WYPs Message:

Now is a perfect time to review your professional “bucket list” to ensure that you have checked off your list of goals to accomplish for 2008.  If you are like me, I had set many goals for and I was so proud of myself when I made my list back in January of what I wanted to do and accomplish.  Now I look back and think “what was I thinking” I have sooo much yet I want to do on my bucket list before the end of the year.  Before you start to stress and the beads of sweat start to build on your forehead remember the following…

1. Set yourself realistic goals from now until year end- If you want to land 10 new relationships or book 15 new loans…remember that we usually have until the end of November in the Professional network to really talk business.  Remember the climate changes quickly in December with many decision makers as the have holiday events to attend and year end numbers to close out.  Your goals are still attainable…however you need to write down what you want to accomplish and place this in a spot that you will visit daily; doing so will hold you more accountable. 
2. Tend to your current clients- Sometimes we forget as the year ends to “thank” those customers that got us where we are at.  This is a perfect time to call or stop by and thank your current client base with a little personalized goodie.  The key is to personalize the gift or thought.  In this current market temperature…we all need to show the value to clients and the benefits for staying where they bank, shop, workout, eat…whatever it might be.  This one simple act will give you thousands of client appreciation miles!!!
3. Ask…you might be surprised- This year I have been more diligent about being proactive in asking potential leads to coffee or for a few minutes of their time in hopes of understanding their business needs better.  During these conversations I have been pleasantly surprised that when I have asked about banking needs that people have been very open and excited to see what other options might be available to them.  It proves to me that many people are very interested in “options” and making solid business decisions.  Whatever you trade might be, don’t get stuck in the muck, step out you might be surprised.

Here is wishing you good luck as you wrap up your 2008 Professional bucket list goals! 

Troy D Wills
Peoples Bank-Barkley Village Branch
Assistant Vice President / Branch Manager
WYP’s Vice President / Social Committee/ Barkley Buzz Leader

Getting Your News In Print

OK, you’ve got a noteworthy item to share regarding an upcoming event or your business’ latest milestone, and you’re ready to send a press release. But how can you be sure that press release will see its way into print? Here are a few tips to better ensure your news catches the editor’s eye.

Do your homework. What publications fit your news? If you’re promoting your choir’s next concert, a business magazine isn’t the best fit, but the local entertainment publication would be perfect. And if you’ve just been promoted, you can bet that the local business publications are the place to be seen.

You’ll also want to find out where to direct your press release when you send it. For instance, the business page of the newspaper isn’t the place to send your community calendar events, so find out what department is. Finally, understand each publication’s timeline. This is especially important if trying to promote an event. Get your release in the day, or even the week, before the event and you’ll be left out in the cold.

Getting it down on paper. A useful place to start when writing a press release is not by writing, but reading. Take a look at the information typically published to get a sense of how to best frame your release. Next, gather your information. The 5 W’s of journalism apply here: Who, When, Where, What and Why. Cover these bases, add any additional relevant information about your company or your background, and you should be set. Be aware that most press releases are fairly short – one page at maximum. But as an editor, I also find that a little more information is better than not enough. I can cut information, but I can’t create it.  If you’ve only written two sentences, try again, there’s more to be said.

Technical considerations. When distributing your press release, please, please, please send it via email. (Yes, we still receive some releases via fax or snail mail!) My preferred way of receiving releases is either with the release in the body of the email as well as attached, or a synopsis of the information in the body message with the full release as an attachment. One exception to the rule is if you don’t have Word to create the release in. Then, just send it along in the body of the email.

Photos are also welcomed. File formats that work best are .jpg or .tif. And a word on quality: Photos pulled directly from your website will not reproduce well. Photos should be of a high resolution – anything on the Web is not. If your headshot has been taken professionally, your photographer will supply you with a print-quality photo. If you’re snapping it yourself, just make sure your camera is on its highest-quality setting.

Still stuck? If you sit down to tackle your press release and are still feeling stuck, or you just can’t devote the time, there are some talented people in our community who can help you craft your release for a reasonable fee.
Good luck and I’ll be reading about you soon!

Hilary Parker is the managing editor of Northwest Business Monthly. Send your press releases (and fan mail) to editor@nwbusinessmonthly.com.

The Power of Numbers: Liquidity Ratios

Your balance sheet contains important data that enables you to interpret trends in the overall performance of your business and reveal emerging problems. One of the ways to view this information is to use ratio analysis. A number of ratios have been developed that analyze different aspects of a business – liquidity, solvency, efficiency and profitability being the main ones.   In this article, we’ll look at the most common liquidity ratios.

Liquidity ratios relate to the ability of your business to quickly generate the cash needed to pay your bills. This makes these ratios of interest both to you, to your creditors and to any current or potential lenders.

Current Ratio: This ratio gives an indication of whether your business has enough current assets to meet its current debts. Current assets are usually considered cash, receivables, inventory, prepaid expenses and any other short-term investments or items coming due in less than a year.  Similarly, current liabilities are those items typically due within the coming year (payables, accrued liabilities, lines of credit, etc).  The current ratio is the standard measure of any business' financial health.

Formula: total current assets / total current liabilities

Example: a company has total current assets of $100,000 and total current liabilities of $75,000. Current Ratio = $100,000 / $75,000 = 1.33.  The result indicates the company has $1.33 of current assets for every dollar of current liability (1.33:1). You at least want a 1:1 ratio, but the rule of thumb is 2:1 or better.

Generally speaking, if the current ratio is too small, a business will encounter problems in paying bills as they become due. On the other hand a current ratio that is too high may represent excessive cash balances, excessive inventories, or excessive accounts receivables consisting of many slow accounts. A financial ratio can be a guide to actions you need to take. A common strategy when your current ratio is too low is to consider refinancing some of your short-term debt to long-term debt.

Quick Ratio: This ratio is most applicable to those that carry larger inventory balances on their books.  It is a variation from the current ratio and indicates how well the business can cover their short-term debts with current assets other than inventory.  Inventory is eliminated because it is usually more difficult to liquidate rapidly into cash than other assets.

Formula: (total current assets – inventory) / total current liabilities

A business with slow-moving inventory can more easily identify potential problems using this ratio rather than the current ratio, although both are still very useful.  The rule of thumb is 1:1.   A lower ratio indicates a potential problem, a higher ratio can indicate excessive inventory on hand.

Ratios are also very useful for making comparisons between your business and others in your industry.  You can usually find industry benchmarks through associations or other paid services.  For example, comparing ratios can indicate whether your business is holding unusually high inventory or collecting receivables more slowly. These comparisons provide insight into areas where your business could improve its operations.

There is a wealth of financial ratio analysis tools available for analyzing the different operations of a business. Regular reporting and monitoring will turn your raw figures into ‘real world’ performance measures that will give you a handle on managing the business more effectively.

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.

Making your Membership Work For You!

As we round the bend into the final months of 2008, budgets are tighter, business is slowed, and association memberships are renewing! Association memberships as well as general marketing dollars are usually the first things to go when budget cuts are made… but before you trash that invoice, understand the ins and outs of making a membership work for you!

This month’s How To… explains how to use your memberships wisely, effectively, and creatively! Giving you the opportunity to make that membership WORK for YOU!

Do:

• Understand what your membership is! This is key… review your membership packet, association website, or call your membership director to get keyed into what your money is worth! There might be things that you never knew you had access to…that would help build your business. 
• Take advantage of the perks, baby! I don’t care what it is, use it. Anyway to foster and build better relationships with your association is better for you in the long run. 
• Get in with the doers! Help out your local association staff on projects or committees, making yourself available helps make your face memorable. 
• Go to events! I know you are probably thinking, duh… no brainer! But I am here to tell you, the majority of members do not even attend their events. Being present and active is the best way for you to benefit from your membership. And before you whine, “I can’t do it all…” Believe me, I get it! However, some association memberships allow representatives to attend on behalf of their member, i.e- Chamber of Commerce, Building Industry Association, or Connections. 
• Market, market, market! I know that we all get comfortable with our little groups of friends and associates, and mellow out to the tunes and wine but that is not the idea! The idea is to meet NEW faces that could be NEW clients for you! So dust off your shoes and make a lap around the room before settling into your clique.

Don’t:

• Show up empty handed! Always, always, always bring something with you! Business cards are a must have, but bringing a flier or promotion gives people something tangible, something that they will take away with them. 
• Overstep the boundaries… this is a bit of sticky one, but it is important. You do not want to alienate an association’s welcome by overstepping your boundaries with them. Be respectful and reasonable, if you have questions or concerns about marketing an event or using the membership list… just ask! The idea of do it first, ask forgiveness later doesn’t apply here. 
• Hug the wall. I know there are many, many of you out there that fall into this category. This is the biggest NO in the book! Hiding in the corner at events does not make you feel good or give other people confidence in you. Mingle! Everyone is there for the same reason… getting business and referring business. 
• Be crude, rude, or bad news. Even though association functions can happen beyond the normal 9-5 work day, do remember that your prospective clients and associates are around you. With that being said, also be conscious and courteous that your competition might be there too. No business professional should bad mouth anyone in a professional setting, even their competition.
• Make Excuses. None of us have all the time that we need to get all the things done that we need to in the day. Get over it, it is truth. However, if you are focused on retaining clients and building your new client base… what better way to do that, than to get involved and make time to interact with large groups of people? So do it!

With all that being said, remember your association membership is only as valuable as you make it. If you are comfortable just having your name listed in the membership directory, then don’t get upset that you aren’t getting business from your association connection. Bottom line, if you invest yourself, you will get a great return. So, before you tear up that renewal… think about the opportunity that you are giving up making new, strong connections with diverse groups of likeminded people. 

Until next time…get out there and network!

Evening Social

Join us for a swanky evening at the VIP lounge of the Rogue. This last social of the year is sponosred by your WYP Advisory Council. For more information, please click here.

The Wire

Wow! Something hip and fresh from the WYPs.

October Social Re-Cap

Witches and goblins beware; the Whatcom Young Professionals understand how to have a ghoulishly awesome time! Thanks to Sorella’s, the October Evening Social was one to remember. If you didn’t make it out to the ferry terminal for their frightful celebration, I probably don’t even need to chide you for it because you are probably kicking yourself! This social has been the talk of the town, from the free-flowing cocktails to the Naked “Mummy” sushi… definitely a night to remember! Great food and an awesome atmosphere made this event ideal for powerful networking and socializing.

Hello! New Members

Lacey Ochs
Debra Miller
Amanda Arguello
Sara Holliday
Pauline Black
David Zagelow
Troy Peters
Christopher McNamara
Jonathon Lien
Jessica Hudson
Haley Kensok
Neal Swanson

Barkley:       Wed 7:00am
Downtown:   Wed 8:00am
Bakerview: Thurs 8:30am