1. Presented by Janice R. Thomas, CPPB
Are You In It to Win It?
June 14, 2018
Presented by Janice R. Thomas, CPPB
Senior Division Director, Office of Business Diversity & Community Relations

2. RCEP Standards
National Organization of Minority Engineers has met the standards and requirements of the Registered Continuing Education Program. Credit earned on completion of this program will be reported to RCEP at RCEP.net. A certificate of completion will be issued to each participant. As such, it does not include content that may be deemed or construed to be an approval or endorsement by the RCEP.”

3. 1 2 3 Main Objectives Understanding Why You Are In Business?
Are You Maintaining Business Credentials?
Are You Maximizing Your Business Success?

4. Understanding Why You Are In Business
Why Did You Start Your Business?
Money
To Be Your Own Boss
To Give Back/Help Others
Sharing Your Knowledge
How Did You Start Your Business?
Inherited
Savings
Investors
Vision

5. Understanding Why You Are In Business
Do Your Research
Know the Law
Understand Supply & Demand
Balance Your Books
Accounts Payable vs. Accounts Receivable
Understand Your Company's Capacity

6. Types of Business Organizations
Sole Proprietorship Pros & Cons
Cannot Sell Equity to Raise Capital
Unlimited Liability and Responsible for all Debts and Obligations
Ownership Cannot be Shared with High Quality Employees
Some Benefits Are Not Deductible from Business Income
Simple to Setup and Inexpensive
Can Commingle Company and Personal Assets
Earned Income Can Offset Losses
Complete Authority to Make Decisions
Easy to Dissolve

7. Types of Business Organizations
Partnership Pros & Cons
Each Partner is Liable for all Debts and Obligations
Profits are Shared
Disagreement with Partners can Occur
Each Partner can Legally Commit the Business to a Contract
Employee Benefits May Not be Deducted From Tax Returns
Limited Ability to Raise Capital
Easy to Establish
Can Share Ownership with High Quality Employees
Each Partner Can Individually Pay Taxes on Their Share of the Distributions
Requirements for State and Federal Filings are Less Than a Corporation

8. Types of Business Organizations
Limited Liability Company (LLC) Pros & Cons
State Law Might Require the LLC to Dissolve After 30 Years
State Law Might Require the LLC to Dissolve a Member Dies or Quits
More Regulatory and Filing Requirement Than a Sole Proprietorship or Partnership
Limited Liability for Partners
No Double Taxation
No Limit on Number of Shareholders
Unlike A Partnership, Any Member Can Be Involved in the Operations
Less Filing and Administrative Requirements Than a Corporation

9. Types of Business Organizations
Corporation Pros & Cons
Filing and Administrative Requirements are Higher Than Other Business Types
Higher Overall Tax Rates
Dividends Are Not Tax Deductible for the Corporation
Income is Taxed Twice
Increased Compliance Costs
From Regulatory Requirements of Federal, State and Municipal Agencies
S-Corps are Limited to One Type of Stock
Liability Protection to Owners
Personal Assets Not at Risk to Creditors
Owners Do Not have to Pay Taxes on Retain Earnings
Capable of Raising Capital and Offering Different Stock Levels
Are Not Required to Dissolve After a Certain Period of Time
Are Not Required to Dissolve After an Owner Quits or Dies

10. Maintaining Business Credentials
What business credentials do you need?
Business Owners Should Research All Requirements Prior to Starting a Business
Business Requirements may differ depending on:
Type of Business
Type of Business Organization
Local, National and Municipality Laws

11. Maintaining Business Credentials
What business credentials do you need?
Certifications
Protective Clothing
Insurance/Bonding
Degrees and Licenses
Knowledge and Experience
Capital and Equipment
Qualified Staff

12. Maintaining Business Credentials
Requirements for Disadvantage Business Enterprise (DBE) Certification
Ownership
An independent business that is at least 51 percent owned by a socially or economically disadvantaged individual(s)
Personal Net Worth (PNW)
Majority owner personal net worth must not exceed $1.32 million
Size
A for-profit business that meets the Small Business Administration’s (SBA) size standard and does not exceed $23.98 million in gross annual receipts over a three year average
Control
The majority owner must control the management and daily operations

13. Maintaining Business Credentials cont’d.
Business Credentials are important because:
Affects your credibility as a business owner
Integrity
Further develops knowledge on subject/business
Subject expert
Failure to keep up with credentials can lead to the loss of the business
Credentials ultimately dictate how your business operates

14. Maintaining Business Credentials cont’d.
The “Kitchen Counter”
It is important to have good people to bounce ideas from
They will help you remember where you want to go with the business, how you are getting there and what you need to get there

15. Maximizing Business Success
Relationship Building
Marketing
Finance
Re-Inventing

16. Maximizing Business Success cont’d.
Relationship Building
Build a relationship with the following people:
Banker
Financial Advisor
Insurance Broker
Investors
Government Agencies
Prime Contractors
Manager and Gatekeepers
Legal Council

17. Maximizing Business Success cont’d.
Marketing Plan
A comprehensive document or blueprint that outlines a business advertising and marketing effort during the year.
Can differ depending on the audience
Know the what, the when, the where and the how
Know how to present yourself
Business meeting attire vs. work meeting attire

18. Maximizing Business Success cont’d.
Types of Marketing Strategies
Paid Advertising
Includes TV, Print Media and Pay Per Click Internet Advertising
Cause Marketing
Links the services and products to a social cause or issue
Relationship Marketing
Customer building and improving customer loyalty
Undercover Marketing
Marketing a product while the customer is unaware of the marketing strategy
Word of Mouth
Relies on the impression you leave on your customers
Internet Marketing
Includes Facebook, Twitter, Instagram, LinkedIn, Tumblr, YouTube
Transactional Marketing
Sales
Diversity Marketing
Covers aspect like cultural, beliefs, attitudes, views and other needs

19. Maximizing Business Success cont’d.
Financial Plan
Forecast
Be proactive not reactive
Audit
Have regular meetings with your bookkeeper and financial advisor
Schedule Payments
Have a plan if your customers do not pay on time
Schedule Retained Earnings
Determine how much money will be put back into the business
Identify a Strategic Plan
Consult with Legal Council
Understand what you are signing before you sign

20. Maximizing Business Success cont’d.
Re-Inventing
Customers ask two questions
What is it going to cost me?
What is it going to save me?

21. Maximizing Business Success cont’d.
Hard Work + Dedication = Success
Success is when your future has been planned, prepared and paid for

22. © National Association of Minority Engineers
COPYRIGHT MATERIALS
This educational activity is protected by U.S. and International copyright laws. Reproduction, distribution, display and use of the educational activity without written permission of the presenter is prohibited.
© National Association of Minority Engineers

23. This concludes the educational content of this activity
Thank you for your time!
QUESTIONS?
This concludes the educational content of this activity
National Association of Minority Engineers

24. References
Types of Business Organizations – Pro and Cons – EquityNet Blog
8 Types of Marketing Strategies and Definition – Yodiz Project Management Blog
and-definition/
Marketing Plan - Wikipedia

26. Purpose and Learning Objectives
Purpose of Activity
This workshop will explore the question of what it means to be in business, your leadership position and understanding what is important for sustainability of a business. The topic will include why it is important to maintain your business credentials and how it could impact your business if not maintained. We will also discuss different strategies that could help maximize the success of your business.
Learning Objective
At the end of this presentation you will have learned:
The importance of being steadfast and diligent in order to develop by delivering competent work and a commitment to growth
To recognize the significance of not being afraid to think outside the box to create strategy that will help the company grow
To maintain credentials that will help give substance and value to the company

27. This concludes the educational content of this activity
Thank you for your time!
QUESTIONS?
This concludes the educational content of this activity
National Association of Minority Engineers