September 2020 Lander Chamber Newsletter

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POINTS TO PONDER

From the Executive Director

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yoming is going through extremely difficult times.

The state is facing a projected revenue shortfall of $1.5 billion over the next two years. Deep and painful budget cuts have been made in counties and cities all across the Cowboy State, and more are expected. With the continuing decline of our extractive industries and the concomitant decline in tax collections, the governor has been forced to deliver a lean budget (only to get leaner), and state legislators have been meeting through the interim to discuss what might be done to meet the shortfall come January when the General Session convenes in Cheyenne.

More than ever, therefore, it will be critical to keep informed of discussions at all levels of government: local, county, and state.

One way the Chamber is helping our members stay in the know is by hosting Business Over Breakfast or “BOB,” a monthly (or so) information session aimed at bringing together Chamber members and members of the public at local venues to connect and learn about important public policy and economic development issues.

Our first BOB in August focused on the recently adopted ½ cent economic development sales tax for Fremont County.

In September, we’ll be looking at the proposed changes to Lander’s zoning code, and later in the fall, expect to learn about Fremont County’s growing local food economy. Have an you want to know more about? Let us know!

EXECUTIVE COMMITTEE Michelle Mazur, President Elevate Rehab

Jonathan Tonkowich, Vice Pres.

Wyoming Catholic College

Eric Andrews, Treasurer Fagnant, Lewis & Brinda P.C.

BOARD OF DIRECTORS Ann Espinosa Home Source Realty Inc. Inter Mountain Builders

Dave Fehringer WH Smith & Associates, Inc.

Suzanne Norris Wyoming Life Resource Center

Rick Bestul NAPA Auto Parts

James Whiting Whiting Law PC

With an eye toward the general election, we’re planning an October candidate forum luncheon to which we’ll be inviting those running for House District #54, Lander City Council Ward #3, and Fremont County School District #1.

Come January, look for legislative updates from Cheyenne we’ll be sharing through our partnership with the Wyoming Business & Industry Federation -- another benefit of your Chamber membership!

Now more than ever, we’re committed to keeping you informed and engaged.

Joanne Slingerland Central Wyoming College

Mika Baker, Past President Central Bank & Trust

PROFESSIONAL STAFF Owen Sweeney Executive Director

Carol King Associate Director

Kelsey Ball

Owen Sweeney Executive Director Lander Chamber of Commerce

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Events & Programs

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Business leaders play a critical role in getting companies through slow growth periods.

A crisis is characterized by enormous pressures and challenges that make it necessary for organizations to learn quickly in the fastmoving environment. Inspired by experts like Cameron, we’ve compiled a few suggestions for your business.

Demonstrate true leadership Employees customers, and suppliers will be looking to the management for direction when there is a crisis. Business leaders will need to stay connected with reality without focusing too much on the crisis. Instead, the leaders should clearly define the future so that staff can fit into the plan. Difficult and uncertain situations will require leaders who can remain calm, focused, energetic, and confident. A confident leadership will inspire the confidence of the different stakeholders, making it easier to navigate the tough times.

Transparent communication The natural reaction for many people during a crisis will be fear and anxiety. Business leaders have to understand this and take steps to reassure stakeholders by maintaining transparent communication at all times.

Employees will want to know the measures that have been put in place to ensure a secure work environment. Investors and customers will also want their concerns to be addressed proactively. Sometimes explicit communication will mean admitting to stakeholders that you are afraid or do not know something.

Encourage collaboration When responding to a crisis, you will not have all the answers. You should consider calling on the capabilities of your employees and team members to help overcome the uncertainty. Leaders can bring talents together through task forces, and sub-taskforces with clearly defined roles. Continuous engagement with employees in this manner will re-

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duce rumors and fear-mongering. Your staff will also have confidence in you and rely on your leadership for direction, creating a calm environment in which meaningful progress can be achieved.

Accelerate digital transformation Businesses are continuously pursuing digital transformation programs to improve the efficiency of their operations. However, a crisis that causes major disruptions across many industries will make this transformation an urgent priority. Business leaders will have to accelerate the process to ensure that they find new ways of working and creating value through technology. Considering that employees will work remotely when it is slow, digital transformation will help address the current and future needs of your business.

PRODUCTIVITY

What your team needs right now

Proper financial management For any business to grow when it is slow, leadership teams will have to make tough decisions to cut costs. In essence, cash is king at a time of crisis, making it essential to focus on the company’s short-term and longterm financial health. It would be important to consult widely and make smart decisions that will place your business on the growth path. Prudent financial management will enable you to conserve the available resources and keep your business running.

Have a clear vision Leadership teams should learn important lessons from any crisis and make the necessary adjustment to ensure the business is prepared for other crises in the future. These adjustments will also help to develop a clear vision that will be shared with the employees. The vision should describe every aspect of the business, painting a picture of where the leadership wants to take the company in the coming years. As you do this, you should not lose sight of other risks that could pose a threat to your business.

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SEN. ENZI ADVICE

BUSINESS Your business canAFTER help build America

By U.S. Senator Mike Enzi Owning a small business is full of trials and tribulations, and this year presented new challenges that no owner could have predicted. But every new day presents a new opportunity. If you are looking for your next step this fall, consider a great option that builds and keeps American running – government contracting.

The United States government is considered to be one of the largest customers in the world, and they are already buying from many Wyoming-grown small businesses. Government contracting is a process where federal, state or local governments will hire private companies to complete various projects.

This is a great way to expand your market outside of the state. In 2019, the Wyoming Small Business Development Center said they helped almost 2,000 businesses win contracts, which in return was worth almost $119 million. Contracting is a valuable part of our economy and small businesses in Wyoming are no exception.

Recently, a few businesses that have won contracts are Kennon Products in Sheridan, which focuses on military and aviation manufacturing, and Haass Construction in Casper, which offers design and construction. While one might think most contracts are in the industries of construction, there is no limit to what the government is looking for. Contracts could range from needing catering, medical supplies, clothing and even lawn care.

To help support the future of contracting, the Senate recently passed the National Defense Authorization Act with small businesses – like the ones in Wyoming – in mind.

One of my priorities, making public a list of contracting partnership opportunities, was included in this defense policy pack-

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age. Compiling this list lets small businesses know where to look for opportunities and helps them compete on a more even playing field.

If you are interested in stepping into the world of contracts, great places to start are the Wyoming Small Business Development Center, Wyoming Procurement and Technical Assistance Center, and Wyoming Business Council. These three organizations can help you learn about the different types of contracts and projects to figure out which route best suits your business size and capabilities. Typically I host the GRO-Biz Conference every year with these organizations.

The GRO-Biz Conference provides one-onone consulting and classes so you can leave with a solid foundation and connections to confidently enter the world of government contracting. While this year’s conference is postponed due to the coronavirus pandemic, keep your eye out for it in the future. To become an eligible contractor, the Wyoming Small Business Development Center also offers services to help you become registered and certified. Once your business is government ready, there are long lists of opportunities out there waiting for the right business. If you are interested, I would encourage you to start the process toward winning a bid.

One day you could be selling to your local buyers and neighbors, and the next you could be selling to the U.S. Air Force and helping build our country. Don’t let this year’s troubles put your potential in a box.

America is waiting for Wyoming small businesses just like yours.

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THIRD THURSDAY Caregiver Support Group: Soup & Support 11-12:30, Frontier Home Health & Hospice EVERY MONDAY Book Sale at the Book Nook, 4-7 pm, Lander Library Carnegie Room EVERY THURSDAY Kids Nature Hike, 5:30 pm, meet at Sinks Canyon Visitor Center parking lot EVERY SATURDAY Lander Valley Farmers Market, 9-11:30 am, Lander City Park Acoustic Music Jam, 11-1, Lander Bake Shop Book Sale at the Book Nook, 4-7 pm, Lander Library Carnegie Room

1-30 Potters of the Wind River Art Show Tu-Th 10-6, Fi-Sa 10-4, Lander Art Center

12 Lander Harvest Festival Farmers Market 9-11:30 am, Lander City Park

3 Tim McCoy: End of the Trail talk 7-9 pm, Pioneer Museum

12-13 Annual High School Fall Rodeo 9am-6pm, Fremont County Fairgrounds

4 Potters of the Wind River Art Show reception 6-8 pm, Lander Art Center

17 Swift Fox Ecology in Wyoming 7-8 pm, Dubois Museum

5-6 Carissa Gold Mine Mill Tours, 10:30am & 2 pm, South Pass City

19 2nd annual Apple City Festival, 1-3 pm, Pioneer Museum

12 Uranium District Trek 8am-6pm, Riverton Museum

24 Images that Shaped America 7 pm, Pioneer Museum

12 Louis Lake Lodge Adventure Trek 10am-2pm, Pioneer Museum

25-27 Rustler Roundup College Rodeo visit fremontcountyfair.org for schedule

12 8th annual Run Like a Bighorn 10k Registration 7 am, race starts at 8 am, Sinks Canyon State Park

CALENDAR

September Calendar of Events

26 Oatmeal Box Cameras 2-4 pm, Riverton Museum

1-7 South Pass City old mining town and historic site, 10am-5pm

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AG $ MANAGEMENT

Risk management, cash flow planning for agricultural businesses

by Bruce Morse, Regional Director The Wyoming Small Business Development Center (SBDC) Network advisors work with many business clients regarding cash flow and other financial management processes. While that can be foreign to many folks, especially new businesses, agricultural businesses tend to be good at understanding the seasonal nature of their cash flow and the challenges that the timing of revenue and expenses can create. Given the current COVID-19 pandemic, that dynamic has been even more unpredictable. The closure of some meat packing plants and other market factors has led many to wonder, “What can I do to potentially reduce my risk?”

Livestock producers and row crop farmers, often account for the timing difference between income and expenses by using a line of credit from a lender. The idea being to borrow money on the line to pay expenses when they are due, then pay the loan back when they sell livestock or the crop, hopefully with enough extra for some profit.

While paying attention to operating expenses is always a good idea, now is an especially important time to analyze everything and see if you can cut some of those items that are not necessary. You might source a less expensive option or postpone a planned purchase for another time. The bottom line is, business owners must know their cost structure and every operation is different!

As they say, cash is king, something that is even more important in times of greater uncertainty.

If you are a small ag business looking for ways to manage your cash flow challenges, this may be a good time to look into

using options or futures to hedge your risks for marketing cattle. If prices happen to go up in the near future and your business purchases a favorable position, you will be sitting good if prices take a tumble with economic uncertainty late in the year or going into the next year. However, if you are not familiar with this form of investing or risk management, I would encourage you to work with a professional.

Another thing to consider would be to plan now to make sale dates for calves flexible. If the fall calf prices are low, perhaps having a plan to keep them longer makes sense. Marketing is going to be extremely important so watch closely. So much is influenced by the news these days, and we all have 24/7 access to breaking news such as the previously mentioned meat plant closures. While we hope the worst of the closures is behind us, pay attention and be ready to act accordingly. Having options considered ahead of time will likely be beneficial and allow movement more quickly.

Another opportunity for agricultural producers to consider is the SBA’s Economic Injury Disaster Loan (EIDL) program. While EIDLs traditionally have not been available to ag producers, an exception was made for COVID-19. EIDLs are 30 year, 3.75% interest loans to help with working capital needs, and payments are deferred for one year. The online application can be found at www. sba.gov. These loans are underwritten and funded directly by the SBA Office of Disaster Assistance, not through a local lender.

Contact your local Wyoming SBDC Network advisor to assist you through this application process and answer any questions you may have about this program.

About the Wyoming SBDC Network: The Wyoming SBDC Network offers no-cost advising and technical assistance to help Wyoming entrepreneurs think about, launch, grow, reinvent or exit their business. In 2018 alone, the Wyoming SBDC Network helped Wyoming entrepreneurs start 111 new businesses, create or save 1,402 jobs and bring a capital impact of more than $10 million to the state. The Wyoming SBDC Network is hosted by the University of Wyoming with state funds from the Wyoming Business Council. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.

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An information session presented by

Discussing Lander’s Zoning Code Q&A to follow discussion

THURSDAY, SEPTEMBER 10, 7-8 AM SUMMIT RESTAURANT 260 Grand, Lander Call 332-3892 or register online at www.landerchamber.org/events $15 Chamber Members Below Collaborator Level

$20 General Public

Grand opening celebration

BUSINESS UPDATES NEW MEMBER WELCOME

BUSINESS OVER BREAKFAST

Bill Vacek, responsible broker at Hayden Outdoors real estate, recently celebrated the grand opening of his new office space located at 206 Main Street. City officials, Chamber board members and others joined in on the festivities.

“I appreciate everyone attending our Grand Opening. I am excited to have our newly renovated space open and ready to serve Lander’s real estate needs,” Vacek said. “Stop by today!”

Supplies available to members Sentinel blue face masks are available to Lander Chamber members. Simply swing by the Visitor Center at 100 N 1st to pick up what you need. A special thank you to Wind River Visitors Council for the masks!

Thanks to Travis Becker, owner of The Print Shop, we also have plenty of disinfectant and surface sanitizer. Stop by with a container and we will gladly fill it for you.

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Basecamp 307 Reid Schell PO Box 1092, Lander Calkins, Kent & Leslie 233 Vista Circle, Lander Cowfish Jim Mitchell, Kyle Vassilopoulos 148 Main St., Lander Dentures & Dental Care of Lander LLC Dr. Susan Baker 933 Main St., #3, Lander Elevate Rehab Michelle Mazur 388 Main St., Suite A, Lander Farm Bureau Financial Services Cori Slingerland, Jake Huhnke 1630 Main St., Lander

First American Title Insurance Company Margaret Pugh, manager 902 11th St., Lander Hudson, Dave and Nancy 425 Baldwin Creek Road, Lander Kiwanis Club of Lander Gabe Harris, president PO Box 803, Lander Main Street Dental Dr. Teresa Ruehl 850 Main St., Lander Olsen Orthodontics 799 S. 2nd St., Suite B, Lander Rainmaker Marketing Solutions Amanda Henry, Sally Davenport 118 Valley Circle, Riverton

Re/Max All-Star, Realtors Skye Coleman Wiess 938 W. Main St., Riverton St. John’s Health - Lander 175 N. 1st St., Lander Sweetwater Fishing Expeditions LLC George Hunker PO Box 524, Lander Valley Lumber Mike Yardas 290 N. 2nd St., Lander WCS Corporation Bill Sniffin PO Box 900, Lander X-pert Automotive Center, Inc. Brant Walper 402 Main St., Lander

RENEWING MEMBERS

Auto Medic, LLC Shane Hart 61 Washakie St., Lander

Farmers Insurance/Wurth Agency Todd & Kristi Wurth 450 Main St., Lander

RENEWING MEMBERS

Almost Home Wyoming PO Box 44, Lander

WELCOME NEW MEMBER Fremont County Roller Derby Kendrea Herring, president PO Box 1108, Riverton

PRESORTED STANDARD U.S. Postage Paid LANDER, WY PERMIT NO. 78

Thanks to our annual newsletter sponsors!

Western Wyoming Medical LLC Special thanks to Western Printing for printing the monthly newsletter.

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