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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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.

When It Comes to Collections, Never Assume

Business relationships are usually straightforward. You provide a product or service, and the customer pays you for it in a timely manner. But every small business owner will likely have to deal with tardy or missed payments. Don’t ignore them or assume the customer will eventually follow through. Money owed to your business—known as receivables—cuts into your profits and complicates your cash flow.

A good collections strategy can help prevent slow payments before they become a problem, and ensure that income from aged invoices isn’t lost forever.

Protecting Your Intellectual Properties is a Smart Move

“TM,” “SM,” “PAT PEND,” “©,” “®.” These small symbols and abbreviations carry a lot of legal weight when it comes to safeguarding a company’s proprietary names, designs, products, and services. As an entrepreneur, you should consider making sure the valuable intellectual properties of your small business are protected as well. But which one(s) do you need?

Trademarks are not the same as patents and copyrights, even though the differences are not widely understood. While there are similarities, they serve different purposes.

Make Employee Retention a Top Priority

The expression, “good help is hard to find,” has never been more accurate. Competition for talented workers is intense in most locations and specialties, and the “best of the best” know it. If they’re unsatisfied with their current job, they have no qualms about looking for something else.

"Green" Business: The Shade of Things to Come

Being environmentally conscious is not just good for the earth; it’s good for your business as well. Studies show that consumers are increasingly attracted to businesses that promote their proactive efforts to protect the environment. Many high-profile companies are limiting the product and service contracts to vendors with good “green” track records. Plus, many practices and products that help reduce pollution and conserve natural resources can also help reduce business costs over the long term. 

A Makeover Can Freshen Up a Stale Business

Have those good ideas stopping coming? Do your employees appear to be doing little more than going through the motions? Are your competitors making splashes in the media that you can’t answer?

If so, a makeover could be just the thing to re-energize your business. It need not be a major overhaul; some minor tweaks may be enough. What’s important is that you recognize the need for action, and learn all you can to make informed decisions.

Money Matters When Starting a New Business

Starting a small business requires extensive planning and research. But just because things are up and running doesn’t mean your days as a strategist are done. In fact, they are just beginning.

Planning is an ongoing necessity because the environment in which your small business operates continually changes. New opportunities and challenges will arise that are different than those assessed during the start-up stage. Your initial financial projections may be literally and figuratively on the money— or trending in a different and unexpected direction.

Need a Hand With Hiring? Consider a PEO

Nothing good comes easy, and that includes hiring and managing good employees for your small business. That’s why many entrepreneurs are turning to professional employer organizations (PEOs) to handle the complex, time-consuming administrative burdens of human resource management.

Being Environmentally Friendly is Both Easy and Cost Effective

With climate change and diminishing resources dominating the news these days, small business owners are looking for ways to make their operations more environmentally friendly. Simple steps such as recycling soda cans and turning off lights are a good place to start, but there are many other ways you can make a big difference without a lot of effort and expense.  What’s more, these measures will benefit both the environment and your bottom line.

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