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1) GFDA has committed a $323,200 brownfields clean-up grant to Great Falls Public Schools for the CM Russell High School Auditorium renovation. We're excited to be able to support this great community project!
2) Four companies have now signed purchase agreements on lots in the Great Falls AgriTech Park! If your business needs a site zoned heavy industrial with all utilities and rail, contact Jolene Schalper at 1-406-750-4481 or [email protected]. We still have about 200 acres available with customizable lots.
3) Congratulations to the University of Providence Women's Basketball team on winning second place in the NAIA National championships! Read more from the Argos.
4) This week, our Great Falls Small Business Development Center (SBDC) hosted another business technical training session. Ten entrepreneurs joined us for a few hours on Wednesday morning to discuss their businesses' digital marketing footprint. Establishing and maintaining a strong digital presence in today's market is increasingly important. Don't let your business fall behind in the digital age, if you’re struggling with digital marketing reach out to our SBDC business advising team for assistance, contact Rich Gannon at [email protected] or sign up directly for one on one business advising here.
5) Hometana has doubled its space in Downtown Great Falls. See KRTV.
6) Enough has changed since 2021 that we partnered with the Home Builders Association of Great Falls, NeighborWorks Great Falls, the Great Falls Association of Realtors to commission an updated housing market demand assessment by the Concord Group. We will be releasing the study, hearing about recent housing developments, and hearing from companies driving the demand on April 17 at Great Falls College. Register for the 2024 Great Falls Housing Summit!
7) Our own Showdown Montana local ski hill was featured in the new Powder Pup movie released on March 26th Check out the trailer!
8) We hope you will join us at this year’s Fire Within Awards, taking place on Thursday, April 18th from 5:30-7:30 PM at the Haute Hive. This year we are celebrating a record 31 women business owners! Help us celebrate these incredible women by registering here!
9) The State Small Business Credit Initiative 2.0 (SSBCI 2.0) low interest rate program opened their application portal on March 22nd. The application portal is only open until April 12th. These funds can be used for business purposes including purchasing real estate, equipment or working capital. If you have a project that could move forward with the benefit of low interest rate funding, contact Jill Kohles at [email protected] or 1-406-590-1056.
10) A second round of Ag Infrastructure funding will open on April 1st. If you are an ag or food manufacturing business looking to purchase equipment, to upgrade your facility, or hire consulting services and have a clear project in mind, please reach out to Anna Flies. She can go over the funding guidelines and discuss eligibility. Reach her at 1-406-590-1301 or [email protected]
11) Jake went down to East Helena to look at an innovative housing development being done by Habitat for humanity and their partners. Learn more about this exciting project on KTVH.
12) Join employers across diverse industries at a hiring fair and career exploration on April 24 from 11 AM to 6 PM at the Mansfield Convention Center. Employer booths available fur $25 Great Falls Area Chamber Members and $50 Non-Chamber Members. Admission is free for attendees. Sign up for the event here.
13) Anna and Nicki met with businesses who will be selling at the Farmers Market. The Great Falls Farmers Market opens on June 1st from 8:30am-1:00pm. New this year, there will be a night market on Thursdays, starting July 11th from 6:30pm-8:30 PM at Lions Park by the new Aim High Big Sky Aquatics Center. If you are looking to start or grow your own food and ag business and would like to know more about resources to support you, reach out to Nicki at [email protected] or 1-406-750-2099.
14) Are you considering bidding on contracts related to the upcoming Sentinel Project? Are you aware that it takes two years to become approved as a vendor for these contracts? If you haven't initiated the process yet, it's essential to connect with Great Falls APEX to begin. For further details, reach out to Lillian Sunwall at [email protected] or call 1-406-750-1253.
15) Managing Cash Flow: The Lifeblood of Any Business. For any business, ensuring a healthy cash flow is essential for not only survival, but growth and success. Cash flow is the amount of money moving in and out of a company at any given time. Even a highly profitable company can get into trouble if it does not have enough actual cash on hand to cover its expenses and obligations. Remember, cash Is king!
Negative cash flow, where more cash is going out than coming in, can cripple operations and growth. Businesses need to be proactive about monitoring cash flow through good planning and practices. Here are some tips for better cash flow management:
1.Create a cash flow forecast. One of the most important things you can do is develop a cash flow projection that looks ahead 12-24 months. This allows you to see when cash shortages may occur so you can plan accordingly. Include accounts receivable projections, estimated expenses, loan payments, and any other cash outs. Review and update the forecast monthly.
2.Encourage customers to make early/prompt payments. On the revenue side, encourage customers to pay their invoices quickly by offering a small discount for early payment. You can also include late payment penalties in your policy. The faster money comes in, the better your cash position will be.
3.Manage inventory carefully. For product companies, inventory can freeze up a lot of your cash. Do not let inventory get beyond needed levels. Lean practices and just-in-time ordering from suppliers can minimize cash tied up in inventory.
4.Stretch out payments. On the expense side, take advantage of any options to stretch out payment terms with vendors and suppliers. Ask for net-60 or net-90-day payment windows, if possible, instead of net-30. This gives you more runway to collect revenue before expenses are due.
5.Find the right financing. Having a line of credit can provide a valuable cash flow cushion when money is tight. Shop around with lenders for the best rates and terms. Equipment leasing is another option that can free up cash compared to buying equipment outright.
6.Trim expenses. Always be looking for ways to cut unnecessary expenses and eliminate waste. Review all expenses closely and cut anything that is not critical to operations or growth. A lean mentality is key for cash flow.
7.Monitor and prioritize. Cash flow management requires constant monitoring and prioritizing where every dollar goes. Establish processes and automation to track receivables, payables, and cash balances in real-time. Prioritize expenses when cash is tight, such as making payroll the top priority. You can use accounting software like QuickBooks or WaveApps to do so.
By following practices like these, businesses can maintain a positive cashflow cycle and keep the cash flowing in a healthy direction. Good cash flow management is the key to putting your business on a stable, sustainable path. Want more information on managing cash flow, tools to use, or how to use QuickBooks and Wave? Please reach out to Al Gohary at [email protected] or 1-406-750-0314.
16) We are pleased to announce that we are the recipients of $90,000 in grants from the FHLB Des Moines match program. Thank you to Stockman Bank for providing the match granting us an additional $80,000 and First Bank of Montana for submitting us for an additional $10,000. These funds will support our work in creating an Angel Investor Network and the launch of our Regional Local Foods Partnership. We couldn’t be more excited for the impact this will have on the region and are thankful for the support. We are still awaiting notice from three other bank partners.
17) The deadline to submit a proposal in response to GFDA’s Request for Proposals for an Energy Production Opportunity Assessment is this Friday, April 5 by 5:00PM MST. Electronic submissions and any questions regarding the RFPs can be directed to Tyler Menzales at [email protected] or by calling 1-406-217-7862.
18) We are thrilled to announce the appointment of Jesse Waldenberg of Central Plumbing, Heating & Excavation to the GFDA Board of Directors. Jesse brings a wealth of experience and expertise to our team, having joined Central in 2005. We're privileged to have him at the table, where his insights and strategic acumen will undoubtedly contribute to the continued success and prosperity of our region. Welcome to the team Jesse!
19) We Are Growing Our Awesome Staff Team. Download a description of openings for Loan Officer and Communications & Marketing Specialist.
20) Community investment plays a crucial role in economic development by fostering an environment where businesses can thrive, jobs are created, and local economies are strengthened. We extend our thanks to all GFDA investors and public partners for their continued support. Learn more about them by viewing this short video. Recent investments include: Community Division—Action Plumbing & Construction LTD Co. Their contributions are fundamental to our mission and the positive impact we create in our community. If you’d like to learn about our economic development strategy and be a part of the growth in our region, contact Investment Director Jenn Gallmeier at 1-406-781-9499 or [email protected].
I'm headed back to DC Monday to meet with federal leaders in our continued effort to bring more resources to Great Falls and the surrounding 13-county rural and tribal region.
Happy Easter!
Brett
Brett Doney
President & CEO
1-406-750-2119
[email protected]
Connect with me on LinkedIn to network with the Great Falls Montana region.
Forward the GFDA Top 10 to friends and colleagues. You can join our distribution list HERE or text GFDA to 22828.
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"You've done it before and you can do it now. See the positive possibilities. Redirect the substantial energy of your frustration and turn it into positive, effective, unstoppable determination."
Ralph Marston
Edition 626
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