America's SBDC Blog - Page 11 of 193

America’s SBDC Blog

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UGA helps with strategic marketing and business decisions to help expand business

November 30, 2023

By Jenny Giarratano

Marty Hooks could have chosen a life of leisure after working 30 years in the metal buildings industry. However, when his employer began downsizing and offered him an early retirement buyout, he decided to open his own business to create jobs for veterans and young people in his adopted hometown of St. Mary’s, Georgia.

Hooks, a veteran of the U.S. Coast Guard, used his buyout to fund his vision of a service company that sells, drafts and engineers pre-engineered metal buildings, opening PEMB in May 2020. While planning, he contacted University of Georgia Small Business Development Center (UGA SBDC) consultant Jennifer Lee at the UGA SBDC in Brunswick.

“I knew about the UGA SBDC program early on and reached out to Jennifer to tell her what we envisioned doing,” Hooks said.

Lee worked with Hooks to secure a U.S. Small Business Administration (SBA) CAPLine loan, designed to help small businesses meet short term and cyclical capital needs. Hooks previously had some loan-related issues that were exacerbated by the pandemic.

Locally Made, Savannah: A Dream Turned Reality with the Support of the University of Georgia SBDC

November 21, 2023

Embarking on the entrepreneurial journey is a thrilling yet daunting endeavor. It demands unwavering courage and a steadfast belief in one’s vision. Nick and Tonya Rintye, the inspiring duo behind Locally Made Savannah, exemplify this spirit, transforming a simple observation into a thriving business that showcases the talents of local artisans. Their success story is interwoven with the invaluable guidance of the University of Georgia SBDC, highlighting the transformative power of support and mentorship.

If I Made That Much Profit, Where Is All the Cash?

November 7, 2023

By Barbara Nuss, CPA, Profit Soup

The Statement of Cash Flow Has the Answer

Any seasoned business owner or advisor has seen it happen. The business showed a handsome profit at the end of the year and mysteriously the cash balance plummeted. The first question the owners, accountants and lenders ask is, “where is all the cash?” The Statement of Cash Flow is an underutilized report that answers that vexing question.

Profit and Cash Are Not the Same Thing

Before we get to the report, let’s start with the premise that profits and cash are not the same thing. Here is an example:

SBDC helps Auburn couple scale for success

November 2, 2023

By Hope Tinney, Washington SBDC

AUBURN, Wash.—After another conversation with her husband about problems at his work, Mari Borrero told him, “Look, you have a choice. If you don’t like the way things are going, do something different.”

So he did, and she did, too.

Today, Mari Borrero and her husband Aaron Borrero are co- owners of American Abatement and Demo, a business that employs more than a dozen people and in 2022 had revenue of $3 million.

In Search of a Bigger, Better Barcode

October 19, 2023

By Kaitlin Friedmann, Marketing Director, Small Business Growth, GS1 US

Entrepreneurs in the retail industry are likely aware of the increased demand from consumers to know more about the products they buy. Often, the package can’t hold all the information they seek, such as product origin stories, certificates to back up sustainability claims, and more. Throughout the product life cycle, there may also be information that needs to be communicated to the end customer, such as recalls, updates, and disposal recommendations.

The retail industry is on the verge of a major change in packaging to respond to this increased demand for more information. Brands and retailers are beginning to transition UPC barcodes, a 50-year old technology, to more data-rich, robust two-dimensional barcodes (i.e. a QR code).

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