Volume 2 | February 2021
February Chamber News You Can Use!
Hello Chamber Members,

We are so grateful for our Partners and each and every member!
We look forward to all that 2021 will bring!

Our first Grand Opening/Ribbon Cutting of 2021 will be held at SugarCoated Nails in Denton on February 10th.We will practice social distancing and masks must be worn.

The Women in Business Lunch & Learn is set for February 22nd and the Small Business Academy begins March 3rd with guest speaker Patrick Lee Jr. President of the Chesapeake Think Tank.

In the coming months, we will be starting a Pod Cast and conducing our Amateur Dog Show!

Last but not least, we could not celebrate all your hard work in 2020, so we are saying the show must go on by conducting our 2020 Annual Best in Business Awards Dinner as drive in movie night!
Attendees will watch the movie of 2020 unfold in the comfort of their car complete with curbside service!. If the weather is nice guests can bring a chair and sit outside to celebrate the winners!
Look for more details soon!

Thank you for your continued support!
Respectfully,
Tracey Snyder
Executive Director
You can find the latest information by clicking on the links below!

WELCOME!!!
We are excited to welcome Samantha Bollinger to our staff! Samamtha is our new Administrative Assistant! She is excited to meet and work with each of you!
Here is the updated Caroline County Chamber of Commerce Guide!
Deadline for ads in the printed 2021 versions is March 20, 2021
Midshore Technology Services provides a wide variety of hosted, managed and ad-hoc IT and Cybersecurity services and solutions. For small businesses, our “Proactive PC” plans suit most clients and provides the IT Essentials that every business needs. 
 
For larger businesses and enterprises, we offer cloud computing, consulting and IT Managed Services that rival any currently available in the area. From a 24x7 help desk, Network Operations Center (NOC) and cybersecurity monitoring, alerting and response we provide services at a reduced cost when compared to building or hiring internally. 
 
Starting in 2021, we also offer World Class, Voice-over-IP (VoIP) / UCaaS phone service packed with over 70 features including virtual receptionist, mobile apps, and virtual faxing. Call us at 443-448-7162 or visit our website to receive a free IT or Cybersecurity Assessment and learn how we can help your organization grow, collaborate, and operate efficiently.
 

Upcoming Events
We have some great training and fun events set for February and 2021! You can find everything you need to join us at Carolinechamber.org

It's time to CASH BASH Purple Peake!!!
WELCOME NEW MEMBERS
Welcome SugarCoated Nails!
We look forward to working with you!
If you would like to find out more information on renewing or joining us as a member, please visit: Member Benefits
Choptank Transport
We are Essential!
WOMEN IN BUSINESS- MIND SET
We are excited to bring you the first Women in Business Lunch & Learn on Mind Set with Guest Speaker Gayle Scroggs!
Join us for this fabulous FREE event!
Special thanks to our event sponsor Comcast Business! Click on their logo below to learn how they can "Help your business stay reliably connected and protected"

Reach out to Lisa Ritter
Business Account Executive via email by clicking the logo for all your Comcast Business needs!
240-623-4736 or 410-212-4786

We have a great year in store for you with our Small Business Academy! Do not let the name fool you! These classes are for any business owner or their team! If you want to grow sign up for these today! They are free classes taught by the best leaders in our region! Click on the picture for a complete list. First class is set for March 3rd.

Click Here for an excerpt from our first teacher Patrick Lee:
Patrick Lee, Jr. Partner & President of Chesapeake Think Tank, LLC & CEO of Spark Business Institute.



Get to know Caroline County Economic Development
Caroline County Economic Development is dedicated to fostering a diversified local economy that leads to business retention and attraction, job creation and workforce development, and a robust quality of life for the citizens of Caroline County.

To learn more about the business climate within Caroline County, please visit the Caroline County Economic Development website CarolineBusiness.com




Financials and The Small Business Owner
Many Small Business Owners own their company due to either an idea put into operation or a professional capability put into action. In other words, they are in business to do what the business does. This means that many core functions of the company are either outsourced or done to the best of the owner’s abilities.

Finance is one of those skills that I frequently see done by the owner or a staff member at a very rudimentary level. They know enough to do basic bookkeeping, track sales and expenses, and have numbers to turn over to an accountant in order to file taxes. This does an injustice to how useful good financials and an understanding of them can be to charting a course to success.

There are two concepts that I often find my clients do not fully understand. The first is the difference in the functions and skills of a bookkeeper, a Chief Financial Officer (CFO), and a tax preparer or CPA. Often, these jobs require a different perspective to the numbers and a different set of knowledge to accomplish the job. What knowledge, skills, and credentials are needed in each of these positions are different. The business owner often lumps these together. A bookkeeper needs to understand how data gets properly entered into an accounting system in order to produce accurate books. A CFO (or outsource CFO) uses these numbers to help analyze and forecast how today’s trends impact the future. A tax preparer or CPA looks at the numbers to accurately report what has happened for taxation purposes. These are fundamentally different perspectives and skills. Do not assume that someone who is good at one of these occupations is therefore good at all of them.

The second concept that is often misunderstood by the business owner is the difference and uses of a balance sheet, a profit and loss statement, and a cash flow report. The majority of owners that I work with understand a P&L report fairly well. What revenue was generated by what costs were expended is something that becomes second nature to anyone who has been in business for any length of time. However, confusion about the P&L and cashflow report and how they relate (or even if the owner creates cashflow reports) can be confusing. In addition, I meet very few owners who have any understanding of what use a balance sheet has to their everyday operations.

I like to say that the balance sheet is the big picture. It shows where the business has been and what condition it is in for moving forward. The P&L shows for a specified period of time, a snapshot of the ratio of income to costs and therefore how the business is doing right now or in a window of time. The cashflow report shows how cash enters and leaves the business and the timeline of cash availability. I often hear owners comment that the P&L can’t be correct, because it shows a profit and they have no money in the bank. It can take a bit of explaining to show them that the Accounts Receivable reported on the balance sheet is influencing their profit, but not yet their cash. Or that they are profitable this month, but because they paid invoices from last month, their cash is low. Good financial management requires a fundamental understanding of what each report shows and how they can be used in unison to capture the past, present, and future and to help inform the decision making process to more predictable outcomes.

Vote here for Best in Business 2020!
On with the show!
We are so excited to let you know that we will be conducting our Annual Best in Business Awards Dinner with a plot twist!!!

To be safe and fun we will are hosting it as a drive in movie! Tickets will be on sale soon!

Thayer Entertainment , On Your Mark Lighting and Tenchi are a few vendors working to make this unique event a reality!

Please note the deadline
for the March newsletter is February 20, 2021
THANK YOU TO OUR PARTNERS!
We can not do it without you!!!!