The Do’s and Don’ts of Perfecting Your Pitch

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In this world of instant gratification, making business connections has to be quick. That’s why now, more than ever, perfecting your elevator pitch should be at the top of your career “To Do” list. Use our list of Do’s and Don’ts to make a big impact in a small amount of time.

Be Brief & Don’t Ramble

It’s called an “elevator pitch” for a reason. Respect your audience’s time by keeping your pitch short and sweet— between 10-30 seconds— no more time than a ride from floor 1 to floor 9 would take.

Be Relatable- Not Robotic

It’s true that practice makes perfect (we encourage practicing too!), but remember that you’re talking to a real person. Lose the industry jargon and “keywords” that you sprinkle throughout your resume.

Keep it Conversational

This point is twofold. First, don’t ramble off your laundry list of what you can do and how your company would be a great fit to work alongside theirs. Remember this is intended to be a dialogue not a monologue.

Also keep it conversational in tone. Think about your pitch the way you’d tell your best friend about your dinner last night. You wouldn’t say, “The exquisite appetizers and rustic, yet chic, décor made for a charming evening.” You’d say, “I ordered cheese dip at dinner last night, and it was so delicious that I licked the bowl then ordered a second round.” See the difference?

Be Persuasive, but Humble

You’ve got a reason to be pitching. You clearly bring something to the table. Don’t be afraid to share about your skills, specialties and background! That being said, don’t overshare by reciting all of your awards and accreditations.

Always Be Ready

You never know when an opportunity might arise. Yes, it could be at your monthly networking meeting, but there’s a good chance it could also be in the check-out line at your local grocery store.

Don’t Forget Business Cards

Your elevator pitch is a conversation, not a close. The whole purpose of the interaction is to start a relationship with the person you’re speaking with, so don’t forget to leave them with contact information to remember you.

What’s Next in Growing Your Business

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You’ve successfully maneuvered those challenging early years, and now you might be thinking, “what’s next?” Perhaps you need additional staff or plan to build a new location. All these things require money.

When your business is experiencing growth, a slowdown in cash flow can negatively impact short and long term goals. How can a small business keep up with the demands as it slowly begins to transform into a mid-size company?

Before you begin to panic, Arkansas Capital may be able to help you. Depending on the course and maturity of your business, as well as how much debt you have on the books, you can consider a variety of loans.

Under SBA 504 loans, businesses can purchase real estate, new machinery and equipment, or make improvements like landscaping. Additionally, if you need to renovate your existing office or facility, these funds can help. 

The SBA does not lend the money directly to entrepreneurs to grow a business, but sets certain stipulations for loans made by its partners (like Arkansas Capital). The SBA helps to eliminate some of the risk to lenders by guaranteeing that these loans will be repaid.

Financing a growing business is a good problem to have. Remember, Arkansas Capital is a champion of small businesses and wants to help you thrive. For more information about all our loan programs, click here.

Financing Your Expanding Small Business

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To be a successful small business, it takes tremendous passion and incredible work ethic. Nothing comes easy. And nothing is given to you.  504 GROW Loans reward the efforts of small business owners by providing access to more affordable funding that can be applied to a wide range of commercial growth needs.

  • Up to 90% commercial financing (50% lender first mortgage, up to 40% SBA 504 funding)
  • Below market, fixed interest rates (SBA 504 portion)
  • Long amortization terms (up to 20 years)
  • Loans are assumable by qualified, acquiring businesses
  • Large project sizes (SBA 504 portion up to $5.5MM)
  • First mortgage rate set by participating lender
  • $5.5MM for manufactures and loans that qualify under energy efficiency criteria (all others up to $5.0MM for the SBA 504 portion)

If your business needs major fixed assets such as equipment or real estate, you should consider a 504 GROW Loan. Eligible use of 504 Loan proceeds includes:

  • Buy land and construct new building
  • Buy land with an existing building
  • Remodel, convert, expand or renovate existing building
  • Green initiative projects
  • Purchase of long-life machinery and equipment
  • Associated fees and soft costs

“504 Grow Loans are absolutely the best way for small businesses to finance land, buildings and equipment with its higher advance rates, lower down payments and 20-year fixed interest rates. Additionally, it is a great refinance loan product,” says Al Hodge, Executive Vice President, Arkansas Capital.

 

If you’re ready to apply for a business loan now, click here to contact us. To receive more information on small business loans and to find the one right for your business, visit the loan products page.

 

Why “Why?” is Vital to Every Entrepreneur

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ARC-Blog-1_11-WHY

Over the past several years, with his juggernaut Tedx Talk Start With Why and best-selling book of the same title, Simon Sinek has popularized a concept first introduced by Stephen Covey in The 7 Habits of Highly Effective People. Although the concept of “beginning with the end in mind” was first applied by Covey to the habits that highly effective people develop, and then later by Sinek to how leaders inspire action, this concept is vital to every entrepreneur.

“Why?” Informs Everything for the Entreprepreneur
Entrepreneurs solve problems. Whether he is a small business owner or a VC-funded entrepreneur seeking to grow and scale a business, understanding the “why” is essential to entrepreneurial success.

The why–or the purpose–drives (or should drive) all strategic decisions for the entrepreneur. As Covey pointed out, the person who has his or her eye firmly focused on the larger why is positioned for success. The entrepreneur who thoroughly understands his “why” and can articulate it clearly is able to inspire others to join his cause, to take action, and to build something that is greater than the sum of the parts.

How to Find the “Why?”
Many entrepreneurs understand the why instinctively. Solving a problem is an impulse for the entrepreneur. He often “just knows” that it needs to be done. And many entrepreneurs are driven, focused and passionate by nature, so they may be able to influence and recruit talent, employees and investors to join them without fully exploring the why. But what does the entrepreneur who understands the power of the “why?” but does not yet have it clearly articulated do?

1. Identify the Problem That is Being Solved
Take the time to clearly identify the problem you are solving. No matter how complex the solution is that you imagine, distill the problem you are solving into one simple sentence. “Our company solves X (problem)”

2. Add The Target Market
You have identified the problem you solve. Now identify who you solve it for. “Our company solves X (problem) for Y (person/group of people).”

3. The “Five Why’s” Exercise
Startup guru, Ash Maurya developed the Lean Canvas as a way for entrepreneurs to easily articulate their basic business model. In the process of filling out a Lean Canvas, Maurya introduces an exercise to help the entrepreneur truly uncover the fundamental problem he solves. It is a simple exercise, but one that takes a little work. Once you identify the problem you believe you are solving, you begin to ask “Why is that a problem?” Once you have an answer to that question, you take that answer and ask the question again (up to five times). Pushing through the simple, obvious answers to this exercise uncovers the deep problem that an entrepreneur is really solving. Once you uncover the problem that is an emotional pain point for your target market, then you are equipped to connect in a meaningful way that will ultimately drive sales and profitability.

How to Defeat the Herd Mentality (at work and in life)

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Herb Mentality

Last week on the blog, we talked about how to think like a great innovator. But what if you are not an innovator? What if you are stuck going with the flow? How do you break free? Try these helpful hints and incorporate them slowly into different areas of your life and watch your results shift.

“Herd mentality” or groupthink can be defined as “a pattern of thought characterized by self-deception, forced manufacture of consent, and conformity to group values and ethics” (Merriam Webster)

By this definition, we can identify three powerful strategies to avoid the herd mentality at work or in life.

Know Thyself
Avoid self-deception. Ralph Waldo Emerson said it well. “Whatever games are played with us, we must play no games with ourselves.”  Benjamin Franklin said it even more succinctly. “Observe all men; thy self most.”

Self-awareness is a vital component to your ability to go against the flow. If you want to change the status quo, you must become a master of yourself. The greatest knowledge a person can gain is the knowledge of the lies one tells one’s self. It is not the conscious shading of the truth that causes most damage but the unconscious untruths. Surround yourself with and value those who help illuminate your blind spots. Dig them up. Hunt them down. And uncover them. Learn to tell yourself the absolute and brutal truth at all times.

Recognize Manufactured Consent
Have you heard the expression, “he’s preaching to the choir”? That is manufacture of consent. Manufactured consent is “the practice of controlling or manipulating the norms, values etc. held by an audience by controlling what they are exposed to in the media.” (dictionarycentral.com)

Combat this obstacle by seeking out a variety of information sources. News or information sources that challenge your fundamental perspectives of an issue are particularly valuable. When you confront your own biases and beliefs with information that opposes them, you become stronger. Your ideas become more clear. You communicate your opinions and perspective more concisely and effectively.

Ask “Why?”
One of the most powerful questions you can ask (yourself, or anyone else) is “why?”  Dedicate yourself to the task of uncovering underlying motivations for your opinions, beliefs, and actions. When your “why” comes into alignment with your core values, you become powerful. Clarity allows you to step out of the herd. When you have a clear understanding of what motivates you, you are free to choose your own path.

Self-awareness, diverse information sources and an ability to align personal and professional values with driving motivations and a sense of purpose are all keys to defeating the herd mentality. Practice these skills and you soon find yourself rising above the rest.

Arkansas Capital Year in Review

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2016 year in review

The final weeks of December are upon us, and we at Arkansas Capital can’t help but look back on the past year and be thankful for all the excitement, success and advancement of Arkansas entrepreneurship brought by 2016. While we couldn’t possibly list all of the highlights that took place this year, we’re sharing a few of the most memorable below.

David’s Burgers

David’s Burgers is widely-known in central Arkansas for its freshly-pattied, Grade A beef burgers, creamy shakes and endless amount of hot French fries. When they needed support from Arkansas Capital to open their Maumelle location, we jumped on the chance to work with this outstanding establishment.

Uncle T’s Deli-Market

Uncle T’s Deli-Market has been serving delicious sandwiches, freshly cut deli meats and cheeses, as well as common grocery items, in the same location on Martin Luther King Drive for almost 40 years. A respected and loved establishment in their Little Rock community, Uncle T’s Deli-Market is an ideal Arkansas Capital client, and we were thrilled to help them open their upcoming Conway location. Be on the lookout for their grand opening in January!

Shared Services Center Fort Smith Expansion

Shared Services Center is one of the largest employers in the Fort Smith area, as well as one of the fastest growing. When we were approached to help expand this outstanding company, we were thrilled to help them improve and extend their space to accommodate new employees.

Veteran’s Day at Flyway

We at Arkansas Capital love supporting our clients and celebrating those who have made sacrifices to protect the freedoms we enjoy in the United States of America – and we particularly enjoy combining the two. For Veteran’s Day 2016, we hosted an event at Flyway Brewing (one of our outstanding clients) where we bought all veterans a free beer, as well as a beer for civilians that made a donation to Veterans Villages of America. More than $700 was raised to support local veterans in need that night, and fun was had by all in attendance!

Heartland Renaissance Fund

Heartland Renaissance Fund, LLC, – and Arkansas Capital CDE – was awarded a $65 million allocation in New Markets Tax Credits, the second-largest amount ever awarded to Heartland. These funds will help increase investment in businesses and economic activities in low income and underserved communities throughout Arkansas. Learn more about the allocation here.

Serving Food and Seizing Opportunity: A Few Favorite Little Rock Restaurants

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Dubbed the “Industry of Opportunity” by the National Restaurant Association, American restaurants are the second largest private-sector employer in the country and provide some of the highest job satisfaction rates of any industry. In fact, 9 out of 10 industry workers believe restaurants provide opportunity for those who want to succeed based on their hard work. Plenty of Arkansans are taking advantage of this unrivaled opportunity to both serve our community delicious food and build their own success. Here are three of our favorites:
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4 Habits That Surprisingly Boost Productivity

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Entrepreneurs are always trying to maximize their time, and squeeze as much work out of their hours as possible. Often, this goal results in working long hours, cutting sleep and constant multitasking – practices that often prove to be ineffective. Instead of burning the midnight oil and sacrificing your personal life for the sake of your business, try picking up the below habits to boost your productivity while also improving your quality of life.
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Announcing SBA 504 Refinance Opportunity

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SBA 504 Refinance Case Study

A decade ago, Susan bought the property where her business is located for $800,000. At that time, she paid 25% and took out a $600,000 loan at 5.5% with a 20-year amortization. Her current payment is $4127 monthly. This means after a decade of payments, she still owes $450,000. Her business has been successful, but she is netting less than before due to inflation and competition. Over the years, she has had to borrow on various loans and credit cards to purchase business assets or meet cash flow needs. If we determine that she owes $100,000 on various lines and cards and her payments are approximately $2,000 monthly, then her debt appears as below:

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How To Manage Your E-Mail Inbox

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When you added your work e-mail to your new iPhone, did a part of you feel like you were throwing away any chance at peace and quiet ever again? That little chirp coming in every few minutes stating that someone or something else requires your undivided attention is enough to make your eye twitch and your blood pressure spike. But in your industry, it’s a necessary evil. You have to be on top of things; but in order to have the most productive day, the most intense focus, the best work results, you have to practice expert time management skills and that includes managing how much time you spend with e-mail.
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