NOVEMBER BUSINESS TIPS- IDENTITY THEFT

By Arlene Soto, Region 4 Director
     

"I have lots of business ideas, which one do I choose if I want to start a business?" Ray,

The WSBDC is a partnership of the SBA, the Wyoming Business Council and the University of Wyoming. To ask a question call 1-800-348-5194, (307) 766-3505, e-mail wsbdc@uwyo.edu or write Dept. 3922, 1000 East University Ave., Laramie, WY 82071-3922. Additional help is available at the WSBDC Web page, www.uwyo.edu/sbdc/. 

WHERE DO YOU FIT IN THE TIERS OF BUSINESS ETHICS   

 by Patrick Gonzales, Executive Director

Recently, I was invited to speak to an entrepreneur’s class at Rawlins High School on business ethics. Imagine my surprise that many of the students did not know what business ethics were.

How are your business ethics? Why are business ethics important in today’s business world? As we look at business today’s this question is one that needs to be answered.

We have seen many businesses, corporations and officers of those companies faced with possible indictments and prison sentences. Why is this happening?

Ethics does not just involve what is professionally right; it also involves what is morally right. How often in business do we see businesses justify their actions in the name of closing a sale, making their forecasts, landing a deal or even keeping a job?

According to Scott Clark of the Business Journal there are four different tiers of ethics:

Total Lack of Ethics:

People in this category do whatever they feel like doing. They are greedily focused totally on personal gratification, and they will sacrifice anybody or anything to get it. They are both morally and professionally corrupt and reprehensible.

Weak Ethics:

People in this category are the experts at justifying their actions. Ethics is a word but not a driving force. If ethics helps them achieve the result they want, then they will act ethically; otherwise they will not. Their standards, if they have any, are quite frail. They are morally and professionally weak individuals.

Situational Ethics:

This is the category in which most businesspeople fall. These people perceive that because their primary purpose is to maximize shareholder return, considering the rights or interests of anyone else would be unethical. They make decisions based on what’s right for the company at that moment based on the circumstances.

Strong Ethics: 

People in this category have a deep-rooted ethical standard and an innate sense of right and wrong. They know that difficult decisions are not about financial gain, appealing consequences, or liking the result; they are about doing the right thing.

No one said strong ethics is painless. In fact, strong ethics requires real courage. It means doing the right thing at all times regardless of the personal or professional cost. It may not be easy, appealing, or comfortable. However, if you could stand in any other person’s shoes viewing the same decision while armed with the same information and still perceive it is clearly the best solution, your decision is probably an ethical one.

To be a consistent, highly ethical individual you should always focus on two points. First is a standard to follow. The second point is an unwavering commitment to adhere to this ethical standard.

CHAMBER STATISTICS

Last month we had 366 combined phone calls and visits to the Chamber office. We provided 24 Relocation packets and 3 tourism packets. We have had 4133 page views for the Month of November.

NEW MEMBERS IN NOVEMBER

American National Insurance-AFLAC

Riddle – Insight LLC

Trails End MHC

Western Resource Group

MEMBERSHIP RENEWALS - NOVEMBER

We would like to welcome these new members to the Rawlins- Carbon County Chamber of Commerce and thank our existing members for renewing their membership.

We want to say congratulations to the Holiday Inn Express for their open house and ribbon cutting. 

 NEW MEMBER PROFILE

Western Resource Group was established in June 2005. WRG’s mission is to market and distribute the finest products possible, “Building a Better

Tomorrow”. That’s why WRG has chosen to market and distribute EnviroMax Plus, a revolutionary fuel catalyst and ACT(advanced cell therapy). A healthy approach to an energy drink.

Robert Kyes, president of WRG, has been in the sales and marketing arena for over 30 years. He’s worked in the hi-tech industry for over eight years, served in the United States Air Force for over 10 years. He is a Vietnam veteran, father of six children, grandfather of six grandchildren and is currently employed as a conductor for Union Pacific Railroad.

Robert is a firm believer in Community Business Networking and we welcome him to the Rawlins-Carbon County Chamber of Commerce.

For additional information on Western Resource Group please contact Robert at 1005 13^th Street, Suite 100, Rawlins, 82301 or call toll free 800.214.0038 or 517.775.9434.

DON’T HEAD TO INVESTMENT "SIDELINES" AFTER NEW MARKET HIGH

Provided by Kristen Hiatt, Kris Thorvaldson

The Dow Jones Industrial Average - the best-known measure of the stock market - recently closed at a record high. For some investors, this was a cause for at least mild celebration. For others, it might have brought back painful memories - and triggered the urge to take a break from investing. But that's a "vacation" you shouldn't be taking.

Many of today's investors were also investing in the late 1990s, a period when the "dot-com" boom drove the market to new heights. But when the technology "bubble" burst in early 2000, stock prices dropped sharply, and a lot of people lost a lot of money. Now that the stock market has, after nearly seven years, gained back all the ground it lost, it may not be surprising that some people fear that history - in the form of a lengthy market decline - may repeat itself.

Before that happens, they reason, they can protect themselves by heading to the investment sidelines. This type of thinking is an example of "market timing" - a strategy that can be summed up in this well-known phrase: "Buy low, sell high." And that's really good advice - except that it's almost impossible to follow. No one can truly know when the stock market is "high" and when it is "low." If you try to make these judgments, and you jump in and out of the market, you could pay a heavy price. Consider the following:

• If you had invested $10,000 in the S & P 500 from 1996 through 2005, and you stayed invested for the entire 10-year period, your money would have grown to $20,802.
• If you had missed just the 10 best days of market performance during that time, your $10,000 would only have grown to $12,273.  

• If you had missed the top 40 days, you would actually have lost money, and your $10,000 would only be worth $4,082. (Keep in mind, however, that the S&P 500 is an unmanaged index, so you can't invest in it directly. Also, past performance is not an indication of future results.)

While the results for any 10-year period may differ substantially from these, it seems clear that taking a "time out" from the market can be costly.

Furthermore, some evidence suggests that you might have less cause to fear a sharp market drop now than was the case in January 2000. Back then, for example, stocks in the S&P 500 index had a price-to-earnings multiple (P/E) of 30, compared to just 17 today. As an investor, you generally don't want to see a high P/E - because a high P/E implies that a stock's earnings may not be sufficient to sustain the stock's price. And, in fact, that was exactly what happened in 2000: the dot-com stocks' earnings were low - and, in some cases, nonexistent - so the skyrocketing stock prices could not possibly last.

Also, measures such as earnings per share and dividends per share are much higher today than they were in 2000. These measures, along with today's relatively low P/E, all point to a stock market that is a much better value than the overpriced market that existed in January 2000.

No one can say for sure where the market will go from its current high point. But one thing seems clear: If you're going to work towards long-term success, you need to stay invested - for the long term.

EDWARD JONES TO HOST FINANCIAL WORKSHOP 

Kristen Hiatt and Kris Thorvaldson, Edward Jones investment representatives in Rawlins, will; host a “ Financial Workshop for Individual Investors.” The three-week workshop will assist individuals in setting financial and investment goals. 

The class will provide an in-depth look at the many different types of investments available to and suitable for investors who are working or retired.  

According to Hiatt, “Whether you are interested in strategies designed to help you enhance your long-term investment returns, reducing your income taxes or income strategies you should plan to attend this workshop.”  

The workshop is January 9 and continuing through January 25. Classes will meet Tuesday and Thursday from 7:00pm to 8:30pm and will be held at 812 E. Murray. The enrollment fee for the class will be $8.00 per person, which includes all course material.  

RAWLINS RECREATION CENTER

The Rawlins Recreation Center offers business members up to 25% discounted rates as members of the Rawlins-Carbon County Chamber of Commerce. 

There are 3 classes of membership starting at limited, with range and unlimited. Membership to the recreation center can be (3) months,( 6) months and (12) months.

 Limited Membership includes: aerobics, water aerobics, weight room, gymnasium, track, racquetball, handball, wallyball, court use and equipment use.

Unlimited Membership includes: aerobics, water aerobics, weight room, gymnasium, track, day care, daily use of towels and lockers, shooting range, racquetball, handball, wallyball, court use and equipment use.

 Please contact the Rawlins Family Recreation Center if you are a member of the Chamber of Commerce for more information at 307.324.7529. If you are not a member of the Chamber of Commerce and would like to participate please contact us at 307.324.4111. 

2007 CALENDARS-DAY PLANNERS 

Wyoming Stationary is ordering day planners and calendars for 2007. Please stop in and order your business calendars or day planners so you’ll be ready to welcome in the New Year. Please contact Jana Allen at 307.324.7272 for more information.

HAPPY HOLIDAYS!

We at the Chamber of Commerce would like to extend a very warm holiday greeting to all of our local and county businesses.

CHRISTMAS PARADE-FESTIVAL OF TREES

Thank you to Rawlins Main street and the Daily Times, all of our sponsors for the Christmas Parade, Festival of Trees and Wreaths and Christmas Frenzy and to all those who participated. It was a lot of fun and we look forward to next year!

WRAP IT UP FOR MOUNTAIN VIEW

 On December 9^th and 16^th, 2006, from 9 AM till 3 PM, volunteers from the Mountain View School will wrap gifts, by donation only, in downtown Rawlins.

Jim and Mary Penland of Rasmusson Furniture have agreed to set up a few tables in their storefront.  Being this is the season of giving, Mountain View Students are looking for donations of paper, ribbons, bows, gift tags and tape in order to make their project a success!

 In turn, we ask each business to direct Holiday Shoppers, with packages and gift certificates to stop by Rasmusson Furniture to have our volunteers wrap their gifts.

 If you wish to make donations to help in the fund-raising adventure, please take your donations of paper, ribbons, bows, gift tags and tape to the Mountain View Elementary School Office at 12^th and Birch Streets. Or call Jodie Deist Fairhurst at 324.0073 to make arrangements to have supplies picked up.

DECEMBER: BUSINESS AFTER HOURS

Holiday Inn Express will be hosting this month’s business after hours to coincide with their grand opening and ribbon cutting which will take place December 5^th. Please join us for what will surely be a grand celebration. This is a great opportunity to meet general manager Regina Rhodes and her staff.

Due to unforeseen circumstances Morgan’s Flooring had to cancel their business after hours, but we hope Steve Morgan and his staff will be able reschedule and host a future business after hours.

NONPROFIT NEWS

Big brothers big sisters is in need of volunteers. This is your chance to get involved, mentor a child and help support Rawlins’ local non-profit groups. For information call Shanda Wright at 324.3613.  

Please support our non-profit groups, they provide a valuable service to Rawlins and Carbon County.

WHY DO BUSINESS LOCALLY?  

“RAWLINS’ ONLY HOME OWNED BANK”

By Ruby Ogden, Senior Vice President

 #1 reason – Support your community!

Bank with your local bank:  Some simple, basic reasons why:

Your local bank takes deposits from your friends & neighbors, keeps their money safe and pays them interest on their money to use it.

§          Savings accounts

§          Certificates of Deposit

§          Money Market Accounts

§          Now and Super Now Checking accounts that pay interest

The bank then lends that money to others in the community who need it.

§          Personal loans to buy vehicles, etc.

§          Education loans

§          Real Estate loans

§          Commercial loans for local businesses

• Leases to municipalities (such as the City to purchase equipment)

 The banks charge a higher rate of interest than is paid out on deposits and the difference between these two rates is what the bank “lives” on.  By “lives” I mean:

§          pays salaries to their employees

o        Your local friends and neighbors, people who live in this community

§          your local bank makes Donations to support this county –

o        To all the schools, and the students here in Carbon County

o        Local charities & events – United Way, Carbon County 4H and Fair, etc.

o        Drug awareness and prevention

o        Community projects, such as the mercantile store; the main street program; supporting the Carbon County Museum to name a few

§          pay utilities such as gas, electric, water, phone, property tax;

o        Providing jobs for other people in this community

§          and the local bank also PAYS TAXES

o        which support the whole county

§          improving our schools

§          local improvements

Yes, it is important to do business locally – it benefits everyone who lives in our area. 

BP AMERICA OPERATIONS CENTER A GO!

Just a note to say congratulations to Chamber of Commerce members BP America, on their grand opening and ribbon cutting ceremony on November 16^th.