Powering the creation, growth, and success of small business in North Dakota.
By: Keith Olson, Williston Center Director At the SBDC, we work with small business owners every day. These are hardworking individuals who have poured years, sometimes decades, into building something from the ground up. Whether it is a local restaurant, HVAC service, repair shop, or professional firm, many of these businesses revolve around one person, […]
Categories: Advisor Knowledge Base
By: Sarah Nagel, Southwest Center Director Owning a small business can be exciting, rewarding, and sometimes overwhelming. Challenges like slow sales, staffing issues, or unexpected expenses can make it hard to stay motivated. But resilience, the ability to bounce back and keep going, is a skill that every successful business owner develops over time. Reconnect […]
By: Alan Gohary, Minot Center Director As a business owner or manager, understanding and managing your workforce’s potential is crucial in today’s competitive business landscape. One effective method for reviewing talent is the ABC Player Classification System. This approach helps managers categorize employees based on their performance, attitude, and overall impact on the organization. When […]
By: Keith Olson, Williston Center Director When business owners start thinking about selling, one number often takes center stage: EBITDA, or Earnings Before Interest, Taxes, Depreciation, and Amortization. It is widely viewed as a shortcut to determining what a business is worth. But relying too heavily on EBITDA can leave business owners surprised when buyers […]
By: Ashley Louw, Devils Lake Business Advisor According to a blog at UpMetrics.com, 20 percent of business start-ups fail within the first year. That number increases to 50 percent by year five. Setting up a solid plan along with realistic goals can help deter this trend and keep a business owner accountable, rather than becoming […]
By: Nicole Evans, Grand Forks Center Director Understanding Working Capital We often hear the term working capital, and we may even use it regularly in business, but what exactly does it mean, and why is it important to understand? Working capital represents the operating liquidity available to a business and is considered a component of […]
Categories: Advisor Knowledge Base
By: Paul Smith, Fargo & SE Center Director Most business owners I’ve worked with know it’s vital to keep a pulse on the financial health of their business. However, many simply don’t have time to spend hours analyzing and interpreting numbers or haven’t developed a regular routine. Here’s a simple framework to help you track […]
Written by: Ashley Louw, Devils Lake Business Advisor Many small businesses start with just the owner or a small founding team. At first, when they are handling every aspect of operations, a human resource (HR) policy might not seem necessary. But as the business grows, clear HR policies become essential. They provide structure, protect both […]
Categories: Advisor Knowledge Base
By: Keith Olson, Williston Center Director While Warren Buffett is best known as one of the world’s most successful investors, his principles for selecting companies overlap powerfully with how to run and operate a successful small business. At the ND SBDC, we think Buffett’s timeless wisdom applies just as much to Main Street as it […]
By: Chris Erwin, Fargo Center Business Advisor As an ND SBDC business advisor, I see many entrepreneurs overwhelmed by drafting business plans, designing logos, and creating social media content. A strong business plan is essential for strategic growth and securing funding, but writing one from scratch can be time-consuming. ChatGPT offers a practical solution by […]