First Business Plan Class of 2012 Completed
The African Development Center of Minnesota is proud to announce that its newly revised and upgraded Business Plan Class has recently completed its first session of 2012. This class of 17 graduates participated in a new format that focused most heavily on the issues and obstacles that most often face the African-owned business community. It was a wonderful success, and we are already receiving calls from those interested in signing up for our next class.
The format change was to offer the 12 hour course on two consecutive Saturdays (6 hours each day) instead of spreading it out over 5 weeks. This new format made it easier for attendees to meet the attendance requirement.
Regarding curriculum, ADC educators wanted to alter it to better address what ADC lenders have been seeing as the common strengths and weaknesses of the African business community: In our 6 years of being a lender, what are the reasons businesses fail? Is it due to lack of resources, or bad management? For the businesses that don’t fail but are still struggling along, what do they struggle with the most? With the purpose of addressing these problems in a way that potential start-ups can learn and hopefully avoid them, ADC educators covered the following chapters in class: 1) Business Plan 2) Company Summary & Start-up Plan 3) Market & Industry Analysis & Sales Strategy 4) Management and Operations 5) Cash-flow. Unsurprisingly, the most time spent was on this last chapter of cash-flow, since it is the number one reason businesses fail.
There were also two lengthy presentations by ADC professionals: City Requirements & Commercial Real Estate presented by Rich Thomasgard, and Credit & Credit Management by Nimo Farah. Several students in the class met with Rich during breaks for advice on how to manage leases and also the different financing programs available through the City of Minneapolis. Many more students set up follow-up appointments with Nimo Farah to schedule credit counseling.
Overall class participation was impressive! ADC educators were surprised with the number and quality of the detailed questions the students asked. Many had previous experience either working in a family business, or had knowledge of close friends or other relatives who were small business owners. Each presenter had a difficult time answering the many hands in the air waiting to ask more questions, but reassured the students that ADC business lenders are happy to provide one-on-one sessions after completion of the class, where many more detailed questions addressed.
At the end of the class, snacks and refreshments were served and the excited graduates received their certificates. Many set up appointments with a lender before leaving, and several others called the following Monday to set up appointments for their one-on-one sessions.
Congratulations to all of this sessions graduates, and we look forward to the upcoming successes they will achieve!!
Click here to get more information on our Business Plan Class, or to talk with an ADC lender.
