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Whitewater Workshop

Posted by Admin Posted on July 07 2016

The FLEX Consulting team had the privilege of participating in the Creative Entrepreneurship workshop held at the University of Wisconsin Whitewater in their new Innovation Center last Friday.  It focused on the “Creative Enterprise”, which is any organization or sole proprietor providing or distributing goods or services in which the aesthetic, intellectual, and emotional engagement of the consumer gives the product value in the marketplace.  Attendees included photographers, graphic artists, musicians, fine artists, a yoga instructor, and a theatre company start up.  The panel of experts included a number of successful owners of “Creative” businesses from the area, including Roy Elkins, the CEO and owner of broadjam and Ellen Waldmer, owner of Rock River Gallery and Coffeehouse. We enjoyed catching up with Roy and chatting about changing times and economic impacts to both of our businesses.  Roy brought a unique view to the seminar, as his growth and product line has changed over the years to accommodate an up and down market. Ellen Waldmer shared insight with the group, noting that she knew she could never just own an art gallery type of business. Another revenue generating venue that would “draw” people in and compliment the art gallery was needed.  Hence the combining of coffeehouse and gallery into one. Her previous corporate experience helped her identify the need to create a profitable business, and she was business savvy enough to know that there were parts of the operational side that she needed help with – accounting – even though her previous experience was in finance.

 

One of the most prevalent, but not surprising themes from the attendees, centered on the operational side of the business, not the creative.  The various participants gleaned some important information from the creative side, but were more concerned about things like accounting, taxes, insurance, legal advice, hiring employees, and the like.  The board provided a nice overview, but during the round table discussions we gladly offered more of the ‘deep dive’ into the answers to those operational questions.  One participant asked about going from a ‘For Profit’ business to a ‘Non Profit’ business.  The real questions were, “Why would you want to do that?  What is causing this consideration?  What are the impacts?”  Links provided to the attendees gave them several places to go for research, but a few questions that came up again and again were, “How do you fill in the business plan?”  “Where do you find the information?”  “How do I consider choosing accounting, legal, and vendor partnerships?”  “Who can you trust?” “How do I patent my ideas?”  Based off of this feedback, Whitewater will be setting up some additional sessions.  FLEX has been invited to participate in the next panel discussion and we can’t wait!  But it got us thinking – and the plan is underway to start hosting some workshops at the office, hitting on the areas we heard the need for the most.  Product development, marketing in a social world, business planning, business financing options, and CFO for Hire.  Having someone who doesn’t just ‘report on the numbers’ but understands what those numbers mean, how it impacts your growing business, and how to align forecasting with growth opportunities – is key.  Showing the difference and valuation between an accountant or bookkeeper who is ‘just crunching the numbers’ and someone who is honestly concerned and invested in the growth of your future or current business.                

 

We have run into business owners who are very passionate about the business.  The passion is in the product or service, not in “running” the business.  However, the operational side is just as important, if not more important, than your product or service.  Having a third set of eyes to provide valuable oversight and guidance while you have fun being in business and working with what you enjoy, is an incredible security blanket.

 

Stay tuned for additional blogs about Start-Ups, CFO for Hire Advantages, and How to do Effective Business Planning.  Keep your eyes out for additional posts, seminars, and workshops to be held in various county locations over the upcoming months!

 

-Michael Hermanson, CPA | CGMA