Category Archives: Business Basics

What Tax Documents Should You Keep?

And which ones should you shred?

If your filing cabinet is bursting at the seams, you’re not alone. As a small business owner, you have a lot of paperwork to keep track of – everything from business licenses, employee records, lunch receipts – the list goes on.

Some of the more challenging records to manage are your business’ tax documents and all of their supporting paperwork. Navigating tax document requirements is complicated and is often unchartered territory for a small business.

As a default, many business owners end up unnecessarily saving every last receipt for years and years. Or, they become overwhelmed and throw away important information. Continue reading

Should I take on a business partner?

Are two heads always better than one?

When it comes to taking on a partner to start or grow a small business, there’s no right or wrong answer. 

Partners can complement each other’s management skills and bring benefits such as special expertise and client relationships. 

As with any relationship, there are trade-offs that must be carefully considered before deciding whether adding a partner is a wise move, and then you have to find the right person for the role.

If it sounds a bit like marriage, you’re not far off. Having the right partner can be a terrific advantage for a business. Making the partnership successful takes as much energy, effort, and positive feelings for one another as it does to make a marriage work.

There are several important things to consider before choosing a partner and entering into a business partnership. Continue reading

How to develop a successful new product.

Developing and launching a new product requires research, resources, and a determination to follow through despite roadblocks and setbacks. If you have a product idea, how can you better ensure your development effort goes smoothly, and the end result is a win for you and your company?

While product development comes with varying levels of complexity that depend on the type of product you plan to create, several key ingredients for success remain universal. Continue reading

The SCORE Startup Roadmap: Your Guide to Successfully Starting a Business

Take the SCORE Startup Roadmap

Are You Ready to Start Your Business?

The path to business ownership is an exciting journey. As you embark on your journey, you need a few things to successfully reach your destination. First and foremost, you need a good roadmap or GPS to successfully navigate your way.

The SCORE Startup Roadmap, sponsored by FedEx, guides your journey, from your business idea through opening your doors to customers.

Whatever startup route lies ahead of you, the Startup Roadmap provides direction along the way. It will help you chart a course to success, minimizing detours and dead ends so you can get to your goal faster. This Roadmap will take you from the initial step of defining your business idea through your ultimate destination: launching your business. In each chapter, we’ll teach you what you need to do and give you the resources and expertise you need to get it done. Continue reading

Top 10 bookkeeping mistakes by small businesses.

couple working on finances

From one-person entities to Fortune 500 companies, no business can escape the dreaded task of bookkeeping. While it’s definitely not one of the more glamorous parts of the job, bookkeeping is at the heart of small business success, which means errors can be crippling.

To avoid the financial headaches that come with bookkeeping mismanagement, it’s important first to be aware of the pitfalls that can ensnare you. Continue reading

Business Help for Veterans from Facebook and SCORE.

Welcome Veterans!

We are proud to partner with Facebook to help veterans, military members and their families start and grow their own small businesses. Learn more, and find your mentor today.

How Can SCORE Help Veteran Entrepreneurs?

SCORE is the nation’s largest network of volunteer, expert business mentors. Our 10,000 mentors can meet with you face-to-face in over 300 chapters, through video chat or via email. Continue reading

Closing Sales Starts With Building Trust

Making the sale, especially when your small business offers products and services to other businesses, demands more than being good at what you do. It definitely requires building professional relationships. To do that, you must earn your customers’ trust. 

There’s no scientific formula for earning trust. It requires time, patience, and honest effort. 

Here are some suggestions to help you lay a foundation of trust with your potential customers: Continue reading

Create an emotionally engaging customer experience.

It seems somewhat contradictory, but the more technologically savvy buyers become (and the less time they spend visiting stores or talking to services providers on the phone) the more they want a personal, emotionally gratifying experience with businesses.

Entrepreneurs must find ways to not only appeal to customers’ desire for quality products or services, but also to their hearts.

In a Harvard Business Review article by consumer intelligence experts Alan Zorfass and Daniel Leemon, “Our research across hundreds of brands in dozens of categories shows that the most effective way to maximize customer value is to move beyond mere customer satisfaction and connect with customers at an emotional level.”

What does this mean for you? Instead of just transactions, your business must make memorable interactions. To gain a competitive edge and win customer loyalty, you must make an emotional connection with buyers. Continue reading

What resources help women entrepreneurs succeed?

According to the 2017 State Of Women-owned Businesses Report commissioned by American Express, women-owned businesses now account for nearly 40 percent of all companies in the United States. With the increase in the number of women-owned firms a whopping 114 percent (compared to the 44 percent increase among all businesses) from 1997 to 2017, it’s evident women entrepreneurs are a powerful force within the U.S. economy.   Continue reading