Entrepreneurship

Inaugural Treasure Coast Women Who Rock Awards to be held March 28th in celebration of National Women’s History Month

Inaugural Treasure Coast Women Who Rock Awards to be held March 28th in celebration of National Women’s History Month  

The Small Business Development Center (SBDC) at Indian River State College (IRSC) has partnered with weVENTURE Women’s Business Center (WBC) at Florida Tech’s Bisk College of Business and presenting sponsor PNC Bank to host the Inaugural Women Who Rock Awards of the Treasure Coast on March 28th in honor of National Woman’s History Month.

“The Florida SBDC at Indian River State College is excited to partner with weVENTURE Women’s Business Center to elevate the profile of successful women in business and recognize the economic impact they have on our community,” said Katherine Culhane Associate Director of the SBDC at IRSC.

“As presenting sponsor, PNC Bank is thrilled to join forces with these important institutions to recognize dynamic women in this community,” said Tracy Sorzano, senior vice president and wealth strategy regional manager, centralized planning for PNC Private Bank. “This event is closely aligned with PNC’s commitment to supporting women business owners and further empowering women in business. The awards are designed to achieve exactly that, and my PNC colleagues and I look forward to celebrating the Women Who Rock.”

Nominees will be recognized Tuesday, March 28th, at the Indian River State College Chastain Campus, 2400 S.E. Salerno Road, Stuart, FL 34997.  The event takes place from 11:00am-1:00pm.

 Kathryn Rudloff, Executive Director of weVENTURE WBC notes that her organization has hosted the Women Who Rock Awards in Brevard County for the last 14 years. “We are so excited to partner with the SBDC and PNC Bank to bring this popular event to the Treasure Coast,“ Rudloff stated.

The 2023 Women Who Rock Awards categories are:

  • Small Business Owner of the Year, Presented by PNC Bank

  • Executive of the Year

  • Excellence in Mentorship, Presented by SBDC at IRSC

  • Women Trending in Tech, Presented by weVENTURE WBC

  • Excellence in Caregiving

The IRSC SBDC team of business advisors will select recipients for this inaugural Treasure Coast event.  Award recipients will be announced in February and honored at the luncheon.  For more information call (321) 674-7007 or email [email protected]

Sponsorships are available and include tickets to the event.  General Admission tickets to attend the luncheon are $50 and are available for purchase online.  All proceeds benefit community programs to support entrepreneurs via weVENTURE WBC and the SBDC at IRSC. Please visit https://weventure.fit.edu/events/women-who-rock-awards/.

About PNC Bank

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

About weVENTURE WBC


weVENTURE Women’s Business Center (WBC) was launched in 2007 at Florida Tech, accelerates growth for entrepreneurs by providing customized coaching, business education, mentorship, and networking programs. weVENTURE WBC also strives to be the leading voice and resource for professional women across all industries, providing leadership development and purposeful networking events for women on the Space and Treasure Coasts. weVENTURE WBC is funded in part through a cooperative agreement with the U.S. Small Business Administration. For more information, or to register for weVENTURE WBC courses and mentorship programs, visit https://weventure.fit.edu/ or call 321-674-7007.

About Florida Institute of Technology


Florida Tech was founded in 1958 at the dawn of the Space Race that would soon define the Atlantic coast of Florida and captivate the nation. Now the premier private technological university in the Southeast, Florida Tech is a Tier 1 Best National University in U.S. News & World Report and one of just nine schools in Florida lauded by the Fiske Guide to Colleges. Florida Tech is ranked among the top 5 percent of 20,000 degree-granting institutions worldwide in the 2020-21 World University Rankings and has been named a Top College and Best Value University for 2019 by Forbes. Florida Tech offers bachelor’s, master’s and doctoral degrees in aeronautics and aviation, engineering, computing and cybersecurity, business, science and mathematics, psychology, education and communication. Learn more about our relentless pursuit of greatness at floridatech.edu.

About the Florida SBDC Network: 

For over forty years, the Florida SBDC Network, the state’s principal provider of business assistance [Fl. Stat. 288.001], has nourished a statewide partnership between higher education and economic development to provide existing and emerging small and medium-sized business owners with management and knowledge resources that enable overall growth, increased profitability, and economic prosperity for Florida’s economy.

In 2019, Florida SBDCs provided 114,064 hours of professional business consulting to 12,535 client businesses, resulting in 37,966 jobs impacted; $4.4 billion in sales generated; $496.5 million in government contracts acquired; and $255.3 million in capital accessed; and 453 new businesses started. With over 40 offices statewide, the Florida SBDC is funded in part by the U.S. Small Business Administration, Defense Logistics Agency, State of Florida and other private and public partners. The Florida SBDC Network, headquartered at the University of West Florida, is nationally accredited by the Association of SBDCs and is a recipient of the President’s E Award for Export Service. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for individuals with limited English proficiency. For more information, please visit www.FloridaSBDC.org.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Dec. 29, 2022|

A Day’s Journey: self-discovery and personal growth workshop

A Day’s Journey: self-discovery and personal growth workshop

 

 

Self-discovery doesn’t require you to reinvent yourself (unless you want to). You can simply desire to understand yourself better. We all question who we truly are at some point on our journey. Life gets busy, we get distracted with our goals and “to do’s”, raising our family and making others happy. Slowly, unintentionally along the way, we can lose our sense of self. You were in everyone else’s backyard but who was in yours? So, it makes sense if you are confused about what you want, your place in the world or your purpose. Plus, with the complexity in the world right now, it’s hard not to feel some level of stress. This workshop builds on how you can be compassionate with yourself and others but not take on the feelings of others that drain you and prohibit you living your life to the fullest. Here is one of my best coaching tips. You are the one you are waiting for! There is nothing out there that is going to provide sustainable joy and an optimal life- no job, no spouse, no achievement, no home, or vacation. Sustainable joy and the ability to give and receive love is an inside job and requires knowing yourself. And to do that, we need help observing our mind and behavior because it’s hard to step outside ourselves and be able to see gaps and suggest changes that would lead to our growth. Trust me, I have worked with the best and the brightest and we don’t see the water we swim in. Working together as a small, supportive group, we will draw on different techniques and concepts such as the Enneagram, Mindfulness, a consciousness model called “Living Above the Line” and other exercises and embodiment practices to gain a new perspective, uncover a deeper awareness about ourselves, access strengths we possess and shift our thought processes in ways that better support our thriving in life. Some of the many positive changes you may experience:

Get out of your comfort zone and try something new

Uncover unconscious patterns and habits that sabotage your enjoyment of life

Let go of other people’s image of you and follow your internal compass

Spend time visualizing your ideal self and lifestyle

Access a sense of calm and balance in your life

Experience heart opening and personal growth

Strengthen your meaningful relationships in a mutually beneficial wayStrategize your next moves

Feel supported and understood by like-minded folks that want to expand and grow just like you do

You’ll grow and change as you discover more about yourself. Trust me, your starting point will feel nothing like the finish line. I promise you a day of personal growth, renewal, and fun! Fee: $350 and may be paid by Venmo, PayPal, Zelle or check prior to workshop date. Group limited to 8. Please RSVP early and claim your spot/payment reserves your space.

RSVP/Questions: [email protected]

Location: Vero Beach (specific address provided once registered)

 

Nov. 25, 2022|

Tips for Managing Cash Flow

Tips for Managing Cash Flow

 

Michael Bernard

What’s the No. 1 reason small businesses fail? Cash flow, not lack of profits.
About 80% of small business failures happen because of poor cash-flow
management.

Mike Bernard, a consultant at the Florida SBDC at Indian River State College and a financial specialist, says he hears it all the time from his clients: “My business made a profit last year, but I don’t have any money to pay my bills.” Bernard notes that many of his clients have sizable sums of their operating cash tied up in Accounts Receivable or Inventory.

 

Remember, cash flow is not the same as Profit. Are you profitable but still struggling month to month in managing cash flow? You are not alone. Managing when money enters and exits a company is crucial to
business survival and growth.

Bernard, a Financial Analyst, stated, “A lot of businesses can sell their products, but they don’t understand their working capital cycle. A company, as we teach in our Profit Mastery seminars, can sell itself right out of business.” As businesses continue to grow, they must control their cash flow. For example, business owners get excited when they get a government contract. However, they need to understand the specific terms attached, like not being paid for 60 to 90 days. Meanwhile, you have to buy inventory and pay your fixed overhead
expenses. Can you sustain that?  If you cannot and do not get additional capital, sometimes it is better not to pursue the contract. What else can you do so your business does not become a statistic? The first and perhaps most important is to set aside time in your week to think about your strategy and try to understand your financial information. Small businesses are so much into day-to-day operations that they do not think enough about the cash flow cycle. You have to be constantly vigilant about looking
for ways to improve your cash flow. It is the lifeblood of your business.

“A business owner needs to regularly review and analyze the business’ financial statements and working capital cycle,” said Bernard. “Is this the best you can do, or are there additional strategies and tactics to generate and improve cash flow?” Bernard also notes, a thorough review of the business’ payables and receivables can uncover opportunities to shorten the operating cycle.

A Few More Ideas:
- Every industry has its own set of Metrics. The FSBDC at IRSC has a database of
these metrics to help you analyze how you are doing compared to your industry.

- Make it a daily routine to review the business’ actual daily cash balance.

- As you recognize potential cash flow problems, create strategies that correct the
problems.

- Accounts Receivable: Consider granting discounts for prompt payment. Such as 2 – 10 Net
30 (2% discount if paid in 10 days, or full payment in 30 days). Also, ensure that your terms are not too long and that your receivables are quality accounts to keep delinquencies down.

- Accounts Payable: Be careful on the payables side, also. Buying inventory that does not move becomes stale and then obsolete.  In addition, this time, you want terms on your side – as long as possible to pay and negotiate
volume discounts.

- Inventory: Compare inventory turn rate to the industry average (Metrics) to see how you compare. Remember, inventory that does not turn fast enough is money left on the shelf that could be in your pocket. Have a sale for slow-moving inventories or donate it to a non-profit for a tax write-off, and negotiate just-in-time contracts so that you can
keep as little inventory on hand as possible.

- To increase cash flow from sales growth, open newer, less costly distribution
channels, increase prices where you can and introduce new technology to help
reduce sales costs.

- Spend and collect with care.  Watch overhead costs, always negotiate on price.
Give credit very carefully but collect very aggressively.

This article is provided by the Florida SBDC at IRSC, the small business development Center within Indian River State College’s School of Business. The center’s team of business experts works one-on-one with hundreds of entrepreneurs and business owners each year by providing confidential, no-cost consulting. The center’s mission is to help treasure Coast businesses grow and succeed.

Jan. 10, 2022|

FSBDC at IRSC Highlights Client Success

FSBDC at IRSC Highlights Client Success

 

Staff Photo - DragonFly Graphics

Staff with Al Coffey, Owner of DragonFly Graphics. (Michael Spooneybarger/ Florida SBDC Network Headquarters)

What started as a family business twenty years ago has grown to a recognizable and respected brand across the Treasure Coast. DragonFly Graphics, located off Bayshore in Port St. Lucie, Florida, understands the importance of building your professional image through good branding and a memorable image amongst the public. As a trusted provider of branded material like company shirts and logo creation, President/CEO Al Coffey states the foundation of this successful enterprise started as a family business, inspired by brothers with a background in screen printing. To date, DragonFly has expanded its team past the ranks of just family, employing over twenty individuals whose skills range in graphic design, printing, and more. You can spot DragonFly Graphic’s expertise on a number of local Pop Warner Football jerseys.

Al Coffey started as an attendee of an FSBDC at IRSC Financial Literacy session, the now fifteen-year relationship has made DragonFly Graphics a high-value client for this region. While this organization’s journey started long before a connection with the FSBDC at IRSC, Al Coffey contacted the local center in 2009 while searching for access to capital for growth. Coffey worked alongside the late Fort Pierce consultant, Duke Evans, for a number of years working towards putting DragonFly’ success into a business plan to ensure they are ready for future expansion or capital. Through a relationship with the FSBDC at IRSC the organization received research via IBIS World reporting on the surrounding market. This data was used exponentially over the course of fifteen years, strengthening DragonFly’s following among local organizations.

DragonFly continued their relationship with the FSBDC at IRSC, resulting in being one of the first organizations within the region to secure an Emergency Bridge Loan at the start of the COVID-19 pandemic. Through contact with consultant Spike Schultheis, DragonFly was able to plan for use of funding from the EBL and apply for a local Small Business Recovery Grant facilitated through the FSBDC at IRSC. Obtaining both sources of funding allowed the organization to keep a full staff and continue production throughout the economic disaster. Consulting provided by the FSBDC instilled the importance of a growth plan, a goal Al Coffey has since set to achieve with the Florida SBDC at IRSC stating, “trial and error can be costly and unnecessary” in regards to having Spike in his corner, “having someone with more knowledge than me over my shoulder to point out opportunities is very valuable”.

Listing community as a core value of the organization, DragonFly Graphics is a valuable asset to the Treasure Coast. You can learn more about their organization and gain personalized branding material by visiting their website dragonflycentral.com or calling (772) 879-9800

Learn about DragonFly’s path to success by viewing their Client Success Story with the Florida Small Business Development Center, here: https://www.youtube.com/watch?v=fUjrNUH1uvA

Ready to get started on your path to success? Contact your local FSBDC at Indian River State College!

[email protected] | (772) 336-6285

Jan. 3, 2022|

Entrepreneurs learn the ABCs of problem-solving

For most people the world of entrepreneurship, new technologies and innovation exists only in Silicon Valley, world renowned research institutions or at least in the big city — right? At its core, entrepreneurship is about problem-solving. It is about creating and developing simple solutions for people’s everyday problems. One does not have to create the world’s next greatest idea to find or realize success as an inventor or entrepreneur. It is about simple solutions to everyday problems. Everyone, no matter the geographic location, would welcome these solutions to their problems. Entrepreneurial opportunities are swirling around each of us every day, but we must be listening for the problems.
Feb. 4, 2020|

IRSC Announces Winners of Entrepreneurship Challenge

FORT PIERCE– Business expansion is now possible for the student winners of the inaugural Indian River State College Entrepreneurial & Innovation Challenge. Five teams were guided through the entrepreneurship process to develop a Science, Technology, Engineering or Math (STEM) product, with support funded by the National Science Foundation. Following a Shark Tank presentation,the originators […]

Apr. 10, 2017|

Scott Deal named 2016 Entrepreneur of the Year

VERO BEACH – Exemplifying the innovation, drive and persistence of a successful entrepreneur, Scott Deal of Vero Beach, founder of Maverick Boat Group, will be recognized with the Dan K. Richardson Entrepreneurship Program’s 2016 Entrepreneur of the Year Award.

Announcement of the award will be the highlight of the Entrepreneur of the Year Award dinner […]

Mar. 15, 2016|