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Business Planning for Future Growth
Business planning is critical to a business’ future success. According Dale Marples, CFO Omaha, the plan is the essential guide that leads a business into the future. A plan must be updated as situations change. Every month, compare actual results to plan goals and make changes as needed. The financial section is the most difficult to develop as correct numbers and projection are needed to match future goals. If sales fail to meet expectations, operational goals must be adjusted. Always project conservatively. If sales are above expectations, take advantage of it by protecting the profits and prepaying debt. (http://www.cfoomaha.com)View Video
Part-time CFO Solves Problems
CFO Omaha offers part-time help to small businesses. Dale Marples, owner of CFO Omaha, provides insight into the money problems that many business owners face. Problems often arise because owners don’t know their costs, they over obligate their business to purchases, or they take on too large of a project that delays payments. These situations can result in cash flow deficiencies and a closed business. Owners need to look at both the expenses and income to increase profit margins. Before seeking a loan, owners should determine their ability to repay the loan and be able to prove it to the funder. Never prejudge the bank response, there are funding options available such as the SBA guaranteed loan. If the business needs an immediate cash infusion, the business can look to selling convertible assets or obtaining employee concessions to get over the cash flow crunch. (http://www.cfoomaha.com) View Video
Tips for Hiring that First Employee
Janet Walker, President and CEO, J. Walker Associates, Inc. (Omaha, NE) highlights key steps a business owner should take when hiring the first employee. 1) Define what success looks like for that position. Keep in mind that you are not hiring co-workers, but employees that need defined roles. 2) Articulate the details and identify what you want to them to do and how they are to do it. 3) See yourself as a leader/manager of the organization. 4) Don’t get caught up in first impressions, watch and listen to what the candidate says. 5) Past performance can predict future performance, pay attention to job skills. 6) Let the candidate ask questions. 7) Don’t make any promise until after all are interviewed. View Video
The Emotional Side of Business Leadership
Jim Meier, President of Training and Consulting Connection (Omaha, NE) highlights three factors for success: believe in yourself; really, really want it; and do the work, both physically and mentally. Self-knowledge is an important factor as is leadership. You can be the visionary leader, the networking, collaborative leader, or the operational leader. Most people don’t possess all three leadership skills so you need to find others who help fill the void. Find someone you trust for advice and in turn, be coachable. Find people who can help you clarify your ideas, challenge or confront your concepts and nurture your soul. (www.tccomaha.com) View Video
Knowing your Business Self
Jim Meier, President and Championship Thinking Coach, owns the Training and Consulting Connection (Omaha, NE). Jim uses sports psychology and philosophy as it relates to business. In most situations, the biggest competitor is him or her self. Small business owners need to “really” believe in themselves and know how to management the doubts. Most business owners over estimate themselves in the sense of understanding all the difference facets of entrepreneurship that are needed to be successful. The business owner must understand their ‘blind spots” and know when to seek assistance. (www.tccomaha.com) View Video
How To Become An Entrepreneur
Larry Humberstone and Pam Gunderson of PJ Lawrence and Associates (Omaha, NE) discuss key concepts individuals need to consider when starting a business. Individuals must discover their passion for the business, understand what drives them to succeed and consider whether the market is also interested in their passion and business idea. Individuals must be self-motivated to further research the idea. Use the Internet and mentors to help refine the idea. Write down the ideas, make connections, and take action. Validate what works and what doesn’t. When moving from idea to concept, Larry says there must be pain. That is, individuals now move from a comfortable position to putting personal credibility or financial commitment on the line for the business. (http://pjlawrenceassociates.com/) View Video
Worry About the Right Things
Evolving a business from a small home space to commercial space requires good management of resources. Jim Hoing, co-owner of WhettStone Business Solutions (Omaha, NE) (http://www.whettstone.com) talks about how they grew their company by investing in people they knew they could work with and count on. Jim says a business owner should worry about finances, not the athestics. Don’t worry about making mistakes, but learn to correct mistakes quickly and honestly for the customer. Be open to adapt and evolve with the clients needs. Use your website as the front door to your company and use it to make money. View Video
Applying the Cooperative Business Model
Jim Crandall, Program Coordinator of the Nebraska Cooperative Development Center, (http://ncdc.unl.edu) University of Nebraska-Lincoln details the services provided by NCDC: formation discussions, feasibility studies, board of directors training, building membership, and marketing the products. As a cooperative boardof directors one does have legal responsibility to the membership to create a successful business. The cooperative business model can be powerful if done correctly. Contact Nebraska Cooperative Development Center (http://ncdc.unl.edu) . View Video
Understanding the Cooperative Business Model
Be a price maker through the Cooperative Business model. Jim Crandall, Program Coordinator of the Nebraska Cooperative Development Center, University of Nebraska-Lincoln (http://ncdc.unl.edu), showcases the Cooperative model and how it works as a business structure or marketing association. An advantage is the cooperative’s ability to access larger markets by aggregating products and increasing price through volume. Individual investments are financial as well as time and talents. There are 26 similar organizations across the United States. Contact Nebraska Cooperative Development Center (http://ncdc.unl.edu) View Video
Bringing a Food Product to Market
Add value to your farm or business by developing a food product and moving it to market. Jill Gifford, Program Manager at the Food Processing Center (FPC) (http://fpc.unl.edu), University of Nebraska-Lincoln talks about the processes needed to get a food product developed and on the grocery shelf. On the average it takes about one year and at least $35,000 to develop a new food product. Most difficult areas are converting the kitchen recipe to a manufacturing situation and package development that follows regulations and attracts the consumer. Contact the Food Processing Center for additional information (http://fpc.unl.edu). View Video
