News From Terre Haute, Indiana

Business

January 11, 2014

Business Cents: What will be 2014’s business trends?

TERRE HAUTE — Mother Nature has started out 2014 with a bang, and as many businesses shut down during our snow storm recently, you may have been considering what will 2014 bring to the Wabash Valley in regards to your company?

According to America’s Small Business Resource and Referral Network there are six tips they have identified to help you build your business this year.

n Virtual Business Mentoring:  I recently had a conversation with a client about the challenges faced by new as well as seasoned business owners. So often people think it is easy to own a business. Truth be known, it is not. Owning a company is extremely hard work and it requires long hours, family support and usually up to two to three years before you even get to take home a paycheck.

If you can locate a mentor, preferably in your industry, but any mentor can help you regardless of their industry. A mentor can help you by navigating through the streets, hills and valleys of business ownership. They have most likely experienced everything you are going through and use their experience to prevent you from making the same mistakes.

• Business Assistance Programs:  Research your community to identify programs and networks that have tools available to assist business owners. For example, most chambers have committees and events that owners and employees can participate in as well as training classes offered to increase knowledge in a variety of areas ranging from social media to accounting.

• Alternative Funding Tools and Expertise: Have you heard of Kickstarter? Kickstarter is a crowdfunding site to assist either new or existing small business owners gain capital for their operations by bringing their projects and ideas to “life.” (www.kickstarter.com) There are also other avenues to gain funding, such as using a funding campaign on Facebook. There is no bad idea or project; here are two to give you an idea: a RoboCop statue in Detroit or an arm band solar generator.

n Low Overhead Costs: Consider any services you can outsource to reduce costs and using virtual office meetings. Virtual office meetings can be an effective solution to expand offerings in ways that provide a cost savings while simultaneously enhancing productivity.

• Cloud-Based Applications: These increase operational efficiencies through avenues such as bookkeeping, expense control and project management.

• Networking, Networking, Networking: This historical business practice still ranks as one of the most effective tools to grow and establish your business. We have discussed the importance of networking before, and it continues to be vital to the success of a company. We are very blessed and fortunate in the Wabash Valley to have multiple networking events to attend on an annual basis. For example, United Way has Big Hair and Bow Ties coming up on Jan. 25. By attending an event like this, business owners have the opportunity not only to meet new people but to engage them by sharing their story of their company. (Be sure to have your elevator speech ready that tells who you are and what benefit your business will provide them.) Another example is each of our regional chambers has networking events through luncheons, training events and committee memberships. You must engage with the public to create branding awareness, referrals and to grow your customer base.

As we conclude today, be sure to do a bit of business reflection back on 2013. What went well? What went not so well? Then develop a plan of action using some of the trends mentioned here for 2014 to help you and your company become more established.

Heather (Penney) Strohm is the regional director for Indiana State University’s Indiana Small Business Development Center.

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  • Old National acquires Michigan bank

    Evansville-based Old National Bancorp and Grand Rapids-based Founders Financial Corp. said Monday they have finalized an agreement under which Old National will acquire Founders through a stock and cash merger.

    July 28, 2014

  • Old National strengthens position with Grand Rapids-based Founders Bank & Trust pending acquisition

    Evansville-based Old National Bancorp and Grand Rapids-based Founders Financial Corp. jointly announced today the execution of a definitive agreement under which Old National will acquire Founders through a stock and cash merger.

    July 28, 2014

  • Eye on the pie: Simplifying Indiana’s tax code is no simple matter

    The Governor and his select invitees to his closed tax conference last month praised simplifying Indiana’s tax code. It is an idea better loved by Americans than baseball, apple pie or motherhood.

    July 26, 2014

  • Social Security move to help combat identity theft

    To help combat the rising threat of fraud and identity theft, Social Security will no longer issue Social Security number printouts beginning in August. If you need written confirmation of your Social Security number — perhaps your new employer needs verification — and you can’t find your Social Security card, you can apply for a replacement.

    July 26, 2014

  • Applications open for ‘Best Places to Work’

    The Indiana Chamber of Commerce is accepting applications for the state’s annual competition naming the “Best Places to Work in Indiana.” In its 10th year, this program honors top companies as determined through employer reports and comprehensive employee surveys.

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  • Union Hospital cuts to come from support staff

    The reduction of 150 employees in Union Health System by the end of this year will come from support staff, employees who do not have direct patient care duties, hospital administrators said today.

    July 23, 2014

  • EYE ON THE PIE: Private sector option to calm violence in streets

    We were in Edinburgh at the Pixy Theater waiting to hear the Wright Brothers play.

    July 19, 2014

  • Christian bookstore to celebrate 30-year mark

    The Open Door Christian Bookstore is celebrating 30 years of business in Terre Haute. On July 30, The Open Door staff will host a celebration of the milestone with 30-percent-off coupons, free cupcakes and door prizes throughout the day.

    July 19, 2014

  • On the Move: July 20, 2014

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  • Décor tips for outdoors focus of magazine issue

    The new issue of the Carpet One of Terre Haute digital magazine – Beautiful Design Made Simple – focuses on getting ready for the summer and expanding living space outdoors.

    July 19, 2014

  • BUSINESS BRIEFS: July 20, 2014

    • ‘Accessible tech’ workshop in works
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    • Duke to promote entry-level openings
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    • Technology for people with disabilities workshop at ISU

    July 19, 2014

  • Restaurant continues lemonade sale cancer fundraiser

    In the summer of 2000, the idea behind Alex’s Lemonade Stand Foundation was born when 4-year-old cancer patient Alexandra “Alex” Scott set up a front yard lemonade stand to raise funds and awareness for childhood cancer cures.

    July 19, 2014

  • Nursery seeks grant applications

    The Terre Haute Day Nursery Committee is seeking grant applications from nonprofit organizations for funding in the child care areas of tuition assistance and program development.

    July 19, 2014

  • ASK SCORE: Looking to expand? Make sure credit measures up

    Good credit has always been important for entrepreneurs. But in today’s economy, building and maintaining a strong business credit score is essential for accessing both start-up and growth capital.

    July 19, 2014

  • SOCIAL SECURITY: Retirement, early or late, is a big decision

    If you believe in going all the way or not going at all, there’s a day to celebrate your extreme ways. This coming Saturday is All or Nothing Day.

    July 19, 2014

  • O’Rourke joins Sisters of Providence team

    When Providence Spirituality and Conference Center facilities manager Linda Malooley called Andrea O’Rourke inquiring if she knew of anyone who might be interested in taking Malooley’s position, O’Rourke offered a quick response.

    July 19, 2014

  • Regional artist to receive Arts Commission development grant

    The Indiana Arts Commission announced Friday that one regional artist is among 38 artists throughout the state receiving career development assistance through the agency’s Individual Artist Program grants for Fiscal Year 2015.

    July 19, 2014

  • Update: Union Hospital notifying workers of layoff

    Some employees of Union Hospital are receiving notice that they will be laid off as part of cost reductions.

    July 18, 2014

  • Convenience stores keep up fight to sell cold beer

    INDIANAPOLIS (AP) — Convenience stores in Indiana are keeping up their fight to be able to sell cold beer, as a trade group said Tuesday it was appealing a judge’s decision upholding the state law that prohibits them from selling the beverages chilled.

    July 15, 2014

  • JM 070914 PAINTER 02WELCH.jpg Fresh coat: Student Painters put business theories to work

    James Welch has successfully started his own painting business in the Wabash Valley. It isn’t entirely his business, however, but it certainly appears that way.

    July 12, 2014 3 Photos

  • Eye on the Pie: Indiana’s small business friendliness: A report card

    It must be the season. Another ranking of the states crossed my desk this week. That’s the second in two weeks. This time it’s from the Kauffman Foundation, the Kansas City organization that promotes entrepreneur development, and its polling affiliate, Thumbtack.com from San Francisco. Briefly, this report tells us that Indiana’s small business friendliness rates a grade of B-, 18th of 38 states in the survey.

    July 12, 2014

  • Social Security benefits of different flavors

    Do you scream for ice cream? If so, July’s the month for you. If not, please read on just the same.
    July is National Ice Cream Month, and July 20 is National Ice Cream Day. Take your family to get ice cream and you’ll find a variety of flavors. Same with Social Security. Most people think of retirement, but that’s like limiting yourself to vanilla. At Social Security, we offer a variety of benefits.

    July 12, 2014

  • Business Cents: Know your key demographics, market share

    Today I wanted to discuss one of the more frequent questions and challenges that business owners face and also one of the more common reasons companies fail: understanding their market.

    July 12, 2014

  • Score: Learn the ins and outs of cash flow

    You often hear about motorists who suffer breakdowns in the worst possible places because they didn’t bother to check their oil level regularly or ignored their dashboard warning lights. Many small business owners do the same thing when it comes to managing their cash flow.

    July 12, 2014

  • Davis named interim student affairs VP

    Nolan Davis, associate vice president of student affairs at Indiana State University since 2010, has been named interim vice president for student affairs, President Daniel J. Bradley recently announced.

    July 12, 2014

  • Wireless Mike’s to host grand opening week

    Wireless Mike’s will host a grand opening celebration at its new location in Marshall, Ill., beginning Friday.

    July 12, 2014

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