Professional Documents
Culture Documents
small
seminar.
There may be a connection between poor THE BIGGEST mistake many small business owners make is failing to reconcile their ac-
social networking skills and unemployment. counts.
Detroit, which has one of the of the highest
unemployment rates in the nation according “Money, money, money. tracting new clients while re-
to the Bureau of Labor Statistics, was recently Got to have it…really need taining existing ones is always
cited as one of the “least socially networked” it…” a challenge.
cities in the country. Mashable.com, a popu- Those words were made ST: What advice would give
lar social media blog, listed Detroit 94 out of
100 cities assessed for its social networking
acumen. to get some swagger and confidence in their
famous in a song by the O’Jays
back in the ’70s. Having fi- Ta l k to potential entrepreneurs/
small business owners when
social media skills at her “Social Media Swag” nancial resources are crucial it comes to financial plan-
Social media is the phenomenon that is the seminar. Flemings is also hosting an event, to building and sustaining a ning?
game-changer for businesses and job seekers “Brand Camp ’11: Personal Branding 2.0 Con- business short- and longer- TP: To have a business plan
today. A recent front page article in the Wall ference,” in New York on May 24. term. However, many entre- and to effectively manage
Street Journal said technology jobs are hot preneurs don’t know what your finances, plan a real-
again with Google, Apple, Youtube and Skype Not only is social media critical for business tools are available to manage
marketing and personal branding, employers istic budget by determining
leading the hiring boom. But in a recent C-Span their business resources. the actual amount of money
broadcast, U.S. Rep. Jesse Jackson Jr. (D-IL) often use social media to screen job candi-
dates. To restate, the goal of a needed for startup costs and
blames the iPad (produced by business is to earn and grow for operating and expense
Apple) for eliminating thou- “I interview 20 to 25 people financial resources. And costs. The first step to build-
sands of jobs in the U.S. (See a week and look at about 100 achieving this goal will enable ing a sound financial plan is
video http://youtu.be/D5X8W- résumés, but I also view can- you to reinvest in your busi- to have a budget. Sound finan-
7MgbhM.) didates’ online activity. If ness. cial management is one of the
“Learning social media is their social media messaging best ways for your business to
is off or not congruent with While entrepreneurs work
a way of life. We have to face hard for it, do you really know remain successful and profit-
that fact. Ipads aren’t taking what the position calls for, with able. Each year thousands
this is a way we weed them how to manage it while grow-
jobs – they creating new
ones. Social media provides out,” said Tammy Turner, ing your business? Mark S. Lee of businesses fail because of
poor financial management.
a new method for generat- of Detroit, who is the owner Small Talk recently inter- As the business owner, you
ing buzz, shaping a brand, Kapstone Recruiting & Train- viewed Tracey A. Pruitt, presi- need to ensure that you will
creating a reputation, getting ing Services, LLC and author dent, TAP Consultant LLC, for her perspective meet your financial obligations.
media attention and bringing of a professional network- on why having financial management tools in
ing book, “How to Talk To place is important for your business. ST: What are common mistakes entrepre-
in new business,” said Pam neurs make when it comes to managing their
Perry, a certified social media Strangers.” “We also judge
people by the company they ST: What is the goal of your organization? books?
strategist located in metro-
politan Detroit. keep, so if their online con- TP: TAP Consultant’s goal is to free up pre- TP: Lack of planning is the most common
nections are questionable, cious time for business owners to spend time error. Many small business owners don’t rec-
“Typically when a business Pam Perry we figure they probably are running their busi- oncile their accounts. This includes reconcil-
is savvy and gets traction on not the ideal candidate.” nesses instead of wor- ing bank accounts, credit card accounts, sales
Facebook, Twitter and Linkedin, they see an rying about accounting tax accounts and other accounts on a monthly
increase in revenue because they are reaching “Anyone can learn social media. I am de-
termined to teach the tactics and show people issues. We offer a full basis. Keeping your books up to date is a nec-
more customers faster, further and cheaper.” range of personalized essary task to running your business.
it’s real easy to dominate the search engines
Building a personal brand is also important and attract business, build a brand and beat accounting services
and practical needs Here are a few tips:
when in the job-hunting mode. out your competition for a job,” said Perry. “I
especially want to empower baby boomers and for business owners • Update your books weekly.
“If you’re not online, you will get left behind,” without the overhead
said Hajj Flemings, who was recently cited by minority business owners to have some confi- • Ensure you record all your transactions.
dence online. That’s why I created the Social of a full time employee.
BlackEnterprise.com as a “Twitter Person to Our consulting ser- • Keep receipts for all transactions.
Know.” He is also the founder of Brand Camp Media Swag seminar – and coming soon the
Web show we’ll stream online.” vices range from soft- • Set up a filing system that is appropriate for
University. “Social media allows you to brand ware advice and setup
yourself. How people view you today is directly the size of your business.
The Social Media Swag Seminar will be on for QuickBooks and
related to your online profile and information Saturday, May 14, from 11 a.m. to 3 p.m., at Peachtree to office or- ST: What financial tools should entrepre-
you distribute through the social media chan- Schoolcraft College, VistaTech Center, 18600 ganization and book- neurs consider using?
nels and the friends you interact with.” Haggerty in Livonia. The cost for materials and keeping services. TP: QuickBooks and Peachtree are good
Perry and Flemings regularly teach and the session is $97 before May 1. For more infor- software tools to use which helps develop cash
mation, call (248) 426-2300 or visit the Social ST: What has been Tracey Pruitt
speak about social media strategies in Detroit your most significant forecasts which is essential for a business.
and around the country. Perry, who is hosting Media Swag Seminar website.
business challenge during these tough eco- Managing cash effectively requires an entre-
a seminar at Schoolcraft College on May 14, is nomic times? preneur to also focus on the proper accounting
adamant about showing metro Detroiters how software and monitoring their budgets, income
TP: Our most significant challenge is grow- statement, balance sheet and cash flow.
ing in a tough economy — in other words, at-
Blue Cross
and felt a connection to the local legend. In
addition to the new mural and walking track
dedication, Blue Cross will also honor Harwell
Honoring a Legend
with an “EH” building light display from April Blue Cross Blue Shield of Michigan will light day of Mitch Albom’s play “Ernie.” The memo-
Blue Shield 28 to May 4, and is the presenting sponsor of
“Ernie,” the much-anticipated play written by
its Lafeyette Building with the letters “EH” in
honor of Ernie Harwell on April 28, the opening
rial tribute will remain up through May 4, the
anniversary of Mr. Harwell’s passing.
of Michigan
Mitch Albom.
MOVING UP
The Ernie Harwell tribute will take place as
Blues employees across the state celebrate Na-
employees to tional Walk @ Lunch Day. This is the fifth year
that the Michigan Blues have taken part in this