TOP TIPS FOR SMALL BUSINESSES
PIDC is an avid supporter of the small business community. We understand small businesses are the driving force of economic development in Philadelphia and want to ensure they have access to resources to help them grow. Our technical assistance workshops are just one way we fulfill that mission. Over the past few months we’ve held several workshops to bring together entrepreneurs and expert panelists for essential business development opportunities. We’d like to share with you our round up of the top tips we’ve gathered from these workshops.
Advanced Cash Flow Workshop
This workshop presented by Christopher Chaplin was designed to identify the tools needed to help entrepreneurs manage cash flow, stay on the path to growth and avoid unnecessary setbacks.
- Prepare cash flow budget/projections regularly
- Apply for a line of credit, but use it properly
- Covers cash shortfalls over the short term
- Pay down as soon as revenues come in
- Do not use as source of long term financing
- Aggressively manage Account Receivables and Account Payables
- Use cash flow to improve credit worthiness
Grow Your Neighborhood Business Panel
Partner organizations, City of Philadelphia, DVIRC, Germantown United CDC, Temple SBDC, and Wharton SBDC shared financing and technical assistance resources available to small business owners.
- Work with your local Community Development Corporation
- Invest in yourself
- Stay updated on best business practices for your industry
- Research financing options that fit your need-PIDC and our partner organizations are available to answer any questions to assist you with your growth plan
- Join a professional business association to gain access to resources, education and networking opportunities
Grow Your Family-Owned Business
Panelists shared experiences and financing resources available to family-owned businesses.
- Succession planning, although not always thought of, should be a priority in your business
- DVIRC is a great resource to assist with your succession planning
- Maintain a professional environment in the place of business to avoid bringing in personal family issues
- Make sure your non-family employees are kept in the loop to strengthen the business
Women in Manufacturing Panel
Powerhouse executive women, Dana Russikoff, SureShade co-founder and business leader; Jodi Keller-Wheeler, Vice President at United Scrap, Metal Buyers and Recyclers; Cindy Yingling, Chief Financial Officer at Dietz & Watson; and Victoria Myers, Director of Administration at Piasecki Aircraft Corporation shared their career experiences as well as discussed the topics and trends currently driving growth in the manufacturing sector in Philadelphia.
- Training is key to helping women secure leadership roles in the manufacturing industry
- Partner with Philadelphia schools to educate students on manufacturing professions and the necessary skills to succeed in the industry
Tax-Exempt Financing for Manufacturers Panel
Across the United Stated there are billions of dollars available every year for manufacturers to use to fund new projects and expansion plans. This workshop explained how to qualify for tax-exempt financing and not be discouraged by misconceptions.
- PIDC offers this financing in partnership with your current banking relationship
- Can provide savings of up to 30% on a project’s cost of capital over the lifetime of the loan
- Funds can be used for land and building acquisition, construction , equipment and soft costs
PIDC events help businesses and organizations from every market sector build skills and connections to meet their goals. To stay up to date on PIDC’s events visit pidcphila.com/events.