Small Business Matters
Selling to the federal government can seem daunting for many small business owners. However, the market is lucrative – approximately $100 billion in contracts are awarded annually to small businesses – and once you have your foot in the door, it can be a profitable, long-term revenue source. SBA has numerous resources and programs to help small businesses get established in this space, including the Government Contracting Guide and the Government Contracting Classroom. If you’re new to this market, you can also check out...
One of the more perplexing questions small business owners ask is, “Why did I lose that deal?” or even more worrying, “Why do I keep losing deals?” Whether you sell to other businesses or directly to consumers, you’re not going to win them all. But there are always going to be times when a sale that looks like a sure thing goes cold – for no apparent reason. If these times worry you and you’re looking for a better win rate, here are five things you can do about it. 1. Be First and Be Prepared to...
Hiring new employees is an opportunity, but it’s also a huge risk. So perfecting your interviewing skills is critical. But what kind of interview questions are most effective at helping you find an employee with the right skills and experience, and the best fit for your company culture? The most successful interviews are based on facts, and these are usually best gleaned via the behavioral interview technique. As in life, actions and (in this case) past actions, speak louder than words. You can get a pretty good sense of how anyone is...
Social media is one of the fastest growing channels for businesses to connect with existing and potential customers. However, taking that first step or next step can be a challenge. How do you find the time for it? How do you build a following and engage with your audience? What social media platforms are the best for your business? If any of these questions have crossed your mind, you’re not alone. During this year’s National Small Business Week Conference in Washington, D.C., in May, hundreds of small business owners posed...
If you run a home-based business, you probably are an object of envy for your family, friends and neighbors. “You’re so lucky!” or “I wish I could work from home” are probably familiar phrases to you. Whether your hours are 9-5, or 6-3, the home can be a low-cost haven of productivity and efficiency, giving you the opportunity to balance the demands of work and life without the pressures of a commute or the costs of a commercial lease. Home business owners also tend to be more successful than their counterparts....
Starting a retail or service business? Looking to form relationships with wholesale suppliers? There are currently 300,000 companies in the U.S. wholesale distribution industry, so as you can imagine, finding and forming trusted relationships with wholesalers takes time and research. Here are some tips for finding wholesalers, and best practices for entering into agreements with them. 1. The Wholesale Business The wholesale industry is large and highly fragmented, with 50 of the largest distributors generating 25 percent of industry...
From starting and growing a business to managing operations day-to-day, one thing is certain in business – dealing with laws and regulations. Whether you are hiring your first employee, formalizing your business structure, or applying for a license, you’ll encounter a hairball of ever-changing federal, state and local rules and regulations. To help business owners unravel the hairball and get answers, SBA.gov offers a variety of helpful tools and resources. 1. Comply With Universal Business Laws Whatever your business...
Are you a fan of TV business “makeover” or mentoring shows? Programs like Ramsay’s Kitchen Nightmares, Tabatha Takes Over, Shark Tank, or The Apprentice make for compelling viewing. Designed as pure entertainment, these shows often smack of voyeurism, like you’re watching a train wreck about to happen. But they can also offer invaluable insights to business owners – opening our eyes to some universal truths about entrepreneurship and business ownership. Not convinced? Here are some transformational learning...
When it comes to insurance, small businesses stand to lose the most by not having adequate coverage. And while the mega-disasters like last year’s Hurricane Irene get a lot of media attention, those cataclysmic events are rare. Smaller disasters, like the neighborhood power outage or the burst pipes that leads to a business shutting down for just a couple of days, hour, can force an under-insured business to close down for good. Ten months after Hurricane Irene ravaged communities along the East Coast and Puerto Rico,...
Are you the person in charge of running your small company’s marketing campaigns? Ever get a sense there’s a disconnect between what the Marketing team and the Sales team are doing? Large and small businesses alike deal with this challenge on a regular basis. Marketing is busy planning and executing campaigns to generate new leads, while Sales is off pursuing its own goals and even devising its own campaigns! Successful marketing cannot happen in a silo. This is especially true for small businesses, where success hinges on...
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by Caron_Beesley, Community Moderator on Thursday, August 9, 2012 - 07:29