by EGBI Tech Team | Apr 15, 2013 | News & Events
Why I support EGBI
By Al Lopez, October 2012
We have been asking our stakeholders to support the Economic Growth Business Incubator (EGBI), and we have seen an unprecedented increase of individuals willing to support us – including our clients! It is very gratifying to get such strong endorsements from people who know us the best.
Personally, I support EGBI. Of course I do, I’m the Executive Director for Pete’s sake. But, if you were to question why have I invested my work, and sure perhaps some of my own personal resources in this organization, I would say that over the years, I have become pretty passionate about community and economic development. I decided a couple of years ago that I was going to take my extensive business experience and find a mission that would complement my passions. EGBI has turned out to be that, especially given the importance of small businesses to our economy.
I’ve witnessed the development of our clients as they progress through our program and receive one-on-one consultations. They express their gratitude for a program that opened their eyes to the opportunities and also the challenges of being a business owner. I’ve seen them come with a dream and leave with a foundation for their business plan. I’ve enjoyed seeing them developing their marketing and networking skills by actively taking advantage of their free chamber membership. I am proud of our clients, and we feel their struggles and celebrate their successes. Starting a small business can be a fragile situation, that’s why EGBI staff, along with our volunteers, strive to be a resource that will help them succeed.
In the current economic environment, getting new investors (I much prefer investors to donors) for a non-profit is difficult, but we have seen that organizations and individuals who share the same passion for economic development are willing to support us. We are hoping to continue to increase the number of folks who know about our work and are willing to invest with me in helping EGBI prosper.
Our Second Annual Celebrating Success event on December 6th is the perfect opportunity to get to know more about what we do and if you like, financially support our organization to allow us to continue to expand our capacity, reach and impact on the community we serve.
by EGBI Tech Team | Mar 27, 2013 | Business Tips
Is Collaborating Really Beneficial?
By Al Lopez, March 28, 2013
In the last couple of years, as I have navigated around the nonprofit/public sector, I’ve observed very different levels of organizations that are willing to work together when it may be in the very best interest of the clients they serve and the mission they purport to have.
Having been a long time financial executive, I find that management of an organization is all about making the best use of your resources, seeking out and implementing best practices, and continuing to drive for improvement and efficiency – along with executing your mission.
For the most part, there seems to be acceptance of the fact that collaborating around some issues can have an impact on the clients and communities being served; in addition to the improvement of effectiveness and efficiency of each individual organization.
However, there seems to be reluctance on how to best work some of these relationships. There definitely seems to be a trust factor that plays into conversations, if it’s felt that both organizations are “competing” for the same resources or clients.
Much like we tell our small business entrepreneur clients when considering a “partnership”, which does have a legal organizational implication, make sure everything is understood up front… how is the initiative mutually beneficial, what roles will each organization fulfill, and even under what circumstances will the working together cease.
Jane Wei-Skillern & Sonia Marciano wrote in the Stanford Social Innovation Review article The Networked Nonprofit, “networked nonprofits achieve their missions far more efficiently, effectively, and sustainably than they could have by working alone.”
We’ve been extremely fortunate with the partnerships we have developed here at EGBI. Besides the great relationships we have with the Greater Austin Hispanic Chamber of Commerce and the Capital City African American Chamber of Commerce among others, we’ve also established some key ones where we deliver our training services.
Our bilingual Curso Empresarial is a product of a couple of pilots we ran in 2012 with Las Comadres Para Las Americas. Those successful pilots led to expanded plans for 2013 and even some terrific recognition from Austin’s FuturoFund as their 2013 grantee. Our next class with Las Comadres is scheduled to begin on April 9th.
In addition, we are working with El Buen Samaritano to run a Curso Empresarial at their facility in south Austin for their clients. The cohort at El Buen will begin on May 14th.
Finally, our latest partnership involves entrepreneurial outreach to veterans as we work with The University of Texas-Pan Am Veteran’s Business Outreach Center. The Entrepreneur Training Project for Veterans is scheduled to begin at EGBI’s Emerging Enterprises Business Development Center on April 4th.
Encourage start-up entrepreneurs you know to sign up… the next wave of classes will start in a couple to a few weeks! Go to the bottom of our home page and register.
Through our partnerships, we have been able to expand our footprint and service offering. In a city with thousands of nonprofits, there is no need to reinvent the wheel. Nonprofit collaborations can be very powerful if they are managed correctly. If you are a nonprofit thinking about collaborating with other organizations, check out Greenlights for Nonprofit Success’s Town Hall event on May 7th and explore national trends and local experiences with nonprofit collaborations and mergers.
by EGBI Tech Team | Mar 27, 2013 | Business Tips
I know we’ve talked about this, but ARE YOU FINANCIALLY FIT?
By Al Lopez, March 19, 2013
Our initial session for EGBI’s small business startup training is Boot Camp. Many of you have taken it, and I know that many wonder why we are starting our “how to start a business” program with a class on personal finances and credit. However, it is surprising to me how many of the clients who begin our program have very little idea when it comes to their financial obligations, book-keeping and overall financial fitness. So we start with the basics and build on that. In fact, as we have refined our curriculum over the last two years, most of what we have embellished has been financial in nature – more detail on income statements, break-even, cash flow, pricing, and taxes.
Cash flow is critical – a business can be “profitable” and still go bankrupt. So, don’t get caught up looking at your income statement over a year and assume the cash will flow. It is critical to look at it monthly and sometimes, depending on payment cycles, even inside the month. Be prepared to navigate through those dips in available cash with savings, lines of credit, etc.
As a finance executive for most of my career, spending the last 11 years of it at Dell, Inc, where metrics and data were the only “truth,” I am pretty obsessed with looking at key measures. As a small business owner, you should measure everything: profitability, balance sheet, and cash-flow statements. In addition, there may be some measures that are unique to your business – identify them and track/measure those that are specific to your customers and product/service. As your business grows, make sure you evolve and expand your metrics so that you are able to understand the state of your business at all times. Those measures may be more operational in nature, but they will affect your financials. It is also important to review your performance and understand the indicators of the future of your business. Ask questions, be wary, and know what you are getting into. If there are areas that you are still uncomfortable with, get help. Don’t be too proud or take too long to “figure it out”.
Make sure you are financially fit at the personal and business level, and remember that EGBI is here to assist you. In fact, we are proud to be part of the Financial Fitness Greater Austin Week, which is coming up April 22-28, 2013.
Financial Fitness Greater Austin (FFGA) is an education and awareness initiative in partnership with the Alliance for Economic Inclusion, Senator Kirk Watson and more than 60 entities in the Greater Austin area. The goal of FFGA is to provide financial awareness and information to the Greater Austin community and emphasize the importance of financial literacy and the need for consumers to be proactive about managing their finances.
EGBI is a partner in the Adult Financial Fitness (FF) Contest, as part of the FFGA. This contest engages participants in actively managing their finances. Participants get to choose between a “CREDIT” or “BUDGET” packet that walks them thru four financial activities. After completing the activities, participants write an essay on how their “new financial knowledge” has made a difference in their lives. Packets are available at EGBI for pickup now thru April 12th (or downlaod them from the FFGA website). Check it out: 1st prize gets $500, 2nd prize gets $300, and 3rd prize gets $200. Join in and demonstrate your fitness! Please email nayeli.gallegos@egbi.org for information and to request a package to participate.
by EGBI Tech Team | Feb 26, 2013 | Business Tips
Protégete contra el robo de identidad
Por Nayeli Gallegos, 26 de febrero del 2013
Todos hemos escuchado alguna vez de casos de robo de identidad. Entendiendo como robo de identidad cuando alguien se apodera de tu información personal y la usa sin tu permiso. Provocando con esto problemas en tus finanzas, en tu historial crediticio e incluso daños a tu reputación, sin olvidar la pérdida de tiempo y dinero que puede implicar.
Si alguien se apodera de tu información personal, pueden vaciarte tu cuenta bancaria, hacer compras con tus tarjetas de crédito, abrir cuentas de servicios públicos e incluso recibir tratamiento médico usando tu seguro.
Muchas veces ni siquiera nos damos cuenta de que alguien más está usando nuestra identidad. Por eso es recomendable revisar nuestros reportes de crédito al menos una vez al año. En Annualcreditreport.com puedes checar tu reporte de crédito de manera gratuita una vez al año por medio de cada uno de las agencias de reportes de crédito: TransUnion, Experian y Equifax
Protege tu información. Ten mucho cuidado al exponer tu información personal a negocios o por medio del internet. Mantén tu información personal guardada en un lugar seguro. No divulgues tus datos personales en las redes sociales y ten cuidado con páginas de internet dudosas. Protege la información que tengas guardada en la computadora y teléfono, y asegúrate de eliminarla en caso de que vendas el aparato.
Además de los daños que le puede ocasionar a un individuo, el robo de identidad puede dañar profundamente a un negocio. Imagina que tú tienes un negocio donde recibes información personal como tarjetas de crédito o números de seguro social. ¿Qué pasaría si alguien llega a tu empresa y roba documentos con esa información personal de tus clientes? ¿Sabías que como dueño del negocio, puedes meterte en problemas legales si no estás bien protegido? Además, un caso de robo de identidad puede afectar la reputación de tu negocio.
Si tienes un negocio, entrena bien a tus empleados para que sepan manejar la información personal de tus clientes con prudencia y mucho cuidado.
Los casos de robo de identidad siguen en aumento, te recomiendo que te informes y te protejas de manera personal y a tu negocio. Visita la página de internet de la Comisión de Comercio (FTC por sus siglas en ingles). Esta es una agencia nacional de protección del consumidor que trabaja para prevenir las prácticas comerciales fraudulentas, engañosas y desleales en el mercado. Aquí puedes encontrar información acerca de que hacer en caso de robo de identidad y como protegerte contra ello.
También puedes asistir a un seminario gratuito que se va a ofrecer el 13 de Marzo de 9 a 10 am en la Incubadora de Negocios EGBI, donde se va a tratar este tema. Para más información y registro, llama al 512-928-2594 o visita nuestra pagina. Infórmate y protégete antes de que sea demasiado tarde.
by EGBI Tech Team | Feb 26, 2013 | Success Stories
What kind of clients come to EGBI? Client feature: Teresa Valenzuela-Basa
By Al Lopez, February 26, 2013
The diversity of our clients is an element that makes our experience here at EGBI especially interesting and rewarding. At one end of the spectrum, we have folks who don’t yet have a specific business but feel that sometime in the future they will start a business. At the other end, we have clients who already have a business developing, but have reached a point where they realize they really need and want to have a more formal business plan, such was the case of Teresa Valenzuela-Basa.
Teresa arrived in the United States in 1991 as a refugee from Chile. Her passion for art, color, and fashion led to an initial career in jewelry design, which has evolved into a creation of a full line of fashion. Teresa’s strong commitment to her community and heritage inspired her to work with a Chilean Foundation which aims to preserve the colorful art form of horse hair weaving while helping women to become financially independent. Her community involvement includes volunteering at Safeplace, an Austin based nonprofit that empowers women living under family violence.
Teresa is currently in our noon cohort of Building Success Program (BSP). We have covered business topics such as business plan, personal finances/credit, budgeting, pricing, legal structures, taxes and insurance among other. Coming up are sessions on marketing, branding, and using social media for your business. The BSP culminates with each client, including Teresa, presenting a brief summary of their business plan to the class members and the EGBI staff.
Teresa’s designs have been featured at the Texas Campaign for the Environment, Austin Fashion Week, and the 2012 Texas Emmy Awards. She is periodically featured in Univision’s Despierta Austin providing fashion tips. Her first fashion debut, Vento e Sole, takes place on Sunday, March 17th at Ballet Austin. The event benefits Safeplace and Ballet Austin. Tickets can be purchased here.
It is particularly exciting when we see collaboration among our clients. In this case, our client Sugar Fashionista is participating in Teresa’s Vento e Sole event providing their fabulous desserts. We are proud of them, Teresa and other small business owners who call EGBI their “base of support” and look forward to continuing to help them sustain and grow their businesses.
If your current situation is similar to Teresa’s, and you are ready to take your small business to the next level, come to EGBI. Check out our website, sign up for our entrepreneurial training sessions beginning in April and attend our great workshop series in March.
Latina Fashion Designer, Teresa Valenzuela-Basa currently enrolled in EGBI’s Building Success Program
“EGBI is providing guidance and training to enable my business to grow steadily and with solid roots. Their professional team is full of resources and they are dedicated to ensuring small businesses succeed. The support of EGBI is reassuring to business owners. As a fashion designer, I can count on their guidance to surround my company with professionals who are instrumental for running a business in an ethical, productive, effective and efficient manner.” Teresa Valenzuela-Basa
