlights of the night.
The Bakerview buzz has some juicy juice to spill! Tally Rabatin from Dream Maker Bath and Kitchen shared that her business took second place in Best in Show at the Lynden Home Show…way to work it Tally and Matt! Tally also shared that Wade Stringfield is almost ready to open his new shoe store “Classics” in Bakerview Square. We will all have to lace up our high-tops and run over and celebrate with Wade!
The dapper Downtown buzz has been drummin up some “buzz in the district” as the word on the street is they have had up to 17 people attending each week! Way to work it Jodie and Stephanie…high rollers! Attorney Nathan Mcallister and Financial Advisor, Jodie Beatty are teaming up to host quarterly workshops on the benefits of and tools used in estate planning…great work you two! Erika Arnold shared that Dr. Kelly Arnold will have a new chiropractor joining him soon…watch out Kelly do I hear a friendly competition on who has the hottest hairdo?
The last buzz on the stop is Barkley and what can be said about this wild and crazy bunch? Since I lead this group I better have some dirt to shake out and share…huh? Darren Pobran from Windermere Real Estate shared statistics on the housing market for Whatcom County…very interesting. Scott Hume talked about the bottle neck traffic areas to stay away from…you should have Scott share with you sometime! You can thank me later Scott!! I also asked the group to share 1 goal they have for 2008, we had an open discussion about what we would like to accomplish this year…great fun! Lastly on the list…I received a President’s award at Peoples Bank for my efforts in being the top Business Banking referrer for 2007!
I am signing off until either Anny Havland comes back or they fire me! If you are not already attending a morning buzz I hope you can join one of them soon, but make sure you are careful what you are saying because you might be overheard!
Buzzing off to a location near you…
Overcoming Adversity - By Bob Hagedorn
All of us have encountered some type of challenge in our work and/or personal life. If it hasn’t happened yet, it will! How you respond to that situation says a lot about how you will grow in the future.
It reminds me of a story I read once about a traveler who was visiting a logging area in the Pacific Northwest and was interested to see how logs were chosen that eventually would be used for furniture. As the logs came down the stream, the logger would suddenly reach out and hook one, pull it up, and then set it down. He would sometimes wait for a few minutes before grabbing another. There didn't seem to be any rhyme or reason to his choices.
After a while, the visitor said to him, "I don't understand what you are doing."
"These logs may all look alike to you," said the logger, "but I can recognize that a few of them are quite different. The ones that I let pass came from trees that grew in a valley. They were always protected from the storms. The grain is rather coarse. The logs that I pulled aside are from high up on the mountain, where they were beaten by strong winds from the time they were quite small. They toughen the trees and give them a fine grain. We save these logs for choice work. They are too good to be used for ordinary lumber."
This story speaks to what it means to learn from adversity. Like the saying “what doesn’t kill you makes you stronger” : learn from your mistakes and grow from your past challenges. This can do nothing but toughen you up, make you smarter and enable you to be more successful when a new challenge comes down the road.
Adventures In Success - Don't Miss This Event
Date: Wednesday, May 7th
Time: 3:45 Tour, 5:30 Crab Feed
Cost: Early Registration - Members $18 | Non-Members $36
Cost after 4/15/2008 - Members $25 | Non-Members $50
Details: Tour Alcoa Intalco Works in Ferndale and then enjoy a Crab feed at Totem Terrace.
 Download the Brochure
RSVP Online
|
