GRAVETTE -- Mary Beth Brooks, director of the Arkansas Small Business and Technology Development Center at the University of Arkansas, was the guest speaker for the September meeting of the Greater Gravette Chamber of Commerce. Brooks explained the function of the ASBTDC and told how it helped those wishing to start businesses or buy businesses. She said the Center has offices in both Fayetteville and Bentonville and there is no charge for its services.
Brooks has a background of 28 years in the banking field and was president and CEO of the board of directors of the Bank of Fayetteville from 2004 to 2015. Earlier she held executive positions at Arvest Bank Group. She is a graduate of the University of Arkansas and also holds a master's degree in business administration in finance and banking from the University of Wisconsin.
ASBTDC personnel help people wishing to start a business by doing a great deal of market research and industry research. They analyze the demographics of the market to determine the number of people who might be served and what is needed to meet their needs. The entire business model is studied, including inventory, expenses, wages, taxes and ongoing costs, to help the customer fully understand the business before launching. If the client does not already have the necessary funding, he is even helped to see how he can best present himself before applying for a loan.
"We really just help them see reality," Brooks said, relating that they are assisted in identifying possible roadblocks to success.
Persons interested in buying a business are helped to analyze the potential purchase and provided an opinion of the wisdom of the purchase. Much of the ASBTDC's mission is education, and it holds many workshops and records the sessions.
Brooks noted that many business owners are so short-handed now that they are inclined to hire any applicant and then have the need to provide orientation for employees who know little or nothing about their business. ASBTDC staff can help with that. She said they stay so busy they can't provide individual one-on-one meetings with these owners, but they can recommend workshops to attend and provide suggestions of helpful people who can assist with setting up a program for each business.
She noted that there are two CPAs on staff at the Center who help explain tax laws and exemptions that may be claimed. She said there is a great need for CPAs and bookkeepers today.
When asked to identify some success stories, businesses that have done well in recent months with help from ASBTDC, Brooks identified an urgent care clinic; programs in the physical therapy, occupational therapy and speech therapy field; restaurants (although she admitted there are a lot of complicating factors in making a restaurant successful), and anything to do with dogs.
"Everyone seems to have a dog or two these days. They may not buy that new pair of shoes, but they'll go out and buy an expensive bag of dog food, especially if their pet has health issues and has to have a special diet."
Following Brooks' presentation, Chamber president Steve Harari announced that four new members had joined the Chamber since the last meeting, Countryview Animal Care Center, Gravette Dirtworks, ServPro Restoration Services and Quadrivium. He introduced several guests and first-time meeting attendees and asked for success stories. These included a report on the recent Boots and Badges blood drive. Mayor Kurt Maddox also talked about the possibility of a grant for infrastructure which will help provide sewer out to the bypass.
President Harari talked about the Chamber budget and highlighted five Chamber programs that are at risk of being dropped without additional funding in the coming year. He reported that the Chamber had received $12,000 from the city of Gravette in 2022 and said it was asking for added funding for 2023 to keep these programs intact.
The lunch meal of sliced brisket, baked beans, potato salad, a roll and strawberry shortcake was provided by the Billy V. Hall Senior Activity Center.
The next meeting of the Chamber will be held Wednesday, Oct. 19, at 11:30 a.m. at the Chamber office on Main Street.