More Tips from 3 Award Winning Entrepreneurs

On October 31, NY Report readers and other attendees got a “treat” when three successful business owners from Queens shared their “Secrets to Running a Healthy Business.” The panel was hosted by Aetna, The New York Enterprise Report, 1010 WINS Business Connect, the Queens Chamber of Commerce and the Queens Economic Development Corp. More than 100 small business owners came to hear successful entreneurs  Stephen P. Levin, president of Long Island City, N.Y.-based Webline Designs Veronica Rose, president and chief executive officer of Aurora electric, Inc., Jamaica, N.Y. and Lisa Dolan Dolan, president of Flushing, N.Y.-based People’s Accident Information Service, Inc. (Securit). Rob Levin, editor-in-chief and publisher of NY Report served as the moderator.

Sales Secrets 

Dolan said her “secret” to increasing sales and revenues is forecasting. Stephen Levin noted that he leverages his client base and past work and goes to his existing clients who need Web site updates and also asks them for referrals. Levin also said his company refers people they have confidence in who can do a particular job and that from one group, he got over 70 referrals. However, he said he has plans to focus more on a program to reach out to his clients on a more regular basis. Dolan said she also has a philosophy when a sales prospect says ‘no.’ Dolan said she looks at it as “well, maybe they’ll say yes in the future.” Rose added that “when someone tells you ‘no,’ you always have to listen to the rest of the sentence. ‘No’ could mean ‘no, not now,’” as she urged those in the audience to be persistent.

Rose pointed out that in her company’s line of work, sales are done via the bid process. So how does she gain a competitive edge? She reads trade publications and local newspapers and magazines to find out who will build what down the road. Then she obtains a company’s prospectus to find out their wants and needs. “I fly out to meet them,” she explained. “I offer them my knowledge and expertise free of charge and when they’re ready to bid the project, I’m known to them. I know their budget. I then go ahead and I can be one of the highest bidders and win the project because I’ve established a trust.”
Toughest Challenge
Dolan said her toughest challenge was during the first five years of being in business. At times, she would work outside her business to make payroll. Today, she said small business owners have to be regimented. For her, it’s getting invoices out every single week and a lot of strategic planning.
Rose’s toughest challenge occurred after September 11, 2001. Her company has $1 million in invoices with the Port Authority of NY&NJ when the building’s collapsed. By December 25, 2001, things looked dismal. She said she was down to one electrician. To stay in business and grow again, she used money she had made and put away, money she got by liquidating her retirement fund, and a $500,000 mortgage. Today, she has returned to profitability with 70% of her debt repaid.
Stephen Levin also said his company’s toughest challenge was growing the company after September 11, 2001. He said there is nothing wrong in asking for help and sought out low-interest rate loans from the Small Business Administration and Workforce Development Grants through the Brooklyn Chamber of Commerce. Following an informative panel discussion, the floor was opened to questions from the audience.

One audience member asked how computer related issues should be handled. Stephen Levin said the small business owner should have a backup solution in place, while Moderator Rob Levin added that the small business owner should practice a backup restoration every few months.
Rose said her company’s policy is that every desktop and laptop computer must be backed up every single day and if an employee gets a new computer, they must restore their backup on to the new computer. “This familiarizes employees with the procedure, especially since they write the procedure down while they do it.”
Regarding a question on how to turn around mistakes to build client relationships, Dolan noted that a small business owner must be proactive, not reactive in taking immediate action to remedy a problem. Rose added that the small business owner should always apologize because “it disarms them.”
Next, a member of the audience asked: “How do you maintain an open door policy for employees to talk to you?” Stephen Levin first joked, saying that in his business “we have no walls. It’s easy.” On a serious note, he said it’s all about the relationships you build with your employees.”
The final question from the audience asked these successful entreprenuers if they had created budgets. Dolan said she had a business plan with a budget and an exit strategy after 10 years. Rose noted that she had a plan that goes to 2010.