By Kathleen Purdy, Olympic SBDC
Entrepreneurs are often faced with answering the question “Will it work?” Lenders, investors, perhaps
suppliers and others involved in the project should also ask that question or scan the business plan to see if
“will it work” is addressed. Whatever the specific project—starting a new business, expanding an existing one, or even selling or buying a business—the basic issue is feasibility. Can it be implemented successfully?
Friday, July 22, 2011
Monday, July 18, 2011
Social Media Marketing Featuring You Tube.
Here is an article that is a quick read on social media marketing plan featuring you tube. http://www.fastcompany.com/1761504/how-to-make-youtube-part-of-your-social-media-marketing
INC Magazine Best Business To Start
A colleague forwarded this link to an article regarding businesses start up opportunities.
Thursday, July 7, 2011
How to Recognize a Business Opportunity
By Janet A. Harte, Vancouver, WA SBDC
Whether you are contemplating a new business or want to re-energize or expand your current one, you need to be able to recognize a business opportunity when you see one. You have probably had visions of one— customers buy things it cost a fraction to produce and you become fabulously wealthy. A businessperson’s dream come true! However, the reality is good business opportunities are hard to find.
Whether you are contemplating a new business or want to re-energize or expand your current one, you need to be able to recognize a business opportunity when you see one. You have probably had visions of one— customers buy things it cost a fraction to produce and you become fabulously wealthy. A businessperson’s dream come true! However, the reality is good business opportunities are hard to find.
Wednesday, July 6, 2011
What SBA Seeks In A Loan Application:
By Jim Fletcher, Wenatchee SBDC
First, the Small Business Administration (SBA) is a federal agency and does not make loans, SBA guarantees loans made by financial institutions. Under the guaranty concept, the business applies to their local business lender. The lender decides if they will make the loan internally or if the application has some weaknesses which, in their opinion, will require an SBA guaranty if the loan is to be made. The guaranty assures the lender that in the event the borrower does not repay their obligation and a payment default occurs, the Government will reimburse the lender for that portion of the loan guaranteed. However, the borrower remains obligated for the full amount due. Additional informatioon on SBA loan programs and requirements can be found at http://www.sba.gov/
First, the Small Business Administration (SBA) is a federal agency and does not make loans, SBA guarantees loans made by financial institutions. Under the guaranty concept, the business applies to their local business lender. The lender decides if they will make the loan internally or if the application has some weaknesses which, in their opinion, will require an SBA guaranty if the loan is to be made. The guaranty assures the lender that in the event the borrower does not repay their obligation and a payment default occurs, the Government will reimburse the lender for that portion of the loan guaranteed. However, the borrower remains obligated for the full amount due. Additional informatioon on SBA loan programs and requirements can be found at http://www.sba.gov/
Seven Customer Retention Strategies
By Susan Hoosier, Longview, SBDC
Do you direct all of your energies to getting new customers? If so, you may want to take a closer look at the source of your sales since it is very likely that 80% of your business is coming from repeat customers. If you find that 80% of your business is coming from 20% of your customers, you may want to consider some strategies for staying in touch with those customers! Retaining customers and serving them over their lifetime can mean thousands of dollars for your business.
Do you direct all of your energies to getting new customers? If so, you may want to take a closer look at the source of your sales since it is very likely that 80% of your business is coming from repeat customers. If you find that 80% of your business is coming from 20% of your customers, you may want to consider some strategies for staying in touch with those customers! Retaining customers and serving them over their lifetime can mean thousands of dollars for your business.
Do You Have Effective Internal Financial Controls in Your Business?
By Susan Hoosier, Longview SBDC
One of the very first private consulting jobs that I took on, several years ago was for a well-established company in the Midwest. Day-to-day management of the company fell to the owner’s wife when he suddenly passed away. Since she was new to the daily operations, she began to scrutinize the financial information more carefully as a means of educating herself on the business financial condition. It didn’t take her too long to know that something wasn’t quite right but she couldn’t put a finger on the problem.
One of the very first private consulting jobs that I took on, several years ago was for a well-established company in the Midwest. Day-to-day management of the company fell to the owner’s wife when he suddenly passed away. Since she was new to the daily operations, she began to scrutinize the financial information more carefully as a means of educating herself on the business financial condition. It didn’t take her too long to know that something wasn’t quite right but she couldn’t put a finger on the problem.
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