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Gary Honig's Blog (20)

Hoo-ah: How the US Army Has Become a Social Media Leader

Over the past several years, the US Army has developed an exemplary program in exploiting numerous social media methods, and done so without a lot of flash, expense, or personnel. They have an engaged audience, numerous followers, and maintained a multi-pronged campaign into all of the major social media networks, including recent beach-heads in Pinterest and Google+. All this, and with a five-person team based in the Pentagon and without spending much in the way of budget too. They are a…

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Added by Gary Honig on February 20, 2012 at 5:51pm — No Comments

Think Like a Banker, Extending credit to customers requires strong policies

by my friend Mike Selfridge of Silicon Valley Bank:

The CFOs I know don’t typically think of themselves as bankers, but a walk in wingtips would serve them well. Paramount to a bank’s success is the chief credit officer, responsible for the institution’s credit portfolio, lending practices, and overall risk management. Successful policies established by the chief credit officer lead to a strong financial foundation, which in turn spurs future growth.

In many regards, the CFO…

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Added by Gary Honig on January 31, 2012 at 11:30am — No Comments

Government Contractor Finance - A Year In Review

For the past year I have been offering tips and insights into the process of commercial finance for government contractors. Even as the economy remained in a stall at the beginning of 2011, many agencies continued to rely on the deliberate capabilities of their contractors to keep the wheels of progress moving. To be sure, the howls of the few who decry the bold work being done day in and day out by dedicated public servants would become earth shattering were they to stop providing critical…

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Added by Gary Honig on December 23, 2011 at 11:09am — No Comments

Network Effectively At Your Next Government Contracting Event

Blog Post by: Karen-Michelle Mirko Director, Customer Advocacy, American Express OPEN



Government contracting can give small businesses access to a portion of the $500 billion dollars the government spends each year on goods and services, but for most small business owners, finding a way into this market is challenging. Networking is one critical tool to gain entry because it can put you in front of important government agency representatives and other key contacts.



In…

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Added by Gary Honig on June 8, 2011 at 2:34pm — No Comments

Startups With Real Revenue Can Get Venture Capital by StartUpPro

I just read the Q1 2011 report from CB Insights, which shows venture capital is back. Overall, investors put $7.5 billion to work across 738 financing deals with U.S. startups. That represents a $1.5 billion jump in funding over the same quarter of 2010 with a similar number of deals, so it clearly shows a trend to larger deal sizes for fewer startups.

To me, this indicates that…

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Added by Gary Honig on April 25, 2011 at 1:06pm — No Comments

IRS Gets Class Conscious: Switching to Independent Contractors Draws Scrutiny (1099'rs)

by Susan A. Berson

 

Shifting from full-time employees to independent contractors is a recessionary cost-cutting measure some businesses implemented. But for those who have misclassified their workforce, the glare of the IRS spotlight may soon be upon them. Over the next three years, the Internal Revenue Service is auditing 6,000 randomly selected businesses to determine whether they have workers who've been classified as contractors when they…

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Added by Gary Honig on April 21, 2011 at 4:09pm — No Comments

Buy The Book: Government Contracts Made Easier

Judy Bradt brings you the secrets to winning US government contracts - whether you're taking your first steps, or expanding your footprint in pursuit of the world's largest buyer. Government Contracts Made Easier is loaded with resources that seasoned contractors take years to discover:



* Key Concepts: Find out what successful companies master as they launch and grow their government contract business.

* Profiles in Success: Ten business owners - small and minority business… Continue

Added by Gary Honig on April 6, 2011 at 3:30pm — No Comments

Recent Act Protects Sub-Contractors When Getting Paid For Work

On September 27, 2010, President Obama signed into law the Small Business Jobs and Credit Act of 2010 (SBJCA), which created a new rule which will hopefully provide some needed relief for those subcontractors who only receive partial or untimely payments from their less than reliable prime contractor teaming partners. As discussed below, the SBJCA appears to require contacting officers to expose and downgrade prime contractors who fail to fully or timely pay their…

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Added by Gary Honig on March 16, 2011 at 8:00am — No Comments

Changes That Help Women Business Owners Grow Through Government Contracting

Businesses have the opportunity to grow their revenues through government contracting. According to www.USAspending.gov, the federal government spends over $500 billion annually on goods and services.



Thanks to changes in federal policy, women-owned businesses have a greater chance to win government contracts. The Women-Owned Small Business Program, recently created by the Small Business Administration (SBA), better positions women-owned… Continue

Added by Gary Honig on March 8, 2011 at 1:24pm — No Comments

Bidding On Government Contracts – Show Them The Money

One of the complaints small businesses make is Government agencies stick to bigger vendors and don’t try out new smaller companies. The reason for this, contract officers don’t like problems. If a contract gets awarded to a small vendor who proceeds to mess up the work, it means a headache and more work for the CO. It’s really that simple. This is why people who teach how to sell to the Government stress the fundamental of building relationships. If the CO feels they know you and can trust you… Continue

Added by Gary Honig on March 3, 2011 at 1:20pm — No Comments

The 5 Cs of Credit

The concept of borrowing money using collateral is called debt financing. Whenever a lender is considering financing a prospective client the very first hurdle that must be achieved is determining the borrower’s credit. It is important to provide ample information within and attached to a formal loan request that speaks to the potential credit question.

The concept of the five C’s of credit is based on the long standing reliance of creditors being able to successfully examine the risk…

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Added by Gary Honig on February 17, 2011 at 4:28pm — No Comments

With Regards To Financing A Company, Think Vanilla

When it comes to sales and marketing initiatives the name of the game is to stand out. Typically the goal is to be unique and different from the crowd of competitors. But with finance the opposite is true. It does not pay to do things like carve your own path if you expect to get the appreciation you require to gain access to capital.

For the most part people who deal with financial matters like routine. They set up processes to learn about a business, to check out that business, to…

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Added by Gary Honig on February 10, 2011 at 12:19pm — No Comments

NCTC - Pitch & Polish Clinics

    Pitch & Polish

The NCTC Access to Capital committee hosts monthly Pitch & Polish clinics that help tech-related companies prepare for raising Angel capital. 



How it works:

It's pretty simple actually. You get 10 minutes to pitch your idea/company. Then a panel of wise folks knowledgeable about early stage investing give you feedback about your presentation with the purpose of helping you make it even better! The whole session…

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Added by Gary Honig on February 1, 2011 at 2:12pm — No Comments

What Lenders Look For In A Deal

There is a distinct difference between what a lender looksfor in a deal versus what an investor is interested in seeing. For the mostpart, the investor is interested in the idea. Does the concept have enoughjuice to propel it into the stratosphere? Because an investor knows they canchange the model, change the personnel, change location even change the name ofthe company if that is what it takes to make the plan a success.

A lender has no interest…

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Added by Gary Honig on January 5, 2011 at 10:40am — No Comments

Have A Wonderful Thanksgiving!

November 2010…
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Added by Gary Honig on November 24, 2010 at 12:42pm — No Comments

Highlights from The Small Business Jobs Act of 2010

On September 27, the President signed the Small Business Jobs Act. This now opens the door for a renewal of the 90% SBA guarantee on the 7(a) loan program thru the end of December 2010. The fee relief afforded under Section 501 of the American Recovery and Reinvestment Act of 2009 has been extended through December 31, 2010 by the Small Business Jobs Act of 2010. This means that on all 7(a) loans approved from October 1, 2010 through December 31, 2010 the upfront guaranty fee payable to SBA… Continue

Added by Gary Honig on October 18, 2010 at 5:35pm — No Comments

The New Recovery Act Bill Will Increase Borrowing Access To Small Businesses

The extension of provisions which have the capacity to support $14 billion in loans to small businesses: Extending these Recovery loan enhancements – which increase guarantees for SBA’s largest loan program (the 7(a) program) to 90% and reduce fees for the 7(a) and 504 program – has the capacity to support $14 billion in lending to small businesses. Already, SBA Recovery loan provisions have supported $30 billion in lending to over 70,000 small businesses.



The bill also increases the… Continue

Added by Gary Honig on October 4, 2010 at 10:40am — No Comments

Use Factoring To Finance Your Government Contracts

You may be unfamiliar with the term "factoring." It is a commercial financing transaction where you can leverage finished work to gain badly needed working capital to grow the company and pay bills. Also known as Invoice Factoring, the benefit is in the simplicity of its mechanics. A company does work for their customer and sends them the bill, commonly known as the invoice. This obligation to pay is really a loan from the company to the customer, who owes them the… Continue

Added by Gary Honig on September 30, 2010 at 1:34pm — No Comments

The IRS Is Not A Bank

The Internal Revenue Service is not a lender of last resort. By not paying taxes, you are ultimately borrowing from the Government, at extremely costly rates. The addition of compounding interest and penalties will make a bad situation much worse. Any unpaid taxes due will garner a daily interest rate, plus a monthly 5% penalty each month up to 5 months for a maximum of 25%.



For businesses, the most common tax…

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Added by Gary Honig on April 12, 2010 at 9:30am — No Comments

Interest Free Loans!



Sounds great doesn’t it? Well that is exactly what businesses do everyday when they offer credit terms to their customers. Sure it’s considered normal to allow a customer thirty days to get their bookkeeping in order to pay the bills. But many large companies take advantage of credit terms and take 60 – 90 days to pay an invoice. That becomes 3 months of interest free money. Your money. You are essentially helping to grow their company using your resources, time,…

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Added by Gary Honig on April 1, 2010 at 11:22am — No Comments

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