A Small Business Competition Starts in Secaucus

Posted by: Colleen DeBaise on February 13, 2009

It’s good to know that small business owners are keeping it real. In recent months, we’ve seen Wall Street chieftains taking the heat for excessive bonuses, private jets, and lavish office redecorations – all while the economy continued to tumble.

So on Thursday, when I attended a launch event for the Make Mine A Million Race, a competition for women business owners, it’s probably appropriate that the event was held in Secaucus, N.J – not a place anyone wants to linger – inside a less-than-glamorous Sam’s Club. The time? 7 a.m.

But despite the location and early hour, about 100 entrepreneurs had gathered for a few hours to network, get advice and swap ideas about how to grow their businesses, especially as customers scale back. “What you have here is the answer to every business question you have,” said Nell Merlino, the event’s organizer, pointing to attendees as she gave opening remarks in the food court. “We are going to get through this together.”

Merlino, by the way, thinks small business owners (especially the female entrepreneurs her non-profit, Count-Me-In, has long advised) aren’t just going to survive these tough times but rather save the economy outright. So far, she’s gotten 1,500 female business owners around the country to sign up for the Make Mine A Million Race, which challenges participants to hit one of three revenue goals – $250,000, $500,000 or $1 million – by yearend. Ramping up, she reasons, will create countless job and pump much-need dollars back into local communities.

But first that growth needs to happen, which is why Thursday’s event featured a few workshops presented by experts. This being a Sam’s Club, not a banquet hall, the sessions (complete with podiums and chairs) were set up in rather incongruous settings.

In the bakery section, near a table stacked with $6.88 Bundt cakes, expert Bill Dueease talked about the benefit of working with professional coaches to develop strategies and set priorities. Meanwhile, over by the super-value packs of rawhide chews, marketing guru Nancy Michaels advised business owners on how to win new customers. (One tip? Ask your best customer to write a “testimonial on steroids” and send it to new prospects, she says.) And over in the furniture setting (where this blogger comfortably sat on a La-Z-Boy ottoman), accounting expert Elizabeth Ladu spoke on the topic of “Getting Friendly With Your Financials.”

Ladu’s session seemed particularly timely, as many entrepreneurs are figuring out how to adjust in these uncertain economic times. She advised owners to get a handle on their profit and loss statement, balance sheet and cash-flow statement. “Really interpret your numbers so you can do some planning,” said Ladu, standing – rather appropriately, given the sobering topic – in front of a pallet of cases of Corona. One attendee voiced her concerns about losing her business line of credit. Ladu suggested that the business owner talk to her banker about converting it into a term loan. Or try to get another line of credit from a different bank. “Smaller banks are lending,” she said. “Go to the local community bank – someone who is going to really benefit from your business, and who wasn’t caught up in subprime lending.”

Speaking of banks, that reminded me of that image we’ve seen lately, of the industry’s top CEOs testifying before Congress – and defending themselves against accusations of greed. When it comes to rebuilding the economy, I suspect the new power players (or at least, a small cross-section of them) took the bus to Secaucus on Thursday.

Reader Comments

Nell Merlino

February 13, 2009 02:32 PM

Colleen,
Wow you can take the girl out of New York but you can't take the New York out of the girl. I loved how you captured the texture of the expert workshops - I know Sam's Club is an excellent location to inspire entreprenuers.It really helps you think about scaling your businesses when you are looking at that kind of volumn and variety of products stocked at Sam's. I so enjoyed meeting the store manager and was grateful to all the Sam's Club staff who came in early to meet and greet the M3 Racers. See you again soon.
Nell

Tony Vignieri

February 18, 2009 05:03 PM

It's exactly this out-of-the-[big]-box thinking that small business owners need to do more of to connect with each other and compare company notes on economy's impact to their businesses. Online networks are wonderful tools, but they can't always replace the trust and confidence that develops during in-person meet-ups like this one for women entrepreneurs. And what a great concept for a competition launch - good luck to every walker, runner and sprinter in the group!

Tony Vignieri
www.vistage.com/economy

Sascha Bush

May 6, 2009 05:59 PM

As a young woman who one days hopes to become an entrepreneur, I found this article motivational and quite informative. I love to surround myself with like-minded people, and it would be very empowering to attend a conference with female business owners.

Sascha Bush
http://www.bettyconfidential.com/

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What's it like to run your own company today? Entrepreneurs face multiple hurdles new and old, from raising capital and managing employees to keeping up with technology and competing in a global marketplace. In this blog, the Small Business channel's John Tozzi and Nick Leiber discuss the news, trends, and ideas that matter to small business owners. Follow them on Twitter @newentrepreneur.

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