inVenture: Advancing Innovative Businesses October '04 
News in a Flash

Janet Barrows Wins Small Business Person of the Year Award
Congratulations to Janet Barrows, owner of Home Instead Senior Care, who was awarded the Small Business Person of the Year Award at the Chamber of Commerce Annual Meeting on Wednesday, September 22nd.

Janet started her business in November 2002, with herself as the only employee. Today, she has a team of 59 caregivers and administrators focused on providing quality in-home care to seniors. Congratulations, Janet!

IU Student Spending Habits Survey Available
At a press conference in September, Bloomington mayor Mark Kruzan unveiled results of an Indiana University/SBDC survey that analyzed IU students' local spending and shopping habits. Kruzan also announced a new partnership between the City of Bloomington, Small Business Development Center, and Indiana University to conduct a follow-up survey in the spring.

See the mayor's press release or download a PDF of the survey. For additional information, contact Brian Kleber at 812-339-8937.

Chamber President Announces Retirement
During the regular Board meeting of the Greater Bloomington Chamber of Commerce on September 23, President Steve Howard informed directors of his intention to retire effective Friday, September 30, 2005. Howard has been president of the Chamber since 1994.

Howard has thanked the many people on the Chamber board who have provided him the opportunity to work closely with the Bloomington community. “…It has been a true privilege to have been given the opportunity for an extended effort in a superlative community. It is the best job I ever had and I’m very grateful to those who made it possible.”

 
Tips of the Month

Topic: Employee: Exempt or Nonexempt?
The Fair Labor Standards Act (FLSA) sets the minimum wage, governs the employment of minors, and sets to whom and when employers must pay overtime. Non-compliance with these sometimes confusing laws can prove devastating to small businesses. In particular, FLSA litigation involving unpaid overtime has mushroomed in the past few years.

Department of Labor (DOL) guidelines classify all employees as either exempt or nonexempt. Nonexempt employees are entitled to overtime pay if they exceed 40 hours in a week. Exempt employees are executives who spend at least 80% of their time (60% in retail or service) on management duties. They also must supervise at least two workers and have discretionary authority over accomplishing their jobs. Certain types of administrators and professionals whose jobs require advanced education or whose work is considered creative or artistic are also exempt.

Many employers believe that paying a salary versus an hourly wage classifies employees as exempt. This is not so. For instance, the CEO’s administrative assistant making $75,000 a year is most likely nonexempt. Computer programmers and even insurance adjusters have been ruled nonexempt. So it pays not only to know the law but to consult the DOL or a labor attorney if you have questions about whether your employees are exempt or nonexempt. Non-compliance can be expensive. Learn more.

 

SBDC Business Solutions

NEW PRODUCT ANNOUNCEMENT: Business Check-Up
Ever wonder how your business compares to others in your industry? The SBDC can now provide a detailed analysis of your business’s performance including:

• Cash flow
• Profit margin
• Inventory turns
• Gross and net income performance

You will also receive information specific to your business, including:

• Areas of strength and weakness
• Specific recommendations for improvement
• Detailed explanations of the results and how you stack up against your competition

Get YOUR business check-up today by for information. Or call Troy directly at 812-339-8937.

 

 

Upcoming Events

October 6: Business Orientation Start-up Session (BOSS)
What: Learn what it takes to start your own business and become your own boss.
Where: SBDC, 501 N. Morton, Suite 106
Time: 3:00 - 5:00 pm
Cost: $20
Contact: SBDC, 812-339-8937 (registration required)

October 11-20: How to Green Your Bottom Line
What: This course will help you identify changes that can make your business “greener” -environmentally and financially.
Where: IU Research Park, Room 100A
Time: 6:30 pm- 8:30 pm
Cost: $69
Contact: 812-855-4991 (registration required)

October 11- November 15: Principles of Training
What: Learn to design, deliver and evaluate training lessons that meet organizational goals.
Where: IU Community Computer Center, 450 S. Landmark Ave.
Time: 6:00 pm- 8:30 pm
Cost: $125
Contact: 812-855-4991 (registration required)

October 14: Business Planning Workshop
What: Learn how to use ActivePlans, an online business planning tool, to help your business idea become reality. Each participant will receive an ActivePlans account.
Where: SBDC, 501 N. Morton, Suite 106
Time: 2:30 pm - 5:00 pm
Cost: $69
Contact: SBDC, 812-339-8937 (registration required)

October 20: Business Orientation Start-up Session (BOSS)
What: Learn what it takes to start your own business and become your own boss.
Where: SBDC, 501 N. Morton, Suite 106
Time: 3:00 - 5:00 pm
Cost: $20
Contact: SBDC, 812-339-8937 (registration required)

October 21: QuickBooks Basics
What: Learn the basics of accounting and how to set up Quickbooks software to fit YOUR needs.
Where: SBDC, 501 N. Morton, Suite 106
Time: 2:00 - 4:30 pm
Cost: $39
Contact: SBDC, 812-339-8937 (registration required)

October 21: Buy Indiana Expo
What: Learn how to sell your product or service to government centers.
Where: Linton-Stockton High School Gymnasium
Time: 9:00 am - 3:00 pm
Contact: 812-847-4846

October 21: Business After Hours
What: Greater Bloomington Chamber of Commerce monthly Business After Hours
Where: Stone Belt Leather Works, 203 W. Gordon Pike
Time: 5:30 - 7:30 pm
Other: Open to all Chamber members. Sponsored by Stone Belt Leather Works

 

 

USeful Links
Web sites to help your business succeed.
 
 
 
Thank you to the financial supporters and partners of inVenture and the South Central IN SBDC: Bloomington Economic Development Corporation, Bloomington Urban Enterprise Association, Cairril.com Design, Greater Bloomington Chamber of Commerce, Indiana Economic Development Council, Indiana University, Fifth Third Bank, and the Small Business Administration.

Sponsors:

Kiva

This newsletter is produced by the inVenture and is intended to keep our clients and partners informed of current programs and small business issues. Out of respect for your time, we will only send one announcement a month. If you would prefer not to receive this newsletter, please to be removed from our mailing list.

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inVenture: Advancing Innovative Businesses