Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 7270 S G M A G A Z I N E | FA L L 2 0 1 6 B U S I N E S S + C U LT U R E 71 Reap What You Sow A young man always wanted to be a farmer and one day he came across a large tract of land for sale. He thought this would be the perfect place for his farm, so without a second thought, he emptied his savings, took out a loan for the rest, and bought the land. With eager anticipation, he planted his first crop and waited on the seeds to show some sign of life. Nothing happened. Having no prior farming experience, he thought to himself, “Maybe they need water,” so he set out to irrigate the crop only to discover that his well had dried up. Come to find out, the seeds he planted were no good, and they were never going to produce a robust harvest because his soil was too acidic. Starting a business and growing one can be a lot like farming and the most exhilarating and interesting part of a business owner’s harvest is learning to plow through the numerous challenges. These challenges strike businesses in many different ways and sometimes, due to the unforeseen circumstances, they come at a small business owner or aspiring entrepreneur without warning. Sometimes a small business owner or aspiring entrepreneur can have all the information in front of him or her but fail to plan carefully before making decisions. By: Lynn Bennett Area Director UGA SBDC at Valdosta State University Take that young farmer, for example, who thought he had bought the perfect piece of land. Unfortunately, he failed to research the land and his water supply before setting out to plant his first crop. Before any good farmer begins planting, he checks all of his equipment, and he carefully checks the soil, paying close attention to the composition and other elements that may affect his harvest. Poor soil could cause the crops to suffer, and lack of water could cause the crop to fail altogether. A business is no different. Unforeseen issues can result in severe loss of revenue, or even worse, the company goes out of business. Fortunately, the University System of Georgia Small Business Development Center (SBDC) can provide knowledgeable experts with the business resources to give business owners the needed assistance to “plow through the fields” of the ever-changing business life cycles. Consultants with the UGA SBDC at Valdosta State University enjoy working with entrepreneurs and existing business owners to provide tools, training, and resources to help small businesses grow and succeed. With 17 offices across the state of Georgia, the SBDC can provide no-cost confidential services by partnering small business owners and aspiring entrepreneurs with a consultant whose area of expertise matches his or her unique needs. Just like the farmer had big dreams of harvesting his first crop, many business owners open shop without proper planning and then struggle to survive the first year. SBDC consultants can help entrepreneurs who are just getting started with developing business plans that will serve as a roadmap for the business. They can also educate small business owners on how to analyze their company’s financial statements so that they can manage and grow their business and also assist with preparing cash flow projections to help business owners see their true cash position and control expenses. Gaining access to capital is another need for many businesses looking to expand. The SBDC works with existing businesses to determine the best funding options and look at funding alternatives such as commercial loans and lines of credit. Consultants can provide technical assistance with loan proposals, financial projects, debt restructuring analysis, and financial ratio analysis. The SBDC experts also have access to powerful research databases that can benefit business owners by comparing their company results to industry standards. Customers are a business’s greatest asset and without them, a business will not be open long. SBDC consultants can assist with identifying target markets, finding a path to increase sales, accessing marketing research data, assessing the company’s website, as well as creating and implementing social media and other digital marketing strategies. And remember…you reap what you sow. Poor planning yields a poor harvest, but sowing the right seeds will reap prosperous results. The local SBDC office is located on the Rea and Lillian Steele North Campus of Valdosta State University and can be reached by calling 229-245-3738.