From the Executive Director

Transcription

1 2011 Annual Report

2 From the Executive Director Dear Friends: The past year was filled with successes and challenges for the Harlem Business Alliance. Our annual Business Plan Competition was a great success. What makes it particularly gratifying is that many of the contestants participate in our workshops and use what they learn to produce well thought out feasible business plans. For the 2011 winner, Precious Williams, the $5,000 prize money and media attention were a tremendous boost to Curvy Girlz, her recently launched plus-size lingerie business. She is building on her success and looking towards opening a storefront to expand her business. This past year has also presented challenges finding resources to provide the level and kinds of services that small businesses need to succeed. To this end we have incorporated more technology and social media into our own way of doing business. While we continue our tradition of hands-on individualized consultations, we can now reach out to a broader audience with Facebook, Twitter, and our blog. And we are helping our clients to understand how to use these same tools in their businesses. Our goals for the upcoming year are to assist Harlem s small business community and aspiring entrepreneurs like Precious Williams and to find new ways to meet the needs of our constituency. To that end we have a new program in the pipeline, Back Office Support Initiative, where HBA will provide intensive back office support training to small businesses, thereby improving their efficiency and freeing them to focus on performance and growth. The key to our ability to confront the challenges that face us is the dedication and commitment of our brilliant staff and team of consultants. We are also fortunate to have a real hands-on board with members who contribute their time and ideas, serve as de facto ambassadors for the organization, contribute financially in keeping with their own capabilities, and help to identify and cultivate potential funders. I hope you find the information in this Annual Report informative and that you will want to learn more about the good work we are doing. We value your support. Regina Smith Executive Director HBA 2011 Annual Report 1

3 Snapshot The Harlem Business Alliance (HBA), is a 501(c)3 not-for-profit, that encourages community revitalization by facilitating the development, efficiency, and sustainability of Harlem s small business community. HBA was founded in 1980 by a group of prominent Harlem business leaders who recognized the void that had resulted from years of disinvestment and abandonment in Harlem and the critical need to mobilize the existing businesses and organizations to come together as a collective voice. HBA classes provided me with a step-by-step outline for developing my business plan, which had won several business plan competitions including HBA s and the Pitch Perfect Entrepreneurship Contest. The media exposure, Curvy Girlz Lingerie, LLC gained as a result of HBA s competition was invaluable. -Precious Williams Curvy Girlz Lingerie I m far from being an expert on the subject [of finance], but I have a good understanding on what it takes to run my business until I acquire enough clients and revenue to where I can hire an accountant. I could not have done it without HBA taking the time and helping me, and for that I m truly grateful. -Victor Green Microsoft Certified Technology Specialist HBA provides: Cutting-edge workshops and one-on one technical assistance in business planning, financing, marketing, and technology. A wealth of free information, research, and resources for small business owners. Outstanding support services in obtaining MWBE certifications and licenses. Transformational networking and educational events including the Harlem Business Economic Summit and Power Breakfast Meetings. Opportunities for invaluable business plan feedback and financial reward through the HBA s Business Plan Competition. Highlights of assistance provided from January 1, 2011 to December 31, 2011 HBA s assistance included: 1072 hours of one-on-one assistance 1025 participants were served 77 classes 250 people attended the Harlem Economic Summit 20 new entrepreneurs submitted completed business plans to the Business Plan Competition HBA 2011 Annual Report 2

4 HBA supports starts-ups and small businesses Workshop series and seminars for established businesses and aspiring entrepreneurs. Here are just a few of those that were offered in Thinking about Starting a Small Business? Hands on Training for Microsoft Excel 2007, Microsoft Powerpoint, and QuickBooks Basic I and II Small Business IT Toolkit Financial Components of a Business Plan: Balance Sheet, Cash Flow Statements, and Profit & Loss Statements Business Plan Workshop: Describing Your Business Doing Business with the Federal Government: Contracting & Procurement The Harlem Business Alliance has given me and others the opportunity to attend extremely helpful business workshops. I think such workshops do so much for the NY community in a very practical way something we desperately need during difficult economic times. -Mary Ann Riffon Focus Group Moderator When I sought assistance to get my MWBE certification, HBA s certification specialist went beyond the call of duty to help pull my documents together. She made herself available beyond work hours and has continued to assist us with general business consultation and bookkeeping instruction. One thing is clear- as long as I am prepared to do the work, HBA will have my back. Marketing Workshop Operations Workshop Market Research Workshop 4 Weeks to Take Your Business to A-List Status with Public Relations One-on-one technical assistance. Here are examples of the individual assistance that is offered Setting goals and developing strategies to reach these goals Identifying potential lenders and packaging loan applications Facilitating relationships with pro-bono and low cost legal services Helping businesses become MWBE certified (Minority- and Women- Owned Business Enterprise) Assistance related to responding to bidding and procurement opportunities Navigating government agencies and programs Setting up back-office systems in a manner that meets accounting standards, provides for accurate record keeping and bill paying, provides easy access to information needed for preparing bid packages for preparing tax returns and bid packages. -Londel Davis American Fire Control HBA 2011 Annual Report 3

5 Special events and special programs include: Harlem Business Economic Summit: HBA sponsors this annual conference where Harlem s local small business owners, aspiring entrepreneurs, community members and government officials convene on key issues, and garner knowledge about cutting edge business development tools. This annual event includes workshops, panel discussions, guest speakers, and networking opportunities. The 2011 Summit attracted nearly 250 participants. Featured experts included William C. Thompson, former NYC Comptroller; Karen Taylor Bass, President, Taylor-Made Media; and Gene Waddy, CEO, Diversant. Harlem Business Alliance s Business Plan Competition: HBA sponsors a yearly contest for business owners and aspiring entrepreneurs who have original business concepts that can lead to the development of new enterprises or the expansion of existing ones. Upper Manhattan based businesses with revenues under $500,000 are eligible to compete. The winner receives a $5,000 cash prize. To put all competitors on an even footing, contestants can participate in a series of HBA workshops and seminars where they fine-tune their social needs analysis as well as their marketing and financing plans prior to submitting their entries. The winner for 2011 was Curvy Girlz Lingerie, a plus-size lingerie business. Previous years winners were a green cleaning company a digital media company, and an event planning company. Power Breakfast Meetings: Business leaders, elected officials, and other government representatives are invited to meet with owners of Harlembased small business. These periodic forums provide opportunities for those in attendance to discuss issues and concerns and share information. Recent guest speakers were New York City Comptroller John Liu, New York City Council Members Inez Dickens and Robert Jackson, and Gene Waddy, the CEO of Diversant. 125th Street Pilot Retail Incentive Program: The 125th Street Pilot Retail Incentive Program is a $750,000 Forgivable Loan Program, created by the Upper Manhattan Empowerment Zone (UMEZ). The program targets businesses that are adversely affected by rezoning and entrepreneurs seeking to take advantage of newly created retail opportunities within the defined boundaries of 125th street. HBA screens potential loan recipients and makes recommendations to UMEZ. Leading the Way Through Partnership. Here are some of HBA s key partners in 2011 HBA 2011 Annual Report 4 Upper Manhattan Empowerment Zone Columbia University HSBC Metropolitan Transit Authority School Construction Authority City College of New York Harlem Community Development Corporation Harlem Arts Alliance Promotional Alliance of Harlem New York City Collaboration for Community Revitalization Minority Business Leadership Council

6 Profiles With businesses struggling to stay afloat in the tough economy encouraging uptown entrepreneurship is more important than ever and a key HBA goal. Here are a few examples of entrepreneurs who, with HBA s help and encouragement, saw their businesses grow in Precious Williams got Curvy Girlz, a plus-size lingerie business up and running after she won the 2011 Harlem Business Alliance Business Plan Competition. She used to tear her hair out finding lingerie. I realized that if you re a woman who s bigger, there aren t many options out there, She spent nearly a year talking to friends and family about how she could sell plus-sized intimate apparel. After she wrote a business plan with HBA s help and won the $5,000 prize she quit her day job as a lawyer and launched a website curvygirlzlingerie.com. Things took off pretty quickly from there. In her first month she sold more than $10,000 worth of merchandise. She says her next step is to open a retail store in Harlem. Londel Davis is co-owner and CEO of American Fire Control. The company sells, installs, and services fire extinguishers. He credits HBA with helping the business grow from a two-person operation financed by personal credit cards to a growing enterprise with two store fronts, a small fleet of trucks, a growing workforce, and a track record of successfully bidding for government contracts. Londel says that he attended as many of HBA s workshops as possible. He also took advantage of one-on-one technical assistance. Our business specialist helped him set up his company s financial records, obtain approvals for the New York City and State certifications that he needed, and worked with him to prepare his first successful bid package for a government contract. Zevilla Jackson-Preston is a Harlem-based architect and owner of J-P Design. Although she has been in business for several years, she was missing out on opportunities because she didn t have MWBE certification. In an unsolicited she said, I write to applaud each of you for the hard work and effort that you put in each day to help business owners such as myself. Due to HBA s unparalleled level of outreach I was encouraged to attend and did attend HBA s MWBE application workshop. The workshop broke down what can be an intimidating process into easily understood and chewable chunks for quick digestion. Immediately following the workshop I compiled the information as was suggested. After submitting her application to the New York City Department of Small Business Services she was shocked to receive a phone call from a department representative. When she said that she had attended an HBA workshop he told her that he wanted to take his hat off to HBA in that he had not heretofore seen an application presented so well and in such a meticulous and complete nature. The process for granting MWBE certification usually takes six to eight weeks. Zevilla Preston-Jackson s certification was granted in record time. HBA 2011 Annual Report 5

7 Financial Report The Harlem Business Alliance is a 501(c)3 not-for-profit company. Contributions are tax deductible to the extent allowable by law. Audited Financials and 990s are available at HBA s headquarters. As is demonstrated by the pie charts below, most of HBA s Expenditures are for programs: workshops that help small businesses get started and grow, individualized technical assistance, and conferences and networking events that give entrepreneurs and aspiring entrepreneurs exposure to the latest information available from business executives and government officials. Major Funding Sources for 2011 were: Upper Manhattan Empowerment Zone New York State Legislative Grant City of New York Department of Small Businesses Services Recognizing Excellence Awards Celebration Event Members of the Board of Directors of Harlem Business Alliance Financial Statement of Position As of December 31, 2011 $40,128 Assets Liabilities $3,929 $9,025 Cash & Cash Equivalents $178,475 $168,766 Accounts Receivables Loan Receivable Property & Equipment (Less Appreciation) $392,466 Total Liabilities Net Assets Total Assets: $396,395 Total Liabilities & Net Assets: $396,395 Revenue Individuals 1% Special Events 6% Corporate 6% State Grants 7% Expenses Fundraising 4% Admin/ Overhead 16% UMEZ Contract 52% City Contracts 28% Program 80% HBA 2011 Annual Report 6 Audited Financials and 990 s are Available