SMALL BUSINESS RESOURCE FAIR ..... sign-up now to insure your spot

Attention current and aspiring Small Business owners! Do you want to learn about, meet representatives of, and utilize some of the best local resources for your small business? If so, then plan to attend this open conference to network with business resources that can benefit your business.

In partnership with the York County Regional Chamber of Commerce's Small Business Council and York Technical College, the SBDC is sponsoring a Small Business Resource Fair on Wednesday, November 21, 2013 at Winthrop University. Participants will have the opportunity to consult with many local resource providers, serving small businesses and entrepreneurs, all under one roof. Attendees will have the chance to meet small business counselors and to network with other business owners and aspiring entreprenuers.

Cost is $25 per person, and that includes a lunch and keynote speaker. PRE-REGISTRATION and payment is required. The Resource Fair will open the door for registration at 8:30 am, with the event being held from 9 a.m. to 2 pm. The Resource Fair will be held on Winthrop's campus in the DiGiorgio Campus Center (Richardson Ballroom).

REGISTER NOW HERE.

For more information contact Becky Adams at the York County Regional Chamber of Commerce at 803-324-7500

 

The 80/20 Rule of Sales: How to Find Your Best Customers

Have you ever heard of the 80/20 rule? Well in the business world there is an old proverb that states 20 percent of your customers make up 80 percent of your sales. According to Perry Marshall, author of the book 80/20 Sales & Marketing; this 80/20 principle can apply to time management, search engine marketing, and sales.  Business owners waste a lot of time trying to meet the needs of all their customers. Instead they should focus on the most lucrative ones that will produce sales growth for the business. We want to treat everyone equally, but all customers are not necessarily equal.  Mr. Marshall states that some customers earn you an amazingly disproportionate amount of money, many make you a little bit of money, and some even waste your time. With the last group, you lose money selling anything to them at all and waste time that could have been placed on more profitable customers.

So it is crucial for a business to focus on those 20 percent of customers who are vital for business success.  Perry Marshall shares some tips that will help entrepreneurs zero in on this specific group of customers. First, tip is to look at your customer lists. Whether this is your company’s email distribution list or Facebook followers, you can search for your top customers. Just use the R-F-M rule: Check which customers on your list bought most Recently, bought more Frequently, and spent the most Money. In no time you will have spotted your 20 percent. Next, you should study your geography to find where your money making customers actually live. This information can save you money by narrowing your internet advertising and marketing to specific geographies.

Once you know where they live, then you find you customer niche.  Usually customers who buy your specific product or service almost always fit a particular demographic. If you tailor to those customer’s needs then you will naturally attract customers with similar needs to your business.  Next you need to fire your problem customers. There is still that 10-20 percent of customers who take up your phone time and take you away from servicing your most lucrative 20 percent. You need to start cutting off those customers, but in a polite and gracious manner in order to avoid bad reviews.

Last, you want to pinpoint your “silent high-volume buyers”.  These buyers are those customers who send you a purchase order every two months and usually purchase high volumes of products and services. They bring you the highest return and require little maintenance. Spend your time targeting these buyers. Take them out to eat. You may even find that you can provide a service or product that they may not even know about. It may seem natural to give attention to all your customers, but you don’t need to focus on everyone. It is better to pay attention to that 20 percent who buy the most from you.

Condensed from http://www.entrepreneur.com/article/229294?newsletter=true

5 Ways to Get Out of Start-up Mode And Grow Your Business

It is easy for entrepreneurs to become stuck in start-up mode. However, you should not limit yourself by remaining in that beginning phase. After some time it’s necessary for your business to go from planning to doing. To get into this mindset you as an entrepreneur need to start delegating, picking your business battles, gaining attention, changing your pitch, and creating urgency. 

One of the toughest things is to move from doing everything yourself, to investing in other people to help with business tasks that you can no longer handle. Approximately three quarters of all small businesses have zero employees. It may seem costly to hire people, but you will lose more money through lack of production and the failure to grow your business.

It is also important to pick your battles when it comes to doing business. Don’t spend your time worrying about small things such as creating your logo, which is likely to change along with your business.  Focus instead on bigger battles such as increasing your customer base and earning more money.

Another big hurdle for small businesses is to gain more attention for yourself and your business. You have to stand out among competition and a way to do that is to put yourself out there for the public to see. Tell people who you are, prove to them that you can live up to that name, and reap the admiration and attention you desire. 

Changing your sales pitch is another step that can take your business to the next level. For example you may have started out saying “I own a small consulting firm”. This comes off weak as you begin to gain more customers and doesn't set you apart from other similar firms. Instead, take your pitch a step further by saying something like “I own a consulting firm like none other that guarantees your company increased sales." This shows that you are unique, confident, and capable of providing the services that they need. Also be ready to quickly explain what your business does in a better and faster way.

Finally one aspect of moving your business from start-up to expansion is to move with urgency. Take the time to set specific timelines and achievement marks for yourself and your employees.  This pressure will allow you and your staff to produce more products and services that are sure to increase your profit. Giving your employees these operating tasks will provide your people and company with the momentum it needs.

So remember that your business should progress from start-up mode to grown-up mode. Today it is no longer about the big eating the small, but the fast eating the slow. Take the time to accelerate your business and become a going concern so you will become one of the fast companies in your industry. 

Condensed from http://www.entrepreneur.com/article/228748?newsletter=true

Think About It ... You May Not Be On Furlough, But How Has the Shutdown Hurt Your Business?

If you are a SC small business owner who is being adversely affected by the government shutdown, directly or indirectly, the US Senate wants to know how this is impacting your business. 

Please send us an email and note on that email that you are aware that we will be passing this information along to the US Senate; and please provide contact information in the event someone wants to speak with you. 

Send your specific experience with your name, business name and location, email address and telephone number to WinthropRegionalSBDC@gmail.com ..... we'll see that this information gets to the right people.

All Business Is Risky Business

Well, here's a painful thought for business owners ...... "When a business fails, it's the owners fault." Wow! No pressure there! That was one of hundreds of subjects presented and discussed at our America's Small Business Development Centers' annual training conference last week. New business owners are over-worked and under-capitalized; and while they are to be admired for their persistence in getting the door to their businesses open in spite of cash shortages, a business' chances of survival can be greatly enhanced by just waiting a little longer and saving a little more money either for a "cushion," or perhaps to hire someone to help right from the beginning. Business owners tend to think they can be all things: entrepreneur, manager, marketer, computer technician, etc. The fact is that most people can be only one ... maybe two ... of those things and do them well. After that, they're a danger to themselves and their employees' sense of security ... a business owner spread too thin or working in an area for which he or she isn't qualified puts everything at risk.

 

 

3 Ways to Boost Your Social ROI

Want to get the most for the time and money you put into your business’s social media? According to a survey conducted by Manta, an online business community, the usage of social media in companies has increased, but only 40% of users reported seeing a return on their investment. To help increase the engagement and efficiency of your social media, here are some “easy-to-implement” approaches. These three simple steps from social media experts can help you get a better return on your investment.  

http://www.entrepreneur.com/article/227852/newsletter

6 Step Guide- How to Get a Business Loan

Money is one of the major parts of helping small businesses thrive. Whether you are starting a business or expanding existing businesses, securing financing is a big factor. Some entrepreneurs do not know where to start when it comes to obtaining financing through loans. However, here are a few steps to help new and existing entrepreneurs prepare for small business loan applications. First, you should know what criteria banks are looking for in making small business loans. Although the standards vary by institutions, majority will require that the loan be for a sound business purpose, you and/or your partner have good character as well as a good credit history and experience, and have the ability to pay back the loan. Second, you should find out the documentation needed for the loan application. In general, these documents include: personal/business credit history, financial statements and projected financial statements, a strong and detailed business plan, cash flow projections for a least one to three years, and personal guaranties from each principal owner. Next, before even approaching lenders to consider your loan, ask yourself how you can make this process easier. You do this by being prepared, thorough, and truthful to yourself. Educate yourself about the loan application process and the different lending institutions. Another important thing to know is the size of a typical small business loan. These also vary between the banking industry and SBA loans. Small business loans are few, but your best bet it to acquire SBA assistance. Start by visiting the SBA’s website and gain more information about how to secure a loan and the other services provided to assist you. Last, you should work closely with a large network of partners that leverage SBA resources. These networks include SBA/Branch Offices, SCORE, SBDCs, and WBCs. To learn more about these steps, SBA resources, and network partners; refer to the link below.   

http://www.sba.gov/community/blogs/community-blogs/small-business-cents/6-step-guide-how-get-business-loan