Corridor staff has been working on website updates. If you have questions about where to find information, please contact Alyssa Petersen by email or phone,
712-264-3474.
This Week in the Corridor
Corridor announces resignation of Chief Executive Officer
The Iowa Lakes Corridor Development Corporation (Corridor) announced that President & Chief Executive Officer Kiley Miller is resigning from the organization effective in February 2021.

“We thank Kiley for six great years leading the Corridor,” said Debra Satern, Chair of the Corridor Board of Directors. “His energy, knowledge and creativity have helped bring about significant economic growth in the region and prepared our organization for continued success in the years ahead.”

Miller joined the organization in August 2014. He is leaving to become Executive Director of the nonprofit Trees Forever in Marion, Iowa.
Business owner year-end opportunities
The end of 2020 is quickly approaching, and with the year’s end, business owners have opportunities. First is to celebrate! Despite setbacks caused by the pandemic, many businesses in our Corridor region accomplished a lot in 2020. It is important to spotlight and celebrate our achievements with employees, suppliers and customers.

Employees
Business owners know that employees are critical to their company’s success. Invest time and effort into providing feedback to your employees. Annual reviews are important and necessary. Visit with each team member to see how their year went, identify professional development goals for next year and define training opportunities and other pathways that will empower them to meet and exceed achievement milestones next year.

Tax Planning
We can’t talk year-end without talking tax planning. Review your income statement, balance sheet and cash flow statement. When it comes to filing taxes, deductions are your friend. Saving money on taxes always feels good and ensures that you are taking advantage of government-sanctioned exceptions. One way you can increase your tax deductions is by investing in capital improvements near the end of the year. Consider purchasing new equipment or certain other business property that will qualify for a Section 179 deduction (see https://www.irs.gov/publications/p946 for details). Under that deduction, business owners deduct all or part of the cost of certain qualifying property in the year you put that item into service. Only make investments that will improve the profitability of your business.

There is a certain amount of risk in running a business, and, unfortunately, some items just don't sell, and some debts can't get collected. While neither situation is ideal for any business, they are both deductible. Old inventory, or inventory that can no longer be sold, is deductible as an expense come tax time. Since inventory only gets expensed when it's sold, you can get rid of the items that can't be sold and deduct what you originally paid for them.

Donate to Charity
Many Northwest Iowa businesses donate a portion of their income to charity. Not only is a donation a noble and important act, it can help reduce taxable income. By donating to charity, you can better your business's finances. While money is always a great donation, items like clothes, shoes and toys can also go a long way. Be sure to keep receipts and other documentation to back up your deductions.

Housekeeping
Backup your computer and your contacts. Review your website. Consider investments in online sales of product offerings or online appointment scheduling for service offerings.

A lot has changed in your business this year, and the same goes for your vendors. At the end of the year, verify that the contact information, including phone number, email address and contact name, are still correct for each of your vendors. Purge the system of any inactive vendors or inaccurate information.

Set Goals for the Coming Year
2021 can be better than 2020 for your business if you are deliberate in planning your path forward and measuring your progress.
Featured Real Estate
Spirit Lake Shell Building

Location: 540 5th Street East
Spirit Lake, IA 51360

Sale Price: $799,000

Square Feet: 30,000

For more information visit the Corridor website!
Around the Corridor
Seasons Center receives $50,000 Telligen Community Initiative Grant

Telligen Community Initiative recently awarded Seasons Center for Behavioral Health with $50,000 to fund the Wellness Wagon project. The project entails purchasing a 15-passenger van to support a mobile behavioral health clinic in the region's rural communities.

Learn more about the grant and the project.
Spencer Ag Center offers usage of freezer to Clay County Public Health

The Spencer Ag Center recently offered up usage of a freezer with sub-zero storage for Clay County Public Health to use when doses of the COVID-19 vaccine arrives to the area.

Read about the partnership.
Fairchild elected Chairman of District Three Board of Supervisors

Corridor Board Member Tim Fairchild was elected the Chairman of District Three Board of Supervisors to serve sixteen counties in the state. Ten of those counties participated in a virtual meeting last week to discuss topics including mental health and COVID-19 efforts.

Learn about the election.
Clay County Fair & Events Center receives international recognition

The International Association of Fairs and Expositions (IAFE) held their 2020 "Virtual Vision" event to replace their Annual Convention. At the event, the Clay County Fair won five awards in a variety of categories including "Partnership with Outside Groups/Businesses," "Video," and "Unique Event to Utilize the Facility During the Pandemic."

Read more about the awards.
Investor Spotlight
Each week we want to feature and thank the businesses and individuals that have committed to economic development and growth in our communities. To learn more about these investors and others, visit our Business Directory!
Tecton Industries, Inc.
Sector: Manufacturing
Location: Spencer
Description: Founded in 1981, Tecton Industries, Inc. is a leading producer of precision machined components located in two separate temperature and humidity-controlled manufacturing facilities in Spencer. With over 45,000 square feet of combined shop floor, they have the latest machine tool technology and manufacturing techniques available.
The Acre Company
Sector: Agriculture Services
Location: Spencer
Description: The Acre Co. was started in 1988, and has continued to grow since that time. Private land sales, auctions, and tax deferred exchanges are what they do everyday. Check out recent developments in the Spencer and Okoboji area.
The Hillshire Brands Company
Sector: Manufacturing
Location: Storm Lake
Description: The Hillshire Brands Company is a wholly-owned subsidiary of Tyson Foods. Hillshire Brands’ portfolio includes iconic brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Sara Lee frozen bakery and Chef Pierre pies, as well as artisanal brands Aidells, Gallo Salame and Golden Island Jerky.
Jobs in the Iowa Lakes Corridor
Post your jobs where quality candidates are already looking: lakescorridor.com

See current job openings here.
vacancy_sign_desk.jpg
Job Title
Cook/Server
Employer
ILCC
Date
12/17/2020
Questions? Want to be featured in next week's newsletter?
Contact the Iowa Lakes Corridor at info@lakescorridor.com,
or call us at 712.264.3474.