financial planning
for your business.

Your business plans ARE IMPORTANT.

Develop Tioga is here to help with your financial planning, and your financing needs. For additional information and to discuss your business needs, contact us today. We will schedule a confidential, no cost appointment to discuss your business plans, funding needs and your options.

Financial planning
is essential.

Financial planning is an essential aspect of running a successful business. Whether you are a startup or an established company, having a well-thought-out financial strategy is crucial for long-term sustainability and growth.

Low-Interest Financing.

As a certified economic development organization, we work to provide funding to help make it possible for new and growing businesses to become a reality - with affordable, low-interest financing.

Funding is focused on business and economic growth opportunities.

Funding Priorities.

Funding is focused on stimulating our
economy, with investments in viable business proposals that:

  • create employment opportunities.

  • promote economic development. 

  • enhance our communities and

  • encourage private investments.

Available Funds.

Low-interest loans are available for:

  • start-up and expansion

  • a business relocating to Tioga County

  • construction 

  • equipment

  • real estate

  • working capital

ECONOMIC DEVELOPMENT
FUNDING AT WORK.

Develop Tioga has partnered with our community banks, the Pennsylvania Department of Community and Economic Development, the United States Department of Agriculture, the Small Business Administration, and with the Northern Tier Regional Planning & Development Commission to access funds to assist Tioga County businesses. At any one time, there are over 30 Tioga County businesses that have a current low-interest loan from
Develop Tioga.

Beck's Closing Day

Tips for
your business.

Here are some finance planning tips to help you navigate the financial landscape of your business.

  • Begin by developing a detailed budget that outlines your projected income and expenses. This will help you gain control over your finances and make informed decisions regarding your spending. Regularly review and adjust your budget to reflect any changes in your business's financial position.

  • Cash flow management is vital to keeping your business afloat. Ensure that you have enough funds on hand to meet your obligations, such as paying employees and suppliers, covering operating costs, and investing in growth opportunities. Consider using cash flow forecasting to anticipate potential shortfalls and plan for them in advance.

  • One common mistake many entrepreneurs make is mixing personal and business finances. Establish separate bank accounts and credit cards for your business to maintain accurate records and simplify tax preparations. Segregating your finances will also enable you to gauge your business's financial health accurately.

  • Timely and efficient invoicing is crucial for ensuring prompt payment from clients or customers. Establish clear invoicing procedures, including terms and conditions, due dates, and payment methods. Consider utilizing accounting software that automates the invoicing process and enables you to track payments effortlessly.

  • If your business carries any debt, make it a priority to manage and reduce it. Start by analyzing your existing debt, including interest rates and repayment terms. Develop a plan to pay off high-interest debts first while maintaining minimum payments on others. Consider negotiating with creditors for improved terms or exploring consolidation options to simplify your repayment process.

  • Unforeseen circumstances can derail even the most well-planned businesses. Establish an emergency fund to cover unexpected expenses or to shoulder a temporary decline in revenue. Aim to save at least three to six months' worth of operating expenses to provide a cushion during challenging times.

  • Track key financial metrics such as revenue, gross profit margin, expenses, and net profit on a monthly basis. This will help you understand your business's financial health, identify areas for improvement, and make informed decisions about resource allocation. Consider using accounting software or hiring a professional accountant to assist with financial analysis and reporting.

  • Seeking professional advice is worthwhile when it comes to finance planning. Accountants, financial advisors, and business consultants can offer valuable insights, help you navigate complex financial regulations, and assist in developing tailored financial strategies suitable for your business. Their expertise can contribute to the long-term success of your company.

By implementing these finance planning tips, you can take control of your business's financial future, reduce risks, and pave the way to sustainable growth. Remember, effective financial planning is a continuous process that requires regular review and adaptation to meet the evolving needs of your business.