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How To Set Financial Goals For Your Business In 2022

December 20, 2021
By: Sharita Humphrey –

2022 is just right around the corner. One year closes and another is full of possibilities. Like a chapter in a book, the new year waits to be written — and so do your financial goals.

With all the uncertainties of this year and the last, it’s a good idea to be prepared for whatever may happen. It’s time to set financial goals to help you manage the ups and downs of running your business.

What Are Financial Goals?

Your financial goals are your plan for how much money you want to make in your business. These goals will guide how you run your business, spend your resources, and save. Your business financial goals are about things like profit and growth. You should also have personal money goals, which will give you a different perspective on how you make and spend money in your business. (more…)

5 Reasons You Might Be Rejected for Financing

November 16, 2021
By: Matthew Gillman – 

BankMany small business owners have experienced, or are continuing to experience, the harsh impact of the COVID-19 pandemic. In navigating through this tough time, many company owners have sought to apply for financing to keep their doors open.

That said, small business owners are not always seen as the most desirable loan candidates in the eyes of lenders. In fact, the latest Small Business Credit Survey published by the Federal Reserve Banks revealed that the approval rates for small business loans, credit lines, and merchant cash advances all declined after the onset of the pandemic. (more…)

Success Story: Ohio

October 21, 2014

Center: SBDC in Elyria at Lorain County Community College

Client: Woof House (dog boarding kennel)

Bob Sell had been dreaming about owning his own business for years. After spending 10 years working a second job at a kennel in Pennsylvania, he decided to find a kennel to buy. After a long search, he found a kennel in Sheffield Village, OH and began working with John Guidone, a local commercial bank officer at Lorain National Bank. Mr. Sell had everything he needed to qualify for an SBA Small Business Loan with LNB, except a business plan. He had never written a business plan, and didn’t know where to start.

John connected Bob with Kim Plzak, Director at the Small Business Development Center at Lorain County Community College. The fact that Bob was out of state did not deter him or the SBDC! Kim and Bob scheduled several phone meetings and exchanged information via email. The SBDC obtained research to assist and communicated regularly with Bob. Bob worked many hours, with the assistance of the SBDC, to write his plan. About two months later, Bob’s plan was complete. (more…)

Success Story: Wisconsin

October 15, 2014
Fox Valley Entrepreneur Believes in SBDC “Magic”

Link ComputingWhen unexpected and costly building renovations threatened to delay or possibly end Ray Reinders’ dream of launching his own IT business, he turned to the Wisconsin Small Business Development Center (SBDC) at UW Oshkosh. SBDC director, Colleen Merrill, was instrumental in connecting Link Computing with financial resources that supported the start of the business in October 2013.

“A friend of mine said, ‘go to Colleen Merrill. She makes magic happen,’” Reindeers says. “Colleen understood what I was trying to accomplish. She worked up numbers and business concepts, and told us what we should expect. She cut every piece of red tape imaginable. Within a month I had a $90,000 loan to complete the project. I can’t imagine doing all that on my own.”

Once financing was secure, Reinders was able to put his focus on business development. Merrill help him implement processes and procedures that were scalable, efficient, and transferable.  By developing these tools, the company was in a position to grow at a pace they determined, hire additional employees, and feel comfortable knowing a plan was laid out.  (more…)

Protecting Intellectual Property Locks

October 14, 2014

Intellectual_property_locksEvery small business should have a basic understanding of the laws that apply to protecting intellectual property. It is the only way a company will be able to protect their unique creations and ideas from competitors. There are four major ways a small business can obtain legal protection for intellectual property (IP).

Trade Secrets

This is business information that a company keeps secret. This information gives the small business an advantage over their competitors. It could be a device, method, formula and more. A trade secret example could be anything from the ingredients used in a food product, to the process used for creating an object. This cannot be protected by registering it. A small business must control access to this type of information. Companies must use Non-Disclosure Agreements, employment covenants and more to protect their trade secret.

Copyright

A small business may have created literature to sell their product that should have copyright protection. Copyright protection could also include music, computer software and more. In theory, copyright protection occurs the minute the work in created. When a small business holds a copyright, they will be able to better prove their case if a copyright infringement lawsuit becomes necessary. Details of copyright registration can be found at the US Copyright office website.  (more…)