Basso on Business

Basso On Business Has Moved To Wordpress

2010-01-14T13:15:00.002-05:00

Basso on Business has a new and improved format! We also moved to Wordpress. plesae subscribe to us there at http://www.bassoonbusiness.wordpress.com/

The Credit Card Monsters, Are They Really?

2009-11-30T19:00:00.005-05:00

I am sure many of you use credit cards in your personal and business life. They have been a necessary evil for many years now and have become a standard as a way of life. Well, that might change if you are one of the millions that are about to, or already have, received a happy gram from your credit card company that your rates have just been raised. Not just raised a little, but to an exorbitantly high level.

Chase, Citi and Bank of America are all jacking rates before new federal legislation hits in February of next year that will limit rate hikes and structure. Some good payers have seen rates balloon to 29% and are furious that their good records account for nothing to the lending institutions.

OK, here is the blunt business analysis. Banks are doing whatever they can to protect themselves, shore up their balance sheets and make extra cash. It does not sound so nefarious if you take an objective look at what they are attempting to do. Would you do the same thing in your business if you could and your existence depended on it? You probably would.

The real issue is how and when they chose to do it. It is pretty darn clear they are doing this at a time where people need credit the most and they are going to catch grief from everyone that has been affected by the rate hikes. So don't get caught with your proverbial pants down; be prepared and read every notice that comes from you credit card company and don't be afraid to call and complain. It may not do any good, but the public pressure could be the catalyst to make them change their tactics.

The economic climate has changed dramatically so we all need to stop dwelling on the past and get on with the way things actually are. Will the old days of free flowing credit be back? Probably not in the same fashion that the were before. It is imperative that business owners and consumers get on board with the new reality and start making decisions within the new framework.

Check out http://www.nydailynews.com/money/2009/03/16/2009-03-16_credit_card_hike_fright_banks_raising_ra.html

Don't Be Too Proud to Ask

2009-11-21T18:53:00.009-05:00

I can certainly understand that cash flow in many businesses could be tight right now. Your clients are slow to pay if they pay you at all. In turn, you may pay your vendors slow and it all trickles down the line right to the tip you used to leave for the valet that parked your car. Traditional sources of funding are finding it challenging to lend based on their own significant problems.

There are alternatives. Community banks, especially newer ones, tend to be a bit more open to making a deal happen. This is because they don't have bad debt on their balance sheets and they have fresh cash to lend. In fact, they really need to lend it to move their efforts forward. They also want to gain momentum and market share from the big banks as they languish in all the bad press they have received lately.

Yes, you can go to a company that offers factoring (http://dictionary.bnet.com/definition/accounts+receivable+factoring.html) as a solution, but you may pay a hefty rate because of the nature of the high risk they take. Your business may not be the type that will work with this type of solution, but it is worth a simple phone call if you are in need and think it may work for you. There are reputable ones out there, don't get discouraged.

You can also reach out to colleagues; whether it be a vendor, friend or one of your suppliers. Now it may seem risky to let someone outside your inner circle know you need cash to shore up your business operations, but if you choose wisely when asking you might have the answer lurking right under your nose. Think about it....who knows you better than your clients and vendors that you have been working with successfully for years. They certainly know your trustworthiness better than a traditional lender you may not know very well. They also may have a real vested interest in your success depending on the relationship.

So don't be too proud to ask around and find the right lender for your needs. Let's face it, if you don't really have a plan for the money no amount will save you; you probably will not get the loan from anyone. I am suggesting these techniques for those folks that truly have a plan for the cash and can show how the use of the funds will turn things around. I am betting a good entrepreneur would rather make a loan to an up and running, previously profitable business than an upstart with no track record of positive cash flow.

If you need help with some sources....give me a ring or an email at rbasso@liadvanatge.com.

Good Press, Bad Press and a Little XS

2009-11-19T14:50:00.003-05:00

I attended a grand opening of a new club venue located in Plainview, NY called XS. They caught some heat in the press for having advertisements adorned with a well endowed, barely dressed woman. Part of the uproar was that the venue is connected to an OTB outlet operated by NYS. I am guessing the state was happy to have a well respected and well known entrepreneur take over the venue to help drive traffic to the OTB, but not so happy about the risque advertising.

I have been to many venues like this and it was no more or less over the top than any club I have had the pleasure of visiting. So, was it good for the venue that there was some controversy about the way they chose to promote it? Of course it was good! They got a quarter page dedicated to them in the regions top publication, Newsday. It's not like it was a controversy over unpaid wages, poor treatment of animals or some other deplorable act....it was a picture that some people did not like.

If this was a contrived plan by their ad folks....kudos to them. It certainly garnered attention. Not every businesses can use this tactic as it would not be appropriate for a law firm to post potentially inappropriate pictures to get people interested in them. This was a night club that is supposed to promote fun and well, XS. It seems to have hit the mark.

Good press for some may be bad press for others. In this case I think it served their opening night crowd of over 1,000 pretty well. Choose your battles wisely and make sure your business is the kind that can stand the heat or even want the heat of major exposure.

Did You Lose Hours At Work: NYS Will Help Out

2009-11-18T08:44:00.004-05:00

I was reading the paper this morning and was reminded of a little used program that NYS has to help folks that were forced to work fewer hours due to tough times at their place of work. It is a pretty simple program to apply for, but does have its restrictions and rules. Basically, if you lose 20% of your hours you may be eligible to receive 20% of the Unemployment Benefit that NYS offers.

THE PLAN REQUIREMENTS (taken from NYS Site)

Any New York employer who has five or more full-time employees and who with any predecessor has been liable for unemployment insurance purposes for at least four completed calendar quarters may apply to participate in the Shared Work Program. The employer's plan must meet the following basic requirements:

-The employees’ hours and wages must be reduced at least 20% but not more than 60%.
Only full-time employees who normally work between 35 and 40 hours per week are eligible to participate.
-The employees' fringe benefits cannot be reduced or eliminated.
-The plan cannot exceed 53 weeks.
-The employer cannot hire additional full-time or part-time employees for the work group covered by the plan.
-If the employees are covered by a collective bargaining agreement, the collective bargaining agent must approve the Shared Work plan.
-The plan must be in lieu of a layoff of an equivalent percentage of employees.

This is an alternative to a complete layoff and some employers would rather do this than let an employee go completely and have to re-hire or retrain a new person if that individual is not available when businesses picks up. I have mixed feelings about the program, but think that it certainly will build good will between an employee and employer by making the employee understand that he/she is truly cared for and is offered some consolation for the reduced hours and reduced paycheck. No government plan will take the place of a full time job and this is not to be used in situations that are not warranted. Remember....we really don't ever get something for nothing.....the businesses of NYS pay for this program.

check out the full description of the plan at

http://www.labor.state.ny.us/ui/dande/sharedwork1.shtm

East Coast Orthotics: Basso On Business

2009-10-17T15:58:00.003-04:00

This month I visited with Vincent Beninoti of East Coast Orthotic and Prosthetics Corp. We explored how he grew a successful business from a small family business into a mini family empire.

http://liadvantage.com/BassoOnBusiness/tabid/188/Default.aspx

Over The Edge...Is It Really Though?

2009-10-14T21:10:00.004-04:00

On October 20th I go over the edge...literally. Tom Suozzi, The Nassau County(NY) Executive, myself and about 50 other professionals are rappelling down the side of the 600 Old country Rd. Building in Garden City, NY. It's all in the name of charity and well, just great fun. This may seem extreme to some, but I don't think enough people go to extremes for the right reasons as much as they should.

I do not suspect most would want to risk life and limb for a cause, but that is not really my point. There are many other ways to help out a good organization, a neighbor or a co-worker that don't involve hurling yourself off a perfectly good building and hoping that the ropes actually hold. More people are in need of all sorts of assistance not only because of the ailing economy, but because of our government is failing to protect its citizens.

Support something. Choose something you love, something some else loves or simply get involved and see if you learn to love it. I know businesses get involved with charitable causes many times because it is simply good corporate citizenship. That's just fine, as long as they get involved and make a difference in the communities they serve. Helping your fellow citizens should never need to be viewed as going over the edge. Its just human.

Check out http://libn.com/blog/2009/10/14/suozzi-leaders-go-over-the-edge-for-charity/

Basso On Business: Herrell's Ice Cream

2009-10-07T22:17:00.003-04:00

Check out the latest episode:

http://liadvantage.com/BassoOnBusiness/tabid/188/Default.aspx

Everybody likes ice cream. This month we visit Herrell's Ice Cream in Huntington, NY and learn how this thriving business beats the competition with its unique take on a favorite staple of the American diet.

rbasso@liadvantage.com

Basso On Business: Strategic Partnerships Abound

2009-09-09T15:36:00.004-04:00

I have been focusing on creating new and improved strategic partnerships over the past year with mixed results. I have noticed that they certainly take a lot of time to set up and lay out the ground rules and overall plan....but don't always have the desired outcome. Huh. Same plan, same service(payroll) but different results. Why?

It appears to me it is a matter of picking the right partner. Just because you form a relationship and the partner agrees to the basic premise does not mean the program will succeed. You need a partner that is committed to the PROCESS, not just the CONCEPT. Most plans look great from 10,000 feet, but when it comes down to executing, can they really do it? Or more appropriately, can they be taught to do it?

Ask some key questions of the prospective partner, like:

1. Have you made strategic relationships before?
2. Did the partnership have the desired outcome?
3. What were you and your partner each responsible for?
4. What were you hoping to gain from making this partnership?

This is just a short list, there are many more relevant questions to determine if the partnership is worth it. Don't assume your prospective or new partner has the same initiative or motives as you do. Probe into all aspects of the project. I assure you, having many partners that barely meet mutual goals is far less appealing than having a few of the right partnerships.

Now, you might say that this seems plainly obvious and why would I blog about something so clear. The simple fact is that most of my colleagues that form partnerships fall victim to this trap time and time again. Well, I am certainly determined to take my own advice and concentrate on quality, not quantity.

Basso On Business - Big Brother Big Sisters of Long Island

2009-09-02T22:13:00.003-04:00

http://www.youtube.com/watch?v=S81N8xSil-s

Check out the most recent episode of Basso On Business. We explore the inner workings of the thriving thrift business operated by Big Brother Big Sisters of Long island.

I am thrilled to be the honoree at their gala being held on September 17 at the Crest Hollow Country Club in Woodbury, NY. If you wish to attend or donate, contact me directly.

rbasso@liadvantage.com

Eddies Pizza: Basso On Business....New Episode

2009-07-04T00:06:00.002-04:00

http://www.youtube.com/watch?v=MGq5chzf1_k

On this episode of Basso On Business we visit a Long Island institution....Eddies Pizza of New Hyde Park. This isn't just your everyday joint. They have a unique business model and have been around for over 70 years. Take a peek inside the running of a successful retsaurant.

May I Have Another...Tax That Is

2009-05-05T20:44:00.008-04:00

Unemployment is still on the rise and making ends meet in the tri-state region is becoming increasingly difficult. While there are signs of some slight recovery in some sectors of the region, I think most would say that we are certainly not out of the woods yet. Employees and employers alike are stretched to the brink and many are breaking altogether.

Enter the MTA. I trust my readers have been following the fiasco regarding the ridiculous budget problems the MTA have been having. Well, now they are our problems. I freely admit that the mass transit system in our area is a necessity and businesses and families cannot function without it. It clearly supports our ability to conduct business and have fruitful lives zipping from Jersey, NYC, Westchester and Connecticut. That being said, I still don't agree with the egregious tax that will be levied on employers to pay for the shortcomings of failed management.

The new payroll tax will be roughly .34 for every $100. I am not a math-a-magician, but that could add up to some serious bucks even if you are a modest size company. Entrepreneurs and small business owners are the bread and butter of the economy. I feel as if there is a target on my back and lurking at every corner is another roadblock put up to impead forward progress.

I suggest we write our lawmakers and work on a solution that does not involve making it harder for business owners to operate. Think of what really happens when a business owner has less money...they hire fewer people, do less renovations, squeeze their suppliers, delay payments, and the whole mess ends up hurting the general public the lawmakers are supposed to serve.

Participate in our government or the government will gladly participate in your life whether you like it or not. Don't just complain about it, let's all try to be part of the solution. In the meantime my fellow entrepreneurs.....stay positive and change you business model if necessary to adapt to current market conditions. Taxes and death are a certainty.

Basso On Business: Monday Night Magic - NEW EPISODE

2009-04-13T20:55:00.002-04:00

Check out the latest installment of Basso On Business: Monday Night Magic. Click below to view.

http://www.youtube.com/watch?v=sG8rMLfW-fw

Procrastinators Perish

2009-04-01T21:39:00.004-04:00

I would bet that anyone reading this article would agree that we all procrastinate from time to time. The reasons run from, "I just don't have enough time" to "my spouse will not let me", or my favorite, "I'll get to it tomorrow". No you won't. Trust me, you won't. The problem is not someone else or even the time to do something that needs to get done. This clear issue is you.

I know I always have issues getting things done that I am not very good at. For example, my spackling ability stinks. It never seems to come out flat enough to look good with a coat of paint. While I have done it many times, I don't really care for it that much. I am certain that is part of the reason I am not good at it . I put off doing it until I can't stand to look at a ding in the wall. It's kind of like a self fulfilling prophecy.

In business this type of disease can have disastrous consequences. I have a business friend that told me (no really it's a friend! I have no issue with the following) she just can't seem to find the time to call one of her clients back after they leave a message with a complaint. Well, on this occasion she did not call back in a timely manner and the client went elsewhere.

Was she really too busy? I bet you not. The fact is that she is not good at any sort of conflict. She is great at what she does...but that is not enough. So how do you solve this type of thing? Is there procrastinator anonymous? Maybe, but I have a few potentially easier suggestions.

1. Designate a more appropriate person to handle things that are better suited to their skills. This is not avoiding the issue; it is using the correct resources at your disposal.
2. Have a written set of procedures on how to deal with certain issues or tasks. This will make getting them done work more like a checklist and seem less daunting.
3. Work on improving some of the skills you don't like, get good at them and you may actually enjoy it!

Don't be the procrastinator that perishes. It's tough enough out there right now. You need every advantage you can get.

Fight for Charity - Basso On Business/New Episode

2009-03-23T20:19:00.001-04:00

Click the link and enjoy the video...You can even watch a past episode

http://liadvantage.com/BassoonBusiness/tabid/188/Default.aspx

You Make Your Own Reality

2009-03-03T20:18:00.004-05:00

I watch the news, read the papers and search various news sources very regulary. I do my best look at a variety of sources and tend to form my own opinion of what reality is. Reality is a an intersting thing because each and everyone of us live in our own reality. You see things in black and white, I may see things in shade or grey or maybe violet. Well, maybe not violet, but you get the point. Our own personalities, background and perception make up what is our truth.

It is not to say that their are not absolutes. A rock is generaly rock and when it rains you tend to get wet, thats not really what I am talking about. I mean the more elusive truths. More specifically on America's mind today and everpresent in the media is the economy. Ah yes, the economy. Show me one person that really understands how the global economy works and we will most certainly disagree that it's true.

I am certain that there are many people that get the gist of it and fewer that can claim they are econmists. I am sure they are intelligent and well intentioned individuals....but their ecomomic reality may not be yours. Making us simple folk understand what is really happening is a daunting task and I have not heard from any pundint or braintrust that has actually explained it so we can all get it. Heck, maybe that's the entire point.

What I know is that my reality says that I do have a personal impact on the economy at large. I can quietly and simply make decisions that affect my micro(family and business) economy. When I make sound personal and business decisions it affects my family, my staff, my clients and my business relationships in a positive way. Isn't that the best way to help the economy at large?

Some may say that I am oversimplifying the challenges. Maybe that's a bit true. Make your own reality a good one by doing your best to make solid decisions that have lasting positive affects.

I Just Don't Get "It"

2009-02-24T22:10:00.006-05:00

I often wonder why some people just don't get "it". That certainly depends on the "it" you are referring to. In this case I mean taking simple satisfaction and pride in a job well done. Too many times I have seen shabby work in walks of life; the waiter at a restaurant, the receptionist at a business and any large public utility or cable company. It seems to be pervasive in modern American society and you would not think this would be the case based on the principles this country was built on. What happend to make this type of apathy so rampant?

Maybe it is a sense of entitlement because we have become accustomed to being on top of the economic food chain for so long . It could be that our purley consumer driven marketplace and the demand for better, cheaper, faster is taking a toll on our pyche and pushing people to the brink in the chase of the all mightly dollar. I am sure you have some of your own ideas on what caused this near epidemic.....so, what do we do as individuals to help stem the tide?

I remember washing dishes in college and thinking geesh, this is not what I want to do the rest of my life. Nevertheless those dishes came out clean and on time and I took pride in getting the job done right. This is not a knock on dishwashers(everyone has their nitche in the world), but rather a simple philosophy about your self value, worth and pride. If we all spent time truly showing the pride in whatever we do on a daily basis it would be infectious.

Not everyone will get on board, but it seems to me that life is better when you have a purpose. Hey, take a step today and stop being that grumpy waiter, grubbling receptionist or gruff cable company employee. I bet you not only feel better, but will move forward in every facet of your life.

Multitasking: The Death of Sanity

2008-12-17T20:50:00.005-05:00

I think I am the multitasking master of the universe. I can email, check my IM, reply to a text and rearrange my desk all at the same time. At this point I don't even realize that I am doing it, it just happens naturally and it seems like this is just how life is these days. I mean, you are supposed to be busy to be productive, right?

I think I am probably no different than most people keeping up with work and personal demands. The problem that is I think all this multitasking is burning brain cells at an alarming rate and I need to figure out a way to eliminate the mental clutter that besieges my day. I have read books that give all kinds of advice that does not seem to work. I have recently tried to take matters into my own hands and take control of my actions more consciously.

for instance today I sat at my desk and actually permitted by blackberry to buzz with text messages and I consciously made a decision not to pick it up and finish what I was working on. I mean I always pick it up and look, it is like a train wreck....you don't want to look but you feel compelled to. It is quite frightening to realize that a little electronic device has so much control over your day. This might not seem like a victory to some, but to those "crackberry" addicts you understand what it means.

I feel I gave the task I was working on the attention that it warranted and then I retrieved the text's. I suggest that somehow, someway that you try and clear some mental clutter and concentrate on one thing at a time. You will save some brain cells and might even do some of your best work if you are not distracted.

I knew I had to do something when my eight year old son said, "Dad, put away that pesky phone..I can't stand that thing". I am a work in progress. Start taking back your sanity today.

A Change of Scenery

2008-11-30T12:31:00.005-05:00

I have moved my office at least four times in 11 years. My last stint at one location lasted six years. We recently purchase a building and moved for the fifth and what I hope is the final time for at least another six years or so. This move is not only a significant upgrade in our facility, but an all around motivator for the entire company.

The last place was purely functional and lacked any real aesthetically pleasing attributes. I selected it because the rent was cheap and I wanted to plow profits back into growing the business and offer better benefits and wages to my staff. While that part of the plan made practical sense, I made an error in judgement when it came to creature comforts and what the space looked like to the staff and guests.

True, we did not get many visitors to our offices because we are mainly a production facility at Advantage Payroll Services, but the people that came must have thought we were a bit "small time". Maybe we did not get many visitors or I did not want to invite any because of the appearance and type of industrial/flex space we had. The staff never really complained, but they certainly didn't compliment our work environment.

Our new facility represents our growth as a company, commitment to excellence and a reward to our staff that endured the previous years at sub-par accommodations. We are now happy to have visitors and the staff has a more adequate work space due to the upgrade and face lift. Overall morale has improved and I believe it has had a subconscious effect on everyone about how proud they are to work for a growing, successful company. I did my best to make the staff realize that they played a big role in our ability to take us to the next level.

You can suffer with any location for a time, but a change in scenery helps in more ways than you may think. If you can't change your location maybe move the furniture around, paint and get some upgraded chairs or pictures on the wall. It will pay dividends you might not thought were possible.

Moving On

2008-11-12T20:50:00.003-05:00

Nothing in life stands still for very long. I can't believe that high school went by so quick, then college and soon I was married with kids and have a mortgage and car payments. Now you feel like your an everyday Joe(Jane) just trying to stay ahead of the curve. What happened to your carefree youth? It's gone and not coming back, but you can certainly keep a youthful spirit if you work at it.

Movement of any kind is a simple fact of the universe and trying to figure out how we fit in and use this to our benefit is a life long process. I remember when I started my first successful business 12 years ago I was 24 years old and full of a ridiculous amount of enthusiasm and energy. I recall that many established business people gave me opportunities to work with them even though they very well knew I was not a seasoned professional yet. I guess they saw a bit of themselves in me from when the were younger.

Well, with my birthday approaching I still feel like I have boundless energy and I do my best to give opportunities to the next young turk trying to make a mark for him/herself. I am certainly moving on in my career and I am not the 2o something kid ready to take the world by storm. Now I am the 30 something adult that has learned from past mistakes and is never too proud to take help from those who have knowledge I do not possess.

Take a moment to think about someone who helped you move on to the next stage in your life and career. Give them a well deserved thanks. It could be a simple call, a personal note or a private mental acknowledgement that you appreciated and needed support.

Dinner Anyone? Not Business As Usual

2008-10-30T21:02:00.007-04:00

I recently took five colleagues out for dinner. This is probably not the most interesting way to start my little note to you all, but this dinner was not just another meal to try and brow beat guests into buying something from you. It was something entirely different; refreshing, stimulating and most importantly a valuable way to help and get helped.

We arrived sporadically over a 30 minute period and settled into a cocktail while we waited for everyone to arrive. Chatting about fairly benign topics to pass the time until we sat down in our private room I had arranged. The table was set complete with place cards so those that did not know one another did not feel uncomfortable if they were bad with names. An agenda was strategically placed so it could not be ignored and I watched as people glanced at it. They were probably wondering to themselves “what kind of dinner did I get myself invited to?”.

I spent a few minutes explaining that this evening was planned and the attendees were specifically selected for a reason. That reason was to discuss the opportunities we have to help each other with common business issues, come up with ideas to thrive in an uncertain economy and most importantly start to build a strong relationship built on trust and mutual respect.

One of the attendees discussed how he ran a business that someone in his industry called a “30 year old start-up company”. He was not sure that the comment was an insult or a pat on the back. Nevertheless, he continued to tell us how he wanted to break out of that mold and take his already successful family business to new heights. He just was not sure how to do it. Sound familiar?

The group thoughtfully and carefully asked questions probed and prodded and we discussed how other companies have done exactly what he was trying to do. Needless to say the group did not solve his challenge that night but I am certain he got good feedback and is now more determined than ever to build that road map to get his company where he wants it to be.

We set the tone that night, got to work and had discussions ranging from the local economy, the upcoming election and we had a great time in the process. In fact, a friend stopped in while dessert was being served and we gladly asked him to join our talk. Setting up an intimate event like this was not brain surgery, but I believe people appreciated it as a welcome change from the norm.

Will somebody sell someone something someday? I am sure of it.