Archive for the ‘EDGAR for LqP Newsletters’ Category
EDGAR: Top 10 Reasons Small Businesses Fail
September 16th, 2011
There is a website www.allbusiness.com that has some great resources for those interested in starting a business and those already in business. The “TOP 10” list below from their website is very insightful and I thought it could help all of the businesses in our region to consider their shortcomings and find a way to overcome them.
The following is taken directly from AllBusiness – Champions of Small Business resource center.
“About half of all small businesses fail within the first four years – a statistic that generates a shudder of fear in even the most dauntless entrepreneur. Most of the failures, however, resemble one another in crucial ways. And once you identify these harbingers of failure, you can increase your own chance of success.”
Procrastination. When you own a small business, you will find that tasks and paperwork pile up like snowdrifts on your desk. Putting them off is like piling up debt; eventually they could overwhelm you.
Ignoring the competition. Consumer loyalty has declines sharply in recent years. Today, customers go where they can find the best products and services, even if that means breaking off long-term business relationships. Monitor your competitors, and don’t be ashamed to copy their best ideas (assuming that doesn’t mean violating patent law). Better yet, devote some time each week or month to devising new methods, products or services for your firm.
Sloppy or ineffective marketing. Contrary to popular cliché, few products or services “sell themselves.” If you don’t have time to market your product effectively, hire an experienced person to do it for you. Marketing keeps your products selling and money flowing into your business. It’s crucial that you do it well.
Ignoring customers’ needs. Once you attract customers, you’ll have to work hard to keep them. Customer service should a key aspect of your business. If you don’t follow through with your customers, they’ll find someone who will.
Incompetent employees. Hire only workers who are essential to your operation. When you do hire employees, make sure they’re well trained and able to complete the tasks expected of them. And remember that happy employees make good workers — try to create a work environment that keeps your staff happy and motivated.
Lack of versatility. You may be great at making hats or painting houses or fixing computers, but that’s not enough to make your millinery shop or house painting business or computer consultancy successful. Successful business owners tend to be adept at a number of tasks, from accounting to marketing to hiring.
Poor location. Even the best restaurant or retail store will fail if it’s in the wrong place. When you’re scouting a location for your business, consider factors such as traffic (how many potential customers pass your business during the course of an afternoon or evening?) and convenience (how hard is it for your regular customers to get to your location on a regular basis?).
Cash flow problems. You need to know how to track the money coming into and out of your business – even a profitable venue will flounder if it runs short of cash. In addition, you must learn to make cash flow projections that will help you decide how much money you can afford to spend and warn you of impending trouble.
A closed mind. Everyone goes into business with some preconceptions – don’t be surprised if you find that many of yours are wrong. Look for mentors who can give you advice and run your ideas by them before you make important financial commitments. Read books and magazines about small business, visit business-related Web sites and network with your peers in the business community.
Inadequate planning. Start with realistic but precise goals for your firm, including deadlines. For example, don’t just say you want to increase sales; instead decide that you want sales to reach $100,000 by next holiday season. Then write down the steps you can take to meet those goals on time, and set deadlines for completing those steps. Consult your goal list every day, and make sure you are doing what you need to do to meet your objectives.
EDGAR for LqP - Economic Development: Generating Area Revitalization
By: Pamela G. Lehmann, Executive Director
Lac qui Parle County Economic Development Authority
“The mission of the Lac qui Parle County Economic Development Authority is to be the catalyst for economic growth, job creation and improving the quality of life in Lac qui Parle County.”
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EDGAR: Should You Be An Entrepreneur?
August 4th, 2011
Daniel Isenberg, a professor of Management Practice at Babson College, developed a 2-minute Entrepreneur Test.
Answer “YES” or “NO” to the questions below to determine if you should consider being an entrepreneur:
- I don’t like being told what to do by people who are less capable than I am.
- I like challenging myself.
- I like to win.
- I like being my own boss.
- I always look for new and better ways to do things.
- I like to question conventional wisdom.
- I like to get people together in order to get things done.
- People get excited by my ideas.
- I am rarely satisfied or complacent.
- I can’t sit still.
- I can usually work my way out of a difficult situation.
- I would rather fail at my own thing than succeed at someone else’s.
- Whenever there is a problem, I am ready to jump right in.
- I think old dogs can learn, even invent, new tricks.
- Members of my family run their own businesses.
- I have friends who run their own businesses.
- I worked after school and during vacations when I was growing up.
- I get an adrenaline rush from selling things.
- I am exhilarated by achieving results.
- I could have written a better test than Isenberg (and here is what I would change . . . )
If you answered YES on 17 or more of the questions above – it’s time to call the Lac qui Parle County Economic Development Authority to discuss what it takes to start your own business!
This test and information came from the Agurban e-newsletter. Check out their website at
www.boomtowninstitute.com for more great articles and information.
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EDGAR: Ten Ways to Ruin A Community
July 6th, 2011
Came across an old article that really hit home for me today. It talked about how attitude plays a critical role in community and economic development. I truly believe that the word community no longer applies just to those within “city limits”, but applies to everyone within a specific geographic area – such as Lac qui Parle County, etc.
For our rural communities to be successful we have to ensure we DO NOT fall into the pitfalls below (from Keith County News in Nebraska):
- Attend no meetings. Criticize the way “they” do things.
- Always remind others about cold winters, hot summers and general tough conditions for those who live here.
- Complain about the police department, chamber of commerce, etc.
- Keep convincing yourself that it’s not important to attend school programs, concerts, ballgames, etc. You won’t be missed.
- Knock your city council or commissioners. Talk about the “kickbacks” the politicians at city hall must be getting.
- Stay away from church. You might attend on Easter Sunday or at Christmas to reassure yourself that all who attend are hypocrites.
- Make purchases out of town or through discount and mail order catalogs, or via the internet. These firms will contribute lots to your community.
- Remind others that your local newspaper and radio station are no good and have less local news than out-of-town media.
- Remember that all kids are delinquents, all businessmen are crooks and bad remarks about your town are the order of the day.
- Above all, always be skeptical, cynical and negative about anything designed for the community’s progress and betterment.
We all have done some of these things inadvertently or intentionally. What do you need to change in your thinking to help the progress of Lac qui Parle County?
One step at a time, we CAN make a difference!
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American Agriculture Hits Home: June 2011 EDGAR
June 27th, 2011
We live it every day here in farm country, but I still found the following farming facts fascinating!
- 2.2 million: At the end of 2009, there were 2,200,010 farms in the United States, a loss of 90 farms from the previous year. This translates into a $200 billion industry.
- 54.4 percent: In 2007, the majority of U.S. farms were smaller than 100 acres.
- 4.8 million acres: Between 2006 and 2008, the country gained almost 2 million acres of certified organic farmland. The certification process is lengthy and time consuming. If you prefer organic vegetables, talk to your farmer. Ask about current farming practices. There are growers who follow practices but are too small of an operation to afford the governmental processes.
- 12 percent: Americans only consume a small amount of the corn produced here every year. The majority – around 80 percent – of the U.S. corn crop is used to feed livestock, poultry and fish throughout the world.
- 24 to 36 hours: The amount of time it takes a hen to produce an egg, starting the process all over again about 30 minutes after laying. So it too three days for one chicken to make your 3-egg omelet breakfast!
- 5 cents: Is farming a high-profit enterprise? The average farmer receives approximately 5 cents from every loaf of bread you buy. Check the price of bread today – who gets the rest of the profit?
- 2 million: Honey bees are hard workers. In order to make one pound of honey, they have to visit 2 million flowers. Buying honey from local producers keeps money in the local economy and is better for your health. If you suffer from allergies, those same pollens that cause your itchy eyes and sneezing will become part of your honey, helping to build immunity.
Jack Schultz, CEO of Agracel, Inc. notes “As the world population soars, there is even greater demand for the food a fiber that the United States farmer produces. American agriculture must meet global needs for food and fiber now and in the future.”
The statistics and information above are from the Agurban e-newsletter – check out their website at www.boomtowninstitute.com!
Not that we do not know or appreciate the work of our area farmers sometimes we all need to be reminded that agriculture is one of the most important industries in the world! As Jack Schultz so eloquently put it: “If you have abundant food on your table and do not go to bed hungry, thank a farmer.”
What’s good for our farmers is good for Lac qui Parle County. Thank you to all of the ag producers in Lac qui Parle County and the rest of the Midwest!
Please find us on FACEBOOK at LqP EDA
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