Counseling

At the various stages of growth, experienced business consultants are available by appointment to discuss your business, assist you in developing or refining your business plan, marketing plan, financial management strategies or anything else related to managing your concern.  In addition to the Business Center's Small Business Counselor, Lola Aré, a Business Coach and the Service Corps of Retired Executives (SCORE) volunteers and are available to meet with you. These SCORE Consultants are individuals who either owned their own business or were decision makers prior to retiring. They now provide guidance and counsel to others who are building or growing enterprises.  In instances where businesses are faltering, we will make available the services of a Turnaround Consultant.

Business Plan review

Every successful business owner has a business plan. It may be held completely in the mind of the owner or owners, or it may be found scattered on notes, cocktail napkins or any number of notebooks or files somewhere or anywhere. But, the most effective business plans are those that are organized, written and utilized throughout the life of the business.

Each month the Business Center provides a three-hour workshop called How To Write a Business Plan where the instructor presents an overview of all elements that need to be addressed in the plan. These are held at the Oakland County government campus in Waterford and are limited to the first 20 registrants. The limited enrollment allows ample time for the instructor to answer all questions or concerns related to the planning process.

Business Center staff are expert at business plan development, are available to review your plan and provide suggestions, when appropriate, to improve the plan. If you are interested in this confidential service, please submit a copy of your plan along with a Request for Business Plan Review.

Allow at least five working days for us to read and digest the plan. Once reviewed, we can arrange a time to meet or talk with you to provide comments and suggestions.

Marketing Plan review

Within every successful business plan is an effective marketing plan. It describes the market the business is competing in including, size, demographics, competitive analysis, product, pricing, positioning, etc.

It includes the strategy implemented to grab whatever share of the market the business owner is targeting as well as the tools that are needed to accomplish the goals. These can include trade shows, sales efforts, advertising, public relations, etc.

The Business Center hosts a three-hour workshop called Sales and Marketing Basics that covers an overview of elements that need to be addressed in the plan. These are held at the Oakland County government campus in Waterford and are limited to the first 20 registrants. The limited enrollment allows ample time for the instructor to answer all questions or concerns related to the planning process.

Business Center staff are expert at marketing plan development and are available to review your plan and provide suggestions for improvement. Interested parties are advised to submit a copy of their plan along with a Request for Marketing Plan Review.

Loan Preparation Assistance

A business loan is pretty easy to get, but only when you don't need one. Any other time, be prepared before you go to the bank or other financial institution depending on your needs.

Business owners require loans for different purposes ranging from working capital to fixed asset loans.  In some cases the business owner may actually need a mixed use loan which would involve working capital and fixed assets.   Our consultants at the Business Center will advise business owners of their options and refer them accordingly.

Oakland County Business Finance Corporation

Want to purchase a piece of property or building for your business? The Oakland County Business Finance Corporation (OCBFC) is expert at the U.S. Small Business Administration's (SBA) 504 Loan process. Designed for acquiring fixed assets, it provides very attractive terms and conditions for the small business community.

The Business Center hosts a Small Business Loan Workshop each quarter where experts from the United States Small Business Administration, the Service Corps of Retired Executives and the banking industry present details on what is needed to secure a loan for your business.
The Center's business counselor, Lola Aré, can also assist you as you prepare to apply for a loan. Click here if you are interested in meeting with a counselor.

The following steps are recommended:

Review the credit reports related to your business and those of anyone with 20 percent or more ownership in the business. Review these reports to determine if the information being reported is accurate. If any derogatory information is reported, take steps to correct or explain that information.  Also pay for and obtain your most recent credit scores.  The cost is under $10 and each of the three major credit reporting bureaus issue their own.

• Be prepared to come up with up to thirty (30) percent of the money you need to start and run your business.  The lending institution can be looked upon to provide the remaining seventy (70) percent.
• Develop the business plan with 3 to 5 years of monthly cash flow projections.  Business Plan should have a strong Executive Summary which includes the sources and uses of funds.
• Talk to your Business Consultant about the types of lenders you should approach based on your situation.
• Understand the proper way to approach these lenders and what types of questions to ask.
• Prepare a personal financial statement (for anyone with 20 percent or more ownership).  Quite a few banks will provide you with a form to complete.
• Gather the last three years' tax returns for the business.
• Gather the last two years' of individual tax returns for the business owners.
• Start talking to lenders but don't complete any applications until you have decided on the bank of your choice.   This way you don't have a lot of inquiries on your credit report.  Increased inquiries are not only negative but end up reducing your overall credit score.