Has your business changed since 2005? As Business Lexington celebrates its five-year anniversary this month, here's a look at a handful of independent professionals and small-business owners who were profiled in the first few Business Lexington issues.
Donna Taylor, TNP Janitorial Service
In June 1999, Donna Taylor started TNP Janitorial Service. TNP stands for top-notch professionals.
"Setting goals is a yearly thing for me," she said, and she looks at her business plan every month to see if she's staying the course or needs to make changes.
The economic downturn hit her industry hard; some of her customers went from using her service five days a week to one. Did she let it get to her? Not a chance. Economy, breast cancer, house fire - Taylor has survived them all in the last three years, and her business is still afloat.
"There's always a way to look around things and be positive," she said. To offset some financial losses until business picks back up, which will be soon, Taylor took a full-time job at the University of Kentucky last December. She keeps her phone on and stays in contact with current customers.
Beverly Clemons, CMI Consulting
On April 1, 2000, Beverly Clemons bought an existing human resources firm and named it CMI Consulting. In May 2008, Clemons had four full-time employees, six project consultants and was on track to have the best year ever. CMI felt the first hit of the economic downturn in August of that year.
"By October '08, our clients were suffering," she said.
Last year, she provided assistance primarily to folks who were being downsized, with the help of three part-time project consultants and a part-time office manager. One woman wrote Clemons a note, saying that without CMI's help, she didn't know where she would be.
"It made me realize I love what I do and why I'm still doing it," said Clemons, who is now seeing things pick up. In fact, she is adding staff and new services this year.
Melia Hord, Premier Designs Jewelry
Melia Hord took the entrepreneurial plunge in 2001 when she left corporate America as a CPA and started a gift basket business called Elegantly Handled. She sold the storefront and name in October 2006 and is now an independent distributor with Premier Designs Jewelry.
Hord went from paying 22 part-time employees and all the overhead that goes with a retail business to setting her own hours with home shows and office parties. And she's making more money, she said.
"My kids have their mom back," she said. But what about the stereotype of direct sales being a "nice little hobby?" Hord struggled with the same perception - at first - and now loves being associated with a 100 percent debt-free, 25-year-old company with $450 million in annual sales.
"I get to have my own business with true flexibility and mentor other women to own their own business to make a good income," said Hord. "We're powerhouses in this business."
Nick Katko, CFO Strategic Financial Solutions
Nick Katko started Strategic Financial Solutions in 2001. As an independent CFO, he provides companies with accounting project work, lean accounting systems and strategic financial analyses. In January 2010, he expanded his consultancy worldwide, using Web-based meeting software to look at the books of entrepreneurs and small businesses.
"As far as I know, nobody else is doing it this way on the Internet," he said.
For business owners who don't have time to figure out if their accounting records are correct or not, Katko sets up virtual meetings so both parties can see the client's computer at the same time.
"I can tell you where to move the cursor, or you can give me control and watch me do it," he said. He never has actual control of the client's computer files, however.
"I can reconcile your bank statement every month this way," he said.
Nancy Ward, Kentucky Specialty Sauces
A double-duty entrepreneur, Nancy Ward owns NIWARD Management Group, providing consulting for project management and strategic planning for state agencies and nonprofit organizations. She also produces gourmet sauces through her company Kentucky Specialty Sauces, which comes out with a new taste every 12 to 18 months.
The first, Bluegrass Steaks and Everything Sauce, began production in 2004. A year later, came a "racy and spicy" version of the original blend, followed by a pineapple chutney using Libbie Sherman's recipe. The Blanton Connoisseur
sauce was developed in partnership with Age International and made with Blanton's bourbon, and in March 2010, the company introduced a Bourbon Chocolatier sauce.
"I tried to develop a product line from appetizer to dessert," said Ward, who is a Kentucky Proud participant. Her business philosophy is "partner where you can."
Kathie Stamps is the co-founder of www.ISBO.biz, an online directory of independent/small business owners.