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Critial business challenges ?}'CONSTANCE WOODS inancial Consultant Running a successful business is a constant challenge. It is, there fore, imperative that you surround yourself with the right set of pro fessionals to help you meet some of the com mon obstacles that growing businesses face. The following strategies will help uncover oppor tunities for your busi ness, as well as help you obtain an even greater level of success. Start with a plan. Whether starting a new business or seeking' to obtain capital for expan sion, an important key to success is a good busi ness plan. The plan should include: Business description, including product/serv ices, competition and market size Marketing strategy Operations analysis, including production, management and human resources Financial projections Executive Summary geared to your target audience The executive summa ry represents the first impression you will make on a lender or potential investor. Often, it may be the Coca-Cola’s general counsel resigns ATLANTA (AP) ~The top attorney for Coca-Cola Co. has resigned, ending a three year tenure in which he dealt with high-profile lawsuits and two ongoing federal investigations. Deval Patrick is leaving his position as general counsel for the Atlanta-based compa ny. In an internal memo sent to employees Sunday ~evening, retiring Coke - Chairman and CEO Doug '~ Daft said the company was “grateful” for Patrick's “wis ~ dom and guidance.” : “He guided the legal team ~ through = significant chal ' lenges and obstacles faced by E our company...,” Daft said in ' the memo. Coke hired Patrick, 47, in - carly 2001. The hiring came shortly after the company E agreed to settle a class-action ' racial discrimination lawsuit filed by black employees. ' Patrick was Coke’s highest - ranking black executive. Patrick’s resignation is the We mean Business et Augusta Focus Call now to subscribe (706) 7220-4222 determining factor in whether or not the remainder of your plan is read. It should include a mission statement, a summary of your mar keting strategy, financial projections and opera tions analysis. Although the execu tive summary will be the first section of your’ plan, it should be writ ten last. Length should not be more than a few pages. Ask yourself: Who is the reader? What are you asking them to do? And, most important, what is id it for them? Access Capital. There may be no greater chal lenge for a business owner than accessing the right amount of cap ital, at the right time and for the right price. Whether it’s business expansion or purchasing additional inventory, agcess to a reliable source of funds that can be borrowed quickly and conveniently will be the key to future suc cess. Consider some of these lending options: Working Capital and Term Loans Securities-based Loans (1) Home Equity Loans Letters of Credit latest in a series of changes in the top ranks at Coke, which has seen several executives leave and is searching for a new chairman and chief executive officer. Although Patrick is no longer Coke’s general coun sel, Daft said he “is making himself available through the end of the year to ensure a smooth transition.” He will be replaced on an interim basis by chief deputy counsel Geoff Kelly, who has worked at Coke for 34 years. Coke originally sought Patrick because of his expert ise in dealing with the fallout from a racial discrimination suit. Before working at Coke, Patrick was general counsel at Texaco. There, he headed an independent task force that handled a settlement before he was hired as general coun sel. Patrick also served as assis tant attorney general of the Justice Department’s Civil Rights Division from 1994 to 1997, AUGUSTA FOCUS Uncovering opportunitiesfor private business owmer Small Business Administration Loans Manage Cash Flow. Maintaining adequate funds on hand, while maximizing returns on “non-working” capiral is a difficult and time-con suming task. The solu tion? A working capital account that will not only help ease your cash management burdens, but should also optimize your business’ return on assets. This type of account combines cash management, investment and credit benefits and includes such features as: Writing checks and transferring funds Simplifying payroll administration Daily sweep of cash bal ances into money market funds Borrowing against secu rities (1) Plan Retirement. In order to attract the atten tion of talented individu als and encourage loyalty and productivity, you will likely need to offer incen tives such as retirement plans. These are not only a valuable employee ben efit, but they can also generate substantial rax savings for both you and your employees. There are many variables involved when deciding on a particular plan, such A Harvard graduate, Patrick replaced Coke veter an Joseph Gladden, who retired. Patrick’s departure adds to the massive changes in Coke’s upper ranks. Daft is expected to retire by the end of the year, leaving uncer tainty as to who will lead the company. & . i difiég . TSI, RN i 3 i paay § 1 ‘ i : v i ; i b - i caan 3 L , i g i @ ; 3” : ' ' 4 P ".*:h" ) .i % 'xh‘ ' & AN AIL B! Vanessa Jones . ! For a free no-obligation car insurance rate quote. CALL OR Vistt Topay 706.793.7290 3316 Decans Bridge Rd. Augusta, GA 30906 as cash flow, cost and tax benefits to the business and what direction you want the business to go. Taking these factors into consideration, review some of these retirement options: SEP IRAs SIMPLE IRAs Profit Sharing Plans Defined Benefit Plan 401(k) Plans Uni-401 (k) Plans Determine a Business Succession Plan. If you wish to pass on your busi ness to a relative or part ner after your departure, it would be prudent to fully analyze the many available estate-planning strategies in order to ensure a smooth transi tion. By planning ahead of time, you will be safe guarding your business, as well as reducing estate and gift tax conse quences, which can be substantial. Consider some of these strategies: Life Insurance Key-Employee Life Insurancg Business Succession Planning Buy-Sell Agreements T ",d: “ ol g ' r ‘;;1;'} il ),h F g s‘ ;;5 : ; f £ £ DR > p ‘;}: ;___ B ? e Meeling the challenges of a rapidly changing and increasingly diverse world is more important than ever as our community recognizes diversity as a critical success factor in today’s marketplace. We are now part of a worldwide economy with competition coming from nearly every continent. For this reason we need every bit of diversity that will make us more creative and open to change. Cultural diversity brings fresh ideas and differing insights to each and every company. Without diversity, there can be no innovation; without innovation, there can be no new wealth. Long-last ing success can be achieved when you hire, pro mote and encourage diverse people and their ideas. o \ \ i i S ' o 1 e g 1 s i omem PR ' e ] i LapeT ” X S L e ‘ i (v i ; 1 1 s \ \ : v - : \ \ ; i R o 5. R TTR A 1 St g f %4‘%@? " ; v |‘ y 4 o X L el l‘ e By vk \ 14 a \ g o : e ) ! i G g b \ \ Y B <t . | loT 5 1 ‘| s e P { \A ‘t\\ i " | . L 1\ - A | \ A M‘ e & A L - “ \ \ = FRN B L T e e - \ 1 bl siean . ' et i VR ! ' <e e - \ f o ammen 5 1 k. % T e cmmn®® \ F o =" B " 1 - |‘ 7“———,--——¢ . At Aiken Technical College, you can gain the skills to put you on the path to a rewarding career or transfer to a four-year university. Business and industry recognize that ATC's rapidly expanding campus offers a wide variety of programs, including new health programs, that produce a highly skilled workforce. And South Carolina lottery tuition assistance could make ATC A even more affordable. Al KEN TECHNICAL Call us today at 803-593-9231, ext. COLLEGE 1247, or log on to www.atc.edu and let us put you in the picture! Summer WW W 2004 classes start May 10th. ‘-————-—J Family Limited Part nerships Limited Liability Com panies Lifetime Transfers of Business Interests Philanthropic Gifting Unlock Liquidity from Business. Determining the most opportune method to exit the busi ness will depend on sev eral factors -the reason for your departure, your desired level of involve ment in the business, market and economic conditions, personal and professional goals and whether or not you have a buyer, already in place. Once you have analyzed the reasons to sell, the next step is to review your options: Sale/Partial Sale Recapitalization Divestiture Merger and Acquisi tion Employee Stock Own ership'Plans (ESOPs) - Leveraged Buyouts Invest Your Personal Wealth. Do not neglect your own financial future! Whether you're just starting out, diversi- promoting cultural diversity have the opportunity to brand their product in this ever-evolving marketplace. T LA International Paper Augusta Mill o~ CSIfi)Cl‘ (SPOIIJOI' Westinghouse Savannah River Site Co. ; i fimnze CSPOIIJOI‘ April 22, 2004 fying assets or selling your stake in the busi ness, it’s important that your personal invest ment strategy not only generate additional wealth, but also preserve the assets you've worked so hard to accumulate. Develop an investment strategy that covers all of your concerns, like educating your children, retiring comfortably, allocating your assets and devising a personal estate plan. Forge Alliances. Suc cessful entrepreneurs draw upon a wide circle of sources when seeking business advice and making decisions. Ask your fellow business owners if they know a great financial consult ant, lawyer, CPA, insur ance specialist or tech nology expert. Constance Woods is a Financial Consultant with Smith Barney. For more information, contact Constance L. Woods at (706) 823-8144 or con stance.L.woods@smithbar- ney.com. Embracing and promoting the value of differences in individuals can give your organization a pow erful competitive edge. Tie Augusta Focus has devel "M oped the Partners in Diversity initiative to provide an avenue for Corporate America to address the concept of diversity and revolutionize their approach to this topic in order to remain competi tive in the 21st century. Through this program, corporations who recognize the vital importance of 7A