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Start your 2008 business year off right with
advice from local business experts
Check out these “Top Three Tips” from local experts.
1. Minnesota corporations and limited liability companies are required to maintain a minute book with copies of annual shareholder and director minutes. If you are trying to borrow money, or if you are trying to sell your shares or the entire business, an up-to-date minute book will be essential. If you aren't organized as a corporation or limited liability company, you should examine the legal and tax issues for doing so.
2. We've all done it - just signed a contract without bothering to read any of it, let alone the small print. But don't! Always always read a contract - whether you have a lawyer or not - and do not sign anything you don't fully understand. "I didn't read it" or "I didn't understand it" will almost never protect you. Here's a handy tip: if you receive contracts that are overwhelming, try returning them and asking for a two-page agreement. You'll be surprised how often this works, even with large companies. It has also been known for companies to sneak onerous provisions into seemingly standard documents like purchase orders. You have been warned!
3. Get your attorney's opinion on documents you have drafted - such as leases and employee policies - before you put them in place. You want to make sure they meet the requirements of the law, and taking the time to have such documents reviewed beforehand may save you from legal issues down the road.
David C. Pritchett
Attorney, Rudy, Gassert, Yetka & Pritchett, P.A.
Cloquet
218.879.3363
Here are 3 tips from a Business Developer.
1. Review your financial statements with your CPA, financial manager, or business consultant.
What do the numbers mean? How do they compare over the last year? How do they compare to your industry? Getting a "layman's terms" analysis of your financial statements can make your life easier in making small adjustments to your business.
2. Review your customer retention strategies.
So many of us work tirelessly to acquire new customers, yet it costs 7 times more to acquire new customers than to retain your existing ones. Your customers have already chosen you for one reason or another. How can you encourage them to stay or enhance their experience?
3. Recharge your batteries.
The winter months often mean the low period in the seasonality of many businesses. It is important to take time away from your business and even out your work/life balance. Take the kids skiing, finish that project at home, or just take the dog for a walk. In the long term, you will reduce your risk of burn out and keep yourself happy (and those around you!).
....and three more from your business lender.
1. Organize and complete your 2007 financial information.
2. Look ahead at your short term 2008 goals as well as longer term goals to determine financing or investing needs.
3. Set up an annual meeting with your lender to review those 2007 financials, existing financing and 2008 financing needs.
Karla Miller
Business Lender
Members Cooperative Credit Union
How Members Cooperative Can Help
Our Business Lending team specializes in real estate loans, merchant processing, and deposit services for businesses of all sizes. Do you have a specific question or would you like to schedule an appointment? Email our Commercial Loan Officers Deb Otto, serving the Duluth area; or Karla Miller, serving the Cloquet, Aitkin and McGregor areas. Use the links below or reach them over the phone. Our goal is to help your business achieve commercial success.
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Deb Otto
Commercial Loan Officer
Spirit Valley Office
218.625.8825
e-mail
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Karla Miller
Commercial Loan Officer
Cloquet Office
218.878.3688
e-mail
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Equipment Financing
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Equipment Financing
Purchase new or used equipment or vehicles with terms to 72 months. Finance up to 100% of the purchase price.
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Deposit Services
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