WYPs Message
The Whatcom Young Professionals is the best investment I have ever made. Purchasing two annual memberships: $100, enjoying 119 lattes at the morning buzzes: $300, mingling at 15 evening socials: $190, learning from the 'bigwigs' at four professional development series: $150. Enriching my days with new confidence, lifetime friends, and quality clients: priceless. Make sure you are getting a favorable return on your investment and get involved.
Do not be fooled into thinking we are simply another networking group. To quote the Vegas Young Professionals, "we are a synergy of future envisioneers, formed to shake and stir your business juices." Synergy is a dynamic state in which combined action is favored over the sum of individual component actions. At nearly 250 members in just over a year, YOU are the secret to our success and synergy. The WYPs rely on all of our individual members to combine and mingle at events in order to continue the dynamic state we have created.
Simply put, if you invest the time and get involved, WYPs will energize your future! Here are some events to be involved with in order to boost your visibility:
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Weekly Morning Buzz - start your day by hearing the latest business buzz, while getting your caffeine buzz, and drop-in for a casual chat with Whatcom�s movers and shakers.
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Monthly Evening Social - after work, network, fuse, and mingle with the most influential paradigm shifters of the business community.
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Quarterly Professional Development Series - leave work early for an intimate setting and interactive dialogue with local CEOs and VIPs who share their formula for success.
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Volunteer on the Advisory Council - periodically positions open up to go behind the scenes and help form the WYPs programs and events.
The return is not just in attending these events - it is how you interact in these events. With any investment there is risk - the risk with WYPs is whether or not you get out of your comfort zone and talk to people you do not know. Take the WYPs challenge: at the next event, introduce yourself to three new people, and then introduce them to other WYPs members. Help us drive and thrive in the synergy!
I hope the WYPs becomes your best investment too. Boost your visibility and face-time with Today's Achievers, Tomorrow's Leaders�the Whatcom Young Professionals!
Thank you for your membership and your friendship,
Jodie Beatty
 Jodie Beatty, Waddell & Reed
WYPs Advisory Council |
Accounts Receivable Collections: The Key to Cash Flow
By Tom Dorr ,
Director, SBDC
In a complicated economy, cash is even more valuable, and accounts receivable collections are critical to good cash flow management. The key to collecting on invoices in a timely way is... to develop a system. The systematized collection process puts accounts receivable information at your fingertips. And customers learn that your invoices are a top priority and must be paid quickly.
A subtle psychology is at work with a systematized approach. As a rule, people prefer to deal with companies that are businesslike. There is a respect and seriousness accorded such companies. Similarly, companies that come across as un-businesslike either because of unprofessional packaging or poorly performing products, for example, are taken less seriously.
Consequently, their invoices are taken less seriously, which means they can easily be shoved to the bottom of the pile, to be paid later when more cash becomes available. Unfortunately, customers may get the impression that it OK not to pay your invoice promptly, and that can lead to invoices being paid in 60 days, 90 days, or never.
Simply put companies that have systematized collections systems come across as businesslike. Customers know that these companies are to be dealt with seriously. And invoices are paid more quickly.
There are four key elements to a systematized collection system:
1. Professional appearance. All correspondence should have a professional appearance with the company name and logo imprinted on it. The invoice should also state the services provided and amount owed. The invoice should also include a message about payment terms and expectations for payment. Again, invoices or statements that are hand-written with spelling or grammar errors convey the impression that the business isn�t professionally run, and need not be taken seriously.
2. Prearranged schedule. Timing is a key issue in the area of collections. Invoices that aren�t paid on-time have a tendency to be put off even longer. To combat late payment, your first step is to send invoices at the same time of the month or immediately after the service is performed. Then follow-up efforts need to be made every 15 or 30 days with statements or collection notices. This type of scheduled billing procedures conveys the professionalism and seriousness that leads to prompt payment.
3. Stepped message approach. Simply sending the same invoice with the amount due, again, and again, isn�t enough. The customers must be alerted to the fact that they are late paying and reminded the number of overdue notices that have been sent. The tone of the message should become progressively firmer. If interest is collected on overdue amounts, the amount accumulating must be made clear.
4. Overall policy. Above all, your billing approach must convey the depth of the seriousness about collections, especially for customers who are being notably resistant. Show customers that you have a collection process and that you are prepared to follow through, whether it's by referring the account to a collection agency, loss of credit, and court action.
These are just some ways to improve cash flow and solidify your relationships with customers. Next month we will talk about some proven tactics for collecting past due accounts, additional keys to 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.
 So what has all the latest and greatest topics been at the morning buzz locations? Well, that�s what I am here to spill to you all. For example is it really true that Kelly Arnold from Barkley Chiropractic hasn�t cut his hair since 1979 and just put in hair extensions to make it even longer? Now, really I think that the Barkley buzz crew is pulling my hair on this one. To find out more fun details like this you are going to have to continue to read on my fellow Wypsters, just read on.
True or false, Whidbey Island Bank has merged with Frontier Bank and in the next few months they will be switching their business name to Frontier Bank? True, I heard it first hand from Maria Hansen at the Bakerview buzz. Maria has worked at Whidbey Island Bank since 2004 and is in charge of the Latino program. Matt Standow, also an employee of Whidbey confirmed this merge. Greg Martineau of WestCom Properties announced that they will be moving their office to a brand new location over to Barkley within the next month. Diana Baily from the BIAWC talked to us about the upcoming Home and Garden show that is held in Lynden each year. Still need a booth at this show, if all else fails I know that she likes eight grain rolls and coffee cake from Starbucks.
It sounds like DT; you know downtown for short, has been hammering up the attendance numbers with a high of 21 WYPs members. Troy, do I hear competition for Barkley? Josh Coray from Veco is rallying a WYPs vs. SYPs paintball "just for fun" event. Bring it on SYPs bring it on. I can't wait to hear how the turn out will be and how bad we beat them. Didn't they get the memo that the WYPs members are all winners? Downtown is talking about getting a WYPs team together for the Arthritis Foundation's annual Jingle Bell Run/Walk in December. I know that Stephanie Artino of Metcalf Hodges has already started the process with a very promising team. Hannah Stone, immigration attorney, has started her own law practice in the Crown Plaza building. Expansion, expansion, Chris Lopez of Firecat Productions has expanded his radio ad business to include audio transfers from vinyl or tape to CD.
Oh, Barkley buzzers how could I ever forget about you? It sounds like you are all involved and caught up on the NW Business Expo. I hear that Travis Huisman and Tony Branch will be speakers at the upcoming event this October 18th and Katy Jensen has been promoting for attendance for the show. So really what you are saying is BE THERE. Darren Pobran from Windermere Real Estate shared that our very own Birch Bay was on MSNBC spotlighting the Canadian Dollar and how the real estate market is adjusting. The Barkley Merchant Association is having a "Fall Ball...Come One Come All" event which is promoting the association on November 7th at the Dorothy Haggen building.
Do you wanna know what all the talk has been about at the Sehome morning buzz, you know that I have no problem sharing it. To find out you are going to have to stay tuned for our next addition.
Still didn�t get enough on what's been happening at the morning buzz locations, come and join us. Be careful what you say though because you never know if you are being "overheard."
Buzzing off at a location near you,
 Anny Havland, Neighborhood Mortgage
WYPs Advisory Council, Monthly Social Committee, Bakeview Buzz Leader
.jpg) Open House & Ribbon Cutting
Monday, October 22nd
Evergreen Team Concepts
3600 Meridian St. Ste 100
2:00 PM - 8:00 PM, 5:30 PM Ribbon Cutting
Join us for live music, hors d�oeuvres and wine
Honored Guest Dr. Joseph Michelli, bestselling author of The Starbucks Experience: Turning Ordinary into Extraordinarywill be signing books and available to meet people. Copies of the book will be available for purchase as well as given away in drawings along with over $10,000 in fabulous door prizes. Read More... |
Don't Get Run Down By a Cycle
By Stephanie Artino, Metcalf Hodges
Every economy has cycles of expansion and contraction, or boom and bust as they�re often called. The expansive stage is a time of growth and increased activity that reaches a peak, and then yields to a contraction where production, sales and income decline. Cycles vary in their lengths and strengths, but neither good times nor bad times can last forever. The turning points are the �peaks� and �troughs�.
Economic downturns can have a tremendous impact on people and businesses. Yet many businesses have managed to grow and prosper during times when others were going under. Here are some things that can strengthen and protect your business in times of a business slowdown.
Understand the cycles
The most important piece to managing your business is to understand the different areas that have an impact on your activity. There are 3 main cycles � that of your business itself, the industry overall and the general economy. If you know where your business is at in each of these cycles, you can then implement strategies to help maximize opportunities and minimize the negative effects.
Strengthen relationships with customers
It costs more to attract new customers than it does to generate sales from existing customers. During times of slowdown, cash can already be tight so advertising can be increasingly difficult. Instead, market heavily to your existing customer base in an effort to accelerate or increase sales, which will help maintain cash flow. Present these customers with special offers and extra attention - if they've bought from you before, they can be encouraged to do it again.
Keep an eye on what the competition is doing
If anyone�s likely to find a way out of a trough it will be one of your competitors. Keep in touch with others in your line of business and be alert for any signs of success. Get active in your industry association, chamber of commerce and other networking groups (i.e. WYPs) to keep up with other businesses in your community. Contact leaders in your industry around the country and share information.
Negotiate a better deal with suppliers
If times are tough for you, they're tough for others as well and that may include your suppliers. This gives you the opportunity to negotiate better deals on everything you purchase, from office supplies to raw materials. You can achieve discounts by agreeing to pay by a specific date instead of waiting until the end of the month, or by centralizing your purchases with one supplier.
Consider new products or services
The bottom of economic cycles can be an excellent time to introduce new products. The costs of labor and materials can be lower and customers may be looking for products to meet additional needs. Products with higher margins can be repositioned and sold into new market segments at lower prices.
Perform maintenance
When business is booming it's often hard to find enough time to maintain business facilities and equipment. It can be difficult to schedule repairs when equipment is running at peak capacity. A slowdown presents the opportunity to look after the condition of your business assets and get them ready for the next upturn.
Look for efficiencies
Take an opportunity while things are slow to review the processes of the business. This would encompass everything from how you produce, purchase or provide your product and services to selling to administrative functions. Are you doing things the way you are because that is how it's always been done? Can something be done faster or easier? Can you shift workload based on experience and expertise? Use this time to make and test changes to your system so that you�ll have even higher capacity when things are busy.
Cash is King!
Prepare a cash flow plan that will take into account your business cycles. Doing so will help you know when and how to address excess amounts of cash or shortfalls. A line of credit, when used properly, can be a great tool and resource in helping you effectively manage the shortfalls. Once you develop the plan, you�ll also need to monitor it regularly to adjust for changes and avoid any crunches.
Business� that understand and plan for changes in their economic environment can not only substantially increase their chances of success but also the value of the business.
 Stephanie Artino is a CPA with Metcalf Hodges, a Certified Public Accounting and Business Consulting Firm in Bellingham. Stephanie is director of the Metcalf Hodges RAN ONE consulting program, a program designed to help small and medium sized businesses grow and reach their personal and professional goals.
Social Recap, PDS Experience, and Upcoming Events
> SEPTEMBER SOCIAL RECAP: Wine, WYPs, and Accounting Tips! You can�t go wrong� and they didn�t! The September social was a hit. Moss Adams, Whatcom Winemakers, and Hilltop Catering packed the house, and made the evening fun, fresh, and energetic. A synergy of professionals mingled with wine and appetizers as they boosted their business� visibility and networked with other movers and shakers. WYPs� socials energize your business, and create a social icebreaker for you to get involved.
Speaking of icebreakers� the winner of the Ice Sculpture Melting Contest is� Teresa Anderson with 55 hours until the sculpture melted!! Congratulations! For those of you who didn�t win, check out October�s social on the 25th, sponsored by Neighborhood Mortgage, it is sure to be frightful!
>UPCOMING EVENING SOCIALS
October Social - The fantastic folks at Neighborhood Mortgage bring you October's Spooky Social. They are going all out at the Broadway Hall on October 25th from 6 - 8 PM. Tickets are just $5.00 for members and $10.00 for non-members. Appetizers, drinks, and entertainment will be provided.
For Information: www.bellinghamwyps.com or call the chamber at 360.734.1330
Morning Buzz Schedule
Hear the latest business buzz while getting your caffeine buzz at a local Starbucks Cafe.
Barkley: Wed 7:00am
Downtown: Wed 8:00am
Sehome: Thurs 7:30am
Bakerview: Thurs 8:30am
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A division of the Bellingham/Whatcom Chamber of Commerce and Industry
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