Teton Valley Auto - Victor
But while Markegarde had the technical and entrepreneurial elements necessary to operate a successful business of this type, he wasn't sure how to successfully pull together the management and financial elements.
He hired a bookkeeping service to manage his books and oversee the financial aspects of his company. After operating for an extended period of time, he still wasn't sure of his financial situation and couldn't seem to make a profit. It seemed as though Teton Valley Auto was barely breaking even.
Markegarde contacted the Small Business Development Center (SBDC) in Idaho Falls for help. Dave Noack visited his business in Victor and spent some time reviewing the financial records and management practices. After determining that Teton Valley Auto lacked some of the essential financial reports and reporting mechanisms necessary for successful business management, Noack arranged to have a Brigham Young University student team from the College of Business help Markegarde do a financial analysis of his business.
The student team spent weeks on an in-depth study and identified several areas of the business that needed attention. In one case, the students identified over $60,000 in losses that could be eliminated with a simple management change. While Markegarde was saddened with the news of the loss, he was elated at the prospect of profitability.
Markegarde implemented some changes based on the studies. They have led to increased profitability and a more stable operating environment in his business. Teton Valley Auto currently employs a number of people from around the area and plans to expand.
Markegarde has an incredible ability to innovate and implement new marketing ideas in his business. One recent direct-mail marketing blitz resulted in a dramatic increase in business for his company. With a much more stable business environment, Markegarde is now free to work on his expansion plans and will have a solid financial foundation on which to build.
