Thursday, 06 December 2018 10:07

SCORE - Counselors to Small Business - Working with Lake Norman Chamber Members

SCORESCORE is comprised of mentors who are active and retired business men and women providing clients with free and confidential business counseling. Counseling can be conducted at the client`s place of business, at our chapter headquarters, by telephone or via email. SCORE mentors and representatives from the local business community also conduct a variety of regularly scheduled, low-cost educational workshops that provide valuable information and techniques necessary for establishing and managing a successful business. Visit us at https://charlotte.score.org/


What Score can do for Lake Norman Chamber Members:

• Assist in dealing with problems that are affecting performance and profitability
• Help them improve sales and profits through best practice business development ( sales , marketing and customer service)
• Help them to better understand their financial statements - Balance sheet to improve cash flow and P&L to improve profitability. Assist in calculating key ratios and cash flow analysis. Show how to use ratios as a tool.
• Deep dive into their biggest problems- e.g..-Inventory analysis: turns, aging, valuation. Margin Analysis: e.g. volume, identify best and worst business/items/ services, costs of goods and production costs and efficiencies. Improve or get rid of worst business and get more of the best. Treat the causes and not the symptoms.
• Look at management structure and identify redundancies, accountability, find right level of people needed
• Develop “measurables” and help set goals and tracking for each.
• Examine purchasing practices to maximize price discounts as well as too maintain proper levels of inventory. Goal should be to be as good or better than best in industry.
• Look at receivables and payables with goal of improving the working capital cycle
• Deep dive into every cost and revenue stream—find hidden costs and unseen opportunities-need to set goals, measurements and goals to achieve
• Obtain industry benchmarking data to identify areas needing improvement and prioritize areas to be attacked
• Help with preparing business plan and operating budget
• Look at debt structure and opportunities to reduce debt and increase cash flow
• Help in managing growth with Financial Gap analysis

Our Score mentors have years of successful experience in doing all these things-and more! We have turned businesses around –both our own and our clients. In addition to many business owners and former C level executives, our group includes many former executives of various business functions of major corporations. These individuals have run Sales organizations, been VPs of Operations, Purchasing, Legal—the list goes on. We have many local business people who have run successful retail stores and restaurants. We also have CPAs, Attorneys, former bank loan officers and owners of marketing and social media consulting companies. Our mentors are widely network to other subject matter expert professional who serve small business.

We would love the opportunity to work with Lake Norman Chamber Members who may need help with one or more problem areas in their business.


Ed Kennedy is VP of Client services with SCORE Charlotte. Email: Ed.Kennedy@scorevolunteer.org

Dru Carpenito is a certified SCORE Mentor and the head of client service for established businesses in the Charlotte SCORE Chapter. Email: dru.carpenito@scorevolunteer.org

 

 

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