Why is the workshop fee reduced?

The Alaska SBDC was recently awarded a portion of funding from the Small Business Jobs Act of 2010.  This two year supplemental funding will be used for additional training and counseling services offered through our regional centers.

With the Jobs Bill funding, the costs of materials for this workshop will now be covered at no expense to attendees. This limited offer of financial aid is only available while funds last – so sign up now!

• Find a Profit Mastery workshop at an Alaskan location near you.
• Learn more about the benefits of the Profit Mastery workshop.

Do you want to improve the success of your business? Do you want to better interpret and run your business? In an effort to better serve Alaskan business owners, we’ve launched a new area of online business tools.

What Kind of Business Tools?

Our statewide business advisors have identified a set of indispensable resources they use daily to help their clients at any stage of development. These tools range in complexity and purpose, from a sample loan proposal, to a fiscal physical checklist, to a ProfitCents industry data and analysis report.

Some tools, like the checklist for starting a business, apply primarily to businesses in one particular phase of the small business life cycle. Other tools, such as the profit plan and cash flow projection, apply to businesses of varying levels of maturity.

Regardless of the age and maturity of your business, we have objective tools available for almost every need. These new tools are available now at AKSBDC.org under “Tools” in the main menu.

Finding the Right Business Tool

To make it easy to understand which tools are important for you, we’re presenting the tools in a manner that reflects the phases of the small business life cycle:

• Think (investigate the potential of a business)
• Launch (opening your business)
• Grow (increasing volume and profits)
• Reinvent (adjusting to a changing business climate)
• Exit (preparing to sell, merge or close)

Using These Business Tools

Some of the tools require little or no explanation or interpretation. You might be able to download the file, jump right in, and use the tool to get what you need.

With others, the process or outcome might not be so clear. Our business advisors are here to help clarify the purpose, explain the nuances, and (if applicable) help interpret the results.

Getting Started

Take a look at our new online tools area. You can always find the “Tools” link in the main navigation of our website.

There are resources here for many small business management situations. You might want to revisit the small business life cycle, to better understand the most appropriate use of the tools based on your particular stage of business.

And remember, if you have questions about the best use of these tools, you can contact your nearest Alaska SBDC office for assistance.

Here at the Alaska Small Business Development Center we, at times, feel we are much like doctors in the approaches we use to analyze our customers businesses and business proposals.

Just as technology has dramatically changed the way we communicate, it has changed the way we at the Alaska SBDC can look at your small business. From planning analysis to ratio analysis, we can help you take a thorough and objective look at your business (akin to a physical) and share steps you can take to improve your business. And at a follow-up appointment, we’ll help make sure you’re on track.

Healthy Considerations

We have specific tools that help you understand your business and check for signs of health or illness. Often, we use ratios instead of pulse rates, and identify good or bad debt rather than cholesterol. Sometimes we even feel we need an ER, as many businesses seem to call when they are on the brink of death.

Another great use for our tools is the application of “what-if” scenarios. Would you like to grow your sales force? Have you considered the impact of changing your prices or investing in efficiencies? We can walk you through these scenarios and help you to understand how they will impact your cash flow and bottom-line.

Access Powerful Services (no health insurance required)

Regardless of the analogy used, the importance to you is knowing that the Alaska SBDC is here for you, with experienced advisers and technical tools that will help you gain insight into your business. And while we understand that we are often called in for emergencies, we want you to know that day in and day out we help regular businesses become incredible businesses.

Contact us today to schedule a meeting to receive a full analysis of your business.

We see that many clients who come to us may have once developed a business plan. However, it was typically done as a requirement of a financial institution – and the plan was soon forgotten. This failure to engage in an active planning process often inhibits their probability of success. Talk about a missed opportunity!

Keeping your eyes on the prize

People who love to travel most often keep a journal of their journeys. The journal reminds them of where they have been and where they want to go.

Active engagement in your business plan is no different – proper planning reminds you where you have been and keeps you on track to get to where you want to go.

Responding to a changing landscape

The mission, goals and objectives of your company will change with time as your company, and the markets you serve, change.  Often, your mission may stay the same but the goals and objectives you need to reach will change.  Active planning keeps you on track of your priorities so that you allocate your resources at the right time and in the right direction.

NxLevel: A new program to help your business plan

During the month of June our SBDC directors and advisors have been teaming up with experts throughout Alaska to develop a NxLevel education series that will be available on-line. Previous experience with NxLevel has been a powerful testament to the necessity of a business plan.

We expect to begin offering NxLevel workshops this fall, both in-person and online. So check back with us in a few months.

Here at the Alaska SBDC we are continuous planners.  Our programs and offices are all directed and coordinated by strategic plans with goals and measures. We have great tools to help you put a plan to your business, as well as help you find the measures that matter to your business.  Visit with one of our business advisors to learn how to strategically run your business – rather than letting your business run you.

On April 27, the Alaska SBDC released the 2010 Alaska Small Business Resource Guide. This annual publication contains business planning tips, examples, checklists and references that can guide your own success.

This publication is used by our professional staff as a guide to engage growth in a business, no matter where you are in your business life cycle, and is made possible through the support of First National Bank Alaska and the Alaska Journal of Commerce.

I encourage you to visit your local FNBA branch or any of our statewide Alaska SBDC centers and pick-up your own Alaska Small Business Resource Guide. It is a starting point for you to find growth that reaches way beyond your bottom line.

Honoring Community Impact

At the April 27 celebration, the 2010 Alaska Small Business Persons of the Year were announced. This year’s winners, Donna and Kevin Maltz of Homer, are excellent examples of sustainable business growth. Their story began in 1982 with the idea of starting an Alaskan business that reflected Donna’s values and would make the world a better place – one bite at a time.

Jump forward to 2010, and the Sourdough Express Bakery & Café is a financial success that gives back to its community. From their use of local vendors, to the values they have en-grained in generations of employees, the Maltz’s understand the impact one business can have. They’ve demonstrated how the growth of one business can bring growth to a number of other businesses within a community.

Right here in Alaska, small businesses have been pursuing government contracts in a broad array of industries, including (but not limited to):

• Facility maintenance
• Construction
• IT management
• Lodging
• Food service
• Fuel delivery

If you haven’t considered the role of government contracting in your business strategy, you might want to examine the opportunities.

Sum of Contracts Awarded in 2009

In FY 2009, federal spending in Alaska was in excess of $482 million. 130 Alaska Small Businesses statewide were awarded federal, state, and local government contracts that totaled almost $150 million.

Let’s break that down and look at the values of awarded contracts, by five Alaska districts:

• The Central (Mat-Su Valley) and South Central (Anchorage) regions totaled $114,301,603
• The Southeast region business reported $2,773,500
• The South West reported $271,528
• The Gulf Coast received $30,817,950

Looking Ahead

In 2010, it is anticipated that the federal government will award over 4,500 small business R&D grants totaling $1.9 billion. If you haven’t considered a strategy for doing business with the government, now is the time. Your customer is waiting for you.

We’re ready to help

PTAC (the Procurement Technical Assistance Centers of Alaska) is ready to guide you through the pursuit of government contracts. PTAC assists your business through the process – bolstering its capacity to deliver – so that your first venture into government contracting is a successful one.

Interior Regions Procurement Fair
March 22, 2010

8:30 AM to 5:00 PM

Fairbanks Princess Riverside Lodge

The Interior Regions Procurement Fair will include representatives from federal, state, and local government agencies, prime contractors, and business professionals that will present a series of procurement forecasts, panel discussions, and educational presentations. The focus of this event is to:

• Develop broader base of procurement knowledge to qualified contractors in the region.
• Learn about local, state and federal government agency procurement needs.
• Attend workshops on contracting topics that include socioeconomic programs such as 8(a) and HUBZone, Insurance and Bonding, Davis-Bacon and Service Contract Act, Wide Area Work Flow (WAWF) and more.
• Meet vendors and talk with government procurement specialists, contracting officers, and purchasing agents.

For Individuals, Agencies and Vendors

The PTAC website has the details, the agenda, registration forms and other downloads for the Procurement Fair.

You can also call the Fairbanks or Anchorage PTAC offices for more info. See you there!

A Strategy for Growing Your Business

There is a perception that government contracts are only large-scale projects, like the $11,400,000 Aircraft Maintenance Complex on Elmendorf AFB.

But the reality is there are contracts of all sizes available every day, including micro purchases of $2500 to $5000. Through the Procurement Technical Assistance Center (PTAC), we can help you figure out how your government can be your best client.

In FY 2009 federal spending was in excess of $482,940,308 in Alaska in addition to projects funded by state and local governments. This is an opportunity to strengthen your company’s bottom line and grow your community’s economy.

Where to start

Invest the time of a call or a visit to the PTAC website. The PTAC staff is knowledgeable and available to assist you with government purchasing procedures, solicitation requirements, pre and post award compliance, and marketing to government agencies. The US Government is the world’s biggest shopper and they could be your customer. Explore the opportunities that are available for your company!

Pre-Market Help

Another partner program within the Alaska Small Business Development Center, the Technology Research & Development Center (TREND), assists Alaska small business and entrepreneurs in developing new products and services that support government research efforts. It is anticipated there will be over 4,500 small business R&D grant awards totaling $1.9 billion in 2010. TREND also provides information to independent inventors.

Our Team Has You Covered

In 2005, TREND joined PTAC under the cooperative agreement with the Defense Logistics Agency and, together, the two programs have developed an array of services that compliment any company or entrepreneur seeking opportunities with the federal government–whether it’s a research grant or a contracting opportunity. While TREND’s services are tailored to assist with developing product for government, PTAC services assist clients with selling product or service to government.

The holiday season reminded us to give thanks and to share with others. For many businesses in and around Homer, the new year marks a shift from our busy tourism season to a time of year when we review, prepare and reenergize for our next busy season. Let’s look at a free webinar that can help you prepare your business for the next busy season.

A Free Webinar: Increasing Financial Stability

I recently viewed an excellent webinar (web-based presentation) that you should find incredibly useful for reviewing and preparing not only next year, but for the complete financial future of your business. The webinar, Increasing Financial Stability for Remote Alaskan Seasonal Tourism Businesses, is available on the Alaska Office of Tourism website.

The instructor, Neil Darish, owner of the McCarthy Lodge, Ma Johnson’s Hotel and several other properties located in McCarthy, has over 9 years experience in the Alaska visitor and hospitality industry.  The Alaska Office of Economic Development offered the webinar.

It was designed to provide assistance to remote tourism businesses with borderline financials or those that may be struggling to stay profitable after several seasons. Small business owners will learn how to attack their Profit & Loss statements (P&L) and head to financial health and/or further enhance their profitability.

Created for Remote Tourism Businesses, But Relevant for All

For most small business owners in remote Alaska, logistical challenges have a unique impact on long term financial stability.  This presentation focused on creating a low fixed cost approach, a key to thriving or even surviving in an economic downturn, while maintaining high quality standards across every aspect of your company.  Neil illustrates relevant ways of using financial data to target specific financial ratios in management decisions.

The information presented within this webinar is ideal for established businesses, particularly small, remote tourism companies including hotels, food and beverage establishments, gift shops, as well as adventure and tour businesses. After viewing the webinar, if you would like to gain additional knowledge, the Alaska SBDC offers a workshop called “Profit Mastery”. This workshop helps business owners understand the financial side of a business in a two-day workshop. After taking the workshop, business owners will understand the ratios from a financial perspective for making strategic decisions for their company.

For More Help

If you would like to sign up for a workshop, explore your business ideas, or would like assistance with your small business, the South West Region of the Alaska SBDC is here at the Homer Chamber of Commerce for you. We assist existing and start-up small business owners develop management skills, thereby improving their potential for success. Counselors maintain the highest ethical standards of confidentiality, and provide one-on-one counseling services at no cost to you, our client. Our counselors have access to additional resources for you our client, through the Alaska SBDC’s family of services.

For additional information please contact the AK SBDC South West Region Office.

You will hear our Alaska SBDC counselors focus on cash flow. It is a mantra we chant in the hallways and monitor like a doctor monitors your blood pressure. With so many of Alaska’s small businesses dependent on seasonal industries, keeping a positive cash flow is essential. Since profit does not always equal cash flow, and with the seasonality of the business, there can be an inverse relationship between sales and cash.

Smart Growth

We at the Alaska Small Business Development Center (SBDC) are proud to offer Profit Mastery to Alaska’s businesses. It is a powerful tool you can use to better understand your financials and more clearly define if more sales or increased volume will equate in greater profits, or just more work. And this is just a start!

The Intricacies of Profit and Cash Flow

Understanding that profit and cash flow are two different things is one aspect of Profit Mastery that you will learn. Working with an Alaska SBDC counselor will help you relate how profits are stated on your profit & loss statement, as well as the position of cash flow on your balance sheet.

As a company, you are working to create profit & positive cash flow while managing your balance sheet. This means you should have the ability to watch your cash, manage your operations more efficiently, and set up credit lines before you need them to handle seasonal cash needs.

Gain Vision, Avoid Surprises

Make a wise investment of your time with an Alaska SBDC counselor. If you would like to amplify this investment of time you should attend the next Profit Mastery workshop. Your Alaska SBDC counselor and our Profit Mastery program will give you tools to help you measure and predict cash flow and profits.

Be better prepared for the seasons of your business. Contact your local Alaska SBDC counselor to learn more.

Know Your Break-Even Point

Make sure your planning includes a break even analysis. Use this worksheet, which covers both dollar and per-unit basis. Your SBDC counselor will help you to determine what your break even point is.