One on One: Lisa Hudson, director of East Colorado SBDC and UNC BizHub

BizWest asked Lisa Hudson, executive director of the East Colorado Small Business Development Center and the University of Northern Colorado Biz Hub, to respond to a series of questions about the work of the SBDC.

BizWest: How does the Small Business Development Center model differ from other incubators and accelerators?

Lisa Hudson: The East Colorado SBDC offers three services: 1. free confidential consulting, 2. low-cost training, 3. access to resources. This is different because we are a national nonprofit organization that provides consulting at no charge to the small-business owner. The East CO SBDC is unique in the way that I manage the UNC BizHub as well as the SBDC. The UNC BizHub Collaborative is a virtual incubator and the model is unique because we don’t offer space, but are able to offer high-level services to small businesses across the state. The UNC BizHub is membership-based and is $1,500 per year but the small-business owner can receive the following services:

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BW: You are the first millennial to become a director of a Small Business Development Center in Colorado. Do you envision changes to how the East SBDC operates in terms of programs it offers to and how it communicates with the next generation of entrepreneurs? And if so, what might those changes be?

Hudson: The East CO SBDC has been a smooth running ship for several years, but under my leadership, we are definitely looking to add more specialized programs and finding new ways to reach out to small businesses through my territory. We are providing more virtual consulting, which helps bring expertise to the entire territory. With the millennial generation going into business for themselves they are ready to have resources at their fingertips and that is what we plan to do. We are offering the consulting virtually and more training via webinar.

BW: What does the first meeting with a new client company usually entail? And how long can a company receive SBDC services?

Hudson: The first meeting with a new client is a discovery session. This usually entails a conversation to build rapport with the business and understand what stage of business they are currently. We build trust with the client by listening. SBDC consulting is unlimited; there is not a number of hours that the client receives. Our hope is to grow with the small business and help them at every stage of business they encounter.

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BW: What are the top three resources used by existing businesses, and can you provide a description of each and why they are so needed?

Hudson: 1. Business planning: Although this is not new to entrepreneurs and can be called by different names (strategic planning, goal setting, vision boards, etc.) business planning is what helps small business owners develop a roadmap of where they want to go and executable goals on how to get there.

2. e-Marketing: We have specialists within the office who help small businesses compete on the web for customers, a must these days. Whether the small-business owner is new to using a computer and online tools or they have a website and social media accounts and need help with a new pair of eyes, we are a free resource to help them.

3. Money: Small-business owners need capital to make the business run. Startups need financing to get off the ground and existing businesses may need operating capital to launch a new line of products. We help small-business owners through the maze of lending as well as developing crowdfunding campaigns. We are there to help them develop their plan and execute their ideas.

BW: What are the top two challenges facing the East Colorado SBDC and how do you plan to address them?

Hudson: 1. Funding. Since we are a non-profit, I raise funds to pay for the consulting in my territory. This is always a challenge to find enough money to pay for the ever-growing demand of consulting services. We have had such great support from the communities, higher education, lending institutions, and some private companies that have allowed us to continue providing unlimited hours of consulting to the small businesses, but I’m also looking for new partners to get involved.

2. The other challenge is getting the word out about the services that we provide. I can’t tell you how many times I have had clients leave my office saying, “Wow,I wish I had known about this sooner.” We are a resource for small-business owners and the best part for them is our consulting is 100 percent free.