Powering the creation, growth, and success of small business in North Dakota.
By: Mary Beth Votava, Minot Center Director Running a small business can be tricky. Owners often get caught up in running the day-to-day business and don’t prioritize time to work on the business as well. This is never a good idea. Spending time looking at how the business is functioning internally and externally is an […]
Categories: Advisor Knowledge Base
By: Matt Ellerkamp, Dickinson Business Advisor Business can be exciting and edifying but often challenging when getting into the details of starting, maintaining, and expanding. That’s why, in business, asking the right questions is paramount. Business owners are often so close to their ideas and passions that they lose focus on what drives their success. […]
Categories: Advisor Knowledge Base
By: Laura Weber, Bowman Business Advisor “How will I make my business operate if I can’t find employees?” is a challenge small business owners and entrepreneurs face as they build and sustain their businesses. In addition, how will they compete as small or new businesses in a very tight labor market? The United States had […]
Categories: Advisor Knowledge Base
By: Keith Olson, Williston Center Director As we talk about business succession, there is, more often than not, a bank involved and is typically working with the buyer to obtain financing. We often hear about the 5 C’s of credit and how that impacts the buyer’s ability to obtain funding. However, there is also 4’C […]
By: Paul Smith, Fargo Center Director No matter how much you enjoy working in your business, inevitably, there will come a time when you want to retire and/or sell your business. With baby boomers marching into retirement by the thousands, up to 70% of small businesses in ND are expected to change hands during the […]
By: Nicole Evans, Grand Forks Center Director Hiring your first employee can be exciting but also nerve-racking. There are many questions that surface when you are ready to hire your first employee(s). These questions can bring about many layers. The first question that is usually asked is: Where do I begin? You should already be […]
By: KayCee Lindsey, Williston Business Advisor By connecting a user to a transaction, Blockchain can play a larger role in identifying risks and fraud. Blockchain is similar to an audit trail but uses technology instead of physical paper as documentation. Therefore, individuals within the finance department need a solid basis and understanding of technology and […]
By: Chris Erwin, Fargo Business Advisor Over the last five years, point-of-sale technology has rapidly advanced. What once was a quarterly visit from multiple merchant companies trying to underbid each other’s rates has evolved into feature-rich integrated software solutions tied to your bank account. Companies like Stripe and Square offer a plethora of services to […]
By: Ashley Louw, Devils Lake Business Advisor “A business plan is a document that defines in detail a company’s objectives and how it will achieve them,” according to the Business Plan: What It Is, What’s Included, and How To Write One article in Investopedia. There is no wrong way to write a business plan. The […]
By: Mary Beth Votava, Minot Center Director Starting a business can be straightforward or more complex, depending on the size and nature of the business. Entrepreneurs opening a brick and mortar businesses have more steps to work through to get open. Securing a location, negotiating contracts, hiring employees, and obtaining financing takes time and energy. […]