 A division of the Bellingham/Whatcom Chamber of Commerce and Industry
WHATCOM YOUNG PROFESSIONALS
November 2007
WYPs Message
What do we need to do to Survive and Thrive in an ever-changing business world? As we all lead busy lives, the fight for work-life balance has become increasingly difficult. All of us have choices to make in how we will spend our time devoted to the various options of industry, business and not-for-profit groups that require our attention.
A key component of survival and growth is an understanding of the environment you operate in and making connections with others in the community. The type of business you operate will be the first factor that determines how much time you need to spend in this area. You then want to look at your business strategy and goals to help formulate a plan for your time and where it will be spent out of all the options available.
Let's tie these concepts into WYPs, as many non-members and members find themselves asking the questions, "Why should I be a member of WYPs?" or "What are the benefits to my business?" The common misconception is that WYPs is a social group. While we primarily conduct our activities in a social atmosphere, we are still accomplishing some great things. I would argue that WYPs membership can be whatever you want to make it - it's all about how you choose to interact and allocate your time within the group.
How is WYPs different than other groups?
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Our membership, based on age and business cycle, is mainly comprised of those with new and fresh ideas to business, with a focus on the future
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Our membership spans all industries to provide the opportunity to interact with those you might not run into otherwise
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Our membership is individually-based so that it can be portable with your career
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Our activities offer variety in where and how we meet to provide new and different experiences as well as support member businesses
Two main ways that WYPs can help anyone Survive and Thrive:
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Networking, of course, is usually first on the list and each of our events provides opportunities to do so. It's about meeting people to make connections that can be a resource for either yourself or others you know. Bob Hagedorn has written an excellent article on Networking in this edition, so I'll let him elaborate further on that topic.
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Learning - from our peers and others. Every time you are talking with someone about their business, you can learn what has worked well or perhaps not so well for them. It's also about problem-solving for similar situations. Learning opportunities can range from quick tips picked up at a Morning Buzz or Social, through a more lengthy discussion at one of the
Adventures in Success events or through subsequent discussions with people you've met. Membership in the Whatcom Young Professionals is one avenue you can pursue in helping you to Survive and Thrive in your business. What you get out of it will be a derivative of the energy and expertise you choose to contribute. The opportunities are endless and we always welcome your feedback to find out what we can do better. As a result, WYPs will also Survive and Thrive!
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Stephanie Artino, Metcalf Hodges
WYPs Advisory Council |
Accounts Receivable Collections: The Key to Cash Flow Part 2
By Tom Dorr
Director, SBDC
Last month we talked about the importance of organization and a systemized collection system and the need to communicate the need for invoices to be paid on time.
Now here are some proven tactics to collecting past due accounts.
Begin your collection efforts on the 31st day. Too often, collections become a problem because the company waits until two months or more have gone by. At that point, the customer may have entered additional orders, and complicated the collection effort by making you feel that you can't be aggressive for fear of endangering payment for everything. In any event, the longer you wait to begin your collection effort, the more difficult it may be to collect because of mixed up paperwork or reassigned contacts.
Work through purchasing or accounts receivable. Ideally, you want to deal with an individual apart from your regular contact. That way, you reduce the chances of irritating the contact with whom you have developed a good relationship.
Get commitment to a specific time for payment. Once you get a contact and get agreement that the invoice should be paid, try to lock in a commitment to a date for payment. That way, if the payment isn't made, you gain some leverage; no one likes to be seen as being dishonest.
Follow up regularly. Assuming you don't get the right person or get a commitment to a payment date, try not to let the matter get lost in your own priority scheme. You may even have to follow up daily until you finally get the right person and gain a commitment to payment.
Invite payment via overnight mail. Another tactic that sometimes speeds things up is to offer to pay for overnight shipment of the check; that suggests your seriousness and commitment to getting paid.
Ask for the check number if they say the "check is in the mail." This will also demonstrate your seriousness.
Be prepared to take tougher action. If the previous tactics don't work, consider telling the customer that you will initiate collections procedures, and even court action if necessary. Let them know that while you don't want a fight, you consider it important that everyone honors their part of the deal, and you have already honored yours.
As you systematize your collections procedures, take into account that you may not necessarily treat all accounts receivable equally. You will want to pay special attention to customers owing large amounts of money. In those cases, consider supplementing your official billing approach with telephone calls at strategic times or to strategic people.
You may also want to compress the intervals between mailings to certain customers, such as new customers, to let them know early on that your company expects to be paid in a timely way. Include a personal letter or note with certain overdue notices, especially if you were promised prompt payment, to gently remind the customer that you are keeping track of the account.
As much as you systematize your billing procedures, you want to be able to allow for the human factor and variations among companies. Sometimes the key to getting paid is making sure the invoice gets into the right hands, or appears at the right time of the month.
The underlying system, however, will enable you to communicate your message to customers about getting paid. Your cash flow will improve, and your relationships with customers will be solidified along with long-term business success.
For over 20 years, the SBDC has enabled Western Washington's College of Business and Economics to give back to the business community and has helped to shape the economic future of Whatcom County...one business at a time. The SBDC provides free, confidential counseling, technical assistance and secondary research to business owners and managers in an effort to help businesses thrive throughout Whatcom County.
The SBDC is funded through the Port of Bellingham; the U.S. Small Business Administration; Western Washington University's College of Business and Economics; Washington Department of Community Trade and Economic Development; the cities of Bellingham, Ferndale, Blaine, Lynden, and Sumas; Whatcom County; the Economic Development Administration, and private donations.
The "Big 5" to Successful Networking - By Bob Hagedorn
As a salesman I try to practice what I preach. As a sales and networking trainer, one of the biggest issues I talk about when I speak to businesses or groups, is the effect you can have on those you come in contact with when you make a good or bad impression.
Whether it's a WYPS function, a Chamber of Commerce networking breakfast, a leads club, a trade show or any other opportunity to be around other people, making a lasting and positive impression is king!
Here are 5 items that I'll briefly break down which I think are some of the most important keys to making a good impression on others.
- Dress: They say that the "clothes make the man". Be dressed appropriately for the event you are going to. Designate a "checker" or someone to look you over before you head out the door.
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Hygiene: Carry breath mints, use deodorant, comb your hair, don't smoke right before you meet others, fingernails clean, hands washed - and if you think these are obvious, think again!! (You'd be amazed at how many people forget!)
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Smile: Be Positive! It's contagious! Make an effort to smile at everyone, you'll be amazed how it affects them, and they will notice you and respond!
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Handshake: Project Confidence! Give a firm hand shake and don't be a "squid"! Grip and shake, and they'll remember you.
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Eye Contact: Convey Trust! People know you are listening to them, know you care and that you are tuned into them. Look them in the eye and gain their confidence!
Successfully put all 5 of these together and you will stand out, make a good impression on those around you and you will be remembered! After all, isn't impacting others in a positive way pretty important when you are networking?
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Bob Hagedorn, agent
Snapper Shuler Kenner Insurance
2115 Barkley Boulevard #201
Bellingham, WA 98226 |
Professional Development Series off to a new start!
By Stephanie Artino, Metcalf Hodges
Most WYPs members have heard about the Morning Buzz's and Monthly Socials - but membership in our organization also provides you access to a key learning opportunity to help you survive and thrive in today's world of business.
The Professional Development Series are quarterly, limited seating events where members have the opportunity to learn from established, successful business leaders in our community. However, true to WYPs form, these events are not just the typical business dinners with a speaker! This past year we've heard from 4 fascinating entrepreneurs, caught beautiful sunsets, dined on steak and crab and taken 2 boat rides.
So what's next on the PDS plate?
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Adventures in Success - we've re-named our series to match what we are really trying to accomplish. With each event, we incorporate something different to break the norm and make this process as enjoyable as possible. Here is your opportunity to get into the nuts and bolts of business with your peers and ask questions.
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Membership survey - a survey was just emailed to all members, conducted through Zoomerang. Thank you to everyone who took the time to complete the survey.
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Annual Panel Discussion - We realize that in today's business environment change is constant. Learning from those that have been well-established in our community is great, but it's also important to find out what our own members are doing to address some of the same issues. Our fall event, on November 29, 2007 will mark the First Annual WYPs Panel Discussion on Trials, Tribulations and Triumphs!
Moderated by the co-chairs for this series, Stephanie Artino, CPA and Travis Huisman, CPA, this panel discussion will feature 5 WYPs members that bring a wide variety of experience and expertise to the table. Sponsored by Mike Ryan and Egan Ludwig of Waycross Investment Management Company, this year's panel consists of:
Abbe Rolnick, Robeks - Abbe Rolnick, owner of Robeks Fruit Smoothies and Healthy Eats, has lived in Bellingham for over twenty-five years. Educated at University of Florida and Boston University, Abbe has had a varied career as a Bookstore owner in Puerto Rico, Yoga instructor, owner of a native plant nursery, bookkeeping service for thirteen years, and former CFO and CEO of a local manufacturing company.
Anne-Marie Faiola, Brambleberry - Anne-Marie Faiola is the owner and founder of Bramble Berry Inc, Otion - The Soap Bar and Teach Soap. She founded Bramble Berry in 1997 and it has since grown to encompass a diverse product line with over 2500 items, including a growing line of candle supplies and complex toiletry line. In 2003, Anne-Marie founded Otion - The Soap Bar, where you can touch, smell and feel all the products that Bramble Berry carries in a retail setting, in addition to learning new skills through classes and parties. Anne-Marie's recipes and projects have been published in numerous magazines. In addition, she has been a featured guest on DIY's CraftLab and appeared on Home Shopping Network, representing Bramble Berry kits.
Scott Hume, RBC Dain Rauscher - Scott Hume is First Vice-President and Branch Director of the Bellingham office of RBC Dain Rauscher. Scott is a Certified Financial Planner and in his 12 years in the industry, has grown his business with oversight of over $250 million in client assets and manages 11 financial consultants and support staff. He is an active member and past officer of the Bellingham/Whatcom Chamber of Commerce and Bellingham Central Lions Club as well as serving on the Board of Directors for the Chuckanut Flying Club and Western at Home Committee.
Pete Nelson, Whatcom E-view - Pete Nelson is a local business person with a wide variety of professional interests and is a seasoned entrepreneur having successfully began and sold various businesses. Currently, Pete teaches Marketing at Western, is co-founder of a local search engine and Bellingham Business Services Inc., is an internet manager and marketer for Wilson Motors and does various consulting assignments with local businesses.
Rob Westford, Westford Funeral Home - Rob Westford is a third generation owner and funeral director of Westford Funeral Home. Rob graduated from the UW with a degree in Business and worked for 5 years in software development, before returning to the family business in 2002. He is a member of the Rotary Club of Bellingham, serves on the Elder Service Providers board, and is active in his church and the local Boy Scout Council.
Seating is limited, so be sure to register early! Details and registration can be found on our website www.bellinghamwyps.com.
December Social - Holiday Fun!
Location: Squalicum Boat House
Date: Thursday December 6
Time: 6:00 -8:00pm
Special Thanks: sponsored by Angela Abshere with Silpada Designs & Scott Humes RBC Dain Rauscher
The Goods: Chocolate fountain, prizes, and Holiday surprises! Cocktail attire welcomed
Cost: $7 members $14 Guests
RSVP: By December 3rd (RSVP Now!)
Overheard at the Buzz
I sure hope that you have been attending one of the morning buzz locations to hear first hand what has been the latest and greatest from the Whatcom Young Professionals around the county. This month I placed some random ears out at the different locations to make sure that I wasn't missing anything juicy. Oh cute and you thought nobody was listening. Don't worry I know the gift of sharing and that is exactly what I promise to do.
Let's get this party started at Barkley with Senor Captain Troy Wills group. Angela Abshere from Silpada Designs just turned the elegant...40, Woohoo! Tony Branch from Smith Barney just bought a hot tub...do I hear par-tay with rubber duckies and champagne? Travis Huisman from Moss Adams just bought a new snow mobile...now we just need some snow! Abby Rolnick just finished writing a short story that she submitted for a book...do I hear Abatha Hitchcock?
Next on my buzz hop was the one the only the sleeping beauties at Bakerview. I actually warned them on what they were about to say in my presence because most likely it could become public knowledge. Hey at least I made proper disclosure right? Well, Halloween sounded like it was a fun and possibly a night not to forget for many in our group. Danny Harper of Harper Marines showed up to the Silver Reef Casino dressed as Sponge Bob Square Pants which Al Coyle of KAFE radio said Danny could have easily been mistaken for cheese, mmmm I hope it was cheddar. Gail Coleman of A Changing View also made it out for the fun time at the Casino. Gail, did I hear something about you and the martini's going steady? Cecelia Guadalupe a licensed mortgage advisor from Neighborhood Mortgage declared she dressed up as a Flapper, now isn't that the "bee's knees?" That is a slang term that the Flappers used instead of the word fantastic and we all know that Cecelia is FANTASTIC.
Buzzing off to Sehome's buzz I found out that Oralie Edwards from the Bellingham Herald is getting ready to launch their very first issue of their new business publication. This is expected to hit the stands early November so watch for the press.
Now, you don't always have to end up downtown but isn't that usually what happens? OK, for the Downtown crew I heard more good details. For Halloween, they did something fun where people shared their best trick or spooky story and received treats. JR from Sober Rovers had the best scary story with a Sober Rover Incident. Oh come on, we need more than just that we need details of this incident. Don't worry, I have a very good feeling that I can find out for us. Blake Young with NuCanoe had been updating the group on the progress of moving the manufacturing portion of his business from Skagit County to Bellingham. Diana Del Giorgio, the co-owner from Cafe Adagio joined the group for her first time. Zack Palmer with Fitness Gear is a new attendee and talked about the changes to their business with personal training and new equipment. They also had many discussions about WYPs Paintball and the Jingle Bell, Jingle Bell, Jingle Bell Run. Oh, doesn't that just make you start to feel the holidays coming? Well I guess I better be off to the mall for some holiday shopping, what a great excuse.
It has been another fun month with you my fellow Wypsters. If you are not already attending a morning buzz I hope that you can join us soon, but make sure that you are careful what you are saying because you might be overheard.
Buzzing off at a location near you,
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Anny Havland, Neighborhood Mortgage
WYPs Advisory Council, Monthly Social Committee, Bakeview Buzz Leader |
Jingle Bell Run - Come Jingle with us!
WYPs has created its own team for the Annual Jingle Bell Run/Walk for Arthritis and the campaign has just begun. This year's event will be Saturday, December 8 and is another great way to get into the holiday spirit! Participation can be in two ways:
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Sign up to walk or run (4 mile run, 2 mile walk)
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Donate to our team
Questions, please contact our team captain, Stephanie Artino at stephaniea@metcalfhodges.com.
We will coordinate those walking and running so that we can find a central location to meet and walk or run together that morning. |
