5 Ways to Improve Your Contracts

Every small business owner should have a good handle on what is in each of their contracts and should play some role in their development.  The reason for this is that contracts can play an important role in shaping the nature of the business that is performed.  Here are five “c’s” to focus on while developing your contracts.  Feel free to add any suggestions that you may have in the comments:

1) Clarity

Make sure that you and whomever you are contracting with understand the nature and the terms of the contract.  While it is relatively simple these days to purchase or download template contracts for your small business, it does not necessarily mean that they will be a clear outline of what the two parties are planning on doing.  For a contract to be truly effective, it needs to be clear.

2) Conversation

Take the time to discuss with the necessary parties what everyone thinks their role and others’ roles are in the agreement.  A contract, in essence, is the written summation of what the parties agree their roles and responsibilities are.  Talk about it.  Negotiate it.  Make sure everyone understands what they should do and what others expect.

3) Consistency

Contracts are much easier to manage if you establish a level of consistency in each transaction.  While each deal is different, there are many similarities from deal to deal.  The more consistency you can create, the easier your job is.

4) Cooperation

Too many people feel like business needs to be dog-eat-dog.  Real, meaningful business is about relationships.  Work hard to establish those relationships and then use any agreement to maintain that.  Work together to build consensus on what the business relationship will be.  Create opportunities to succeed and be reasonable with mistakes.  We all make them.

5) Cohesiveness

At the end of the day, it is important to make sure that your agreements work together.  This can mean across deals (duties and responsibilities in one contract should not conflict with duties and responsibilities in another contract) as well as within a specific contract.  Make sure that there is harmony in the work that you are doing and there is less likelihood of difficulty.

Work With Firms That Are Similar to Yours

Joint venturing is an excellent way for small businesses to compete as if they were “bigger.”  A couple key elements to consider when contemplating joint venturing: 1) How healthy is the match and what are the collective goals?, 2) What protections are needed related to collective and individual liabilities or expenses?, and 3) What is the length of time and what are the conditions of the joint venture?  These elements should be thoroughly discussed by both parties in order to determine whether or not to venture together.  Here is a great article from BusinessWeek that gives further information in that regard:

http://www.businessweek.com/smallbiz/tips/archives/2009/10/work_with_firms.html

Accountability

Written in an unapologetic manner, this interesting article in Entrepreneur focuses on the importance for small business owners to take personal accountability for the management and success of their business, even in times of economic difficulty.  A truly successful business is managed in such a way that it can weather the storms as well as sail in the sunshine.  The latter is easy to do, the former is where many businesses stumble.  Check out the pointers expressed and let me know what you think:

http://www.entrepreneur.com/startingabusiness/startupbasics/article203238.html

Business Card Exchange in Miami

Here is an upcoming business networking event in Miami.  For those small businesses in the area, it is a great opportunity to meet other business owners and service providers, especially if you are interested in international business.

Today's Tip Dispelling Two Sustainability Myths for Small Businesses - BusinessWeek

For those businesses who are concerned about the environmental impact of what they do, this article in BusinessWeek gives an excellent summary of why even small businesses can be engaged in planning a more sustainable business culture.  An important element of compliance planning within any business is to be aware of progressive regulations related to the environment as well as other business legal matters.  Enjoy the insights!

Today's Tip Dispelling Two Sustainability Myths for Small Businesses - BusinessWeek

In race for stimulus dollars, we're coming in last - Business Monday - MiamiHerald.com

In this morning's Miami Herald, there was an article that outlined the stimulus money that is coming in to South Florida.  Not enough projects are being made available to small businesses.  I hope this article inspires people in South Florida to work together to create opportunities for small businesses.  Now is an excellent time to explore opportunities to collaborate and form strategic partnerships in order to succeed in breaking out of this economic downturn.  Have a read and hopefully it gives you ideas as to how to succeed.

In race for stimulus dollars, we're coming in last - Business Monday - MiamiHerald.com

Marketing Strategies in International Business

Given the state of the global economy, it is essential for businesses to explore alternative markets.  Given advances in technology, transportation, and logistical support, more than ever, small businesses are able to be market players internationally.  But just because you can do business internationally doesn't mean that you should.  International business requires a different type of preparation, cultural understanding, and business management style.  Here's an interesting article about certain marketing strategies businesses can use, and should use, when operating internationally.

http://ezinearticles.com/?Product-Strategies-For-International-Business-Marketing&id=2686998

TRDA Event for Central Florida Small Businesses on August 11, 2009

Included below is information on an excellent small business event coming up on August 11.  This event will focus on emerging technologies and innovation.  There is also information included below about the TRDA and how they are of assistance in incubating emerging technology companies.  Also of interest is a list of companies involved in this event.  Hopefully you can take advantage of the resource and the event.  This information was provided to me by Lindsey Levy of pushhere.com.

 

TRDA SHOWCASES EMERGING TECHNOLOGIES AUGUST 11

-- Small Businesses Present New DoD and NASA Funded Technologies--

ORLANDO, Fla. (August 6, 2009) — Technological innovation is what drives the American economy. And, it’s small technology businesses that help generate most of the economic growth as measured by job creation, output and productivity. Although launching a small tech business isn’t easy, organizations like the Technological Research and Development Authority (TRDA) provide invaluable opportunities for these high-growth, high-tech businesses to succeed.

On Tuesday, August 11 from 8 a.m. to 12 p.m., TRDA will host the Technology Opportunity Forum 2009 at the TRDA Business Innovation Center, 1050 W. NASA Blvd., Melbourne, Fla. The Forum showcases some of the most promising, federally funded technologies under development in the southeast

This event offers entrepreneurs, investors, strategic partners and others the unique chance to review emerging technologies and initiate relationships with 23 small, advanced technology firms who are developing technologies for the Department of Defense and NASA. Each of the participating companies is a recipient of a Small Business Innovative Research (SBIR) grant to develop and commercialize an emerging technology.

The Technology Opportunity Forum will consist of presentations and exhibitions from companies in the areas of communications, power electronics, electromagnetics, life sciences, medical devices, mechanics, sensors and software.

The Forum’s presentations, exhibition area and poster materials are designed to provide attendees access to emerging technologies and the companies behind them, leading to engagements ranging from procurement, to licensing, to strategic partnering.

Supporting The Technology Opportunity Forum as sponsors are: Berman Hopkins, Wright & La Ham CPAs and Associates, LLP; Harris; Lowndes, Drosdick, Doster, Kantor & Reed, P.A. Attorneys at Law; Roetzel & Andress A Legal Professional Association; and Spacecoast Business.

For general inquiries, such as registration and event information on the TRDA’s Technology Opportunity Forum, contact:

Brenda McMillan

(321) 872-1050 x 103

BMcMillan@trda.org

The Forum registration fee is $50.00. Online registration is available at www.trda.org.

About TRDA

The TRDA Business Innovation Center helps start-up technology firms in Central Florida grow into financially viable, freestanding, high-growth companies. It offers clients access to intensive mentoring, modern office space, shared office resources, business services, professional development and training, investor networking and more for one monthly fee.

Launched in 1987, the TRDA is an agency of the state of Florida that leverages federal, state and private resources to develop and implement technology-based programs in four target areas: education, business incubation, energy and technology transfer. Since its inception, the TRDA has leveraged tens of millions of dollars in funding to support its education and economic development programs. By infusing new technology into businesses and schools, the TRDA helps to strengthen the economy and education throughout the state and nation.

For more information, visit trda.org.

###

Media Contact:

Lindsey Levy, Push.

407-841-2299 ext. 1041

llevy@pushhere.com

Companies participating in the TRDA's Commercialization Assistance Program are:

1. Accelogic (Weston, FL) — A research and development company specializing in the extreme acceleration of linear algebra problems through computational methods optimized for massively-parallel supercomputers and field-programmable gate arrays (FPGAs), for applications such as fluid dynamics, weather modeling, molecular design, and oil exploration.

2. Advance Magnet Lab, Inc. (Palm Bay, FL) — A manufacturing, technology and product development, and testing company specializing in electromagnetic technology with solutions in propulsion, power generation, materials processing, and medical devices.

3. Aerotonomy (Ft. Oglethorpe, GA) — An aeronautics research and prototype manufacturing company, specializing in airframes and control technologies for Unmanned Aerial Vehicles (UAVs).

4. AERONIX, Inc. (Melbourne, FL) — An engineering services and systems integrator company, transitioning from services to product development; specializing in communications technology especially radio software, hardware components, and intellectual property for high- speed wireless networking.

5. AET, Inc. (Melbourne, FL) — An engineering and development company specializing in integrated circuits and sensors in harsh environments.

6. APECOR (Orlando, FL) — A research and development company specializing in advanced power electronics especially high power density, high efficiency, and digital control.

7. Benedict Engineering Co., Inc. (Tallahassee, FL) — An engineering consulting firm specializing in design and development of material handling systems.

8. CANVS Corp. (Coral Gables, FL) — A research and development company founded to create color night vision and innovative imaging solutions.

9. Cesaroni Technology, Inc. (Sarasota, FL) — A research and product development facility with engineering and prototyping capabilities specializing in ammunition, heat exchange, robotics, and propulsion technologies.

10. CFD Research Corp. (Huntsville, AL) — An engineering research and development services company with capabilities in multi-physics simulations and engineering/biological/chemical testing and evaluations; dedicated to technology and product development for aerospace, life sciences, materials, and energy.

11. Circular Logic (Boca Raton, FL) — A research and development company specializing in advanced acoustic signal processing technology, which approaches human auditory performance in speech processing, neural implants, military intelligence, and music processing.

12. Digital Authentication Technologies, Inc. (Boca Raton, FL) — A technology development company with receiver and authentication server system, which captures RF signals and utilizes neural network signal processing to create and verify unique location footprints in real-time.

13. Engineering Acoustics, Inc. (Casselberry, FL) — A research and development and low volume manufacturing company specializing in acoustic and vibrational transducers and systems for defense, biomedical and geophysical applications.

14. OptiGrate (Orlando, FL) — A research and development, prototyping, and low volume manufacturing company specializing in holographic optical elements in photosensitive glass for spectral and thermal stabilization of high-power lasers and Raman laser sources.

15. Mainstream Engineering Corp. (Rockledge, FL) — A thermal control and energy conversion manufacturing company with research and development capabilities and technical focus on vapor compression systems, high heat flux cooling systems, advanced diesel engine development, solar and wind powered systems, advanced materials, advanced batteries, ultra capacitors, fuel cells, and conversion of organic materials to fuel (biomass conversion).

16. MtronPTI (Orlando, FL) — A manufacturing company with product development capability specializing in electronic signal frequency control products such as quartz oscillators, resonators, filters for applications in communication, radar, and navigation markets.

17. NanoEngineering Corp. (Wellington, FL) — An engineering and development company specializing in miniaturized, precision instruments with high resolving-power for detection, measurement, and analysis of nanoparticles (including viruses) and molecules.

18. Novel Engineering Solutions, Inc. (Ft. Walton Beach, FL) — A research and development company specializing in geothermal energy generation.

19. Photon-X (Huntsville, AL) — A 3D image processing and optoelectronics engineering and development company, focused on 3D cameras and 3D video applications.

20. RINI Technologies, Inc. (Orlando, FL) — A research and development, prototyping, and low volume manufacturing company specializing in heat exchange and cooling products.

21. Securboration (Melbourne, FL) — A research and development company specializing in software that enables organizations to adapt. Utilizing Semantic Web technologies, executable workflows based on dynamic policies leverage distributed SOA assets to enact business processes in domains that range from a single business process to global inter-agency process automation tailored to user’s needs.

22. The Athena Group, Inc. (Gainesville, FL) — An engineering and design firm with applied research capability, specializing in data security and signal processing for digital electronics.

23. Transgenex Nanobiotech, Inc. (Tampa, FL) — A biotech R&D firm specializing in nanotech-enabled drug delivery systems for cancer and HIV treatments and for biomarker-aided diagnoses.

What We Have Here is a Failure to Communicate…

It is critical for businesses to improve communication, both internally and externally.  In order to maximize efficiencies, people need to know clearly what is expected and also know that they have the right to communicate alternatives.  Business Week has an excellent article on why we fail in our communications:

http://www.businessweek.com/smallbiz/tips/archives/2009/07/why_we_fail_to.html

Using Social Media to Market Business Event

Twitter and Social Media can be great ways to advertise upcoming business events that you are involved it.  The principles presented in this article give a great summary of ways to use social media to market many facets of your business, not just events.

http://www.businessweek.com/smallbiz/tips/archives/2009/07/how_to_promote.html

How Profitable is Your Business

Now is a great time for you as a small business to evaluate your profitability and make some goals for improvement.  The UNF Small Business Blog has some great advice on what to look for to test the profitability of your business.  See their suggestions here:

http://unfsbdc.blogspot.com/2009/06/small-business-summer-checkup-for.html

Small Business Website Content Development

It seems like the internet has become an interactive yellow pages for businesses to engage their market through various social media formats.  The most traditional form of engagement is, of course, the website.  But with the billions of websites out there, it is your content that will set your site apart from others.  Here are some good insights into how to develop the content of your websites:

http://smallbiztrends.com/2009/06/content-ideas-for-your-site.html

Florida Growth Fund

The state of Florida is establishing a venture capital fund to assist technology companies with the development of their products.  This is great news especially for businesses struggling to find financing in this economic downturn.  Read more here:

http://www.tallahassee.com/article/20090620/BUSINESS/906200314/1003/Fla.%20companies%20get%20new%20venture%20capital

Maintaining Financial Records

This is an interesting article that focuses on sustainability for small businesses in the developing world, but the principles apply to all small businesses.  It is critical to modernize and improve your record-keeping in order to ensure proper documentation of finances and company development.  When you write it down, you are more likely to follow through.  Enjoy the article…

 

http://ezinearticles.com/?ABC-Strategies-to-Sustain-Growth-of-Small-Businesses-in-The-Least-Developing-Countries-(LDC)&id=2277859

Interesting Blog on Social Media in Fortune Companies

Web 2.0 and the benefits of social media in business are hot topics right now.  Small business and large corporations have both benefited and suffered from the added marketing/exposure that comes from social media.  Here is an interesting blog about what Fortune Companies are doing to maximize the benefits of social media.

 

http://blogs.zdnet.com/feeds/index.php?cat=106&submit=view

Knowing Your Local Market

One of the key aspects of doing business is knowing your market.  This process of learning your market becomes increasingly more complex as businesses expand operations internationally.  As you look at opportunities to expand, it is necessary.  In this Ezine article by Ian Sawyer, some general types are given for businesses engaged in a localization of markets.  The focus of your business efforts should always been on learning what makes your market “tick” and how to target them specifically to maximizes the work that you can accomplish for them.

 

http://ezinearticles.com/?The-Importance-of-Localization-in-a-Global-Economy&id=2404776

Summary of Blogs for 2009

For 2009, the Florida Small Business Blog will include weekly posts that will address generally issues that small businesses deal with from the planning phase, to business entity formation through effective management of growth. With an eye to the future, postings will not only deal with how things have been done or are being done, but will also outline progressive alternatives or potential changes that may affect small businesses. I look forward to creating a forum where Florida small businesses can come to discuss opportunities, successes and ways to avoid pit falls. As the year goes on, I hope to invite other professionals in the community to weigh in on various topics and help address the current global economy.

Good luck to all businesses in the coming new year! May this year be one of success and growth for you and your business!

Welcome to the Florida Small Business Blog!

This blog will evaluate and discuss legal issues that face small businesses in Florida. It will also review changes in the law or other current events and discuss their impact on small business owners. Although this blog will contain my insights and perspective on business law in Florida and its application to small businesses, nothing contained herein should be taken as legal advice. Each situation is unique and I would strongly encourage you to always speak with an attorney about any business law question that you might have. I hope that you enjoy the insights and feel free to make comments to my posting.