Category Archives: Grow Your Business

How Does Social Media Affect or Impact Business?

Learn how effective social strategy can help to grow an engaged audience, and how we can help you maintain your social presence and engaging with your company’s followers.

Tuesday, December 11 from 12 to 1:30pm

Location: 403 Madison Avenue, Suite 240, Bainbridge Island

Presenter: Mick Credere | Director Technical Services | Valor Marketing LLC.

Hosted by: OfficeXpats Coworking and Conference Center

This FREE event is brought to you by Accelerate Kitsap, a nonprofit whose mission is to bring educational business workshops to small business in Kitsap. Continue reading

What makes or breaks a successful small business?

business colleagues high fiving

What makes or breaks a successful small business? There are several key commonalities among businesses that succeed, according to several studies polling entrepreneurs.

Here’s a closer look at four things successful business owners do right—and one thing they need to do better.

What successful entrepreneurs do right

  1. They start strong. In a poll of 500 successful entrepreneurs, a whopping 84% of respondents say their companies achieved profitability within their first four years in business. In fact, 68% became profitable within the first year. Only 8% became profitable after their fifth year in business, suggesting that the first years in business are make-or-break ones for most entrepreneurs.
  2. They focus on finding new customers. Small business owners in the survey say finding new customers is their top business challenge—far ahead of cash flow issues or dealing with the competition. Smart entrepreneurs stay focused on continually generating new leads and closing new business.
  3. They put cash back into the business. Forty percent of business owners say whenever they have surplus cash, they put it back into the business rather than paying themselves, a separate study found. What’s more, 47% tap into personal savings to finance their businesses at one point or another.
  4. They work hard. Never let it be said small business owners are slackers. Some 86% work on the weekends; 23% take fewer than two vacation days total all year long; and of those who do take vacations, 75% work during their time “off.” Continue reading

How much cash should a small business keep in reserve?

piggy bank cashCash is the fuel that makes a business run. It is needed to pay salaries including your own, fund marketing programs to acquire and retain new customers, invest in equipment and facilities, pay rent, supplies and many more day-to-day activities. Most financial experts recommend three to six months of operating expenses, but using this for every business in every situation is misleading.

To determine how much cash you need, you must look at the following key areas.

How Much Cash Have You Been Using?

If you’re an established business owner, look at your monthly cash flow report (or go to the next paragraph if you’re a start-up). This report will provide an historical and seasonal perspective. Note the cash received from sales and the cash spent. The net of these two is often referred to as the “net burn rate.” For example, if you have $50,000 in sales and $30,000 in expenses, then your net burn is +$20,000

Your “gross burn rate” only takes cash expenditures into account; in our example, that’s $30,000 and is the more conservative amount, since it does not assume any sales are made. Historical spending patterns are a good starting point in considering future spending plans.  Continue reading

What is the SCORE Business Learning Center?

The SCORE Business Learning Center (SBLC) provides aspiring and existing small business owners the business strategies and tactics needed to make sound decisions and achieve greater levels of success.

The SBLC supplements the business resources available on score.org. It fills the gap between the high-level content on our website and the personalized expertise obtained from a mentor.

At the end of a course, users will feel they have a better understanding of their chosen topic and the resources available for continuous learning. They will also have a mentor they can work with to apply the learning to their business.

You will find it here… https://www.score.org/biz-learning-center

Where’s the Money?

10 Types of Small Business Financing and How to Qualify

Choosing the right financing option for your small business—and figuring out which ones you can get—can feel confusing or overwhelming.

This guide will help you understand ten popular types of financing often available to small businesses.

More importantly, it can help you understand which ones are available and appropriate for your business now.

Continue reading

3 Proven Tactics to Grow Your Small Business with LinkedIn

This article has been brought to you courtesy of Linkedin. 

There are over 30 million small businesses in the United States, but only half of them will make it past five years. Ensure your small business is in the successful half and capitalize on how LinkedIn can evolve your business. Here are three ways to grow your business using LinkedIn:

Create & Promote a LinkedIn Company Page

 LinkedIn members are 50% more likely to buy once they’ve engaged with your business on LinkedIn. But they can’t connect with you if you don’t have a LinkedIn Company Page. Personal profiles don’t have the same marketing, advertising, and recruiting features as Company Pages, making them less effective at promoting your business. As you create your page, think about the kind of impression you want to create among potential customers and employees.  Continue reading