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Coeur d'Alene Press, The (ID)
Bullet Tools
thrives with Nic’s help
Published: January 15, 2008
The focus of the North
Idaho College
Idaho Small
Business Development
Center is to help small
businesses thrive and grow, which it has done for the Hayden-based Bullet
Tools several times over the company's nine-year history through both
startup and struggle. The ISBDC helped the fledgling company create its first
business plan and obtain initial financing in 1998 when the company was
launched from Dalen and Mary Gunn's home.
Driven by Dalen's years of experience in floor coverings, production
of one single tool in the Gunn's garage, often by friends and family
that were willing to work for free, soon expanded to an emerging force in the
flooring market.
Bullet Tools
incorporated in 2002 and the Gunns, along with co-owner Ben Toews, began
focusing on the business full time.
After immediate success and several years of growth, the company began
to struggle in 2006.
The products were still selling, the revenue was still growing and the
17 employees the company employed were still working. But sales were 50
percent below budget and the warehouse was totally full and needed to be
expanded.
To make matters worse, the owners had maxed out the business' line of
credit and almost all of their own personal resources.
Bullet Tools
was bleeding badly and a Band-Aid wouldn't help, said Bullet Tools
co-owner Ben Toews.
But once again, NIC's ISBDC would.
Initial business coaching sessions through the ISBDC revealed the
vastly different backgrounds and perspectives among the owners.
To develop a business strategy they could execute well, the owners
needed common reference points, according to NIC ISBDC Regional Director Bill
Jhung, who suggested that the owners attend a 10-week workshop on
entrepreneurial leadership.
The class offered more than information, Toews said. It offered
interaction with others that shared in the same challenges and concerns that
we were experiencing.
The group of business people attending the class was composed of
owners and managers of companies representing a wide range of industries of
varying sizes and with a wide scope of experiences.
As a result of the ISBDC's guidance and the entrepreneurial leadership
class, the owners of Bullet Tools shared a new outlook on the
company's future and were able to focus on areas of the business that needed
improvement. They subsequently streamlined their operations and reduced
inventor y.
By the end of 2007, Bullet Tools had generated a 30
percent increase in revenue and gained 30 percent excess warehouse capacity,
all with 25 percent less staff.
The company's goal is to reach $5 million in sales by 2010.
Today, Bullet Tools is thriving, Toews said, adding that
leadership is more unified and the company's debt has been almost completely
eliminated.
NIC's ISBDC provides no-cost business coaching and low-cost business
training to help businesses thrive and grow in North
Idaho.
Information: (208) 666-8009
Courtesy photo
Dalen and Mary Gunn and Ben Toews, co-owners of the Hayden-based
company Bullet Tools, utilized North
Idaho College's
Idaho Small Business
Development Center
for business coaching for their now-thriving business.
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