Ask SCORE

SCORE, "Counselors to America's Small Business," is a nonprofit organization of more than 13,000 volunteer business counselors who provide free, confidential business counseling and training workshops to small business owners. Call 610.327.2673 for the Pottstown SCORE chapter, or find a counselor online at www.pottstownscore.org. 

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Retirement Planning for Small Business Owners

Summary:

Planning for retirement needs to be a priority for every small business owner. Here are three types of small business retirement plans that you can take advantage of to save for retirement that also provide tax advantages for your business.

6 Simple Steps for Getting Things Done at Your Small Business

Whether you are running a for-profit or nonprofit business, an ability to organize efforts and initiatives is a necessary skill to achieve success. Effectively executing efforts and accomplishing goals requires planning and coordination among team members (which may be a combination of employees, vendors, suppliers, contractors, etc.).

While some small business owners seem to have a natural knack for project management, it is not everyone’s strength. Do not feel defeated if it is not yours and you do not have the resources to hire a professional project manager.

Press Release Basics for Small Business Owners

Summary:


A press release is a smart awareness-generating marketing tool when done right. Start by following these press release basics to better your chances of getting the attention of media and creating positive news coverage for your business.

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5 Benefits of Hiring a Diverse Workforce

Not only is variety the spice of life, but it also holds a lot of value for small businesses. Hiring a diverse workforce—a staff that’s inclusive of people from different cultures, capabilities, religions, ages, educational backgrounds, political affiliation, sexual orientation, and personalities—can bring new perspectives and insight to your company.

Advantages of Diversity in Your Business

The B2E (Business to Employee) Focused Company

Naturally, most small businesses put a lot of time, energy, and resources toward catering to their customers. Whether your business is B2C (business to consumer) or B2B (business to business), there is another audience you need to keep happy: your employees.

Solopreneur Tips: Ways to Grow a One-person Business

Solopreneurs encounter many of the same challenges that other business owners face — and some unique ones, as well. Tasked with single-handedly managing all aspects of their businesses — sales, marketing, production, office management, accounting, etc. — they can quickly become overworked and overwhelmed. They may also find it difficult to grow their businesses as they deal with competing priorities and not enough hours in the day.

Fortunately, with dedication to working smarter and not harder, solopreneurs can gain the capacity to devote more time and energy to revenue-growth.

Self-Employment Tax 101 for Small Business Owners

When you have made the transition from someone else’s employee to being your own boss, you gain the autonomy to create your own professional path. You get additional responsibilities, as well—including paying self-employment tax. 

Self-employed individuals are required to not only directly submit the income tax they owe to the federal, state, and local governments, they must also remit self-employment tax to the IRS.

Who Is a “Self-Employed Individual”?

Opportunities Abound for Sharpening Your Small Business Skills

Very few people begin the process of building a small business with a full knowledge of all the skills required for success.  Even those who extensive experience or education in business management still need to bring themselves up to speed on the added responsibilities of entrepreneurship—tax issues, employee management, business development, accounting, etc.

Redefine Your Management “Quality Time”

Time is a precious commodity for every entrepreneur. With all the responsibilities of managing and growing a small business, the hours and the days can easily slip by, sometimes leaving one to wonder just how much got accomplished.

For many, the go-to time management tool is the to-do list. Marking off completed items may provide a sense of satisfaction—at least until you remember what else has to get done— but it may not be as productive as you think, according to professional organizer and productivity expert Julie Morgenstern

Accuracy is Essential in Small Business Valuations

When you first contemplated becoming an entrepreneur, you probably spent some time calculating how much your time was worth. Now, you may be wondering how much this business that you’ve built is worth.

There are many reasons for determining the value of your small business. You may be ready to raise capital by issuing stock or selling a portion of the business to a prospective partner. An appraisal may also be needed in order to spin off a portion of your business, settle a dispute or divorce, liquidate some assets, or sell the business entirely.

Pottstown SCORE Celebrates 25th Anniversary with Client Expo

On October 22nd, the Service Corp of Retired Executives (SCORE) Pottstown Chapter celebrated its 25th anniversary with a first of its kind Client EXPO. The event was open all of the tri-county area business community and their supporters. SCORE is a national organization of volunteer advisors offering free, confidential business advice to small businesses, entrepreneurs and local communities. All of the exhibitors at the EXPO were SCORE Clients or sponsors.

Understanding the What’s and Why’s of Advertising

Have you ever seen an advertisement and thought that something similar might well benefit your small business? Well, it just could. Or, it could backfire and be a complete waste of money.

That’s because advertising is but one element of a business’s overall marketing strategy. True, it has many facets—print, billboard, online, broadcast, direct mail, etc.—but each element and the message it conveys has been carefully developed with a specific purpose in mind. In other words, image is not always everything.

“Success Thinking”—It’s All About Attitude

As a small business owner, you’re not just “the boss.” You’re also the leader, the person employees, vendors, customers, and prospects look to for guidance, support, and confidence. And being a leader is easier than you think. It begins with a positive, “can-do” attitude that your business delivers what it promises, and can achieve any goal.

Plan Now to Survive the Seasonal Sales Cycle

Seasonal businesses devote a large part of the year preparing for those special weeks or months when most of their revenue is generated. For many retailers the holidays are boom time. Fitness centers soar in January and sag with the summer exodus. Some businesses sell more when the weather warms, the tax or wedding season arrives or tourists travel.

Those boom times come at a price—financial survival throughout the remainder of the year when business slows to a trickle.

Use Mindful Management to Control Routine Costs

You’re very meticulous when it comes to providing quality service or products to your customers. So why treat your routine administrative expenses the same way? Every extra dime or dollar you spend on supplies, photocopies, postage, etc. adds up. Taken together, those “little things” can take a huge chunk out of your profits.

Good Habits Can Translate Into Great Sales

The longer you’re in business, the more you realize that the only constant is change. You may be enjoying strong sales across a broad customer base, but those conditions could be far different in just a matter of months. A competitor’s offer may tempt your customers to try something different. Organizational and operational changes may require you to build relationships with new people from scratch.

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