((MMCDC frequently refers businesses to the Minnesota Small Business Development Centers for technical assistance and, in 2024, sponsored the West Central SBDC’s new hybrid class, FastTrac. We asked our local WCSBDC director what challenges early-stage businesses face and how SBDC helps. This is the first in a Q&A series.)
By Ian Carlstrom, Regional Director of the West Central Small Business Development Center
Ian Carlstrom, Regional Director, West Central Minnesota Small Business Development Center
Often these businesses started without a plan, or found out that they’ve outgrown their plan, so our programs are a great way to regroup after those first year(s) in business.
FastTrac is also a fantastic way for multiple owners to gather around the table and work ON the business; they’re often so busy working IN the business that they just need a dedicated time and space to focus on planning. This is also a great program for parents handing the business down to the kids. The parents want to feel confident that the next generation has some sort of plan to start with, and again they often don’t find the time to do this themselves.
Other common challenges for small businesses:
Trying to do too much, lack of focus: FastTrac helps people prioritize, evaluate, and focus on what’s important now and what’s next after that.
Phase 1, transitioning to Phase 2: Often at this point the business has experienced some success, but what got you here doesn’t always get you there – maybe what got you here isn’t even working anymore. So, they’re ready for Phase 2 of their business — market penetration, growth / scale, creating processes and efficiency.
Feeling alone: Many businesses fundamentally experience the same challenges (time management, cash flow and profitability, talent acquisition and retention, building a customer base, marketing and sales, family / friends don’t get it, etc.). They often take these things personally without realizing these are common problems that all businesses deal with. These cohort model programs help normalize these problems and create a platform for peer-to-peer learning, often building life-long friendships.
Click here to learn more about the many services offered by the West Central SBDC.
Click here to learn more about MMCDC’s business lending programs.
Click here to see MMCDC’s Helpful Resources page for small businesses.
