Business News for April 13, 2022 |
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Today's message includes the following news, best practices, and online courses:
- The Psychology of the Deal…Value Doesn’t Always Equal Price
- Badger Talks Podcast & Live Session Feature SBDC Director
- Free Online QuickBooks Classes for Small Businesses
- Inflation: What Small Businesses Can Do to Cope
Client Feature:
Upcoming SBDC Learning Opportunities
- Communication & Delegation
- Buy, Build or Sell: Deciding the Next Steps for Your Business (new date! now online!)
- Hire Badgers: Student Staffing Opportunities for Small Business
- Financial Management - Sprint!
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Business News, Updates, and Best Practices |
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The Psychology of the Deal…Value Doesn’t Always Equal Price
from the Capital Valuation Group blog
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by Cathy Durham, Capital Valuation Group, Inc.
Every business ownership transfer involves negotiation, or bargaining, and bargaining position is a function of economic strength, knowledge, negotiating skills and timing. As such, the price actually paid for a business can be positively or negatively impacted by the seller’s actions in the time leading up to the sale.
The process of selling a business begins with identifying the value of the business, which is calculated based on expected future cash flows, and considers a combination of both quantitative and qualitative factors to reach that conclusion - not just a multiple of a number on a financial statement.
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Read more about key takeaways and action items (including the 8 drivers of value) on Capital Valuation Group, Inc.'s blog
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Want to dive into this topic further and learn what business valuation factors you can control? Join us for Buy, Build or Sell on April 22! (new date! now online!)
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Badger Talks Podcast Features SBDC Director |
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In the most recent Badger Talks Podcast, program host - and SBDC client - Ben Rush sits down to chat with Wisconsin Small Business Development Center (SBDC) at UW-Madison Director Michelle Somes-Booher about the resources available at the Small Business Development Center, available on all main streaming platforms as well as the Badger Talks website.
You can also hear from Michelle in the Badger Talks Live session from earlier this week. In this recording, Michelle and Goldberg Family Director Dan Olszewski of the Weinert Center for Entrepreneurship spoke about small business development and entrepreneurship!
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Free Online QuickBooks Classes for Small Businesses
hosted by the Wisconsin SBDC at UW-La Crosse
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- QuickBooks Online (April 21, 2022)
- QuickBooks - An Introduction to Accounting Software (May 3, 2022)
- QuickBooks Online (May 24, 2022)
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Inflation: What Small Businesses Can Do to Cope
from the Institute for Business & Entrepreneurship blog
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Managing costs is always a critical part of ensuring profitability as a small business, but the pain and challenge of doing so can feel greater in the face of the inflation triggered by pandemic supply chain issues and strong consumer demand.
This is something many business owners have never faced before, so we have curated tips on how to cope:
- Manage cash flow. You need to know when to pay the bills strategically and how much cash you have on hand at any given moment. If you’re not using software like QuickBooks, consider doing so.
- Cut expenses if and where you can. If you can find a suitable, more affordable substitute product, do so. If you no longer use or make the most of a service, cancel it. If you can renegotiate supplier pricing, at least ask.
- Improve productivity. This can be achieved in myriad ways: automation through technology/software, streamlined processes and scaled-back product offerings.
- Adjust your pricing. This could be added fees or just raising your rates. Don’t be sneaky, but don’t belabor the fact, either. Just be transparent and realistic. Think slow and modest.
- Move your money around. You might be able to earn interest or refinance debt to your benefit the bottom line.
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AfribbeanBaby Founder Brings African Print Clothing for Kids
African-print clothing company offers affordable cultural wear for kids
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A good entrepreneur knows that the best way to start a business is to fill a need they see in the everyday.
When SBDC client Nina Akli started African print clothing company AfribbeanBaby, she wanted to bring the affordable, culturally focused clothing she created for her own children to the community.
With a pandemic lull in the business, Nina decided to re-energize the business by attending the Wisconsin Alumni Research Foundation (WARF) UpStart program to build up her business knowledgebase and reconnect with community resources.
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Upcoming SBDC Learning Opportunities |
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Buy, Build or Sell: Deciding the Next Steps for Your Business
*new date* April 22, 2022 - *now online*
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It takes a lot of sweat equity to build up a successful business, and most business owners will eventually want to retire. For many, retirement may translate into selling your business – and it is crucial to prepare for a big exit, right from the start.
This class will help you understand how to analyze your business’ financial performance as well as some qualitative factors to consider when making decisions regarding your investment in your business.
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Hire Badgers: Student Staffing Opportunities for Small Business
April 18, 2022 (online, no cost)
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If you’ve ever wondered about hiring a UW-Madison student intern or Work-Study student, this session is for you! We’ll discuss the differences between the Work-Study Program and student internship opportunities and help you understand how to make the experience successful for both you and the student. |
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Financial Management - Sprint!
starts May 2, 2022 (online)
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Whether you are starting a new business or looking to organize your current business’ finances, accurate financial information is one of the most valuable tools you have to drive success. This class will provide participants with an overview of basic “101” financial management terminology and concepts.
This class is designed for participants who:
- Are building their first financial models for their business
- May be uncomfortable with “the numbers side” of the business and are looking to increase familiarity
- Are looking for an introduction to - or revisit of - key financial concepts
- Have recently taken on financial management support roles in their business, or who need a general understanding of financial management to be successful in their roles
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Communication & Delegation
May 10, 2022
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In this course, you will have the opportunity to use the DiSC assessment to better understand your own leadership style and gain insight into the priorities and abilities of other members of your team. By knowing how your team members process and prioritize information, you can better tap into their motivation and explain topics meaningfully.
The second part of the course dives into the topic of delegation. While, as a leader, it can often feel like we need to do everything, delegating tasks effectively not only distributes the responsibility but also makes every team member an integral part of the organizational mission.
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Digital Marketing & Social Marketing Conference
May 24, 2022
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In this all-day conference, you will learn how to engage your customers and prospects online through your website and social media and track your activities so that you know what is working and what needs to be adjusted. Sessions include:
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Messaging for Target Audiences (Sarah Best)
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TikTok (Ya Don’t Stop): Building Relationships With A New Audience (Katie Grant)
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0-5000 in 6 (Months) – A Madison Minutes Case Study (Sam Hoisington)
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Harnessing the Power of Email Marketing to Build a Loyal List of Kindreds (Andrea Hubbert)
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Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact the UW-Madison SBDC office at sbdc@bus.wisc.edu or 608-263-2221 to request accommodations.
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