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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In Search of Big Customers for Your Small Business

Landing a public institution, government agency or major corporation as a customer can be a big coup for your small business—IF you can find and meet with the right people. If you’ve been having difficulty getting your proverbial “foot in the door, the Small Business Administration’s Business Matchmaking program may be exactly what you’ve been looking for.

Change is Coming: Don't Let It Leave Your Small Business Behind

Predicting the future is one of humankind’s oldest endeavors. Nearly everything from tealeaves to caterpillars has served as a bellwether of fate. Twenty-first Century small business owners can draw on a host of technology and information resources to chart the course of their enterprises. But given the increasing pace and unpredictability of change, one can’t help but wonder if those caterpillars might really know something.

Understand the Many Facets of Franchising

Franchising is a popular way for entrepreneurs to fast-forward their small business ownership ambitions. Franchisors provide a tested and proven base structure of the business, freeing their franchisees from having to invent the operational wheel. Franchisors also provide ongoing guidance, innovations, and tested marketing materials. And new opportunities emerge on an almost daily basis. According to the International Franchise Association (IFA), 900 new concepts were launched between 2003 and 2005.

Secure Your Database from Information Leaks

Locks, alarms, and cameras can help safeguard your facilities and equipment.  But what about your computer databases—the places where valuable, sensitive, and potentially irreplaceable assets of your small business are stored?

Give the Boss — You — A Well Deserved Break

“Be careful what you wish for; you may just get it.” That adage certainly applies to owning a small business.  Being your own boss has many rewards, but success usually requires a lot of hard work and long hours that can take a toll on your emotional health. The result is burnout, a condition that also has mental and physical consequences. 

Loyalty Comes from Making a Commitment to Your Customers

The competitive nature of today’s world may be intimidating to the small business owner. If a competitor cuts prices or offers other incentives, you may feel tempted to do the same thing in order to hold on to your customers, even if it puts the stability of your business at risk.

Though cost is important to customers today, it is but one component of a larger, more important attribute—value. If your business provides it through service, responsiveness, and going the “extra mile,” your customers will respond with loyalty, regardless of what your competition does.

Make Your Website Memorable for the Right Reasons

As more and more customers rely Internet search engines and online directories to locate sources of products and services, Web sites are increasingly becoming a “must” for all types of small businesses. 

But it’s not enough to simply have a presence on the Web. Unless your site is set up with the customer’s needs in mind, it may be doing very little to benefit your business.

To Your Good (Business) Health: Get to Know Your Cash Flow

Just as watching your blood pressure is important to your personal health, monitoring cash flow is vital to the well-being of your business. Minor “hiccups” may be expected, but they can also be an early warning of bigger, potentially chronic problems ahead, especially if other indicators such as sales seem positive.

Though critically important, monitoring and predicting cash flow is actually a matter of consistently following some simple, common-sense financial management practices. 

Business Planning: The Next Generation

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.

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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