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ITACNews - November 2008

Don't Know How to Improve Cash Flow? Get Help—It's Free

If you need new ideas to improve your cash flow, there are a number ways to get assistance for free. The first thing you can do is talk to someone who is knowledgeable about the many ways in which you can improve cash flow. These include reducing inventory, obtaining government grants, taking advantage of tax breaks, eliminating and/or recycling your waste products, maximizing your square footage, using technology to improve output, or simply streamlining your front office or production processes. If you are unable to determine what changes will benefit you most or how to incorporate them quickly, it's time to ask for help. Help is available from a number of sources. Your local economic development organization will be able to introduce you to many tax incentives and government grants.The NYS Energy and Research Development Authority (NYSERDA) offers energy assessments and government grants to help you increase energy efficiency.

Comprehensive business assessments are available too.Consider spending a day with engineers and other experts who can review many of your processes onsite and identify several ways that you can plug cash leaks quickly. ITAC offers these assessments for FREE and can provide you with a roadmap to cost savings in a short time. For more information, email Veronica Price or call her at 212-442-2990.

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$5 Million Loan Program for Small Businesses

New York City's Economic Development Corporation (NYCEDC) launched a $5 million loan guarantee program aimed at small and micro-businesses. The agency predicts the money, which will be handed out by banks, will generate as much as $10 million in loans for city businesses. The program was one of 18 initiatives outlined in Mayor Michael Bloomberg’s economic recovery plan, which he announced in early November. For more information about this and other assistance programs, visit the NYCEDC Website.

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7 Tips for Better Green Marketing

Many companies advertise their products or processes as “green,” but how green are they? The term “greenwashing” is used to describe practices that claim to be green but lack credibility. Green standards are still in their infancy and can vary considerably by industry or product. Stefanie Feldman, a product reviewer for the recent American Housewares International Green Product Awards, believes that marketers need to take their customers into account when making green marketing claims because green is a continuum of practices that support consumer values. One might feel strongly about producing locally, for example, while another might be more concerned about eliminating a specific allergen, regardless of where the item is produced. Product developers face choices that can cause tradeoffs at different points but consumers increasingly want to know more about what they are purchasing. For Feldman, the best green marketing claims are:

1. Specific: The more specific you are with your environmental claims, the more credibility they carry. For example, claiming that your product uses “100% post-industrial recycled content” is far more valuable than stating “recycled.”

2. Transparent: Decision-makers might need to focus on one green aspect over another in order to ensure product performance and sustainability. Depending on the customer, some trade-offs are acceptable and others aren’t. Therefore, it is important to be transparent about decisions to maintain an honest relationship with the customer.

3. Verifiable: Make sure you can validate your environmental claims, so your customers keep the faith in your products. More and more consumers are using a discerning eye when it comes to choosing green products.

4. Relevant: To insure credibility, make sure your environmental claims are relevant to the product or its performance. For example, if you claim a product is energy-efficient, but it is not a product that uses energy, you may be damaging your reputation.

5. Targeted: The term “green” has become generic and has lost its meaning, because consumers want different things out of green claims. Some are interested in energy-efficiency while others are interested in low toxins and allergens. Therefore, your products/services are most effective by targeting a sub-sector of consumers with the green claims most appropriate to their interests.

6. Comprehensive: Your green claims should describe all of the product’s attributes, and not just one green feature. You should advertise the entire life cycle, and not just the performance. If something is made with toxins, but is energy-efficient, then calling it “green” isn’t comprehensively addressing the product in whole.

7. Sensitive to “Degrees of Green”: One of your products may have many more green features than its competitors, but it might also cost more. So, why not provide significant information about the “degree” of the green qualities to help consumers make better educated decisions? For example, one product may contain “all natural ingredients” while another contains “certified organic ingredients.” If you give the consumer accurate and detailed information they can choose for themselves if “organic” is important to them.

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NYC Funds Available for Employee Training

Successful and progressive firms use slow times as opportunities to invest in your employees. Again, the NYC Department of Small Business Services will share training costs with companies willing to improve their work force. They will provide grants up to $400,000 to fund 60 to 70% of eligible training costs, with the employer paying the balance. The program covers a wide range of training includings on-the-job, off-site, led by your own manager or by external training providers, occupational skills, English as a Second Language, adult literacy, and math training. Some restrictions apply but applicants can access free one-on-one assistance throughout the application process.

For information, email Pamela Bradley or call her at 212-442-2990

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Starting Up? Find Out What You Need

Do you want to become an entrepreneur? Are you a hot startup trying to get your foot in the door? Do you need help commercializing a product? Or do you require technology and funding to make your idea a reality?

FastTracYour Business, our new introductory half day workshop, will help you jumpstart the process with the concepts and resources needed to succeed. At the workshop, we will take a look at your company and ideas and discuss how to:

Attract investment, even during the economic downturn.

Obtain grants for research and development (R&D) or other types of assistance and help you through the grant application process.

Conduct market research by testing productsbefore they go to market.

Develop new products, systematically with approaches that have proven success rates.

Go green, by learning how to enter a competitive green marketplace.

Why Now?
Opportunities exist even in a volatile economy. Competitors might be hesitant to bring new products to market. Funding is still available but you have to know where to look. If you have a half day and a product idea you want to turn into a reality, ITAC can help you determine where to begin.

For information, email Veronica Price or call her at 212-442-2990.

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Friends Coming & Going at ITAC

We are pleased to welcome four new Board members at ITAC, Tony Cucci, Tim Greenfield, Natalie Hurwitz, and Steven Masur (brief biographies of each can be found at the end of this section under the heading Board Member Profiles). We have also had several staff changes at ITAC. Stefanie Feldman, our Director of Sustainable Business Development has moved on to an exciting opportunity in the waste recycling sector. Happily, Ron Spinelli, formerly Director of Client Services has been promoted into her spot, bringing with him many years of solid experience in management, engineering and sustainability. We are also delighted to welcome back to ITAC, Raj Sharma, as Director of Client Services (filling the spot vacated by Ron Spinelli). Sonia Moin, who managed our FastTrac Program and worked with our SBIR Program for ITAC’s Technology Practice left last month to become Manager of Education Programs at the American Society of Mechanical Engineers. We wish them all well.

Lastly, we are greatly saddened by the passing of Geoffrey Southworth, a dedicated environmentalist, who worked tirelessly for waste reduction and pollution prevention. Geoff was a knowledgeable employee who worked without a hint of complaint. His brave fight against cancer ended earlier this month after a long struggle. We will miss his loyal friendship, his kindness and his wonderful smile.

Board Member Profiles

Tony Cucci, CPA, an audit partner, has been with Berdon LLP since 1979. His clients include some of the largest real estate organizations in the tri state area, as well as leading firms in construction, law, architecture and engineering. With over 20 years in public accounting, Tony helps these clients improve their profitability and cash flow, produce more accurate budgeting, and decrease overhead.

Tim Greenfield, MBA manages Next Street, a merchant bank founded to serve high-performing, high-potential inner city small businesses and entrepreneurs. He has extensive experience in operations management, sales and marketing and business strategy, as well as in structuring and negotiating deals including financing of senior debt capital, equity capital and mezzanine financing.

Natalie Hurwitz is Managing Director of Sholom & Zuckerbrot Realty LLC, a real estate broker for manufacturing and wholesale/distribution companies seeking to purchase or lease space in Queens, Brooklyn and the Bronx. She has spent years in city planning for NYC and has considerable experience as a zoning analyst.

Steven Masur, Esq. is the founding member and general manager of MasurLaw and helps our clients in entertainment, technology and other industries with corporate finance, contracts, intellectual property, mergers and acquisitions and general business strategy issues. He has helped pioneer a wide array of new business models and licensing schemes.

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Four Links in the New Value Chain

From Forging New Partnerships: How to Thrive in Today’s Global Value Chain, a report produced by RSM McGladrey and The Manufacturing Institute. Future issues of ITACNews will feature other sections from this important report.

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National Institute of Science and TechnologyNew York State Foundation for Science, Technology and Innovation

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