Business Toolkit
7. Continue Learning
TIPS for CONTINUING Your Business Success
· Budget your time. As a new business owner your time will be precious. Schedule your time wisely. It is important to get the maximum out of the time you have available. You might consider reading some time management materials or speaking with someone who you think manages time wisely.
· Continuously update and evaluate your product/service. What is good about your product/service? What sets it apart from competition? Eliminate the problems as much as possible. If people patronize your business for the original concept, improving it will only increase patronization.
LISTEN to your customers, advisors, and vendors. The customers are your cash flow. It is important to gather their opinions and put them to use. Their ideas can be helpful in updating your product. LISTEN to your advisors. You asked them to advise you for a reason. LISTEN to your vendors. These vendors have been in the business much longer than you have. They can possibly provide you with money-saving or money-making ideas.
· Check cash flow budget against actual performance.
· Maintain good communications with your bankers and vendors. By keeping the lines of communication open you are helping yourself. Should you need their help in the future, you are more likely to receive it.
· Continue to improve the 5 C’s of credit. (Character, Collateral, Capacity, Capital, and Condition)
· Work with investors. Make sure you are in contact with them. Make sure that you understand the conditions of your repayment. When are payments due? Make sure you fulfill all obligations to investors. You may need to call them again someday.
· Check cost of living budget. If you are drawing money from the company for living expenses, be sure to take only what is necessary. Stick tightly to your budget.
· Consider delaying your official grand opening/ribbon cutting until you’ve been in business for a couple of weeks. If you do, you can make sure that you have worked the “bugs” out and that all is running smoothly.
RESOURCE DIRECTORY
When starting a business it is important to have a diverse base of information sources. One way to insure success is through ongoing education. The more you know about business, the better off your business will be. The following is a list of potential resources for information.
WI Small Business Development Center
A statewide network providing business education services throughout Wisconsin. SBDC professionals analyze the needs of each client and provide a link to the knowledge, tools, and resources essential for business success. Part of the University of Wisconsin-Extension, with a network of service centers located at 12 of the four-year University of Wisconsin institutions.
University of Wisconsin River Falls
401 S. Winter St., River Falls, WI 54022
715-425-0620
http://www.uwrf.edu/CBE/Centers/SmallBusinessDevelopmentCenter/Index.cfm
WI Center for Technology Commercialization
Offers support and resources needed to bring innovations to market. Primary services focus on funding acquisition assistance, where a team of experts and advocates help determine a viable path to success.
Cheryl Vickroy, Director
Center for Technology Commercialization
432 North Lake Street
Ste 435
Madison, WI 53706
608-263-0398
www.wisconsinbir.org
Center for Innovation and Business Development
The CIBD helps businesses connect with the resources available at the University (UW-River Falls) including student interns and consultants, faculty researchers, business education seminars, and entrepreneurship programs to foster dynamic partnerships that support economic development and promote business growth in the greater St. Croix Valley region.
Danielle Campeau
Director
401 South Winter Street
River Falls, WI 54022
715 425-0643(office)
715-222-1024(cell)
danielle.campeau@uwrf.edu
www.uwrf.edu/CIBD
WI Economic Development Corporation
The state’s lead economic development organization, WEDC nurtures business growth and job creation in Wisconsin by providing resources, technical support, and financial assistance to companies and the communities they serve.
Wisconsin Economic Development Corporation
2322 Alpine Rd, Ste 3
Eau Claire, WI 54702
608-210-6772
www.inwisconsin.com/
University of WI-Extension
This business service extends the knowledge and resources of the University of Wisconsin to the needs of the people of Wisconsin.
UW-Extension/Community Resource Development
715-485-8608
100 Polk County Plaza, Suite 190
Balsam Lake, WI 54810-0160
Phone: 715-485-8600
Fax: 715-485-8601
www.uwex.edu
WI Exporting Assistance
Wisconsin employs a global network of foreign trade representatives in 36 countries, providing in-country expertise and resources in some of the world’s fastest growing markets. WEDC programs and resources help area businesses new to exporting and those planning to expand their export strategy gain access to wide-ranging expertise.
http://inwisconsin.com/exporting/
UW-Stout Manufacturing Outreach Center
A non-profit organization teaming University of Wisconsin and Wisconsin Technical College System Institutions to assist small and medium-size manufacturers to modernize and streamline their operations. Part of the national network of centers in the US Department of Commerce's Manufacturing Extension Partnership.
Larry Blackledge
NWMOC - University of Wisconsin-Stout
278 Jarvis Hall
Menomonie, WI 54751
715-232-1649
blackledgel@uwstout.edu
SCORE (Service corps of retired executives that provide mentoring)
Non profit association dedicated to educating entrepreneurs and the formation, growth and success of small business.
Free Service.
SCORE
Polk Barron Business Labor Report (21 pages, 682.79 KB)
Educational Opportunities
WITC - Wisconsin Indianhead Technical Collegehttp://www.witc.edu/
University of Wisconsin Network
https://www.wisconsin.edu/campuses/
OTHER RESOURCES
Entrepreneurial Training Program
Delivered by the Small Business Development Centers (SBDC’s) of the University of Wisconsin-Extension, the Entrepreneurial Training Program provides expert guidance on business plan development to Wisconsin entrepreneurs and small businesses through an 8 to 12-week course. A majority of program costs are reimbursed through funding provided by WEDC upon successful completion of the course. For additional program details, visit the Small Business Development Center website. - See more at: http://inwisconsin.com/entrepreneurs/assistance/#sthash.S9Vjrd2a.dpuf
Wisconsin Economic Development Corporation
http://inwisconsin.com/entrepreneurs/
∙ Better Business Bureau WI: http://www.bbb.org/wisconsin
∙ Wisconsin Secretary of State’s Office: Located at he Office of the Secretary of State
P.O. Box 7848
Madison, WI 53707 - 7848
608-266-8888, then press 3
statesec@sos.state.wi.us This office is determined to ensure the success of small businesses in the state. A variety of information can be obtained through this office including the BLUE BOOK see below:
Small Business Administration: www.sba.gov/smallbusinessplanner/index.html
Federal Tax Responsibilities: www.irs.gov/businesses
10 Steps to Starting a Business: www.business.gov/start/start-a-business.html
Clark Howard Course: https://www.scu.edu/mobi/
.StartupChicks: www.startupchicks.org For female entrepreneurs interested in creating, building and growing innovative businesses that create value for their customers.
Other web-based resources for entrepreneurs
CCH-Business Owner’s Toolkit website www.toolkit.com
Price Water House Cooper – Vision to Reality www.pwc.com
The Wall Street Journal Center for Entrepreneurs www.online.wsj.com
City and County Services
http://www.osceolapubliclibrary.org/
Wisconsin Labor Market Information
http://worknet.wisconsin.gov/worknet/ Includes labor market analysis, economic indicators, demographics, income and wage information, industry data, employer search, area comparison, industry comparison
Marketing and Advertising
Newspapers:
The Osceola Sun located at 108 N Cascade St, Osceola, WI 54020
Phone: (715) 294-2314
http://www.osceolasun.com/
*County Ledger Press - Polk County, WI
105 Main St
Balsam Lake, WI 54810
715-485-3121
http://www.pc-ledger.com/
*Inter-County Leader - Serving Northwest WI
257 W St George Ave
Grantsburg, WI 54840
715-463-5353 or 1-800-293-5353
http://www.iccpaonline.com/
*Shilson Media
(715) 494-0692
https://www.facebook.com/ShilsonMedia/?ref=page_internal
*Shelley's Social Media
(715) 255-0885
https://www.shelleyssocialmedia.com/
*Interactive 123
http://interactive123.com/about/
GLOSSARY OF TERMS
Assets – Resources, owned or controlled by a company, that have future benefits. These benefits must be quantifiable in monetary terms
Balance Sheet – A list of a company’s assets, liabilities, and owner’s equity at a particular point in time
Breakeven – The unit of volume where total revenue equals total cost; there is neither profit nor loss
Capacity – The amount of goods or work that can be produced by a company given its level of equipment, labor, and facilities
Capital – The funds necessary to establish or operate a business
Cash Flow – the movement of money into and out of a company's; actual income received and actual payments made out
Cash Flow Statement – A presentation of the cash inflows and outflows for a particular period of time; these flows are grouped into major categories of cash from operations, cash investing activities, and cash-financing activities
Collateral – assets pledged in return for loans
Conventional Financing – Financing from established lenders, such as banks, rather than from investors; debt financing
Debt Financing – Raising money for a business by borrowing, often in the form of bank loans (See Conventional Financing above)
Debt Service – Money being paid out on a loan; the amount necessary to keep a loan from going into default
Disbursements – Money paid out
Equity – Shares of stock in a company; ownership interest in a company
Expenses – Outflows of resources to generate revenues
Fixed Costs – Those costs that are not responsive to changes in volume over the relevant range of time
Guarantee - Means that if the business becomes unable to repay its debts, the individual guarantor is personally responsible.
Income Statement – A matching of a company’s accomplishments (i.e. sales) with effort (expenses from operations) during a particular period of time (Revenues - Expenses = Net Income)
Leasehold Improvements – The changes made to a rented store, office or plant, to suit the tenant and make the location more appropriate for the conduct of the tenant’s business
Letter of Intent – A letter or other document by a customer indicating the customer’s intention to buy from a company
Liabilities – Commitments to payout asses (typically cash) to or render services for creditors
Licensing – The granting of permission by one company to another to use its products, trademark, or name in a limited, particular manner
Liquidity – The ability to turn assets into cash quickly and easily
Market Share – the percentage of total available customer base captured by a company.
Net Worth – The total ownership interest in a company, represented by the excess of the total amount of assets minus the total amount of liabilities
Partnership – A legal relationship of two or more individuals to run a company
Profit Margin – The amount of money earned after the cost of goods or all operating expenses are deducted; usually expressed in percentage terms
Pro Forma Statements – A financial statement detailing management’s predictions
Receipts – Funds coming into the company; the actual money paid to the company for its products or services; not necessarily the same as a company’s actual receipts
SBA – Small Business Administration
SBDC – Small Business Development Center
Sole Proprietorship – Company owned and managed by one person
Variable Costs – Those costs that are directly responsive to changes in volume over the relevant range of time
Venture Capitalists – Individuals or firms who invest money in new enterprises
Working Capital – The cash available to the company for the ongoing operations of the business
· Budget your time. As a new business owner your time will be precious. Schedule your time wisely. It is important to get the maximum out of the time you have available. You might consider reading some time management materials or speaking with someone who you think manages time wisely.
· Continuously update and evaluate your product/service. What is good about your product/service? What sets it apart from competition? Eliminate the problems as much as possible. If people patronize your business for the original concept, improving it will only increase patronization.
LISTEN to your customers, advisors, and vendors. The customers are your cash flow. It is important to gather their opinions and put them to use. Their ideas can be helpful in updating your product. LISTEN to your advisors. You asked them to advise you for a reason. LISTEN to your vendors. These vendors have been in the business much longer than you have. They can possibly provide you with money-saving or money-making ideas.
· Check cash flow budget against actual performance.
· Maintain good communications with your bankers and vendors. By keeping the lines of communication open you are helping yourself. Should you need their help in the future, you are more likely to receive it.
· Continue to improve the 5 C’s of credit. (Character, Collateral, Capacity, Capital, and Condition)
· Work with investors. Make sure you are in contact with them. Make sure that you understand the conditions of your repayment. When are payments due? Make sure you fulfill all obligations to investors. You may need to call them again someday.
· Check cost of living budget. If you are drawing money from the company for living expenses, be sure to take only what is necessary. Stick tightly to your budget.
· Consider delaying your official grand opening/ribbon cutting until you’ve been in business for a couple of weeks. If you do, you can make sure that you have worked the “bugs” out and that all is running smoothly.
RESOURCE DIRECTORY
When starting a business it is important to have a diverse base of information sources. One way to insure success is through ongoing education. The more you know about business, the better off your business will be. The following is a list of potential resources for information.
WI Small Business Development Center
A statewide network providing business education services throughout Wisconsin. SBDC professionals analyze the needs of each client and provide a link to the knowledge, tools, and resources essential for business success. Part of the University of Wisconsin-Extension, with a network of service centers located at 12 of the four-year University of Wisconsin institutions.
University of Wisconsin River Falls
401 S. Winter St., River Falls, WI 54022
715-425-0620
http://www.uwrf.edu/CBE/Centers/SmallBusinessDevelopmentCenter/Index.cfm
WI Center for Technology Commercialization
Offers support and resources needed to bring innovations to market. Primary services focus on funding acquisition assistance, where a team of experts and advocates help determine a viable path to success.
Cheryl Vickroy, Director
Center for Technology Commercialization
432 North Lake Street
Ste 435
Madison, WI 53706
608-263-0398
www.wisconsinbir.org
Center for Innovation and Business Development
The CIBD helps businesses connect with the resources available at the University (UW-River Falls) including student interns and consultants, faculty researchers, business education seminars, and entrepreneurship programs to foster dynamic partnerships that support economic development and promote business growth in the greater St. Croix Valley region.
Danielle Campeau
Director
401 South Winter Street
River Falls, WI 54022
715 425-0643(office)
715-222-1024(cell)
danielle.campeau@uwrf.edu
www.uwrf.edu/CIBD
WI Economic Development Corporation
The state’s lead economic development organization, WEDC nurtures business growth and job creation in Wisconsin by providing resources, technical support, and financial assistance to companies and the communities they serve.
Wisconsin Economic Development Corporation
2322 Alpine Rd, Ste 3
Eau Claire, WI 54702
608-210-6772
www.inwisconsin.com/
University of WI-Extension
This business service extends the knowledge and resources of the University of Wisconsin to the needs of the people of Wisconsin.
UW-Extension/Community Resource Development
715-485-8608
100 Polk County Plaza, Suite 190
Balsam Lake, WI 54810-0160
Phone: 715-485-8600
Fax: 715-485-8601
www.uwex.edu
WI Exporting Assistance
Wisconsin employs a global network of foreign trade representatives in 36 countries, providing in-country expertise and resources in some of the world’s fastest growing markets. WEDC programs and resources help area businesses new to exporting and those planning to expand their export strategy gain access to wide-ranging expertise.
http://inwisconsin.com/exporting/
UW-Stout Manufacturing Outreach Center
A non-profit organization teaming University of Wisconsin and Wisconsin Technical College System Institutions to assist small and medium-size manufacturers to modernize and streamline their operations. Part of the national network of centers in the US Department of Commerce's Manufacturing Extension Partnership.
Larry Blackledge
NWMOC - University of Wisconsin-Stout
278 Jarvis Hall
Menomonie, WI 54751
715-232-1649
blackledgel@uwstout.edu
SCORE (Service corps of retired executives that provide mentoring)
Non profit association dedicated to educating entrepreneurs and the formation, growth and success of small business.
Free Service.
SCORE
Polk Barron Business Labor Report (21 pages, 682.79 KB)
- Polk County Economic Development Resource Guide (8 pages, 1.27 MB)
- Resource Guide for Successful Business Planning
- Complete Outline of a Business Plan
- Start Up Costs Worksheet
- Wisconsin Entrepreneur’s Network
- Entrepreneurs Toolkit Resource Link
- What permits do I need to start my business? If you don’t find what you are looking for then go to: Business Wizard Link
- Wisconsin Loan and Grant Funds
- Veterans Business Resources
- Minority and Women Business Resources
- Starting a Business in Wisconsin
- Starting a Business Here’s Help Resources on How to Start a Business (18 pages.122 KB)
Educational Opportunities
WITC - Wisconsin Indianhead Technical Collegehttp://www.witc.edu/
University of Wisconsin Network
https://www.wisconsin.edu/campuses/
OTHER RESOURCES
Entrepreneurial Training Program
Delivered by the Small Business Development Centers (SBDC’s) of the University of Wisconsin-Extension, the Entrepreneurial Training Program provides expert guidance on business plan development to Wisconsin entrepreneurs and small businesses through an 8 to 12-week course. A majority of program costs are reimbursed through funding provided by WEDC upon successful completion of the course. For additional program details, visit the Small Business Development Center website. - See more at: http://inwisconsin.com/entrepreneurs/assistance/#sthash.S9Vjrd2a.dpuf
Wisconsin Economic Development Corporation
http://inwisconsin.com/entrepreneurs/
∙ Better Business Bureau WI: http://www.bbb.org/wisconsin
∙ Wisconsin Secretary of State’s Office: Located at he Office of the Secretary of State
P.O. Box 7848
Madison, WI 53707 - 7848
608-266-8888, then press 3
statesec@sos.state.wi.us This office is determined to ensure the success of small businesses in the state. A variety of information can be obtained through this office including the BLUE BOOK see below:
- Business Incorporation Forms
- Professional and Occupational Licensing Forms
- State Tax Application
- Internal Revenue Service Form
- Wisconsin Department of Industry, Trade and Tourism
- U.S. Small Business Administration
- UGA Small Business Development Centers
- Governor’s Office of Consumer Affairs
- U.S. General Services Administration
- Wisconsin Department of Labor
- U.S. Department of Labor
- Wisconsin Department of Consumer Affairs-Office of Business & Economic Assistance U.S. Export Assistance Center
- Wisconsin Department of Insurance
- Wisconsin Department of Agriculture
Small Business Administration: www.sba.gov/smallbusinessplanner/index.html
Federal Tax Responsibilities: www.irs.gov/businesses
10 Steps to Starting a Business: www.business.gov/start/start-a-business.html
Clark Howard Course: https://www.scu.edu/mobi/
.StartupChicks: www.startupchicks.org For female entrepreneurs interested in creating, building and growing innovative businesses that create value for their customers.
Other web-based resources for entrepreneurs
CCH-Business Owner’s Toolkit website www.toolkit.com
Price Water House Cooper – Vision to Reality www.pwc.com
The Wall Street Journal Center for Entrepreneurs www.online.wsj.com
City and County Services
- Polk County Government Center located at:
100 Polk County Plaza | Balsam Lake, WI 54810
Phone: 715-485-9226
Hours: M-F, 8:30 AM - 4:30 PM
- Wisconsin Department of Labor: Located at WGTC Campus 4600 Timber Ridge, Douglasville 770-947-7274 https://dwd.wisconsin.gov/
- Polk County Health Department Licensing and Inspection: http://www.polkcountyhealthdept.org/services/licensing-inspection/
- Osceola Public Library: Located at 102 Chieftain St, Osceola, WI 54020
http://www.osceolapubliclibrary.org/
- Osceola Post Offices: Located at 119 N Cascade St, Osceola, WI 54020 715 294 3613
- Polk County Information Center : Located at 710 Hwy. 35 South, St. Croix Falls, Wisconsin 54024
Phone 715-483-1410
Toll-Free 1-800-222-POLK
www.PolkCountyTourism.com
info@polkctytourism.com
Wisconsin Labor Market Information
http://worknet.wisconsin.gov/worknet/ Includes labor market analysis, economic indicators, demographics, income and wage information, industry data, employer search, area comparison, industry comparison
Marketing and Advertising
Newspapers:
The Osceola Sun located at 108 N Cascade St, Osceola, WI 54020
Phone: (715) 294-2314
http://www.osceolasun.com/
*County Ledger Press - Polk County, WI
105 Main St
Balsam Lake, WI 54810
715-485-3121
http://www.pc-ledger.com/
*Inter-County Leader - Serving Northwest WI
257 W St George Ave
Grantsburg, WI 54840
715-463-5353 or 1-800-293-5353
http://www.iccpaonline.com/
*Shilson Media
(715) 494-0692
https://www.facebook.com/ShilsonMedia/?ref=page_internal
*Shelley's Social Media
(715) 255-0885
https://www.shelleyssocialmedia.com/
*Interactive 123
http://interactive123.com/about/
GLOSSARY OF TERMS
Assets – Resources, owned or controlled by a company, that have future benefits. These benefits must be quantifiable in monetary terms
Balance Sheet – A list of a company’s assets, liabilities, and owner’s equity at a particular point in time
Breakeven – The unit of volume where total revenue equals total cost; there is neither profit nor loss
Capacity – The amount of goods or work that can be produced by a company given its level of equipment, labor, and facilities
Capital – The funds necessary to establish or operate a business
Cash Flow – the movement of money into and out of a company's; actual income received and actual payments made out
Cash Flow Statement – A presentation of the cash inflows and outflows for a particular period of time; these flows are grouped into major categories of cash from operations, cash investing activities, and cash-financing activities
Collateral – assets pledged in return for loans
Conventional Financing – Financing from established lenders, such as banks, rather than from investors; debt financing
Debt Financing – Raising money for a business by borrowing, often in the form of bank loans (See Conventional Financing above)
Debt Service – Money being paid out on a loan; the amount necessary to keep a loan from going into default
Disbursements – Money paid out
Equity – Shares of stock in a company; ownership interest in a company
Expenses – Outflows of resources to generate revenues
Fixed Costs – Those costs that are not responsive to changes in volume over the relevant range of time
Guarantee - Means that if the business becomes unable to repay its debts, the individual guarantor is personally responsible.
Income Statement – A matching of a company’s accomplishments (i.e. sales) with effort (expenses from operations) during a particular period of time (Revenues - Expenses = Net Income)
Leasehold Improvements – The changes made to a rented store, office or plant, to suit the tenant and make the location more appropriate for the conduct of the tenant’s business
Letter of Intent – A letter or other document by a customer indicating the customer’s intention to buy from a company
Liabilities – Commitments to payout asses (typically cash) to or render services for creditors
Licensing – The granting of permission by one company to another to use its products, trademark, or name in a limited, particular manner
Liquidity – The ability to turn assets into cash quickly and easily
Market Share – the percentage of total available customer base captured by a company.
Net Worth – The total ownership interest in a company, represented by the excess of the total amount of assets minus the total amount of liabilities
Partnership – A legal relationship of two or more individuals to run a company
Profit Margin – The amount of money earned after the cost of goods or all operating expenses are deducted; usually expressed in percentage terms
Pro Forma Statements – A financial statement detailing management’s predictions
Receipts – Funds coming into the company; the actual money paid to the company for its products or services; not necessarily the same as a company’s actual receipts
SBA – Small Business Administration
SBDC – Small Business Development Center
Sole Proprietorship – Company owned and managed by one person
Variable Costs – Those costs that are directly responsive to changes in volume over the relevant range of time
Venture Capitalists – Individuals or firms who invest money in new enterprises
Working Capital – The cash available to the company for the ongoing operations of the business