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Educating, Mentoring, and Coaching Small Business

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Dr. Scott Taylor gets interviewed by MPR

September 7, 2012 by Scott Taylor Leave a Comment
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Dr. Taylor interviews with Tom Crann

Minnesota Public Radio

 

Link to interviw: http://minnesota.publicradio.org/display/web/2012/08/30/business/economic-lookout-scott-taylor/

This doesn’t happen every day.  I was working peacefully at my desk when the phone rang. “Hi, I’m Alex DiPalma, producer for National Public Radio’s “All Things Considered.” I understand you are an expert in small business and we’re interested in having you on our show.”

 

We did a “pre-interview” for about half an hour. I guess I passed because Alex announced that she would look forward to having me on the show…just as soon as she checked with Tom Crann (the person who would actually be conducting the interview). Ten minutes later I got the call.

 

“OK, Mr. Taylor, you’re on.” Great. When? “Tomorrow at 2 p.m. We’ll record you for about 20 minutes and use about four.”

 

I will say that MPR treated me well. I got a reserved parking place by the front door of their offices in downtown St. Paul, a special visitor guest badge and free drinks in the green room.

 

Tom exuded warmth and comfort. We started the interview with some warm-up questions about what I do and what I see happening in the economy for small businesses. Then the curves came. What about the policies of Obama and Romney concerning small businesses? What about the “we built it phrase” the Republicans are using at the convention? Yikes. Alex had told me to be ready for questions about how small businesses are faring in this economy—not to be snappy and conversant on policy.

 

I sidestepped the political query and punted. Regardless of who wins the election, I said, the US needs to invest in issues that matter most to small business…a strong infrastructure, streamlined regulatory policy and a tax code that makes sense. Enjoy the broadcast. What do you think?

Filed Under: Uncategorized

Minnesota Mentors Predict

December 26, 2011 by Scott Taylor Leave a Comment
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The Minnesota Mentors will again “predict” the coming year for Small Businesses.

Last year, the Minnesota Mentors (instructors in the MNSCU program of Small Business Management) predicted the 2011 future for small Businesses.  Looking back at their predictions, they did fantastic in only missing on one of their many predictions.  Not only did they give some great predictions but also did several seminars on skills business owners needed for 2011.

Duane HoverstenDr Scott TaylorDr Scott Taylor

 
 
 
 
 
 
 
 
 
 
Dan Sprague
 

Chad Oudekerk If your communDan SpragueDr Scott TaylorDr Scott Taylor

 
 

Dr Scott Taylor

 
 
 
 
 
 
 
 
 
 

If you would like the Minnesota Mentors to put on their predictions for Small Businesses for 2012 in your community, contact Duane Hoversten at 320-282-1677 or email duane.hoversten@southcentral.edu

 
 
 
 
 
 

Filed Under: Uncategorized

Happy Holidays from the Minnesota Mentors!!!

December 6, 2011 by Scott Taylor 1 Comment
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We want to wish all Businesses a Happy  Holidays and Prospersous New Year.

Scott Taylor

Dan Sprague

Chad Oudekerk

Deb Munsterman

Duane Hoversten

 

Your Minnesota Mentors

Filed Under: Uncategorized

Business Succession is a Rocky Road

November 20, 2011 by Scott Taylor Leave a Comment
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Duane Hoversten

I have worked with a number of businesses through business succession in the last few years.  It has been a rocky road in most cases. The business succession I am talking about is the succession where a business owner is selling on passing the business on to an employee or is passing it down to one of his family. 

Why the rocky road??  Probably the biggest problem is the expectations of each side of the succession process.  What do I mean? Typically the current owner has the expectation that he/she will sell their business and it will be exactly the same as before they sold it.  They think it will stay the same especially if they are going to continiue to work in the business.  They think they will still be making the decisions or be involved in the decision making. In most cases, this will NOT be the case!!!  This needs to be understood by the selling owner.  He/She will see mistakes that they think are being made and want to just “take over”.  GET OVER IT!!!  You have sold the business. 

Take it from one who has been there.  I co-owned a software company at one time.  A company came in and offered an amount of money that we could not turn down.  I was to work for the company for 2 years.  I only lasted a year BECAUSE I COULD NOT GET OVER IT!  You are going to see errors – live with it UNLESS asked.

The other issue is that the NEW owners feel they KNOW EVERYTHING and WANT TO DO IT THEIR WAY IN THEIR TIME FRAME.  Many times they were not trained in all areas of the business by the previous owner.  The owner did not share EVERYTHING as they went through the Succession process. 

In all of the situations that I have worked with, we ended up with good to GREAT outcomes.  But it took a lot of work on all of our parts to get good outcomes.  Most of these outcomes were NOT where we initially set out to go- but nevertheless it ended up being good.

Bottom line – get some outside help as you go through the Succession process.  Many times a cool outside head and mediator can be of great help through this Rocky Road to Succession.

Filed Under: Business Succession, Uncategorized

QR (Quick Response Code)

November 1, 2011 by Scott Taylor Leave a Comment
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The following is from Mid Minnesota Marketing <tim.haas@midmnmarketing.com>

Thank you Tim for the Article

A QR code (Quick Response Code) was first designed for use within the automotive industry in 1994. They were used to track vehicles during production. There are several standards of two-dimensional barcodes with the QR code being the most common.

The QR codes have been used widely in Japan and Great Britain for many years. We are just starting to use them for marketing in the U.S.

As with any promising technology it is copied and applied to other industries . . . like advertising. As the industry struggles to use this new technology, there are two main points of concern.

The Learning Curve

The consumer has to catch on to what they are . . . then learn how to use them.

Many smart phones now come with built in QR app’s. If your’s does not you can add an app to your phone. There are free app’s available as well as paid app’s.

Once you have the app installed you need to open the app and scan the image of the QR code. (using your phones camera) The app will automatically process the code. It may load a webpage, display a message or key in a phone number. That all depends on what the advertiser wants it to do for you.

As with any new technology, its use is dependant upon the end user learning and accepting it.

Get Creative

The second area of concern lies on the marketing industry. We must learn how to creatively use a QR code.

When they first arrived on the scene mobile devices either didn’t have keyboards or they were very awkward to use. Remember the days of texting using the number key pad on your phone?

The QR code was a very quick and effective way to gather contact information (vCards), enter a URL or e-mail address. Now people are accustomed to using miniature keyboards and can enter the data manually easier than opening the QR code program and capturing the image.

We need to find creative and engaging uses for the QR Code. Here are a few ideas.

  • Deep Penetration of your website. Don’t just send them to the home page, those URL’s tend to be easy to type. Send them deep within your website to a specific page or to a page that can not be accessed other than through the use of the QR code.
  • Prize Give-away. Consider printing select versions of the code that make the user a winner of a prize. The losing codes can display a polite “Sorry, this is not a winning code” message. Or, if you can not print different versions of the code, have it lead to a registration page where you can collect contact information.
  • The Scavenger Hunt Place QR codes in different areas around your business or other participating businesses. Each time a code is read, it contains a clue that leads them to the next code. The prize can be just about anything, the important thing is to engage their interest . . . make it worthwhile.

The QR Code is a relatively new technology that will certainly grow and become more main stream as advertisers and consumers alike learn how to use it.

Filed Under: Marketing Your Business

Time Management

October 20, 2011 by Scott Taylor Leave a Comment
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I meet with clients on a regular basis.  It seems that certain clients always seem to need to reschedule our appointments.  These same clients are the ones with typically the lowest profitability in their business.  Do you think there is a connection???

Businesses who are reactive and don’t follow a plan are never as profitable as businesses that are proactive.  Schedules and meetings and organization are a big part of that.

The first thing a business owner needs to control is his schedule.  It does not matter wether you use a calender or an electronic schedule keeper.  The key is to use something and be proactive on your scheule and time management. This will help your company’s profitability and your stress in running your business.

Filed Under: Business Growth and Success

What is new with Web sites??

September 7, 2011 by Scott Taylor Leave a Comment
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What is new on the web. (From Steve Gasser – Vivid Image)

Duane Hoversten

 Mobilization of web sites is big (making your web site work on cell phones).   Also  adding aps for your business on cell phones is another hot area in working with you site.

Google algorithms have changed. (This is how you web site gets found in a search on Google)   Some of the things Google is looking at are  Social media tie ins, bounce rates, and time spent on site when one gets there.  Google is still look for updated pages.  It is important to keep your web site fresh.   Also blogs on your web site and and social media links really help your being found. 

Also a trend is for the business to hire someone just to stay on top of their web site so they will be found and have an uptodate and current site.

Filed Under: Uncategorized

Minnesota Mentors Announce 3 Programs

September 6, 2011 by Scott Taylor Leave a Comment
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Minnesota Mentors (Small Business Management Instructors from South Central and Minnesota West) Colleges0 annouce the start of 3 programs.

 

Minnesota Mentors Launch Program   – Starting in October

 

Lean how to Start Your Business!!!!

10 Online Classroom Sessions, plus a coach to work with you one-on-one!

When you complete this 10 week online course, you will have completed a Business Plan to start or run your business with.  You will also complete a Pro Forma cashflow for your banker.

There’s no shortage of enthusiasm for starting or growing a business. And seemingly no limit to the availability of “how to”, “what to do”, and even “when to do it” guides for entrepreneurs. So how do you find your way through the clutter to find the information you really want? Get the answers you are looking for with Minnesota Mentors Launch Program.

Designed specifically for entrepreneurs in the early stages of business development, The entrepreneurship class not only helps you uncover the answers, it also helps you determine the questions to ask. Save time and money by testing the feasibility of your business concept before you launch. Form relationships with people who can prove to you that starting or growing your own business doesn’t mean going it alone

Minnesota Mentors Growth Program   – Starting in  October

 

Discover how to plan for purposeful, profitable growth, and improved business performance. Hindsight is 20/20, so take what you’ve learned in your business and look to the future. Create a framework to improve the performance of your business with Entreprenuership Growth Track 

Targeted specifically to entrepreneurs who have experience running their businesses, Entreprenuership Growth Track  focuses on the issues you need to:

  • Make critical decisions about your business vision and strategy;
  • Investigate next-stage growth and opportunity;
  • Plan for strategic growth;
  • Build and maintain a competitive advantage;
  • Lead with clarity; and
  • Maximize cash flow for future profitability.

Tailor-Made for the Self-Made Entrepreneur

Entreprenuership Growth Track  makes you an active participant in a program designed for entrepreneurs just like you. Facilitators are knowledgeable entrepreneurs who are attuned to the issues that influence the decisions you make about your business. They make the program meaningful by applying this knowledge to your business. Business coaching enables you to access one-on-one input with issues as varied as:

  • Business performance and planning;
  • Strategic marketing;
  • Employment issues;
  • Financial backing and support; and
  • Growth readiness.

What’s more, you gain enthusiasm for your business future—along with the valuable networking relationships that last well beyond the program.

 

Connect with the Right People!

Thoughtful, insightful, and above all practical, Minnesota Mentor’s Growth Track provides a forum that allows you to:

  • Analyze your business and evaluate the market for growth;
  • Streamline your business to operate more efficiently;
  • Determine strategies to achieve your goals;
  • Understand how to access the human, financial, and business resources available to you;
  • Calculate the funds required to reach your next growth phase;
  • Create a framework to sustain maximum profitability while you grow; and
  • Use the tools and resources that assist you in planning for growth.

Cost: $499

Start Date:  October , 2011  

Register for Minneosota Mentors Growth Track  Class

Minnesota Mentors Core Program   – Starting in September

A Proven Program for Improving Your Business Skills and Your Business offered by South Central and Minnesota West Small Business Mangement Programs.

Cost is $950/Semester and includes 8 on-line classes per semester

Students/Business Owners meet for a one-hour webinar
  • Sessions last 40-50 minutes with 10-15 minutes reserved for Q&A
  • Sessions would be recorded for playback at any time
  • Students can join at any time
    1 on 1 via phone – 5 meetings per semester

 Students/Business Owners meet for a one-hour individualized consultation

  • Sessions are by phone or web based, depending on need
  • Sessions are scheduled to meet student/instructor openings
  • Sessions address individual concerns of business owners

In-person/on-line networking (2 Sessions/Semester)

Students/Business Owners gather to meet and exchange knowledge

  • Sessions are in-person (rotated around the state) and on-line via web cam
  • Sessions consist of lecture and student discussion

Chad Oudekerk – (507) 317-1495 or chad.oudekerk@southcentral.edu
Scott Taylor – (507) 317-3047 or scott.taylor@southcentral.edu
Dan Sprague (952-361-3552)  or dan.sprague@southcentral.edu Hoversten – (320) 282-1677 or duane.hoversten@southcentral.edu

Duane

Filed Under: Uncategorized

Logic’s global push counters recession

October 18, 2010 by Scott Taylor Leave a Comment
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From Minneapolis Star Tribune Story on Logic

http://www.startribune.com/business/105057719.html?page=1&c=y

And below our Scott Taylor comments

The expert says: Scott Taylor, professor of small business management at MnSCU’s South Central College in Mankato and an instructor in the new Small Business Management Core webinar series (www.sbmprogram.com), said Logic benefits from a “double whammy” by having leadership that refused to hunker down in the face of the recession and followed up by pursuing new opportunities.

“These guys said what we’re going to do in these dark times is go to the light,” Taylor said. “It’s a statement to yourself and the company that we believe the future is out there and we’re going to grab it. Everybody gets inspired when we invest in hope. There’s an old adage that the best time to launch a new enterprise is the day after the bottom of a recession.”

Filed Under: Business Growth and Success

Star Tribune Story about Keeping Your Business Afloat

October 6, 2010 by Scott Taylor Leave a Comment
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Staying afloat in turbulent times
TODD NELSON, Special to the Star Tribune

When the going gets tough for small-business owners, some have found going back to school makes them tougher competitors.

The Small Business Management Core program, known as SBM Core, features instruction by small-business owners who also are licensed instructors in the Minnesota State Colleges and Universities system and part of the Minnesota Mentors program. The Mentors program is a project of MnSCU’s South Central College in Mankato, Minnesota West Community and Technical College in Pipestone, and Central Lakes College in Brainerd.

Courses, which include strategic planning, marketing and financial basics, are taught through eight biweekly webinars. Small-business owners and entrepreneurs throughout the state can “attend” live sessions online or replay recorded classes.

In addition to the online courses, students get two face-to-face classes and eight individual mentoring sessions, at least once in person and also online, with one of the seven instructors from the Minnesota Mentors program.

The mentors aim to provide customized advice to help owners jump-start businesses reeling from the recession, which in many cases brought to light just how sloppily some owners had been running their companies, said Duane Hoversten, an SBM Core instructor and small-business management instructor at Ridgewater College in Willmar.

“Before the last two years with the economic downturn, it was pretty tough not to make money in a business if you were doing anything right at all,” said Hoversten, who also is co-owner of Summer Haven RV Resort near Bemidji. “But with the downturn you had to make decisions and run your business really well to just survive. We have businesses now that are just trying to figure out the best way to survive and take advantage of some of the growth opportunities that are now out there because some of their competitors have just gone away.”

Marketing was one area where many small businesses came up short when the recession hit, Hoversten said.

“Some had no marketing program whatsoever,” Hoversten said. “It has become very important to find new customers, when some of the customers they had in the past just didn’t even exist anymore. Without having any marketing or any marketing plans in place, they were dead in the water as far as trying to grow or even maintain their business.”

Hunker-down antidote

The SBM Core program is a lower-cost alternative to business consultants, who can charge tens of thousands of dollars for custom problem-solving engagements and don’t teach skills over time or provide follow-up mentoring, Hoversten said.

The program also is an antidote to the hunker-down syndrome that gripped many small-business owners during the recession, said Scott Taylor, professor of small-business management at South Central College.

“One of the lessons that we learned from this recession is that you can’t be in the middle,” Taylor said. “The safe position in your market winds up being the most unsafe position in your market. Sometimes mentors have to challenge people, to say, ‘How can we look out here and see the opportunities?’ Mentors can help with that, or the other people in the class.”

That’s exactly what Cathy Collison, owner of Glass Garden Beads in Northfield and a longtime Minnesota Mentors client, found. Sales stalled when the economy soured, but she went ahead with plans to launch a manufacturing division to help produce new, unusual items for her store, trade shows and her online shop. Customers were spending less but were ready to buy things they hadn’t seen before.

Collison had worked with Taylor to plan the new division and to improve her trade show booth and other marketing elements. Her company shrugged off several months of slow sales and has posted record sales every year since.

“We had incredible growth once we regrouped and went for it,” Collison said. “We kept our focus on bringing out new items. We didn’t pull back when the recession hit, we were ready to put out new stuff and go for it.”

Collison was ready for the recession in part because she had been working with Taylor and other Minnesota Mentors for years to improve her bookkeeping and other aspects of her business. Last year, she sent two employees to an SBM Core pilot program supported by the Grand Rapids-based Blandin Foundation.

Working on the business, and not just in it, is an important step for small-business owners like Collision, said Hoversten.

“Most businesses get started by what we call technicians,” Hoversten said. “They went into the business with strong technical skills but they didn’t know how to run a business and all of the systems that are required. Planning and budgeting and creating systems like employee manuals, accounts receivable procedures, are things they don’t think are important.”

The lack of those systems, however, contributes greatly to the 80 percent failure rate of new businesses within their first five years, Hoversten said, citing Small Business Administration figures. In contrast, 80 percent of the businesses that have worked with the Minnesota Mentors program last for five years or more.

The mentors program traces its roots to 1975, when business leaders, politicians and educators from Minnesota’s small colleges and universities were responding to a downturn.

Todd Nelson is a freelance writer in Woodbury. His e-mail address is todd_nelson@mac.com.

http://www.startribune.com/business/104172128.html?elr=KArksUUUoDEy3LGDiO7aiU

Filed Under: Business Growth and Success
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