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
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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
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
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