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Alerus
STRATEGIC BUSINESS INSIGHTS FROM ALERUS
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GOING BACK TO BASICS FOR BUSINESS CAPITAL
Capital is a catalyst. It is a necessary ingredient for a business to launch, grow, make an acquisition, transfer ownership, or weather challenging times. Lenders play a crucial role in helping businesses achieve their goals – and there are lots of things businesses can do to make the process smoother and more effective.
Whether amid economic uncertainty or in flush times, it’s always smart to start with the fundamentals of good credit: how to qualify for it, how to borrow it, and how to use it. Finding capital starts with a good partner who can guide you every step of the way.
Talk to your banker earlier rather than later It’s important to explore financing at the same time you are considering purchase agreements, ownership stakes, equipment investments, or other strategic discussions. What you are doing, how you finance it, and how you structure a deal can have a major impact on the bottom line because of tax impacts or loan terms.
Pay attention to the “5 C’s” lenders and investors look for Character, capacity, capital, collateral, and conditions are the things that indicate if your business is a strong candidate for credit – and they are also things you need to work on every day. Pay debt on time, don’t take on too much debt, keep a cash reserve, keep assets in good condition, and borrow intelligently for good reasons, and you’ll have a much easier time raising needed capital. Refresh your business plan so you can be open to opportunities The key idea here is to think about how your business would appear to an outside party. Are your books balanced? Do you have a good business plan? Are your goals realistic? Especially during the COVID-19 era, businesses should update their business plans and projections and keep their balance sheet clean. This can position you well to get capital if an opportunity comes up, and streamlines the process if you are ready to sell.
Focus on investments that pay long-term dividends When rates are low, high-impact investments become more affordable. In manufacturing that might mean automation, or in other businesses it might mean upgrades to computer platforms, enterprise resource planning software, and other sophisticated tools to improve efficiency. Your banking advisor can help you judge if an investment is worth it.
Don’t be shy asking for help or advice Business capital is complex, and it’s not something most business owners need to deal with on a daily basis. It’s worth building a relationship with an advisor who knows banking and finance, the same way you do with legal experts and accountants so you can move quickly and correctly when opportunity arises.
Whatever your need for capital may be, a business advisor at Alerus is ready to help you. We have a long history of helping businesses through all stages of development and all kinds of transformations, and our professionals will get to know you and your goals so they can recommend and help execute the best financial solution. Reach out today and learn how we can help your business.
701.280.5000 :: ALERUS.COM
We really started in the event space, producing event recap videos, concerts, festivals, and touring gigs. Fast forward to today, we now have five full-time employees and have worked with four fortune 500 companies. Our growth strategy remains the same: develop quality connections with meaningful thought leaders in the industries we are looking to move into. We are hyperintentional about the people we partner with, basing everything off of our value system. We also realize we are not experts at everything in life, so we find some awesome partners to help us in those areas! We now offer the highest quality video production available, as well as a beautiful way to deliver that content: social media ad campaign creation and management. It is rewarding to see our clients grow and succeed, to be a part of that journey, and to share victories with the people who share our values and goals! Enjoying life’s riches is only meaningful to us when we are surrounded with the people we love and care about.
WHAT’S MOST REWARDING ABOUT YOUR WORK?
HOW ELSE IS OFF COLOR INVOLVED IN THE COMMUNITY?
We encourage our employees to take part in local organizations that will better our communities and themselves. Taking Dale Carnegie courses, learning personal skills, mentoring in nonprofit organizations, and finding ways to become leaders in all aspects of their lives. WHAT DO YOU LIKE BEST ABOUT DOING BUSINESS IN FMWF?
“This area has the small town feel but the big city opportunities that allow a business like ours to grow. The PEOPLE! The people here are the best that I’ve found in the entire country. In my time spent touring 48 states and Canada with music artist NF, and my hundreds of flights, I always come back here. Time and time again it’s because of the amazing people. They are so accepting and willing to help, listen, and cheer you on,” says Owner/CEO Jay Evans.
WHAT VALUES ARE MOST IMPORTANT TO OFF COLOR MEDIA?
1. Unbridled Creativity 2. You First 3. Cultivating Communities 4. One Thing
WHAT’S A SURPRISING OR FUN FACT ABOUT YOUR COMPANY?
We are one of three companies in North Dakota that own a RED Digital Cinema camera, which are prominently used to film Hollywood blockbuster movies. WHAT GOALS DO YOU HAVE AS A COMPANY GOING FORWARD? WHAT CAN THE COMMUNITY EXPECT TO SEE FROM YOU?
Our main goal is to get more involved in every way we can. We want to be thought leaders and become individuals that leave a massive impact on this region. Not just by our work, but by changing lives along the way with our thoughts and actions. If we can inspire one person to take control of their life, or take that chance, or get introduced to someone who can change their life, then we will have been successful. Not only leaving our legacy but helping others do the same. The community can expect to see us continuing to push the boundaries of creativity while making the Upper Midwest known for creativity and innovation.
We are so grateful for everything that this community has done for us by believing in us and giving us an opportunity. We are so excited for what the future has in store and can’t wait to keep leaving our mark!
BUSINESS OF THE YEAR AWARD WINNER
What was your reaction to winning at this year’s ChamberChoice Awards? Our team was thrilled to be one of the finalists for the ChamberChoice Business of the Year Award. It was both a surprise and extreme delight to be named the 2021 Business of the Year. Our talented team members are passionate and committed to doing their best work, and the announcement was an exciting way to recognize the contributions of our entire team.
What does the award mean to you and the organization? It’s been an incredible year at Enclave as we celebrate a decade in business and move to our new home office in West Fargo. To be business of the year celebrates our team and fuels our drive to reimagine spaces with the goal of enhancing the communities we serve.
In your own words, briefly share your organization’s history, how you’ve grown throughout the years and what you offer the community today. In 2011, Co-Founders Austin Morris and Ben Meland were a two-person start-up with a desire to grow their business by a single project each year. Since then, they have grown to a fully integrated development, construction and management company with more than 100 team members in three markets specializing in multi-family, commercial, industrial and retail spaces across the Midwest. Today, Enclave has completed more than 70 builds and manages more than 4,500 apartment homes. Through the support of the community, sound fiscal management and a mindset that continues to challenge the status quo, the team has set large goals which we’ve been able to achieve.
Through every interaction, we start by thinking of space differently than before, maximizing value through ingenuity, and ensuring a timely, budgetminded delivery. This approach has allowed us to truly create spaces that inspire people to do their best work and live their best life.
What makes your organization so important for the community? As placemakers, our focus is centered around the talents of our team and contributions to community that result in enhanced places to live, work and visit. As an organization, it starts with the quality of the work we do and extends to modeling good corporate citizenship by dedicating our time, talent and treasure to the communities in which we live and work. As we’ve continued to grow, this has always been at the core of who
Enclave is called to be, and it’s been incredible to see the impact we’ve made through the growth of our team.
At Enclave, we value people for who they are and take an immense amount of pride in relationships with our team members, clients and partners. Putting it simply, we care for each other. We always do the honorable thing, we encourage true autonomy among employees, and we promote innovation within our team and our partners to deliver an exceptional product and experience. It’s why our four foundational values are: Care for Each Other, Do the Honorable Thing, Be Empowered and Promote Innovation.
What does a typical day look like at Enclave?
Whether you’re working in the field on a construction site, or in a leasing office, or fulfill a role in IT, HR or accounting at our home office, a typical day at Enclave is fast-paced and people-based. Our team members each bring a unique perspective to their role, while being united by the drive to accomplish something great. All team members are empowered to seize opportunities and trust that they will have support to continue breaking new ground.
In 2021, Enclave launched our Giving Hearts Day campaign with a year-long Down Home partnership announcement. Throughout the year, we’ve committed $50,000 to support the mission of Down Home and support individuals in our community emerging from homelessness. Our team stepped up and volunteered their time to organize the Down Home warehouse, write thank you notes and helped with family move-ins, in addition to holding a donation drive in May as part of the non-profit’s Good Night Sleep Challenge. Our aligned values and desire to enhance the communities in which we live was complemented by the talents of our team who create inspiring spaces for others to live, work and play.
What is one thing you most want others to know about you? Anything else you’d like to mention:
We feel very fortunate to be able to call this region home. It’s an incredible place to raise a family, start a business and so much more. The generosity of the community, strong economy and accessible business network have undoubtedly contributed to Enclave’s success. We are extremely grateful for the support our community provided us, and are committed to its continued vitality.
DIVERSITY AND INCLUSION AWARD WINNER
This award validates the great team assembled here at Cardinal IG. It’s a reflection of how 300+ individuals born on five separate continents, in 34 different countries, practicing several different religions, raised under different cultural norms, speaking many first languages can rally together around a shared value-set and work as one cohesive team to accomplish a common mission.
We built the plant in 1998 to supply Marvin Windows with glass and grew rapidly, expanding the plant in 2001, 2003, 2005, and most recently 2021. We didn’t have a masterplan to build such a diverse team; since we hire using a non-biased approach and base hiring decisions on the bestqualified applicants, before we knew it, we had built quite a diverse team. Our thought process was: Does this person have the will to do the job? Can we train this person the necessary skill? Will this individual be a good teammate? Will they show up for work every day? If we could answer these questions to the affirmative, they’d get the job.
Our story is important. Organizations who might be anxious about potential challenges that might come with building a diverse team can look to Cardinal IG as a successful case study. While we might sound and look different from each other, we all share similar needs and desires. It doesn’t matter where you’re from or where you are, we all desire a workplace where we have an opportunity to learn and grow our skills, feel connected to & valued by those around us, and understand how our work impacts the greater mission.
Our Plant Values are Family, Safety, Teamwork, Excellence, & Respect. Six years ago, we conducted an exercise to refresh our plant values. All of our teammates were asked, through an anonymous, computerized survey, what their personal values are, what values they believe make Cardinal IG special, and what values they desire in their optimal workplace. These five values—Family, Safety, Teamwork, Excellence, & Respect—overwhelmingly rose to the top. We all agreed that this was a pretty good value-set and committed to holding each other accountable
to these values. Ever since then, all candidates who apply to Cardinal IG take a similar values survey, and we use the results as one of the indicators as to whether they’d be a good fit within our team. We’ve found that if a candidate’s personal values mesh well with our Plant Values, they’ll integrate onto our teams more seamlessly. The very first thing we do in our onboarding process is training on our plant values. New teammates then have immediate ownership & stewardship of our Plant Values, just as the initial team that developed them do. Each of our five values applies to diversity & inclusion, especially the values of Family & Respect.
What does a typical day look like at Cardinal IG?
The first thing we do is a daily safety huddle to ensure we’re centered around safety. The team leader then summarizes the plan for the day, and we all get after it!
Our team has been involved with the United Way for many years, and for the past twelve or so we’ve had 100% participation in our annual United Way campaign. Our team has also been asked on occasion to talk to others about our experience with diversity & inclusion, which we’re always happy to do.
What are your long-term goals and vision for Cardinal IG?
Our Cardinal IG Company vision is to be the most admired glass company in the world—admired for our integrity, the way we take care of our customers and our people, and for the positive, lifechanging, life-lasting experiences we create.
We are aggressively growing our team in order to keep pace with customer demand. If you think you have what it takes to be a valued member of our winning team, we encourage you to apply as soon as possible!
