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Finance

Costs do not exist to be calculated. Costs exist to be reduced ~ Taiichi Ohno

Quantifying Financial Benefit

Finance function has the primary responsibility to ensure all money transactions are correct, recorded and driving the company in the proper direction. Several programs within the MTS organization and supporting organization such as SBIR, SBDC and the Governor’s Office of Economic Development help ensure finance department has the tools and resources both for internal finance needs and external capital requirements as the company grows. 

 

Lean Office: Applying Lean to Office and Administration

Lean organizations produce greater value with higher quality in less time. In the beginning, Lean was only applied on the factory floor. But many organizations – even non-manufacturers – are discovering that Lean applied to the office can offer even greater improvements to an organization’s bottom line.

This class uses a variety of exercises, including a simulated office situation using iPads, to demonstrate Lean concepts and the quantifiable benefits you can achieve by applying Lean in your office. This class focuses on the unique application of Lean to an office where processes are not always visible. Using an interactive approach, students will use several tools to learn the best way to see a process, identify waste and how to determine the Lean tools to use to create a more effective administrative organization.

Lean Office helps companies with any type of administrative function to streamline information flow - the gathering, improving, movement and storage of information. Just like lean for the factory floor, Lean Office focuses on reducing total cycle time - in this case, the time between orders being placed and when payments are received. Typically 50% of cycle time is spent waiting for customer payment. Lean Office can reduce your cycle time by streamlining beyond the shop floor and improving customer and employee satisfaction in the process.

Implementing Lean in your administrative areas will help you:

  • Reduce paperwork process time up to 90%
  • Improve on-time performance up to 90%
  • Reduce work in process up to 90%
  • Reduce errors up to 50%
  • Reduce floor space up to 75%
  • Increase operational effectiveness
  • Provide better clarity to job roles and functions
  • Increase process flow
  • Improve productivity and profitability

This class will help you apply Lean effectively in an office environment. Students will learn:

  • the importance of focusing your activities on how they provide value to the customer
  • how to map processes to make waste visible and to determine where to make Lean changes
  • what are the wastes and how they can be minimized or eliminated
  • how to manage change as you implement Lean continuous improvement throughout the organization

 

Small Business Innovation Research (SBIR) 

The Small Business Innovation Research (SBIR) program is a highly competitive, three-phase grant program. The SBIR program provides $2.5 billion dollars per year through 4,800 awards to small businesses to develop new products and processes that address federal research and development needs.  Eleven federal agencies participate, so topics range from new corps to new weapons systems and from renewable energy to pollution monitoring.

What We Do:

  • One-on-One Counseling
  • Assistance with Federal Registrations
  • Identify Funding Opportunities
  • Link You with University Researchers
  • Proposal Editing
  • Publish Monthly Newsletters

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South Dakota Small Business Development Center

 

The South Dakota Small Business Development Center (SBDC) helps new entrepreneurs realize their dream of business ownership and assists existing businesses in their efforts to remain competitive.

SBDC Network:

Through a network of six offices across the state and 1,100 SBDC offices around the country, we provide professional, confidential and no-cost business consulting services, including one-on-one counseling and training, to individuals starting a business or looking for ways to improve an existing business. 

Better Business Planning:

Since 1985, the South Dakota SBDC has helped clients obtain more than $747 million in financing, creating or preserving more than 13,101 jobs within the state.  SBDC services enable South Dakota's entrepreneurs to make better, more informed business decisions, to avoid costly mistakes, and to prepare thorough and complete business plans needed both to obtain financing and to effectively manage their venues.

Benefits of the SBDC:
  • One-on-one, confidential no cost business consulting
  • Assist existing businesses in remaining competitive in the complex marketplace of an ever-changing global economy
  • Research & industry benchmark comparisons
  • Development and improvement of business plans creating a roadmap for the business
  • Financial analysis and projections used to understand current conditions and plan for future expansion

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The SDSBDC is accredited by the national Association of SBDCs and is a statewide service in partnership with:

 

 

BusinessUSA is a collaborative effort to create a one-stop shop for everything related to business assistance. Small businesses can quickly connect the services and information relevant to them, regardless of where the information is located or which agency's website or office is contacted.