Illinois Small Business Development Center Update

 

Part of the Illinois Small Business Development Center at Illinois State’s mission is to provide education and training to existing small business owners and aspiring entrepreneurs. Since January 1, 2007, the Illinois SBDC at Illinois State has held 30 training programs for over 425 participants. Training programs vary from the monthly “Starting Your Business in Illinois” workshop to an eleven-week “Certificate in Small Business Management.” Similarly, the participants in the programs range from those not yet in business, to those working for established local businesses.

Julie Spaulding is Service Manager for Brad Barker Honda. Three management employees from the company have utilized training from the Illinois SBDC at Illinois State. “The Certificate in Small Business Management has refreshed our overall management skills, particularly in the areas of human resources and marketing. The information presented gave our management team fresh ideas for overall dealership improvement as well as planning ideas for future growth,” said Spaulding. To hear more of Julie’s comments, view the video at http://www.sbdc.ilstu.edu/training/.

In January 2008 the Illinois SBDC at Illinois State and Bank of Illinois will offer a Fiscal Physical – a series of workshops that will “translate” the language of business finance into plain English, so business owners can better understand the numbers. This series is designed for companies who know they are experiencing financial challenges, as well as those who think they are doing well. As Illinois SBDC Director Elizabeth Binning notes, “Even a healthy person goes to the doctor for a physical exam once a year – just in case.”

During the three workshops participants will learn how to:

• Compute financial ratios and show how their company compares to others in the same industry.
• Determine their “breakeven point” and explain how breakeven will be affected in scenarios that anticipate future changes in costs, price, or sales volume.
• Convert their projected Income Statement into a Cash Budget, to manage cash flow without unexpected surprises.
• Calculate the amount of future financing needed when sales growth is projected.
• Diagnose financial problem areas and identify the likely causes, utilizing a tool called “The Financial Roadmap.”

For more information about the Illinois SBDC at Illinois State, visit their website at www.sbdc.ilstu.edu or call 309-438-3610.