Start or Re-Assess Your Business Progress

If you are already in business or thinking about starting a new business, there is an online “How-To” interactive guide to help you with all aspects of starting, growing or turning around a current business.

This guide is available at no charge and covers ten (10) specific business management topics that are common to all types of businesses. You also have the option of choosing to work with an experienced volunteer business counselor that will answer any questions you may have along the way.

Because this is all online and confidential, you can proceed at your own pace at any time of the day or night. Visit 10-Step Venture Mentoring Program or choose any of the following links to learn more:

1. Session 1: Self-Assessment
   …addresses your suitability for running your own business
2. Session 2: Business Idea
   …reviews your new or current business concept in terms of viability and sustainability
3. Session 3: Market Analysis
   …provides a framework for market research and analysis to quantify if there is there a market opportunity for the business, and if so, to what extent
4. Session 4: Management Skills
   …covers management control and skills assessment
5. Session 5: Business Planning
   …walks you through each business plan component
6. Session 6: Forecasting
   …addresses all aspects of cash flow, breakeven, ratios and projections
7. Session 7: Financing
   …determines how much you need, why, where and when
8. Session 8: Outside Resources
   …introduces other sources of help including government and public agency programs that can assist with funding, marketing, import/export, and other business issues
9. Session 9: Venture Launch
   …presents a check-list for ensuring that have all the details covered
10. Session 10: Monitoring Progress
    …covers how to measure your progress against plans to support profits and success

As introduced, you can participate in all or some if these sessions at no charge by yourself or while working with an experienced business counselor. The more you benefit in this regard, the stronger our communities and our economy.

We hope you find this information helpful and value being able to support your entrepreneurial efforts. Thank you.

Innovative Marketing to Build Business

Dear Captain BUZ:

My business is hanging in there so far given the current economic woes, but I could really benefit from some innovative marketing ideas to give sales that extra push. Do you have any suggestions?

Taz, VA

Hi Taz:

One of the most effective yet underutilized resources in effective marketing are your customers. Finding ways to further engage them can increase sales, promote long-term customer loyalty and generate new customers.

For example, think about…

• Customer Contests: Virtually everyone likes a reason to have fun (particularly when economic conditions are not so fun). Depending upon what you sell, consider the following contest ideas:
  • Idea-Based: Solicit customer ideas in return for a prize, such as why do they buy from you; what else they might like to buy from you; what you could do better? Come up with a theme and offer prizes that relate to what you sell and/or tie in with a specific social cause.
  • Advertising-Based: Ask customers to submit their advertising ideas, such as coming up with a tag line or an actual advertisement in print, radio or video format. Using You Tube as a no-charge video platform for this can be a powerful way to build brand and sales.
  • Referral-Based: Offer rewards for customer referrals – the more referrals, the bigger the prize.

In each of the above situations, your business benefits from great new ideas, and your customers are thinking more about you, how you relate to their world and how you can be fun to do business with. In addition to contests, think about…

• Sponsoring an Event: Are there events that take place every year in your target market area where you can become aligned with as a sponsor; e.g., road race, charity auction, fall fair, sporting event, etc.? In some situations, sponsorships may be based on donations of items instead of dollars making such collaboration a win/win for all at low cost and high return.
• Endorsements: Are any of your customer’s famous or otherwise well-known in a way where you might collaborate to build other customers? This collaboration may be around a shared social cause, a single event or longer term publicity venues, in a way where your offerings are also well positioned to generate brand-building and new business.
• Cooperative Marketing: Cooperative marketing is when two or more organizations join forces to achieve a shared outcome through marketing strategies. For example, share the cost of an ad, a contest, a sponsorship, an endorsement relationship or other marketing idea. The benefits to this approach include sharing costs, combining talent, expanding credibility and increasing sales.
• Publicity: All of the above ideas are great ways to also generate publicity. Be sure to issue press releases and find other ways to build buzz among the media about what you’re doing.

Other valuable sources for marketing ideas include family, friends, colleagues, acquaintances and local public business assistance agencies. Successful marketing relies on successful brainstorming. Successful brainstorming requires creative ideas. Creative ideas come from people. Find ways to engage them so that you can set your business apart from the competition.

Best wishes for success ahead!

Sincerely,
Captain BUZ

Business Mentoring and Counseling

Dear Captain BUZ:

Is there anyone I can talk to about my ideas for starting, growing and succeeding in my own business?

Charron, TN

Hi Charron:

Surprisingly, there are a variety of programs across the U.S. that provide experienced mentoring, counseling and resources at no charge regarding virtually all aspects of launching, growing and sustaining your own business. Depending on what stage you are at with your ideas or business progress, consider the following:

Thinking about starting a business…

• eMentoring for Venture Creation: Use the 10-step, online curriculum at no charge to work with a mentor to expand upon your business ideas and ultimately launch your business
• Start-up Tips: View a range of programs tailored to starting a business
• Start-up FAQs: Learn the basics
• Business Counseling: Choose a local business counseling program

Started but struggling…

• Help by Type of Need: Select resources based on the specific needs of your business
• Funding Options: Discover SBA-backed loan programs, geographically-focused funding programs and advice, and innovative funding solutions

Focused on Growth…

• State Economic Development Agencies: Economic development is “industry-speak” for business development. Find out what your state offers to help you grow
• Professional Mentor: Learn about a 3-Month online mentoring program
• Outsourcing: Educate yourself regarding innovative solutions for cutting costs, increasing productivity and improving profits

In addition to the above, there are special support programs for women, veterans and youth who are interested in entrepreneurial endeavors. Good luck!

Sincerely,
Captain BUZ

Business Funding and Tax Incentives

Dear Captain BUZ:

What’s the latest news on any funding or tax incentives for small businesses?

Aimon, AZ

Hi Aimon:

Stimulus incentives for small business continue to evolve with the following latest and greatest developments:

Business Funding

Revisions to U.S. SBA Small Business Investment Company (SBIC) program promises increased funds for small businesses:

• What’s an SBIC? An SBIC is a privately owned and managed venture capital firm that is licensed and regulated by the SBA. Search for an SBIC in your area.
• How do I benefit? The Recovery Act offers more SBA-backed guaranteed funding and requires SBICs to invest 25% of the investment dollars into smaller businesses. > Learn more.

Business Taxes

Both large and small businesses benefit from tax incentives resulting from The Recovery Act. Select any link below for more details:

• Special Depreciation Allowance: 50% depreciation benefit for qualifying 2009 property acquisitions – learn more
• Business Credit Acceleration: Accelerate certain tax credits in lieu of bonus depreciation deduction – learn more
• Extended Net Operating Loss Carryback: Carry back for up to 5 years expenses that exceeded 2008 income – learn more
• Discharge Business Indebtedness: Repurchased types of debt in ‘09 and ‘10 offer extensions in tax payments – learn more
• Hiring Incentives: Newly expanded work opportunity tax credit (WOTC) offers businesses incentives for hiring veterans and unskilled younger workers – learn more

While the above incentives introduce some complexities in understanding, qualifying and implementation, knowing your options can pay off handsomely! Also, be sure to visit the BUZGate.org directory page for business counseling to connect with an experienced advisor who can help at no charge to you.

Sincerely,
Captain BUZ

Biz Tip

No Cost/Low Cost Marketing

Communication with existing and potential customers does not have to empty your pockets. Identity, web presence, and social media are just a few methods for getting the word out about what you offer and all can be done for no or low cost.