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Nebraska Resources Eship Presentation
- 1. Extension E-ship 202 Workshop Nebraska Business Resources that “Fit” May 7 & 8, 2009 Marilyn Schlake Associate Director Nebraska EDGE Program
- 4. Stage 1: Seed Challenge: Market acceptance, pursuing business opportunity Focus: Matching opportunity with skills, experience and passion. Deciding on business structure, professional advisors, and planning. Money: Owners, friends and family, suppliers, customers and grants Source: Darrell Zahorsky, Seven Stages of Business Life, about.com
- 6. Stage 2: Start-up Challenge: Underestimated money needs and the time to market. Focus: Establishing a customer base and market presence, conserving cash. Money Sources: Owner, friends, family, suppliers, banks, customers, or grants.
- 7. Stage 3: Growth Challenge: Time management, Team leadership Focus: Hiring staff, management efficiencies and processes Money Sources: Banks, profits, partnerships, grants and leasing options.
- 8. Stage 4: Established Challenge: Staying competitive, innovative Focus: Improving processes, increasing productivity Money Sources: Profits, banks, investors and government.
- 9. Stage 5: Expansion Challenge: Moving into new markets, seed funding, innovation Focus: Expand markets and customers Money Sources: Joint ventures, banks, licensing, new investors and partners.
- 10. Stage 6: Decline Challenge: Dropping sales, negative cash flow, declining markets Focus: Cutting costs, preserving cash flow, seeking new opportunities Money Sources: Suppliers, customers, owners.
- 14. Tools & Resources Business Training and Technical Assistance Nebraska Business Development Centers http://nbdc.unomaha.edu/home.cfm Procurement Technical Assistance Ctr http://ptac.unomaha.edu/about.cfm Rural Enterprise Assistance Project http://www.cfra.org/reap/home SCORE http://www.score.org
- 16. Tools & Resources Lending Resources Community Development Resources Rural Enterprise Assistance Project Nebraska Enterprise Fund Partners Development Districts USDA Rural Development Loan Funds SBA Commercial Lenders InvestNebraska 11`
- 17. Stage 7: Exit Challenge: Preparation, evaluation Focus: Position business for sale, closing Money Sources: Seek advise for best options to secure assets.
- 24. Questions
Editor's Notes
- Seed Stage: The seed stage of your business life cycle is when your business is just a thought or an idea. This is the very conception or birth of a new business. Challenge: Most seed stage companies will have to overcome the challenge of market acceptance and pursue one niche opportunity. Do not spread money and time resources too thin. Focus: At this stage of the business the focus is on matching the business opportunity with your skills, experience and passions. Other focal points include: deciding on a business ownership structure, finding professional advisors, and business planning. Money Sources: Early in the business life cycle with no proven market or customers the business will rely on cash from owners, friends and family. Other potential sources include suppliers, customers and government grants.
- This phase is typical of an entrepreneur who has an idea but doesn’t yet know if it has commercial merit. They need help in fleshing out and defining the idea and determining the potential business application. This is a lot of work and can lead to some form of grant or foundation financing for further research. Depending on the scope of the business, there may be discovery in the extra value of their idea, but the person has not thought through how it will best apply to solve a problem for a potential buyer or grasp an important industry opportunity. Sometimes these ideas come out of pure university research and the inventor hasn’t even thought about its potential commercial value, but wants help with how to approach it. Sometimes these ideas are new methods or services for which the actual buyer has not yet been identified.
- Start-Up Stage: Your business is born and now exists legally. Products or services are in production and you have your first customers. Challenge: If your business is in the start-up life cycle stage, it is likely you have overestimated money needs and the time to market. The main challenge is not to burn through what little cash you have. You need to learn what profitable needs your clients have and do a reality check to see if your business is on the right track. Focus: Start-ups requires establishing a customer base and market presence along with tracking and conserving cash flow. Money Sources: Owner, friends, family, suppliers, customers, or grants.
- 3. Growth Stage: Your business has made it through the toddler years and is now a child. Revenues and customers are increasing with many new opportunities and issues. Profits are strong, but competition is surfacing. Challenge: The biggest challenge growth companies face is dealing with the constant range of issues bidding for more time and money. Effective management is required and a possible new business plan. Learn how to train and delegate to conquer this stage of development. Focus: Growth life cycle businesses are focused on running the business in a more formal fashion to deal with the increased sales and customers. Better accounting and management systems will have to be set-up. New employees will have to be hired to deal with the influx of business. Money Sources: Banks, profits, partnerships, grants and leasing options.
- 4. Established Stage: Your business has now matured into a thriving company with a place in the market and loyal customers. Sales growth is not explosive but manageable. Business life has become more routine. Challenge: It is far too easy to rest on your laurels during this life stage. You have worked hard and have earned a rest but the marketplace is relentless and competitive. Stay focused on the bigger picture. Issues like the economy, competitors or changing customer tastes can quickly end all you have work for. Focus: An established life cycle company will be focused on improvement and productivity. To compete in an established market, you will require better business practices along with automation and outsourcing to improve productivity. Money Sources: Profits, banks, investors and government.
- 5. Expansion Stage: This life cycle is characterized by a new period of growth into new markets and distribution channels. This stage is often the choice of the small business owner to gain a larger market share and find new revenue and profit channels. Challenge: Moving into new markets requires the planning and research of a seed or start-up stage business. Focus should be on businesses that complement your existing experience and capabilities. Moving into unrelated businesses can be disastrous. Focus: Add new products or services to existing markets or expand existing business into new markets and customer types. Money Sources: Joint ventures, banks, licensing, new investors and partners.
- NBDC Six locations: Omaha, Kearney, Lincoln, Chadron, Norfolk (Manufacturing), North Platte, Scottsbluff, Wayne REAP Offices – Seward, Plymouth, Tecumseh, Atkinson, Morrill, Minden. Hispanic Specialist South Sioux City, North Platte. SCORE – Service Corps of Retired Executives, Offices in Lincoln, Omaha, Columbus, Kearney, Scottsbluff