Daily Cannabis

Evidence of Maturing Cannabis Industry Abounds

The wholesale and retail cannabis and hemp industry, once outlawed, reviled and shunned, is estimated to ring up in the near future billions of dollars for businesses from growers to distributors to small retailers across the country. With that vast accumulation of dollars in a relatively short amount of time, supplementary businesses and services, previously associated with developed, Main Street companies, have emerged. Some of them have transitioned from other industries while some offer services exclusively for cannabis and hemp firms.

It’s no longer, “Psst, I have some weed.” Cannabis and hemp products for legal applications are a high-end, top-shelf product available in boutiques, not on seedy urban streets. And in order to grow, the businesses need financial, marketing, tax, legal and other advice.

As an example of these opportunities, in at least one state, Colorado, marijuana sales since 2014, when it was legalized in the Rocket Mountain market, have grown to $13.4 billion, according to the Colorado Department of Revenue. Understandably, a portion of that number also ends up in the state’s tax coffers, which in the case of Colorado amounts to $2.3 billion.

The CannaOne, https://cannaone.com/,  NJ Cannabis + Investment Expo at the New Jersey Convention Center in Edison on October 10-12 was an suitable venue to witness this expanding interest and trend. Additionally, exhibitors touted wares that are natural, ecologically friendly and fast acting.

With the issues of business and sales growth touching all levels of management, including CEOs, the presence of service firms means that the industry is maturing, believes Sandy Suchoff, CPA and founder of The CannaCPAs, https://thecannacpas.com/, with offices across the country. The firm offers a range of financial and tax services dedicated to make cannabis companies more profitable.

“The cannabis and hemp industry is becoming a ubiquitous industry because it has become legal in many states but not yet on the Federal level,” Suchoff said. She noted that the company can help with legitimate strategies to mitigate negative effects of the federal and local tax code.

“We can design a plan to grow profits, set targets and use analytics to align with those targets. We set objectives to grow because, after all, cash is king from farm to retail,” Suchoff said.

According to Dope CFO, www.dopecfo.com, cannabis service companies seek to assist budding firms along the entire supply chain to “make sure that they get a bite out of the market,” observed Malvina Kay. She explained that the future of the industry depends on loosening of federal and local regulations so that sales of the legal version of cannabis and hemp can grow organically.

With consumer demand for cannabis surging, the question of where to find a small business becomes problematic. One solution is an app called Weed Maps, http://weedmaps.com. This downloadable aid assists consumers in connecting with retailers by zip code. As consumer interest grows about a product that is not going to go away, this app resolves the question of where to buy legal weed, observed Bianca Endersby, trade show and evens manager.

Realizing the need to control cannabis absorption by the body to avoid unexpected highs and lows, Azuca, https://azuca.co/, which translates into sugar, developed a time-infusion product that transforms ingestible cannabinoids into fast-acting ingredients for edibles. Alex Archuleta said the company is a manufacturer of the product that works in 5-15 minutes. Licensee relationships are available. He too believes that the industry’s growth hinges on the speed of adopting supportive laws and regulations.

With the industry’s supply chain beginning with growers, the assurance of adequate growing conditions is vital. For those that choose to grow the plant indoors, Trane, www.trane.com, offers a system that establishes and monitors the correct interior environment, observed Richard Dulski, New Jersey account manager. The benefit is that the supply chain is assured of a good product from grower to retailer, Dulski said.

For locations that permit the tobacco or smoking version of cannabis, Tuxedo Paper Co., www.tuxedopaper.com, offers a range of premium rolling paper from the Czech Republic. Ryan Yoon, marketing representative, imports ecologically friendly paper as a competitive edge to the first tier providers. He said this product will satisfy the demands of this growing market.

Devon Darden, financial services representative for Capital Strategies, www.csomtx.com, observed that the industry is riding the beneficial wave of cannabis’ social acceptance. The stigma is evaporating, the industry is maturing, the product is more acceptable, regulations are changing, all of which Darden said is a boon for the supply chain.

“Five years ago I couldn’t speak about this with my mother. Today, cannabis and hemp are acceptable products,” Darden noted.

As cannabis usage and sales become legalized across the country, Amorette Mason, Accounting Buds, www.acctbuds.com, said the need for service companies in this growing industry will be greater.

Drug arrests – even minor ones – still figure negatively on a jobseeker’s employment searchers. President Biden’s recent support for decriminalizing even minor busts is a step in the right direction but exhibitors said it’s not enough. But the personal stigma persists. Cannabis Equity Employment, www.cannabisequityemployment.com hopes to change that. The firm emphasizes social equity, impartiality, fairness and justice for all people as a social policy. Consequently, former inmates should not be denied employment. “We’re looking to create an even playing field so that formerly affected people could get back into employment,” explained Adrian Clarke, chief operating officer.

As with any budding industry with recognizably large sales projections, quality assurance, standardization and industry monitoring eliminates the need for dubious “trust me” marketing. Industry self-regulation is a process whereby members of an industry, trade or sector of the economy monitor their own adherence to legal, ethical, or safety standards, rather than have an outside, independent agency such as a third party entity or governmental regulator monitor and enforce those standards. Understandably, ingredients, top-notch salesmanship and the absence of unregulated knock-offs are essential attributes of this process. Dr. David L. Nathan of Doctors for Cannabis Regulation, www.dfcr.org, is working toward that goal. In this context, regulation does not have a negative connotation but rather a positive one.

Presently Nathan is working to develop a consensus of standards among companies across the supply chain, beginning with the business activities’ logo that is approved by the ASTM International. As with other industries, standards and unanimity ensure that everyone is operating under the same terms and symbols. The promotion of such an industry-wide good policy ensures success and profitability for all participants.

Due to the importance of this issue, we’ll be returning to it regularly in the future.

Hope to see you at the next educational/informational event, the Real Cannabis Entrepreneur LIVE Conference 2022, https://realcannabisentrepreneur.com/, Double Tree Hotel, Newark, NJ, Friday and Saturday, October 21-23.

DAILY CANNABIS

MA Cannabis Commission Marks 5^th Anniversary

The Massachusetts Cannabis Control Commission celebrated its fifth anniversary, marking five years since the appointment of the inaugural Commission on September 1, 2017. In that time, the regulatory body built a new independent Commission and legal industry from the ground up; the agency now has nearly 90 employees and a new slate of Commissioners, including the September 1 appointment of Chair Shannon O’Brien, with 434 adult-use and 98 medical-use licensees operating across the Commonwealth and over 30,000 registered agents working in the regulated industry.

“I am incredibly proud of our Commissioners and staff, past and present, whose contributions over the last five years have created the agency you see today. We accomplished building a brand-new agency while at the same time regulating a marketplace that is not new to Massachusetts but is safer and more effective thanks to our collective efforts,” said Executive Director Shawn Collins. “We have made great strides towards our equity mission as an agency and industry, but we all acknowledge there is more to do. We are not intimidated by the challenging and important work that remains, and I look forward to seeing the progress we achieve in the next five years.”

On November 8, 2016, Ballot Question 4 “Legalize Marijuana” passed with 53.6% of the vote in the Commonwealth. At that time, Massachusetts joined seven other states, plus the District of Columbia, that had legalized marijuana for adult use (also known as recreational use). That number has since increased to 18 states as well as some territories. The resulting law in Massachusetts, Chapter 334 of the Acts of 2016, The Regulation and Taxation of Marijuana Act, which was amended by Chapter 55 of the Acts of 2017, An Act to Ensure Safe Access to Marijuana, created the Commission and delegated oversight of the adult-use cannabis program to the regulatory body.

On August 11, 2022, Governor Charlie Baker signed into law Chapter 180 of the Acts of 2022, An Act Relative to Equity in the Cannabis Industry, a major reform bill enhancing provisions within the initial statute, after several years of advocacy by Commission members past and present. In August 2021, Commissioners voted to implement a process for Legislative and Executive Branch outreach and then voted unanimously to support a state-administered fund comprised of public and private resources offering zero- or low-interest loans or grants to equity applicants and licensees. Commissioners also supported a technical change allowing social consumption as well as greater authority to regulate host community agreements.

Since Massachusetts’ first two Marijuana Retailers opened in 2018, 235 more have received notices from the Commission to commence operations statewide and are in the process of opening. Another 166 Marijuana Retailers with provisional or final license approval are completing the Commission’s inspection and compliance procedures towards that end. In total, the Commission has licensed 1,155 Marijuana Establishments, including Cultivators, Product Manufacturers, Retailers, Independent Testing Laboratories, Microbusinesses, Marijuana Couriers, and more.

In addition to regulating the adult-use cannabis industry, the Commission has overseen the Medical Use of Marijuana Program (Program) since it was transferred from the Department of Public Health in December of 2018 as required under Chapter 55 of the Acts of 2017. The Program has grown from approximately 58,000 patients to almost 100,000 patients, as the agency has implemented several enhancements since assuming Program oversight.

DAILY CANNABIS

New Jersey Cannabis Regulatory Commission to hold in-person meetings

Meetings will be held at 44 S Clinton Avenue, Trenton starting on October 20th 

TRENTON – The New Jersey Cannabis Regulatory Commission will now host their public meetings in person.  Starting with the next scheduled one on Thursday, October 20 at 1 p.m., the meetings will be held in the hearing room at the Civil Service Commission building, 44 South Clinton Avenue in Trenton. The meeting will also be livestreamed on the Commission’s YouTube channel.

With the change to in-person meetings, those who register to speak during a public comment period will need to be present at the meeting.  The Commission will not be able to accept public comments virtually. Comments will continue to be accepted in writing on NJ-CRC’s website.

The meeting venue (map attached) is conveniently located less than a block from Trenton Transit Center, close to bus stops, and close to US 1. Paid parking is available on the surrounding streets and in an adjoining parking garage. 

With limited seating capacity in the meeting room, interested parties are encouraged to watch the meetings online, unless they wish to speak during the public comment period or have other specific reason to attend in person. For public safety, no one will be allowed to enter if the meeting room is at capacity. Everyone entering the building is required to show government-issued photo identification.

The New Jersey Cannabis Regulatory Commission establishes and enforces the rules and regulations governing the licensing, cultivation, testing, selling, and purchasing of cannabis in the state.

DAILY CANNABIS

Hemp & Cannabis: Vibrant Growth Opportunities for Small Businesses

Once criminalized, stigmatized and otherwise shunned by society, the cannabis industry is on the cusp of massive growth in business in the United States.

Buoyed by a beneficial legal climate on the Federal, state and local levels, growers, processors & formulators, distributors and retailers are taking advantage of enthusiastic consumers’ interest in therapeutic and recreational cannabis – the basis of marijuana.

But first, a few definitions of comm
only used terms:

Hemp: Also known as industrial hemp, is a botanical class of Cannabis sativa cultivars grown specifically for industrial or medicinal use. It can be used to make a wide range of products. Along with bamboo, hemp is among the fastest growing plants on Earth.

Cannabis: Also known as marijuana among other names, is a psychoactive drug from the Cannabis plant. Native to Central and South Asia, the cannabis plant has been used as a drug for both recreational and entheogenic (psychoactive substances) purposes and in various traditional medicines for centuries.

CBD: Cannabidiol is a phytocannabinoid discovered in 1940. It is one of 113 identified cannabinoids in cannabis plants, along with tetrahydrocannabinol, and accounts for up to 40% of the plant’s extract.

Tetrahydrocannabinol (THC): Together with cannabidiol (CBD) are the two primary cannabinoids that occur naturally in the Cannabis sativa plant, most commonly known as cannabis. Both of these substances interact with the cannabinoid receptors found in the human body and brain, but they differed dramatically in their effects.

Delta-8 THC is one of over 100 cannabinoids produced naturally by the cannabis plant but is not found in significant amounts in the cannabis plant. As a result, concentrated amounts of delta-8 THC are typically manufactured from hemp-derived cannabidiol (CBD).

Apparently many of the exhibitors and attendees at the White Label World Expo at the Javits Center in New York last Thursday and Friday, September 29-30, were in the know about this expanding market segment. A majority of the 250 exhibitors are involved in some form or another in the cannabis industry. Attendees were able to discuss the latest trends with growers or famers, processors, formulators and packagers, wholesalers and retailers. Many were eager to accommodate inquiries about developing a white label relationships, private label, or off-the-shelf products.

But still, the vast array of ideas, developments and applications was mind boggling to the unsuspecting visitors. Also, note that the smoking version of cannabis is not legal everywhere across the country, even for medicinal use, so consequently some exhibitors only showed it in large sealed glass containers.

What’s driving this market? For one thing, it’s a new industry that recently emerged from the shadows.

I asked Dr. ZaLonya Allen, president of the National Entrepreneurs Association, for her opinion of what’s going on. “This is new and it’s part of a multi-billion industry. Businesses are jumping on this bandwagon in hopes of making a lot of money. There will be a lot of opportunities to grow profitable businesses,” she opined.

Many exhibitors expressed the same hope. They indicated that in the past three - five years, business has skyrocketed up to 200 percent. Official figures corroborate that expectation. The US cannabis market size was valued at $10.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.9% from 2022 to 2030, according to Grand View Research.

While there’s money to be made, it’s not that easy. For one thing, there isn’t a single national law on how to buy and sell cannabis. Rules and regulations continue to roll out but in the meantime businesses may encounter different and contradictory laws among Federal, state or local governments.

“It’s not like selling chocolate bars,” observed Ken Tays, founder and president of Green Leaf Marketers, www.greenleafmarketers.com. While the company handles the full gamut of marketing tasks solely about cannabis and hemp products – except logo design, advising clients whether or not their products will sell in specific locations is its crowning service. Without Tays’ knowledge of the laws and regulations, which he honed as a postal employee, companies could be stopped dead in the water with nowhere to go for their misjudgments.

“You have to know the regulations before you sell and ship your product because each state is different,” Tays said, noting that he first submits product specifications to compliance lawyers to protect the client.

Today’s range of end uses for cannabis and hemp include therapeutic as well as recreational  products such as topical creams and other applications, infusible formulations, beverages, candies and also apparel. Many companies are amenable to white or private label relations. With the negative stigma surrounding cannabis evaporating, consumers can be neatly divided into two categories: over 30 years of age up to the later years of their lives that seek these products for their therapeutic benefits of which there are reportedly many, and under 30 who enjoy their recreational and calming properties.

Growers, processors and retailers emphatically warned that knockoffs should be avoided at all costs because of inherent dangers that could threaten not only lives but also the industry’s success. They also pointed out that the related products should not be marketed to consumers in gasoline station convenience stores or corner candy stores but rather should be offered solely in high-end boutiques.

Ashley Shafer, operations director of DNA Hemp, www.dnahempllc.com, a hemp grower in Wisconsin, described her product as an ancient plant with therapeutic benefits. “It’s a seed to soul plant that can help small businesses grow their sales,” Shafer said. “We are passionate about soil to soul practices by respecting the plant, its diversity and intended purposes.” The company features hemp flowers, CBD edibles, CBD oil and topicals. Like other exhibitors, it emphasizes that the products are third-party lab tested.

Mario Irizarry, coo of Treehouse CBD, https://treehouse-cbd.com, said he and his partners launched the company in response to the growing demand premium CBD products over the past five years. With stores located in the Metro-Detroit area and shipping nationwide, Treehouse CBD provides novel CBD solutions; including CBD gummies, topical CBD ointments, CBD salves and CBD pet products. Irizarry is convinced that CBD products can help a small business expand sales because they have come of age for a wide range of consumers.

What’s Your Treat, www.whatsyourtreat.com, took its 60 years of expertise in marketing candy and two years ago expanded it into CBD candies, according to James Bivens, co-owner and CFO. It’s top sellers include fudge, taffy, gummies, chocolate pops, and caramels. For its customers it can create its own brand, design packaging, build product line, package products and ship to retail location. The company can also infuse its products with customers’ flavors, Bivens added. “It’s a hot topic. In the past two to three years, we’ve seen 100-200% growth, he said.

Alabama-based Wagon Trail Hemp Farms, www.wagontrailhempfarms.com, works with local farmers in producing an assortment of hemp products. It offers white label marketing opportunities, according to Shelly Bullard. The company formulates its products or helps with formulating them according to client specs. Deregulation and positive consumer health awareness have been a boon to sales growth, Bullard said.

The diversity of CBD therapeutic applications was pointed out by Mara McCalmon, director of operations, Thumb Coast CBD, www.ThumbCoastCBD.com. It can be given to pets as well as children. “We’ve seen the therapeutic benefits of CBD for years even when we couldn’t study it in American universities,” she said. “We’ve been fighting the bad connotations and now it’s become the latest health tonic.” As states open their doors to sales, growth will follow, McCalmon added.

Bayou City Hemp Co., www.bayoucityhemp.com, is following the hemp profit trail in still another direction. According to Karen Trotter, CFO and investor relations, 50% of the recreational cannabis market will be in beverages. But is that different or better than regular whisky? Trotter explained that cannabis beverages relax and contribute to socialization without the day after alcohol effects. The company is working with a beverage manufacturer to produce cannabis on tap.

David Binder of the Doylestown Hemp Co., www.dhempco.com, opined that the market is currently saturated with topical and therapeutic products so he believes the future is moving toward industrial products such as sublingual tinctures, topical muscle, joint and pain gels as well as hemp soaps, candles and wax melts in a variety of aromas and decorative botanicals.

Capitalizing on the therapeutic benefits of cannabis and hemp, WellBeing Farms, www.wellbeingfarms.com, forthrightly announces this in its tagline “Nature’s Medicine.”

Stiffyz LLC, www.stiffyz.com, is another company that offers natural cannabis alternatives to promote feel-well living. One product, as the name implies, is to boost male sexual prowess, and the other, explained Darin Wells, CEO, is for relaxation and sleep in a black tin and the other, in a red tin, for a psychoactive high that allows you to go throughout your day.

One of the few overseas exhibitors, Irish Gold, www.irishgoldcbd.com, growers of organic hemp on their own farms, is sure its product will be successful on this side of Atlantic because “It’s Irish and everyone loves Irish,” quipped Oscar Burns, director. He added that his company knows how to market to small businesses because it’s also a small business.

In these unstable economic times, the savvy business person shouldn’t overlook this new, potentially profitable opportunity to grow sales.

• For more tips and insights, help with outreach and human resources, visit our websites or contact us for guidance:

http://hrtiebreaker.com/

http://newhopepublishingllp.com/

Bergen County Exec Tedesco Helps Local Small Businesses

As the country returns to a post-pandemic climate and mentality, small businesses are returning to conquering their old challenges.

Among them are:

• Lack of Funds. Nothing can hold a business back like money problems.

• Lack of Time. Are business owners working on the business or in the business? Are they relegating or delegating responsibilities.

• Trouble Finding Good Employees.

• Difficulties Balancing Growth and Quality.

• Ineffective Web Presence.

• Recruitment, Retention of Employees, and Labor Quality.

• Changing Operations in Response to the Market Conditions.

• Lack of Capital/Cash Flow.

• Administration and Time Management.

• Managing, Marketing and Advertising.

• Increasing Your Brand Awareness

What’s missing from this list? The all-important task of attracting new customers. Without new customers, business people understand the consequences of not having any customers. That is an on-going challenge that can be also solved by engaging the marketplace in your business and brand. Listening to your requests, insights, complaints and praises. It has been emphasized by many sales experts that dropping your prices will not endear you to customers for the long run. You won’t convert them into clients.

In the meantime, in addition to your tireless efforts, elected officials also realize that without you and your business, their states, counties and towns will not fare well in today’s business environment.

Consequently, they’re stepping up to the plate with help. Earlier this summer, Bergen County Executive Jim Tedesco announced two measures to provide additional support for small businesses in an effort to fight inflation and further strengthen the County’s strong economic position.

When announcing these two measures, Tedesco stated, “In Bergen County, small business is the heart of both our economy and community. My administration remains committed to doing everything in its power to help the backbone of our economy not only sustain their economic position, but also experience new growth so they can truly thrive in a 21^st century economy.” 

The first measure will reauthorize a new $235,000 round of funding to Bergen Community College to continue an initiative that provides free consulting and real-time data services to small businesses as part of the Bergen Business Resource Network. The program offers Bergen Community College business students real world experience serving as the first point of contact for small businesses seeking assistance. Tasks include assisting business owners with a data tool, known as “SizeUp,” that breaks down how a business compares against their competition within a specific industry, and referring business owners to various partners in the network including the Small Business Development Center at Ramapo College, SCORE, NJEDA and more. Students also provide social media and web service support, while helping connect business owners with free consultants through Bergen Business Resource Network partners during consultations. To date, the program has assisted over 200 businesses.

Speaking on the success of the partnership, Bergen Community College President Dr. Eric Friedman said, “I’m grateful that our Bergen County government partners have embraced the opportunity to collaborate on economic development work. This program represents a living, breathing example of the importance of partnership between education and government for the betterment of community and the workforce. I’m especially proud of our students, who are using what they have learned to make a demonstrated impact in the communities we live, and to make a positive impact on our county’s businesses. The County’s continued support - both through advocacy and grant funds - have helped make the College an engine firing on all cylinders for economic development in Bergen County.”

Tedesco also announced that the County will be rolling out a new small business grant program in early September. Under this new program, the County will provide $2.5 million to local small businesses with priority given to businesses registered with the state as Women Business Enterprise, Minority Business Enterprise, Veteran-Owned Small Business, and Service-Disabled Veteran-Owned Small Business. Individual businesses meeting the criteria will be eligible for up to $2,500 per applicant. Further details are set to be announced in late August.

Tedesco unveiled both measures at a recent Bergen County Economic Development forum to recognize success stories of the 2020 Bergen County CARES Small Business Grant Program and the first group of Bergen Community College students who served as facilitators for the Bergen Business Resource Network. These two announcements build upon substantial action already taken by the County’s Economic Development team over the past two years to brunt the financial impact of the pandemic and further enhance opportunities for overall economic growth in Bergen County. In 2020, the County rolled out several phases of the Bergen County CARES Small Business Grant Program, providing relief to businesses with 30 employees or less by allowing them to apply for funding to cover rent, property mortgage, and utilities expenses. Over the duration of the program, $55.6 million dollars were allocated to nearly 4,000 Bergen County businesses employing nearly 80,000 people. Then earlier this summer, the County unveiled the Bergen County Economic Resiliency Advisory Committee, bringing together industry leaders to identify options, alternatives, and recommendations to maintain our County’s position of economic strength and build upon it for sustainable growth.

“The engine of our local economy are the more than 47,000 small businesses who call Bergen County home,” said Commissioner Chairwoman Tracy Zur. “Both of these measures will provide no-cost critical assistance to help these businesses thrive and expand, open the door for start-ups businesses, and attract businesses from outside Bergen County. I applaud the County Executive for continuing to find ways to make Bergen County a great place to live, work, and raise a family.”

Both new programs will be funded utilizing federal American Rescue Act monies.

• For more tips and insights, or help with outreach, visit our websites or contact us for guidance:

http://hrtiebreaker.com/

http://newhopepublishingllp.com/

A Great Champion of New Jersey Small Businesses Retires

Small businesses up and down Main Street usually thrive and prosper thanks to their owners’ acumen, daring … their moxie. However, in New Jersey, when they most need a helping hand, businessmen and women and entrepreneurs have been able to count on an invisible guardian who plied the hallowed halls of the State government, pushing officials to create a legislative and commercial climate, in which small businesses could flourish and succeed.

Even though you may not have had the pleasure of personally knowing Deborah Smarth, you certainly felt the fruits of her work on behalf of your businesses in the Garden State. Deborah retired earlier this week after almost 18 years of tirelessly working as Associate State Director and Chief Operating Officer of the New Jersey Small Business Development Centers (NJSBDC), the state watchdog of small businesses across the state. Hers wasn’t only a bureaucratic job. It was a labor of love and service to the thousands of mom-and-pop shops and larger entities in the state.

My wife, Oksana, and I had the privilege and pleasure of working with Deborah for a few years and we found her dedication to the NJSBDC and businesses in New Jersey to be boundless and priceless.

Working very closely with Deb, we had the opportunity to observe her comprehensive scope of work in many areas of responsibility. One of the areas was working with legislators in Trenton on budgets that not only helped Newark-based headquarters fulfill its mission but also assist all of the 12 centers around the state that help small businesses. Her work with the lawmakers kept them acutely apprised of the issues and needs affecting small businesses and the NJSBDC, and also created a viable future for those companies and the state. Deb worked tirelessly and the results are visible – for the past two years, all of the Centers received necessary funding to continue their work. We believe that without Deb’s hard work in the State capital that wouldn’t happen.

State legislators knew at 10 paces what was in Deb’s mind as she approached them. They have said that oftentimes Deb awaits them outside of their offices. She’s there in the morning when they arrive, she’s there at the end of the day when they leave, and she has been concise in the message that she delivers and her advocacy for the NJSBDC, which goes on to help business. Trenton officials were not hesitant to say there’s no greater advocate for small business in the state than Deborah Smarth.

And the result has been significant. Over the years while in this position, her oversight responsibilities included the 12 regional centers at different locations around the state; legislative and executive branch advocacy (government relations) for the small business program; marketing and press outreach; as well as many other diversified tasks that fostered organizational development and growth, including strategic planning.

When Deborah came to the NJSBDC, she promoted and pushed forward a major strategic priority to have the program increase the percentage of clients that are established small businesses as well as targeting the $1 million plus/10 plus-employees market. As the chief legislative advocate over the years, she successfully worked with state legislators to increase state funding for the program during several budget cycles as well as restoring program funding in fiscally challenging years.

America’s SBDC in New Jersey, which is part of a national network America’s SBDC located in all 50 states, assists small business owners in all 21 counties. According to America’s SBDC, small businesses assisted by SBDCs had an average 14.8% rate of job growth as compared with the national average of 1.8% for businesses not receiving SBDC assistance.

In 2008, Deborah was recognized for her contributions to the NJSBDC program at the national SBDC association meeting in Chicago, IL; in 2020, she received recognition from NJBIZ as “Executive of the Year” along with other business and industry executives. At the New Jersey Association of Women Business Owners 2000 Conference, she received Legislative Award recognition for her leadership, commitment, energetic efforts concerning home business legislation (“Family Home Occupation Act”) when she was employed at the New Jersey General Assembly. 

“At this juncture, I will transition into other life missions to use my public policy and legislative background in order to help society advance during these very challenging times,” she reflected recently. “I enjoyed my SBDC position immensely over the years, but, after life changing events very recently, I have decided to focus my energies on new projects and issues that are humanitarian in nature.”

Prior to joining the NJSBDC team, Deborah worked in the private sector in different capacities including as Legislative Associate at a major motion picture trade association, Director of Operations for a solar engineering company; taught political science at a university and community college; was a researcher at Columbia University School of Business; served as Senior Policy Advisor (economic development & business issues) and then Director of Policy and Planning at the New Jersey General Assembly.

She earned her Master’s Degree in National Politics and Policy from Columbia University in New York City and a Bachelor’s Degree in Political Science from St. Peter’s University.

“While all these jobs were challenging and rewarding, the most rewarding activities were those in my private life,” she stated.  “Getting involved in community-based matters with my husband, writing letters-to-the-editor and op-ed pieces on important issues of the day, authoring two books – one on the 2012 presidential election (2013, 2015 editions) and the other about post-9/11 changes in America (2018) – as well as promoting, ‘The Golden Rule,’ in collaboration with my husband who initiated this important objective/initiative. 

“Giving back to society and promoting a way of life that puts into motion The Golden Rule (‘Treat every human being as you would want to be treated.’) are important now more than ever due to current societal and cultural trends. I hope I can contribute in this area.”

Deb was involved in all internal aspects of NJSBDC’s activity, the publications and press releases, every program, the Small Business Growth Success Award Luncheons and the website. Her hands-on dedication was noticeable in everything that she led and touched. Each newsletter showed the progress and dedication of NJSBDC in reaching the goals and Deb’s work is visible throughout. Without her commitment, many things in the office and across the state would not be possible.

Deb wore many hats at the Rutgers-Newark headquarters and each hat required a lot of knowledge and devotion, a lot of experience, a lot of time and personal contacts to be able to fulfill all tasks and responsibilities. We have been witnesses of her ongoing work, which often included nights and weekends.

Sometimes, we, people, overlook recognizing others’ efforts for the common good. So we have decided to express our feelings and today we are doing so on behalf of Deb Smarth, as we strongly believe that her hard work for the NJSBDC and small businesses in New Jersey will be visible and benefit the state for years to come.

Good luck in the next chapter of your life!

Joe Sent Me – The Power of Referrals

Salesmanship is changing or perhaps beginning to evolve into a new dimension. Gone are the days of Willy Loman, the Fuller Brush salesmen, and Lou Costello’s vacuum salesman character in “Little Giant.”

For professionals that learned their trade by pounding the pavement, this transformation may be startling. But with cost and time constraints, multi-tasking demands as well as anxiety caused by one or another virus, referrals may be the way to build your prospects list and then increase sales.

Referrals are undeniably personal, credible and influential. They remain the oldest and most-trusted form of advertising, and the most influential as they’re most likely to lead to some form of action being taken. Someone has spoken for your product and service. This alone demonstrates just how much power referral marketing has, if done well. Just think how many commercials use the tactic of personal opinions in their messages.

David Lipke, business banking relationship manager with Citizens Bank, confirmed the importance and efficacy of referrals. His insights can be helpful to small businesses grow their sales in these challenging times.

“The power of a referral is that it’s a warm introduction – an agreement to have a conversation.  Because the referrer has worked with both parties, there is immediate trust on both sides that these are good people to work with.  A good referral is priceless,” Lipke observed.

Successful referrals begin with you, your company and your reputation. Then comes the quality of your product or service. If everything that is conjured up about you – your brand – is of exemplary quality, then you could be sure to be a good referral source. Your customers, other businesses on your street and supply-chain partners who refer you, your brand, will be confident that they won’t be burned by shoddy quality.

Once you have nurtured clients that trust you, you can begin to convert your most high-value customers into your most valuable ambassadors. Your current customers can be powerful customer acquisition engines if you have a well-designed referral marketing program. They will constitute the front line of your outreach.

Consider the immediate benefits of a sales referral over a cold call. You are instantly in front of the person who matters, rather than battling your way through their people. There is an immediate sense of trust, particularly if the referral came from a person the prospect respects.

Here are nine reasons why the dynamic of referrals are favored by today’s sales pros:

• Low Cost

• More Trustworthy

• Fewer Pricing Objections

• Faster Process

• Easier Closes

• Bigger Sales

• Your Advisor Status

• More Referrals

• Fun

Asking for referrals is one of the simplest ways you can generate new business. Sales referrals work because they help bridge the trust gap between you and the referred prospect. According to Nielsen, people are four times more likely to buy when referred by a friend. Moreover, 92% of people trust referrals from people they know. Without this, you are a stranger to that prospect, they have no basis for trusting you. You and your product are just one in thousands – just one fish in the ocean.

Referral marketing is essentially people purchasing products based on someone else’s opinion or influence and is commonly known as word-of-mouth marketing. As a small business owner, this strategy is an effective way to get existing customers, partners and friends to promote your business for you.

Referral marketing provides razor-sharp targeting as referral-based customers tend to be better matched to your services or products. This is because your existing customers will usually only promote services to their friends and family that they believe would be interested.

Referrals are a proven way to generate high-quality sales leads for your business. If done right, they can become a powerful sales engine and help you improve your close rate. The referral becomes an objective third source of opinions about your product and service. Asking for a sales referral is simply getting your brand, product or service referred to another company or individual.

Your new prospects and clients are more likely to follow your suggestions. Prospects and clients you meet through referrals will follow your suggestions because they know their friend or colleague has had a good experience in following you or buying from you.

Businesses should create several referral programs and offers in each of these four categories.

Direct referrals – A direct referral program is a type of program where you simply state to your existing clients an offer for the act of creating a referral that turns into a client. This is an approach that is both motivating and connected to what the business does.

Implied referrals – This type of referral is underused. In this type of program you want to do things that make it very obvious you are doing work for someone, without necessarily asking for a referral. This sets up a situation where a business, friend or neighbor might simply ask you to refer the person running an implied referral program.

Tangible referrals – With a tangible referral, you put something – a product or sample – in the hands of your customer that has real value which they can give to a referral source – the proof is in the pudding, so to speak.

Community referrals – There are many community organizations and non-profits that need and deserve your support. When you partner with a nonprofit player and support their mission, events, and needs you can also offer promotional support by running the occasional promotion that benefits your partner.

A successful referral cycle results in a virtually never-ending stream of satisfied and engaged clients who give you referrals sometimes without even asking.

But you might still insist, what about person-to-person, human contact with my prospect? That can wait until you’ve made the first sale. Then you can spend time developing this relationship … and turning the new customer into a referral.

• For more tips and insights, visit our websites or contact us for guidance:

https://www.citizensbank.com/HomePage.aspx

http://hrtiebreaker.com/

http://newhopepublishingllp.com/