News

Good planning keeps local businesses strong


In the hustle and bustle of everyday commerce, businesses can lose sight of the need to maintain their strength with an active business plan. Even a company that started with a solid plan needs to enhance that blueprint for success with periodic updates. Part of what makes each community unique is the variety of business operations that drives its economy.

           

 

As a community, we want our local businesses to be successful because the mix of commercial, agri-business, manufacturing, professional and service companies defines the opportunities, the construction activity and the tax base of each town. That’s why we need to encourage our local businesses to plan for their startup all the way through succession planning.

           

 

The Small Business Development Center (SBDC) is a great place to start, providing free and confidential consulting for businesses, no matter which stage of the process they are at. From business planning and cash flow management to marketing strategies and business expansion, the SBDC can be a trusted partner. Learn more at https://sdbusinesshelp.com/.

           

 

It is a fact that, in any size city, a majority of job growth comes from existing businesses. These companies have established supply chains, relationships that facilitate distribution of goods and services—and they understand their home communities. Our local businesses are great corporate citizens, contributing much more than taxes to the well being of our communities.

           

 

That’s why we need to let our local companies know they are part of our future and that all of us have a stake in their success. Planning well today is the best way to ensure a strong and economically secure tomorrow.

 

 

By Nick Fosheim, Executive Director, Lincoln and Minnehaha County Economic Development Associations

 

  

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