9.1. EDSR 11-20-2023 - Laserfiche WebLink

Home Browse Search

months in a row. With interest rates and material prices as high as they are the best option for growth is to run lean. At this time adding additional staff would not be a good option for the company. Steps Moving Forward Shoot Steel is working closely with US Bank and Village bank investigating creative ways to move forward. Village Bank has been very helpful in pointing the company in the right direction. The company is now working with a Business Consultant with the SBDC. The consultant is helping with a marketing plan and to review the company’s financials. Shoot Steel also began working with a new accountant and bookkeeper as a result of the recent financial loss. The new accountant and bookkeeper have been very helpful in pointing out areas for improvement. Bookkeeping prior to 2023 was not accurate on a monthly basis. The previous bookkeeper and accountant did not have solutions to the problems the company was facing. Unfortunately, these problems led to a large accounting error that ultimately burned through all of the company’s cash reserves. The new bookkeeping system has proven to be much more accurate in predicting monthly profit and loss. This will help prevent this from happening again. In November of 2022 Shoot Steel hired a new General Manager to help run the company. The general manager has a proven track record in both online and retail sales. The first 6 months of employment were focused on learning the systems and looking for areas of improvement. The first large scale project was the COGS project. For this the general manager created a system to create an accurate way of measuring the COGS each month. This system has been in use all of 2023. Additionally in the spring of 2023 the General Manager took over the marketing and advertising. The months prior were handled by a marketing agency and a previous employee. Unfortunately, both the agency and employee were unable to attain satisfactory results. Within weeks the General Manager had the ads running much more efficiently. This has helped to both lower expenses and increase revenue. Critical Need Shoot Steel was asked to demonstrate a need for TIF on the warehouse project. This need was based on the warehouse as a long-term investment. Over the last 2 years that need has shifted to keeping the company in business. TIF is now critical to the company’s survival with today’s high steel prices and slowing economy. If Shoot Steel does not receive TIF it will likely be forced to move and possibly let the warehouse go. If the TIF agreement can be amended to include Trimark it would be a significant factor in the survival of Shoot Steel.