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4A – Daily News – Wednesday, November 17, 2010 Commerce business Small business is said to be the lifeblood of the nation’s economy. Cash can be the lifeblood of any small business that wants to survive and thrive through a choppy economic environment. Building up a sufficient cash reserve to help see a busi- ness through lean times can be a challenge, but it should be a priority for any small business owner. Just as individuals and & families should have enough emergency cash on hand for a rainy day, the same is true for a business. A 3-6 month reserve of cash is critical to help a business overcome periods when business slows or any num- ber of other factors that can affect cash flow. Here are four important ways that a sufficient cash reserve can help your business: Keep up with payroll and bills You and your employees count on a regular paycheck, but cash flows into your company might vary unpre- dictably from month to month. Hav- ing a stash of extra money in the bank can provide a necessary cush- ion to meet payroll and monthly expenses during times of tightened cash flows. It can also help cover the costs of supplies, equipment and ser- vices necessary to conduct business. Avoid borrowing Alan Foley small business, particularly in today’s economic environment. Business loans are not always easy to obtain. If they are avail- able, the interest charges and other fees have a neg- ative impact on the com- pany’s bottom line. In many cases, business owners utilize high-cost credit card debt if other sources of borrowing are not available. Having money in the bank to meet cash flow needs or to make large investments designed to help grow the business always gives a company greater flexibili- ty and lowers costs. Reduce current debts Many business owners started their company with some debt. As cash reserves build up, some of those dollars can be used to pay down existing loans, reducing interest costs and fixed monthly payments. That will help improve the cash flow and general financial health of the com- pany. Stay afloat through challenging times Perhaps the most important func- tion of a cash reserve is to provide a bit of an "insurance policy" for a small business. The economic envi- ronment of recent years has proven Boot shop turns 20 Dave’s Boots, 478 Antelope Blvd. in Red Bluff, is celebrating its 20th anniversary. Owner David Shepherd has 30 years of experi- ence in the boot business, 20 of which have been in Red Bluff. His son Josh, who has been working with him since he was 16, has 10 years of experi- ence in the business. David and his wife, Rita, have lived in Red Bluff since 1986 and opened the business, which sells and repairs boots, in 1990 with a $10,000 loan to buy used equipment and 20 pairs of Olathe Boots. In 1998, the business moved to its current loca- tion and the used equipment bought in 1990 is still in operation today. The business now sells 30 brands of the top work and western boots, including Danner, Whites, Nicks, Justin, Ariat, Rocky Georgia Boot and more. Shepherd said he hopes to be in business for at least another 20 years. The business is open 8 a.m. to 6 p.m. Monday through Friday and 9 a.m. to 4 p.m. Saturdays. The phone number is 529-5466. enterprise Keeping your business afloat in choppy waters Financing can be a challenge for a to be unpredictable. More small business owners are being forced to find creative ways to keep their com- pany relevant and profitable. As business ebbs and flows, a cash reserve helps keep operations run- ning smoothly. cient reserves Building and maintaining suffi- A lesson that many small business owners probably learned during the most recent recession was that the good times can’t be taken lightly. When business is booming and money is coming in, it makes sense to tuck some of it away in a cash reserve. Having that kind of foresight may be what helps your business sur- vive through more difficult times and also might help facilitate its next growth phase. An important point about a cash reserve – this is money that needs to be fairly liquid and readily available when needed. It should not be invest- ed in long-term assets (such as stocks, bonds or real estate). Try to earn a competitive return, but with- out taking undue risks with the money. The most important role of a cash reserve is to be there when your business needs it. ___ Alan Foley is a financial advisor and business financial advisor for Ameriprise Financial, 2150 Main St., Ste. 8, and can be reached at 528- 1328. SF warehouse fire began in Neil Young’s hybrid Lincoln SAN CARLOS (AP) — A fire at a San Francisco Bay area warehouse where Neil Young stored memorabilia started in a vintage car the singer had converted into a hybrid vehicle in a much publicized project to promote fuel-efficiency, authorities said. Belmont-San Carlos Fire Marshal Jim Palisi told the San Mateo County Times on Monday the Nov. 9 fire began in Young’s 1959 Lincoln Continental convertible and spread to the warehouse. Fire crews were able to save about 70 percent of the 10,000-square-foot building’s contents, including other vintage cars, guitars and framed photos belonging to Young. But the car dubbed the Lincvolt was damaged. No one was injured. Young had converted the car to run on batteries and a biodiesel-powered generator as part of a project to create the world’s most efficient full-size vehicle. The white, 20-foot long, 5,000-pound car’s journey from gas guzzler to hybrid was chronicled on the website lincvolt.com and in a four-part film series. The website also allowed people to track the vehicle’s vital statistics, including its speed, on its various trips. In a statement, Young said workers hope the car’s com- puter will shed light on what caused it to catch fire. Veterans Day parade a big hit • New Member – The Corning Chamber of Com- merce welcomes new business member, Nash’s Olive Oil 1210-B Solano St. Phone: 824-5187, new church member, Iglesia Apostolica, 1806 Solano Street. Phone: 824-4971, and new individual member: John Garaventa. • Veteran’s Day Parade – This year’s parade was bigger and better than ever. Jim Darrow organized a wonderful parade with quite a line-up from Marine Corps League Color Guard to the VFW float, classic cars, Miss Corning and Miss Tehama County, tractors and old and new fire engines, and the Nolan Darnell with his team of horses pulling Senior Center mem- bers. There was patriotic music played up and down Solano thanks to George Freeman and Amanda Gilbert for putting it together. • Corning in the Evening – Last Thursday, the May- wood Woman’s Club hosted the monthly get together at their club house 902 Marin St. Next month’s event will be the Christmas Mixer hosted by PremierWest Bank on Thursday Dec. 9, so mark your calendar. There will also be a Corning in the Morning the next week, Dec. 16 hosted by Lucero Olive Oil at 8 a.m. • Concert – 7:30 pm, tomorrow evening the Sona String Quartet will be performing at the Corning Vet- eran’s Memorial Hall, 1620 Solano St. This event is sponsored by Tehama Pulse, www.tehamapulse.com. Tickets are available at the Corning Chamber of Com- merce, 1110 Solano Street. Tickets are $10 for adults, $5 for students and $20 for the whole family. You may also purchase tickets at the door. Cherie Gans from Redding and Michael Eby, a young virtuoso from Redding, Randy Fisher and Alan Clark both from Sacramento will be performing works by Mozart, Mendelssohn, a Tango from the movie Scent of a Woman, and Beethoven’s Eye Glasses Duo. For more information call the Chamber at 824-5550. • Hometown Christmas – Just a reminder to get those parade applications in as well as vendor appli- cations for Hometown Christmas, December 4th. If you would like to be a part of the parade and did not receive an entry form you may call the chamber at 824-5550 or go online to www.corningchamber.org and click on "Corning Hometown Christmas" to download and print the parade entry form. There is still time to get vendor applications in. We still have indoor spaces for vendors across from the chamber office at Corning Glass and Mirrors, 1111 Solano Street. If you prefer to be outdoors we have plenty of space for you as well. • Santa Photos – This year you will have several opportunities for a picture with Santa. His first appearance will be Friday, Dec. 3 at the Veterans Memorial Hall where there will be craft vendors open for business as well. Then on Saturday, Dec. 4 Santa will arrive on the fire truck and walk Solano Street before heading to his workshop across from the chamber office at 1111 Solano for pictures with your kids. Then after the parade he will stop off at the Vet- erans Memorial Hall for more pictures. For more information call 824-5550. • Little Miss Christmas – 6 p.m., Friday, Dec. 3, the Little Miss Christmas Program will take place at the Woodson Elementary School all purpose room. Appli- cations are available at the chamber office. For more information you may call Sonja at 736-1702. ——— This column is prepared and submitted by the Corning Chamber of Commerce. 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