What the Banks Look For in Business Plans

with Chris Swing of Vantage Outsourcing

Ned Lunt talked to the class Monday on pricing of products or services. He said that if your product or service is more valuable, you must advertise and communicate that information effectively. Ned also taught us different "effects" like the Expenditure Effect: buyers are more price sensitive when the expenditure is larger.

with Mike Metzger

Mike Metzger joined us on Tuesday to teach us about  record keeping. We learned what an accountant does whether it is taxes, estate planning, or retirement planning. Mike said that it is like "keeping score for the client's business". He explained to us that an FEIN (Federal Employer Identification Number) is to a business what a social security number is to an individual. Mike also showed us ways we can keep track of our budget through Quicken or Quick Books.

  

with Caleb and Emelia Freeman of Freeman Consulting

It was old home week in class as former Business Solutions Center intern, Caleb and his wife Emelia, visited to tell us about their new business in St. Louis. Caleb began working on his business plan while at EIU. Through high risks, organized planning, and social media he has picked up momentum and his business is growing. Emelia couldn't emphasize enough the importance of using social media to get business.

  

Later, Rhydon amazed the class and its visitors with a sneak peak at his software product that he is working on, a presidential race video game. 

   

  

with Chris Swing of Vantage Outsourcing

Thursday Chris Swing visited us to help us understand more about accounting. He discussed the difference between debits and credits and how they must always balance out. The class also learned about direct and indirect costs.

 

Chris then had the class do an exercise developing a premier chocolate mix, pricing it specifically for their chosen target market. .

 

Sherri and Jeff Branson

Coles-Moultrie Electric Cooperative

Brian and Becky Fogerty

KIMA Management, LLC

Mattoon Precision Manufacturing, Inc.

The First National Bank

Watts Copy Systems

Edward and Paula Zinschlag