By Jon Bashor

Offering two knowledgeable speakers discussing “Ways to Increase Business Profits” and a lunch catered by California Fish Grill, the Chamber’s June 26 noontime program drew an engaged crowd of local business owners. To sweeten the deal, desserts were provided by Sara Jaffe Bakes and Tish Charles’ Cakeish Bakeshop.

The speakers, Professor Nancy Mangold from Cal State East Bay and Thao Tao of Mechanics Bank, offered complementary views on increasing profits and dealing with business ups and downs.

Mangold, who has taught at Cal State East Bay for 38 years and is the Executive Director of the East Bay Small Business Development Center (SBDC) at the university, offered straightforward advice.

Create a business plan and effective business strategy: Identify the problem your business will solve and describe the solutions you are offering; What is your target market, and how will you reach those customers?

Then figure out how to execute your strategy with a marketing plan and decide on which metrics will show how well you’re doing. Is it sales? Net income? Do you have a financial plan?

She saved her best advice for last: Take advantage of the free training programs and one-on-one advising services provided by the SBDC. Learn more at eastbaysbdc.org or call 510-885-4801.

Thao Ta is the Senior Area Production Manager for retail banking at Mechanics Bank. His main advice was to dig into your business's financials – all of them, not just last year’s net income – and know your overall financial situation. Next, learn about what financial services are available to local businesses from your bank. Get to know your banking rep and consider setting up a line of credit before you need it. By then, it may be too late. For example, Ta cited a local business that had established a $100,000 line of credit and successfully maintained it. But they didn’t tap into it until a $130,000 tax bill arrived unexpectedly. Having the funds readily available kept the business open.

Learn more at mechanicsbank.com or call (510) 558-2300.