How is your company’s financial performance?

Business owners wear many hats; most are taxed with sales, marketing, finance, operations, and other demands of their business. Some owners are exceptional sales people and horrific bookkeepers, others are the opposite. Owners often neglect one of the most important aspects of operating a successful company, proper financial management. Proper financial management begins with the ability to produce accurate and timely financial reports. It is also paramount that you are able to analyze, interpret, and make future decisions based off the numbers.

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People naturally fear what they don’t know or are not familiar with. Unfortunately, many businesses fail each year due to negligence of financial management. We always encourage our clients to take control of their business and its future by looking at and understanding what is happening to their company financially. The clients who take action–succeed!

As a business owner, you need to build a solid team of professionals who are interested in your success. Part of that team will consist of business advisors, CPA, and a banker-someone who can help you understand the financial components of your business. These individuals will help you interpret your company’s story by identifying successes and areas for improvement. They also may help you build a plan to improve the performance of your business. You, the business owner, will play a key role in the planning process and will ultimately put the plan into
action and monitor the results.

If you are not currently looking at your P&L and balance sheet routinely, begin to do so or you could find yourself on the slippery slope to closing the doors. Take action–begin the journey today! Call Jon at 507-344-7895 to have a free and confidential financial performance report conducted on your business. We will generate a detailed report of your company’s financial performance benchmarked against industry competitors. Then, we will then sit down with you in a one-on-one setting to interpret the results. Lastly, we will help you build a roadmap to
improve performance and get you in touch with the proper resources to bring it to fruition.

by Jon Herzog

MARTIN COUNTY Receives 2011 OUTSTANDING ECONOMIC DEVELOPMENT EFFORT Award

Economic-Development-Award_Martin-300x200(St. Paul, MN)— Martin County’s IGNITE Program was honored by the Minnesota Association of Professional County Economic Developers (MAPCED) during the Association of Minnesota Counties’ (AMC) Annual Conference December 5 in Minneapolis.  The purpose of the award is to recognize and celebrate successful economic development efforts and partnerships that fulfill the MAPCED mission of fostering economic
growth expanding tax base and enhancing quality of life in Minnesota counties.

Serving as the fuel of an economy, entrepreneurs and small businesses will perpetually exist. Consequently, it is imperative to provide them with the one-on-one support, inspiration, and resources they need to build their business and flourish. Recognizing the importance, in 2007, the Martin County Board of Commissioners along with the Martin County EDA (MCEDA) set its vision in motion to implement a business facilitation program to assist entrepreneurs and small business in getting their inventions, products, or services to the next level. MCEDA partnered with the Riverbend Center for Entrepreneurial Facilitation (RCEF) to launch an economic development initiative in Martin County called IGNITE.With the mission to Inspire Growth and Nurture Innovative Talent through Empowerment the program strives to grow, strengthen, and develop new and existing businesses and create jobs. The program achieves this by providing entrepreneurs and businesses with free and confidential technical assistance to start or grow their business.

The program has been a tremendous asset for both entrepreneurs and small businesses in Martin County. Since its inception in 2007, IGNITE Business Facilitators have provided professional guidance to 155 clients ranging from individuals  with a business idea to $5 million dollar corporations expanding their operations. They effectively helped start 56, stabilize 37, and expand 30 businesses, resulting in the preservation or creation of 124 jobs within the 10 communities of Martin County. In 2010, the programs cost per job created or maintained was a mere $616. IGNITE has hosted or participated in 16 community development events and projects. Some of which include Minnesota Marketplace for Entrepreneurs, Core Four Business Planning Course, and Area Career Exploration (ACE).

The program has served as a keystone for the county’s natural resource growth and sustainability. Year after year, the program has produced exceptional results and has served as a catalyst in sustaining and growing the economic vitality of the communities in Martin County. This unique model can be imitated by other counties and economic development authorities to stimulate community development at a very low cost.

Report: EDA making difference

“Report: EDA making a difference”

Fairmont Sentinel Article

April 3rd, 2012

By Jenn Brookens – Staff Writer, Fairmont Sentinel

Martin County EDA finds important niche

“Martin County EDA finds important niche”

Fairmont Sentinel Article

April 5th, 2012

By Gary Andersen, Lee Smith – Fairmont Sentinel

Group says it has saved jobs

Group says it has saved jobs