Without any business degrees or training, Janet and Pat Lipzinski had plenty of ideas and passion as entrepreneurs, but felt that they lacked the experience in accounting necessary to have good management.
“It was quite worrisome to think our dream business could go very sideways if we didn’t get professional help in that area quickly!” said Janet. “I contacted the SBA and [SBDC consultant] Marie Elliott was assigned to us in late 2019.”
After teaming up with Marie, they met every Wednesday for a couple of months and to walk through the process of making sense of their receipts and records, as well as the “why” and “how” of small business accounting and record keeping.
“I learned how important it is to keep good, accurate, and up-to-date financial records and the peace of mind it brings when you can quickly access accurate information,” said Janet and Pat. “It is so valuable in decision making as well, since we can now easily see areas of our business that could be more profitable or costs that could be reduced. Marie was so easy to work with, never making me feel uncomfortable for my lack of knowledge. During the pandemic, she reached out to us with grant information when COVID funds became available and guided us through applications for which we might qualify. Knowing you’re not alone and there is someone in your corner wanting your business to succeed as much as you do, is absolutely the difference between life and death for small business owners. It substantially affects their ability to adapt and overcome the ever-changing landscape of the past year and the unknown issues in the years to come. “Thank you“ is not even close to expressing our appreciation for the coaching and mentoring we have made use of through SBA!”
Since working with the Michigan SBDC, Janet’s small business experienced a 76% increase in sales, 14% increase in additional vendors, was able to pay off debt, and participated in Grow North Pitch Competition in 2020 and was awarded $500!
Sales increase of $61,000
$2,710 Bank Loan
$1,000 EIDL Advance
2 Jobs Retained and 63 vendors retained
$270 Value from SBDC Regional CARES ACT Accounting by the hour Package
Learn more about the products and services offered by Up North Gift co by visiting their website at www.upnorthgift.org.
Published: April 12, 2021