The SBTDC is a business and technology extension program of the UNC System. With offices at the 16 campuses, counselors provide personalized management counseling and education services that help entrepreneurs make their businesses better, create and retain jobs, and improve the economy of North Carolina. The SBTDC's office at UNC Wilmington is affiliated with the UNCW Cameron School of Business and is located next to the UNCW Center for Innovation and Entrepreneurship.

Mark Everett

Business Counselor

(910) 962-2869

meverett@sbtdc.org

Sherri May

Business Counselor

(910) 962-3744

smay@sbtc.org

Gloria Monroe

Business Counselor

(910) 962-7307

gmonroe@sbtdc.org

Paige O'Neill

International Business

Development Counselor

(910) 962-0592

poneill@sbtdc.org

Jamie Stalfort

Business Launch Specialist

(910) 962-0537

jstalfort@sbtdc.org

Cheryl Young

Business Resiliency Counselor

(910) 962-3744

cyoung@sbtdc.org

YOUR BUSINESS. BETTER.

Congratulations to Heather McWhorter!

Heather McWhorter has been named Director of the UNCW Center for Innovation and Entrepreneurship (CIE). Effective July 1, 2022, Heather will lead the center to accelerate the entrepreneurial ecosystem in southeastern North Carolina. Special thanks to Heather for her leadership of the SBTDC's UNCW office and the Business Launch Initiative. You can read UNCW's news release about Heather's new position here.

The SBTDC's senior management has begun the replacement process. In the meantime, please reach out to your SBTDC business counselor or contact the UNCW office at uncw@sbtdc.org for assistance. 

REPAYMENT OF ECONOMIC INJURY DISASTER LOANS

Contributed by Cheryl Young, Business Resiliency Counselor

If you received a COVID-19 Economic Injury Disaster Loan (EIDL), you may want to consider starting payments. EIDLs have a total deferment of 30 months from the date of the original note. Interest will continue to accrue on the loans during the deferment.

To set up payments, follow these steps:

• Obtain your original EIDL information, including loan number, status of loan, loan amount(s), and loan date. As of May 16, 2022, the COVID-19 EIDL portal, also known as the RAPID portal, is closed. Borrowers who need copies of their loan documents can contact the SBA Service Center at (833) 853-5638.
• Establish a Capital Access Financial System account. This site will provide detailed information regarding monthly loan payments, due dates, etc.
• Establish a Pay.gov account. Once you are registered, click on "SBA and 1201 Borrower Payment Information" and follow the instructions to set up payments.

If you have questions or need assistance, please contact the SBA Service Center at (833) 853-5638.

UNCW MSA STUDENT PRACTICUMS

Contributed by Gloria Monroe, Business Counselor

The UNCW Cameron School of Business partnered with the SBTDC to offer teams of Master of Accountancy (MSA) students an opportunity to participate in practicums to complete accounting-related projects for five SBTDC clients.

The practicums started in mid-May and ended in mid-June with each team applying what was learned in the classroom to business challenges, under faculty oversight and in conjunction with a SBTDC liaison. The overriding goal of the practicums was to enrich the students' classroom experiences, while providing clients with feedback to enhance their business operations.

Nathan King, owner of Seaview Crab Company, said, "the experience was a complete win-win. They were able to get a sneak peek into some of our real-time challenges and produce great practical solutions with our data management and accounting processes. We are thankful to have been included in the project."

Left to right: Cheryl Young (SBTDC), Dr. Lorraine Lee (UNCW), Nathan King (Seaview Crab Company), Students (Sydney Mose, Skye Statler, Kaitlyn McGoldrick, Thomas Messenheimar). 

ARE YOU READY FOR AN ECONOMIC HURRICANE?

Contributed by Mark Everett, Business Counselor

We all know that the hurricane season began on June 1. Hopefully, you have a business continuity and disaster recovery plan in place should we experience such a weather event. But is your business planning for a possible “economic” hurricane?

In a recent presentation, Jamie Dimon, CEO of JP Morgan Chase, described the current economic environment as a hurricane, escalating his previous comments that indicated that there were storm clouds on the horizon.

There are differing opinions as to how it will all play out, but several things are certain: interest rates have risen and are likely to rise further, along with fuel prices, labor, commodities, and other manufacturing inputs. This is not only affecting households, but businesses alike and adds to the ongoing supply chain issues.

How long will it last? How high will rates go? Will we end up in recession? How long and deep would a recession be? None of us know any of these answers, but now would be a good time to look at your business and have a plan to deal with the inflationary pressures, supply chain issues, and other economic uncertainty.

Several items to consider include:

• Rate and term on your business debt. If a lot of your debt has a floating interest rate, or you have fixed rate debt that will re-price soon, it is a good idea to do some financial analysis to see how resilient your company is at various interest rate levels and how that will impact your profits and cash flow.
• Contract considerations regarding how you deal with holding your prices and how long your suppliers are holding their prices to you.
• Pricing and delivery of your products or services to ensure you maintain your margins.
• Delivery delays of your products or services.
• Multiple sources for the products and services your business uses.
• Costs to produce and sell your products and services, as well as how conditions may be impacting your operating cycle.

These are important items to your business under any circumstances. Now, it is vitally important as we are coming out of the COVID-19 pandemic and an inordinately long low interest rate environment and core inflation is at levels we have not experienced in several decades.

Reach out to your SBTDC counselor or sign up to become a client at www.sbtdc.org/uncw and let us help you weather the storm and make Your Business Better.

THE FOOD SERVICE INDUSTRY IN 2022

Contributed by Cheryl Young, Business Resiliency Counselor

2020 was a year unlike any other for the food service industry with most restaurants having to close their indoor dining operations for months. Some restaurants changed course and survived, while others weren’t so lucky and had to close their doors for good.

2021 and 2022 have had their challenges too. There are two main issues currently affecting the food service industry – the labor shortage and supply chain issues.

Labor Shortage

The National Restaurant Association conducted a COVID-19 Restaurant Impact Survey. The results are from September 2021. The findings are listed below:

• Nearly 4 in 5 restaurants are understaffed. Although the industry added back many of the jobs lost during the pandemic, most restaurants remain understaffed. Seventy-eight percent of operators say their restaurant currently does not have enough employees to support its existing customer demand. A solid majority of both full-service operators (81%) and limited-service operators (75%) say their restaurant does not have enough employees to meet customer demand.
• For most restaurants, staffing is significantly below necessary levels. Among restaurants that are currently understaffed, 83% of operators say their restaurant is more than 10% below necessary staffing levels. Thirty-nine percent of operators are currently more than 20% below necessary staffing levels.

This has caused many restaurants to limit hours either by closing an extra day or two during the week or closing for a week at a time to give their staff a needed break.

Supply Chain

The restaurant industry isn’t being spared from supply chain issues that are currently impacting many sectors across the economy. In a September 2021 survey conducted by the National Restaurant Association, 95% of operators said their restaurant experienced supply delays or shortages of key food or beverage items in recent months. Many restaurants have had to continually alter their menu offerings due to shortages.

Supply chain issues have also caused major fluctuations in food and supply costs. Restaurants operate on low margins, so increased pricing negatively affects their bottom line. To survive in this economy, restaurant owners need to continually monitor their financials and make adjustments, as needed.

What does this mean for the consumer? Most restaurants have already increased menu prices. Restaurants cannot absorb the additional cost of supplies or the increased cost of labor.

The National Restaurant Association reports that average wages for non-supervisory employees at full-service restaurants were $17.26 per hour in August, a 14% change compared to a year ago. If these trends continue, the consumer will have to keep digging deeper into their pocketbook to pay for a restaurant meal.

BECOME A CERTIFIED GLOBAL BUSINESS PROFESSIONAL

Contributed by Paige O'Neill, International Business Development Counselor

Confirm your knowledge in international trade and indicate to others that you are able to practice global business on a professional level in today’s competitive environment by becoming a Certified Global Business Professional. The online CGBP Program is designed to help individuals working in the field of international business successfully prepare for and pass the CGBP Exam or re-certify their existing CGBP credential. Business owners and their managers can also benefit from taking the CGBP Program by learning ways to help their firms become more competitive and profitable.

Click here to view registration options for the CGBP Program. For more information, contact Dr. Mike Seibert.

UPCOMING EVENTS

Webinars: NCDOR Business and Income Tax

July - December | Online

Register here

The North Carolina Department of Revenue is conducting a series of free webinars to proactively inform businesses of their state tax responsibilities. Find the seminar that best fits your needs and register today! 

Some of the topics include:

• Business Tax Essentials
• Spanish Business Tax Essentials
• Working with NCDOR
• Sales and Use Tax Basics

Business Credit Seminar

July 26 | 10:00 - 11:30 a.m. | Online

Register here

Confused about how business credit differs from personal credit? Want to know how to build credit for your small business? Join this information-packed session to learn more about:

• Business credit reporting
• Dun & Bradstreet and PAYDEX scores
• How lenders evaluate your credit worthiness
• Are PGs necessary
• Why personal credit matters

How traditional financial institutions help new business owners build credit and what they look for. 

Taking the Leap: Kickstart Your Business in 4 Weeks

Tuesdays, September 13 - October 4 | 6:00 - 8:00 p.m. | UNCW Center for Innovation & Entrepreneurship (CIE)

Register here

In this FREE four-week long cohort, participants will learn about different aspects of starting a business, including identifying potential markets, writing a business plan, running the finances of a business, and marketing a business. You'll work with mentors and peers in fun breakout activities designed to help strengthen your business ideas and prepare you for success!

Coalition Consolidated Events Calendar

There are even more programs hosted by members of the Business Coalition. Access the consolidated calendar of Coalition events in the region here. The Coalition is a group of organizations in Southeast North Carolina with a goal of helping small business owners and entrepreneurs.

If you are in Onslow County, also check out the upcoming workshops and events at the Coastal Carolina Community College SBC. Columbus County should check out the Southeastern Community College SBC programs, and Duplin County should visit the James Sprunt Community College SBC. Please email us at uncw@sbtdc.org if you need assistance from or information about any of these organizations.