HomeMy WebLinkAbout13-00737 06-24-13 BackupDevelopment Prograrn
••.::.:8c..1EcopOrnic:;:Ga(dnirig Project
ancl'OVertOWriP(.1§ir)s"s Resource Center
Submitted to: Neighbors and Nei hbors Association
eekCenter for. Business
-Carrie P. Meek
Center for Busines -
Accelerating the success and profit -ability of start-up and
small businesses in the Marketplace
Capacity Building Business Development Program
OvertowzBusiness Resource Center and OusiteBusiness Assessment Evaluations
TpEncourage Business Opportunities and Economic Growth and Development
For Small Businesses Located In the CRA Southeast Overtown / Park West District
In an effort to initiate small business development and to simulate its growth in the
local economy of Historical Overtown, Neighbors and Neighbors Association,
proposes to conduct onsite Business Assessment Evaluations /BAF\ for those
businesses that have completed the Capacity Building training. To offer
complimentary business development and technical assistance services related to
launching new business mrlooking to grow one through the Overtovvn Business
Resource Center.
The {]vertovvn Business Resource Center will be a One Stop business center that will
provide technical assistance, Business resources and referrals an'd business seminars,
the center will be open daily and provide computers, printing and faxing services for
the local community.
Program Design
The business assessment phase of the program will be called the Economic
Gardening Project and it will provide entrepreneurs located in the City of Miami
Overtovvn Historical District with the expertise to batter manage and grow a
financially successful srna|| business. Although many of the businesses in the 3m
Avenue Business Corridor of the [)vertovvn Historical District have attended the
Capacity Building Business Development classes and have reported that they gained
significant knowledge; they have also advised us that they would like to have more
comprehensive individualized business assistance.
To address the needs of these businesses we have further developed a three phase
business assistance and development program.
Phase One: Onsite Business Assessment Evaluations
The oUsite Business Assessment Eva|uaboOs/BAEl is an S8&,rnanagerneMttool that
is designed to aUovvthe business owner to conduct comprehensive search for
existing or potential problems and unique opportunities. The BAE will cover:
Management Assessment (Basic Planning, Personnel), Operations Assessment
(Production, Sales and marketing and Financial Assessment (General bookkeeping
and accounting practices, financial planning and loan proposal. (See BAE Attachment
PP.7-1g)
Phase Two: the E�si2es,5—Assessnment Evaluations: An Analysis of the
findings will be presented to the entrepreneurs to be used to critically assess the
zU.8Small BusinessAdministration-Business Andit
Page 1ofig
strengths and weaknesses ofall facets ofthe business; and to be used to enhance
the Success [ate of growing their 5rna|l business. By using the Business Assessment
Evaluations on a regular basis the small business owner will be better able to see
pitfalls in sufficient time to react appropriately, thus ensuring a greater possibility of
business survival and prosperity.
The third phase pfthis business development
The Economic Gardening Project is an entrepreneurial approach to gc0Donl|c
development that seeks to grow the local economy from within. Its premise is that
local entrepreneurs create the companies that bring new wealth and economic
growth to a region in the form of jobs, tax revenues, per capita income, and avibrant
local business sector. Economicgardening seeks tofocus on growing and nurturing
local businesses rather than hunting for "big game" outside the area.
The answer to implementing successful Economic Gardening Project varies by
community. Each community has a unique set of features, in terms of assets and
needs.
What differentiates economic gardening from other entrepreneurship development
strategies is its focus on providing market research and high-level technical
assistance to small growth -oriented companies. The focus is on providing accurate,
timely and relevant information tolocal entrepreneurs about key areas such astheir
competitors, customers, markets, and industry trends. Armed with this kind of
information, a srna|| business owner can make better strategic decisions, avoid costly
mistakes, and successfully grow his orher enterprise.
To develop asustainable economic gardening program, a community must assemble
its key players, develop o cornrnun understanding of the process and goals, be
committed for the long haul, and share a passion for doing things differently to grow
businesses'
ADoutline of how The Carrie Meeks Center for Business would develop asustainab|e
Economic Gardening Project for the City of Miami Ove Park West District, by
utilizing the following model:
i.Detmmmine your target business audience
The most important decision tmstart our economic gardening project needs to
answer and to determine "Who will we serve!"
Our economic gardening programs will depend on the identified goals and
community expectations of small businesses in the area. We will work with these
companies and show them the way to sustainable growth.
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|nterms of choosing a target audience, focusing ongrowth-oriented companies
will produce the greatest economic impact on the area, because they bring
money into the community from outside markets. Growth companies can range
from companies with a local market that want to expand and reach external
markets (often through e'Curnrnerce)/ to companies that have specialized
expertise or knowledge and primarily sell to external markets. Most snlai|
localities do not have the technical resources to support their needs, and we will
show them how to develop the connections and technical assistance they need to
grow.
Most of these firms are start-ups and lifestyle businesses, but some of them are
growth -oriented companies as well.
"Lifestyle" businesses (the so-called nnnnn 'n` pops) are the small retail and
service businesses inevery community. They dmnot * 'the|mcaleoononlyb«
bringing in new wealth, but they re -circulate the wealth throughout the local
They are essential to what makes alocal community avibrant and desirable place
to live and work. They can also provide significant "political capita|" for an
Economic Gardening program through their testimonials and support.
Anumber oƒlocal business organizations provide support to these start-ups, the
self-employed and lifestyle businesses' These usually include Small Business
Development [enters, SCORE, and local chambers ofcommerce. VVewill tailor
our Economic Gardening programs to partner with these entities to provide
services such as market research and demographics to assist with marketing
strategies.
The "sweet spot" for most local Economic Gardening programs may be companies
that have been h1business for one tofive years, have a desire toexpand, Land have o
potential oractual market outside the community. Thmsccurnpun/oscmnprov/de
signifcant economic impact, and can benefit greatly from the services onEconomic
Gardening program typically provides.
Tofocus onthis target audience, vewill find companies that meet the following
criteria among:
~ Firmly established (in business for 1'3years)
w Have financial statements that include profit and loss and cash flow numbers
w Have aclearly defined market
� Demonstrate revenue growth over time (even if the company has not yet
reached the breakeven point)
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* Clearly intend t0grow (as expressed (nthe desire tohire employees, expand
operations ormarket area, orseek capital investment)
• Have a product or service that is scalable and preferably unique (i.e., cannot
beeasily imitated)
~ Hape'apotential oractual market outside the local region.,
3~We Approach Economic Gardening with amasset-based rnlndsat
� We will develop an inventory ofcommunity and business assets available to
the small and medium businesses |nthe area.
w Then assist these businesses to identify the "wealth" in their community.
° Determine what skills they can tap into and what organizations to partner
with.
w Show them which business models currently works well iDthe business world.
* Help identify who is already motivated and passionate to make "things"
happen in the area.
w Point out the systems and organizations already existing to support local
entrepreneurs.
Assist them in analyzing the assets to leverage outside of the community.
A comprehensive list of assets should include the "usual suspects'/ such as
economic development organizations, Tools for Change Micro -Loan Program,
chambers ofcommerce, civic and social groups such asRotary and Kivvanis,Srnal|
Business Development Centers, SCORE, workforce centers/ universities and
community colleges, and financial institutions.
The participants would also beintroduced to other groups and individuals that
also provide value tothe local business community, which include, but not limited
w The development ofNetwork Groups (like BN|)among businesses in the area,
which will support each other.
� Community foundations and loan funds
m Professional buSineSsassociations and groups
� Elected officials, city/county governments & Policy makers
* Utility companies
* Successful entrepreneurs
w Council ofgovernments
� Entrepreneurs and inventors groups
w Arts and cultural entities
m Business and Technical Consultants
w Non-profit organizations
* Continuing business education programs
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• YouthentrepreneurdubsandinhUath/es
• Technology organizations
* Venture and angel investors
w Incubators and technology transfer programs
° Microf(nanceorganizntions
� Professionals who serve small businesses, such as lawyers, accountants,
financial advisors, designers, and marketing professionals
By highlighting individuals in the community who have skills and expertise in areas
such as business coaching and rngntohng, finance, employment/workforce
developrnent, research, marketing, meetingfacilitation, organizing/managing
projects,pUblicspeaking,|egalsupport,andfundrai�7n��the|ocalbusinessesvYou|d
have a valuable assets to help them grow in a sustainable way.
Perhaps the most important assets you can identify in the business community are
the individuals who can become champions and advocates for the economic
gardening project. They might be successful entrepreneurs who want to give back to
their community, or individuals within any of the groups or organizations listed
above.
3,Wehave access tmqualified business coaches
The most important aspect ofour economic gardening program is the business
coaching relationship. All businesses can benefit from a knowledgeable coach
who can help them think differently about their strategy and figure out what they
need to do to move tothe next stage. We will provide this expertise to our
Economic Gardening program.
Entrepreneurs who pay attention to their core strategy are more likely to be
successful than those who don't. They need to understand the unique niche their
business fills, who their ideal customers are, what motivates their customers to
buy, and how toreach their potential market.
They need to network with the people and organizations that can help them.
The Carrie Meeks Center for Business will identify the following characteristics as
essential in selecting business coaches (to provide these services on their behalf.
> One who knows the game
> One who has played the game
> one who can teach hth the game ,
> One who can innovate to increase performance
The E'cmadl is not necessarily the "expert," but is a person who knows how to
network clients to the right answers in the right order. Coaching is part art form
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and part science. Since most E-coachesdonot bring afully developed set of skills
to this job, they will also need ongoing mentoring to be successful.
We have access toquite afew good business coaches who come from various
arenas such as, successful retired entrepreneurs, staff person at college or
university entrepreneurship programs, incubator staff, oraperson from any kind
otsetting who has business experience, knowledge of business strategy and a
passion for helping local entrepreneurs.
4~Wewill develop on entrepreneurial support system that has "no wrong doors.~
We will encourage and spearhead the development of an organization where
people can go to get business help, make sure each one offers appropriate
referrals tmthe others, refers tothis approach as "no wrong doot" No matter
which door (i.e., service provider) a business owner enters, they will get to the
information and resources they need. This means that each business owner must
understand what every other business offers, and who is eligible for their
services.
Business Netvvnd« International (BN|) offers a mode[ for the implementation of
resource provider network within a particular region. This package offers a
systematic way to identify and organize services offered by local resource
partners into a network group where they capture the information about
business service provide r*sinyour area, and share |twith all other partners within
the group.
This will ensure that each business owner utilizes the services provided by their
omtvvmrk colleagues before looking outside the group.
Referrals will bethe key tosustainable success ofthis networking model.
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Figure 1 — Types of Business Assessment Evaluations
THE MANAGEMENT EVALUATIONS
Basic Planning
Personnel
THE OPERATIONS EVALUATIONS
Production
Sales and marketing
Advertising and promotion
THE FINANCIAL EVALUATIONS
General bookkeeping and accounting practices
Financial planning and loan proposals
Page 7 of 19
Management Assessment
Yes No
A. The company has a clearly defined mission_
1_ There is a viritten inon tatement.
2. Ompany 'is carrying out the mission.
3. Killion statement is modirrednium necessary_
4. Employees understand & share in the Triftilin
The corepmly has a written sales plan.
1. Market niche has been idersirmi
/ New product linesaiedeveloped wtenapprofaiate.
3. Targetedutuu are being reached_
4. Sales are innessiof
C. The company has an alma budget.
1. Budget is used as a Beadle guida
2. Budget is used as a control device.
3. Actual expenditures compared wins' thodgeted
espezarthis.
4. Corrective action is tam when =pauses are ovelbudget_
5. Ownes impales lialadst
6. The br4get is realistic.
Page 8 of 9
Management Assessment
Et The ICTIntrany has a piling policy.
1. Products or services ,me competitively pined
z. less presides volume &comas.
3. Pry areirrmasralwhen warranted_
4. Three is aip between pricing andsal,es trcur
5. New prices are placed reinlast-in goods when She pry
old Lek gets flywal
A Emile yeesk
1. Each
3e vohmtver eta
their saperai na.
4. Employees are n ti s is en yCalx
5. Fps feel adequately trained.
Fmk employee has:a job desulptica.
1. Employees can accurately demise what theydo.
1 Employees do what is erpeuEd.
3. Work load is distributed equitably,
4. Employees receive feedback enpmlimmnc
S. Employees arerewarded for good performance.
6. Employees wefamitiarvifi►company poIieiee
7. There isat cisepolicymoms]
Page 9 of 19
Management Assessment
Preventive disriplina is usedyl m appropriate.
L Employees axe infi divben performance
below standard
1Uneacosed.absencesamdealt with immeciaEely.
3. Theftpreventionmeasmesaxeinplace.
Regular employee meetings
1_ ratployeed ids are solicited at meeting.
2. An agenda peen in employers prior at the waging
Page to oft9
Operations Assessment
has a
1. A weli-doetereated.plan addresses haw to dent with
suPPberg-
2. linentaryde rytimes are specified.
3_ Levels of quality ofmaie ials aad sesvic s are wed
4 Pay acut terms are documented_
5. actinganey plans ere provided.
6_ Regular turbot ismade with sopplien
The.
1.
1.
2
3. Ineoesing inspeciionlevelsefqualityared
The companyhat auntie sources tr mesaesials.
L Tavo uc rxaae are identified fir each praldoct
good
unitary
ear i-
c lr fraMda to provide for
im ltoryina
brawling irapectionisbeing
Yes lie
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Operations Assessment
E compaay. his a routine me intermew progrsma.
1. A routine maintenance programis docianental and
comammicated to sill maintenance perrionael
Every major piece of equipment bas a maliderwrrP1og
posificased in in obvimm pl
3. Preventive mainteuance is a regular
F. The (=was), has a formal operaiortraising program_
1_ Company bas a written operator tutining mmort
2_ A pagiezvelriini process is in phce.
3. Accthditre identified answer
questions frumbainees.
4. Constructive feertack smining-p:roffess is prmidedis a
oonimirrirlakE. &shim
G. The company mesh Occupational Safety and Health
Administration (MIA) stands:At
1. Company is aware of0SliA dueler& pertaining to the
business.
Conway rmencts regular meetings with employees
concerning OSEIA standmds.
3 All safety records awl lost time accidents me documented.
company has a well-docrunented Foressing procedure.
1. A arbPrialing process mall.% admit to be grouped for mare
salami pre:clank lg.
A seb.-RuUng chart allowing instantaneous rear of
priductien status is in an obvious place.
3. Subassemblies menufacturedin sufficient quantities
car a timely basis.
4.Ftuitled sbck is safely transparted to a clean and dry
Page 12 of 19
Operations Assessment
5. Adequate contmls are Trovided paectruIP emessive
inventory buidopathat couldresult in finisled
&di spoilage or olnalmegmne
The company has an animnmental awareams parley.
1. A policy pestaining to the disposition of Wardens waste
materials it fully documented and comnamicated 1111
--
Attt
3_ if ...ill
Regular condirted to detennine better
methods, ef dealing viiihbyproducts.
company anemptsto stay mined vrithtechnologjcal advances_
1. Company reramentatives attend trade shows cm a regular
basis,
2.
CnyhTI1IeiD trade publications.
3. A inmal employee ingges6.on program place_
4. Company condo& regular technology advancement
brainstoiming sessions involving theemployeet
5. Company is involved intim easmounityls extended 'Aiming
Pregml24-
II. Sales and Tibrketing
A. The owner knows madly what the business is.
1. The owner lama esadly nth° the imitornmis.
2. Potnitial coalmen know /bind ihebusinest
3. Location is appropsialn far ihe business.
4. The minket is elenly
Page i3 of ig
Operations Assessment
Tlw. mind Immo compelitem and their location
1. The owner Immo hofliV his or harpirrN compare with the
Competition.
I The ownerlaidi haw the competiiion ia rgrded_
3_ Ceram:dab are mied for strategic marketing.
4. The owner known the oamty sales patters.
C. The owner and 64.91..k.1 focus on custom -needs.
1. The otialtlf add employed treat customers reurteous13r.
2. The•mime& comma eariplainta and ouggetliont are
Named to made*.
3. Customers are providedwith quirk reliable servie
4. The ownerknowledgeable brir eiatomers.
5. Appmpriatehousekeeping poeceduret ix -the, business are
followed.
D. The owner ig Mlle of aulomer needs
1. Feeelbark IBLItiCarifd firm ceskaners.
/ Said reneipla me monitored_
3. Saha receipts sue colivared to those ken previous
4. Setimalvariatima am talon into mama
E. The company needs to imam mles Inelmne.
1. There is a sales plan in erect.
/ Sales go& are being red
3. Firreive sales pdentations beingpt
=tamed
4. Names ofpot pita kept itta folloor-up tile.
5. Sala me closed effectively.
Page 14 of 19
Operations Assessment
BI Advertishig amd Pinmotina
A. The owner has an advenisi* wielpromotion plan.
Thebusiatesc
1_ Has an advertising budget
1 Advertises monthly.
3. Advertises weekly_
4. Has a pnamotional calendar.
R TJ owneruses effective advestishig and pamolien.
The owner
1. Adger& es in gle Yellow Pages.
2. Uses newspapers and shoppers.
3_ Uses radio and telesision advertising.
4. Obtains no -cost tx low-cost media covenige.
C. The cnimeruses effective merchandng tedmiques,
The owner:
1. Relates display space to sales
Uses vendor promotiontd aids.
3. Knows traffic fiesepatterne of =towels_
4_ Keeps finalities dean.
D. The owner eyeholes alvertiming and plomotimaal efforts.
The ownet,
1. DifIewjd advertising.
2. Ascertains' if sales ins:nine after special ponaotke_
3. Finds oat whether- advertising is restrbing intended madEnt,
Page 15 of 19
Financial Assessment
Yes, Na
I. GeneralBeokkeepilg and Accounting; Practices
A. Thr company has abook— gi gcuaccounting system.
The owner.
1_ aerial the books.
a Undeds fire haw and why.
b. Preplan r arer. fma,uisl statements.
Pays fia-bnakkeepmg rice
a UncipTqnnetc f nanriai SWEEGEffig.
b4 Has rases dome by bookkeeper.
Has compared cost far bookkeeper with That of
CPA
B. The cry iecnmrrlea bank statements monthly_
C. The orempanykeepsincome and expense accurate
and prepares statement monthly_
The owner.
1, itnderstaards patinae of financial statements.
2. Compares seven! mutably statements flu hands.
3. Compares statements wind nanny averages.
4. Knows =rent 5namciai status allaninen.
Page16of19
Financial Assessment
D. Theoompanymeketmonthly dermas fedesa1withholding and
Social Sauey lama.
The owner
1. Undembmds FiR941.
1 Makes deposits on time to as o6dp lhPs
3. Ps+avide ViT-2 infirwinatinn
E. 'The company has 2 credit policy.
The company:
1. Ages balm systemnionibly.
1 Assesses hde payment terrain cus
3. Miles enad.debts.
4. Has good collethonpot
3. Has a sew ofincratsinglypointedfiett to
later
fi Hm VISA, Mask:ONO, Cr other credit card system.
7. Emphasizes cash dam
E. T1a company film all tax Datums a a timely m r_
The
1. Comilla' 1aa implicade s ofrip ipment easiy_
2 Considen bartenais.kasepossdbiities.
3. Qaskie * roadroad& advanlagettdkathrantagmof
4. Does not payls&penalties(fdezal,state, s les).
Page 17of19
Financial Assessment
D. The company makes fly deposits for ral aml
Fiat Swanky taxes.
The imam
1. Mammies&Faan9f1.
2. Makes duets oo time 'to maid per.
3. Provides W 2 min.
E. The c oI Epany has a credit policy_
Theerve'w:
1. Ages baths sperm wy.
2. Asses late paymecst fee from. asthma.
3_ Writes tined debts.
4. Has good collection poi s.
5. Hasa ofinereasinglypointedletTesstocazllecdfrom
late customers.
f. Has VISA, MasterCard,orother credit card system.
T_ F+nphaaiaes oash dices
F. yhecomprolyflesalltzsrehunsinati n
The owner
1_ Cauddes taxinplicatiousoft
1 Considers buyvemuslease posses.
3. Considers pomade admtdisadvaudigesof
ineosporationeSobethapter
4., hoes not haYtm penalties Waal, Mate, ).
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