The focus of the North Idaho College Idaho
Small Business Development Center (ISBDC) 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 that 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. The resulting discussion along with the excellent
instruction resulted in an amazing chemistry for growth among
individuals that were serious about growing their companies in an
organized, professional and profitable manner. ”
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 inventory. 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. “Its direction is better defined and its future is once
again bright.”
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.