Home » business building » Page 2

Category: business building

Business Structure Basics: Which Legal Structure is Right for You?

 

Choosing the right legal structure for your business is one of the most important decisions you’ll make. It affects how your company is taxed  as well as the level of liability protection.

Let’s take a look at the common legal structures you might consider for your small business:

Sole Proprietorship

When you are the sole owner of your business and don’t elect a specific formal business structure, you will by default be a sole proprietor. Many home businesses operate this way. As a sole proprietor, you as an individual are your business. From an income tax standpoint, your business profits and losses flow through to your personal income tax return. One potential downside of a sole proprietorship is the lack of liability protection it provides. If someone sues your business and your company doesn’t have funds to pay the legal fees or creditors, your personal assets are at risk. The upside to operating as a sole proprietor? Simplicity and cost effectiveness. Aside from needing to file a DBA (Doing Business As) if you’re using a fictitious name for your business and securing a business license (if required for your type of business), you avoid the formation paperwork, costs, and ongoing compliance that come with other legal structures.

General Partnership

When your business has multiple owners and the owners don’t elect a specific formal business structure, the business will by default be classified as a general partnership. As with a sole proprietorship, a general partnership’s profits and losses flow through to the owners’ personal income tax returns. And as with sole proprietorship, owners’ personal assets are not protected from legal action brought against the business.

Corporation (C Corp)

C Corporations operate as separate legal entities from their owners and offer limited liability protection to their shareholders, directors, officers, and employees. C Corps are subject to two levels of taxation: one at the corporate level and another at the shareholder level. The C Corp structure offers the advantage of raising funds through sale of stock (either privately or through the public markets) to an unlimited number of shareholders. Delaware C Corps are the preferred entity of venture capitalists and other sophisticated investors. The startup costs are higher with a corporation and you can expect more compliance formality and less tax flexibility than with LLCs and S Corporations.

S Corporation (S Corp)

S Corp is not a type of corporation but a type of tax status available for eligible C Corps. S Corps are identical to all other corporations except for their tax status. S Corp taxation is popular for many small business owners because it offers one level of tax at the shareholder level and some relief from the self-employment tax burden of owners of LLCs that have not elected to be taxed as S Corps, sole proprietorships and partnerships. Only an owner’s reasonable wages/salaries are subject to self-employment (FICA) tax while profits distributions to the shareholders are not. Shareholders’ distributions are assessed tax at the shareholders’ individual income tax rates. Like C Corps, S Corps may raise capital though sale of stock to shareholders, although limitations apply.

Single-Member Limited Liability Company

This structure, which is available to businesses with one owner, provides the limited liability advantages of a corporation and the flexibility of a sole proprietorship. It reduces owner liability without the formation complexities and compliance requirements that come with corporate structures. Typically, taxes are handled as for sole proprietorships (pass-through taxation to personal income tax returns) or you can opt for C Corporation or S Corporation tax treatment. With “LLC” at the end of a business name, customers might perceive a company as more credible than a sole proprietorship.

Multi-Member Limited Liability Company

When a limited liability company has multiple owners, it’s classified as a multi-member LLC. By default, a multi-member LLC is taxed as a partnership, but owners can instead elect for their business to receive S or C Corporation tax treatment.

Which Legal Structure Is Right For Your Small Business?

According to attorney and SCORE mentor Chris Dargie, entrepreneurs should begin the process of determining the best legal structure by considering three core questions:

  • What is the company’s purpose and business plan?
  • Who are the owners and what is their level of involvement in the business?
  • Will the company require outside capital, and if so, what type? (For example, to obtain venture capital, you would likely need to form, or convert to, a Delaware C Corporation before venture capitalists would consider investing in your business.)

Pitfalls To Avoid

While it is possible to change a business’s entity type at any time, doing so midstream can involve expensive tax consequences. Therefore, tax is a crucial consideration when selecting an entity.

The most common mistake Dargie sees with small businesses is the failure of sole proprietorships to convert to at least LLCs for liability protection. “There is rarely a reason for a single-owner business to operate as a sole proprietorship,” said Dargie. “Single-member LLCs are simple and cheap to form and maintain, and they offer liability protection for the owner at a cost that is much cheaper than commercial insurance. They’re really a no-brainer.”

Another common mistake Dargie sees is multi-member LLCs that lack basic operating agreements. “Most entrepreneurs understand that an entity offering limited liability protection to the owners is desirable, and the default entity type these days is the LLC,” explained Dargie. “However, LLCs with multiple owners present serious traps for the unwary. Anyone starting a business with others and intending to form an LLC should get some basic legal advice about the risks.”

Something else that Dargie has seen adversely affect business owners is when they’ve unknowingly created a general partnership. As an example, let’s say you’ve started a cleaning company and asked a friend to help you clean a few homes. Rather than putting your friend on payroll and compensating via an hourly wage, you instead agree to share a portion of the profits you make on the jobs he helps you with. By doing so, you’ve potentially made him a partner, and you’re potentially legally obligated to follow the legal and accounting requirements of a partnership.

Other common mistakes Dargie sees include commingling personal funds with business funds and the failure of companies to maintain adequate company records. “Owners should always treat their business entities as separate from themselves. Failure to do that can result in loss of liability protection and serious tax headaches,” shared Dargie.

Final Notes

With so much affected by the legal structure you choose, you need to do your homework and be as informed as possible. Be sure to consult with both legal and accounting professionals so you’re fully aware of how each structure will impact your taxes, liability risks, and ongoing compliance obligations. As you’re working through the process, remember that our SCORE mentors are here as a resource to direct you to trusted and reputable professionals in your area who can guide you in making this important decision.

 

Chris Dargie is a full-time attorney / director / shareholder at Perkins Thompson in Portland, Maine. He started volunteering with SCORE in January of 2014.

Please note that this article is for informational purposes only and should not be considered a substitute for professional legal or accounting advice.

Time for Your Business End-of-Summer Checkup

 

With the end of summer closing in and fall just around the corner, now is a perfect time to pause for a moment and assess what’s working and what isn’t for your business. Although most of the year is behind you, you still have time to make adjustments that could save costs, drive more revenue, and improve profitability for 2016.

Time for a Small Business Checkup

By performing this end-of-summer checkup, you’ll assess where you might have fallen behind, so you can take action and get your business back on track this fall and winter.

 

  1. Evaluate your sales efforts. If you’re behind on revenue, it might be because you aren’t reaching out to as many prospects as you need to, or you might not fully understand the needs of your potential customers. No one ever said selling is easy. It’s hard work and it demands a willingness to recognize, accept, and fix weaknesses in the sales process.

 

  1. Review marketing tactics and initiatives. Look carefully at the collateral you’re presenting to customers, the marketing channels you’re using, and the brand message you’re communicating. Is your brand image consistent across all fronts? Are you seeing results in the way of brand awareness and revenue generation from your tactics and strategies? Review and assess how your website, social media, and print marketing materials are performing, so you can identify where you need to make changes.

 

  1. Improve customer relationship nurturing. Customers who feel they’re appreciated and wanted will always be more likely to stay for the long term. By making customers understand that they truly matter, you increase loyalty and satisfaction. A stellar customer experience drives existing clients to buy more—and it prompts them to happily refer others to your business. If you haven’t been making an effort to nurture your customer relationships through post-order phone calls or emails, periodic check-ins to ensure they’re happy with your services, updates about what’s new and exciting, and other efforts—it’s time to start.

 

  1. Find ways to streamline operational and administrative processes. Wasted time prevents businesses from growing to their potential. When excessive paperwork, duplicated work, and inefficient systems slow processes down rather than improve productivity, you need to find a better way. Carefully look at the various systems and processes (such as accounting software, project management apps, customer data management, lead generation, etc.) you use in your business and look for ways to streamline activities and save time.

 

  1. Evaluate expense habits. Your business’s spending habits directly affect your bottom line. While it’s important to stay on top of your expenses year-round, it’s especially critical as the year is winding down. If your profit and loss statement doesn’t look as favorable as you had hoped it would by now, dig into what you’re spending money on and identify what you might cut back on.

 

With the kids back to school and summer vacations now just memories, now is the time to get back to business and back on track to reaching your goals. By doing an end-of-summer checkup, you’ll have a head start in finishing strong when the year is at its end.

If you need guidance to help you keep your business on the path to success, contact SCORE about our free mentoring. Our mentors have knowledge of every aspect involved in starting and running a small business. 

 

Does Your Small Business Need Licenses or Permits to Operate?

 

Before your business starts selling its products and services, you may need to have certain licenses or permits to legally operate. Licenses and permits are often for the protection of customers. Some are to identify you and your business for the collection of sales, local, income and other taxes. Federal, state, or local licensing and/or permit requirements might apply, depending on the type of business and where you’re located.

You definitely don’t want to find yourself not in compliance with the regulations. If you fail to maintain the required licenses or permits, you could face some hefty fines and penalties, or you might be forced to stopped doing business.

 

Where do you start your research to figure out if your business needs to have licenses or permits?

You can start by visiting the Small Business Administration’s website. On the site, you’ll find information about the federal licenses and permits required of businesses operating in certain industries, including transportation, agriculture and alcoholic beverages.

The SBA website also provides an online list of links to where you can find specific information about business licenses required in your state. On that list, you’ll find Maine.gov’s website, which walks you through how to get a business license in the state of Maine.

Individual towns, cities, townships and counties have their own requirements. Generally, the best way to find what applies to you is to contact the offices directly or review the information on their websites (be sure to confirm with them that the information is up to date). Throughout Maine, general licenses to operate businesses are handled at the local town or city level. For information for the city of Portland, click here.

As you research and complete the paperwork to obtain the licenses and permits you need, make sure you give yourself some time—and expect to exercise some patience. The registration process could take days or months or longer, depending on the nature of what you’ll need. For example, to gain zoning clearances, it might take up to a year if you meet resistance and hearings are required.

Although figuring out what requirements will apply to your business may seem daunting, remember professionals and resources are available to help. Consider consulting with an attorney to make sure you know what you need to do to be compliant. SCORE mentors are here to help you cut through the confusion. Contact us today to schedule an appointment with a mentor who is knowledgeable about your industry and can help you move your business forward.

Five Tips to Improve Local Business Search Results

For businesses serving their local communities, ranking near the top of Google search results provides a key marketing edge. According to Google research into local search behavior, 4 in 5 consumers use search engines via mobile devices and computers to find local information such as store addresses, business hours, product availability, and directions. People choose from the first few search results rather than dig deeper in the search engine results page (SERP), so it is vital to get your business near the top of  the searches.

Here’s a checklist of simple steps to help ensure your company doesn’t get lost in the local search shuffle:

    1. Make sure your business information is accurate and complete—everywhere that it appears online. If you haven’t already, make a list of all the places your company is listed online and verify you’ve provided up-to-date and consistent information across all channels. Google My Business, industry directories, social media channels, Yellowpages.com, etc.—your name, address, phone number, website URL, and other information should be uniform and relevant.
    2. Focus on delivering ease-of-use to your website visitors—and avoid applications like Flash media. Usability of your website can play a role in how long website visitors stay on your site, which in turn plays a role in the online authority Google attributes to your company. Flash media may create some fancy visuals, but it can slow the load time of your pages and detract from the user experience.
    3. Optimize your website for search. Aside from consulting an SEO (search engine optimization) specialist to help you with this, you can take some measures on your own. Pay attention to the page title tags on your site so they provide not only your company name, but also give a brief description of your business (just be sure to stay within 50–60 characters so your title isn’t cut off in the results). Your meta descriptions, the 150–160-character long snippet that displays with your title in search results, should provide searchers with information that captures their attention. And on your website, make sure you include contact info on every page.
    4. Blog consistently, so you’re regularly adding fresh content to your website. A website that updates its content often will stand a far better chance of ranking higher in local search than one that is stagnant. Your blog posts will enable you to provide fresh content targeting local keywords and search terms related to your business. Not only does blogging provide SEO benefits, but it also gives you an opportunity to demonstrate your expertise and build trust with your audience. And don’t forget to share your blog posts via your social media channels to generate more traffic to your website. Engagement on social media in combination with blogging works well in boosting your local search mojo.
    5. Make sure your website is mobile friendly. Google’s research revealed that 88 percent of local searches are done via smartphones. And those local searchers tend to take action quickly when they find what they’re looking for. According to their study, 50 percent of consumers who performed a local search on their smartphone proceeded to visit a store within one day. Those statistics say it all for stressing the importance of having a mobile-friendly website!

When you sell your products and services to a customer base that’s primarily local, these small efforts can make a big difference in your success in securing business through online searches. If you need guidance in getting on the right path with your online and other marketing efforts, remember that our SCORE mentors bring a broad spectrum of expertise and experience to small business owners in all industries. Contact us about our free mentoring services.

 

Blog Brainstorming Tips

 

Ask nearly any small business owner and you’ll find that most struggle with keeping their company blog up to date. Although it may be tempting to forgo maintaining your blog in the midst of all else you need to do in running your business, research shows blogs boost business. Companies that blog regularly experience 97% more inbound links to their websites, and, according to HubSpot, marketers who have made blogging a priority are 13 times more likely to enjoy a positive return on investment.

 

While writing and publishing posts requires time, half the battle of blogging consistently is finding ideas for what to write about.

 

Here are some quick tips to help you land winning blog topic ideas:

 

Tap into FAQs

What types of questions do you often field from prospects and customers? Frequently Asked Questions (FAQs) can be a virtual goldmine of potential topics because they’re undeniably centered on services, products, and processes your audience has interest in.

Check out what’s trending on Twitter

Even if you don’t have a Twitter account or actively engage with customers on the social network, you can still use it as a resource for discovering what’s hot in your industry. Search various hashtags related to the products and services you provide to see what others are writing about. Of course, you never want to steal anyone else’s content, but you can get inspiration and ideas for what you might give a fresh perspective on.

Think about how industry-related news affects you and your customers

Whether your industry is undergoing regulatory changes, supplier difficulties, or other developments that affect your company, you have a prime opportunity to share your insight to inform, educate, and sometimes put customers’ minds at ease if they’re worried about how the changes might affect them.

Talk up technological advances

Readers love to know what’s new and cutting edge. As with other industry-related news, improvements in technology that make your products, services, or processes better serve as worthy blog post topics.

Go behind the scenes

Prospects and customers love to get the inside scoop. Consider sharing an insider view about how you create your product or deliver your services.

Get personal

Brands that connect with prospects on a personal level are generally more likely to gain customers when all things otherwise are equal with competitors. To create stronger customer relationships, allow readers an opportunity to get to know the people in your business. Consider sharing about their unique interests or hobbies (with their permission, of course!), their volunteerism efforts, or distinctive aspects of their professional credentials.

 

There’s plenty to draw from as you brainstorm topics for your blog. The key is to become more attuned to recognizing ideas when they present themselves—and taking the initiative to write them down before they escape your memory.

If you struggle with thinking of creative and relevant blog topics, we have SCORE mentors with marketing know-how and a broad range of industry experience who can help. Contact us to schedule a free mentoring appointment today.

 

 

6 New Year’s Resolutions for Small Business Profitability

 

Succeeding in small business requires constant attention to detail and a willingness to adapt along the way. With a new year upon us, what better time to aspire to make your small business more profitable than ever before?

 

How can you get there? Here are six steps to put you on the right path.

 

  1. Evaluate your processes and systems and identify which are providing efficiency and which are holding back your productivity.

Specifically consider replacing manual processes that consume a lot of time with solutions that can automate them and that integrate with the systems your business uses. Accounting, sales, marketing, etc…where can you find efficiencies?

 

  1. Take a close look at your expenses.

Go line by line on your expense report and ask yourself what’s necessary and what is not. What’s driving up your business costs but not giving you a return on your dollars? Be honest, and consider kicking “nice to have” but unnecessary expenses to the curb in the New Year.

 

  1. Assess your pricing.

If you’ve grandfathered clients into rates from years gone by, it may be time for an increase. If you decide to raise your rates, make sure you’re providing enough advance notice to your clients (review the contracts you have in place!) and provide an explanation as to why you’re increasing pricing. And of course, thank them for their understanding and for the continued opportunity to work with them.

 

  1. Remain objective.

As the year begins and moves forward, question yourself and those you work with (employees, vendors, project partners, etc.) when things aren’t progressing as you had hoped. Are your expectations too high? Do team members have too much on their plates? Are those involved not pulling their own weight? Do your products and services need improvement? These are tough questions that need to be asked and answered honestly for you to gain an understanding of what you can do better to improve your business results.

 

  1. Take action

After figuring out what changes could benefit your business’s bottom line, you’ll need to make a plan and follow through on executing it. Write it down, breaking it down into clear, actionable steps and tasks. Then, share those action items with those you’ll depend on to help you succeed.

 

  1. Take responsibility.

As the owner of your business, change starts with you. Take responsibility and set a positive example for others to follow. By demonstrating enthusiasm and dependability, you’ll facilitate a company atmosphere that has a firm foundation of cooperation and accountability.

 

If you need guidance in making 2016 the best year yet for your small business, contact us at Portland Maine SCORE. Our certified mentors are knowledgeable about all aspects involved in starting and running a business.

 

Professional Development Benefits Your Business

Whether you’re a brand new entrepreneur or a small business owner who has been in business for years, expanding your knowledge and fine-tuning your skillsets are crucial for sustained success.

Professional development never goes out of style, and if you make it a priority, it can set your business apart from your competitors. Dedicating time and energy on a continual basis to honing your talents and learning new things will show your customers that:

  • You’re dedicated to providing them with the best products and services.
  • You can provide them with more value than your competition can.
  • You have a grasp on the bigger picture and are better able to propose solutions.
  • You’re worth every penny they’re paying you.

Finding Opportunities For Professional Development Isn’t Difficult. Finding Discipline To Follow Through With Professional Development Can Be.

As you explore how you might boost your knowledge and improve your skills, consider these effective and affordable options:

  • Reputable industry or topical blogs—Look for blogs that specifically address topics related to your types of products and services and for those about managing a business.
  • E-books—Ditto on what we said about blogs.
  • Business podcasts—With a vast selection of podcasts about leadership, marketing, business, and industry trends out there, you have plenty of options. To stay productive when you sit down to listen, consider hitting “play” while you’re taking care of “no brainer” busy work.
  • SBA online training center courses—In addition to a wealth of informative articles, the SBA also offers a number of free online courses to guide you through different aspects of starting and managing a business.
  • Local lunch & learns, seminars, etc.—Chambers of commerce often offer these types of programs to help their members manage their businesses better. They also provide the opportunity to network with other professionals in the community.

To make the most out of any of the above professional development tools, also consider signing up for free face-to-face or email mentoring with certified SCORE mentors. They have knowledge of and experience in every aspect of starting and running a business, so they’re well equipped to guide you as you navigate the opportunities and challenges of entrepreneurship.

Ready to get your small business off the ground or take it to the next level? Contact us to get started!

Is Email Marketing Worth the Investment?

With social media, texting, and other instantaneous ways of marketing your products and services, you might be wondering if anyone really pays attention to emails anymore.

Statistics say they do.

  • According to eMarketer, 69.7 percent of internet users say email is their preferred method of communicating with businesses.
  • And Salesforce Marketing Cloud’s 2015 State of Marketing report shows…
    • Seventy-four percent of marketers believe email produces (or will produce) ROI.
    • Seventy-three percent of marketers agree that email marketing is core to their business

How Could Email Marketing Help Your Small Business?

You can use email marketing to fulfill a number of objectives. For example you can…

  • Introduce new products and services.
  • Announce special offers, promotions, and contests.
  • Provide tips to help customers use your products and services more effectively.
  • Share industry news that will affect your customers.
  • Share event highlights.
  • Introduce new team members.
  • Highlight recent awards or press coverage your business has received.

You can get the most from your email marketing efforts when you integrate them with your other online marketing strategies. For instance, you can share links to your blog posts and other pages of your website in your email marketing messages, share your email marketing message links on social media, and incorporate links to your social media accounts in your email marketing messages. All of those things will boost the visibility of each platform you’re using.

Small Business Email Marketing Platforms

Several small business email marketing solutions exist. Some are free, and some have fees (which typically start out small and increase as you increase the size of your mailing list).

As you explore the options, consider these things:

  • Your budget
  • The frequency at which you’ll be sending email marketing messages
  • Your level of comfort in using technology tools (some platforms are more user-friendly than others)

Most importantly, know the rules and regulations set forth by the Federal Trade Commission for email marketing. There are laws in place to protect people from unwanted solicitation emails. Fail to comply with them and you could find yourself paying a hefty fine. No small business owner needs that!

If you’re considering making email marketing part of your business marketing strategy but don’t know where to begin, talk with a SCORE mentor. At SCORE, we have a team of dedicated volunteers who can help guide you in your marketing efforts and help you with all other aspects of growing your business.

3 Ways to Monitor Your Online Business Reputation

People are talking about your business—whether you’re aware of it or not.

According to the 2014 Global Customer Service Barometer by American Express and Ebiquity, people share their experiences with others face to face (54%), through company websites (50%), text messaging (49%), and social networks (46%) and consumer review sites (46%).

Even if you aren’t particularly active online, you can bet that customers will share their impressions of—and experiences with—your brand there.

While it might not seem fair, the reality is they’re more apt to share the bad and the ugly than they are the good.

In fact, the American Express and Ebiquity study found consumers are 2 times more likely to share their negative customer service experiences than they are to talk about positive experiences. “On average, consumers tell 8 people about their good experiences (15 in 2012; 9 in 2011), and over twice as many people about their bad experiences (21; 24 in 2012; 16 in 2011).”

Whether positive or negative, online mention of your company affects how others view your business.

That’s why it’s so important to monitor what’s being said about you.

How do you do that?

Here are a few free ways to tap into what people are saying about your brand:

Set Up Google Alerts.

Google Alerts is a tool that enables you to track mentions of you, your business, and your products by simply setting up notification criteria. In Google’s own words, “You can get email notifications any time that Google finds new results on a topic you’re interested in. For example, you could get updates about a product you like, find out when people post content about you on the web, or keep up with news stories.”

Use Social Mention.

Social Mention lets you enter keywords, phrases, names, Twitter handles, etc. and view where they were mentioned in content on social media networks, review sites, blogs, and more. It even assesses whether mentions are “positive,” “neutral,” or “negative.”

Stay Tuned Into Your Social Media Accounts And Blog.

Don’t neglect these things. They are likely to be one of the first places customers will let you know if they have a problem. If you ignore their requests for help or don’t acknowledge their complaints, your business will appear uncaring and apathetic. Social media and blog comments also bring opportunities, making it even more important to keep up with what’s happening there. If you don’t, you could miss out on addressing questions and requests for more information from prospective customers.

 As you strive to build and grow your small business into one customers will respect and trust, don’t underestimate the power that your online reputation holds. Ignoring what people are saying about your brand can do a lot of damage and prevent you from seizing opportunities to interact and generate goodwill. Keep in mind that what happens on the internet stays on the internet—and it’s there for all to see. That’s why it’s worth your time and effort to monitor and manage your online reputation.

Want expert guidance on starting and growing your business? Contact us about our FREE mentoring services!

7 Tips for Getting the Most from Mentoring

Working with a SCORE mentor can help you as you navigate the path of starting, managing, and growing a business. Mentors provide guidance, align you with resources, and share expertise in every aspect involved in entrepreneurship.

You get a lot of  engagement,  but to really benefit from your mentoring relationship you need to put effort into preparation for your meeting.

According to SCORE Maine Certified Mentor Bill Goodspeed, SCORE clients can get the most from working with a mentor by coming prepared and considering seven key activities.

  1. A concise description of your business or business idea.

Goodspeed says to include a concise statement of how you will add value. This is called a “value proposition” and is an important lynchpin for both communications with your mentor and the building of a business plan.

“Whether in a new business or existing business, I always say, ‘Genius is making the complex simple.’ It’s also critical for customer understanding and brand consistency and development.”

  1. Focus is everything..

“Many new clients are so passionate about their industry or idea that they try to do everything possible with the business,” explains Goodspeed. “Dilution can be death in business.”

He suggests to instead concentrate on the key elements and critical value proposition of the business. You have limited time and resources—so it’s important to use them wisely by retaining focus on what matters most.

  1. There is a time and place for giving back.

Many clients are extremely passionate about their communities and want to start giving back right away.

“While this is admirable, it is premature,” shares Goodspeed. “The best way to give back to a community is to make your business successful first.”

He advises putting your resources and energy into creating valuable products and services, which will translate into creating jobs and markets for suppliers.

“Once you are successful, you can contribute more to the community through various programs. However, it’s better to wait until you are successful.”

4.  Give your mentor(s) an opportunity to ask clarifying questions.

After you’ve provided information about your business and idea, your mentor will ask you questions to hone in on opportunities and issues, some you may no  have considered. This is an important step because it allows you to consider  new frameworks and/or possibilities for growth and improvement.

“Later, ask your questions and don’t be shy about it,” says Goodspeed.

  1. Be clear about what follow up work you should do as a result of the meeting and before the next session.

You will get a lot more out of your time with your SCORE mentor if you check your understanding about any action items you need to accomplish between meetings.

  1. Plan ahead and schedule the next meeting.

Goodspeed suggests scheduling a follow-up meeting on the spot before you finish your current meeting          with your mentor. “I recommend planning to meet again between three to four weeks out, depending on        the work that needs to be done in the interim.”

  1. Give plenty of advance notice if you need to reschedule a mentoring session.

“Mentors often travel to the SCORE office (or other meeting place that you’ve agreed upon) for the sole purpose of meeting with you,” explains Goodspeed.

To ensure your meeting can be rescheduled as soon as possible—and to respect your mentor’s time—communicate with your mentor immediately when you know you won’t be able to attend a scheduled session.

By following Goodspeed’s seven simple tips, you can make sure you’re getting the most from the time and expertise that SCORE mentors provide. A little preparation and focus will go a long way in ensuring you benefit fully from the insight and resources available from your SCORE mentor.

If you haven’t yet taken advantage of SCORE Maine’s free, confidential mentoring services, contact us for an appointment!

 

About Bill Goodspeed, SCORE Portland, Maine Mentor

William Goodspeed has been a SCORE mentor since spring of 2014. He is an expert in family-owned businesses, having considerable experience as family member, executive in family businesses, board member, and next generation developer. He is a fourth-generation member of the Huber family, which owns the J.M. Huber Corporation, a large international family company founded in 1883. Mr. Goodspeed serves on the board of Huber, as well as the boards of four other family-owned companies and on the Huber Family Education & Development Committee, whose mission is to develop fifth-generation Hubers for future roles as board members, executives and educated shareholders.

To devote time to family business, Mr. Goodspeed retired as Corporate Vice President of IDEXX Laboratories, a $1.2 billion worldwide leader in animal diagnostics and water testing. At IDEXX, Mr. Goodspeed managed three businesses: Livestock and Poultry Diagnostics, the world leader in farm animal diagnostics; Water, the world leader in testing for microbial contamination; and Dairy, the second largest producer of milk contamination tests.

Before IDEXX, Mr. Goodspeed held several positions in the J.M. Huber Corporation: Sector CEO of Natural Resources (Timber and Oil & Gas); President of Huber Wood Products (Engineered Woods and Timber). He joined Huber in 1994 as the Vice President of Strategy and Business Development.

Before Huber, Mr. Goodspeed was Executive Vice President of Pasona International, the international arm of Japan’s Pasona Group, then the largest human resource staffing firm in Japan.

Mr. Goodspeed was also a management consultant at McKinsey & Company and an attorney. He received a J.D. from the University of Michigan and a B.A. from Dartmouth College.