Category Archives: Grow Your Business

Small Business Resilience Hub

While you may be facing uncertainty, there is one thing you can be certain of: SCORE is here for you.

During these difficult times, everyone is talking about survival, uncertainty, and loss—loss of revenue, relationships, and resources. It’s normal and human to feel fear and uncertainty, to wonder about the future of your business.

At SCORE, we get it. And we’re also here to remind you that you are stronger than you think and more powerful than you know.  You are a small business owner, the person who dared to ask what if? The leader who had the courage to take that first step to build a business and a future you believe in.

Visit our Small Business Resilience Hub here

Should I advertise in a down economy?

by Ken Sethney, Volunteer Business Mentor, SCORE Kitsap

A recent article on money.com dealt with a couple of difficult questions: “What Is a recession, and are we in one?” Three experts answered the questions. From a technical perspective we’re not there yet, but we could be very soon. 

OK, fine. I’m not a college professor, a manager of economic research, or an investment strategies advisor, but from my perspective, we’re smack dab in the middle of a recession. The question we all face is what do we do about it?

If you own a business, you want to cut costs, but where? For some companies the decision is easy… the first cut they make is advertising. But you’re not so sure. 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

Is an SBA loan right for you?

SBA loan

If you’re starting or growing your small business, you should learn about loans guaranteed by the U.S. Small Business Administration (SBA) as a funding option.

If you apply for an SBA loan, your loan won’t be from the SBA, and you won’t make your payments to the agency. Instead, the SBA approves lenders to provide loans to small businesses under their loan programs. Continue reading

Yes, you can manage your time more effectively.

With so many responsibilities as a business owner, it’s easy to get overwhelmed and fall short on what you want to accomplish. If you’re a new business owner who formerly worked for someone else, you may have discovered that managing time has become more challenging. 

That’s natural. After all, you’ve gone from having your work schedule and priorities set for you to needing to prioritize every project and task related to running your business. Time management doesn’t come naturally to everyone, but it’s an essential skill that can be developed with some attention and effort.  Continue reading

Nine Ways to Fund Your Business

by Kelly Deis of SoundPoint Consulting

If you don’t have the capital to fund your business growth, here are a few ideas. Which one is right for you?

1. Bank Loan or Line of Credit

Borrowing from the bank is probably the most traditional way of funding a business. This can take the form of a traditional loan or line of credit. Some banks may require an SBA guarantee which is a little more expensive than a bank-only loan. Others may require covenants, or conditions, within which the business must perform.

Bankers will review your historical performance and business plan in great detail. Assuming that these pass muster, the bank will require collateral in the form of inventory, equipment or even your house. In many cases they will insist on a personal guarantee.

Bank loans are debt financing requiring periodic payment of principal and interest. However, they do not require you to give up equity in your business; if your business takes off, you keep the profits (after debt repayment). Continue reading

Best practices for building a winning website.

website developmentYour website is often the first impression a person has of your business. Is your website a good representation of your company – or does it miss the mark?

In this webinar presented by digital marketing expert Sherry Bonelli, you’ll learn what to consider and implement as you build or update your website.

View the Webinar

Viewing this webinar requires some basic information. This data is only used within SCORE and will not be distributed to any third parties. 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

It’s Time to Budget for 2020

by Kelly Deis of SoundPoint Consulting

Most businesses are on a fiscal year which coincides with the calendar year. Now is a good time to look back and reflect on 2019 as well as look forward and create a new budget for 2020.

A budget is a roadmap. Based on where you have been, it can help guide you to the desired final destination for year-end.

If you stay on the current course – where will you end up? Alternatively, if you change the route – where will you be at the end of the year? It is up to you to decide which path is the most profitable and most likely to be achieved.

Here are a few things to think about as you prepare your budget. Continue reading