Category Archives: News

How much is your company worth?

Manage Your Expectations

by Kelly Deis of SoundPoint Consulting 

Most business owners do not have a realistic idea of what their businesses are worth. Owners almost always think that their business is worth quite a bit more than the market would likely bear. There are several reasons for this.

1. Emotional Ties: Owners are personally and psychologically tied to their business. This is particularly true for long-running family businesses. 

An owner has poured their heart and soul into their business. Where others may see a mundane business, owners – like proud parents, see their business as an apple of their eye. This emotional tie may cause a disconnect with the realities of the market.

2. Lack of Analytics: Most small business owners do not have a grounding in the analytics which determine a company’s value. 

Sadly, I have run across several owners who negotiated a purchase price for their businesses with their gut, and ultimately overpaid. Now, they are hoping this is the baseline for the current valuation. Not surprisingly, this is not a criterion for prospective buyers. Most buyers value a business based on its cash flow. The original purchase price rarely – if ever, is a factor.

What Business Owners Need to Know About Changes in Tax Laws

UpLift Kitsap logo

Date:  Tuesday, July 13, 2021
Time:  3 – 4 p.m.
Via: Zoom (link to be provided)
RSVP Here
Tax laws have changed enormously over the past few years, and more changes are on the way. What does this mean for your small business? What are the tax benefits? The tax risks? Find out in this Uplift Kitsap when we highlight key factors and effects of new and upcoming tax laws.

PROGRAM HIGHLIGHTS

  • Recent changes, tax benefits, and qualification criteria
  • Upcoming changes and tax planning opportunities
  • Robust Q & A for small business tax scenarios

YOUR PRESENTER

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Updated COVID-19 information from Washington State.

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What you should know about…

Updated statewide guidance on COVID-19 requirements

On May 13, 2021, Gov. Jay Inslee announced a presumptive June 30 end date for many COVID-19 capacity restrictions for businesses. In addition, the governor signaled that all counties will move to Phase 3 as of May 18, 2021, and that fully vaccinated individuals will no longer be mandated to wear face coverings, whether indoors or outdoors. Businesses may continue to require face coverings by all customers if they choose, and continued vigilance around sanitizing and social distancing indoors is encouraged.  You can read more here.

For employers, the Department of Labor & Industries has issued guidance on how to safely implement the new face-covering standard for fully vaccinated employees.  Continue reading

Revenue is revenue, right?

by Kelly Dies, Soundpoint Consulting

A dollar is a dollar. That’s true. And, all revenue is equal. Right? Well no, not in an investor’s or potential buyer’s eye. So what makes some revenue good and other revenue better? 

Recurring

Recurring revenue is highly desirable because is it known and predictable. The best example of this is an auto-renewal fee or service charge periodically charged directly to a customer’s credit card. Once the initial sale is complete there are no more costs to acquire a customer. The revenue stream is much like an annuity. Continue to provide the goods or services as promised and the revenue keeps coming in. 

Great examples of this are insurance premiums and streaming fees. Once customers have decided to purchase the product – and assuming they remain content, they are happy to have their credit card billed automatically. 

In contrast, consulting and attorney fees are often one-time in nature. Revenue ceases when the project is complete and the engagement ends. 

Join the SBA’s Seattle district office to learn about the Restaurant Revitalization Fund

The American Rescue Plan Act established the Restaurant Revitalization Fund to provide funding to help restaurants and other eligible businesses keep their doors open. 

During this live webinar we will discuss: 

  • What is the Restaurant Revitalization Fund
  • Who is eligible to apply
  • How much money you can get 
  • How funds can be used
  • How and when to apply 
  • Where to get help with your application

Staff from SBA will be answering your questions live throughout the presentation with dedicated Q&A time at the end. 

Who should attend: Current small business owners who have experienced pandemic related revenue losses who own a restaurant, bar, and other similar places of business that serve food or drink.

Business & Worker Newsletter

What you should know about

Business Grants

April 9 deadline for Working Washington Grants: Round 4

The application portal is still open! This program is administered by the state Department of Commerce and focuses on brick-and-mortar for-profit small businesses, especially those that were required to close due to public health and safety measures. Grant awards will be up to $25,000. Visit commercegrants.com for information. Materials are available in multiple languages and technical assistance teams are ready to help with questions.

The Washington State Department of Agriculture (WSDA) is offering grants to small agriculture-related businesses in sectors that have suffered economically due to the coronavirus pandemic, but have been left out of earlier relief programs.

The WSDA Relief and Recovery grants, funded through a partnership with the state Department of Commerce, are intended to assist small businesses in four agriculture sectors, which include:

  • Shellfish growers
  • Farmers market organizations
  • Agritourism farms
  • Small breweries, cideries, wineries, and distilleries that depend on tap and tasting room sales

The application period for the WSDA grants will be open for two weeks, beginning as soon as Friday, April 9. Visit agr.wa.gov/grants to learn more.

Keep Your Business Secure in the Pandemic Era

Date:  Tuesday, April 6, 2021
Time:  3 – 4 p.m.
Via: Zoom (link to be provided)
Register Here

Ever wonder if your company’s information is on the dark web? 

Credential hacking, email phishing, the dark web–all are increasing threats to businesses these days. The global pandemic brought business a slew of challenges, not the least of which is fast-changing security issues. With many companies turning to remote ways of working, they’re increasingly relying on virtual activities like email, meetings, and remote access to systems. And each hold a unique set of security risks. This presentation will outline those risks as well as provide tips on how to mitigate them (and some even remove altogether). Continue reading

How can a non-tech savvy small businesses improve its marketing?

by Ken Sethney, Kitsap SCORE

Trying to understand the effectiveness of your marketing efforts without access to measurable results means your business is flying blind.

Marketing data gives you the insight you need to make well-informed decisions about your marketing efforts and know how to adopt the right marketing efforts to drive the biggest return on your investment.

Reliable analytics will empower you to make data-driven decisions that improve the effectiveness of your marketing.

Just about every business needs an online presence regardless of what they sell. And, bringing customers and prospects to your website should always be one of your primary marketing goals.

Google Analytics is the website analysis platform most used by businesses to get real- time data for insight into how many people visit their website, who those people are, which products or services they’re most interested in, and much more.

Because of its ability to dig into the weeds of your web traffic, Google Analytics is one of the best tools for determining the effectiveness of your marketing and learning how to improve it. Fortunately, you don’t need to be a technology expert or SEO professional to use the platform.

By familiarizing yourself with how to pull some basic information, you can gain an understanding of how well your website is performing for your business. Even at its most basic level, Google Analytics is a tool that the non-tech savvy business owner can operate and benefit from exploring.

  1. Visitor Volume
    See daily and monthly web visitor volume, monitor trends, watch ebbs and flows during
    your marketing campaigns and compare traffic performance as time passes by.
  2. Average Time on Site
    Track how long visitors stay on your website as well as which pages they view.
  3. Bounce Rate
    Measure how many of your visitors quickly left your website after landing on just one
    page. Visitors who leave quickly likely did not read your content and are not interested.
  4. New vs. Returning Visitors
    Measure the ratio of new vs. returning visitors. This is useful data when measuring the impact of your marketing efforts on prospects vs. existing customers.
  5. Traffic Sources
    Determine where your audience is coming from – from different websites and different
    geographic locations.
  6. Conversions
    Set-up conversion tracking and measure the percentage of your website visitors who make a purchase, fill out a contact form, or take some other desired action.

    There are so many tracking capabilities available to small businesses through Google Analytics and these just scratch the surface. One of the best is its comparison tool that allows you to compare data year-over-year to identify trends. This can be hugely helpful in planning your long-term marketing efforts. Google Analytics has the ability to give you better insight into your web visitors’ behavior so you can use make more strategic marketing decisions.

    Fire up your analytics and start making more strategic, data-driven marketing decisions.

    Even if you’re a non-tech savvy business owner, you can still easily make Google Analytics work for your business with the right support. There are many resources available to help small businesses navigate this tool and make sense of the data. One of those resources is your SCORE mentor.

    For help with starting, growing or successfully exiting your business venture, contact SCORE — Mentors to America’s Small Business. SCORE is a nonprofit organization with more than 11,000 volunteers who provide free, confidential business mentoring and training workshops to small business owners. To contact Kitsap SCORE, email kitsap@scorevolunteer.org or call 360-328-1380.

Working Washington Grants Round 4: March 29th thru April 9th

Working Washington Round 4 offers grant relief funds to small for-profit businesses, especially those that were required to close due to public health and safety measures.
These grants are NOT first-come, first-served, so please do not rush in submitting your application. You will want to make sure all of your documents and application are correct because there are no opportunities to edit or amend applications with this go-around.

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