brought to you by
A Personal Touch We believe the key distinction between banks is the way they serve their customers. Through honesty, hard work and quality customer service, our knowledgeable, friendly staff is ready and willing to assist you. Whether you are banking as an individual, a family or a business, you ll benefit from sound, strategic advice, flexibility and locally made decisions from people who truly understand your needs. Joel K. Bopp Senior Commercial Lender Vandalia Loan Production Office 6450 Poe Ave., Ste 101 Dayton, OH 45414 937-898-3380 jbopp@minsterbank.com Member FDIC MinsterBank.com
Entrepreneur Bootcamp Series
Steve Tieber, Owner Started in the bar business in 1990 Opened the Dublin Pub in 1998. The Dublin Pub is located in the Oregon District. Offers an eclectic mix of delicious Irish foods and spirits Open seven days a week serving lunch, dinner and Sunday brunch. Due to its popularity the Pub underwent a major expansion in October 2014. 55 employees 4
Small business owners have so much to juggle.
Many see their business as a bunch of disconnected pieces
The small business flurry Operate Navigate Communicate Financials Funding Family Assets Accrual Personality Forecasting Statements Policies Proprietorship Reporting HR Margin Cash flow Clients Lenders Reporting Targets Gross Fees Permits Liquidity Balance Training Inventory Bookkeeper Insurance Loans Lenders Regulations Banks Receivables Profit QuickBooks Liabilities Expenses Sales Franchise Concepts Research Clients Business Plans Strategies Planning Systems Marketing Markets Salespeople Clients Branding Twitter Facebook Visibility Message Internet Logo Community Blogging Media Audience Websites
But when the pieces start to come together, your business makes sense.
headline Body text and you can see where your business is going. www.score.org/wellrunbusiness
The 3 primary elements of a boat The Hull Your foundation must be seaworthy The Rudder Will provide direction The Sail Will provide movement
The 3 primary elements of a well-run business: the Hull the Rudder the Sail Operate Navigate (Strategy) Communicate (Promotion) Ready Aim FIRE!
Operate Navigate (Strategy) Communicate (Promotion) Ready Aim FIRE! Existence Growth
An organized, well-run business Operate Navigate (Strategy) Communicate (Promotion) Ready Aim FIRE! Existence Growth
What s included in Operate? Operate
Operate Dollars People
Be sure to remember that Numbers Are Objective Systems and Relationships Are Subjective
Let s look at dollars first
Numbers are one of the Six Pack Key Points
Your critical numbers:
As the saying goes, Cash is King.
Sustainability in business = Cash Coming In Sales Receivables (IOU) Infusion of Capital Cash Going Out Expenses Inventory Purchases Investment in Equipment, etc.
Do you have enough for: Paying Yourself Covering Expenses Receivables Investments Maintaining a Rainy Day fund
It s crucial to Have A Handle On The Important Numbers.
Where do you find them? Your Profit And Loss Statement.
The best way to watch them? Trend your important numbers
Sales tracking tools: Microsoft Excel Apple Numbers Google Sheets
Trending will Help you get the numbers Prompt you to take action Help you forecast where you re going
Now Let s Look at Relationships.
So let s look at the people.
People are one of the Six Pack key points If you own a business, you re in the People business.
One group will ultimately decide if your business succeeds:
They will be judging everything that you do.
Do they enjoy doing business with you and your team?
Are your systems enjoyable and reliable?
Which experience do you prefer?
A transaction. A relationship.
How you treat people is CRITICAL. Employees. Clients. Suppliers.
It bears repeating: If you own a business, you re in the People business.
Relationship homework: Talk with the people you do business with. Find out what they really think.
Help Us, Help You Please give us feedback by 1. Completing a survey 2. Sending an email to bootcamp@minsterbiz.com Registration is live for the next bootcamp on April 11 th. Reserve your spot & tell a friend!
Contact Us Vandalia Loan Production Office 6450 Poe Ave., Suite 101 Dayton, OH 45414 937-898-3380 jbopp@minsterbank.com Joel K. Bopp Senior Commercial Lender Member FDIC MinsterBank.com