Volume 26 | November 2024

Your monthly news & updates

Upcoming Events, Industry News, and more!

SAVE THE DATE!

November Events:

Pricing Power: Maximize Profit

November 6th, 2024

9:00 AM-11:00 AM

Join us for this upcoming training session on pricing strategies! Boost your profits and drive your small business successes!

The Economic Alliance will present this educational workshop on Pricing – learn about the factors to consider when setting a price and how to avoid being overwhelmed by all the options. We can’t pick a price for you, but we can put you on the right path to starting your pricing journey. Register here!

Main Street 101 Workshop

November 12th, 2024

1:00 PM - 2:30 PM

Community Foundation of NCW, 715A Okoma Dr,

Omak, WA 98841

The Main Street Approach is an inclusive, impact-driven strategy used to reenergize and strengthen older and historic downtowns nationwide. The Washington State Main Street Program supports a network of over 70 towns and cities in place-based economic and community development, because our unique places are our greatest assets. At the Economic Alliance’s invitation, Washington Main Street staff will be visiting Omak to share about the Main Street Approach and brainstorm how it could be used across Okanogan County.

Registration Required, Register today!

Past Trainings Available on Demand

In case you missed our previous training on Smart Phone Photography, you can catch up here!

Learning Opportunity

As a small business owner, you wear many hats—from CEO to customer service. But one of the most important roles you play is that of a small business financial planner. Financial forecasting is a key skill that can help your business thrive. Let’s break down what financial forecasting is, why it matters, and how to do it.

The basics: What is financial forecasting?

Think of financial forecasting like creating a budget for your business. Just as you might plan out your personal expenses (how much you’ll spend) and income (how much you’ll earn) for the year ahead, financial forecasting does the same for your company. It’s a way to estimate your future sales, expenses, and overall financial performance.

Why financial forecasting matters for small businesses.

With all that’s on your plate as a small business owner, you might be wondering why you should bother with this type of number crunching. Here are a few key reasons financial forecasting is crucial:

Planning for growth: Forecasting helps you set realistic goals and helps you plan how to achieve them.
Managing cash flow: By predicting upcoming expenses and revenues, you can avoid cash crunches. This is especially important for seasonal businesses.
Preparing for challenges: Forecasting forces you to think through potential hurdles and how you’ll overcome them.
Making smarter decisions: With a clear picture of your financial future, you can make more informed choices about hiring, inventory, marketing spend, and more.
Qualifying for financing: Lenders want to see that you have a solid grasp on your finances. A well-thought-out forecast shows you’re serious and have a plan for success.

Your financial forecast and business plan work hand in hand. Think of your business plan as a roadmap for your company’s future. It outlines your goals, strategies, and how you’ll achieve them. The financial forecast is the numbers behind that plan.

Key components of a financial forecast

At its core, a financial forecast is similar to a profit and loss statement (P&L), but rather than providing a snapshot of past business performance, it projects what is likely to happen in the future. The main parts of a financial forecast are:

Sales/revenue: Your best estimate of how much money your business will earn
Expenses: Your best estimate of costs associated with running your business
Profit: What’s left after subtracting expenses from revenue

What is a microloan?

The microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand.

SBA provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers.

Click Here for more information!

Access to Capital

Commerce’s new loan products were made possible by $163.4 million in funds provided through the U.S. Treasury’s State Small Business Credit Initiative (SSBCI). This program aims to promote entrepreneurship, support small business ownership, and increase the flow of capital in underserved communities. A portion of all program funding is targeted towards Very Small Businesses (VSB) and businesses owned by Socially and Economically Disadvantaged Individuals (SEDI)

We want to hear from you!

Are you a resident of Okanogan County? We want to hear from you! Points Consulting will be in in four different local areas and they want to hear what Okanogan County residents think of the local economy.

Please join us starting November 13th at Omak City Hall for the first of three in person sessions.

Small Business Survey 2024

Please take the time to fill out this brief survey to help us at the Okanogan County Economic Alliance better understand your Small Business needs.

Follow this link to start the survey:

https://www.surveymonkey.com/r/EASBS2024

Best Practices for Preventing Cyberattacks

Cyberattacks cost the U.S. economy billions of dollars a year. They also pose a threat for individuals and organizations. Businesses can be attractive targets for cyber criminals. Small businesses in particular may lack the means to protect their digital systems.

Surveys have shown that many small businesses feel vulnerable to a cyberattack. Many small businesses cannot afford professional IT solutions. They may also lack time to devote to cybersecurity, or may not know where to begin.

Train your employees

What is the leading cause of small business data breaches? Employees and work-related communications. They are direct pathways into your systems. Train your employees on internet usage best practices. This can help in preventing cyberattacks.

Secure your networks

Safeguard your internet connection by encrypting information and using a firewall. If you have a Wi-Fi network, make sure it is secure and hidden. This means setting up your wireless access point or router so it does not broadcast the network name. This is also called the Service Set Identifier (SSID). Make sure your router is password protected. If you have employees working remotely, they should use a Virtual Private Network (VPN). A VPN will connect to your network securely from their location.

Use antivirus software and keep all software updated

Install antivirus software on all business’s computers, and update them regularly. Antivirus software can be found online from a variety of different vendors. All software vendors provide patches and updates to correct and improve security and operations. It is best to configure your software to install updates automatically. Also update all operating systems, web browsers, and other applications. This will help secure all business data.

Enable Multi-Factor Authentication

Multi-Factor Authentication (MFA) is an important security measure. It verifies someone’s identity by requiring more than a username and password alone. MFA may require users to provide two or more of the following:

Something the user knows (password, phrase, PIN)
Something the user has (physical token, phone)
Something that physically identifies the user (fingerprint, facial recognition)

Check with your vendors to see if they offer MFA for any of your accounts (for example, financial, accounting, payroll).

Monitor and manage Cloud Service Provider (CSP) accounts

Using a CSP to host information and collaboration services adds needed security, especially under a hybrid work model. Software-as-a-Service (SaaS) providers for email and workplace productivity can help secure data.

Secure, protect, and back up sensitive data

Secure payment processing - Work with your banks or card processors to ensure you are using the most trusted tools and anti-fraud services. You may also have security obligations related to agreements with your bank or payment processor. It’s best to isolate payment systems from less secure programs. For example, do not use the same computer to process payments and casually browse the internet.
Control physical access - Prevent access to business computers from unauthorized individuals. Laptops and mobile devices can be easy targets for theft and can be lost, so lock them if they are unattended. Make sure each employee has a separate user account, and that accounts require a strong password.
Restrict privileges - Administrative privileges should only be given to trusted IT staff and key personnel. Perform access audits within your business on a regular basis. This ensures that former employees are removed from your systems. When applicable, former employees should return all company-issued devices.
Back up your data - Regularly back up data on all your computers. If possible, perform data backups to cloud storage on a weekly basis. This will help minimize data loss. Critical data may include:
Financial, human resources, and accounting files
Word-processing documents, electronic spreadsheets, and online databases
Control data access - Audit the data and information you are housing in cloud storage repositories on a regular basis. This can mean audits of your Dropbox, Google Drive, Box, and Microsoft Services. Appoint administrators for cloud storage drive and collaboration tools. Instruct administrators to monitor user permissions as well. Employees should have access to only the information they need.

Click Here for more information.

The Economic Alliance has a SBDC Certified Business Advisor on staff to meet with you!

To schedule an appointment, give us a call at: (509) 826 5107

Business Services

SkillSource helps North Central Washington businesses save money and improve employee productivity through programs that defray the cost of finding and training skilled employees.

Personnel Services

SkillSource offers:

Recruitment services
Pre-employment testing and skills assessment
Labor market information
Assistance with job fairs, hiring events and more

Layoff & Business Closure Assistance

When businesses downsize or close, SkillSource can help. We assemble partners and resources to assist affected workers and employers to navigate next steps. Large business or small, ten workers or hundreds, you can turn to SkillSource.

On-the-job Training

SkillSource helps businesses hire people with potential and then reimburses part of their wages and training costs as they learn on-the-job. The program reduces costs associated with employer recruitment, training, and job turnover.

Watch this video for information on our business services.

Watch this video for information on layoff and business closure assistance.

SkillSource will provide:

Up to 50% reimbursement of a trainee’s gross wage while in training (up to 6 months) to offset the cost of training.
Reimbursement of up to 50% of the cost of related formal training, such as workshops and seminars.
Trainee assistance with tools and equipment not normally provided by employer.
Trainee assistance with work clothes, childcare and transportation to ease the cost of transitioning into a new job.

Incumbent Worker Training: Increasing the skills of existing employees

Incumbent worker training helps qualifying companies upgrade the skills of existing employees to help businesses remain competitive, retain employees and promote from within, increase profits and support new growth.

SkillSource will help businesses cover training costs. The employer’s cost share can be met by paying employee wages during the training. Employees must have 6 or more months of experience working for your company (exceptions apply for trainee cohorts).

Internships and Work Experience

SkillSource places students with businesses for internships or work experience while paying trainee wages. These paid opportunities help career-seekers gain job readiness and occupational skills while giving local businesses extra staff in exchange for mentorship and training. These experiences often result in excellent job candidates for participating businesses

Worksource Okanogan also has other programs and services to help employers meet their workforce needs. Click Here to learn more.

Contact Worksource today to learn more at 509-826-7310.

L&I Update

Fall 2024

Holiday, Vacation & Bereavement Leave

Washington State does not require employers to provide leave or pay for holidays, vacations, or bereavement. These benefits can be found in your employer policies or collective bargaining agreement. They are generally an agreement between an employer and employee. L&I does not enforce these agreements.

There are a few exceptions:

You can use vacation or other types of paid leave for the care of qualifying family members. See our Family Care Act page for full details.
If you are a worker on a public project, then you may have contract rights under the state’s prevailing wage law.
Some municipalities have ordinances that require certain types of leave. Employers should check and make sure they are complying with local laws.

If an employer agrees to provide these leave benefits and then does not do so, you may take private legal action in court or hire a private attorney.

Holiday Overtime Pay

Holiday pay is a benefit that may be paid at the employer’s discretion. Overtime or premium pay is not required for working on holidays or weekends unless those hours are in excess of 40 for the workweek, unless one of the exceptions above applies. Overtime is based on actual hours worked. A paid holiday taken as a day off is not included in overtime.

You can request a no-charge consult through L&I for any questions you may have.

For more information

Go online to www.Lni.wa.gov or lni.wa.gov/espanol

Besides the L&I’s website, contact program specialists via email at L&I or by calling 509-209-3448.