Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 1 Effective Small Business Assessment Breakout Session for WBIA Growing Wisconsin Entrepreneurs.

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Presentation transcript:

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 1 Effective Small Business Assessment Breakout Session for WBIA Growing Wisconsin Entrepreneurs November 4, 2005 B ased on 2005 Study Entrepreneurial Lessons from Past Urban Business Experiences Helen Bader Foundation Sponsors of 2005 Study on Urban Businesses

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 2 Agenda Topic IStudy Overview Topic IIAssessment Process Topic IIIAssessment Tools

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 3 Topic I Study Overview Entrepreneurial Lessons from Past Urban Experiences

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 4 Key Findings - Common Factors I.Owner Experience: Market Development & Management a.Marketing/Sales Experience a.Business Management Experience II.Owner Access to Funding Working Capital & /Contingency Funds a.Established Source of Working Capital b.Access to Contingency Funds I.Owner Control Operational Process/Cost Controls a.Well-defined Operational Processes b.Routine Financial Reviews

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 5 Topic II Assessment Process

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 6 Make Referrals Provide One-on-One Counselling Provide Classroom Style Training Specialists Perform Tasks For Clients Tier I Tier II Tier III Loan Funds CDFI’s CDC’s EDC’s Incubators Attorneys Bankers CPA’s ABC’s Schools Consultants Technical Assistance Flow Workshops Classes Seminars

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 7

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 8 Checklist BACOM-001 First meeting is one-to- one and designed to assess readiness or likelihood to succeed Outreach and recruitment thru seminars, workshops, networks, referrals and word-of-mouth Not Ready to Start Business Ready to Start Business Existing Business Tier I Assessment Process

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 9 Topic III Tools Key Question: Is this client “Business Ready”?

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 10 Is This Client “Business Ready”? 1.How to separate clients who are not business ready? 2.What to do if the client is not ready? 3.What to do if the client is ready to start?

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 11 How to separate clients who are not business ready? Business Readiness Interview Form BACOM Measure Feasibility of Business Concept 2. Examine Credit Condition 3. Understand Owner Qualifications

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 12

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 13 What to do if the client is not ready? 1.Use the Business Readiness Form to document referrals to assistance. 2.Always refer clients to business training classes or workshops. 3.Schedule follow-up timeline. 4.Explain client’s homework and expectations for any follow-up meetings.

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 14 Business Training Classes or Workshops Small Business Development Centers (SBDC) Wisconsin Women Business Initiative Corporation (WWBIC) Service Corps of Retired Executives (SCORE) Commerce Technical Colleges Economic Development Agencies Others…

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 15 What to do if the client is ready to start? Business Startup Flowchart Technical Assistance Plan

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 16

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 17

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 18 How to pass referrals to other TA Providers?

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 19

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 20

Nov 4, 2005 Business Assistance Caucus of Milwaukee (BACOM) 21 Presenters Kate Hill Donald Hill Heartland Information Research, Inc 6434 W. North Avenue Wauwatosa, WI