Community Development and Stakeholders

By: Small Business Finance Forum on 1:33 PM

This is a photo of Jeanne Tedrow, CEO and co-founder of Passage Home, Inc., a community development corporation that serves Raleigh (especially southeast Raleigh) and its county, Wake County, North Carolina. She was talking to stake holders in the community about development of an area abutting a planned city revitalization strip. I think it's important for any business to keep its stakeholders in mind, not just shareholders. Doing so helps build good will and helps all feel like a company is serving a mission beyond just making money. Stakeholders include people and organizations in the communities your business has a presence in, other small business owners impacted by your business such as current or potential partners, shareholders/investors, your bank(s) and other lenders, suppliers, and customers. The stakeholders for this area development discussion here were a church, small business owners, and nearby landlords. An additional benefit: Thinking about all your stakeholders and not just your customers and investors helps you broaden your thinking and stay alert to new opportunities. What better way to never get into a rut than to ask the opinions on a regular basis of a highly diverse group of people? Sent via BlackBerry from T-Mobile

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Annual audits

By: Small Business Finance Forum on 10:16 AM

We just commenced our annual audit. (Our fiscal year runs July 1 through June 30. ) I personally have never had any angst around an audit so it's interesting to see those that do, even in my organization. One person is a bit of a perfectionist so she worries about any request for which she doesn't have an immediate response. I don't take audits lightly but I do truly believe auditors are there to help. Auditors are there to make sure that the financials you represent in Quickbooks, Peachtree, Sage or other accounting software are accurate. Yes, they do check for fraud and misrepresentation (which is a great thing!). But the bulk of their work is ensuring consistent use of the (usually) accrual method of accounting, following GAAP standards, and ensuring adherence to processes outlined in your own internal standards. So, if you have any questions about accounting standards, your treatment of a revenue or expense source, any gray areas, just Ask! You can ask throughout the year. It's always better to ask when you are not sure. Consistency is important and how can you be consistent if you aren't sure how to handle something and keep flip flopping? Think of your annual audit as the tool that keeps your accounting systems running smoothly, your bankers, investors and others happy, and you aware of any potential accounting concerns looonngg before they become serious. You will be much happier and have a much easier process than if you view an annual audit as a necessary evil!
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Passage Home Wins $25K Contest

By: Small Business Finance Forum on 9:36 PM

Thank you very much to all who voted from mobile devices and computers between 7pm - 7:45pm EDT today (Thurs., 7/12/12). Passage Home won the Atlantic BT $25,000 Mobile App contest! The voting was very close but Passage Home pulled ahead in the last several minutes...and stayed there to win. Please see the photo of the smiling winners with the check below. (I, Tiffany C. Wright, am seated on the far left.)

Again, mucho gracias!

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Vote Now for Passage Home to Help Win $25K

By: Small Business Finance Forum on 7:01 PM

Tonight is the night! Passage Home made the finals of the national Atlantic BT contest for $25K, but they need your help to win! All previous voting has been wiped clean, so they need everyone to vote again.

Please cast your vote NOW TONIGHT at 7:00PM EST by computer AND phone (each device will count as one vote!). The winner will be announced at 8:00pm tonight!

Here is the link – voting begins at 7:00pm sharp and ends at 7:45pm sharp:

http://www.atlanticbt.com/givesback/

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Thank You for Voting for Passage Home, Inc.!

By: Small Business Finance Forum on 11:50 AM

I just wanted to say "Thank You!!" to all of you who voted for Passage Home, Inc. in the Atlantic BT mobile app contest! We garnered the most votes and won that round of voting!! We could not have done it without all of you who went online and voted from your home and office computers and from your mobile phones.

Passage Home must prepare a pitch for the finals which take place in ~1.5 weeks. That will be interesting.

Again, thank you all for helping us get to this point.

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Good Treatment of Employees - Current & Potential - Pays Off

By: Small Business Finance Forum on 11:38 PM

According to the July/August issue of Inc. magazine, "People pay your business the highest compliment of all by saying they would like to work for you; after all it means they would like to spend more time with you than with your families."

Keep this in mind when dealing with current employees, considering (additional) benefits, and hiring new employees. You will notice a difference when you act from this belief! Sent via BlackBerry from T-Mobile

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