Indianapolis Recorder, Indianapolis, Marion County, 2 May 2003 — Page 33

FRIDAY, MAY 2. 2003

THE INDIANAPOLIS RECORDER

PAGE D3

Small business owners give advice on avoiding business pitfalls

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By BRIDGET McCREA Blackvnttrprlat.com Being turned down three times in a row for a line of bank credit is devastating for any small business. For Calvert and Lee Wright, of Wright Solutions Inc. in Lanham, Md., it was just downright irritating. Their personal credit was clean, business plan solid, and financials in line with expectations, but the company just hadn’t been in business long enough to satisfy the bank. Wright Solutions Inc., incorporated in 1998, and became a full-time endeavor for its founders in 1999- This provider of procurement consulting and contract professional services found itself out of luck when it came to bank financing. After posting an $8,000 loss in 1999 due to normal business expenditures incurred during that year, the Wrights turned to their customers for help. With Unisys and Computer Sciences Corp.,

among other clients, the pair negotiated payment terms to 15 days, instead of the normal 60-to-9O-day cycle, to improve cash flow. The strategy worked. In 2000, company sales reached $950,000 and are expected to hit $3 million this year. Marcia Layton Turner, author of The Unofficial Guide to Starting a Small Business (Hungry Minds Inc., $16), calls the Wright’s strategy of turning to customers for help in improving cash flow a savvy move. “If a business can get clients to pay more quickly, they'll avoid the fees associated with using a line of credit or other financing tools," said Turner. “In this age of companies paying net 30 at best, Wright Solutions obviously has solid relationships with its clients and strong negotiating skills.” Wright Solutions was launched from home with a personal investment of $5,000. Today, the company has 10 employees and works with customers in the Washington, D.C., area and nationwide on various projects, inBUSINESS BRIEFS

eluding preparation for government audits, most notably the Contractors Purchasing System Review, or CPSR. According to Calvert Wright, vice president and COO, all federal contractors selling at least $25 million annually to Uncle Sam are subject to the audit. “We help them assess whether or not their systems are capable of passing the audit." The company generally charges a consulting fee of $85 an hour, with contract professionals fees varying according to candidate and market trends. Realizing that many small business owners may have been sidelined by the financing setback her own company suffered, Lee Wright advises entrepreneurs to “just stay focused on their dreams." “There will always be people and circumstances out there trying to hold you back," she says. “But if you have the dream, the desi re, and the drive to really reach your vision, you will succeed.”

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2 inducted in ‘Hall of . Fame* l Two members of the new Bright House Networks were inducted into the Great Lakes “Hall of Fame” during the recent Great Lakes Cable Expo held in Indianapolis. Al Aldridge, Indianapolis director of public affairs, and Cal v Blumhorst, general manager of the division’s Marion, Ind., systern, were presented specially created statuettes during inducI: tion show ceremonies. The two Bright House award J| recipients were a part of the iniz tial class of inductees for this ' newly created regional award. The criteria for the award included providing outstanding leadership and demonstrating a strong commitment to the cable television industry for twenty years or longer.

ADVICE

► Continued from Page 1 store layout plans, recommending the optimal merchandise layout. It also offers advice about the latest shopping trends and hottest selling items so store owners will have an idea what others across the country are buying. Small store owners also have access to various proprietary technologies to create seasonal departments and marketing materials. On the home page, a free software program called PromoMaker will help a small business owner design a custom merchandise flyer in about 10 minutes. New store owners can even get a free computer if they open a new store that is stocked with merchandise from the Web site. , Also an online wholesaler, the I. site called DollarDays.com of- '• fers more than 20,000 high1 quality products at prices small store owners can afford. Many prices are said to be very close to the price point offered the big retail chains. About one-third of the prod- , nets available on the Web site are product closeouts. Another third are seasonal or holiday in nature, which presents an op- ^ portunity for terrific value pur- '' chasing. Small store owners can order l’ their inventory from DollarDays at their convenience around- , the-clock, eliminating the need to travel to trade shows or for frustrating phone calls to vendors.

for more information, visit www.DollarDays.com.

Aldridge, who moved to Indianapolis to teach broadcast management at the Defense Information School (DINFOS) at Fort Harrison, has been affiliated with cable since 1981. Accounting seminar May 15 On Thursday, May 15, Gary Bolinger, CEO and president of the Indiana CPA society, will conduct a seminar titled “Current Developments in Accounting” at the downtown Indianapolis Artsgarden. The reception begins at 5:30 p.m. and the one-hour CPE seminar will begin promptly at 6 p.m. Attendees can earn one hou r of free continuing professional education (CPE) credit by attending this event and e-mailing RSVPs to [email protected] by May8.

MANAGER ► Continued from Page 1

structure questions and meeting with architects. I have learned so much as the project has gone along. I grew to understand that I didn’t have to know everything, because the people around me know.” Green is most proud that she personally got to know each of the existing homeowners affected by the relocation. “I sat down and met with the homeowners, so I could understand their concerns and issues. I never wanted them to feel they were just getting displaced by the big bad city. I wanted them to know that they could call me, regardless of what was going on," she said. “The most rewarding experience of the Fall Creek Place project is when I drive through the streets and see the once vacant land that has become someone’s dream realized,” Green said. Jennifer Green hits helped make Fall Creek Place a success story, with the mayor celebrating the 100' h home being built and cities across the country coming to Indianapolis to see how it's done. So what’s next for Green - assisting other cities in achieving similar success to that of Indianapolis? She laughs and commented, “I plan on taking a vacation when this project ends. Then I’ll think about what’s next.” Fall Creek Place is a partnership among the public and private sectors, located in the neighborhood bounded by PennsylvaniaStreetonthewest, Park Avenue on the east, and FallCreek Parkway on the north and 22"' 1 Street on the south.

This business reception and CPE seminar is sponsored by Ernest & Young LLP. For more information, call (317) 575-7844. Federal government announces new color of money The Department of the Treasury and the Federal Reserve System will unveil a new design and updated security features for the $20 bill that will be issued this fall. Forthefirsttimesince the 1905 series, U.S. currency will include background color other than black and green. The new $20 bill will be issued in 2003. Because counterfeiters are turning increasingly to digital methods and as advances in technology make digital cou nterfeiting easier and cheaper, the government is staying ahead of counterfeiters by updating the currency every 7-10 years. The government calls the new $20 bills are “safer, smarter and more secure currency."

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