Agenda - 03-21-2006-5g - Laserfiche WebLink

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B. Orange County Success Stories 7 #1 A struggling frame shop business requested help to determine why it was losing money. The SBTDC conducted a financial analysis benchmarking study. Recommendations based on the study included: • radically reducing inventory • having only three instead of a dozen suppliers • a series of marketing efforts with timelines and ways to measure success As a result, the company is now more profitable than industry standards, has expanded to a second location in western Orange County, has added a jab, and was nominated by the SBTDC as the SBA Small Business of the year in North Carolina, #2 A former client returned for advice regarding adding a second business (a fitness facility) to her now-successful tanning salon. The SBTDC assisted the client with securing a bank loan, negotiating a favorable lease/purchase for the exercise equipment, and conducting a customer preferences survey to better understand the business clientele. During the first month of operation, the company sold more than $60,000 in memberships. The business owner will soon exceed a million dollars in revenue between the two businesses, and has now added 4 full-time and 6 part-time jobs. #3 Through the Global Scholars Program at the Kenan-Flagler Business School, two Orange County businesses were assisted with international trade concerns. One firm is a medical device company naw expanding into Japan and other Asian markets. The second company imports dinnerware; the program provided extensive market research to add less-expensive product lines from vendors in several Asian markets and recommendations for promoting the new lines.