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January 2007
Volume 1, Issue 2
New Year, New Approach to Problems
3 Million Small Business Owners Can't be Wrong
The Illinois SBDC plans Annual Event for March 23rd
Auto Repair Shop Races into Business with Assistance from Illinois SBDC
25 Participants Complete Small Business Management Certificate
Four Reasons for Keeping Good Business Records
"It's not an Oscar, but we'll take it."
I'm often amazed and sometimes amused at the business ideas clients propose to us. You name it, we've heard it. Restaurants that change their menu every month based on randomly drawn recipes. Croquet played on a miniature golf course with real turf grass. A new drink made from coffee combined with orange juice (and drunk as either). Concepts only a business novice could create.
But we listen and ask questions, hoping to uncover a diamond in the rough among all that, well, rough. Sometimes I have to remind myself to not be so jaded - maybe this idea could work. Or maybe not (in the case of coffee combined with orange juice).
With over 3 million small business customers and 230,000 accountants, QuickBooks is the #1 rated and recommended small business financial management software year after year. Small business owners frequently use QuickBooks to perform day-to-day bookkeeping. The problem is the lack of training available to learn how to set-up and use the program.
The Illinois Small Business Development Center at Illinois State University is offering hands-on QuickBooks training led by Rob Smith, a CPA, QuickBooks ProAdvisor and partner at Gordon, Stockman & Waugh, PC. Rob’s experience with small businesses and QuickBooks will provide you with better ways to set-up and run QuickBooks.
The Illinois SBDC at ISU will be hosting their 2nd Anniversary Celebration on Friday, March 23, 2007 from 5 - 7 PM in the Executive Boardroom of the College of Business Building.
Small business clients, community leaders, and supporters of the Illinois SBDC will have an opportunity to celebrate local entrepreneurs' successes. Please save the date and plan to join us for our annual celebration.
When Robert and Debbie Hutton first came to the Illinois Small Business Development Center at ISU, they were concerned about being approved for the loan that would start their new business in LeRoy. Although they had good credit and had saved up to purchase approximately $100,000 in equipment and tools, the concept of a business plan was overwhelming.
"Bobby can complete race-car modifications with ease, but working in Excel or Word was not his strong suit," admits Illinois Small Business Development Center Director Elizabeth Binning. "I did a little more typing of their hand-written plan than normal."
Eleven weeks and forty-four hours later, the first Certificate in Small Business Management at the Illinois SBDC at ISU was completed.
The 25 participants attended classes on interviewing techniques, tax burden reduction, legal issues, financial ratio analysis, and strategic planning.
According to Ruth Taha, Chicago Style Pizzeria of Bloomington, Illinois, "For me as our business is maturing, I wanted to learn how to adjust my role. We are presently implementing many of the insights I gleaned from the program. Looking back, Chicago Style Pizzeria could have grown faster in some years than we did."
Clients at the Illinois SBDC at ISU often find bookkeeping and accounting to be a chore – especially when they feel like working on other things such as production or sales. But it’s worth remembering that there are four reasons (and advantages) for keeping good business records.
Knowing where you stand financially: Without accurate records, you will never know what your real financial position is. Most of the clients at the Illinois SBDC at ISU don’t want to produce detailed financial statements every month, but they are very useful.
“It's not an Oscar, but we'll take it!”
In September 2006, Illinois SBDC Director Elizabeth Binning was named among the 20 most influential community leaders under 40 years of age. "I'm very proud and honored that you think I'm under 40. Oh, and a community leader too!" Binning said.
The Illinois Small Business Development Center is funded in part through a cooperative agreement
with the U.S. Small Business Administration in partnership
with the Illinois Department of Commerce and Economic Opportunity and Illinois State University.
All SBA programs are extended to the public on a nondiscriminatory basis.