Southside Business Technology Center Annual Report Results

Southside Business Technology Center Annual Report Results

The Southside Business Technology Center (SBTC) completed its first full year of operations on June 30, 2006. The organization was created in cooperation with Virginia Tech Business Technology Center, Martinsville-Henry County Chamber of Commerce and the Chamber’s Partnership for Economic Growth (C-PEG). The center officially opened its doors on May 17, 2005. The SBTC was funded by the Harvest Foundation and the Lucy P. Sale Foundation in August, 2004.

The SBTC offers management consulting services to local and regional companies and entrepreneurs for non-profit fees. The mission of the BTC is to provide strategic planning and business development services to existing and emerging businesses in order to promote economic development in Southside Virginia. The center also offers internship opportunities to students from local and regional colleges and universities who are exposed to real business problems and enhance their strategic thinking.

Although the SBTC was initially modeled after the Virginia Tech Business Technology Center (VT BTC), in Blacksburg, Virginia, it has evolved during the past year to match the needs of and resources available in Southside Virginia. In summary, during the fiscal year of 2005-2006 the SBTC: Delivered 24 in-depth management consulting projects to Southside companies and assisted 40 + companies; Generated higher than anticipated in revenues from client fees; Provided 4,094 consulting hours to Southside businesses; Recruited and trained 5 interns from local colleges and 10 Virginia Tech student interns to work on SBTC consulting projects; Hired two additional full time staff employees to manage the client demand that was higher than originally anticipated; Received its independent 501 (c) (3) status from the IRS; Received additional grant funding for FY 06-07 from the Virginia Tobacco Indemnification and Community Revitalization Commission (TICRC) in the amount of $75,000; Received additional funding for a three year-period to cover SBTC rent from the Lucy P. Sale Foundation in the amount of $30,000; Developed its three-year Strategic Plan; and Expanded SBTC Board of Directors membership.

The projects had positive, measurable impact on the companies’ bottom lines including, but not limited to: cuts in operating expenses, securing additional capital, improved operational processes, and increased sales. The SBTC is currently developing additional projects for 6 local and regional businesses. The center is continuously recruiting: 1) new clients to improve their company profitability through in-depth management consulting, and 2) new interns who are interested in gaining first-hand business experience.

For additional information, go to www.southsidebtc.org, or call Doss at 276/638-2523