Growing Your Business in Today’s Market
Filed Under: Videos of Interest
Tags: U.S. Small Business Administration, Videos of Interest
Growing your business in today’s market will start with a fine-tuned business plan. Business plans and strategies can and will change along the way, however a strong business plan is the template for your business success. A business plan is a wonderful tool whether you are looking to start or grow your business. Picture this as the road map for your business.
As important as it is to know how to grow your business, it is just as important to know when. Whether you started off with the intentions of growing, or the demand for your product or service has increased dramatically, certain questions must be answered before this important business decision is made. Can you afford the growth? With growth, comes the need for more product, more employees, more insurance, etc.. The company’s financials will make up a big part in this decision. Do you plan on financing the growth, or using cash from the company’s funds? The answers to these questions will depend on your personal goals and business plan. We bring it up at this time to simply note that it must be addressed. Where you are versus where you want to be needs to be addressed on a quarterly basis at the minimum.
In their five minute “Strategies for Growth-Preparing for Growth” video, the Small Business Administration talked to Carey Wilson of the Maryland Small Business Development Center who offers five valuable tips for growth.
- Knowing when it’s time to grow your business
- Use and adjust your business plan to guide your growth
- Use available counseling resources
- Get help financing your business expansion
- Understand the difference between an Ops Plan and a Strategic Business Plan
In this video, he explains that “Strategy is really bout answering the fundamental questions of why you’re in business: What’s our business? Who’s our customer? Why are we special? Why are we better than our competition?”
Do You Need Business Advice?
Filed Under: INC Knowledge
Tags: Business Tips, SCORE, Small Business, U.S. Small Business Administration
One organization that every entrepreneur should know about is SCORE, a partner of the U.S. Small Business Administration (SBA). Since 1964 SCORE has been known as the “Counselors of America’s Small Business Owners.” SCORE is a non-profit association with a national network of 12,400 volunteers. The volunteers are successful entrepreneurs and executives who want to give back by sharing their expert business advice with you. There are local chapters throughout the nation that offer workshops and one-to-one business advising sessions. No matter what stage of business you are in, they are able to help. There are no business questions too simple or complex for SCORE counselors. So the next time you need business advice ask SCORE. We love that small business success across America is SCORE’s mission!
For more info, click HERE.
SBA Loans Moving Slow
Filed Under: Articles of Interest
Tags: Articles of Interest, News, U.S. Small Business Administration
In May we wrote a post announcing the Small Business Administration’s America Recovery Capital Loan Program. This program was supposed to provide up to $35,000 in relief for small businesses facing immediate financial hardship. Unfortunately, it seems that these loans are not moving as fast as one had hoped. The New York Times just published an informative article going over all the details on why the SBA loans are moving slow, below is an excerpt:
Small-business owners hoping for some assistance of the sort given to the nation’s biggest banks applauded when the Small Business Administration unveiled a lending program in May.
Washington officials and some lenders predicted that the program, providing emergency bridge loans as part of the economic stimulus package, would save jobs and provide a lifeline for vulnerable businesses. Many in the banking industry expected it to be fully subscribed in months.
But the program is off to a slow start, and many banks, including some of the largest, appear reluctant to take part.
Read the full article here: http://www.nytimes.com/2009/08/13/business/smallbusiness/13small.html?_r=1&partner=rss&emc=rss
Why It’s Always a Good Time to be a Small Business
Filed Under: Articles of Interest
Tags: Entrepreneurs, Small Business, U.S. Small Business Administration
“It’s always a good time to be a small business” says Mike Masnick from the Open Forum by American Express. At Harvard Business Services we strongly agree with this statement. We have always believed that entrepreneurs are the innovators of our society. According to the Small Business Administration the latest figures show that small businesses will create more than 65% of America’s new jobs and that small businesses create more than 50% of the American non-farm private gross domestic product. Those are some impressive numbers. Below is an excerpt from the article that reminds us of some of the positives of being a small business no matter what is happening to the economy:
- As a small business owner, you’re not relying on the entire economy. You’re relying on your customers. If you offer something of value, you should be able to sell it to your customers, regardless of the economy. Sure, some of your customers may be more careful in spending, but that’s just an opportunity for you.
- As a small business, you can be a lot more flexible. Big businesses have all sorts of legacy items that tie them down and make them slow. Smaller businesses shouldn’t have as many entanglements and can change and adapt much faster. If the economy goes south, then a small business can shift its strategy faster.
To read the full article click on this link:
Small Business Loans Available Soon
Filed Under: HBS Announcements
Tags: Loans, U.S. Small Business Administration
The Small Business Administration just announced the:
SBA ARC Loan Program
If your small business is stressed meeting expenses during these economic times, the U.S. Small Business Administration has a new loan program designed just for you.
SBA’s America’s Recovery Capital Loan Program can provide up to $35,000 in short-term relief for viable small businesses facing immediate financial hardship to help ride out the current uncertain economic times and return to profitability. Each small business is limited to one ARC loan.
ARC loans will be offered by some SBA lenders for as long as funding is available or until September 30, 2010, whichever comes first.
For more information: http://www.sba.gov/recovery/arcloanprogram/REC_WHATISARCLOAN.html
