PASBDC.org | SBDC Advisor Newsletter Summer 2008 – Educational Spotlight: Business Opportunities in a Challenging Economy



	in this issue SBDC News & Information Centers Respond to Growing Concerns about Economic Conditions Bright Ideas: Energy-Saving Upgrades Pay Off for University of Scranton SBDC Client If the Weak Dollar is Hurting You, Exporting May Be the Answer Consultant Profile: Todd Dolbin Penn State SBDC Workshop Examines Business Opportunities in a Challenging Economy Small Business Institute Positions Northeastern PA Business Owners for Success Full Steam Ahead: Brookville Equipment Corporation Celebrates Long-Term Success Events Capitol Views: Congressman Jason Altmire Veteran Builds Rock-Solid Business with Wilkes University SBDC Help University of Pittsburgh SBDC Bolsters Region's Growing Tech Community Awards Client Testimonials Educational Programs First Step Workshops Educational Programs Want More? Get the Advisor in your Inbox Download PDF SBDC Services Return on Investment	Penn State SBDC Workshop Examines Business Opportunities in a Challenging Economy Dr. Patricia Greene urges attendees of the Penn State SBDC workshop not to hang on to ideas, employees and products that may not be working. Dr. Patricia Greene, Provost of Babson College in Wellesley, Massachusetts and a Penn State Alumna asked a group of small business owners: if you were told that you could invite anyone into your business network, who would you call? According to Greene, during a challenging economy, business owners must redefine opportunity – when, how, and with whom do they think about those opportunities – in order to survive. Greene recently led the Penn State SBDC workshop Growing Your Business in a Challenging Economy, which attracted 50 local business owners hoping to gain insight on how to cope with the challenges of a changing economy. Greene, a recognized expert in entrepreneurship was recently appointed to the U.S. Small Business Administration Small Business Development Centers’ Advisory Board and counts herself an avid supporter of the SBDCs. Entrepreneurs, according to Greene, tend to hang on too long to an idea that is not working, employees that do not contribute, and products that are not producing and end up watching their money go to the competition. She advised entrepreneurs to take more time to develop a relationship with resource partners such as the SBDCs. Through a hands-on exercise, Greene demonstrated how to cultivate a network of entrepreneurs that brings value back to the business. She strongly advocated for each small business owner to create an advisory board of experts who can collaborate and contribute to the success of the business. She also outlined how to use the challenge of change to create an entrepreneurial culture that translates into a thriving business model.
	Finally, Greene suggested entrepreneurs must always be open to new opportunities, allow time for new skill development and become a life long learner rather than default to the status quo. Linda Feltman, Senior Business Analyst of the SBDC, noted how Greene’s model of redefining opportunities mirrors the counsel the SBDC offers to small businesses. “We try to look at the entire business picture when working with our clients and offer them a fresh perspective. Where they may see a road block, perhaps we see a new path.”
	Small Business Institute Positions Northeastern PA Business Owners for Success To help small business owners confront increasing pressures, the University of Scranton SBDC offers the Small Business Institute in conjunction with MetroAction, Inc., an 8-week training program with a laser-like focus on the Core Four essentials of business development: 1. Success Planning Recalling the old adage “businesses don’t plan to fail—they fail to plan,” this portion of the program presents tools for self-assessment, financial goal setting, and boundary setting, offering business owners insights in how to improve skills needed for communication, selling skills and contingency planning. Here attendees prepare a “business owner” resume and personal financial plan as part of a customized blueprint for future business development. 2. Market Planning “We also want to get business owners to look at tools and strategies for transforming concepts into the reality of a market-driven business,” Elaine Tweedy, director of the University of Scranton SBDC noted. Reality, according to the Small Business Institute, requires getting a lot more detailed. That means reviewing the full gamut of markets: customer identification, competition and industry analysis, market niche and position, product and service distribution, product features and benefits, packaging, promotions, pricing, selling and contingency strategies. 3. Cash Flow Planning “To understand cash flow, owners must understand that the business and the person are separate economic entities,” Tweedy observed. Cash flow planning offers detailed strategies for preparing cash flow projections, projecting sales, setting goals, and of course, contingency planning for when the numbers just don’t turn out the way they were expected. 4. Operations Planning Operations planning helps owners identify the various “hats” a business owner must wear and how to stay focused. Here key issues and strategies for having a legitimate business, compliance with all legal requirements, and effective business operations are examined. “This Small Business Institute typifies how the SBDC looks at a business—it’s a comprehensive approach,” Tweedy explained. “You may come to us with a cash flow issue, and we can help you with that, but we’re also going to look at other areas. Contingency planning is built into every step.”